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firrandaf
The
INCLUDING
Railway & Industrial Section
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Rnilwav Farniners Section
SATURDAY, SEPTEMBER 2, 1922
VOL. 115.
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5'
•
•
tomb
THE FINANCIAL SITUATION.
Little more can be or need be said concerning the
bonus menace, which passed the Senate on Thursday
by a vote of 47 to 22. On Friday of last week a
notably brief and manly speech, containing only 28
sentences, was made by Senator Reed of Pennsylvania, who has taken a seat by appointment to fill a
vacancy and spoke with the greater influence because
he served in the war as an officer. While he believes
the majority of ex-service men favor the bill, he
thinks it not needed to assure their loyalty or that it
is possible to appraise their work in dollars. The
country is overburdened, and cannot afford to undertake such a thing, and therefore he was not willing to throw responsibility upon the President but
would vote against the bonus now as well as to sustain the expected veto. Senators Wadsworth, New
and Williams also spoke powerfully in opposition.
The most striking incident was the amendment offered by Senator McNary of Oregan, which would revive theland and swamp reclamation scheme. This it
is guessed would add another 350 millions to the cost.
Ostensibly offered to make the bonus more acceptable
to the President, this was adopted, to the consternation of Mr. McCumber, by 23 Republicans and 20
Democrats', against 18 Republicans and 8 Democrats.
It was suspected that this was really a device to make
the veto still more certain, and the fact that a number of bonus Senators voted with Mr. McCumber
Electric Railway Section
State and City Section
NO. 2984
against it, while a considerable number of anti-bonus
Senators voted for it seems to confirm this suspicion.
The Bursum amendment, proposing to pay one-half
cash and one-half in certificates, was lost by 44 to 27.
Senator Smoot's insurance plan without a sales tax
was beaten by 46 to 18, and his proposal for a sales
tax was beaten without a roll-call. To meet the President's objections that no provision is made for the
funds required, Senator Simmons of North Carolina
offered an amendment, at the close of the session,
that "there are hereby appropriated such amounts as
may be necessary to carry out the provisions of titles
4 and 5 of this Act, to be paid out and to be a first
charge upon the interest received by the United
States on obligations of foreign Governments; if at
any time the amount of such interest is not sufficient
to meet the , appropriation hereby made the same
shall be paid out of any money in the Treasury not
otherwise appropriated." This was adopted by a rising vote, with only Mr. New of Indiana in opposition.
Some called it "an inspiration," while others deemed
it humorous. There is already a first charge upon
any such funds, when they become actual instead of
dubitable, and not only is there a Treasury deficit
for the current fiscal year, but revenue is declining
and it is believed that the sources of tax receipts are
"drying up," temporarily at least.
The passage of the bill on Thursday was by 27 Republican and 20 Democratic votes, against 15 Republican and 7Democratic—a heavy majority, but under
two-thirds. The ratios of the affirmative to the total
vote cast were 64% Republican and 74% Democratic,
so that, as in the House vote in March, the action
cannot be fairly called a party one. Among the Yeas,
8 Republicans and 11 Democrats close their present
terms in March next; among the Nays 5 Republicans
and 3 Democrats close then. New England furnished
1 Yea from Maine,2from Rhode Island, 2from Massachusetts, and 2 from Connecticut; Vermont and
New Hampshire cast one vote each with the Nays,
and the other two, also against the bill, were paired.
This State, New Jersey and Pennsylvania were
against it, but one from the latter was paired. A
conference committee was at once ordered and appointed. Adding to the negative vote cast the 10 opponents who were paired and 2 who were absent or
not voting but are counted against it makes enough
to sustain a veto, with one to spare, but a vetoed bill
rarely wins as many votes as on the original passage
and several of the Yeas in this case are expected to
reverse themselves.
Early in 1875, a bonus bill passed the House by 177
to 40, and passed the Senate by the casting vote of the
1018
.
TH 1-4 CHRONICLE
[VoL. 115.
crop. It quite frequently happens, as has been previously noted, that notwithstanding more or less deterioration from month to month, the final yield exceeds the earlier estimates, and in Texas alone the
out-turn may, as already stated, be 2,000,000 bales
in excess of the yield of last year. Much interest
has naturally centred in the Southwest during the
past month, where there have been many complaints
of lack of moisture, particularly in some parts of
Texas and the Government report issued yesterday
makes the condition in that State on August 25
59, which is 13 points lower than was indicated a
month ago, but nevertheless is 17 points above that of
1921. Likewise, in Oklahoma, where a considerable
yield is looked for, the condition shown in the latest
report is 53, and contrasts with 75 a month earlier,
but with only 48 a year ago. As a matter of fact,
South Carolina, Tennessee and Missouri are the only
States showing a lower condition than at the corresponding date in 1921 and the first of these alone is
The monthly cotton report of the Agricultural Bureau at Washington, given out at noon yesterday, a large producer.
was awaited with more than the usual interest. It
Germany has not been granted a real moratorium,
was preceded by a number of highly colored private
the Paris dispatches of yesterday mornaccounts, all picturing the. outlook for the crop in according to
between the English, Belgian
gloomy terms, and the Government report in indicat- ing. As a compromise
positions it is said that the Reparations
ing a decided lowering of condition and a large fall- and French
to give Germany a respite in
ing off in the prospective yield is in accord with Commission has agreed
cash payments for the rest of this year,"provided she
these accounts. The Bureau figures purport to
guarantees." In lieu
give the status of the crop on August 25, and as com- can furnish certain stipulated
of the cash payments that were to have been made on
pared with July 25 they show a lowering of condition
Oct. 15, Nov. 15 and Dec. 15, and
from 70.8 to 57.0. Based on this impairment of con- Aug. 15, Sept. 15,
Belgium under her priority," it is
dition, a crop of 10,575,000 is now forecast as against which were "due
she will "accept German Treasury 6
11,449,000 a month earlier. While we have made no reported that
The Paris correspondent of the New
investigation of our own, it is our judgment, based months notes."
stated that "these notes are to be guaron a careful observance of all the facts bearing on the York "Times"
possible, by an arrangement directly besituation and fortified by an experience extending anteed, if
Brussels." In further outlining
over many years, that, barring an early killing frost, tween Berlin and
the plan, he said that "in the event of the two capithe crop will prove in excess of either figure. As the
reach an agreement the German Govyield last year was only 7,953,641 bales, the present tals failing to
ernment is to deposit in the banks of a neutral counestimate of 10,575,000 would give an increase of only
gold marks as guarantee for the pay2,622,000 bales. It is quite within the probabilities try 270,000,000
ment of the notes. Commenting upon the importance
that the State of Texas alone will show an increase
of this arrangement, the "Times"
of 2,000,000 bales. The acreage is muck larger, and and significance
ive said: "This decision itself is of little
estimates of damage by drouth may be altogether representat
exdismissed, as the soil nearly everywhere in the cotton economic importance, because it settles nothing
cept to postpone for a few months German cash paybelt has an abundance of moisture, the complaint
throughout the whole South early in the season hav- ments in a manner to pile them on top of what is due
next spring. However, it is of very great political
ing been of excessive rains.
cotton importance because of two related results—that it
August is always a crucial period for the
between
ci op, and some deterioration of condition in that rescues from one more crisis the Entente
almost invariable occurrence. Often the England and France and means that for the present
month is an
the French along
deterioration reaches large proportions. The pres- there will be no military action by
the Rhine. It means also a big international conferent season the loss is not so great as that recorded a
November and that yet another
year ago when the Government report indicated al- ence on debts in
chance will be given to Germany to prove her goodmost a disaster, but it compares unfavorably with
budget and halting her wild
the August 25 condition of most of the preceding will by balancing her
issue of paper money. It can be stated beyond all
years, when a larger crop was gathered than is now
of to-day is a political one.
said to be in prospect the current year. The present doubt that the decision
lies its largest value, because it
condition at 57% contrasts with 49.3% on August Therein, perhaps,
of Premiers Poincare and Lloyd
25 1921; and a ten-year average of 65.3%. The mar- represents a decision
George, and since it does it augurs well for reparaket has been so persistently fed on lugubrious reports
done to Franco-British relations
the present season that the first effect of the report tion of the damage
at the recent London conference which ended in disissued yesterday was to cause a considerable decline
accord." The assertion was made in an Associated
in price.
final yield obviously cannot be Press dispatch from Paris last evening that "the
The matter of the
Cabinet to-day simply 'took cognizance' of
settled thus early in the season. Much will depend French
decision of the Reparations Commission, susupon weather conditions from this time forward. In the
further cash payments this year on condi- •
particular, a great deal will depend upon the date of pending
Belgium's priority claims be met with shortthe first killing frost in the cotton growing States. tion that
notes. It neither approved nor disapproved the
This killing frost will determine the size of the top term
Vice-President. It offered $833 cash for each month
of active service, which it was estimated would call
for 20 to 150 millions, and a grant of lands which was
estimated to involve perhaps 400 million acres. The
soldier-President, Grant, promptly vetoed it, in a
message a finger-long in newspaper type, because the
Treasury was in no condition to bear the added load
and the bond issue would seriously embarrass funding operations then in progress; the bill, he said, "is
inconsistent with the measures of economy now demanded by the necessities of the country," and he
also believed that no considerable number of the proposed beneficiaries are applicants for it and that
claim agents and middlemen would get most of the
proposed "relief." It is to be hoped that President
Harding on the present occasion will be equally firm
in interposing a veto if the bill comes out of conference in its present form.
•
SEPT. 2 1922.]
•
THE CHRONICLE
1019 •
decision. It specifically reserved, however, 'entire projected November conference on inter-Allied
debts
liberty of action' in case later developments made and indemnities. Such a meeting is imperative in
other action necessary."
the view of Sir John and the other British reparations
officials. The New York "Times" correspondent
Sir John Bradbury and M. Mauclere, representing said that "the French Government is convinced that
the Reparations Commission, returned to Paris from Germany can find 150,000,000 gold marks for the
Berlin a week ago, without having secured from the August, September and October payments. By that
German Government the guarantees for a morato- time, officials believe, another Allied conference will
rium demanded by Premier Poincare. The London have to discuss a new general reparations agreecorrespondent of the New York "Herald" cabled that ment." The correspondent also asserted that "if the
"the Berlin Government will sit tight and await de- Commission grants a moratorium with the guarantees
velopments in the reparations deadlock." He as- just offered, France will reject the decision and asserted that he had learned from an "authoritative sume her liberty of action, it is authoritatively desource" that "there is no intention on the part of the clared to-night. If the Commission refuses a moratoPrime Minister to submit fur'her suggestions either rium,France will also act,but in a different
manner."
to France or Germany. He stands ready to go to a
The Reparations Commission held another session
conference at Brussels or elsewhere, but he is re- on Sunday, and, according to the New York
"Times"
ported to feel that the initiative must come from representative in Paris, "with absolute
unanimity
elsewhere." The correspondent added that "in other decided to shelve for a few days more
the great issue
authoritative quarters it was stated that Mr. Lloyd with which it is faced. After two hours'
discussion
George might even tear up the Balfour note if that it was agreed that one more chance should
be given
is the price of restoring European tranquillity. He the German Government to present its case,
and an
will demand a strict quid for such a quo in its dis- invitation was dispatched to Berlin after the
meetposition from France and others, to dispel the war ing asking that it send representa
tives to appear beatmosphere and turn toward reconstruction on the fore the Commission Wednesda and
state their case.
y
basis of present day realities."
These representatives will probably be Dr. Hermes,
In an Associated Press dispatch filed in Paris last Finance Minister, and Herr Bergman,
Technical AdSaturday evening it was asserted that Premier Poin- viser of the Ministry." It was explained
that "this
care has rejected the eleventh hour guarantees of- decision was taken in accord with
Article 234 of the
fered by the German Government, and independent Treaty of Versailles, which empowers
the Commission
measures by France against Germany seemed as- from time to time to consider
the resources and casured to-night after failure of the Reparations mis- pacity of Germany, and after
giving her representasion to obtain in Berlin the basis of a compromise tives a just opportunity
to be heard, may extend the
acceptable to France." The correspondent added date and modify the form
of payments, but may not
that "in well informed French circles it is consid- cancel any part except with
the specific authority of
ered reasonably certain that the Reparations Com- the several Governments represent
ed upon the Commission will grant a moratorium for the rest of the mission." The "Times" represent
ative suggested
year, with the final German proposals as an addi- also that "this action, with its
postponement of the
tional guarantee." He gave the following outline of issue, does not, of course, in any way
end the crisis.
the German proposals: "The German proposals, It merely puts off the final decision.
But in the
handed to the Reparations Mission just before it left British section of the Commission it is
considered as
for Paris, provided for a contract between the Ger- ground at least for slight hope that
a settlement will
man Government and the biggest German industrial- be reached." He added that
"the day fixed for renists, including Hugo Stinnes, for delivery during the dering the decision
is now Thursday, as Wednesday
period of a moratorium of products of the Ruhr probably will be
fully occupied in hearing the Germines and wood from the State forests. German in- mans, should
they, as is expected, accept the invitadustry would guarantee faithful delivery and penal- tion. All the
members of the Commission were of the
ties would be enforced against the industrialists in opinion that their
decision must not be postponed bethe event the schedule was not lived up to." Sir John yond Thursday, in
view of the situation of the mark,
Bradbury, the English member of the Mission, was but whether or
not the Commission will favor grant
quoted by the Associated Press correspondent as hav- ing the German
request for a moratorium till the
ing said: "I am satisfied that the German Govern- end of the year is
uncertain. Sir John Bradbury is
ment is making a serious effort to meet the views Of still strongly of the
opinion that it is the only course
the French Government in so far as the actual situa- possible, but the
pivotal vote of the Belgian delegate
tion in Germany will permit. I am strongly of the will decide
whether or not this course can be
opinion that the French Government ought to do its adopted."
best to meet the German Government half way." Sir
Min was said to have informed the Reparations
The Paris correspondent of the New York "HerCommission that "the German financial situation ald" introduced a new
feature into the German repwas desperate and that social order in its entirety in arations and
moratorium situations when he cabled
Germany was threatened."
Monday morning that "the investigation and control
of German finances by American financiers, acting
At a two hours' session of the Reparations Com- under the authority
of the Reparations Commission,
mission in Paris a week ago to-day Sir John Brad- is the latest solution
proposed to avert independent
bury recommended that a moratorium in cash pay- action by France
in the reparations question. Reprement should be granted until Germany stabilized the F•eutatives of the
German Government in the convermark and balanced her budget. But the French sol- sations they
had with Sir John Bradbury, British
idly opposed the recommendation. The British view member of
the Reparations Commission, are underis that at best a moratorium can only act as a bridge stood to
have agreed in return for a moratorium to
until the whole question is again discussed at the allow a
complete control of their finances to be as-
. 1020
THE CHRONICLE
sumed by a commission acting in the name of the
Allies, provided, however,that this body is composed
of representatives of parties outside of the present
• discussion, preferably American financiers. The
Germans have asked for a three years' moratorium."
In a cablegram Monday evening the Paris representative of the Associated Press said .that "members of the Allied Reparations Commission will
spend the next three days in an effort to reach some
.
form of compromise which will avoid a direct vote
on the question of a moratorium for Germany, it was
forecast to-day. The idea is to leave in suspense a
general reparations settlement, if possible, until the
projected Allied conference is held in November. Serious consideration is being given to the Belgian proposal made several weeks ago under which Belgium
would accept long-term notes for the remaining Ger
man cash payments this year, all of which go to Belgium under a former priority agreement. Under this
plan Germany would deposit 210,000,000 gold marks,
or one-fifth of the Reichsbank's gold reserve in the
Bank of England as a guarantee that these notes
would be paid. A moratorium for the remainder of
this year could be voted under the terms of this plan,
which the Belgian Government is particularly considering. French reparations officers are showing
an earnest disposition to reach a compromise, and
there was less talk to-day of independent action, although officially Premier Poincare's position remains unchanged."
The New York "Times" correspondent at Berlin
cabled Monday night that "at a meeting of the. Cabinet this forenoon it was decided to accept the invitation recieved yesterday by the German Government
to send representatives to be present at the meeting
of the Reparations Commission in Paris on Wednesday, and they left for the French capital to-night.
The chief German delegate is State Secretary Schroeder of the Finance Ministry, who is accompanied by
several permanent officials of the Ministries of Finance, National Economy and Reconstruction. Herr
Bergmann,ex-State Secretary, has also gone to Paris
in an unofficial and consultative capacity. The delegates carry with them full details of the proposals
made to Sir John Bradbury and M. Ilauclere just
before their departure from Berlin." The correspondent added that "concerning German deliveries
of wood and coal this invitation has had a very good
effect here, though in Government circles there is a
disinclination to express any opinion regarding the
latest development. It is obvious that though it was
not altogether unexpected it has eased the situation
considerably."
According to Berlin dispatches Wednesday morning, conferences were held the day before between
"the coal and industrial leaders, including Stinnes,
Kirdorf and the aged Geheimrat Kloeckner, who is
probably more powerful than Stinnes, the Chancellor and interested department chiefs, at which was
discussed the conditions under which the Government could give its promissory note, endorsed by the
coal magnates, to make guaranteed increased deliveries of coal and wood. It was agreed that the solution of guaranteed coal deliveries lay in increased
production guaranteed by - the miners themselves."
The New York "Times" representative said that
"Germany's final offer worked out in detail will be
telegraphed to Paris for State Secretary Schroeder
to present to the Reparations Commission. The official attitude betrays neither optimism nor pessi-
[VoL. 115.
mism." The correspondent observed that "as a result of the conferences Germany is believed to have
hit at last the right trail toward solving all her troubles—to wit, teamwork by all factors, Government,
the employers and organized labor, to insure increased production."
The delegation, consisting of "Karl Bergmann
and Herr Schroeder, as well as Dr. Fischer of the
Finance Ministry, and Ambassador Mayer, was
called into the reparations meeting soon after the
Commission assembled on Wednesday morning.
Herr Schroeder began presenting the German proposal." The Associated Press correspondent said
that the delegates "declared, before being received
by the Commission, that the offer made by the Berlin
Government represents their limit." He added that
"the morning session with the Germans lasted two
hours. The German representatives pictured to the
Commission the gravity of the situation within Germany and asked prompt action on a moratorium to
relieve the suspense." The opinion was said to have
been expressed in reparations circles that afternoon
that "the French Government would withdraw its
delegates on the Reparations Commission, preparatory to independent action on the German indemnity
question." According to an Associated Press dispatch from Berlin the same afternoon announcement
had been made there that "Hugo Stinnes, Peter
Kloeckner, Dr. Silverberg and Herr Lubsen will represent the coal owners in the negotiations with the
Reparations Commission regarding future deliveries
of coal and timber by Germany." It was added that
"representatives of the employees' unions have announced their readiness to co-operate in fulfilling the
argeements."
In an Associated Press dispatch from Berlin
Thursday morning the positive assertion was made
that "the Cabinet has decided to reject new demands
sent through Herr Schroeder of the German Finance
Ministry by the Reparations Commission in Paris
for some productive or gold guarantees as a condition
to the granting of a moratorium to Germany." The
correspondent added that "the new demands came
unexpectedly. The German envoy to Paris informed
Chancellor Wirth that the Reparations Commission
was not wholly disposed to reject the German proposal that coal and timber deliveries should be contracted for directly between the Reparations Commission and German producers, for which the German Government would assume responsibility, but
that the Commission desired to know what 'active'
guarantees the German Government was in a position to offer in return for a suspension of gold payments." He also said that "the renewed suggestion
that Germany surrender State mines and timber
lands was again rejected on the ground that such a
surrender would be incompatible with German sovereignty, and that there also were cogent political
reasons why such transfer was not feasible." The
same evening,in another dispatch, the correspondent
said that "the attitude in official German circles on
the eve of the Reparations Commission's decision on
the moratorium question is one of resignation, mingled with pessimism. Reports from Paris have visibly contributed to increasing the feeling of unrest,
both in political and financial quarters."
Following the conference at Verona late last week
between Dr. Seipel, Austrian Chancellor, Herr Le-
•
•
No
•
•
SEPT. 2 1922.]
•
_
ati
•
•
THE CHRONICLE
1021
gun, Austrian Minister of Finance, and Carlo SchanIt was reported in an Associated Press cablegram
zer, Italian Foreign Minister, and Herr Kwiatkokski, from Geneva Wednesday evening that "David Lloyd
Austrian Minister to Italy, with respect to Italy giv- George, the British Prime Minister, is expected
by
ing financial assistance to Austria, the assertion was those closely connected with the League of Nations
made in an Associated Press dispatch from Verona to come to Geneva and join the British delegation
that "the inviolability of Austrian territorial integ- when the economic situation of Austria is discussed
rity and the maintenance of her autonomy under ex- by the League. It was said in British quarters
that
isting treaties are essential pre-requisites for Italian his coming would depend upon the turn taken by the
financial assistance." This statement was said to discussion on saving Austria. They confirmed
the
have been made by the Italian Foreign Minister at reports of his readiness to visit Geneva whenever
the
the conference. Further outlining the position of his British delegation advised him to."
Government, the Minister was reported to have said
Until near the end of the week the cable advices
that "Italy was willing to contribute as her ability regarding Austria dealt principally with
her internal
allowed and that she was ready to resume the nego- economic and financial troubles
. In a cablegram
tiations inaugurated during the Genoa Conference from Vienna Thursday evening
it was stated that
for the consummation of a commercial treaty between "reports of the concentration of
Hungarian forces
Italy and Austria." The Italian Foreign Minister on the western border of Austria
are officially conalso promised that "help would come from Italy firmed." It was said that these
gatherings are due
when Austria's condition would be discussed at the to 'uprisings which have already
occurred in Bingenmeeting of the League. of Nations in September and land. This is the first intimati
on of such disorders
an effort made to find a satisfactory solution for the to reach here."
present Austrian troubles." The Rome correspondent of the New York "Times" outlined Austria's
Leonid Krassin, Minister of Foreign Trade and
plight in part as follows: "Austria's economic situ- Commerce, told the
Associated Press correspondent
ation is so desperate that it is everywhere felt that at Moscow that "inform
al overtures were made resomething must be done and done quickly in order to cently by the
American Government broaching tile
prevent Austria's sinking to the level of Russia. As question of
sending an American investigating comit is impossible for a State of 6,000,000 inhabitants, mission to
Russia, but no official proposals have
2,000,000 of whom live in one single city, to exist been made
since Russia outlined her position on this
completely cut off from all neighbors, it is obvious subject.
" According to the Minister there are "three
that Austria must throw in her lot with one of the possible
methods," which he outlined as follows: "If
• powerful combinations surrounding her. She has, America
desired to send a commission empowered to
therefore, the choice of Germany, the Little Entente negotiate
for the resumption of American and Rusor Italy. France, strong in the right conferred upon sian
relations, then the commission would be received
her by existing treaties, opposes, in fact forbids, in Moscow,
or Russia would send a delegation to conunion with Germany. Italy, uneasy at the anti-Ital- fer with the
Americans at any place selected. If the
ian leanings of the increasingly powerful Little En- commiss
ion were merely an investigating body, then
tente, looks with disfavor on the strengthening of Russia would
receive it only on a basis of reciprocity,
that combination by the addition of Austria. There sending
at the same time a Russian Commission to
remains the possible solution of an Italo-Austrian America,
as Russia is very much interested in the
union. This solution, however, though possible, is study of
American economics. If it were a question
hardly feasible." Upon his return to Vienna, Dr. not
of Governmental but,commercial investigators
Seipel issued a brief statement relative to his confer- coming
to Russia, the Minister added, then each inence with Signor Schanzer, Italian Foreign Minister,
vestigating enterprise would be judged on its merits
in which he announced that he was "in a position to
and the representatives of American firms which
make concrete proposals to the Government, which
really mean business would be admitted to investiwill preclude the immediate collapse of Austria,
gate propositions interesting them."
which has been felt to be inevitable." The proposals
Krassin's statement that the American Governwere not made public at that time.
ment had proposed sending an investigating commisCommenting upon the reported attitude of Engsion to Russia was confirmed in a statement issued
land and France toward efforts to solve Austria's by the
State Department at Washington on Wednesproblems, the representatives at the French capital day.
It was made known through the statement that
of the Philadelphia "Public Ledger" said that "the "inquiries
had been made by Ambassador Houghton
absence of any definite solution from the Allied na- at Berlin
with regard to the attitude of the Soviet
tions regarding the future position of Austria indi- authorities,
should this Government consider sendcates that France and England are about as uncer- ing an expert
technical commission to Russia to
tain over it as Chancellor Seipel of Austria himself. study and
report on the economic situation." As
However, the outcome of the Verona conference with might
have been expected, judging from the characForeign Minister Schanzer of Italy has the approval ter of the
foregoing statements by Leonid Krassin in
of France. Though not over-eager to see a so-called Moscow,"the
nature of Russia's reception of the sugeconomic union of Italy and Austria, France consid- gestion
from the United States that this country send
ers it better than an Austria attached to Germany." a commission
of technical experts to investigate conWord came from Geneva Tuesday evening that "the ditions and
make a report is not satisfactory to their
Committee on Finances of the League of Nations has Government."
This view of the situation is said to
prepared a report on the position of Austria, suggest- have been
given at the State Department in Washinging means for her relief. The author of the dispatch ton on Thursday.
added that "Dr. Alfred Gruenberger, Austria's Min
London received a report via Berlin on Wednesday
ister for Foreign Affairs, is on his way here from that "the Odessa Soviet
has purged itself of BolshevVienna, with instructions to urge immediate finan- ism, and called upon
all citizens to unite against the
cial assistance from the League."
'Communist usurpers.'" The report alleges that
the
1022
"whole of South Russia has joined with Odessa and
that the revolution has been attended by bloody encounters." At the time the State Department in
Washington had received no advices regarding the
alleged movement.
According to a statement made to the Moscow correspondent of the New York "Times," Nikolai Lenin
"is now practically all right again, taking an active
interest in affairs and receiving numerous visitors,
among others Unakidze, Secretary of the Central Executive Committee."
Eamon de Valera a week ago was reported to have
"emerged from his seclusion and was reported to be
with a large force of rebels. The band is under command of General Aiken, who is regarded as one of the
ablest leaders." According to one dispatch De Valera and his forces are said to be in the Carlingford
Mountains in County Louth, the second county north
of Dublin." In a cablegram from Cork Monday
morning De Valera was reported to be "convalescing
from wounds in a house near Bandon."
The funeral and burial of Michael Collins occurred
In Dublin last Monday. The Associated Press correspondent at that centre described the services in
part as follows: "Michael Collins was laid to rest
totilay in Glasnevin, after a demonstration of national grief such as has been seldom seen in the long
centuries of Ireland's troubled history. Arthur Griffith was buried with all the honors due a great
leader. Collins went to the grave amid the tears of a
nation that worshipped him personally as a gallant
young patriot in whom were combined all those traits
which Irishmen held dear."
The "Freeman's Journal," commenting upon a
telegram sent by Colonial Secretary Churchill to
William T. Cosgrave, acting head of the Provisional
Government, said that "it did not need the interaange of assurances by the Irish and British Governments to make it' clear to the world that the
Anglo-Irish treaty must stand." The newspaper
added that "what was bef9re the deaths of Arthur
Griffith and Michael Collins an international agreement for the mutual advantage of the signatory nations, is now to Ireland a pact sealed by the life of
Arthur Griffith and made sacred by the blood of Michael Collins. By their deaths the nation is now
bound to preserve the fruits of their lives, and likewise the British Government, through Mr. Churchill,
pledges itself to meet good faith with good faith and
good-will with good-will to the end."
Cable advices from Berlin under date of August
28 announced another advance in the discount rate
of the Bank of Germany of 1% to 7%, which is
the highest rate since November 1907, when a 732%
rate prevailed. On July 28, last, an increase of
1% to 6% was declared, the 5% figure in effect
prior to that date having been maintained since
Dec. 23 1914. The lowest rate of the Reichsbank
in recent times was 3%, established in February
1905. Aside from this change, official discount
rates at leading European centres remain at 5% in "
%
/
France, Denmark and Norway; 532 in Madrid;
43/2% in Belgium and Sweden;4% in Holland; 3
in Switzerland and 3% in London. Open market
discount rates in London were quoted at 2 7-16%
,
for long and short bills, as against a range of 2/@
ago. Call money at the British cen23/% a week
tre was firmer, having advanced to 23.%,in compar-
[VOL. 115.
THE CHRONICLE
ison with 1%% a week ago. In Paris the open
market discount has not changed from 4%, nor
in Switzerland from 13
4%.
A small decline in gold holdings was shown by the
Bank of England statement for the week ending Aug.
31, namely £6,132, and an expansion in note circulation of £465,000. This was the result of preparations
for the month-end payments, and caused a decline
in total reserve of £471,000, while the proportion of
reserve to liabilities fell to 17.64%, as against
18.08% last week. In the corresponding week of
1921 the ratio stood at 14.60% and a year earlier at
11.56%. Public deposits were heavily increased,
namely £7,769,000, but "other deposits" declined
£7,400,000. In loans on Government securities there
was an expansion of £504,000 and in loans on other
securities of £357,000. The Bank's stock of gold on
hand aggregates £127,411,172, which compares with
£128,409,235 last year and £123,081,830 in 1920.
Total reserve amounts to £21,941,000, as against
£19,969,510 in 1921 and £14,999,310 the year before.
4
Loans stand at £76,121,000, in comparison with
£79,800,459 and £75,467,018 one and two years ago,
respectively. As to circulation the aggregate is
£123,918,000. Last year it was £126,889,725 and in
1920 £126,532,520. No change has been made in
the official discount rate from 3%. Clearings through •
the London banks for the week were £588,527,000,
which contrasts with 4600,046,000 a week ago. We
append herewith a statement of comparisons of the
principal items of the Bank of England's returns:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1918.
1919.
1920.
1921.
1922.
Sept. 4.
Sept. 3.
Sept. 1.
Aug.31.
Aug.30.
123,918,000
Circulation
26,229,000
Public deposits
98,095,000
Other deposits
Governm't securities 44,358,000
78,121,000
Other securit1es
Reserve notes dr coin 21,941,000
127,411,172
Coln and bullion
Proportion of reserve
17.64%
to liabilities
3%
Bank rate
128,889,725
13,800,576
122,975,708
55,101,744
79,800,459
19,989,510
128,409,235
126,532,520
16,433,275
113,339,588
57,408,129
75,467,018
14,999,310
123,081,830
80,797,805
24,515,939
102,313,592
37,491,058
81,536,756
25,904,326
88,252,131
58,597,425
37,012,191
131,725,161
58,166,314
98,886,445
29,785,432
69,932,857
14.60%
5%
11.56%
7%
20.37%
5%
17.65%
5%
The Bank of France continues to report small gains
in its gold item, the increase this week being 448,000
francs. The Bank's total gold holdings are thus
brought up to 5,531,528,075 francs, comparing with
5,522,382,773 francs at this time last year and with
5,590,670,890 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 increases were registered in the
various items as follows: Silver, 155,000 francs;
bills discounted, 291,591,000 francs; Treasury deposits, 22,423,000 francs; and general deposits, 8,623,000 francs. Advances, on the other hand, fell
off 42,126,000 francs. Note circulation registered
the large expansion of 334,096,000 francs, bringing
the total outstanding up to 36,384,980,000 francs.
This compares with 37,024,735,420 francs on the
corresponding date last year and with 38,333,160,455
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 amounts 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
Changes
for Week.
Francs.
Gold Holdings—
Inc.
448,000
In France
No change
Abroad
COMPARATIVE STATEMENT.
Status as of
Aug. 311922. Sept. 11921. Sept. 2 1920.
Francs.
F onrs.
Francs.
3,583,161,019 3,574,015.717 3,812,392,474
1,948,367,056 1,978,278,416
1,948,367,056
Inc.
448,000
Total
Inc.
155,000
Silver
Inc. 291,591,000
Bills discounted
Dec. 42,126,000
Advances
Note circulation .me. 334,098,000
Treasury deposits_Inc. 22,423,000
General deposits.Joe. 8,623,000
5,531,528,075
285,823,495
2,189,283,000
2.088,012,000
36,384,980,000
50,020,000
2,120,140,000
5,522,382,773
276,831,365
2,524,996,645
2,164,881.398
37,024,735.420
40,732,974
2,887,463,418
5,590,670,890
254,527,444
2,187,712,841
1,940,350,093
38,333,160,455
64,891,891
3,041,183.469
•
SEPT. 2 1922.]
•
•
•
•
THE CHRONICLE
The Imperial Bank of Germany, under date of
Aug.23,issued another highly sensational statement,
showing changes running well up into the billions.
The most noteworthy, and incidentally the most
unfavorable, was an increase in note circulation
amounting to 9,892,913,000 marks, which, of course,
carried the volume of notes outstanding to still
another new high level of 214,783,515,000 marks.
This stupendous sum compares with 77,190,575,000
marks last year, 56,653,231,000 marks in 1920 and
35,698,360,000 marks in 1919. Discount and
Treasury bills expanded 6,043,713,000 marks, deposits 3,748,805,000 marks, and Treasury and loan
association notes 3,904,514,000 marks. There was
likewise a huge gain in bills of exchange, namely,
4,462,792,000 marks. Smaller increases included
2,480,000 marks in notes of other banks, 925,365,000
marks in "other assets," 1,584,970,000 marks in
"other liabilities," and 3,000 marks in gold; although
total coin and bullion was reduced 702,000 marks.
A decline of 59,830,000 marks was reported in
advances and 51,644,000 marks in investments.
The Bank's stock of gold is reported as 1,004,861,000,
in comparison with 1,091,453,000 marks in 1921 and
1,091,591,000 marks a year earlier. Cable advices
early this week stated that the Reichsbank had
advanced its official discount rate from 6 to 7%.
The 6% level had been in effect since July 28, at
which date it was changed for the first time since
Dec. 23 1914.
1023
and trust companies in own vault of $135,000, but a
reduction of $168,000 in reserves of these institutions
kept in other depositaries. Member banks drew
heavily on their credits at the Reserve Bank—
$45,919,000, and this in turn served to offset the
decline in deposits and reduce surplus by'$41,584,200;
thus leaving an excess reserve of only $7,036,360, as
compared with $48,620,560 last week. The figures
here given for surplus reserves are on the basis
of 13% above legal requirements for member banks
of the Federal Reserve System, but not including
cash in vault to the amount of $54,954,000 held
by these banks on Saturday last.
With the exception of the usual end of the month
flurry in call money the local money market was
devoid of special features. It is true, that as last
week, nearly every afternoon the quotation for call
loans advanced from the opening and renewal rate.
Special attention was not paid to this fact, except
by far-sighted borrowers of money. For several
weeks they have been looking for permanently higher
rates than those that prevailed for a lomg time.
This expectation was based on the belief that,
with the ending of the coal and railroad strikes,
the requirements of money with which to move
the crops and to finance a substantial increase in
general business would be sufficient to maintain
a higher level of money rates. Borrowers who
have reasoned along these lines said this week that
if they could get time money at a fair concession.
from the rates quoted they would take it. They
predict higher prices for funds for all periods. There
have been further wage increases and advances
in the prices of commodities, notably steel products. Authoritative reports from the steel trade
state that buyers are restricting their orders because of the new price levels. It will be interesting to observe how long they will hold off, and
what the effect of their action, if any, on prices
will be. As a factor along this line, the announcement that the Ford Motor Co. would shut down
on Sept. 16 is being watched with peculiar interest. All these cosiderations will be factors in
the money market. If President Harding should
sign the Soldier Bonus Bill, which he is not expected
to do, the Government would be called upon to provide another $4,000,000,000, according to conservative estimates. The offering of new securities by the financial institutions continues on a
moderate scale, relatively speaking.
Changes in the Federal Reserve Bank statement,
issued late on Thursday afternoon, were not particularly striking. Gold reserves increased slightly, while
rediscounting operations were larger in both the local
and national reports. For the combined system,
gold increased $2,000,000, and the total of the bill
holdings moved up $19,000,000 to $576,074,000,
against $1,527,255,000 last year. Total earning
assets were larger by $33,000,000, while deposits
showed a gain of $30,000,000. Member banks' reserve accounts registered an addition of $22,000,000
to $1,807,008,000. In the New York Bank there was
a small loss in gold, $4,000,000, while bill holdings increased $3,000,000. An increase of $4,200,000 was
reported in earning assets, and of $7,000,000 in deposits. Federal reserve notes in actual circulation
decreased about $2,500,000 locally, but increased
$6,500,000 for the system. The local institution reported an increase in member banks' reserve account
of $10,000,000 to $710,751,000. Further trifling reductions were shown in the reserve ratios, 0.4% to
Referring to specific rates for money, call loans
86.3% for the New York Bank and 0.6% to 79.2%
this week ranged between 33 and 5%, as against
%
for the system.
334@414% last week. On Monday and Tuesday
4
Declines in both loans and deposits and a large the high was 4%, the low 33 %, and renewals at
loss in surplus reserves, were the outstanding features 3% on both days. Loans again renewed at 3%%
of last Saturday's statement of the New York on Wednesday, which was the minimum, but the
Clearing House banks and trust companies. These maximum was advanced to 43/2%. Increased firmchanges were held to be largely the result of prepara- ness developed on Thursday, so that the high moved
tions for the regular end of the month strain. In up to 5%, with 432Y0 low and 43/2% the renewal
round numbers, the contraction in the loan item basis. No change was noted on Friday, and the
4
4% the ruling
amounted to $37,670,000, while net demand deposits range was still 41 @5%, with 41
fell $29,789,000, to $3,830,058,000. This is exclusive figure. Preparations for the Sept. 1 dividend and
of $58,078,000 in Government deposits. In net interest payments were responsible for the slight
time deposits there was a shrinkage of $15,533,000, stiffening in rates. The figures here given apply,
to $494,869,000. An increase of $1,573,000 was to both mixed collateral and all-industrial loans
shown in cash in own vaults of members of the alike. For fixed date maturities the situation was.
Federal Reserve Bank, to $54,954,000 (not counted quiet and practically unchanged until Friday (yesteras reserve), and a gain in reserves of State banks day) when quotations were advanced for the longer
1024
THE CHRONICLE
[VoL. 115.
maturities. Sixty day money continued at 43'%, is likely from now on to move independently of
but ninety days and four months were quoted at the Continental markets and regardless of the
43@432%, against 43%, and five and six months vagaries of European political affairs. Be this as
at 4@4%%,against 432% a week ago. Unusually it may, the most noteworthy feature of a comheavy calling of loans to meet September 1 maturities, paratively quiet and uneventful week was the
also withdrawals of funds by out-of-town banks, appearance on the market of a fairly liberal volume
contributed to the firmness; which is regarded as of cotton and grain bills against autumnal shipments
likely to be temporary.
of these commodities. Moreover, an increased deMercantile paper ruled firm, at the levels pre- mand for dollars in London was noted, obviously
viously current, namely 3%@4% for sixty and for the purpose of settling month-end payments,
ninety days' endorsed bills receivable and six months' and this served further to depress rates here. At
names of choice character, with the bulk of the the close what appeared to be pre-holiday dulness
business at the higher figure. Names less well settled on the market and operators withdrew to
known were slightly firmer, ranging between 43@ await the resumption of business on Tuesday next.
against 43.% a week earlier. New York
Some division of opinion as to the probable course
banks were active in the market, while some demand of sterling in the immediate future was apparent,
was noted from country institutions for agricultural one banking group taking the ground that in the
purposes. Offerings continue restricted.
event of a sudden termination of the coal strike,
Banks' and bankers' acceptances were not greatly the resultant stoppage of imports would have a
changed, though the undertone was firm, and the depressing effect on sterling values, especially in
call rate for bankers' acceptances advanced a half view of the likelihood of a material increase in the
point. For the longer maturities, spot delivery, pressure of grain, cotton and other commercial
rates moved up slightly, also for future delivery. bills during the next month or so, while others
Trading was quiet and offerings light. The flurry pointed out that it is practically certain that support
in call funds was responsible for the falling off in the will be forthcoming from London bankers in case
inquiry for acceptances. For call loans against of pronounced weakness. Continued gold imports
bankers' acceptances the posted rate of the American are also looked for. Renewed assurances on the
Acceptance Council has been advanced to 4%, part of British Government officials that Great
against 3/ a week ago. The Acceptance Council Britain intends to pay the interest on her indebted%
32
makes the discount rates on prime bankers' accept- ness to the United States promptly, exercised a
ances eligible for purchase by the Federal Reserve strengthening influence on market sentiment. For
Banks 33% bid and 3/g% asked for bills runniag the moment sterling rates are not appreciably in150 days; 33% bid and 3% asked for bills running fluenced by the numerous unsettling rumors in
120 days, and 31 % bid and 3% asked for bills circulation regarding the reparations dispute, or
4
running from 30 to 90 days. Open market quota- even the possibility of serious friction between the
tions follow:
Allied Powers on this troublesome issue.
SPOT DELIVERY.
Referring to quotations in greater detail, sterling
90 Days.
60 Days.
30 Days.
Prime eligible bills
3%03
exchange on Saturday last was easier with a decline
3%@3
3%8
FOR DELIVERY WITHIN THIRTY DAYS.
to 4 45% for demand; the high, however, was
Eligible member banks
3% bid
Eligible non-member banks
4
3% bid 4 47%, while cable transfers ranged between 4 457
Ineligible bank bills
3% bid
3
and 4 47% and sixty days at 4 44@4 45%; trading
There have been no changes this week in Federal was as usual inactive and listless. On Monday
Reserve Bank rates. The following is the schedule ,heavier offerings of commercial bills, incidental to
of rates now in effect for the various classes of paper seasonal grain and cotton shipments, caused increased weakness, and demand declined to 4 44%@
at the different Reserve Banks:
4 463/2, cable transfers to 4 447 @4 469, and sixty
4
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
days to 4 43@4 447 . A firmer undertone was in
IN EFFECT SEPTEMBER 1 1922.
4
Discounted bills maturing
evidence on Tuesday, though quotations moved
within 90 days (incl, member banks 15-day collateral
within narrow limits; the range was 4 453'@4 463-i
notes) secured by—
Bankers'
Agriculaces
Trade tural and for demand, 4 453©4
463 for cable transfers, and
Treasury
Federal Reserve
lances
accep- live -stork
Othermotes and Liberty
Bank of—
diseied
tances
4 43%@4 44% for sixty days. Wednesday's market
Paper
5
bonds
wise
waft
for
maturing maturing
and
secured member
cafes of
within 9110 180 was quiet but steady, and a trifle higher, with
Victory
and
indebtbanks
90 days
days
notes unsecured
edness
demand at 4 45%@4 463 ,cable transfers at 4 46@
%
4
4
4
4
Boston
4
4
4 46%, and sixty days at 4 44J4@4 44%. Dulness
4
4
4
4
New York
4
4
4%
434
Philadelphia
was the chief characteristic of dealings on Thursday,
4%
4%
4%
Cleveland
4%
4%
4%
4%
Richmond
4%
4%
though prices were maintained at 4 45%@4 46 for
4%
4%
Atlanta
4%
4%
4%
4%
4%
4%
Chicago
4%
1
demand,4 46@4 46% for cable transfers, and 4 44%
4%
4%
4%
4%
St. Louis
.P4
4%
4%
4%
Minneapolis
4%
%
@4 443 for sixty days. On Friday what was re4%
4%
4%
4%
Kansas City
4%
4%
4%
4%
4%
4%
Dallas
garded as pre-holiday inactivity began to make itself
4
4
4
4
San Francisco
4
4
felt and the volume of transactions was light; hence
While the sterling exchange market ruled steady rate variations were unimportant, though the trend
practically the whole of the week, quoted rates was fractionally up and demand bills were quoted
4
4
moved down to slightly lower levels and demand at 4 457 @4 46%, cable transfers at 4 461 @4 469,
3
4
bills, after opening at about 4 47%,sagged gradually and sixty days at 4 443@4 447 . Closing quota4
until a low figure of 4 44% was reached. Subse- tions were 4 447 for sixty days, 4 46 for demand,
quently the market grew firmer and demand sold and 4 469-i for cable transfers. Commercial sight
up to 4 46%. The weakening of rates was regarded bills finished at 4 45%, sixty days at 4 43%, ninety
4
as the direct result of freer offerings of commercial days at 4 431 , documents for payment (sixty
bills, and not due to unfavorable developments days), 4 44, and seven-day grain bills, 4 45. Cotton
3
abroad. Bayikers hold to the belief that sterling and,grain for payment closed at 4 45%.
•
•
SEPT. 21922.]
THE CHRONICLE
Gold arrivals were very light. The Baltic brought
early in the week $875,000 in gold bars from Liverpool, the France 3 cases of gold from Havre and
the Stockholm 7 cases of gold from Gothenburg.
The Olympic is on its way and will bring about
$3,300,000.
Continental exchange continues to reflect the unsettled conditions preyailing abroad and nearly all
of the leading European currencies displayed marked
weakness with frequent violent fluctuations, but with
some recovery at the close. Berlin marks, after
4
ruling at 0.051 in the initial dealings, a small fraction oxer the low level established last week,suddenly
shot up to 0.09%. The advance, however, proved
short-lived, and it was not long before the quotation
dropped back to 0.063/ under the pressure of heavy
selling orders. At the extreme close the market relapsed into dulness bit there was a partial recovery
%
to 0.081 , on the announcement of the decision of
the Reparations Commission to allow Germany a
respite in its cash indemnity payments for the rest
of this year. The principal cause of the unexpected
accession of strength was, of course, the advance in
the German bank rate to 7%. Opinion in financial
circles was divided as to the wisdom of this step, it
being argued by some authorities that a higher Bank
rate was likely to discourage commercial and industrial activity, although others suggested it might
portend a serious attempt to introduce financial reforms coincidental to an agreement on the reparations question. Austrian kronen continue to decline
and broke to still another new low of 0.0011, though
recovering to 0.0014 at the close. French exchange
also gyrated wildly, plunging downward to 7.45
early in the week, then bounding up to as high as
7.82 for checks, and finally finishing at 7.803/2•
Belgian currency as usual moved in sympathy with
the French rate. Trading was at no time particularly active, though it was claimed that here, as in
other parts of the market, speculative manipulation was largely responsible for the erratic changes.
At times the market presented a nervous and excited
appearance. The brief spurt of strength in Paris
exchange in the initial dealings occasioned some
surprise and could be attributed to nothing more
tangible than hopes of a ksettlement of reparations
difficulties. Rumors of the possibility of the French
Government attempting to act alone on the question of German reparations, also talk of a Ruhr
invasion, were not liked, though it was alleged
that so desperate a course might result in bringing action of some sort on the part of the other
members of the Allied Entente. That something
will have to be done in the very near future to relieve
the existing situation seems certain. While the whole
market displayed relief at the news from Paris on
the reparations issue, bankers fully recognize the
fact that the arrangement is only temporary and the
crisis merely staved off. French exchange this week
declined to the lowest level touched since last December and Antwerp francs to the lowest point of the
year. Lire were likewise under pressure and suffered
a decline to 4.29 for checks, a loss of more than
30 points from the levels ruling a few weeks ago
and the lowest point in several months. Here also
there was a final rally to 4.41. Greek exchange
remains pegged. Exchange on the Central European
countries showed the same general tendencies as
in recent weeks; the Czechoslovakian currency
1025
moved up another 21 points to 3.76, but later declined to 3.22. The recession, however, was not
unexpected, since the advance was regarded as having been carried too far. Polish marks continue
heavy, but Rumanian and Finnish exchange rules atabout the same levels as in recent weeks.
The London check rate in Paris finished at 57.47,
as against 57.50 last week. In New York sight bills
on the French centre closed at 7.803/, against 7.53;
2
cable transfers at 7.813/, against 7.54; commercial
2
sight bills at 7.781 , against 7.51, and commercial
4
sixty days at 7.7532, against 7.48 a week ago. Antwerp francs finished at 7.40 for checks and 7.41 for
cable transfers, which compares with 7.15 and 7.16 a
week earlier. Final quotations on reichsmarks were
0,081 both for checks and cable transfers, against
%
%
0.051 last week. Austrian kronen closed at 0.0015
(one rate), against 0.0013 the previous week. Lire
finished at 4.41 for bankers' sight bills and 4.42 for
cable remittances. A week ago the close was 4.32 and
4.33. Exchange on Czechoslovakia closed at 3.22,
against 3.55; on Bucharest at 0.75, against 0.81; on
Poland at 0.00118, against 0.00116, and on Finland
at 2.18, against 2.17 a week.earlier. Greek exchange
finished the week at 3.20 for checks and 3.25 for cable
transfers, unchanged.
In the neutral exchanges, formerly so-called, some
slight irregularity was noted, though in the main
prices were firmly held. Weakness in Norwegian
exchange attracted some attention, and was explained
largely as a result of unfavorable trade balances.
Trading was intermittently active, with evidences at
times of speculative Movements and attempts at
profit-taking. Price fluctuations, however, were
confined to a few points in either direction.
Bankers' sight on Amsterdam finished at 38.88,
against 39.05; cable transfers at 38.93, against 39.10;
commercial sight bills at 38.90, against 39.00, and
commercial sixty days at 38.56, against 38.66 a week
ago. Closing rates on Swiss francs were 19.02 for
bankers' sight bills and 19.03 for cable remittances.
This compares with 19.07 and 19.08 last week. Copenhagen checks finished at 21.40 and cable transfers at 21.45, against 21.55 and 21.60. Checks on
Sweden closed at 26.47 and cable transfers at 26.52,
against 26.79 and 26.84 the week preceding, while
checks on Norway finished at 16.63 and cable transfers at 16.68, against 17.11 and 17.16. Spanish
pesetas closed at 15.51 for checks and 15.52 for cable
transfers, which compares with 15.52 and 15.57, the
previous quotations.
With regard to South American quotations, very
little change has taken place, though the trend was
fractionally down and Argentine checks declined to
361 and cable transfers to 36%, with the close 363/2
%
and 365 , against 36.25 and 36.373/2, while Brazil
%
declined to 13.35 for checks and 13.40 for cable
transfers, as compared with 13.40 and 13.45 a
week earlier. Chilean exchange closed at 14.30,
against
and Peru at 4 08, against 4 04.
Far Eastern rates were as follows: Hong Kong,
58%@583 8, against 58%@583/2; Shanghai, 781 s@
/
1
/
783 , against 78%®783'; Yokohama, 48@48%,
%
against 48@48/; Manila, 49@49 (unchanged);
1
Singapore,52%@523, (unchanged);Bombay,29%@
293 ,against 29%@293/, and Calcutta, 29%@29%,
%
2
against 29%@293,.
Pursuant to the requirements of Section 403 of the
Emergency Tariff Act of May 27 1921, the Federal
1026
THE CHRONICLE
[VoL. 115.
Reserve Bank is now certifying daily to the Secretary
of the Treasury the buying rate for cable transfers on POLITICAL PROPHECY AND THE ESTABthe different countries of the world. We give below
LISHED ORDER.
the record for the week just past:
We are reminded,in these days of stress and storm,
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANK TO TREASURY UNDER EMERGENCY TARIFF ACT,
that the forecasting of coming events "from the shadAUG. 26 1922 TO SEPT. 1 1922, INCLUSIVE.
ows cast before" is a privilege of American life, and
Noon Buying Rate for Cable Transfers in New York.
almost a pastime-especially in "politics." CountValue in United Sstates Money.
Country and MonetaryUnit.
Aug. 26. Aug. 28. Aug. 29. Aug. 30. Aug. 31. Sept. 1. less aspirants for office are discussing, with much
EXPORT
$
$
$
$
$
$
dubiety, what the political effect will be of this or
Austria, krone
.000012 .000012 .000013 .000015 .000015 .000014
Belgium. franc
.0713
.0727
.0727
.0734
.0725
.0738
that measure and movement in Congress on the comBulgaria, lev
.006414 .006421 .006346 .006421 .006421 .006429
Czechoslovakia, krone
.037567 .036344 .034189 .033519 .0326
.032533
Denmark, krone
ing elections. It is confirmation of the old state.2159
.2151
.2144
.2147
.2145
.2142
England, pound
4.4642 4.4615 4.4565 4.4657 4.4615 4.4613
Finland, mark ka
.021575 .02165 .021613 .0216
ment that the chief concern of the office-holder is to
.0215
.0216
France, franc.
.0751
.0766
.0765
.0772
.0764
.0778
Germany, reichamark_ _ _ .000524 .000634 .00064 .000764 .000634 .000798
.
"keep in office." It is illustrative of that "fear" the
Greece, drachma
.0316
.0317
.0313
.0312
.0291
.0288
Holland. guilder
.3905
.3897
.3885
.3894
.3900
.3896
Hungary, ki one
.000557 .000571 .000561 .000588 .000554 .000472 politician has of the people. In religious matters we
Italy, lire_
.0430
.0435
.0435
.0441
.0435
.0441
Jugoslavia, krone
.002869 .002853 .002758 .002789 .002738 .002722 sometimes translate the word "fear" to mean "love,"
Norway, krone
.1719
.1691
.1681
.1688
.1675
.1668
Poland, Polish mark
.000116 .000115 .000112 .000114 .000113 .000115 but this will hardly apply in politics, where such love
Portugal, escuda
.0.543
.0532
.0539
.0527
.0534
.0543
Rumania leu
.007775 .007556 .007406 .007553 .007425 .00735
as exists in fear is largely for self rather than the
Serbia, dinar
.011486 .011386 .0111
.0112
.011029 .010886
Spain, peseta
.1553
.1552
.1551
.1554
.1552
.1551
dear people, though the speeches in the "Record"
Sweden, krona
.2669
.2646
.2640
.2645
.2650
.2645
Switzetland, franc
.1907
.1904
.1901
.1903
.1902
.1901
make seeming denial.
ASIA
China, Chefoo tad_
.8033
.8075
.8042
.8042
.8033
.8054
As we take up the morning melange of "news" we
" Hankow tael
.
7967
.8008
.7975
.7975
.7967
.7988
" Shanghri tael
.7756
.7749
.7736
.7732
.7738
.7743
" Tientsin tael
discover political prophecy on the increase. For in.8083
.8125
.8092
.8092
.8093
.8104
" Hong Kong dollar_ .5758
.5762
.5747
.5744
.5755
.5754
" Mexican dollar..
stance, we read a statement by "Frank A. Pattison,
.5625
.5629
.5619
.5623
.5635
.5631
" Tientsin or Priyang
Chairman of the National Bureau of Information
dollar
.5725
.5758
.5750
.5742
.5746
.5750
" Yuan dollar
.5708
.5725
.5725
.5717
.5713
.5717
India, rupee
and Education of the Committee of Forty-eight"
.2901
.2902
.2894
.2893
.2892
.2888
'span, yen.
.4774
.4775
.4773
.4775
.4773
.4773
3ingapore. dollar
(how sounding is the title of this body, how long in
.5200
.5192
.5200
.5200
.5200
.5200
NORTH A M ERICA-.Ilanada, dollar
.
.998299 .998368 .998715 .999031 .999124 .999288 purpose and short in personnel!) to the effect that
'Juba, Peso
.998313 .9985
.99875 .9985
.998438 .99875
Vfexico, peso
.4842
.483525 .48345 .48395 .483075 .483025 there is now "an opportunity to take the leadership
gewfoundland, dollar_
.
.996328 .996328 .996563 .997031 .997031 .996875
SOUTH AM ERICAof liberals and radicals in the United States." And
krgentina. Peso (gold)
.8182
.8166
.8167
.8164
.8174
.8270
Brazil, milreals
.1323
.1324
.1325
.1322
.1322
.1321
the statement continues by the assertion that such
Uruguay, peso
.7094
.7968
.7965
.7934
.7959
.7953
Uhile. DOSO (inner)
1417
1415
141R
1419
1411
IAA.
an opportunity came to Roosevelt and to Wilson,
though neither embraced it, and that now it has come
The New York Clearing House banks, in their
operations with interior banking institutions, have in measure "more momentous" to Senator Borah,
gained $2,733,769 net in cash as a result of the cur- and asks "What will be Senator Borah's response?"
Then we read that Henry Ford has been interrency movements for the week ending Aug. 31.
Their receipts from the interior have aggregated viewed by "Collier's" as to whether he "would accept
$3,835,069, while the shipments have reached $1,101,- the nomination for the Presidency if it were offered
300, as per the following table:
to him." To which he is reported as replying that
CURRENCY RECIPTS AND SHIPMENTS BY
NEW YORK BANKING the question means nothing to him. Mr. Ford does,
INSTITUTIONS.
however,"say a few things," to the interviewer, and
Into
Out of
Gain or Loss
one of them is as follows: "We might go ahead and
Week ending Aug. 31.
Banks.
Banks.
to Banks.
do what we can do" (to help straighten the tangles
Banks'interior movement
$3,835,069
31,101,300 Gain $2,733 76
As the Sub-Treasury was taken over by the Fed- in affairs). "I'll go ahead and make cars as well as
eral Reserve Bank on Dec. 6 1920, it is no longer I can, and you go ahead and explain things as well
possible to show the effect of Government opera- as you can and let's both of us try not to take any
tions on the Clearing House institutions. The Fed- step we can't believe in absolutely. Telling the truth
eral Reserve Bank of New York was creditor at the pays. You'll find it out. The minute
you let anyClearing House each day as follows:
body tell you what to say, you're a goner." To which,
DAILY CREDIT BALANCE/3 OF NEW YORK FEDERAL RESERVE
BANK
AT CLEARING HOUSE.
of course, the only fitting comment is "Amen!" But
Mr. Ford expresses another conviction as a sequel:
Saturday, Monday, Tuesday, Wednesd'y, nursday, Friday,
Aggregate
Aug. 26. Aug. 28. Aug. 29. Aug. 30. Aug. 31. Sept. 1.
for Week.
"Then, if we can get the' truth across, we may get
-3
$
more and more of the industries to begin operations
45,000,000 47,00).003 39,500.003 45.600,000 46.400,000 55.900.000 Cr. 279,400.000
reflect the huge mass of checks which come
Note.
under the rules of the New Order. The manufacturers
-The foregoing heavy credits
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit
have got to become interested in high wages they
however, show nothing as to the results of the Reserve Bank's operationsbalances,
with the
Clearing House Institutions. They represent only one side of the account, as checks inust make them as high as they can make them, redrawn on the Reserve Bank itself are presented directly to the bank and never
go through the Clearing House.
member,in order to succeed. And the workers have
got to become interested in maximum production,
The following table indicates the amount of bulwhile the dealers bring the prices down to the lowlion in the principal European banks:
est limit. If we got everybody doing this, we wouldn't
Aug.311922.
Sept. 1 1921.
need much help from the political government." To
Banks al--]
Total. I
Gold. I Silver. I
Silver. I
Gold.
Total.
all of which we might respond,"And why not?" Save
£
I
Z
£
4
1
1
L
S
that in behalf of industries we cannot allow the new
127,411,172 128,409,235
England_ _ 127,411,172
128,409,235
France a__ 143,326,941 11,400,000 154,726,941 142,960,628 11,040,000 154,000,628
trade of making automobiles to set the wage scale for
907,950 51,019,430 51,185,400,
Germany 50,111,480
.
842,400 52,027,800
Aus.-Hun. 10,944,000 2,369,000 13,313,000 10,944,000 2,369,000 13,313,000
25,850,000126,787,000 99,843,000 25,025,000124,868,000 all others that would "succeed," and in behalf of the
Spain
100,937,000
Italy
34,568,000, 3,043,000 37,611,000 33,307,000, 2,968,000 36,275,000
. 741,000 51,237,000 50,497,000,
Netherrnd 50,496,000;
800
g,g7:sgg workers we are not sure, in view of Mr. Ford's many
4
Nat. Beig_ 10,664,000, -1,822,000 12,486,000 10,663,000 1,581,000
millions, that even with his notably high wages he
Switzerrd_ 20,604,000' 4,613,000; 25,217,000 21,780,0001 4,421,000 26,201,000
15,216,000, 15,836,000,
1
Sweden _ _ _ 15,216,000;
1 15,836,000
Denmark. 12,683,000
218,000 12,901,0001 12,646,000;
206,000 12,852,000 has retained the exact amount of "unearned incre1 8,183,000, 8,115,000
'
Norway
8,183,000
1 8,115,000
1
1-- ment" which can or should be allowed to makers of
Total week 585,144,593 50,963,950636,108,543 586,186,2631 49,342,400635,528,663
Prey, week 585,178,705 51,067,650636,246,355 589,355,4421 49,295,200638,650,642 pig iron and saw logs who likewise
would have
a Gold holdings of the Bank of France this year are exclusive of £77,934,182
"maximum production" from the workers.
held abroad.
•
SEPT. 2 1922.]
T1TF
CHRONICLE
1027
Samuel G. Blythe, writing in the "Saturday Even- lery slops, many cows led an unhappy existence (ining Post," discovers also the need and opportunity cidentally having their tails rot off) and yielding
for a great leader. He believes that both the old par- abundantly of "swill" milk, by which many babies
ties have outlived their usefulness. He finds that were sent back to heaven; thus came an unintended,
each is without coherence, without concept fitted to unconscious and grim avenging of the animals that
the times. And his resume of conditions, and the also were victims of the greed of men. The tenement
realization thereof, and possible reaction thereto, of the time was at its worst, with the minimum of
by the people as he surveys the field, we quote in light and air, and the maximum of crowding and
part:
filth, so that "fever nests" were many. Smallpox
"That conviction is that what the people of this and cholera were epidemic and paid periodical visits.
country deserve, need and must have from their gov- There were "health wardens," of the dramshop and
ernmental administration is less governing, honester grafting type, but there was neither tenement supergoverning and simpler governing, and the people are vision nor a Health Department.
doing what they can do—which, as it stands isn't
After laboring for years, Dr. Smith, in 1866, inmuch—to bring that home to the politicians."
duced the Legislature to establish a Metropolitan
"They have watched for more than twenty years Board of Health, and the annual death rate, in that
the increasing interference of Government in private day sometimes rising to forty per thousand, has now
affairs; the growth of a paternalism that is as ob- been cut down, in a vastly larger city, to about a
noxious as it is expensive; the centralization of gov- third of that. Dr. Smith was the pioneer, the deernment to the destruction of State and popular indi- fender, and long the supervisor of sanitary reform,
vidualism; the foisting of fool theories of uplift by and he was a prophet not without honor in his own
law and by regulation on a people who have won to country.
the front of the world by lifting themselves instead
On the same day when he passed to his reward, Mr.
of being lifted by statute; the spread of a smear of John A. Stewart, another New Yorker, attained the
messy Socialism under the guise of common-good full century mark. After a few years in a clerkship, he
flubdub; the ceaseless forays against business—the became,in 1850, actuary for the newly-formed
United
agency that chiefly has developed this country to its States Life Insurance Company, and when, in 1853,
present supremacy—that seek to restrict and hamper there was formed the United States Trust,
the first
and direct and confuse business, not for sound eco- American concern chartered for fiduciary service, he
nomic reasons, but for unsound political reasons, and joined it as Secretary. With that he has
remained
do almost confiscate it by taxes; the capitalization of until now, becoming its head in 1865 and rounding
Congress by any special interest that comes with a out his century in the
less strenuous capacity of
threat of political reprisal unless its special demands Chairman of its board of trustees.
are heeded; the spying, censoring, uplifting, reformAs a boy, he heard President Andrew Jackson
ing, regulating and restricting of liberties of both speak at the City Hall. Standing
on a knoll near the
speech and action; the expansion of the class idea in present corner of Third
Avenue and 27th Street, he
legislative methods and influences; and with it all watched
the ravages of the Great Fire of 1835. He
the vast complexities and the devastating expense of recalls the financial crisis of
1837, and, of course, rethis sort of government that proceeds on the assump- calls more vividly the later
troubles in 1873,1893 and
tion that the United States is a corrective institution, 1907; but in his opinion—and may
he prove to be
with the people inmates, instead of a co-operative es- right!--such shocks have now
become impossible, betablishment with the people partners."
cause of a better financial basis and largely because
Where do we stand? Let us see. We have a pow- of the Federal Reserve
System. When the memorerful suspicion that in this recital of Mr. Blythe able and still unpunished explosion
in Wall Street
there is none of the "liberalism" demanded by the occurred on Sept. 16 1920 he was seated at his
desk at
Forty-eight, none of the "New Order" predicted by No. 45, only about 100
feet from the wagon which
Mr. Ford—rather just the plain old-fashioned Old held the stuff, and flying glass fell all about him. On
Order, that did for us just what he says it did. Un- his hundredth anniversary on August 26, he
receasingly, for an equal period of years, the "Chron- mained at home, but still working, cheery, confident
icle" has pointed out these tendencies, and labored and hopeful.
to show forth the natural laws of life in our economIn 1893 he aided President Cleveland, when the
ics and the artificial laws of this attempted political Government's gold reserves were dangerously drawn
control of business, with their constricting of our upon. For two years after Woodrow Wilson was
personal and property rights. What is going to hap- elected as Governor of New Jersey he served as acting
pen in elections we do not know, nor attempt to head of Princeton University, and he was a contemprophesy. But we have faith in the sober sense and porary and more or less an associate of the elder
second thought of the people.
Morgan, of Andrew Carnegie, C. P. Huntington,
James J. Hill, and other men who did things on a
A LESSON FROM TWO USEFUL LONG LIVES. large scale and were accused therefor by the unthinkThose who have been quietly watching, of late, to ing.
Perhaps the most notable recorded instance of
see Dr. Stephen Smith round out his century of useful life have been disappointed,for he died on August longevity is that of Thomas Parr,"Old Parr," who is
26, having almost exactly 25 weeks to go before reach- said to have been born in 1483 and to have died in
ing the goal. When he came to New York in 1851 1635. The date of death may be accepted as correct
the city was in many respects foul, and not much but that of birth is open to question,for most of these
improvement had been made by the close of the Civil cases, ancient and modern,are of persons of not much
War. Animals ran in the streets, and butchers oper- education; so they may have been sincerely mistaken,
ated as suited their own convenience. The Five and even parish registers may not be quite trustPoints, the Old Brewery, and Mulberry Bend were at worthy. But as to the birth dates of Dr. Smith and
their worst. Stabled underground, and fed on distil- Mr. Stewart there can be no doubt.
0•
1028
THE CHRONICLE
Commending and urging obedience to 'Wisdom,"
the writer of the Book of Proverbs left us the assurance. that "length of days is in her right hand and in
her left hand riches and honor." A heathen proverb
affirms that those whom the gods love die young, but
the Old Testament writers generally give to longevity
its natural association with virtue. Moderation in
every department of living, including the passions,
is clearly conducive to longevity, and so are the rules
and the discipline devised by such organizations as
the Life Extension Institute. So, too, and beyond
any question, is honest work,faithful and hard. Dr.
Smith verily believed that the human body is designed to run at least a century, and he and Mr. Stewart seem to have proved it. Perhaps there is another
than a spiritual meaning in a clause of the last verse
of one of the most reassuring chapters in Holy Writ
that "they that wait upon the Lord shall renew their
strength."
COAL CONTROL.
The coal strike continues to proceed to its usual
temporary settlement. The special session of the
Legislature of this State began on Monday evening
and concluded on Tuesday, having unanimously
passed the bill recommended by Governor Miller, who
signed it as soon as it reached him. It declares that
because of the fuel shortage an emergency exists
which requires "Governmental regulation and control of the supply of fuel during such emergency and
its equitable distribution to consumers at reasonable
prices." It therefore creatts the office of Fuel Administrator, to continue until the Governor proclaims the emergency past. He is to be "appointed by
the Governor and to hold office during his pleasure,
and shall receive a: salary to be fixed by the Governor." He may appoint needed deputies, and fix
their compensation, and they shall be exempt from
the provisions of law as to the Civil Service. He
shall have power to regulate and control "the receipt, storage, purchase, sale, use, distribution and
delivery of fuel within the State and the production
within the State of fuel." He shall ascertain the
kinds, quantity and location of fuel within the State,
the needs of consumers and the available sources of
supply within and without the State. He may buy
and sell fuel,for public or private consumption,if the
Governor files a certificate to the effect that the
emergency is acute enough to require the exercise of
such power, and in this case he shall not be subject
to Article 7 of the State finance law. He may fix
prices, prevent waste and regulate production and
use of light and heat and power. He may license dealers. He may require statements of sales and all else
of interest; he may fix prices. In a word, he may control the entire business of procuring, selling and
using fuel.
This is quite as drastic as were the provisions of
the Lever law of 1917 on the same subject. To speak
of constitutionality would be idle, for this is ultraconstitutional, with only the justification that in war
all laws except the law of self-preservation automatically suspend. Whether the emergency is really sufficient to justify such action now is something which
most people are unwilling even to consider. Courts
which sustained the housing laws could not be expected to hesitate over this, and it may be—we sincerely hope it will be—that the emergency will be
proclaimed past before the case could have gone
through the Court of Appeals,if an issue were raised.
[Vox,. 115.
Meanwhile, we must admit that if anybody in the
State can be trusted to select a man (not a politician) who will keep a cool head and attempt only the
minimum that he must,instead of the maximum that
he might, Governor Miller can be so trusted. He is
seeking such a man. The situation emphasizes what
the "Chronicle" has repeatedly said of the dangers
of emergency legislation, which tends to accustom
and reconcile us to steps towards State Socialism
and to prolong and even create apparent emergencies.
In Washington, movements appear to be marking
time. Wild bills for seizure and control of both
mines and rails are to be expected. Mr. Harding is
not, like his predecessor, desirous of more powers.
While he is reported as anxious that some additional
scope of action be granted him, should the emergency
i crease and persist, he is also reported as intending
to hold that as only a very last resort. On Tuesday
a conference of anthracite miners and operators was
obtained by Senator Pepper, and the expectation was
that "peace" was near, on the basis of the old wage
scale without an arbitration agreement, that being
still deemed anathema by the miners.
On Thursday the anthracite operators issued a
statement that they see no reason why their men
should not,like the bituminous miners, go back under
a continuance of the old wage scale to next April;
that to carry that scale past that date "inevitably
carries with it continuation of present prices,"
against which the public protest; but that if the public necessity and the urgent request of public authorities are such as to induce them (the operators)
to continue that old wage scale, "this demand must
come to us in the form of a mandate, and we will
conform our action to such mandate." On Thursday,
also, the "coal distribution and price control bill"
passed the lower branch of Congress by 214 to 61.
Various expedients are suggested for lessening consumption, such as cutting off advertising signs, possibly limiting the hours of heat in large apartment
buildings, and even a temporary closing of schools.
On the side of supply, the Pittsburgh Coal Producers'
Association signed on Tuesday a supplemental agreement for reopening 54 mines in the bituminous district, under the Cleveland agreement, and it can
safely be assumed that the soft coal output will move
steadily towards normal, for which great praise is
due to the West Virginia district and the pluck shown
there. One concern here advertises English anthracite, "about the same as our best hard Pennsylvania
steam coal," and solicits orders; the parties say, in
answer to private inquiry, that they have their arrangements made, will quote prices to actual users,
paying no commissions, and will have their first shipments leaving in a few days and due here in about
three weeks. Another concern advertises that there
need be no shortage and that the anthracite trouble
may prove a blessing in disguise to many householders; that many in other sections of the country have
never even seen a ton of anthracite; that bituminous
or semi-bituminous answers every purpose better and
costs less; and that while the greatest consumption of
anthracite and bituminous combined was 600 million
tons in any year thus far, the bituminous mines have
an annual capacity of 750 millions, so that if the railroads function properly there is an ample supply for
the winter available. Fuel oil is also advertised.
In these interested statements there may be considerable truth, and perhaps this densely populated sec-
Sm.21922.1
T114 CHRONICLE
tion of the country has depended too exclusively upon
anthracite. As for the assertion that there is coal
enough, hoarded away for a rise, this is easy and natural to say, but is subject to doubt; it would not be a
safe move for even the greediest operator or dealer to
push alarm to extremes, lest Governmental intervention be produced, while, on the other hand,to provoke
that inteivention is the game of the miners, and they
have clearly been playing for it.
r
THE CONVERSION OF CANADIAN VICTORY
BONDS.
Ottawa, Canada, Aug. 31.
The Minister of Finance did not put it too strongly
when he called his "conversion" offer to holders of
the issue of Canadian Victory bonds maturing in
December 1922, a sacrifice, as compared with the
highei price obtainable in New York for a similar
bond. It is a safe forecast that the 1923 Victories
will not be converted into another Government bond
with as high a return as 5 %. Mr. Fielding referred
/
1
2
to the 5% Dominion loan negotiated in New York a
few months ago as a contrast to the 5 % bond he
/
1
2
was offering holders of the 1922 issue. At the same
time, New York to-day might demand about 51 4%,
/
as the pause in the upward movement is still in effect. Bond prices, indeed, show a slight shading off
as compared with the high level attained in the full
flush of the April rush. The Minister of Finance
could not,in the opinion of bond houses,float an issue
/
in Canada at 514% this fall unless the upward movement in bonds gets strongly under way again in the
next month or two. No one can estimate yet with
any degree of accuracy what proportion of the $178,000,000 of the maturing issue will be converted into
the 5-year or 10-year new offering. It must be remembered that the new bonds are taxable and it will
be only human nature in holders of large income,
especially those amenable to the surtax, to take the
cash and re-invest in tax exempt bonds like the 1933's
and 1937's. Large sums,liekwise, have been invested
in the 1922's as a temporary condition by branch
houses of United States firms awaiting a transfer to
the States with exchange nearly normal or to be
thrown into industrial uses in their own business in
Canada.
All this will tend to lessen demand for the new issues and for a time hold down the price after the conversion is made. But not for long. The movement
of the new issues above par, must be preceded, however, by the 1934 bonds, also taxable. These are the
only Victories that can be compared with the new
issues, but they are two years longer maturities than
the new ten-year issue (1922 to 1932) and seven years
longer to go than the five-year issue (1922 to 1927).
Now, on the theory that interest rates are due for a
steady decline for 20 to 25 years, the longer maturities are worth more as investments than the shorter.
THE RAILROAD STRIKE—THE QUESTION OF
SENIORITY.
ninth week carries the railway revolt farther
The
towards its natural end. To call it a revolt is strictly
just, for the facts are that when the roads were required to accept a rate cut they obeyed, but when the
Labor Board ordered a wage cut which would still
have left their pay higher than in 1917 the shop
craftsmen walked out, and began an attempt to abolish the Board itself. They incorrectly say that the
roads have "closed the door." All the threatening
1029
and abusive language has come from the side of the
men—the flings at Wall Street, and such epithets
as "hard-boiled executives." The executives have
passed upon successive propositions, and (as fully
reported last week) have met the men's representatives directly, and have exhausted effort, yielding
practically everything except seniority, while the
men have refused to abate any demand. Therefore,
with every possible concession offered on one side
and stubborn insistence on the other, there is no reason for more conferences.
On Tuesday the "Tribune" contained four small
pictures which aptly illustrate the point of seniority
rights. "Your cook leaves you," demanding more
pay,in the height of the canning season and with the
kitchen in confusion and company coming. She
"pickets" the gate to prevent your getting another,
and makes all the trouble she can. Yet you do get
another and in the course of six weeks have trained
her into serviceableness, the ex-cook meanwhile hurling bricks through the windows. Then she strides
in, demanding the discharge of her successor, saying
"I didn't leave your service, I only suspended work."
This is exactly what the railway rebels say, and the
pictures accurately hit off the situation. When a
private employer, individual or corporate, will rise
and declare that he would allow his employees to run
off and then run back at their pleasure, with all
rights unimpaired, let him cast the first stone at railroads for making a stand upon seniority.
That we may understand the situation a little better, let us turn back a few years. In the first week of
August in 1919 these shopmen were in revolt, seven
months before the Transportation Act and the ostensible ending of Federal control. The Big Four brotherhoods announced the discovery that wage advances
did them no good, because they lost all the benefit
when they had to act as consumers; it was the old
"spiral," and this frank and just admission has been
more than once cited in the "Chronicle." So they
demanded "that the owners of capital, who represent
only financial interests as distinguished from operating brains and energy, be retired from management." They demanded that the roads be vested in
"those actually engaged" in conducting them, for
"those represent all the brains, skill and energy that
is in the business." This was the Plumb plan, and
former Congressman Sims of Tennessee was induced
to offer a bill for it in the House. It involved enforced purchase of the roads, with Government 4%
bonds, on a valuation to be determined by the courts;
operation by a diiectorate of fifteen, five to be appointed by the President as representing the public,
five by the operating officials, and five by the classified employees. We need not take space to quote the
other items of this Bolshevistic scheme, but we may
note that Mr. Jewell was the same gentle being then
as now,for he said that "if Congress adopts the plan
proposed by Director-General Hines and President
Wilson we will tie the railways up so tight that they
will never run again."
The reason for citing this past and possibly halfforgotten incident is that it shows the seriousness
and scope of the plot. When the shopmen made their
threat, two months ago, it was not taken very seriously, even by the railway executives. Even they
failed to realize that the Plumb plan was only
scotched; that the coal strike was in the minds of the
leaders as a powerful aid; and that the secret intent
was to work upon the public fears until Congress pre-
1030
THE CHRONWLE
cipitated the country again into Governmental control. To undo what has been accomplished in return
to normalcy and put us back three years was the
deeply-planned objective.
One shop striker has been arrested for complicity
in_the attempted destruction of a train near this city
on the 12th. There have been four arrests for complicity in wrecking the train at Gary, and two have
confesesd, saying the intent was not to hurt anybody
but to show that the rolling stock was in bad condition. They are strikers, and members of a local union,
and one pleads as excuse that they were ordered to
do it Their names indicate that they are Russians
or Poles, and although they are ignorant dupes,they
are not too ignorant to know what they were doing.
The law holds .that a man intends the natural and
• necessary consequences of his acts, and these unfortunate victims of false teachings must face trial for
murder; but how any sane person could imagine the
drawing of the rail spikes could escape discovery is
marvelOus. Eight bridges on the St. Louis & Southwestern road were set on fire during Thursday night,
and several bombs were set off on other lines. These
are the usual symptoms of discouragement and failure.
The shopmen boastfully assert that they are
stronger than ever and it is now a fight to a finish.
The maintenance of way men have appealed to the
Labor Board for an increase and have appealed to
Congress for a living wage. The Board replies,
through Mr. Hooper, that while it "will give full consideration to every circumstance set out in the statute for its guidance, it will not go beyond that," and
that it is superfluous to say that the Board will not
announce in advance the theory on which it will proceed. Here we may remark, once more, that the first
of the seven points which the Act directs the Board
to consider, as far as applicable, is "the scales of
wages paid for similar kinds of work in other industries," a point which the grumbling workers never
mention. There are also possible complications in
the question whether Mr. Wharton, one of the labor
members, has not become ineligible to membership,
under the law, by having been elected, in April last,
President of the Railway Employee's Department in
the A. F. L.
The receivership on the Chicago & Alton, at least
in part because of the present situation, is an unfortunate incident, but one which will not affect the selfconfidence of the men, who probably agree with Chief
Stone of the engineers that receivers' cash is as good
as any; the public should, howevei., take notice, and
take to more serious thinking. As to the. pessimistic
report from the Interstate Commerce Commission on
the condition of line and equipment during July, it
may be frankly admitted that some locomotive defects always exist and probably there was some increase of such in that month. But Mr. Loree rejoins
that the report is a month old and that the inspectors, without an exception (he thinks) are union
members; their bias is therefore plain, and they naturally see things much as they want to see them; further,. it is of some importance to know whether the
engines were examined when they returned from
their runs or when they went out. Still further, he
makes the strong point (to which we may add'that
nothing worse than some inevitable cutting of service and delays in arrivals has been reported) that
the real test is whether the roads are moving the business; they are doing it, he says, and with 4,918 loco
[VoL. 115.
motives and 153,880 freight cars in good condition or
in reserve.
Further along on this inquiry into progress, the
loading of coal on August 22 was the largest but one
on any day since April 1, and on last Monday 30,051
cars were loaded,7,876 more than on the previous Saturday, which was the peak. Speaking in general,
loadings of revenue freight in the week bdfore last
were 856,219 cars, an increase of 3,639 over the preceding week and of 41,072 over the like week of 1921,
but a decrease of 111,884 from the same week in 1920.
The New Haven road claimed on Tuesday that as far
as it is concerned, the strike is almost over; 250
skilled men had just been taken on, including many
who were in the walk-out. Mr. Willard of the Baltimore & Ohio says his road has now 60% of its normal
shop force, and the Pennsylvania reports a like
ratio of above 93%. Speaking in general, from July
1 to August 26 92,982 men were recruited in the shop
forces, 6,499 on the last day named; during August
there has been a steady increase, and the total now
approaches 70% of normal in number and close to
80% on a "man-hour" basis. The movement towards
settling differences at home instead of abroad also
grows;for one instance, a new shop crafts union has
just been formed on the New Haven. The good example on the Pennsylvania seems contagious. The executives announced yesterday that 16,621 shopmen
were added in the first three days of this week, the
largest gain since the walk-out began; within three
weeks, they estimate, they will have 375,000, and after a little weeding-out of the inefficient the shops
"will be back on a normal basis."
Is it surprising that the executives, while never
loose or boastful in talk and while admitting the
gravity of the situation, as their dealing with it
amply proves, are still confident, and that they predict that a few weeks more will whittle the revolt
away? The drift from the strikers' ranks will naturally become a rush, towards the last. Is it not
both reasonable and safe to ask the people to be patient, and not to lose their heads and allow the politicians to commit the country to a reactionary and
destructive course?
Current goods and
pistussions
WEEKLY RETURN OF FEDERAL RESERVE BANKS.
Aggregate increases of $32,800,000 in earning assets,
accompanied by increases of 829,800,000 in deposit liabilities
and of $6,500,000 in Federal Reserve note circulation, are
shown in the Federal Reserve Board's weekly bank statement issued as at close of business on Aug. 30 1922, and
which deals with the results for the twelve Federal Reserve
banks combined. Gold reserves show a gain of $1,700,000
and total cash reserves a gain of $3,200,000. The reserve
ratio shows a further decline from 79.8 to 79.2%. All
classes of earning assets were larger than the week before,
discounted bills by $14,400,000, acceptances purchased in
open market by $5,200,000, and United States securities by
$13,200,000, an increase of $18,900,000 in Treasury certificates being offset by reductions of $5,700,000 in other
Government securities. After noting these facts, the
Federal Reserve Board proceeds as follows:
Shifting of gold through the gold settlement fund accounts largely for
the changes in gold reserves of the several Reserve banks. Cleveland
shows the largest increase for the week, viz.: $9,747,000; Atlanta reports
an increase of over $6,000,000, while smaller increases, aggregating $8,900,000, are noted for the San Francisco, Dallas, St. Louis, Richmond and
Minneapolis banks. Chicago reports the largest decrease of gold reserves
for the week, viz., $10,800,000, while smaller decreases, aggregating $12,200,000, are shown for the remaining four Reserve banks.
Holdings of paper secured by Government obligations show an increase
for the week from $125,700,000 to $133,600,000. Of the total held,
$108.300,000, or 81%, were secured by Liberty and other United States
bonds; $4,300,000, or 3.2% by Victory Notes; $15,300,000, or 11.5%, by
Treasury notes; and $5,700,000, or.4.3%, by Treasury certificates, compared with $101,200,000, $4,100,000, $15,100,000 and $5,300,000 reported
the week before.
SEPT. 2 1922.]
T H 144 CHRONICLE
1031
The statement in full in comparison with preceding weeks
and with the corresponding date last year, will be found on
subsequent pages, namely, pages 1076 and 1077. A summary of changes in the principal assets and liabilities of the
Reserve banks on Aug. 30 1922, as compared with a week
and a year ago, follows:
for their expenditure in the British Empire and neutral
countries, it would have been unnecessary for it to apply
to the United States Government for financial assistance"—
which, of course, is a totally different thing from saying
that Great Britain was obliged to guarantee the loans
obtained from the United States Government by the other
allied countries. From the Associated Press cablegrams
from London Aug. 25, we quote the statement as given
therein in part:
notes, as against reductions of $19,000,000 in Treasury
certificates and of $14,000,000 in corporate and other
securities. For member banks in New York City decreases
of $59,000,000 in loans and discounts, of $12,000,000 in
corporate securities and of $15,000,000 in Treasury certificates, as against an increase of $30,000,000 in U. S. bonds
and Treasury notes are noted. Total loans and investments
of all reporting institutions show a decline of $26,000,000,
while those of the New York City members fell off $56,000,000 for the week.
As against nominal changes in time and Government
deposits, other demand deposits (net) show a, reduction of
$73,000,000. Member banks in New York City show
reductions of $13,000,000 in time deposits,and of $30,000,000
in demand deposits, partly in consequence of withdrawals
of funds by out-of-town correspondents.
Borrowings of the reporting institutions from the Federal
Reserve banks increased from $110,000,000 to $117,000,000,
and the ratio of these borrowings to total loans and investments from .7 to .8%. Borrowings of the New York City
members from the local Reserve Bank advanced from
$20,000,000 to $28,000,000 and the ratio of these borrowings
to loans and investments from .4 to .6%.
Reserve balances, all with the Federal Reserve banks,
show a decline of $3,000,000, while cash in vault increased
by $6,000,000. For member banks in New York City
increases of $23,000,000 in reserve balances and of $2,000,000
in cash on hand are noted. On a subsequent page—that is,
on page 1077 --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:
The New York "Times" on the same date has the following to say in a copyright cablegram from London:
Increase or Decrease Since
Aug. 23 1922. Aug. 311921.
+13.200,000 +1408,000,000
Total reserves
+1,700,0(X) +422,400,000
Gold reserves
+32,800,000 —683,400,000
Total earning assets
+14,400,000 —1,087,500.000
Discounted bills, total
"It is true that, with the exception of the sum of about $140,000,000,
Secured by U. S. Government obligations +7,900,000 —411,500,000 which was lent to the British Government to be immediately re-lent
to
+6,500,000 —676,000,000
Other bills discounted
+5,200,000 +136,400,000 Russia for the purpose of Russian dollar expenditures in the United States,
Purchased bills
+13,200,000 +267,700,000 the whole proceeds of the United States Government's advances to Great
United States securities, total
—2,700,000 +159,700,000 Britain were applied
Bonds and notes
toward meeting Great Britain's expenditures in the
—3,000,000 —130,900,000
Pittman certificates
+18,900,000 +238,900,000 United States.
Treasury certificates
Other
"But it must at tho same time be remembered that, had Great Britain
+29,800,000 +190,900,000
Total deposits
+21,500,000 +188,100,000 not been compelled to make advances to its Allies for their expenditures
Members' reserve deposits
+4,700,000
+7,600,000
Government deposits
in the British Empire and neutral countries, it would have been unneces—1,900,000
700,00
Other deposits
+6,500,000 —328,300,000 sary for it to apply to the United States Government for financial assistance.
Federal Reserve notes in circulation
"Nor must it be forgotten that early in 1918 Great Britain pressed the
Federal Reserve Bank notes in circulation,
—55,900,000 United States Government to relieve it of the
—3,000,000
net liability
responsibility for financing
the Allies, and offered in return to finance all its own expenditures in
RETURN OF THE MEMBER BANKS OF THE the United States without borrowing from the United States Government,
WEEKLY
but the American Government declined to agree to that proposal."
FEDERAL RESERVE SYSTEM.
The statement is prefaced by the following observations:
"There appears to be some misapprehension regarding the Balfour
Ifiquidation of $42,000,000 of loans and discounts, largely
note's statement that in subtsnace, if not in
of loans against corporate securities, as against an increase from the United States Government was form, the money we borrowed
borrowed for the use of our
of $16,000,000 in investments, is shown in the Federal Allies and not for ourselves.
"Answering a question in the House of Commons Oct. 20 1921, the
Reserve Board's weekly statement of condition on Aug. 23 Chancellor of the
Exchequer said: 'I think the simplest method of exof 791 member banks in leading cities. It should be noted pressing the position is to say that after the entry of the United States
the figures of these member banks are always a week into the war this country borrowed from the United States Government
that
$4,277,000,000 (1876,000,000 at par), and that during the period in which
behind those for the Reserve banks themselves.
the country was borrowing from the United States Government the
All classes of loans show smaller totals than the week British Government advanced to its Allies £879,000,000. If we had
before. Changes in the investment account include increases not had to meet any calls for assistance from our Allies it would have
of $41,000,000 in U. S. bonds and of $8,000,000 in Treasury been unnecessary for us to ask the United States Government's assistance.'"
•
Loans and discounts—total
Secured by U. S. Govt. obligations
Secured by stocks and bonds
All other
Investments, total
U. S. bonds
Victory notes
U. S. Treasury notes
Treasury certificates
Other stocks and bonds
Reserve balances with F. R. banks
Cash in vault
Government deposits
Net demand deposits
Time deposits
Total accommodation at F. R. banks_
Increase (+) or Decrease (—)
Since
Aug. 16 1922. Aug. 24 1921.
—$42,000,000 1-730,000,000
—2,000,000
—373.000,000
—32,000,000
+555.000,000
—8.000,000
—912,000,000
+16,000,000 +1,263,000,000
+41,000,000
+499.000,000
—125,000,000
+8,000,000
+605,000,000
—19,000,000
+10,000,000
—14,000,000
+274,000,000
—3,000,000
+147.000,000
+6,000.000
—33,000,000
+1,000,000
—18,000,000
—73,000,000 +1,046,000,000
+683,000.000
_ +7,000,000
—849,000,000
BRITISH ANSWER TO SECRETARY MELLON ON
ALLIED INDEBTEDNESS TO UNITED STATES.
Secretary Mellon's statement of last week on the subject
of Allied indebtedness to the United States (given in our
ssue of Saturday last, page 921) has been followed by a
statement, said to have come "from an authoritative British
quarter" in London, in which it is stated that "had Great
Britain not been compelled to make advances to its Allies
Under the heading "America Misunderstands," "The Daily Chronicle"
comments on the "apparent contradiction" between the Balfour and
Mellon statements in regard to British indebtedness.
"To us," the paper says, "there is no contradiction. Both statements
are correct, except for some E28,000,000 that was advanced for re-loan
to Russia. It is true that America's advances to us were for the purpose
of buying munitions and food in the United States, but it is equally true
that we would not have needed to borrow a penny from America if we
had not had to finance our Allies at the same time. Indeed, we offered
early in 1918 to pay for everything we purchased in America if the United
States would only relieve us from this heavy burden of financing the
Allies. Washington refused, however, to assume the burden, and'we
had to go on incurring a debt that we could otherwise have paid.
OM
"What we got from America was far more than counter-balanced by
what we had to advance to our other partners in the common struggle.
Even after America's entry into the war we advanced £897,000,000 to
our Allies, though in the same period America advanced to us only Z876,000,000. Of course, over the whole period of war the disproportion is
even greater."
EXPIRATION OF CONVERSION PRIVILEGES ON
UNITED KINGDOM BONDS OF 1922-1929
BONDS STILL CONVERTIBLE.
On August 31 J. P. Morgan & Co., pointed out that the
announcement in some of the newspapers regarding the
termination of the conversion privilege accruing to the
United Kingdom of Great Britain and Ireland 532% bonds,
/
inadvertently declared that it applies both to the 532%
bonds of 1922, and the 5
bonds of 1929. The bankers
state that while the conversion privilege on the notes of
1922 expired on August 31, the privilege, so far as regards
the 1929 bonds, does not expire until Feb. 1 1929. The
"Wall Street Journal" of Aug. 30 in referring to the conversion privileges of the bonds said:
Holders of United Kingdom of Great Britain and Ireland 534s, due
Nov. 11922. desiring to convert dollar notes into 5% National War bonds
fourth series, payable in sterling at 105% Feb. 1 1929, should present notes
at office of J. P. Morgan & Co. with properly executed form requesting
the conversion on or before Aug. 31 1922. Form may be procured at the
office of J. P. Morgan & Co.
Sterling exchange for purpose of conversion will be computed atfixed
rate of $4 30 to the pound. Upon such conversion 534% noteholders
will be entitled to receive £232, 12s 5% National War bonds for each $1,000
principal amount of 53 s surrendered. National War bonds will be issued
in denominations of £50, £100, £200, £500, £1,000 and 15,000. Unless
otherwise requested at time of deposit, National War bonds in coupon
bearer form will be issued as far as possible in denomination of £200 and in
registered form without coupons in one certificate to the nearest multiple
of £50.
The 531% notes, due Nov. 1 1922. are currently selling around 108
because of conversion privilege, level of British exchange above conversion
rate and London market quotation of 105 for Natienal War 5s. Upon
expiration of privilege notes will probably fall back to redemption price
of par. Therefore, holders should either sell now or signify intention of
converting.
Presentation for conversion of United Kingdom 534% bonds, due Aug.
11929, may be made at any time until and including Feb. 11929,the maturity date of the National War 5% bonds receiveable on such conversion.
Originally $250,000,000 United Kingdom convertible 5%s were offered,
subscribers being given a choice between 1922 and 1929 as maturity dates.
Of the total $101,620,000 of the 1922 maturity were issued. Dealers with
London connections are doubtless finding arbitrage dealings on conversion profitable and the bulk of the bonds in their converted form may be
expected to find their way ultimately into the hands cf British investors.
To give notice now for later conversion instead of selling immediately is
1032
UTE CHRONICLE
to speculate on the course of sterling over the next sixty days with the
likllhood that after the bulk of the bonds have been converted there will
be a somewhat thin market for the balance. Probably most holders
will trade their bonds for some longer-term security. Those who like
British securities can secure the same income for a longer term by trading
Into United Kingsom 5%s, 1937, and get a small cash balance into the
bargain.
PLANS FOR CONVERSION OF CANADIAN VICTORY
NOTES DUE DECEMBER 1 1922.
Supplementing the announcement previously made by
W.S. Fielding, Canadian Minister of Finance (and referred
to in our issue of Aug. 12, page 705), regarding the plans for
the conversion of the 53/2% Canadian Victory Bonds issued
in 1917 and maturing Dec. 1 1922, the following formal
notice has been issued to the holders of the bonds by Minister Fielding:
The Minister of Finance offers to holders of these bonds who desire to
continue their investment in Dominion of Canada securities the privilege of
exchanging the maturing bonds for new bonds bearing 5%% interest,
payable half
-yearly, of either of the following classes: .
(a) Five-year bonds, dated Nov. 11922, to mature Nov. 1 1927.
(b) Ten-year bonds, dated Nov. 1 1922, to mature Nov. 1 1932.
While the maturing bonds will carry interest to Dec. 1 1922, the new
bonds will commence to earn interest from Nov. 1 1922, giving a bonus
of a full month's interest to those availing themselves of the conversion
privilege.
This offer is made to holders of the maturing bonds and is not open to
other investors. The bonds to be issued under this proposal will be substantially of the same character as those which are maturing, except that.
the exemption from taxation does not apply to the new issue.
Holders of the maturing bonds who wish to avail themselves of this
conversion privilege should take their bonds as early as possible, but not
later then Sept. 30, to a branch of any chartered bank in Canada and
receive in exchange an official receipt for the bonds surrendered,containing
an undertaking to deliver the corresponding bonds of the new issue.
Holders of maturing fully registered bonds, interest payable by check
from Ottawa, will receive their December 1 interest chock as usual. Holders of coupon bonds will detach the last unmatured coupon before surrendering the bond itself for conversion purposes.
The surrendered bonds will be forwarded by banks to the Minister of
'Finance at Ottawa, where they will be exchanged for bonds of the new
Issue, in fully registered, or coupon registered or coupon bearer form carrying interest payable May 1 and Nov. 1 of each year of the duration of
the loan, the first interest payment accruing and payable May / 1923.
Bonds of the new issue will be sent to the banks for delivery immediately
after the receipt of the surrendered bonds.
The bonds of the maturing issue which are not converted under this
'proposal will be paid off in cash on Dec. 1 1922.
It is stated that nearly $10,000,000 of the maturing
bonds have been turned into the Finance Department so far
'for conversion, although Sept. 30 is the tentative date to
'which they will be received. Advices from the banks indicate, it is said, that the great proportion of bondholders will
teconvert, and, with an option of making it five or ten years,
they are nearly all choosing the longer term. The new
bonds are not for sale except by process of exchange for those
now outstanding.
REPARATIONS COMMISSION GRANTS RESPITE TO
GERMANY ON 1922 REPARATIONS PAYMENTS.
On Aug. 31 the Allied Reparations Commission decided to
grant Germany a respite from further cash payments in
reparations for the remainder of 1922, but deferred a decision on the question of a moratorium for Germany until
radical reforms in its finances are carried out. These, the
Associated Press (Berlin cablegrams) states, include the
balancing of her budget, reduction of Germany's foreign
obligations, currency reform and the issue of foreign and
internal loans. The solution of the reparations question
and the granting of a moratorium to Germany came before
the Commission following the failure of the London Confrence of Allied Premiers, to which we refer at length in another item. Regarding the then forthcoming meeting of the
Commission the Associated Press accounts from Paris,
Aug. 16, said:
[VoL. 115.
Germany's reparations payments, discussed informally the
possibility of a compromise acceptable to Britain and
France. It was then stated that the Commission would not
formally consider a moratorium for Germany until some
compromise plan had progressed far enough to reasonably
insure its adoption. Associated Press advices of Aug. 17
also said:
A compromise would bridge over the situation until the Allies could
meet at the end of this year or the first part of next year to consider a full
settlement of the reparations question. Commission officials see an opportunity for preserving the Entente and avoiding the consequences of the
French policy of independent action.
The Reparations Commission takes the view that France is entitled to
demand further guaranties and that the basis of the new proposals suggested
by the British delegate and others is additional security which would bring
in more money than M. Poincare's suggested measures and at the same
time would not cause political disturbances. Commission experts say that
Poincare's proposal to take over German State forests, if adopted, would
Cause an open breach between the Berlin and Bavarian Governments.
The desire of the French Government to settle the reparations crisis
within the Commission and thus avoid independent action by France is
reliably reported to be due to President Millerand, who desires to exhaust
every alternative before embarking on an independent course and thus
bringing to an end Franco-British co-operation.
Regarding the conclusions reached by the Commission on.
Aug. 31, the Associated Press said:
In rendering its decision, the Reparations Commission takes into account
the fact that "the German State has lost its credit and the mark has depreciated continuously."
The Commission rejected the motion of Sir John Bradbury of England
for a moratorium without further guarantees. England alone voted for
the motion. France and Belgium voted against it and Italy abstained
from voting.
The solution thus arrived at, although not technically a moratorium, has
the same effect as a moratorium in that Germany is relieved ofcash payments
for the remainder of 1022, with the provision that the payments due in
1923 will be discussed and decided later in the year.
The Commission took the view that the proposals ofthe German Government respecting deliveries of coal and wood in 1922-23, which involved
private contracts between the German Government and German industrial
interests, was conditional on granting a full' moratorium, and therefore the
Commission did not feel justified in accepting it, but reserved the right to
accept the offer if present arrangements for the delivery of coal and wood
were deemed to be unsatisfactory. It is believed that this offer will be
accepted within a short time.
M. Dubois, the French member of the Commission, voted with his colleagues after a lung interview between sessions with Premier Poincare.
Announcement of the Commission's action was made by Sir John Bradbury this evening after a session lasting an hour and twenty minutes. The
decision was immediately communicated to the German delegates and the
various Governments by telephone. It is understood that Premier Lloyd
George personally approved the settlement by telephone this afternoon.
The decision came as a surpsse to some circles, where it was expected
that M. Dubois, representing Franco, would vote against any solution
other than one complying with the original demands of Premier Poincare.
As accepted the settlement constitutes a modified form of the Belgian
compromise proposal. and Belgium is given the honor of having brought
about the last minute agreement, when a break in the Commission seemed
Inevitable and the members of the Commission felt that the very existence
of the Commission was at stake.
Premier Poincare to-night gave his approval upon condition that Germany furnish a gold deposit sufficient to guarantee the deferred payments
involved. The threatened breach in the Franco-British relations has thus
been averted by the French Premier, who was only prevailed upon to withdraw his objection to the compromise after it became certain that independent action by France would be interpreted by Great Britain as a
virtual tearing up of the Treaty of Versailles.
The question now passed out of the hands of the Reparations Commission
and becomes a matter of negotiation between Germany and Belgium, the
latter agreeing to accept Treasury bills from the German Government,
payable in six months in lieu of cash payments to which Belgium is entitled
under a priority agreement.
Sir John Bradbury said to the Associated Press correspondent:
"The effect of this arrangement is that Germany gets a respite for the
remaining cash payments due this year, provided she can find suitable
guarantees for the payment of Treasury bills due at the end of six months
under the decision. The question now leaves the Commission and becomes
a matter for direct negotiation between the Berlin and Belgian Governmen ts.
'In default of these payments Germany must agree to deposit gold in
foreign banks, but the amount of' this deposit is to be decided by Germany
and Belgium."
Herr Schroeder, head of the German delegates, when asked his opinion
of the decision, said:
"It is a good thing, as representing a respite in the reparations question."
"Do you consider it a victory?" a correspondent inquired.
"I would not say that," he replied "but certainly It is most satisfactory
to me personally. I think the respite will temporarily improve German
exchange, which is the object for which we have been fighting all along."
The Reparations Commission probably will meet to-morrow to decide
Herr Schroeder declined to suggest what guarantees will be furnished to
formally whether or not Germany is to be accorded a moratorium on her
Belgium, as the matter now is in the hands of the German Government.
cash indemnity installments.
the German Government would place a gold deposit in
Every effort is being made by the members of the Commission to avoid a Asked if he thought
country, he replied:
direct vote on this question of arranging some compromise which will tide any
December, when the Commission be"That is a matter for the German Government, but personally I do not
over the situation until November or
Premiers will have to consider the think so, and I would not advise It. as reducing the gold In the Treasury
lieves another meeting of the Allied
We have not enough gold to allow any
scale, including the reduction of German would damage exchange.Germany has kept her word in the past onto leave
reparations settlement on a broad
reparathe country. However,
indemnities and the general subject of inter-Allied debts.
tion matters, and will still try to do so."
to be much discussion of the possibility of another meetThere continues
Committee, a subject considered at the
The official text of the decision is given as follows in a
ing of the International Bankers'
decision. The bankers, it is recalled. copyright cablegram to the New York "Times" from Paris:
London conference, but without a
adjourned their recent meeting in Paris, subject to the call of the CommisThe Commission on Reparation, ruling upon the new moratorium demand
apparent intention in reparation circles
sion, but so far there has been no
of July 12 1922:
bankers meet again until the present confused situation has
to have the
Considering that the Reich has lost all credit interior and exterior and
been clarified.
that the mark has continually depreciated to three one-thousandths of its
However,the bankers in their final report suggested that they might make normal value decides:
problem, and it is recognized in Amera tomplete survey of the reparations
First—That it delays its ruling on the demand as formulated by the Reich
bankers' opinion of a proper settlement
ican and reparations circles that the
latter shall have completed the project of radical reform of the
final agreement, if, as all seemed to be until the
must be taken into account in any
German finances, including:
international German loan.
agreed, there must eventually be an
Balancing of the budget.
(a)
(b) In the event of the Governments represented on the Reparation ComOn Aug. 17 the members of the Commission, in underinquiry into the advisability of a moratorium on mission giving their prior consent thereto the reduction of Germany's foreign
taking an
•
SEPT. 2 1922.]
THE CHRONICLE
obligations in so far as may be considered necessary for the restoration of
her credit.
(c) Currency reform.
(d) The issue of a foreign or internal loan to consolidate the financial
situation.
Second—That with a view to giving necessary time for the preparation
and carrying out of the measures referred to in Paragraph 1.. the Commission on Reparation agrees to accept in payment of the cash installments
falling due Aug.15 and Sept. 15 1922, unless in the meanwhile other arrangements are made, and of the further cash installments falling due between
Oct. 15 and Dec. 15 1922. German Treasury notes payable in six months in
gold and guaranteed in such manner as may be agreed between the German
Government and the Government of Belgium, to which payments have
been assigned, or in default of such agreement by the deposit of gold in a
foreign bank approved by Belgium.
The Associated Press cablegrams from Paris last night
(we quote from the New York "Evening Post") gave the
following further information regarding the Commission's
decision:
The French Cabinet to-day simply "took cognizance"ofthe decision of the
Reparations Commission, suspending further cash payments this year on
gendition that Belgium's priority claims be met with short-term notes. It
neither approved nor disapproved the decision.
It specifically reserved, however, "entire liberty of action" in case later
developments made other action necessary.
The Cabinet held that, inasmuch as no moratorium had been granted to
Germany, it could only "recognize" the situation, but it insisted that a
conference should be called, attended by "all the Allies without exception,"
at which the questions of inter-Allied debts and reparations should be fully
considered.
The first effect of the decision is to take the reparations question out of
the hands of the Commission for the present and to make it a matter for
negotiation directly between the Berlin and Brussels Governments. Belgium is left to determine what guarantees she deems necessary to acceptance of the short-term notes.
Should the two countries fail to agree on the necessary guarantees,
Germany is then required to deposit an unfixed sum of gold with some
foreign bank approved by Belgium. It is believed, however, that a speedy
agreement will be reached, as Herr Schroeder, the German spokesman,
yesterday virtually promised M.Delacroix, the Belgian representative, that
Germany would give any guarantees demanded.
The decision also anticipates an Allied conference in the near future,
at which a reduction of the indemnity to about 50,000,000,000 gold marks
and the settlement by cancellation of the inter-Allied debts will be undertaken. The Reparations Commission promises to consider at a later date
Germany's request for a moratorium of several years' duration. This will
be taken up after a new scheme for radical reform of Germany's finances,
including the balancing of the budget, is presented to the Berlin Government.
The relief granted at the present time is for the purpose of giving the Commission time in which to complete the new scheme of reform and Germany
the opportunity of carrying it out.
The Commission anticipates that these reforms and the relief afforded
by the virtual moratorium, though not so called, for the remainder of this
year, will permit Germany to float large internal and external loans, the
latter to be used partly to pay reparations and partly to rehabilitate the
country's finances.
The manner in which the decision was arrived at was dramatic. M.Dubois, the French representative and President of the Commission, held up
the meeting for an hour and a half while he pleaded with Premier Poincare
to accept the compromise and thereby preserve against Germany the unitt,c1
front of the Entente. He returned to the meeting on the run and breathlessly announced the French acceptance. The members of the Commission
immediately took their unanimous decision.
Prime Minister Lloyd George of Great Britain is beliveed to have approved the plan over the telephone only a few moments before the decision
was announced, and the Italian and Belgian delegates are known to have
been in telephonic communication with their capitals during the late afternoon. Thus the decision came primarily from the very seats of the Entente
Governments.
1033
justment later, the point being made that the Allied debts to the United
States cannot at this time be considered with the general reparations
settlement.
The Reparations Commission would welcome the opportunity to settle
the question in such a broad way, but it is realized that the Governments
would have to give the Commission special authority to proceed with such
plans. Both the French and British officials regard some general settlement such as the French proposal inevitable, but impossible at the present
time.
The purpose therefore of the Commission is to find a temporary compromise which would bridge the Interval between now and November or
December, by which time, it is expected, the Allies will be ready formally
to consider cancellation of debts and reduction of indemnity.
With the inception of the Berlin Conference (Aug. 21),
the following advices (Associated Press) came from Berlin:
A brief informal conference to-day between Sir John Bradbury, British
member of the Reparations Commission, Eugene Mauclere, Chairman
of the Allied Committee on Guarantees; Dr. Andreas Hermes, Minister
of Finance, and Dr. Karl Bergman, Under Secretary of State for the
German Treasury, marked the beginning of the discussions between the
delegates of the Allies and German officials on the question of German
finances.
Later, Dr. Wirth, the Chancellor, summoned the departmental heads
of the Ministries of Finance and of Economics to the Treasury Department.
Neither the Allied representatives nor the German official quarter
would discuss the results of the mission of Sir John Bradbury and M.
Mauclere. A section of the press assumes that both are in Berlini s
representatives, not only of the Reparations Commission and the Guarantees
Committee, but also as thoroughly accreited emissaries of their Governments, and that they are equipped with substantial credentials, although
the assumption remains that ultimate decisions on their visit will be forthcoming from Paris.
On Aug. 25 the New York "Tribune" in a copyright
cablegram from Berlin, stated:
The two Reparation Commission delegates left for Paris this afternoon
without having reached any agreement with the German Government on
the question of guarantees, but taking with them a last-minute proposal
by Chancellor Wirth of Germany. No official announcement was made
of the terms of this proposal, which, if approved by Premier Poincare of
France, may prove to be the solution of the thorny reparations problem.
The "Tribune" correspondent understands, however, that this proposal
bears on Franco-German industrial and economic co-operation in the
Rhineland and the Ruhr, and involves French participation in the profits
of German industry. From a high Allied source the following was learned:
"The German Government is endeavoring to arrange for the co-operation
of its biggest manufacturers and other industrialists in this proposal in the
event that it is acceptable to France."
Stinnes Approves Proposal.
That German industrialists are ready to accept it is evidenced by the fact
that it was communicated to Sir John Bradbury and M. Mauclere. the Reparation Commission delegates, only after a conference between Chancellor
Wirth and Hugo Stinnes and a group of industrial chieftains.
Associated Press accounts from Berlin, Aug. 26, said:
Premier Poincare has rejected the eleventh-hour guarantees offered by
the German Government, and independent measures by France against
Germany seemed assured to-night after failure of the Bradbury-Mauclere
reparations mission to obtain in Berlin the basis of a compromise acceptable
to France.
In well-informed French circles it is considered reasonably certain that
the Reparation Commission will grant a moratorium for the rest of the
year, with the final German proposals as an additional guaranty.
The German proposals, handed to the Commission just before it left for
Paris, provided for a contract between the German Government and the
biggest German industrialists, including Hugo Stinnes, for delivery during
the period of a moratorium of products of the Ruhr mines and wood from
the State •forests. German industry would guarantee faithful delivery,
and penalties would be enforced against the industrialists in the event the
schedule was not lived up to.
Details of the scheme were to be submitted by Germany next week, but
the French Premier rejected the plan this afternoon after a conference with
As to the views in Germany respecting the Commission's MM. Dubois and Mauclere. The Premier's opposition is due to the fact
that he believes the scheme made the industrialists more important than the
conclusions, the Associated Press said:
The news that a modified form of the Belgian compromise proposal had Government, and since the business party in Germany is in a position to
been found acceptable by the Reparations Commission is received with dictate to the Government,refusal to carry out the contract would leave the
great satisfaction both in government and diplomatic circles. It is not German Government powerless to act, and France would be as bad off as
expected there will be any difficulty in the direct negotiations with Belgium. before.
Available advance proofs of newspaper editorials express satisfaction that
The developments on Aug. 27 were reported as follows in
the most serious crisis in the long and painful history of the reparations
dispute has been successfully surmounted. The hope is expressed that this the Paris press accounts:
In a strong desire to reach an unanimous decision on Germany's request for
may point the way to a better method of regulating what they consider an
a moratorium, the Reparation Commission this morning found a pretext for
economic rather than a political question.
Throughout the day German officials did not conceal their conviction further delay by resolving to invite Germany again to be heard before the
that the request for a moratorium would be rejected, but it was hoped that commission on Wednesday. Meanwhile the members of the commission
the Reparations Commission would give favorable consideration of the will consult together in the hope of avoiding a vote which will divide it.
The members of the Commission, with Col. James A.Logan acting as
German proposal of coal and timber deliveries.
The present substitute measure, whereby Germany is asked to pay American observer, met at 11 o'clock to-day and sat until 1 p. m. The
Belgium with an issue of Treasury bills is viewed as yielding only a re- delegates expressed their views on Germany's request of July 12 for a three
stricted measure of temporary relief, as Germany, it is asserted, is not in a years' moratorium. Semi-official declarations later showed that unanimity
had not yet been reached except on the point that the present uncertainty
position to provide a sinking fund for their ultimate redemption.
should
the Reparations Commission
The deliberations of the Commission were marked by should not be prolonged and that a decision of
be rendered at the earliest possible moment, Wednesday if possible.
conferences in Berlin between its members and Chancellor
After the meeting a comminque was issued to the effect that the Commis.
,
Wirth, of Germany. On Aug. 19 with the departure of sion considered itself not in a position to render a decision before Wednesday
on the
a moratorium. It added that the Com8ir-John 13radbury, British memberof the Conimissiori—rnd mission request of Germany for that if she desires to etercise her right to
_
had informed Germany
associates, for Berlin on Aug. 19, the Associated Press in be heard, the Comm Aston will naten to her representatives during Wedneshis
day.
Paris cablegrams said:
Thus the
two clear days before it for unofficial efforts
Relative to the departure of this mission, French official circles have to find a commission now has
formula upon which it can agree unanimously. The representarenewed with increased vigor the French plan for a comprehensive repara- tives of
Germany, if it is decided to accept the Commission's invitation, will
tion settlement, which Premier Poincare would have presented at London be heard
Wednesday, so that a decision will be forthcoming from the Comfor the refusal of Mr. Lloyd George to permit discussion of the Allied mission
but
Wednesday evening at the earliest. Sir John Bradbury,the British
debts.
member of the Commission, does not expect a decision to be handed down
The Reparations Commission is being unofficially urged to take up the before
Thursday.
plan now that the Governments themselves have failed to solve the problem.
On Aug. 28 it was announced by the Associated Press
Briefly, the scheme provides for a reduction of the interest-bearing reparations to 50,000,000,000 gold marks, including both cash and merchandise. that—
and the gradual cancellation of the remainder of the 132 D00,000,000 marks
The Reparations Commission met again this afternoon in an effort to
indemnity.
reach a unanimous agreement regarding the German request for a moraThese 82,000.000,000 gold marks would be canceled proportionately as torium on her indemnity payments.
the fifty billions are paid by Germany and as the inter-Allied debts are
At the end of several hours of discussion the British and French viewcanceled. This plan leaves the United States claims in abeyance for ad- points were still widely at variance, with the Italians and Belgians merely
1034
THE CHRONICLE
trying to find some one of a number of proposals suggested which would
meet the ideas of France and Great Britain.
Two projected solutions were seriously discussed. One of them was
known as the Belgian plan and the other was an amplification of the last
minute suggestion offered by Germany just before Sir John Bradbury and
Eugene Mauciere, British and French members of the Commission, left
Berlin for Paris last week.
•
The Belgian plan has been unofficially offered by the Belgian delegation
as a means of preventing a break between England and France on the
reparations issue. Under its terms Belgium would accept long-term notes
in place of the remaining cash payments due this year, amounting to
150,000,000 gold marks.
As a guarantee of ultimate payment of these installments, Germany
would deposit 210,000,000 gold marks from the reserve of the Reichsbank
in the Bank of England. France has not definitely declared herself on this
proposal, and M. de la Croix, Belgian member of the Commission, and
M. Dubois, President, are conferring in the hope that it might prove
satisfactory. England and Italy already have approved of the proposition.
The Germap plan, which probably will be the subject of conversations
between the Commissions and German officials on Wednesday, would meet
Premier Poincare's demand for Allied control of German State mines and
forests by a guarantee to France of the products of these resources during
the period of the moratorium. Failure to promptly deliver the stipulated
timber and coal would result in the seizure of certain mines which would
be designated in the agreement.
It was also stated on Aug. 28 that Germany had accepted
an invitation to send a delegate to Paris to attend Wednesday's sitting of the Reparations Commission. The following
was the report of Aug. 29 as contained in Associated Press
dispatches from Paris:
The members of the Reparations Commission were still deadlocked
this evening after another strenuous day given over entirely to an effort
to reach a basis for an unanimous agreement on German payments and
prevent a split in the Commission and a possible breach of Franco-British
relations.
The failure of the German delegates, Herr Schroeder and Herr Bergmann,
special envoys from Berlin, to bring with them any new concessions from
the German Government had a depressing effect in certain circles, where
It was hoped Germany might have formulated some new scheme.
Sir John Bradbury is still urging a moratorium based on the guarantees
which have already been exacted. It is thought that his resolution calling
for a moratorium without further guarantees will be the first proposition
voted upon by the Commission Thursday. This will be voted down,
according to present indications, after which some form of compromise
which the delegates hope to arrange before Thursday will be considered.
In its advices from Paris, Aug. 30, the Associated Press
said in part:
Hope of reaching a compromise acceptable to all the Allied Powers was
virtually abandoned to-night after the final hearing accorded to Germany by
the Reparations Commission this afternoon had resulted in a flat refusal by
France to agree to an eleventh hour proposition presented by the German
delegates. France further indicated her decision not to accept any of the
other compromises suggested to her by her allies.
It was intimated in reparations circles that a disagreement exists between
M.Dubois and Premier Poincare. M. Dubois has shown a strong desire to
come to a unanimous decision with his associates by means of a compromise,
while M.Poincare demands acceptance of the French points of view in return for a moratorium or definite refusal.
The Germans were given two hearings to-day, but failed to produce any
new concessions. They told the Commission that if Germany went any
further in her concessions the Government would be endangered.
Herr Schroeder, as spokesman, asserted that the situation in Germany
is desperate. He pleaded with the Allies to grant immediate relief in order
to prevent the total collapse of the mark and the probable fall of the Wirth
Government. The Germans spoke their final word at a brief afternoon
session and left without receiving any encouragement from the Commission.
Premier Poincare's insistence upon full control of the mines and the forests has greatly increased in the last twenty-four hours. The French viewpoint was briefly summarized to-night as being that Germany is determined
not to pay, and France is determined to make her pay.
Belgium is making a strenuous effort to save the Entente by trying to
find a compromise acceptable to England and France, but Belgium's ultimate position is still unknown.
One of the last ideas to be considered was a scheme for rigorous control of
German finances by the Allies, such as France has desired for more than a
year, but the British oppose this. Hugo Stinnes and several other industrialists are awaiting a call from the Germans to come to Paris at the last
minute in an ettempt to satisfy France through a declaration of full support
by German industry of the Government's latest offer, but it is not believed
that an opportunity will be given them to come.
[VOL. 115
The Pacific Coast Joint Stock Land Banks to the organization of which we referred in these columns June 17, page
2665, and Aug. 26, page 930, are owned or controlled by the
stockholders of the following Pacific Coast banks and trust
companies, having total resources of over $500,000,000, and
are allied with these institutions:
Security Trust & Savings Bank, Los Angeles, Calif.
The First National Bank of Los Angeles, Calif.
Los Angeles Trust & Savings Bank, Los Angeles, Calif.
The First National Bank, Portland, Ore.
Walker Brothers, Bankers, Salt Lake City, Utah.
National Copper Bank, Salt Lake City, Utah.
Utah State National Bank, Salt Lake City, Utah.
Deseret National Bank, Salt Lake City, Utah.
Mercantile Trust Company, San Francisco, Calif.
The bonds are dated July 1 1922, are due July 1 1952,
and are redeemable at par and accrued interest on any interest date after July 1 1932. They are in coupon form and
are fully registerable and interchangeable. They are issued
in denominations of $1,000. Interest is payable semiannually January 1 and July 1, at any of the banks of issue
or through any office of the institutions, or through Chase
National Bank of New York City and Harris Trust &
Savings Bank of Chicago. The bonds are exempt from all
Federal, State, municipal and local taxation excepting only
inheritance taxes. The official announcement says:
These bonds are secured by first mortgages on farm lands in California,
Oregon, Washington, Utah, Idaho and Arizona, by United States Government bonds or by United States certificates of indebtedness. Collateral
securing these issues has been deposited with the Farm Loan Registrar of
the Farm Loan District in which the issuing bank is located. Under the
Federal Farm Loan Act loans secured by first mortgages may be made
only up to 50% of the appraised value of the farm and 20% of the appraised
value of the permanent insurable improvements. The farm lands on
which these loans are made are appraised by Federal appraisers appointed
by the Federal Farm Loan Board and no mortgages are accepted as a
basis for bond issue until they have been approved by the Farm Loan
Board.
The bonds are offered by a syndicate composed of—
Mercantile Securities Co., San Francisco; Security Trust & Savings
Bank, Los Angeles; Deseret National Bank, Salt Lake City; National Copper Bank, Salt Lake City; First Securities Co., Los Angeles; Security
Savings & Trust Co., Portland; Utah State National Bank, Salt Lake
City; Walker Brothers, Bankers, Salt Lake City.
OFFERING OF KENTUCKY JOINT STOCK LAND
BANK BONDS.
Announcement was made this week that the Kentucky
Joint Stock Land Bank of Lexington, Ky., operating in
Kentucky and Ohio, had sold $1,000,000 of its 5% bonds
to a group of banking houses, including Halsey, Stuart &
Co., Inc., William R. Compton Co., Harris, Forbes & Co.,
Security Trust Co., Lexington, Ky., and J. J. B. Hilliard
& Co. of Louisville, Ky. The bonds were offered by the
bankers on Aug. 29 at 103 and interest, yielding 4.60% to
optional date and 5% thereafter. They are dated May 1
1922, are due May 1 1922 and are redeemable at par and
accrued interest on any interest date after ten years from
date of issue. They are coupin bonds, fully registerable
and interchangeable, in denominations of $1,000 and 8500.
Interest is payable semi-annually, May 1 and Nov. 1. Principal and interest are payable at the Kentucky Joint Stock
Land Bank or through the bank's fiscal agency in New
York City or Chicago, at the holder's option. The bonds
are legal investment for all fiduciary and trust funds under
the jurisdiction of the Federal Government and acceptable
as security for postal savings and other deposits of GovernOn the same date Berlin advices of the Associated Press ment funds. They are issued under the Federal Farm
Loan Act and are exempt from Federal, State, municipal
said:
The *Cabinet has decided to reject new demands sent through Herr and local taxation. The organization of the Kentucky
Schroeder of the German Finance Ministry by the Reparations Commission Joint Stock Land Bank was referred to in our issue of May 13,
In Paris for some productive or gold guarantees as a condition to the granting
page 2075, and on July 1, page 23, we made reference to
of a moratorium to Germany.
The new demands came unexpectedly. The German envoy to Parts a $1,000,000 offering.
informed Chancellor Wirth that the Reparations Commission was not
wholly disposed to reject the German proposal that coal and timber deliveries
should be contracted for directly between the Reparations Commission
and German producers, for which the German Government would assume
responsibility, but that the Commission desired to know what "active
guarantees the German Government was in a position to offer in return
for a suspension of gold payments.
OFFERING OF $2,000,000 PACIFIC COAST JOINT STOCK
LAND BANK BONDS.
With the completion of the system of four Pacific Coast
Joint Stock Land Banks, the first issue of bonds by these
banks was announced on Aug.30. The bonds—a $2,000,000
issue—were offered at 103% and accrued interest to yield
about 4.60% to 1932, and 5% thereafter. These bonds
constitute obligations of the following issuing banks:
Pacific Coast Joint Stock Land Bank of San Francisco, Callf-___$500,000
Pacific Coast Joint Stock Land Bank of Portland, Ore
500,000
Pacific Coast Joint Stock Land Bank of Los Angeles, Calif
500,000
Pacific Coast Joint Stock Land Bank of Salt Lake City, Utah
500,000
Members of Association of Pacific Coast Joint Stock Land Banks.
FINANCING OF COTTON THROUGH NORTH CAROLINA
COTTON GROWERS' CO-OPERATIVE ASSOCIATION.
The belief that he will be able to finance the orderly
marketing of cotton of the 30,000 members of the North
Carolina Cotton Grower's Co-operative Association without
having to call on the War Finance Corporation for any
large sum is said to have been expressed by A. E. Bing,
Secretary of the Association, after a trip among the banks
in western North Carolina, according to the Raleigh "News
and Observer" of Aug. 27. On Aug. 22 the same paper
stated that the Raleigh Clearing House Association had
endorsed the plan of the Association for financing the
handling of the cotton of its members, and that the banks
composing the Clearing House Association have promised
their aid to the extent of available resources to the cotton,
co-operatives. It added:
•
SEPT. 2 1922.]
THE CHRONICLE
Secretary Bing has already received assurances from many bankers
in the State that they will aid to the extent of their resources in loaning
money for the revolving fund that will be raised by the cotton association
to finance the marketing of cotton.
Secretary Bing also has assurances from banks out of the State that
they will be glad to co-operate, but he states that he intends to provide
so far as possible for the financing of the marketing operations through
the State banks.
The War Finance Corporation has agreed to make advances on cotton
delivered to the association to the amount of ten million dollars. but it
is not the purpose of Secretary Bing to use one cent of this credit if the
State banks can provide the necessary credits, he believes that this can
be done.
LONDON CONFERENCE OF ALLIED PREMIERS
RESULTS IN "AGREEMENT TO DISAGREE."
With the failure of the conference of the Allied Premiers
held in London the early part of last month (August) to
consider the subject of German reparations, the question of
granting a moratorium to Germany was brought up for decision before the Allied Reparations Commission, and by
action of the latter Germany was this week granted a respite,
as indicated in an item further below. The London Conference was opened on Aug. 7 with Premier Poincare, of
France, and Prime Minister Lloyd George, of Great Britain,
as the principal participants, others to the.Conference including the Japanese Ambassador, Baron Hayashi; the
Italian Minister of Foreign Affairs, Schanzer, Finance
Minister Paratore, of Italy, Premier Theunis and Foreign
Minister Jasper, of Belgium. Sir Robert Horne, Austen
Chamberlain and Sir L. Worthington-Evans also took part
in the conferences as aids to Lloyd George. The London
Conference was brought to an end on Aug. 14 after a week's
deliberations, the Associated Press (London dispatches) of
that date making this known as follows:
The thirteenth Allied conference on German reparations broke down today, "agreeing to disagree," as the spokesmen for both France and Great
Britain put it, there having been a complete lack of unanimity on the
important points discussed.
From its commencement the conference seemed predestined to failure,
according to the view expressed by close observers of the situation, and these
observers to-night are of the opinion that the failure indicates utter incompatability between the policies of Great Britain and France toward Germany.
To what extent the recent note of the Earl of Balfour contributed to today's results is partly evidenced by the line of the eleventh hour by Signor
Schanzer, the leading Italian delegate, at mediation with Premier Lloyd
George at Chequers Court Sunday, when the Italian Foreign Minister proposed that discussion of a moratorium for Germany and cognate matters
should be adjourned until after the various countries had carried out their
debt funding negotiations with the United States.
Mr. Lloyd George submitted this proposition to the conference to-day,
but, although it was supported by the other delegates, it was opposed by
Premier Poincare, and thereupon Mr. Lloyd George declared be was unable
to agree to an adjournment of the conference without a moratorium.
The situation now appears to be that the conference has separated without
any idea of a new conference. The British Government insists upon a moratorium as an imperative precedent to any further negotiations. On the
other hand, M.Poincare resolutely refuses a moratorium, unless it is accompanied by what he calls "guarantees."
The English critics of the situation as between England and France saw
no other outcome from the first. They held that M. Poincare feared his
parliament and apprehended a fall like that of former Premier Briand if he
Yielded to British persuasion. The previous allied conferences concerning
Germany generally have ended with some show of a surface agreement
between the policies of Great Britain and France. This was almost the first
occasion on which the delegates "agreed to differ."
The situation is considered all the more serious, viewing the continuous
fall In the mark and the fact that nothing whatever has been decided upon
beyond a temporary suspension of the rparations payment due by Germany
to-morrow. The whole question again is thrown into the hands of the
Reparations Commission and to-night heither from the French nor British
delegates could anything be gleaned concerning the next step to be taken.
Both sides are awaiting further discussions in their respective cabinets.
"We have reached an accord to misunderstand each other," said Raymond
Poincare, the French Premier, in announcing this evening the failure of the
'conference of French, British, Italian and Belgian statesmen, called by
David Lloyd George, the British Prime Minister, to determine what might
be done about reparations with respect to Germany's economic situation.
It was carefully explained by M.Poincare that "a rupture" l'ad not taken
place, and that the four powers could continue to act together to enforce the
Versailles Treaty, but that upon the moratorium question and productive
guarantees the British and French Governments unhappily had found themselves unable to agree.
What will happen now is the question of most of the observers of the situation. M. Poincare says he does not know; that he is not prepared to talk
of what France can or might do until he has reflected and taken counsel with
the French Cabinet.
The members of M. Poincare's entourage talk of the possibility of the
French Parliament being summoned to consider the new situation which has
.arisen. M.Poincare is giving much attention to the legal position of France
under the Versailles Treaty. He has been in consultation with Henri
Fromageot, principal legal adviser to the French Foreign Office.
It would seem that if the Reparations Commission votes two against two
on the question of a moratorium, a moratorium cannot be granted, nor can
penalties be imposed upon Germany by a vote of 2 to 1. France is relying
on the Belgian member of the Commission for support on the question of a
moratorium and Great Britain upon the Italian member.
On the compromise proposals Signor Schanzer suggested to Mr. Lloyd
George on Sunday, M. Poincare accepted the formula that discussion be
deferred to November, Germany to pay the 50,000,000 marks due Aug. 15,
Sept. 15 and Oct. 15 from her gold stock of 1,000,000,000 marks still in the
Reichsbank. This Mr. Lloyd George rejected.
Signor Schanzer in making his suggestions said that possibly by November
the attitude of the Washington Government would have become clearer, and
that Allied delegates were going to Washington to discuss the debt situation.
1035
Mr. Lloyd George, reaffirming his conviction that it was impossible for
Germany to pay now and of the uselessness of the French proposals, said
if the French Government desired to try them it was free to do so, but it
soon would find them ineffective. He said he thought it not worth while to
prolong the present controversy.
M.Poincare said he was of the same opinion. France, he added, desired
to avoid breaking with the Entente, for which he personally had worked
thirty-five years. If French public opinion came to believe that Great Britain wished to impose her will in these questions of right and justice, the
French people would be deeply and cruelly deceived. He declared he must
guard French interests and finance rather than sign a protocol of a pretended
agreement.
The further developments, so far as the representations
to the Reparations Commission and declarations of the past
few weeks by Premier Poincare are concerned, are dealt
with in another item in this issue. Regarding the breakdown of the London Conference the Associated Press in a
Berlin cablegram, Aug. 15, said:
News of the breakdown of the London conference sent a wave of depression through political and financial circles here to-day.
There is much speculation over the attitude of the Reparations Commission on the London results.
"The inglorious termination of the conference," says the `Morgen Post.'
"must fill the world with apprehension regarding the new developments.
Germany remains now in that terrible state of uncertainty which,above
all,
has caused the present condition of affairs in Europe."
The "Vorwaerts" regarding the lines which France will probably take
said:
"She can, though not legally, push things to extremes and decide upon
drastic military measures. She then would stand before the entire world as
the disturber of peace. Her isolation would be fatal to France herself."
The "Lokal-Anzeiger" speaks of "the unbridgeable contrast manifested
during the conference between the policy of common sense,on the one hand,
and the policy of force on the other."
Preliminary to the opening of the Conference on Aug. 7,
The Associated (Press) London cablegrams said:
Allied statesmen are gathering in London to-night for the opening tomorrow of what seems universally regarded as the most momentous conference since peace was concluded.
The immediate concern of the conference is the question of reparations
and Germany's request for a moratorium, but since the delivery last week
week of the Earl of Balfour, it is assumed that the question of inter-Allied
indebtedness cannot be excluded from the discussions, especially as Raymond Poincare, the French Premier, is credited with bringing to London a
plan for the extinction of the German reparations bonds in exchange for a
cancellation of the French debt to Great Britain.
This plan meets with little sympathy in England, because, it is contended,
these German bonds being admittedly worthless, Great Britain would gain
nothing, but by forgiving the French debt, would lose the last weapon she
possesses for bringing pressure to bear upon France in the question of armaments or on any policy in which France might run counter to British ideas.
The correspondent of the Associated Press who accompanied the French
delegation from Paris to London says he learned that M. Poincare comes
ta the conference with a definite program calling for far wider financial
supervision over Germany than that recently negotiated by the committee on guaranties and approved by the Reparations Commission and
the Wirth Cabinet.
Under this program German customs would be placed under the inspection of representatives of the Allies, without these representatives
being receiving officers or directly handling any money. The plan would
provide that new issues of paper money must be authorized by the Allies,
who also would have the final word of approval on the round sum of
Germany's appropriations.
M. Poincare's plan, the correspondent learned, is the arrest of inflation,
a check on expenditures and to have a certain lien on tariff receipts. Besides
this the French proposals will include participation in German industry
and transportation, especially on State-owned properties.
If Mr. Lloyd George and the Italian and Belgian delegates accept this
plan, or one equally radical in establishing effective guidance for Germany's
finances, and enforce it resolutely, 'then M. Poincare, it is understood,
will be prepared to agree upon a rather short moratorium to give time
to put the measures into operation and to see how Germany receives and
executes the Allied plan.
M. P3incare comes to London, it is said, prepared, if a strong united
effort is impossible, to insist upon each Ally having liberty of action under
the French interpretation of the Versailles Treaty.
It was intimated by the Belgian delegates that they would oppose a
moratorium.
Little hope seems to be entertained here that the conference will be a
successful one, although it is fully recognized that in view of the swift
fall in the value of the mark, which threatens to bring Germany in the
wake of Austria and Russia financially, a situation has been reached in
which half
-way measures will no longer avail.
Details of the first day's deliberations, which were concerned with a presentation of the French position on reparations, and resulted in the adoption of a resolution to submit
to a committee of experts the proposals advanced by France
for control of Germany's finances incidental to a moratorium
for Germany, were given as follows in a copyrighted cablegram to the New York "Times":
When the conference opened at 11 o'clock at 10 Downing Street, Premier
Lloyd George, as Chairman, called upon Premier Poincare to open the discussion by a statement of France's position and views on the reparations
problem.
M. Poincare began by pointing out that the terms of the Treaty of Versailles seemed to be observed less and less as time went on. He referred to
the failure of the prosecution of war criminals and of the attempt to try the
ex-Kaiser and he declared that the reports with regard to disarmament were
of a thoroughly unsatisfactory character.
As for reparations, difficulties of many kinds were being put in their
way. ,The Reparations Commission had continually reduced the assessThe
ment
was called upon to pay, yet a partial moratorium had been
granted to her from Dec. 31 last, and she was now asking for a complete
moratorium to the end of 1924. So France, M. Poincare contended, had
so far got nothing, although she had already spent eighty billions of francs
upon reparation expenses for which Germany ought to have provided the
money.
1036
THE CHRONICLE
Calls France's Condition Critical.
"Interest on this huge sum," declared the French Premier, "we must
carry in our next budget. It will cause a deficit. France is in an extremely
critical situation."
Then M. Poincare went on to protest that the French Government was
eager for the reconstruction of Europe. It had no desire to be unfair to
Germany, but it was surely justified in holding that the solution of its own
difficulties might be considered an essential factor in the regeneration of
Europe.
The French Premier then took up some of the criticisms made on the
French policy. People asked, he said, why did not France reduce her army.
They forgot that she was not yet satisfied that she had real security. Why
did she not impose more taxes? Her ten devasted departments could pay
nothing and France had few great fortunes. She had a large number of
moderate fortunes, but they were not theaame thing from the fiscal point
of view. Her indirect taxes were very heavy, and to make further efforts
was at present socially and politically impossible.
M. Poincare then referred to the reckless expenditure of the Germans in
regard to navigable waterways and railroads and remarked especially on the
inflation of her currency. He complained that the report of the Committee
of Guarantees was still vague in character and suggested that it should have
asked for control of the budget and exports.
No mention had been made, he pointed out, of the establishement of control over the German fiduciary currency or of the position of the Reicbsbank, and so he declared France had come to the conclusion that no moratorium should be granted until Germany had given productive guarantees
to the Allies. If France was alone in that opinion she might take strong
measures on her own account but she wanted to work with her allies and
that was why he placed all his cards on the table. M.Poincare enumerated
specific measures which he wished the Allies to take into consideration.
Lloyd George Answers Poincare.
The Council then adjourned for luncheon after it had been in session for
a little over two hours. When it met again at half-past 4 o'clock Mr. Lloyd
George opened the discussion. He said that it should be remembered that
if Germany had failed to meet her obligations it was a serious matter for all
the Allies and not for one or two alone. All had suffered very heavily, and
the question could not be considered fairly if It was forgotten that all had
made their sacrifices in the war.
The Prime Minister gave figures of the casualties of Great Britain and
Italy in the war and said that as regards actual expenditure by the Allied
countries he preferred to take the figures of an impartial authority.
He then quoted a publication of the Bankers Trust Co. of New York,
which estimated French expenditures at 537,500,000,000, Italian at $14.500,000,000 and that of the British Empire at S49,000,000,000; so he held
that British claims for reparation were quite as good as that of France
even with her devastated areas. Moreover, Great Britain had raised
£3,000,000,000 sterling by taxation during the war, the United States and
Great Britain being the only two countries to raise any considerable sums
In taxation while the fighting was going on.
British Trade Devastated.
Then passirs on to the question of devastations, Mr. Lloyd George said
no one desired to underestimate the awful French loss, but, after all, British
trade had been devastated also. The numbers of unemployed might now
be down to 1,400,000, but Great Britain had to face the winter and it should
be remembered that while the population of the devastated districts in
France'amounted to 2,000,000, the population of Great Britain affected
by unemployment amounted to from 4,000,000 to 5,000,000.
"So," argued Mr. Lloyd George, "we must conclude that failure of Germany to pay reparations does not concern ono or two of the Allies alone.
In addition to our unemployment, we have to bear a heavier debt and heavier taxes than any country, and our burden is at least equal to that of any
of the Allies."
Lloyd George than answered M. Poincare's attack upon the Treaty of
Versailles. As one of its authors he thought it had been more effective than
the French Premier had made out. Thus with regard to the disarmament
of Germany a great deal had been accomplished which added very materially
to the security of France. Statist:es of the material surrendered by the
Germans enabled him as former Minister of Munitions to declare that it
would be quite impossible for them to manufacture armaments that would
enable them to attack France successfully. "She could net manufacture
as muea as she has surrendered in two years, even if she had every factory
working. As a military power she is prostrate."
Moreover, he pointed out, conscription has been abolished. She has no
younger generation growing up with military training and her trained reserve annually grows less. Her navy, too, Is completely destroyed, "and
that ;s qu:te as important for France as it is for Great Britain," he added.
Passing on to the question of reparations, Lloyd George pointed out
that every alleviation that had been granted to Germany had been made
at the instance of the Reparations Commission, although the Reparations
Commission had not been appointed as an impartial body, but as the
representatives of the Allies. As a matter of fact, Germany had already
paid £500,000,000 or 10,000,f:00,000 gold marks, although there had
been since the armistice two revolutions in Germany and the Government
was obviously not in complete centrol of the country. Moreover, the
Com.nittee on Guaranties had on .the whole reported favorably on Germany's effort to meet her obligations.
Proof of Germany's Condition.
"It is true," went on Mr. Lloyd George, "Germany is crying out, and
has always cried out. We are not required to accept the protests of our
debtor without inquiry, but do not forget that we have means of measuring
the truth of the situation. The condition of the foreign exchanges is
most valuable as a clinical thermometer. When a man has a temperature
of 104 we can be sure that he is ill and German exchange has lately recorded
4,000. The Allies are bound to take that into account."
Mr. Lloyd George summed up the situation by declaring that the problem was merely a matter of methods and what steps would be likely to
lead to success. He reviewed the penalties which have ben applied to
Germany since the armistice and argued that Great Britain had never
refused to act with France when she proposed anything that was practicable.
He concluded by discussing briefly the specific proposals made by M.
Poincare and suggested that before the Allied Council committed itself
definitely they should be sent to a committee of experts.
Signor Schanzer and M. Theunis followed in turn, stating how greatly
Italy and Belgium had suffered in the war. Premier Theunis in particular
pointing out that the Belgian situation was much like the British in that
Belgium also was an industrial country and was suffering from unemVoyment.
Baron Hayashi brought the debate to an end with the remark that the
how the Allies could get as much
single object of the conference was to see
as possible in the way of reparations, and the session closed with a unaniFrench plan to the committee of experts.
mous resolution to submit the
[VOL. 115.
On Aug.9 the Associated Press accounts from London said:
The proposal made by Premier Poincare of France for control of Germany's finances in return for a moratorium for Germany seems not to
have found favor with the British and Italian financial experts, mainly
because they foresee that the plan would involve the Allies in embarrassing
political entanglements which would not be justified by what might be
gained financially.
This developed to-day during the discussion of the Poincare plan by
the financial experts, when there were several animated tilts.
There was no meeting to-day of the conference proper, the time having
been entirely devoted to consideration of the French proposal by the
committee of experts. They did not have time to conclude their deliberations, and will re-assemble to-morrow morning, when they hope to be
able to draft their report for submission to the conference in the afternoon.
The Belgian representative to-night was preparing the draft of a report for
submission to the committee of experts, which will meet at 9:45 o'clock tomorrow morning. The committee's task is merely to study the proposals
with regard to their applicability and their probable yield, without passing
Judgment on them.
Among the new points examined into to-day were the possibility of establishing customs barriers on the eastern boundary of German occupied territory—whether it would be practicable to place a tax upon everything entering or leaving the Ruhr region; the question of seizure of State-owned mines,
forests and domains on the left bank of the Rhine, and also whether the
26% of customs duties provided for in the agreement of May, 1921, which
now goes to the Allied treasuries, could, instead, be paid to the Reparations
Commission, thus forming part of the reparations fund.
It seems to be apparent that there will be no unanimity with regard to
M. Poincare's proposals. A majority of the committee of experts was
against the proposed customs barrier or the Imposition of taxation in the
occupied area, while the proposal to seize the mines and forests was rejected.
In this connectiOn, however, it was decided to study the possibility of a system of guarantees assuring to the Allies a supply of coal and wood.
The proposal to ask Germany to concede to the Allies a share in industrial concerns also was rejected. A majority of the committee seemed to
take the view enunciated by Signor Schanzer, the Italian Foreign Minister,
that there was a contradiction in granting a moratorium and at the same
time taking over German property. The opinion generally prevailed
that the proposed steps now were needed less, in view of the guarantees
lately imposed by the Committee on Guarantees after its visit to Berlin.
M.de Lasteyrie, who attended the morning sitting of the experts, was absent during the afternoon session.
It seems evident that M. Poincare's proposals, if they are ever adopted,
will be considerably modified. The French Premier is considered to have
foreseen this when he admitted that the proposals were of an elastic character.
In announcing that the report of the Experts' Committee
had rejected, 4 to 1, the French proposals, Associated Press
cablegrams from London on Aug.9 had the following to say:
The Allied Premiers will not meet to-morrow to discuss German reparations. They will gather again on Friday, but whether only for the purpose
of formally adiourning and arranging for a further meeting elsewhere or to
consider an entirely new plan for a settlement of the financial situation ia
Germany probably will depend on the outcome of a gathering of the British
Cabinet to-morrow and whatever new suggestions France may have to offer.
The plan of M. Poincare, the French Premier, submitted on Monday,
which was referred to the experts to determine whether it would result in
"productive guarantees," has been rejected by the Finance Ministers,
who agreed, with the exception of the French Minister, that it would not
be "productive of hard cash."
The report of the experts' committee opposed all the French proposals
by a majority of 4 to 1. The Belgians, however, supported the French
plan of Allied control of State-owned mines in the Ruhr region. A majority
of the experts branded this proposal as "useless, except as a sanction."
The suggested establishment of customs lines between the occupied area and
the rest of Germany and around the Ruhr region was rejected as undet
sirable. As recounted by the British spokesman the majority of the experts
held that no real moratorium would be afforded by remitting the presenforms of payment if equally onerous obligations were placed upon Germany.
The view of all except the French delegate was that if any guarantees of
this nature were to be taken it would be simpler to take over the present
customs arrangement at the German frontiers than to divide Germany by
fresh customs barriers. The proposal to seize 60% interest in factories,
especially the dye works on the left bank of the Rhine, also was declined
on the ground that this could be done only by compelling the German
Government to buy out the present proprietors, which would involve an
issue of more paper money and a further aggravation of the German monens
() t h ts the
tary itua ion.
third day, the Conference seemed to be on the shoals. The
prevalent belief was that it was not likely to survive the present week.
The apparently irreconcilable views on the proposals which have been
made, mainly by the French, for consideration by the experts' committee,
has led most of those connected with the conference to admit that a situation
of extreme gravity has arisen.
So serious is this situation that Mr. Lloyd George was impelled to convene
a meeting of his Cabinet for to-morrow afternoon, although the bringing
together of the ministers will prove of considerable inconvenience as, owing
to the Parliamentary vacation, they are widely dispersed. M. Poincare
also was busy to-day consulting by telephone and telegraph his Ministersin
Paris and President Millerand.
Neither in the work of the Conference itself, nor in the many informal
conversations among the principal delegates outside, has there been any
approach to an agreement. Although the Belgian delegates have been
tireless in trying to reconcile the conflicting views between the British and
French statesmen, there appears to be a fundamental difference between
the British and French conceptions of the principle of "control" to be
applied to German finances. While the British Government by no means
insists on an unconditional moratorium to Germany, it is pointed out on
behalf of the British delegates that the idea of stopping payments here in
order that payments may begin in Germany fails to fulfill the British
definition of a moratorium.
The feeling in the French delegation late to-night was that the strain
between themselves and the British Government had been somewhat
relaxed and that a common formula might yet be found for an agreement.
M. Poincare and Mr. Lloyd George have an appointment for a meeting
immediately after the British Cabinet Council to-morrow.
On Aug. 10 it was announced that Prime Minister Lloyd
George now had secured the full support of his Cabinet for
whatever policy may have been decided upon by the British
delegates to the conference which has been considering the
German financial question, while the French Cabinet also
SEPT. 2 1922.]
TRE
CHRONICLE
had given Premier Poincaire a free hand. Paris advices
Aug. 10 (Associated Press) stated:
1037
of experts. Only at this afternoon's sitting of the experts'
committee did
M. de Lasteyrie, the French Finance Minister, obtain explanation
s from
In a note handed to the Allied delegations at London to-night, according the British members that it was designed to reduce the total cash payments
to a Haves dispatch from London. the British definitely outlined their to a sum amounting to 26% of the value of German exports, but leaving
the possibility still of payments in kind. M. de Lasteyrie is
attitude with regard to Premier Poincaire's proposals.
understood
The plan for a 26% tax on German exports, says the dispatch, is ac- to have informed the committee there was not the least chance of the
cepted by the British, as are also the proposals for seizure of the customs and French Government accepting such an idea or seriously considering it.
Consequently, the negotiations between the French and British are
the control of the mines and forests, but the latter control is agreed to only
at a
conditionally upon the Germans continuing recalcitrant and maintaining standstill. The members of the French delegation were greatly surprised
that Lloyd George should send word to Poincare that he was leaving
opposition to the new customs lines.
their
London
Although admitting the gravity of the reparations and other questions over Sunday, thus causing the loss of one day when only two remain before
under consideration at London, official circles were less pessimistic to-day. the expiration of the date on which the next German payment is due under
France will demand greater guarantees than those which now exist, com- the partial moratorium now in operation.
Premier Theunis, of Belgium, and his Foreign Minister,
mented one official. Failing to obtain these M. Poincaire would be forced
M. Jaspar,
to return to Paris to take independent action. It was explained that the called on Poincare late this afternoon to discuss the situation,and to-morrow
Premier was willing to make certain concessions to the British view, but that there will be a meeting, without Lloyd George, of Poincare, Theunis and
these must not reduce the amount of money which M.Poincaire's measures Schanzer, the Italian Foreign Minister.
The Italian delegation shares the French view
would bring.
completely, but the
Assistance to Germany without at least a porresponding amount of Belgians are less interested, because they are protected by priorities.
In support of their views the British experts
assistance to France, it was added, never would be tolerated; there would
are quoting the experience
of State operation of industries gained in
be no moratOrium without further measures of control.
the war. They•do not want to
seize the
On the next day (Aug. 11) further details of the British of gettingmines and forests as a punitive measure but merely as a means
increased values out of Germany, and they argue
that as soon
proposals were set out in a London Associated Press cable- as foreign control was established it would
be only human nature for the
German miners and lumbermen to reduce
gram:
their output. The British
The Conference of Premiers which has been in session in London for a also raise the question of expense and point out that it would be impcssible
discussion of German reparations, to-night still was in a state of suspended to establish any kind of control by the Allies without swelling disastrously
animation. According to information received from a French source, the cost of management.
Both these contentions have led to the question
however, the British counter proposals to M. Poincaire's plan include:
as to the precise sigA moratorium for Germany until the end of 1922, conditional on Germany nificance of the control the French would like to see. Prolonged discussions have taken place over the word "control,"
execuring her deliveries in kind, espbcially coal and timber.
the French maintaining
that it need not mean anything like as serious
Enforcing laws prohibiting the export of capital.
or as costly an interference
Establishing the autonomy of the Reichsbank and the consolidation of with German concerns as their British colleagues assume.
So far no
compromise on this point is in sight. It is positively
Germany's floating debt.
declared in British
Permitting the Reparations Commission to exercise effective control of circles that Great Britain cannot assent at this juncture to
a step which
German finances and retain the proceeds of 26% on exports and the pro- would affect so gravely Germany's economic resources, and the
French
seem equally determined to agree to no program
ceeds from German ciistoms.
which does not include
The spokesmen for David Lloyd George, the British Prime Minister, and mines and forest control.
The situation undoubtedly looks serious, but
Raymond Poincare, the French Premier, declined to commit themselves on
hope of a compromise
the situation further than to say they could not faithfully declare that an is not yet banadoned.
One of the suggestions made by Mr. Lloyd
agreement was yet assured. M. Poincare, however, will remain in London
George in the course of
dicussions with M. Poincare is that a 26%
until next Monday.
duty on German exports
The Premiers did not meet in official session to-day and no time has yet levied under the German plan of last year might be used as the
basis of
been fixed for a meeting. The whole of the day of seven hours was taken an international loan to Germany. At present only Great Britain
has
up with discussions which began over the breakfast table between Mr. passed legislation to collect this impost, but if Mt. Lloyd George's
idea
Lloyd George, M. Poincare and M. Theunys, tho Belgian Premier. This came to anything the money produced by it would be paid to
the Reparaevening Signor Schanzer, the Italian Foreign Minister, called at Downing tions Commission, which would be empowered to use
a portion of it, if
necessary, for German purposes. It could
Street to see Mr. Lloyd George.
consequently be offered as a
These informal discussions covered a wide range of subjects concerned with guarantee to the underwriters of the international loan.
Signor Schanzer,
the Italian Foreign Minister, discussed
Germany's financial situation. Various modifications were suggested
the matter to-day with M.Poincare
to
the British proposals, and these, in the opinion of Mr. Lloyd George, re- and expressed some criticism of the plan. He pointed
out that it would
quired to be further referred to the experts' committee for examination and involve some dealy in paying to the Allies the
cash raised by the 26%
levy, and that this might work out to the
elucidation.
prejudice of the Allies in general,
It is understood these modifications centre on the conditions for a possi- and of Italy in particular. With regard to war
debts, he also emphasized
ble moratorium and do not imply any deviation in principle from the tenor of the difficulty Italy found in separating questions
concerning German
the British proposals. The experts' committee began at 9 o'clock this even- reparations from the problem of the inter-Allied
debts. This is not the
ing to examine the modifications, and if they conclude their work to-night, first time Signor Schanzer has raised the point of
the inter-Allied debts.
He took it up with Mr. Lloyd
they will present their report to the three Premiers to-morrow morning.
George at an interview he had with the
The question of an international loan came up during the discussion to- British Premier on Friday night, but
the time does not yet seem ripe
day between Mr. Lloyd George and M. Poincare in connection with an for discussion of this question. It is no doubt
being held in reserve.
agreement to take over German customs and retain 26% of the proceeds on
The situation on Aug. 13 was
German exports. The idea is that the proceeds from the foregoing shall be
detailed as follows by the
paid to the Committee on Guarantees, which will apply the funds to the Associated Press:
The conference on German affairs
general purposes of German administrative expenses and such payments as
will begin the second week of its
Germany must make to the Allies under a partial moratorium, while a por- precarious existence to-morrow
morning, but apparently with only the
smallest hope of there being any
retained by the Committee for the service of an internationa
tion will be
l
reconciling of the divergent views between
loan,should such a loan be arranged. The committee ofinternational bank- Great Britain and France.
The most urgent crisis, due to the
ers may be reconvened on the question of a loan, or the Allied Governments
fact that Germany was expected to pay
50,000,000 marks in reparations on
may arrange for a loan by other means.
Tuesday, has been temporarily bridged
estimated that the yield from import and export taxes
It is
would place over, however, by an agreement between the Allied governments to authorabout 1,500,000,000 gold marks at the disposition of the Guarantees Com- ize the Reparations Commission to permit
a suspension of the payment of
this amount pending some decision
mittee, a large proportion of which would be in foreign moneys.
of the conference on the question of
When the discussion reached this point M. Poincare asked for further how to deal with Germany's request
for a moratorium. This decision is
elucidation, which Mr. Lloyd George confessed he was unable to give. He expected to be made known within
a few days.
When the conference is resumed
said he considered the matter subject for consideration by the experts' comto-morrow morning it will take the shape'
of informal conversations between
mittee.
Premier Lloyd George of Great Britain,
Generally, the French and British views are in agreement on the super- M. l'oincare, the French Prime
Minister, Signor Schanzer, the Italian
Reichsbank and upon the imports and exports
vision of the
proposals, and Foreign Minister; M. Theunys, thr. Belgian Premier, and Baron Hayashi.
are in partial agreement upon the Allies receiving considerable advantages the Japanese Ambassador ta Great Britain. The last report the experts'
from State mines and forests, but Mr. Lloyd George has resolutely declined committee will be taken into consideration by the conferees and it is
hoped
that a plenary session of the
the control proposed by France.
conference can be held later in the day.
The prolongation of the
In the Judgment of the three Premiers, all the points on which they are
Conference does not mean that the virtual deadagreed require precise regulation for their application, and it is for the pur- leck has been removed or that there is any real prospect of its removal. The
pose of obtaining this regulation that they have been referred to the experts utmost hoped for is that a brief moratorium, probably for a couple of
months, will be accorded Germany
to draft precise detailed formulas.
to tide over her immediate difficell ros
The French affirm that the British proposals are mainly the French pro- and Prevent the Conference from being branded as an absolute fiasco. It is
departures, as they omit altogehter the proposed cus- regarded as hopeless to expect any
posals with important
change in attitude on the pat of .- ither
!
toms barriers for the east and west sides of the occupied regions and around France or Great Britain on their opposing views regarding the quff-fon of
control of German State-owned
the Ruhr.
mines and forests.
This and other matters on
which agreement seems impossible will most
With the development on Aug. 12 that the British Govern- likely now be
dropped and the Conference will bend its efforts to laying
ment had proposed the cutting of the German reparations down conditions upon which Germany shall be granted a short moratorium
,
to the extent of canceling annual cash payments of 2,000,- leaving the larger questions, such as conditions for Germany's future payments,the funding of Germany's
debts by a loan and the regulation of inter000,000 gold marks, the negotiations were brought to a Allied debts for some
future conference.
In the opinion of most of the
standstill, the Associated Press announcing this as follows:
French delegates, and of many of the people
,
The French delegation to the confsrence on German affairs was amazed of England also, the Conference was really spiked in advance by the
recent
to learn to-day that the British Government proposes and insists upon a note of the Earl of Balfour, which precluded any discussion of inter-Al
lied
German reparations payments to about one-third the indebtedness and greatly narrowed
reduction of the
the general discussions of the Allied
amounts fixed by the London schedule of payments of May 1921—that is, leaders.
It has been generally stated
to cancel altogether the annual cash payments of 2,000,000,000 gold marks
that M.Poincaire was ready, but for the Balfour note veto, to propose for
and to leave the 26% assessment on German exports.
discussion a much larger general settlement
George's proposal, which forms part of the tenth point including inter-Allied
The text of Lloyd
indebtedness, and it would now appear to be the view
of the French delegates that if the present Conference
of the British memorandum,•reads:
should be adiourned
'Subject to acceptance by the German Government of these guaranties. without exhibiting an open break between England and Franc3 it might
it will be for the Reparation Commission to grant a moratorium in respect be possible to bring about
some modification of the British policy, as exemto all cash payments remaining due from Germany up to December 311922, plified by the
Balfour note, which would permit another conference to be
and, further. the Commission shall as soon as possible fix the annual payments in cash in respect to all peace treaty charges for the succeeding period arranged with the delegates having a freer hand.
The question of a moratorium for Germany is regarded by M.
at such an amount, not exceeding 26% of the value of German exports, as
Poincaire,
they may find to be proper with a view to the early flotation of a loan by M. Theunys and Signor.
Schanzer as a most urgent one because of the
the German Government, the major portion of which shall be devoted to 50,000,000
gold marks duo on Tuesday. They and other members of their
the payment of reparations.
delegations met to-day without Mr. Lloyd George, who was
resting at
M.Poincare had doubts regarding the interpretation to be placed on this Chequers Court, and
of the points referred by the premiers to the committee about three hours. talked over various suggestions. They were together
article,and it was one
1038
THE CHRONICLE
They did not commit their conclusions formally to writing but generally
were of the opinion that a two months' moratorium might be allowed.
They agreed to instruct their respective members of the Reparations Commission to have the Commission inform the German Government that next
Tuesday's payment might be suspended until it had been decided how to
deal with the request for a moratorium.
Before the expiration of the two months' moratorium, it is considered by
those who conferred to-day, another meeting might be held which would
take up reparations and inter-Allied debts, regardless of the Balfour note.
These and some related points of view will be presented tc; Mr.Lloyd George
to-morrow.
M. Poincaire has news from Paris indicating that the Parliamentary
leaders there are distrustful of the way things are going in London and are
disposed to examine critically any compromise. The French Parliament
will not meet, however, until Oct. 12. The Italian observers regard the
contentions of both the British and French as greatly affected by domestic
political considerations.
As indicated above, the failure of the Conference and its
termination was witnessed on Aug. 14. References to the
London Conference appeared in our issues of July 29, page
488; Aug. 5. page 592, and Aug. 12, page 701.
PROPOSED AUSTRIAN BANK OF ISSUE—INABILITY
TO RAISE CAPITAL.
According to special advices to the "Journal of Commerce," there appears little likelihood at the present time of
the raising of the necessary capital for the new bank of issue
recently authorized, and to which we referred in our issue of
Aug. 5, page 595. The "Journal of Commerce" of Aug. 31
printed the following regarding the bank, its advices coming
from Vienna, Aug. 1:
While the law respecting the establishment of the new State Bank is
now more than three weeks on the statute books and the Government has
made it known that in the interest of the economic life of the country the
new institution should immediately begin business, there is at present little
prospect for raising the necessary capital. At first the smaller banks
complained that they were not, like the large ones, specifically asked to
subscribe to part of the 100,000,000francs capital, but when the institutions
with larger means held back the smaller concerns suddenly lost all interest
in the project. The Depositen Bank and the Union Bank, as well as all
the other big banks, made it known that little institutions who had no
foreign debts might be able to transfer more foreign exchange to the new
State Bank than the others, which are still conducting negotiations respecting their indebtedness from pre-war times in foreign countries. The
law requires that 60,000,000 francs must be actually paid in before the
new bank can begin business, but so far only an insignificant part of this
sum has been raised.
Banks Disinclined to Subscribe.
The disinclination of the banks to acquire stock may be partly ascribed
to certain features of the law and the constitution of the institution. When
the idea of founding it was first broached the general opinion was that it
would be more independent of the Government than the old AustroHungarian Bank was and that the possibility of inflation was entirely
removed. But the law gives the authorities far more influence than they
had heretofore. Half of the directorate is to be appointed by the Government, and in all controversies regarding the relations of the bank and the
financial administration of Austria the Cabinet Council has the last word.
Problem of Notes.
One of the great difficulties which the bank will have to meet is that of
limiting the note issue. The theory, as the law enunciates it, is that onethird of the bank notes must be covered by foreign exchange or gold. This
requirement meets with little objection, but the further provision that the
ratio between kronen and foreign money shall vary according to the fluctuations of the foreign exchanges as quoted at the stock exchanges seems
to invite serious objections. The amount the Government receives in notes
depends on foreigners and the foreign exchange speculators in Vienna.
Evidently the krone cannot be stabilized in this manner, and instead of
do, it
ruling the foreign exchange market, as the new bank was expected to
will be ruled by it. Prominent financiers demanded that a fixed ratio be
based on the average of the quotations of two or
adopted which was to be
three months prior to the establishment of the new institution. This sugbank
gestion was rejected, and so the fact remains that the note issue of the
market.
depends to a great extent on the variations of the foreign exchange
AUSTRIAN ASSETS RELEASED TO FACILITATE
ORGANIZATION OF BANK OF ISSUE.
The New York "Times" in a copyright cablegram from
Vienna Aug. 5 said:
to assist Austria in her present financial
In pursuance of the policy
organization of the new bank of issue, the
difficulties and facilitate the
definitely decided to carry out the
Reparations Commission has now
Release for a period of twenty years of revenues
Provisions foreshadowed.
and State lands was therefore accorded
customs
from the forests,salt mines,
of the explanations furnished by Dr. Schuller
to-day,following examination
Austrian Government. These revenues will be used
on behalf of the
as a guarantee for the bank.
in an official communique of the ReparaThe news, which was issued
likely, according to financial circles, to influence
tions Commission, seems
has fallen to an unprecendented level within
Austrian exchange, which
Austrian Government, in veiw of the position,
the last few weeks. The
forbidding all deals in foreign currencies in Austria.
had issued a decree
outlook created through the decision of the
Following the more favorable
prohibition will now be removeck very shortly.
Commission,it is thought this
[VoL. 115.
These details, coming through special correspondence to
that paper under date of July 20 from Paris, supplement
the earlier advices which we gave in our issue of July 22
1922, page 364, and we quote what the "Post" has to say
herewith:
Henry Morgenthau has had time in the past week to receive many comments upon his proposal to rescue Austria from financial ruin, which he
announced in Paris July 13. These the ex-American Ambassador to Turkey doubtless has found encouraging and helpful, for he was cheerfully
ready to-day to elaborate his project for the formation of a $50,000,000 corporation to reorganize Austrian industry.
He dwelt among other things upon the need to the world of saving the
intellectual life of Austria, and said charity was not the proper means to
this end, but rather a benevolent and intelligent leadership from the outside—men who would show Austria how to help herself.
"What is needed is an outside, independent, and helpful influence," Mr.
Morgenthau said to the Associated Press. "While my plan is primailly
benevolent, I am quite sure that the international bank I have in mind will
earn money from the start. I pitched on Austria for this work primarily
because I fear her large intellectual class may otherwise be starved out.
It would not only be a pity, but a loss to the world of art and medicine and
music,should the world stand aside and let this people go to pieces. There
is a larger class engaged in such pursuits in Austria than in any other
country, and this is not a class that can be grown again over night. Its
existence is the result of centuries of study and thought and wealth and
effort.
Reorganization Needed.
"Since the Austrian Empire broke up Vienna and the country round
Allies
about have been floundering, politically and financially, with all the
and Americans inclined to help this fine people but with no one willing to
A lot of charity
take the lead to put the country economically on her feet.
has been expended there, but charity is not exactly the solution.
"Austria needs a well-directed effort in reorganization. When a railroad
capital
does not pay in the United States, there is a reorganization: new
and new blood are put in, and the new concern goetralong and makes money.
and possibilities for industry in Aus"There is plenty of actual wealth
tria. What is needed is for some disinterested concern to create confidence,
to get behind the Austrians and show them what they can do.
"So soon as this bank is formed," Mr. Morgenthau continued, "I have
no doubt we will have a large number of Austrian depositors who are
now afraid to put their money elsewhere. There are to-day large sums
of gold and silver money burled in the ground throughout Austria. Besides,
Austrians have large deposits lying more or less idle in Holland and
that
Switzerland, afraid to bring the money home. One need never fear
Austrian banks now existing will go broke; they have large stakes placed
outside of Austria to cover them. .
"Austria presents an attractive financial proposition. She now is
almost as large as the State of Indiana, or about four times the size of
Massachusetts. Vienna is the sixth city of the world. There are large
possibilities in creating a tourist business. Consider what money was
made,and is being made, out of Egypt by tourist companies.
"The art galleries of Vienna in themselves are among the most attractive
In the world. If I had a hundred and fifty million dollars, I'd give every
cent of it to own the Litchenstein gallery. Austria has her watering
resorts, her cures, her mud baths, her mountains, her old palaces and
her castles rich in history, to attract strangers.
Biggest Profit in Industries.
is
"But the most money will be made out of her industries. Vienna
Internationally famous for her furniture, her leather and art goods and
worktoys, and her automobile factories. She has a large class of skilled
men. She has mines of gold and other minerals.
"Since the first details of my plan were published, I have had many
offers and suggestions. E. A. Filene of Boston told me he though Vienna
should be made a sort of free port, with no customs barriers, where all
countries of central Europe might come and trade or exchange.
"Many people have told me I would meet with big political difficulties.
To these I say that both France and Italy are interested in seeing a strong
Austria, and I am sure England will offer no opposition. As for the
neighbors of Austria, who were once part of the Empire, they will find
It to their advantage to have a banking neighbor with a stable exchange.
All these countries are groping in financial darkness, well aware that,
like the sword of Damocles, the fluctuating exchange hangs continually
over their heads.
"This international banking corporation will do all kinds of business,
such as J. P. Morgan Sr Co. do in the United States. It will manage enterprises, supervise public utilities, extend credits, guarantee the purchase
of raw material against securities, secure and distribute supplies of agricultural machinery, and do all the multiple activities of any large bank.
•
Would Revive Trieste Port.
"One of the helpful possibilities of a reorganized Austria is the furnishwhich is now struggling for its
ing of freight for the old port of Trieste,
Its existence. If freight can be given that port, this is another reason for
active Italian banking.
"One of the American benefits that I hope to see derived from this corporation is the accrediting to it by American organizations like the Chamber
of Commerce and the big industrial concerns of delegates who will thus
have a chance to study a foreign country. They can see how economic
rehabilitation is being carried out and obtain information valuable elsewhere. In other words, this would be a school of economics for Americans.
"Should no untoward circumstances intervene, I hope by this plan to see
Austria within a very short time illustrate to the world how a country
may be put on a paying basis. Then there would be a model in Austria for
all of Europe to follow."
In indicating that the plans would be temporarily stayed,
the Associated Press in London advices Aug. 24 said:
Mr. Morgenthau, who is touring England, made the following statement
to the Associated Press to-day:
"Practically everybody approached by me on the question of Austrian
reorganization deems it paramount that the German difficulties should be
first adjusted, hence my activities have been suspended."
ZAHENRY MORGENTHAU'S PLANS FOR REORGANI
TION OF AUSTRIA'S INDUSTRIES.
MOVE FOR UNION OF AUSTRIA WITH GERMANY
While Henry Morgenthau,former Ambassador to Turkey,
OR ITALY—NATION'S PROBLEMS REFERRED TO
plan, temporarily at least,
was said to have suspended his
LEAGUE OF NATIONS.
includes
for the reorganization of Austria's industries, which
plight of Austria and overtures in its behalf have been
The
to capitalized
the formation of an international corporation be
particular moment among European developments of
htj$50,000,000 or more, new details of his proposals were of past few weeks. The developments have embodied a
in the New York "Evening Post" of Aug. 21. the
made public
SEPT. 2 1922.]
THE CHRONICLE
move for a union of the Empire with Germany or Italy
following an appeal said to have been made by Austria
earlier in the month to the Powers at the London conference,
in which it was indicated that credit relief was necessary
otherwise the country would be obliged to join with some
other nation. A copyright cablegram from Vienna Aug. 5
to the New York "Times" had the following to say regarding
Austria's appeal to the Allies:
•
The Austrian Government to-day dispatched an ultimate note to the
Powers at the London conference pointing out the desperate situation of
.
Austria and the urgent necessity of settling the credit question within a
limited time. Otherwise the Government and the members of the Assembly
will be compelled to relinquish the management of Austria to the Powers.
The same paper, later (Aug. 13) announced the following
copyright cablegram from Berlin:
The widely circulated rumor that Austria was demanding that the
Allies take over the financial responsibility of Government is not confirmed in the Vienna press. The Austrian Minister at London is, however
said to have received instructions to send a note to all the Allies, calling
attention to the country's disastrous position and probably also hinting that,
as the Austrian Chancellor lately declared, the coming social disturbances
will not stop at Austria's frontier.
Direct administration of Austria by the Allies is not in any case regarded
as financially practicable, because without spending vast sums the Allies
would be unable to redeem Austria's finances. If the Allies were willing
to provide these sums,the Austrians could restore their finances themselves.
On Aug. 21 a movement for affiliation by Austria with
Germany was reported as follows in a special cable dispatch
from Berlin, copyrighted by the Philadelphia "Public
Ledger Co.," printed in the New York "Evening Post":
Faced with the certainty of doom in the shape of a hunger crisis, Communist outbreaks, or a putsch from the Right, the Austrian Government
has secretly but definitely decided not to wait longer for Allied help and to
disregard the "anti-anschluss" annexation viewpoint of the Entente on the
ground that the long postponement of promised help justifies any action
which may possibly prevent a complete collapse.
Premier Seipel, therefore, will leave Vienna to-day and go to Prague and
Berlin in order to negotiate with Premier Benese and Chancellor Wirth
concerning a possible union between Austria and Czechoslovakia or Austria
and Germany. I understand one other course presents itself to Austria,
namely, a union with Italy. The possibility of the union with one of the
surrounding States raises Austria from the position of a nonentity among
the Powers to one of extreme significance.
One has only to look at the map of Europe to observe how critical a
geographical, trade and military position she occupies. Should Austria
Join Germany, it would add 6,000,000 people to the German Reich and
would almost certainly mean the co-operation of Hungary with Germany,
which would drive a wedge into the Little Entente, which is decidedly under French hegemony. It would also join the monarchists and anti-Entente
group of militant Bavarians with the monarchists of militant Hungary.
For a long time Bavarian monarchists have been making Austria the
headquarters for conspiracies and a refuge for monarchists wanted by the
Federai German police, and during the recent Salzburg musical festival
German Imperial flags decorated many houses. On the other hand,should
Austria join Czechoslovakia it wouid soildify the latter entente to one of
the strongest military Powers in Europe and extend French hegemony to
completely surround Germany, except for the small Swiss frontier, and establish French influence straight through from Poland to Greece.
Union With Italy Remote.
The possibility of union with Italy seems remote, first, because antiItalian feeling is strong and there are not the same economic ties as reach out
to Czechoslovakia nor the racial sympathies that reach out to Germany.
Austria's position as a neutral and independent State has been important
also because Vienna adds enormously to the ultimate economic power of
whatever State she joins, as it is the third railroad and third banking centre
on the Continent and the most important gate eastward.
The "anschluss" movement has a: its root no real desire to forfeit inde.
pendence, but it arises really from a desperate situation. The Cabinet
Council is sitting continually in view of the danger of the Government falling any minute, with no one to succeed it.
Bread is reaching the unbelievable price of 4,000 kronen a pound. I am
informed that Berlin regards the Austrian "anschluss" move as untimely:
first because it is feared Germany will be unable to carry the extra economic
load, and second the opposition of the Entente certainly will be bitter and
the Allies probably will be uneasy regarding the possible plans of Bavaria
and Hungary.
Chancellor Wirth probably will urge Dr. &hie'to wait, but the situation
is unfavorable for delay.
The issuance of a warning by Italy against a union of
Austria with Germany was reported as follows in a copyright cablegram to the New York "Times" from Vienna,
Aug. 24:
On the occasion of the journey of the Austrian Premier, Dr. Sepiel, to
Prague and Berlin the Italian Government addressed a note to the Governments of Austria, Czechoslovakia, Germany, Jugoslavia and Rumania
reiterating its opposition to Austrias union with Germany or her entry
Into the Little Entente. Should Italy be confronted with such an accomplished fact, she would consider it a casus belli.
Previous indication that Italy would oppose a joining
of Austria and Germany was given in the following from
Rome, Aug. 23 (copyrighted), published in the New York
"Times":
Now that the internal situation in Italy has returned to comparative
normalcy, the Cabinet is free again to turn its attention to foreign policy,
especially to the situation of Austria, which is fraught with many dangers
for Italy. As is known, the Austrian Chancellor, Dr. Seipel, visited
Prague while King Alexander of Jugoslavia and his Premier, Pasich, were
conferring in Marienbad with the President of Czechoslovakia and his
Premier, Benes, whose ambition to make Czechoslovakia the arbiter of
Central Europe is well known.
In these negotiations Italy sees France's attempt to make Austria join
the Little Entente. Official circles hero point out that the underlying
principle of the whole French policy in Central Europe is the formation of
an anti-German coalition ready to rush to France's aid in the event of any
future trouble with Germany. Paris, therefore, aims to prevent the union
1039
of Austria with Cillarmany. As Austria, however,is doomed if she continues
in her present state of isolation, France has conceived the plan of getting
Austria into the Little Entente.
In other words, France is pursuing her policy of isolating Germany
politically as well as financially and economically, finds herself forced by
the nature of things to pursue a policy opposed to Italian interests. Italy.
which lived for years with the constant nightmare of having a powerful
Austro-Hungarian empire as a neighbor, is now confronted by the possibility of seeing the States which composed the Dual Monarchy uniting in
a new federation just as anti-Italian as the old one, but strengthened by
the addition of Serbia, Rumania and Poland.
This would obtain the twofold object of Saving Austria financially and
economically through the assistance of the Little Entente and tying Vienna
down to an alliance which must necessarily be anti-German.
If such is the French plan—as the Italian Foreign Ministry believes—
the anxiety of Senator Schemer and those who direct Italian foreign policy
is quite justified. The strengthening of the Little Entente means not only
the strengthening of the anti
-German compact, but also the strengthening
of a coalition which is bound to be anti-Italian owing to the presence therein
of Jugoslavia, which Italy considers as her arch-enemy, and Austria, which
cannot forgive Italy for the annexation of Tyrol.
Against such a coalition Italy has determined to fight with all her might.
For this reason an economic union between Italy and Austria has been
suggested, a union which might be especially helpful to the two countries.
The rumor has gone so far as to suggest that the Duke of Aosta, first
cousin of King Victor, and the brilliant leader of one of the Italian armies
of the war, might be appointed Viceroy.
The Duke of Aosta cannot forget that his father,Prince Amedeo,accepted
in December 1870 the crown of Spain. Although having ruled three years
as a constitutional sovereign he was forced to give up the throne and leave
the country under danger for his life. His brotlfer, the Duke of the Abruzzi,
several times has been offered and as often refused thrones of various
countries, the last being Albania, which finally was accepted by the famous
Prince Dwied.
Even if the Duke of Aosta scheme fails, Italy certainly will continue to
struggle to keep Austria out of the Little Entente which is sure to bring her
into opposition to France. Italian and French policies are diametrically
opposite. France fears Germany and wishes a strong Little Entente in
order to keep Germany in order. Italy does not fear Germany, but fears
Austria. Therefore, she wishes a weak Little Entente in order to have no
complications on the Eastern frontier.
The Associated Press in Rome dispatches Aug. 23 said:
Italy claims Austris as an Italian protectorate and the Duke of Aosta is
spoken of as the first Italian Viceroy, according to an article which appeared
in "Il Paese" to-day in connection with Chancellor Seipel's visit to Prague
and Berlin.
"Il Paese" says that the struggle is being fought between France and Italy
over the disposition of Austria. The former insists that Austria must join
the Little Entente, says the journal. This plan is energetically opposed by
Italy, as the strengthening of the Little Entente means an increase in the
power of Jugoslavia, the article contends. From this,"II Paese" concludes
that Italy's salvation lies in admitting Austria into an econoniic union with
Italy, which will thus act as the protector.
In indicating the acceptance by Chancellor Seipel of an
invitation to confer with the Italian Foreign Minister, the
Associated Press in a Vienna cablegram, Aug. 24, stated:
Chancellor Seipel, who has been in Berlin, where he is understood to have
received assurances of aid from the German Government in Austria's present
emergency, has accepted an invitation from the Italian Foreign Minister,
Signor Schanzer, to meet him at Verona on Friday, according to advices
received here. The invitation was extended through the Ital!an Ambassador to Germany. The Chancellor is expected to return t5 Vienna on
Monday. He is being accompanied to Verona by Herr Segur, Austrian
Minister of Finance.
Unrest continues among the poorer residents of Vienna, and fresh demonstrations by the restless body of unemployed are feared by the authorities.
Yesterday several thousand jobless persons attacked the Parliament
Building, gaining entrance by unhinging the doors, after which they damaged the interior, wrecking the furniture. Fifty were injured by the police
before the place was cleared.
Regarding the arrival in Italy on Aug. 24 of Dr. Seipel,
the Austrian Chancellor, incident to conferences with the
Italian Foreign Minister looking to the relief of Austria, we
quote the following Associated Press advices from Rome:
Dr. Seipel,the Austrian Chancellor, arrived in Italy to-day to discuss with
Signor Schanzer, the Italian Foreign Minister, the question of relief for
Austria. Signor Schanzer joined Dr. Seipel at Bolzano and proceeded on
the same train with him to Verona, where the conference will take place.
Herr Kwiatkowski, the Austrian Minister to Italy, and Senator Contarini.
Secretary to the Foreign Ministry, left Rome to-day to attend the discussions.
Dr. Seipel described to Signor Schanzer the frightful condition of his Conntry, where bread has increased 100% in price since Aug. 1 and meat similarly
has risen. He said that unless means were found
to change the situation
at an early date he feared Bolshevist agents would succeed in inciting the
masses to anarchy. It was declared by the Austrian Chancellor that when
the first appeal was made to the Entente for aid, £5,000,000 would have been
sufficient to meet urgent needs, but that now £15,000,000 would be required.
The "Epoca" to-day prints an interview with Herr Kwiatkowski in
which
the Minister asserted that he was unable to affirm whether a precise plan
existed for an Italian-Austrian union. He knew that certain investigations were proceeding, but what they would lead to it was impossible to say.
He thought the idea of a union probably originated with Count Czernin,
former Austro-Hungarian Minister of Foreign Affairs, who in an address
before the Chamber in Vienna said in effect that if Austria was absolutely
forbidden to Join with Germany,it was best that she try to join with Italy.
"Certainly our relations with Italy are excellent," the Minister added.
"Great Britain," the Minister continued,"granted us £2,500,000, France
50,000,000 francs and Italy 70,000,000 lire, but only a part of these credits
have been paid. It is urgent that we receive the balance of them at the
earliest possible moment. Meanwhile, Austrian currency is slumping,
necessitating a raise in salaries of those employed in the civil services, which
causes further depreciation. Vienna and Austria formerly received all theY
needed from the Austrian provinces, but these now belong to other countries. which keep the products for themselves or export them elsewhere on
better terms. We are now only beginning to manufacture sugar, which
formerly came from Czechoslovakia."
Unrest continues among the poorer residents of Vienna and fresh demonstrations by the restless body of unemployed are feared by the authorities.
1040
THE CHRONICLE
As to Dr. Seipel's declarations regarding his efforts in
behalf of Austria, a Berlin dispatch Aug. 24, published in the
New York "Commercial." said:
Dr. Seipel, the Austrian monk, who now holds the Vienna Government,
is leaving Berlin for Verona, where he will meet the Italian Foreign Minister.
Dr. Seipel came to Germany to secure help for suffering Austria after the
Allies and the League of Nations had refused a loan. Referring to the object of his negotiations, Dr. Seipel said:
"In order to make a last desperate attempt to save Austria from chaos,
I am making this trip, in company with our Austrian Finance Minister,
before renouncing every hope. The aim of our trip is not to prepare for
Austria's joining Germany or any other neighboring nation, but to secure
the removal of customs barriers between Austria an the one hand, and Germany. Italy and Czechoslovakia on the other.
"Free trade with Central Europe is the only way to salvation for Austria,
as well as to normal conditions in Central Europe. If my mission fails,
Austria will wash her hands of responsibility for the social and other censer
quences."
On Aug. 25, in stating that the inviolability of Austrian
territorial integrity and the maintenance of her autonomy
under existing treaties were essential pre-requisites for
Italian financial assistance, Associated Press advices from
Vienna added:
[VOL. 115.
The Premiers decided on measures to be taken later to deal with economic,
financial and commercial questions so as to strengthen the position of their
people. King Alexander of Jugoslavia received the Czechoslovakian
Premier in the afternoon and the latter left for Prague in the evening.
Regarding the presentation of the Austrian situation to
the League of Nations, an Associated Press dispatch from
Vienna Aug. 22 stated:
The Austrian Foreign Office to-day issued a communique on yesterday's
conference between Chancellor Seipel and Premier Benes of Czechoslovakia,
saying the Austrian Chancellor asked two vital questions pretaining to the
present political and economic crisis: First, whether there was a chance
of an examination of the Austrian question by the League of Nations "at
this twelfth hour" which would yield pledges for funds necessary for Austria
to survive, and, seeond, whether Austria should tread a new path and seek
to enter into political and economic partnership with one or another of her
neighbors or allied groups.
The Czechoslovak Premier replied that the labors of the League must not
be underestimated and that an appeal should be made to it. Moreover,
he knew that certain Powers would support such an appeal. He promised
to support it.
Chancellor Seipel's visits to Prague, Berlin and Rome are taken to mean
the determination of the Austrian Government to force events and bring
the country's situation to a precipitate head, rather than continue a drifting
policy. It is understood the Chancellor will flatly inform the Premiers of
these three countries that a collapse is morally certain and is near at hand.
Precipitate action, regardless of the Central Government, by one or more
of the Austrian Provinces in the event of a collapse is not unexpected, and
the Tyrol is regarded as a danger spot in this connection. Should a secession movement develop the Government would be utterly powerless to use
force, and it is believed Chancellor Seipel also will ask their Czechoslovakia,
Germany or Italy if they are prepared to do so.
A spontaneous demonstration by unemployed workmen yesterday morning betrayed the high tension now existing in Vienna. Iron window shutters
crashed shut as if by a signal and the populace faded from the streets. The
police turned out in force, but beyond a few easily suppressed scuffles there
were no disorders.
The latent feeling against foreigners, which has recently become more
manifest, finds expression to-day in the "Abend," which demands that
foreigners be temporarily excluded from Vienna, and that those already
here be given eight days in which to leave.
Observers assert that the presence of great crowds of tourists buying
profligately in luxury shops, while stores in the poorer quarters are forced
to close for lack of bread and because fats are unprocurable in Many districts, undoubtedly is aggravating the discontent exhibited by native
inhabitants.
This was the declaration made by the Italian Foreign Minister, Carlo
Schanzer, at the meeting here to-day between Italian representatives
and the Austriani Chancellor, Dr. Seipel; Herr Segur, the Austrian Minister
of Finance, and Herr Kwiag<owski, the Austrian Minister to Italy.
Signor Schanzer said that' taly was willing to contribute as her ability
allowed and that she was ready to resume the negotiations inaugurated
during the Genoa conference for the consummation of a commercial treaty
between Italy and Austria. The Italian Foreign Minister also promised
that help would come from Italy when Austria's condition would be discussed at the meeting of the League of Nations in September and an effort
made to find a satisfactory solution for the present Austrian troubles.
Dr. Seipel gave a detailed account of his country's plight.
In an interview with the local newspaper "Arena," Signor Schanzer
to-day deprecated exaggeration of the importance of the visit to Italy
of Dr. Seipel, and especially the newspaper talk about annexation or the
fusion of Austria with Italy.
IR The Italian policy concerning Austria, the newspaper quotes the Foreign
Minister as saying, is based on a situation of credit by the Treaty of St.
Germain and tne Italian Government is firmly determined to do nothing
contrary to the views of its allies. Italy could not remain inactive in
the face of the economic collapse of Austria, but the whole matter has
been referred to the League of Nations and Italy will abide by the decision
A brief statement was issued at Vienna on Aug. 27 by
of that body.
on his return
Signor Scnanzer added that the question of a customs union would be Dr. Ignaz Seipel. the Austrian Chancellor,
carefully examined, and said that any result arising from the conference from Verona, according to the Associated Press, which added:
with the Austrian Chancellor would be referred to the Italian Cabinet.
The statement, however, contains no additional information to that pubBy a strange coincidence, the meeting between the Italian representatives lished in dispatches from Verona and Prague and Berlin, which also were
and the Austrian occurred exactly a hundred years after the Congress visited by Dr. Seipel.
of Verona in 1822. At that time Prince Metternich, the Duke of WellingThe statement concludes with the announcement that Dr. Seipel is in a
ton, and the Emperor and Empress of Austria met here.
position to make concrete proposals to the Government which will preclude
Dr. Seipel and his associates, before the meeting, went about the city the immediate collapse of Austria, which has been felt to be inevitable.
sight-seeing. Every corner seemed to be full of associations with Austrian The nature of the proposals was not disclosed. In political circles it is
history.
believed they are either based on some form of agreement with Italy or on
On Aug. 25 the New York "Herald" announced the another attempt to delay the crisis through the League of Nations.
The Austrian press apparently has been instructed to minimize the prosfollowing copyright cablegram from Vienna:
pect of important political decisions having been taken at Verona and to
Austria's derelict condition is emphasized by Chancellor Seipel's visit place the League of Nations in the foreground.
to various European capitals, and is greatly disturbing Central Europe.
At the same time Italian ambitions for an independent policy regarding
The Little Entente countries are uneasy, being afraid of Italy coming to Austria are disclaimed. On the other hand, the Czech press, and to a lesser
an understanding with Austria, while Italy seems determined that these extent the Jugoslavia press, as reflected here, openly express the fear that
countries shall not get any part of the helpless Republic of Austria. Chan- Italy is playing her own hand with the Austrian Chancellor.
cellor Seipel's visit to Italy seems more important than his visits to Prague
The Prague correspondent of the "Neues Wiener Tageblatt" says it is
and Berlin, and is likely to lead to close economic relations, which, although thought in Prague that Italy may be meaning to present the Powers with
leaving the St. Germain Treaty formally intact, may yet practically mean an accomplished fact. Such a solution of the situation, he adds, would
a far reaching change in Central Europe.
not be tolerated by Czechoslovakia and Jugoslavia, which probably would
The "Wiener Mittagszeitung," which maintains close relations with the have the support of France.
Italian Legation, says that the Verona program resolves itself into three
Dr. Seipel's new plan probably will be published when it is presented to
points as follows:
the Main Committee of Parliament early in the week. The Social Democarrying out of the resolutions adopted at the crats are insisting that Parliament be immediately summoned as the only
First—The immediate
Porto-Re conference last year as far as Austria is concerned.
method to determine whether the bourgeois parties sufficiently recognize
Second—The actual payment of the Italian credit of 70,000,000 lire the imminent danger of a final collapse of the country to make such conalready granted.
cessions as would render Socialist participation in the "last ditch" GovernThird—Italy's consent to guarantee a portion of an international loan ment possible.
to Austria.
While the labor leaders are using every effort to prevent a recurrence of
Other steps will follow. At the same time Italy is stated to be firmly disturbances like those of last Wednesday, they admit that they are not
resolved to leave the existing treaties untouched and not to allow Austria sanguine of doing so in view of the increasing distress and unrest.
to enter the Little Entente or to become part of Germany,
The cost of living has increased 100% in the last 12 days. The crown is
A Prague newspaper, the "Narodni Politika" says that if the help of the now at 84,000 to the dollar and the note circulation is nearly one trillion
League of Nations does not materialize the result will be some sort of an crowns.
Italian protectorate which would change the European balance. Under
At the same time the New York "Times" received the
such circumstances the imminent conference of the Little Entente assumes
a grave character.
following special cablegram (copyright) from Milan:
Italy has sent Austria empty away. The Foreign Minister, Signor
Austria's petition for a loan and advices that its problems
Schanzer,
Verona with Dr. Seipel, the Austrian Chanwould be referred to the League of Nations were dealt with cellor, at had a discussion atmade the expected, but almost impossible,
which the latter
in the following Associated Press cablegram from Rome request, for economic and monetary union between the two countries—
impossible in view of Italy's financial position and the difficulties which
Aug. 26:
Doctor Schuler, Assistant Austrian Minister of Finance, arrived here would inevitably arise with the Little Entente and probably France.
However flattering the request was to Italy's national pride, responsible
to-day to continue with Minister of the Treasury Paratore the negotiations
which were begun yesterday at Verona, with the understanding that no quarters always recognized she could not entertain it and so an official
definite agreement can be concluded until after the Austrian problem has communique issued after conversations merely reiterated a sympathetic
been discussed by the Assembly of the League of Nations, which meets at interest in Austria's troubles and said the problem was being discussed
by the League of Nations, and therefore Italy could take no action prior
Geneva next month.
Signor Paratore and Herr Schuler re-examined the exchanges of views to its decision.
But the communique contains one passage which may incidentally
which occurred during the recent Genoa conference for a commercial treaty
between the two countries. This projected compact was not concluded bring the Austrian problem to a head. Signor Schanzer told Dr. Seipel
that Italy stood by the Treaty of St. Germain which created Austria,
because of the crisis of the First De Facts Cabinet.
Herr Schuler urged the Italian Minister of Finance to supply Austria a simple and correct statement which, however, as underlined by alien
with 70.000.000 lire to be voted by the Italian Parliament, besides 280,000,- publicists, means that Italy will brook neither the union of Austria with
000 alread7 paid, and $20,000,000 worth of food to be purchased by Italy in Germany nor her absorption in political or economic alliance with the
Little Entente.
America for Austria.
We likewise quote the following (Associated Press) from
On the Same date (Aug. 26) the following press advices
Rome Aug. 27:
came from Marienbad, Czechoslovakia:
Complete agreement was reached by Premier Pachitch of Jugoslavia
and Premier Benee of Czechoslovakia in their discussion yesterday of the
international situation,especially in its bearing on their respective countries,
and the alliance between the two nations was extended and improved.
While the suggestion has been made that the salvation of Austria and
the resurrection of the other States that have risen from the old Hapsburg
monarchy might be found in a zollverein,or trade league,as well as monetary
unity between Austria, Italy, Czechoslovakia, Jugoslavia, Hungary and
THE CHRONICLE
SEPT. 21922.]
Rumania, the belief prevails that antagonism between some of these
States makes such a project unrealizable.
In fact, according to reports received here. Jugoslavia is mobilizing
on the Austrian frontier with the intention of occupying the Klagenfurth
Basin at the first opportunity.
Such occupation, it is said, would not be tolerated by Italy, which
cannot admit of any territoridl change in the frontiers established by the
treaties of Versailles and St. Germain. Italy, it Is added, feels sure that
she will be supported by the Allies in this stand.
There is much comment in connection with the situation over the fact
that Minister of War Soleri has gone to Piedmont to vfsit King Victor
Emmanuel. and after his conference with the monarch will proceed to
Bolzano to confer with Foreign Minister Schanzer.
In its Rome accounts Aug. 29 the Associated Press stated:
Italy's reported plans for a rapprochement with Austria along economic
lines are declared by the "Messager" to-day to have proved abortive.
The newspaper says the proposal for an economic and customs union
between the two nations has broken down.
Nothing official concerning this newspaper's assertion was available
to-day. It was stated, however, that the line be followed by the Italian
`Government in dealing with the Austrian question w'ould be inspired
by absolute respect for the treaties entered into by Italy and in perfect
agreement with the Allies. The questions of economic and monetary
unity were discussed more as theoretical problems than as practical devices,
it was declared.
As for the concentration of Jugoslav troops on the Austrian frontier,
it was asserted that responsible Italian circles considered this in the nature
of a bluff.
According to Geneva press advices Aug. 29, the Committee
on Finances of the League of Nations has prepared a report
on the position of Austria, suggesting means for her relief.
This dispatch added:
Dr. Alfred Gruenberger, Austria's Minister for Foreign Affairs, is on his
way here from Vienna, with, instructions to urge immediate financial assistance from the League.
1041
Vocational training aid at the rate of $1 75 a day up to a total of 140%
of the adjusted service credit.
Aid in purchasing a farm or home, the total amount to range from
100% of the adjusted service credit, if the money were advanced in 1923,
to 140% of the adjusted service credit if the payment were made in 1928
or thereafter.
Adjusted service pay, or adjusted service credit would
be figured on the basis of $1 a day for domestic service
and $1 25 a day for foreign service, less the $60 paid at
discharge. But in no event could the amount of the credit
of the veteran who performed no overseas service exceed
$500, or the amount of the credit of the veteran who performed any overseas service exceed $625.
The land settlement aid option of the House bill has
been stricken out and the Smith-MaNary reclamation bill
substituted. Uniler that measure veterans would be given
preference in employment on reclamation projects and in
obtaining homesteads on land reclaimed. They would be
required, however, to pay for such homesteads without
further Governmerit aid, on the same footing as other
homesteaders. Settlement would be open to all veterans
of the World War, the Spanish-American War and the
Philippine insurrection, and irrespective of whether they
had received any compensation from the Government under
the bonus bill or other legislation.
The 47 Senators voting for adoption of the bill were
27 Republicans and 20 Democrats, while the 22 votes in
opposition were cast by 15 Republicans and 7 Democrats.
On Aug. 26 the "Journal of Commerce" reported the fol- FRANK 4. MUNSEY AND THE ATTITUDE OF THE NEW
YORK "HERALD" ON THE SOLDIER BONUS.
lowing Associated Press cablegram from Verona, Italy:
In a statement published in a conspicuous way on the first
In an interview with the local newspaper "Arena," Foreign Minister
Schanzer to-day deprecated exaggeration of the importance of the visit page of the New York "Herald" on Monday of the
present
to Italy of Dr. Seipl, the Austrian Chancellor, and especially the newspaper
week, Frank A. Munsey, the owner of the paper, explains his
talk about annexation or the fusion of Austria with Italy.
The Italian policy concerning Austria, the newspaper quotes the Foreign opposition to the Soldier Bonus Bill, and incidentally gives
Minister as saying, is based on a situation of credit by the Treaty of St.
Germain, and the Italian Government is firmly determined to do nothing some interesting facts personal to himself, more particularly
contrary to the views of its Allies. Italy could not remain inactive in the with reference to how he made his fortune. Mr. Munsey deface of the economic collapse of Austria, but the whole matter has been re- serves great credit for arraying the "Herald" against the
ferred to the League of Nations, and Italy will abide by the decision of that
soldier bonus. The reader will recall that a few years ago
body.
Signor Schanzer added that the question of a customs union would be care- Mr. Munsey merged the New York "Sun," which Charles A.
fully examined and said that any result arising from the conference with Dana in his day had made such
a powerful organ of opinion,
the Austrian Chancellor would be referred to the Italian Cabinet'.
into the New York "Herald," and under the consolidation the
paper is more a continuation of "The Sun" than of the "HerHUNGARY'S FEAR OF MOVES RESPECTING AUSTRIA. old." Under his control Mr. Munsey has succeeded in infusFrom Budapest, Aug. 26, the Associated Press announced ing much of the spirit of Dana in the paper. We reprint his
the following advices:
statement in full, as follows:
The Hungarian Cabinet met in extraordinary session to-day to consider
the Austrian problem and to make plans for emergency measures in Hungary.
SOLDIER BONUS BILL PASSED BY SENATE.
The bill providing adjusted compensation for veterans of
the world war has gone to conference, following its adoption
bit the Senate on Aug. 31 by a vote of 47 to 22. The bill
passed the House on March 23 last by a vote of 333 to 70,
as was reported in our issue of March 30, page 1241.
According to Washington press dispatches Aug. 31; Government experts estimate the total cost of the bonus at $3,845,659,481, on the basis of 75% of the veterans electing the
certificate plan, 22A% the farm and home aid and 2M%
vocational training. This cost would be divided annually
as follows:
1923
1924
1925
1926
1927._
1928
1929
1930
1931
1932
Total to 1943
1943 to 1946
Total
$77,440,889
92,177.729
73,100,962
370,220,885
148,962.215
137,564,284
92,176,417
36,372,946
25,466.117
21,955,771
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
$18,503,421
18,788,137
19.136.157
19.486,037
27,405,210
27,854,752
28.409,290
13,991.518
7,783,804
104,498.263
31,136,741,670
2,708,917,811
$3,845,659,481
This total is exclusive of any appropriations that would
be made under the $350,000,000 land reclamation provision,
but under that provision the Government finally would
recover those costs. The total of the certificate plan is
placed at $3,364,909,481: farm and home aid, $412,425,000;
vocational training, $52,325,000, and cash payments to
veterans receiving $50 or less, $16,000,000. As amended
by the Senate, the Soldiers' Bonus bill would become
effective Jan. 1 1923, and would provide three optional
plans for veterans of the WorldWar other than those whose
adjusted service pay would not exceed $50. These would
be paid in cash. The options are:
Adjusted service certificates, payable in twenty years, or sooner at
death, and containing lean provisions.
A FEW FACTS THAT ARE DUE THE PUBLIC.
The New York "Herald" has opposed the various soldier bonus measures
because it does not believe in handing a bonus to the young men of the country for doing the thing that is their right and duty to do—the protection of
their counrty.
The New York "Herald" has opposed these measures on the ground that
with the country now carrying a war indebtedness of 23 billions of dollars
the Congress has no right to put an additional burden of five billions of dollars of indebtedness on the backs of the American people-5,000 millions of
dollars.
The New York "Herald" has opposed these measures on the ground that
they are largely political raids on the Treasury devised and engineered by
politician-statesmen in Congress as an appeal to the soldier vote.
With the purpose of neutralizing the effect of the fight the New York "Herald" has made against the bonus, certain men and certain publications have
been somewhat careless or downright malicious in their fervid charges against
the man responsible for the stand of the New York "Herald" on the bonus
grab.
That man is myself. Some of the charges are bitter, some of them venomous and criminally libelous. Briefly they amount to this, that I am a rich
man, that I made a large share of my fortune in United States Steel and in
munition stocks, that these steel stocks were enormously profitable during the
war. One newspaper the "Daily News" of New York, puts it this way:
"A large part of Munsey's large fortune is from investments in United
States Steel stock. This steel company made the material for the guns, bayonets, automobiles, tanks and so on which were used in the war. Holders of
steel stock profited enormously by the making of these weapons.
"Such weapons as these killed—killed five or six million human beings
during the war.
"The process of killing these five or six millions and wounding fifteen or
sixteen millions more enormously enriched holders of munition shares like Mr.
Munsey . . . large owners of munitions stock like Mr. Munsey—well,
their profits ran up into tens of millions.
"Furthermore, if we recall correetly, Mr. Munsey was extremely anxious in
his newspapers for us to get into the war. He thought we w.re supine because we didn't do it sooner. He always believed in the draft, h: seizing the
young men and shipping them across the ocean to take their chances"
There is one truth in this whole utterance; just one—no more, that !s that
I deprecated America's delay in taking her part in the war. With this s' rle
,,
exception this malicious utterance is utterly and wholly false. It has r1
shading or suggestion of truth.
The public will perhaps be interested in the facts concerning this charge
and similar charges. The public is always fair in its judgment and its attitude when it has the facts, and the public is entitled to the facts in this instance.
The facts that have to do with these charges are these. The fortune I have,
be it little or big, did not come to any considerable extent through the buying
and selling of stocks. Some years ago, when my income was mounting large
from my magazine business, I put some of my money lying idle in bank into
the security market. Up to this time all my thought and energy had gone
into the upbuilding of my magazine business.
There is not much natural sympathy between money earning and money investing. A man may be good at one and good for nothing at the other. It
1042
THE CHRONICLE
was up to me now to handle the money flooding in from my publishing interests. My modest initial investments in the Street grew ultimately to important holdings.
Weird stories have been circulated about my undertakings in the security
market. Until now they have been good-natured, though, I must say, grossly
inaccurate. The bitter charges now, because of my stand on the bonus, are
largely founded on these inaccuracies and exaggerations with respect to my
security holdings. But inaccuracies and exaggerations good-naturedly expressed are one thing, and malicious, bitter and wholly unwarranted attacks
with the view to discrediting my newspapers in their fight against the bonus
are quite another.
While I am on the subject I may as well put the record straight so that
well-meaning newspaper men will not hereafter indulge in fantastic pictures
in respect of my security holdings when I was in the market.
It was recently said that in my stock transactions I acted on inside information, a sure thing. There has never been a sure thing in any of my business activities, or in any of my financial investments. I have always been
willing to take a chance on my own judgment, always been willing to take a
loss on my own judgment.
I have never had a business partner in my publishing enterprises and other
interests. I have reasoned out my own problems, done my own thinking, and
I followed this method strictly in my stock transactions. In dealing in the
volatile values of Wall Street I was indulging a spirit of adventure. But all
the while my time was given to my publishing interests. Wall Street was a
side issue.
Neither then nor at any time, before or since, in my life was I a party, directly or indirectly, to putting up, or putting down, values of securities.
And neither then nor at any time, before or since, in my life did I buy or sell
securities on tips or on short speculative movements. I bought or sold securities on the underlying business conditions of the country and the money
conditions of the country as I saw them.
I bought always with a view to a long term and not a short one. Getting
in and out of a stock every day, or every few days, or several times in a day,
is highly speculative; buying for a long term, that is, to hold with the expectation of increased values with improving business conditions, is like buying
and selling real estate.
But Wall Street never had any real interest for me. My real interest and
real aim in life has been, and is, to do constructive work, to create something
worth while, to make two blades of grass grow where one grew before. Money
coming in from this creative work has the seeming of real money; money corning in from the marking up and down of stocks isn't the same thing with me.
With sufficient experience in the security market to satisfy me and with
some profit—not enough to get excited about—I withdrew my capital from
the Street and turned to something more dramatic, more worth while, the
daily newspaper. My actual net profit from my security holdings was relatively inconsequential compared with the aggregate profit of years from my
publishing, real estate and other interests.
I have not owned a share of Wall Street securities of any kind whatsoever
in, I should say, something like a dozen years. I owned no Wall Street securities at the beginning of the war. I owned no Wall Street securities during
the war and I have owned no Wall Street securities since the war. I do not
own now, and never have owned, a share in any munition plant of any kind or
description. I had no connection, directly or indirectly, with any property
or interest that lent itself to profiteering during or after the war.
I made no money whatever, directly or indirectly, out of the war or anything associated with the war. On the contrary, my interests, due to the
high cost of magazine and newspaper making and the generally disturbed
condition of affairs, suffered a very heavy shrinkage during the war and in
the inflation period after the war.
This statement, answering the charges that my fortune has been made
largely in Wall Street and from munition investments and war profiteering,
must not be taken to mean that I have any apologies to make for my operations in listed securities. I ventured less into the realm of chance in Wall
Street, far less, than I did in undertaking to found and build up without capital and without experience a magazine business in competition with the great
established magazine properties of New York, and I took far less chance than
I have taken, and one generally takes, in the daily newspaper field.
The fortune I have, such as it is, has come primarily from two sources:
the forty dollars capital I brought with me from Maine to New York 40 years
ago and the capacity God gave me for work. There has been no mystery, no
legerdemain, no short cuts to fortune building with me. It has been done by
fairly sound reasoning, the courage to put my conclusions to the test and by
paying the price in work.
I am a thorough believer in work. I love work and I wish all Americans
loved work as I love it. Generally speaking, there is no such thing as getting
something for nothing. We must pay the price in thought, in care, in watchfulness, in work—intense, everlasting work.
If I were a manufacturer of hardware, or textiles, or shoes, or anything else
not linked up with public affairs, this statement in answer to careless and
vicious charges would not be imperative, though I hold that one who is
at all before the public, whatever his line of endeavor, owes it to the public
to correct misstatements and put the truth before the public.
Calumny travels fast and far, and unless apprehended is accepted as the
truth by the public. The public has no reason to suppose calumny isn't the
truth if allowed to stand as the truth.
But with the newspaper owner the situation is highly sensitive, as the newspaper is a public institution. The newspaper is just what the man back of it
makes it. The newspaper mirrors the man back of it, mirrors the man who
puts himself into it. If his heart is in the public service his newspaper will
be a bulwark of strength to the community and to the country. Indeed, with
the present political subserviency to the vote the best hope for sound government must rest with the well purposed, independent press.
The attitude of the New York "Herald" on the bonus question has been the
conscientious attitnj.le of the owner of the New York "Herald." I have no
personal or selfish motive in my objection to the bonus. Fifty bonuses might
be paid to soldiers and it wouldn't affect me personally.
I have taken my stand against the bonus on the ground that it is all wrong
in theory, that it degrades the American soldier. It robs him of the spirit
of patriotism, the spirit of defense of his country. I have taken my stand
against the bonus because the Government is in no condition to shoulder this
additional burden, because the taxpayers of the country are in no condition
to shoulder this additional burden, and because the payment of this proposed
bonus to soldiers would be a vicious precedent for future generations to deal
with.
FRANK A. MUNSEY.
FEDERAL TRADE COMMISSION SAYS PROPOSED
REPUBLIC-MIDVALE-INLAND MERGER WOULD
VIOLATE LAW.
The Federal Trade Commission on Aug. 31 issued a
formal complaint, charging that the proposed merger of
1
[Vol,. 115.
the Midvale, Republic and Inland Steel companies was
in violation of the law in that it constituted an "unfair
method of competition." The Commission's decision is
exactly the reverse of that reached by the Department of
Justice, which recently informed Congress that the proposed
combination was not in contravention of either the Webb,
Clayton, or the Sherman anti-trust laws, but was in line
with the previous action of the Commission in issuing a
complaint against the Bethlehem-Lackawanna merger,
which merger, too, was declared by the Attorney-General
to be as free of "unfair trade practices" as the proposed
Midvale-Republic-Inland combination. In its complaint
the• Commission names as respondents the Midvale Steel
& Ordnance Co. of Philadelphia, The Republic Iron &
Steel Co. of Chicago, and the Inland Steel Co. of Chicago
and allows thirty days in which to file answers, upon which,
it is explained, will be determined the issues "to be tried
out in formal matter." From a summarized statement
issued by the Commission, we take the following:
The complaint recites that on or about June 7 1922 the respondents entered into an agreement to merge their respective properties, businesses
and interests into a common enterprise, and that this merger is being carried out. The merger agreement provides that the Midvale and Inland
companies are to merge into one corporation under the laws of Delaware,
the resulting corporation to obtain all the properties, assets and businesses,
Including stock, of other companies held or controlled by each of them.
The new corporation thus formed is then to acquire the properties, assets
and businesses of the Republic Iron & Steel Co.,including the stock of other
companies held or controlled by the Republic company.
The Midvale Steel & Ordnance Co. is a Delaware corporation having
outstanding stock of $100,000,000,and operates plants at Nicetown and
Coatesville, Pa., and at Wilmington, Del., for the manufacture of crude,
semi-finished and finished products.
The Republic Iron & Steel Co. is a New Jersey corporation, with out.
standing common stock of $30,000,000 par value and $25,000,000 par value
of preferred stock, and'owns and operates plants at Youngstown and Niles,
Ohio; Newcastle and Sharon,Pa.; Thomas,Ala.; East Chicago,and Muncie.
Ind., and Moline, Ill., for the manufacture of crude, semi-finished and finished iron and steel products.
The Inland Steel Co. is a Delaware corporation with outstanding capital
stock of over $25,000,000 par value, and operates plants in Indiana Harbor,
Ind., and Chicago, Ill., for the manufacture of crude,semi-finished and finished iron and steel products.
Of the thirty-five or more separate corporations which will be brought
under one control by the Midvale-Republic-Inland merger, the complaint
recites the names and locations of some twenty-one companies controlled
by the Midvale company. some eight controlled by the Republic company,
and some six controlled by the Inland company. Each of the three merging
companies is in itself an integrated company, owning or controlling subsidiaries engaged in the mining and selling of iron ore, coal and limestone, and
In the transportation of these raw materials to the plants of the several
merging companies, for manufacture into crude, semi-finished and finished iron and steel commodities, and each of the merging companies is an
important factor in making the market prices of such products and commodities in all sections of the United States, and particularly in the States
of Pennsylvania, Ohio, West Virginia, Kentucky, Indiana, Michigan and
Illinois.
The products of each of the merging companies and their several subsidiaries are in direct competition one with another in inter-State commerce,
and are also in direct competition with the products of other corporations
not affected by the merger but engaged in similar lines of industry.
The gist of the complaint is that the Commission,after preliminary inquiry
conducted by it, has reason to believe that the merger or consolidation of
these three competing companies, which will centre the control of sonle 35
corporations in one group, will eliminate competition between the companies, lessen competition and restrain trade, and tend to create monopoly,
In iron and steel products in inter-State commerce, particularly in the
States of Pennsylvania, Ohio, West Virginia, Kentucky, Indiana, Michigan and Illinois.
Commissioner Gaskill filed the following memorandum
expressing the reasons underlying his vote to issue the
complaint:
Memorandum by Commissioner Gaskill.
The Federal Trade Commission having reason to believe that the pending
proceedings of Midvale Steel & Ordnance Co., Republic Iron & Steel Co.
and Inland Steel Co. looking to a combination or merger are in violation of
law, and that action by the Commission in respect thereof is in the public
Interest, has issued a complaint against these three companies stating its
charges in that regard. In ordinary circumstances I should consider that
would be
an expression of the reasons underlying my vote for such action
premature lest it be mistakenly accepted as a binding declaration conaccompanies
trolling my final judgment. Such a statement more properly
the Commission's decision at the conclusion of a case.
But the circumstances are peculiar. The case, like that of the complaint against the Bethlehem-Lackawanna combination, is of paramount
Importance to the parties involved and to the public. The AttorneyGeneral of the United States, in a careful and learned opinion, has advised
acting
the Senate of the United States that the companies involved are not
in violation of the Sherman law. With due deference to the jurisdiction
refrains from any
of the Federal Trade Commission, the Attorney-General
expression of opinion as to the application of the Federal Trade Commission
Act. Nevertheless, the distinction is not clear to the general public, nor
yet to the whole of the legal fraternity.
The views which I entertain as to the state of the law applicable in this
instance apparently differ widely from those which are held by counsel for
the several respondents since neither their briefs which were submitted to
the Commission nor their arguments in conference were directed along ttese
lines. It seems proper therefore that I should state my view of the applicable law in order that counsel may be fully informed and may direct the
case upon the complaint in such manner that the Commission will receive
the full benefit of their consideration of the possible aspect of the law,
which is now suggested.
The Sherman law is both a declaration that restraint of trade and monopoly are contrary to public policy and a prohibition of the use of certain
specified methods of accomplishing either of the unlawful objects. This
definition of unlawful methods is a limitation upon the scope of that law.
And so in a great body of decision upon the Sherman law the judicial func-
SEPT. 21922.]
THE CHRONICLE
1043
tion is concerned with the question of method rather than object to deter- of the proceedings
now under way all competition between them will cease.
mine whether the method under examination is within the limitations The contention is
that the Clayton Act has no application because the plan
created by the legislative definitions.
does not contemplate the acquisition of any "stock or other share capital."
Under the Federal Trade Commission Act, on the contrary, the question but will be carried
out by a purchase of assets. In other words, the public
Is solely related to the nature or character of the object. If that is unlawful policy declared
in the Clayton Law may be ignored and competition beIt matters not what the method used to accomplish it may be. This is tween competing
corporations be entirely eliminated because it is not done
the great and controlling distinction between the two laws.
by the specific method prohibited in that statute.
1
Section 5 of the Federal Trade Commission Act reads in its significant
If it were not for the continuing application of Section 5 of the Federa
part as follows: "Unfair methods of competition in commerce are hereby Trade Commission
Act to any method which contravenes public policy,
declared unlawful." "The Commission is hereby empowered tend directed whenever and however
properly declared, because of a dangerous tendency
to prevent persons, partnerships or corporations, except banks and common unduly to hinder competition,
the argument might be sound. The Beechcarriers, subject to the acts to regulate commerce,from using unfair methods nut case probably
could not have been prosecuted to a successful concluof competition." In this all inclusive declaration is condemnation of all sion under the Sherman
Law because there was no contract, combination
and every method of establishing unfair competition. There is no limi- or conspiracy present.
If the Clayton Law stood alone, upon the facts
tation created by legislative definition as there is in the Sherman law. stated, I question whether
the appearance of a violation of that law appears
Congress declined the attempt to define unfair competition, or to specify in the instant case
and doubt whether the Commission could proceed as for
the methods which are to be prohibited. It placed this duty of interpretive a violation of that law.
definition upon the Commission subject to review by the courts. The
But the Federal Trade Commission Act has provided as an administrative
Commission as an administrative body must determine in the first instance agency equipped with
an interpretative discretion, operative between the
whether a given action is an unfair method of competition and upon review legislative act and the judiciai
review,aut horized to take not ca of all declarathe court determines not whether it would have reached the same con- tions of public policy in
the field of free and fair competition and to prevent
cluSfon had it been sitting in place of the Commission, but whether the Com- the use of any
and all methods, whether spec:fically defined by statute or
mission was permitted under the law to reach the conclusion which it stated. not, which, because
of a dangerous tendency unduly to hinder competition,
There was no need for any other form of legislation. As Mr. Justice contravene tht
public policy wherever found to be authoritatively declared.
Brandeis stated in his dissenting opinion in the Gratz case,"What Section
In this aspect of the law, it seems to me that it is unnecessary to consider
5 declares unlawful is not unfair competition. That had been unlawful whether the Sherman Law
or the Clayton Law have been or will be violated
before. What that section made unlawful were 'unfair methods of com- by the proposed
merger. The public policy as declared in the Clayton
petition,' that is, the method or means by which an unlawful end might Law is certainly
opposed to the proceedings under consideration. That
be accomplished."
fact appearing, in my view of the law, the ilsue of a complaint under
SecWhat is the unlawful end, object, under the Federal Trade Commission tion 5 of the
Federal Trade Commission Act is indicated as the necessary
Act which may not be accomplished by any method?
and proper procedure. For it is that Act, if any, which has been violated
Explaining the phrase "unfair methods of competition," Mr. Justice by the pending
merger of these three companies.
McReynolds speaking for the majority of the Supreme Court in the Gratz
I do not commit myself to adherence to this view on final decision. It is
case, said:
the line of thought which has led me to vote for the issue of a complaint.
"The words 'unfair methods of competition' are not defined by the I shall await
the arguments of learned counsel with much interest, and I
statute and their exact meaning is in dispute. . . . They are clearly hope an
open mind. Of course, this is merely an individual expression.
Inapplicable to practices never heretofore regarded as opposed to good It is
not to be attributed to the Commission,nor to any other Commissioner.
morals because characterized by deception, bad faith, fraud
or oppression,
Commissioner Van Fleet voted against the issue of the
or as against public policy because of their dangerous tendency unduly
to hinder competition or create monopoly."
complaint and filed the following memorandum setting
If we set aside as not bearing upon the question now under consideration, out
the reasons for his dissent.
that part of this statement which refers to practices contrary
to good
Memorandum by Commissioner Van Fleet.
morals, and cancel the double negatives so as to state
the proposition in
In this case the salient facts are that one corporation competitor of
the affirmative, the rule laid down by the Court
the
for determining the
respondent controls about 45% of the steel business of the country. That
nature or quality of the unlawful object prohibited by
the Federal Trade
the proposed merger if consummated would control about 734 7c of such
Commission Act is,
(
business and the other so-called independents would control about 473 %
"The words 'unfair methods of competition' are applicable
,
6
to practices
heretofore regarded as against public policy because of their dangerous of such business. That the proposed merger is to be accomplished by the
acquisition of the physical assets of the constituent corporations and not
tendency unduly to hinder competition or create monopoly."
The word "heretofore" cannot be -construed to limit the application by the acquisition of their shares or share capital. The plants of respondof the Act to specific prior c'efinitions either in law or judicial decisions. ents are widely separated, being in Pennsylvania, Ohio and Indiana. It is
It is merely.recognition of the fact that public morals and public policy true that there is some competition between them as there is between them
have heretofore been regarded as the standards of fair competition. To and their chief competitor and between them and all other independents.
apply it literally and strictly is to make Section 5 merely a confirmation It is, of course, true that the proposed merger would do away with compeof a series of judicial precedents. The Act must include all methods tition between the merging companies. This must be the case in all mergwhich fall within the bc.undaries of public morals and public policy. And ers of competing companies. It is plain under the decisions of the Supreme
Court of the United States, which decisions have
manifestly, it must at least be broad enough to
now become so well
include subsequent legisknown that it is unnecessary to cite them, that it is
lative declarations of public policy.
not every lessening
of competition that is against the Sherman Law, but
Section 5, in so far as it is now applicable. may
only that which is
then be stated thus,
"Any method which is against public policy because of its dangerous in unreasonable restraint of trade and in the case of the United States
vs. the United States Steel Corporation, a
tendency unduly to hinder competition, is unlawful."
combination controlling a very
much larger proportion of the steel business,
The Sherman Law is declaratory of public policy, coming
was held not to be in unreasonwithin even
the most limited view of the meaning of the word "heretofore." There- able restraint of trade nor a monopoly. If this is so, and it is the law
of the land as long as such decision stands, it
fore, whatever method is used to accomplish an object
cannot well be argued that
contrary to the the
proposed merger is against such law. Indeed,
public policy as declared in that Act, may be "prevented"
I do not understand
under the
that it is contended that the proposed merger
Federal Trade Commission Act. Not as a violation of
is within the inhibition of
Sherman Law the
the
Sherman Law as interpreted by the Supreme
and for that reason an unfair method of competition, but being in contraCourt. My personal
Idea is that the decisions of that
vention of public policy as declared in the Sherman Law,
Court are of binding effect upon us. The
it is mil:unfair Clayton
Act provides that "no corporation engaged in commerce shall
method of competition under the Federal Trade Commission
Act.
acquire, directly or indirectly, the whole
In the Beechnut case, the Commission avowedly
or any part of the stock or other
complaint
put its
share capital of another corporation
outside the Sherman Act by stipulating that there was
engaged also in commerce, where
no contract present
In that case. The respondent practically argued that unless the Sherman the effect of such acquisition may be to substantially lessen competition
between the corporation whose stock
Law applied, the order of the Commission should
is so acquired and the corporation
be reversed. The making
the acquisition, or to restrain such commerce in any section or
Court said, "The Sherman Act is not involved here
except in so far as it
community, or tend to create a monopoly of any line of commerce."
shows a declaration of public policy to be considered in determining what
It will be seen that this Act is
are unfair methods of competition, which the Federal Trade Commission
much more far reaching than the Sherman
Act in cases coming within its
is empowered to condemn and suppress."
provisions for the reason that it prohibits
The Clayton Law stands with reference to the Federal Trade Com- substantial lessening of competition between the corporations themselves,
mission Act in precisely the same relationship as the Sherman Law. It is and if its language were broad enough to include every combination howa declaration of public policy which is to be considered in determining un- ever effected, it would prohibit all combinations of competing businesses.
In such case and under such construction the Sherman Act would become
fair methods of competition.
That it was passed subsequent to the Federal Trade Commission Act obsolete. There would be no need ever to resort to it because always the
combination, though it did not contravene its provisions, would come
cannot foreclose the Commission from looking to the Clayton Act for declarations of public policy. Even if it had no power to enforce any of its spe- within the provisions of the Clayton Act. So the Clayton Act specifically
cific provisions as it has no power to enforce the specific provisions of the limits its operation to a case where the combination is effected by the
Sherman Law, what language of Section 5, permitting the Commission to acquisition of shares or share capital, thus under the well known maxim
accept the public policy of the Sherman Act, precludes it from regarding the of statutory construction "expressio unius," &c., excluding its application
to any other state of facts. Thus it seems plain that the proposed merger
Clayton Act in like manner?
does not come within the inhibition
of either the Sherman Act or the ClayThe Clayton Law,like the Sherman Law,is a declaration of public policy ton Act.
The Attorney-General in an opinion, recently rendered to the
with definition of specific methods which are prohibited. But these defi- Senate of
the United States, in a response to a resolution, has held that
nitions, while they are limitations upon the application of the Act in which the
proposed
they appear, are not limitations upon the provisions of Section 5 of the such opinion combination is not in violation of either of these Acts. While
is not of binding effect on this Commission, I think it is sound
Federal Trade Commission Act, nor do they define its scope. Because the and
entitled to great weight. But it is argued that the proposed merger
Act confers jurisdiction in part upon the Commission,it may in a given case comes
within the Federal Trade Commission Act as a method of unfair
proceed to issue a complaint founded on the Clayton Law. In which case,
competition because said Act prohibits all methods which are against
the facts charged and proven must conform with the specific definition of public
policy and it is argued that the proposed merger is against public
that Act's prohibition. But if the public policy of that Act is contravened policy as
declared in the Clayton Act. I concede that all methods of
'
by the use of a method not specifically outlined in the Act, the invasion of competition
with
are against public policy are to be deemed unfair and
the public policy may be prevented none the less, under the power of the
the Act.
Commission to prevent the use of all unfair methods of competition. In
It is contended because the Clayton Act prohibits mergers which subs
such case the Supreme Court might well say of the Clayton Law, as it said stantially
lessen competition between the merging companies, under cerof the Sherman Law in the Beech-nut case: "The Clayton Law is not in- tain
conditions, that this is a declaration of public policy to prevent such
volved here except in so far as it shows a declaration of public policy to be mergers
under all conditions. In other words, we are to reach down into
considered in determining what are unfair methods of competition, which the
Clayton Act and take a part therefrom and supplementing it with the
the Federal Trade Commission is empowered to condemn and suppress."
Federal Trade Commission Act make that unlawful which is not declared
Section 7 Of the Clayton Act prohibits the substantial lessening of com- to be
unlawful by the Act itself. It is contended that such a merger is
petition between competing corporations or the restraint of trade in any against
public policy. Who says so? Congress did not say so. It said
section or community or the creation of monopoly of any line of com- that such
merger should be unlawful only when accomplished by the acquimerce where any one of these conditions may be the effect of any direct sition of
shares or share capital. If its intent had been to make it against
or indirect acquisition of the whole or part of the stock or other share capi- public policy
to combine in any other manner, it would have said so. It
tal of one competitor by another or of two or more competitors by a third
r m
t havean used t it did "capital assets" or "by any means" or "in any
r
e w rds not.
•o
competitor.
other manner," but
It seems to remain for the Federal Trade Commission to do this, thus
In the pending case it seems tobe clear that'each of the three companies
.
is a competitor of the other twollIt is apparent that by the consummation making the inhibition of the Act apply to a state of facts not enacted by
1044
THE CHRONICLE
Congress. Thus adding to the law provisions Congress did not make.
Thus making that unlawful Congress did not make unlawful. Thus, in
plain terms, judicially egislating. There was a well defined purpose in the
Clayton Act, namely to prevent secret combinations by the acquisition of
stock and a reference to the debate over the bill clearly demonstrates this
and clearly shows it did not have in mind the prohibition of the merging
of competing companies under all circumstances. I do not think any
support for this theory can be obtained from the Beech-nut case. The
argument is that in that case, although there was no violation of the Sherman Act in terms because no contract in restraint of trade, yet the court
held the Acts unlawful which were in violation of the terms of that Act
as against public policy. But the Acts inhibited by the Sherman Act
are and for hundreds of years have been unlawful at common law. Acts
in unreasonable restraint of trade and tending to create monopoly have
always been against the common law and consequently against public
policy, so that this public policy exists, although the terms of the Sherman
Act are not violated. •
But the case of the Clayton Act is different. It has never been per se
unlawful, nor against the common law for two or more competing businesses
to combine, thus substantially lessening competition between them. In
and of itself without more such a combination has always ,been legal. It
is only when it goes further and results in unreasonable restraint of trade
or tends to create a monopoly that it becomes unlawful unless It also comes
within all the terms of the Clayton Act. The mere fact of the elimination
of competition between merging corporations never having heretofore been
illegal, it cannot be made illegal by the mere fiat of the Federal Trade Commission. As said by the Supreme Court in the Gratz case: "The words
unfair methods of competition . . . are clearly inapplicable to practices
never heretofore regarded as opposed to good morals because characterized
by deception, bad faith, fraud or oppression, or as against public policy
because of their dangerous tendency unduly to hinder competition or create
monopoly."
The usual method of procedure has been somewhat varied in this case
in that a full hearing was given prior to the issuance of a complaint.
What I deem to be a full disclosure of the facts has been made with a
thorough presentation of the law. It appears that the chief competitor of
the respondents is the United States Steel Corporation controlling about
45% of.the steel business of the country as against a possible 73i% of the
combined respondents. This great corporation is reputed to be probably
the most efficiently managed business concern in the world. It has vast
power, albeit wisely administered.
It can produce a ton of steel at from three to five dollars a ton cheaper
than its competitors. It would seem that the so-called independents exist
by its wise tolerance. It evidently dominates the trade. Yet in such
a condition of affairs we seek to prevent this comparatively insignificant
combination, whose object plainly is to affect economics. That such a
combination could, if it wished, restrain trade or create a monopoly is out
of the question. The one does exist. We seek to prevent this small
combined competition. We strain at the gnat and swallow the camel.
For the foregoing reasons I dissent from the action taken by the majority
in this case.
STEEL MERGER TO BE CONSUMMATED NOTWI TH
STANDING FEDERAL TRADE COMMISSION
COMPLAINT.
Although the Federal Trade Commission declared on
Aug. 31, as noted above, that the Midvale-RepublicInland steel merger was a violation of the Federal Trade
Act, is was announced in New York soon after the Commission's ruling, that the consolidation would be effected
as planned. T. L. Chadbourne, speaking for the companies included in the merger, made the following statement
on Aug. 31:
[Vol,. 115.
1924, if he declared an emergency existed, were futile. In the Committee
of the Whole the amendment offered by Representative Rayburn to eliminate this discretionary power was adopted by a vote of85 to 64. The House
subsequently, by a vote of 148 to 124, restored it. The only amendment
adopted was Representative Sanders's,limiting distribution to January 1624.
In the final vote twenty Republicans voted in the negative and thirty
Democrats in the affirmative.
GRAND JURY INQUIRY INTO HERRIN OUTRAGES.
Inquiry to determine responsibility for the murder of more
than a score of men in Herrin, Ill., on June 21 and 22, when
a band of striking union miners and sympathizers made an
armed attack on the strip mines of the Southern Illinois
Coal Co., was begun this week by a special grand jury sitting
at Marion, Ill. The State's effort to re-establish the supremacy of law and order in Williamson County began on
Aug. 28 when the first witnesses were heard by the special
grand jury. Attorney-General Brundage personally opened
the case for the State. The utmost secrecy was thrown
around all the proceedings. The grand jury consists of
twenty-one farmers, one furniture and lumber dealer, and
one man who is part time farmer and part time coal miner.
The foreman, John Stewart, of Corinth, is a former school
teacher. These men are all Americans. The charge to the
jury by Circuit Judge De Witt Talmadge Hartwell, was
regarded as one of the most unusual ever delivered in a
court-room. It was in part a defense of this country and
its law officers, a challenge to critics everywhere, an exposition of the law and an appeal to the jurors to do their
duty in this ease without fear or hope of favor. It was a
job for real men, the Judge said, as he placed one foot on
the witness box railing and leaned toward the jurors in a
conversational way. He knew them all and could call
them by their first names. He said that the proceedings in
the jury room would be kept secret forever, and no odium
or blame would attach to them and they need never apologize to any one for doing their duty.
Judge Hartwell's charge to the jury was as follows:
You and I and every one else know of the newspaper reports concerning
the Sheriff and everybody else in authority in this county and State.
Now the Sheriff,in this matter, has voluntarily stepped aside and renounced
his prerogative of selecting the grand jurors. You were chosen by deputies
appointed by him, and in all fairness to the Sheriff the manner of your
selection should be made known. Deputy sheriffs were appointed by
selection
him because it was requested he should have nothing to do with the
criticism
of the jury, in order that there might not be any ground for the
that the grand jury was packed by a Sheriff who did not want to do his
duty.
I personally was anxious for a jury that would be above all possibility of
criticism or reproach. I mean to indulge in no idle flattery when I say
that I believe the personnel of this jury. I know every man of it. It is
made up of men who will not permit influence of any kind to sway their
judgment, because they are men of stamina.
You know why you are summoned. On June 21 three men were killed,
two instantly and a third who died from wounds. On June 22 a large
the
Inasmuch as the Attorney-General has reported favorably on the pro- number of men were killed at or near the premises of the strip house of
-way between Marion and
Posed merger and all of the eminent counsel whose opinion has been sought Southern Illinois Coal Co. located about half
the press as the
have approved the project as entirely legal, the three interested concerns Herrin, the incident being commonly known through
OM
Ph'
•
have authorized me to announce that they intend to proceed with the Herrin massacre.
Now, there is a lot of things that this or that individual may think or
necessary steps to make the project effective.
are people with certain arguments and theories that are
say. There
absolutely immaterial. They have nothing to do with this case. This
COAL DISTRIBUTION AND PRICE CONTROL BILL inquiry is for the purpose of investigating those killings of human beings
on those dates to ascertain who participated in them or who had anything
PASSED BY THE HOUSE.
to do with them. It will be your duty to gather and weigh any facts
The Administration's bill giving the Government power you can gather connected with or concerning those events.
I do not want to becloud the issue. You are not here to settle a labor
to distribute coal and control the prices thereof was apdispute. You are not here as the representatives of the operators or the
proved by the House of Representatives at Washington on miners or anybody else. You are here as representatives of the State of
Aug. 30 by a vote of 214 to 61. This is the second of the Illinois, under oath to inquire fully, fairly and impartially.
older than I
A good many of you
I
Administration's measures intended to cope with the coal am.do not mean to lecture you. in any moral sermon. are and I live
You
I am not going to indulge
situation and bring about stability in the coal industry. in this county. You and I have enjoyed the protection of its laws and
time in
The other measure, providing for a fact-finding commission, of the laws of this State and Government. Now there comes a whether
life of every man when he must show whether he is a man or
has already passed through the first legislative stages. thecan be coereed into a cringing tool of somebody else through truculence
he
The Senate is expected speedily to concur in the House or cowardice. The time comes when he must stand up and be counted.
There lies before us a matter that should be investigated by men and
action. With respect to these measures Washington disby real men. I do not mean that we should be driven. I do not mean
appearing in the New York "Times,' Thursday to enter into any controversy, but you and I all know that we have been
patches
held up to the public as a lawless set of murderers and law violators, as
(Aug. 31) had the following to say:
by a lawless mob,
These two measures, one intended to control the distribution and price of members of a vicious political machine kept in office
causes as men who get their votes from the mob and do the bidding of the mob.
coal through priority arrangement and the other seeking to find out
is worthy of a trust, and that
leading to the persistent labor troubles in the industry, comprise, it was It has been said that nobody in the county
terms of denunciation.
announced in official circles to-day, all the legislation the President now no officers can be spoken of except in
But I have differed from many good friends of mine in official circles
thinks necessary. With soft coal mining resumed and expectation that
in Williamson County. I say what I have
agreements will be reached befordthe end of the week for reopening the as to the condition of things,
Labor Day,the serious situation always said, that no considerable percentage of the people of this county
anthracite mines on the Tuesday following
crime. I have lived my whole life in an enindorse
appears to be giving way to hope for the restoration of normal coal con- can be found who
vironment of prosecution.
ditions.
My father and my uncle before me were State's Attorneys. I was myself
recent conference with the President,came away
Leaders in Congress,in a
was willing that Congress adjourn State's Attorney for four years before my present term of service of seven
with the opinion that the Administration
deal with existing strikes. The years of the circuit bench. We have gone through our period of crisis in
without providing further legislation to
shall not adjourn until peace in the coal this country. At the time of the Civil War we had our Knights of the Goldleaders are determined that Congress
conditions should demand drastic en Circle, yet through the efforts of General John A. Logan Williamson
and railroad war is at hand and that if
remedies.
County was turned from a community of secessionists into a community
action it will remain here to consider
the Republican leaders believe that enlisted, fought and died for the Union and in defense of the elements
But if the aspects continue favorable,
If this should prove true, Con- of law and order.
legislation now pending will be sufficient.
in October.
I believe there has been a larger percentage of convictions for crime in
gress will adjourn finally in the first week
one amendment,that limiting this country than any that I know of. I, personally, as State's Attorney,
The Coal Control bill was passed with only
prosecuted sixty-eight murder cases and secured convictions in fifty-seven of
the life of coal distribution to January 1924. Efforts to eliminate the
I was zealous. I was on the ground with the undertaker and the
' section which permitted the President to restore distribution after January them.
SEPT. 2 1922.]
THE CHRONICLE
,Coroner in search of useful evidence before the guilty parties could cover
their tracks. Our citizenship and our officers in this county have always
done their duty, but authorities are sometimes helpless when there are killings by mobs. Our officials have never refused to do their duty. I wish to
say that many of these bodies all over the country which have been passing
resolutions and assembling resources to spur on prosecution in this case would
have done well to inquire quickly and see whether or not the State's Attorney
and the Attorney-General were co-operating with the sheriff. A lot of
good would have been done if they had done this and a lot of harm avoided.
But you should disregard all these things, because you are not called upon
to try side issues. I enjoin upon you the necessity of the secrecy that the
law imposes. As jurors you are likely to be bombarded from the outside
from all sides. Remember this, that no man will ever have to apologize for
doing his duty or bear any odium for doing it. Remember that no truer
word was ever spoken than that responsibility for doing one's duty; individual responsibility. I have every confidence that if you will be guided by
dictates devoid alike of cowardice or hope of small temporary gain you will
have no need to fear the scorn of the community or your fellow citizens
anywhere.
1045
most flagrant cases and the greatest features of necessity through
the
operations of this bill in accordance with its provisions.
On the night of the 25th of August the newspapers contained an interview purporting to reflect the utterances of a distinguished gentleman who
holds high political position here, or in the neighborhood, in which he gave
out the statement that the President wanted to take over the railroads and
take over the mines, as he first stated, and that there was to be legislation
in Congress.
That stirred up a lot of confusion and annoyance in everybody's mind.
In order that I might get the facts as to what we were really up against in
the committee and ascertain if by chance the President had changed his
mind,I communicated with him so that I might have documentary evidence
to show where the committee was.
In reply to Representative Winslow's request as to whether
he wanted legislation to seize railroads and mines, the President wrote:
THE WHITE HOUSE.
Washington, Aug. 26 1922.
My Dear Colonel Winslow:—Thank you very much for yours of Aug.
The Grand Jury returned its first indictment in connec25.
Quite without any
tion with the investigation of the Herrin massacre on Aug.30. and those in the regard to the apparent conflict between House activities
Senate, which I am sure can be harmonized, let me express
The charge was murder and the man named,a Marion citizen, my gratitude to you and your association for the promptness with which
is accused of having fired the shot which killed C. K. Mc- the House has taken up a rather indefinite recommendation and turned it
Dowell, Superintendent of the Southern Illinois Coal Mine, into what I believe to be efficient legislation.
Gratefully yours,
at dawn on June 22, during the march to Herrin, after McWARREN G. HARDING.
the other mine employees had surrendered
Dowell and
Another letter sent by the President to Mr. Winslow,
under guarantee of safe conduct. A warrant for arrest dated Aug. 23, was also read to the House to convince the
was immediately given to one of the special deputy sheriffs members that the President did not want seizure authority.
appointed to work on this case under Attorney-General This letter follows:
Brundage. The man indicted was Otis Clark, President
THE WHITE HOUSE.
Washington, Aug. 23 1922.
of the miners' local union at Weaver. He was locked in a
My Dear
cell in the county jail on Aug. 31 and preparations to free draft of theColonel Winslow:—I am enclosing to you herewith copies of the
measures which are designed to prevent or cure profiteering in
him on bonds were begun by attorneys of the miners' union the coal industry in the present emergency. These bills are the recommendsoon after. Clark surrendered in Marion while officers ed suggestions of the voluntary President's Fuel Committee, which is
headed by the Secretary of Commerce. I am enclosing to you herewith
a
were out in the country looking for him.
copy of Chairman Hoover's letter in order to convey to you
Frank Farrington, President of the Illinois miners' union, of those who have been called upon to deal directly with the viewpoint
this problem.
issued on Aug. 30 the following statement regarding the It is a confessedly difficult one. The limitation of constitutional authority,
on the one hand, and the very great demand for Government activity, on
indictment:
the other,combine to make it a problem
The Illinois miners' union has already pledged every means at its command to the defense of any and all ofits members that may beindicted in connection with the trouble at the strip mine of the Southern Illinois Coal Mining Company. We intend to keep closely in touch with the trials of such of
our men as may be indicted.
We have a popular appreciation of the magnitude of the forces that have
combined to convict our members and wo shall leave nothing undone that
will enable us to combat these forces. The very magnitude of the agitation
which is nation-wide for convictions in connection with this trouble, jeopardizes the lives and freedom of innocent men and makes it necessary that the
State organization furnish every possible means of defense for our members,
and that we shall do.
Attorney-General Brundage, in reply to Mr. Farrington
said:
I am rather surprised at Mr. Farrington's statement that the union proposes to defend everyone indicted. I think he has a misapprehension of the
purpose of this prosecution. The prosecution, representing the people, is
not assailing the mtners' union,but is solely concerned with the murder of a
large number of men under circumstances which have aroused the entire
nation.
THE HOUSE REJECTS PROPOSAL TO EMPOWER
PRESIDENT TO SEIZE COAL MINES AND
RAILROADS.
Amendments to the so-called coal distribution bill which
would give to President Harding power to seize the coal
mines and railroads in his discretion if he deemed such a
step necessary in an emergency were turned down by the
House on Aug. 30. This action followed the assertion by
Representative Winslow and his reading of statements
from the White House that the President does not favor
at this time the seizing of railroads and mines.
The understanding had prevailed in the House, it was said,
that the President desired this discretionary power, and
sentiment appeared to be strongly in favor of giving such
power to him, particularly among Republican members,
if he insisted on it. Mr. Winslow told the House that he
had communicated with the President, and said the President did not want such power but was anxious for the passage of the original coal distribution bill and the companion
bill creating a fact-finding commission, which has already
passed the House, both of which measures were introduced
by Mr. Winslow. This message and the reading of letters
from the President favoring these two bills led the members
to vote against the amendments. After telling the. House
that he had called the White House on the telephone to learn
whether the President had "changed his mind" about the
necessity of taking over railroads and mines, Mr. Winslow
said:
This morning, in the presence of the committee, I telephoned to the
President in order to get that checked up. I wanted to get this Presidential
business straightened out, because there are some people who claim to
think that the President is feeble-minded enough to change his mind between
night and morning.
That is not true. He authorized me to say that he is as much in favor
of this bill as he has over been, and always has been heartily in favor of it,
and, whether other legislation is imminent and necessary hereafter or not,
he hopes this bill will go through, because ho feels more and more confident
every day that he can handle, and the Administration can handle, the
well worthy of the earnest and early
attention of the Congress. It has been a long and tedious route to the
resumption of coal production and the shortage of stocks and the general
anxiety has opened a field for profiteering activities which ought
to.be discouraged in every way possible within the limits of constitutional law.
Very truly yours,
WARREN G. HARDING.
The Administration's Coal Distribution, Bill, as finally
drafted Wafter a conference President Harding had with
Senator Cummins and Representative Winslow, was introduced in the House on Aug. 26 by Mr. Winslow.
The bill, intended to be the first, and perhaps the only
necessary step to control the distribution of coal and thereby govern indirectly the price, declares that a national
emergency exists in the coal industry which justifies Federal action of an extraordinary nature. A coal distributer is provided for, with broad powers of inquiry, and
authority is given to determine the movement of coal
through priority orders issued by the Inter-State Commerce
Commission. In many respects the Winslow measure follows the lines of the Cummins bill, introduced in the Senate
earlier last week. It is believed, however, to have more
effective provisions, since the failure of an individual or
corporation to comply with the priority orders issued by the
Inter-State Commerce Commission is punishable by a heavy
fine or imprisonment.
FURTHER SETTLEMENT IN THE SOFT COAL STRIKE.
To the list of bituminous coal operators who have signed
new wage and work agreements with the United Mine Workers of America, based on the terms adopted by the joint
conference recently held in Cleveland, a number of concerns
in Pennsylvania were added this week. The soft coal strike
in the Pittsburgh district came to an end on Aug. 30 when
the Pittsburgh Coal Co.,reputed to be the largest commercial
producer in that region, signed an agreement with the union.
The company is stated to have an annual capacity of 24,000,0000 tons and employs in normal times 20,000 workers.
The strike in mines of the Freeport district was brought to
a close with the signing on Aug. 28 of settlement terms by
the Coal Operators' Association of the Thick Vein Seam of
Freeport district upon the basis of the Cleveland agreement. The annual tonnage involved approximates 3,700,000
tons. About 4,500 union miners were expected to return
to work. Following the lead of Freeport Vein Operators,
fifteen others, representing large coal mines, agreed to sign
similar wage scales, work to be resumed at once.
COAL STRIKES SETTLED IN NOVA SCOTIA.
The coal strike which began in Nova Scotia a little more
than two weeks ago has been settled as a result of conferences between the miners and officials of the British Empire
Steel Co., it was announced on Aug. 26. The terms of the
1046
THE CHRONICLE
settlement, it was said, for the most part were the same
as those prevailing at the time the strike started. In some
few cases the rates were raised and in others lowered, the
purpose being to equalize disparities existing in different
localities.
TELEGRAM SENT BY MICHIGAN FUEL ADMINISTRATOR TO MEMBERS OF CONGRESS ON COAL
SITUATION—RENEWS ATTACK ON
FEDERAL AGENCY.
[VoL. 113.
The operators met on Aug. 30 primarily to consider the
suggestions made to miners and operators by United States
Senators Pepper and Reed of Pennsylvania in Washington
last Tuesday night. These suggestions have not been
made public by either side. The miners also met in Philadelphia on Aug. 30, and it was reported from trustworthy
sources that they would favorably consider modifications
In their last demand if the operators also made concessions.
When the miners adjourned their conference it was said
they would await the action of the employers.
State Fuel Administrator Potter of Michigan sent a teleTHE LEGISLATURE
gram on Aug.26 to Michigan members of Congress declaring GOVERNOR MILLER'S MESSAGE TO
ON THE COAL SITUATION.
that the coal situation in that State was desperate. Mr.
The State Legislature met in extraordinary session at
Potter renewed his attacks on the policy of the Federal Fuel
pubAdministration, referred to in these columns last week. Albany on Aug. 28 to consider measures to protect the
lic health and promote the general welfare in the emergency
His telegram read:
Coal situation in Michigan is desperate. Canners without coal, fruit is created by the railroad and the coal strikes. A message
rotting. Factories are closing for want of fuel. Thousands of men have
from Governor Miller, reviewing the coal situation, was
been laid off. Some gas companies are running but two hours a day. The
recommendations for
State has $500,000 cash guarantee filed with Federal Fuel Administration. read before both Houses containing
Have another $1,000,000 guarantee executed and in my hands. Schools special legislation. In his message to the Legislature,
open in ten days and are without fuel. Colleges and hospitals clamoring
Governor Miller declared that "a few have set their wills
for coal. No stocks on hand for private consumption. Cold weather is
the interimminent. Some State mines in operation. Others cannot begin until above the public will, their selfish purposes above
Sept. 1 or 15. Production at most only 10% of requirements. Not one est of all." As a result, he continued, "winter approaches,
ounce has been received for general distribution. Applications for priorities
coal famine stares the people in the face threatening acute
accompanied by bank guarantees have been turned down and applicants a
themselves,
referred to stock of State Fuel Administration which has no coal and has distress among those least able to provide for
been furnished none. Coal moving in inter-State commerce offered at but the dispute goes on." The Governor discussing the purfrom $6 to $10 a ton at the mines. We can get coal if National Fuel Adof the coal strike and the principles at stake said:on
ministration will either help or let us alone. Will they do either, or must poses
verges
Michigan freeze?
PROSPECTS OF SETTLEMENT IN ANTHRACITE COAL
STRIKE—OPERATORS WILL NOT CONTINUE
WAR WAGES TO 1924 WITHOUT "PUBLIC
MANDATE."
Settlement of the anthracite coal strike was once more
felt to be close at hand when a statement came from the
operators indicating their willingness to meet the miners'
demand for continuation of war wages until April 1924
provided the public necessities for coal and the urgent request of public authorities are such as to justify this course.
Such terms of settlement, the operators pointed out, inevitably carry with them continuation of present prices, and
they declared their refusal to accede to the miners' demands
without a "public mandate." "We will conform our action
to such a mandate," they said, "but no other reason wouid
impel us to enter into an agreement which will continue for
longer than the present emergency coal prices to which
emphatic objection has already been made."
The announcement of the operators' position came after
a conference held by them in Philadelphia on Aug. 31.
Tnis conference was preceded by meetings held earlier in
the week at Washington both by union officials and operators with Senators and other Government officials. Adjournment of the operators' conference was taken just before
their statement was issued. The producers will meet again
at 10 o'clock this (Saturday) morning. Then, if the operators are satisfied that the "mandate" has been given, the
terms of the miners will be met and the hard coal strike will
be called off. According to press dispatches, the phrasing
of the demand for a mandate is such that all those in touch
with the situation consider the strike is now virtually settled.
.
In effect, the operators say they will continue the old wage
•
• rate until 1924 if there is a public necessity for coal. They
demand also an "urgent request" from public authorities,
wnich is already a matter of record.
So far as the plan of settlement is revealed in the statement it was regarded as constituting a victory for the
United Mine Workers. The statement of the operators
follows in full:
We are faced with a demand for a continuation of war wages beyond
April 1 1923. In order to bring about an immediate resumption of mining
we have reluctantly agreed to continue the old wages until next April,
but we have not felt that we were justified in going further than that.
The butiminous miners have gone back to work under the old scale
until next April. The anthracite producers know of no reason why their
men should not do the same thing, and want to be entirely satisfied that
conditions warrant a longer period of the old wages for anthracite miners.
To continue the war wages beyond next April inevitably carries with
it a continuation of present prices. The public has protested against
buying at these prices longer than is absolutely necessary. The adjournment taken to-day was to enable the operators to canvass the situation
and to obtain, if possible, the views of others, as to conditions which
would be fair to all parties concerned, not forgetting those who buy the
products.
If the public necessities for coal and the urgent request of public authorities are such as to induce us to continue the old wages beyond April 1
1923, this demand must come to us in the form of a public mandate. We
will conform our actions to such a mandate, but no other reason would
impel us to enter into an agreement which will continue for longer than
the present emergency coal prices to which emphatic objection has already
been made.
A nation-wide industrial dispute involving essential industries
revolurevolution, and, in fact, is the method advocated by those who plot
Such
tion, of whom there are still Unfortunately too many in this country.
subordinates
a dispute irrespective of its merits is revolutionary because itsubversive of
the general interest to the selfish interests of a few. It is
few,
free government because it subjects all the people to the tyranny of a
toland a government established to promote the general welfare cannot
When
erate the tyranny of any interest, group or individual and endure.
the health, happiness and welfare of all the people are placed in Jeopardy.
at such
no matter how, the Government to whom alone the public can look
and general
a time must intervene, not alone to safeguard the public health
prewelfare at the moment, but, if it is to accomplish its high purpose, to
intervention
vent a recurrence of similar jeopardy. The time for such
has now arrived.
The Governor in his message to the Legislature recommended legislation providing for regulation and control of
fuel supplies by a State Fuel Administrator. Detailed
reference to these measures and the action taken thereon
is made in a separate item in these columns to-day. The
broad features of the measures were outlined in the Governor's message, the full teast of which is given herewith:
Albany, August 28.
To the Legislature.
Industrial disputes, impairing transportation and suspending the prothe
duction of both anthracite and bituminous coal, recently threatened
winter
paralysis of industry and now threaten widespread distress next
from a shortage of domestic fuel.
purposes
A few have set their wills above the public will, their selfish
the people
above the interest of all. Winter approaches,a coal famine stares
to provide
in the face threatening acute distress among those least able
for themselves, but the dispute goes on.
on carrying their points to consider the
The disputants are too intent
public welfare which it is the high function of government to promote.
A nation-wide industrial dispute involving essential industries verges on
revolution and in fact is the method advocated by those who plot revolution, of whom there are still unfortunately too many in the country. Such
a dispute, irrespective of its merits, is revolutionary, because it subordinates
the general interest to the selfish interests of a few. It is subversive of free
government because it subjects all the people to the tyranny of a few, and
government established to promote the general welfare cannot tolerate
the tyranny of any interest, group or individual and endure. When the
health, happiness and welfare of all the people are placed in jeopardy, no
matter how, the government to whom alone the public can look at such a
time must intervene, not alone to safeguard the public health and general
welfare at the moment, but, if it is to accomplish its high purpose, to
prevent a recurrence of similar jeopardy. The time for such intervention
has now arrived.
General Interest Must Be Supreme at All Times.
Emergencies may require the exercise by the government of unusual
powers, even limiting the freedom of individual action, but individual interest is subordinate to the general interest, which must be supreme at
all times. The individual has to surrender some liberty of action to preserve any. The extent of the public need is the measure of the surrender
required, and of that the legislative authority, in the first instance at least,
is the judge. .1 have, therefore, convened the extraordinary session to ask
consideration of the measures which the State of New York may take to
protect the public health and promote the general welfare in the present
emergency.
Happily the resumption of mining in the bituminous fields has averted
the threatened national ciamity from the suspension of industry. The
shortage of bituminous coal promises to be speedily relieved if the railroads are able to transport it. The menace at the moment arises from
the shortage of anthracite coal. There are no stocks of anthracite anywhere, and surveys so far made indicate that there is less than the usual
amount in the hands of consumers. Five months of production have
already been lost and cannot be made up, as, unlike the bituminous situation, the capacity of the anthracite mines is but little above the consumption of the country mostly during the winter months.
The summer is the time for the accumulation of supplies for the winter.
The summer production has been lost and the resumption of mining is
not yet in sight. If production were resumed to-morrow the situation
would probably be aggravated by the impairment of railroad equipment,
which will soon be taxed to move the crops. Whatever happens, there
is bound to be a shortage of domestic fuel, and every day's delay in the
SEPT. 2 1922.]
THE CHRONICLE
resumption of mining now adds in increasing ratio to the menace. There
is bound to be a shortage as to require rationing to insure every one a fair
share of what there may be.
Hoarding and Gouging Must be Prevented Now.
Hoarding and gouging always attendant upon a shortage must be prevented. In any case, unless the State intervenes, those who can pay
most will be served first, whereas the least able must be our first concern, for they are totally unprepared to cope with a fuel shortage. We
must practice rigid eceonomy. That may have to be enforced. Those
who have anthracite coal should save it all for severe weather. It will
be easier to use substitutes now and during the cold snaps of fall and early
winter than after cold weather sets in. Oil, gas and electricity should
be substituted for anthracite whenever possible, and peolpe should equip
themselves with the facilities to use them. Wood will have to be used
by those who can procure it and it is well to lay in a stock now.
There promises to be enough bituminous coal if it can be transported
to care for the needs of industry and the public utilities, and we must learn
how to use it for domestic fuel. Hydro-electric energy may have to be
diverted from industrial to household uses. Light, heat and power, however produced, may have to be regulated and their use possibly curtailed
for some purposes. In a word, the State must intervene or leave the public to shift'for themselves in a situation which has got beyond the operation of economic law or the power of individual action. The State must
intervene in an emergency or confess that, except under normal conditions, it has not the power, the capacity or the energy to serve the high
purpose of its creation, i. e., the promotion of the genreal welfare.
The foregoing suggestions relate only to palliatives—to the measures for
relief, not cure, but the State of New York has no coal to mine. It can
neither start production now nor take measures to prevent a general suspension of production in the future. We cannot even insure the receipt of
our fair share of coal when mining is resumed, though we must be prepared to do our best to get our share. I trust that when mining is resumed
the States will not have to compete for their fair share of coal, with the
ineivitable inflation of prices and derangement of distribution consequent
upon such competition at a time of an acute shortage, but it is beyond
the power of this State to prevent that. If we do all we can we shall have
the satisfaction at least of doing our best, whatever happens, and we can
do much to prevent hardship and relieve distress even if the worst should
happen.
Recommends Creation of Single-Headed Fuel Agency.
Briefly, I recommend the creation of a single-headed fuel administration with adequate power to supervise, regulate and control the distribution, use, sale and price of all fuel, and the creation of a revolving fund
of at least $10,000,000 for the use of the administrator to finance any
operations that may be required and to buy and sell fuel if necessary. Such
operation should be conducted without loss to the treasury, which is fortunately in a condition to advance that amount or any addtitional sum
that may be required. That sum should be ample, however, to provide
all the financing required at a given time.
I think it would be a grave mistake to sustitute new for existing agencies
of distribution, and I trust that supervision only will be required. But
it is better not to interfere at all than to attempt interference without
adequate power and energy, the possession of which may, in fact, make it
possible to exercise a minimum of unusual powers.
Perhaps the most doubtful powers suggested are those to buy and sell
fuel and to fix prices or margins of profit. Such powers are not suited to
normal times and conditions, but we are dealing with an emergency. I do
not intend any reflection upon either producers or distributers, but the
public cannot be left to the mercy of any class, group or individual, however good their motives. Price-fixing is contrary to all economic laws, but
ecnomic laws do not operate in an emergency such as we are dealing with.
I am not unmindful of the objections to grants of extraordinary power by
the Legislature. The exercise of such powers begets the habit and accustoms the people to dangerous innovations. Such powers will rarely in the
first instance be granted except for a good purpose, but once exercised in
time of emergency they set the example and furnish the excuse for the
demagogue to incite popular clamor for their continued exercise when there
is no emergency and no occasion for them. It is often better to suffer
temporary ills to employ remedies which may do permanent harm.
Government Should Not be Impotent in Emergency.
However, the Government should not in an emergency be left impotent
to protect the very lives of the people for fear of setting a precedent
which may be abused. Our reluctance to grant extraordinary powers
should yield, precisely As constitutional limitations upon the exercise of
such power yield, to compelling public necessity. I do not contemplate
putting the State in the coal business. What I propose is that the agency
created by us shall have power enough to make it unnecessary for the State
to go into the coal business.
The decisions of the Court of Appeals and of the United States Supreme
Court in the so-called rent or housing cases appear to remove any doubt
of the constitutional validity of the legislation proposed; (People vs.
La Fetra, 230 N. Y. 429; Levy vs. Siegal, 230 N. Y. 634; Block vs. Hirsh,
256 U. S. 135; Brown Co. vs. Feldman, 256 U. S. 170.)
Those cases involved both the Fifth and the Fourteenth Amendmends of
the Fderal Constitution and similar provisions of the State Constitution
to which the exercise of the police power to protect the public health and
promote the general welfare was held to be superior. The present emergency directly involves the public health and the general welfare. The
temporary interruption of transportation duo to terminal conditions in
.
New York harbor has on two occasions within recent years created conditions from lack of fuel in the tenement districts of New York, which no
one can calmly contemplate having repeated on a larger scale. The courts
have held that government is not impotent in such an emergency, and it
Is for us who are charged with responsibility to demonstrate its capacity
to protect its citizens.
Must be State Agency Co-operating with Cities.
I am submitting to you the single question of how to deal with the impending emergency due to a shortage of fuel, because I deem that of paramount importance at the moment and do not think the consideration of
it should be embarrassed by extraneous subjects. This will enable you to
consider the measures suited to the emergency, irrespective of whether they
relate to State or municipal power. The present emergency is Statewide and must be dealt with as such by a single State agency, which will
naturally have local representatives and possibly advisory committees
in every locality and will co-operate with the Mayors' committees and
local organizations and agencies, and I trust will receive their cop-operation as well as the hearty co-operation of the public. In the present emergency all must unite for the common purpose of promoting the general
welfare.
If anthracite mining is speedily resumed and if we are then favored
with maximum production, maximum transportation service and a mild
winter, we shall squeeze through without serious discomfort. If we are
1047
not thus favored the public may have to submit to some discomforts, but,
In any case, I
.trust that if we make the maximum use of all our resources
equitably distributed we shall be able to avert serious distress. At any
rate, we can do no more than to create a suitable agency backed by the
power and resources of theState and in the present emergency I dornot
think we can safely do less.
(Signed) NATHAN L. MILLER,
STATE LEGISLATURE PASSES MEASURE RECOMMENDED BY GOVERNOR MILLER TO DEAL
WITH FUEL SITUATION—TEXT OF THE
MEASURE.
In response to the recommendation made by the Governor
in his message to the extraordinary session of the New York
Legislature the bill providing for creation of a State Fuel
Administration to regulate and control fuel supplies in the
emergency arising out of the combined coal and rail strikes
was passed on Aug. 29 by unanimous vote in both Houses.
The bill was signed by the Governor on the same day.
After approving this measure, which vests in the Fuel
Administrator dictatorial powers, the extra session adjourned sine die. Through the Governor's signature the
bill has become Chapter 673 of the laws of 1922. It goes
into effect immediately.
Price-fixing, buying and selling of coal on behalf of the
State, domiciliary search, seizure and the enforced sale of
private coal supplies in excess of the actual requirements
of consumers are among the sweeping powers conferred
upon the State Fuel Administrator provided for in. the
measure. By the terms of the bill, prepared under the personal supervision of Governor Miller, the Fuel Administrator will be empowered to "do all things necessary to secure to consumers an equitable distribution of available
fuel at reasonable prices."
The bill was introduced by Senator Charles J. Hewitt
of Cayuga, Chairman of the Senate Finance Committee,
and Assemblyman George R. Jesse of New York, who in a
recent letter to Governor Miller urged him to call the extra
session of the Legislature to deal with the fuel situation.
Introduction of the bill followed the reading in the
Senate and Assembly of his special message from Governor Miller in which he called attention to the widespread
distress that might result during the coming winter from the
shortage in domestic fuel unless emergency measures were
adopted by the State without delay for the rigid control of
the traffic in coal and other fuel products. With reference
to the action of the Legislature on the Governor's bill,
dispatches from Albany to the New York "Times" on
the
29th had the following to say:
Before proceeding to final action, the Senate and Assembly
defeated by
what was approximately a party vote the various measures
on Mayor
Hylan's "program" for fuel relief for the City of New
York. Some of the
bills had been rejected when presented at the session last
night, but they
were offered again to-day by Senator Walker
and Assemblyman Donahue,
leaders of the Democratic minority, in the form of amendments
to the
Governor's bill.
In both branches of the Legislature the Democratic leaders
attacked the
bill, which they supported later on the ground of the crisis approaching
with
winter coming on. They put the responsibility for the fuel
situation that
exists now squarely up to the Republican Administration at Washington.
and in this they were not gainsaid by any of the Republican Senators
and
Assemblymen, who defended the plan proposed by Governor Miller to
meet it.
Holds President Responsible.
"I charge here," said Senator Walker,leader of the Democratic
minority
In the Upper House, "that the President of the United States,
more than
any other individual in this country or elsewhere, is responsible
for the
expenditure of money to maintain this extraordinary session."
The Assembly spent about an hour and a half and the Senate two
hours
in debating and disposing of the Hylan amendments and the
Governor's
bill. Fifty Senators out of 51 and 130 Assemblymen out of 150
were in
attendance. All were recorded in the affirmative on the final roll call.
Both Houses worked under a closure rule and with the doors closed
to
keep members in their seats while the bill was being considered. Governor
Miller had sent an emergency message to cut red tape and expedite
its
passage. The Assembly was first to act, and more than an hour later
the
Senate voted to concur with the Lower House.
The bill was reported from the Finance Committee without amendments.
Senator Lusk then brought in, on behalf of the Committee on Rules, a
special rule making the measure the pending order of business until finally
disposed of. The Democrats demurred to the haste in which the bill was
being put over, but did not oppose the new rule of procedure when the vote
was taken.
When the bill was placed on third reading, Minority Leader Walker
launched into his attack on the Federal Administration for its failure to
settle the anthracite coal strike.
The full text of the measure passed by the Legislature
follows:
An Act to relieve conditions resulting from the shortage of fuel by
establishing the office of State Fuel Administrator, prescribing his powers
and duties, and conferring certain powers on cities and making an appropriation for the purposes of the Act.
The people ofthe State of New York,represented in Senate and Assembly.
do enact as follows:
Section 1. Declaration of Emergency—It is hereby declared that by
reason of the shortage of fuel there exists an emergency directly affecting
the public health and welfare requiring governmental regulation and
THE CHRONICLE
1048
control of the supply of fuel during such emergency and its equitable
distribution to consumers at reasonable prices.
Section 2. Office Created; Employees; Offices.—The office of State
Fuel Administrator is hereby created to continue until by proclamation
of the Governor the emergency requiring its creatton is declared no longer
to exist. The State Fuel Administrator shall be appointed by the Governor
and hold office during his pleasure. He shall receive a salary to be fixed
by the Governor. He may appoint and at pleasure remove such deputies
and employees, including counsel, as may be needed, prescribe their
powers and duties, and fix their compensation.
Exempt from Civil Service Law.
By reason of the emergency which occasions the passage of this Act
and the impracticability of delay in carrying out its provisions, such
deputies and employees shall be exempt from civil service examination
and the provisions of the Civil Service Law and Rules. The State Fuel
Administrator may also constitute and appoint an advisory board or
boards, the members of which shall serve without compensation.
The State Fuel Administrator, his deputies and employees, and the
members of any such advisory board, shall be entitled to their actual
and necessary expenses, within or without the State, in performing their
duties, under this Act. Subject to the supervision and control of the
Administrator, he may delegate any of his powers to designated deputies
and employees and revoke any such delegation at any time. The State
Fuel Administrator may establish a main office and such branch offices
as may be needed, and may rent and equip such offices or other space
and rent or purchase motor vehicles as may be required in the performance
of his duties under this Act.
Section 3. General Powers.—The State Fuel Administrator shall
have the power to supervise, regulate, and control the receipt, storage,
purchase, sale, use, distribution and delivery of fuel within the State and
the production within the State of fuel.
2. Shall ascertain the kinds, quantity, and location of fuel within the
State, the needs of localities and of consumers, public and private, and
the available sources of supply within and without the State.
3. May buy fuel and sell fuel for public or private consumption, as
provided in this Act, if the Governor, by certificate filed in the office
of the Secretary of State. shall declare that the emergency is so acute
that the exercise of such power is required. In the exercise of such power
the Administrator shall not be subject to Article 7 of the State Finance Law.
Power To Fix Prices.
4. Shall ascertain, by such investigations and proofs as the emergency
permits, what prices for fuel in the several localities and under varying
conditions will yield to the seller a fair profit only. May fix, from time
to time, on the basis of such a profit, the maximum price to be charged,
collected or paid upon any sale of fuel, specifying the quantity, kind and
grade of fuel, and the nature of the sale, whether to dealer or consumer,
to which the price applies, or in any case instead of so fixing the maximum
price may fix a reasonable margin of profit to the seller, and, by such
investigations and proofs as the emergency permits, ascertain the number
of transactions of sale of or otherwise affecting the same shipment, lot,
load or parcel, or part thereof, of any kind of fuel which may be reasonably
necessary in order to supply the actual consumers in any locality, and
forbid other transactions therein.
5. May supervise, control or compel the sale and distribution of fuel,
as provided in this Act.
6. May supervise, control or compel the allotment, apportionment and
rationing of fuel to localities, dealers and consumers.
7. May prevent the waste of fuel.
8. May limit or regulate the production, distribution and use of light,
heat and power, however generated.
9. Shall co-operate with any Federal agency in the exorcise of its powers
in relation to the sale, transportation and delivery of fuel within this
State, and may accept any designation or authority conferred upon him
to carry out any policy of the United States relating to the sale and distribution of fuel within the State.
10. May do all things necessary to secure to consumers an equitable
distribution of available fuel at reasonable prices.
11. The operation and effect of any provision of this Act conferring a
general power upon the State Fuel Administrator shall not be impaired or
qualified by the granting to the Administrator ,or to a municipal corporation, by this Act of specific power or powers.
Section 4. Rules and Orders.—The Administrator may adopt and enforce all rules and all orders necessary to enable him to carry out the provisions of this Act. Every rule and order shall be posted for public inspection
in the main office and each branch office of the Administrator and a certified copy filed in the office of the Secretary of State and of each County
Clerk, except as follows:
An order applying only to a locality need not be posted in a branch office
outside of such locality, nor a copy filed in the office of the County Clerk
in a county wholly outside of such locality, nor shall an order applying
only to a person or persons named therein be posted or a copy filed in any
office, but shall be served on the person or persons affected. An order
herein required to be served shall be served by personal delivery of a certified copy thereof, or by mailing a certified copy thereof in a sealed package,
with postage prepaid, to each person to be affected thereby, or, in the case
of a corporation, to any officer or agent thereof upon whom a summons
may be served in accordance with the provisions of the Civil Practice Act.
The posting in the main office of the Administrator of any rule and of any
order not herein required to be served and the filing of the certified copy of
such rule or order in the office of the Secretary of State shall constitute due
and sufficient notice to all persons affected by such rule or order, notwithstanding any provision of this section requiring additional posting or filing.
Provision for Investigations.
115.
records, or places within the State for the purpose of ascertaining facts to
enable the Administrator to administer this Act.
Section 7—Reports to the Administrator.—The Administrater may (1)
require every dealer in fuel to report to him at such times and covering such
period as he may direct, showing the name and address of each purchaser of
fuel, the kind and quantity of fuel sold and the price received therefor,
together with such other information as the Administrater may request.
(2) Require every individual, firm or corporation which deals in fuel
or acts as a distributer thereof to report to the Administrator at such times
and covering such period as he may direct, showing the amount and kind
of fuel received, the price paid therefor, and the names of the persons from
whom such fuel was purchased, together with such other information as
the Administrater may require.
Section 8—Sale and Seizure of Fuel.—If fuel (1) be held, contracted for
or arranged for by any person in a quantity in excess of reasonable requirements for use and consumption by himself and dependents for reasonable
time; or (2) be held, contracted for or arranged for by any manufacturer,
wholesaler, retailer or other person in a quantity in excess of the reasonable
requirements of his business for use or sale by him for a reasonable time; or
(3) be withheld, whether by possession or under any contract or arrangement, from the market by any person for the purpose of unreasonably
increasing or diminishing the price, the State Fuel Administrater, by order,
may require the sale of such fuel or of such excess of requirements within
a reasonable time to be specified in the order.
If such order be not complied with, the State Fuel Administrater may
seize such fuel, and forthwith sell the same for the owner for cash, and immediately shall pay to him the proceeds of such sale,less expenses of seizure
and sale. If the compensation paid be unsatisfactory to the owner of such
fuel, he shall be entitled to file his claim in the Court of Claims for such
further sum as, added to that amount so paid, shall amount to just compensation for such fuel. The Court may make such award upon such
claim as it deems just and proper and render judgment therefor against the
State, provided that such claim be filed within three months from the time
it accrues. Claims filed under this section shall have preference over all
other claims pending in such Court. If the Administrater shall have fixed
the maximum price or the margin of profit which would have applied to
a sale of such fuel by the owner, such price, or a price resulting in such a
profit shall be presumptive evidence in the Court of Claims of the value
of the fuel seized.
Licenses for Dealers.
Section 9—Licenses.—Whenever the State Fuel Administrater shall find
It in the public interest to license dealers or any class of dealers in fuel or in
any class of fuel, or such dealers in any locality and shall publicly so announce, no person shall, after the date fixed in the announcement,engage in
or carry on the business to which such finding and announcement applies
unless he shall secure and hold a license issued in pursuance of this section.
The State Fuel Administrator is authorized to issue such license and to
prescribe regulations for the issuance of licenses and equipments for systems
of accounts and the auditing of accounts to be kept by licensees, and the
submission of reports by them with or without oath or affirmation, and the
entry and inspection by his duly authorized agents of the places of business
of licensees on the inspection of their books. Such licenses shall be in
such form and shall contain such terms and conditions as the Administrator
deems necessary to protect the ultimate consumers and to secure equitable
distribution of fuel.
Whenever the Administrator shall find that any licensee shall have
violated any provision of this Act, or of the license, or of any rule, regulation or order of the Administrator made pursuant to this Act, or be guilty
of unfair or dishonest practices, he may revoke such license. Any such
license shall be revoked only after a hearing of which the licensee shall
have notice and an opportunity to appear, but the license may be summarily suspended by the Administrator pending the hearing. Any person
required pursuant to this section to secure a license who, without such
license, or whose license shall have been revoked, or during any period
of suspension thereof, knowlingly engages in carrying on the business
of dealing in fuel, shall be guilty of a misdemeanor punishable as provided
In Section 13 of this Act.
10. Co-Operation of Other Offices and Departments and of Persons.—
With the approval of the Governor, the Fuel Administrator, in carrying
out the provisions of this Act, may utilize any department or agency of
Government. State or local, and it is hereby made the duty of all State
and local officers and employees and of all other persons to obey any
order directed to them for any such purpose.
Revolving Fund of $10,000,000.
11. Appropriation: Revolving Fund.—For the purpose of carrying
out the provisions of this Act, there is hereby appropriated the sum of
ten million dollars ($10,0000,00), or so much thereof as may be needed.
All receipts of the State Fuel Administrator on account of fuel purchased and sold under Subdivision 3 of Section 3 of this Act shall be paid
over to the State Treasurer and shall contribute a special revolving fund
for the discharge of any liability which he is authorized to incur under
such subdivision. No obligation shall be incurred by the State Fuel
Administrator under Subdivision 3 of Section 3 of this Act in excess of
the amount available therefor either from money appropriated by this
Act or from the balance to the credit of such special revolving fund.
For the purpose of paying for fuel purchased by the State Fuel Administrator under Subdivision 3 of Section 3 of this Act, the Treasurer,
on the warrant of the Controller, shall advance moneys to him from time
to time on his requisition, either from moneys appropriated by this Act
or from the special revolving fund established by this Act. Section 37
of the State Finance Law shall not apply to the moneys paid into such
revolving fund, but when the office of State Fuel Administrator shall
cease to exist the State Treasurer shall pay into the State Treasury, to
the credit of the general fund, the balance of such revolving fund remaining unexpended. On or befcire the fifth day of each and every month
the State Fuel Administrator shall make a verified and detailed report
to the Controller and the Governor of his receipts and disbursements
during the preceding month. The report to the Controller shall be
accompanied by the proper vouchers.
12. Reports to Governor.—The State Fuel Administrator shall, when
requested by the Governor, report to him as to his proceedings under
this Act.
Penalties for Violations.
Section 5. Investigations; Oaths; Subpoonas.—The State Fuel Administrator, or any advisory board, deputy or employee designated by him for
that purpose, may make investigations and examine witnesses for the purpose of enabling the State Fuel Administrator to carry out the provisions of
this Act. The State Fuel Administrator or the member or members of any
advisory board, or any deputy or employee designated by him for the purpose, may administer oaths and take affidavits. The State Fuel Administrator may subpoena witnesses, may require their attendance before him,
or any advisory board, deputy or employee,and may require the production
13—Violations of Act, Rule or Order.—Rules made by the State Fuel
of books and papers pertinent to investigations hereby authorized, and such Administrater under this Act shall have the force and effect of law. A
Administrator may issue commissions for the examination of witnesses who
violation of any of the provisions of this Act, or of any rule or order duly
may be unable to attend or may be absent from the State.
made by the State Fuel Administrater shall be a misdemeanor and shall be
Section 6. Entry and Inspection.—The State Fuel Administrator, or punishable by a fine of not less than $100 or more than
$1,000, or by
or employee designated by him
any member of any advisory- board, deputy
may enter at all reasonable hours imprisonment for not more than one year, or by both; if the violator be a
for that purposeoshall have access to and
corporation or association, it shall be subject to such fine, and any officer
to be kept. The Administrator,
all places in which fuel Is kept or believed
deputy or employee designated by of such corporation participating in such violation shall be subject to
or any member of any advisory board,
shall have power to inspect all books, papers, punishment as an individual by such fine and imprisonment.
him for that purpose, also
SEPT. 2 1922.]
THE CHRONICLE
A violation of any provision of this Act, or of any rule or order of the
State Fuel Administrater, by any person who had prior to such violation
been convicted of a misdemeanor under this Act shall constitute a felony.
The remedy provided by this section shall not be exclusive, and if a rule
or order be not obeyed the Administrater, by the exercise of any power
conferred by this Act or by the use of any forces at his command, may carry
out its provisions.
14—Effect of Suspension of Operation of Public Schools.—If the public
schools throughout the State or in any locality be suspended for a stated
period upon the order of the State Fuel Administrator, or by reason of the
shortage offuel be so suspended, while the office of State Fuel Administrater
is in existence, by the Commissioner of Education or by the local school
authorities with his consent, such period of suspension shall not affect the
distribution of public school funds or the salaries or rights of teachers, or
of municipal or State employees:
--Purchase of Fuel by Municipal Corporations and School Districts.—
15
While the office of the State Fuel Administrater is in existence, notwithstanding the provisions of any statute, general or special, requiring that the
purchase of coal or other fuel by a county, city, town, village or school
district for municipal or school district purposes be by contract after
advertisement and bids or otherwise, the governing body of the municipal
corporation or the Board of Education or Board of Trustees of the school
district, as the case may be, may determine whether such a purchase shall
be made in the open market or made by contract, with or without advertisement tr bids.
Cities Authorized to Borrow.
While the office of State Fuel Administrater is in existence, any city as
to which provision is not made by charter or by general or special act for
the issuance and sale of city obligations to provide moneys for the immediate payment for fuel for city purposes may borrow the moneys necessary
for such purpose by the issuance and sale of its certificates of indebtedness,
to be paid, with interest, out of taxes raised by the next or second ensuing
city tax levy.
16. Prevention of Waste of Electricity in Cities and Villages.—For a
stated period, not beyond the termination of the office of State Fuel Administrator, any city or village, by ordinance or resolution of its governing
body, may suspend the operation of electric signs or electric advertising
displays, or may reduce street lighting.
17. Partial Invalidity.—If any clause,sentence, paragraph or part of this
Act shall for any reason be adjudged by any court of competent jurisdiction
to be invalid, such judgment shall not affect, impair or invalidate the remainder thereof, but shall be confined in its operation to the clause, sentence, paragraph or part thereof directly involved in the controversy in
which such judgment shall have been rendered.
18. Inconsistent Statutory Powers or Duties.—If a statute, general or
special, or order of the Administrator made prescribes a duty or imposes a
restriction inconsistent with this Act, or with a rule or order of the administration made pursuant to this Act,such power shall not be exercised, or such
duty or restriction enforced during the continuance of the office of Fuel
Administrator.
19. Obligations of Advisory Coal Commission.—Thefinancial obligations
heretofore incurred by the Adivlsory Coal Commission designated by the
Governor, upon approval by the Administrator, shall be deemed just and
lawful obligations of the State, and be payable from the appropriation made
for the purpose of this Act, on the certificate of the Administrator.
20. Definitions as Used in This Act.—(1) The term "fuel" includes coal,
coke, charcoal,firewood, fuel oil and manufactured fuel products, but shall
not include gas or electricity.
(2) The term "person" includes individuals, partnerships, associations
and corporations.
(3) The term "Administrator" means the State Fuel Administrator.
21. Time of Taking Effect.—This Act shall take effect immediately.
1049
the use of gas and oil stoves for cooking and heating whenever
possible. Domestic consumers are urged to burn no anthracite before winter. The statement in part follows:
There is no occasion for people to get nervous about coal for the household.
There will be plenty of it, but it will be soft coal.
Remenlber, soft coal is always used for heating and for cooking by most
of the people in the United States who live west of Pennsylvania. It is
dirty to handle, but it will save the day.
However, we must learn now to use it, for it is different from the anthracite we are accustomed to. We must get some in our cellars now and must
begin to use it at once. .
We don't want the people of this State to be standing in a fuel line next
winter with a card calling for a bag of coal. It won't be necessary if they
are forehanded now. The householder and the dealer should lay in a supply
now. Don't wait for cold weather when everybody will want it at once.
Don't burn a pound of anthracite till snow flies, even if you are lucky
enough to have some.
Use gas stoves and oil stoves for cooking and heating water wherever
possible. Use a portable oil heater for your homes. You can move it
from room to moth.
Get some soft coal immediately. You need not burn much of it now,
but burn some now, enough to get acquainted with
it. We don't want a
lot of wild-eyed people rushing around the first
really cold day next winter
saying that they can't get soft coal or they can't
keep their families from
freezing with the soft coal they have. Maybe they
won't be able to keep
them from freezing unless they have taken time by the
forelock and learned
how to burn it.
HENRY FORD TO CLOSE HIS PLANTS ON SEPT. 16
DUE TO COAL SHORTAGE.
Announcement was made on Aug. 26 by Henry Ford,
following a meeting of officials of the Ford Motor Co.,
employing.105,000 men, that all the plants of the company
would be shut down on Sept. 16 because of the coal shortage.
In addition several hundred thousand other workers employed in industries furnishing materials for the Ford plants
will be affected.
Industry the country over must "throw up its hands in
surrender" within a few weeks, if the rail and coal strikes
continue, Mr. Ford declared. He held financial interests
responsible for the industrial tie-up, declaring the "money
barons" were manipulating the labor unions, and that public
officials, State and national, were impotent in the crisis.
The strikes would end, he continued, "when the majority of
the people are cold and hungry enough to resort to drastic
action."
"Continuance of these disturbances to the economic life
of the nation is due simply to the greed and avarice of
Wall Street," Mr. Ford asserted, adding that these interests
"dominated the railroads, coal mines and public utilities
of the country." The deadlock in strike
negotiations
indicated, he declared, the existence of "a plot to unload
the
demoralized and run down railroads onto the Government
at
GOVERNOR'S ADVISORY COMMITTEE ASKS INTER- their own price nd to mulct the
people through excessive
STATE COMMERCE COMMISSION FOR REVISION
coal prices." In explaining the reasons for the
decision to
OF COAL PRIORITY ORDERS—OTHER
shut down Mr. Ford said:
The coal situation has beoome impossible. For
DEVELOPMENTS IN THE SITUATION.
the last several weeks
we have seen a situation
Chairman Outerbridge of the Governor's Advisory Com- close. We greatly regret approaching which we feared would force us to
having to take that step. Edsel and I returned
mittee on the coal situation sent telegrams on Aug. 26 to early from our Eastern trip and night before last with every possible data
both the Federal Fuel Administrator and the Inter-State and information bearing on the subject before us we strove until almost
daylight trying to find some way out without closing down.
Commerce Commission calling attention to the urgent need
Every way we turned we were confronted by the situation that
under the
clearing the way for shipments of bituminous coal, and present handling of coal there would never be a time when we would have
of
enough coal to operate the several departments of the plant
simultaneously.
asking that the railroads be forbidden to confiscate shipWe therefore decided that of necessity
sooner or
ments of anthracite coal, which bakers must have if they are We wish to keep enough coal on hand towe must close down and coke later.
keep our furnaces
ovens
continue operating their plants. Mr. Outerbridge's tele- warm: to let them get cold would cause us a loss of hundreds of thousands
to
of dollars. At the rate we are getting coal now, Sept. 16
will mark the
gram to H. B. Spencer, Federal Fuel Administrator at Wash- time when we will have only enough coal left to keep
our furnaces and
ington, D. C., follows:
ovens warm.
Our reserve stock by that time will have been completely
New York will have to depend on bituminous coal for all household purexhausted.
poses this winter. It is, therefore, necessary that its movement be not We, therefore, will close down the entire plant on Sept. 16.
bituminous which has passed over screens of four inches or
Last night we wired 900 houses that supply us with material
restricted to
to stop
larger openings. We need all the bituminous for nousehold purposes we shipment and this morning letters and telegrams were sent out to about
can get. As we cannot get prepared bituminous, dealers are prepared to 1,000 more.
We appreciate the great loss it will mean to these hundreds of
do their own screening. Will you kindly amend Section D, Class 2, Priorisupply
ties, as defined in Amendment 1, Service Order 23, dated Aug. 4,in accord- houses, but it will also mean a tremendous loss to us. At present we are
•
above request?
producing 5,200 cars a day, and we can sell 5,300 a day. We have
ance with the
to close
down at a time when we are doing a greater business than ever before
To the Inter-State Commerce Commission Mr. Outer- our history.
in
bridge sent the following telegram:
Bakers must have some anthracite coal. There is reported to be some
pea, stove and chestnut coal in stock in the mining region which owners
are unwilling to ship,fearing confiscation by the railroads. Will you kindly
make a special ruling, absolutely forbidding confiscation of this coal so
urgently needed for this public purpose?
SUGGESTIONS MADE BY STATE FUEL ADMINISTRATION TO CONSUMING PUBLIC TO MEET
COAL SHORTAGE.
statement containing suggestions as to how to cope
A
with the coal shortage situation in New York was issued
to the consuming public by the State Fuel Administration
this week. In order that householders may gain early
experience in the use of bituminous coal they are urged by
the State Fuel Administration to get their supplies of soft
coal as soon as possible. They are also advised to consider
With further reference to Mr. Ford's views on the situation
press dispatches from Detroit on the 26th inst. had the
following to say:
Mr. Ford was asked when he hoped the plants could resume operations.
He shook his head and said:
"I haven't the slightest idea."
Mr. Ford was asked if any further efforts would be made to get coal
via the Detroit Toledo & Ironton Railroad, which he controls. He answered
that every effort had been made to get co-operation and backing in order
to have coal reach here and that nothing more could be done.
The end of the coal and railroad strikes will not come until the majority
of the people are cold and hungry enough to resort to drastic action,
Mr. Ford declared.
"State and national public officials are impotent in this national crisis,"
Mr. Ford said, "and the greed of the 'money barons,' who by subsidized
agents control and maniuplate the labor unions of the country will compel
the average citizens to force a readjustment."
The menace of civil war hangs over the nation to-day as Mr. Ford sees
conditions, "but only a few heads will have to go off before the readjust,.
ment is effected."
1050
THE CHRONICLE
In explaining the order for the closing of the huge Ford plants, Mr.
Ford said that officials of the company have done their utmost to find
ways of continuing operations but that they have been balked at every
turn. The combination that has caused the present national crisis is
in a conspiracy to unload the "demoralized and run-down railroad systems
onto the Government at their own price," he said, "and mulct the people
also through excessive coal prices."
Only an immediate settlement of the coal and rail tie-ups can prevent
virtually absolute suspension of American industry, Mr. Ford declared,
as the average manufacturer cannot afford to pay the present exorbitant
coal prices, even if he could obtain continuity in deliveries and still market
his product profitably.
In explaining further efforts the Ford organization has made to obtain
coal, Mr. Ford called in E. R. Rockleman, General Manager of the Detroit
Toledo & Ironton Railroad, operated by the Ford organization.
Mr. Rockleman declared that refusal of the great railroad systems to
co-operate with the Ford road is blocking tbe Ford organization attempts
to procure fuel even from its own mines, and also is withholding hundreds
of cars offuelfrom Michigan. He exhibited a telegram dispatched Saturday
to E. L. Bock, Assistant General Superintendent of the Chesapeake &
Ohio RR., at Hantington, W. Va., which read in part as follows:
"Your inability to give us coal is causing our equipment to be idle and
prevents its use for other business. What can we expect from you and
where can we meet you in this interchange?"
Mr. Rockleman said that when the C. & 0. started giving the D. T.& I.
coal at the junction point of Gregg, Ohio, the volume turned over was
unexpected and the D. T. & I. was unorganized to handle it. A jam
resulted, but it was quickly cleared away. Since that time Mr. Rockleman said, the C.& 0. has not delivered coal enough to keep the D. T. & I.
operating at capacity. Since Aug. 11 Mr. Rockleman said, the C. & 0.
has turned over 2,168 cars at Gregg. This is an average of 167 a day.
The D. T. & I. can accept upward of 300 cars a day at Gregg, and on
the system can handle approximately 2,500 a day, he said.
Eighty per cent of this coal is destined for railroad consumption, Rockleman asserted, and only a small percentage of it is for Michigan use.
Mr. Rockleman said that the failure of the C. & 0. and the Louisville
& Nashville roads to co-operate in the forwarding of coal North was
deliberate, as was the jamming of the Gregg junction by the C. & 0.
"Right," Mr. Ford asserted, "and the orders to do so came from Wal
Street."
The Southern coal carrying roads are badly moralized by the shopmen's strike, Rockleman continued. He asserted that unusually close
inspection of equipment accepted by the D. T. & I. is forced as a result.
A great deal of repair work is necessary on the Southern roads' rolling
stock, Mr. Rockleman said, before the cars can be moved North, causing
repeated delays.
[vol.. 115.
The Attorney-General addressed the Court immediately following the
reading of the formal complaint, read by Assistant Solicitor General Esterline. His plea for the injunction, Mr. Daugherty said, was made necessary
by the fact "that there comes a time in the history of all nations when the
people must be advised whether they have a Government or not."
"The underlying principle involved in this action," Attorney-General
Daugnerty said, "is the survival and supremacy of the Government of the
United States."
"No union or combination of unions can, under our law, dictate to the
American Union," the Attorney-General continued. "When the unions
claim the right to dictate to the Government and to dominate the American people and deprive the people of the necessities of life, then the Government will destroy the unions, for the Government of the United States
is supreme and must endure."
Attorney-General Daugherty disclaimed specifically, however, that
this suit was a move to break the unions.
"To-morrow," he continued, "it will be said by some more malicious
than truthful that this proceeding is intended as a death blow to the unions.
. . . In my judgment this movement (the injunction) is necessary
f3r the protection and preservation of the unions themselves.
"So long and to the extent that I can speak for the Government of the
United States, I will use the power of the Government within my control to
prevent the labor unions of the country from destroying the open shop.
"When a man in this country is not permitted to engage in lawful toil,
whether he belongs to a union or not, the death knell to liberty will be
sounded, and anarchy will supersede organized government."
The action named the individual unions now on strike as well as the
railway Employees Department of the American Federation of Labor.
The suit also was directed against the Presidents of the unions.
The suit was filed shortly after the arrival of Attorney-General Daugherty
in Chicago this morning. The plea for injunction named the Railway Employees' Department of the American Federation of Labor, the six striking
shop crafts and 120 system federations.
The suit seeks to restrain all strikers from interfering in any way with
the operation of the railroads. It was filed before United States District
Judge Wilkerson.
Beside the Railway Employees' Department, the six international unions
—International Brotherhood of Blacksmiths, International Association of
Amalgamated Sheet Metal Workers, Brotherhood of Railway Carmen,
International Brotherhood of Boilermakers and Iron Ship Builders, International AssociaAon of Machinists, International Brotherhood of Electrical
Workers, as well as 120 system federations were named as the objects of
the injunction.
RAILROAD LABOR BOARD DECLINES TO RULE ON
LIVING WAGE—HEARING ON WAGE INCREASE
OF MAINTENANCE OF WAY MEN.
The U. S. Railroad Labor Board on Aug. 29 rejected the
Railroads and mine owners are in an agreement to keep the prices of motion of W. Jett Lauck for an immediate ruling as to
coal up. There is no use trying to balk them, and I, for one, am tired of what constitutes "a living wage." Mr. Lauck's motion
trying. They have balked the public at every turn and been allowed to
get away with it. They are directly responsible for my being compelled to came before the Board on Aug. 28 during the hearing on
lay off 70,000 workmen here in Detroit, to say nothing of the greater the petition for an increase in the wages of 400,000 mainnumber that will be affected in other cities of the country. But it was the tenance of way men. The present scale ranges from 23 to
only thing I could do. I cannot operate without coal, and plenty of it.
With further reference to Mr. Ford's views Associated 35 cents an hour, and a minimum wage of 48 cents an hour
is sought. The hearings in the matter opened in Chicago
Press dispatches on the 28th had the following to say:
Henry Ford, in announcing on Saturday that his plants would be closed before the Labor Board on Monday last, Aug. 28. The
Sept. 16 because of conditions in the coal industry, began a fight for what maintenance of way men in deciding not to go out with the
he believes is a great principle, the Associated Press was informed to-day
shop craftsmen agreed to a re-submission of its grievances
from sources close to the manufacturer.
Mr. Ford, it is stated, has started what he declares is a fight against to the Labor Board rather than strike. On Aug. 26, in
profiteering in coal, and he believes he is in a better position, perhaps, to do advance of the hearing, E. F. Grable, President of the
so than any one else. He feels that by taking up the fight he is doing every
Brotherhood of Maintenance of Way Employees and Railother manufacturer as well as workingmen throughout the country a real
way Shop Laborers, said:
service.
Mr. Ford on the following day (i. e., Aug. 27) declared he
would not buy coal at the present prices, even if he had the
chance. He said:
Arguments for increase in the minimum wage to 48 cents an hour, with
He denies that there is a coal shortage. The investigations of his representatives have convinced him,it is stated, that coal brokers of the country differentials upward for skilled and hazardous employment, will be based
have an enormous supply of fuel on hand. The Ford Motor Co. could on the present upward trend of wages outside the railroad industry and the
cost
obtain enough coal to cover a tract ten acres square if it would submit to increasing co of living.
Wages all over the country are increasing. Cost of living is advancing
being victimized by profiteers, it was declared.
economists tell us that we are entering a period of prosperity. Our
.For several weeks, it is said, the Ford offices at Dearborn have been and
flooded with offers of coal with deliveries guaranteed. It was declared organization has some men, such as crossing watchmen, who are drawing
only i75 cents an hour. This is a general condition throughout the
that the prices asked ranged from 100 to 300% above the normal cost.
Mr. Ford believes that if he yields to what he terms "the hold-up" of the United States, not local, as claimed in regard to the established 23-cent
coal brokers every other manufacturer will follow suit, and that coal prices minimum,which it is said applies only to negroes and Mexicans of the South.
will reach an unprecedented figure. In one source close to Mr. Ford it A lot of our men are drawing 8593 a year. Economists and cost experts
was said that he had "at the back of his mind" a picture of workingmen figure that $1.000 a year is the lowest amount on which a laboring man
being unable to buy enough coal to keep their families warm because of the can hope to feed and clothe a family.
prices that eventually would be asked "unless this profiteering was nipped
In making on Aug, 29 a motion in behalf of President
in its inception."
Grable for a ruling by the Board on a "living wage," Mr.
The Ford Company recently received a large number of offers on the part
of coal operators to sell mines. None of these offers has been seriously Lauck read a lengthy manuscript dealing with the minimum
considered because of the present transportation conditions. It was wage standard and its practicability of application. The
explained by persons close to Mr. Ford to-day that the offering of mines
press dispatches from Chicago in reporting this said:
meant little, "as they can be purchased now for almost nothing because of
The motion, he told the Board, has the following definite meanings:
the large stocks of coal held by brokers."
"That the Board accept and make the basis of its decision in this case, as
The manufacturer still believes that the linking of the Louisville & Nashof railroad emville and the Detroit Toledo & Ironton Railroads, the latter his own prop- well as part of its general policy in fixing the wage rates
erty, would solve not only the Ford Company problems, but those of every ployees.
.that—
Adult workers of the lower grades, unskilled railroad employees,
s
other coal user in the lake regions. Coal for shipping exist , and only
be awarded rates of pay which will enable them under normal conditions to
awaits means of bringing it out.
earn yearly more than an amount sufficient to permit them to maintain
standards of living that are approved as healthful and decent, and that are
promotive of genuine industrial economy and efficiency, and,
INJUNCTION AGAINST STRIKING SHOP CRAFT
"(b) That proper differentials above this minimum living wage be paid
UNIONS.
for added skill, responsibility, training and hazard."
Mr. Walber addressed the Board in behalf of his representations, saying
A temporary order restraining the six striking railroad shopaccept a bald, indefinite thing as a living wage. I
that
unions, their officials and members from interfering don't"I would neveris, and neither do I believe any one else does. The
crafts
know what it
in any way with the operation of the railroads and their prop- trouble is that you are trying to regulate this problem with theories and
erties was granted at Chicago yesterday (Sept. 1) by Federal pencil and paper instead of practical application."
Jacob Aaronson, representative of the New York Central lines, also
District Judge James H. Wilkerson on application of United quizzed Mr. Lauck on his definition of a living wage and the motion he
t
States Attorney General Harry M. Daugherty and District had men,
iAr ade
d
,
Mr. Aaronson asked,
Attorney Charles F. Clyne. The order will remain in force ,,t, usurp*you asking the Board, as a matter of fact,"question
the pdwers of Congress by defining this
0
itself?"
until Sept. 11, pending hearing mi the Government's appli../sTe," replied Mr. Lauck,"if the Board should define this term it would
cation for a permanent writ of injunction. The Associated obviate any necessity of any action by Congress."
Press advices from Chicago regarding the Government's
The Board in its ruling on Mr. Lauck's request declared
aciion say:
it could not go beyond the Transportation Act, which
•
SEPT. 2 1922.1
THE CHRONICLE
1051
- - ----prescribed the establishment of "just and reasonable" wages. wages on a "living wage" principle, Mr. Lauck testified
Its ruling was announced as follows on Aug. 29 by Chairman that what he termed the living wage, if established in all
branches of American industry, would mean an increase in
Ben W. Hooper:
It is superfluous for the Board to announce in advance the principles or wages from 22 to 34%. The further discussions of
the
theory upon which it will fix wages in the pending dispute. It may be
assumed by the parties in this case that the Board will give full consideration day are reported as follows in a Chicago press dispatch
to every circumstance set out in the statute for its guidance, but it will not published in the New York "Times":
go beyond that.
The Transportation Act requires the Board to establish wages that are
"just and reasonable." It is within the province of the parties herein to
make such contentions as they may respectively see fit as to what will
constitute a "just and reasonable wage. If the wage which the motion
defines as "the living wage" should be demonstrated to be a "just and
reasonable wage" the Board would adopt it, otherwise it would not.
The Board will neither limit nor enlarge the right of either party to present
to the Board his conception of what constitutes a just and reasonable wage
within the meaning of the law.
The lowest range, or 23%, Mr. Lauck, said, would only raise to an
annual wage of $1,600 those workers now receiving less than that sum on
the basis of an aggregate wage budget in industry of $33,000,000,000 in
1918. An average wage of $1,600, Mr. Lauck further asserted, would
increase the cost of living 14%, but he declared the increased financial
burden would be offset by other factors. As against the $33,000,000,000
which the witness said labor had received in wages in 1918, Mr. Lauck
said capital in that year had received a return of $28,000,000,000.
"Will you agree that there are 17,000,000 workers in the United States?"
Attorney Aaronson, representing the New York Central lines, asked the
A. 0. Wharton, the only labor member of the Board at witness. the witness
"Yes,"
answered.
the present hearing, submitted a motion, which was rejected
"Will you agree that one-tenth of that number is employed on the
railroads?"
Board vote of 6 to 1. It said:
by a
"That is approximately correct," Mr. Lauck said.
The right of all workers, including common laborers, to a living wage is
Then Mr. Aronson said that the witness's statistics indicated that the "livhereby affirmed.
ing wage" which Mr. Lauck spoke of would increase wages $11,300,000,000
In fixing wages, minimum rates of pay shall be established which will Insubsistence of the worker and his family in health and reasonable and that the increase to the railroads therefore would amount to about $1,sure the
300,000,000.
comfort.
Mr. Lauck
Both Mr. Grable and Mr. Lauck are said to have declared which he said in explaining how he had concluded that the increased wage,
would be called for by the so-called living wage,
that this resolution embodied the expression they were striv- pensated for, said that the added financial burden would bewould be comoffset by the
ing for from the Labor Board. "The Labor Board," said "efficiency of labor and the increase of American capital," and that labor
Grable,"has refused to recognize the principle of a living would be stablized. would be
Mr.
"The laboring man
better housed, better fed and would naturalwage. For that reason we must of necessity change a great ly be healthier," the witness continued. "He would not lose any time from
portion of our argument." Following the announcement of his work and he would be able to save."
His
by saying
the decision, Mr. Grable telegraphed to President Harding out ofsuggestion that capital would be increased he explained Absences that
their savings the employees would invest in industry.
from
and Senator Cummins, one of the authors of the Transpor- work on account of sickness and migration of labor would be materially
tation Act, asking them to present to Congress an amend- lessened under the "living wage," Mr. Lauck said.
Arthur Sturgis, also a union statistician,
ment to the Act which would make it mandatory on the La- reply to questions by Attorney Aronson thatfollowing Mr. Lauck, said in
a wage ranging from 72 to 75
bor Board to "enunciate the principle of the living wage." cents an hour really constituted the "living wage."
"You consider 72 to 75 cents a living wage?" Mr. Aronson asked.
following is the telegram sent by Mr. Grable to PresiThe
"I do," Mr. Sturgis answered.
dent Harding:
"You also believe it is the duty of the Board to prescribe a living wage?"
Chicago, Ill., Aug. 29 1922.
"That is my understanding of the law."
The President, the White House, Washington, D. C.;
"Then you believe that the Board should declare a wage of 72 to 75 cents
I am taking the liberty of sending you herewith a copy of the telegram an hour?"
which I am sending to Senator Cummins regarding the present critical
"Not at this time," answered Mr. Sturgis, who proceeded to explain that
situation of the case of the maintenance of way men before the Railroad he thought the wage ranging from 72 to 75 cents could be
made the goal to.be
Labor Board and of requesting you to use your best offices to expedite action reached by degrees.
on the part of Congress.
As to yesterday's hearing before the Board, the New York
I well realize that as far as you personally are concerned your public
statements indicate that you are in favor cf not only a living wage, but "Evening Post" in a Chicago dispatch said:
of a saving wage for all American workers.
Spokesmen for the 105 railroads involved in the hearing on the petition
I am urging this action not on the ground of an antagonism of the Rail- of 400,000 maintenance-of
-way men for a minimum wage of 48 cents an
road Labor Board, but in the belief that the public welfare will thereby hour had their turn before the United States
Railroad Labor Board to-day.
be best served and with the further conviction that the suggested action The trackmen finished their presentations
yesterday and the carriers exby Congress will strengthen and make the Board the great constructive pected to complete their side of the case during
the day.
force for industrial peace which I hope it may be.
The Board is expected to hand down its decision within the next two
weeks.
E. F. GRABLE,
President, Brotherhood of Maintenance of Way Employees and Railway
Jacob Aaronson, attorney for the New York Central Lines, was
chosen
Shop Laborers.
by the carriers as their first spokesman. John G. Walber, Executive
SecIn his telegram to Senator Cummins, President Grable retary of the Bureau of Information of the Eastern roads, who planned to
address the
said he had decided to "proceed with the presentation of our illness in hisBoard on behalf of the carriers, was called to New York by
family.
case before the Board, although, in view of the action of the
Documentary evidence, intended to show that the cost of living had not
Board, such procedure seems absolutely hopeless." Re- decreased sufficiently in the last three months to warrant any change in
wages of maintenance of way
ferring to the motion denied by the Labor Board, Mr. by Mr. Aaronson. Section employees, was presented before the Board
laborers in the Eastern territory are being paid
Grable's message to Senator Cummins read:
37.1 cents an hour, compared to an average of 32.7 throughout the country,
Our request was substantially for acceptance on the Board's part of the he said.
"The average rate for July 1922." declared the railroad spokesman, "is
principle contained in the proclamation of the President of the United States
in 1918, in creating the National War Labor Board, and laying down cer- 123.5% increase over the average hourly rate of 1915, leaving these classes
of employees 33.7% better off than they were in 1915, after making due
tain basic principles to be followed by It in deciding wage disputes.
allowance for the reduction in their wages on July 1." .
The principle referred to reads as follows:
The monthly wage of $147 58 of section foremen in July 1922 represents
"In fixing wages minimum rates of pay shall be established which will insure the subsistence of the worker and his family in health and reasonable an increase of 107.4% over 1915, the railroad statistics as presented set
forth. The index number for the cost of living for July 1922 was 67%,
comfort."
higher than in 1915, according to the Department of Labor, and the purWe believe that the Board's interpretation of the transportation Act is chasing
power of earnings in July of this year left employees 24.3% better
absolutely wrong and we believe you will agree with us in this. We realize off
than they were in 1915, according to Mr. Aaronson's evidence.
now, however, that the only way in which justice can be obtained is by
On Aug. 30 representation of maintenance of way emaction on the part of Congress.
On Aug. 30 Mr. Lauck again brought up the living wage ployees on some roads, now claimed by the United Brotherprinciple. The Associated Press dispatches on that day said: hood of Maintenance of Way Men, was demanded in the
He declared that the principle as understood by the union was recog- hearing before the Labor Board by Edward Hoskins, reprenized by the Kansas Industrial Court law, and that the Kansas Act also sentative of the American Federation of Railroad Employees.
contained provisions for the established of minimum rates of pay.
From the press dispatches we also quote the following:
"There is no spirit of antagonism toward the Board," Mr. Lauck said.
In referring to the union's proposal for amendment of the Transportation
Law. "The rates of pay established by the Board now are entirely Inadequate," Mr. Lauck added.
John G. Walber, Executive Secretary of the Bureau of Information
for Eastern Railroads, replying to the contention of the way men's union
for establishment of a "living wage," asserted "there isn't any such thing
as a living wage."
Mr. Walber said that United States census figures in 1920 showed
that the average family really comprises 4.4 persons, and not five persons,
as he said labor statisticians had claimed, and that instead of one male
worker supporting a family of five there actually are 1.36 male workers
per family and that actually there are 1.4 dependent children for each
of the 24,351,756 families in the United States.
Labor statistics, Mr. Walber said, did not take into account the large
number of unmarried men who support only themselves.
To construct wage schedules on such theories, Mr. Walber asserted.
would require more money than all industries earn and on the railroads
would call for revenues beyond anything the public could stand. Reductions in living costs would be impossible under such conditions, he
declared.
., On Aug. 31, pursuing the efforts of the United Brotherhood of Maintenance of Way Employees and Railroad Shop
Laborers' Union to base its pleas for increased minimum
Hoskins asked the Board for an immediate decision on whether his organization or that of the Maintenance of Way Brotherhood should represent,
that class of employees on the Philadelphia & Reading RR. He said that
the Board has not decreed which of the two organizations have that right.
This threatened to interject a complex situat!on into the present hearing,
but Chairman Ben Hooper declared that the Board in previous rulings and
specifically in this case, had decided to hear the question of wages and rules
first and then separately take up jurisdictional disputes such as the Philadelphia & Reading.
Chairman Hooper announced that no decisions in the present hearing
would be rendered until all the members of the labor group of Board members have returned to Chicago.
Albert Phillips is with his wife, who is ill in California, and Walter E. McMenimen is away on a vacation. They are expected to return about the
middle of September.
Before the hearing it was learned that E. F. Grable, President of the
United Brotherhood of Maintenance of Way Employees and Railroad Shop
Laborers, was slightly ill at his hotel. J. C. Smock, Vice-President of the
union, appeared in Mr. Grable's stead.
Mr. Smock, replying to the Walber motion that ten Eastern lines could
not recognize the maintenance of way men as a party to a dispute because
the maintenance of waylmen had gone on strike on those roads, and because
new organizations had been formed, declared the contention was part of a
movement on the part of the carriers to break up the unions.
1052
THE CHRONICLE
"The roads," he said, "are seeking to have bridge and building foremen
excluded from the union. Attempts to place these men in another organization cannot deprive us of the right to represent all our members."
On the 28th Aug., Dr. A. P. Neal, representative of the
Southern roads, objected to President Grable's argument for
for increases based on a, 48c. an hour minimum, declaring
that President Grable had no right under the Transportation
Act to base his argument on this basis. The."Journal of
Commerce" (Chicago advices) that day said:
"The men have not in any case submitted to individual roads under my
representation a demand for an increase for wages based on 48c. an hour
minimum," declared Dr. Neal. "Instead in all conferences between the
managements of the roads of the Southeast and the maintenance of way
representatives,the scale ranging from 363c. to 48c. an hour was discussed.
Under the provisions of the Transportation Act, therefore, President
Grable has no right to come before the Board and argue for an increase,
based on a 48c minimum, as this minimum was never an issue in any of
our conferences."
John Higgins, representative of the Western roads, and John G. Walber,
spokesman for the Eastern roads, both approved and participated in
Dr. Neal's objections, stating that the 48c minimum was never at issue
in the negotiations on their roads.
The Board, Dr. Neal declared, had no right to consider a proposition
that did not in any way resemble the original requests made upon individual
roads. Chairman Hooper indicated that no action would be taken on this
point, until the submissions were checked to make positive that no reference
has been made in them to a minimum of 48c. an hour.
May Bar 48c. Plea.
The objections threaten to lead to expurgation from the record of all
mention of a 48c. an hour minimum. In that event President Grable will
of necessity continue his argument on the basis of scales set forth in the
submission of individual roads.
With the opening of the hearings on Aug. 28 the Chicago
"Post" said:
Important points in the twenty-six page written statement Mr. Grable
read to the Board were:
First—Recognition of a minimum wage for railroad labor.
Second—Re-establishment of the eight-hour day by a ruling forcing
the roads to pay "punitive overtime" of a 50% higher rate for work done
after eight hours.
-cent hourly minimum wage for all track workers who,
Third—A 48
under the Board's ruling, received 28 cents an hour or less, and that for
those now receiving more tha 28 cents an hour a differential in cents above
the 28 cents be added to the demanded minimum rate of 45 cents. •
Wants Principle Founded.
"There never has been recognition by the Board of the minimum living
wage principle," said Mr. Grable. "Senator Cummings has now declared
that it is the intent of the Transportation Act he helped write to give the
humblest worker the right to a living wage. The Senator also has declared
it his intention to amend the law so as to make this clear.
"The basic day is eight hours, and the basic year is 306 days (that is
omitting the fifty-two Sundays and the seven designated holidays). All
together, the possible full time earnings at the 48 cent rate would amount
to 81,175 04 per year. Some additional earnings are possible through
overtime, but unfortunately these additional earnings do not equal the
amount lost from full time throughout the year on account of sickness,
slack work, or lay-offs."
Preliminary to Grable's talk, John G. Walber, representing the Eastern
railroads, made a motion that Grable's petition for hearing by the Board be
disallowed for cerain of the roads. Some of the roads have formed organizations of their employees to the practical exclusion of membership in
the international union. On others, he said, men were on strike and their
petition therefore not to be considered.
Hooper Upholds Contention.
Chairman Ben Hooper upheld the contention concerning strikers in
requesting that Grable file a detailed answer to the motion to-morrow morning.
"Employees who go on strike can be considered only former employees,"
he said, "and have no standing before this Board, whose first returned
decision was to that effect."
The objecting roads were:
The New York New Haven & Hartford, Central New England Ry.,
Philadelphia & Reading, Pittsburgh & West Virginia, West Side Belt,
Chicago Indianapolis & St. Louis, Delaware Lackawanna & Western,
Grand Trunk, Monongahela, Pere Marquette and the Buffalo Rochester
& Pittsburgh.
Cite Increased Costs.
The maintenance men based their claims for higher wages on increases
In the high cost of living.
Mr. Grable, in entering the hearing to-day, was armed with a strike vote,
which his organization approved as the shopmen walked off their jobs.
Of the 202 Class 1 railroads of the country. 105 were parties to the dispute before the Board to-day.
Mr. Grable characterized the.case as the most important which has come
before the Board since its creation.
"The Board must face and I think accept," he declared, "the principle
of the living wage if it is to follow out the intent of the law, and if its decisions are to be equitable and Just and meet the human needs of the railway
workers."
Expect Wage Increase.
have remained at work since July 1
"The maintenance of way employees
assurance by the original framers of the
under the expectation and actual
Transportation Act that they would be able to secure a living wage under
the provisions of the existing law."
More than 105 railroads in the United States are included
in the case. By special agreement the joint and ex-parte
submissions against the various railroads were combined into
one case for hearing and decision at the same time.
REPLY OF INTERSTATE COMMERCE COMMISSION TO
SENATE RESOLUTION REGARDING LOCOMOTIVE INSPECTION.
itThe Interstate Commerce Commission on Aug. 29.subm
ted to the Senate its reply to the latter's resolution of Aug. 7
[VoL. 115.
calling upon the Commission to report as to whether the
carriers of the United States are complying with the law in
equipping their locomotives with safe and suitable boilers,
etc. The resolution was given in these columns Aug. 19, page
837. The Commission, while stating that "It is impossible
for us to accurately report the extent of such violations,"
add that "the reports from our inspectors indicate a very
general let-down in the matter of inspection by the carriers
which gives cause for concern." Strike conditions is one of
the reasons given for the inability of the carriers to make inspections. The Commission also stated that its inspection
force had not proved sufficient during the emergency to
make a complete check-up of the exact condition of all railway motive power. The following is the Commission's report to the Senate:
Aug. 29 1922.
By the Commission:
The following report is submitted in response to Senate Resolution 327,
reading:
"Resolved, That the Interstate Commerce Commission is hereby required
and directed to report to the Senate whether or not the provisions of the Act
entitled 'An Act to promote the safety of employees and travelers upon railroads by compelling common carriers engaged in interstate commerce to equip
their locomotives with safe and suitable boilers and appurtenances thereto,'
approved Feb. 17 1911, and the amendment to said Act approved March 5
1915, is being violated; and if so to report the extent of such violations and
to report spcifically whether inspection of locomotive boilers is presently
being made in all Federal locomotive inspection districts and upon the roads
of all common carriers engaged in interstate commerce as required by said
Act."
The Locomotive Boiler Inspection Act, approved Feb. 17 1911, has as its
purpose the promotion of the safety of employees and travelers upon railroads
by compelling common carriers engaged in interstate commerce to equip their
locomotives with safe and suitable boilers and appurtenances thereto, making
it unlawful to use any locomotive propelled by steam power in moving interstate or foreign traffic, unless the boiler of such locomotive and appurtenances thereof are in proper condition and safe to operate without unnecessary
peril to life or limb. The Act provides that all boilers shall be inspected
from time to time in accordance with the provisions thereof, and be able to
withstand such test or tests as may be prescribed in the rules and regulations
provided therefor.
By Act, approved March 5 1915, the original Act has been made to apply to
and include the entire locomotive and tender and all parts and appurtenances
thereof. The provisions of the Act as amended apply to any common carrier
or carriers, their officers, agents and employees, engaged in interstate or foreign commerce.
As required by the Act, the United States was divided by us into 50 locomotive boiler-inspection districts and one inspector assigned to each of such
districts. It is required that each inspector shall make personal inspection
of locomotives under his care from time to time as may be necessary to fully
carry out the provisions of the Act and as may be consistent with his other
duties, but he shall not be required to make such inspections at stated times
or at regular intervals.
Specifically, as to the matters included within the Senate resolution:
Instances have been brought to our attention where, in our opinion, the
Act, as amended, referred to in resolution 327 recently has been violated.
It is impossible for us to accurately report the extent of such violations.
Inspection of locomotive boilers is at present being made in all Federal
locomotive boiler-inspection districts by our inspectors, but all inspection by
the carriers as contemplated in Section 5 of the Act are not being made by
and upon all common carriers engaged in interstate commerce. The reports
from our inspectors indicate a very general let-down in the matter of inspection by the carriers, which gives cause for concern. The carriers report various reasons for not making these inspections. Some of the reasons assigned
are as follows:
"No monthly inspection made of this engine since 6-12-22 account of not
having competent inspectors in the service due to the walkout of the shop
crafts.
"Unable to make inspection account insufficient help due to strike.
"Not inspected account strike.
"Inspection not made July.
"Unable to make inspections or tests account strike conditions."
There are approximately 70,000 locomotives within the general purview of
the Act. A determination as to the extent to which the Act currently is being violated would involve ascertainment of the condition of each locomotive
and information as to the use being made thereof. The condition varies even
as to the same locomotive from day to day. It is not possible for us to make
this determination.
The locomotives referred to are housed or located at 4,600 different points
and are operated on more than 265,000 miles of railroads. We are permitted
by the Act to have 50 district inspectors. During July last they made 717
separate inspections covering 4,085 locomotives and tenders on 162 railroads.
The July activity of our inspectors is typical. The Act does not contemplate
that our inspectors shall inspect all locomotives. Section 6 of the Act provides that the inspectors' "first duty shall be to see that the carriers make
inspection in accordance with the rules and regulations established and approved by the Interstate Commerce Commission and that carriers repair the
defects which such inspections disclose before the boiler or boilers or appurtenances pertaining thereto are again put into service."
The services of our inspectors are general in character, and they are given
such discretion as is designed to bring about a compliance with regulations.
by the carriers.
In pursuance of the duty of inspectors to see that requirements are complied with, and that equipment is kept in safe condition, the inspectors deal'
with the varying situations and conditions in that manner which is deemed'
likely to accomplish the best practical results. The exercise of discretion
and judgment is always involved. Obviously a locomotive may be defective
and in need of repairs and yet be in a condition in which it is safe to operate
without actual peril to life or limb. In many instances defects discovered and
brought to the attention of carrier representatives are immediately repaired
without retiring the locomotive. Under Section 6 of the Act notice is given
of the more serious defects and the locomotives are required to be repaired.
'While we are not in a position to make report regarding the condition of
all locomotives and the extent to which the requirements as to inspection
and repairs are not being complied with currently, there are indications as toconditions generally, and certain deductions and conclusions may be drawn
from the conditions disclosed by the work of our inspectors during the month
of July last. At 717 different points they made personal inspection of 4,08E.
SEPT. 2 1922.]
THE CHRONICLE
locomotives. Of these 2,456 disclosed defects of the varied character mentioned above, and more or less serious; 169 were found to be in such condition that they were not "safe to operate," and notices were served upon the
carriers under Section 6 of the Act, requiring them to be withdrawn from
service. Of the others, 992 were found to have defects less serious in character, but in need of prompt attention. In 1,295 cases defects, though not such
as to give cause for immediate concern, were such as, in accordnace with
sound practice, should have attention.
It will be noticed that it is the "use" of a locomotive not found to be in
proper condition and safe to operate, and not the condition itself, which is a
violation of the law. The withdrawal of locomotives for repairs, the restoration of locomotives to service and the use of reserve or surplus locomotives
are factors contributing uncertainty when considering the condition of locomotives in service to which the Act applies.
When considering the extent of our inspection, cognizance should be taken
of the fact that the Act limits the number of inspectors to 50 and that the
amount directly appropriated to carry out its provisions for the current fiscal
year is $290,000. This slim may be spent in monthly allotments of $24,166 86, as provided in the anti-deficiency Act of Feb. 26 1906. The amount
expended during the month of July 1922 in carrying out the requirements of
the Act was $24,025 63, or within $141 23 of the fixed monthly pro rata of
$24,166 86. Had the instructions of the Director of the Bureau of the Budget
to set up a general reserve fund of $20,000 been in effect during the month
of July we would have incurred a deficit of $1,525 63.
owlalil•••1•1.
LABOR SITUATION ON SOUTHERN RAILWAY.
On Aug. 23 it was stated in a Chattanooga dispatch that
the Southern Railway had restored all local freights, on divisions out of that city, and that officials claimed that the service thereafter would care for freight offered. The "Wall
Street Journal" also stated in its dispatch:
Delivery of five new engines to Southern from Baldwin is responsible
for renewal of trairs. Five more are to come here shortly. Shop work
Is allowing two engines each three days to get back in service. Officials
claim .worst motive power trouble has passed.
Lateness of passenger trains has been cut in two on Southern.
On Aug. 16 a temporary injunction restraining all striking
employees from interfering with the movement of interstate
commerce, United States mail, or employees of the Southern
Railroad at Spencer or Salisbury, was signed in United
States District Court at Asheville, N. C., by Judge James E.
Boyd of Greensboro and Judge E. Yates Webb of Shelby. On
the same date State trocips were requested by the Sheriff of
Rowan County, N. C., for duty at Spencer,.where disturbances had occurred at the shops of the Southern Railroad.
Announcement was made that Governor Morrison before acting upon the request would go to Spencer for a personal investigation. On that day also, Fairfax Harrison, President of
the Southern Railway, issued a statement at Washington in
which he said "that the people all over the South who pay
the freight want Justice done—no more, no less—and to that
end now demand that this strike will be fought out." Mr.
Harrison said this was the temper of the South, which territory the Southern serves, as evidenced in responses to his
statement of Aug. 14 in which he declared that "if it meant
war to operate the Southern Railway,then let it be war now
and not later." In that statement he called for aid in filling
the places of the strikers and said that those who took the.
places of the strikers would be protected. Mr. Harrison's
statement on the 16th follows:
Normal transportation will be restored by public opinion, but if it
supports the determination of the striking shopmen to disregard the
Judgments of the tribunal set up by Congress to do them justice, and
agrees that they may write their own pay checks, then there may be a
resumption of work on that basis, but freight rates must be again increased.
On the other hand, the responses received to my public statement on
Monday last show that the people all over the South, who pay the freight,
want justice done—no more, no less—and to that end now demand that
this strike be fought out.
It remains for those who feel that way about it to volunteer their active
aid in the shops and roundhouses during the crisis. The Southern will
afford an opportunity to all citizens to assert themselves, and, under protection, to give practical effect to their opinions in the present situation.
On Aug. 14 the Southern Railway, which up to that date
had made no effort to combat the shopmen's strike, announced through President Harrison that it would employ
any help available to keep trains. in operation. Mr. Harrison said that the Southern had made every effort to settle
with its men, even "to the extent of offering the terms that
they had previously agreed to accept," but without result.
The following was the statement issued by Mr. Harrison on
Aug. 14:
1053
Officials of the company supplemented Mr.' Harrison's
statement only to the extent of pointing out that conferences
between the railroad management and the strikers had been
held the previous week without result, and that the only
course left open to the company was to employ such workers
as could be obtained.
It was pointed out that the action of the Southern was generally regarded as significant in that it had theretofore made
no effort to fill the places of the shopmen who went on strike,
and that it, not being a member of the Association of Railway Executives, had not participated in the meetings
held
by that organization in New York to consider strike settlement proposals put forward by President Harding. In our
issue of July 29 (page 509) we referred to the signing of an
agreement at Chattanooga between officials of the Brotherhood of Railway Clerks and the Southern Railway which
had averted a threatened walkout of clerks on the system
and its affiliated lines and.on Aug. 5 (page 613) we noted
that an invitation to the striking shopmen of the Southern
system to confer with the management with a view to their
returning to work on the basis of President Harding's proposals, including the restoration of seniority positions, had
been made by Henry W. Miller, Vice-President in charge of
operation. The shop crafts committee of the Southern Railway System and the Mobile & Ohio Railroad, meeting with
railroad officials at Washington on Aug.8 advised those officers that they would not make any separate adjustment of
the strike with the Southern or the Mobile & Ohio, as the
strike is national and must be settled nationally.. The Associated Press dispatches from Washington, Aug. 7, in reporting this added:
Failure to reach an agre,ement. wt:s announced after a conference of
shop
craft leaders and railroad officials to-day.
The conference was asked by Vice-President Miller of the Southern
a
week ago. The railroad announced its Willingness to settle with its men
on
the basis of President Harding's first proposal, which was rejected by
the
railroad executives meeting in New York. The conference originally was
called for Saturday but was postponed on request of the union leaders.
Vice-President Miller issued the following statement:
"After delaying negotiations for a week, the Shop Crafts Committee
of
the Southern Railway System and Mobile & Ohio Railroad to
-day advised
the-officers of those companies that they will not make any
adjustment of
the strike with the Southern or the Mobile & Ohio, as the strike
is national
and must be settled nationally. In saying this they recognized
that the
Southern and the Mobile & Ohio railroads have kept the door
open in the
matter of seniority and have agreed to the other terms
which were proposed
by the President on July 31 and were subsequently accepted
by the national
representatives of the shop crafts, so that there is now no
obstacle to settlement, created or maintained by the management of
the Southern of the
Mobile & Ohio."
In his invitation to Southern employees to enter into
a separate agreement, Vice-President Miller said the Southern
had made no attempt to
break the strike. He did not indicate to
-day what tooVo the road would
make in view of the failure of the negotiations.
Declaring that the Southern Railway had "more than fulfilled"
its duty
to striking shop employees in endeavoring to get them to
return to work
under the terms of President Harding's strike settlement
offers, Fairfax
Harrison, President of the road, sent telegraphic appeals to
-day throughout the service for assistance in the endeavor to maintain "unimpaired
transportation service" notwithstanding the strike.
"Our duty is to our employees, the public and the company," the
message
said. "The duty to our striking employees we have more than
fulfilled,
and I now call upon you, whatever is your occupation, to assist
the management in performing its duty,also to the public and the company.
This
obligation calls for unimpaired transportation service and this we
will perform."
According to the Richmond "Dispatch" of Aug. 17, for the
first time since the road shopmen walked out on strike on
July 1, the Southern Railway on Aug. 16 began taking on
new men to take the places of the strikers. While it was
stated on Aug. 22 that announcement was made by Southern
Railway officials that members of the train service brotherhoods were returning to work with the withdrawal of North
Carolina guardsmen from about the company's
shops at
Spencer, N. C. Official notice of a walkout of the
"Big
Four" Brotherhood of Trainmen on the Western Division
of
the Southern Railway Co. for Danville, Ky., to St.
Louis,
had been received by officials of the company at
Louisville
the previous day.
Regarding a second strike of firemen at Princeton,
Ind., on
Aug. 21, J. F. Sheridan, Superintendent of the
Louisville-St..
Louis Division, said:
Every effort has been made so to operate our property that our men
•could honorably return to work. Every effort has been made to settle
The firemen to-day repudiated the
agreement they made with me at
with our men; we have gone to the extent of offering the terms that they Princeton. The settlement
had been made on the condition that the guards
had previously agreed to acept. We have thus held out every reasonable be zoned off and kept from
the railroad yards. The claim upon which the
Inducement, without result.
men aro basing their new strike is that the
equipment is unsafe and that
We must now turn to employing others, for the road must be run; we they refuse to work where
guards are located.
must give those we employ protection, for it may be that those we have
keeping their jobs open may now turn against
The calling off of the strike at Louisville was reported in
up to this time protected by
us, even to an attempt to prevent others from working.
a special dispatch as follows to the New York "Herald"
Call is now made upon every employee, upon every patron of this
company, and upon every citizen along its lines to rally to the support Aug. 22:
The freight embargo on the Louisville division, western district of the
of the railroad that has served you and protected your own interests in
the maintenance of transportation. With your help we can run the road, Southern Railway, was lifted late this afternoon when it was announced
pledge all the resources of the company to that end. If it means that the engineers and firemen on the division would not walk out, as
and we
they
had threatened, at 12;01 o'clock Thursday morning.
war to run the Southern Railway, then let us have it now—not later.
1051
THE CHRONICLE
This will keep traffic open to.,Louisville, Danville and Lexington and with
connections with the Southeast. Indications also point to a settlement of
the walkout of the fifty firemen at Princeton, Ind., it was said, which is
thought to mean a revocation of the walkout call for the engineers on the
[vol.. 115. '
the Commission extending its priority and preference
directions to all roads west of the Mississippi clearing the
tracks for shipment in the order named of food for human
consumption, live stock feed, live stock, perishable products
and fuel. Preference in the same sequence is given to the
return of empty cars intended to be used for the transportation of these commodities. In a notice of the change the
Commission said:
St. Louis division.
In commenting on the engineers' viewpoint an official here said: "Why,
those bOys aren't made that way"; meaning that when it comes to a showdown the engineers would not desert.
B. G. Fallis, of St. Louis, General Superintendent of the district, announced at Princeton this afternoon that no efforts will be made at present
hearing to repreto operate the shops there.
A few days ago the Commission granted an informal
No explanation was made concerning the basis of agreement on the sentatives from the Pacific Coast on their petition for preference and
primarily to take
Louisville division.
priority in the movement of empty refrigerator cars,
As to conditions at Spencer, Aug. 24, we quote the follow- care of the fruit crop from that section. This order is intended to insure
es specified and to expedite the
the prompt movement of the commoditi
ing press dispatch from Asheville, N. C.:
original territories.
movement of empty refrigerator, tank or other cars to
to transport
Commenting upon conditions at Spencer, where State troops were withWhen carriers find themselves currently unable promptly
Railway
carriers to bring to the
drawn recently from guard duty about the shops of the Southern
all freight traffic offered them, we will expect the
Governor Morrison said upon his arrival from Commission's attention for appropriate action any instances which, in their
to their camp in the vicinity,
Charlotte last night that "the protest against the presence of troops seems opinion, are of such a character as to warrant any deviation from the
to be an outrageous insult to organized government, but it will be best for general directions as to priority in movement.
all hands to wait for the full facts before making final judgment."
The Inter-State Commerce Commission's latest priority
A total of 500 troops were sent to Spencer and Salisbury, three miles
from there, last week and went into camp. Later, when placed on guard order reads:
an emergency which
about the shops, members of the brotherhoods protested and refused to
It appearing, in the opinion of the Commission, that
man trains, with the result that traffic was deranged. After conferences requires immediate action exists upon the lines of each and all the common
n from guard,
e Act, west of the
with railway and military officials the troops were withdraw
carriers by railroad subject to the Inter-State Commerc
of said common carriers
the union members promising to use their efforts in behalf of order.
Mississippi River, and because of the inability
of essential
On Aug. 24 President Harrison, of the Southern Railway, properly and completely to serve the public in the transportation
his personal check for $1,000 as a contribution to a fund commodities. and directed:
sent
It is ordered
to the extent that it is
;to relieve suffering and want upon the part of women and
1. That each such common carrier by railroads,
to transport all freight traffic offered to it for
striking,shop crafts workers of the railroad currently unable promptly over its line or lines of railway,shan give prefer'children of the
movement,or to be moved
:at Spencer and Salisbury. In a letter accompanying the ence and priority to the movement of each of the following commodities:
n said he was "acutely conscious of the Food for human consumption, feed for live stock, live stock, perishable
'check, Mr. Harriso
*plight of women and children of the men who elected to suspend their bread-winning and have nothing laid aside for the
long pull.
1NTER-ST4TE COMMERCE COMMISSION AMENDS
SERVICE ORDERS.
At a session of the Inter-State Commerce Commission,
Division 5, held at its office in Washington, on Aug. 29,
Paragraph No. 7, of Service Order No. 23, adopted July 25
1922, was further amended and supplemented to read as
follows, effective on and after Aug. 30:
ading
7. That in the supply of cars to mines upon the lines of any coal-lo
carrier, such carrier is hereby authorized and directed to place,furnish, and
ation
assign such coal mines with cars suitable for the loading and transport
of coal in succession as may be required for the following classes of purposes,
and in following order of classes, namely:
Class 1.—For such special purposes as may from time to time be specially
designated by the Commission or its agent therefor. In designating special
purposes under this reservation, the Commission or its agent will designate
the class of relative priority which such special purpose or particular shipmeut or shipments shall receive.
And subject thereto in order of priority
Class 2.—For fuel for railroads and other common carriers, and for
bunkering ships and vessels; for public utilities which directly serve the
general public under a franchise therefor, with street and interurban railplants
ways, electric power and light, gas, water, and sewer works, Ice
with ice, or supply refrigeration
which directly serve the public generally
the manufacture and production of
for human foodstuffs; hospitals; for
foodstuffs and medicines and for the manufacture of containers therefor:
or municipal governments, and for
for the United States, State, county,
other public institutions—all to the end that
their hospitals, schools, and
supplied with coal for current use for such
the foregoing may be kept
or sale; for bituminous coal conpurposes, but not for storage, exchange,
pools of lake cargo or bunkerage coal at any port upon
signed to a pool or
-shipment by water to ports above Lake Erie; bituminous
Lako Erie for trans
for household use and for the heating of buildings.
or anthracite coal, or coke
paragraph to give any priority as between the
It is not intended by this
mentioned herein.
classes of persons and uses
products and fuel.
railroad is unable under
2. That to the extent any such common carrier by
cars to its connecthe existing interchange and car service rules to return
in the movement,
tions promptly it shall give preference and priority
intended to be used for the
exchange, interchange and return of empty cars
d in paragraph
transportation of the commodities specially designate
No. 1 hereof.
common carriers by
3. That all rules, regulations and practices of said
in said Act are
railroad with respect to car service as that term is defined
hereby made.
hereby suspended so far as they conflict with the directions
1 1922 and shall
4. That this order snail be effective from and after Sept.
on.
remain in force until the further order of the Commissi
the carriers bereinbefore deThat copies of this order be served upon
the general public by
scribed, and that notice of this order be given to
of tho Commission at
deposing a copy hhreof in the office of the Secretary
Washington, D. C.
FEDERAL FUEL DISTRIBUTER ABANDONS POLICY
S
OF DIRECTING COAL SHIPMENTS TO STATE
AND CONTROL OF PRICES.
Pending the passage of emergency legislation by Congress,
Aug. 28
Federal Fuel Distributer Spencer announced on
nuance of Federal control of prices and of disdisconti
ting
tribution of fuel by voluntary organizations co-opera
to
with the Central Committee at Washington. Except
.
Lake sections, Mr. Spencer said, no more coal
the Upper
would be directed to different States under emergency
priority orders of Class 1 unless a situation arose which
warranted such forced measures. A new plan for the fuel
relief of the Northwest is in process of formation by the
Inter-State Commerce Commission and the Federal Fuel
Distribution Committee. Mr. Spencer's announcement on
Aug. 28 read as follows:
Class 3.—Other purposes.
1 or 2 shall he subject to reconsignment or
No coal embraced in Classes
ose in the same class or a superim class in
diversion except for semepurP
prescribed.
the order of priority herein
effectual administration during the present
For the more prompt and
ions, directions and requirements of this paraemergency of the authorizat
persons are designated and appointed as agents
graph No. 7, the following
authority to give directions as to car service and
of the Commission, with
to in paragraphs (15) and (16) of section 1 of the
to the matters referred
and referred to in this paragraph No. 7, viz.:
State Commerce Act,
Interand E. H. DeGroot, Assistant Director; Frank C.
John C. Roth, Director,
the Bureau of Service of the Commission, and
Smith, Chief Inspector of
Robertson, C. C.Semple, W. L. Barry, 0. S. ReynS. J. Mayhood, B. S.
Ford, John T. Marchand, J. A. Emmart, W. L.
olds, H. M. Priest, J. B.
Delbert Garman, F. F. Engles, L. I'. Green, T. L.
Lloyd, A. R. Layman,
D. Thomas, W. S. Rice, W. D. Anderson, W.B.
Stevens, C. J. Bailey, C. Stewart, John E. Barr, Wm. J. Kiniry, T. J.
F.
Moore, J. Patterson, J.
and the directions so given by them shall be regarded
Davis, T. F. Sullivan,
Commission.
directions of the
as
That copies of this order be served upon the
And it is further ordered, Order No. 23 was served, and that notice
Service
carriers upon whom
general public by depositing a copy of this order in
hereof be given to the
the Commission at Washington, D. C.
of the Secretary of
the office
Division 5:
By dile Commission,
rti [Seal] GEORGE B. McGINTY, Secretary.
RCE COMMISSION EXTENDS
INTER-STATE COMME
ORDERS TO LINES WEST OF
PRIORITY
MISSISSIPPI RIVER.
transportation system of the
The entire inter-State
Commission
now under Inter-State Commerce
country is
order having been issued on Aug. 31 by
priority orders, an
Because of the general resumption of bituminous mining, no more coal
States—
will be directed by the Federal Fuel Distributer to the different
No. 1
except the Upper Lakes—under emergency orders under Class
All
unless the situation should again warrant such forced measures.
Inter-State
the
coal will be permitted to move as far as practicable under
the Federal Fuel
Commerce Commission classified priorities. Thus
to move to
Distributer will issue no more No. 1 priority orders,for coal
a plan for lake
State organizations except possibly in connection with
shipments.
thorugh the Federal
Coal shippers holding priority No. 1 orders placed
shipments on such
fuel distribution agencies are expected to complete
and the consignee.
orders unless by mutual agreement between shippers
No. 1 for railroads
The issuance of emergency priority orders of Class
Commerce Commission
will continue until such time as the Inter-State
requirements.
has provided other plans for caring for the railroad
that bank guarantees
The district committes have been instructed
should be guarded
forwarded to them for the protection of coal operators
for their coal. The
carefully until all shippers have secured payment
that have signed them.
guarantees should then be returned to the banks
Inter-State Commerce ComA now plan is being worked out under the
e lake movement up to the
mission to secure an assurance of reasonabl
capacity of lake transport.
operators expires
The agreement as to price restraint with the non-union
bituminous mines. The various
to-day with the resumption of the union
as of Sept. 2. About
district and general committees will cease to function
have hold to this agreement, and it is
70% of the non-union operators
been saved a very large sum.
felt that the public has
s,
Pending the action of Congress and the State authoritie the only
by Governors or
restraint upon price is the schedule of fair prices declared
to which it is earnestly hoped
the States,
State coal commissioners in some of
Those prices are about $1 50 per ton
the operators and dealers will confcrm.
the Kentucky, Tennessee, West Virginia and Virginia fields,
maximum in
for thin veins. Standards have
$3 75 for Pennsylvania thick vein and $4 75
not yet been set in other States.
The legislation before Congress can only control the price of coal moving over State lines, that is in inter-State commerce. The price of coal
produced and consumed in a State, together with the charges which wholesalers and retailers with the State may make,the latter including even inter-
SEPT. 2 1922.]
THE CHRONICLE
1055
State coal, should be controlled by the State authorities. Therefore, there in New York following the meeting. He said he wished
can be no real control of profiteering unless the State authorities act.
to explain, first of all, that the 52 railroads referred to,
The Fuel Distribution Committee desires to impress upon coal operators the necessity of giving due notice to consignees as to the shipment of which continued the negotiations, had agreed fully with
coal under authorizations issued by the central committee. A number the other lines in rejecting the proposition which had been
of instances where due notice of shinhnent has not been given to consignee submitted to the larger meeting of the Association of Railhave been brought to the attention of the Fuel Distributer.
Owing to the rapidity with which operations arc being resumed in various way Executives, because, while in different language, the
bituminous fields, the 'United States Geological Survey estimates the pres- proposition was the same as that which had previously
ent week's coal production at 8,000,000 tons. Revised estimates for last been presented
requesting the reinstatement of the men
week are for a production of 6,400,000 tons. Coal was being produced
on strike with seniority and other rights unimpaired. Mr.
Friday, August 25, at the rate of 7,400,000 tons weekly.
Howard Adams, Vice-President of the S. M. Hamilton Coal Co., Balti- Willard continued:
more, Maryland, operating in the Fairmont, West Virginia, district, has
A considerable number of executives, however, while unwilling to accept
been named as a member of the Coal Advisory Committee, assisting the the proposition that
had been presented, were hopeful, nevertheless, that
Federal Fuel Distributer.
some other proposition could be developed which would lead to a settler
W. J. Fene, mining engineer of the United States Bureau of Mines, meat and which
they could in good conscience accept. This resulted in
Pittsburgh, Pa., has been designated as the Federal Representative on the the smaller
committee being formed and further conferences with the
Fairmont, West Virginia, District Coal Committee in place of J. W.Paul, mediators.
also of the Bureau of Mines, who was unable to accept the position on acAs a result of the renewed conferences which continued the greater
count of the pressure of investigative duties.
part of two nights and a day, the minority group of railroads, so called,
Following the promulgation by the Inter-State Commerce agreed to take back into the service all of the shop waft employees who
had not
of proven acts of
and
them in
Commission of Amendment No.4 to Service Order No.23,re- positions been guilty they originally held violence,30 at to assign terminal
of the class
on June
the same
arranging the whole system of priority classifications, the point where they were then employed, and at the rate of wages fixed
following letter was addressed to the Governors' Fuel com- by the Labor Board. It was pointed out, however, that owing to the
large number of new men employed who would continue in service, some
mittees in the various States:
time would be required to bring about this arrangement in an orderly
August 29 1922.
manner. The railway presidents agreed that they would either carry
The voluntary organization of coal operators to secure coal in the dis- out, in its entirety the proposition stated above by the first of October,
tricts which have been producing coal since April 1 last at prices not in or on that date they would put on pay such men as had not then been
excess of the established fair prices, expired with the general resumption assigned to regular work.
of mining in the other coal fields. Therefore, the Federal Fuel Distributer
The minority group of which I am now speaking also agreed to let the
must discontinue allocating orders from the State authorities for coal to men who had been on strike retain all of their pension, pass and other
mines in those producing fields. State orders which have been accepted privileges of that character which had been gained by their term of service
by mines operators will be filled unless canceled by mutual agreement with the company. In other words, the railroad companies did not seek
between coal shipper and consignee. Orders with supporting papers which to avail themselves of the situation to curtail privileges of any character
have not been placed will be returned to the State fuel authorities. Inter- gained by years of service.
State Commerce Commission Service Order No. 23 has been modified as to
Having in mind the normal requirements of the carriers for men of the
classification. Copy of the revised order is enclosed herewith.
shop crafts at this season of the year, together with increased requirements
The increased production of bituminous coal should take care of the resulting from a reduced working force for nearly two months, these
urgent requirements of the various States. The Lake coal program will be companies were willing to pledge themselves to find employment for all
handled in accordance with the priorities of the Inter-State Commerce of the striking
employees not guilty of proven acts of violence, believing
Commission, under a co-operative plan with the Ore and Coal Exchange, that the requirements of the situation would afford ample work for all
Cleveland, Ohio, and the committee representing the Governors of the for many
months to come. It should be clearly understood, however,
upper Lakes States.
that at no time did any of the railroad presidents agree, nor would they
Priority No. 1 will not be used except in cases of great emergency when agree, to
make any settlement that would in any sense adversely affect
coal cannot be obtained under lower Inter-State Commerce Commission
the rights or the privileges of the old men who did not go on strike, or
priority classification. It is contemplated in Service Order 23, as amended,
the new men who had been hired since the strike began.
that the State fuel authorities can continue to use form No. 52 for certificaIt was further proposed that a committee of ten should be appointed,
tion as to the use for which the coal is intended.
made up of the five brotherhood chiefs who were acting as mediators, and
H. B. SPENCER, Federal Fuel Distributer.
the five railroad presidents who were meeting with them, and that this
committee should have power to hear and make final determination concerning any matters of misunderstanding growing out of the strike and
DANIEL WILLARD OF B. dc 0. ON EXECUTIVES which might arise up to but not beyond the date of May 1 1923. It was
believed by the railroad executives that few matters would be referred to
STAND IN SHOPMEN'S STRIKE.
this committee providing both parties to the controversy were willing to
Daniel Willard, President of the Baltimore & Ohio RR., approach the subject in a spirit of genuine conciliation, and this the railroad
in a statement issued on Aug. 28 regarding the conferences executives pledged themselves to do.
A memorandum setting forth the above
held in New York last week between the railroad brother- fifty-two railroad executives of the minorityterms was submitted to the
group and they accepted it.
hood heads and the railroad executives, declared that "the It was also submitted by the mediators to Mr.Jewell and his associates and
they rejected it. It should be evident to any one that the railroad execurailway managers felt that the seniority rights which had tives in
accepting the proposed basis of
in effect granted
been gained by the employees who remained in the service the substance of all that the striking shopadjustment had as it would have
crafts asked for,
under well-established rules were as much a part of their put all the men to work at once at the same class of work as of June 30th,
compensation as the money which they had received in and at the same terminals, with all pass, pension and other similar privileges
unimpaired. The leaders were unwilling to have the men return to work
wages, and they were not willing, under any circumstances, even on such conditions unless the companies would agree that on the very
nor did they feel thay had a right, morally or legally, to day of their return they would be put back on the roster as of June 30th and
ahead, where necessary,
take from the men who had remained at work any part goThe railway managers feltof men who had remained in the service.
that the seniority rights which had been gained
of their compensation." "Short of that one thing," said by the employees who remained in the service under well-established rules
Mr. Willard, "they were willing to grant every other con- were as much a part of their compensation as tke money which they had
not willing, under
circumstances, nor
cession which the men requested." Mr. Willard, when received in wages, and they weremorally or legally, anytake from the men
did they feel they had a right,
to
asked what further steps would be made looking to a settle- who had remained at work any part of their compensation, whether reprement of the strike, stated that he knew of no further steps sented in money earned or privileges acquired. I think it must be admitted
that the railroad executives of the minority group in their efforts to reach
to be taken and that he personally could not say what an agreement made every reasonable concession possible in order to accomfurther could or would be done. • That no more effective plish that fault. They were not willing, however, to look upon their
promise to the men already in the service, whether
promise was verbal
or earnest mediators could be found than the chiefs of the or in writing, as a scrap of paper to be thrown asidethe will.
at
Short of that
five engine and trainmen's brotherhoods had proved to be one thing, they were willing to grant every other concession which the men
believed that the railroad executives of the minority requested. It must be apparent, therefore, that no compromise settlement
and he
of the situation is
group in their efforts to reach an agreement had made an the policy that a possible unless the railroad executives are willing to accept
promise or contract is something to be broken and not
absolutely equitable proposal and had made every con- something to be kept.
The railroads must keep their obligations to the men who are in their
cession possible under the circumstances without result,
employ, and there is clearly now
namely,
and it would seem there remained nothing to do but proceed build up their force as rapidly but one course left, possible,to continue to
and this the
and effectively as
up forces from those who were desirous of per- Baltimore & Ohio is proceeding to do.
to build
forming service. That on the Baltimore & Ohio RR.
there was at work more than 60% of a normal force, that
more than 1,600 men were employed at the Mr. Clare
shops, where something over 50% of normal heavy repairs
were turned out during the month of August. That, of
course, the situation was not satisfactory and now that
efforts at conciliation have failed the company was naturally
redoubling its efforts to recruit forces and resume normal
operations. Mr. Willard was asked for a more detailed
statement concerning the conference last week in New
York between the chiefs of the five engine and trainmen's
brotherhoods acting as mediators and the group of 52
railroads for which it was understood he acted as chairman
and spokesman. He said he was glad to discuss the matter
because it seemed to him that in some instances the public
had failed to properly interpret the statements given out
SENIORITY STATUS OF FORMER SHOPCRAFTS MEN
ON BUFFALO cfc SUSQUEHANNA UNAFFECTED..
In a letter addressed on Aug. 24 to former shopertlfts
employees of the Buffalo & Susquehanna RR., E. R. Darlow, President of that road, states that inasmuch as the
management did not undertake to employ new men, the
question of the seniority status of those who left the service
is not affected, and hence the former employees have the
opportunity of returning to their old places. The letter,
dated Buffalo, Aug. 28, is made putlic in part as follows by
the Association of Railway Executives:
About four-fifths of the traffic of the Buffalo & Susquehanna Railroad
being coal and coke, and there having been practically no such traffic since
April 1, as a consequence of light earnings it had been necessary to reduce
the force prior to July 1, and when the shop crafts' strike came, it anticipated a further reduction of the forces for the same reason. Because of the
1056
THE CHRONICLE
absence of this traffic, and having in mind the fact that a majority of our
employees are permanent residents of Galeton, many of them owning
their own homes, the management did not take any steps to employ new
men; and as all of the old men left the service, the question of the seniority
status of such men as may come back into the service is not affected by the
status of men who remained in the service or were employed subsequent
to the strike; so that the former employees are now out of service because
of a failure to settle a dispute on other railroads which has no application
to this railroad.
A meeting held in New York this week failed to settle the seniority dispute,
but it was suggested that settlements might be made by individual roads
with their men, and as the seniority question unsettled on other roads does
not affect us, you are given an invitation to return to the service on the
basis of the United States Labor Board's present rules and rates of pay.
This opportunity is given in advance of any action which otherwise must be
taken by the management to fill the places formerly occupied by you.
DENIAL BY TV. W. ATTERBURY OF STATEMENTS
CREDITED TO B. M. JEWELL REGARDING STRIKE
SITUATION OF PENNSYLVANIA RAILROAD.
On Aug. 18 W. W. Atterbury, President of the Pennsylvania Railroad, In denying certain statements attributed to B.
M. Jewell, of the Railway Employees' Department
of the American Federation of Labor, regarding the strike
situation on the Pennsylvania Railroad, said:
These statements so glaringly distort facts, that it is difficult to see in
them any motives other than that of deliberately misleading the public.
Mr. Jewell is quoted as saying, among other things, that on Aug. 15,
excluding our Altoona Works, there were 28,366 employees of the Pennsylvania system claimed as members of unions who were out on strike;
that at our Altoona Works, 4,200 out of 9,000 men were out, and that
the strike is 70% effective on the Pennsylvania system as a whole, as far
as union men are concerned.
There is only one true measure of the effectiveness of this strike, and
that is the number of men who actually work and the amount of work
they do.
On our railroad the strike was at its height on July 5. On that day
38,285 shopmen reported for work and 22,626 were reported absent from
all causes. Many were away by reason of sickness or for other ordinary
personal causes. We know that a normal week-day working shop force,
with all the customary absences, is 55,000. On July 5, therefore, the
Pennsylvania system had its normal working shop force reduced by only
30%. That is the worst situation we have had to face at any time since
the strike started.
Since July 5. conditions have improved day by day and week by week,
until at the present time, as shown by to-day's complete reports, we have
on duty and actually working 49,053 shopmen. That is more than 89%
of a full normal working force.
At the Altoona Works a normal week-day working force is 10,400. On
Aug. 15, when Mr. Jewell says 4,200 men belonging to his union were on
strike there, the number of men actually reporting for work was 10,138.
At no time since the strike began has the number of men out of the service
at the Altoona Works by reason of strike conditions, exceeded 506, and this
includes a considerable number who, without having actually struck, were
dismissed for cause.
The July output of the Altoona Works was well up to average, and
August bids fair to equal the best records of the past.
At no time since the beginning of the strike has our car or engine supply
been inadequate to the needs of the service, and there have always been
large reserves in the background. Recently we have been running decidedly
ahead on repairs. Last week 215 more cars were repaired than were
sent to the shops,the number shopped being 16,302 and the number repaired
16,517. The current week will show further improvement.
In the last six weeks, covering practically the entire strike period, we have
handled 856,981 loaded freight cars on the Pennsylvania system. This was
18% more than we handled in the corresponding period of 1921, and within
5% of the movement during the corresponding six weeks of 1920, when the
heaviest freight traffic in the history, of American railroading was under
way. Last week alone we handled 148,970 loaded freight cars, a gain of
19% as compared with 1921, and only 5% below 1920. Were it not for
the coal situation, we would in all likelihood be breaking the 1920 record.
The strike may be 70% effective as to Mr. Jewell's union, but it is not
effective at all from the viewpoint of service actually rendered, as far as
either the management or the patrons of the Pennsylvania system are
concerned. We have gone through the entire strike without missing a
run, or canceling a schedule, either passenger or freight.
[VoL. 115.
He asserted that this decision tended to perpetuate the lack of confidence
which, he said, had been engendered by other decisions. The Labor Board
In making the decision, he charged, either proved itself incompetent or
definitely committed to the "financial powers."
"Either a living wage is just and reasonable or it is unjust and unreasonable," Mr. Jewell's statement said. "The Board cannot postpone or sidestep the issue and retain the respect of the employees. Our conclusion is
that the Board either does not understand the wage problem with which it is
called upon to deal, or that it expects to pull the wool over the workers'
eyes while the financial interests in control ofthe industry fleece the people."
The Board recently destroyed the faith of about a million railroad workers, the statement said, when it established a 23-cent minimum hourly
wage scale for trackmen and an average of 32.7 cents. "Neither wage,"
the statement said, "will come within reaching distance of a subsistence
standard.
"By such decisions," the statement continued,"the Board announced its
belief that in the interest of railroad profits it is just and reasonable to condemn hundreds of thousands of railroad employees to barren, box-car life,
without possibility of looking forward to family or home."
"Why should these employees be required or expected to waste the time
and money consumed in rehearings without some evidnece that the Board
has mended its ways?" Mr. Jewell asked.
"We can only say," the statement concluded,'that the announcement by
the Board of the living wage issue does not tend to restore confidence of
the employees in its impartiality. . . . Will the public continue to support this offensive against the rights and standards of the employees when
it understands that such warfare is contrary to its interests?"
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
The New York Stock Exchange will not this year observe
the usual custom of closing to-day (Saturday) in addition to
Monday next, Labor Day, the Governing Committee on Aug.
23 having declared against to-day's holiday, its decision
having been announced as follows:
At a meeting of the Governing Committee held this day, the request
of the members of the Exchange that the Exchange be closed on Saturday,
Sept. 2 1922, was not granted.
While the Stock Exchange will only observe the usual
Labor Day holiday, the New York Cotton Exchange and the
New Orleans Cotton Exchange will close both to-day and
Monday.
•
The Governing Committee of the New York Stock Exchange adopted on Aug. 23 the following resolution expressing the sense of their loss in the death on Aug. 16 of George
W. Ely, formerly Secretary of the Exchange:
Whereas. The late George W. Ely was for a period of over half a century
Intimately connected with the New York Stock Exchange, and
Whereas, During those many years, both as a member of the Exchange
and as one of its officers, his long and varied experience and his untiring
energy were of inestimable value to the institution;
Therefore. Be It Resolved, That the Governing Committee ,to hereby
record their sense of the great loss that has befallen the members of the
Exchange in the passing of one who both in adversity and in prosperity
has for fifty years been their loyal and steadfast friend.
•----
A resolution extending congratulations to John A. Stweart
on the one hundredth aniversary of his birth was adopted by
the Governing Committee of the New York Stock Exchange
on Aug. 23. Mr. Stewart, who is Chairman of the board of
the United States Trust Company of this city, celebrated his
hundredth birthday on Aug. 26. Mr. Stewart is the only survivor of the original board of trustees of the trust
company, which included among its members Peter
Cooper, John Jacob Astor, Joseph Lawrence, John
J. Phelps, John. J. Cisco, William E. Dodge, Royal
Phelps and William H. Macy. Mr. Stewart became Secretary of the company with its organization in 1853 and in 1865
succeeded Joseph Lawrence as President,retaining that office
until 1902, when Lyman J. Gage became President and Mr.
PENNSYLVANIA RAILROAD'S STANDARDS OF EFFI- Stewart was chosen Chairman of the Board. Three years
CIENCY IN TRAIN OPERATION UNIMPAIRED.
later Mr. Gage was succeeded by Edward W. Sheldon, presOn Aug. 26 the Pennsylvania System issued the following ent head of the company. The New York "Times" of Aug.
statement:
20 said:
The record of efficiency tests, conducted during the month of July in
the Eastern Region of the Pennsylvania Railroad System, compilation of
which has just been completed, brings out forcibly the fact that the Pennsylvania Railroad's standards of efficiency in train operation have not been
impaired, in the slightest degree, by the shopmen's strike. The results of
the check show a perfect performance in more than 99.9% of the cases.
A total of 33,807 tests. were made, and but 38 failures were recorded.
Eight divisions had absolutely perfect scores. They were the Philadelphia,
Cumberland Valley, Cresson, Trenton, Baltimore, Norfolk, Elmira and
Schuylkill Divisions.
The Pennsylvania Railroad's efficiency tests are oonducted under the
strictest rules, and cover practically every detail of railroad operation on
the expeditious movement
which the safety and comfort of passengers, or
of trains, depend. They also include observations of the response by
to emergency situations not
engine and train crews, and other employees
the railroad.
anticipated in the ordinary operation of
The name of John A. Stewart first became widely known during President Cleveland's second administration, when the Wall Street financier
organized a syndicate which helped to replenish the Government's supply
of gold, by taking $50,000.000 in new bonds. He has continued to be one
of the foremost financiers of the country, and in 1910, while Chairman
of the Board of Trustees of Princeton University, he served a term as
President pro tern of the university during the period between the resignation of Woodrow Wilson and the election of President Hibben.
The following is the resolution adopted last week by the
Governing Committee of the Stock Exchange:
Whereas. On the 26th day of this month of August 1922, Mr. John H.
Stewart will attain the age of one hundred years; and
Whereas, In the extended period of time that his longevity has placed
at his disposal he has set an unfailing example of the highest type of publicspirited citizenship; and
Whereas. We, whose interests are rooted in the financial district of the
great metropolis of New York have benefited by the high standard which
he has established in all his activities as a leader in financial affairs; therefore
Be It Resolved. That the Governing Committee of the New York Stock
Exchange do hereby extend to Mr. John A. Stewart their heartiest congratulations on his hundredth birthday, and tender him the assurances of
their most sincere respect and admiration.
B. M. JEWELL ON "LIVING WAGE" DECISION OF
RAILROAD LABOR BOARD.
According to B. M. Jewell, head of the shop crafts organization, the decision of the Railroad Labor Board on the
principle of a "living wage"for maintenance of way employees
The Chemical National Bank of New York anounces the
fully justifies the shopmen's strike. The press dispatches
of Ernest J. Waterman as Trust Officer, sucfrom Chicago on Aug.30 reported him to the following effect: appointment
SEPT. 2 1922.]
TH 11
CHRONICLE
ceeding Edwin Gibbs, who resigns to become associated with
Lehman Brothers. Stephen L. Jenkinson has been named
Assistant Trust Officer. Mr. Waterman was formerly Assistant Trust Officer of the Chemical Bank, and served as
Trust Officer of the Citizens' National Bank before the latter's consolidation wtih the Chemical.
The Guaranty Trust Company of New York anounces that
it has transferred the business of its Constantinople branch
to the Ionian Bank, Ltd., of London, to take effect Oct. 1
1922. It is stated that this action is taken on account of the
lack of development of important American business in the
Near East.
William A. Nash, Chairman of the Board of Directors of
the Corn Exchange Bank, and prominent in the workings of
the New York Clearing House Association, died suddenly in
this city on Wednesday last, Aug. 30. His death, due to
apoplexy, occurred shortly after his return from Saranac
Lake,„where he had spent a brief vacation. Mr. Nash was
an important factor in financial affairs for more than 50
years; his activities far from being confined to the upbuilding of the Corn Exchange Bank with which he had for so
many years been identified, were freely spent in the betterment of banking conditions generally. In the righting of
conditions in panic periods, notably in the nineties ad later
in 1907, Mr. Nash was one of the moving spirits, and his
name is inseparably linked with the undertakings of the
Clearing House. Mr. Nash was 82 years of age. He was
born in Hudson, N. Y., in 1840. He came to New York at the
age of 15, and began his career as clerk in the Corn Exchange
Bank in 1855, leaving to go wiht the Oriental Bank in 1860,
but returning after three years to the Corn Exchange Bank
as Receiving Teller. In 1864 he became Paying Teller, in
1872 Cashier and 1883 President of the Corn Exchange Bank.
He retired as President in 1911, becoming at that time Chairman of the Board, in which capacity he served until his
death. Mr. Nash had been conected with the Clearing House,
first as Secretary, then as President, and later as Chairman
of the Clearing Committee and member of the Loan Committee. At the time of his death Mr. Nash was President of the
Clearing House Building Company and the Corn Exchange
Safe Deposit Company, and Second Vice-President and a
Trustee of the Bowery Eavings Bank and Vice-President of
the New York Chamber of Commerce. He was also a director in the Pittsburgh Steel Company, Home Life Insurance
Company, Lloyds Plate Glass Company, the International
Elevating Company and the Queen Insurance Company of
America. He was a trustee of the American Surety Company, the New York Produce Exchange Safe Deposit and
Storage Company and the Title Guaranty and Trust Company.
The Atlas Bank of 39 Cooper Square, this city, has opened
a branch at 158 Rivington St. to be known as the Clinton
Branch, with H. J. Frankel in charge. The Atlas Bank
began business on Aug. 7, as was reported in these columns
Aug. 12, p. 727.
George C. Bueli and W. Dewey Crittenden have been
elected to the board of directors of the Genesee Valley
Trust Co. of Rochester, N. Y. Mr. Crittenden is VicePresident and Treasurer of F. & C. Crittenden Co. Mr.
Buell's grandfather was a founder and for many years a
director of the Traders' National Bank, and his father was
a founder and director of the Genesee Valley Trust Co.
Mr. Buell is head of George C. Buell & Co. and an officer
in the Rochester Terminal Co. Change in controlling
interest in the Genesee Valley Trust Co. was noted ,in our
issue of Aug. 12, page 727.
The Hartford-Connecticut Trust Co. of Hartford, Conn.,
announces that it will open for business in its new banking
house corner of Main St. and Central Row on Tuesday
next, Sept. 5. Meigs H. Whaples is Chairman of the
board of the institution and Frank C.Sumner is President.
The acquisition by the Fourth-Atlantic National Bank
of Boston of the assets and good-will of the People's National Bank of Boston was reported in the Boston "Transcript" of Aug. 31, which stated that the consolidation
would take effect at the close of business that day, the
People's opening as an additional office of •the Fourth
Atlantic on Sept. 1. The "Transcript" also stated:
1057
Special interest attaches to this merger because it is the first one in
Greater Boston where one national bank has taken over another and converted it into a branch. Until recently national banks have not been
permitted to have branch banks in this country, although they could establish branches abroad, but a new ruling by the Comptroller of the Currency
permits the taking over of an setablished banking business as an "additional office."
President Foster Retires.
Albert J. Foster, the President of the People's, from his own earnest
desire, will relinquish official responsibility. He will, nevertheless, retain
his office at the bank and his interest in its affairs.
George H. Corey, Vice-President and a banker of long experience, will
become a Vice-President of the Fourth-Atlantic and will be the executive
in charge of the Roxbury office. Others of the People's staff will continue
in service at the branch.
Pays $225 a Share for the Stock.
By the terms of the transaction the stockholders of the People's National
Bank will receive $225 a share for their holdings.
The history of the Fourth-Atlantic National Bank shows steady and consistent growth as a purely commercial institution, independent in its management and ownership of any other financial institution. This consolidation indicates the purpose of the officers and directors still further to
extend the scope of its influence. 'I he immediate and one of the important
results of the merger is to carry the strength of the larger bank to an outlying district.
The stockholders of the People's will meet on Oct. 2 to
formally ratify the consolidation.
John B. Shober became an Assistant Trust Officer of the
Interstate Trust & Banking Co. of New Orleans on Aug.
24, according to an announcement made following the
meeting of the Board of Directors held on that date. He
had previously been manager of the Service Department
of the same institution. "The increase in the growth of
our present trust business," said Henry M. Young, Trust
Officer of the Interstate Trust & Banking Co., "has proceeded to such a degree as to warrant the appointment of
another officer to look after its needs. People are looking,
more and more, to the banks for service as executor and
trustee." Mr.Shober went to New Orleans in 1919 following
his retirement from the Air Service of the Army to accept
a position with the Mississippi Warrior Service. For a
time he represented that concern in Chicago. He then
joined the Interstate Bank in their new business department.
Ed Hall has resigned as State Commissioner of Insurance
and Banking of Texas to become active Vice-President and
director of the Dallas County State Bank, of Dallas. Mr.
Hall's resignation as State Commissioner became effective
Sept. 1 and he begins his duties immediately.
The First National Bank of Richmond, Cal., together with
its affiliated institution, the Richmond Savings Bank, have
been merged in the Mercantile Trust Co. of San Francisco,
the two Richmond institutions now being operated as a
single branch of the Mercantile Trust Co. in conjunction
with its East Bay banking system, which includes four banking offices in Berkeley. Charles J. Crary,formerly President
of the Richmond banks, has been made a Vice-President of
the Mercantile Trust Co.in charge of the Richmond business.
The other officers and employees of the absorbed institutions
have been retained by the Mercantile Trust Co. and the
former directors of the two banks have been formed into an
advisory board for the Richmond office.
Supplementing the reference made by us last week (page
958) to the association of Ernest Meyer with the Landmans
Bank of Copenhagen,the following comes to us from Roger
Nielsen, Special Attache of the Royal Danish Legation at
Washington:
A cablegram from Denmark announces that M. Harhoff, after fifty years
of service, has desired to retire as Vice-President of the Landmans Bank of
Copenhagen. In his place, M. Ernest Meyer, President of the Merchants'
Guild of Copenhagen, has been elected Vice-President of the Landmans
Bank by the board of directors. Former Minister of Agriculture M.
Chr. Sonne, member of the board of directors, will, on the retirement of
M. Harhoff, superintend the mortgage department of the Landmans
Bank.
The directors of Lloyds Bank, Limited, London, Eng.,
announce that Mr. J. W.Beaumont Pease, formerly Deputy
Chairman, has been elected Chairman of the bank in place
of the late Sir Richard Vassar-Smith, Bt., and that Sir
Austin E. Harris, K.B.E., has been elected Deputy Chairman
A New York Stock Exchange membership was reported
posted for transfer this week, the consideration being stated
as $90,000. This compares with $96,000 the last preceding
transaction.
Two New York Curb Market Association memberships
were reported sold this week, the consideration being stated
as $8,000 in each case.
[Vol,. 115.
THE CHRONICLE
1058
Distribution of the above three crops has been as follows:
COTTON MOVEMENT AND CROP OF 1921-22.
1921-22.
Bales.
2,366,297
Takings for Consumption-
1920-21.
Bales.
2,012,531
1919-20.
Bales.
3,059,571
North
Our statement of the cotton crop of the United States South
4,018,323 3,168,105 3,724,222
for the year ended July 31 1922 will be found below. It will
6,384,620 5,180,636 6,783,793
Total takings for consumption
Exports
be seen that the total commercial crop reaches 11,494,720 Total, except by Canada by rail
6,136,042 5,652,600 6,393,034
153,725
217,604
201,727
To Canada by rail
bales, while the exports are 6,337,769 bales and the spin6,337,769 5,806,325 6,610,638
Total exports
a stock on hand Burnt during year
1,073
4,938
70,000
ners' takings are 6,384,620 bales, leaving
at the ports at the close of the year of 439,849 bales. The
12,792,389 10,991.899 13,395,504
Total distributed
Add-Stock increase or decrease, minus
a363,281 b1,177,952
whole movement for the twelve months is given in the followb1,297,669
or plus cotton imported
ing pages, with such suggestions and explanations as the
11,494,720 11,355,180 12,217,552
Totalcrop
peculiar features of the year appear to require. The first
a Additions. b Deductions.
table indicates the stock at each port July 31 1922 and 1921,
In the above are given the takings for consumption. The
the receipts at the ports for each of the past two years and actual consumption for two years has been:
-21
1920 -1921 22
the export movement for the past year (1921-22) in detail,
Bales.
Bales.
877,930
765,426
and the totals for 1920-21 and 1919-20.
Northern mills',stocks Aug. 1...._
6.384,620
Takings_ a
Receipts Yr. End'g. Exports Year Ending July 31 1922.
Ports of July 31
1922.
July 31
1921.
Great
Britain. France. Other.
Total.
Stocks.
July 31 July 31
1921.
1922.
Texas _ _ ,0 5, 903,732,018 782,511,507,584 1,688,8792,978,974 64,736
Louls'na 1,277,802 1,504,751 404,5211140,944 774,551 1,320,016 76,166
Georgia_ 791,778 740,345 233,693; 78,0801 410,005 721,778 47,002
Alabama 166,317 111,690 63,080 6,9871 52,552 122,619 2,901
1,6701
3,998 1,433
2,328
5,785
8,105
Florida _
8,123
2,589
9,993
5,534
8,123
Missippi
I
94,269 64,440 5,620 105,9611 176,021 53,171
So. Car_ 153,862
13,000 8,500 87,875, 109,375 12,374
No.Car. 180,595 162,598
Virginia 280,085 241,414 127,929 5,550 104,548 238,027 34,000
New Y'k a28,207 a37,027 35,323 15,275 152,1781 202,776 125,833
371
5,365
16,704 10,985
10,968
Boston _ a50,060 a39,779
7,759 1,092
150
3,959
3,650
Bahlm'e a61,443 a51,982
4,279 4,258
2,628
Philad la a29,800 a16,767
800
851
368
61,298 61,298
San Fran
22,902 61,186 3,530
36,402 1,882
LosAngb
65,627 65,627
Seattle
25,332
25,332
Tacoma.
1,150
1,150
Port,Ore
Detroit,
d201,727 d201,727
drc
257,932
430,311
132,973
12,987
1,634
202,414
28,226
91,054
159,023
20,854
500
6,653
4,452
16,377
9,663
Total_ 6,121,4676,748,418 1,778,885 771,7943,776,0906,326,769437,849 1,372,053
For,cot.
c11,000 c11,000
exp'ted
Totalall:
1,778,885 771,794 3,787,0906,337,769437,849
This yr.6,121,467
1,372,053
6,748,418 1,751,784 584,390 3,480,151 5,806,325
Last yr.!
6,814,721 3,070,644 555,712 2,984,3826,610,638
I 761,876
Prey.yr
figures are only the portion of the receipts at these ports which arrived
a These
by rail overland from Tennessee, dcc. la Includes exports from San Diego and
San Pedro. c This is an estimate and we have been unable to obtain any details
as to what countries it was exported. d Shipments by rail to Canada. e Exports
of foreign cotton of all kinds.
The foregoing shows that the total receipts at the Atlantic
and Gulf shipping ports this year have been 6,121,467 bales,
against 6,748,418 bales last year, and that the exports have
been 6,337,769 bales, against 5,806,325 bales last season,
Great Britain getting out of this crop 1,778,885 bales. If
now we add the shipments from Tennessee and elsewhere
direct to manufacturers, and Southern consumption, we have
the following as the crop statement for the three years:
Year ending July 31.
1921-22.
1920-21,
1919-20.
bales 6,121,467 6,748,418 6,814,721
Receipts at Ports
Shipments from Tennessee. Sic., direct to mills__ _ 1,354,930 1,438,657 1,678,609
Total
Manufactured South, not included above
Total cotton crop for the year
7,476,397 8,187,075 8,493,330
4,018,323 3,168,105 3,724,222
bales 11,494,720 11,355,180 12,217,552
The result of these figures is a total crop of 11,494,720
bales (weighing 5,831,095,010 pounds) for the year ended
July 31 1922, against a crop of 11,355,180 bales (weighing
5,836,945,956 pounds) for the year ended July 31 1921.
NORTHERN & SOUTHERN SPINNERS' TAKINGS
in 1921-22 have been as given below:
Total crop of the United States, as before stated
bales..11,494,720
Stock on hand at commencement of year (Aug. 1 1921)187,030
At Northern ports
1,185,023-1,372,053
At Southern ports
Total supply during the year ending Aug. 1 1922
12,866,773
there has been exported
Of this supply
a6,136,042
to foreign ports during the year
Less foreign cotton imported_ b
363,465-5,772,577
201,727
Sent to Canada direct from West
70,000
Burnt North and South_c
Stock on hand end of year (Aug. 1 1922)
142,168
At Northern ports
295,681- 437,849-6,482,153
At Southern ports, &c
Total takings by spinners in the United States for year ending
July 31 1922
6,384,620
Taken by Southern spinners (included in above total)
4,018,323
Total taken by Northern spinners
2,366,297
a Not including Canada by rail. - b Figures are given in 500-lb. bales
and include 233,729 bales from Egypt,38,753 bales from Peru, 15,563 bales
from China, 53,636 bales from Mexico and 21,784 bales from other countries. c }Wilt includes not only what has been thus destroyed at the
Northern and Southern outports, but also all burnt on Northern railroads
and in Northern factories. The figure we use is that of the U. S. Census.
These figures show that the total takings by spinners
North and South during 1921-22 reached 6,384,620 bales,
of which the Northern mills took 2,366,297 bales, and he
Southern mills consumed 4,018,323 bales.
Total
Consumption a-North
South
5,180,636
6,058,566
7,150,046
2,125,0351
2,400,0001
4,018,32316,418,323 3,168,10515,293,140
Northern mills'stock end ofyear
731,723
765,426
a Takings and consumption include 363,465 equivalent bales foreign
cotton (Egyptian, Peruvian, &c.) and American returned in 1921-22 and
230,789 bales foreign cotton in 1920-21.
Cotton Consumption in the United States and Europe.
-The distinctive feature of the cotUNITED STATES.
ton season which came to a close on July 31 1922 was the decided increase in consumption at a time when the crop was
of exceptionally small dimensions. In speaking here of consumption we have reference more particularly to the United
States, though as a matter of fact there was concurrently
also considerable growth in the amount of cotton used In
other parts of the world (recovery would perhaps be the better term to use, since no new high records of consumption
were established either in the United States or elsewhere).
We say this increase in consuming requirements came coincidently with notably short crop, and that is the truth, for
we have reference to the yield, and not to the quantity of the
staple that came to market. It is important to bear this distinction in mind for our Crop Report deals, as it always has
since we started the compilation over half a century ago, and
as do all similar compilations, with the commercial crop,
that is the cotton coming forward and not the crop raised
from the acreage planted the previous season. The gulf between the actual product and the amount coming to market
is often a wide one and probably was never so wide as during the season under review. Our compilation of the commercial crop for 1921-22, as presented in this report, shows
no evidence of a shortened yield. The truth is, the commercial crop for 1921-22 is found to have been somewhat larger
than that for the previous season, being 11,494,720 bales,
against 11,355,180 bales in 1920-21, and it is a quite remarkable fact that the commercial crop has shown no very considerable variation from year to year for a term of years past.
Extending the comparison back beyond the two years mentioned we find that as against 11,494,720 bales for 1921-22
and 11,355,180 bales for 1920-21, the commercial crop of 191920 was 12,217,552 bales; in 1918-19 11,602,634 bales, and for
1917-18 11,911,896 bales. In this period of five years, therefore, the variance in the size of the commercial crop has been
considerably less than $1,000,000 bales, revealing hence considerable steadiness and stability. Even when we go back
another two years the range between the extremes is not
very greatly increased, the commercial crop for 1916-17 having been 12,975,569 bales and that for 1915-16 12,953,450
bales.
The conclusion to which this relative evenness of the commercial crop over a series of years leads is that inequalities
of yield from season to. season are equalized through market
movements. When the product in any season runs in excess
of current demands, or when these demands are themselves
restricted by some nation-wide or world-wide occurrence,
such as, unfortunately, happened upon the outbreak of the
war in 1914, market movements immediately accommodate
themselves to the new situation and a considerable portion
of the crop remains on the plantations or is in some other
way withheld, and does not come into sight until the situation again changes through shortened yield or augmented
demand.
There is nothing curious or novel about all this. It is
merely the simple working out of economic law. And yet
the conclusion is by no means inconsequential, for the lesson
It teaches is that it is not wise to make over much either of a
SEPT. 2 1922.]
THE CHRONICLE
prospective or actual oversupply or of a prospective actual
deficiency. There is a pretty general tendency to go into
hysterics whenever either one of these prospects looms up.
For instance, when the war in Europe broke out in 1914 and
the European demand, or at least a large portion of it, was
suddenly cut off (an event that was concurrent with a crop
of exceptional size) cotton was deemed to have no value at
all and the banks were reluctant to loan even five cents a
pound upon it. Only a few years subsequently, with a continuance of the war and a rising tide of inflation, some banking institutions were quite prepared to advance 35 or 40
cents a pound upon the staple. The inevitable collapse came
and the price once more tumbled to 9 or 10 cents a pound;
an upward reaction then followed and has continued in progress since then. Neverthe ess, with this latest period of depressidil only 12 or 15 months behind us, a new paroxysm of
hysteria is again developing and we are once more told that
40-cent cotton is in prospect. It is well under such circumstances to keep a level head, and for a double reason. First,
because current reports suggesting a crop of inadequate size
remain to be substantiated, and prevailing conditions decidedly negative the suggestion, and secondly because in the
event of such a contingency occurring there is always a leveling factor to be reckoned with in the certainty that the demand will inevitably be curtailed should the crop prove radically short and bring with it the great enhancement of price
counted upon.
It should be noted that if the comparison of the commercial crop be carried still further back, that is, beyond the
crop of 1915-16, the same evenness in the amount from year
to year is observable as that revealed in the record we have
just been discussing for the past seven years—with this difference, however, that in the earlier period referred to the
relative evenness rests on a considerably higher level. The
crop which had just been planted when the war broke out
proved a record crop—that is, the largest crop ever raised—
and the three previous crops had also been of ample proportions. The commercial crop movement reflected this circumstance and showed correspondingly larger aggregates. Nevertheless, at those higher levels the same relative evenness
of the totals was observable. In other words, the commercial
crop for 1914-15 footed up 15,067,247 bales, that for 1913-14
14,884,801 bales, that for 1912-13 14,128,902 bales and that
for 1911-12 16,043,316 bales.
As compared with this evenness in the totals of the commercial crops the variations in actual yield from season to
season have been wide in the extreme. Thus the United
States census made the yield from the 1921 planting only
7,953,641 bales of 500 lbs., and the same authority made the
production from the 1920 planting 13,439,603 bales. Carrying
these census returns still further back, we find the yield for
1919 was 11,420,763 bales, and that for 1918 12,040,532 bales,
while back in 1914 the census made the yield 16,134,930 bales.
It should not escape notice that on the basis of these figures
the 1921 crop was barely 50% of the crop of 1914 and as emphasizing still further the diminutiveness of the 1921 crop,
It seems necessary to add only that the crop was actually the
smallest raised in nearly 30 years—that is, smallest since the
crop of 1895-6. It should be noted that the planters co-operated to make the crop small. They did not want an abundant yield. The carry-over from previous seasons was reaching huge proportions and market prices had almost utterly
collapsed. At the time of the 1921 planting price levels had
reached a Doint so low that there could be no question that
the work of raising cotton had become unprofitable. The
planters sought to apply a corrective by reducing the area
devoted to cotton. They did not decrease the acreage to anywhere near the extent they indicated they would, or wanted
the public to believe they had, but they did cut the area in
cotton to a very substantial extent. With the acreage thus
cut, a small crop—a crop of greatly reduced dimensions—became inevitable. The poverty of the farmer and the niggardliness of nature, induced by the lack of generous treatment,
operated still further to curtail the yield. The use of fertilizers was greatly stinted. With the price of cotton down to
an unprofitable basis, the planter was in no condition to buy
the customary supplies of fertilizers, nor was there any inducement for him to do so. It seemed like throwing good
money after bad. With this sustinence missing the yield was
correspondingly reduced. Then came the ravages of the boll
weevil to complete the work of destruction, and accordingly,
the crop shrank out of all proportion to the decrease in acreage.
1059
There was, however, never any scarcity of cotton. The
carry-over from previous seasons was of unprecedented dimensions and supplemented by the new crop, even though
small in size, proved adequate for home needs and foreign
needs alike, even though these needs had been considerably
amplified. The situation, however, is now changed. The
carry-over is no longer excessive. It is down to normal proportions. But it could not have been thus reduced had not
consumption considerably increased. And that is the strong
feature in the situation. In the twelve months preceding extreme business depression served enormously to curtail both
the production and consumption of cotton goods. In the sudden collapse in business which came in the summer of 1920
the cotton goods trade and the woolen goods trade were the
worst sufferers. From that extreme depression there has
been very decided recovery in 1921-22 and the recovery is reflected in the increase in the consumption of raw cotton. Perhaps the increase in consumption would have been still more
pronounced had it not been for the labor troubles with which
the New England cotton mills have had to contend. The New
England cotton manufacturers found the price of cotton ruling high, while the consumer was unwilling to pay high
prices for cotton goods. At the same time competition of the
Southern mills became still more intense. These Southern
competitors, besides enjoying the advantage of close propinquity to the raw material, have the further advantage of
cheap labor working longer hours. The New England mills
accordingly sought to diminish labor costs, which had been
enormously increased through repeated advances in wages
and shorter hours. But to this the operatives interposed
strenuous objection. The general proposition of the mill
owners was to reduce wages 20% and to increase the hours
of labor from 48 per week to 54. The operatives would not
submit, and quit work. The trouble began in Rhode Island,
back in February, then extended to New Hampshire and to
portions of Connecticut and Massachusetts. The strikes
were very effective at the start and many of the textile establishments found it necessary to shut down completely.
Various efforts were made to bring about a settlement
through compromise or otherwise, but all without avail. As,
however, the tenure of idleness extended many of the operatives drifted back to work, still leaving the mills, though, seriously crippled in their operation.
The labor situation was still bad at the end of the crop
year on July 31, though It was then steadily improving. In
New Hampshire the Amoskeag, the largest cotton mill in
New England, was said to be operating at the end of July
2,800 out of 20,500 looms and to be working 2,000 out of a
normal complement of 15,000 employees, including office
workers. The Nashua Manufacturing Co. was said to have
one-third of its normal force of 3,800 at work. In Rhode
Island it was said that only two plants of the 40 originally
affected remained idle. At Lawrence, Mass., the Pacific
Mills, ordinarily employing a force of 8,000 was said to have
1,500 at work and to be running 11 of their 48 printing machines. The current month (August) the Pacific Mills have
indicated a willingness to restore the old schedule of wages,
and it now seems likely that the trouble will shortly cease.
At Fall River there have been no cuts in wages and no interruption to work.
The effect of all this has been to curtail the consumption
of cotton in the Northern States. The census compilations
which are issued with great regularity every month and
which show the consumption in the cotton growing States
separate from the rest of the country, have made it that the
consumption of cotton outside the Southern States has of
late months been running smaller than in the corresponding
months last year. For instance, in July 1922 the consumption outside the cotton growing States was only 153,612
bales, as against 165,299 bales in July of last year. In.the
early part of the season, however, consumption in the North
recorded a considerable increase and all of this increase has
by no means been wiped out by the later losses. As a consequence,for the twelve months the amount of cotton consumed
outside the South is shown to have been substantially larger
than in the twelve months of the year preceding, say, 2,400,000 bales, against 2,125,035. The cotton growing States, on
the other hand, have been adding to their consumption in
each and every month and thereby they have further increased their predominance over the rest of the country. We
give further below our own customary compilations of consumption, spindles, etc., in the South, and find that the consumption of cotton (including linters) in the cotton growing
•
THE CHRONICLE
1060
States for the 12 months of the lately ended season was 4,018,323 bales, as against 3,168,105 bales in the 12 months of
the preceding season. For the whole country the consumption was 6,418,323 bales, against 5,293,140 bales, giving an
increase of considerably over 1,000,000 bales. It should not
escape notice that the consumption in the cotton growing
States at 4,018,323 bales runs 70% greater than the 2,406,000
bales consumed in the rest of the country and almost entirely
in the North. We have stated that consumption of cotton
had expanded not alone in the United States, but also abroad,
and evidence of this latter fact is found in our export figures, which show exports for the 12 months to July 31 1922 of
6,337,769 bales, as against 5,80Q,325 bales for the preceding
season.
One of the striking developments resulting from the facts
outlined in the foregoing, namely the growth in consumption
coincident with a reduced yield from the new crop, has been
that there is an enormous reduction in the carry-over into the
next season. The U. S. census on Aug. 16 gave out a statement saying that the carry-over of cotton in the United
States on July 31 1922 was only 2,828,186 bales, as against
6,534,360 bales on July 31 1921. With these figures as a basis
we undertake to indicate in the following table the entire
world's carry-over of American cotton, so far as figures are
now available, at the close of each of the last three seasons,
as follows:
LintIn U. S. consuming establishments
In U. S. public storage &c.
At Liverpool
At Manchester
At Continental ports
Afloat for Europe
Mills other than in U. 8
Japan & China ports and afloat
Elsewhere in U 5
Total lint cotton
Linters
In U.S. consuming establishments
In U. S. public storage, etc
Elsewhere in U S
1922.
Bales.
1,103,725
1,374,497
473,000
45,000
442,000
171,000
*1,200,000
*300,01)1)
a125,000
1920.
1921.
Bales.
Bales.
1,025,646 1,358,147
4
3,6: 3,254 2,055,015
700,000
685.000
119,000
75,000
360.000
506.000
346,720
162,657
947,572
1,124,000
200,000
250,000
150.000
1.650.000
5,234.222 9.335.620 6,052,391
201.253
234,926
250,000
277.218
382,432
350,000
339,184
Total linters
134,597
54,587
*150,000
686.179
1,009,650
5,573,406 10,021,799 7,062.041
Grand total
a As estimated by U. S. Census. * Estimated.
From the foregoing it appears that the carry-over of
American cotton throughout the world on July 31 1922 (including linters) was down to 5,573,406 bales, as against 10,121,799 bales on July 31 1921. In addition there was, of
course, a considerable carry-over of East Indian, Egyptian
and other varieties of cotton, but this in the absence of definite information we do not undertake to estimate for any of
the seasons.
SOUTHERN cotton consumption, as already indicated,
shows a substantial increase over the reduced consumption
of the year preceding; as a matter of fact, the bulk of the
entire increase in the consumption of the mills of the United
States occurred in the Southern States. We have made our
customary investigation of the operations of the Southern
mills and the results are indicated in the table below; establishments that have been idle all the season and are not likely
to resume operations are excluded from the compilation.
Number of
ills.
Virginia
No.Car .
So. Car .
Georgia_ _
Florida.
Alabama _
Missfs'pl
Loulsiani
Texas _ Arkansas
Tennesse
Missouri
Kentuck
Oklahomt
Totals:
1921-2:
Consumption.
Average
Avge.
Looms No. Bales. Net
Pounds.
Running. Run. Yarn.
Wght.
- -137,516484.72 63 906 436
653,507 18,173 24
5,193,311 49,465 28 1,294,536487,13 632'607'322
5,185,160 114,841 29
999,19647955 479,
164'442
2,495,520 45,068 16
839,912 473.90 398:034:297
Spindles.
States.
Alive.
655,862
14
342 5,290.084
153 5,218,945
130 2,689,841
380,754 482.76 183 812 801
-ii 1,263,930 1,229,061 21,594 ii
41,842491.16 20'551.117
173,648 173,444 3,458 18
14
8
40,404 473.66 19'137'758
96,261 1,896
103,184
4
94,293499.90 47'137'071
173,608 173,608 4,542 11
19
100 11
7,931 540.00
7,000
4'282'740
7,044
1
123,715488.70 60'212'090
'
482,723 466,110 5,638 22
28
730 9
16,677 486.66
30,841
'
8116029
31,336
2
1,373 11
95,398
31,404482.42 15,149'918
95,398
6
8
64
5,712
10,142501.00
5,081,142
5,712
1
16 4,018,323482.09 1,937,193,163
780 16,191,315 15.800,933 266,942
808 15,380,693 15,130,755 278,528 2134 3,168,105488.20 1,546,972,038
21 3,724,222 486.93 1,813,436,873
798 14,990,736 14,792,436 270,148
1919-266,989 2034 3,504,191 484.12 1,696,464,093
1918-1 788 14,639,688 14,243,813
20 4,323,826 483.66 2,091,273,090
786 14,369,599 14,111,621 269,700
1917-1
--264,976 22 4,378,298 483.89 2,118,648,110
1916-1 775 14,040,676 13,937,167
-253,202 22 3,164,896 479.84 1,518,640,395
1914-1 754 13,017,969 12,737,498
--9,864,198 205,478 20 2,234,395477.55 1,067,010,962
1907-08 717 10,451,910
153,748 1934 2,049,902479.85 983,649,984
1902-03 594 7,039,633 6,714,589
-91.829 1834 1,227,939470.94 577.1R6.180
1897-98 391 3.670.2903,574,75
from Sept. to Aug. 31.
years prior to 1913-14 cover period operation1 within the
Figures for
been put in
past fen
-Much new machinery has
Note.
appreciably without affecting consumption
months,increasing the number of spindles
These returns include consumption of foreign cotton by the
to a material extent.
mills and of linters in mattress factories. &c.
1920-2
[VoL. 115.
The most striking fact, perhaps, disclosed is that with an
aggregate of 16,191,515 spindles alive, no less than 15,800,933
were running some time during the year. This shows that the
Southern mills had a period of much activity as they certainly had a period of considerable prosperity. Of course,
we do not mean to say that these Southern mills were employed to anywhere near maximum capacity. Nor was the
year one of maximum consumption, notwithstanding the
large increase over the year preceding. For while the consumption at 4,018,323 bales compares with 3,168,105 bales in
1920-21, it compares with 4,323,826 bales in 1917-18 and 4,378,298 bales in 1916-17.
Another fact brought out by the foregoing is that there
has been quite a decided increase in the aggregate number of
spindles in the South. The number of mills has been reduced
through consolidation, but this is no guide to the spindleage.
Our table shows that the total of the spindles is now 16,191,315, as against 15,380,693 the previous year and 14,990,736
the year before. With reference to the spindles in the North
we have made no independent investigation, but on good information place the number at the same figure as a year ago,
namely 20,000,000. Accordingly, the comparison with the
preceding years is as follows:
• SpindlesNorth
South
Total
1920-21.
1919-20.
1921-22.
20,000,000 20.000,000 19,900,000
16 191.315 15.380.693 14.990,736
1918-19.
19.600,000
14,639,688
36.191.315 35.380,693 34.890,736 34,239,688
-Although in certain parts of Europe during
EUROPE.
the past year trading conditions have not been quite so unsettled as in the previous twelve months, the after effects of
the Great War have not yet disappeared. Business continues
to be disorganized by the fluctuating exchanges and considerations relating to finance. The outlook, for instance, in
Germany is far from satisfactory and it seems impossible for
the Allied countries to come to any agreement whereby the
payment of reparations may be placed on such a basis that
the necessary remittances may be arranged without very
disturbing effects. Conference after conference has been
held, but serious problems have still to be faced, not the least
of them being the establishment of a staple and responsible
Government in Russia. In the circumstances trading has
been very irregular.
-During the latter half of 1921 the deGreat Britain.
pression in the English cotton industry continued, although in
September of that year rather more business was done, and
spinners and manufacturers extended their order lists. Early
in 1922, however, a much healthier demand sprang up, and
it may be said that since then a steady improvement has occurred, with the result that the industry at the moment is
more favorably situated than for over 18 months back. The
change for the better has been very largely due to the fact
that in consuming centres abroad supplies of manufactured
goods have been allowed to run down very low. Business
has also been stimulated by an improvement in the financial
situation and to some extent orders have been forced out by
the upward movement in values, with the possibility of still
higher prices later on. The feature of importance during the
last few months has been that spinners, manufacturers and
merchants have been enabled to reduce their stocks, and in
certain sections producers have been able to extend their
contract lists. A stiffer attitude is now being presented to
buyers, and taking the industry as a whole, the position of
affairs is decidedly sounder than six months ago. There is
plenty of evidence, however, for the statement that dealers
abroad are not prepared to pay more than a certain price for
goods, and when rates are pushed up the higher figures are
resisted.
Buying in cloth for foreign outlets has been irregular
throughout the year. There has, however, been a distinct
improvement in the sales during the last few months. It is
estimated that 90% of the looms in Lancashire are now
working, whereas last January, figures were published
which showed that about 50% of the looms were standing
Idle for want of work. It is still very difficult for manufacturers to obtain profitable prices, but those firms that have
now fair engagements are holding out for more remunerative terms. The revival of demand was started last February by increased activity on the part of shippers to China.
The bulk of the buying in the early stages was in bleaching
descriptions and fancies, but a little later more orders were
placed in gray shirtings and sheetings. In due course the requirements of buyers seemed to be satisfied, but a purchasing movement on the part of exporters to India then began
to show itself, and the larger demand has been fairly well
SEPT. 2 1922.]
THE CHRONICLE
1061
maintained. The monsoon this season is doing well, and the larger output, and if the better state
of affairs is to be
given a continuance of the steady rains, there is every prob- maintained, steady buying will have to take place
from week
ability of the grain crops in India being of a healthy charac- to week. A welcome improvement has also shown
itself in
ter. If such be the case, the natives should be prosperous, the Egyptian spinning section. In both carded
and combed
and have plenty of money with which to buy cotton goods. descriptions demang. during the last few months
has been
A substantial business has recently been done for Calcutta, much healthier. In certain counts and qualities, producers
Bombay, Madras and Karachi in light fabrics, such as mulls, are now able to sell at a profit and undoubted
ly the outlook
dhooties and jaconets. Some producers now want November in this fine section of the trade is distinctly
brighter than
delivery for the completion of fresh contracts. An increased for some time back. An extensive inquiry has
been experitrade has also taken place in gray shirtings. Frices for all enced in yarns for shipment abroad. Business has
been on
goods have hardened, partly in sympathy with the rise in the a much larger scale for European countries.
Shipments to
raw material and partly as a result of makers being more the Netherlands for the six months
ended June amounted to
independent. During the last few weeks the off-take for nearly 32,000,000 lbs., against
only 14.000,000 lbs. in the same
China has been rather disappointing and the political and period of last year. Germany during
the past half year has
financial situation in the Far East is not all that could be taken over 16,000,000 lbs., as compared
with less than 5,desired. Merchants, therefore, are inclin d to adopt a wait- 000,000 lbs. in the same period
of 1921. Exports have also
ing policy until the prospects are clearer. On the other hand, been on a freer scale to India and China.
favorable reports are being received from Java and SingaIt is satisfactory to be able to record that there has not
pore, and from time to time moderate lines are booked, espe- been any labor crisis of
importance during the year. The
cially in white goods. Several of the Near Eastern outlets wages agreement between the
employers and the operatives
hay given increased support and quite an encouraging trade came to an end on March 24
1922. The masters in both the
has been done for Egypt and Turkey. There is a little anxiety spinning and weaving departmen
ts lost no time in demandas to financial matters in that part of the world, but ,in the ing a substantial reduction
and one month's notice was given
chief distributing centres stocks are not heavy. Merchants of a decline on standard list
rates of 75%, which was equal
who have connections in South America have recently re- to 6s. id. in the pound on the
then present wages. Arrangeported an improved off-take and more activity has also pre- ments were at once made for
the question to be discussed at
vailed for the outlets of Central America.
joint conferences between the representatives of the employQuite a feature of interest during the past half year has ers and the trade union officials. The
situation was somebeen the big business done with European countries. This what complicated by the fact
that the operatives were not
development has been partly due to lower charge's on the united, and the card room
work people decided to negotiate
Continent for printing and finishing processes, and large with the masters on their own
account and not in company
quantities of goods have been sent abroad to be printed and with th officals of the Operative
Spinners and Weavers.
finished. Extensive buying has occurred for Switzerland, There was a danger
at one time of a crisis being reached, but
Germany and France. It may be mentioned that exports of ultimately, without
any stoppage of machinery, an agreecloth from this country to Switzerland during the six months ment was come to.
The settlement provided for an immediended June amounted to nearly 75,000,000 square yards, ate reduction on list rates
of 40%, or 3s. 3d. In the pound, on
against 11,000,000 square yards in the same period of 1921. current wages and a further reduction
in six months of 10%
During the same period Germany took over 41,000,000 square on list rates,
or 10d. in the pound on current wages. Wage
yards, as compared with only 5,000,000 square yards in the rates are stabilized,
therefore, until next May, and when the
corresponding time of last year, whilst to France during the present agreement
expires it will be necessary foi either side
past six months we have shipped nearly 16,000,000 square to give one month's
notice of any proposed further change. It
yards, against only 4,000,000 square yards in the first half Is estimated
that the wages reduction which came into operof 1921. The turnover in cloths suitable for home consumption ation last
May meant a saving to the employers, both spinhas been on broader lines and the retail establishments ning and weaving,
of about £150,000 a week. It may be menhave recently experienced a better demand, owing to there tioned that the
condition of the Manchester market for yarn
being more employment available throughout the country. and cloth when
the wages reduction took place was not of a
The weather, however, so far this summer has not been good character to
enable spinners and manufacturers to derive
and clearances in light fancy materials have not come up to any real advantage
from the drop in standing charges, and
expectations. Charges for calico printing, bleaching and it was pretty well
known that buyers secured practically the
dyeing have tended to come down, but it is held in trade cir- whole benefit
of the decrease in the cost of production.
cles that prices for these processes are unnecessarily dear,
There has been a greater disposition than ever in the Engand there has been a big agitation in favor of rates being lish cotton
trade to pay more attention to the growing of raw
reduced equal to the fall that has occurred in the cost of pro- cotton
in various parts of the British Empire. The Empire
ducticin in other sections. On the whole the stock-taking re- Cotton
Growing Corporation is now accomplishing good piosults of weaving companies at the end of
June were much neer work, and interesting reports have been received from
better than the reports published at the end of
last Decem- investigators as to the prospects for cotton growing in cerber. For one thing depreciation in the value of stocks has tain areas.
It will be remembered that a year ago the Britbeen checked. Numerous firms, however,are still feeling the ish Governmen
t decided to make a grant to the Corporation
Ill effects of the depression which began in the spring of if £1,000,000,
subject to users of cotton in this country being
1920 and which has only quite recently been relieved.
agreeable to a levy of 6d. a bale upon all cotton imported.
The following table gives particulars of our foreign trade Although Lancashir
e spinners and manufacturers supported
in yarn and cloth for the twelve months ended June 30:
this scheme, some difficulty has been met with in obtaining
1921-22.
1920-21.
1919-20. unanimity and owing to certain users not being willing to
Yarns, lb.
201,575,900
119,567,000
163,163,200
3,542,497,300 3,250,781,200 4,447,609,700 fall into line it has been necessary for the Government to
Cloth, sq. yds.
It is satisfactory to be able to state that spinners of yarn pass a bill in Parliament making the levy of 6d. a bale comare more favorably situated than a year ago. It may be men- pulsory. It is believed the Act will come into force within
tioned that during the past 12 months there has not been any the next month or two. There has not been any slackening
organized short time. On the other hand, there has been a in the work of the British Cotton Growing Association.
considerable amount of curtailment of production in an ir- There has been an increase in the amount of cotton handled
regular way. Speaking generally, all mills are now working by this organization.
In June the International Federation
full hours, but in certain factories part of the machinery is
of Master Cotton
stopped for orders. A most encouraging recent development Sprinners' and Manufacturers' associations held a Congress
has been the importan reduction in the stocks of, twist and at Stockholm. One of the most important questions disweft at the mills. Now that producers have very largely got cussed was the effect upon production of the 48-hour week
rid of their supplies on hand a stiffer attitude is being pre- and most valuable papers were read by three or four delesented by buyers. In American qualities for home consump- gates. Ultimately it was agreed that the 48-hour week was
tion there has been a much bigger turnover during the last not economically sound. Further attempts are to be made
few months. This buying, of course, has been to cover the to improvement of the arbitration courts when disputes arise
more extensive cloth contracts arranged. Producers of ring relating to the quality of raw cotton.
descriptions demand during the last few months has been
The number of spinning spindles in Great Britain is now
and many producers of medium numbers in mule qualities put down at 56,500,000.
have a fair amount of work to go on with. There are occaThe consumption of American cotton during the coming
sions, however, when spinners find it rather difficult to clear season is estimated
at 2,500,000 bales.
1062
THE CHRONICLE
[voL. 115.
when the first mill was started, but complete statisEuropean Continent.—Since a year ago there has not as 1851,
At the end of 1919-20,
cotton industry in European coun- tics were not reported until 1879-80.
been that progress in the
according to this census, there were in India 263 cotton
tries which might have been expected. There has continued a
mills, containing 117,558 looms and 6,714,265 spindles. These
good deal of uncertainty as to future events, chiefly owing
.
. On mills employed a daily average number of 305,511 persons,
to the unsettled state of finance and political questions
women and 27,980 children. The
however, more cotton has been consumed and namely 222,884 men, 54,647
the whole,
authorized rupee capital of the mills is found to be 1138,35,79,there has been a tendency to work an increased amount of
and the sterling capital £318,400; of the rupee capital
machinery. Trading between one country and another has 042
1127,07,83,642 was paid up and of the sterling capital 1258,fluctuations in exchange rates.
been upset by the wide
was paid up. There were also rupee debentures to the
Since the end of the war it has been the most active year 888
debentures amounting to
manufacturers in Germany and speaking value of 113,42,29,472 and sterling
for spinners and
and debenwith work. 199,000. The aggregate of the authorized capital
generally, the machinery has been well occupied
4
thus R42 crores and of this R27% crores, or 1181
was
On the whole, less difficulty has been met with in securing tures
on of yarn in the
The industry as a whole, how- millions, was paid up. The total producti
supplies of the raw material.
British India in the census year was 597,355,290 lbs.,
ever, is far from being in a healthy condition, and although, mills in
But while the ined exchange, there have been possi- of which 160,315,662 lbs. were exported.
owing to the depreciat
dustry is of considerable size, no growth has occurred in it in
bilities of selling gods on a cheap basis, it is realized by
This will appear when we say that in 1916-17
leading authorities that the position of affairs is anything recent years.
in 1901larger imports of yarn the production of yarn was 644,446,901 lbs., and back
but stable. There have been much
577,314,987 lbs. The following shows the
from Great Britain. The spindles are estimated at 9,400,000. 02 the product was
years past and also the counts of yarns.
There hao been more trade activity in France. Production figures for a series of
PRODUCTION OF COTTON YARN IN BRITISH INDIA.
has been increased by more mills getting to work and in most
Total
Total
Above
Nos.
No. 25. Wastes. Production. Exports.
1 to 25.
of the factories fuller hours have been run. There has been Average—
443,989,750 198,002,463
1896-97 to 1900-01_ _ _ A23,906,898 20,082,852
577,314,987 270,818,888
some improvement in the home consumption of textiles and
1901-02 to 1905-06_ _ __537,379,018 39,935,969
228,318,890
1906-07 to 1910-11._ __555,373,854 53,392,346 160,175 608,926,375 178,684,648
more business has been put through with certain foreign
to 1915-16_..__576,997,945 59,245,835 633,907 636,877,687 177,468,937
1911-12
d with regard Year 1916-17
69,354,685 345,937 644,446,901
574,746,279
countries. Better reports have been circulate
548,699,280 77,877,951 223,279 626,800,510 130,223,130
1917-18
507,899,448 72,430,108 231,158 580,560,714 72,480,373
to the mills of the English Fine Spinners' Combine. The
1918-19
529,668,196 67,430,989 256,105 597,355,290 160,315,662
1919-20
spindles are estimated at 9,600,000.
on of woven goods in the mills of British InThe producti
The activity mentioned a year ago in Holland has been
stationary, as will be seen from
maintained. Many manufacturers of cloth, however, have dia has also been virtually
e prices, the following:
experienced much difficulty in securing profitabl
WOVEN GOODS IN THE MILLS OF BRITISH INDIA.
and now and again business has been checked by the higher PRODUCTION OF
Other
Gray and
of yarn has been imTotal.
Kinds.
rates required. An increased amount
Bleached Piece Goods.
91,852,949
11,295,465
80,557,484
from England. The spindles are estimated at (140,000. Average 1896-97 to 1900-01
ported
134,893,825
25,009,554
109,884,271
1901-02 to 1905-06
194,131,234
40,007,307
154,123,927
1906-07 to 1910-11
Great difficulty has been experienced in securing reliable
273,045,710
67,957,638
205,088,072
1911-12 to 1915-16
354,807,900
98,957,420
255,850,480
reports as to the conditions in Russia. According to infor- Year 1916-17
359,178,294
109,567,700
249,610,594
1917-18
325,785,713
88,848,367
mation supplied by the Russian Trade Delegation in London,
236,937,346
1918-19
355,681,118
102,539,767
253,141,351
1919-20
production throughout the 12 months has been very irreguWhen the Indian States and foreign territory are added,
The spindles are now estimated at 7,000,000, but only
lar.
production of woven goods is increased
1,100,000 have been worked. Speaking generally, however, the grand total of the
18 lbs. to 383,846,936 lbs., but the comparisons
the prospects for the resumption of international trade with from 355,681,1
with preceding years on this basis is the same as in the first
Russia seem to be improving.
ble stability from year to year in
Spinners and manufacturers in Belgium have continued to case, indicating a considera
cotton industry. Expressed in the
have a rather more favorable experience. In the spinning the output of the Indian
quantity of woven goods produced
mills, however, some short time has had to be worked. The equivalent of yards, the
India was 1,639,779,227 yds. in the censpindles are estimated at 1,600,000. Many local firms have by the cotton mills in
against 1,450,726,160 yds. in the previous
again been adversely affected by serious competition from sus year 1919-20,
1,614,126,458 yds. in 1917-18 and 1,578,132,789 yds. In
year,
Germany.
The industry.in Austria has been in a very disorganized 1916-17.
Japan, as noted by us in previous annual reports, stands
condition and it Is almost impossible to provide any reliable
ce to Europe and the United ,States in cotspindles are estimated at rather more than next in importan
report. The
have been ton consumption. On Dec. 31 1921 the number of operatives
1,000,000. About half the firms during the year
employed in spinning was 155,645 and the number of operaon short time.
as to the trade posi- tives employed in weaving was 42,048. Japan took from the
Improved advices have been received
in the twelve months ending June 30 1922
tion in Czechoslovakia. There are now 3,500,000 spindles United States
bales
Although some short time 987,319 bales of cotton, and took 1,795,821
and nearly 3,000,000 are working.
other countries. Its consumption during the past seahas been in force during•the year, there has been a tendency from
son, we learn, has been 2,364,997 bales. China as yet
during the last few months for production to increase.
very un- plays only a small part in the cotton industry of the world,
The general situation throughout Europe is still
respect. From a bulletin presettled and in the smaller countries there are numerous ob- but is showing growth in that
Information
business to pre-war activity. pared by the Government Bureau of Economic
stacles in the way of restoring
Republic of China issued under date of April 1 1922,
By degrees, however, difficulties are being removed and the of the
compiled
It appears that the China Cotton Association has
outlook is certainly brighter than twelve months ago.
statistics relating to the number of spindles, consumption of
We are indebted to a special and well-informed European cotton and stock of cotton in China. These statistics show
correspondent for the foregoing review of the spinning in- that the number of spindles in January 1922 was 1,732,632,
dustry in Great Britain and on the Continent in 1921-22. against 1,552,950 in July 1921, 1,391,304 in January 1921 and
Taken in conjuction with our remarks on the situation in the 1,280,036 in July 1920. In addition, 181,344 new spindles
United States, presented further above, it covers quite fully were being erected in January 1922. These mills, it appears,
the countries of the world that take chief important rank in are consuming about one million bales of cotton a year, the
cotton manufacturing.
actual consumpiton for the first six months of 1921 having
the second six months 532,257
of lesser, though steadily been 467,886 bales and for
There are several other countries
bales. Of this, only 92,774 bales consisted of American cotincreasing, importance which must be included to complete
but no less than 728,34 bales were Chinese cotton, the
the narrative of the world's progress in cotton production ton,
remainder consisting mainly of Indian cotton, with a few
and manufacture. In the table below official data are used
bales of Egyptian and miscellaneous. It may be a surprise,
In those cases so far and for as late periods as they can be
too, to hear that China produces a considerable amount of
obtained, but it is only proper to say that in many cases the
cotton within her own territory. A report recently issued by
figures are only estimates, based on the best information obe and Agriculture on the production
the close of the season to the Ministry of Commerc
tainable, it being too soon after
cotton in 1919 shows that the product in that year was no
of
have official and authentic figures.
less than 1,573,977,109 catties. As a cattle is about 1 1-3 lbs.,
With reference'to British India there have come to us the
lbs., it is easy to compute that the product was the equivalent
present month the statistics compiled under the Indian cenof 500 lbs.
cotton industry dates as far back of over 4,000,000 bales
sus of 1919-20. The Indian
SEPT. 2 1922.]
THE CHRONICLE
The compilation appended embraces substantially the entire distribution or consumption (expressed in bales of 500
lbs. net weight each) of the commercial cotton crops of the
world, and the portion taken by each country.
7,000,000
2,935,162
3,626,873
5,9(10,000
2,519.550
3,392.928
Total United States
East Indies
Japan
Canada
Me deo
6,168,323 5,173,417
1,650,000 1,500,000
2,364,997 1,704,633
219,656
160,080
70,000
70,700
6,562,035
1,530,400
1,762,692
221,235
1,300
5,912.478
1,602,400
1,699.983
198.246
1,000
Total India, &c
Other countries, .te
4,304,653 3,435,413
1,500,000
900.000
3,515,627
700,000
3,401,62)1
375,000
19,072,976 15,803 830
376,400
304.016
17,777,662
341,870
15,689,107
301.713
Total world
Average weekly
From the foregoing table it would appear that the world's
total cOnsumption for 1921-22 shows an increase from the
aggregate for a year ago of 3,264,146 bales,but is 1,270,776
bales less than the record result for 1915-16. The sources
from which cotton has been drawn in each of the last five
years are stated in the subjoined table of the world's commercial crops, in bales of 500 lbs. net each:
Pence Pence Pence Pence Pence Pence Pence Pence Pence Pence
Hol. 10.36 Hol. 12.09 10.89 Sun. 9.39 10.02 Hol. 10.18
8.22 11.30 Sun. 12.25 10.67 Hol. 9.35 9.87 Sun. 10.45
8.27 Hol. 15.03 12.37 1101. 11.69 9.35 9.98 10.66 10.91
8.33 Sun. 15.06 12.11 Sun. 11.15 Hol. Hol. 10.51 11.03
8.49 11.86 14.49 11ol. 10.86 11.29 Sun. Sun. 10.56 11.00
1101. 12.43 14.62 Sun. 10.93 11.04 9.16 9.99 10.45 Hol.
Sun. 14.25 14.21 11.85 10.71 1101. 9.17 10.31 10.45 Sun.
8.55 12.65 Hol. 11.67 10.73 Sun. 9.26 10.56 Hol. 10.97
8.44 12.56 Sun. 11.58 10.95 11.15 9.64 10.62 Sun. 11.60
8.53 Hol. 14.10 10.33 1101. 11.09 9.47 10.57 10.50 11.64
8.50 Sun. 13.31 '. Sun. 10.72 1101. Hol. 10.31 11.51
8.46 13.77 13.41 Hol. 11.18 10.71 Sun. Sun. 10.21 11.58
Hol. 12.84 13.24 Sun. 10.67 10.70 9.52 10.69 10.23 Hol.
Sun. 13.41 12.62 10.50 10.76 Hol. 9.70 10.61 Hol. Sun.
8.45 13.24 Hol. 10.82 10.64 Sun. 10.21 10.70 Hol. 11.62
8.43 13.33 Sun. 10.42 10.56 10.47 10.21 10.58 Sun. 12.07
8.51 Hol. 12.79 10.48 1101. 10.30 10.01 10.75 1101. 12.00
8.41 Sun. 11.87 10.00 Sun. 10.23 Hol. Hol. 10.27 12.00
8.47 12.90 11.89 Hol. 10.99 10.11 Sun. Sun. 10.25 11.98
1101. 13.83 12.33 Sun. 10.90 10.18 10.48 10.75 10.23 Hol.
Sun. 14.06 12.54 10.47 10.95 1101. 10.33 10.77 10.11 Sun.
8.50 14.68 Hol. 10.94 10.92 Sun. 10.33 10.83 Hol. 11.80
8.73 14.80 Sun. 11.72 10.87 10.24 10.35 10.81 Sun. 12.01
8.90 Hol. 11.69 11.78 1101. 9.91 10.24 10.69 10.24 11.79
9.28 Sun. 12.20 11.64 Sun. 9.87 Hol. Hol. 10.11 11.89
9.61 14.84 12.75 Hol. Hol. 9.72 Sun. Sun. 10.23 11.69
Hol. 14.59 12.15 Sun. Hol. 9.26 10.29 10.60 10.20 Hol.
as
Sun. 15.05 12.32 10.97 11.36 Hol. 10.16 10.58 10.21 Sun.
29
9.94 15.21 Hol. 11.09 11.46 Sun.
10.70 Hol. 11.96
30
10.36 14.72 Sun. 10.90 11.36 9.42
10.63 Sun. 12.00
31
10.65
12.09
1101. 9.20
10.69
12.02
Not received.
.m
7,100,000 6,300,000
2,313,000 2,079,473
3,855,323 3,093.944
Day.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
.COMN,
000
Total Europe
United States-North
South
DAILY CLOSING:PRICE OF MIDDLING UPLAND IN LIVERPOOL.
Month
Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.
and Year. 1921. 1921. 1921. 1921. 1921. 1922. 1922. 1922. 1922. May. June. July
1922. 1922. 1922.
NC,CD
THE WORLD'S ANNUAL COTTON CONSUMPTION.
1920-21.
1921-22.
1919-20.
1918-19.
Bales.
Bales.
Count:iesBales.
Bales.
2,700,000 3,000,000
Great Britain
3,200,000
2,500,000
4.400,000 3,300,000
Continent
3,8(10.000
3,400.000
1063
Pence
Hol.
Sun.
13.01
13.79
13.75
13.62
13.50
Hol.
Sun.
13.45
13.26
13.33
13.50
13.65
Hol.
Sun.
13.53
13.29
13.50
13.55
13.60
Hol.
Sun.
13.38
13.20
13.04
13.14
13.19
Hol.
Sun.
13.00
We now add a brief summary by months of the course of
the Manchester goods market during tho season closing with
July 31 1922, and also of the Liverpool cotton market in
the same form for the same period. In preparing these summaries, we have drawn very freely upon the monthly reviews
published by the "Manchester Guardian," and the details
will, we think, prove an interesting and serviceable record
Total
19,194,720 17,018,918 18,211,372 16 861 939 16 785 660
Consumption 52 weeks_ _19,072,976 15,808,830 17,777,662 15 689 107 17 099 678 for reference.
Surplus from year's crop
121,744 1,210,008
433,710 1,172,852 k314,018
AUGUST.
-Manchester.
--There were practically no deVisible and invisible stock:
Aug. 1 beginning year
6,980,048 5,770,040 5,336,330 4,135,478 4,477,496 velopments of an encouragin
g nature in the cotton goods
Aug. 1 ending Year _ _ _ _ 7,101,792 6,980,048 5,770,040 5,336,330 4,163,478
market in August. There was no organized short time,
Includes India's exports to Europe America and Japan and mill consumption
but full time running was not general as not enough business
II India, increased or decreased by excess or loss of stock at Bombay.
d Receipts into Europe, &c., from Brazil, Smyrna, Peru, West Indies &c., and had been booked to keep all machinery working. The
Japan and China cotton used in Japanese and Chinese mills.
fact is that some firms seemed to get a fair amount of orders
IDeficiency in the year's new supply.
for a few days,then trade would relapse into dulness for a
The above statement indicates, in compact form, the more or less extended period. Some of the less fortunate
world's supply of cotton (exclusive of that raised in Russia) were inclined to consider the stoppage of compulsory short
in each of the five years, the amount consumed and also the time a mistake, but the more optimistic took the view
extent to which visible and invisible stocks were augmented that recovery in the cotton trade could not be brought about
in that way within any reasonable period. Many of Lanor diminished.
The augmentation of the spinning capacity of the mills of' cashire's customers, unfortunately, had heavily-depreciated
the world has been very moderate outside the United States currencies, and to suggest that they could be compelled to
and Japan the past season. Our compilation for the world buy more by making goods costlier than need be seemed
rather fanciful in the light of previous experience. Although
is as follows:
the object of short time was not for the purpose of raising
NUMBER OF SPINDLES IN TIIE WORLD.
1922.
1921.
prices,that was the effect. The Indian debts trouble had
1919.
1918.
1920.
Great Britain
56,500,000 56,500,000 56,500,000 57,000,000 57,000,000
Continent
43,900,000 43,900.000 43,900,000 43,200,000 43,200,000 not disappeared yet, and the campaign in favor of
the
Total Europe
100,400,000 100,400,000 100,400,000 100,200,000 100,200,000 boycotting of imported cotton cloth would probably delay a
United States
settlement between the importers and their suppliers in
North
20,000,000 20,000,000 19,900,000 19,600,000 19.500,000
South
16,191,351 15,380,693 14,990.736 14,639,688 14,369,599 Great Britain. Nor
was it believed that the proposed
Total U. S
36,191,351 35.380,693 34,890,736 34,239,683 33,869,599 extension of hand-loom weaving as a measure of industrial
East Indies
6,800,000 6,800,000 6,700,000
6,675,000 6,653,871 development in
Japan
India could succeed, as the people of India
4,483,000 3,813,680 3,700,000 3,320,741
3,075,435
China, Egypt,(Sm._ 2,200,000
1,725,000
1,700,000
1,540,000 1,540,000 could not buy such expensive
cloth in large quantities.
Total India, &c
13,483,000 12,338,680 12,100,000 11,535,741 11,269,306 But it was likely enough
to check buying for a time, as dealCanada
1,375,000
1,375,000
1,367,941 ers
1,375,000
1,375,000
would be uncertain how far the movement will extend.
Mex., So. Am.. &c.. 2,500,000 2,500,000 2,500,000 2,062,149
1,562.149
Many of them had been inquiring for goods in Manchester
Total other
3,875,000
3,875,000
3.875,000 3,437.149 2,930,000
153,949,351 151,994,373 151,265,736 149,412,578 148.268,995 during the closing
Total world
days of the month, but at prices which
In the above we have revised the figures to accord with were mostly less than sellers could accept. That was
those compiled by the International Federation of Master unsatisfactory, of course, to those who had long complained
Cotton Spinners and Manufacturers' Associations. The of inquiries being disproportionate to contracts, but it was at
any rate an indication that hand-woven goods had no chance
results for the United States have already been explained.
Great Britain's trade in cotton goods with foreign coun- in competition. The movement to secure another Parliatries, as indicated by the volume of exports, increased mentary debate on the Indian import duties ended in somedecidedly during the year. The statement of exports(reduced thing rather suggestive of a fiasco. The exports of yarns
to pounds) by quarters for the last two seasons is subjoined. (including thread) and goods from Great Britain for the
These years end with July 31. Three ciphers are omitted. month were respectively 16,533,500 lbs. and 212,402,800
It will be noted that the exports of yarns were 229,310,000 yards, as against 14,516,700 lbs. and 366,540,900 yards,
lbs., against only 129,455,000 lbs. in the previous period of 12 respectively in August 1920. Liverpool.
-The market for the
months, and the exports of piece goods 3,808,577,000 yards, raw material after opening at 8.22d. for middling uplands, or
27 points below the July close, showed no definite
against 3,033,114,000 yards.
tendency
until late in the month, although all the previous decline
GREAT BRITAIN'S COTTON GOODS EXPORTS FOR THREE YEARS.
-1921-22---- -1920-21- -1919-20-- had been recovered. On the 23rd, however,there was a rise
a Yarns PieceGoods a Yarns PieceGoods a Yarns PieceGoods of 23 points followed by smaller
gains on the two succeeding
(000s omitted.)
Pounds Yards.
Pounds. Yards.
Pounds. Yards.
days. Advances of 33 points on the 25th and 26th followed,
1st quar.-Aug.-Oct ___ 53,667 820,200
47,848 1,002,221
39,828 1,053,592
2d quar.-Nov.-Jan___ 55,914 1,033,024
51,022 1,184,241 however, and with a further rise on the 29th, 30th and
30,938 840.329
3d guar.
-Feb.-Apr
59.058 858,411
38,710 1.132.946 31st, carried the price at the close up to 10.65d.,
29.145 663,419
or a gain
4t- quar. -May-July___ 60,671 1,096,942
,
29,544 475,774
50,389 1,244,294 of
2.16d. over the July final.
Total
229,310 3,808,577 129,455 3,033,114 187,969 4,563,702
SEPTEMBER.--Manchester.-A feature of the month
a Including thread.
that eventually resulted in an improvement in the demand
We add the following table to show the price of middling for cotton goods was a somewhat important
advance in the
upland cotton in Liverpool for each day of the season:
price of the raw material. The rise really started in the
WORLD'S COMMERCIAL CROPS OF COTTON.
Countries1921-22.
1920-21.
1919-20. 1918-19. 1917-18.
(Amount comingforward)
Bales.
Bales.
Bales.
Bales.
Bales.
United States
11,494,720 11,218,918 11,814 453 11,410,192 11,547,650
East Indies_a
4,500,000 3,650.000 4,274 400 3,865,000 3,550,000
Egypt
1,200,000
800,000 1,072 519
906,767 1,188,010
arazil &c_d
2,000,000 1,350,000 1,050 000
680,000
500,000
1064
THE CHRONICLE
closing days of August, or prior to the issuance of the Sept. 1
condition report of the American crop, but was materially
assisted by that document, which showed an exceptionally
low status of the crop and stimulated operations in the
market, especially the latter part of the month, inquiries
having come in from many quarters, with India and China,
however, operating cautiously. Other events of the month
which greatly interested the trade were a good rise in silver,
an improvement in the value of the rupee, which brought it
2
up to about is. 53/d. for exchange purposes, a controversy
on the question of "playing off" of operatives, which threatened at first to cause a great stoppage, the publication of
valuable statistics collected from all over the world by the
International Federation of Master Cotton Spinners' &
Manufacturers' Associations, and, lastly, an announcement
by the Manchester Ship Canal Co. that if any cotton brought
by direct importation had to be sent to Liverpool to fulfill
future contracts there the Canal company would forward it
free of expense. Hitherto the Liverpool market had refused
to allow cotton lying in Manchester to be tendered against
its futures contracts, and direct importation to that port
had consequently been less than they otherwise would have
been. The Ship Canal Company now strong enough to
deal with this situation, was doing so in the only way calculated to lead the Liverpool market to see that the time
had come when futures contracts must be put upon a basis
which recognized the existence of Manchester. Exports of
yarns (including thread)and goods from Great Britain totaled
respectively 16,931,500 lbs. and 265,386,200 yards, as against
13,084,200 lbs. and 382,138,600 yards, respectively, in September 1920. Liverpool.—The trend of the market for the
raw material in September was upward, and the net result
of the fluctuation was a rise of 4.07d. from the August final.
Middling uplands opened at 10.36d. and on the 7th was up
to 14.25d. From that level the price fell to 12.56d. by the
9th, but after frequent and sometimes wide fluctuations
advanced to 15.21d. by the 29th, easing off to 14.72d. at
the close.
OCTOBER.—Manchester.—Anticipations of an improved
business in the cotton goods market in October failed of
realization. While inquiries were numerous, the actual
business put through was quite limited, the frequent fluctuations in the price of the raw material, first upward then
downward, acting as a material check. The Government'a
new plans for increasing the export trade naturally were
closely scrutinized by the cotton trade, which, more than
any other, lives on its foreign business. An official return
issued shortly prior to the close of the month showed that
of the £3,353,558 which had been advanced or promised
in export credits under the existing law the cotton trade got
£769,965 and the woolen trade £735,874. A widening of
the scheme then in progress, it was hoped, would promote
the sale of cotton goods, although it could not be said that
a great deal of confidence was felt. In a debate on Tuesday, Oct. 25, the Trade Facilities Bill was characterized as
the "most helpful and least dangerous" of all the Government's proposals, but this was considered a poor sort of
compliment, yet as good as could be expected, considering
the harm which the Government had done to the cotton
trade by recent legislation and by support of the increase
in the Indian import tax. India would now come within the
scope of the export credits schemes. The Manchester
Chamber of Commerce had expressed the opinion that India
did not require assistance and that mischief would be done
if the granting of credits enabled the defaulting importers
there to defeat their creditors in Manchester. The matter
would require careful handling, but it was not inconceivable
hat the new credits could be made the means of securing
payment of the overdue accounts. If it put the debtors in
a better frame of mind, that should certainly be possible.
At the moment India was buying very sparingly, owing in
part to Mr. Gandhi's agitation against the use of imported
goods and also in part to other causes, such as the instability of values and the fall in the exchange rate for the rupee.
In mid-November the Commission of Inquiry which had
been appointed to hear evidence and make recommendations to the Government of India in regard to tariffs, with
special reference to Imperial preferences, was to begin its
work, but results were likely to be long delayed. The Chinese
market was rather more active during October.. The minor
markets were featureless, but of course there was always
yarns (including thread)
something doing. The exports of
y
and goods from Great Britain were respectivel 20,201,6(30
lbs. and 342,411,500 yards, as again t 12,227,100 lbs. and
[VoL. 115.
304,911,900 yards, respectively, in October 1920. Liverpool.
—The market for the raw material tended downward in
October and a net decline of 2.63d. occurred. Middling
uplands started off 15.03d. and by the 24th was down to
11.69d. From that level there was a rise to 12.75d. by
the 26th, but the close was at 12.09d.
NOVEMBER.—Manchester.—The revival which had accompanied the rise in cotton in September having been lost
in October, gloom settled on the trade in the first three weeks
of November. The position looked better at the beginning
of the last week, but there was more hope than realization,
and a relapse came quickly. A disconcerting fact was the
circumstance that, while the United Kingdom was buying
less American cotton than the previous season, the mills
of the United States and the Continent were taking moreand those of India and China were as fully employed as
ever. This was explained by the saying that the United
States has a great home market, which had not suffered to
the same extent as others had from war effects,and depended
only slightly upon exports, whereas Lancashire has to rely
chiefly upon trade with. Eastern countries, which are always
poor and were now very poor. Indian and Chinese millowners, too, have a large home connection, and they can
produce coarse goods very cheaply. Indian mills, moreover, also derived some benefit from Mr. Ghandi's campaign
against imported manufactures, and the extra tax upon
imports helped them to sell their cloth at highly profitable
prices. Mr. Ainscough, the British Trade Commissioner
in the Dependency, thought it inevitable, now that power
was gradually being transferred to Indian hands, that the
duties on imports would be still further increased, and that
that possibility must be squarely faced. He thought the
most that could be hoped for was some concession in the
form of Imperial preferences. Mr. Ghandi' sconfession that
the non-co-operation movement, by turning to violence,
had passed out of his control, led to expectations that the
boycott of imported cloth would soon collapse. There were
also indications that a larger trade with China, was not far
distant, stocks there being low. The Near East did not
promise much activity in the immediate future, and the
Continent did not present a hopeful outlook except as regards yarns, which it was taking rather freely. The general
depression led, during November, to a proposal that the
spinners in the Federation who use American cotton (but
not the users of Egyptian) should resort to organized short
time, and a ballot was taken on the question whether all
the members should be required to reduce their production
by 50% of the normal—that is, they should only run their
machinery three days a week on an average. Working
three days every week would have deprived the operatives
of unemployment dole, but it was understood that that
would be got over by working only alternative weeks. The
firms and companies who were fairly well supplied with orders objected to any interference with their freedom, and
many others were either impressed by the firmer tone of the
markets at the time when the ballot papers had to be filled
up, or by the arguments, based on a study of world conditions, that organized short time would be ineffective. The
upshot, therefore, was that the scheme was not supported
by the owners of 80% of the spindles affected, and it fell
through for that reason. The movements in cotton had an
unsetting influence. It became plain that the U. S. Bureau
of Agriculture had seriously underestimated the season's
crop, the last report showing that 7,271,000 bales had been
ginned on the 14th. The indications were, therefore, that
instead of the crop being only 6,537,000 bales, as predicted,
it was quite likely to be about 8,000,000. The exports of
yarns (including thread) and goods from Great Britain
totaled respectively 22,279,900 lbs. and 363,633,000 yards,
as against 12,954,800 lbs. and 342,922,700 yards, respectively, in November 1920. Liverpool.—In the height of the
boom created by the Bureau's early report, middling American on the spot at Liverpool went up to 15.71d. per pound,
but on the 18th inst. it was only 10.40d., showing a decline
of more than 53id. • A recovery set in, and in four days
4
fully middling American on the spot gained 13 d. per
pound, but a reaction occurred, although a slight recovery
followed. After opening at 12.09d. middling uplands rose
to 12.37d. on Nov. 3, but reacted to 10.00d. on Nov. 17,
recovered to 11.78d. on Nov. 24 and closed Nov. 30 at
10.90d. Egyptian cotton fluctuated even more violently,
changes of id. per pound or more in a day being
frequent. At the beginning of October fully good fair
Sakellaridis on the spot reached 30.75d. per pound, but at
SEPT. 2 1922.]
THE CHRONICLE
1065
the end of the month it was 73/2d. below that, and in Novem- appointing. Egypt was the most active of the other markets,
the political troubles having had little effect on trade. The
ber it got as low as 20d.
increase
DECEMBER.—Manchester.—Things were dull in De- of the in business generally, however, did not reach many
operatives just then, as sellers had stocks from
cember, as is usually the case in the closing month of the they could ship most of the goods required. The which
extorts
year, when the books are being written up for the twelve of yarns (including thread) and goods from Great Britain
months, and there is more or less "window dressing" in totaled respectively 16,461,800 lbs. and 251,954,800 yards,
order to make the accounts wear the most favorable look as against 9,452,800 lbs. and 244,725,500 yards, respectively,
possible. Mill owners did not therefore expect a large in February 1921. Liverpool.—Cotton prices at Liverpool
were very low at the beginning of the month, and the marinflux of new orders, and in this they were mit disappointed. ket was mostly despondent. An improvement
set in, howWhile no essential change in the underlying conditions ever, on the 9th, and by the 16th both fully middling Ameriwas to be observed, there were, nevertheless, some indica- can and fully good fair Sakellaridis on the spot had gained
tions pointing to improvement with the advent of the 1d. per pound as compared with end of January prices.
Buying was then more active and the firmness of cotton
new year. Price changes were more moderate than in gave
the Manchester market a stronger tone. The last
the months immediately preceding, with somewhat of a week began with substantial advances, but
part of these
dip early in the month, but with a sharp upturn the latter had been lost by Friday evening. Middling uplands, after
part. The exports of yarns (including thread) and goods selling at 9.39d. Feb. 1, fell off to 9.16d. Feb. 6, but rose
from Great Britain totaled respectively 17,435,300 lbs. and again to 10.48d. Feb. 20 and closed at 10.16d. Feb. 28.
330,273,400 yards, as against 9,136,400 lbs. and 248,045,800
MARCH.—Manchester.--The improvement in the cotton
yards, respectively, in December 1920. Liverpool.—Middl- trade which showed itself in mid-February became more proing uplands were quoted at 10.89d. Dec. 1, moved irregu- nounced in March, and the trade began to hear again of
closed
larly till Dec. 16 when the price got down to 10.56d.; a firmer others.mills being reopened and of increased production in
Earlier in the year the Blackburn area, which detone then developed, and Dec. 29 saw the price up to pends largely on Indian trade, had
as many as 48 mills closed,
11.46d. On Dec. 30 the close was 11.36d.
but in mid-March the number was brought down to 40, and
it was further reduced after that. Preston, too, furnished
JANUAR f.—Manchester.—For a few days in this month
better news. One mill which had
the outlook really looked more promising. China was was reopened about the middle been closed for a year
of March, and another,
again taking an interest in Lancashire cloth, and India which had done nothing for 15 months, was being prepared
was making so many inquiries that it was believed the for a fresh start. Oldham, the great spinning centre, and
Gandhi boycott had collapsed. Unfortunately, all the Burnley, the great weaving centre, also received more orders
inquirers wanted goods at less than cost, and even on and were decidedly more cheerful. The demand for coarse
counts of
thos terms did not want a great deal. The course of cotton continued yarns, especially for the Continent and India,
good, and some
prices in January was downward. Buyers were discouraged doing little in their regular Oldham mills which had been
lines adapted their machinery
by these constant falls, and yarn and cloth prices went to the production of yarns that could be sold more readily.
down with cotton. The exports of yarns (and thread) and Both for yarn and cloth bids were mostly low, but producers
goods from Great Britain totaled respectively 16,198,800 became firmer towards the end of the month,and higher prices
lbs. and 339,117,400 yards, as against 8,846,700 lbs. and were obtained in some cases, although business was checked
by
249,360,400 yards, respectively, in January 1921. Liver- of the raising of quotations. India presented most features
encouragement. Calcutta,
pool.—As already stated, raw cotton suffered a further of the industry, sent numerouswhich is the great mainstay
inquiries in mid-February,
decline in January. The declines were not heavy, and many of them led to fair lines being booked. As Budget
if regarded separately, but they were large in the Day (the 1st of March) approached, however, the demand
aggregate. A rise of 33 points in fully middling slackened, as there were reasons to fear that the revenue
American on the spot at Liverpool on the first market of the Dependency had been disappointing and that this
day looked like the harbinger of better times, ,in which would necessitate increased taxation, some of which might
everybody would share, but the closing price, 12.04d. per fall upon imported cotton goods. The fear proved to be
pound, was never reached again. At the end of the first well founded, as the Government proposed in the Budget
week the quotation was 11.39d., on the 13th 11.05d., to increase both the import duty and the excise duty on
on the 20th 10.53, and on the 27th 9.61d. Egyptian spot Indian-woven cloth by 4%, making the former
and
(fully good fair Sakellarides) fell more heavily still. A rise latter 73'%. The increases mentioned, and also15 new the
a
of 75 points brought the price up to 22.25d. per pound on of 5% on imported yarn, were provisionally put in forcetax
at
the first market day, but on the 6th it was down to 21.50d. once, on the assumption that they would probably
on the 13th to 20.50.d, on the 20th to 18.25d., and on the authorized in the finance bill, and it was generally be finally
expected
27th to 16d. From 11.69d. Jan. 3 middling uplands de- that the import duties, at any rate, would
dined steadily and the low price for the month (9.20d.) Three weeks later, however, the Legislative be so authorized.
Assembly sprung
was registered on the closing day.
at urprise upon everybody by rejecting both the import and
• she excise duty additions, as well as some other items,
FEBRUARY—Manchester.--A change for the better
occurred during this month. The depression in the cotton causing a prospective deficiency of £8,000,000 in the revetrade continued with little relief until the middle of February, nue. Most of the members objected strongly to the Govwhen . change became manifest. The value of the raw ernment spending as much as they proposed to do on the
a
material had begun then to advance, and buyers of yarn !limy in a time of peace. They were unable to force that
and cloth were stimulated into action by the impression issue directly, and they resorted instead to the plan of withthat it was perhaps dangerous to hold off any longer. When holding part of the supplies which the Government wanted
it could be seriously reported, as in mid-February, that to cover the proposed expenditure. The Government has
nearly half the looms.of Blackburn were stopped, that power in exceptional circumstances to insist upon taxes
Burnley looms were coming empty at an alarming rate, that which the Assembly refuses to endorse, and the cotton trade
some of the Preston mill-owners were working at greater feared that they would exercise them in this case. To have
loss than closing would involve, that Bolton spinning firms overruled the representative body, however, in the then
who had been on full production for several months feared condition of the country would have been a political mistake.
a curtailment would soon be necessary, that Oldham spinners goods The result was that the additional taxes on cotton
were not made operative, and the sums already
of fine and medium counts had nearly reached their full collected
in respect of them had to be refunded. Soon after
capacity for stocking, and that things were no better in the
theincreased duties had been provisionally authorized .
by
minor manufacturing centres it was difficult for many a
resolution of the Assembly,Calcutta came to the conclusion
people to believe that a turn for the better had come at last. that the
matter was as good as settled, and resumed buying
It did come, however, for some, and it was apparent that in
Manchester ton a larger scale than she had done for some
others would share in the improvement soon. Spinners of time. The
coarse yarns had had a fairly good time for the two or three uncertainty rejection of the additions, however, and the
at
months previous, as these were in demand for India and made trading first as to what the Government would do
Holland, and in a lesser degree for Germany. Cloth, too, orders were appear unsafe, and for a week or so few buy ng
sent here. Towards the close of March trade
was shipped in larger quantities than in the preceding year with
to minor markets. It appeared that trade with Switzerland TradeIndia, and especially with Calcutta, revived again.
with
had quite a remarkable jump in January, the exports being of cloth was China also improved. A considerable amount
13.5 million square yards, as against only 2.3 million in 1921 Lancashire'slikewise sold to Egypt, which now proved one of
and a little under 6 millions in 1920.. .The increase was that many best markets. An encouraging feature was
in grey cloth (from 2.2 millions to 13 million square yards). and a good buyers for the East stipulated for early delivery,
part of their requirements were met out of stocks.
Trade with China decidedly improved in the last fortnight The exports
of
of February, although a good many of the offers received Great Britain yarns (including thread) and goods from
totaled respectively 20,060,900 lbs. and
were at prices which could not be accepted. The position 303,857,500
yards, as against 9,750,400 lbs. and 231,931,800
in India also became better, despite the fall in silver and yards,
in the rupee. Inquiries from all parts of the Dependency cotton respectively, in March 1921. Liverpool.—American
was
were numerous, possibly because the Indian Budget was tian was unusually steady during the month, but Egypless
likely to be introduced and uncertainty was felt as to whether dropped ld. so. Fully good fair Sakellaridis on the spot
the cotton duties would be altered or not. Most of the 18.25d. on to 17d. per lb. on the 1st inst., but reached
the 13th, and remained at that on eight market
buyers, however, did not think it prudent to pay the prices days,
dropping, however, on the 23d to 18d. and later for
asked and the volume of business was consequently dis- two days to
17%d. From 10.02d. at the opening middling
1066
THE CHRONICLE
[VoL. 115.
JUNE.—Manchester.—This proved a pretty good month
uplands slumped off to 9.87d. March 2, but sold up again for the Lancashire cotton trade. America sent a note of
to 10.83d. March 22, with the close at 10.69d.
alarm regarding the growing crop of cotton raw material.
had
anchester.—The feature during April was a On the manufacturing side stocks of yarn and cloth they
AERIL.—M
.
in wages. The reduction was not as large as considerably diminished, though in the aggregate yarn
big reducing
the employers had demanded, but was very substantial, are always important. The sources of demand for India,
same as in May.
nevertheless. The employers' first proposal was that it and cloth were very much the and China, being less disbe 75% on the basis of the standard rate—:equal to was the mainstay of the trade,
should
factions, resumed buying on a
30.61% from actual wages. The spinning and weaving turbed by the military South America, and parts of the
as the more numerous body, were the first to meet moderate scale. Egypt,
sections,
Empire also operated on a fairly large scale,
the employers. The latter lowered their demand to 50%, old Turkish .
dominions
operatives would not agree to more than 40%, and and .Australia was prominent among Britishas for some
but the
ons broke down at that point. The represen- requiring Manchester goods. The Continent,especially in
the negotiati
cloth,
tatives of the cardroom workers next tried their hand, and months, continued to take yarns and 1921. Switzerland
the result was an agreement that the reduction should be the grey, in greater quantities than in
Holland, Den40% only for the first six months, and 50% for six months was much the largest buyer, but Germany,
trade
While the negotiations were in progress, mark, Sweden, and Belgium also did considerable , and
certain after that.
was dull. Buyers insisted that the reduction in Manchester. Employment kept steadily increasing
the goods trade
was reported
should inure, to their advantage. It had been known for in all the producing districts the output for about two
wages would be revised about this time, but the larger than it had been at any other time
months that
district
fact did not seem to influence the market much until the years. A few of the spinning mills in the Oldhamthere is
and the extent of the employers' terms had' a portion of their machinery stopped, but
notices were served
have
indicated. The result was that business slackened while little short time, and in some cases more yarn could
trying their strength in the matter been sold if quick delivery could have been promised.
the opposing sides were
expected
of future prices. It was agreed that spinning and manufac- Burnley, which is the principal weaving centre,
Lancashire
turing profits, where they existed, were too small to be to have all its looms running soon, and East
alone
satisfactory, but the employers had put forward the plea as a whole had fewer looms out of use than Blackburn too,
that a reduction in production costs was necessary to secure had three months before. In other mill districts, so
had
increased trade, and that clearly gave buyers an opening. there was more activity, and a number of firms delivery
On the other hand, mill-owners were not in as weak a posi- many orders on hand that they could only promise earliest.
tion as they had been. Stocks had been reduced by recent under new ones in August or September at the Cotton
selling, and some firms had even been able to book sufficient The 48-hour week was discussed at the World
passed,these
orders to keep their mills going until summer. A good Congress in Stockholm, and a resolution was
The
many, however, found it necessary to take the best terms condemning the reduction as economically unsound. Great
from
they could get, and after the operatives had offered to accept exports of yarns (including thread) and goods 311,907,300
a 40% reduction there were sellers on the basis of a probable Britain totaled respectively 17,319,900 lbs. and 00 yards,
settlement at 45%. The exports of yarns (including thread) yards, as against 9,774,000 lbs. and 152,639,5in cotton
and goods from Great Britain totaled respectively 22,534,900 respectively in June 1921. Liverpool.—The rise the end
lbs. and 302,598,200 yards, as against 9,941,900 lbs. and prices at Liverpool may be said to have set in near month
that
186,760,700 yards, respectively, in April 1921. Liverpool.— of May, as the advance gained in the middle of2, whenithe
Raw cotton ruled quite steady. There was no day in April was nearly all lost afterwards. Between June the evening
in which fully middling American on the spot closed at Bureau's crop condition report appeared, and
American
more than 10.81d. per pound and none on which it was less of Monday following Whit-week fully middling
and on
than 10.26d. Middling uplands fell off from 10.66d. on the spot rose from 12.18d. to 12.91d. per pound,
.81d.—was
April 3 to 10.11d. April 21 and closed at 10.21d. April 28. the 21st the highest rate of the month-13
although the
Egyptian cotton, for these days, was a marvel in steadiness. reached. After that 13.06d. was touched,
on June 1
The Egyptian Government entered the market as buyers the price did not remain as low as that. From 12.15d. June 6,
the object of giving prices a the price for middling uplands slumped off to 11.82d.
latter part of the month, with
21. The
lift, and Liverpool responded with a smart rise, but a relapse but displayed strength by rising to 13.66d. June
is
the next day. At Liverpool fully good fair Sakel- close June 30 was 13.08d. Fully good, fair Sakellarid
occurred
on the spot stood at 17.50d. per pound on nine con- on the spot stood at 19.25d. on the first two days of June.
laridis
-week it was 19.75d., and
secutive days, and the month's range was only from 17.75d. For seven market days after Whit
it got up to 20d., at which it stood for three days.
to 17.25d.
on the 21st
Later it was 19.75d.
MAY.—Manchester.—There was a considerable developpreJULY.—Manchester.—The usual summer dulnessManment of activity in May and the course of events led to the
in
vailed during this month. Yarn and cloth prices rise in
placing of orders with much freedom. Parts of the cotton
partly to cover the
belt in the United States had excessive rains, and American chester were advanced in June, partly to make the trade
the cost of the raw material and
markets promptly advanced prices on the ground that the
had been, but declines occurred
growing crop was jeopardized. Liverpool, of course, re- less unremunerative than it owing to the dulness of trade.
g for a time, prices went on in the latter half of July,
sponded. The rains continuin
booked well ahead, but many others were
advancing, and spinners realized that it was necessary to Some firms werewere some additions to stock, leading to
of trade calling was reported, not, and there
secure supplies. A good deal
reverting to organized short time, but it
and sales of the actual were sometimes very large. The first talk at Oldham ofto come to anything more than an extra
was not expected
week's spot sales were 33,500 bales, the second 56,590, the
too many able to
third 52,180, and the fourth 41,780. Yarn and cloth buy- week's holiday in August, as there were President of the
The
ers naturally concluded that it was time they fixed up con- dispose of all their manufactures.was "something like full
there
.
tracts, and so many were arranged that the trade began to Master Cotton Spinners said thereby that mill engines were
:1 ear of a number of producers requiring several months be- time" in the trade, meaning but a portion of the'machinery
fore they could promise delivery. There were still plenty of generally mulling full time, through lack of orders. The
firms who were not in that happy position, but everybody was stopped in some cases Commerce estimated the prorealized that a change had come, and that there was no need President of the Chamber of of local holidays, at 80 to
to go on doing business at a heavy loss. Towards the end duction, apart from the effect mills. Nevertheless,.the
the
of the month Blackburn had fewer unemployed than it had 90% of the full capacity of goods were reported inactive,
Lancashire
had for nearly two years, and 17,000 less than in May 1921. great markets for last fortnight. Indian demand had disBurnley, which a few weeks before was stated to have half especially in the
present. Reports from China
its looms stopped, was now said to have about three-quarters tinctly fallen off for the
very
emphatically that stocks of cotton goods were brisk
of them running. Preston, Rochdale and other centres stated the interior, but this did not bring about a
in
also sent more cheerful reports, while Oldham stated that it low
supplies from Lancashire. Other cloth
for
was reducing stocks, although it was not satisfied with East demand also new quiet. The exports of yarns (including
were
markets
Lancashire ideas of values. The change in the state of trade
ly
thread) and goods from Great Britain totaled respective
was pleasantly reflected—from the point of view of the share- 21,253,700 lbs. and 443,609,800 yards, as against 10,197,400
holders—in the annual report of the Bleachers' Association.
177,530,400 yards, respectively, in July 1921.
In the first half of the company's year the net profit had been lbs. and.—After spurting up 78 points from 13.01d. July 3
only L47,871, but in the six months to the end of March it Liverpool July 4, middling uplands eased off and a reacwas £653,888, or nearly £140,000 more than in 1920-21. to 13.79d.
of the
thread) and goods from tionary trend was in evidence for the remainder
The exports of yarns (including ly
22,096,990 lbs. and month, the close being 13.00d.
Great Britain totaled respective
of
We now give a compilation which covers the figures
341,424,800 yards, as against 9,573,700 lbs. and 145,603,yards, respectively, in May 1921. Liverpool.—Fully consumption in detail for each of the principal countries
800
middling American on the spot at Liverpool closed at embraced in the statement of the world's annual consump10.33d. per pound on May 1, but was 11.15d. at the end tion already presented, and the total of all. These figures
of the week and reached 12.22d. on the 16th. After that are not the takings of the mills, but the actual consumption,
the tendency was downward for several days, some of the
cases expressed in bales of 500 pounds. The
declines being rather sharp, but there were occasional recov- and are in all
to
over a shilling. Middling uplands opened May 1 figures in the table cover the years from 1908-09 1921-22,
eries to
but rose to 12.07d. on May 16, fell off to 11.69d. inclusive, and are given in thousands of bales. The figures
at 10.18d.,
May 26 and closed May 31 at 12.02d. Egyptian spot (fully for 1913-14 to 1921-22, inc. cover the twelve months ended
good fair Sakellaridis) had risen from 173/2d. to 18d. on the July 31; all earlier years are for the period September 1 to
9th and to 18 Yid. on the 18th, when it settled down for seven
August 31:
market days. It later reached 19d.
THE CHRONICLE
SEPT. 2 1922.]
United Stales.
•
Europe.
All
East
500-lb. bales
Indies Japan Others. Total.
000s omitted Great ContiBrit'n. neat. Total North South. Total.
1908-09 -1909-10 _1910-11 1911-12 _
1912-13 _
1913-14 __
Av.6 y'
1914-15 __ _
1915-16
_
1916-17 _ _ _
1917-18 _1918-19 _
1919-20 *_.
Av.63;'r
881
1,055
1,037
1,357
1,352
1,522
3,922 5,727 9,649 2,486 2,572 5,058 1,599 1,209
CROP DETAILS.
-We now proceed to give the details
of the entire crop for two years.
278 17,164
449 16.189
448 16,750
512 18,566
618 19,544
676 19.858
497 18,012
3,720
3,175
3,776
4,160
4,400
4,300
5,720 9,440
5,460 3,635
5,460 9,236
5,720 9,880
6,000 10,400
6.000 10,300
2,448
2.266
2,230
2,590
2,682
2.701
2,464
2,267
2.255
2,620
2,849
2,979
4,912
4.533
4,435
5,210
5,531
5,680
1,653
1,517
1,494
1,607
1,643
1,680
1.538
1,747
1,775
1,650
1,700
1.763
854 18,747
764 20,344
996 18,925
745 17,100
575 15.689
922 17.777
3,250 4,033 7,233 2,941 3,725 6,666 1,643 1,696
TEXAS.
1921-22
Exported from Galveston,&c.:
To foreign ports (except
Mexico)
.977,887
2
To Mexico from Port
Nogalez, &c
1,087
To coastwise portst
345,180
8.903
9,090
7.000
5,900
5,900
7,000
5,000
5.000
4,000
3,000
3,400
3,800
2,769
3,239
3,194
2,991
2.519
2,935
3,037
3,871
4,237
4,183
3,393
3.627
5,305
7,110
7,431
7,174
5,912
6,562
1,649
1,723
1,723
1,631
1,602
1.536
Another general table which we have compiled of late years
is needed in connection with the foregoing to furnish a comprehensive idea of the extent and the expansion of this industry. It discloses the world's cotton supply and the sources
of it. The special points we have sought to illustrate by the
statements are, first, the relative contribution to the world's
raw material by the United States and by other sources, and,
second, to follow its distribution. Figures for 1908-09 to
1912-13 are for the year ending Aug. 31:
WORLD'S SUPPLY AND DISTRIBUTION OF COTTON.
Visible
and
500-lb. Invisible
Supply
Bales.
Beginfling of
Year.
Commercial Crops.
Received at Galveston,&c.:
from Texas City,&c
45,668
Stock at beginning of year.. 257,932-- 303,600
18,318
120.642- 138,960
Untied
States.
All
Others.
Total
Actual
Consump
Clan.
Total.
3,085,290
3,732,018
t Includes 31,015 bales shipped inland for consumption, Sze- deducted
in overland movement.
LOUISIANA.
1921 22
Exported from New Orleans:
To foreign ports
1,320,016
To coastwise ports
92,070
Inland, by railt
236,796
Manufacturedt
44,573
Stock at close of year
76.166-1,769.621
1920-21
1,034,310
80,243
192,472
42,890
430,311-1,780,226
Deduct
-
Received from Mobile
33,280
Received from Galves'n,&c. 24,336
Rec'd from New York,&c
3.892
Stock beginning of year _ _ 430,311- 491.819
Movementfor year
Balance of Supply
End of Year.
3,178,576
64,736-3.388,890
Movement for year
1,131 15,806
1,790 10,573
1920-21
48,730
379,802
4.938
257.932-3,869,978
Burnt
Stock at close of year
Deduct
-
809 18,097
3,900
4,000
3,000
2,900
2,500
3,200
1920-21 *__ 3,000 3,300 6,300 2,070 3,034 6,173 1,500 1.705
1921-22 ___ 2.700 4.400 7,100 2.400 4,018 6,418 1,900 2.365
*Figures for 1919-20 and 1920-21 are subject to correction.
1908-09_
1909-101910-11_
1911-12_
1912-13_
1913-14_
Average
6 years
1067
23,954
23,270
234
228,017- 275,475
1,277.802
1,504,751
t In overland we have deducted these two items.
GEORGIA.
Visible.
Invisible.
4,855,093 13,496,751 4,489,169 17,985,920 17,164,487 1,875,140 3,801.386
5,676,526 10,224,923 5,021,605 15,246,528 16,188,563 1,367,624 3,364,867
4,732,491 11,804,749 5,057,988 16,862,737 16,750,484 1,537,249 3,307,495
4,844,744 15,683,945 4,845,970 20,529,915 18.565,732 2,095,478 4,713.449
6,808,927 13,943,220 5,254,759 19,197,979 19,544,007 2,015,211 4,447.688
6,462,899 14,494,762 6,419,898 20,914,660 19,858,176 2,877,300 4,642,083
13,274,725 5,181,565 18,456,290 18,011,908
1914-15.: 7,519,383 14,766,467 4,812,487 19,578,954 18,746,669 4,496,284 3.855,384
1915-16_ 8,351,668 12,633,960 4,737,207 17,371,166 20,343,752 3,045,485 2,333,597
1916-17_ 5,379,082 12,670,099 5,353,238 18,023,337 18,924,923 2,585,490 1,892,006
1917-18_ 4,477,496 11,547,650 5,238,010 16,785,660 1,7099,678 2,795,980 1,367,498
1918-19_ 4,163,478 11,410,192 5,551,767 16,961,959 15,689,107 4,277,017 1,049,313
1919-20_ 5,336,330 11,814,453 6,396,919 18,211,372 17,777,662 4,530,450 1,239,590
Average
12,473,804 5,348,271 17.822,075 18,096,965
6 Years
1921-22
Exported from Savannah:
To foreign ports
-Upland__ 692,375
To foreign ports-Sea Island
To coastwise ports:
Uplandt
155,145
Sea Island?
1,389
Exported from Brunswick:
To foreign ports
29,403
To coastwise ports
147
Stock at close of year:
At Brunswick
1,015
At Savannah-Upland... 45,406
Sea Island
581-- 925,461
DeductRec'd from Charleston, &c..
710
Stock beginning of year:
At Brunswick
758
At Savannah-Upland
131,687
Sea Island
528- 133,683
1920-21
560.682
16
102,846
2,002
11,729
681
758
131,687
528-- 810,929
11,369
317
56,819
2,079-
70,584
1920-21_ 5.770,040 11,218,918 5,800,000 17,018,918 15,808,830 5,795,209 1,184,839
....I-99 8 080 048 11 404.720 R 2nn nnn to 804 79n 10 872078 A R51 non 1.450.792
Movement for year
To illustrate the preceding, take the last season, 1921-22, and the results would
be as follows:
bales_ 6,980.048
Supply-Visible and invisible stock beginning of year
tTbe amounts shipped inland and taken for consumption (28,080 bales)
are deducted in overland.
19,694.720
26.674 768
19.572.976
5,651,000
1,450,792
Total crop during year
Total supply-bales of 500 lbs
Distribution-Total consumption, Scc
Leaving visible stock
Leaving invisible stock
Total visible and invisible stock at end of year
7,101,792
Overland and Crop Movement.
-The movement of cotton overland in 1921-22
Overland.
presented no novel or striking features. As the quantity
of cotton marketed was somewhat heavier than in the previous year, so also were the shipments overland somewhat
larger. To indicate the relation the gross overland bears
to the total yield in each of the last 12 years, we append the
following:
1921-22
1920-21
1919-20
1918-19
1917-18
1916-17
1915-16
1914-15
1013-14
Total Yield,
Bales.
Gross
Overland,
Bales.
11.494,720
11,355,180
12,217,552
11,602,634
11.911,896
12,975,569
12,953,450
15,067.247
14.884.801
2,042,570 Increase 1.25
1,993,876 Decrease 7.05
2,394,645 Increase 5.30
2,421,283 Decrease 2.59
2,929.052 Decrease 8.20
2,728,469 Increase 0.17
2,499,150 Decrease 14.03
2,146.152 Increase 1.02
1.758Increase 5.35
Of Crop,
Per Cent.
Of Overland,
Per Cent.
Increase 2.44
Decrease 16.74
Decrease 1.11
Decrease 17.34
Increase 7.37
Increase 9.18
Increase 16.45
Increase 22.06
Increa.:e 4.78
With these explanations, nothing further is needed to
make plain the following statement of the movement overland for the year ending July 31 1922, as compared with
the figures for the two preceding seasons:
1321-22. 1920-21. 1919-20.
Shipped
Amount
---------------------------Via St. Louis
Via Mounds. Ssc
Via Rock island
.Via Louisville
Via Cincinnati
Via Virginia points
Via other routes East
Via other routes West
Total gross overland
Deduct ShipMetils
Overland to New York, Boston, /tc
Between interior towns
Galveston inland and local mills
New Orleans inland and local mills
Mobile inland and local mills
Savannah inland and local mills
Charleciton inland and local mills
North Carolina ports inland and local mills
Virginia ports inland and local mills
Jacksonville inland and local consumption_
Total to be deducted
Bales.
Bales.
Bales.
827,234 843,198 841,955
392,097 253,920 437,343
24,706
8,052
36,248
88,679
75,959 137,116
29,088
15,136
13,154
317,351 178,521 252.579
88.199
77,932
70,009
316,089 522,872 583,659
2,042.570 1,993,876 2,394,645
169,510 145,555 190,180
*50,334 *64,039 *132,828
49,740 67,414
34,015
281,369 235,362 229.716
12,455
5.380,
6,568
11.456
5,241
98,080
38,191
34,497
89,483
7,189
3,400
11,396
26,607
11,996
15,619
1,266
687,640 555,219
716,036
1,354,930 1,438,657 1,678.609
during 1921-22
a This total includes shipments to Canada by rail, which
amounted to 201,727 bales, and are deducted in the statement of consump* Includes foreign cotton consumed at South.
tion.
Leaving total net overland a
740,345
ALABAMA.
- 1921-22-----Exported from Mobile:
To foreign ports
122,619
To coastwise ports?
54,149
Stock at close of year
2,901- 179,669
DeductRec'ts from New On., &c.._
365
Stock beginning of year.
12,987- 13,352
Movement for year
166.317
-1920-2172,366
30.036
12,987- 115.389
1,156
2,543-
3.699
111,690
t Under the head of coastwise shipments from Mobile are included 1,158
bales shipped inland by rail for consumption, &c., which, with consumption
(5,410 bales), are deducted in the overland movement.
FLORIDA.t
increase or Decrease.
Crop of-
791,778
Exported from Pensacola, &c.:
To foreign ports
To coabtwise ports
Stock at close of year
1921-22
1920-21
9,739
3,015
3.808
1,634-
1.634
3,998
4,308
1.433-
25
2,647--
8,457
Deduct
-
Reed from New Orleans, &c
Stock beginning of year..._
1,634-
Movement for year
8.105
2.672
5,785
t These figures represent this year, as heretofore, only the shipments
from the Florida outports. Florida cotton has also gone inland to Savannah,
&c., but we have followed our usual custom of counting that cotton at the
outports where it first appears.
MISSISSIPPI.
Exported from Gulfport:
To foreign ports
Stock close of year
1920-21-------
1921 228,123
8,123
9.993
-
9,993
Deduct
-
Stock beginning of year,.
Movement of year
8.123
9.993
SOUTH CAROLINA.
---1920 21
1921 22
Exported from Charleston,&c.:
To foreign ports-Upland _ _ 176,021
58,691
Sea Island
24
To coastwise ports1
Upland
126,968
57.927
Sea Island
130
116
Stock at close of year:
Upland
53,056
202.228
Sea Island
115- 356,276
186-- 319,186
Deduct
-
Received from Georgetown_
Stock beginning of year:
Upland
Sea Island
Movement for year
1,233
202,228
186- 202,414
223,608
76-- 224,917
153,862
94,269
t Includes in these items are 89,483 bales, the amount taken by local
mils and shipped to interior, all of which is deducted in overland.
1068
[Vol.. 115.
THE CHRONICLE
NORTH CAROLINA.
1921 22
Exported from Wilmington:
169,375
To foreign ports
14,496
To coastwise portst
72,576
Coastwise from Wash'n, &c.._
12,374
-- 208,821
Stock at close of year
1920-21
97,951
10,950
58,298
28,226- 195,425
Deduct
-
Stock at beginning of year
28,226-
28,226
32,827-
32,827
180,595
Movement for year
162,598
t Of these shipments, 4,521 bales, covering shipments inland by rail
from Wilmington and local consumption, are deducted in overland.
VIRGINIA.
1921-22
1920-21
Exported from Norfolk:
238,027
To foreign ports
113,700
170,399
To coastwise portst
122,378
Exp. from Newport News,&c.:
To foreign ports
1,226
Taken for manufacture
4,791
252
Burnt
34.000- 443,964
Stock end of year, Norfolk__ _
91,064- 331,923
Deduct-
Rec'd from Wilmington, &c
Rec'd from other Nor. Caro.
Stock beginning of year
4,878
67,887
91,054- 163,819
6,816
58,298
25,395-
SOUTH CAROLINA.
Receipts at Charleston
Total Sea Island crop of South Caro----- 45
Total Sea Island crop of United States
264
----- 264
7,132
3,655
* Other than from Charleston and Savannah.
From the foregoing we see that the total growth of Sea
Island this year is 7,132 bales, and with the stock at the beginning of the year (714 bales) we have the following as the
total supply and distribution:
This year's crop
Stock August 1 1921
7,132
714
bales 7,845
Total year's supply
Distributed as follows
-
bales 230
Exported to foreign ports
Stock end of year (581 bales at Savannah, 811 bales at Jack1,507-1,737
sonville and 115 bales at Charleston)
Leaving for consumption in United States
90,509
Movement for year
280,085
241,414
t Includes 9,269 bales shipped to the interior, which, with 1,226 bales,
taken for manufacture, are deducted in overland.
TENNESSEE, &c.
1921-22
1920-21
6.108
We thus reach the conclusion that our spinners have taken
of Sea Island cotton this year 6,108 bales.
The following table shows the crops and movement of Sea'
Island for the seasons 1909-10 to 1921-22 in detail:
Shipments
1,438,657
Flor-
145,555
Below we give the total crop each year since 1886-87. All
years prior to 1913-14 cover the period Sept. 1 to Aug. 31.
The year 1912-13 consequently includes Aug. 1913, which
is also a part of 1913-14.
Bales.
Years.
Bales.
Years.
10,650,961
13,828,846
11,581,829
13,550,760
11.319,860
13,556,841
10,123,686
10.758,326
10,701,453
10,425,141
9,439,559
11,235.383
Bales.
1897-98
1896-97
1895-96
1894-95
1893-94
1892-93
1891-92
1890-91
1889-90
1888-89
1887-88
1886-87
11,180,960
8,714,011
7,162,473
9.892,766
7,527,211
6.717,142
9.038,707
8,655,518
7,313,726
6,935,082
7,017,707
6,513,623
Weight of Bales.
The average weight of bales and the gross weight of the
crop we have made up as follows for this year, and give last
year for comparison:
Year ending July 31 1922.
Movement.
Through.
Number
of Bales.
Weight in
Pounds.
Year ending July 31 1921.
Aver. Number
Wght. of Bales.
Weight in
Pounds.
Aver.
Want.
3,085,290 1,628,385,209 527.79 3,732,018 1,975,804,970 529.42
Texas
1,277,802 648,254,511 507.32 1,504,751 780,047,871 518.39
Louisiana
89,051,620 510.50
174,440
Alabama a
121,683
62,450,149 513.22
799,883 397,589,844 497.08
Georgia b
746,130 375,124,319 502.76
75,700,104 492.00
153,862
94,269
South Carolina
47.272,133 501.46
280,085 137,241,650 490.00
241,414 120,707,000 50000
Virginia
89,033,335 493.00
180,595
162,598
North Carolina_ _
80,846,978 497.22
5,542,783 2,765,838,737 499.00 4,752,317 2,394,692,536 503.90
Tennessee, &c
Total crop_ _ _ _ 11,494.720 5,831,095.010 507.28 11,355,180 5,836,945.956 514.03
a Including Mississippi. b Including Florida.
average gross weight per
According to the foregoing, the.
bale this season was 507.28 lbs. against 514.03 lbs. in 1920-21
or 6.75 lbs. less than last year. The relation of the gross
weights this year to previous years may be seen from the
following comparison:
Crop.
Season of
No. of Bales.
Average
Weight,
Weight, Pounds. per Bale.
11,494,720
5,831,095,010
1921-22
507.28
11,355,180
5.836.947,956
514.08
1920-21
12,217,552
6.210,271,326
1919-20
508 33
11.602.634
5,925,386,182
510 69
1918-19
11,911.896
6,073,419,502
509.86
1917 18
12,975.569
6.654,058,545
512 82
1916 17
12,953,450
6,640,472,269
512.64
1915 16
15,067,247
7,771,592,194
1914-15
515 79
14,884,801
7,660,449,245
1913-14
514.65
14,128,902
7,327,100,905
1912-13
518.59
-All prior to years 1913-14 are for the period Sept. 1 to Aug 31.
Note.
Sea Island Crop and Consumption.
The Sea Island crop the past season was a little larger
than that of the previous season, but was with that exception
the smallest of all recent years. The details are as follows:
Receipts,at Jacksonville
FLORIDA.
1921
2,391
---.--1920-212,258
Deduct
-
Receipts from Savannah
2,391
Total Sea Island crop of Florida_ _ _ _
GEORGIA.
bales 1,442
Receipts at Savannah
Receipts at Brunswick
3,J84-4,696
Sent interior mills*
2,258
467
-d66-1,133
Deduct
Receipts from Florida
Receipts from Charleston, &c
Total Sea Island crop of Georgia
4,696
Georgia Caro-
Una.
Total crop of the U.S.for the year ended July 31 1922_ __ _bales11,494,720
Years.
South
Season,
Total marketed from Tennessee, &c
1,524,440
1,584,212
Total product detailed in the foregoing by States for the year
ended July 31 1922
7,476,397
Consumed in the South, not included
4,018,323
11,494,720 1909-10
1921-22
11,355,180 1908-09
1920-21
12,217,552 1907-08
1919-20
11.602,634 1906-07
1918-19
11,911,896 1905-06
1917-18
12,975,569 1904-05
1916-17
12,953,450 1903-01
1915-16
15,067,2471902-03
1914-15
1913-14_ ._ _ _14,884,801 1901-02
14,128.902 1900-01
1912-13
16,043.316 1899-00
1911-12
12,132,332 1898-99
1910-11
Foreign Exports.
Crop.
To manufacturers-direct
-net
overland
1,354,930
To New York, Boston, &c.,
by rail
169,510
1,133
45
2,391 4,696
1921-22
264
2,258 1,133
1920-21
1919-20 13,556 18,803 3.030
1918-19 12,678 21,851 10,067
1917-18 33,755 42,414 8,971
1916-17 43.080 67,506 3,495
1915-18 30,387 47,943 6,211
1914-15 35,686 38,830 5,488
1913-14 34,000 39,384 10,473
1912-13 20,780 39,008 8,375
1911-12 60,902 56,824 5,140
1910-11 35,190 41,073 13,338
1909-10 39.261 42.781 14.497
Texas
&c.
Total.
Great ContiBritain. nent.
7,132
3,655
35,389
44,596
83,140
114,081
53
603
1,176
637
1,478
84,521
2,624
1,739
8 77,812 1,711
---, 83,857 12,359
88.163 8,528
122,886 19,687
89,601 16,505
98.539 24.744
4,135
5,287
4,687
7,816
6,420
4.684
18
4,117
3,342
1,783
695
Total
Ezports.
American
Consump-
Hon.*
230 6,108
76 7,227
4,740 41,409
4,658 40,580
2,420 66,000
2,173 113,372
4,383 80,032
5,848
17,848
13,195
27,483
22,925
29.428
73,313
77,374
44,882
95,588
62,825
67,582
•The column of "American Consumption" Includes burnt in the United States.
Note.
-Years prior to 1913-14 end Aug.31.
Prices of Cotton and Cotton Goods.
The price of cotton during the 12 months covered a wide
range. When the season opened on Aug. 1 the quotation was
still down to a low figure. The statistical position was considered weak by reason of the enormous carry-over of the
preceding season. Middling Upland spot cotton in New York
was quoted at 12.90c. Aug. 1 and 12.80c. Aug. 2, but a tremendous rise then occurred and by the 27th of the next month
the price was up to 21.55c. The Agricultural Bureau at
Washington issued highly colored reports of the damage done
by the boll weevil and in other ways, and this and other advices made it appear not only that the crop was to be greatly
reduced in size, but created an impression that it was doubtful whether much cotton would be raised at all. The condition and acreage figures of the Agricultural Department
made public Sept. 1 pointed to a yield of only 7,037,000 bales,
and the report issued Oct. 3 to a crop of 6,537,000 bales. The
ginnig reports, however, issued by the census at the customary intervals demonstrated that the estimates of the Department were much too low. The result was that on Nov. 12
the quotation was down again to 16.70c. On Dec. 12 there
came the famous report of the Department saying that it had
over-estimated the decrease in acreage and revising its figures so as to show a crop of 8,340,000 bales. When the effect
of that pronouncement had passed away the price recovered
and Dec. 30 stood at 19.45c. Renewed weakness developed
towards the end of January and by Jan. 30 the price had
again receded to 16.45c. Thereafter slow but steady improvement occurred, the influences to that end being the
gradual drawing down of accumulated stocks of cotton and
unfavorable weather for the planting of the new crop. There
seemed to be rain everywhere and it came in a perfect deluge,
overflowing rivers and flooding large areas. The price kept
slowly creeping up and by June 20 was up to 23.30c. Then
came reports indicating a large increase in the acreage
planted to cotton (the "Chronicle" report among others),
and by June 26 there was a reaction to 21.50c. The Agricultural Department Acreage Report appeared on July 3, and
while the extent of the increase reported did not differ
greatly from our own report the Department made the condition of the crop somewhat lower than the trade had looked
for, and accordingly, the price in that single day jumped
from 22.05 to 23.75, but a growing feeling quickly developed
that the outlook, after all, was not unpromising and that
with the right weather conditions the crop might reach quite
large proportions. Therefore, the trend was again downward, with the quotation July 31 21.45c. In the following
we show the daily spot price of middling upland cotton in
New York for each day of the season:
PRICE OF MIDDLING UPLAND SPOT COTTON IN NEW YORK, DAILY,
FOR SEASON OF 1921-1922.
Aug. Sent. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May. June. July.
Months. 1921. 1921. 1921. 1921. 1921. 1922. 1922. 1922. 1922. 1922. 1922. 1922.
Days.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
_
18
19
27
28
29
30
31
20
21
22
23
24
25
26
17
12.90 17.50 21.10 18.75 17.55 Sun. 17.20 18.70 18.10 18.95 21.00 22.05
12.80 18.15 Sun. 19.00 17.55 Ho!. 17.20 18.70 Sun. 19.90 21.35 Sun.
12.90 Ho!. 21.35 18.85 17.80 18.65 17.20 18.55 18.00 20.00 21.15 23.75
13.15 Sun. 20.75 18.80 Sun. 19.05 17.00 18.30 18.15 19.75 Sun. Ho!.
13.45 Ho!. 20.10 18.90 17.60 18.75 Sun. Sun. 18.05 19.80 20.75 23.30
13.50 20.10 20.80 Sun. 17.70 18.65 16.95 18.50 17.95 19.55 20.90 22.70
Sun. 19.75 20.35 18.90 17.50 18.75 16.85 18.50 17.95 Sun. 21.70 22.90
13.20 18.65 20.10 Ho!. 18.10 Sun. 17.40 18.70 18.05 20.15 22.05 22.75
13.30 19.08 Sun. 18.00 18.10 18.85 17.35 18.55 Sun. 20.00 22.55 Sun.
13.25 21.10 19.80 17.40 18.20 18.35 17.40 18.65 17.90 19.90 22.85 22.10
13.25 Sun. 19.80 Ho!. Sun. 18.20 17.60 18.65 17.90 20.15 Sun. 22.15
13.25 19.80 19.80 16.70 17.70 18.25 Sun. Sun. 17.80 20.15 22.15 22.50
13.20 20.30 19.55 Sun. 17.65 18.25 Ho!. 18.45 17.75 20.15 22.40 22.85
Sun. 20.20 19.55 17.00 18.00 18.30 18.15 18.45 Ho!. Sun. 22.30 22.65
13.05 19.70 19.65 17.05 18.00 Sun. 18.25 18.20 Ho!. 21.25 22.20 22.65
13.00 19.20 Sun. 17.30 18.30 17.95 17.90 18.40 Sun. 21.50 22.40 Sun.
12.80 18.60 18.75 17.20 18.75 18.05 18.10 18.40 18.05 21.60 22.55 22.20
13.00 Sun. 18.50 17.30 Sun. 17.95 18.50 18.45 18.10 21.65 Sun. 22.20
13.00 19.95 18.75 17.55 19.00 18.05 Sun. Sun. 18.10 21.45 23.25 22.50
13.10 19.80 19.20 Sun. 18.80 18.05 18.75 18.40 17.95 21.45 23.30 22.50
Sun. 20.20 18.90 17.80 18.90 18.05 18.55 18.40 18.05 Sun. 23.00 22.10
13.60 20.20 18.80 18.40 18.40 Sun. Ho!. 18.25 Ho!. 21.80 22.90 21.95
13.75 19.90 Sun. 18.90 18.80 17.75 18.55 17.80 Sun. 21.60 22.20 Sun.
14.15 20.15 19.00 Ho!. Ho!. 17.75 18.50 17.85 18.15 21.50 22.90 21.45
15.00 Sun. 19.75 18.30 Sun. 17.35 18.80 17.85 18.25 21.50 Sun. 21.65
15.30 20.00 19.20 18.00 Ho!. 16.70 Sun. Sun. 18.20 21.50 21.50 21.45
15.60 21.55 19.60 Sun. 19.20 16.75 18.75 17.80 18.15 21.50 21.75 21.55
Sun. 21.55 19.45 18.20 19.05 16.95 18.85 17.90 18.35 Sun. 22.10 21.75
17.85 18.35 21.50 22.20 21.70
16.05 21.20 19.20 17.90 19.13 Sun.
18.15Sun. Ho!. 22.10 Sun.
16.60 21.30 Sun. 18.05 19.45 16.45
21.45
18.75
Ho!. 16.70
21.20
16.05
18.10
To indicate how the prices for 1921-22 compare with those
for earlier years, we have compiled from our records the following, which shows the highest, lowest and average prices
of middling uplands in the New York market for each season.
1921-22
1920-21
1919-20
1918-19
1917-18
1916-17
1915-16
1914-15
1913-14
1912-13
1911-12
1910-11
1909-10
1908-09
1907-08
1906-07
1905-06
High.
C.
23.75
40.00
43.75
38.20
36.00
27.65
13.45
10.60
14.50
13.40
13.40
19.75
16.45
13.15
13.55
13.50
12.80
Low.
C.
12.80
10.85
28.85
25.00
21.20
13.35
9.20
7.25
11.90
10.75
9.20
12.30
12.40
9.00
9.90
9.60
9.85
Average
C.
18.92
17.95
38.25
31.04
29.65
19.12
11.98
8.97
13.30
12.30
10.83
15.50
15.37
10.42
11.30
11.48
11.20
1904-05
1903-04
1902-03
1901-02
1900-01
1899-00
1898-99
1897-98.
1896-97
1895-96
1894-95
1893-94
1892-93
1891-92
1890-91
1889-90
1888-89.
High.
C.
11.65
17.25
13.50
Ws
12
1014
6s
3
814
878
938
8
73
8,4
10
8%
1214
1234
114
Low
c.
6.85
9.50
8.30
7%
8%
614
534
5'3?
71/,
7%
5%
61fe
7%
6%
8
101
4
91*
A verag•.
C.
9.13
12.58
10.26
9%
914
91g
611.
.
6%,
7%
81
,
7'5fe
8'X.
73
4
9s
7
11
10%
The fluctuations in the price of print cloth corresponded
very closely with those in the price of cotton itself. Quite
naturally, as the price of the raw material rose, the price of
cloth also moved upwards, while vice versa, as the price of
cotton dropped the quotation for cloth was also marked
down. At the opening of the season on Aug. 1 the price of
print cloths was only 4%c. By Oct. 4 the quotation was up
at 7c. Then there came an almost continuous decline so that
in February the price was down again to 5%c. After that
there came a slow but steady appreciation in values again,
/
until in July, when the quotation got as high as 718c. The
close on July 31 was 7c. In the table we now introduce we
show the quotation for each day of the whole season:
-INCH. 64 SQUARES) AT
DAILY PRICES OF PRINTING CT OTHS (28
FALL RIVER FOR SEASON OF 1921-1922.
Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. .4 pr. May. June. July.
3/oaths. 1921. 1921. 1921. 1921. 1921. 1922. 1922. 1922. 1922. 1922. 1922. 1922.
Days.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
5%
6% 634 Sun.
6% 6% 6% 6%
53( Sun.
634 634
634
654 Sun.
6% 6% 6% 6%
531 63' 6% 611 634
Sun. 7
Sun 634 5% 634 6%
Sun.
4% Ho!. 7
651 (SM 634 Sun. Sun.
6% 6%
Sun. 631 634 55( 6% 6% 634 634
5% 7
Sun. 654 7
(1M 634 534 6% 634 Sun. 6%
Ho!. 634 Sun. 531 6% 634 634
4% 634 7
834 (3M 5% 6% Sun.
654 Sun.
7
(SM (1M 5% 6% 834 6% 6%
534
Ho!. Sun. (iM 5% 634
5% Sun. 7
631 Sun.
651 (SM Sun. Sun. 6% 6%
534 634 Ho!.
Sun. 831 634 534 634 634
834 7
6% 834 6% 534 6% 6% Sun. 6%
Sun. 634 7
6% 651 Sun. 531 634
5% 654 7
M
54 654 Sun. 6% 7
5% 634 Sun. 6%
6% (SM 834 5% 6% 6% 6% 7
534 634 7
5% 634 854 6% Sun.
6% Sun.
534 Sun. 7
6% 6
Sun. Sun. 634
7
5% 654
Sun. 831 6
6% 6% 6% 7
834
534
6% 634 6
6
654 634 Sun. 7
Sun. 615
,
(1M Sun. Hol. 6% 6% 6% 7
5g 6%
654 Sun. 634 7
6
631 6
834 Sun.
Hol. 634 6
634 6% 6% 6% 7
5% 634
634
Sun. 6
6%
Sun.
Sun. 651
5-5%
Sun. Sun. 6% 6% 7
og 6
551 6% 634
6% (1M 634 6% 7
5% 6% 6% Sun. 651 6
Sun. 6% 6% 6% 634 5% 634 834 6% Sun. 7
634 6% 6% 7
6% 63-1 Sun.
554 6%
834 Sun. ho!. 7
5% 6% Sun. 6% 6% 5%
634
631 5%
63'
6%
431
4%
431
4%
Sun.
7
Ho!.
7%
Sun.
7%
7%
Sun.
7%
734
734
Low.
Cts.
4.75
4.62
11.00
6.75
7.25
4.26
3.25
2.88
3.62
3.75
High. Low.
Cts.
Cts.
1911-12---1916-11-___
1909-101908-09-_-_
1907-08__-_
1906-07____
1905-06__-1904-05_..-_
1903-04-.....
4.00
3.88
4.25
3.62
5.25
5.25
3.81
3.50
4.12
3.12
3.62
3.62
3.00
3.00
3.38
3.37
2.62
3.00
Sun.
7
7
7
7
7
Sun.
7
High. Low.
Cts.
Cts.
1902-03____
1901-02____
1900-01-1899-00____
1898-99__-_
1897-98-_-_
1896-97-1895-96-_-_
1894-95----
3.37
3.25
3.25
3.50
2.75
2.62
2.62
3.06
2.88
Movement of Cotton at Interior Towns.
Year ending July 31 1922.
3.00
2.37
2.37
2.75
1.94
1.94
2.44
2.44
2.50
Year ending July 31 1921.
Towns.
Receipts.
Shipmeats.
Alabama,Birmingham
39,304
35,603
Eufaula
7,424
8,483
Montgomery
49,152
63,375
Selma
41,133
54,603
Arkansas, Helena
30,865
31,205
Little Rock
185,768 222,529
Pine Bluff
127,839 156,155
Georgia, Albany
9,684
6,595
Athens
99,323 106,119
Atlanta
236,906 248,657
Augusta
398,011 440,198
Columbus
66,030
74,682
Macon
44,586
39,413
Rome
25,596
27,891
Louisiana, Shreveport
64,000 116,057
Mississippi, Columbus
20,405
21,286
Clarksdale
127,860 149,041
Greenwood
92,235 112,516
Meridian
34,578
45,828
Vicksburg
27,334
32,908
Yazoo City
35,675
30,780
Missouri, St. Louis.. _ _ 807,350 827,234
Nor.Caro.,Greensboro
67,204
63,896
Raleigh
15,018
15,300
Oklahoma, Altus
88,214
96,855
Chickasha
66,137
72,752
Natchez b
31,078
31,388
Oklahoma
65,707
62,422
So. Caro., Greenville_ 190,933 189.196
Greenwood
14,483
13,857
Tennessee, Memphis_ 957,416 1,151,655
Nashville
362
1,049
Texas, Abilene
45,374
46,497
Brenham
14,214
15,291
Austin a
31,149
26,951
Dallas
191,813 222,603
Honey Grove
5,842
8,230
Houston
2,659,590 2,829,583'
Paris
52,758
59,887
74,452
San Antonio
73,881
Fort Worth
73,072
84,783
AA..• I
..
A I ............
Al I A A 0,1 Al noo onn
Stocks.
Receipts.
Ship
punts.
Stocks.
23,723
22,068
799
9,755
7,023
3,113
57,444
38,668
12,125
34,706
19,882
1,732
50,741
47,723
5,724
16,926 226,501 189,549
23,506 131,150 104,075
6,646
10,515
1,282
15,890 153,211 145,365
11,969 185.491 174,942
56,688 369,675 332,261
37,828
24,834
7,366
51,771
51,589
6,988
39,393
34,236
6,261
61,198
90,506
3,400
9,249
10,087
537
11,696 112,058 120,125
92,049
80,406
10,067
1,380
26,818
15,714
2,961
12,581
9,537
4,254
28,886
24,099
14,261 863,179 843,193
8,708
30,095
29,006
8,131
97
8,462
1,359 109,528 109,480
1,385
84,059
84,074
1,470
49,669
49,725
3,298
57,739
61,642
17,494
90,020
87,947
8,926
22,026
16,437
62,188 929,917 954,098
460
967
813
54
69,563
70,316
2,563
12,602
10,692
187
38,786
39,396
4,462 192,196 173,809
110
35,765
36,173
31,926 3,045,962 3,034,340
286 116,244 122,717
189
48,995
48,958
3,197 137,028 147,120
4,500
4,152
26,348
15,202
6,064
53,687
51,822
4,371
22,686
23,720
98,875
16,018
12,161
8,556
55,457
1,418
32,877
30,348
12,630
8,535
9,149
34,145
5,400
379
10,000
8,000
1,778
13
15,757
8,300
258,427
1,147
1,177
3,640
4,385
35,252
2,498
201,919
7,415
760
14,908
OD, 00.11 or Of1•7 Orli II A Ar (bre I 1•I 15•IPM
a Figures for 1921 for Clarksville. Tex. b Figures for 1921 are for Hugo,Okla.
In the following we present a statement of the year's exports of American cotton from each port, showing direction
shipments have taken:
a
Galveston.
Liverpool_ _ _ _ 706,813
Manchester _ _
75,698
Glasgow
London
Havre
507,134
Dunkirk
450
Bordeaux__
Bremen
664,040
Hamburg_ - _ _
31,759
Danzig
1,125
Rotterdam
49,417
Amsterdam
Antwerp
26,505
Ghent
87,378
Copenhagen_ _
10,34
Chriatiania
1,510
Gothenburg
23,539
Stockholm
Bergen
Malmo,&c_
Lisbon
1,350
Oporto
10,076
Barcelona_ _ _ 239,533
Malaga
2,
Bilboa
1,200
Passages
•
475
Champerico_
Santander __ _
100
Genoa •
159,325
Ns pies
7,310
Venice
59,848
Leghorn
Salonica
Syra
Corunna
4,650
Trieste
Piraeus
Japan
295,224
China
11,083
Mexico
1,087
West Indies
Canada
India
Gijon
Warburg
Ferrol
Total
To complete the record we subjoin a compilation showing
range of prices of printing cloths for a series of years. The
table sets out the highest and lowest quotations for 64
squares 28-inch printing cloths at Fall River in each of
-1894-95 to 1921-22, inclusive.
the last twenty-eight seasons
Data for earlier years will be found in previous issues of
this report.
High.
Cts.
1921-22_ _ - _ 7.12
1920-21____14.00
1919-20-17.50
1918-19-___13.00
1917-18____14.00
1916-17-___ 8.00
1915-16-- 4.25
1914-15-- 3.50
1913-14-___ 4.00
1912-13-- 4.06
1069
THE CHRONICLE
SEPT. 21922.]
,
d
Sayan- witNew
Orleans. nah. m'lon.
Norfolk.
Other
New
York. Ports.
Total.
349,668215,735 13,000 100,794 33,718 165,185 1,584,913
____ 27,135 1,251 16,613 193,508
54,853 17,958
50
____
50
414
304 "ilo
140,649 77,862 ,5
:8i,6 1175 15,761 770,631
218 ------ - --- ----10_
295
1,063
100
"ioo
267,515176,981 40,100 7,005 4,26 96,302 1,366,369
13,510 5,844
2,096 52,139 105,348
2,725
_
1,045
555
18,298 10,605
4,043
90,622
397 7,882
500
500 ...-_-_
30,066 2,712
3,450 s:iio 4,839
71,042
18,079 4,600
-800
114 867
12 05
: 0
3,177
538
100
-- o&
g
___.
2,410
6,575 1,500
200
953
200 32,967
100
100
400
100
____
--io
450
6,800
29,877 22,5e8
171:93
870
5°
6
6,150
1,(3i5
2,780
300
___ _
25
119,352 21,899 33,525
5,350,
47,139! 8,279 7,300
___
1,o5o1
1,420'
_-ioo
1,200 21,577
,__ 2,059
2,650
250
6,611
100
_
2,582 1,100
354
100'
161,254129,173
37,620, 22,389
2,650
___
308
____
200
ioo
200
_
309,319
2,000
1,300
475
300
2,12
-7
359, 23
35
0
500
15,219
200 125,416
1,300
1,420
50
50
100
8,332
6,205
s"J36 all 166,574 818,766
--i
7,350 3,135 13,136
94,713
3,737
"Bo ____
458
205,266 205,266
1:656
2,000
200
400
200
2,978,974 1,320,016721,778 109,375 238,027202,776755,8236,326,769
a Includes from Texas City to Japan, 2,692 bales; Ghent, 1,200 bales; Barcelona,
100 bales, and Oporto, 1,200 bales. From Houston to Liverpool, 122,336 bales;
Manchester, 145 bales; Bremen, 204,154 bales; Hamburg, 7,669 bales; Havre,
87,840 bales; Rotterdam, 10,232 bales; Barcelona, 40,275 bales; Ghent, 2,540 bales;
Venice, 2,200 bales; Trieste, 300 bales, and Antwerp, 450 bales. From Eagle Pass
to Mexico, 651 bales. From El Paso to Mexico„ 651 bales. From 'Laredo to
Mexico, 390 bales.
d Includes from Brunswick to Liverpool, 25,128 bales, and Bremen, 4,275 bales.
k "Other ports" include from Gulfport to Manchester, 5,534 bales, and Hamburg;
2,589 bales. From Mobile to Liverpool, 56,047 bales; Manchester, 7,033 bales,
Havre, 6,987 bales; Bremen, 43,061 bales; Hamburg, 1,334 bales; Rotterdam, 150
bales; Antwerp, 1,380 bales; Japan,4,716 bales; China, 1,000 bales; Genoa,300 bales,
and Barcelona, 611 bales. From Pensacola to Liverpool, 1,928 bales, and Bremen,
720 bales. From Charleston to Liverpool, 60,978 bales: Manchester, 3,462 bales:
Havre, 5,620 bales; Hamburg, 40,755 bales; Bremen, 48,384 bales; Barcelona, 5,600
bales; Rotterdam, 6,910 bales; Antwerp, 2,737 bales; Gothenburg, 200 bales, and
Ghent, 1,375 bales. From Boston to Liverpool, 5,037 bales: Manchester, 328 bales;
Hamburg, 6,112 bales; Antwerp, 424 bales; Bremen, 131 bales; Havre, 371 bales;
Ghent, 525 bales; Naples, 500 bales, and Canada, 3,276 bales. From Baltimore to
Liverpool, 3,900 bales; Havre, 150 bales; London, 59 bales: Bremen, 1,525 bales;
Barcelona, 400 bales, and Genoa, 1,725 bales. From Philadelphia to Liverpool,
493 bales; Antwerp, 298 bales; Rotterdam, 802 bales; Manchester, 256 bales: Genoa,
400 bales: Hamburg, 928 bales; Havre, 751 bales; Venice, 200 bales; Bordeaux, 100
bales, and London, 51 bales. From Jacksonville to Liverpool, 400 bales; Bremen,
800 bales, and Ghent, 100 bales. From San Francisco to Japan, 52,993 bales, and
China, 8,305 bales. From Portland to China, 1,150 bales. From Seattle to
Japan, 90,496 bales; China, 200 bales and Canada, 263 bales. From San Pedro to
Liverpool, 36,402 bales; Japan, 18,369 bales; China, 2,481 bales; Hamburg, 421
bales; Havre, 1,882 bales, and Bremen, 1,631 bales. From Detroit, dm-border
points
-to Canada, 201,727 bales.
THE CHRONICLE
1070
ARTHUR GOLDMAN SAYS EUROPEAN SITUATION
AWAITS REPARATIONS SETTLEMENT.
Arthur Sachs of Goldman, Sachs & Co., back from an
extended visit abroad, declared this week that there is no
solution of the present situation in Europe without a workable
settlement of the reparations tangle, and one which both
sides have confidence can be successfully cariied out. Mr.
Sachs said:
Unfortunately France, for whom the whole world has the deepest sympathy for the years of suffering to which she has been submitted, and
whose northern provinces have been unnecessarily devastated, is now in
the throes of political confusion, and in the hands of a political party,
headed by Poincare, which realizes its remaining in power requires a
constant appeal to the emotions of the French public. The reconstruction
of Europe is a practical and not an emotional piece of business, in which
the co-operation of the vanquished is required, and not in a spirit of
opposition flamed by the punitive measures constantly threatened by
the French.
No one can travel in Germany without being impressed by the distressing lack of business morale which has developed in that country.
The average business man appears to be concentrating his thought on
methods of hiding his wealth in some form in which the Government cannot
reach it-he does this because he believes that everything he acknowledges
he has will eventually be taken for the benefit of the French. This
demoralization is intensified by the political utterances of men like Poincare,
who, in trying to Impress his own public thoroughly frightens the German
and defeats his own purpose. Nothing can build up this business morale
except a reasonable readjustment of the reparations, and one which not
Government agencies but the business man in all countries believes can
be carried out. No good can come of a situation where, as in May, the
politicians refuse to discuss the reparations problem with bankers who
represent the world's practical business man, and who do not allow their
deep sympathy for France to prevent their approaching the problem
from a calm and reasoned point of view. It is to be hoped that the French
public will in time see the situation in its true light and not allow their
present political leaders to remain in power through catering to their
emotions, and thus make impossible the co-operation necessary to prevent
utter political confusion and economic ruin in Europe.
[VOL. 115.
The silver coinage during the week ending 7th inst. amounted to 3 lacs
of rupees. The stock in Shanghai on the 12th inst. consisted of about
38,200,000 ounces in sycee, $33,500,000 and 3,640 silver bars, as compared
with 37,600,000 ounces in sycee, $32,500,000 and 3,610 silver bars on the
5th inst. The Shanghai stocks have so increased that they compare favorably with any recorded this year. The Shanghai exchange is quoted at
3s. 434d. the tael.
-Bar Silver per oz. std.- Bar Gold
per oz. fine.
Two Months.
QuotationsCash.
3434d.
92s. 5d.
Aug. 11
3434d.
3434d.
Aug. 12
3434d
92s. 5d.
Aug. 14
34%d.
3434d.
3434d.
92s. 4d.
Aug 15
35d.
92s. 3d.
35d.
Aug. 16
35d.
92s. Id.
3434d.
Aug. 17
3434cl.
92s. 3.6d.
34.750d.
Average
34.791d.
The silver quotations to-day for cash and forward delivery are respectively
%d. and %d. above those fixed a week ago.
-PER CABLE.
ENGLISH FINANCIAL MARKET
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Aug.26. Aug.28. Aug.29. Aug. 30. Aug.31. Sept. 1.
London,
Mon.
Wed. Thurs.
Frt.
Sat.
Tues.
Week ending Sept. 1.
d 3534
3534
3534
3534
3534
Silver, per oz
3534
92s.2d. 928.3d. 92s. 7d. 92s.4d. 92s.4d. 92s. 5d.
Gold, per fine ounce
573
5734
579'g
Consols, 234 per cents
5734
5734
5734
100M
100
99M
9934
British 5 per cents
9934
9934
97M
97M
97M
97M
per cents
9734
9734
British 434
59.90
60.25
59.90 60.10
60.25
French Rentes (in Paris) fr_ ____
76.50
76.35
76.65
75.80
76.40
FrenchWarLoan(inParLs)_ fr. ____
The price of silver in New York on the same days has been:
Silver in N.Y., per oz.(eta.):
9936
Domestic
Foreign
6934
9936
6934
9934
6934
9934
6934
9934
6934
9934
6934
COURSE OF BANK CLEARINGS.
Bank clearings continue to show an increase over last year,
THE ENGLISH GOLD AND SILVER MARKETS.
more moderate.
We reprint the following from the weekly circular of although the percentage of increase is again
Preliminary figures compiled by us, based upon telegraphic
Samuel Montagu & Co. of London, written under date of
advices from the chief cities of the country, indicate that
Aug. 17 1922:
GOLD.
for the week ending Saturday, Sept. 2, aggregate bank
The Bank of England gold reserve against its note issue is £125,581,475,
as compared with £125,579,625 last week. A considerable amount of gold clearings for all the cities in the United States from which
came on offer. Indiana requirements being small, the bulk of the supplies
possible to obtain weekly returns will show an increase
was taken for the United States of America. The following were the United it is
Kingdom imports and exports of gold during the month of July 1922:
of 8.8% over the corresponding week last year. The total
Imports.
Exports.
Netherlands
£3,000
£1,586 stands at $6,466,867,450, against $5,942,881,615 for the
Belgium
986
17,940
West Africa
47,021
110 same week in 1921. This is the twenty-third successive
United States of America
3,494
8,590,941
week in which our weekly aggregates have shown an improveCentral America and West Indies
6,983
Egypt
9,200
ment as contrasted with last year. Our comparative sumRhodesia
117,287
Transvaal
2,633,281
British India
890,899 mary for the week is as follows:
Straits Settlements
Other countries
2,681
1,298
5,828
£2,817,880
£9,514,655
It will be observed that the consignments to the United States have been
unusually heavy this month. The excess was caused by Government
remittances and led to some reduction of the Bank of England gold holding.
The Transvaal gold output for July 1922 amounted to 730,635 fine ounces,
as compared with 675,697 fine ounces for June 1922 and 689,555 fine ounces
for July 1921.
SILVER.
As a consequence of sales by the Indian Bazaars and the easier tendency
of the Chinese exchanges, the price receded to 34%d. on the 14th inst. for
both cash and forward delivery. At this point a sharp recovery was brought
about by active sales of sterling by Chinese speculators (the equivalent of
buying silver) and quotations yesterday reached 35d. for both positions.
America has been more inclined to buy than sell, leaving the onus of providing supplies to the Continent and outside sources. The market rather
lacks confidence, its prevailing factor having been mainly speculative and
not the requirements of trade. Business between America and this country
has become temporarily more difficult, owing to the delay in cable communication caused by the seizure of the Irish cable stations by the irregulars.
Silver acquired under the Pittman Act amounted to 122,246,506 ounces
on the 4th inst., including a purchase of 300,000 ounces on that date. It
is reported in the press that the financial commisariat of the Soviet Government has approved a proposal to issue a new Soviet currency consisting of
bank notes and silver, beginning on Jan. 1 1923. In this manner the commissariat proposes to use the silver confiscated from the churches "to relieve the famine." The amount of silver obtainable from such a source
is probably a drop in the bucket compared with the currency needs of
Bolshevist Russia. A find of silver in the barren lands northeast of Fitzgerald, Alberta, has been reported by "Financial America." According
to the dispatch, the silver is at least on a par with that produced from the
mines in northern Ontario. It is high grade free milling ore, but no indication is given as to the size of the deposits. The following extract from
a Bombay letter indicated the influence of gold upon silver prices in that
market: "Owing to a little reduction in the price, the up-country demand
has improved now to 100 bars a day, which is good for this time of the year.
The Bazaar is now taking a little more interest in the silver market because
the gold price has stopped from falling further for the present." Money,
so states the "Times of India," under date of July 29 last, continues to
return in large amounts to Bombay and Calcutta from up-country owing
to slackness of trade, and in payment of the large quantities of bullion and
other imports. This is reflected in the currency figures.
INDIAN CURRENCY RETURNS.
July 22.
July 31.
17895
18041
8363
8509
In Lyles of RupeesNotes in circulation
Silver coin and bullion in India
Silver coin and bullion out of India
Gold coin and bullion in India
Gold coin and bullion out of India.
Securities (Indian Government)
Securities (British Government)'
2432
6515
585
585
1922.
1921.
Per
Cent.
$3,100,400,000
427,125,908
333,000,000
208,000,000
99,714,226
a
*119,400,000
*98,000,000
88,609,082
69,448,805
35,937,998
$2,743,100,000
396,217,883
307,000,000
181,857,376
125,000,000
a
98,500,000
*108,800,000
80,704,330
52,515,077
37,590,115
+13.0
+7.8
+8.5
+14.4
-20.2
a
+21.2
-9.9
+9.8
+32.2
-4.4
Total ten cities, 5 days
Other cities, 5 days
$4,579,636,019
809,420,190
$4,131,284,781
821,116,565
+10.9
-1.4
Total all cities, 5 days
All cities, 1 day
$5,389,056,209
1,077,811,241
$4,952,401,346
990,480,269
+8.8
+8.8
Total all cities for week
86.466.867.450
*Estimated. a Refuses to furnish figures.
$5.942.881,615
+8.8
Clearings-Returns by Telegraph.
Week ending Sept. 2.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day,inasmuch as the weeks ends on Saturday
and the Saturday figures will not be available until noon
to-day, while we go to press late Friday night. Accordingly
in the above the last day of the week has in all cases had
to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week inding Aug. 26. For
that week the increase is 16.9%, the 1922 aggregate of the
clearings being $6,166,398,141 and the 1921 aggregate
$5,273,573,994. Outside of this city, however, the increase
is only 10.4%, the bank exchanges at this centre having
recorded a gain of 22.6%. We group the cities now according to the Federal Reserve districts in which they are
located, and from this it appears that in the Boston Reserve
Aug. 7. District the increase is 12.6%, in the New York Reserve
18061
this city) 22.5%, in the Philadelphia
8525 District (including
Reserve District 16.5% and in the Cleveland Reserve DisNa5
trict 5.8%. The Richmond Reserve District again makes
585 the best showing of all with an increase of 28.7%. The
Atlanta Reserve District has a gain of 20.5% to its credit;
the Chicago Reserve District 9.2%, and the St. Louis Reserve District 15.6%. The Minneapolis Reserve District
also has an increase though it is small, it being only 2.7%.
On the other hand the Kansas City Reserve District and the
Dallas Reserve District report diminished clearings, the
decrease being 9% for the former and 5.1% for the latter.
The San Francisco Reserve District enjoys a gain of 16.2%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ending Aug. 26.
1922.
1921.
Inc.or
..
..e_!.._
$
$
Federal Reserve Districts
10 cities 271,536,334 241,246,145
(1st) Boston
9 " 3,507,097,975 2,862,289,599
New York
(2nd)
415,128,213 356,448,390
(3rd) Philadelphia ....10 "
9 "
301,440,155 284,981,988
(4th) Cleveland
140,673,587 109,265,960
6 "
(5th) Richmond
132,054,640 109,578,292
12 "
(6th) Atlanta
671,104,525 614,653,632
19 "
(7th) Chicago
17,228,934 40,851,755
7 "
(8th) St. Louis
102,637,914 99,973,327
7 "
(9th) Minneapolis
210,992,071 231,825,560
11 "
(10th) Kansas City_
37,093,337 39,070,853
5 "
(11th) Dallas
329,410,456 233,388,493
(12th) San Francisco_ 14 -
1920.
1919.
s
$
%
+12.6 327,988,836 309,675,789
+22.5 3,963,526,117 3,956,065,786
+16.5 475,674,465 402,147,474
+5.8 403,475,097 304,689,823
+28.7 177,273,260 163,783,890
+20.5 173,390,633 141,384,833
+9.2 768,924,781 735,319,580
+15.6 58,347,126 43,659,400
+2.7 129,034,363 75,872,642
-9.0 345,020,380 361,168,563
-5.1 35,640,838 53,775,798
±16.2 338,033,986 277,955,113
119 cities 6,166,398,111 5,273,573,994 +16.9 7,196,329,882 6,825,498,691
Grand total
2,711,511,895 2,455,471,592 +10.4 3,296,400,382 2,917,077,098
Dutaide New York City
Canada
28 cities 250,852,348 274,595.014
-8.6 342,567,936 272,181,423
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week ending August 26.
Clearings al
1922:
1921.
inc.or
Dec.
1920.
$
$
$
%
Fiat Federal Reserve Dist rict-Boston798,287
642,651 -11.1
571,282
-Bangor _ _ _
Me.
2.750,000
2,800,000 +10.0
3,080,373
om Portland
-Boston _ _ 246,000,000 219,178,099 +12.2 300,276,027
Mass.
1,319,715
1,205,801 +11.9
1,348,840
Fall River_ _ _ _
a
a
a
a
Holyoke
1,188,923
855,543 +15.8
990,912
Lowell
a
a
a
a
Lynn
1,331,359
1,297,146 ' 1,074,098 +20.8
New Bedford_ _
3,017,134 +10.9
3,823,282
3,344,869
Springfield _ _ _ _
3,666,045
2,944,768 ' 2,541,359 +15.9
Worcester
7,621,143
5,901,314 +22.7
7,243,594
-Hartford
Conn.
5,214,055
4,030,146 +17.0
4,714,550
New Haven_ _ _
a
a
a
a
-Providence
R .1.
Total(10 cities)
271,536,334
241,246,145 +12.6
327,988,836
1919.
$
654,763
2,500,000
284,683,185
1.891,881
a
889,421
a
1,241,703
3,322,784
3,344.860
5,981,466
5,165,726
a
309,675,789
Second Fede al Reserve D istrict-New York
3,905,166
3,883.071
3,584,452 +10.6
3,963,491
-Albany.
N. Y.
830,400
936.500
693,235 +7.2
f743,021
Binghamton_ .._
31,811,223
44,177,507
29,437,635 +15.7
e34,052,293
Buffalo
506,057 Not incl. in total.
Elmira
1,388.013
873,003 +9.1
d952,856
Jamestown_ _ _
New York _ _ 3,454,886,246 2,817,102,402 +22.6 3,899,929,500 3,908,421,593
7,462,112
8,805,256
5,653,064 +27.3
7,194,927
Rochester
3,333,386
4,027,656
2,757,359 +2.6
2,828,925
Syracuse
1,891,857 +19.5
.-Stamford
d2,260,780
Conn
301,906
378.614
296,592 -27.4
N. J.-Montclaic
215,436
Total(9 cities) 3,507,017,975 2,862.289,599 +22.5 3,963,526,117 3,956,065,786
Third Federal Reserve Dist rict-Philad elphia.957,236
859,250 +11.6
959,218
Penna.-Altoona.
3,679,685
2,630,864
Bethlehem __ _
2,346,121 +12.1
1,352,571
793,239 +10.8
Chester
878,984
2,150,355
Lancaster
2,157,828
1,999,725 +7.9
•
Philadelphia _
395,000,000 338,000,000 +16.9 453,116,182
Reading
2,325,000
2,153,247
1,946,581 +10.6
Scranton
4,354,445
3,893,142 +1.6
e3,956,417
Wilkes-Barre_ •
2,698,358
f2,298,425
2,362,413 -2.7
York
1,295,998
1,306.328
1,139,513 +14.6
-Trenton..•
N.J.
3,786,902
3,744,635
3,108,406 +21.8
Del.-Wilm'gt'n
a
a
a
a
Total(10 cities
935,550
1,135,036
2,204,072
385,857,659
2,152,763
3,835,303
2,265,369
1,140,673
2,621,049
a
356,448,390 +16.5
475,674,465
402,147,474
Fourth Fede • al Reserve D istrict-Clev elande6.185,000
5,396,000 +14.6
Ohio-Akron _ _ •
•
3,398.683
3,457,908 -1.7
Canton
51,156,156
Cincinnati _ _ _
45,393,662 +12.7
f89,607,818
67,024,592 +33.7
Cleveland
9,703,800 +16.3
11,282,000
Columbus
a
a
a
Dayton
983,258 -23.1
•
755,982
Lima
c
c
•
c
Mansfield
a
a
a
Springfield
a
a
a
Toledo
2,127,298 +13.3
e2.410,065
Youngstown-.
a
a
a
Penna.-Erie.
c
c
C
Greensburg -Pittsburgh_ _ _ b133,100,000 147,700,000 -9.9
3,195,470 +10.9
3,544,451
W.Va.-Wheelin (
9,910.000
4,785,907
64,927,526
122,042,177
13,376,700
a
1,002,071
c
a
a
3,712,150
a
c
178,915,523
4,803,043
7,547.000
4,716,810
50,650,833
96,390,399
13,285,900
a
840,755
c
a
a
5,390,446
a
c
121,007,247
4,860,433
403,475,097
304,689,823
1,810,950
8,089,703
53,798,121
2,900.000
96,348,175
14,326.311
8,414,785
55,585,281
2,700,000
84,300.780
12,783,044
Total(9 cities) •
415,128,213
301,440,155
284,981,988
+5.8
Fifth Federal Reserve Dist irct-Richm ond
1.339,053 +11.4
1,491,791
W.Va.-Hun'to I
5,213,062 +10.9
e5,783,801
Va.-Norfolk....
32,073,087 +27.4
40,871,570
Richmond _ _ _
1.563,432 +9.7
n1,715,699
S.C.-Chariesto
55,570,515 +36.6
75.932,811
Md.-13altimore .
13,506,811 +10.2
14,877,915
D.C.-NVash'n _ .
Om
'
Total(6 cities) . 140,673,587 109,265,960 +28.7
177,273,260
163,783,890
Sixth Federal Reserve Dist rict-Atlant a4,425,769 +15.1
e5,092,236
Tenn.-Chat'ga .
2,379,843 -2.7
2,315,811
Knoxville_ _
12.910,553 +17.2
15,134,917
Nashville. _ _ _ .
30,100,356 +16.9
35,196,385
_.
Ga.-Atlanta..
1,400,075 -1.5
1,379,065
.
Augusta
880,051 +25.2
1,102,122
Macon
a
a
a
Savannah _ _
6,913,435 +27.5
8,813,190
Fla.-Jacks'nvill
13,701,994 +40.4
19,237.397
.-Birm'ham .
Ala
1,800,000 -18.1
1,473,633
Mobile
567,623 +54.4
876,285
-Jackson_
Miss.
220,825 -18.2
180,599
Vicksburg
34,277,768 +20.4
-N.Orleans . e41,253,000
La.
6,296,989
3,176,605
21,138,625
48,465,219
2,362.060
1,200.000
a
10,423,291
16,801.421
2,450,000
462,476
272,635
60,341,312
5,516,653
2,602,329
12,380,193
50,079,234
2,915,778
1,000,000
a
7,377,218
11,235,900
1,964,333
376,386
218,516
45,718,293
109,578,292 +20.5
173,390,633
141,384,833
11"
Total(12 cities ,
132,054,640
1071
THE CHRONICLE
SEPT. 21922.]
Week ending August 26.
Clearings at
1921.
1922.
Inc. or
Dec.
1920.
1919.
$
$
%
$
$
Seventh Fede al Reserve D istrict- Chi cago117,725
193,691
115,000 +43.0
164,422
-Adrian _ _
Mich.
422.369
521,709
462,141 +34.7
622,469
Ann Arbor_
90,000,000
93,568,157 +24.7 122,000,000
Detroit
116,727,971
5.578,347
6,029,752
4,900,000 +16.0
5,686,000
Grand Rapids_
1,501,937
1,774,553
2,133,000 -9.3
1,934,000
Lansing
1,700,007
1,827,774
1,534,639 +13.8
1,746,787
-Ft. Wayne
Ind.
10,331,000
17,012,000
13,607,000 +6.7
Indianapolis_ _ _
14,522,000
1,050,000
1,300,000
1,806,631 +12.6
2,033,500
South Bend...
24,860,612
28,934,127
24,197,886 +13.0
27,351,919
2,299,146
2,536,424
1,659,337 +2.2
1,695,984
Ia.-CedarRapid
11,142,662
9,646,878
__
6,596,370 +18.5
7,814,940
Des Moines_
10,526,443
6,986,110
4,718,177 -0.7
4,686,390
Sioux City_ _ _ _
1,661,976
1,746,531
1,146,477 -8.7
1,046,346
Waterloo
1,644,348
1,571,582
1,250,000 -8.5
Ill.-Bloomingt'n
1,144,000
476,001,235 449,674,738 +5.9 555,716.759 562,481,645
Chicago
.4
a
a
a
a
a
Danville
1,279,075
1,489,594
+9.8
1,035,761
1,137,634
Decatur
4,193,008
4,680,325
2,949,760 +13.8
3,356,662
Peoria
2,036,256
2,200,000
1,600,000 -1.2
1,580,881
Rockford
2,493,024
2,756,972
1,698,558 +9.0
1,851,385
Springfield....
Total(19 cities) 671.104.525 614,653,632 +9.2 768,924,781 735,319,580
Eighth Feder I Reserve Dis trict-St.Lo uls4,200,519
4,323,245
3,529,006 +6.5
3,758,022
-Evansville
Ind.
a
a
a
a
a
Mo.-St. Louis..
15,059,616
26,270,196
18,952,207 +17.0
22,173,373
Ky.-Louisville_
496,869
409,273
+28.9
243,286
313,541
Owensboro.._ _ _
14,644,443
16,280,419
10,250,131 +17.0
11,993,970
Tenn .-Memphis
7,124,896
9,222,178
6,649,792 +14.1
7,588,987
Ark.
-Little Roc
637,596
498,437
303,079 -9.8
273,439
Ill.-Jacksonville
1,495,461
1,343,378
924,254 +22.0
Quincy
1,127,602
58,347,126
40,851.755 +15.6
47,228,934
Total(7cities) _
Ninth Faders • Reserve Dis trict-Minn eapolis7,561,854
6,020,419 +4.2
-Duluth.. e16,275,450
Minn.
76,205,806
60,197,960 +0.5
60,526,708
Minneapolis_ _
38,263,278
27,051,147 +9.1
29,506,684
Paul
St.
2,703,580
1,723,380 +9.8
1,892.137
-Fargo_ _ •
N. D.
1,944,513
1,150,498 +7.1
1,232.000
-Aberdeen.
S. D.
1,025,039
523,129 -23.2
401,982
-Billings •
Mont.
1.330.293
3,306,794 -15.2
2,802,953
•
Helena
43,659,400
99,973.327 +2.7 129,034,363
Total(7 cities) • 102,637,914
Tenth Federa I Reserve Dis trict-Kane as City765,598
400,376 -22.0
e312,340
.
Neb.-Fremont_
813,890
440,846 -0.9
436,831
•
Hastings
4,528,103
2,472,775 +25.6
3,105,298
•
Lincoln
52,361,756
34,576,127 +2.6
35,472,572
•
Omaha
2,888,728
2,422,925 +0.6
e2,436,512
-Topeka _ •
Kan.
13,862,818
11,554,562 -17.7
e9,509,852
•
Wichita
Mo.-Kan. City • 120,392,648 141,694,100 -15.0 206,870,000
a
a
a
a
St. Joseph_ _ _ •
a
a
a
a
Okla.-Muskoge
29,356,673
20,684,016 -9.4
Oklahoma Cit r e18,732,702
a
a
a
a
•
Tulsa
1,130,688
887,223 +24.3
1,102,702
-Col.Spgs_ .
Col.
31,491,907
16,108,502 +16.1
18,699,696
Denver
950,219
584,108 +35.4
1790,918
•
Pueblo
75,872,642
Total(11 cities 1 210,9..?2.071 231.825,560 -9.0
-Da hasEleventh Fed .t ral Reserve District
1,150,000 +15.8
1,332,130
-Austin...
Texas
18,505,594 -5.0
• 117,579,159
Dallas
9,312,457 -5.7
Fort Worth .
e8,783,132
7,417.538 -21.4
5,830,091
Galveston.....
a
a
•
a
Houston
2,685,264 +32.9
La.
3,568,825
-Shreveport.
6,978,677
43,422,630
16,899,969
3,481,934
2,036,396
1,184,096
1,868.940
918,704
542,355
5,310,541
62,088,174
3,122,560
15,559,612
235,010,625
a
a
12,965,016
a
750,000
24,286,126
614,850
345,020,38 0 361,168,56
. IN
1.642,913
1,250,000
24,585,982
22,453,884
16,587,389
1,948,282
8,179,900
6,284,552
a 11 .ovi
a
2,779,614
3,704,120
35.640.838
39.070.853 -5.1
Total(5 cities).
37.093.337
Twelfth Fede r al Reserve D istrict-San Franci sco34,838,127
30,005,397 +4.8
Wash.
-Seattle_ .
31,446,262
a
a
a
Spokane
a
•
a
a
a
Tacoma
a
1,324,611
1,080,598 -4.0
Yakima
1,037,079
.
32,889,226
29,781,295 -6.1
-Portland.
Ore.
. 27,978,534
13,523,393
10,069,945 +9.2
Utah-Salt L. C.
10,996,164
a
a
a
a
Nev.-Reno _ _ _
a
a
a
Ariz -Phoenix.
a
3,947,036
3,232.628 +16.9
e3,778,211
Callf.-Fresno_ _ .
3,035,009
3,079,253 +46.8
4,519,142
Long Beach...
70,920,000
70,918,000 +22.6
Los Angeles..•
86,966,000
10,246,934
9,565,689 +32.0
12,630,973
Oakland
•
2,747,312
2,201,600 +40.1
3,085,584
Pasadena _
.
6,088,449
4,671,970 +17.9
e5,509,120
Sacramento _ _ .
a
a
a
a
San Diego...
San Francisco . 135,800,000 112,000,000 +21.2 150,100,000
2,078,720
1,625,841 +59.8
•
2,597,422
San Jose
665,469
634,477 +15.8
734,765
Santa Barbara.
5,629,700
4,521,800 -48.4
d2,331,200
•
Stockton
53,775.798
41,291,712
a
..
a
1,443,457
30,729,542
14,349,079
a
a
2,608,748
1,246,738
40,395,000
8,571,920
1,038,698
5,233,611
a
127,085,647
1,894.240
2,066,721
Total(14 cities
329,410,456 283,388,493 +16.2 338,033,986 277,955,113
Grand total (11 I
• 6,166,398,141 5,273.573,994 +16.9 7,196,329,882 6,825.408,691
cities)
Outside N.Y. • 2.711.511.895 2.456.471.592 -1-10.4 3 296.400.382 2.917.077.099
Week ending August 24.
Clearings at
Inc.or
1919.
1920.
Dec.
1921.
1922.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
Calgary
London
Victoria
Edmonton
Regina
Brandon
Saskatoon
Moose Jaw
Lethbridge
Brantford
Fort William_ _ _ _
New Westminster
Medicine Hat..
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert_ _ _ _
Moncton
Kingston
Total Canada
$
$
%
$
$
4
87,736,557 -14.7 125,997,729 10 ,206.621
74,841,637
94.060,189
67,858,506
79,218,518 +0.4
79,508,799
30,788,144
43,086,715
38,523,062 -17.9
31,632,463
12,501,550
16,289,085
14,224,088 +14.6
16,305,665
8,346,656
6,454,513
5,776,750 -2.5
5,630,455
5,327,143
6,254,279
5,504,469 -19.2
4,447,511
4,551,642
4,259,591
3,330,572 -27.2
2,425,521
5,336,357
6,531,017
4,872,767 +0.9
4,915,343
3,049,115
3,938,403
2,408,227 +6.1
2,555,797
5,826,680
7,086,253
5,107,601 -17.7
4,202,806
3,253,310
2,997,278
2,348,473 -6.9
2,187,142
1,721,453
1,500,000
2,284,767 -19.8
1,831,983
4,719,316
4,867,464
4,964,450 -22.2
3,864,481
3,590,985
3,682,290
3,761,195 -6.7
3,507,573
608,763
616,056
848432 -22.7
624,730
1,825,629
2,130,028
1,756,740 -19.8
1,409,555
1,278,782
1,757,005
1,309,943 -22.7
1,013,046
711,453
746,095
568,683 -3.7
547,435
936,462
007,544 -4.1
1,355,873
870,642
766,985
902,326
681,299 -7.1
632.775
512,184
620,864
502,621 -11.4
445,515
412,283
329,313 -27.0
305,807
240,466
734,728
693,965 -15.5
903,511
586,191
768,194
1,158,801
1,062,941 -26.9
776,351
751,118
892,528 -7.5
1,310,919
825,825
1,797,364
3,082,051
3,240,068 -3.8
3,117,451
Not incl. In total.
297,639
673,794
1,040,778 +8.4
1,128,500
738,963 +5.1
776,490
9cn 42 kg
see
9.74 MS 014
-8.6
342_587_936
272.181.423
a No longer report clearings or only give debits against individual accounts, with
no comparative figures for previous years. b Report no clearings, but give comparative figures of debits; we apply to last year's clearings the same ratio of decrease
(or increase) as shown by the debits. c Do not respond to requests for figures.
d Week ending Aug.23. e Week ending Aug.24. f Week ending Aug.25. * Estimated.
1072
THE CHRONICLE
gairerterciaI zi.0 El 311 scrItancons Atm
.
.
Breadstuffs figures brought from page 1118.
-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts al-
Flour. 1
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.1987bs.ibush.60 lbs.bush.56 lbs.bush.32 lbs.bush.48lbs.bush.58lbs.
Chicago
367,000' 2,971.0002,471,000 2,630,000
322,000
163,000
Minneapolis
3,155,000
100,000 1,128,000
338,000 373,000
Duluth
697,000
40,000
26,000
172,000 3,052,000
Milwaukee__ _
34,000
70,000
157,000
424,000
259,000
70,000
Toledo
158,000
46,000
95,000
11,000
Detroit
45,000
42,000
110,000
Indianapolis.
82,000
383,000
308,000
St. Louis- _ _ _
84,000 1,055,000
521,000
474,000
11,000
10,000
Peoria
48,000
179,000
480,000
278.000
4,000
Kansas City_
2,026,000
183,000
179,000
Omaha
748,000
655,000
292,000
St. Joseph_
275,000
128,000
56,000
Total wk. '22
533,000 11,461,000
Same wk. '21
506,000 14,436,000
Same wk. '20' 226,000 9,225,000
5,206,000 • 6,000,000 1,102,000 3,683,000
8,715,000 6,215,000 1,029,000
412.000
1,968,000 7,953,000
985,000
728,000
Since Aug.11922
1,939,000 55,109,000 18,475,000 22,132,000 3,277,004310,482,000
1921
1,926,000 60,570,000 24,400,000 37,559,000, 2,902,000 2,356,000
1920
992.000 37.582.000 7.992.000 23.216.0001 2.239.000 2.260.000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Aug. 26 1922, follow:
Receipts at
-1 Flour.
Wheat.
Barrels.
New York__ _
147,000
Philadelphia__
79,000
Baltimore_ _ _ _
39,000
New Orleans *
91,000
Galveston_
Montreal_ _ _
110,000
Boston
26,000
Corn.
Bushels.
1,522,000
971,000
1,122,000
2,275,000
1,219,000
2,652,000
28,000
Oats.
Bushels.
698,000
45,000
14,000
298,000
I Barley.
Rye.
Bushels. I Bushels. Bushels.
532,0001
339,000
114,000
20,000
70,000,
173,000
827,000
23,000
122,000 •
1,261,000
455,000,
112,000,
684,000
3,000
316,000
1,000
Total wk. '22 492,000 9,789,000 2,316,000' .1,464,000
454,000 1,873,000
Since Jan.1'22 15,682,0001155,726,000 110,135,0001 45,840,000 11,436,000 22,348,000
Same wk. '21
579,00019,213,000 1,732,0001
795,000
439,000
906,000
Since Jan.1'21 16,374,0001161,586,000 60,347,000 34,795,00011,544,000 16,196,000
•Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Aug. 26 1922, are shown in the annexed
statement:
Exportsfrom
New York
Boston
Philadelphia
Baltimore
Norfolk
New Orleans
Galveston
Montreal
Wheal,
Bushels.
Corn,
Flour, IOats,
Rye,
Barley, Peas,
Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
1,548,338
40,000
564,000
1,104,000
496,609 86,343' 90,237
1,000 50,000
171,000 3,000 30,000
77,000 4,000
1,000
1,312,000 548,000 70,000, 3,000
1,879,000
1
2,085,000 1,490,000 52,000 444,000
337,722 51,772
249,000 75,000
The destination of these exports for the week and since
July 1 1922 is as below:
I
Wheat.
Week
I Aug. 26
Corn.
Since
July1
Week
Aug. 26
Since
July 1
Bushels.
Barrels. Barrels.
Bushels.
Bushels, Bushels.
648,293 2,487,312 16,554,957 873,655 7,257,267
United Kingdom_ 69,221
120,402
Continent
578,025 6,011,182 33,614,925 1.879,95413,824,440
27,000
So.& Cent. Amer.. 6,000
6,000
21,000
90,000
West Indies
4,000
3,000
19,000
192,000
1
Brit.No•Am .Cols..
63,269
Other Countries__ 17,720
33,844
40,844
4,000
4,000
Total 1922
217,343 1,406,587 8,532,338 50,213,726 2,782,609 21,298,707
Total 1921
409,257 2,585,86110,149,255 60,297,429 2,729,527 19,210,807
• The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange for the week
ending Friday, Aug. 25, and since July 1 1922 and 1921,
are shown in the following:
Wheal.
Exports.
1922.
Week
Aug. 25.
Since
July 1.
Corn.
1921.
Since
July 1.
1
1922.
Week
Aug. 25.
Since
July 1.
APPLICATIONS TO ORGANIZE APPROVED.
-The Palisade National Bank, Palisade, N. J
Aug. 24
25,000
Correspondent, Harry D. Schall, Palisade, N. J.
-The First National Bank of Wyckoff, N. J
Aug. 24
25,000
Correspondent, Richard E. Lawlin, Wyckoff, N. J.
Aug. 24
-The City National Bank of Rockwood, Tenn
50,000
Correspondent, John A. East, Rockwood, Tenn.
APPLICATION TO CONVERT RECEIVED.
Aug. 25-The Dime National Bank of Charleston, S. C
200,000
Conversion of. the Dime Bank & Trust Co., Charleston,
S. C. Correspondent, J. L. David, Dime Bank & Trust
Co., Charleston, S. C.
•
APPLICATION TO CONVERT APPROVED.
-The Ninth National Bank of Atlanta, Ga
Aug. 22
325,000
Conversion of The Fourth State Bank of Atlanta, Ga.
Correspondent, H. T. Kilpatrick, Cashier, Fourth State
Bank, Atlanta, Ga.
CHARTERS ISSUED.
-The Figst National Bank of Cheyenne, Okla.__ _ 25,000
-12245
Aug. 25
President, S. Allckson; Cashier, R. N. Higgins, Jr.
-The West Side National Bank of Yakima, Wash_ 100.000
-12246
Aug. 26
President, H. Stanley Coffin; Cashier, W. M. Buckles.
VOLUNTARY LIQUIDATIONS.
-The Florida National Bank of Gainesville, Fla
-10310
Aug. 22
200.000
Effective Aug 19 1922. Liquidating Agent, J. M.Fennell, Gainesville, Fla. Succeeded by the Florida Bank &
Trust Co. of Gainesville.
--:The First National Bank of Woodland, Calif_ _ _ _ 125,C00
-9493
Aug. 25
Effective Aug. 3 1922. Liquidating agent, E. C. Aldwell, Ass't Sec'y, Bank of Italy, San Francisco, Calif.
Absorbed by the Bank of Italy, San Francisco, Calif.
New York City Banks and Trust Companies.
AU prices dollars per share.
Ash
11..nks
Banks-N.Y. Bid
Bid
Ask Ti si t Co.'s Bid
vs
os
Ask
America •____ 214 218 Imp& Trad__ 575
___
Amer Exch.._ 280 285 Industrial* .._ 150 155 - American_ _ _ _
Battery Park.. 135 145 Irving Nat of
.
, Bankers Trust 56i- 5f2. N Y
208 212 Central Union 409 415
430 450
Bowery*
Broadway Cen 140 150 Manhattan'.. 258 265 Columbia.. _ __ 327 332
_ _ - - Mech & Met.. 400 405 Comme
Bronx Boro*. 100
Em or ercial_ 105 125
Bronx Nat...... 160 170 Mutual*
500
295 305
Bryant Park• 145 155 Nat American 5iti. _ 150 Equitable Tr_ 290 294
Butch &Drov 130 138 National City
332 Farm L & Tr_ 480 490
____ New Neth*
Cent Mercan. 210
125 135 Fidelity Inter. 208 213
Chase245 255
340 345 New York...... 552 558 Fulton
Chat & Phen_ 286 270 Pacific •
300
5 - Guaranty Tr_ 240 245
Chelsea Exch• 60
75 Park
41:0 45
Hudson
170
Chemical.. _ .... 504 510 Public
295 305 Law Tit & Tr 185 IiiiCoal & Iron
195 205 Seaboard...- - 300 310 Metropolitan.. 296 305
Colonial . _
0_
325
__ -: Standard *
230 260 Mutual (West
Columbia'. 212
__ States
295 305
_
cheater) _ _ 115 130
Commerce. _ _ 279 282 Tradesmen's * 200
_- N Y Life ins
Com'nwealth• 220 235 23d Ward._ ... 260
& Trust.. _.. 660 870
Continental... 130 140 United States* 160 170 - N Y nust...._ 352 355
Corn Exch•_. 417 422 Wash'n Ina • 325
.
___ Title Cu & Tr 393 398
Cosmop'tan*.
85 Yorkville *.._ _ 420
____ U S Mtg & Tr 305 315
iiii- - - -East River
United States 1075 1120
Fifth Avenue* 1025
Brooklyn
155 idg - Cont y Island* 155 165
Brooklyn
mrse
Fifth
1150 1250
Brooklyn Tr_ 440 460
First
300
240 250 Mechanics' s. 110
Garfield
Kings County 750
178 184 Montauk'..... 125
---.
Ootham
_ _ _ Manufacturer 235
340 355 .
6
Nassau
225 240 People's
20
Greenwich' 62 5
Hanover
ijel- eople's
160
375 385
Harriman
* Banks marked with (*) are State banks. 8 New stock. z Ex-dividend is Ex-rights.
Bid
Alliance R'Ity 90
Amer Surety.. 76
Bond ar M G.. 255
City investing 60
Preferred . 88
All prices dollars per
Bid
Ask
1
95 Lawyers Mtg .82
79 Mtge Bond.._ 115
262 Nat Surety__ 208
63 N Y Title &
Mortgage.. 158
91
share.
Ask Realty Assoc
(Brooklyn)..
190
S Casualty..
125
215 US Title Guar
West Chester
164
Title& M 0
Bid
155
170
105
Ask
160
175
200
-Among other securities, the following,
Auction Sales.
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:
Price.
Shares. Stocks.
1 Fifth Avenue Bank, N. Y__$1,035
15 Apoillnaris Agency Co., N.Y.
$17 lot
$10 each
1 Tubes Realty & Term., N.Y_56 lot
1 Trow's Directory dr Printing
dr Book Binding
$1 lot
Duplicate certif. for 376-2000
Beneficial Interest in Martha Iron Co
$42 lot
10 Milford & Uxbridge St. KY.
$100 each
$4% per sh.
500 The Nunnally Co_ _ _ _ $l04 per sh.
$370 per sh.
25 Bankers Trust
105 Iron Products Corp., pf..$72 per sh.
$20 lot
50 Contact Process, corn
$50 lot
70 Contact Process, pref
50 Nat. Drug Stores, pref
$65 lot
50 National Drug Stores, com_525 lot
100 Railway Improvement Co...515 lot
50 Maplewood Hotel of New
Hampshire, pref
$45 lot
Shares. Stocks.
Price.
50 Maplewood Hotel of New
Hampshire,corn
$11 lot
75 Staples & Hanford Co, pref.
.55 lot
50 Staples & Hanford Co., com_33 lot
200 N. Y. City Interboro Ry--5100 lot
100 Central Hudson Steamboat,
COM
$l7 per sh.
100 Central Hudson Steamboat,
pref
$15 per sh.
2,000 The Nunnaliy Co_ _ _ _$10% per sh.
25 P. H. Gill & Sons Forge &
Machine Works, pref._ _$605 lot
250 Archibald Coal Co_ _.$540,000 lot
Per cent.
Bonds.
$130.05 Hudson & Manhattan RR.
1st lien & ref. mtge. bond scrip__ 86
$5.000 Gulf Florida & Alabama RY•
1st M. 5s, certif. of deposit.. _ _5160 lot
$11,000 Staples & Hanford 1st M.
5s, 1931
$60 lot
By Messrs. Wise, Hobbs & Arnold, Boston:
1921.
Since
July 1.
Bushels.
Bushels.
Bushels. I Bushels.
Bushels.
Bushels.
North Amer_ 9,130,000 60,954,000 81,214,000 1,964,000 22,395,000 19,980,000
Russ.& Dan.
24,000
736,000
600,000
228,000 2,858,000 5,060,000
Argentina..._
854,000 21,215,000 8,308,000 1,444,000 14,256,00
35,740,000
Australia ___
304,000 4,860,000 10,792,000
India
704,000
Oth.Countr'
1 588,000 1,454,00
2,760,000
Total
10,312,000 87,765,000101,618,000 4,224,0001 40,963,0
63,540,000
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency., Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
-The First National Bank of Sea Isle City, N. J
Aug. 24
$25,000
Correspondent, H. S. Mowrer, Ocean City, N. J.
-The First National Bank of Palm Beach, Fla
Aug. 25
25,000
Correspondent, H.L. Donald,care First National Bank,
West Palm Beach, Fla.
National Bank in New York. N. Y
Aug. 26-Franklin
400,000
Correspondent, Curtis, Fosdick & Belknap, 233 Broad..
way, New York, N. Y.
(Vol,. 115.
New York City Realty and Surety Companies.
940,000
Total week 1922_ 8,532,338 2,782,609 217,343 617,237 1,526,722
Same week 1921...._ 10149255 2,729,527 409,257 570,000 477,759 126,772
600,780
Flour.
Exports for Week
and Since
Since
Week
Aug.26 July 1
July 1 to
-
'
$ per sh.
Shares. Stocks.
269
5 Beacon Trust Co
log Rights Nashawena Mills......
84
9 Great Falls Mfg. Co
7 Norwich dr Worcester, pref. 983(
2 Boston Woven Hose & Rubber Co., corn
140%
10 Greenfield Tap & Die Corp.,
preferred
893
10 Graton & Knight Mfg., pref. 55
101H
3 Hood Rubber, pref
20,000 Swiftsure Petrol., $10 each
$10,000 lot
25 Lowell Electric Light Corp_179
Shares. Stocks.
$ Per sh.
40 Edison Elec. Ilium. Co. of
Brockton
179%
11 Puget Sound Pow. & Light
6% pfd
84
Bonds.
Per cent.
$110,000 Swiftsure Oil Transport,
Inc., 78, due Oct. 1 1921_55,000 lot
$52,000 Swiftsure 011 Transport,
Inc., 7s, due Oct. 1 1921_ _ _ _$2,500 lot
Coupons, face value $16,135, due
Oct. 11921. 7% bonds Swiftaure
Oil Transport, Inc
$100 lot
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
Price.
55 National Shawmut Bank,
Boston
242%-242
1 Wm. Whitman & Co., Inc.,
preferred
100 dr div
_114%
29 Bigelow-Hartford Carpet, pref.
Hamilton Manufacturing
85
50
84 Massachusetts Cotton Mills_ _ _158%
64 Merrimack Mfg., pref.__.843g-84%
5 Nashua Mfg.Co., pref._ _9974 & div.
122
10 Lawrence Mfg. Co
15 Cambridge Gas Light Co
19674
2 Fall River Gas Works Co
20274
1 Charlestown Gas & Electric__ _115
5 G. Siegel Corp., 1st pf_ _81% & div.
Price.
Shares. Stocks.
20 Norton Co., 1st pref_ _ .. _102 & div.
50 Malden Housing Corp., pref_155 lot
40 Fall River Gas Works Co202%-2067i
2 Lawrence Gas Co
10974
125 Alaska Gold Mines
1
MOO lot
oo Utah Consol. Mining
92 Gulf Fla.& Ala.IV,Wm....)
Per cent.
Bonds.
$59,000 Gulf Fla. & Ala. Ry. 5s
$300 lot
July 1 1961
$13,000 Premier Motor Corp.65,
Nov. 1 1921
$300 lot
$3,000 Houghton & Dutton Bldg.
Trust 1st Mtge. 4748, 1932
8474
SEPT. 21922.1
THE CHRONICLE
By Messrs. Barnes & Lofland, Philadelphia:
Price.
Shares. Stocks.
333 1-3 Albert Granich, Inc
34
266
% Franklin National Bank
5 Philadelphia National Bank_ _ ..385
3 Northern National Bank
19534
5 Metropolitan Trust. $50 each 61
65
10 Peoples Trust Co., $50 each
497
5 Northern Trust Co
1 Guarantee Trust & Safe Dep_ _131 X
10 Mutual Trust Co., $50 each.... _ 51
18 Cuban-Dominican Sugar, pref_ 60
$150 lot
300 A-1 Mfg.,$10 each
5 Amer.Pipe & Constr.,$50 each 1734
1 Reliance Insurance, $50 each....103
21 Frank. & Southwark Pass. Ry_286
Price.
Shares. Stocks.
1 West Philadelphia Pass. Ry__ 14634
8 West Philadelphia Pass. Ry-_ _145
195
2 2d & 3d Sts. Pass. Ry
26 Minehill& Schuylkill Hay.RR. 5234
60
20 Autocar Co. of Ardmore
52
1 Sea.view Golf Club
5 Huntington Dev.& Gas,corn
2234
82
1 Continental Passenger Ry
Per cent.
Bonds.
$1,000 Seaboard Finance & Invest50
ment 7s, 1923
$200 Wayne Coal 6s, lk.lar. 11037.... 5634
78
$3,000 Georgia Railway & Power
Name of Company.
1073
Per When
Cent. Payable.
Socks Closed.
Days Inclusive.
Miscellaneous (Concluded)
Pure Oil Co.,534% pref.(guar.)
$1.25 Oct. 1 Holders of rec. Sept. 15
Six per cent preferred (guar.)
13-4 Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 15
Eight per cent preferred (quar.)
Reo Motor Car (quar.)
*25c Oct. 2 *Holders of roe. Sept. 15
Sept.30 *Holders of rec. Sept.24
Reynolds Spring Co., pf. A & B (qu.)....
Richman Bros
*$15 Sept. 15 *Holders of rec. Sept. 6
Sears, Roebuck & Co., pref. (quar.)_
13-4 Oct. 1 Hclders of rec. Sept. 15
Sherwin-Williams Co.of Can.,com.(qu.) 1% Sept.30 Holders of rec. Sept.15
Preferred (quar.)
134 Sept.30 Holders of rec. Sept.15
Oct. 2 Holders of rec. Sept. 15
South West Pa. Pipe Lines (guar.)
$1
Standard Oil (Kentucky) (quar.)
*$1.25 Oct. 2 *Holders of rec. Sept.15
Swift & Co. (quar.)
Oct. 1 Holders of rec. Sept. 9
2
Todd Shipyards Corp.(quar.)
Sept.20 *Holders of rec. Sept. 5
*$2
Tonopah Belmont Development (quar.) .5
Oct. 2 *Holders of rec. Sept. 15
Pittsburgh Stock Exchange.
-Record of transactions at
Below we give the dividends announced in previous weeks
Pittsburgh Stock Exchange Aug.26to Sept. 1, both inclusive, and not yet paid. This list does not include dividends
compiled from official sales lists:
announced this week.
Stocks-
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Am Wind Glass Mach_ _100 8234
100 92
Preferred
Am Wind Glass Co pf_ ..100
Arkansas Nat Gas com_100 1034
Barnsdall Corp Cl A.. _25 35
Carnegie Lead & Zinc...... _5
534
Com'wealth Trust Co....100
Consolidated Ice, pref_ _50
Indep Brewing, com_ _ _ _50
334
Preferred
50 1334
25 28
Lone Star Gas
Mfrs Light & Heat_...100 5634
Nat Fireproofing, com50
Preferred
50
1 1334
Ohio Fuel 011
Ohio Fuel Supply
25 53
Oklahoma Natural Gas_25
Pittsburgh Brew, com_ _50
3
Preferred
50
834
Pittsburgh Coal, corn_ ..100 79
Preferred
100
Pitts& Mt Shasta Cop__ -1 27c
Pittsburgh Oil& Gas_ _100
Pittsburgh Plate Glass....10
Salt Creek Cons 011_ _ _10
Tidal Osage 011
1334
Union National Bank_ _100
Union Natural Gas_ __ _100 142
West'house Air Brake_ -50
W'house El & Mfg,com_50 6334
West Penn Rye. pref_ _ _100 .
West Penn Tr&WP com100 3534
BondsIndep Brewing 6s_ _ _ _1955
Pittsburgh Brew 6s......1949
75
80
Range since Jan. 1.
Low.
74
80
75
80
$53,000
1.000
High.
Jan
Jan
Jan
Mar
Feb
Jan
Apr
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Sept
Jan
Jan
Jan
Feb
Jan
May
May
Feb
Jan
Jan
Jan
Apr
Jan
Mar
Jan
Jan
Jan
90 May
Sept
92
107
Aug
1234 Apr
553-i Apr
634 June
Apr
150
2534 Aug
334 Aug
1334 Sept
3134 June
58
Aug
93-4 Apr
2134 Aug
23 June
55
May
2634 Apr
3
Mar
834 Jun 3
79
Sept
9834 Sept
31c Mar
1134 June
180
Aug
1434 May
1434 Apr
310
Aug
14734 Aug
10134 Aug
6934 Apr
82
Aug
36
Aug
67 June
80 ' Sent
75
jar
9234 JUIN
81
8234 1,100 6434
55 84
9134 92
50 97
10334 10334
995
83(
1034 1034
35
35
40 21
5
135
234
534
145 145
5 145
15 23
2534 2534
334 334
700
134
,4
133 13X
60
63..
28
815 20
29
5634 5734 1,027 45
35
834 834
634
200 15
2034 2134
70 1334
1334 18
53
53
492 4434
279 19
2234 23
3
3
70
134
5
8
260
834
79
50 60
79
98
61 9034
9834
25c 27c 63,600 , 19e
6
350
934 10
15 130
175 175
11
890
85.4
1134
545 11
13
1334
310 310
10 264
142 142
40 11534
99 100
40 8034
60 4934
6334 6334
82
100 6934
82
3534 36
360 18
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Beech Creek (quar.)
*50c. Oct. 1 *Holders of rec. Sept. 15
Boston & Albany (quar.)
Sept.30 *Holders of rec. Aug. 31
*2
Pittsb. Ft. Wayne & Chic., corn.(quar.) 134 Oct. 1 Holders of rec. Sept. 9a
Preferred (quar.)
1X Oct. 3 Holders of rec. Sept. 9a
St. Joseph South Bend & Southern,corn. 1
Sept. 15 Sept. 11 to Sept.15
Preferred
23-4 Sept.15 Sept. 11 to Sept.15
Street and Electric Railways.
Market St. Ry., San Fran., pr. pf. (qu.)
Banks,
Public National (quar.)
4.1M
4
Oct.
1 *Holders of rec. Sept. 11
Sept.30 Holders of rec. Sept.23
Miscellaneous.
Allied Chem.& Dye Corp. pref. (quar.) 134 Oct. 2 Holders of rec. Sept. 15
American Can, pref.(guar.)
'
134 Oct. 2 Holders of rec. Sept. 15a
American Tobacco, pref. (guar.)
134 Oct. 2 Holders of rec. Sept. II
Amer. Window Glass Mach., corn. (qu.) 134 Oct. 2 Holders of rec. Sept. 8
Preferred (quar.)
134 Oct. 2 Holders of rec. Sept. 8
American Woolen,corn. and pref.(quar.) *134 Oct. 16 *Holders of rec. Sept. 15
Borne Scrymser(annual)
*20
Oct. 15 *Holders of rec. Sept. 16
134 Oct. 1 Holders of rec. Sept. 20
Buda Company, pref.(quar.)
Bush Terminal Buildings, Pref. (quar.)_ '134 Oct. 2 *Holders of rec. Sept.20
*2
Cambria Iron
Oct. 2 *Holders of rec. Sept. 15
Oct. 1 *Holders of rec. Sept. 11
Case (J. I.) Thresh. Mach., pref.(qu.)...
Celluloid Company, corn. (quar.)
Sept.30 *Holders of rec. Sept. 15
31
Coca-Cola Co., corn. (guar.)
Oct. 1 Holders of rec. Sept. 15
*134 Sept.15 Holders of rec. Aug. 31
Colorado Power, pref.(quar.)
Computing-Tabulating-Recording ((pi.)- $1.50 Oct. 10 Holders of rec. Sept.250
Oct. 2 Holders of rec. Sept. 15
Consol. Gas, El. Lt. & P., corn. (qu.)-- *2
*2
Preferred, Series A (quar.)
Oct. 2 Holdels of rec. Sept. 15
*134 Oct. 2 II( lders of rec. Sept.15
Preferred, Series B (No. 1)
Sept.30 Sept. 16 to Oct. 1
Cramp (Wm.) Sons Ship dr E.B.(111.) 1
*2
Oct. 16 *Holders of rec. Sept. 20
Detroit Edison (quar.)
3
Oct. 2 Holders of rec. Sept. 2
Draper Corporation (guar.)
Oct. 1 Holders of rec. Sept. 16
General Baking,corn. and pref.(guar.).- 2
134 Oct. 1 Holders of rec. Sept. 20
General Railway Signal, pref.(guar.)
Hart,Schaffner& Marx, Inc., pref.(qu.)
Sept..30 *Holders of rec. Sept. 19
•$1.12% Oct. 2 *Holders of rec. Sept. 15
Haverhill Gas Light (guar.)
*15c. Sept.28
Hecla Mining (quar.)
*2
Illinois Bell Telephone (guar.)
Sept.30 *Holders of rec. Sept.29
International Harvester,corn.(quar.).... '134 Oct. 16 *Holders of rec. Sept.25
International Silver, pref. (guar.)
134 Oct. 1 Sept. 16 to Oct. 1
Libbey-Owens Sheet Glass, corn.(guar.) .50c. Sept. 10 *Holders of rec. Sept. 1
.11,4 Sept. 1
• Preferred (quar.)
Liggett & Myers Tobacco, pref. (guar.).
Oct. 2 *Holders of rec. Sept. 15
manatl Sugar, preferred (guar.)
*1X Oct. 2 *Holders of rec. Sept. 15
Manhattan Electrical Supply (quar.).... *$1
Oct. 2 *Holders of rec. Sept. 20
Mayer (Oscar)& Co,Inc, 1st Pf- (qu.). 13-4 Sept. 1 Holders of rec. Aug. 22
Second preferred (quar.)
2
Sept. 1 Holders of rec. Aug. 22
Middle West Utilities, Preferred (quar.)_ .$1
Oct. 2 *Holders of rec. Sept. 15
New York Transit
4
Oct. 14 Holders of rec. Sept. 20
Ogilvie Flour Mills, pref. (guar.)
134 Sept. 1 Holders of rec. Aug. 22
(quar.)
Owens Bottle, coin.
*50e. Oct. 1 Holders of rec. Sept. 15
Preferred (quar.)
*1% Oct. 1 Holders of rec. Sept.15
Paige-Detroit Motor, pref. (quar.)
4 1U Oct. 1 *Holders of roe. Sept. 15
'
Parke, Davis & Co. (guar.)
*4
Sept.30 *Holders of rec. Sept. 20
Extra
*4
Sept.30 *Holders of rec. Sept.20
Penn Central Light & Pow., pref.(guar.) ell
Oct. 2 *Holders of rec. Sept.11
IN Oct. 2 Holders of rec. Sept-. 15a
Pennsylvania Water & Power (guar.)._
Pettibone,M ulllicen Co.,1st& 2d pf.(q u.) *1% Oct. 2 *Holders of rec. Bert. 21
Name of Company.
Railroads (Steam).
Buffalo & Susquehanna, corn.(guar.)- _Canadian Pacific, common (guar.)
Preferred
Chestnut Hill(quar.)
Cuba RR.. preferred
Delaware & Hudson Co.(quar.)
Erie & Pittsburgh (quar.)
Fonda Johnstown & Glov.. pref.(quar.)..
Louisiana Ar North West(No. 1)
New York Chicago & St. Louis,
First preferred (quar.)
First preferred (guar.)
Second preferred (quar.)
Second preferred (guar.)
Norfolk & Western,common (quar.)_
Phila. Germantown & Norristown (qu.)_
Pittsb. & West Virginia, pref. (quar.)_
Reading Company, first pref.(quar.)_ _
Southern Pacific Co. (guar.)
Union Pacific, common (quay.)
Preferred
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
134 Sept.30 Sept. 16 to Oct. 1
2% Sept.30 Holders of rec. Sept. la
.2
Sept.30 *Holders of rec. Sept. 1
75e. Sept. 5 Aug. 20 to Sept. 4
3
Feb15'23 Holders of rec. July 20a
23-4 Sept.20 Holders of rec. Aug. 280
87%c Sept. 9 Holders of rec. Aug. 31a
1% Sept.15 Holders of rec. Sept. Sc
*1% Oct. 1
134 Sept.30
13-1 Dec. 30
134 Sept.30
134 Dec. 30
134 Sept.19
$1.50 Sept. 5
1% Nov.29
54)c. Sept.14
134 Oct. 2
Oct. 2
Oct. 2
Holders of rec. Sept. 190
Holders of rec. Dec. 19a
Holders of rec. Sept.190
Holders of rec. Dec. 190
Holders of rec. Aug. 310
Aug. 20 to Sept. 4
Holders of rec. Nov. la
Holders of rec. Aug. 29a
Holders of rec. Aug. 31a
Holders of rec. Sept. la
Holders of rec. Sept. la
Street and Electric Railways.
El Paso Electric Co.,corn.(quar.)
234 Sept. 15 Holders of rec. Sept. la
Frankford & Southwark Pass. Ry.(qu.)_ $4.50 Oct. 1 Sept. 2 to Sept.30
3
Sept. 15 Holders of rec. Sept. la
Galveston-Houston Elec. Co., pref
$2
Oct. 2 Holders of rec. Sept. 9a
Philadelphia Traction
Oct. 1 Holders of rec. Sept. la
$3
Second & 3d Sta. Pass., Phila.(quar.)
United Light & Rys., picric. pref.(qu.)
134 bet. 2 Sept. 16 to Sept. 17
134 Oct. 2 Sept. 16 to Sept.17
First preferred (guar.)
West Penn Rys., pref.(guar.)
134 Sept. 15 Holders of rec. Sept. 1
Trust Companies.
Lawyers Title & Trust Co.(guar.)
1% Oct. 2 Holders of rec. Sept.22a
Miscellaneous.
X Oct. 2 Holders of rec. Sept.15a
Advance-Rumely Co., pref. (guar.)._
American Art Works, corn.& pref. (qu.) 1% Oct. 15 Holders of rec. Sept.306
75e. Oct. 2 Holders of rec. Sept.12a
American Bank Note, pref. (quar.)_ _ _
American Beet Sugar, preferred (qmar.)- 1% Oct. 3 Holders of rec. Sept. 9a
American Fork & Hoe,common (quar.)_
134 Sept.15 Holders of rec. Sept. 15
American Locomotive, corn. (quar.)_ _ _ 134 Sept.30 Holders of rec. Sept. 13a
Preferred (guar.)
1'% Sept.30 Holders of rec. Sept.13a
American Mfg., pref. (quar.)
134 Oct. 1 Sept. 17 to Oct. 1
Preferred (quar.)
1% Dec. 31 Dec. 17 to Dec. 30
American Radiator,common (quar.)
Sept.30 Holders of rec. Sept. 15a
American Safety Razor Corp.(No. 1)_:_
25e. Oct. 2 Holders of rec. Sept. 12a
American Shipbuilding, common (guar-) 2
Nov. 1 Holders of rec. Oct. 15
Common(guar.)
2 F eb. 1'23 Holders of rec.Jan.15'23
Common(guar.)
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 Secur., pref. A (guar-)-- 1% Oct. 1 Sept.16 to Sept.21
Preferred B(quar.)
134 Oct. 1 Sept. 16 to Sept.24
,
American Stores, common (quar.)
1% Oct. 2 Sept.21 to Oct. 2
Amer. Sugar Refg., pref. (guar.)
1% Oct. 2 Holders of rec. Sept. la
American Telephone & Telegraph (quar.) 23-4 Oct. 16 Holders of rec. Sept.20a
Quarterly
234 Jan15'23 Holders of rec. Dec. 20
Quarterly
234 Apr16'23 Holders of rec. Mar.16'23
Quarterly
23-4 J'ly16'23 Holders of rec. June 20'23
Armour & Co., pref.(guar.)
*1X Oct. 2 *Holders of rec. Sept. 15
Atlantic & Pacific Steamship, corn
Sept.15 Holders of rec. Sept. 15a
5
Preferred
33-4 Sept.15 Holders of rec. Sept. 15a
Atlantic Refining, common (quar.)
Sept. 18 Holders of rec. Aug. 21a
5
AtlasPowder.common (guar.)
3
Sept. 11 Holders of rec. Aug'. 31a
Beech-Nut Packing, Common
4c Sept. 11 Holders of rec. Sept. 1
Beiding-Cortlee111, Ltd., pref. (guar.)_ _ _
134 Sept.15 Holders of rec. Sept. la
Bethlehem Steel, COM. & corn. B (guar.) 1% Oct. 2 Holders of rec. Sept. 15a
Preferred (guar.)
1X Oct. 2 Holders of rec. Sept.150
Eight per cent preferred (quar.)
Oct. 2 Holders of rec. Sept.15a
2
Borden Co., preferred (quar.)
P.4 Sept.15 Holders of rec. Sept. la
Boston Woven Hose & Rubber,cm.(Cu.) $1.50 Sept.15 Sept. 2 to Sept. 14
Holders of rec. Nov. la
Brandram-Henderson Ltd.. common
o.-41
Brit.
-Amer. Tob., ordinary (interim).... 4
Sept.30 Holders of coup. No. 924
Brooklyn Union Gas (guar.)
Oct. 2 Holders of rec. Sept. 15a
2
Buckeye Pipe line (guar.)
Sept. 15 Holders of rec. Aug. 21
$2
Burroughs Adding Machine (quar.)_
Sept.30 *Holders of rec. Sept.21
*2
Canto'nla Packing Corpot atfon (quar.).. 14 Sept.15 Holders of rec. Aug. 310
Calumet & Arizona Mining (guar.)
50c. Sept.25 Holders of rec. Sept. 8a
Carter (William) Co. pref. (quar.)_ _ _ _ *154 Sept.15 *Holders of rec. Sept. 9
Central Ills. Public Service, pref. (quar.) *134 Oct. 14 *Holders of rec. Sept.30
Cnesebrough Mfg., common (guar.)_ _ -- 4,3yi Sept.30 *Holders of rec. Sept. 9
Preferred (guar.)
Sept.30 *Holders of rce. Sept. 9
Childs Co. corn. (guar.)
Sept. 11 Aug. 29 to Sept. 10
2
Preferred (guar.)
.
13-4 Sept 11 Aug. 29 to Sept.10
Cities Service
Common (monthly, payable in scrip).. *054 Oct. 1 Holders of rec. Sept. 15
Common (payable in coin. stk. scrip) 'glJ Oct. 1 Holders of rec. Sept. 15
Prof. & pref. B (payable in cash)
*X Oct. 1 Holders of rec. Sept. 15
Colonial Finance Corp., corn.(quar.)_-- 25e. Oct. 1 Holders of rec. Sept. 1
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 1
2
Commercial Solvents, Class A, pref.(qu.) *11
Oct. 1 *Holders of rec. Sept.20
Connor (John T.),common (guar.)
25c. Oct. 2 Holders of rec. Sept.,200
Consolidated Gas of New York (guar.)
Sept.15 Holders of rec. Aug. 100
2
Continental 011 (guar.)
Sept.15 *Aug. 26 to Sept.15
*2
Crane Co., common (guar.)
1
Sept.15 Holders of rec. Sept. 1
Preferred (guar.)
134 Sept.15 Holders of rec. Sept. 1
Crescent Pipe Line (guar.)
75e. Sept.15 Aug. 26 to Sept.15
Crucible Steel, preferred (quar.)
134 Sept.30 Holders of rec. Sept. 15a
Cuban-American Sugar, pref. (quar.)__ _
134 Sept.30 Holders of rec. Sept. 2a
Davis Mills (quar.)
134 Sept.23 Holders of rec. Sept. 90
Diamond Match (quar.)
Sept.15 Holders of rec. Aug. 310
2
Dictograph Products Corp., pref.
Sept.15 Holders of rec. Aug. 310
(guar-) 2
Dominion Glass, common (quar.)
134 Oct. 2 Holders of rec. Sept.15
Preferred (quar.)
134 Oct. 2 Holders of rec. Sept.15
Dominion 011 (quar.)
Oct. 1 Holders of rec. Sept. 10
2
duPont (E.I.) deNemour & Co.,cm.(qu.) 2
Sept. 15 Holders of rec. Sept. 50Debenture stock (quar.)
1% Oct. 25 Holders of rec. Oct. 100
Eastman Kodak,common (quar.)
$1.25 Oct. 2 Holders of rec. Aug. 310
Preferred (quar.)
13-4 Oct. 2 Holders of rec. Aug. 310
Elk Horn Coal Corp.. pref.(quar.)
I% Sept.11 Holders of rec. Sept. la
Erie Lighting, preferred (quar.)
500. Oct. 2 Holders of rec. Sept.15
Famous Players-Lasky Corp., corn.(qtr.) $2
Oct. 2 Holders of rec. Sept. 15a
Federal Mining & Smelting. pref.(quar.) 13-4 Sept.15 Holders of rec. Aug. 280
Galena-Signal 011, preferred (quar.)
Sept.30,*Holders of rec. Aug. 31
*2
(zenerai('tgar. Deh.ortire pref. (guar.).
21 '4,0-lets oi roe. Sept.25a
134
General Electric (guar.)
Oct. 14 *Holders of rec. Sept. 7
*2
New stock, $10 par value
*50c. Oct. 14 *Holders of rec. Sept. 7
THE CHRONICLE
1074
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded)
e5
Gillette Safety Razor (stock city.)
Dec. 1 Holders of rec. Nov. 1
.1
Globe Soap, common (quar.)
Sept. 15 *Holders of rec. Aug. 31
First, second and special pref. (quar.)_ *146 Sept. 15 *Holders of rec. Aug. 31
Gold & Stock Telegraph (quar.)
Oct. 2 *Holders of rec. Sept.30
Goodrich (B. F.) Co., pref.(guar.)
Oct. 2 Holders of rec. Sept.22a
Grasselli Chemical, common (quar.)_
Sept.30 *Holders of rec. Sept. 15
Preferred (quar.)
Sept.30 *Holders of rec. Sept. 15
Great Atlantic & Pacific Tea, com.(qu.)
Sept. 15 *Holders of rec. Aug. 18
Great Western Sugar, pref. (quar.)
Oct. 2 Holders of rec. Sept. 15a
Guantanamo Sugar, pref.(quar.)
Sept.30 Holders of rec. Sept. 15a
Gulf State Steel, first preferred (quar.)_ _
Oct. 2 Holders of rec. Sept. 16a
Hall (C. M.) Lamp Co
Sept. 15 *Holders of rec. Sept. 8
Harbison-Walker Refrac., pref. (guar.) _
1
Oct. 20 Holders of rec. Oct. 10a
Hayes Wheel (quar.)
50e. Sept. 15 Holders of rec. Aug. 31
Hollinger Consol. Gold Mines, Ltd
1
Sept. 9 Holders of rec. Aug. 25
Humphreys 011
5
Sept. 15 Holders of rec. Aug. 31
Imperial 011, common (quar.)
Oct. 1 Holders of rec. Sept. 10
Preferred (quar.)
Oct. 1 Holders of rec. Sept. 10
International Salt (guar.)
Oct. 2 Holders of rec. Sept. 15a
IntertYPe Corp., corn. (in corn. stock)_ _
Nov. 15 *Holders of rec. Nov. 1
Laclede Gas Light, common
Sept. 15 Holders of rec. Sept. la
Libbey-Owens Sheet Glass
Sept. 10 Holders of rec. Sept. 1
Mackay Companies, common (quar.) _
Oct. 2 Holders of rec. Sept. 6a
Preferred (quar.)
Oct. 2 Holders of rec. Sept. 6a
Marland Oil(No. 1)
Sept.30 Holders of rec. Aug. 31a
May Department Stores, corn. (quar.)._
Dec. 1 Holders of rec. Nov. 15a
Preferred (guar.)
Oct. 2 Holders of rec. Sept. 15a
Mergenthaler Linotype(quar.)
Sept.30 Holders of rec. Sept. 0a
Middle States 011(quar.)
Oct. 1 Holders of rec. Sept. 10
Middle West Utilities, prior lien stk.(q1.1.)
1)1 Sept. 15 Holders of rec. Aug. 31
Miller Rubber, preferred (quar.)
2
Sept. 15 Holders of rec. Aug. 25
Extra (account of accum. dividends)_ hi
Sept. 15 Holders of rec. Aug. 25
Montana Power, common (quar.)
Oct. 1 Holders of rec. Sept. 14a
Preferred (quar.)
1)1 Oct. 1 Holders of rec. Sept. 14a
Montreal Cottons, common (guar.)_ _ _ _
1
Sept. 15 Holders of rec. Aug. 31
Preferred (quar.)
1% Sept. 15 Holders of rec. Aug. 31
Mutual 011 (quar.)
*235 Sept. 15 *Holders of rec. Sept. 1
,
National Biscuit, corn. (quar.)
Oct. 14 Holders of rec. Sept. 300
National Candy, 1st & 2d pref
354 Sept. 13 Aug. 23 to Aug. 29
Nat. Enameling & Stpg., pref. (quar.)_ _
15•1 Sept. 30 Holders of rec. Sept. 9a
Preferred (quar.)
15i Dec. 30 Holders of roe. Dec. 95
National Lead, common (guar.)
1; Sept.30 Holders of rec. Sept. 15a
,
6
Preferred (quar.)
Sept. 15 Holders of rec. Aug. 25a
National Sugar Refining (guar.)
1% Oct. 2 Holders of rec. Sept. 11
National Surety (guar.)
3
Oct. 2 Holders of rec. Sept.200
National Transit (extra)
*25c. Sept. 15 *Holders of rec. Aug. 31
New England Telep. & Teleg. (quar.)_ _
2
Sept.30 Holders of rec. Sept. 13a
North American Co., corn. (guar.)
$1.20 Oct. 2 Holders of rec. Sept. 5a
Preferred (guar.)
75e. Oct. 2 Holders of rec. Sept. 5a
Ohio Oil (guar.)
*$1.25 Sept.30 *Aug. 27 to Sept. 24
Extra
*7.5e. Sept.30 *Aug. 27 to Sept.24
Packard Motor Car, preferred (guar.)_ _
Sept. 15 Holders of rec. Aug. 31a
Peerless Truck & Motor (quar.) •
750. Sept. 30 Holders of roe. Sept. 113
Peerless Truck ,Ie Motor (attar.)
75c. Dec. 31 Holders of rec. Dec. in
--Philadelphia Electric, corn. & pref. (qu.)
50c. Sept. 15 Holders of rec. Aug. 21a
Phillips Petroleum (guar.)
50c. Sept.30 Holders of rec. Sept. 15a
Procter & Gamble,6% pref. (guar.) _ _ *1% Sept. 15 *Holders of rec. Aug. 25
Quaker Oati, common (quar.)
Oct. 16 Holders of rec. Oct. 2a
2
Preferred (guar.)
ly4 Nov. 30 Holders of rec. Nov. la
Railway Steel-Spring, common (quar.)_ _
Sept. 30 Holders of rec. Sept. 16a
2
Preferred (guar.)
131 Sept.20 Holders of rec. Sept. 6a
Ranger Texas 011 (guar.)
Oct. 1 *Holders of rec. Sept. 10
*2
St. Joseph Lead Co.(quar.)
25e. Sept.20 Sept. 10 to Sept.20
St. Maurice Paper (quar.)
131 Sept. 15 Holders of rec. Sept. 5
San Joaquin Light & Power, pref.(guar.) 13
,5 Sept. 15 Holders of rec. Aug. 31
Prior preferred (quar.)
Sept. 15 Holders of rec. Aug. 31
1
Shell Union 011 Corporation (No. 1)
*25c. Sept.30 *Holders of rec. Sept.20
South Penn Oil (guar.)
*1% Sept.30 *Holders of rec. Sept. 13
Southern Colorado Power, pref. (quar.)_
Sept. 15 Holders of rec. Aug. 31
Southern States 011 (monthly)
Sept.20 Holders of rec. Sept. 1
1
Stock dividend
*4
Sept. 20 *Holders of rec. Sept. 1
Standard Gas & Electric, pre( (quar.)_ _
2
Sept. 15 Holders of rec. Aug. 31
Standard Oil (California) guar.)
SI
Sept. 15 Holders of rec. Aug. 19a
Standard Oil (Indiana) (guar.)
Si
Sept. 15 Aug. 18 to Sept. 14
Standard Oil of New Jersey, corn.(guar.) $1.25 Sept. 15 Holders of rec. Aug. 25a
Preferred (quar.)
Sept. 15 Holders of rec. Aug. 25a
Standard Oil (Kansas)((war.)
Sept. 15 Holders of rec. Aug. 31a
3
Standard Oil of New York (quar.)
4
Sept. 15 Holders of rec. Aug. 25a
Standard Oil (Ohio) (guar.)
3
Oct. 2 Holders of rec. Aug. 25a
Extra
Oct. 2 Holders of rec. Aug. 25a
1
Texas Company (guar.)
75e. Sept.30 Holders of rec. Sept. ga
Texas Gulf Sulphur(guar.)
Sept. 15 Holders of rec. Sept. 1
Si
Texas Pacific Coal & 011 (guar.)
25e. Sept. 30 Holders of rec. Sept. Os
Thompson-Starrett Co., preferred
4
Oct. 2 Holders of rec. Sept.20
Timken Roller Bearing (No. 1)
*75c. Sept.20 *Holders of rec. Sept. 11
Tobacco Products Corp., pref. (quar.).. 131 Oct. 2 Holders of rec.
Sept. 15s
Preferred A (guar.)
1Y, Nov. 15 Holders of rec. Oct. 231
Tonopah Extension Mining (guar.)
*50. Oct. 2 *Holders of rec. Sept. 11
Turman Oil(monthly)
*lc. Sept.20 *Holders of rec. Aug. 31a
Monthly
*lc. Oct. 20 *Holders of rec. Sept.30a
Underwood Typewriter, corn.(quar.)_ _ _
2
Oct. 1 Holders of rec. Sept. 2a
Preferred (quar.)
131 Oct. 1 Holders of rec. Sept. 2a
Union Bag & Paper (quar.)
1;1 Oct. 16 Holders of rec. Oct. 6a
$1
Union Carbide & Carbon (guar.)
Oct. 2 Holders of rec. Sept. 6a
United Cigar Stores, pref. (guar.)
1 n Sept. 15 Holders of rec. Aug. 31a
134 Oct. 2 Holders of rec. Sept.15
United Dyewood Corp., corn.(quar.)
Oct. 1 Holders of rec. Sept. 15a
Preferred (quar.)
87
Sept. 15 Holders of rec. Aug. 31's
United Gas Impt. pref. (guar.)
15c. Oct. 2 Holders of rec. Sept. la
United Profit Sharing (quar.)
*1
U. S. Gypsum, common (quar.)
Sept.30 *Holders of rec. Sept. 15
Preferred (quar.)
*1U Sept.30 *Holders of rec. Sept. 15
Sept.30 *Holders of roe. Sept. 1
5$1
U. S. Radiator, corn. (guar.)
Preferred (quar.)
*1U Sept.30 *Holders of rec. Sept. 1
U.S.Steel Corporation, corn.(guar.)_ _ _
131 Sept.29
Aug. 30
Sept. 15 Holders of rec. Aug. 31
U.S.Title Guaranty (guar.)
2
2;4 Sept. 15 Holders of rec. Sept. 8a
Valvoline Oil, common (quar.)
Oct. 2 *Holders of rec. Sept. 15
*1
Wabasso Cotton (guar.)
Wahl Co., common (monthly)
500. Oct. 1 Holders of rec. Sept. 22a
131 Oct. 1 Holders of rec. Sept 22a
Preferred (guar.)
Waldorf System, common (quar.)
*50c. Oct. 2 *Holders of rec. Sept.20
First preferred and preferred (guar.)_ _ 520c. Oct. 2 *Holders of rec. Sept. 20
walworth Mfg., pref. (quar.)
*1M Sept.30 *Holders of rec. Sept. 20
Sept. 15 Holders of rec. Aug.
Wamsutta Mills(guar.)
2
8
Sept.30 Holders of rec. Sept.20a
White Motor (quar.)
$1
Woolworth (F. W.) Co.. pref. (quar.)_ _
1 4 Oct. 2 Holders of rec. Sept. lla
3
Worthington Pump & Mach., pf. A (qu.) 131
Oct. d 2Holders of rec. Sept. 201
Preferred B (quar.)
Oct. d 2Holders of rec. Sept. 20a
131
Wrigley(Wm.)Co.. corn.(monthly)
50c. Oct. 1 Sept.26 to Sept.30
Common (monthly)
50e. Nov. 1 Oct. 26 to Oct. 31
Common (monthly)
50e. Dec. 1 Nov. 26 to Nov. 30
Common (monthly)
50c. Jan. 1 Dee. 26 to Dec. 31
Wurlitzer(Rudolph) Co.
Common (monthly)
75c. Sept.25
Eight per cent preferred (guar.)
Dec. 1 Holders of rec. Nov. 21
2
Eight per cent preferred (quar.)
Marl'23 Holders of rec. Feb.19'23
2
Eight per cent preferred (quar.)
J'nel'23 Holders of rec. May 22'23
2
Seven per cent preferred (quar.)
131 Oct. 1 Holders of rec. Sept. 21
Seven per cent preferred (quar.)
1% Jan1'23 Holders of rec. Dec. 22
Seven per cent preferred (quar.)
131 A pr 1'23 Holders of rec. Mar. 22
•From unofficial sources t The New York Stock Exchange has ruled that rite,- k
will not be quoted ex-dividend on this date and not until further notice. a Transfer
books not closed for this dividend. b Less British Income tax. 4 Correction.
e Payable in stock. I Payable In common stock. g Payable In scrip
h On
waccant of accumulated dividends. I Payable in Liberty or Victory Loan bonds.
J Payable in New York funds. k Payable in Canadian funds.
s All transfers received in order in London on or before Sept. 4 will be in time for
Payment of dividend to transferee.
I Made up of two quarterly dividends of 75 cents each.
[VOL. 115.
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 Aug. 26. 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 [0001 omitted.)
Net
Reserve
Capital., Profits. Loans,
Net
with
Time Bank
Discount, Cash
Week ending
De- CircaLegal Demand
in
Aug. 26 1922 Nat'l, June30 InvestState, June30 meats, Vault. Deposi- Deposits. posits. latortes.
Szc.
tion.
(000 omitted.) Tr.Cos, June30
Members of Fe d. Res. Bank. Average Average Average Average
Bk of NY, NBA
Bk of Manhat'n
Meth & Met Nat
Bank of America
Nat'l City Bank
Chemical Nat.. _
Nat Butch & Dr
Amer Exch Nat
Nat Bk of Comm
Pacific Bank_ _ _
Chat&Phen Nat
Hanover Nat'l..
Corn Exchange_
Imp & Tract Nat
Nat Park Bank_
East River Nat..
First Nat Bank..
Irving Nat Bank
Continental 13k..
Chase Nat Bank
Fifth Ave Bank.
Commonwealth.
Garfield Nat Bk
Fifth Nat Bank.
Seaboard Nat....
Coal & Iron Nat
Bankers Tr Co_
US Mtge & Tr_
Guaranty Tr Co
Fidel-Intern Tr _
Columbia Tr Co
N Y Trust Co_ _
Metropolitan Tr
Farm Loan Sr Tr
Columbia Bank.
Equitable Tr Co
2,000
5,000
10,000
5,500
40,000
4,500
500
5,000
25,000
1,000
10,500
5,000
8,250
1,500
10,000
1,000
10,000
12,500
1,000
20,000
500
400
1,000
1,200
4,000
1,500
20,000
3,000
25,000
1,500
5,000
10,000
2,000
5,000
2,000
12,000
7,642
17,277
17,326
5,828
49,730
15,967
171
7,450
36,405
1,712
9,865
20.169
11,1471
8,500,
23,230
776'
43,695!
11,0661
8821
21,500
2,273,
8841
1,5751
9731
6,7631
1,3111
24,083!
4,1101
17,4001
1,7881
7,8771
17,073
3,704
14,624
1,908
15,392
Average Avge.
28,917 3,120
41,442
622 3,783
103,660 17,790
127,197 2,122 14,792
158,726 4,420
164,840 •7,569 20,306
64,626 2,809
65,785 1,576 8,720
472,167 7,172 58,238 *530,700 40,912
95,444 16,605
120,817 1,161 13,252
3,622
63
530
5,057
5
82,437 10,464
99,999 1,208 11,622
277,293 31,625
928 36,901
342,909
22,725
22,567
924 3,172
660
150,872 4,846 16,894
121,513 23,175
112,182
404 13,342
98,603
165,319 5,978 20,570
149,171 22,138
34,981
498 3,567
27,096
658
155,896
862 16,374
124,515 5.591
12,843
10,981 1,899
300 1,531
280,045
479 24,630
176,641 55,895
193,069 3,789 25,114
187,337 8,742
6,819
140
780
5,406
380
315,217 5,179 35,947
284,090 29,788
20,208
20,223
497 2,746
8,285
8,584
405 1,189
14,960
141
405 2,066
14,004
18,030
240 1,825
13,952
806
77,352 1,037 9,445
71,719 1,672
14,404
599
12,349
600 1,669
296,596
925 35,196 *275,549 22,810
56,003
634 6,202
46,845 7,162
385,155 1,278 42.061 *397,072 52,987
18,888
646
13,152
365 2,641
81,127
72,308 8,710
632 9,670
151,910
414 16,798
123,769 19,442
37,914 3,956
42,863
519 5,104
*95,648 29,895
133,324
510 13,345
25,863 1,515
572 3,608
26,587
166,959 1,244 22,114 *195,164 17,371
1,717
__ -998
1,841
342
297
4,970
g:7155
51
5,482
50
7,510
2,525
__ __
1,096
Total of averages 272,551)432,0934,402,832 56,097507,744 c3,760,963444,388 33,810
l
Totals, actual coiedition Aug.26,4,386,284 54.954 504,776 c3,732,193 441,589 33,795
Totals, actual condition Aug. 194,422,920 53,381 550,695c3.761,330 457,061 33,778
Totals, actual co ndition Aug. 12 4,422,252 55,509 555,903 c3,790,466 452,684 33,775
State Banks Not Me mbers of Fed '1 Res've Bank.
50
17,768
Greenwich Bank 1,000 2,027
17,587 1,485 1,835
884
2,475 2,177
417
301
5,305
250
Bowery Bank__
26,048 49,304
78,508 3,225 1,691
State Bank__ __ 2,500 4.281
3,943
46,291 51,531
Totals, actual co ndition Aug.26 101,319 5,090 3,876
Totals, actual co ndition Aug. 19 101,704 4,904 4,058
Totals, actual co ndition Aug. 12 101,986 5,035 3,788
Trust Compan les Not Members of Fed 'I Res'y e Bank
50,331 1,352 3,626
Title Guar & Tr. 7,500 13,784
7 471
844 2,056
Lawyers T & Tr 4,000 6,440
46,171 51,553
46,772 51,437
47,021 51.336
Total of averages
3,750
7,193
101,400
5,011
33,184
19,020
1,16g
55
Total of averages 11,500 20,224
77,802
2,196
5,682
52,204
1,724
Totals, actual co ndition Aug.26
Totals, actual co ndition Aug. 19
Totals, actual co ndition Aug. 12
77,4631 2,084
78,112 2,135
75,100, 2,112
5,708
5,694
5,353
51,694
51,745
49,234
1,727
1,904
1,904
Gr'd aggr., avge 287,600 459,5134,582,0341 63,304 517,369 3,859,458 497,643 33,810
Comparison wit Is prey. week _- -35.520 +359-7,661 -15,892 -10579
+3
Gr'd aggr., ace'cond'n AIM.26,4,506,066 62,128514,360 3,830,058 494,869 33,795
Comparison with prey. week _ -1-37,670 +1,708-46087 -29,789-15533 +17
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
cond'n
aggr.,
aggr., eel cond'n
aggr., act'l cond'n
aggr., act'l cond'n
aggr., act'lcond'n
Aug. 194,602,73&
Aug. 12'4,599,3381
Aug. 04,651,540
July 29,4,643,594
July 2214,610,649
60,420 560,447
62,656 565,044
63,299 572,444
63,6661563,804
64,0791569,240
3,859,847 510,402 33,778
3,886,721 505,924 33,775
3,940,715 488,350 33,845
3,957,880,497,900 33,738
3,975,6201457,124 33,703
-U. S. deposits deducted from net demand deposits in the general tota l
Note.
above were as follows: Average for week Aug. 26, $58,079,000; actual totals Aug. 26,
$58,078,000; Aug. 19, $58,106,000; Aug. 12, $61,252,000; Aug. 5, $73,449.000;
July 29, $25,790,000. Bills payable, rediscounts, acceptances and other liabilities,
average for the week of Aug. 26, $331,526,000; actual totals Aug. 26, 8337,409,000:
Aug. 19, $380,515,000; Aug. 12, $350,346,000; Aug. 5, $361,419,000; July 29, $378,728,000.
* Includes deposits in foreign branches not included in total footing as follows:
National City Bank, $93,680,000; Bankers Trust Co., $11,008,000; Guaranty Trust
Co., $89,680,000; Farmers' Loan & Trust Co., $85,000; Equitable Trust Co.,
.
$27,638,000 Balances carried in banks in foreign countries as reserve for such
deposit were: National City Bank, $28,672,000; Bankers Trust Co., $802,000;
Guaranty Trust Co., $19,620,000; Farmers' Loan & Trust Co., $85,000; Equitable
Trust Co., $2,192,000. c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following two
tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
In Vault.
Members Federal
Reserve banks
State banks*
Trust companies._ _ _
Total
Total
Total
Total
a
Reserve
in
Depositaries
s
Total
Reserve.
a
Reserve
Required.
$
s
Surplus
Ressrve.
-
$
507,744,000 507,741,000 502,256,830 5,487,170
5,011,000 3,943,000 8,954,000 8,332,380
621,620
2,196,000 5,682,000 7,878,000 7,830,600
47,400
7,207,000 517,369,000 524,576,000 518,419,810 6,156,190
Aug. 26_ ..._
7,171,000 525,030,000 532,201,000 520,785,210 11,415,790
Aug. 19_ _ _ ..
7,242,000 527,780,000 535,022,000 524,019,390 11,002,610
Aug. 12........
Aug. 5........ 7,016,000 541,016,000 548,032,000 532,647,060 15,384,940
•
* Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also amount in reserve required on net time deposits, which was as follows:
Aug. 26,813,331,640* Aug. 19,813,647,120; Aug. 12,813,242,450: Aug. 5,$12,869,400.
THE CHRONICLE
SEPT. 2 1922.]
Actual Figures.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Surplus
Reserve.
Reserve
Required.
Total
Reserve.
1075
Boston Clearing House Weekly Returns.
-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Members Federal
Reserve banks
State banks*
Trust companies_ _ _ _
Total
Total
Total
Total
Aug. 26_
Aug. 19_ __ _
Aug. 12_ _ _ _
Aug. 5_
6,343,240
655,220
37,900
504,776,000 504,776,000 498,432,760
5,090,000 3,876,000 8,966,000 8,310,780
2,084,000 5,708,000 7,792,000 7,754,100
7,174,000 514,360,000 521,534,000 514,497,640 7,036,360
7,039,000 560,447,000 567,486,000 518,865,440 48,620,560
7,147,000 565,044,000 572,191,000 522,189,989 50,001,020
7,112,000 572,444,000 579,556,000 528,734,990 50,821,010
* Not members of Federal Reserve Bank.
b This Is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes
also amount of reserve required on net time deposits, which was as follows: Aug. 26,
$13,247,670; Aug. 19, $13,711,830: Aug. 12, $13,580,520; Aug. 5, $13,057,530.
State Banks and Trust Companies Not in Clearing
-The State Banking Department reports weekly
House.
figures showing the condition of State banks and trust companies in New York City not in, the Clearing House as follows:
Changes from
previous week.
Aug. 30
1922.
$
•
$
$
Capital
59,520,000 59,520,000
59,520,000
Surplus and profits
84,665,000 84,665,000
84,665,000
Loans, disc'ts & investments_ 818,870,000 Dec. 1.017,000 819,887,000 822,234,000
Individual deposits,incl. U.S. 584.599,000 Dec. 4,203,003 588,802,000 594,315,000
Due to banks
119,000 107,792,000 113,408,000
107,911,000 Inc.
Time deposits
821,000 113,418,000 111,050,000
114,239,000 Inc.
United States deposits
5,000 11,328,000 11,722,000
11,323,000 Dec.
Exchanges for Clearing House 16,395,000 Dec.
58,000 16,453,000 18,486,000
Duefrom other banks
58,868,000 Dec. 3,001,000 61,369,000 66,926,000
Reserve in Fed. Res. Bank
68,218,000 Dec. 896,000 69,114,000 69,795,000
Cash In bank and F. R.Bank 9,484,000 Dec.
27,000 9,511,000 9,736,000
Reserve excess in bank and
Federal Reserve Bank _ _ _ _
2.384,000 Dec. 823.000 3,207,000 3,497,000
Philadelphia Banks.
-The Philadelphia Clearing House
return for the week ending Aug.26,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, all
to be kept with the Federal Reserve Bank. "Cash 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."
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by Stale Banking Department.)
Differences from
p evious week.
Aug. 26.
Loans and investments
$752,938,100 Dec. $2,310,900
182,100
Gold
5,667,000 Dec.
153,900
Currency and bank notes
17,521,800 Dec.
259,200
Deposits with Federal Reserve Bank of New York
62,697,100 Inc.
Total deposits
784,723,500 Dec. 5,518,800
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y.City exchanges and U.S. deposits 740,451,500 Inc. 1,850,900
Reserve on deposits
115,306,500 Dec. 1,323,300
Week ending Aug. 26 1922.
Percentage of reserve, 19.4%.
Two Ciphers (00) omitted. Membersof
Trust
RESERVE.
F.R.System Companies
Total.
- -Trust Companies
State Banks
Cash in vault
$60,674,300 14.04%
*525,211,600 15.82%
35,175,0
4,500,0 39,675,0
5.15% Capital
22,244,700
Deposits in hanks and trust cos
7,175,900 4.50%
Surplus and profits
96,143,0 14,083,0 110,226,0
Total
$82,919,000 19.19% Loans, disc'ts & investm'ts 634,008,0 38,539,0 672,597,0
532,387,500 20.32%
434,0 23,535,0
Exchanges for Clear.House 23,101,0
83,198,0
17,0 83,215,0
* Includes deposits with the Federal Reserve Bank of New York, which for the Due from banks
Bank deposits
114,155,0
471,0 114.626,0
State banks and trust companies combined on Aug. 26 were $62,697,100.
Individual deposits
504,600,0 23,591,0 528,197,0
Time deposits
19,192,0
528,0 19,720,0
637,953,0 24,590,0 662,543,0
Total deposits
9,122,0
9,122.0
U.S.deposits(not incl.)_
Banks and Trust Companies in New York City.
-The Res've with legal deposit's.
2,953,0
2,953,0
53,537,0
averages of the New York City Clearing House banks and Reserve with F.R.Bank_ 53,537,0
9,784,0
8,659,0
1.125,0
Cash in vault*
trust companies combined with those for the State banks Total reserve and cash held 62,198,0 4.078,0 66.274,0
and trust companies in Greater New York City outside of Reserve required
3,567.0 56,812,0
53,245,0
Excess res.& cash in vault_
511,0
9,462,0
8,951,0
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
WeekendedMay 6
May 13
May 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
Demand
Deposits.
*Total Cash
in Vaults.
Reserve in
Depositaries.
$
5,209,013,900
5,233,359,300
5,297,769,500
5,334,400,700
5,372,704,700
5,408,101,600
5,372,704,700
5,491,415,000
5,370,259,900
5,457,357,300
5,421,565,700
5,408,203,300
5,350,876,600
5,406,610,600
5,383,432,700
5,372,803,000
$
4,694,822,600
4,738,487,800
4,807,891,800
4,827,593,600
4,853,005,100
4,852,544,100
4,853,005,100
4,980,544,500
4,816,507,000
4,808,047,500
4,792,536,500
4,762,119,600
4,700,542,500
4,714,814,300
4,646,854,700
4,613,652,400
4 600 ono AfIll
$
91,100,100
132,818,400
91,723,900
91,161,400
91,486,700
93,253,000
91,486,700
90,155,600
88,730,000
92,436,900
95,874,700
88,862,800
89,033,900
87,948,700
89,403.600
86,4 ;9.800
$
621,974,300
642,139,400
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
618.135.000
AA AQ9 AM
AQQ 466.700
Aug. 16
1922.
Aug. 23
1922.
Aug. 19
1922.
Aug. 12
1922.
$39,675,0
110,226,0
672,385,0
24,298,0
88,577,0
116,107,0
534,453,0
19,554,0
670,114,0
9,075,0
3,853,0
54,144,0
9,797,0
67,794,0
56,993,0
10,801,0
239,675,0
110,226,0
673,377,0
23,682,0
87,233,0
119,010,0
530,686,0
19,102,0
668,798,0
9,624,0
3,563,0
53,119,0
9,946,0
66,628,0
57,030,0
9,598,0
•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 Reserve
Bank of New York at the close of business Aug.30 1922 in
comparison with the previous week and the corresponding
date last year:
Aug.30 1922. Aug. 23 1922. Aug.31 1921
RUOUTCUGold and gold certificates
Gold settlement fund-F. R. Board....
182,289,214
104,649,123
189,560,708
100,166,205
323,567,000
77,240,000
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
286,938,338
832,531,998
6,196,208
289,725,914
832,676,598
6,871,522
400,807,000
502,018,000
20,000,000
1,125,666,544 1,129,275,035
38,146,144
35,755,543
922,825,000
58,916,000
981,741,000
*This item includes gold, silver, legal tenders, national bank notes and Federal
Reserve notes.
Total reserves
1,163,812,689 1,165,030,578
Bills discounted: Secured by U. S. Government obligations-for members
28,482,185
24,693,920
For other F. R. banks
-For members
All other
20,126,737
18,368,051
For other F. R Banks
Bills bought in open market
40,430,766
45,809,830
New York City Non-Member Banks and Trust Coinpanies.-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:
Total bills on hand
90,630,488
U. S. bonds and notes
32,302,750
U. B. certificates of indebtedness
One-year certificates (Pittman Act).... 16,000,000
AUother
102,717,500
87,281,003
38,802,750
371,272,000 .
1,005,000
16,500,000
94,839,000
52,276,000
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers [000] omitted.)
Total earning assets
241,650,738
Bank premises
9,295,181
5% redemp. fund mot.F.R.bank notes724,060
Uncollected items
110,087,217
All other resources
3,488,741
237,422,753
9,264,544
749,060
116,392,480
3,262,252
424,553,000
5,518,000
1,684,000
96,033,000
2,647,000
5.a:14.072 160
I
Net Loans,
Capital.,Profits. DisReserve Net
Net
Nat'l
CLEARING
counts, Cash
with Demand Time Bank
NON-MEMBERS
in
Nat.bks.June30 InvestLegal
DeDe- CircuWeek ending Stat.ebksJune30 ments, Vault. Deposi- posits. posits. lation.
tortes.
Aug. 26 1922. Tr. cos. June 30 Svc.
Members of
Fecn Res. Bank
Battery Park Nat_
W R Grace & Co__
Total
$
1,500
500
2,000
Average Average Average Average Average Average
$
$
$
$
$
$
$
156 1,358
1,190 10,088
7,943
354
199
23
486
1,245 9,933
1,459 7,435
179 1,844
9,402 7,789
199
2,435 20,02)
State Banks
Not Me mbers of Fed. Res've Bank.
568
270
315 4,598
Bank of Wash.Ht
200
Colonial Bank.._ _ _
800 1,715 17,430 2,160 1,303
Total
1,000 2,030 22,028 2,728 1,573
4,513
18,095
468
22,608
468
Trust Companies Not Members of Fed. Res've Bank.
389
131
606 8,940
Mech.Tr.,Bayonne
200
3,284
5,566
3,284
Total gold reserves
Legal tender notes, silver. &o
Total resources
126,040,000
25,528,000
195,162,000
9,240,000
15,302,000
1,529,058,628 1,532,121,669 1,512,176,000
Liabilities
Capital paid in
Surplus
Deposits:
Government
Member banks
-Reserve account_
All other
27,663,750
60,197,127
27,663,750
60,197,127
27,067,000
59,318,000
20,900,010
710,751,559
9,669,154
23,895,889
700,221,889
9,993,217
21,837,000
634,906,000
11,888,000
Total deposits
741,320,724
F.R. notes In actual circulation
606,993,033
F. R.bank notes in circurn-net liability
11,797,200
Deferred availability items
76,214,580
All other liabilities
4,872,213
734,110,996
609,555,916
12,239,200
83,768,460
4,586,219
668,631,000
632,319,000
29,070,000
72,681,000
23,090,000
5,566
Total
200
606
8,940
369
131
Total liabilities
Grand aggregate5,072 50,989
3,20
Comparison with p revious week _ - -346
-
3,276 3,548 a58,294 13,823
-3 +177 -312 +238
199
+1
Gr'd aggr. Aug. 19
Gr'd aggr. Aug. 12
Gr'd aggr. Aug. 5
Gr'd aggr. July 29
5.072 51,335
5,072 51,564
5,072 50,725
3,279
3,393
3,239
3,371 a35,606 13,585
3,577 a35,948 13,695
3,438 a34,000 14,005
a 2711 Al AAR
3366
3 267 %VIA 79A 14 129(1
198
199
198
197
3,200
3,200
3,200
Q Anni
a U. S. deposits deduc-ted, $281,000.
Bills payable, rediscounts, acceptances and other liabilities, $317,000.
Excess reserve. $222,210 increase.
1,529,058,628 1,532,121,669 1,512,176,000
Ratio of total reserves to deposit and
F. R. note liabilities combined
Contingent liability on bills purchased
tor foreign correspondents
86.7%
86.3%
11,006,747
11,004.629.
75
12,931,064
CURRENT NOTICES.
Spencer, Trask & Co. have made a special analysis of the Corn Products.
Refining Co. and have issued a circular setting forth the remarkable
growth in the company's earning power, steadily improving financial
position and the prospects with regard to dividends on its Common stock.
Hartshorne, Pa.lew & Co., members New York Stock Exchange, have
prepared for distribution a circular on Loew's Inc., special attention being
given to earnings and dividend possibilities.
1076
(Vol,. 115.
THE CHRONICLE
WEEKLY RETURN OF THE FEDERAL RESERVE BOARD.
The following is the return issued by the Federal Reserve Board Friday afternoon, Sept. 1, and showing the condition
of the twelve Reserve Banks at the close of business the previous day. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the return for the latest
week appears on page 1030 being the first item in our department of "Current Events and Discussions."
•
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS A.ITG. 30 1922.
Aug. 30 1922. Aug.23 1922. Aug. 16 1922. Aug. 9 1922. Aug. 2 1922. July 26 1922. July 19 1922. July 12 1922. Aug. 311921.
RESOURCES.
Gold-and gold certificates
0°1(1:settlement, F.R.Board
293,751,000
534,420,000
300,470,000
520,556,000
306,286,000
474,662,000
3
314,391,000
481,333,000
316,231,000
489,619,000
317,459,000
498,309,000
$
317,980,000 317,832,000
490,620,000 514,590,000
413,900,000
428,075,000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
828,171,000 821,026,000 780,948,000 795,724,000 805,850,000 815,768,000 808,600,000 832,422,000 841,975,000
2,197,658,000 2,197,316,000 2,238,893,000 2,233,430,000 2,223,384.000 2,197,645,000 2,195,062,000 2,161,560,000 1,694,523,000
37,585,000
43,420,000
42,190,000
41,851,000 104,563,000
46,593,000
42,489,000
11,118,000
41,673,000
Total gold reserves
Legal,tender notes, silver, drc
3,063,414,000 3,061,762,000 3,066,434,000 3,071,643,000 3,071.424,000 3,054,531,000 3,045,335,000 3,035,833,000 2,641.061,000
132,474,000 130,902,000 131,424,000 130,534,000 131,260,000 126,967,000 123,987,000 121,207.000 146,859,000
Total reserves
3,195,888,000 3,192,664,000 3,197,858,000 3,202,177,000 3,202,684,000 3,181,498,000 3,169,322,000 3,157,040,000 2,787,920,000
Bills discounted:
Secured by U. S. Govt. obligations- _ 133,651,000 125,738,000 125,440,000 117,777,000 130,293,000 115,238,000 176,263,000 157,555,000 545,176,000
All other
270,717,000 264,189,000 257,045,000 264,384,000 269,506,000 264,743,000 267,205,000 272,387,060 946,759,000
Bllls_bought in open market
35,320,000
171,706,000 166,488,000 149,600,000 146,803,000 150,497,000 156,138,000 148,970,000 157,675,000
Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtedness:
One-year certificates (Pittman Act)_ _
All other
Municipal warrants
576,074,000
193,750,000
556,415,000
196,418,000
532,085,000
202,973,000
528,964,000
199,746,000
550,296,000
198,751,000
536,119,000
201,624,000
592,438,000
201,901,000
63,000,000
241,220,000
21,000
66,000,000
222,342,000
21,000
67,500,000
218,144,000
9,000
69,000,000
222,965,000
4,000
70,500,000
228,098,000
3,000
72,000,000
267,175.000
9,000
74,000,000
265,948,000
9,000
587,617,000 1,527,255,000
208,424,000
34,008,000
74,000,000
274,349,000 193,875,000
2,350,000
4.000
Total earning assets
1,074,065,000 1,041,196,000 1,020,711,000 1,020,679,000 1,047,648,000 1,076,927.000 1,134,296,000 1,144,394,000 1,757,488,000
Bank premises
27,509,000
42,569.000
42,491,000 42,417,000
41,985,000
43,344,000
43,456,000
43,296,000
42,804,000
5% redemp. fund agst. F. R. bank notes
9,539,000
7,527,000
6,769,000
7,551,000
6,572,000
6,679,000
7,496,000
6,567,000
6,640,000
Uncollected Items
510,807,000 530,240,000 593,930,000 522,392,000 542,711,000 537,883,000 592,345,000 611,733,000 455,897,000
All other resources
17,470,000
16,805,000
16,169.000
16,750,000
16,186,000
17,410,000
16,666,000
16,449,000
17,841,000
4,848,624,000 4,831,426,000 4,879,101,000 4,811,180,000 4,859,131,000 4,863,134,000 4,962,062,000 4,978,872,000 5,055,823,000
Totallresources
LIABILITIES.
Capital paid in
Surplus
Reserved for Govt. franchise tax
Deposits
-Government
Member banks
-reserve account
All other
106,086,000
215,398,000
108,041,000
215,398,000
105,983,000
215,398,000
105,730,000
215,398,000
105,589,000
215,398,000
105,198,000 105,239,000
215,398,000 215,398,000
105,224,000
215,398,000
103,050,000
213,824,000
20,837,000
46,809,000
43,972,000
27,880,000
51,553,000
32,935,000
16,926,000
46,455,000
49,376,000
1,807,008,000 1,785,489,000 1,790,260,000 1,783,539,000 1,837,840,000 1,815,278,000 1,861,145,000 1,875,229,000 1,618,901,000
28,871,00C
25,044,000
24,384,000
22,390,000
23,125,000
23,770,000
30,257,000
29,010,000
26,381,000
Total
1,881,686,000 1,851,851,000 1,846,965,000 1,835,803,000 1,885,023,000 1,888,111,000 1,942,531,000 1,924,937,000 1,690,754,000
F. R.notes in actual circulation
2,153,181,000 2,146,674,000 2,142,303,000 2,147,223,000 2,140,121,000 2,126,809,000 2,132,848,000 2,158,122,000 2,481,466,000
67,380,0(10 109,864,000
F.R.bank notes in circulation-net !lab.
56,953,000
60,547,600
62,046,000
53,960,000
58,130,000
63,622,000
66,053,000
Deferred availability items
415,762,000 432,286,000 488,613,000 424,691,000 429,712.000 442,713,000 479,274,000 486,360,000 389,362,000
67,503,000
21,451,000
All other liabilities
22,223,000
21,788,000
21,242,000
22,551,000
20,719,000
21,709,000
21,280,000
Totaltiabilities
4,848,624,000 4,831,426,000 4,879,101,000 4,811,180,000 4,859,131,000 1,863,134,000 4,962,062,000 4,978,872.000 5.055,823,000
Ratio of gold reserves to deposit and
63.3%
74.4%
F. R. note liabilities combined
76.3%
76.6%
76.1%
78.9%
74.7%
75.9%
76.9%
Ratio of total reserves to deposit and
66.8%
77.3%
F. R. note liabilities combined
79.6%
79.8%
80.4%
79.2%
79.2%
77.8%
80.2%
Distribution by Maturities
1-15 days bill bought in open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
16-30 days bills bought in open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness..
16-30 days municipal warrants
31-60 days bills bought in open market_
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness_
31-60 days municipal warrants
61-90 days bills bought in open market_
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
61-90days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certii. of indebtedness_
Over 90 days municipal warrants
45,053,000
200.952,000
11,069,000
43,565,000
190,786,000
1,470,000
36,063,000
181,367.000
2,400,000
33,228.000
44,391,000
32,559,000
6,000
53,998,000
81,740,000
34,287,000
25,201,000
39,177,000
39,018,000
3,000
50,942,000
79,993,000
39,432,000
3,000
42,925,000
52,232,000
8,084,000
3,000
3,835,000
27,739,000
200,338,000
12,000
23,083,000
42,787,000
36,169,000
2,000
46,462,000
70,655,000
14,624,000
4,000
39,178,000
56,242,000
34,284,000
3,000
4,814,000
31,434,000
198,167,000
36,022,000
50,962,000
10,420,000
3,000
3,405,000
26,323,000
215,845,000
12,000
45,646,000
183,639,000
3,911,000
1,000
23,586,000
36,515.000
1,400,000
55,841,000
200,044,000
2,749,000
52,682,000
187,036,000
23,261,000
59,016,000
247,264,000
22,959,000
58,775.000
224,711,000
10,645,000
19,876,000
859,576,000
10,354,000
23,794,000
36,069,000
2,400,000
5,619,000
155,111,000
15,506,000
33,427,000
58,154,000
45,347,000
3,000
33,296,000
60,942,000
41,678,000
30,883,000
33,234,000
3,900,000
6,000
27,831,000
58,007,000
38,361,000
37,783,000
39,243.000
24,235,000
36,510,000
71,378,000
51,316,000
3,000
37,423,000
57,275,000
35,021,000
29,203.000
30,536,000
4,689,000
6,000
27,978,000
58,108,000
42,905,000
3,000
31,065,000
59,744,000
41,870,000
6,987,000
279,433,000
30,107,000
3,638,000
33,354,000
200,317,000
4.139,000
44,590,000
206,424,000
15,210,000
44,557,000
226,390,000
34,562,000
59,959,000
3,900,000
1,000
20,220,000
57,801,000
52,792.000
3,000
6,335,000
48,228,000
256,777,000
24,888,000
59,402,000
47,541,000
3,000
6,352,000
45,501,000
227,187,000
2,838,000
164,105,000
9,800,000
33,710,000
130,458,000
Federal Reserve Notes-.
Outstanding
Held by banks
2,603,919,000 2,601,281,000 2,590,069,000 2,581,583,000 2,572,297,000 2,571,963,000 2,583,868,000 2,589,509,000 2,849,721,000
450,738,000 454,607,000 447,766,000 434,360,000 432,176,000 445,154,000 451,020,000 431,387,000 368,255,000
In actual circulation
2,153,181,000 2,146,674,000 2,142,303,000 2,147,223,000 2,140,121,000 2,126,809,000 2,132,848,000 2,158,122,000 2,481,466,000
Amount chargeable to Fed. Res. Agent 3,379,246,000 3,379,538,000 3,373,411,000 3,350,954,000 3,339,569,000 3,338,365,000 3,350,935,000 3,341,921,000 3,701,036,000
In hands of Federal Reserve Agent
775,327,000 778,257,000 783,342,000 769,371,000 767,272,000 766,402,000 767,067,000 752,412,000 851,315,000
Issued to Federal Reserve banks
How Secured
By gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
2,603,919,000 2,601,281,000 2,590,069,000 2,581,583,000 2,572,297,000 2,571,963,000 2,583,868,000 2,589,509,000 2,849,721,000
416,522,000 416,522,000 416,522,000 416,522,000 416,523,000 416,522,000 416,122,000 416,122,000 400,992,000
406,261,000 403,965,000 351,176,000 348,153,000 348,913,000 374,318,000 388,806,000 427,949.000 1,155,198,000
122,088,000 128,675,000 130,531,000 124,938,000 121,354,000 124,016,000 127,651,000 126,010,000 113,709,000
1,659.048,000 1,652,119,000 1,691,840,000 1,691,970,000 1,685,507,000 1,657,107,000 1,651,289,000 1,619,428,000 1,179,822,000
2,603,919,000 2,601,281,000 2,590,069,000 2,581,583,000 2,572,297,000 2,571,963,000 2,583,868,000 2,589,509,000 2,849,721,000
Total
563,226,000
Eligible paper delivered to F. R. Agent_ -
545,245,000
512.927,000
515,411,000
533,600,000
523,804,000
585,242,000
576,633.000 1,479,891,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG. 30 1922.
Two ciphers (00) omitted.
Federal Reserve Bank of
Boston.
S
RESOURCES.
14,348,0
Gold and gold certificates
Gold settlement fund-F.It. B'd 36,360,0
New York.
Phila.
$
$
Cleveland Richm(md Atlanta. Chicago. St. Louis. Minneap Kan.City. Dallas. San Fran.
-
$
s
$
182,289,0 5,782,0 13,497,0 3,610,0 5,404,0 25,244,0 4,073,0 7,424,0 2,708,0
104,649,0 38,247,0 58,037,0 35,781,0 25,445,0 126,706,0 12,628,0 28,511,0 24,489,0
9,105,0 20,267,0
9,907,0 33,660,0
Total.
293,751,0
534,420,0
286,938,0 44,029,0 71,534,0 39,391,0 30,849,0 151,950,0 16,701,0 35,935,0 27,197,0 19,012,0 53,927,0 828,171,0
832,532,0 150,326,0 169,117,0 57,247,0 95,988,0 384,821,0 55,482,0 27,885,0 57,084,0 16,305,0 186,378,0 2,197,658,0
840,0 3,607,0
6,196,0 5,799,0 2,549,0 3,240,0 1,493,0 1,997,0 2,105,0 2,053,0 1,220,0
37,585,0
Total gold held by banks
Gold with F. R. agents.
Gold redemption fund
50,708,0
164,493,0
6,486,0
Total gold reserves
Legal tender notes,silver, Ate-
221,687,0 1,125,666,0 200,154,0 243,200,0 99,878,0 128,330,0 538,768,0 74,288,0 65,873,0 85,501,0 36,157,0 243,912,0 3,063,414,0
840,0 4,553,0 6,935,0 5,227,0 132,474,0
38,148,0 11,365,0 9,432,0 8,244,0 5,439,0 21,786,0 11,809,0
8,698,0
-230,385,0 1,163,812,0 211,519,0 252,632,0 17,122,0 133,769,0 560,554,0 86,097,0 66,713,0 90,054,0 43,092,0 249,139,0 3,195,888,0
Total reserves
Bills discounted: Secured
U. S. Govt. obligations
All other
Bills bought in open market
by
9,882,0
13,963,0
11,192,0
2,034,0 1,578,0 10,970,0
24,694,0 28,115,0 15,135,0 9,969,0 1,655,0 23,078,0 4,369,0 2,172,0
20,127,0 9,908,0 11,431,0 25,935,0 28,935, 38,328,0 12,091,0 24,947,0 16,517,0 35,601,0 32,934,0
0
75,0 2,103,0 21,991,0
45,810,0 30,060,0 30,825,0
662,0 12,586,0 16,075,0
327,0
133,651,0
270,717,0
171,706,0
35,037,0
Total bills on hand
11,177,0
U. S. bonds and notes
U. S. certificates of indebtedness
3,950,0
One-year ctfs. (Pittman Act)_
33,647,0
All other
Municipal warrants
90,631,0 68,083,057,391,0 36,231,0 31,252,0 73,992,0 32,535,0 27,119,0 18,626,0 39,282,0 65,895,0
32,303,0 23,589,0 27,643,0 1,241,0
208,0 6,202,0 18,563,0 4,445,0 27,881,0 2,816,0 37,682,0
576,074,0
193,750,0
Total earning assets
RR R11.0
16,000.0
102,718,0
4,500,0 4,000,0
6,525,0 40,072,0
3,560,0
5,199,0 8,667,0
2,031,0 21,674,0
3,571,0
5,391,0
3,500,0 4,321,0
2,433,0 13,001,0
21,0
1,900,0 3,832,0
1,265,0 12,463,0
63,000,0
241,220,0
21,0
241.652,0 102,697.0 129.108 n 41_032.0! 38.690.0 110,535,0 60,060,0 37,518,0 63,829,0 45,263,0 119,872,0 1,074,065,0
SEPT. 2 1922.]
RESOURCES (Concluded)
Two ciphers (00) omuted.
TF1E CHRONICLE
Boston.
New York.
S
Bank premises
5,251,0
5% redemption fund against Fed422,0
eral Reserve bank notes
48,759,0
Uncollected items
852,0
All other resources
3
9,295,0
Phila.
Cleveland Richmond Atlanta. Chicago.
$
s
603,0
6,02.5,0
s
s
2,571,0
1,637,0
1077
St. Louis. Minneap. Kan.City.
s
7,678,0
s
s
952,0
936,0
Dallas. San Fran.
s
5,025,0
s
2,094,0
Total.
s
s
1,389,0
43,456,0
724,0
240,0
188,0
250,0
468,0
713,0 2,023,0
916,0
146,0
198,0
279,0
110,087,0 41,803,0 50,718,0 41,902,0 19,582,0 64,835,0 28,466,0 13,203,0 36,104,0 22,926,0 32,422,0
3,489,0
721,0 1,344,0
538,0
142,0
880,0
640,0 1,321,0
914,0 1,795,0 5,205,0
6,567,0
510,807,0
17,841,0
369,480,0 1,529,059,0 357,593,0 440,065.0 194,353,0 194,288,0 745,195,0 178,238,0 119,889,0 196,842,0 115,316,0 408,306,0 4,848,624,0
Total resources
LIABILITIES.
8,107,0
27,664,0 9,194,011,690,0 5,618,0 4,328,0 14,734,0 4,785,0 3,577,0 4,573,0 4,199,0 7.617,0 106,086,0
Capital paid in
16,483,0
60,197.0 17,945,0 22,509,0 11,030,0 9,114,0 29,025,0 9,388,0 7,468,0 9,646,0 7,394,0 15,199,0 215,398,0
Surplus
2,592,0
20,900,0 2,779,0 3,778,0 3,227,0 2,477,0 3,376,0 2,670,0 1,541,0 2,459,0 2,079,0 3,675,0
Deposits: Government
51,553,0
Member bank-reserve acc't_ - 120,466,0 710,752,0 106,631,0 149,547,0 56,199,0 45,417,0 204,931,0 60,436,0 42,773,0 77,529.0 44,304,0 128,023,0 1,807,008,0
514,0
9,669,0 1,656,0
951,0
All other
228,0
229,0 1,284,0
571,0
188,0 7,080,0
297,0
458,0
23,125,0
123,572,0
Total deposits
F. R. notes in actual circulation.. 180,136,0
F. R. bank notes in circulation
3,086,0
net liability
36,704,0
Deferred liability items
1,392,0
All other liabilities
741,321,0 111,066,0 154,276,0 89,654,0 48,123,0 269,591,0 63,677,0 44,611,0 80,466,0 46,571,0 138.778,0 1,881,686,0
606,993,0 177,872,0 201,943,0 79,360,0 110,670,0 372,608,0 68,874,0 49,163,0 60,372,0 29,685,0 215,325,0 2,153,181,0
11,797,0 3,958,0 3,351,0 2,661,0 4,108,0 7,324,0 3,424,0 2,340,0 7,9180, 2,468,0 1,525,0
76,215,0 36,109,0 44,385,0 34,902,0 16,778,0 48,560,0 27,208,0 11,328,0 32,783,0 23,093,0 27,787,0
4,872,0 1,539,0
1,911,0 1,128,0 1,167,0 3,353,0
882,0 1,402,0
1,104,0 1,726,0 2,075,0
53,960,0
415,762,0
22,551,0
369,480,0 1,529,059,0 357,693,0 440,065,0 194,353,0 194,288,0 745,195,0 178,238,0 119,889,0 196,842,0 115,316,0 408,306,0 4,848,624,0
Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
75.9
86.3
73.2
70.9
77.8
84.2
87.3
65.0
71.1
64.0
56.4
70.4
79.2
Contingent liability on bills pur11.007.0 2_35t2.0 2.441.0 1.458.0 1.098.0 3.543.0 1_199.0
chased for foreign correspondt's 2.173.0
R04_() 1.429.0
774.0 1.369.0
29.877.0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS AUGUST 30 1922.
Federal Reserve Agent at
-!Boston.'
New Ark, Phila.
Resources(In Thousands of Dollars)I
$
I
Federal Reserve notes on hand
I 91,250
Federal Reserve notes outstanding
1192,730
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
•
5,300
Gold redemption fund
16,193
Gold fund-Federal Reserve Board
143,000
Eligible paper!Amount required
28,237
;Excess amount held
6,800
Cleve. Richm'd Atlanta Chicago. St Louts Minn.
Dallas. San Fr.
Total.
'S
I
S
293,050, 45,020 32,220 31,760 72,409
891,055 200,474 215,835 86,746 115,198
77,980 28,130 13,715 14,100 20,263 55,430 775,327
415,036 83,327 51,261 71,321 32,785 248,151 2,603,919
363,1841
13,27.3
2,400
38,348 10,437 10,842 3,452 3,088
431,000 139,889 145,000 53,795 90,500
58,523 50,148 46,718 29,499 19,210
27,194 13,6701 7,7621 6,489 11,880
11,610 13,052
7,701
416,522
15,177 3,072 1,833 3,724 2,604 13,318 122,088
369,644 40,800 13,000 53,360 6,000 173,060 1,659,048
30,215 27,845 23,376 14,237 16,480 61,773 406,261
43,774 4,690 3,429 4,387 22,774 4,116 156,965
Total
483,510 2,102,354 459,638,471,652 211,741 314,685
Liabilities
Net amount of Federal Reserve notes received from
---- 1
Comptroller of the Currency
283,980,1,184,105 245,491248,0551118,501 187,607
Collateral received fromf Gold
164,493 832,532 150,326 169,117 57,247 95,988
Federal Reserve BanklEligible paper
35,037,
54,480 35,988 31,090
85,717 221_
818
Total
483,510 2,102,354459,638 471,652 211,741 314,685
951,826 199,474 199,666 161,129 108,607 555,848 6,140,130
I
Federal Reserve notes outstanding
Federal Reserve notes held by banks
Federal R. •-ve notes in actual circulation
,
493,016 111,457 64,976 85,421 53,048 303,581 3,379,246
384,821 55,482 27,885 57,084 16,305 186,378 2,197,658
73,989 32,535 26,805 18,624 39,254 65,889, 563,226
951,826 199,474 119,666 161,129 108,607 555,8488.140,130
192,730
12,594
891,055 200,474 215,835 86,746 115,198
284,062 22,602 13,892 7,386 4,528
415,036 83,327 51,261 71,321 32,785 248,151 2,603,919
42,428 14,453 2,098 10,949 2,920 32,826 450,738
180,136
606,993 177,872 201,943 79,360 110,670
372,608 68,874 49,163 60,372 29,865 215,325 2,153,181
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" Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures for the latest
week appear in our Department of "Current Events and Discussions" on page 1030.
1. Data for all reporting member banks in each Federal Reserve District at close of business August 23 1922.
Three ciphers (000) omitted.
Federal Reserve District,
Boston. New York Philadel. Cleveland Richm'd. Atlanta. Chicago. St. Louis.Minneap.Kan. City Dallas.1San Fran.
Total.
79
49
84
42
105
56
109
37
33
78
51
68
791
3
s
$
$
3
3
3
$
$
$
$
$
$
11,025
29,763
13,662
15,691
84,001
7,602
40,980
14,641
8,381
10,546
15,756
4,322
256,370
207,732 1,569,522 236,268 336,024 117,702
57,416 530,625 130,337
37,570 66,941
42,505 148,815 3,481,454
559,3252,221,657 311,365 633,159 297,187 294,490 1,000,748 269,801 195,727 348,780 190,926 705,050 7,028,215
,
-Total loans and discounts
780,7193,875,180 563,324 998,946 425,914 359,508 1,572,353 414,779 241,678 426,267 237,750 869,621 10,766,039
LT. S. bonds
58,016
97,2601 570,7531 57,483 155,861
29,312 133,757
32,916
34,724 115,811 1,367,331
23,641
57,797
J. S. Victory notes
2,275
779
307
15,776
4,827
562
4,460
4,292
5,677
562
281
40,827
1,029
J. S. Treasury notes
5,895
25,782 405,715
40,083
26,639
5,137
76,723
9,309
30,463
656,857
9,308
8,207
13,596
U. S. certificates of indebtedness
3,095
5,613
72,654
7,871
6,699
6,846
30,399
6,874
19,131
6,582
181,299
5,975
9,560
3ther bonds, stocks and securities
55,262
171,6391 821,127 186,736 284,412
34,471 410,050
84,006
7,281 160,842 2,303,380
27,117
60,437
--Total loans, disets Sc investments, incl.
1
I
bills rediscounted with F. R. Bank- 1.081,7925,761,205 845,8551,489,448 548,489
435,6892,227,742 552,176 308,000 568,686 295,106 1,201,54515,315,733
Reserve balance with 1•'. R. Bank
83,474 637,989
34,923
96,161
67,187
26,752, 197,875
37,266
23,350 85,847 1,356,998
47,391
18,783
Dash in vault
17,868
12,848
84,276
26,955
14,709
9,160
50,183
19,672
9,100
6,293
268,863
11,803
5,996
get demand deposits
780,6214,795,137 679,516 861,582 330,041 249,7851,447,668 319,248 191,779 448,779 207,525 627,99310,939.574
Time deposits
240,473 823,756
54,300 502,953 142,407 153,569 697,2134 169,116
64,234 545,535 3,588,105
78,009 116,489
3overnment deposits
13,004
69,133
5,470
11,583
15,072
5,150
24,969
13,631
4,460
178,591
4,211
5,973
5,939
Sills payable with Federal Reserve Bank:
I
Secured by U. S. Govt. obligations_ _ _
2,000
21,248
3,211
5,150
8,431
95
5,057
I
6,500
53,412
1,350
68
302
All other
191
•
191
Bills rediscounted with F. R. Bank:
1
Secured by U. S. Govt. obligations
39
244
70
55
72,
29
5
6
101
667
37
8
1
All other
11,633
14.613
4.6261
6,633
4.718
2.939
3.666
9 Agn
oddl
1811
13.422
3.889
62.981
gumber of reporting banks
Loans and discounts, including bills rediscounted with F. It. bank:
Loans sec. by U. S. Govt. obligations_
Loans secured by stocks and bonds__ _
All other loans and discounts
2. Data of reporting member banks in Federal Reserve Bank and branch
cities and all other reporting banks.
New York City.
City of Chicago. All F. R. Bank Cities F. R. Branch Cities. AllOther Report.Bks
Total.
Aug.23.1Aug. 16. Aug.23
.1Aug 16. Aug. 23. Aug. 16. Aug.23. Aug. 16. Aug.23.1Aug. 16. Aug. 23'2 Aug. 16'221Aug. 24'21
.
Number of reporting banks
641
64
269
269
50'
50
209
792
791
812
210
313
313
Loans and discounts, incl. bills rediscounted with F. R. Bank:
$
$
$
$
s
$
S
$
$
Loans sec. by U. S. Govt. ohlig'ns
74,310
77,736
167,163
32,304
167,864
29,783
258.530
47,892
256,37
629,425
50,361
40,305
41,315
Loans secured by stocks & bonds_ 1,397,7691,433,870 402,955 403,663 2,546,173 2,582,466 497,966
3,513,741
All other loans and discounts_
1,944,332 1,963,384 631,938s 632,644 4,402,692 4,417,710 1,364,913 498,387 437,315 432,888 3,481,45 7,036,497 2,926,664
7,939,635
1,368,249 1,260,610 1,250,538 7,028,215
----Total loans and discounts
3,416,411 3,474,9901,067,197,1,066.090 7,116,028 7,168,040 1,910,7711,916,9971,739,
2401,723,731 10,766.03910,808,768 11,495,724
U. S. bonds
501,756 476,001
61,6531 60,368
795,737
768,193 300,607 288,467 270,987 269,529 1,367,331 1,326,189
868,116
U. S. Victory notes
14,535: 13,496
29,210
28,957
3.873;
40,912
7,408
40,827
3,688
166,084
4,287
4,209
7,668
U. S. Treasury notes
387,6561 384,093
525,578
52,6161 51,718
516,890
648,779
81,528
52,019
48,493 656,857
83,396
49,751
U. S. certificates of indebtedness_ _
68,458
83,599
14,0571
120,348
141,268
14,908
199,792
42,897 40,971
181,299
171,383
18,054, 17,553
Other bonds, stocks and securities_ _ 622,5991 634,785 179,234 178,389 1,264,037 1,280,355
626,551 624,905 412,792 412,329, 2,303,380 2,317,589 2,028,706
Total loans & disc'ts & invest'ts,
incl. bills rediseted with F. It. Bk.5,011,4155,066,0641,378,6301,375,161 9,850,938 9,903,7032,969,762 2,962,4042,495,0332,475, -'
922 15,315,733 15,342,02914,782,032
Reserve balance with F. It. Bank_ _ 592,9111 569,571 138,189 146,147
987,986
980,448 214,344 220,836 154,668 158,889, 1,356,998 1,360,173 1,210,452
Cash in vault
71,622
69,839
144,333
140,866
27,905
27,767
263,296
54.556
301,486
53,506
69,974' 68,924' 268,863
Net demand deposits
4,307,7084,337,4211,000,232 1,004,511 7,611,706 7,666,1871,767,741 1,176,746 1,560,2271,569,993 10,939,67411,012,926 9,893,704
Time deposits
605,396, 618,496 333,707 331,349 1,803,737 1,818,6451,027,811 1,022,3951 751,557 746,538, 3,588,105 3,537,578 2,904,760
Government deposits
64,430, 64,430
133,782
132,436
17,265
15,858
178,5911
177,223
197,059
26,021
26,0291
18,738
18,758
Bills payable with F. It. Bank:
1
Seed by U.S. Govt. obligations_
16,4981
32,748
26,124
9,848
745
710
53,4121
52,309
261,397
11,933
9,426
16,759
8,731
All other
191
1911
1611
593
161
Bills rediscounted with F. R. Bank:
Sec'd by U.S. Govt. obligations_ _
2441
375
128
256
667
386
75,609
34
224
36
All other
35,593
11,076
31,505
9,715
1,677
2,866
8,980
62,981
57,372, 628,999
16,407
18,408
9,460
Ratio of bills payable dr rediscounts
with F. R. Bunk to total loans
and investments, per cent
.6
.7
.4
.6
.2
.3
.7
1.0
.8
.7
6.5
1.1
.9
Revised figures.
Three ciphers (000) omitted.
Wall Street, Friday Night, Sept. 1 1922.
-Owing to conRailroad and Miscellaneous Stocks.
tinued uncertainty as to the outcome of negotiations which
have long perplexed, not only the financial, industrial and
transportation interest of the country, but also the consuming public of every class, the security markets were
notably weak all through the business hours on Monday.
The prevailing sentiment in Wall Street may be said to
have registered a new degree of hesitancy and quotations of
practically all the securities dealt in at the Stock Exchange
declined from 1 to 3 points or more. On Tuesday the
outlook was regarded as decidedly more hopeful. Announcement had been made that the bituminous coal strike was
ended, and this was expected to facilitate a settlement
of the anthracite matter. Moreover, it was reported that
the railroad repair shops showed steadily increasing activity.
Incidentally the foreign exchanges moved up, the mark
selling at 93 as against 5 last week, and it came to pass
on Wednesday that not alone had all the decline of Monday
been recovered, but a considerable list of both railway
and industrial shares sold at the highest prices of the year.
Since Wednesday there has been a good deal of irregularity
in the movement of prices, led by Mexican Petroleum,
which has covered a range of 21 points.
To-day's market has been by far the most active and
also the most irregular of the week, doubtless in anticipation of the impending holiday. Approximately 1,100,000
shares were traded in with varying final results.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Sales
for
Week.
STOCKS.
Week ending Sept. 1.
Range for Week.
Lowest.
I
Highest.
Range since Jan. 1.
Lowest.
Highest.
$ per share $ per share $ per share
Par Shares $ per share
Aug
Jan 58
100 59 Aug 31 59 Aug 31 49
Colo & South 2d pt._ 100
Aug
100 68 Aug 31 08 Aug 31 573-4 Mar 68
Detroit United Ry _ _ _100
1,20011134 Aug 31 11234 Aug 26 1043.4 Jan 113% Mar
Illinois Central pref
Feb 7034 Aug
250 70 Aug 29 70% Aug 31 61
RR Sec Series A _ _ _100
Interbor Rap Tran (w I)- 3,000 2934 Sept 1 3134 Aug 30 2234 July 3134 Aug
800 2334 Aug 28 2334 Aug 26 2234 June 2634 June
Int & Gt No Ry(w I) 100
Feb 13% June
100 9 Sept 1 9 Sept 1 6
100
Iowa Central
July 553-4 Aug
ManRyEqTrCoofNYcd 7,000 5134 Aug 29 5534 Aug 30 44
Jan
M St P& SSM pref_100 500 853-4 Sept 1 89 Sept 1 70 June 90
Mo Kan & Tex pret _100 500 1334 Aug 30 1434 Aug 30 13-4 Jan 143-4 Aug
200 3434 Aug 30 3434 Sept 1 3034 Aug 343.4 Sept
Pt warr 3d assd pd_
ibb 100 32 Aug 30 32 Aug 30 283j July 32 Aug
Preferred_
Jan 19
10() 1034 Sept 1 1034 Sept 1 7
Aug
Nat Rys Mex 1st pref 100
Jan 1003-i Aug
100 9934 Aug 28 9934 Aug 28 72
NY Ch & St L 1st pf_100
Jan 70
700 61 Aug 31 6334 Sept 1 14
Aug
Tol St L& W Series B___
Preferred Series B____ 1,00 5334 Sept 1 5534 Aug 28 223.4 Jan 5734 Aug
Apr
Mar 37
100 2934 Aug 31 2934 Aug 31 25
American Chicle p1.. _100
Sept 47
Aug
1,300 44 Sept 1 4534 Sept 1 44
Am Metal temp ctfs__
% Aug 30
% Sept 1
34 Sept 1
Am Sumatra Tob rights_ 184147
Aug
100 61 Aug 31 61 Aug 31 54
Mar
Feb 70
Am Teleg & Cable__ _100
Am Tel & Tel rights_ _ 5,700 234 Aug 26 334 Aug 31 '234 Aug 334 Aug
Jan
Feb 95
100 92 Aug 31 92 Aug 31 89
Am Wholesale Corp pf 100
200 108 Aug 29 108 Aug 29 107
Aug 10834 Aug
Art Metal tern ctf pf_100
% Jan 3 June
700 1% Sept 1 13-4 Aug 31
_10
Assets Realization
Aug 28 234 Aug 261 13-4 Aug 234 July
2,000
Atl Fruit CoITCo ctidep
300135 Aug 29 14034 Sept 1 82 June 14034 Aug
Atlas Powder 6% cum pf
July 3634 July
Beech-Nut Packing _20 1,100 33 Aug 28 33 Aug 28 30
100 9734 Aug 30 9734 Aug 30 89 May 973.4 Aug
Brown Shoe Inc, pf_ A00
Feb 9934 Mar
100 400 97 Aug 29 9734 Aug 30 94
Burns Bros pref
300 4134 Aug 28 4134 Aug 28 41
Aug 44
Aug
Case(J I) Thresh Mach*
Aug
1,000 334 Aug 29 33.4 Aug 28 31.4 Aug 4
Cons Cigar rights
100 1,800 11534 Aug 28 119 Aug 3011334 Auf 119
Aug
Cons Gas Balto
Fel 109
100 109 Aug 29139 Aug 29 100
Aug
Cont Can Inc pref_ 100
3
100 9434 Aug 29 97 Sept 13 9334 July 97% June
Cosden & Co pref
Aug 26 253-4 Aug 263 2534 Aug 3534 Aug
100 2534
100
Crex Carpet
Fet 4434 June
300 39 Aug 30 40 Sept 1 23
Emerson-Brant pref..100
100 15 Aug 31 15 Aug 31 15
May 2034 June
Fairbanks Co (The)_ _26
20° 1023-4 Aug 20 10234 Sept 1 96 Jun, 10234 Sept
GenAm TkCar 7%pf 100
June
Gen Cigar Inc, pref 100 200103 Aug 28 10334 Aug 3110034 Mar 106
100 900 84 Aug 28 8534 Aug 31 8034 JulY 103
May
Hartman Corp
Hudson Motor Car..___* 7,400 2034 Aug 28 2134 Aug 26 1934 Aug 2334 July
Aug 64
Sept
7,500 50 Aug 26 64 Sept ii 30
Loose-Wiles Biscuit
Aug 26 103 Aug 26 97
Aug 103
300103
100
Aug
1st preferred
Apr
100 200115 Sept I 115 Sept 1110934 Mar 115
2d preferred
Feb 115
100111% Aug 28 11134 Aug 28 106
Apr
May Dept Stores, pf_100
Aug 29110 Aug 29,10034 Jan 110
Aug
Montana Power, pref.100 3,100 109%
Aug 1454 Aug
*12,000 13 Aug 28 1434 Aug 29 13
Moon Motor Car
*25,200 11 Aug 28 1134 Aug 30 1034 Aug 1134 Aug
Mother Lode Coal
Jan 94
100 94 Aug 30 94 Aug 30 69
Aug
Nat Cloak & Suit, p1_100
9734
Mar 973% Sept
Nat Enam & &rig,p1.100
400 95 Aug 29 50 Sept 1 81
Aug 28 47
Jan 5334 Aug
100 50 Aug 28
25
Ohio Fuel Supply
100 5434 Aug 26 5434 Aug 26 4234 Jan 6634 Apr
1
Otis Steel, pref
300 44 Aug 3 44 Aug 30 42
Aug 44
Aug
Philadel Co,6% pref.. _50
200 9034 Aug 31 9034 Aug 29 8834 Jan 9334 Mar
Phillips Jones Corp,pf100
Mar 9734 June
100 97 Aug 28 97 Aug 28 85
Pittsburgh Steel, pf_.i00
Sept 1 106
Apr 11534 Mar
pref_100
30011434 Aug 31 115
Ry Steel Spring,
Apr
* 5,300 18 Aug 29 2034 Aug 29 834 Jan 21
Reis(Robt)& Co
* 2,300 2831 Aug 31 30 Sept 1 2434 Aug 5034 June
Reynolds Spring Co
100 96 Sept 1 96 Sept 1 96
Aug 96
Aug
Shell Union 011, pref_ _ _ _
10 100 Sept 1 100 Sept 1 100
Sept 100
Sept
Sinclair Oil, pref
Jan 420
10400 Aug 31 400 Aug 31 315
Mar
Tex Pac Land Trust..100
100 300 127 Aug 2912834 Sept 1 10934 Mar 13734 May
Tidewater 011
100110 Aug 30110 Aug 30 10434 Feb 114
May
United Gig Stores, p1.100
10011534 Aug 28 11534 Aug 28 110 Mar 1534 Aug
-100
U S Tobacco,
300 23 Aug 31 23 Aug 31 23
Aug 1534 Aug
prei_Va-Caro Chem, CIB..
Aug 112 June
West Elec 7% cum pf 100 2,300 108 Aug 26 10834 Sept 1 107
Jai 1 75
100 75 Aug 31 75 Aug 31 65
.
Aug
Westh E & M,1st pf__ 50
June
100 121 Aug 31 121 Aug 31 1 1734 Ap 121
Woolworth(FW).Pf-100
* No par.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week ending
Sept. 1 1922.
Total
Stocks.
Shares.
Par Value.
330,100 $28,779,000
775,000 67,620.000
769,291 60,584.000
946,390 89,600,000
877,500 82,020,000
1,046,000 95,534,000
Railroad,
Banda,
$3,031,000
5,696,000
6,324,000
7,339,000
5,872,000
6,410,000
State, Mull.
and Foreign
Bonds.
$838,000
2,861,000
2,608,000
2,086,000
2,389,000
1,757,000
U.S.
Bonds.
$792,000
2,654,000
3,106,000
2,797,000
2,360,000
2,364,000
4,744.281 $424,137,000 $34,672,000 $12.539,000 $14,053,000
Jan. 1 to Sept. 1.
Week ending Sept. 1.
Sales at
New York Stock
Exchange.
azette
tankers'
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
[Vol,. 115.
THE CHRONICLE
1078
1921.
1922.
1921.
1922.
170,130,725
114,951,347
2,621,910
4,744,2811
-No. shares__ _
Stocks
$424,137,000 $213,745,906 $14,947,472,389 $8,620,309,892
Par value
Bonds.
Government bonds_ _ $14,053,000 $31,378,950 $1,187,634,302 $1,232,482,060
417.246,500
201,957,400
6,118,500
State, mun.,&c.,bonds 12,539,000
619,654,100
599,585,100
34,672,000 14,603,000
RR.and misc. bonds_ _
$61,264,000 $52,100,450 $2.224,534.902 52,034,024.560
Total bonds
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Shares
Baltimore
Philadelphia
Boston
Week ending
Sept. 1 1922.
Bond Sales
Shares
Bond Sales
Shares
6,540
14,710
15,279
17,630
13,908
9,982
$18,100
42,200
33,500
40,150
34,400
39,000
5,022
8,422
7,649
6,044
5,875
3,569
$33,200
28,550
15,150
146,600
30,700
14,110
78.049
$207,350
36,581
5268,310
Bond Sales
7,902
$15,000
45,600
55,000
25,700
28,400
20,800
$190.400
102
1,516
1,520
868
1,427
2,469
Daily Record of Liberty Loan Prices. Aug.26 Aug.28 Aug.29 Aug.30 Aug.31 Sept. I.
(High
First Liberty Loan
334% bonds of 1932-47_ _ Low..
(Close
(First 348)
Total sales in $1,000 units.. _
Converted 4% bonds of(High
1932-47 (First 4e)_ _ _ _ Low_
(Close
Total sales in $1,000 units __
Converted 434% bonds(High
(Low.
of 1932-47 (First 434s)
(Close
Total sales in $1,000 units__ Second Converted 434%(High
bonds of 1932-47 (First( Low_
(Close
Second 434s)
Total sales in $1,000 units__ _
(High
Second Liberty Loan
4% bonds of 1927-42_ (Low_
(Close
(Second 44)
Total sales in $1,000 units. _
Converted 434% bonds(High
fif 1927-42 (Second (Low_
(Close
434s)
Total sales in $1,000 units..
(High
Third Liberty Loan
Low_
434% bonds of 1928_ _
(Third 434s)
(Close
Total sales In $1,000 units__ _
(High
Fourth Liberty Loan
434% bonds 01 1933-38.. _ Low_
(Fourth 434*)
(Close
Total sales In $1,000 units__ _
(High
Victory Liberty Loan
434% notes of 1922-23_ _( Low_
(Close
(Victory 434s)
_
Total sales in 51,000
100.74 100.94 100.94 100.92 100.88 100.86
100.66 100.66 100.72 100.76 100.70 100.76
100.66 100.86 100.94 100.80 100.86 100.86
87
89
300
173
251
48
100.56
100.56
100.56
3
.76 100.76 100.72 100.64 100.50
-0
- .86 100
10 103.70 100.64 100.64 100.58 100.44 100.22
100.70 100.64 100.70 100.58 100.44 100.22
182
6116
76
79
12
-------
100.22 100.24
100.22
100.22
10
100.24
100.20
100.24
141
100.48
100.38
100.48
254
100.74
100.64
100.74
156
100.66
100.66
100.66
29
100.18
100.18
5
100.28
100.12
100.16
318
100.48
100.42
100.42
559
100.72
100.50
100.64
987
100.70
100.66
100.68
117
0
- ..25
10 100.18
100.18
$
100.22
100.10
100.22
297
100.48
100.40
100.44
242
100.62
100.50
100.58
1,074
100.70
100.66
100.70
190
0
- .18
10 100.18
100.18
10
100.22
100.06
100.12
749
100.46
100.28
100.30
720
100.60
100.38
100.50
335
100.72
100.68
100.70
262
6
10- .24
100.20
100.20
16
100.18
100.04
100.10
171
100.38
100.20
100.20
689
100.48
100.30
100.32
853
100.72
100.66
100.68
171
100.18
100.18
100.18
3
100.22
100.14
100.10
770
100.38
100.14
100.20
404
100.40
100.24
100.34
753
100.70
100.68
100.70
75
-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds were:
39
5
I
109
100.06 to 100.36
100.20 to 100.54
100.52 to 100.66
100.50 to 100.701 61 3d 434'a
1379 4th 434s
100.52
1 77 Victory 454s
99.76
100.00 to 100.121
1st 334s
1st4%s
2d 45
2d 43-45
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rate.
Bid.
534% 102%
June 15 1924
% 102%
Sept. 15 1924
Dec. 151922...... 434% 100%
4
% 1015
Mar.15 1925......
Asked.
Maturity.
Int.
Rate.
Bid.
Asked.
% 101114 10134
Mar. 15 1926._
103
,
2(e 10017 6
102% Mar. 15 1923._ 434% 100'
100% June 15 1923._ 334% 100% 100%
100%
101% Dec. 15 1925._ 434% 100%
Foreign Exchange.
Exchange at Paris on London, 57.47 fr.; week's range, 57.47 fr. high and
58.53 low.
The range for foreign exchange for the week follows:
Cables.
Sixty Days.Cheques.
Sterling Actual4.4734
4.473-i
4.4534
High for the week
4.4434
4.43
4.4434
Low for the week
Paris Bankers' Francs
7.83
7.77
7.82
High for the week
7.46
7.45
7.40
Low for the week
Germany Bankers' Marks
*00954
0.0934
High for the week
0.0554
0.0534
Low for the week
Amsterdam Bankers' Guilders
39.10
39.05
38.66
High for the week
38.86
38.81
38.42
Law for the week
*Owing t)financial crisis in Germany over reparations dilemma,cheques
and cables transfers quoted alike.
Domestic Exchange.
--Chicago, par. St. Louis, 15@25c. per $1,000
discount, Boston, par. San Francisco, par. Montreal,$.625c. per $1,000
premium. Cincinnati, par.
-A firm undertone was in evidence
The Curb Market.
in Curb Market trading this week until toward the close
when the news regarding the coal strike seemed to forecast
a virtual settlement, prices then making sharp advances.
Glen Alden Coal was heavily traded in, advancing at first
4
from 53 to 543 and to-day jumping to 61. Durant Motors
rose from 39 to 46%. Gibson-Howell corn. dropped from
203/8 to 17. Gimbel Bros. corn. was also weak, declining
from 46% to 43 with the final transaction at 4332.Hayes
Wheel, after fluctuating between 303% and 313% during the
week, to-day rose to 323%, the close being at 32. New York
Telephone 63 pref. made a substantial increase, advancing
/
2%
from 108% to 110, with a final reaction to 109%. Shulte
Retail Stores gained about two points to 39. Stutz Motor
weakened from 22 to 203/2 and closed to-day at 21. Oil
stocks were active. Standard Oil issues received considerable attention. Standard Oil (Indiana), after an early
/
drop from 1143/2 to 111%, recovered to 1157 s, with close
to-day at 1153/8. Standard Oil (Kentucky) ran up from
8.
WO% to 106% and rested finally at 1053/ Illinois Pipe
Line was up from 167 to 171. Standard Oil of N. Y. im144and3.
proved some ten points to 446, the close being
New England
Vacuum Oil advanced from 458 to 469.
Fuel Oil sold down from 74 to 723/8 then up to 80, with
the close to-day at 793/2. Bonds were firm.'
New York Stock Exchange-Stock Record Daily Weekly and Yearly
1079
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,
Aug. 26.
Monday,
Aug. 28.
Tuesday,
Aug. 29.
Wednesday
Aug. 30.
Thursday,
Aug. 31.
Friday,
Sept. 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1922.
On basis of 100-share lots
Highest
Lowest
PER SHARE
Range for previous
year 1921
Lowest
Highest
r
Feba
er
per share $2per khg.:;, s per share $ per share
an3
Railroads
)
MI S1r j
'
$ per share $ per share I $ per share S per share S per share S per share Shares
8 Mar
1234
4,500 Ann Arbor
22
221. 23
22
1812 1812 2112 2212 24
.17
1812 *17
20
Apr 321 1 Dec
Preferred
100 2878 Jan 26 52 Aug 25
497 51
5012 52
5012 6,500
50
50
4912 48
4912 47
49
77's June 94 Dec
8
104 10412 104 1045 12,700 Atch Topeka & Santa Fe 100
1023 10314 10218 10311 10238 10414 10312 105
4
00 91%'
88 Nov
947 947
Do pref_
800
84;8 J
4 ran 3 1212,,uug7
9412 9412 943 9514
4
95
4 9414 9414 *94
*933 943
4
512 Apr 17
1
Dec
712 Jan
33
2 312
n 4
Jan 13
318
318 7,000 Atlanta Birm & Atlantic_ _100
338
27
3
318
3
3
314 314
77 Apr 91 Nov
9 119 Aug 23
3
4
4
1153 11612 11634 117 4 1173 11812 11812 11812 11814 11814 '1,900 Atlantic Coast Line RR_ _ _100 83
1163 117
4
303 Mar 424 May
/
1
100 3312 Jan 27 5014 Aug 21
a
22,800 Baltimore & Ohio
5818 59
573 5814
4
4 5718 588 5812 5912 5814 59
5678 573
47 11.r 563 Nov
,12
.
2,
6614 Aug 23
100 5212 Jan 11
Do pref
100
657
6512 6512 *6512 6614 *653 66
4
65% *65
*65
658 *65
4
_110000 50 Jan 4 68 May 25
20 Buffalo Roth & Pitts
68
*66
*66
68
66
*66
68 10,40072%Mar
66
70
*6212
*621. 70
8
6 Dec 147 Jan
3rooklyn Rapid Transit..
2514 253
4 251 2514
/
4
8 248 2512 2518 2638 255 26
255 255
Jan
sIn
312 Sept 10
Certificates of deposit
' n 11 N7 une
Ra
21
208 213 *20
8
*20
21
2012 20 2 2018 3,900
,
20
21
21
8
100 11918 Jan 6 1515 Aug 31 101 June 1237 Nov
4
14512 14412 1473 14712 14978 14978 1515 14814 15014 30,300 Canadian Pacific
8
145 14512 14414
Oct 209 Mar
100 184 Mar 31 197 July 31 186
300 Central RR of N J
193 19414 *193 200 *193 197 *193 197 *193 197 *193 197
46 June 6512 May
100 54 Jan 10 79 Aug 21
13,600 Chesapeake &. Ohio
773
7612 767
8 7612 77
763
4 7412 7512 7512 768 76
76
4 Nov
834 Jan
4May 26
33
100
13 Jan 24 123
3
214
38 70,800 Chicago & Alton
18 4
3
98 912
Apr
618 Dec 12
Preferred
100
318 Jan 25 2078May 25
712 9 8
81212
1.
9
512 1212 147
534
5
618 39,500
4
14
9
5%
4
153 16
1312 Dec 167 Nov
4
12% Jan 25 433 Aug 21
4012 41
4012 4012 4,000 Chic & East Ill RR (new)
4012 41
4114 3934 4012 3912 405
403
4
, 1%iav
718 Noy
3 2 Dpe 3
31
614 Dec
Do pref
I 32 Jan 30 6412 Aug 22
3,400
621 63
/
4
6212 6212 63
62
627 *6212 63
8
6212 6212 62
55 Jan 11
1034May 27
8 6,200 Chicago Great Western__ _100
714
834
718 77
8
4 83
4
83 87
4
83
4 83
4
83
*833 87
2412May 29
14 June 207 May
100
Do p-ef
1412 Jan 31
2134 22
22
11,400
2212
22
167 2114
175 19
8
2012 2112 22
Jan
1714 Dec 31
4
1714 Jan 93638 Aug 22
46,800 Chicago Milw 8: St Paul_ _100
7
8 333 34
8
3414 3318 3418 333 343
3214 34
327
3418 34
2912 Dec 4612 Jan
Do prof
100 29 Jan 10 55 Aug 22
5234 5214 53
5212 52
4
51
52
5314 5038 523 42,200
5134 53
Jan
6018 Apr 71
92
92
9412 29,000 Chicago & North Western_100 59 Jan 9 9 112Sept 1
92
91
8714 9012 90
8858 864 88
/
1
88
95 July 110
Jan
Do pref
100 100 Jan 9 125 Aug 21
4
1213 1213 *121 123
4
12212 1221. 123 123 *121 124300
*121 123
4814 Apr 20
225 Mar 35 Sept
8
100 3034 Jan 11
4412 453
56,800 Chic Rock Is) S.,. Pac
4514 4614 458 4614 46
48
4 437 445
4412 443
6834 Mar 893 Dec
4
100 8314 Jan 10 9812June 7
93 973 *9612 973
3
900
7% preferred
97
4 97
9612 97
4
*97
973
4
97
97
5612 June 77 Dec
100 7014 Jan 9 8612 Aug 22
6% preierred
86
8518 8512 8534 86
*85
86
86
86
86 14 8612 1,200
86
50 June 63
Jan
600 Chic St P Minn & Om_ _._100 51 Jan 10 82 Sept 1
*7912 80
82
81
81
*80
82
81
7912 7912 7712 79
32 June 5712 Dec
400 Clev Cin Chic & St Louis_ _100 51 Jan 4 7934 Aug 23
*75
*76
80
80
80
78
80
*77
78
7814 7814 *78
Aug 21
60 Feb
75
Dec
Do pref
723 Jan 3 100 A
4
9912 98
98
*97 100100
*98 10014 *97 10014 *97 10014 *98
27
Jan 4678 Nov
491
100 38 Jan 10 5312 Apr 24
400 Colorado & Southern
*4812 4912 *4812 50
48
*4712 50
48
4812 4812 *48
49
Jan 59 Dec
Do 1st prof
100 55 Jan 16 66 Mar 23
100
6312 *62
631. *62
*62
6312 *62
6312 *62
6412 6114 62
31
90
Apr 11012 Nov
305
100 1063 Jan 4 13 14 Aug 2I
4
12812 1285 12818 1287 12812 12812 1,400 Delaware & Hudson
8
129 12931 *12712 128 *128 129
8
93 Aug 249 May
131 132
131 12 13214 13212 134
134 13412 134 13412 3,000 Delaware Lack & Western_ 50 108 Feb 14
1313 132
4
6 Apr 25
8
45
15 Mar
412 Jan
*312 4
2% Jan 27
4%
300 Duluth S S & Atlantic_ __ _100
*33
4 414
*312 414 *33
4 412
35
8 38
33 Nov
*8
9
*8
9
*812 912 *8
100
7 8 Jan
3
8100
Do pref
33 Jan 7 1012 Apr 18
914 *812 912
8
4
10 Dec
1514 May
100
7 Jan 9 1834May 23
1714
17
8
8 17
173
4 1714 177
175 45,800 Erie
1718 173
s 1714 173
4 14
1518 Dec 223 May
100 1118 Jan 9 2812 Aug 21
,
Do 1st pref
23,600
2612 2538 253
4 26
27
26
2718 2734 2612 2718 23
27
10 Dec157 Jan
100
718 Jan 10 2014May 23
193 1912 19
Do 2d pref
1812 1834 1812 19
19
1834 4,900
19
16
19
60 Jun
5
7914 Dec
8 uf
100 7014 Jan 10 953 flp.
9512 94
11,600 Great Northern pref
9314 925 94
95
4 9218
9414 9514 94
928 933
13
June 3412 Nov
255
8
Iron Ore properties_Ne par
313 Jan 6 45
4112 4118 4112 41
4114 4112 4012 4118 41
4138 407 413
8 7,200
434 Dec
1112 May
101 Gulf Mob & Nor tr ctfs__ _100
*148 15
*145 16
8
*1512 1612
*145 16
8
*1512 1512 *1512 16
15 Dec 26 Feb
100 1
Ja
jan
Do pref
V121s ug E
l aY
1,006
40
40
40
*40
403
4 40
40
40
4014 4014 *40
41
8512 Mar 10012 Nov
100 9712 Jan 3 113 Aug 21
1,100 Illinois Central
10814 10834 *10911 111
10934 110
1103 1103 *11012 111
4
111 112
4
5 Apr 8
118 Dec
1 Jan 10
58 Jan
112 112
13
8 112
112 117
11. I%
112
112 I% 5,700 Interbo!o Cons Corp__No par
138
4
314 Dec
16
Jan
Do pref
100
43
43
0
314June 20 123 Apr 8
418 43
4
418
4
4
412
42
,
4
1812 Feb 287 May
3014 Apr 25
*2534 2614 243 26
4
'2 020 Kansas City Southern_ _ 100 2218 Jan 11
257 261 261 263
/
4
4
/
4
2514 2512 2514 26
4512 Jan
55 Nov
Do pref
100 523 Jan 5 5912 Apr 26
200
4
59
59
*57
59
5812 *57
5314
5812 *57
5814 *57
*58
934June 6
412 Nov
612 May
5 Jan 17
100 Keokuk & Des Moines__ _100
10
*5
5
10
5
*4
8
*4
8
*4
*5
8
8June 6
10 Mar 1412 Jan
100 10 Feb 2 397
800 Lake Erie & Western
3512 35
35
34
34
*34
36
*3614 3712 3518 3614 35
Do pref
200
100 261 Feb 8 73 Aug 22
/
4
1738 Aug 30 De3
7412 *72
*72
75
*73
743
4 73
*7112 747
73
72
72
4718 June 603 Dec
4
50 565 Jan 3 7038 Aug 21
6712 673
4 68
6914 6812 7012 6914 7018 6918 7038 29,300 Lehigh Valley
8
6712 685
97
Apr 118 July
100 108 Jan 9 140 Sept 1
1397 140
8
1,400 Louisville & Nashville_
137 137
138 13812 13818 139
*13612 138
136 136
32 Dec 5812 Jan
7,000 Manhattan Ry guar
100 35 Jan 6 53 Aug 3)
*51
53
523 543
4
54
54
4 5412 58
563
4 5414 545
*52
234 Dec
7 May
100
300 Market Street RV
318 Jan 28 11 Mar 14
814 *712 838
814
814 814 *8
83
8
*7
818 *712 312
Do pref
12 Aug
100 17 Jan 9 5014 Apr 11
1812 May
4312 *32
4312 *3518 4312 *37
4312 *37
43
4312 *32
*32
Do prior pref
27 Aug 4512 May
100 3512 Jan 7 67 Mar 14
*635 64
8
64
64
65
64
6434 6512 6512 6534 1,800
64
*63
55 Jan 9 32 Apr 10
Do 2d prof
414 Aug
100
8% May
*22
2312 *22
2312 *22
2312 *22
2314 *22
2312
*217 23
8
518 Dec
10,200 Minneap & St L (new)
143 May
100
5 Jan 6 1412 Apr 29
4
87 10
*11
1118
1014 103
4 11
111 1012 113
/
4
814 1014
4
800 Minn St P & S S Marie._....100 55 June 29 713 Feb 27
63 Aug 7412 Nov
70
6912 6912 70
7013
70
7012 7012 70
707 70% *68
8
1
14 May 23
Dec
318 Nov
4 2,100 Missouri Kansas &. Texas 100
3 Jan 16
8
013
1312 *1312 14
131 1318 1314 1314 1312 1313 1312 133
/
4
97 Dec
17,600 Mo Kan & Texas (new)
1934 Aug 25
8 Dec
712 Jan 11
4
185s 1938 1918 1912 187 191 183 19
8
/
4
191 1912 1812 19
/
4
Do pref (new)
2412 Jan 27 4 At Aug 30, 2234 Dec 263 Dec
8
4
463
8 453 46% 467 483
8
4 4712 4814 463 4712 11,500
46
463
4 45
7,300 Missouri Pacific trust ctfs_190 16 Jan 10 2514 Apr 18
16 Mar 2314 May
4 23
23% 2212 23
2314 2318 2312 233 233
8
2312 2338 23
Do pref trust ctfs
12,300
100 43 j n 28 613 Aug 25
0
8
3312 Mar 4918 Nov
4 Ja 10
a
60
8 59
4 5918 60
5912 603
8 593 603
4
59
/ 6034 5852 593
1
4
Nat Rya of Max2d prof...
65 Feb
714May 27
Dec
412
412
412 412
4 8 47
,
412
412
412 412
8 900234
.458 47
8
400 New On Tex & Max v t c_ _100 547 Jan 10 733 Aug 21
4
46 June 7712 Feb
8
7112 *705 71
71
*70
7112 *70
71
71
703 7012 *70
7
5 1003 Aug 21
4
8
6418 June 76 Dec
99
9712 9855 18,400 New York Central
4 9914 98
9712 9812 97
9814 98
98
983
2,000 N Y Chicago & St Louis_ _ _ 100 52 % Jan
00 71
91 Aug 21
39 June 613 Sept
8
86
87
8318 8318 8434 85
85
8518 853 86
4
8518 86
Do 2d pref
300
100 6134 Jan 5 91 Aug 21
54 June 6812 Sept
8912 00
*8612 90
*88
90
*8612 90
*8812 90
*8612 90
100 1,3 jan 9 3514May 20
00
5
214 J
12 Nov
2
2312 Jan
3112 33% 54,200 N Y N H & Hartford
4
4 323 33%
313 32
4
30% 31% 3112 3212 3212 333
291., Apr 10
16 Mar 2314 Sept
2618 26,
4 2,300 N Y Ontario & Western_ _ _
27
2712 2634 27
2612 27
2718 2712 26% 27
300 Norfolk Southern
100
814 Sept
83 Jan 3 2212June 6
4
1314 May
1812 1812
20
20
21
*1812 20
*1812 21
*19
2014 *19
100 9614 Jan 9 1197 Aug 30
8
885 June 1047 Feb
8
11712 11812 14,100 Norfolk & Western
s
11712 11712 11612 117
117 11914 11938 1197 11712 118
Do pref
100 72 Jan 9 78 Aug 11
/
1
4
62 June 7434 Dec
80
573
80
*70
80
*70
80
*70
80
*70
80
*70
Noriisylyania
8
6114 June 88 Jan
100 7338June 19 903 Aug 24
8
8712 8838 863 877
4
8 873 887
8
8 89
89% 885 893
8
8 88% 895 29,400 Penth ernPacific
17,500
50 3314 Jan 3 477 July 21
3214 June 4134 Jan
8
4614 463
8
4 46
463
8 46
/
4
,
4
4638 4658 4718 463 471 465 47 8
100
8
8 Nov
2238 1,400 Peotia & Eastern
1034 Jan 14 263 Aug 23
12
Jan
*2312 2412 2212 2238 23
2312 2234 23
2238 2234 22
100 19 Jan 10 4055 Aug 21
153 Mar 237 May
4
3712 3812 385 3914
385 39
8
3912 403
4
383 3934 12,300 Pere Marquette v t c
8 39
397
Do prior pref v t c_ _ _ _100 63 Jan 17 82 Aug 21
400
50 Apr 6512 Dec
*80
8112 *80
8112 *80
8112 81
8112
8112 8112 *80
81
400
Do pref v t c
4
35
Jan 6634 Dec
7412 7414 7414 7312 7312 745 7438 74
100 5018 Jan 6 743 Aug 23
*71
*7 74
74
23
Oct 3802
395 395
8 393 3912 3914 3934 393 4014 3834 397
Jan
3914 3912 9,300 Pittsburgh & West Va_ _ _ _ 100 23 Jan 27 413 Aug 8
Do pref
100
*90
70 Mar
9112 *90
100 76 Jan 13 9112 Sept 1
9112 *90
Dec
9112 *91
9112 *91
9112 9112 9112
7818 7878 7712 7838 7814 793
603 June 8914 Jan
4
50 7118 Jan 3 8278May 29
4
4 7912 8012 7912 8014 7918 803 37,800 Reading
*5012 5318 *50
Do 1st pref
600
3612 June :_ Feb
5318 52
50 43 Mar 27 57 May 31
.. 5 5_
.
52
5312
5212 53
5318 531 *53
/
4
Do 2d pref
*5012 5212 *51
5212 52
3818 Aug 573 Jan
4 1,200
50 45 Jan 27 5912May 31
5212 53
/
4
4
*531 533
5/
54
54
*47
50
*45
300 Rutland RR pref
48
47
100 1712 Feb 6 5314June 1
47
*42
4512
49
*46
45
51
7,300 St Louis-San Fran tr etfs 100 205 Jan 15 323 Aug 21
8
303 31
4
1912 Mar 253 Aug
3014 3038 3018 305
307
4
8 31
315
3014 303
4 30
Do pref A trust ctfs__ _100 36 Feb 1
54
543
4 5112 5112 5312 533
56 Aug 21
277 June 3912 Nov
4 5512 553 *54
4
59
*5112 5612 1,700
337 3411 33
1912 June 3012 may
100 203 Jan 3 36 Aug 21
33
33
333 3455 3,300 St Louis Southwestern
4
3418 3355 3414 *3312 31
503 51
Do pref
51
4
100 323 Jan 10 523 Aug 21
28 June 41
5012 51
513 517
50
8
4
Jan
51
52
5114 5112 3,200
712 73
4,800 Seaboard Air Line
100
4
258 Jan 4 10 Apr 15
74 714 *712 73
/
1
218 Oct
4 1p3 1.14
714 May
14
612
7
Do pref
100
4
8
3 Dec
418 Jan 13 143 Apr 15
1212 1212 117 1214 12 2
,
1212 May
1134 1214
10 8 161371 5,800
6'12
917 9514 9314 94
30,400 Southern Pacific Co
9314 9338 933 95
4
100 781 Jan 10 957 Aug 22
/
4
6712 June 101
933 94
4
9312 9412
Jan
173 June 247 Jan
26
263
4 26
100 1714 Jan 10 28% Aug 21
27
27
4
263 27
2712 27
8
2738 2612 2714 19,700 Southern Railway
Do pref
62
100 46 Jan 10 6452Sept 1
62
63
42 June 60
4 62
63
6218 623
6338 6314 6312 625 64536,400
Jan
8
3212
3212 34
5
5,600 Texas S.: Pacific
100 24 June 16 36 Apr 21
333 33
1618 Jan
4 32
4
323 323
8
325 3312 3112 3212
273 Dec
4
3,500 Third Avenue
100 14 Jan 5 2538 Apr 25
231 2312 2338 243
/
4
2 2334 245 *22
1212 Aug 203 Mar
8
*2312 24
24
24
*22
2
*52
55
700 Twin City Rapid Transit_ _100 34 Jan 12 60 Aug 31
*513 56
4
55
3118 Dec 5512 Apr
57
*513 55
58
5814 60
58
4
100 125 Jan 10 1523 Aug 31 111 June 1317 Nov
2
14914 15018 1474 14914 14811 1503 15038 15114 15012 15238 14918 15112 12,800 Union Pacific
8
Do pref
*7912 80
100
7912 80
100 7114 Jan 7 80 Aug 30
*7912 80
4
*79
6214 July 7412 Dec
*7912 80
80
*7878 803
1.5
1614
1512 1512 *1412 1518 *1412 151 1,800 United Railways Invest
1418 1514
12 2714 j n 6 197 Apr 11
012 Jan
6 Aug
1511 1514
/
4
1214 Mar
Do pref
3,100
17 Aug 26 Mar
8 303 3212 31% 3338 3214 3212 *32
33
9 3612 Apr 11
32% 325
33
33
1234 1314
13
10,700 Wabash
100
1312 123 1314 121 13
6 Jan 30 1438May 26
1234 1338 1212 13
4
63 Dec
8
9 May
/
4
Do pref A
4 3312 34
333 343
4
3312 3414 3312 3414 12,300
333
100 19 Jan 25 3512 Aug 21
18 l‘ar 2158 May
ma
I
3312 3412 338
1472
11
v
2212 2212 2434 243 *23
Do pref B
400
4
*2212 23
24
100 123 Jan 25 247 Aug 21
*23
24
23
23
4
1255
8
838
1412 1412 1512 1512 1612 1612 1714 1512 17
Dec
14
1714 Aug 3)
1514 1614 101,500 Western Maryland (new) 100
814 Jan 30
2412 253
8 243 257
4
4
Do 2d pref
12,300
234 243
8 24
100 13 Jan 17 257 Aug 30
1414 Dec 21 May
*2312 25
245
8 2312 24
8
1918 1912 2014 2012 20
4
2014 2014 193 20
100 1412 Jan 30 2478 Apr 24
2014 1914 1912 2,930 Western Pacific
15 Dec 308 May
61% 617 *61
62
Do prof
62
700
*61
62
62
62
62
100 511 Feb 1 6412 Apr 21
5112 Dec 7012 Jan
6112 6112
/
4
14
1514 15
5512 20,900 Wheeling & Lake Erie Ry_100
1312 14
1534
*14
1434
1418 153
614 Dec
1418
6 Feb 2 1612June 7
111 May
2612 2712 2718 2778 27
27
Do pref
*26
*2512 27
273
8June 7
100
1212 Dec
2614 4,400
26
914 Jan 4 295
1912 May
3012 31
31
31
1,000 Wisconsin Central
31
3112 31
28
31
31
30
*29
23
100 25 Jan 10 3314 Mar 13
Oct 3712 May
258
N
t
77
7512 7612 *76
*2018 21
20
20
*55
5712 58
57
58
*8612 58
5718 5718
58
*56
11% 117
8 11% 1158
4
113 12
12
*3
8
"8
12
/
1
4
%
1
118
Vs
1 14
13
2
*114
83
33
8534
8 82
81% 825
*110 11014 *110 11012 11012 11012
58
5814 57
5812 57
58
*993 100
4
100 100
*993 100
4
/
4
401 4012
4114 4012 41
*40
70
70
7012
7012 70
*67
*70
73
73
*70
74
*70
*51
52
*5114 52
*5114 52
47
4814
47% 473
4 46% 47
*76
80
80
*76
*76
SO
,
101, 491
41
*39
40
40
4
*763 77
2018
5712
2018
7612
*2012
*563
4
5612
115
8
38
78
21
58
57
121
38
1
1
85
8638
111 111
5712 5818
100 100
40% 403
4
7018 703
8
*71
73
*51
52
4775 4812,
*76
80
*30
41
7812
2014
*56
57
11%
*3
8
*1
85
111
5712
100
407
8
70
*71
*51
*47
*76
*39
79
2012
58
57
1218
12
118
87
112
573
4
100
41
7014
73
52
48
80
491.
7812
2012
58
*5612
1138
313
4
21
5S
5712
113
8
*3
8
148
12
112
4
8718 893
112 112
573 583
4
4
1003 1003
4
4
41
4114
70
70
73
*71
52
*51
4712 4812
SO
*76
341, 39
Industrial & Miscellaneous
Adams Express
100 48 Jan 12 8134 Sept I
Advance Rumely
100 107 Jan 19 23 Aug 18
8
Do pref
100 3158 Jan 12 6012 Aug 18
Air Reduction, Inc____No par 4512 Jan 3 5838 Aug 18
Ajax Rubber, Inc
912July 28 1834 Apr 25
50
Alaska Gold Mines
7
8May 10
10
14 Jan 13
Alaska Juneau Gold Min
2 May 17
38 Jan 24
10
Allied Chem & Dye_ _ _ No par 55% Jan 3 8934 Sept 1
Do prof
100 101 Jan 3 112 Aug 31
Allis-Chalmers Mfg
4
100 373 Jan 4 59 Aug 25
Do pr .f
100 8612 Jan 5 10034 Sept 1
Amer Agricultural Chem_ _ 100 293 Jan 3 42%June 1
4
Do pref
100 56 Jan 16 71 Aug 21
American Bank Note
7712 Apr 7
50 5812 Jan 7
Am Bank Note pref
50 52 Jan 12 54 Mar 3
2,300 American Beet Sugar
4
100 313 Jan 3 49 June 9
Do pref
77 June 24
100 61 Jan 11
31
, sr
400 1 • , rtn1' 1 ,
, f,rnntn
49 An. ii
Na"'.'
3,200
600
600
600
2,600
300
3,700
44,000
1,300
6,700
700
3,100
1,400
*Bid and asked prices; no sales on this day. 5 Ex-rights.
Leas than 100 snares. a Ex-dividend and rights.
taare for share to stook of Glen Alden Coal Co. at $5 per share and ex-dividend 100% In stock (Aug. 22).
2612 Jan
1012 Dec
3112 Dec
30 June
1514 Dec
14 Dec
533
4
1934
5218
50
Dec
Jan
Feb
Dec
Jan
Feb
n
Feb
Janee
DD oc
Dec
112
39111
12 Oct
134
34 Aug 5914
635931 24
83 June 103%
2814 Aug
6712 Aug 90 Dec
2612 Aug
Jan
0
6
91:: F4Re
Aug : ‘ yb
51
4612 Jan 5Dec
4312 Jan 5012 Dec
2412 Oct
54% Dec 74% Jan
urr
Ex-dividend. S Ex-rights (June 15) to subtcril
New York Stock Record-Continued-Page 2
1080
For sales during the week of stocks usually inactive, see second page preceding.
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICE
Saturday,
Aug. 26.
Monday,
Aug. 28.
Tuesday,
Aug. 29.
Wednesday. Tharsdau
Aug. 30.
Aug. 31.
FridaY,
Sept. 1.
Sales
fqr
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 11922.
-share lots
On basis of 100
Lowest
Highest
PER SHARE
Range for previous
year 1921
Lowest
Highest
S per share $ per share $ per share
$ per share $ Per share $ per share $ Per share $ per share $ per share Shares Indus. & Miscall. (Con.) Par $ Per share
42
Jan 56% Deo
78
77
7912 77
72
73
4,400 Am Brake Shoe & F__..No par 51 Jan 4 7912 Aug 31
77
703 703
4
72
72
4 72
4
100 984 Jan 18 109 lane 14
883 Jan 100 Dec
Do prig
100
*108 1083 *108 10814 10814 10814 *108 110 *109 110 *109 110
4
2312 June 3512 Dec
100 3214 Jan 5 6312Sept 1
8
5914 60 4 5912 6012 603 6112 60% 613
3
4 62
6312 30,100 American Can
6012 61
7634 June 97 Deo
100 9314 Jan 3 11012 Aug 28
4
400
Do prof
110 110
*10912 11012 110 11018 11018 11018 *1093 111 *10934 111
185 185
187 187
187 187
900 American Car & Foundry 100 141 Jan 10 189 Aug 22 11514 June 15114 Dec
185 185
*183 18712 182 185
100 11512 Jan 6 125 Aug 17 108 May 11612 Dec •
Do pref
100
*122 12412 *122 12412 122 12412 12414 12414 *122 125 *12012 125
Jan
612 Nov 29
American Chicle
No par
1012 *9
10
*9
10
7 Jan 27 14 May 5
*9
10
1012 *9
*9
1012 *9
15% June 2434 Nov
100 1914 Jan 10 3012MaY 31
3
273 2712 2718 2718 2714 2714 274 2714 2714 27% 27 4 273
8
4 1,400 American Cotton 011
3512 July 67 Apr
54
Do pref
100 41 Jan 11 61 May 31
57
53
*53
700
8,
8 53
5412 5412 5412
5218 5218 525 525
83 Jan
4
4 June
612 612
619 612
412 Jan 13
612 612
64 Aug 17
612 612 Lim Arnar Drugghts Syndicate_ _10
612 612
612 612
100 126 June 23 145 Sept 1 114 July 137 Dec
1363 13814 13914 144
4
143 145
3,000 A me.rican Express
*134 137 *132 137 *134 137
g
Apr 16 Dec
1412 133 1338 1312 143
8
8
*145 147
8
2 1,300 American Hide & Leather _100 12 Jan 18 1732 Apr 13
4
4
8 145 145 *1414 143 *14
,
4012 Feb 62% Dec
100 58 Jan 3 7412 Aug 25
Do prat
7412 7318 7438 *7212 7312 7212 7212
300
*7312 7412 741. 7412 *73
Jan 8312 Dec
42
100 78 Jan 12 119 Sept 1
117 11814 11614 11712 11612 119
11,200 American Ice
111 111
111 11114 11314 116
57 Jan 7314 Nov
94
100 72 Jan 13 9514 Aug 4
94
94
94
94
Do prat
93
1,700
94
*92
94
9214 9114 92
2
2114 Aug 533 May
8 353 37
4
3618 37
3518 355
3414 3414 34
35
35
364 7,400 Amer International Corp.. 100 34 Aug 28 5052June 2
778 Aug 11% Apr
1318 1318 1318 13
13
912 Jan 16 14 July 26
13
1318 1318 13
1,600 American La France F E10
13
1318 13
1714 Aug 6212 Jan
100 293 Jan 10 403
*3412 35
8
35
3418 3414 3412 35
*34
3512 *34
800 American Linseed
41une 1
*3412 35
Jan
3978 Aug 93
100 5212 Aug 14 60%June 1
*53
56
*52
*53
56
Do prof
*50
56
55
55
*55
56
100
55
g
7312 June 110 Dec
s
11712 11812 11834 1203 1197 12312 12112 1237 1223 12312 25,600 American Locomotive ____100 102 Jan 5 1237 Aug 31
11814 119
8
4
41
100 112 Jan 12 120 Aug 22
984 June 115 Dec
Do prof
119 4 1193 *119 123 *119 122 *119 121 *120 122 *120 121
3
100
4
95 82 Jan 30 120% Aug 31
6632 Jan 91 Nov
115 119
11912 1208 *117 119
*112 11312 11112 11212 113 113
7,400 American Radiator
25
*678 7
33 Jan 31
4
832 Apr 6
8
67
8 714
63
4 6%
7
312 Aug 10 Jan
714
67
68 67
714 5,800 American Safety Razor
Jan
No par
512 Jan 3 2414May 31
16
1534 16
16
16
16
1614 1612 1619 1618 1612 2,500 Am Ship & Comm
16
414 Aug 14
8
295 Aug 4714 Dec
8
635 6412 62% 635
8
645
8 6414 6513 645 6534 11,800 Amor Smelting & Refining.100 433g Jan 6 6712May 19
8 635 6514 64
8
100 8612 Jan 4 1024 Aug 25
*100 10112 101 10112 10112 10112 *10012 10112 1013 102
6314 Aug 90 Dec
Do prof
4
102 10212
700
*9512 100
*9512 100
*95 100
Am Smelt Secur prof ser A.100 87 Feb 8 97 Aug 17
63 Jan 88 Dec
*9512 9712 *9512 9712 *95
93
4
100 1094 Jan 3 149 Sept 1
95 Jan 1143 Dec
*142 14458 145 14512 *140 14438 14412 145
1454 146
148 149
1,700 American Snuff
4112 42
4
18 Aug 35 Dec
403 413
4
8 41
4
2
4138 413 4214 42 4214 42/8 423 12,200 Am Steel Fdry tern ctLs_33 1-3 303 Jan 26 4212 Aug 21
100 91 Feb 8 103 Aug 31
*102 105 *101 107 *101 107 *103103 103 *105 110
Do prof tern ctfs
78 Aug 9514 Dec
100
Jan
4752 Oct 96
823 833
4
823 83
4
84
4
4 833 85
4 8314 834 8312 - - 833 833
6,900 American Sugar Refining_ _100 544 Jan 4 854 Aug 21
100 84 Jan 3 112 Aug 18
6712 Oct 10714 Jan
Do prof
*109 112 *109 110 *110 112 *10912 112 *110 11012 *108 112
2812 Dec 88 Mar
3834 3914 373 383
3612 3812 3814 39
*3612 40
2
4 3512 3832 2,500 Amer Sumatra Tobacco_ _.100 2314 Feb 14 47 May 29
4
100 5212 Jan 27 71 Jan 16
4
643 Nov 913 Feb
Do pref
*63
6614 6512 6512 67 6813 684 693
68
*67
4 68
693
4
900
4
953 Jan 11912 Nov
12238 123
1225 1233 12338 12532 12538 12734 1253 12814 12632 12732 63,100 Amer Telephone & Teleg_100 11412 Jan 4 12814 Aug 31
8
4
4
4
100 12912 Jan 5 16912Sept 1 11112 June 1363 Dec
15112 155
158 16312 163 1648 16312 1668 1667 16912 19,600 American Tobacco
1563 160
4
86 Aug 9912 Dec
100 9612 Jan 3 105 July 31
•10312 1043 10412 10417 10432 1043 *10414 10412 1033 10412 1043 105
Do prof (new)
8
2
4
4
600
Jan 13112 Dec
150 15478 154 15714 155 1594 159 1603 160 164
Do common Class B_ _ _100 126 Jan 3 16532Sept 1 110
4
163 16532 15,400
612 Oct
4 Sept
6 Jan 7 1914 Aug 17
v t a_ _ _100
.18
8
8 1812 1812 1812 1834 *1812 1812 1814 1814
18 4 183 183
500 Am Wat Wks &
,
48 Sept 66% Dec
Do 1st pref(7%) v t c.100 67 Jan 4 894 Aug 24
*88
87
*88
89
*87
8812 89
89
*88
89
200
87
8912
84 Sept 20 Dec
Do partic pf(6%) v t 0 100 1714 Jan 4 43 July 11
*40 4 413 *405, 4114 4034 403
3
4 4014 4012 3912 3912 40
4014 1,200
4
57 Feb 834 Dec
100 7814 Jan 10 96% Aug 21
9314 93% 925 9314 93
9412 9412 943
8
4 9412 98341 954 9638 20,800 Amer Woolen
93 Feb 10412 Dec
Do prof
100 10212 Jan 11 109 June 21
100
*10712 109 .10712 109 *10712 109
'10714 109 *108 109
108 108 1 9
2012 Aug 3912 Jan
400 Amer Writing Paper prof. 100 2212 Jan 13 3712 Apr 15
.31
32
3052 31%
*3112 32
327g 327 *301 32
*31
32
8
634 Sept 1432 Dec
400 Amer Zinc, Lead & Smelt_ _25 1212 Jan 3 2032.1une 1
18
18
17% 17% *1734 18
*173 1812 177 177
4
8
8 173 173
4
4
Do prof
22% Aug 40% Dec
25 36 Jan 18 485 Aug 22
2
4712
*46
*46
*46
48
*46
4712
48
*46
4712
4712 *46
4
313 Aug 50% Dec
4
54% 5412 5512 5512 5538 543 5532 543 55% 36,500 Anaconda Copper Mining_ _50 47 Jan 31 57 May 31
5412 55 8 54
5
4
Jan 5012 Dec
24
8 6,600 Associated Dry Goods_ _.100 43 Jan 5 594 Aug 34
*5512 5614 5512 55% 56
5712 573 587
a 5812 5914 57% 583
4
Do 1st pref_
4
4
600
553 Jan 763 Dec
*8212 83
8112 82
100 75 Jan 6 8312 Apr 19
82
82
-82
82
*80
82
82
*80
Do 2d prof
45 Jan 78 Dec
200
8412 8412
100 76 Jan 17 86 May 9
86
86
*84
*84
86
*84
86
8412 8412 *85
118 11912 3,300 Associated Oil
100 99 Jan 31 13512May 3
91 Sept 1074 Mar
116 11712 11712 11712 117 118
*11514 117
115 115
212 212
9 Jan
4
600 Atlantic Fruit
13 Oct
No par
214 Jan 3
512 Apr 17
214 214
212 212
*214 212
238 238 *232 212
Jan
18 June 78
3014 3012 3212 3114 3258 8,800 All Gulf &WISS Line__ -100 2312 Mar 2 4314May 29
3
30
3014 2912 3014 2838 30 2 30
Do prof
22
23
153 June 4412 Jan
4
22
1,000
22
100 1812 Mar 6 31I4May 29
*20
23
22
22
*22
23
23
*21
26 Atlantic Refining
100 900 Mar 7 1145 May 1 a820 June a1125 May
*995 1015 1000 1000 *1000 1025 1010 1025 *1030 1100 *1060 1100
Do pref
300
2
117 117
100 113 Jan 9 118%June 30 1033 July 11312 Nov
116 116
*115 118 *115 118 .115 11734 115 117
No par 1312 Feb 28 2212May 4
123 Dec 20 Apr
2
100 Atlas Tack
.1612 1712 *1612 1712 .1612 1712 *1612 17
1712 4
1712 1712 *16
914 Jan 5 33%June 8
812 June 1314 Jan
304 303
4 3012 3013 29% 3014 5,900 Austin Nichols & Co_ _.No par
52 31
3014 303
3
4 2912 30 4 29
Do prof
50% Aug 70 Jan
100 68 Jan 9 90 June 1
*85
86
85
85
1,500
4
'843 86
4
8414 84114 *844 86
*8312 86
*212 4
24 Sept
50
Auto Sales Corp
7 Mar 17
312 Jan 3
*212 4
*212 4
54 Dec
.212 4
*212 312 *212 4
Jan
10 Apr 15
50 1012 July 27 1512 Mar 16
Do pref
*912 12
*912 12
*94 12
12
*9
12
*9
*912 12
6214 June 1003 Dec
2
3
12352 125% 125 12732 12712 12914 127 4 12912 129 13012 66,800 Baldwin Locomotive Wks_100 9312 Jan 13 13012Sept 1
12434 126
95 June r105 Dec
100 104 Jan 13 115 Sept 1
Do prof
11312 115
17,200
*113 115 *11314 115 *113 115 *113 115 *113 115
29 Jan 41 Aug
No par 40 Jan 19 6214Sept 1
60
6012 62
613 617
.1
613 6214 2,700 Barnet Leather
4
61
*59
60 .59
*59
70 Jan 86 Dec
100 89 Apr 12 9612June 23
Do prof
9712 *95
9712 *95
*95
9712 *95
9712
*95 -_
3114 323
20 Dec 27 May
4 313 323
4 33
3352 33
4
3112 32
3612 16,200 Barnsdall Corp, Class A _ _ _25 19% Jan 16 5614 Apr 28
3178 32
1434 June 35 Jan
25 1914 Jan 9 39 Apr 27
27
*24
Do Class B
27
2412 2414 2634 27
*24
26 .23
26
500
*24
12 Aug
*7
8 1
1
Jan
15 Mar 23
8
20
12 Jan 14
4
%
%
300 I3atopilas Mining
4
3
4
3
4
*3
4
*3
4
4
*3
4
27 June 29 June
No par 33 Apr 28 55% Aug 7
Bayuk Bros
5412 *50
53
*52
55
*49
5412 *52
*49
55
*50
5412
3912 June 624 May
100 51 Jan 10 79 May 12
77
*753 7712 753 763 *75
4
4
4
77
78
77
*76
*77
400 Bethlehem Steel Corp
7612
4112 June 85 May
Do Class B common_ _ _100 5512 Jan 3 8214May 12
4 773 79
2
78
7812 7714 784 778 7832 7712 783
78
7852 14,320
87 June 9314 Jan
100 90% Mar 7 105 Aug 31
Do pref
10114 10114 10114 105 *10112 _
__ *9812 102
*100 102 *10012
300
2June 14
90 June 112 Sept
11318 11312 112% 113
4
Do cum cony 8% pref_100 104 Jan 4 1165
1133 1133 *113 11414 *1123 11412 113 113
4
4
600
No par
434 Jan 10 1012 Aug 30
3 Aug
912 1018 1014 1012 1018 1014 1038 1038 6,600 Booth Fisheries
914
74 Dec
*9
912
9
814 Dec
9 Dec
100
812 Jan 9 1414June 6
*1112 13
British Empire Steel
*11
13
*10
12
*1114 12
*11
*1112 13
13
7312 7312 *72
4
55 Dec 585 Dec
2
100 58 Mar 2 763 Apr 15
76
*73
76
*73
75
Do 1st prof
*73
75
*74
100
75
22 Dec 2332 Dec
100 1912 Mar 17 37 Aug 23
36
36
363 *34Is 36
2
36
Do 2d pref
347 347 *3412 36
700
3534 36
100 100 Jan 3 12433 Aug 33
88 Jan 101 Dec
4
1183 12412 1223 124% 121 12212 1207 1207
4
1154 117
117 119
8
8 7,100 Brooklyn Edison, Inc
Jan 7612 Nov
100 70 Jan 31 12212 Aug 30
51
4
4
5,400 Brooklyn Union Gas
120 120
11814 1193 119 1193 11912 1213 122 12212 *120 121
2
100 42 Jan 16 633 Sept 1
4
33 Feb 46% Nov
613
2 61
63
63
633
4 3,500 Brown Shoe Inc
*57
60
*5712 5933 5852 5838 60
212 Aug
53
24 Mar 3
2June 6
514 Jan
*314 4
Brunswick Term & Ry Sec 100
*314 4
*212 4
*212 4
*24 4
*3
314
100 11312 Jan 10 13912June 5
8114 Jan 12212 Dec
13414 1353 13512 1363 1363 138
134 134
4
4
415,200 Burns Bros
1343 13514 13412 135
4
283 Jan 19 5114 Aug 18
2
4814 491p 475 50
314 Dec 333 Deo
8
4
4912 50
Do new Class B corn
8
11,200
*48
4818 4712 475 *4712 49
*94
98
4
*94
98
98
94
*94
94
100 Bush Term Bldgs. Pref-....100 8714 Jan 3 0752May 1 z873 Dec 90 Nov
*9214 98
*9214 98
614 Deo
714
6% 712
8I4June 7
314 Aug
514 Mar 1
63
2,500 Butte Copper & Zinc v t c.._ _5
4 64
712 712 *7
63
4 7
63
4 7
100 18 July 27 34 Feb 3
2214 2112 2112 *21
22
1412 Jan 333 Dec
*21
4
21
.21
22
500 Butterick
21
2118 2212 4
2
104 June 22 Dec
4 3012 30121 3012 31% 2,700 Butte & Superior Mining _10 203 Jan 4 333
4MaY 18
307
8 3012 303
30
304 30% 30 30
1018 1038 1018 1012' 1012 10% 2,000 Caddo Central 011&Ref No par 1012 Aug 30 1512 Apr 15
2
2
*1012 107
4
a 1012 1012 *103 11
73 Aug 193 Apr
8112 r
• No par 68 Jan 11 8312 Aug 10
81
53% July 74 Nov
8112 8W2 81
i12 Egit,, 8012 81
6
2,300 California Packing
8112 8112 80
100 434 Jan 10 71%June 2
63%
25 Jan 5058 Deo
633
4 63
6114 61
6512 6612 30,600 California Petroleum
6114 6114 60
9614 *93
*93
94
94
100 83 Jan 3 9812 Apr 17
Do pref
*9212 94
6812 Jan 88 Dec
9612
100
94
*92
94 .92
812 8%
10
83
2 852
712 Jan
2May 27
514 Feb 14 113
8 838 1,100 Callahan Zinc-Lead
83
832 838 *812 84
4
5
8
52 8 2
33 Aug
*61
6314 *61
4
4112 Jan 60 Dec
61
4
61
6314 623 63
400 Calumet Arizona Mining_ -10 573 Apr 5 6612June 1
62
62
*61
432
11
1 10 Aug 29 1632 Mar 29
11 Dec 1512 Nov
10 .10
11
100 Carson Hill Gold
.10
11
*10
952
No par
4
3 Mar 8
;ar4 63
6%
3 Nov 1014 Apr
7
7
4 *7 2 g352 *761132 612 1,100 Case (J 1) Plow
912June
612 612 *614 7
94
*90
94
*90
63 Dec 85% Feb
95
*90
94
*90
100 Case (J I) Thresh M. pf ctf 100 68 Feb 21 9314 Aug 23
92
92
*92
95
100 2932 Jan 10 424 Aug 25
4134 4110,300 Central Leather
2212 Aug 4314 Jan
8 4112 4218 41
4112
421s 4114 415
4118 413
4 41
Jan
8 7818 7838 7734 78% 3,800
100 63% Jan 6 7934 Aug 28
8
5712 Aug 96
4 777 793
Do pref
8
793
4 783 783
7778 78
78
4 3978 4118 5,700 Cerro de Pasco Copper_No par 323 Jan 4 414 Aug 25
23 Mar 3612 Dec
39 4 393
3
8
4 404 41
4
40
403
4 3914 4014 395 403
49
4912 *42
22 Aug 44 Jan
4812 507 *46
8
4912 4912 1,900 Certain-Teed Prod_ __ _No par 34 Feb 14 5312June 7
*47
477
, 477 477
8312 16,000 Chandler Motor Car_ _No par 473 Jan 5 7914 Apr 8
6012 6112 62
6112 62
3814 Oct 86 Apr
4
593 62
4
60
6012 603
4 59
7314 737
75
8 74
47 Aug 7014 Jan
7412 74
73
767
8 2,500 Chicago Pneumatic Tool_ _100 60 Jan 14 76% Sept 1
75
75
*74
75
2
25 1512 Jan 5 2512May 29
9 Mar 16% Dec
2212 234 2252 2312 225 2318 2327,300 Chile Copper
2312
225 2318 2212 23
8
1912 Mar 2912 Dec
313
2 31
2 30 4 3112 4,500 Chino Copper
5 2512 Feb 21 3332June 1
2 303 313
4
3
303 313
4
3
303 30 4
2
31
31
68
6814 6634 6712 7,400 Cluett. Peabody & Co _..100 43 Jan 11 6814 Aug 31
3614 June 6212 Jan
6614 663 68
4
64
63
633
4 6214 64
No par 41 Jan 5 7412 July 5
19 Feb 4312 Dec
7014 71
27,000 Coca Cola
7212 718 7412 7012 7112 7012 7112 6914 71
72
4
*3114 33
22 July 323 May
33
3212 3212
100 24 Jan 10 367
2
2May 19
200 Colorado Fuel & Iron
*311* 3212 3112 3112 *3112 323 *31
4
52 June 675 Dec
4
10412 10514 17,000 Columbia Gas & Electrlc_100 643 Jan 4 1053 Aug 30
10212 1053 1044 105
4
4
4
4
10112 10212 1013 1023 10112 102
37
3 4 338
3
2% Aug 1234 Jan
4
114 Jan 26
534June 6
34 4
3
33
33
4 4
4
4 33
4
4 4,500 Columbia Graphophone No par
812 Dec 6214 Feb
144 1412 14
*133 1512 14
4
5 Feb 9 2034June 2
*1312 14
15
*14
a
8
28% June 1587 Dec
70% 7312 727 7612 *75
p
76
4
17,200 Computing-Tab-RecordNo 1 ar 5514 Jan 3 793 Apr 26
6812 6812 6853 6838 69 69
373
1312 Dec 594 Jan
4 36'2
. d A. Consolidated Cigar---No par 185 Feb 10 3934 Aug 24
3712 38
378 3818 37
4
2
38% *363 38
38
8:-.
r 2 =,-.0
7812 *71
100 47 Feb 27 78 Aug 29
53 Dec 80 Feb
*77
7812 *75
767 78
*76
80
*76
80
300
43
,8
12 Sept 10 Mar
*3
8
12
12
1+
*3
13
12
Do
14 Feb 17
214 Mar 16
12
100 Consol MIrlbutors,Ino No par
12
*3
2
12
*3
8
7712 Jan 95 Nov
138 14014 138 13812 133 13614 92,000 Consolidated Gas (N Y) 100 8512 Jan 30 14014 Aug 30
1363 1403 13712 140
4
4
13012 140
1018 10
1014 1018 1114 1078 114 27,400 Consolidated Textile_ _ _No par
2
4
9%
123 Aug 217 Jan
10
1012
9 July 25 153 Apr 19
2
10
10
Jan
84
4
4 837 85
87
86
100 453 Jan 4 8714 Sept 1
34% Aug 66
4
81
8312 8214 8312 823 833
9012 g14 9,100 Cooti
*90
Continental [rln an ce
nenal asiirI ne
25 66 Jan 20 9334 Aug 22
*8912 9012 *8912 91
91
9012
58% Aug 73 Dec
*89
92
*91
oo
2
8
59 June 9914 Dec
11712 117% 116 1183 11712 1197 11838 120
41g3 111)12 16,100 Corn Products Refining--100 9114 Jan 4 12012 Aug 23
4 (
)
111114 11(114
pref
100 111 Jan 10 119% Aug 23
96 June 112 Dec
.118 120 *118 120 *118 120 *118 120
478 473 4833 473 4834
s
No par 313 Jan 10 53I4June 7
4
4 47
4752 467 473
2
2212 Aug 433 Apr
4
467 47% 46
8
9312 953
9512 933g 95
2 94
4
4 94
49 Aug 1074 Jan
2
9612 40,900 Crucible Steel of America_100 523 Feb 27 9612Sept 1
9314 953
2 923 943
Jan
9814 9812 981- 2,100
100 80 Jan 17 9812Sept 1
974 9714 9712 98
4 96
77 June 91
953 953
2
Do pref
2
9514 9514
No par
84 Jan 11 193 Mar 15
4
5% Oct 26 Feb
4
1314 13% 134 13% 1412 1434 1414 1412 143 1552 12,800 Cuba Cane Sugar
8
137 14
100 1514 Jan 3 4t7 July27
38% 3814 383
3812 38
4 3852 4012
6812 Dec 131g Feb
3614 37
36
*3512 37
4
Sugar_ _ _ _10 1412 Jan 3 28 Aug 4
2512 26
3
10% Oct 332 Feb
25 4 26
26
2 2512 257
2714 25,800
4
2518 2512 243 255
100 78Ig Jan 17 954 Aug 21
68 Oct 95 Feb
94
94
9312 9312 *93
94
94
95
Chemical v t e_No par 43 June 13 655 Apr 6
2
2
23 Mar 59% Nov
5214 523 52% *21.2
51% 51
4,12 Davison r
5112 5212
Jan
234 2312 2312 2334 24
2May 2
13% June 21
4 23
223 233
2
4,200 De Deers Cons Mtnes__No par 1512 Jan 3 283
2118 2118 2134 22
2
100 1003 Jan 11 11812 Aug 30
934 Nov 100 oa
4
4,450 Detroit Edison
4
1123 1133 115 11812 11614 11712 115 115
4
4
1113 111% 1103 112
10 1812 Jan 4 3932 Aug 31
4
101g Jan 21118 Apr
383 3914 383 3933 39
4
39
6,700 Dome Mines, Ltd
3614 39
3714 3712 3612 37
84
833 8412 14,500 Eastman Kodak Co_ _ _ _No par 70 July 3 8814 Aug 28
---- --__4
8514 858 83
87
884 ,86
* 86
8314 867
_
14212 1434 142 1483
2 6,500 E I du Pont de Nem & Co-100 115 May 27 150 July 5 ---- ---- ___
141 14314 14114 142
138 142
138 138
__
86
86
87
85
87
85
6% cumul Preferred_ _ _ _100 80 June 12 87 Sept 1 ---8412 8512 844 8412
900
8414 85
ills-riglita. a Ex-dividend. a Par value $10 per share.
• Bid sad mated prieng negates on iblulay. 4 1111-dividead sod rising. •Aareement paid. a
51,42 copsden
8.30° cu'f;oan-rAirmeferican
50.2
2T4 215. 21
New York Stock Record-Continued-Page 3
1081
For sales during the week of stocks usually inactive, see third page preceding.
HIGH AND LOW SALE PRICE
-PER SII.4RE, NOT PER CENT
Saturday,
Aug. 26.
Monday,
Aug. 28.
Tuesday,
Aug. 20.
Wednesday. Thursday,
Aug. 30.
Aug. 31.
Friday,
Sept. 1.
$ per share $ per share $ per share $per share 8 per share $ per share
4714 473
4714 477
4678 4712 4678 477
4 4612 4714 4718 48
2134 2178 21
2138 *2114 22
22
23,
4 2. 12 2 3,2 24,
2212
118
812 317
812
*712 812 *712 812 *7
861* 88% 8714 8812 873 89 2
8512 857
86
8 8412 853
4 85
8
,
*11318 11414 11318 11318 *11318 11414 *11318 115 *11318 11412 *11318 11412
947
4
9138 9214 9014 9218 913 9414 91
9612 9914 9838 100
4
10078 102
101 10212 101 1013 10112 102
102 103
103 105
*1212 1512 *1212 1512 *1212 1513 *1212 143
*1212 14
*1217 14
4
5212 53
53
54
53
53
53
53
53
53
541* 545
8
11214 11214 11212 11212 *111 113 *112 113 *112 114
11212 11313
91
9112 91
9014 91
91
*110 115
*91
9114 *91
9112
1212 1212 1212 1212 1214 1212 1238 1212 117 1238 *1218 1214
g
4 233 2434 2378 243
4
2234 2318 2214 234 2278 233
2434
4 24
6112 6112 62
62
*60
64
62
*60
6412 65
6538 673
4
8
8 6612 687
8 6714 6814 6712 5912 677 69
665 677
8
6834 7012
10012 10212 10112 10214 102 102
10012 101
10212 10212 105 106
7814 78
*7812 7912 78
7814 79
79
784 8038 7914 8012
101 103
103 103 *103 105 i*103 105
4
10234 1023 *101 103 .
184 185 2 185 185
,
*18412 18512 184 184
1843 1843 183 185
4
4
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 11022.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for precious
year 1921
Lowest
Highest
Indus. & Miscall.(Con.) Par $ per share $ per share $ per share $ per share
Electric Storage BatteryNo par 4012June 17 19% Aug 17
Elk Horn Coal Corp
50
1414 Jan 25 2314June 14 16 -ill; 253 May
.
4
Emerson-Brantingham
97 May
100
25 Jan 4
212 Dec
8
111871ine 5
Endicott-Johnson
50 7614 Jan 10 8912Sept 1
52
Jan
81
Dec
Do pref
100 101 Jan 5 115 Jaly 31
Jan 10612 Dec
87
Famous Players-Lasky_No par
7.518 Jan 10 100 Sept 1
445 July
8212 Apr
Do preferred (8%)_ _ _ _100 9112 Jan 28 105 Sept 1
7434 July 97 Dec
Federal Mining etc Smelting 100
9 Jan 3 1612May 17
518 June 134 Dec
Do pref
1,300
_100 3712 Mar 14 563 Aug 22
21 Sept 4312 Dec
4
400 Fisher Body Corp
No par 75 Jan 5 12712 Apr 20
75 June 90
Jan
700 Fisher Body Ohio, pref___ _100 7612 Jan 5 10314J11ne 14
57 Sept 84 Dec
3,800 Fisk Rubber
25 11% Jan 10
1913 Apr 25
83 Aug
4
193 May
29,900 Freeport Texas Co
No par
1214 Jan 24 267
8June 3
912 Aug
2012 Jan
6,000 Gen Am Tank Car
No par 453 Jan 14 677
4
8May 8
397 Oct 5912 Dec
59,800 General Asphalt
100 5518 Jan 26 7334July 20
3918 Aug 7853 May
Do pref
1,700
100 90 Jan 10 111 July 20
77 Aug 11712 May
5,500 General Cigar, Inc
100 65 Mar 3 8012Sept 1
54
Jan 703 Dec
8
200
Debenture Pre
100 94 Jan 4 103 Aug 30
S018 Apr 9512 Dec
1,200 General Electric
100 136 Jan 9 188 Aug 22 10912 Aug 1433 Dec
4
1312 137
8 1312 1334
1312 13% 1314 1353 135 1418 64,033 General Motors Corp__ No par
134 14
8
814 Jan 5 1514J ily 15
1614 Jan
938 Aug
*82
83
83
*8114 8112 *8112 82
83
8312 8134 81% 85%
Do pref. _____ ______103 69 Jan 21 85345301 1
503
63 June 75 Dec
813 83
4
83
8114 8112 8134 82
84
8114 85
Do Deb stock (6%)_ .. _100 6714 Mir 6 85 Sopt 1
5,630
817 88
8
60 Aug 7312 Dec
9518 9512 95
95
94
9312 9312 94
97
D3 DO stock (7%._ _100
99
4,303
99 10)
79,4 Mar 8 100 Sept 1
69 Au; 85 Dec
*1412 15
15
15
16
*15
15
15
*1478 15
403 Glid(13a Co
15
15
No
138J1iy 1
1814Juns 2
s
8
8
357 357 *345 3514 357 3518 353 36
4
3434 3512 35
3.538 1,700 Goodrich Co (B Fs
.Vs par 32, Au; 7 4178M ay 31
8
2818 June 4418 Jan
*8612 88
*8512 87
*86
88
*86
87
*8512 87
Do prof _______
*8514 87
_ _100 83% Aug 7 91 Apr 22
6212 June 86 Dec
3112 315 313
4 32
3218 3214 31
3212 3158 324 32
3212 3,039 Granby C)n; AL S n 1: P r.v1(1) 21 Apr 3 35 Miy 21
15 Aug 31% Nov
145 1458
8 143 143
4
4
8
4
143 147
1418 143
4 14
Gray & Davis Inc_ __._ Aro pa
14
147
14% 3,593
, 12 Jan 3 197
8M ay 31
912 Jan
163 Mar
4
*3112 3214 32
32
32
3212 33
3314 *3218 33
327 32%
1,603 373333 Canaan Copper__ 109 2.514 Feb 27 3153 iv 29
8
19 July 2912 Dec
1214 1214 1218 1214
1212 1212 12
1238 1238
1218
12
123
4 1,103 Guantanamo Suza-__ No per
7 F !lo le
11% IV sr 15
167 Jan
512 Dec
8
834 853
8
8 8312 84
837 837
4 8312 86% 8338 8518 81
8514 15,333 Gulf States Steal tr ctts__ _103 41% Jan 9 9012 It0 20
25 June 507 Dec
8
214
*2
2
2
218 218 .2.8 214 *2
218
503 Harbishaw Etas C t`o Aro pa,
218 2%
34 Jan 29
37 M tr 16
8
12 Nov
8
135 Jan
22
4
*21
223 *21
*21
22
21
213
4 2113 2112 22
22
93) Hande3 Matrifacturing__ _100 15 Jan 12 26121u0e 1
13 June 2518 Apr
70
70
*70
71
*591 71
,
*7018 71
7014 70,
303 Elanristo.ke Mining
4 7012 72
103 55 Jan 14 75 Apr 11
4912 Mar 61 May
78
79
79
79
79
7912 89
81
7912 8138 81
8212 7,403 flou3ton Oil of Texas_ __ _ _ 100 70 Jan 9 85 June 3
4012 Aug 86 May
*1714 1814 1718 1738
18
18
18
1918
1812 19
19
1914 4,030 Hupp Motor Car Corp__
10 10% Jan 6 21147144y 17
1012 June
163 May
4
9
938
8'2 938
73
4 8%
8
814
8
9
8
No par
14,003 Hyd:autic Steel
9
312 Feb 9 14 Jane 2
6
Dec 2014 Jan
334 33
4
38 338
4 37
353 338 *35
8
8 378 *338 371 *33
5
403 Inliahoma Raftning
/
314 Jan 27
51
8May 25
2 June
718 Jan
*814 87
8 *8
878 *8
83
8 *8
818 *7 8 838 *8
R.eflning_
3
Indian
l()
81s
5 Jan 20
115
81une 7
612 Dec 154 Jan
8
415 4134 41
4114 41
4 42
413
4214 4112 413
4 413 4234 4,339 Inspiration Cons Copper
4
20 3712 Feb 11
45 June 1
2953 Mar 4214 Deo
*10
1038 *912 1038 *10
103
8 10
10 .19
1018 10
23) Int3rnat Avian' Corp.....10')
10
7% Jan 6 1134 Al ty 4
6 Aug
1334 Jan
*383 40
4
*3712 40
.39
3912 .38
3912 3912 9" *39
Do pref
103
40
10) 33 Jan 16 43 M tr 15
31 D3C 57
Jan
*323 3312 3212 331s1 3314 3314 3314 3314 *3234 3314 3314 3314!
4
700 'International Cement_ _.Vo par 26 Jan 23 383
4MaY 8
21 June 29 Nov
2718 28
263 273
4
4 263 273
4
4 2678 27% 2612 2712 2718 2713, 16,800 Inter Combos EM
No par 213 July 22 2853 Apr 11
4
4
1093 110
10812 10912 1083 1097 110 11112 1107 1107 '109 111 13 2,9 , Internet Harvester (new)..,100
4
8
8
*109
3
7953 Jan 3 1157 Aug 14 -675 Aug 10017 Feb
*1173 __-_ *117 -___ *11718
4
*11718 --- *11712 ---Do prat (new).
100 10512 Feb 14 11714 Aug 23
9914 June 110
Jan
1434 1434
143 1514 14 8 15
4
5
1412 15
15
15
14
1413 2,700 Int Mercantile Marine____100 1318 Aug 9 27127*Xay 3
71 Aug
1714 Jan
565 583
5712 591„ 59
8
4 5714 59
61
5918 608 5513 59341 19,700
Do preL
100 555 Aug 25 873
8714ay 3
35 Aug 673 Dec
4
173 173
173 177
4
4
4
8 173 177
4
1734 18
1734 18
1738 18 I 6,650 International Nickel (The) 25 1114 Jan 9 193 Apr 24
4
1112 Aug
17 May
8212 *81
8212 *81
3181
8212 *81
8112 *81
8112 *81
Preferred
821*,
103 60 Jan 4 85 Jan 20
60 Dec 85 May
5612 5712 5718 5754 573 5814 57
4
563 57
8
4
5738 573 5914 11,400 International Paper
100 4312 Mar 8 595 Aug 17
38% Aug
7334 May
*74
75
*74
75
*74
743
4 7412 75
75
75
Da stampel pref.
1,400
75
75
100 59 Mar 9 753* Aug 23
67 Aug 753 Nov
1434 147
8 1414 143
4 1112 143
4 1412 1434 1438 1514 143 15
8,100 Invincible Oil Corp
4
50 12's July 24 2014 Apr 17
512 Aug
Jan
26
32
333
4 333 337
8 3314 343
8
4 333 3414 3312 3414 3312 34
4
9,900 Iron Products Corp____No par
3
21 Jan 19 357 July6
2212 Sept 40
Jan
34
3
3
4
3
34
kl
5
8
4
3
%
%
-a
34 15,409 Island Oil & Transp v t c
%
10
13 Jan
53 Apr 6
3 Jan 25
2 Sept
*1712 18
1713 1712
1412 1714 15% 157
8 16
1714 1
Jewel Tea, Inc
12' 5,800
100 10 Jan 4 2212May 2
Jan
4
1212 Dec
4
925 933 *62
65
8
55
60
5734 5814 61
Do pref
61 12 623 63 I 1,500
4
100 3812 Jan 4 7312:May 26
812 Jan 4634 Nov
4514 4534 45
45
45
45
4412 45
45
463
4 45
1614' 2,900 Jones Bros Pea, Inc
100 3412 Feb 11
47 July 20
1412 Jan 383 Dee
434 5
478 5
478
478
412 47
3
8
4 4 47
414
434' 12,900 Kansas & Gulf
37 Aug 9
10
712 Jan 3
412 Oct
9 Nov
4412 4412 4414 4412 45
46
47
473
4 46
4618 4614 47141 10,100 Kayser (J) Co. (new)__1Vo par
34 May 1 485 Aug 3
8
-- - ---.10214 105 *103 105 *_
105
105 105
105 105 *104 105
lot preferred (ww)__No per
300
91 May 1 10512June 9
4318 43
4358 435
8 43
4334 445
8 4214 4312 4353 4312 7,100 Kelly-Springfield Tire
437
8
25 3414 Jan 4 533
517g May
4‘laY 5 -321- Aug
2
10012 10012 *100 102 *100 102 *100 102 *100 102
Temporary 8% pref
102 10212
300
100 9012 Jan 4 1073
4711ay 9
Jan
7014 May 94
*8412 86
*8412 86
*84
86
*85
86
*85
86
6% preferred
*85
86 I
7112 Jan 3 86 June 5
70 May 80 June
*9412 96
*95 100
*95
*95
98
99
*95
99
95
200 Kelsey Wheel, Inc
95 1
100 61 Feb 9 111 Apr 6
35 Mar 59 Nov
5
3
8
365 3718 3612 378 363 37
4
37
3753 '
363 3712 367 3734 26,400 Kennecott Copper
4
No par 2512 Jan 4 395
8May 31
16 Mar 27% Dec
834 87
8
8 4 87
812 87
3
8 4 87
3
87
8 9
812 8 8 5,800 Keystone Tire & Rubber__ 10
5
8% Aug 11
177 May
243
8May 4
8% Jan
166 166
154 165
165 165
168 168
166 165
165 166
800 Kresge (S 5) Co
100 110 Jan 10 17234 June 2 130
7 8012 783 80
Jan 177 Dec
79
7912 8018 78
4
801s 7712 79
78
79
10,100 Lackawanna Steel
100 44% Jan 4 815
8May 16
32 June 5812 Jan
9212 9312 923 9412 9312 94
9214 9312 9314 94
4
9134 9178 2,800 Laclede Gas (St Louis) _ _ _ _100 43 Jan
13 9412 Aug 28
40
Jan 5712 May
*2614 27
2614 2612 2614 2612 267 27
26
8
2612 25
26
1,500 Lee Rubber & Tire____No par
1997 200
1712 Jan 30 Dec
200 200
1993 200
4
1993 200
19812 19813 200 20018 1,400 Liggett & Myers Tobacco,100 26 Sept 1 35,8 Mar 16
4
15:314 Feb 18 20) Sept 1 13814 Jan 164 Dec
18
*114 120 *114 11712 *114 120 31111 120 *112 120 *112 120
prof
Do
100 108 Jan
9738 Jan 110 Nov
6214 611* 6218 6112 63% 63% 55
4 50
615 623
633 65% 45,700 Lima LocoWkstempctfsNo par 5334 Aug 10 118 July 18
4
3 653 Sept 1
s
_
____ *118
____ *118
*120
____ 12518 12518 *12612 ____ *127
Preferred
____
100
100 93 Jan 30 12518 Aug 30 - 2 Aug 100'4 Dec
87118
193
8 1838 1918 19
1912 20
183
20
203
20
2012 59,400 Loew's Incorporated_ _ _ No par
1114 Jan 26 2018 Sept 1
10 June 2112 Mar
*1214 123 *1218 1234 1218 1218 1218 1214
4
1214 1214
1218 1218
700 Lott Incorporated
No par
9 Jan 9 1414May 3
124 Jan
73 Aug
*17212 17312 175 176 *173 175
4
1737 1747 17418 1743 177 178
8
4
1,600 Lorillard (P)
100 14714 Jan 6 178 Sept 1 136 Feb 16418 Feb
*110 120 *110 125 *110 120 *110 130 *110 125 *111
Preferred
100 109 Jan 13 117 Aug 23 100
Jan 111
•10112 104 *1011.1 102
1043 105
Dec
1043 107
4
4
107 107
105 105
_ 1,465 Mackay Companies
100 72 Jan 5 107 Aug 30
5912 Jan 72 Dec
6712 6712 673 673
68
*6812 59
4 68
4
*683 69
4
Do prat
685 69
8
900
100 57 Jan 13 69 June 1
55 June 62 Dec
4 5512 56
55 4 553
56
3
5612 5553 5512 5518 5512 5512 567
4,000 Mack Trucks, Inc
No par 2512 Jan 13 60 July 22
.89
8914 89
2512 Oct 42 May
89
883 8912 89
4
8914 8912 8912 894 90
Do 1st pref
1,200
100 6812 Feb 27 90 June 9
*8112 823
8112 *82
Jan
4 81
63% Oct 76
823
4 823 823 *8112 83
4
4
*8112 83
Do 2d pref
200
1C10 54 Jan 6 837
Oct 6412 Apr
54
38 4 3912 38
40
8June 9
3
4
383 3938 3814 387
38'8 385* 373 383 26,400 NfallInson (II
8
8
& Co. NoPar
1512 Jan 16 40 Aug 28
*44
45
44
44
10
Jan
44
44
18 Sept
*43
44
4114 4414 4414 4512
900 Manatt Sugar
100 3014 Jan 3 52 Mar 13
*80
81
Oct 8912 Feb
21
*79
81
*80
81
8112 8112 82
82
82 82
300
Preferred
100 7314 Apr 3 82 Mar 26
*52
*53
56
Jan 93
92
*52
56
56
Jan
5318 5318 *53
56
*53
55 ,
100 Manhattan Elec Supply No par
41 Mar 13 694 Apr 24
4 398 398 3914 3912 3912 3978 393 397 *3912 3934 1,100 Manhattan
*3918 393
4
Shirt
25 32 Mar 6
4218 Feb 6
1118 42
3914 4178 4012 4178 40
18 June 36% Dec
41% 3918 4078 4012 41
10,000 Marland 011
No par 22% Jan 6
16
4638June 19
*12
1218 Aug 307 Nov
*14
8
16
*13
16
*13
16
*13
16
*13
Marlin-Rockwell
16
No par
Oct 1912 Jar
512
5
293 313
8
4
4
*303 31
30
4 30
30
30
2934 2934 30
30
1,200 Martin-Parry Corp..._.No par 2014 Mar 4 263 Mar 27
48
13 Sept 22 Dec
46
Jan 4 3614June 3
47
48
4712 47
48
48
47
47
47 47
1,800 Nfathlimon Alkali Works__ 50 22
1112 Aug 24 Nov
4914 Aug 18
5714 57
Jan 11
57
57
*5714 58
5812 5812 *58
5834 58
1,000 Maxwell Mot Class A
59
100 48 Mar 17 743
4May 17
38 June 4512 Dec
19
19% 1914 1938
1912 187 19
*19
1853 1914
19
1914 3,100 Maxwell Mot Class B..
.No par
11 Feb 15 257
8 June
8June 8
1263 1283 12912 131
153 Dee
8
125 125
4
4
*125 128
13013 1305 130 13014 3,300 May Department
8
Stores 100 101 Jan 3 131 Aug 30
19
1912 *19
6512 Jan 114 Dec
1912 20
20
1912 1934 1918 1912 1934 1934 3,400 McIntyre Por
Mines
10% Jan 10 2158 Mar 23
8
1817 1834 17812 18358 1805 184% 185 188
18412 197
19312 19912 166,420 Mexican Petroleum
842 Aug 1671- 4 -ii;
100 1064 Jan 10 20412June 26
95
*96 100
95
97
98
*96
97
97
98
*9734 99
700
Preferred
100 7914 Jan 12 08 Aug 31 - - - - ---2314 21
2314 2138 2214 2138 22% 72,200 Mexican Seaboard
2214 22
1918 198 19
011...No par 20 July 27 3412July 13
_-_1618 1912 1912 20% 1812 20%
1618 163
1838 1917 19
Voting trust Ws
16,600
20
16 July 27 321 July13
- - -29% 297
3018 2912 3018 312912 30
30
2934 293
4 297 29%
1,000 Miami Copper
5 2534 Feb 15 3138May 31
4
153 Jan 28 - Dcc
131 1 131, 1318 1312 1314 133
8
1312 1338 133 135
4
4
1353 133 17,200 Middle States 011 Corp.._
35
10 July
1612 Nov
3518 3418 35
10 115 Jan 11
34% 34% 3414 3512 34
8
3514 3418 35
27,000 Midvale Steel & Ordnance_
22 June 3312 Jan
16 l Pr 17
50 2612 Jan 6 45141kAay 17
74
7214 7212 73
74
73
75% 75
73
76
743 7638 8,400 Montana Power
4
43 Aug 643 Dec
8
100
sSept 1
2314 23
8
227 23 4 23
,
233 '24
2312 2234 2318 2238 23
Mont Ward&CoIllsCorpNo par 63 Jan 4 763
12,700
8
: 125 Dec 25 May
35512 A arg 11
*201s 23
12 Feb 11 129434 NA ug 33
*2018 22
*2018 23
*2018 25
*2018 22
*2018 22
Mullins Body
No par
173 July 287 Jan
4
8
163 *143 14%
8
4
1912 Jan 7
14
143 15
17
4
*16
*14
16
*14
16
700 National Acme
1018 Dec 30
50 10% Jan 9 2114 Apr 25
Jan
152 152
153 153
154 155
*153 154
155 15912 159 15914 2,800 National Biscuit
Jan 12812 Dee
102
100 12314 Jan 4
*115 123 *115 123 *116 123 *110 123 *118 123 *118 123
Do prof
100 11312 Jan 4 125 July 7 105 Aug 120
Jan
*5412 5712 5412 5412 *543 5612 *52
4
5613 *55
5612 *55
5512
National Cloak & Suit_ _ _ _100
15 Sept 355 Jan
8
26 Jan 17 541* Aug 28
212 212 *238 234
238 212
3123
3 23
4
253 2
23
8 23
500 Nat Conduit & Cable....No par
58 Sept
418 Apr 13
5
Jan
5812 5818 5812 5812 59
118 Jan 16
5918 59% 58
5812 585 *5812 584 2,200 Nat Enam'g &
26 Aug 65 Feb
59% Aug 21
81m:130'g-100 3034 Jan 11
4
4
1063 10812 *10612 1073 10712 11014 108 109
10712 109
10738 1077
8 9,10 National Lead
673 July 87 Dec
4
100 85 Jan 12 11014Aug 29
11434 115
•11214 115 •11214 115
11412 11412 *112 116
1153 1153
Do pref
4
60
4
100 June 108 May
Jan 10
1712 167 17
17
1718 1714
17
1718 3117
1712 17
3,500 Nevada Consol Copper_ _ _ _ 100 108 Feb 16 185:18.1 tuly 10
173
m
9 Mar 15% Dec
12 .1 j Pe 1
9 2Se t
5 1314
8
76
76
*743 7512 747 747
4
7614 7612 76
76
75
76,
4 1,100 New York Air Brake
4712 Aug 89 Feb
100 58 Jan 3
*3612 38
*36
38
38
*36
38
38
38
38
*3612 3712
200 New York Dock
2053 Feb 39 May
100 28 Mar 10 46 June 9
60
*5834 60
.58
*5834 60
*583 61
4
*5834 60
Do pref
*5834 60
98 A ne , 45
6
Jan 5712 May
100 5314 Jan 17 6812J uug 2
20
1512 1512 3115
20 .16
*16
20
*15
20
300 N Y Shipbuilding
15
15
13 Dec 33 Feb
No par
13 Jan 3 25 Feb 28
8818 9112 9212 98
8612 89
9458 973
92
96
94
957 52,200 North American Co
3214 Aug 46 Dec
50 4418 Jan 4
46
46
4 4614 4714 467 467
463
16
46% 47
Do pref
47
4,700
47
31% Aug 4112 Nov
50 38 Jan 7
23
23
24
27
26
2012 22
2712 26
27
Rights
25
268 12,700
2 13 ug 20
18 Dec
18 Dec
318 Jan 13 474 A W3 39
37
*364 38
3634 363 *3613 38
367 36% *36
8
4
400 Nova Scotia Steel & Coal_ _100 20% Feb 28 383 Apr 12
*34
39
4
2013 Nov 39 Mar
11
1113 1034 103 *1012 11
11
4
11
1018 1018 *10
500 Nunnally Co (The)..., No par
11
4
812 Mar 12% Jan
*6
8 July 14 123 Mar 30
7
63
61 i 614 *614
4
*6
634 *614 7
100 Ohio Body & Blow_ _ __No
*614 7
4 14 A pe 7
i
6 Aug 5 1438j m r 12
11% Dec
714 Nov
Par
27
25* 23
8
4
23
4
23
2% 2%
4
27
8
23
4 28
253 27
8 8,200 Oklahoma Prod & Ref of Am 5
Jan
134 May
4
214 Feb 24
*634 73
*612 7
--- *65
4 714
612 612 *612 7
100 Ontario Silver Mining938 :Afar 25
312 Aug
6 May
412 Jan 6
---100
23
22
225
8 22
2212 2234 2312 22
2114
23
22
223 13,700 Orpheum Circuit, Inc
8
14 Dec 30% Apr
12% Jan 6 2312 Aug 30
1
15378 157
150 150
158 161
*145 155
15812 15812 158 15813 2,000 Otis Elevator
87 Aug 148 May
100 116 Jan 4 161 Aug 30
8 1118 113* 1118 1118 11
11% 113
1114
11
11
11
1,600 Otis Steel
11
Jan
8 Nov
16
No par
9% Jan 7 1612 Apr 11
35% 357 *3512 3612 *3512 3613 3512 3512 3514 3612 36, 3612 2,100 Owens Bottle
2
2134 Nov
54% Jan
25 24% Jan 27 3878June 5
412 18 *412 434
4 4%
43
4% 4%
12 4,400 Pacific Development
412
418 4
48
4 Dec 19% Jan
6 July 18 1418 Apr 27
7812 7914 787 80
8018 8414 823 84% 8212 83 4 15,100 Pacific Gas & Electric
7818 7912
4
,
4614 Jan
68 Dec
100 60 Jan 30 84% Aug 31
•Bldand asked DrIoee: 110 sales on this day. I Less than 100 shares. a Ex-dlvidend and rights.
Ex-dividend. 50 Ex-rights
Shares
10,999
5,800
500
13,900
200
37,200
2,900
loo
1082
New York Stock Record-concluded-Page 4
For sales during the week of stocks usually Inactive, see fourth page preceding.
PER SIIARE
PER SHARE
Range for previous
Range since Jan. 11922.
STOCKS
Sales
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICE
year 1921
On basis of 100-share lots
NEW YORK STOCK
for
EXCHANGE
the
Friday,
Wednesday. Thursday,
Tuesday.
Monday,
Saturday,
Lowest
Highest
Highest
Lowest
1Veek.
Aug. 31
Sept. 1.
Aug. 20.
Aug. 29.
Aug. 28.
Aug. 26.
$ per share $ per share $ per share
S per share $ per share $ per share Shares Indus. &Miscell.(Con.) Par $ per share
3 per share $ pe share $ per share
8 Aug
1714 Jan
5 11 Jan 18 19 June 3
Pacific Mall SS
14
14
*10
*10
14
*11
14
*12
14
14
*12
*12
8
2712 Mar 503 Dec
8
443 Jan 10 6938May 4
57
8
5814 5712 583 49,300 Pacific 011
8 561s 5712 5718 577
567
56
5612 57
3818 Aug 793 Feb
2
8612June 26
50 48% Jan 11
821 847 97,600 Pan-Am Pet St Trans
4
8 793 8448
3
4 8018 817
7938 803
7914 7912 7714 7914
4
3418 Aug 713 Jan
50 44 Jan 10 8212June 26
B
Do Class
7712 8012 30,400
80
7433 7414 7614 7612 7712 76
7418 7418 73
1312 Dee
6 Aug
512July 25 1212 Jan 4
300 Panhandle Prod Si Ref_No par
*618 7
7
*6
7
7
71s
4 *6
63
*6
7
7
1512 _Apr
9% June
17 Apr 12
No par
1012 Aug 10
1412
*13
1,400 Parish & Bingham
1412 1412 *1112 1433 *1113 14
1538 1312 15
15
Jan
3
63 June 17
8:May 24
t
par
8
63 Feb 27 133
8
4
712
713 17,500 Penn-Seaboard St'l v c No
714 73
714
4
712 8
712 73
738 8
33% Jan 64% Dec
9412 Aug 28
4
94
9412 9238 9238 4,900 People's G. L Si C (Chic)_100 593 Jan 4
9418 94
4
923 9413 9314 9312
2612 Aug 351g Jan
014 92
9
Co (Pittsb)__ 50 3112 Jan 4 4518 Sept 1
447
4
443 45
4414 45
448 458 11,600 Philadelphia
44
4414 *4312 44
44
3712 Apr 10518 Dec
No par 75 Aug 3 10.518 Jan 3
Phillip-Jones Corp
*7314 8014 *7314 8014 *7314 8012 *7314 8014 *7314 70
*7314 83
16 June 3414 Dec
No par 2314 Jan 11 5914June 7
4913 4914 5214 31,400 Phillips Petroleum
4833 4812 4938 49
48
8 4612 48% 47
483
914 Aug 4214 May
July 24 24% Apr 25
par
8
4 2,100 Pierce-Arrow M Car _ _ No
1112 1112 1112 1112 1112 113
4 1134 12
1118 113
12
12
Oct 88 Mar
21
8July 24 49 Apr 15
100 187
Do prof
7
4 1,200
29
29
29
293
31
31
8
4 307 30
3038 2814 293
*29
1418 Nov
514 Aug
7 Feb 23 12 Jan 12
25
011 Corporation
4,2g Pierce
738
714
712
714
712 712
*738 712
733
Jan
s
73
3012 Aug 78
Jan 3
100 39 Mar 2 71
Do prof
42
*42
44
44
P 47434
44
1.4
*4212 45
8
3 43
43
43
8July 14 4912June 1
900 Plg,g Wigg Stores Inc_ _No par 397
41
42
41% 412
42
4214 *41% 4214 *4112 4214 *41/3 43
52 July 66 Dec
100 58% Jan 30 7012 Aug 31
of Pa
7018 21,400 Pittsburgh Coal
7012 69
6914 69
65 18 6314 68
65
4
6.53 653
4 6.5
82% Jan 93 Dec
100 9018 Feb 3 100 Aug 31
997 997
Do prof
600
93
997 100 100
*9712 93
*971 93
99
*98
1612 May
1218 /Mar
10 1414 Feb 2 2434June 22
2,600 Pond Creek Coal
2238 22
217 2233 22
2233 2112 22
*2112 22
22
22
8
No par 653 Apr 19 9312 Aug 31
9314 10,200 Postum Cereal
8
88121 87
88% 87
9133 9112 9234 927 9312 92
88
111 18Jane 2
100 10512 Apr 29
8% preferred
109 10912 *10812 10012 1,300
*107 108 *108 108121 10812 10912 109 109
Jan
48 Aug 96
100 63 Jan 12 87 Aug 31
8614 2,400 Pressed Steel Car
85
86
87
83
86
83
8312' *82
82
*82
82
Jan
33 June 104
100 91 Feb 16 101 Aug 24
Do pref
'100 105 *100 104 *100 103 *100 103
*101 105 *100 105 1 1
2038 Oct 3412 Dec
50 June 2
4
45/2 463 46,603 Producers & Refiners Corp_ 50 2113 Jan 10 9818 Aug 33
4212 4438 4414 4478 4414 46
44
4438 42
4334
54
Jan
704 May
16,809 Public Service Corp of N .1_109 66 Jan 7
97
95
93
9638 9434 9612 9514 9813 9638 9818 97
96
8918 Aug 11414 Nov
8Sept 1
100 10512 Jan 6 1313
8
127 13012 12858 1307 130 13138 34,300 Pullman Company
4
1243 125% 12312 1253 125 127
4
2434 Oct 5112 Jan
8July 14 5314June 9
50 291
8 497 5112 5,900 Punta Alegre Sugar
4914 503
4914 50
s
49
49
49
4914 4834 49
2112 Aug
403 Dec
4
25 263 July 21 38% Jan 3
15,600 Pure 011 (The)
8
8 323 33
8 3233 327
3 3214 327
327
327
8 32
32
3213 33
-100 94 July 20 10234 Apr 25 - - - 8% preferred
403
10018 1001,3
100 100 *100 101
8
100 100
*997 100
*99 100
2 Dee
67 July -991- 8
100 94 Jan 10 I1S7 Sept 1
3,800 Rallway Steel Spring
1187
11614 1164 117
11312 116
4
8
8
1127 1127 1103 1104 112 113
19
Apr 2634 Sept
No pal 19/2 Jan 26 34 Sept 1
1,300 Rand Mines Ltd
3278 3312 34
4
32
*3112 3212 323 3312 *32
8
*313 3218 32
16 May
11 Mar
19 May 31
10 13% Feb 11
3
1612 1612 1613 1612 163 1613 1612 1612 1614 1638 16% 1638 4,400 Ray Consolidated Copper_
1718 June 3834 May
42 Mar 14
15,009 Remington Typewriter v t c100 24 Jan 6 99 Aug 26
4 3938 42
3712 3712 3733 3914 3834 397
3833 3912 3918 393
Jan
4714 Nov 80
Jan 12
100 55
let preferred v t C
103
*8812 93
*8812 93
93
*88/3 94
99
88
8833 8833 *88
75 May
4734 Nov
100 5012 Feb 23 67 Aug 19
25 preferred
____ *71
*71
73
*7012 75
*6912 75
*6712 _ _ _ _ *68
18 June 3912 Jan
No Par 2512 Jan 3 3812May 18
-1 4
4 33 13 2 -- ;655 Replogle Steel
4
2 323 331
323 333
8
4
323 33
8
323 33
32% 33
41 18 June 7314 Jan
100 4614 Feb 25 7812May 29
687 6978 23,903 ftspublic Iron Si Steel
6812 7212 6812 707
73
72
73
7312 7312 72
7514 Oct 9614 Mar
100 74 Feb 24 95I2June 2
Do prof
9312 9412 2,100
93
023 9414 93
8
94
94
9414 9414 *9412 95
5 Dec 2412 Jan
8June 2
213 Aug 7 143
par
318
318 4,600 Republic Motor Truck_No
3%
3
312 333
318 312
318
3
318
3
.u22) - - - - -- 25 43 Mar 27 53% 4
4
538 5318 533 23,700 Reynolds (It J) Tob Cl B
4 53
4
8 523 533
533
5212 5314 5218 53% 53
7% preferred
100 11118 Apr 11 117 Sept 1
200
117 117
116 116 *116 117 *116 117 *116 117 *116 117
8May 3 -461; Oct -667 May
4712 Feb 1 663
8
8
565 577 33.303 Royal Dutch Co(N Y shares)_
8 5618 5638 5614 57
54
8
5412 548 5514 555 563
1418 Dee
1012 Aug
8May 4
10 128 Jan 9 157
300 St Joseph Lead
1512 1512 *15 1512 1512 1.512 *15 15% 1518 1518 *1014 1038
512 Feb
1 14 Oct
614 Mar 21
112 Jan 10
300 San Cecilia Sugar v t c_No par
314
314
314 312 *3
312
314
312
4 *312 334
*312 33
3
8
87 Oct 23.8 Jan
2472 Apr 1
Aug 2G
100 10
300 Savage Arms Corp
*1212 14
4
10
1312 *1214 1234 *1214 123 *1212 14
10
*11
634 Apr
218 Oct
514June 2
118 Feb 23
709 Saxon Motor Car Corp_No par
7
7
4
4
4 *33
4 33
33
*334 4
4
3
3 4 33
378 3
334 3
5414 Dee 983 Jan
4
8
100 603 Jan 27 94% Aug 14
Roebuck & Co
4
9013 9018 9014 9018 913 11,000 Sears,
4 90
8
8 8838 8934 8912 903
893 897
85 Nov 104 June
100 91 Jan 5 112 Aug 22
Preferred
100
11112 11112
*108 112 *108 112 *108 110 *108 111 *110 113
1234 Mar 2512 Nov
8
107 Feb 20 2314 Jan 3
No par
1214 2,200 Seneca Copper
12
12
1218
12
12
12
12
113 113
12
4 12
8
93 Dec
478 Jan
8
73 Feb 23 12 June 2
100 Shattuck Arizona Copper__ 10
*812 912 *812 9
*812 10
4 *812 9
834
834 *814 83
8
307 Oct 49 May
500 Shell Tramp & Trading__ .C2 3533 Jan 30 4812May 3
38
38
38
*3712 3914
*3712 38
39
33
*3818 3914 39
8
161a Aug 283 May
4June 9
4
, 183 Jan 10 383
7
62,200 Sinclair Cons 011 Corp_No pa
3333 3112
3214 3314 33
3238 3278 3214 33
3312 3338 33
918 Aug 3 1118 Aug 18
10
8
8
8
8 103 1012 103 1012 1018 1012 1018 107 21,600 Skelly 011 Co
1018 1018 103
10
56
32 8
- 1 .1iine - - -Jan
1,100 Sloss-Sheffield Steel & Iron 100 3112 Mar 7 5112May 13
51
51
51
51
51
5112 *50
52
51
4
*5114 513 *4914
6814 June 75 Nov
100 66 Mar 21 80 Aug 29
prof
D
81
81
*79
*79
82
80
*80
80
4
793 7934 *7812 80
Jan
Oct 103
26
100 43 Jan 9 5714 Mar 3
1,12 So Porto Rico Sugar
50
*48
50
51
49
*43
*43
5112 4312 5112 48
*51
17 Apr 27 24 June 5
No par
2,000 Spicer Mfg Co
4
4
20
2014 193 1934 193 20
1912 193 20
19
4
20
20
100 81 Apr 28 9212June 10
91
*8912 91
*9012 90
*90
91
*9012 91
91
93
*91
lie;
- Aug
100 11012 Jan 26 127 Aug 29 -iiiii ii6 - Standard
12512 12512 127 127 *128 13012 *128 12912 *128
124 124
4
673 June 9812 Dee
4
25 913 Jan 10 121 'May 3
19,200 Standatd 011 of Cal
8
4
10712 10838 108 11138 11012 1117 11012 1113 III 114
10818 109
4June 6 12412 June 19214 Dec
25 16914 Jan 5 1983
Oil of N J
18312 1863
4 4,600 Standard
182 18312 183 18412 18312 184
182 182
183 183
100 11338 Jan 7 11814 Aug 23 10518 Jan 11412 Dec
Do pref non voting
2,000
2
117 118
11614 11614 11612 11613 11612 11612 11614 1163 11612 117
66 Sept 8514 Dec
25
100 Steel & Tube of Am pref.100 68 Mar 10 90 May 7
83
84
83
84
*83
84
*82
*82
84
8314 *82
*82
4518May 4 5512 July
No par
537 54
537 54
54
3
533 5312 2,600 Sterling Products
533 5338 5312 5418 54
8
81 Jan 3 106 May 4 -ii- Oct 116- Aug
100
100 Stern Bros pref(8%)
*90 100
*90 100
95
*90 100
95
*95 100
102
*95
Jan
21 June 37
s
5 487 Aug 29
2 4813 4812 48
8 4714 487
473
2 47
4612 467
2,100 Stewart-Warn Sp Corp_No pa* 2412 Jan 5
48
4712 48
Apr
2514 Aug 46
5933 Apr 12
35% Jan
55
8 53% 54
3
54% 5578 54
533
5414 553
8 2,200 Stromberg Carburetor_No par
5418 55
423 Jan 9314 Apr
8
Jan 5 13912July 18
Studebaker CorpCorp (The)...- 100 7918
4
1277 12912 12718 1283 128% 12914 128 12933 1271 128
8
64
N113
4
Jan 1033 Dec
83
100 100 Feb 17 118 June 21
11414 114:4 *11.114
2
*11414 116 *11414 116 *11414 116 *11414 116
4
8
Oct 103 Jan
3
4
83 June 30
312 Jail 31
No par
612 612
612 612 *638 612
4
638 63
s
6 14 5,300 Submarine Boat
64 63
6
1314 Jan
314 Aug
20 1014June 7
5 Feb
No par
614 612
8 612
63
612 612
8 321s 35 8 *37% 3714 4,8001 sSuulrerriloorr
614
73
7
3
73
2
Jan
26 June 48
100 26 Jan 3 3912 Apr 7
Steel
35 .
*32
*3212 35
34
*3214 34
.32
5 Mar 14
2 Aug 3
10
212 23
4
94
3
238 -3
*234 3
8 23
23
4 2,700 Sweets Co of America
17
2s 3
jo4
118 3
2 Dec 2534 Jan
114
8
1,
514 Feb 1
112
1 Aug 21
112 *114
*114
14
1,300 Temtor C Sr F P. CI A_ _No par
114
114
114
11
Dec
4May 19
633 Aug
4
93 Jan 13 123
3 1038 105
8 1033 103
1,600 Tena Copp & C tr ctfs_No par
1038 103
1033 103
8
4 103 107
8
3 1014 11
29 June 48 Dec
25 4214 Jan 10 5012May 4
8 4812 487
8
473 4814 4733 483
4812 49
48
483
487 4933 40,400 Texas Company (The)
8
10 3813 Jan 4 52 June 5 z323 Dec 4218 Dec
5114 5014 5114 5014 503
4 40
5,700 Texas Gulf Sulphur
4912 493
4 50
503
*5014 51
3
4
153 Aug 367 Jan
10 23 Jan 9 3231June 3
2512 2512 2.513 2533 2518 2512 2518 2578 2533 2633 2 14 2712 16,700 Texas Pacific Coal & Oil 109 k5234 Aug 2 5833 Aug 12 - - - - ---- - - - - -6
58
57
4
543 558 5433 5714 57
8
3
5812 577 583 28,300 Tobacco Products Corp
5534 56
8
(since July 15) 100 767 Aug 2 87 Sept 1 - - - - --_- - - - - --.
D()
4 8514 8638
8418 853
4
843 8514 8418 85
Jan
7612 June 91
100 88 Mar 2 10912June 9
85114 86
86
87
10512 10512 1057 105% *10614 10714 *10614 10714 *106 8 10714 107's 10712 34'006300
Apr
13
6 Aug
712 Mar 3 2018May 22
_
4 1414 15
1418 143
1414 143 *343 38
4 16 4 15% 22,500 Transcontinental 011__No par
137 1414
1414 1414
28 June 4412 Apr
& Williams St_No par 33 Jan 16 4513 Apr 4
200 Transue
38
3712 3512 3512 *3512 3712 *36
*35
*35
Jan
57 Sept 75
Mar 25 7212 Aug 17
71
72
72
72
70
72
7212 1,600 Union Bag & Paper Corp_ _100 55 Mar 4 25 June 3
6918 6918 70
6912 70
1518 Aug 2512 May
1714
No par
1918 193
8 19% 1912 1914
1933 1934
8
9,900 Union 011
1938 1933 1912 197
100 96 „Ian 13 110 Aug 31
8712 Sept 107 Mar
Car
4
pr n Ta dk
10913 110 *108 1112958
1053 108
10 0
800 Unlooferren
105 105
*10414 105 *10412 105
92
Oct 104 Nov
100 102 Feb 9 11012 Aug 21
110 110 *109 1111 *103 11112
,
•105 110 *107 110 *108 110
Jan
19 June 34
No par 25 Jan 114114May 13
3712 38
*3712 377 *3714 38
600 United Alloy Steel
3812 388 3812 3812
*3812 39
Jan
46 Sept 106
100 607 Mar 3 83 Aug 17
Drug
80
80
7912 7912 *80
80
1,000 United
*79
82
80
80
80
80
Aug 5
3633 JIM
50 4118 Feb 18 50
47 Feb
1st preferred
49
4914 4914 *48
•d978 49
400
*49
50
*49
50
498
*49
Jan
4
155Is Aug 23 2953 June 207
153 153
1,100
153 1533
153 15312 *152 154
4
*150 15312 *15212 15312
.- pn
!Aa r 21 20% Aug 14 - - - - -- - `
P un
F a perboard Co.. ..100
(iii; iiiii
4678 Aug 4312 Feb 28 8012Sept 1
United Retail Stores__ _No par
8
i63
-.1
38
75% 79 3 -76i8 - - -7714 77.6.7; - 6,-. -iiiii
-2
4
753
- - - 731 753
-iiis
19 May
1113 Jan
an
mn
! 13 39 Aug 29
4 343 353
36
373
31,300 U S Cast Iron Pipe & Fdy_12
4 3412 35
4
3738 39
4
3534 3638 3612 373
38 Aug 6712 Nov
tug
78 . g
11
73
7618 77
75
Do Prof
7113 7112 2,600
78
7412 75
Jan
7
7512 7512 74
5% June
8
5 Feb 1
100
Express
*714 8
*714 8
100
714 8
*714 8
*714 8
*714 8
812 Sept 2714 Jan
Corp_ 100
234 Feb 8 1018 Jan 3
714
638
614 63
4
4 *712 734
,
74
4 8,100 11 :33
71s
712 73
612 63
2578May 27
1912 Aug 23
2014 203 *20
4
1,000 USHoffmanMachCorp No par
20 8 2114 20% 21
21
21
*20
21
*20
7412 May
6
3 - Nov
- . -1.1, 6734 Aug 17
6512 6633 6538 6614 16,000 U S Industrial Alcohol
4 6612 67
663
8 66
6514 667
6514 673
July 102 Mar
May
Do prof
4
4
4
9014 9214 *9412 963 *9412 963 *9412 963
*9412 97
6312 Deo
, 1118
1,7
7633 78
8
14112 ?134 6,800 U S Realty & Itnprovement 100 56 Jan 3 N Apr 17
7512 745 7538 7533 78
4
4
793 Apr
7314 7312 733
4012 Aug
100 5133 Jan 9 6712
5614 5733 5612 5712 14,000 United States Rubber
1
'2 58
8 57
8
74 Aug 103% Jan
56% 5714 563 57 4 5638 583 *102 104
_100 99 Feb 7 107 July 11
1st
104 104
105 10538
104 104
Apr 3818 Dec
104 104 *102 105
26
4May 20
p ,ftef & M.._ _ 50 33 Feb 27 453
ingro
*4312 44
6" US-)1S)
43
300
43
4314 4314 *4234 44
4212 4212
*4214 44
37 Aug 4412 Jan
50 4214 Feb 9 49 Aug 16
4812 *4518
Do prof
4812
8
*4518 4812 *457 4812 *4518 4812 *4514 10478 1037 4812 *48
7014 June 8612 May
2 10458 1013 10514 124,050 United States Steel Corp...100 82 Jan 6 10512 Aug 25
4
4
4
8
10314 1047 1023 1033 10312
10334 105
,
0
)
16;1 14R Jail 3 122 July 8 105 June 115 Dec
Do prof
121 1g4
900
12112
121 *12012 121
*12013 12112 12012 12114 .12012
41 18 Aug 6638 Dec
5 71 Sept 1
Copper
69
8
693
:
24 200 Utah
71
123 Mar
8
7 Aug
8 6714 6814 67% 6912 69
6814 687
8May 4
197
978 Jan 18
100
1912
183
4 1838 183
8
4 5 400 Utah Securities v t c
Jan
3
2512 June 41
18
1814 177 1812 177 1833 1812 5334 1833 523
4
No par 30% Jan 10 533 Aug 30
4 52
4 5133
5133
5314 33,600 Vanadium Corp
4 5133 523
5134 5214 5014 523
72 Mar 8812 Dec
Jan 17 9612June 7
100 92
97
*93
Van Raalte 1st prof
97
*93
*93
97
97
*93
97
97
*93
*93
4
203 July 4212 Jan
3
100 2612 July 29 367 Mar 13
2918 2912 1,100 Arirginia-Carolina Chem
2918 20% 2918 291s 2918 2933 2933 2938 *69
5734 July 10234 Jan
30
*29
100 58 July 28 82 Apr 10
6914
Do prof
200
69
69% 6812 6812 *68
*69
70
Jan
70
59 Aug 05
*68
*69
100 43 Mar 27 9413 Jan 18
58
*55
600 Virginia Iron, C & C
*56'2 57
57
*56
4
56% 563 57
56
56
*55
13 81 Aug 22
100 66 Mar
Preferred
82
*77
82
*80
*77
82
82
*80
5% Mar
82
*80
14 May 8
82
*80
914 May
613 Jan 6
No par
4 12% 13 4 14,300 Vlvaudou (V)
1214 1112 123
12
312 Jan
1313 Oct
17 Apr 24
4 11% 11% 1112 1112
4
113 113
4
103 Jan 16
1214 1214 *1214 12:2
100 Weber Si Helibroner__ _No par
4912 Jan
72
1312 *1212 1338 *1214 13
Jan
*1214 1238 *12
8
100 6614 Jan 4 857 Feb 15
817
8012 8012 81
1,600 Wells Fargo Express
8 8112 82
80
80
76 Aug 94
29
7813 80
Apr
*7912 81
Western Union Telegraph_100 89 Feb 8 12114 Aug 22
12014 11818 119
11713 11812 8,900
8112 Sept 96% Jan
11512 11738 116 11712 1167 12114 119 100
80 Mar 16 10134 Aug
100 100
300 Westinghouse Air Brake_ _ _ 50
100 100
100
8
387 Aug 5212 Dec
*9934 101
4
*993 101 *100 101
4918 Jan 4 6518 Aug 22
I7
ft!
63% -8 63
3
6414 12,800 WestIn.ghouse Elec & Mfg_ 50 25I4May 4 2912June 7
8 634 6414
837
3 63
4 6214 633
6314 633
No par
27
8
700 White Eagle 011
2718 2633 2638
*263 27
8
2612 *263 27
2914 June 44 May
*2612 27
Jan 6 5134June 2
2633
50 3518
4 4812 4834
700 White Motor
4812 4812 4812 483
*4812 40
8
7 July
175 Jan
*48% 483 *4813 49
4
712 Jan 20 12 May 5
8
8
609 White 011 Corporation_No par
833
818 812 *814
812 Nov 18% Dec
813 818
812 812
*May 12
9
*814
5 13.38 Mar 22 217
4,300 wickwire Spencer Steel
4
4 133 1433 1412 15
1438 143
1434 15
8
433 Nov
1012 May
1512 1512 143 1514
412 Feb 17 10 May 29
25
8 7
67
68 7
4 6,700 WIllys-Overland (The)
612 63
8
68 7
67
67
23 Aug 42 May
68 7
Do Preferred (new)___ _100 24 Feb 17 4912 July 19
4 39
39
39
3914 3,000
2
4 383 3858 388 393
467, 373
*3814 39
2712 Nov 47
Jan
par
2714 Jan 4 4933 Apr 26
4318 433
3 4338 4338
1,000 Wilson & Co, Inc, v t c_No
4 4312 4312 *4334 47
4 4312 433
4334 433
65
Oct 89% Feb
100 66 Jan 10 90 Aug 11
Preferred
90
*87
--- *87
91
*87 - - - 90
*87
100 137 Jan 6 194 Aug 7 105 Aug 13934 Dec
*87
95
Woolworth Co (F W)
182 182 *185 190
120
1797 179% *180 190
3012 Aug 5514 May
.180 190 *180 100
100 4112 Aug 23 557 June 2
4314 4312 4312 4312 4317 4312 2,800 Worthington P & M v t c_ _
43
4212 4312 43
42
42
7012 Aug 85 Dec
100 83 Mar 31 94 May 4
91
*92
Do prof A
92
*89
92
*89
92
*89
92
54 Aug 70 Nov
4
100 613 Jan 9 79 May 9
9312 *89
*89
B
Do prof
7812
7612
*72
7612 *72
*72
74
61, bine
74
*72
*72
6
Nu 97 1 1 A ii4 22
\r, ,,,
919 Nov
,
, 1 noo ixr.,,,, I ..--,,iti,,i _
1014 1053 1012 10'2 1013 111
107
1033 107s *1012
*105s 1038
Ex-agate. a Ex-dividend and rights. II KZ-drib:10nd. •Reduced to baele of 325 par.
asked prices: no sales 011 all8 Clay. I Lem twin 100 shaxee.
• Bld and
United Retail Stores Corp.
k Range since merger (July 15) with
12912 42
1oLigg,
p
Crleift
-47,-,i65 FAIttel
4
119
Ls18
)
4, ati t
Igg :7 Ln ,
ig.14
,
/.9
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
1083
Jan. 1 1909 the Exchangentethod of quoting bonds was changed and prices are now-"and interest"
-exceptfor income and defaulted bowls.
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept 1
•.‘2. 4.-
Price
Friday
Sept 1
Week's
R
Range or
c%
Last Sale '
g
Range
Since
Jan. 1
BONDS
N. Y.STOCK EXCHANGE
Week ending Sept I
1414
;
Price
Friday
Sept 1
Week's
Range or
Last Sale
11
5
Range
Since
Jan. 1
Ask Low
Bid
High No. Low High
U. S. Government.
Ask Low
Bid
High No.I Low High
First Liberty Loan
Buffalo R & P gen gold 5s_ _ _ _1937 M 5 10214 10414 10214
10214
2 8 5 192 4
1 9 18 0 ,
88 6
Consol 456s
.1 D 100.68 Sale 100.66 101,94 948 94.84 10128
2
326% of 1932-1947
96
8
957 NI N 94 943 9412
99
100.56 100.56
Alleg & West 1st g 4s gu.
Cony 4% of 1932-1947
3 95.70 101.68
3
..1998 A 0 84 s ---- 824 Mar'22 ---- 8218 8218
Clearf & Mah 1st gu g 5s_ _1943 J .1 96 ---- 9012 Jan'22 --- - 9012 935
.1 D 100.76 Sale 100.22 100.80 426 96.04 10178
Cony 431% of 1932-1947
8
101.50 Aug'22 ---- 96.82 102.00
Roch & Pitts Con 1st g 63_1922 J D 10018 ---- 10014 Aug'22 ---- 997 100 2
2d cony 4X% of 1932-1947__-8
,
Canada Sou cons gu A 5s._.1962 A 0 1003 10113 10014
Second Liberty Loan
4
101
23 93 102
M N 100.10 Sale 100.18 100.24 49 95.76 100.80 Canadian North deb 51 7s__ _1940 J D1414 Sale 11314
1
4% of 1927-1942
11414 36 10813 115
25-year s I deb 63651946
M N 100 20 Sale 100.04 100.28 2446 95.32 101.50
Cony 451% of 1927-1942
11318 ____ 112
11312 50 10713 114
Canadian Pac Ry deb 4s stock.... j 82 Sale 811.
Third Liberty Loan
8
928 160
823
_ .1J
1
M 5 100.38 Bale 100.14 100.48 2869 96.74 101.88 Car Clinch & Ohio 1st 3-yr 58 1938 J D 9
Sale 91
of 1928
2
45j%
Central of Ga 1st gold 53___p1945 7, N 100 - __ 100
Fourth Liberty Loan
_
4 951g 1042:8
10018
1,4 F A
1
8377
282 2
C,
Consol gold 55
A 0 100.78 Sale 100.24 100.74 41381 95.86 101.86
9912 100
4X% of 1933-1938
991
, 10114
2 8951) 101%
10-year temp secur 68_June 1929 j D 100 Sale 1003
Victory Liberty Loan
4 101
14 94 101
..1_e_ fl
: 51"
ilal lO0.72 8441100.02 101.00
Chatt Div pur money g 43_1951 J D 81 ---- 7814 June'22 _--- 7412 815
J D 10_0 72.
4x% Notes of 1922-1923
8
Mac & Nor Div 1st g 5s_ _ _1946 J J 9612 ---- 9612 Mar'22 -- 93 9612
J DJune'22____ 99.96 100.30
3X% Notes of 1922-1923
____ 10212 Apr'22 __-. 10214 1033
Mid Ga &Atl Div 5s
25 consol registered
d1930 Q .1 ---4
1947 .1 J 9612 .. 9512 June'22 _-_, 95
9513
d1930 Q J ---- ---- 1034 Mar'22 ---. 10314 103 4 Cent RR & B of Ga coil g 58_1937 m N 94
35 consol coupon
98 9618
,
9618
3 8812 9618
Central of N J gen gold 5s__ _1987 J J 11078 Sale 110
1925 Q F ---- ---- 1054 Mar'22 ---. 105 105
48 registered
1107
8 15, 1037 1107
8
8
1925 Q F ----- ---- 1054 Feb'22 --. 104 10512
Registered
42 coupon
6 481, 7 ? i 10818 10812 10714 Aug'22 ____' 165 110
2 81 f i
194
N y & Long Br gen
80 Dly 2
0
l
:
Panama Canal 10-30-yr 25_ _k1 966 Q ':::: -_-____. 1 3 J uee 21 --- --- ---1 31 Qxi
,
90 __-- 91 July'22 ---II 909
91
_-_.
Ches & Ohio fund & impt 5s_ _1929 j .1 9712 98
Panama Canal 3s gold
97 Aug'22--4 98
1961 Q m --------79 Feb'22 -Registered
1st consol gold 5s
-- -iii - -iiile
10318 13 9412 10312
1939 m N 103 10312 10318
reign Government.
Registered
100 May' 12 _ 35 1 12 38 13(
Fo
,4
0
2
1939 M N - - - -) 0
2
0)34
10134 Sale 10114 102
_
207 99 10214
Argentine (Govt) 7s
1927 F A
General gold 456s
1992 M S g912 8973 89
-84
83
85
Argentine Internat 5s of 1909_ _ M S
38 77 8714
_
Registered
------8
6 Nov'21. _-__ -1992 M
S
l0438 Sale 10313 10412 133 10334 1093
Belgium 25-Yr ext s I 751s 8-1945 J D -year convertible 4 Ms__ _1930 F A 6614 Sale 9018
0 13 0 4
4
20
48
924 66 - 2 -9218
821-year 6% notes
s
5
30
10012 86
-year cony secured 5s
Jan 1925 J j 10018 Sale 977
9812 242 844 993
1946 A 0 9814 Sale 9718
20
-year s f 8s
1941 F A 104 Sale 10213 10414 224 10314 1085
Big Sandy 1st 4s
8
89 84 July'22 __-,I 7612 84 4
1944 .1 D 87
Bergen (Norway) s 1 8s
10012 22
1945 M N 109 10913 109
112
Coal River Ry 1st gu 4s_ _ _1945 .3 D 8338 87
86
Berne (City of) s I 8s
11234
2 106 115
1945 M N 1121. 11313 11213
Craig Valley 1st g 5s
8
1940 J J 9312 --- 887 June'22 ---'.. 7873 87 4
38 /
8
%
29712 Sale
Bolivia (Republic of) 8s
9812 251 97 10112
Potts Creek Branch 1st 48_1946 J .1 8178 84
1947 M N97
79 June'22 ---- 71
79
8113 277 7612 90
Bordeaux (City of) 15-yr 6s_ _1934 MN 81 Sale 7613
...
R & A Div 1st con g 4s_ _ _ _1989 J J 8418 8.g
84 Aug'22 --i 824 84
1989 i j*____ 80
Brazil, U S external Os
1941 .1 D 101 Sale 10013 lop. 197 9972 108
2d consol gold 4s
7978
80
755 8012
2
7s
92
94 90 968
1952 J D 92 Sale 91
Greenbrier Ry 1st go g 4s 1940 M N 8412 ---- 69 Apr'21-7
7Ms
88
203 943 10114
8 4 88
6
1952 A o 873 sale 87
Warm Springs V 1st g 5s_ _ _1941 M S 93 ,.-,.. 8014 Deg32112
4
_
5i ...
6 .7;1_ ---:
.
6f
.
Canada (Dominion of) g 5s 1926 A 0 100 10014 100
10034 26
8
Chic & Alton RR ref g 3s_ _ _ _1949 J 43 525 Sale 51
19 A
50
do
do
10034 67 94 4 1013781:
do
3414 Sale 3313
Railway 1st lien 3Ms
58_1931 A 0 10012 Sale 100
s 0
5113 1639 3312 52
71 9,98753N8 03036
10
-year 556s
1023 117
4
Chic Burl & Q-Ill Div 330_19 9 .! . 9434 8a1 3 8 90,8
1
,
1929 F A 10218 dale 1(.12
8 , 23 8712 93
9
0
%
1949 J .1 8 1 ,1 84
1 77 14 8
1
5
58
995 322
8
Illinois Division 4s
1952 M N 9912 Sale 9914
Chile (Republic) ext s I 8s_ _ _1941 F A 10334 Sale 103
104
85 100'e 106
8
Nebraska Extension 4s
1927 M N 965 Sale 9658
9652
5 93 96511
1958 ram Ns ____ ---- 9014 Oct'19.97
2
8
External 5
-year $ I 8s
10214
Registered
1926 A 0 102 10214 1017
25
4 1041. 65 100 10612
-years 185
General 4s
1946 MN 104 1041. 1033
Chinese (Hukuang Ry) 55 00 1911 J D 2 5314 55 54
54
9112
1st & ref 5s
3 44
92 2
0111 1
57
82 2
1971 F A 102 Sale 101188 101112 116 12 ;0 74
3 1
1- 1 8
8
Christiania (City) s 1 8s
9 2
4
8
6
1214 Chic .3. E Ill
1945 A 0 109 110 1103 Aug'22 _ 74 10512 193
Copenhagen 25
8
-years 1534s_ _1944 J J 927 Sale 93
8
1st consol gold 6s.
1934 A 0 1075 109 10913 Aug'22 ---- 102 10912
Cuba-External debt 5s of 1904 M s 9314 95 93
General consol 1st 5s
8412 99_
1937 M N
9612
96 July'22 __:= 96
Exter debt of 53 1914 Ser A _ 1949 F A 90 ____ 893 June'22 __
8
931 77 90.4 C & E Ill RR (new co) gen 5s_1951 AI N: ---- -..- -- 54
88
847 153 68
8
N1 s 854712
85
External loan 451s
82
1 76 82
Sale
1949 F A 82 _ __ _ 82
Chicago Great West 1st 4s_ 1959
6214 135 58
6412
Czechoslovak (Repub of) 8s_ _1951 A 0 95 Sale 94
0514 117 935 1003
2
4 Chic Ind dr Loutsv-Ref 63_ _1947 j j: 108 110 107 Aug'22 ---- 101 107
Danish Con Municipal 8s "A"1946 F A 10912 110 109
110
38 10512 114
Refunding gold 58
j i 97 3
1947 j j 8214 ________ 798712
.________-: 855
77712 8715
9 12
7 8
8
Series B
1946 F A 10913 Sale 10913 11012
4 105 113
Refunding 43 Series C
July'22
1946
Denmark external s f 8s
8 111
58 10712 1124
1945 A 0 111 Sale 1103
Ind & Louisville 1st gu 4s 1956 .1 J 7712 8112 77
20
-year 6s
997 165 9014 9978 Chic Ind & Sou 50-year 4s_ _ _1956 J J
g
1940 J J 9912 Sale 9914
8514'
5 864 8514
8512 8712
Dominican Rep Cons Adm s f 5s'58 F A 95 - - - - 95
9512 25 8512 9713 Chic L S & East 1st 4 Ms_ _ _ _1969 j D: 914 ___ _ I 8514 Aug'22
9038
_=,,, 88 903
8
Dutch East Indies ext 6s_ _1947 J j 947 Sale 943
4
957 270 94 97
s
8
Ch Al & St P gen g 4s Ser A.e1989 J J 79
7914 78
7914 lbb 7112 80
40
-year Bs
9434 Sale 945
8
953 519 9314 97
8
1062 M S
General gold 335s Ser B__e1989 J ji 60695,788 sals71:8 -aIlee- 694 A°8 221 --io 6913 ,
'
8
,
French Republic 25-yr ext 83_1945 M S 10034 dale 997
8
5474 6997
10112 1099 9914 1083
5:
97
4
Sale 07 2
General 456s Series C____e1989 J J
20
-year external loan 730_1941 .1 D 977 Sale 9518
8
981411620 94 10
Gen & ref Series A 4 Ms__ _a2014 A 0
43
6714
687 116
8'
Great Brit & Ireland (UK of)
Gen ref cony Ser B 5s___ _a2014 F A
77
79 I 80 62 80
20
-year gold bond 53613.._ _ _1937 F A 10514 Sale 1043
4 10612 587 19834 1167:s
90
06
01
0
Convertible 4
56s1932 J D 75 dale 7312
76
277 go
77
10
-year cony 5565
1929 F A 10818 Salo 10713 109
299
Permanent 4s
8614 206 591k 87
1925 J D I 8413 Sale 8412
3
-year cony 556s
764
p1902 F A 10818 _ ___ 10712 109
25-year debenture 4s
68
1934 J J 67 Sale 67
38 54 69
Italy (Kingdom of) Ser A 65681925 F A 96
9638 963
8
9613 28 9212 904
Chic & Mo Riv Div 5s_ _ _ _1926 J .1 96 4
'
Japanese Govt-£ loan 4365_1925 F A 1 9412 Sale 9414
97
95
70 8658 9512
C m A Puget Sd 1st gu 4s..1949 J J 7412 ---- 9672
75
7412
76
A g312 f
g
Second series 430
• 9112 2 3 8638 81 8
8
4
4
1925 J j 2 9412 9412 933
164 72
6
:
Milw & Nor 1st ext 436s..1934 J D 9318 ---- 90
% 942
9018
9 8412 915
8
Sterling loan 4s
1931 J .1 2 81 Sale 7934
Cons extended 456s
.
7
1934 .1 D 9_018 ____ 883 July'221 _- 85
887
8
Lyons (City of) 15-year 6s_ _ _1934 M N 815 Sale 7614
8
82
1 66 76 4 9
, 76:
1
Chic & N'west Ext 4s_ _ _1886-1926 F A
°
0
9312
9413
5 9255 9612
35° ---3
Marseilles (City of) 15-yr 6s_1934 MN 82 Sale 7614
Registered
1886-1926 F A 9214 - - 9314 Apr'22 _--I 9314 9314
Mexico-Extern loan .£ 5s 00 1899 Q J t 571 Sale 5612
5812 155 54 7012
General gold 3Ms
1987 M N 102:8 1094 7912
78
7
6
795
s 24 72
81
1654 j D I 43 4412 423
Gold debt 4s of 1904
4
4434 169 30 62
4
Registered
70 Dee'24i-1
Montevideo 73
93
4%
99 3 4 94 94:4
313 61 93
1952 J D1
8
84
General 4s
P1987 M N 8912 90 891
, 90 1 31 -Et; -. 19
00
Netherlands s f 6s
g2 Sale9.le
1972 M 5
Stamped 43
88
88
1987 AI N 87
88
1 8112 88
11212 .55 107: 1
Norway externals 1 f3s
1940 A 0 11214 Sale 112
General 58 stamped
0 4 1514
58 2
1987 m N 10613 Sale 10612 10613 15 997g 1.0613
Porto Alegre (City of) 8s_ _ _ _1961 J D 100 10012 9912 100
18 99 105
Sinking fund 6s
1879-1929 A 0
103 July'22 _--- 102 103
Queensland (State) ext s f 7s_1941 A 0 1111. 112 11114 112
13
Registered
1879-1929
8
1017 Apr'221- --- 101 1017
8
-year 6s
% 103
25
2
997
73 99 103
1947 F A 10218 Ste 12
Sinking fund 5s
.
1879-1929 A 0 _9718 ---- 10012 1007
2
4 9612 104
Rio Grande Do Sul 8s
1015 139 99 1054
1946 A 0
8
Registered
6,
18791933 M 0 9 8 -_-_ 100 Aug'22 ____ 95% 100
,9 A
2
-year s f 8s_ _1946 A 0 9914 Bale 99
Rio de Janeiro 25
100 1 69 9812 10512
00
24
Sinking fund deb 5s
N 1G07 ---- 12 t g:fj. -_-_-.:
8
8 iay
2 u
8s
9812 1047
1947 A 0 100 Sale 9914
s
Registered
1933 M
San Paulo (City) s I 8s
8
1952 M 5 10134 Sale 10012 10214 49 99 1065
10
-year secured is g
1930j D 10918 -___ 109
10914 11 1 78_ 1 34
0: 1 14
,5
0;
.
San Paulo (State) ext s 1 8s 1936 J J 10058 Sale 1004
189 41 37 100 106
013
15-year secured 656s g
8
64
1936 m s 11254 --.._ 11218 Aug'22
Seine (France) ext 75
1942 J J
Freny EiketVal ly Ist4M3 1,431 M o 92 ____ 1014 Oet'19'---- IN 115
Des ' n
a
l
Nio st gu 68..1937 A s
8414 ,
98.,
-14
Sweden 20
-year 63
e
1053 142 94 .05.8
1939 J D 10g3 t 1g445814
8'
8
1113 ____ 1103 Aug'22 _ _ _
4
8
Swiss Conferer'n 20-yr s I 83.._1940 J J 1205 Sale 12014
121 I 123 11212 121
Man G B & N W 1st 356s.
80 ---- 70 Mar'21
Tokyo City 5s loan of 1912
72
717
8
17214i 22 102 10 58
07
MS 72
Milw & S L 1st gu 356s._ _ _1941!..1 J
12
1 1 6712 1
6618 Aug'21 ---_1941 J
Uruguay Republic ext Os..._1946 F A 107 10713 106
Milw L S & West imp g 5s_1929F .1 10918 -_-_-_-_
8
0
if3;-9 1.21
-5
Y 1
Zurich (City of) 13 1 8s
115
' 1945 A 0 115 Sale 11312
47 106 il.
Ashland Div 1st g 68_ __ _1925 Ni A
s 12,7_7. 199 4 't i.E ._78
1
(These are prices on the basis of $5 to LI
1 5 ,lu
:
- -: .7
1-- .
Mich Div 1st gold 6s
_
-7 7
,
1924
State and City Securities.
Mil Spar & NW 1st gu 45_1947 J J 9018 92 913 Aug'22 _--- 401172 .u114
8
8514 913
s
Ni S
N Y City 451s Corp stock 1960 M S 10118 10113 10118
1011s
1
1100033314.2
St L Pee & NW 1st gu 53_ _1948 J j 10414 10514 1044 Aug'22 ___ 95 1043
4
4
451s Corporate stock
1964 M S 1033 Sale 1035s 1033
4
3
6 97% 3 4 Chic It I & P-Railway gen 4$ 1988 j
8514 16 79
8
8614
J 843 8512 8414
8
0814
1966 A 0 1033 ___ _ 10334 10 3
0814
34
451s Corporate stock
5 98
5 99
Registered
8312 10 78
1988 J J 824 84%8 8312
8312
10734 10812
Corporate stock
1033 1083
8 ( Refunding gold 48
1971 .1 D
4565
4
854 383 7512 858
8
845 Sale 1 8414
4
704 8
3
3 10312 108
108
43is Corporate stock_ _July 1n Ja N ; 10(1113 10734
11967 p J 1 73 113 , 32 08
R I Ark & Louis 1st 4Ms_ 1934 A 0 835 84
8418
85 I 45 7614 8614
8
4
8
436s Corporate stock
1065.3 D 1073 10812 1073 Aug'22 ____ 103 10 is
08
Burl C R & Nor 1st 5s_ _1934 M S 99
3
8 , 0
9978 9912 Aug'22,_ --- 90 100
,
1934 A 0
108
4Ms Corporate stock
M S
Choc Okla & Gulf cons 5s_ _1952
22 --_973 9913 97 Aug'22,__._ 89 98
4
100 Aug'22 __ _ _ 9312 10012
'4% Corporate stock
Keok & Des Moines 1st 5s_1923 NI N
A 0 93
8
% 9478 9412
1003
4
s
4% Corporate stock
1958 M N 10032 10012 1003
1 933 100%
St Paul dr K C Sh List4 Ms
8 3: 21 gi
1 '
1112
1941 F A 843 Sale 1 8432
1957 gi N 1003 10012 10012 Aug'22 ____ 9312 1005
4
8
4% Corporate stock
8 Chic St P M &0cons 6s
98112
10818
.2g ..; D 1084 ---- 1084 Aug'22
1
1003
8
3 1,3 10 3
78
1956 M N 10038 Sale 10038
4% Corporate stock reg
Cons 6s reduced to 3Ms_ _ _ 1
9412 0N
2 87
D 9134 924 87 Apr'22
904
8
8
1075s
1957 M N 107 1075 1075
New 4Ms
1
Debenture 5s
‘,/,
98 97
9114 97
8
-107
1957 M N 107 1075 107
436% Corporate stock
North Wisconsin 1st 63_ __ 1930 M S 10514 ---- 118 Nov'16
..2_ 10314 10711
____ --_1930 J J
331% Corporate stock..__ _1954 M N 9114 93 8014 Aug'22 _
SuperiorShort L 1st 5s g_e1930
93 May'18
-------- -90 Dec'20 Ni
._
New York
Chic T II & So East 1st 5s_ _
8438 11 - .- 41 4
f33 8:64
S
4
M D g83'8 Sale 8484
-----------------------------102 June'22
_1960 J
1- 99-2! Chic Un Stall 1st gu 4
10
-8-2 id2
1961 J J
Canal Improvemen
93
8 8712 9418
Ms A_ _1963 J J 92 9212 924
Highway Improv't 4Ms.._ _1963 M S --------10912 Apr'22 .. ___ 10912 110
1st Ser C 630 (ctfs)
s
8
1963 J J 1177 ---- 117 Aug'22 -__ 1115 117
--------10412 Apr'22 --__ 104% 10412 Chic & West
%
Illghway Improv't 430_1965 M s
Ind gen g 63___e1932 Q m 1054 ---- 105 Aug'22 ---- 103 105
Railroad.
Consol 50
-year 4s
773
s 53 6712 7712
1952 J J 77 Sale 76
7014 Sale 7014
7014
1 5814 80
Ann Arbor 1st g 4s
15-year s f 7Ms
11995 Q J
10214 Sale 1024 10212 13 99% 1024
923
4
1935 M 5
9334 230 85 9518 Cm H & D 2d gold
Atch Top & S Fe
-Gen g 48_1995 A 0 93 Sale
4M13
88 ---- 91 Aug'22 ---- 85 91
1937
Registered9212Sale 9213
9212
1 874 9212
1995 A 0
C Find & Ft W 1st gu 4s g_1923 J J
Mar'17
M N ---- -85
8518
9 7712 86
Adjustment gold 4s
11995 Nov 8412 85
Day & Mich 1st cons
4
14 ii
4;55_1931 J J 9318 --.7- f84!3 Aug'22 ---- 76- - .
Stamped
Cleve Cin Ch & St L gen 4s_
k1995 Nov 85 8534 85
8334
4 7612 8414
_1993 J D 8312 83 8312
85 A u, n ___7 7:
_
42
Cony gold 4s
1955.3 D
-year deb 4 Ms
20
22
1931 J J 9212 ---- 92 Aug' -- --1 85 924
92
9: 04
1
Cony 4$ issue of 1910
1960 J D Thil2 105 10514 Aug'22 __a 911 19514
General 5s Series B
101 Aug'22 ---- 8614 1014
.....
1993 j D 10018 ---East Okla Div 1st g 4s.... 1928 M s 9484 ---Ref & impt 6s Series
10134' 24 95 1025
4
4
.............. J J 10152 1013 10114
8514
8534 8314
Rocky Mtn Div 1st 4s
1965 .1 J 85
Cairo Div 1st gold 4s
8912 90 90 Aug'22 ____ 793 92
1939 J
93 8812
5 84 8
Trans-Con Short L 1st 4s::1958 J J 8713 94% 881t Aug'22 _ __ 793 95'4
0
Cin W & M Div 1st g 4s__ _1991 J J 8212 834 8214 Aug'22 ____ 76 4 82
12
J
945 Aug'22
8
Cal-Ariz 1st & ref 430"A" 1962 M S
St L Div 1st coll tr
84 Aug'22 ____ 7712 841g
89
3
91, -12 53: : Spr & Col Div 1st gg 4s_ _.A990 M N 8314 ____ 8512 Aug'22 ___
All Coast Line 1st gold 4s__k1952 M S 9073 Sale 90 4
2
. 82 0
0.2
8
1 85 8 934
4s
8512 8512
1940 M S 00
8 10818
-year secured 75
10
1930 M N 10712 108 1073
6 10412 10818
W W Val Div 1st g 4s
8514
8514
2 83% 854
1940 J i 8514 ---- ,„,
905
8
9052
General unified 4368
1964.3 D 9013 91
C I St L dt C 1st g 45
k1936 Q F 9018 ....-- /3,2 Aug'22 --__ 83 89%
00A„ 2
g'2
Ala Mid 1st guar gold 5s__ _1928 M N 10014 ___ _ 19114 A ug,22 _ _ _ _ 983 100
4
8612 May'22
Registered
8612 8613
9212
Bruns & W 1st gu gold 4s_1938 J J 91
Cin S & Cl cons 1st g 5s_ _ k1936
96 9114
iii 99
94 99
_1928
85 -- -8
4
8
L .1, N coil gold 4s
a1952 MN 843 843 845
C C C& I gen cons g 6s_ _ _1934 J J 1063 ---IILyg:E
104 10518
4
4
9512 54
a2
6
l 12
1925 J .1 9512 Sale 943
Bait dc Ohio prior 3365
Ind B & W 1st pref 4s
90 June'22
90 90
s
1940 A 0 885 ---8
8
11925 Q J 915 -.. _ _ 927 Aug'22
Registered
Peoria ,SL East 1st cons 4s_ _1940 A 0 77 82 8112
82
15 705 84
8
Wil, WI:
8
8818 -- ,?,
k1948 A 0 8714 877 8714
1st 50
-year gold 4
Income 45
e
3813 35 2278 3912
1990 Apr. 3818 Sale 37
Registered
.11948 Q J 84 ___ _ 81 July'22 _Li 7; 83
91
Cleve Shor Line 1st gu 4Ms_1961 A 0 99
9814
97
9814
-105;: 12 8, 33 go
86
8714 1
1933 Al S 8614 Sale
-year cony 430
74 8734 Cleve Union Term 536s
10
,
3
7
4 7 1;) s lra
3tIs
1972 A 0 10512 Sale
9214
Refund & gen 58 Series A 1995 J D 9118 Sale 9034
Colorado & South 1st g 4s_ 1929 F A 93513 Sale 93
102
.11 10112 Sale 101
Temporary 10
1929 J
-year 6s
oni
61 9412 102
Refunding & exten 4 Ms_ _1935 M N 8914 -- 2 8914
90 8: 6 3118 92
3
Ft W & Den C 1st g 5;0..1961 J D 10514 1053 10512 Aug'221-- 10118 10312
4
P June & M Div 1st g 3;0_1925 M N 9312 - - - ,
83 2
9312
83 4 25 87 8334 Cuba RR 1st 50
933'
P L E & W Va Sys ref48_ 1941 M N 93: Sale 83
' 7232 9
1
5
8412
8512 13 77
87
-year 53 8_1952 J ..1 8514
9312
94
Southw Div 1st gold 336s._1925 J J
52 86
94
1st ref 736s
5 100 10612
1936 J D 106 itiirs 10512 106
9914
Ciev Lor & W con 1st g 5s_ _1933 A 0 9914 10012 9914
D L& W
-M & E 1st gu 3Ms 2000 J D 79513 8073 7714 Aug'22L__ 7714 8112
9858 Aug'22 -___ 9258 9 58
1936 J D 9818 100
1 6
Ohio River RR 1st g 5s_
N Y Lack & Western 5s...1923 F A 10018 ---- 10014 Aug'221___ 9812 1037
9 14
8
8
7
8
1937 A 0 967 9712 98 July'22 -57
General gold 5s
Terminal & inaprove't 4s_1923 M N 98513 ---- 9873 July'221... 97
9912
Warren 1st ref g11 R 3449_ _ _2000 F A 7612 -- - - 78
Tol & Cin Div 1st ref 4s A._1959 J J 71 Sale 71
78 ,_2__74'e 78
*No price Friday latest bid and staked. aDue Jan. dpue ADM. oDue May. IDue June. ADue July. kDue Aug. oDue Oct. 'Luis Nov. zDue Dec. s Option sale.
s2i. 10.
:
1112
as
.,
las !:g
7 !, -ggi;
New York Bond Record—Continued—Page 2
1084
BONDS
N. Y.STOCK EXCHANGE
Week ending Sept 1
1;1
Price
Friday
SePt 1
Week's
Range or
Last Sale
I
Range
Since
Jan, 1
High No. Low High
Ask Low
Bid
Delaware & Hudson
9314 13 8318 93,
4
8
4
1943 M N 8214 915 923
1st & ref 43
9834 45 8934 99
1935 A 0 9734 9814 98
-year cony 5s
30
10214
9 09 103
M N 10118 10214 102
1937
55s
11112
9 107
11012
1930 J D 11014 Sale 109
-year secured 7s
10
8
765 82
1946 A 0 81 ____ 82 June'22
Alb & Susq cony 345
Renns & Saratoga 20-yr 6s_1941 M N 10814
82l
7713
8214 112 73
Den & It Gr—lst cons g 45 1936 J J 78 Sale 8212
8312
7 7612 84
1936 J J 8212 8238
Consold gold 4%s
8212 80
8234 40 7412 85
1928 .1 I) 82
Improvement gold 5o3._
s
5212
485 Sale 4612
1
48 4 307 42
1955 F A
1st & refunding 53
5 4014 47
44 Sale 44
44
Trust Co certifs of deposit__
2 8012 89
8912 89
89
D 89
1939 J-Rio Gr June 1st gu 5s
1018 1713 6114 Apr'll
Rio Cr Sou 1st gold 45._ _1940
1312 _ . 1018 Feb'22
1018 1018
1940 J J
Guaranteed
33 733 8612
4
4
793
Cr West 1st gold 4s__ _1939 J J 7912 1 12 793
Rio
15 6212 71
697
71
8
6912 70
Mtge & coil trust 4s A 1049 AO
78
1995 3D 70 ____ 78 June'22 ---- 74
Det & Mack—lst lien g 4s
67 May'22
8
1995 3D 675 70
Gold 43
9112
N 9114 9134 90%
1961
Det Ely Ter Tun 445
3
2 0
1 107
Aug'22
Dul Missabe & Nor gun 5s__ _1941 J J
9514 10014
A ug 2
N,ar 02 - .
'8
1937 A0
Dul & Iron Range 1st 5s
2
9994
1109058%3
1937 AO 23
Registered
83 Aug'22 - - 7
2
g1 2
1937 .7.7 -982518
Dui Sou Shore & Atl g 5s
995 100 Aug'22 -_--_-_ 05 100
23
Elgin Joliet & East 1st g 5s_ _1941 MN 985s
3S 10058 108
Erie 1st consold gold 7s ext_ _1930 M S 10712 106 10612 108
1947 M N 8918 ____ 87 July'22 ---- 8038 87
N Y & Erie 1st ext g 4s
1943 MS 9812 ____ 9838 June'22 ____ 06s, 9912
3rd ext gold 448
63
:
9012 9514
_1930 AO 032 4 ____ 9514 June'22
gold 5s
4th ext
943 Nov'15
4
1928 3D
5th ext gold 4s
;
1021s Aug'22
8
1021- 1021
1930 MS
N Y LE&W Ist 7s ext
69%
5414 71
Erie 1st cons g 45 prior_ __ _1996 3.7 6734 678 6512
22
57 57
1996 • J *5612_ 57 Mar'
Registered
5714 263 3014 58
5413 Sale 5412
1st consol gen lieu g 4s 1996 J J
51
51
8
Aug'22
551 51
1996 .3 J
Registered
2
8814 897 8812 Aug'22
91
79
Penn coil trust gold 4s 1951 FA
5414 75 3414 57
1953 AO 33 Sale '5112
-year cony 45 Ser A
50
5434 153 32
55
1953 AO 53 Sale 5112
do Series B
203 343 59
39
5518
4
Gen cony 43 Series D._ 1953 AO 57 Sale
9814
9714
1 80
9714 9812 9714
Chic & Erie 1st gold 5s_ __ _1982 MN
8
8
9012 9058
Cleve & Mahon Vail g 5s 1938 J J 931 ____ 905 lan'22
_ 7812 9814
96 Aug'22
8
s f 6s_ __ _1955• J 967 98
Erie & Jersey 1st
9734 39 793 973
4
8
1957 .7.7 97 Sale 97
Genessee River 1st 8 f 65
109 109
I935 A0 10814 109 109 Aug'22
Long Dock consol g 6s_
8312 Dec'21
8
953 100
J
Dock & Impt 1st ext 5s__ _ 1943
_
Feb'22
8
N Y & Green L gu g 5s_ _ _ _1946 MN 897 .
72
9 54
7018 70
70
N Y Susq & W 1st ref Ss_ 1937 3.7 69
May'25%
52 May'22
54
4712 52
1937 FA
2d gold 4%s
12 3813 69
1940 FA 5518 Sale 55
General gold 5s
8312 86
86
Terminal 1st gold 5s__ _ _1943 MN 9018 ____ 93 July'22
94/2
03
5
1940 AO 90 8 94
311c1 of N J 1st ext 5s
6772 70 Aug'22
73
53
Wilk & East 1st gu g 5s_ __ _1942 .1 1) 66
Apr'21 ---88
Evans & T H 1st gen g 5s__ _1942 AO
6912 Apr'21
Mt Vernon 1st gold 6s___ _1923 AO
_
6912 Apr'21
Sul Co Branch 1st g 5s_ __ _1930 AO 06
- 91
90 Aug'22 -- - - 8(112 -9 14
1959 J D
Florida E Coast 1st 4%5
66
8012
Apr'21 -Fort St U D Co 1st g 4Sis__ _1941 J
8
803
8
78
•So
Ft Worth & Rio Cr 1st g 4s_ _1928 J J 823 ____ 891, July'22 -- 83
8914 12
89.8
8912
Galv Hous & Bend 1st 5s_.1933 AO 8914 11338 11212
59, 10812 11473
114
Grand Trunk of Can deb 7s_ _1940 A 0 *11314
49, 100 105
4
105
1936 M s 104% Sale 1033
15-year s f Os
11312 1611 10712 11312
1036 j j 113 Sale 11114
Great Nor Gen 7s ser A
95%
9; 88
j j 95 Sale 943
9538
1st & ref 4%8 Series A _ _ 1961
8214 Oct'2 LI- - -• 1 -_
-j
1961
Registered
8
1043 105 0612 104%
1952 .1 J 10-0 - 5;re- 103
312s
1933 j j 8834 ____ 9213 Aug'22,—. I 0014 925s
& Man 42
St Paul
19
111 ____ 191 dAaugo4:22021:......:1 10_5.18 111
1933 j
1st consol g 68
1933 j j
Registered
i
2, -031T 1001.t
10014
-12
to gold 454s__ _1933 j J -99 -_-_-__ 10014
Reduced
.
97 Aug'22, -- 95
1933 j j
97
Registered
9212 Aug'22 - - -- 88
9212
1937 J D 9214 94
Mont ext 1st gold 4s_
_ 80 mar'21j---i _........ ---1937 j D ___.
Registered
1940 J J -- - - ---- 83 Niar'20;---Pacific ext guar 4s
•s
8
,
mu 1
-;
53-4
Minn Nor Div 1st g 4s_ _1948 A 0 873 923 -- kl ...111.1e%,..,j----: -gi - , ,%
E
113 I
5 10918 .
1937 j j, 11318 - _ 113
1
.
Mont C 1st gu g 6s
1364 Islay'06; •
I _1937 .1 J 1
Registered
- ___00
- - 10014
1937 J J .16014 103 10018 Aug'22'. 1st guar gold 5s
,
Will & SF 1st gold 5s1938 J D 10214 ____ 10214 July'22'. .,. i 90Is 10214
701 Apr'22'-- _ -1 6712 70 2
,
70
Bay & W Deb ctfs "A"..--- Feb 60
Green
1414 Sale 14
17 I 63 612 17 8
2
Feb
Debenture ctfs "B"
Su
78
8
8013 763 Aug'22 — -1 72
Gulf & S I 1st ref & t g 5s__51952 J J
_ 10 8112 89
_1
cons g 4%s_ _1999 J J 8914 90
Hocking Val 1st
734
881 Juue8'81182
1999 J
Registered
3
8011948 A 0 8518 ____ 8012 June'22'..- -; 78
Col & HV 1st ext g 4s
1955 F A 8414 ____ 83 Aug'22 -- __I 7812 83
Col & Tol 1st ext 43
96 100
96
- —1
4
Houston Belt & Term 1st 5s..1037 .1 .1 8612 87 86 Aug'221 - 153 893 96
87
87
75
1957 F A
Hod & Manhat 5s ser A
6613 107 4712 683
4
1957 A 0 6612 67 66
Adjust income 5s
8
965 9312 953 July'22 ----' 92
4
96
1932 F A
N Y & Jersey 1st 54
96
22 8312 96
96
1951 .1 J *9518 96
gold 4s
Illinois Central 1st
---- ---- 831s &lull ---_,.
1951 j
-- - Registered
2 No y2
47tr Ju ly:1L- -__ _76_5 . 8
_ ___ 8_6_
. 8_ 8_2_1
1.151 j
1st gold 3%s
84
1951 .3 j
Registered
-1- 86
-82 2 - - 72
Oct 21
1951 A 0
Extended 1st gold 354s
1951 A 0
Registered
"WI
1951 M S
1st gold 3s sterling
8613 86
8618
8012 95
1952 M S 86
Collateral trust gold 4s_
95 3 Sept'19
3
1952 A 0
Registered
9114 27
9034 Sale 9053
-611
;
1955 m N
1st refunding 4s
7 80
3
80 4
8634
2 7638 503
4
1952 j j 78
Purchased lines 3545
8 30 78% 84
8314
83, 84
837
4
1953 MN
L N 0 & Texas gold 4s
_ 82 Aug'22
82
_ 82
Registered
161" g;ie i9a3
4
8, 9634 1023
4
tut%
15
-year secured 5345
4
4
003 113
1936 J j 11214 1123 11212 Aug'22
-year secured 651s g
15
_ 813 93
8
4
1950 .3 D 913 ____ 9212 Aug'22
gold 4s
Cairo Bridge
6913 June'22
j j 697 72
6358 6934
Litchfield Div 1st gold 39._1951
8218 79 Aug'22
77
4
733 79
,
Loulsv Div & Term g 3!25-1953 j J
7018 7112 7013 ' 70%
71
66
1951 F A
gold 3s
Omaha Div 1st
7212 7414 7212 Aug'22 -- 63% 7212
J
St Louis Div & Term g 3s_1951
7918 Aug'22
7914 80
1951 .1
7612 7912
3%s
Gold
7812 July'22 --_ 7812 7812
8
777 79
1951 J J
Springf Div 1st g 33-s
,
85 2
1951 FA
82
Western Lines 1st g 43
86
92 jo3 2
85 N 1 v
9 10
1951 FA
Registered
_ 100, July'22 -- 6934 1091s
8
1923 3D 101 _
tiellev & Car 1st 6s
1932 MS
Garb & Shaw 1st gold 4s
8714 9-5 10312 June'22
083 10
2 9
72 M ar 19
1
02
"
Chic St L & N 0 gold 5s_1951 3D
99 Aug'2I
1951 • D
RegLstered
7515
653 Dec3
4
6 8
1
1951 J
Gold 3)is
99 Sale 99
26 9012 100
Joint 1st ref 5s Series A.1963 J
82 May'22
8134 84
4
783 82
Memph Div 1st g 4s--- -1951 J o 8618 901 80 Sept'21
8
4s__ _1931 MS
St Louis Sou 1st gu g
88 July'22 --__ 85
93
86
1950 J J 89
Ind Ill & Iowa 1st g 45
10014
10014 10114 10014
2 97 101
tat & Great Nor 1st g ext 7s 1922 MN
5478 558 5014 5512
5434 Sale 5312
1952• J
Adjust Os
85
851t 8612
8612
8013 8612
James Frank & Clear 1st 4s 1959 J D 70
t2
700
1,
7118 778 4
72
63
Kansas City Sou 1st gold 33_1950 AO
Oct'
1950 AO
Registered
-4714 5;17 911
,8
9234
17 81 93
Apr 1950 J J
& impt 55
Ref
8514 843
85
4
85% 24 793 86
8
Kansas City Term 1st 45.. _ _ _1960 J J 947 9612 9418 Aug'22
s
9412
85
Lake Erie& West let g 5s__ _ _1937 ".7 853 873 8713 Aug'22
4
4
8758
77
1941 J J
2d gold 5s
7318 July'22
7418 85
78
68
North Ohio 1st guar g 53.._1945 A0
90% 9612
Leh Val NY 1st gu g 4 Mg— 1940 J J
9613
9613
80 July81i _ 9_2_
92
'
1940 J J
Registered
83 Aug'22
4
8312 84
773 90
Lehigh Val (Pa) cons g 45_2003 MN 93
93
94
96
96
85
2003 MN
General cons 43js
102
9818 102
A0 102 _-- 102
Leh '.' Term Ry 1st gu g Os.,1941
113 Mar12
1941 AO
Regi-tered
• -€45
-
BONDS
N. Y.STOCK EXCHANGE.
Week ending Sept 1
Week's
Range or
Last Sale
Range
Since
Jan, 1
[fish No Low High
Ask Low
Bid
2 10013 104
8
1037
8
Leh Val RR 10-yr coil 6s_ _n1928 M S 1031 Sale 10313
2
Leh Val Coal Co 1st gu g 55_ _1933 J J 100 10112 100 July'22 -- 903 100
Oct'13
105
Registered
1933
. .
8318 Oct'21
1st int reduced to 4s
1933 J
83% 86
Leh & N Y 1st guar gold 4s 1945 81 S 831s 8714 86 Aug'22
9512 100
_ 100 Aug'22
Long Isld 1st cons gold 5s_h1931 Q J 9814
1st consol gold 4s
h1931 Q .7 92 Sale 8914 June'22 -- 891t 90
8934
1 77
8812
8812
General gold 4s
1938 J D 86
,
8414 Aug'22 -- 8212 84 4
Gold 4s
1932 3D 8534
7314 8112
M 5 80 _ _ _ _ 8112 Aug'22
unified gold 4s
1949
95
95 Aug'22 --- 83
97
1934 3D 95
Debenture gold 58
753 8512
4
8512 8914 Aug'22
20
-year p m deb Is
1937 MN 85
84%
1O 72
,84
83
Guar refunding gold 43___ _1949 M 5 831s 84
9512 9512
9512 June'22
NYB&MBIstcong5s_1935 A 0 9612 98
Apr'21
8
,
N Y&RB 1st gold 5.9_ ___1927 31 5 971 99 2 83
)
8912 go
96
_ 96
Nor Sh B 1st con g gu 5sa1932 Q J 9512 _
9:;
5 78
95
93
94
1927 M S 93
Louisiana .S2 Ark 1st g 53
Louisville & Nashville—
9812 10212
1937 MN 10034_,,_ 102 June'22
Gold 5s •
11 8712 95
9314
91 - -- _ 93
1940 J
Unified gold 49
-- 8814 9018
9018 June'22
__
1940 J .1 8814
Registered
,
I 9312 99 s
99%
9958
s_,,,,
987
.._ _1931 MN
Collateral trust gol
9 10612 10914
108
10
-year secured 7s----- _ _1930 MN ----109 10713
7
7 101 107 2
4
8
1063
1st ref 554s------2003 0 *1007 10612 10614
4
4
2 933 9834
983 9914 9,334
83
9 4
1931 81 N
L Cin & Lex gold 4Sis
8
10534 July'22 -- 102% 1051
N 0 & M 1st gold 69 ___ _1930
9812 101
_ 101 July'22 -1930 j j 10112 _
2d gold 6s
9112
86 July'22 ---- 80
8434 95
& Mem Div 4s_ _ _1946 FA
Paducah
671s
3 58
6718
8
St Louis Div 2d gold 3s_ _1980 M S 6514 671s 667
10 79% 83
88
A tl Knoxv & Cin Div 4s_ _ _1955 M N 8514 8812 88
4
J 0 96 ____ 9914 May'22 -- 983 9914
1946
Atl Knox & Nor 1st g 5s
104 July'22
- 103 104
Hender Bdge 1st s f g 68_ _ _1931 M S
_ 86 Aug'22 -- _ _ 79% 86
8
Kentucky Central gold Os...1987 J .1 831
1 93 100
9912
9912
8
983 100
Lex & East 1st 50-yr 5s gu 1965 AO
97
L&N&M&M 1st g 4%g-1945 MS 97's___. 97 Aug'22 -- -- 9213
811.
74
8312 Aug'22
85
84
1952 J
L dr N South NI joint 4s
9.5
seb'05 -- -h1952
Registered
4
101 May'22 - - 10O' 10113
973 _
1937 F A
N Fla & S 1st gll g 58
9312
5
- 4
-- 89
N & C Bdge gen go 4%FL _ _1945 J J 9414 9 - 9312 Aug'22
S & N Ala cons go g Is_ 1936 F A 10218 10212 102 July'22 ---- 96 102
50-yr 5s. _1963 A 0 100 1001,2 97 July'22 --- 9512 9912
Gen cons guar
9 77
8412
8412
Lou & Jeff Bdge Co go g 4s_ _1945 M S 8:11s 8312 83
77 Nisei° -1977
Mex Internal 1st cons g 43
75 Nov'10
1977
Stamped guaranteed
99 July'20
Midland Term—lst s f g 55 1925 J O
jai 101
1927 J D 104 ---- 104 June'22
Minn & St Louis 1st 7s
8
8' 693 83
8
301
80
7912 80
1934 M N
1st consol gold 55
- ,
49Is31 31
5012
S 8451, Sale 45
1st & refunding gold 43_
1949
50
4813 411 30
F 4412 Sale 448
& ext 50-yr 5s Sec A_ _1962
Ref
I; 36
,
5712
62
Des SI & Ft 1) 1st gu 4s_ _ _1935 J J 5812 5912 5712
6' 70
8012
8312
Iowa Central 1st gold 5s_ _ _1938 .1 1) 8018 813 80
84' 32
503
s
s 44 Sale 43
45
1951
Refunding gold 45
91
151 85% 911.
9112
MStP &SS M con g 4s intgul933 J .1 8934 __ _ 90
3 9614 106
10112
10012
10112
1st cons Us
1938
54' 100% 105
106
4
1043 1(55 10434
10
-year coil trust 634s
1931
8912 July'22 -- 8812 8934
9112 93
1st Chicago Term s f 4s_ _.1941 MN
9414 9712
'73
815581 & A 1st g 4s int gu.1926• j 9715 9 4 9678 Aug'22
82% 8814
85-13 May'22
Mississippi Central 1st 5s_ _ _ _1949 J J 885
8412
8412 88 73
Mo Kan & Tex—lst gold 4s_ _1990• D 84 • Sale 8313
48% 6814
6814 Aug'22
26 gold 48
01990
4812 68
67 Aug'22
,
73 - - _
Trust Co certifs of deposit_
73
8614
2004 81 S -------- 8614 Apr'22
18t dr refunding 49
68
84
80 Aug'22
7312
Trust Co certifs of deposit..
5214 6413
6412 June'22
1936
Gen sinking fund 4349
751, _
5214 6714
67 July'22
Trost Co certlfs of deposit_ _ _
41
27
44 June'22
St Louis Div 1st ref 4s___ _2001
5812 77
- - - - - - - - 76 June'22
5% secured notes "eat"
80
9018
9018 May'22
g 5s_ _1940
Dallas & Waco 1st gu
7012 777
s
2
777 July'22
Kan City & Pac 1st g 49_ __1990
83
77
83 Mar'22
1942 A 0
Mo K & E 1st gu g 5
78 4 91%
,
925 _ _ _ 91% Aug'22
M N
M K & Okla 1st guar 5s...._1942
77
97%
85 July'22
M K & T of T 1st gu g 5s 19-12
3418 42
42 Aug'22
D 3514 42
Sher Sh st. So 1st gu g 5s_ _ _1942
734 3612
S 3214 _ _ _ _ 36 May'22
Texas & Okla 1st gll g 53-1943 Si
4
4
803 172 763 873
3
4
8 Sale 833
Mo K & T Ry—Pr I 5s Ser A _1962 1 j 863 Sale
72
7158' 56 62
71
1962 J j 71
40-year 43 Series B
9834
9834' 251 89
8
s j 975 Sale 97
1932
-year 6s Series C
10
4
6313 Sale 621s • 643 1862 433 6434
Cum adjust 5s Series A_ _ _1967
Missouri Pacific (reorg Co)—
,
9313 66 8412 931.
93 Sale 9234
1st /42 refunding 5s Ser A_ _ _19551 F A
9712 100
71
s
713 9978 July'22;
1st & refunding 55 Ser B_..a1923 F A
97% 9734 9714
,
9712'--44 95 2 100
1st & refunding 5s Ser C__ _1926 F A
103 I 132 98 103
A 10212 Sale 10218
1949
6.9, Series D
4
6913 279 5934 693
1975 M S 6834 Sale 6812
General 4s
Missouri Pacific
851s _ _ _ _ 8312 Aug'221____ 76% 8412
98
7s extended at 4% g 4s.. 1938181 N
3d
8
777 __-- 7414 June 22,_-7413
1948
1st g 45
Cent Br U
1 8312 8813
81
885
A
s
887 ---- 885
Pac RR of Mo let ext
9634 ____ 98
1938
2d extended gold 5s
0912 9912
8
9
991.1
2 9
2 941s 09
2
9812
St L Zr 81 & S gen con g 5s_1931 A 0 99
Gen con stamp got g 5s,1931 A 0 .. _ .. _. 102 July'la ---'
-.
4
8812 8912 893
Ws -61.1
Unified .S2 ref gold 4s_ _ _1929
8792 42
0 3 205 75% 8712
S3618 Sale 86
Riv & G Div 1st g 4s
_1933
8
42 Verdi V I 42 W Ist g 51929
971 t Sale 9612 Aug'22 ____. 007 9612
32 10112 105
0
101 1_0 5_1_ 100 8
.5
2 2 1047
105
Mobile & Ohio new gold 6s_ _ _1927
9712 100
Ma y'22
1st ext gold 6s
1
2 1171 76
7514
7518 --__ 7514
81
General gold 4s
s
1' 8612 957
9578
9618 99
957
A
Montgomery Div 1st g 5s .1947
87% 95
96
98
95 Aug'22
St Louis Div 5s
93
s 81
Aug'22
91
91
27
St L & Cairo guar g 4s_ _ _ 1931
9
-4 97 10332
101
4
12
0 1003 191- 101
Nashv Chatt & St L 1st 5s_ _ _1928
100 10014
lows __ __ 10014 July'22
Jasper Branch let g es__ _1923
30 Aug'22 ..-- 2118 45
2712 35
Nat Rys of Mex pr lien 43.0_1957
2323 ____ 2913 Feb'22 ............ 2912 33
1977 A
Guaranteed general 4s
23
32
- - -- _ -- - 3113 Mar'22
6
Nat of Mex prior lien 454s_ _ _1927 .1
1 7
4
. 25 July'22 ---- 2112 333
A 0
1st consol 48
8634
8412 10 79
8
8414 853 8412
f &imp 4-S3 A'52
1951
NO&NEIstre
3
8113 49 7012 8112
New Orleans Term 1st 4s_ _ _ _1953.73 8112 Sale 79
9512 10112
5
10013
N 0 Texas & Mexico 1st 6s...1925 J D 10012 101 10014
7818
7818 49 62
Non-cum income Is A_ _1935 A 0 77 Sale 76
8
1077 108 98 10812
8
1935 MN 107 Sale 1067
N Y Cent RR cony deb 6s
5
0612 16
18514 2 105 108
Iii S 105 10518 105
10
-year coil trust 7s
s
787 861
8
85 Hale 85
FA
Consol 45 Series A
9012 24 854 901.
,
AO 891s Sale s913
Ref dr irnpt 4%s "A"
4
942' 933 991;
99
8
A0 935 Sale 9314
Temp ref & Impt 5s
N Y Central & Hudson River 22190991308
83
8034 41 7412
1997 J J 8034 Sale 8034
7712
75
38 78
, 7
14
7 Aug'22
11994927 J J 7: 80 2 78
3 s
84
9214
917
8
MN 0112 Sale 9112
DebentureMortRegisteredge gold 4s
6614 June'20
66% 747
s
MN
Registered
91
83
J .1 9012 ____ 91 Aug'22
30-year debenture 4s
2 694 7934
78
114
11934
Lake Shore coil gold 3 Sis 1 9938 FA
7412 Aug'22 ____I 72
7412 79
2
747
FA
Registered
80
,
8
014
111 71 14 80 4
4
9
19 8 FA 801s 82
Mich Cent coil gold 3
7812 _ _ __ 7412 July'22 ---- 72
7412
1998
Registered
60 July'22 __— 60 62
8
19 8
Battle Cr dr Stur let gu 3s_ _1998 J D 597 60
88
9018 91
4
Apr'22 ..-- 843 88
1936 J J
Beech Creek 1st gu g 4s
_
7612 July'21 .-1936 J .1 41.___ 89
Registered
J 1 9113 — - 104 Marla ---2d guar gold Is
66 60
60 July'22 _-- 1931
Beech Cr Est 1st g 3%s...5958 A 0 7218 76
8212 Mar'22 -- 8213 90
1981 J D 8312 86
Cart S2 Ad 1st gu g 48
1935 J J
g 5s
Ku A & G R 1st
4
803
4 20
1997 J D 8034 8113 803
Lake Shore gold 354s
3
4
5
803
803t
1997 3D 7834 ---- 89 4
Registered
10 8014 96
9534
1928 MS 9514 9512 9512
Debenture gold Is
94
9418 75 8812 953
1931 M N 9334 94
4
25
-year gold 4s
854 July'21
1931
Registered
t: Due Sept
* No price Friday; latest bid and asked this week, a Due Jan, D Due Feb. g Due June, A Due July.
„*,
Price
Friday
Sept 1
"iiCs
0 Due Oct.
S option sale,
New York Bond Record--Continued—Page 3
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept 1
Price
Friday
Sept 7
,
1
i
1
Week's
Range or
Last Sale
o 0,
Range
Since
Jan. 1
Bid
Ask Low
High No, Low High
N Y Cent Sr H R RR (Con)—
;g
112 841
122
8212 Jan'22 . __I 9
Mob & Mal 1st gu g 4s____1991 M S 8534 87
10212
1934 J J 99% -- 100
Mahon CI RR 1st 5s
1931 M S 99% ____ 9014 June'21 • --Michigan Central 55
9812 Nov*18
1931 Q M
Registered
--8812 May'22 ---- 8214 8812
1940J J 8918 92
45
_ 7414 Sept'20
1940 J J
-Registered
6618 Mar'20
"J L & Slat gold 3)s...1951 M S 7918 _ _
8134 Aug'22 1942 MN 8134 85
7654 813
4
1st gold 3As
5 863-8 94
1929 A 0 94
9312
94
-year debenture 4s
20
N J June RR guar 1st 4s_ _ _1986 F A 78% _ _ _ _ 7034 Apr'21
753 -788
8014 82
78% May'22
2000 M N
NY&HarlemgUis
8
_ 95 Dec'
N Y & Northern 1st g 5s_ _1927 A 0 993
8312 Aug' ..... 7712 84
.
NY & Pu 1st eons gu g 4s_1998 A 0 8212 86
813
_ _ 7834 Apr'22
4
78
83
Rutland 1st con g 4 As___ _1941 J J
73% 80
7512
75 Aug'22 -- 66
Og & L Cham 1st gu 48 g_1948 J J
73 4 Aug'22 -- 7314 7314
,
Rut-Canada 1st gu g 4s_1949 J J 7018 75
913 96
8912 8912
8
8914 May'22 St Lawr & Adir 1st g 5s_ _ _1996 J .1
103 Noy'161---1996 A 0 9714
2d gold 6s
97
07
Apr'22I---- - - -(77 Pitts & L Erie 2d g 5s_ _a1928 A 0 11034 112
_ 1103
4
1103
4'
Pitts McK & Y 1st gu 6s 1932 J J 10012
3 109 11012
843 9514 June'20' - 4
84
1934 J J
2d guaranteed Os
12 7812 8.
8312 833
4
S-178
West Shore 1st 4s guar___ _2361 .1 J 83
821* Aug'22 -- 7658 82%
2361 J J
Registered
9912 Feb'19 -N Y C Lines eq tr 5s._ _1920-22 M N
6712 June'20 ---„_
J
Equip trust 4 As__ _1920-1925
- - - -.9014
92
995
8
N Y Chic & St L 1st g 4s_ _ 1937 A 0 90
6 823 90
4
%
8612 June'22
Registered
1937 A 0
I 8612 8612
Debenture 45
1931 M N 8814 8812 89 Aug'22 ---- 80
89
N Y Connect 1st gu 4 As A 1953 F A 9014 9134 92 Aug'22 ---- 8112 9214
NYNH& Hartford—
Non-cony deben 49
6314
1947 M S 47 ---- 634 Aug'22 -- 45
56
53 July 22 -- 44
Non-cony deben 3 As
1947M S 5018 54
5112
Non-conv deben 35is
1954 A 0 5012 5114 55
5112 GS 3814 5512
58
4 4012 6018
Non-cony deben 4s
1955 J J 571455
60
Non-cony deben 4s
5812
2 41
1956 M N 5654 5812 5613
5114
4 37% 5318
51
C,onv debenture 3As
1956J J 5114 55
85
80 57 802
861
85 St! 5
Cony debenture Os
1948 J J
Cons Ry non-cony 4s
Oct'17
1930 F A
Non-cony deben 4s
1955 J J -1712 -5518 60 July'18 ---5212 53 June'22 -• -- 3812 53
Non-cony deben 4s
1956,3 J 50
5212 Sale 517
4
53
4% debentures
1957 M N
31
57
Harlem R-Pr Ches 1st 4s_ _1954 M N 8014 ____ 7918 Aug'22'-- -- 71
80
1. 59
75
75 _
B & N Y Air Line 1st 4s_ _ _1955F A
75
75
68
67 Aug'22 -- 5114 6812
Cent New Eng 1st gu 4s_ _ _19611J J 60
__ 80 uec'21 -Housatonic Ry cons g 5s_ _1937•M N 8818
6818 ____ 87 July'14 -- -Naugatuck RR 1st 4s
1954 M N
N Y Prov & Boston 4s
1942 A 0 725s . __ 83 Aug'13
5913
77 33
5614
58
N Y Nrches& B 1st Ser I 450'40 J 573.4 58
New England cons Os
1945J J 8914
'
--76- 8ept'17
Consul 4s
19451J J 7614
_ 5012 July'22 -Providence Secur deb 4s__ _1957 M N 19
Providence Term 15t 4s__ A956 M S 7614 ____ 8858 Feb'18-- 4
65 .May'22 ---- 60 g
W Sc Con East lot 4 As__194313 J 643
N Y 0 & W ref 1st g 4s____Q19921 M 5
59
731
Registered 85.000 only. _ _g1992 M 5 _75 _771f,':Nov 2
7.711.1
69
4i(7112 7012
General 4s
0117012
12
z - 2 16
1955J D 683
1
707
Norfolk Sou 1st & ref A 5s__ _19611F A 70 Sale I 693g.
8 29 50
71
95
Norfolk & Sou 1st gold 5s
38 7914 95
1941 M N 9434 100 I 95
____104 Aug'22
8
52
7
0 i4
Norf SC West gen gold 6s
4
1931 M N 1083
0
10434 10 7
Improvement & extg
1934 F A 10918 11312 109 Aug.22
109 199
8472 0412
13
New River 1st gold
1932 A 0 10958 ___,104 4 Mar 22
93
9312 92%
9312
N & W Ry 1st cons g 4s_ 1996 A 0
Registered
1996 A 0
1 8313 90
8
-5Z-1 7t78 90
Dly'l 1st lien & gen g 45_1944 J J
10-25 year cony 4;is1938 M S 10158 ____,10012 July'22 --:-1 9212 106
11812 1.59, 10314 11812
11838 Sale 11514
10-year cony 6s
1929 M S
8812
8712 23 84
Poch C & C joint 4s
1941 J D 8734 8912 8712
9012 91
91
Aug'22
Selo V & N E 1st gu g 4s_1989 M N
8314 91
Northern Pacific prior lien rail44 84
893
907
s
4
90
way dr land grant g 4s
1997 Q J 8912 90
_ 8734 Aug'22,--,;:-, 84
Registered
873
4
1997 Q J 87 _
6312
645
4' 6
General lien gold 3s
° 00 65
a2047 Q F 6312 64
62 June'22j-=; go
62
Registered
a2047 Q F
1093 "'„, 1053 110
Ref & impt 6s ser B
-14
4
2047 J J 1093- 106 2 1084
4
91
91141
91
e 86
Ref & imp 4As SerA
9114
2047J 3 90
243 965 100
8
993
100
58
2047J J
8412 May'22..-- 7914 8412
St Paul-Duluth Div g 4s 1996 J 0 865s
1033 July'22 -.-- 1033 109
8
8
N P-Gt Nor joint 6 As
1936 J J
10014 June'22!---- 10014 101
St P & N P gen gold 6s_ _ 1923 F A 100s
100 May'21!---Registered certificates_ _1923 Q A
St Paul & Duluth 1st 5s_ _ _1931 Q F 15(75; -_-_-__ 100 June'22,:-..... 9912 100
1st consol gold 4s
1968 J D 8538 ____ 86 May'22.._. 823 86
Wash Cent 1st gold 4s_ _ _1948 Q M 8312 8512 84 May'22 ---- 82
,
85 4
Nor Pac Term Co 1st g Gs__ _1933 3 J 10838 ____ 108 June'22 —7; 107 1083
54
4
.
Oregon-Wash 1st & ref 4s__ _ _1961 J, J 83% 84
837
8
8412 4* 77
845
:
Pacific Coast Co 1st g Is. _ _1946 J D 9214
6 75
8378
8214
83
Paducah & Ills 1st s f
s__ _1955 J J 9318
93 Aug'22,-,7,-;.; 90 93
Paris-Lyons-Med RR 6s
4
75341 tr.'
, 703 85
1958 F A 7512 753 7034
4
Pennsylvania RR 1st g 4s_ _ _1923 M N 9918
993 Aug'22
5734 92
96 4 99'4
Consol gold 4s
1943 M N 9018 95
90 Aug'22
Consol gold 4s
1948 M N 9112 9312 923
4
93
851s 933
4
4 621 95
Consol 4 As
0
1960 F A 99 100
983
8
0
9 1;81 3
99
General 4 A s
9434 39
,
19653 D 94 Sale 93 4
General 5s
8
1968 J D 1025 103 10254
10314 76 9313 10314
-year secured 7s
10
1930 A 0 11014 111 110
1103
11 1t1"
4
15-year secured 63
110341 131 1033 112
,
,s
1936 F A 11014 11012 110
8
Alleg Val gen guar g 4s
1942 M S 92 ____ 94 Aug'22
94
88
D ft RR & 13dgelst gu 48 g_1936 F A 903
87 May'22 ---- 87
87
'Pennsylvania Co—
Guar 3s coil trust reg A_1937 M S 845s
81% July'22,---- 8134 813
4
Guar 3 As coil trust Ser 11_1941 F A 8412 8512 8412
8412'
2 7214 85
1942 J D 80 _. _
83 July'22,---- 7512 83
Guar 38s trust ctfs C
1944 J D 803 -___ .82 Aug'221---- 82 82
4
Guar 33s trust ctfs D
1931 A 0 9112 Sale 92
-25
Guar 15 -year gold 4s
92 I
1 8458 923
4
-year guar 4s ctfs Ser E 1952 M N 853 87
4
87 July'22
40
80
88'4
1942
86, May'22
8
N 85% 88
Cm Leb & Nor gu 4s g
8
8014 867
CI .1, Mar 1st gu g 4 As-- —1935 MN 9414 ____ 8812 Dec'21
- Cl & P gen gu 4.5s Ser A._1942 J J 9814 9918 91 Nov'21
--1942 A 0 9814 9918 104
Series B
Dee*15
- -8
1942 A 0 773 ____ 9614 Feb'12
Int reduced to 3As
1948 M N
793 ---9015 Dec'12
4
Series C 3As
-5
018 - — 67
85
Series D 33-is1950 F A 85 -88
Aan;21
J p 20
Erie & Pitts gu g 3;55 B -1940 J J
-1940 J
88
794 May'19
85
Series C
9214
0214
•Gr R & lox 1st gu g 4As_1941 J J 9214 95
-ij983 ____ 98 June'22
4
Pitts Y & Ash 1st cons Is 1927 M N
98
98
Tol W V & 0 gu
92 May'22
8
9714
96 5
4
A-1931 J
92% 94
-is
1933 J
Series B 43
Series C 4s
1942 M S 833 ___
77 Sept'21
8
1940 A 0 9614 9734 98 Aug'22
PC C & St L gu 4As A
81 4
- 1- -687
9512
Series B 4 As guar
5 883 98
1942 A 0 9612 ____ 9512
8
Series C 49s guar
1942 M N
9612 ____ 915 Apr'22
8
8918 915
8
Series D 4s guar
1945 M N
8812 Apr'22
8914
8414 9114
Series E 3 A s guar gold_ 1940 F A
Aug'22
91 -..__ 91
8914 91
8618 ___ 8914 June'22
Series F guar 4s gold_
1953 J D
84
921s
Series G 4s guar
1957 M N
87 __ 80 May'21
Series I cons guar 4 A s 1963 F A
9512 ____ 96
8912 9,
Aug'22
General Os Series A
1970 J D 100 10012 100
1003
3 90 1003
4
4
C St I.& P 1st cons g 5s_ _ _1932 A 0 9934 ____ 100 May221-- 99 10034
Phila Bait & W 151 g 4s_ _ _1943 M N
9114 ____ 897 June'22 -- 897 92
4
8
1944 M 5 8912 ____ 8012 June'21
U N J RR & Can gen 4s
Pere Marquette 1st Ser A 5s_ _1956 J .1 10012 Sale 100
10112 -:2; 8812 10112
1st Series B 4s
1956 J J
8418 85
84
75
85
Philippine Ry 1st 30-yr s f 45 1927 .1 J
5214
5214 53
5578 27 4114 59
82
16
Pitts Sh & LB Ist g 5s
1940 A 0 9918 ____ 100 Mar'22 _- 953 100
4
1943 J .1
1st consol gold 5s
9918 100
9714 Deo'17 -_
Reading Co gen gold 4s
1097 J J
86 Sale 8512
86121 170 80
87:4
Registered
1997 3 .1 82
843
4
85
8434 Aug'22 _ _ _ _ 82
Jersey Central coil g 4s_ _ _ _1951 A 0 8714 Ss
8714
8714
3 8112 88
-
-
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept 1
1085
Price
Friday
Sept 1
Week.'s
Range or
Aast Sale
J3I
I
Range
Since
Jan. 1
High No.: Low Him)
Bid
Ask Low
St Jos & Grand Isl 1st g 4s_ ,,1947 J J 77 ____ 76
1; 65% 76
76
St Louis & San Fran (reorg Co)—
Prior lien Ser A 45
7434 108 68
74%
1950 S i 74 Sale 733-i
Prior lien Ser B Is
89
_1950 S i 8838 Sale 87
883
4 42 82
92 93
55s
96
96
8
1942 ii 9538 Sale 953
Prior lien Ser C 65
15 9418 10114
10114
1928 S i 10012 100% 100%
Cum adjust Ser A 6s
8412 144 71
847
51955 AG 84 Sale 8334
s
Income Series A Os
7734 Sale 76%
79
78% 263 54
51960 Oct
_ 104 Aug'22
St Louis & San Fran gen 6s_ _1931 J J 10412 _
7104
General gold 5s
9912
99 Aug'22 ---_'
1931 J J 100
St L& S F RR cons g 4s_ _ _1996 J J
6714 uct'20
7338
Southw Div 1st g 5s_
90
Feb'22 --__ 90 90
1947 A 0 92
KC Ft S& M cons g 6s.._ _1928 MN 103% 104 10312 Aug'22
4
187 31:1 10431:
01 1 0
KC Ft S& M Ry ref g 4s_ _1936 A0 823 ____ 8212
8312 136
KC&MR& 13.1st gu 5s1929 A0
92
Apr'22
St L S W 1st g 45 bond ctfs
98325
s
8014 795
8012
1989 MN 80
2d g 48 income bond etfa_p1989 J J
71
11 6412 72
71
71
Consol gold 4s
827
4 78 6812 8274
1932 3D 7938 Sale 79
1st terminal & unifying 5s_ _1952 J J 8314 8312 83
9, 71
84
8312
1 2
S A & A Pass 1st gu g 4s
8' 70
8114
8014
1943 J J 7712 7912 7714
Seaboard Air Line g 45
65
Aug'22
1950 AG 64
Gold 4s stamped
5912
61
1950 AG 5934 60
Adjustment 5s
19 13
2812 Sale 2718
01949 FA
303 ---0 58912 3 2
4 27- 4
673324
Refunding 4s
467 282 3118 483
1959 A0 45% Sale 4412
4
4
1st & cons 6s Series A
68 Sale 6712
617 41
7334
71
MS
Atl Birm 30-yr 1st g 4s_e1945 M S 68
7512
75
3 591
,
68
68
1933
Caro Cent 1st con g 4s- —19 9 J J 70
63
Feb'22 ___ 03 83
4
Fla Cent & Pen 1st eat 6s 1923 J J 975 9912 96
8
96
Jan'22 ---- 98
1st land grant ext g 5s 1930 J J 9418 _ _ _ _ 9312 Aug'22 ___ _ 89
9313
Consol gold 5s
90 July'22 ____ 8212 90
1943
J 9018
Ga & Ala Ry 1st con 5s_ _ _0 5 J J 8218
8318
1 71
8314
8318
1943
Ga Car & No 1st gu g 5s_ _ _1929 S i
90 Aug'22 ---- 84
91
Seaboard & Roan 1st 5s__ _1926 j J
9212
913 July'22 --__ 843 95
s
4
Southern Pacific Co—
Gold 4s (Cent Pac coll)___k1949 J D 8912 ____ 8834
893
4 54 78
9412
20
-year cony 4s
953
108 86
4
94
g1929 MS 9314 Sale 93
-year cony 5s
20
2 9512 10453
1934 3D 104 117 1041, 10458
891: 925 9
Cent Pac 1st ref gu g 4s_ _1949 FA 921 893 82%
,1 9
,258 37 8114 917,
9112
Mort guar gold 33s_ ..1c1929 J D
3 86
9258
Through St L 1st gu 4s_ _1954 AG 8312
82 4
3
8312 14 7814 8714
GH&SA M &P 1st 5s1931 MN 987 100
982 Aug'22 ---- 9414 9913
4
26 exten 5s guar
9414 Aug'22 ---- 92
1931 S i 9534 100
98
Gila V G & N 1st gu g 5s1924 MN 9914
9918 Aug'22 -___, 97
9918
Hous E & W T Ist g 5s__ _ _1933 MN 9718 100
94 2 May'22
,
94
9412
lot guar 58 red
_
-MN 9714 ____ 86 Mar'21
& T C 1st g 5s int gU_ _ _1937 S i 9814
__
933 Apr'22
4
19 3
A & N W 1st gu g 5s
19415 .1 96 ____ 98 May'22 ---- 863 98
4
No of Cal gun” g 5s
Apr'22 --- 96 10312
1938 A 0 9914 ____ 101
Ore & Cal let guar g 5s
10012 101 10012
11 9514 101
4
1003
1927 J
So Pac of Cal—Gu g 5s- - - - 1937 M
9812 ____ 10312 July'22
1004 10312
N
So Pac Coast 1st gu 45 g
884 9214
1937 J J 90 ____ 90 May'22
Tex & N 0 con gold 5s_ _ _1943 J J 9414 ____ 945 Aug'22 ---- 89
8
964
So Pac RR 1st ref 45
89%
9212 45 8314 9223
1955 J J 9012 91
San Fran Terml 1st 4s_ _ _ _1950 A 0 837 85
843
4
4
4 80
8512
85
Southern—Ist cons g 5s
4
9914 30 871s 100 8
3
1994 J J 99 Sale 983
Registered
90
Apr'22
8814 90
Develop & gen 4s Ser A__ _1956 A 0 713 Sale
8
Sole 697
309 6114 72
72
1994
Temporary 6)-s
1956 A 0 10314 Sale 1021, 10338 118 9414 10312
Mob & Ohio coil tr g 4s_ _ _ _1938 M 5 7614 84
7612
4 8614 7654
7612
Mem Div 1st g 4 A s-5s .j996 J J 9778 -- -- 975 Aug'22 ---,I 89
9714
St Louis div 1st g 4s
7714 8212 78
78
1951 J J
11 73
80 •
Ala Gt Sou 1st cons A 5s_.1943 J
5
98
8
977 99
98
Atl & Charl A L 1st A 430_1944 J J
9212 ____ 93 Aug'22
,
6112 93%
8
(.18
993
1st 30-year 5s Ser B
99341
2 91 100
1944 J J 993 100
Atl & Danv 1st g 4s
7714 Aug'22 ---- 72
78
10485 J 7718 80
2d 4s
1948J J 601, 711, 67 Aug'22 ____ 60
6613
Ati & Yad 1st g guar 4s_.,1949 A 0
_, 7912 Aug'22
75:4 82
E T Va & Ga Div g 5s
8114"__97'4 June'22
1930 J J 9912 101
933 9714
4
Cons 1st gold 5s
9912
9912
1956 M N 9912
1 93
9912
E Tenn reorg lien g Is
1938 M S 9512 ____ 9512 July'22 ---- 9354 9514
Ga Midland 1st 35
63 Aug'22
1946 A 0 6114 66
. 58
03
Knoxv & Ohio 1st g 6
.
4
1925 J J 1001, 10134 1003 July'22 ---10014
Mob & Bit prior lien g 5s_ _1945 J J 9418 ---- 75% Aug '21 --- 9874
Mortgage gold 4s
1945 J J 82 ____ 7414 May'22
7312 75
Rich & Meek 1st g 5s
1 78
78
---- 00
78
So Car & Ga 1st ext 51s 1929 MN 75 4 10012 100 Aug 22 -9912
Aug 22 -- 94 101
94 M N
Virginia Mid Ser E 5s
_,1926 MS 9914 100 1 9914 Aug'22 ---- 97
9914
General 5s
1936 MN 9814 9958' 99 Aug'22
9512 995
8
Va & So'w'n 1st gu 5s
921, _ _ _1 9312 July'22
2003 J J
80
97
1st cons 50
-year 5s
857
8 13 74
! 84
86
857
1958
3
W 0 & W 1st cy gu 45___ _1924 AO 9714 ___ - 9714
_1
9714
1 9412 9714
FA
Spokane Internat 1st g 5s_ _.,1955
8214
10 7718 8214
,
83 ___82 4
Term Assn of St L 1st g 43s 1939 J J 9414 98 - I 977 July'22 --- 92
5
977
8
A0
1st cons gold 54
8858 9912
9912 9518 Aug'22
F A 99
Gen refund 5 f g 4s
8212
9 7612 8312
J J 8112 8214 8112
St L M Bridge Ter gu g 58_1193 A0 9755 99
5
4318 97
96 2 Aug'22
,
1 9503
944
Texas & Pa- 1st gold 5s
9812 23 8712 8100
97
2000 J D 9712 99
26 gold income Is
50
Feb'22 ---. 50
Mar 58 ____ 50
La Div B L 1st g 5s
90 Aug'22 .
92
7918 90
1stg,5s : 3 .1 . 89
: 90
2 39
1
W Min W & NW
8612 Aug'22
90
8612 90
• A 76
Tol & Ohio Cent 1st gu 5s A93. S
97
1931
i 100 ____ 97 Aug'22 __-- 91
Western Div let g Is
8
95
1935 A 0 958 ____ 927 May'22 ___- 90
icn
General
t gu g 4s
Is
__ 90 Aug'22
814 9
/ 0
1
1935 J o 884
3
7512 83
AO 8114 8312 80 Aug'22
2d 20
-year 5s
97
J J 9714 9912 97 Aug'22 -- 91
iTol St L & W pr lien g3
93
3 84
93
93
93
1999
As_ _ 1925 S i
2°7
50
50-year gold
s
15,5
7 21
.
73 june5 _ 3_ /6
75
1950 AO 7214 74
Coil trust
4:
Ser A
FA
Trust co ctfs of deposit
14 71 8 1.1
- :-g5 1
4 545
67;1_
_ 2 _ga_ 314 Feb'22
Tor Ham & Buff 1st g 4s_
I917
_ _k1946 S D
Ulster & Del 1st cons g 5s_ _ _1928 J D 625: _7 _ 9240 124 J ulg:522 62;98 898112 192 :
989 231322
;
Auuny. 2
95
89097060
8
2: 68889
_ 856
961 9_05:34 9,7 112 J :
_
1st refunding g
1952 A0
Union Pacific 1st g 48
1947 S i
Registered
1947 J i
20
-year cony 4s
5 144 s e 89
, 1927 J J -8j3 5als- 9514
1st & refunding 4s
MS
10
-year perm secured 65_ _ g 19 8 S i 1047 105 104%
106
13 102 106
8
_299
2
Ore RR & Nay con g 4s_ ....1946 J D 89 ____ 90
90 __-- 8314 90
Ore Short Line
1st consol g 5s
4 9612 10512
10512
1946 S i 10518 10612 10512
Guar con Is
2 97 106
1057
8
1946 J J 10514 106 105
Guar refund 4s
9414 33 8612 9518
9312 9412 9414
J D
Utah & Nor gold 5s
99 10012 99 Aug'22
9614 994
J J
1st extended 4s
8612 86
S i 91% -- 8612 Feb'22
Vandalla cons g 45 Ser A__ 1195369 FA
Apr'22
7814 8612
8554 -- 86
95
99322
Consol 45 Series B
853
4
- 7212 Jan'21
1957 M N
Vera Cruz & P 1st gu 43,1s__ _1934 J
471
28
1 57
J 3112 3812 3512 July'22
Virginian 1st 59 Series A_ _ 1962 MN 9812 985 98
9914 96 8814 9912
Wabash 1st gold 5s
1 937 100
9812
4
8
2
MN 993 997 9812
2d gold 5s
2 8112 93
9112
8
915 9112
FA 91
1st lien 50-yr g term 4s__ _ _1993399• .j 7114 ---- 6712 July 22
6712 677
8
11954
Det & Ch Ext 1st g 5s_
91
Ws
- 96 May'22
1941 S i 9614
Des Moines Div 1st g 4s_ _ _193 J J 75% __-- 74 .May'22
74 74
Om Div 1st g 3s
8
663 70
1941 AG 71 _- 69 Aug'22
Tol & Ch Div g 4s
69
80
MS 7912 - - -- 80 Aug'22
Wash Term 1st gu 35's
72% 8212
81:8 8212 8212 Aug'22
19 5 FA
91
4
1st 40
Feb'22
-year guar 4s
85
85
- 85
1945 FA 8812
Vest Maryla• d 1st g 4s
69
32 5812 69
AO 68 68% 68
est N Y & Pa 1st g 5s
9812 9912 9912 Aug'22
95 100
11993527 J J
Gen gold 4s
79
1 7212 801s
- 79
1943 A0 79
Western Pac 1st Ser A 55_ _ _ _1946 MS 86
87% 46 8418 8812
8612 8612
1 3
1017
Wheeling & L E 1st g 55_ _ _ —1926 A0 9812 _
1 921z 1017
8
1017
8
4
Wheeling Div 1st gold 5s....1928 J J
4
893 9712
9418 -- 93 Aug'22
Exten & Impt gold 58__ _ —1930 F A 9412 -- -- 92 June'22
89
92
72
-15 52 7278
7112 7012
Refunding 41is Series A.-.1966 lvi S 71
RR 1st consol 4s
7614 12 62
7614
76%
_1949 M S 76% 85
77
80
Winston-Salem S B 1st 48_ _ _1980 J J 86
8612 8112 July'22
Wis Cent 50-yr 1st gen 48 - -7412 84
83 Aug'22
83
J J 82
sun rt. Dill div & term 1st 1949
8334 20 7514 84
8212 8312 8212
N
4s 36
'
*No price Friday: latest bid and asked Une week. 'Due Jan. 0 Due Feb. g Due June, nDue -july. k Due Aug. oDus Oct. pDne Nev. a Due 1 . 10Dtion
,0
1086
BONDS
N. Y.STOCK EXCHANGE
Week ending Sept 1
New York Bond Record--Concluded—Page 4
Price
Friday
Sept 1
r
Range or
Last Sale
since
Rarige
Jan, 1
BONDS
N. Y STOCK EXCHANGE
Week ending Sept 1
OSI-47:11
ci
Price
Friday
1
11
Range r
:
Veek'
Last Sale
1
ng6
Rttte8
Jan.
High No. Low High
Ask Low
Bid
Ina
Ask Low
High No. Low High
Street Railway
20 10113 10712
63
63 6214
s
647 Cuban Am Sugar 1st coll 8s_ _1931 M S 107 Sale 10612 107
7 31
Brooklyn Rapid Tran g 5s__1945 A 0 62
4 10812 24 107 11012
8
57
Diamond Match 5 f deb 758s_1936 M N 10818 1083 1073
5 3512 84
59 56
1st refund cony gold 4s__ _ _2002 J J 57
46
46
20 33 5312
8
85
Distill Sec Cor cony 1st g 5s927 A 0 45 46
..1
88
164 58
3-yr 7% secured notes_ _ _ _k1921 J J 843 Sale 84
81
8
8412 85
8 73 5812 87
843
El du Pont Powder 438_ _ .. _1936 J D 885 ____ 95 Aug'22 -_-- 8712 95
Certificates of deposit
10812 91 1031g 10812
8058 Sale 80
8112 47 54
,
0
8378 du Pont de Nemours & Co 73 '31 MN 108 Sale 107%
Certfs of deposit stamped_
38 997k 10812
107
9014 Fisk Rubber 1st a f Ss
9014
6 75
1941 M S 10614 Sale 106%
Bklyn Un El 1st g 4-5s_ _ __195o F A 8918 90 8912
75 9112 103
95
0
9
8014 11 7512 9014 Framer lc Ind & Dev 20-yr 7;is '42 J J 9412 Sale 9112
1956 F A 89% 9018 90
Stamped guar 4-5s
F A 791. Sale 7912
Apr'22 ---- 931 97
1 64 80
_1936 .1 D 10018 ___ 97
General Baking 1st 25-yr 6s_
Kings County E 1st g 4s_ _1949
3
91 ---- 8012 Aug'22 -- -. 70 4 81
82
3 66
Gen Electric deb g 3s
1942 F A
82
F A 82 Sale 78
Stamped guar 45
10212 21 95 103
5714 71 27
1952 M S 102 Sale 102
6714
Debenture 55
51
Nassau Elec guar gold 4s_1149 J J 5512 5714 5112
8 1081s 32 103 109
8234 52 67 85
20-year deb 68
Feb 1010 F A 108 10312 1067
27 F
Chicago Rys 1st 55
4%s 1951 i A3 8212 8258 82
10234 1161 9778 104
8
8
8118 85
7612 June'22 ---- 75
1957 J J 1013 Sale 1013
7612 Goodrich Co 6%s
Conn Ry & L 1st & ref g
200 11014 117
115
s
Goodyear Tire & Rub 1st s 1Se '41 M N 115 Sale 1143
3
3 Apr'22 -- - 70 4 73
,
1951 .1 J 8118 85 7
Stamped guar 4365
s
1003 163 973 10314
4
81931 F A 100 Sale 9934
8 2 _17_6 6312 8612
.. 88 jan 3102.
5
6
5 8
10-year s 1 deb g 8s
2
Det United 1st cons g 4 4 s _1932 J JI 8 3 _8_512 54
132
8814 2 , 8 12 84 4
0
8 72 92
8
,
Holland-American Line f3s _1947 MN 88 Sale 8818
Ft Smith Lt & Tr 1st g 5s_ _ _1936 M g
81
1314 Sale 1414
20 -{13 71- lot Aerie Corp 1st 20-yr 5s_ _1932 M N 803 81
4
16
4
Interboro Nletrop coil 4s_1956 A 0
6 102 1163
15 13 34 1418
4
16
203 73 1834 Internat Cement Cony 8s____1926 J D 10812 10958 10812 109 1
4
Certificates of deposit
4
933 291 89 9912
7414 1358 54
7538 Inter Mercan Marine s f 6s:1941 A 0 9414 Sale 9212
Interboro Rap Tran 1st 5s_ _ _1966 i J 74 Sale 705
9012 18 86
9,
8014 817 8058
02
8312 133 7614 8312 International Paper 55
1947 J J 9012 Sale 8914
-year 6s
10
85 8314 90
90
9612
98
418 9312 98
1st & ref 5s B
1947 J J 89 Sale 8814
7s
1932
8314 65 805 96
8
8
4
1947 J J 81 Sale 805
7212 99 5712 7212 Jurgens Works 6s
Manhat Ry(N Y)cons g 4s_ _1990 A 0 68 7212 683
10558 19 102 108
1942 F A 10412 105 10414
e712 6758 Kayser & Co 78
Stamped tax exempt
1990 A 0
- fig
4
Kelly-Springfield Tire 8s_ _ _ _1931 M N 1073 108 10712 108141 15 101% 110
_(70 _
2013 D - - 18 - - 4(1170""6.022
2d 45
2 9634 9834
9734
9712 978
84 Aug'22 ____ 46481'24 69
84
Kinney Co 7s
Manila Elec Ry & Lt 5 f 5s_ _1953 M S
120 1
1 112 120
-14
4
93 A D 18 8
92
Liggett & Myers Tobac 75_ _ _1946 j O 1953 ____ 120
4 74 81
893
Market St Ry 1st cons 5s_ __ _1921 M S g9 f3ale 89
8
10012 10 9172 10012
94% 21 903 97
1951 F A 985 102 100
4
1924 A 0 93% 94 94
'''
-year 6% notes
5
112 11612
A 0 11612 ___ 11612 Aug'22 _
1944
Lorillard Co (P) 7s
Metropolitan Street Ry—
9934 id 9218 100
4
4
78
14 50
1951 F A 993 1003 98%
78
58
B'way & 7th Av 1st c g 58_1943 J D 78 Sale 78
9974 6 1 9
8832 35 7718 1903
8
8 0014
23 Aug'22 -- -- 1712 25
8
1912 A 0 995 Sale 9912
Manati Sugar 7s
Av 1st gu g 58_1992 M S 23 24
Col de 9th
9212 97
8
6
9
6
8
9812 _8_83_4 8 84 july.22 _._
55
Morris & Co 1st s f 4%8
1 39 55
Lex Ay dr P F 1st gu g 55_ _1993 M S 52
5478 551
97 July'22 __::: 9714 9714 Nat Enarn & Stampg 1st 5s_ _1929 j A
3
19 9J
Milw Elec Ry & Lt cons g 55_1926 F A 98 99
95 95
95 I
8
79i,, 90
Refunding & exten 49s,_ _1931 J J 885 — _ 8912 Aug'22 _ .6 ...iiii _iili Nat Starch 20-year deb 5s__ _1930 J .1 95 9i 95
102
10, 97 102
8
9214 43 83
9214 N Y Air Brake 1st cony 6s_ _ _1928 M N 102 Sale 1017
Montreal Tram 1st & ref 55_ _1941 J J 92 Sale 9112
8118 _ _ 8112
8112
11 76
8112
New Onl Ry & Lt gen 4;48_ _1935 J J 63 _ _ _ 5U Feb'21 _____ ---- ---- N Y Dock 50-yr 1st g 4s
7
01 2 103
7
0 34 12 98 10 ,
71 99
0 4
4
8
7412 34 Dec'21
5
Packard Motor Car 10-Yr 8s_ _ 1931 F 0 1071_4 Sale 10314
9 A A
N Y Mimic Ry 1st s f 5s A_1966 J J 69
41
3914
1931 M N
Porto Rican Am Tob 8s
N Y Rys 1st R E & ref 4s__ _1942 -1 J 3918 40
3812 28 24
4
38
39
38
1937 J .1 iiig no 10712 no 1 88 10114 1113
Punta Alegre sugar 78
44
Certificates of deposit
4
95 1 87 9312 95
9412 943 94
14 512 15
1012 1012
11
Remington Arms 6s
30-year adj inc 5s
51942 A 0 10
3
8
9714 09
0
4 934 85
83
1942 M
1937 IV1 1 1005 Sale 10012 100 4 15 98 :114
98
4
5 43 1312 Saks Co 7s
Certificates of deposit
103 1 12 94 103
21 6112 7218 South Porto Rico Sugar 7s_ _ _ 1931 J D 102% 10212 10058
72
0
4
N Y State Rys 1st cons 43.0_1962 MN 71 Sale 70
2 96
NI N 98 _ _ 98
98
98
97
56 95 9712 Standard Milling 1st 5s
Nor Ohio Trac & Light 6s_ _ _1947 M S 9514 97
95
106
40
,0
8
9
1931 J D 105% Safe 10514
Tobacco Products s f 7s
Portland Ry 1st & ref 5s___ _1930 M N 88 ___,__ 8611 July'22 ---- 74 88
J j 102 __ 104% June'22 __ -- 88% 1047
8
1
86
Union Bag & Paper 1st 58_ _ _1930
Portland Ry Lt & P 1st ref 55 1942 F A 86
86% 86
4
9934 51 9614 100
10712
6s
1942 M N 9958 993 99
9 102 10712
1st & refund 7s Ser A_ __1948 M N 105 --__ 105
16 101% 105
j• j 9412 ___. 8812 June'22 ---- 8812 8812 Union Tank Car equip 7s_ _ _ _1930 F A 10312 104 10312 104
Portland Gen Elec 1st 5s_ _1935
11218 13 104 113
90 87
9014 2/ 73 9014 United Drug cony 8s
J D 112 113 112
Pub Sell, Corp of NJ gen 5s_1959 A 0 89
9812 24 92 9812
U S Realty & I cony deb g 5s_1924 .1 .1 9712 Sale 9712
5618 68
8612
Third Ave 1st ref 45
1960 J J 6612 Sale 6612
10212 10234 10212 1025
s
8 10012 10412
68
552 4412 68
US Rubber 5
6712 Sale 6614
2
-year sec 7s_ _ _ _1943 J D
19 1
Adjincome 5s
51960 A 0
9012 236 86 91
1st & ref 5s series A
1947 J J 9014 Sale 90
Third Ave Ry 1st g 5s
1937 .71 J 9612 - - 97 Aug'22 ---- 88 97
110 , 61 104 110
109 Sale 109
loo _ _ _7_ 96 1004
10-year 7;is
1930
Tr! City Ry & Lt 1st s f 5s_ _ _1923 J 0.11o0 15514 loo
A,
10012 68 93 10112
87 ___. 73 Jan'22
8
73
Va-Caro Chem 1st 15-yr 58_1923 j D 1005 Sale 10058
73
F A
Undergr of London 4Yis_ _ ..1933
100 , 6 9212 104
9 02
Cony deb 68
e1924 A 0 100 10014 100
Income Os
1948 J J 7038 -„,- 64 June'22 ____ go 6418
99 1 171 98 997
g
8
91
91
4
893
20 75
7s
9012 91
1947 J D 985 Sale 9812
United Rys by 55 Pitts issue 1926 M N
8 47 9912 105%
1053
6212 32 5112 63
12
10558 10512 105%
-year s f 7%/s
1932
United Rys St L 1st g 4s_ _ _ _1934 J j 6212 70 62
Warner Sugar 75
58
1941 M N 103 Sale 10212 10314 26
St Louis Transit gu 58_ _ ..1924 A 0 57 6912 58 May'22 ---- 56
10018 29 99 10012
28 72
83
4
823
West Electric 1st 5s_ _ __Dec 1922 j DJ 10018 10014 10018
83
J
Va Ry Pow 1st & ref 5s
1934 J J 8312 84
46 IN 109
4 108
107% Sale 1073
Westinghouse E & M 75
1931
Gas and Electric Light
,
2
34 9 78 0214
8
8234 Wilson dr Co 1st 25-yr s f fis_ _1941 M 0 10112 Sale 10112 102 4 43 103 106
8
815
7 70
A N
1934 A 0 8118 815 8112
Am Wat Wks & Eke 55
62 84
9612
10018
99
-year cony s f 6s
10
10018
D
8 89%
4 9912
1928 J
Bklyn Edison Inc gen 5s A 1949 J J 983 ____ 104
GA, 1n71
95
5
9 2
6s
0 38
96:
51 100 1041
8
Temporary 7 •6s
.
10412
1931 F A 106;2 Sale 10512 :00 8 68 ...2 --. _2
1930 J J 1035
General fls series B
1
106
8 102 107% •
105 106 105
General 7s series C
1930 J j
1033
8
5 8712 99
Oi 6 iff
4 10712 10814 221 10612 10878 Atlantic Refg d ebls ,
1931 M S 103 Sale 103
19 0 J D
58_1945 r4 N 1075 1083 983
General 7fs series D
81 9938 100%
8
99
4
4
9814 9934
fining 5;is _1932 J .1 993 Sale 993
Bklyn Un Gas 1st cons g
9714 25 90 19 5
9614
4
1931 it s 96 97
5
87
15 8
9
118
10334 29 101 10334 Inuinble O0 Re
H vrn ci ble11& s
A 103% Sale 103
1942
Canada Gen Elec Co 6s
843 0
3
6
Mariand Oil s f 8s with waents '31 A 0 12012 122 12012 12012 171 94142 12
-__ _ 92 100
Cincin Gas& Elec 1st& ref 55 1956 A 0 9714 9912 9812 Aug'22
10612 14 99 10712
6
Mexican Petroleum s f 8s_ _ __1936 M N 106 10612 10
96% 9312
9612
8 8814 97
1st 5s
1927 J J 96
Columbia G & E
10134
9618 96
Pan-Amer P & T 1st 10-yr 78_1930 F A 10114 102 10112
97
9612
5 88
1927 J J 96
Stamped
03
.
,
94 102%
75
Pierce 011 s f Ss
1931 J Di 9712 98% 9712 110 1
Columbus Gas 1st gold 5s__ _1932 J j 9112 ---__ 12412 Sept'24 -IL,
Aug'22 ---- iiii- iiE - Prod dr Ref s f 8s(with war'nts)'31 J D' 11118 11412 11012
1925 Q F
Consol Gas 5-yr cony 78
4
N'
Ri N i 103% Sale 1033
8
i5O38 -_-_-__ loos 10058 3 93 100% Sinclair Con Oil cony 7i5s-- NB0414 210, 98 1063
Detroit City Gas gold 5s_ _ _ _1923 J J
10014 222 98 10012
99
8
997 984
2: 93 100
-year 7s
M s 112032 Sale 98%
15
Detroit Edison 1st coll tr 58_1933 i J 99
4
6914
1
9912 2871 98 993
18i 8914 99
99
4
963
9634 97
Sinclair Crude 011 55is
1925 A 01 99
k1940 M 5
1st & ref 5s ser A
10618 57 10514 10712
171 9912 106
Standard Oil of Cal 75
51931 F Al 10618 Sale 105
,
k1940 M S 104 Sale 10314 104
1st & ref 6s series B
104
27 100 1043
1931 F Al 03% Sale 10318
8
10314
10112 82 100 10412 Tide Water 011 630
Duquesne Lt 1st & coil 6s__ _1949 J i 10412 Sale 107
107
_ 2 1043 1073
4
,
4
1936 J J 107 Sale
Debenture 7A s
I
Mining
9714 Sale 9714
9712 460; 978 9834
Empire Gas dr Fuel 7Ms_ _ _1937 M N
93
1212
9
100
2' 9412 100
4
Alaska Gold M deb 68 A_ _ _ _1925 M S! 9
100
Great Falls Power 1st s f 5s_ _1940 M N 100 Sale 91
108
6
2 7714 92
91
Cony deb 6s series B
1926 M SI
7
8
87 947
Havana Elec consol g 5s__ _ _1952 F A 9012 91
9558 74 8612 96
93
8
90 Aug'22 ---- 85
Am.Sm & R let 30-yr 5s ser A 1947 A 0 ---__ -- -17:
90
1919 M N 91
Hudson Co Gas Ist g 5s
9912 20 93 10018
Braden Cop M coll Ins f 6s_ _1931 F A 10,1 4 9912 5,0
9738 Aug'22 --__ 9112 98
19371A 0 ____ 99
Kings Co El L & P g 5s
128 1 65 110 128
26
1931 j j 126 128
1997!A 0 109 110 10912 10912 • 5 10612 11112 Cerro de Pasco Cop 8s
Purchase money Os
10614' 72 99 107
Chile Copper 10-yr cony 7s_ _1923 M N' 105 10512 105
1923 M 5 111 -___ 10514 Apr'2,. ---- 98 107
Convertible deb 65
95% 244 84
414
9512
Coll tr & cony 6s ser A_1932 A 0 9412 93 9
88 90 Aug'22 ---- 8118 90
Ed El Ill Bkn 1st con g 48_1939 j J 87
9312 Aug'2290 _ ___ 86 July 22 __ 87 90
Granby Cons M S & Peon Os A '28 M N
93
---- 86
Lac Gas L of St L ref & ext 58 1934 A 0 92
99
Stamped
1928 M N I 9012 94 94 June'22 ____ 87
1927 M N 9278 ---- 9278 Aug'22 -___ 8712 93
Milwaukee Gas L 1st 4s
3 86 102
9914 98%
9914 70 93
99
Cony deben 8s
9914
1925 M NI
Montana Power 1st 5s A_ _ _ _1943 J i 112 Sale 111%
12
1071
86 10534 11212 Tennessee Cop 1st cony 6s__ _1923 M N'
112
7 9212 101
N Y Edison 1st & ref 6 hs A_1941 A 0 99 9912 99
0
8 102
8
0 9512 1035
8
,
99 2
5 925 993 U S Smelt Ref dc M cony 68_ _1926 F A 191 I017 101381013
4
8
1948 J D
5s
NYGEL&Pg
A
8334
I
Coal. Iron and Steel
4
833
I
- 76 84
1949 F A 838 84
Purchase money g 4s
4 9518 100
99
s
10118 ____ 10112
ext s f
1926 -1 .1 98% 99 987
Ed Elec III 1st cons g 5s_ _ _1995 J j 100 ---- 101 Aug'22 ---- 10012 1015s Beth Steel 1stguar A 58
101
8912 100
1st .Sc ref Is
3 94 101
Niagara Falls Power 1st Is,_ 1932 J J 1011s 105 10412 Aug'22
1
4
4
14
1 1. 86
9434
2 -7 2 3
20-yr p m & Imps 1 5s
--_- 10012 1043
T J
Ng I N n112 -9 _1_ , 138
4
51932 A 0
Ref & gen 6s
4
953
-60 98 10114
9612
68 A
95%
95
1948 F A 10012 100%11901z
Pow 1st 5s__1954 M N 9418 ---_I 94 June'22
Niag Lock & 0
9414
lg 2;.
9412 76 8812 9412 Buff & Susq Iron s f 5s
,-,
1932 J D 87 ---- 78 Au997
Nor States Power 25-yr 5s A _1941 A ,-, 9414 Sale 925
941. 327 90
8
Debenture 55
9412
51926 M S ------ _ . 100 Apr'22 --1952 M S 9712 98
Amer
No Amer Edison 6s
98
90
5
90
98
82 9112
Colo F & I Co gen s f 5s
1943 F A1
Ontario Power N F 1st 5s_ _ _1943 F A 9112 ____ 9112 July'22 ---- 90 99
77
7818 29 71
8212
79
9112 Col Indus 1st & coil 58 gu_ _ _ _1934 F A 771s 78
Ontario Transmission 518._ __ _1945 M N
92
46 86
92
.
Cons Coal of Md 1st A: ref 5s_1950 J D 911 92 91
Pacific G & E Co—Cal G & E—
4
9714 17 93 97% Elk Horn Coal cony 6s
4
1923 J 0 9712 ____ 977 Aug'22 ____ 9612 1021
M N 9612 973 9612
Corp unifying & ref 5s.._ _ _1937
97
8
9314' 24 8612 937
136 87
93 I 9114
92
9312 Sale 935
Illinois Steel deb “is
97
Pacific G & El gen & ref 5s_ _ _1942 .1 J 93% 94
9214
9114
15' 9614 10112
101
6 8734 9114 Indiana Steel 1st 55
=Ai° 100 10034 100
20-yr 58'30 F A 10712 110 108
Pac Pow & Lt 1st & ref
10018
16 935 100%
10914
9 10111 10914 Lackawanna Steel 1st g 5s_,1923 A 0 100 10012 100
Peop Gas & C 1st cons g 6s__1943 A 0 96
9614 96
96 • 11 85 96
s 93 Sale 9212
361 82 93
1st cons 5s series A
1947 M S
Refunding gold 5s
99
1 89 99
Lehigh C & Nays f 4%8 A_ _ _1954 .1 J 9318 ---- 94 June'22 __ 90 94
J .1 9712 99 98
Ch G L & Coke 1st gu g 58_1937
;
9
0 14
19 32 —291 83
99
9234,
9712 ____ 99
2 92 99
Midvale Steel &0 cony s 1 53_1936 M S 8912 Sale 8914
Con G Co of Ch 1st gu g 58_1936 J ./ 1
__
7812 June'22 — .. 7812 7812 National Tube 1st 5s
10 948 101
3
1952 M N 10012 100 4 10012
Mu Fuel Gas 1st cu g 3s._1947 M N 10114 1015 10114 10112 62 9612 10134 Otis Steel 8s
8
4 14 9612 103
1001
1941 F A 10012 101 10014
F A
1944
Philadelphia Co 6s A
97
9214
97
97
1 8714 9214
96
Pocah Con Colliers 1st s f 58_1957 J .1 91 ____ 9214
5 9212 97
94,
Stand Gas& El cony s f 68_ _ _1926 J D 94% ____ 9412
95 1
95 Sale 93
7 90 97
.
91% Repub I & S 10-30-yr 5s s f_
3 85
1,
J
A
Syracuse Lighting 1st g 5s_ _ _1951 m D 10818 --__ 10758 10812 15 10412 10812 St L Rock Mt & P 5s stmpd_ _1940 .1 0 8314 s
E114 Aug'22 __
78
1 2 til 9
1941
s
.1
8
877
_1955
Toledo Edison 78
73
Sharon Steel Hoop 1st 8s ser A1941 M 5 99
17 9312 100
1949 M s 8914 ---- 9612 June'24 ____
Trenton G dr El 1st g 5s
— -. 96 ____
Aug'22
5 97 102
-12 Steel & Tube gen 5 f 7s ser C_1951
110
.
1932 N.
Union Elec Lt & P 1st g 5s
98
9814 9718
3 9314 9834 Tenn Coal I dr RR gen 5s_ _ _ _1951 1 1 1k 112414 1212 Aug'22 ____ 9612 100
.2 J 98
4
3
United Fuel Gas 1st s f 6s__ _1936
8 10418 104 9912 10412.
9312 17 8712 9334 U 5 Steel Corp!couP
.
d1963 MN 103 Sale 1033
9314 92%
1944 F A 93 --- - 91 June'22
Utah Power & Lt 1st 5s
,
103 8
1 99 10358
.2
---- 8434 91
s f 10-60-yr 5slreg
d1963 M N 10314 Bal_e_s 103
J .1 9034
1957
Utica Gas & Elec ref 55
9918
6 87 03
4 95
99% 99
9918 Va Iron Coal & Coke 1st g 5s_1949 m S ,: 9 8 N58
99
!
c 1, T
9) /
21::
1939 J J 9434 97 9514
Wash Wat Power s 1 58
9514
2 89 9514 Wickwire Spen Steel 1st 7s1935
15 97 101.,
M S
West Penn Power Ser A 58_ _ _1946
106
106
Telegraph and Telephone
4 103% 10512
c1946 F A 105 106
1st series D 78
8034 804
4
803
6 75
Adams Express coll tr g 4s_ _ _1948 pa s 78
803
4
Manufacturing & Industrial
8
933 119 We 93%
4
985
8 10 9712 10314 Am Telep & Teleg coil In 4s__1929 J .1 923 93 92%
n 9738 977 9712
1936 J —
Ajax Rubber Ss
4
9012 35 80% 9012
4
99
Convertible 4s
99 2 100 99
1 8112 10012
1936 M S 893 9112 893
A
4
1011t 18 953 10412
Am Agric Chem 1st 58_ __ ___1928 F 0 104, sale 10414 10434 66 100 i(15
101
0
-year cony 43.is
20
1933 M 5 04 1
A
1941
1st ref s f nisi?
) 130 9113 100
9912 11
s 5
92
15 81
30-year temp coll tr 5s_ _ _ _1946 J D 1997 100
93
4 Sale 9112
1931 M N 913 __
Am Cot 011 debenture 58
107 Mar 22
357 108 120
-year convertible 6s
7
1936 J J 108 Sale_ 10338 10412 --. 107 107
12
Am Dock & Impt gu 68
109
355 9712 10412 Bell Teleph of Pa s f 7s A.__ _212'...
7 ,712
47 1
l
J J 104%
American Sugar Refining Os,_ 1937j J 86 Sale 85
99% 100
1
4
30
4
i
c
S i 14
8658 13 80% 88
Cent Dist Tel 1st 30
-year 5s_ _1943 J D 993 100
1939
Am Writ Paper s 1 7-68
75
76
76
8
57 8612 94
92
7 72
Commercial Cable 1st g 4s__ _2397 Q J 717 77
9112 Sale 91
1st real est 4jiff 1939 J D 88
Asmour & Co
94
95 94
1 8812 96
8
385 3812
387
8 15 2312 5012 Cumb T dr T 1st de gen 5s____1937 J J 94
J D
Atlantic Fruit cony deb 75 A_1934
8 13 94
993
5
993
3
F A --------- 104 s Aug'22 ---- 102 10978 Mich State Teleph 1st 5s_ _ _ _1924 F A 993 Sale 9914
9912 208 973 991i
Atlas Powder cony 7;is g__ _ _1936
4
7 99% 10312 New England Tel & Tel 5s _ _1952 J D 99
10134
9918 99
N i 4 038 10:34
Baldw Loco Works 1st 5s__ _ _1940 M 0 8238 ---- 8 % JulY'22 ---- 7714 8518 N Y Telep 1st & gen s 1 4;0_1939 M N 9538 Sale 95
19%4 73 8814 953
4
1
1952 A
Bush Terminal 18t 48
17 1013 108%
0
914
92
4
16 8214 94
-year deben s I fis_ _ _Feb 1949 F A 107 Sale 10612
30
1955 J J 9114 92
Consol5s
55 101% 107
7 864 95
9412
-year refunding gold 6s_ _1941 A 0 107 Sale 108% 107
20
_1960 A 0 94 9412 94
Building 5s guar tax ex__
75 10512 109
Northwest'n Bell T 1st 75 A_1941 F A 108 Sale 10712 109
88
1931 A 0 82 8.18 84 Aug'22 --_- 76
981s
99
Cent Foundry let s f 6s
33 9172 99
9812 99
98% 78 93% 9914 Pacific Tel & Tel 1st 5s
984 987 9812
8
-year g 5s____1925 A 0 9712 98
Cent Leather 20
941
82 91 95
97
%44 94 Sale 9312
977
7 89 977
'32 1
1957 1
8
55
J J
Computing-Tab-Ree s 1 6s__ _1941
9934 42 93 993
4
9914 South Bell Tel & T 1st s 1 5s_1941 J J 99% 9934 9912
9912 ---- 9914 Aug'22 ---- 95
1931 M N
Corn Prod Refg s f g 55
10018
10014 ____ 100
1 9034 10018
,
1934 M N 1014 -,-- 101 4 JulY'22 ---- 96 1013 1Vestern Union coll tr cur 5s__1938 J J
1st 25
-years f 55
89
90
90
27 60 91
7 8812 943
8
9312
,
Fund & real estate g 4;0...1950 M N 93 4 93% 93
J J 89
1930
Cuba Cane Sugar cony 7s
9 10612 111
3 114
8
8
9312 119 5418 95
15
1936 F A 1133 1135 1133
-year 6 •is g
__ __ 93 0312 92
Cony deben stamped 8%
Jan. aDtie April. cDue Mar. eDue May. ODue June. ADue July. kDue Aug. oDue Oct. i Due Dec. a Option sgle.
latest bid and asked. aDue
*No price Friday;
g1, 1u4:2::::
--
--
--
9---
--
--
4
A Llig1 1,V., ig38
BOSTON STOCK EXCHANGE Stock Record
-PER SHARE. NOT PER CENT
HIGH AND LOW SALE PRICE
Saturday,
Aug. 26.
Monday,
Aug. 28.
Tuesday,
Aug. 29.
Wednesday. Thursday,
Aug. 31.
Aug. 30.
Friday,
Sept. 1.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
BONDS
See next page
1087
Range since Jan. 1.
Lowest
Highest
Range for previous
year 1921
Lowest
Highest
Railroads
Boston & Albany
100 13014 Jan 4 152 May 22 119 Apr 133 Nov
148 148
617 Jan 79 Nov
8
8May 2
Boston Elevated
100 73 Feb 20 843
8334 8334
78 Jan 100 Dec
Do pref
100 9414 Mar 1 104 June 14
100 100
--- Do 1st pref
100 116 June 22 122 Aug 28
*121 1,25
Do 2d pref
100 102 June 10 107 Sept 1
*104 105
4
134 Dec -253 Feb
Boston de Maine
100 14 Jan 10 3112May 20
*27
1612 Nov 30 Jan
Do pref
100 20 Jan 9 37 Apr 8
34*31 19 Aug 33 Jan
Do Series A 1st pref
100 22 Jan 5 4412 Apr 26
3812 3812
27 Nov 47 Feb
Do Series B 1st pref..
..100 36 Jan 17 62 May 20
59
59
24 Nov 40 Jan
Do Series C 1st post. 100 30 Jan 9 54 May 25
*53
5312
36 Nov 58 Jan
Do Series D 1st pref. 100 40 Jan 12 7712May 1
74
74
Boston & Providence
100 125 Jan 12 163 July 17 110 June 133 Jan
*160
East Mass Street Ry Co_100 18 July 13 2633July 31
2412 -- -12
2 4
Do 1st pref
100 66 Aug 14 77 July 14
7112
*70
Do pref B
100 51 July 13 57 Aug 1
*53
56
Do adjustment
100 28 July 14 47 Aug 17
43
*40
30 Dec 431kFeb
Maine Central
100 2712 Jan 30 48 Apr 15
*4312 443
4
/
4
12 Dec 231231 Jan
8May 22
NYNH& Hartford
100 121 Jan 3 347
/
4
*31; 32
60 Apr 75 Feb
Northern New Hampshire_ 100 69 Jan 10 96 July 19
81
*79
51 Nov 76 Jan
Norwich & Worcester pref.,100 58 Jan 17 100 June 1
4
4
*963 983
Jan
50 Oct 75
Old Colony
100 57 Jan 6 9814May 23
*93 94
Jan
15 Apr 21
Rutland pref
gJune 5
100 15 Jan 20 527
51
*49
69 Nov 78 Dec
Vermont & Massachusetts 100 78 Jan 23 9912 Aug 10
99
*98
Miscellaneous
4
2 Jan
53 Dec
414 Jan 27
25
23 Feb 4
4
*312 3 4 *314 312
3
3 s 312 --------209 Amer Pneumatic Service
3
3
*312 3 4 *312 4
Do pref
812 Jan 15; Nov
50 13 Feb 20 2014 Aug 10
215
1912 *1918 1912 19
1918 *18
1912
191e 1912 *19
9618 Jan 11912 Nov
9,430 Amer Telephone & Teleg_ _ 100 114; Jan 3 12814 Aug 31
-6%g 127 2
- - -1/
1
4
4
8
1217 1234 122; 12312 12312 12512 12514 1273 1253 12814 i2
36% 3
238 Aug 24 33 Aug 29
Rights (w 1)
4
1 0 208,240
_1_ __
234 3
278 31 E
,(
,
3
334
31
3; 334
74 Jan 109 Dec
No par 104 Jan 10 117 Jan 24
520 Amoskeag Mfg
11212 114
110114 114
110 113
110 110
114 114
Do pref
78 Feb 8414 Dec
No par z8012 Jan 17 91 Aug 24
Last Sale 91 Aug'24
*90 _ _ _ _ *90_ _ *112 • 113
16 Sept
12 Jan
Art Metal Construe Inc__ 10 1412 Feb 20 2012May 19
Last Sale 1.5 July'22
*1512 1712 *1512 1712 *1512 1712 *1512 1712
1214 Juec 20 Apr
93 D ly
2
Atlas Tack Corp
No par 13 Jan 7 22 May 4
Last Sale 16 Aug'23
*1612 18
*1612 18
*1612 18
18
*16
4 Jan
. Dec
.5
15
.15 Jan 30
.75 Feb 21
10
650 Beacon Chocolate
.15 .15 ____ _ _
1July
.15 Aug 30
.95 Jan
200 Boston Mex Pet Trus_.No par
.50MaY 4
;.1.56 - - 6 -;.1.16 .30 -- -- - --.56 - - 6 -.55
.20 .20
-7- 6 -.1.
118 Jan
.20 July 17 .0812 Oct
.05 Jan 20
Century Steel of Amer Inc_ 10
j --- uly'22
Sale
Last
__-177g Dec
10 1534 Jan 4 2814 Aug 31
2760 Connor (John T)
281
28
if
.
2
21
2
7
;NIT4 - - - -21iig - - 27 171- -252 - - 2712 281
412 Feb
3 Oct
6 Apr 21
3 Jan 4
10
200 East Boston Land
-*314 4- ------4
4
4
*3
/ 4
1
4
4
*312 4
714 July 28 1414 Feb 10
91g Oct 23 Jan
110 Eastern Manufacturing_ _ _ 5
8 .8t2 914 *83
914 93
4
/ *814 9
1
4
814 8
4 9
16 Jan 42 Dec
25 3812 Jan 4 7378 Aug 22
795 Eastern SS Lines Inc
72
7112 72
7212 7212 72
71
72
*71
72
73
73
42 Nov 45 Dec
Do pref
50 42 Jan 7 48 Sept 1
25
48
*44
45 *45 ____ 48
4512 45 45
4512 45
*44
100 156 Mar 2 185 Sept 1 14214 Oct 16512 Dec
465 Edison Electric Ilium
184 185
178 17914 178 179
17812 184; 18312 184
178 178
3 Nov
17 Jan
No par
3 Mar 14 13 May 17
8 2,411 Elder Corporation
4
1212 13
123 127
*1112 1212
1112 113 *1112 1212 12
4
13
83 Galveston-Houston Elea_ _100 33 July 11 39 Aug 15
38
*37 4 3812 38
3
38 8 3833 3818 3833 3812 3812 38
3
3833
933 Sept 2314 Apr
934 Aug 24 1614 Apr 6
No par
355 Gardner Motor
10
10
10
*912 10
*912
10
934 10
*9 4 1014 10
3
1914 Dec 29 Nov
25 18 Aug 30 2714 Feb 27
1834 1812 1912 1912 2012 1,269 Greenfield Tap & Die
19
183 183
4 18
*1814 183 *18
4
4
No par 43 Mar 9 5314 Mar 20
115 Hood Rubber__ A
*4712 4814 48
4812
4712 4712 48 48
48 48
*4714 48
19 July 287
175 Internat Cement Corp_No par .26 Jan 20 3712May 13
33
*3112 34
34
34
*32
33
323 323 *3112 34
3312
4
4
32 Dec 4112 Feb
50 26 Aug 29 32 Jan 27
13 Internat Cotton Mills
26 *____ 2578 *____ 26
*24
28
26
27
27
74 Dec 86 Mar
100 60 Aug 5 79 Aug 22
Do pref
10
*76
80
*75
77
*7612 78
*7512 78
76
76
2 Sept 13 Jan
612 Mar 25
314 Jan 9
International Products_No par
Last Bate 31; July'22
*212 5
*212 5
*212 5
*212 5
5 Nov 32
Jan
100
7 Jan 5 17 Apr 1
Do pref
Last Sale 912 July'22
/
1
*914 15
*914 15
*94 15
*914 15
47 Mar
g
2 Sept
3 Jan 24
.62 Apr 15
Island Oil & Transp Corp__ 10
51 Dec 13 Jan
/
4
*734 8
78 - 77
78 4
1; Apr 24 1112June 3
Libby, McNeill & Libby__ 10
- -53 8
v814 Dec 18 June
8 July 1 13 Jan 16
25
651 Loew's Theatres
912 912
9
/
1
4
912 9 33
3
9
9
9
912 912
84 9
3
4
533 Sept 85 Jan
83
871g 8612 8914 8812 89333 8812 8912 3,145 Massachusetts Gas Cos__ _100 63 Jan 3 8912Sept 1
8112 8134 8112 82
5812 Oct64 May
100 62 Jan 3 7112 Aug 29
Do prof
326
7112 70
7112 70
71
70
7112 70
6912 70
69
70
67 Mergenthaler Linotype _.100 130 Jan 3 156 May 10 117 Sept 136 Nov
15512 15512 15418 15418 15412 15412 155 15538
154 154
*154 155
1312 Sept35; Apr
10 1612 Aug 29 2738June 26
400 Mexican Investment Inc
*16
18
8
1934 1612 18
17
1712 177 18
*18
1934 *18
11 Sept1412 Mar
_100 13 Jan 6 34 Aug 31
403 Mississippi River Power.
33
3314 3312 3312 3312 3312 34
333 333
4
*32
3234 32
4
60 June 84 Apr
Do stamped prat
5
100 7212 Jan 9 8412 Aug 30
85
8412 8412 *84
*83
8412 *83
8412
-914 Jan
214 Dec
10
712June 28 11; Jan 21
387 National Leather
7; 8
74 8
3
*73
4 74 3
*7 4 8
3
712 -18
7
77
s 8
4 Aug
6 Aug
5 Jan 28
1 July 17
710 New England Oil Corp
*212 232
2 4 23
3
4
212 212
212 212 *212 3
4
9512 Jan 1123 Dec
151 New England Telephone_ _100 109 Jan 4 121 Sept 1
- -120 120
120 12014 120- 121 119 119 *119 120
*118 119
4
7 July' 113 Dec
Ohio Body & Blower__No par 11 May 18 14 Mar 16
Aug'23
Last Sale 6
*6
7
7
*6
7
7
*6
*6
1412 Dec 3014 Apr
1 13 Jan 10 2312 Aug 30
2212 2312 2218 22; 2212 2212 5.360 Orpheum Circuit Inc
21; 23
22
23
21
22
Pacific Mills
159 Aug 29 17412 Mar 11 146 Jan 171 Dec
135
160 160
159 159
160 160
16012 16012 160 16012 159 160
1212 Apr 14 Jan
20 Reece Button Hole
10 1212 Apr 18 16 July 17
1512 *15
*15
1512 1512 1512 *15
1512
- ---914 May
3 Dec
20 Simms Magneto
5
3 Feb 20
718 Apr 5
*3
4
314 314
4
*3
4
*3
4
*3
4
*3
8812 July 1053.4 Jan
1,207 Swift & Co
100 9214 Jan 3 1087 Feb 23
s
106 10612
106 10612 105; 10612 1053 10614 10512 1061 10514 106
/
4
4
47 June 61 Feb
857 Torrington
25 v39 July 3 8112June 5
44
44
44
44
441
4414 4412 44
44
5
4412
1
Union Twist Drill
10 Dec 22 Jan
8 Mar 29 1414 Feb 3
5
Last Sale 1114 Aug'22
*1012 11
*1012 111 ---- -----------/
4
33 Sept 3914 Jan
25 34 Mar 3 45 Mar 24
4012 41
4012 40; 39; 41.114
4 4012 407
8 2,125 United Shoe Mach Corp
41
404 4612 463
Do prof
2214 Apr 2511 Dec
262
25 25 Jan 3 2712July 15
*26; 27
27
.2614 27
4 27
26; 26; 267 2678 26; 263
8
1614 July 2412 Dec
3
3012 29 4 3014 2,990 Ventura Consol Oil Fields_ 5 2133 Jan 27 3312June 2
30
2934 30
293 30
4
2912 29; 2912 30
g
167 Jan 2978 Dec
10 2612 Jan 4 33 Aug 23
30 4 30 4 1,090 Waldorf System Inc
3
3
*3012 3112 31
3018 31
31
30; 31
303 31
4
6 Dec 17 Jan
980 Waltham Watch
100
7 Jan 3 1434 Apr 26
878 912
8
9
812 812
814 812
814 812 - --- - --Do pref
165
36 Sept 75 Jan
100 2612 Aug 14 49 Apr 25
*33
36
35
35
*32
35
31
3312 3112 3112 - - -- ---495 Walworth Manufacturing- 20
8 Sept 17 Feb
12
712 Feb 7 1234June 15
12
*1112 12
12
12
12
12
12
113 12
4
11 Apr 2212 Apr
557 Warren Bros
50 1712 Jan 3 35 May 29
*3212 32 4 32
3
3212 33
333
4 33
33
32 4 32 4 -------3
3
3634
Do 1st prat
17 Aug 3312 Dec
50
4June 14
50 3012 Jan 4 373
*3512 3612 *351 3612 *3512 3612 *3512 3612 *3512 3612 36
,
Oct 3534 Dec
Do 2d Prat
16
4July 12
*41
50 3312 Feb 18 443
43
*40
41
*40
43
*40
42
4
Wickwire Spencer Steel__ _ 5 133 Mar 27 21 May 13
8 July 181 Jan
*1514 16
*15
4
1512 *143 1514 *1412 15
Last .TZ
4
4
13 Dec
Wollaston Land
.35 Oct
5
.80June 16
1; Jan 4
Sale .80 June'22
Mining
.75 Mar
.4 Mar
Adventure Consolidated__ _ 25
' 50 1
1%
1 Apr 15
*.50
Aug'22
1
*.50
Last Bate 1
.50 Jan 31
1
*.50
1
40 Aug 63 Dec
120 Ahmeek
*6312 65
6412
6414 6414 *63
25 59 May 11 66 May 29
64
63
64
64
*63
64
.50 Apr
.15 July
Algomah Mining
*.20 .50 *.10 .50 *.10 .20 *.05 .20
25
.50 Apr 17
Last Sale 6412 Aug'25
.20 Jan 13
16 Apr 2412 Nov
*2412 2.5
50 Allouz
*25
26
*2412 25
26
25 22 Jan 9 3212 Jan 2
*25
*25
2512 25 251
/
4
6
334 Jan
118 Sept
458May 23
*314 312 *314 312
3
3;
2; 3
234 2;
2 Mar 10
2 4 27
3
3 1,610 Arcadian Consolidated_ _ _ 25
676 Jan 10 Apr
50 Arizona Commercial
*83
4 914 *83
4 914 *8 4 9
3
14 *8 4 914 *9
914
.3
8 4 83
4
814 Feb 20
3
5
Oct
8 Mar 14
es
300 Bingham Min
*1414 15
1412 15
*1414 16
*1414 15
*1412 15
15
15
10 13 Jan 5 16= 6
106 Calumet & Hada
296 298 296 298
*296 300
296 298 296 297 296 29612
25 265 Jan 5 301 Auf125 210 Apr 280 Dec
11 Dec 161g Jan
2,505 Carson Hill Gold
8
812 9
812 97
*934 1014 1018 10133 10
10
*9; 1012
4
1
81 Aug 31 163 Mar 29
.
25
9
7 Jan 10 Jan
5 Centennial
*9
10
*9
10
9
9
*9
10
*2
1314 *9
0
10
Aug 19 /312 Feb 1
4
27 Jan 403 Dec
281 Copper Range Co
43
4314 4314 43 4 43
*44
4412 4314 44
43
4312
25 3712 Jan 3 463
4MaY 31
3
712 Jan
760 Davis-Daly Copper
714 7 8
3
7
7
5 Mar
/
1
4
7
7
7
7
914 Jan 26
718 718
10
612 Jan 3
67
8 718
7 Aug 1134 Dec
620 East Butte Copper Mining_ 10 10 Mar 27 1214 Jan 26
4 1014 1012 1012 1078 1012 1034 1012 1012
3
1012 1012 10 4 103
314 Jan
138 Apr
487 Franklin
214
2
2
*2
*2
214 *2
214
2
3733 Apr 15
2
2
25
I Apr 11
214
312 Jan
112 Sept
100 Hancock Consolidated__
212 *2
212 *2
212
312 Mar 16
*13
4 214 *2
212 212 *214 23
4
25 112 Aug 18
*1
112 *1
27g Nov
112 *1
Helvetia
1 June
11 *1
/
4
112
Last Bate 114 Aug'22
24 Apr 17
/
1
25
.99 July 13
48 Jan 88; Dec
665 Island Creek Coal
10734 10812 10778 108
10912 10012 10812 10912 10814 10812 .108 108
1 81/2 Jan 10 11633June 21
Do pref
94
94 *108 109
265
94
94
75 Jan 9012 Dec
94
*9312 99
95
94
95
1 88 Feb 14 96 June 15
23
23
23
175 Isle Royale Copper
*23
24
1614 Jan 2412 Dec
23 *22
23
4May 31
25 22 Aug 9 263
4 Sept
Kerr Lake
*312 4
*312 4
*312 4
*312 4
2
23 Mar
s
Last Bate 33% Aug'24
23
47g Apr 17
5
3 Feb 6
2 Dec
2; 2;
50 Keweenaw Copper
3
212 212
.98 Sept
4 *214 2 4
212 212 *214 234
*214 23
25
1 Feb 24
57
sMaY 5
312 Dec
Lake Copper Co
4
4
*4
414 *4
412
412 412 *4
414
2 Jan
150
25
214 Feb 18
5 4MaY 31
3
114 Jan
214 Feb
4
La Salle Copper
4 *114 1; *114 18
Last Sale 112 Aug'22
134 *114 13
*114
112 Feb 6
214 Apr 17
25
114 Jan
2 Sept
Mason Valley Mine
4 214 *13
4 214
Last Sale 178 Aug'22
4 214 *13
*134 214 *13
23
4May 19
5
133 Jan 4
3; Jan
.5,5 Apr
*212 3
*2; 3
150 Mass Consolidated
*212 3
*2; 3
*23
4 3
23
4 23
434 Apr 13
4
25
2 Mar 24
514 Jan
412 *418 412
505 Mayflower-Old Colony_ _ _ _ 25
2; Aug
412 *4
418 44
*4
/
1
4
412 *4
6 May 22
412
214 Jan 20
312 May
3
318 *3
3
31a *3
318
314
3
/ 3
1
4
50 Michigan
/
1
4
114 Aug
Apr 13
7
25
.75July 10
170 Mohawk
623 63 -1313
4
6212 6212 *6212 64
62 62
4312 Jan 59 Dec
*62 63
25 5312 Jan 7 68 June 5
1834 Dec
19
1834 19
/ 1914 19
1
4
160 New Cornelia Copper
19
18; 18; 19
19
1214 Sept
19
19
5 17 Feb 21 2012June 2
2 Dec
10
New Idria Quicksilver. _ _ _ 5
10
_ _ 10
.40 Nov
Last Sale .15 Aug'22
•-_ - _ 10
218 Mar 23
.10 July 7
____
New River Company
40 Feb 57 May
100 37 Jan 6 40 Feb 9
*35 4 ---3
Do pref
74 Dec 95 Mar
100 73 Jan 7 7812 Apr 7
14
6i4
812 Jan
i:1'i
214 Nipissing Mines
4 July
-;;
8
7 Jan 4
5
.5 July 8
13
8 Mar 1414 Dec
12; 123
4 1212 1212 1212 13
13
1212 1212 1234 123
4 1,013 North Butte
15 11 Feb 15 15 May 29
212 Dec
*2; 3
*23
8 3
Ojibway Mining
*2; 3
*212 3
1 Aug
Last Sale 234 Aug'25
418 Apr 15
213 Jan 20
25
*25; 2612 *2512 2612 25; 2512 2434 2533 *2412 2512 *2412 2512
150 Old Dominion Co
153 Jan 25; Nov
s
25 23 Jan 4 27 Jan 25
*3612 38
*3612 38
*3612 38
38
15 Osceola
21 Aug 3512 Dec
38
*3612 38
3612 3612
25 3012 Jan 5 381s Aug 23
3312 Aug 46 Dec
43
43
43
4 43
433
43
60 Quincy
*43
433 *4314 44
4
433 433
4
4
25 42 Feb 20 50 May 31
*46
48
295 St Mary's Mineral Land
47
4612 467
28 Jan 45 Dec
' 47
8 463 47 *47
4
48
4614 47
25 41; Jan 9 4812MaY 31
.80 .95
400 Shannot.
.85 .95
.75 Jan 1% Dec
.80 .80
*.80 .95
1
1
..85 .95
13
4MaY 18
10
.25 Mar 10
2 Jan
*.75 1; *.75 1
South Lake
.35 Nov
*.75 1
*.75 1;
Last Sale 1
Aug'24
114May 18
25
.50 Jan 31
412 Feb
412 412 *4
2 Sept
412
412
Superior
680
414 414 *4
*418
434July 13
412
412 412
2 Mar 29
25
214 Feb
1 June
*128 112 *114
350 Superior & Boston Copper_ 19
112
114
114
114 114 *118 1; *114 112
2 Apr 15
.90 Mar 31
412 Nov
1.4 July
31g Apr 3
2,535 Trinity Copper Corp
2
2
2
2
2
2
2
2
178 2
13
4
Vs
114June 5
.85 Dec
.34 Aug
400 Toulumne Copper
.70 .70 *.68 .75 *.69 .75 *.69 .73 *.69 .73 *.69 .73
.49 Mar 7 .92May 22
5
312 Oct
134 Aug
4 Mar 22
310 Utah-Apex Mining
*27
8 318 *27
8 3
*27
8 3
3
3
3
/
1
4
3
313 3
/
1
4
212 Jan 19
5
5 ' Jan
Pe Nov
312June 5
212 212
4 3
255 Utah Consolidated
23
4
234 23
212 238 *212 2 4 *212 2 4
21
3
8
1 Feb
1
.95 Jan 24 Jan
212 Apr 13
112 112 *132 112 .114
132
13% 114 *114
134
132 133 2,350 Utah Metal & Tunnel
1 Feb 15
214 Feb
.40 May
212 Jan 30
*13
4 2
*134 2
*13
4 2
Victoria
*134 2
Last Sale 1; Aug'22
.80 Mar
.35 Jan
234 Apr 15
15 Winona
*114
13
4 *114 13
4 *114 13
4
1; 1; *114 13
.Yt
4 *114 13
4
211
25
51* July 14 Feb
Mstv RI
85 Wnlvprinp
10
/ *10
1
4
11
*10
10
12
10
*10
1014 1014 1014 1014
2c 10 Feb 10 111
Shares
89
148 150
148 149
14712 148
148 148; 148 148
449
84
84
84
8312 84
8312 83; 8312 84
46
100 100
100
9912
100
9912
99
99
88
8334--7,.:122 122
121 122 122 122
121 122
122 122
179
105 105
106 107
10512 106
105 105
104 104
148
27
27
273
4 27
27 8 27
7
27 27
n7 _
40
34
3412 34
3412 3412 3412 *32
*31
34
*31
110
4014 41
401 4 1 -------40
3914 3914 40
_
- --- --------110
5612 5712 *56 _ ___ 5612 57
13
5312 5312 *- _ _ 5312 5314 5314
- 53 .53
36
- __ _ _ 731:: 7312 7412 7412 ---- ---- --73 *n
*72
6
_ *160 -___ *160
160 160 *160
219
2412 2412 2412 -iii4 - iE
24
4 2412 - - -12 24
243
24
Aug25
*71
72
Last Sale 72
*70
72
*70
18
55 - - *55
__ _ _ __ _ _
ii
56
5412 55
55
55
14
40
40
40
43
40
*40
43
*40
43
*40
105
45
45
45
44
*43
44
4314 45
901
3312
33133 33
/
4
33; 32
30 4 31; 311 3134 32
3
22
81
81
81
81
81
7712 7712 *78
*9612 983
4
114
94
9212 9212 *91
93
93 4 92
3
9212
94
93
10
4912 4912
50
*48
---22
-5i- id
- ---98
9912 *9814
*98
Dec
13.4 July'22
4
=A
•Ria and asked KINK no laid on this day. .Ex-rights. b Ex-dividend and date.
•
itx..dmasna. oz took emend. sEx-dIVIdendx•
z4
1088
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange Aug. 26 to Sept. 1, both inclusive:
Friday
Sales
Last Week's Range for
of Prices.
Sale.
Week.
Price. Low. High. Shares.
Bonds-
Arundel Sand & Gravel_100
Preferred
100
Baltimore Tube
100
Baltimore Briclç. pref
Celestine Oil
100
Central Teresa
5
• Preferred
5
C &• P Tel of Bait, pref__
Commercial Credit
25
Preferred
25
Preferred B
25
Cons Gas,E L & Pow_ _100
7% preferred
8% preferred
Consolidation Coal_ _ _ _100
Cosden & Co, pref
5
Hous Oil pre/ trust ctfs_100
Monongahela Power pref _
Mt V-Wocxlb Mills v t r 100
Preferred v t r
100
Northern Central
50
Pennsylv Water & Pow_100
United Ry & Elee
50
Wash Bait & Annan_ _ _ _50
Preferred
50
36
37
96
97%
19% 20
30
30
.45
.45
.45
1% 2
2%
2% 3%
108
107% 108
61
60
61
27
26% 27
28
28
119
114 120
105 105
120
118 120
87%
8731 89
48,1 4%
9036 89% 90%
17
17
17
17
15% 17
50
50
50
79
79
110 111
20
20
2036
,
12% 12%
31
31
32
Bonds
Bait Elec stamped 5s_ A947
Central Ry cons 5s_ _ _1932
Extension 58
1932
Charles Con Ry G& E 5599
Consolidated Gas 5& 1939
General 436s
,
1954
Cons G,E L & P7318 B '45
7s
1931
6s Series A
1949
Consol'n Coal cony 6s_1923
C & P Tel of Va
Lexington (Ky) St 55_1949
Macon Dub & Say 56_1947
Maryland Elec Ry 1st 56'31
Monon Val Trac 78_ _ _1923
United Ry & Flee 4s_ A949
6s
1949
Income 45
1940
6s
1927
Funding 55
1936
Wash Bait & Annap 581941
95% 95%
98% 98%
98% 98%
8 % 86% 86%
6
99% 100
88% 89
110% 110%
107% 107%
102% 103%
100% 100%
92
92
83
83
60
60
95% 95%
99
99
7436 74% 74%
101% 101%
57
57
57%
98
98%
78
78
8 ; 80% 80%
06
36%
Friday
Sales
Last Week's Range for
Sale.
Week.
of Prices.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
Mar
Feb
July
Aug
Jan
June
Jan
Jan
Jan
Jan
July
Jan
Feb
Jan
High.
65
82%
100%
76%
101
114
95
94
95%
99%
111%
100
116
96%
May
June
Aug
Aug
Aug
May
Aug
July
Aug
Aug
Aug
Aug
Aug
Aug
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange Aug. 26 to Sept. 1, both inclusive, compiled from official sales lists:
Stocks-
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange Aug. 26 to Sept. 1, both inclusive,
compiled from official sales lists:
Stocks-
Atl Gulf & WISS 55_1959 59% 59% 59% S9,000 47
Chic Jet Ry & US Y 48'40
82
82
1,000 74%
Co Agu Baragua 7;0_1937
100 100% 13,000 100
Eastern Mass Ser B 5s 1948
75% 2,100 69
75
Hood River 78
1936 101% Dm
101% 20,000 953%
Int Cement 88
109 109
1926
1,000 101
K C Mem Bdge Ry 5s 1929
95
95
5,000 90
Mass Gas 4%s
94
93
1 29
5,000 86
Miss River Power 55_ _1951
94% 95% 3,000 88
New Eng Telep 58_ _ _ A932 99% 9836 99% 8,000 93
,
Punta Alegre Sugar 7s 1137 109
108 1093% 25,000 104%
99% 100
Swift & Co 5s
1944 100
33,000 91
115 115
Warren Bros 7%s
12,000 97%
1937
Western Tel & Tel 5s_1932
95
9511 2,000 90
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
[VOL. 115.
Range since Jan. 1.
Low.
15 26
Jan
45 86
Mar
115 19
May
20 22% Apr
1,400 35
Jan
440
1
Jan
470
2% Jan
99 105 June
140 49
Mar
87 25
Jan
58 25% Jan
1,299 91
Jan
206 102
July
100 105
Jan
393 80
Jan
4% Jan
290
25 78
Feb
43 17
Aug
229 10
Jan
35 44
Jan
72
31
June
33 92% Jan
1,005
9
Jan
315 12% Aug
93 29
Jan
$2,000 88
2,000 96%
1,000 98%
1,000 81%
5,000 93
10,000 81%
2,000 106
1,000 101%
9,000 100
1,000 96%
200 92
1,000 80%
7,000 38%
5,000 86
17,000 95
18,000 66%
23,000 98%
2.000 46
18,500 98
200 66
12,000 78%
Jan
Mar
Aug
Mar
Jan
Mar
Jan
Jan
July
Jan
Aug
May
Feb
Jan
Jan
Jan
Apr
Jan
Jan
Mar
Mar
High.
44
97%
30
30
74
4
110
69
28
28
120
105
120
89
4%
92
20
17%
55%
79
112
21
19
34%
June
Aug
June
May
May
Aug
Mar
Aug
July
Apr
Apr
Aug
Aug
Aug
Aug
Apr
July
May
Apr
Apr
Aug
Aug
Aug
Apr
Apr
95% Aug
99
May
98% Aug
86% Aug
100% Apr
89
Aug
110% Aug
107% Aug
103% Aue
100% Jun
93% May
Aug
83
60
Aug
95% Aug
99% Aug
75% June
Aug
102
58% May
wog May
80 July
84 May
American Shipbuilding_100 71
Preferred
100
Armour Sr Co, pref_ _ _ _100 100
Armour Leather
15
Preferred
100
Beaver Board
Amer Pub Service, pref__ _ -Booth Fisheries, new
*
Preferred
100
Chic C&C Ry pt sh, pref_*
53-1
Chicago Elev Ry, pref _100
6;6
Commonwealth Edison 100
Continental Motors_ _ _ _10
9%
Crane, pref
Diamond Match
100 115
Earl Motors
Godchaux Sugar, corn_ _ _ _* 1631
Gossard (H W), pref._ _100 26%
Hartman Corporation_ _100
Hart,Schaf&Marx,corn 100
Holland-American Sugar 10
Hupp Motor
10 18%
100
Inland Steel
Libby, McNeill & Libby_10
Old
10
Lindsay Light
Mid West Utilities, corn 100 46%
Preferred
100 80
Prior preferred
97%
Mitchell Motor Co
•
National Leather
10
Orpheum Circuit, Inc_ _1
41%
Phillipsborne
Preferred
Pick (Albert) & Co
Pigg Wigg Stores Inc"A".8 41%
Pub Ser of Nor III, corn 100
Preferred
100
Quaker Oats Co pref_ _ _100 98%
Reo Motor
10 13%
Sears
-Roebuck corn
100
Standard Gas& Electric_50
Preferred
50 483-6
Stew-Warner Speed,com100 48
Swift & Co
100 10631
Swift International
15 21
Temtor Prod C& F"A" *
Thompson (J R) corn__ _25 53%
Union Carbide & Carbon 10 61
US Light Railway
60
Preferred
77%
135 Gypsum
Wahl Co
59%
Ward (M)& Co, w I__ _ -20 22%
Western Knitting Mills_*
7%
Wrigley Jr corn
25 104%
Yellow Mfg
159%
75
Yellow Taxi
Bonds
Chicago City Rys 5s_ _1927
Chicago C & C Rys 55_1927
Chicago Railways 5s_ _1927
Adjust income 4s_.1927
Commonw Edison 58_ _1943
Peoples G L & C ref g 5s_'27
Swift& Co 1st s f g 58_1944
* No par value.
4731
71
72
90
90
99% 100
12% 12%
87% 87%
5
5%
88%
87
9% 10
47
48
5% 5%
636
,
130% 131
8
9%
109 109
115 117%
2% 2%
16
16%
26% 27
84% 84%
79
79
6% 6%
1731 19
51
51
7%, 8
2
2
5% 6%
46% 47%
78
80
97
97%
434 4%
7% 8
21% 21%
40% 41%
100% 100%
26% 27
41
42%
100 101
92% 93
98% 983%
13% 14%
88
90
20
20%
48
49
46% 48%
105% 106%
2031 21%
I% 1%
52% 55%
59% 61%
58% 61
77% 77%
58% 58%
59% 63%
22% 23%
7% 7%
103% 106%
155 160
75
73
80%
47%
82%
26
99%
96
99%
Range since Jan. 1.
Low.
High.
165 60 June 96
Mar
100 68% Mar 90
Aug
Jan 100
1,540 91
Aug
198 12
Feb 12% Feb
Mar 102% May
100 83
Apr
5
300
7% May
July 88% Aug
150 83
10
5
175
Jan
Aug
Mar 50
165 34
Aug
Jan
9% Feb
200
1,625
May
Jan 12
360 114% Feb 132% Feb
15,945
5
Sept
Feb
Mar 110
43 85
July
145 105
Jan 118
May
2
Aug
335
Jan
6
205 10
Feb 18 • Mar
July 2835 May
800 25
,
100 77% Jan 103
Mar
100 73
Jan 85
Jan
4% Jan
275
7% June
2,245 10% Jan 21% May
200 48% Mar 58%- May
580
7% Aug
8% July
90
Aug
2
Aug
2
4,175
6% Sept
3% Mar
665 27
Jan 53% May
385 53
Jan 80
Sept
415 82
Apr
Jan 99
336 Feb
50
,
7;6 June
725
736 Aug 11% July
75 12% May 21% Aug
2,655 40% Aug 42
Aug
150 100% Aug 101% Aug
1,025 19
Jan 28% Apr
2,575 23% Mar 54% May
Mar
280 80% Jan 101
200 88% Jan 98% June
310 93% Mar 99% Aug
2,410 123% July 28% July
110 59% Feb 94% Aug
Jan 20% June
325 13
Jan 493.1 July
650 42
Jan 48% Aug
28,625 24
1,225 91% Jan 108% Feb
Apr 23% Feb
9,385 17
5% Feb
May
1
100
Jan 55% Aug
6,685 40
Jan 62
Aug
15,250 43
Jan 69% May
910 29
Mar 81% May
90 70
90 53% Aug 58% Aug
Jan 7136 Apr
8,930 50
1,840 12% Jan 25% May
10% May
Jan
5
180
Mar 110% Feb
1,075 97
Feb
Mar 246
1,163 132
Jan 80% Aug
5,935 50
1,000
80%
47% 12,000
2,000
82%
1,000
26
003.4
1,000
96
1,000
73.000
100
Jan 84
67
463-6 Aug 53%
Jan 84%
67
Jan 32
17
93% Jan 99%
87% Apr 96
90% Feb 100
Apr
Apr
Apr
Apr
Aug
Aug
Aug
-This week's record on the
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange will be found on page 1073.
-Below is a record of the
New York Curb Market.
transactions in the New York Curb Market from Aug.26 to
Philadelphia Stock Exchange.
-Record of transactions Sept. 1, both inclusive, as compiled from the official lists.
at Philadelphia Stock Exchange Aug. 25 to Sept. 1, both As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
inclusive, compiled from official sales lists:
from the Broad Street curb to its new building on Trinity
Friaay
Sales
Place, and the Association is now issuing an official sheet
Last Week's Range for
Range since Jan. 1.
Sale.
of Prices.
which forms the basis of the compilations below.
Week.
StocksPar. Price. Low.
High. Shares.
Alliance Insurance
10
25
25
American Gas of N J__ _100
67
67
American Railways
50 13
13
143%
American Stores
* 147
146 149
Consol Trac of N J_ _ _ _100 51
51
51
Elec Storage Battery_ _100 47
463% 48%
Erie Lighting, pref
253% 26
Insurance Co of N A
10 403%
393-1 403%
Hunt dr Broad Top
9
8% 9
Keystone Telephone_
50
8
8
Lake Superior Corp
_100
7%
7% 9
Lehigh Navigation
50 79%
75
793%
Lehigh Valley
50
67% 70
Penna Salt Mfg
80
81
50
Pennsylvania
50
4531 47%
Phila. Co, pref (5%).._50
33
33
Pref (cumul 6%)
50 4331 43
44
Phila Electric of Pa_ _25 313%
313% 32%
Preferred
32
313% 313%
Phila. Rapid Transit.. _50 32% 32
323%
Phila Insulated Wire
363% 363%
Philadelphia Traction_50 70
673% 683%
Phila & Western, pref
51)
34
34
Tono-Belmont Devel
_1
1% IN
1
Tonopah Mining
2
2
2%
Union Traction
50 41
40% 41
United Cos of N J
100
200% 200%
United Gas Impt
50 543% 53% 553-1
Preferred
55
541-1 553%
Warwick Iron & Steel_ _10
9
9
West Jersey & Sea Sh_ _50 39% 37% 39
Westmoreland Coal
73
71
50 713%
3531 353%
York Rys, pref
50
BondsElec & Peop tr etts 48_1945
Lake Superior Corp 58 1924
1925
Lehigh Valley 65
Phila Co cons & coll tr 5s'51
Phila. Electric 1st 5&1966
1966
1st s f 45
1997
Reading gen 48
Standard Gas & El 62_1926
UM
-AA, n A C.e.
n
a
rogn
* No par value.
68
96%
nnaz.
68
35
103%
893-1
100
804
85%
9631,
3
99%
Low,
42 19
90 47
121
4
615 83
50 44
1,676 37%
151 25
122 30
85
8%
10
7
3,644
6%
2,425 66%
209 57
108 69%
6,115 33%
405 29%
735 36
1,638 23
1,062 27%
2,798 173%
10 30
270 58
40 29
1,755
1%
1,335
1%
738 34
6 177
4,905 38
304 38
500
7%
156 273%
25 67
15 31%
High.
Jan 25
July
Jan
May
75
June
Jan
17
Jan 155% Aug
Jan
563% Apr
Mar 493% Aug
July 27
May
Jan 403% Aug
Aug
9
Aug
Jan
123% Mar
Jan
123% May
Feb 79% Aug
Jan 703% Aug
Jan 81
Aug
Jan ' 473% July
Apr 33
Aug
Jan 44% Aug
Feb 323% Aug
Jan 323% Aug
Jan 35% June
May 50% Jan
Jan 683% Apr
Jan 3434 June
July
115 June
Jan
2,fe Aug
,
Jan 43
May
Jan 200% Aug
Jan 55% Aug
Jan 553% Aug
Feb
93j June
Jan 39
Aug
Jan 74
June
Jan 373% May
4,
713% 56,610 64
Jan 72
35
2,000 30
Jan 393%
1,000 100% June 103%
1033%
5.000 85
893%
July 93
10031 16,500 93
Jan 101
82
1.800 81% Aug 82
8611 24,000 803% Jan 87%
96% 1,000 964 Aug 96%
1,000 973% Jan 993%
99%
Apr
June
Aug
May
July
Aug
July
Aug
Aug
Friday
Sales
Last Week's Range for
4
sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Week ending Sept. 1.
Stocks-
Range since Jan. 1.
Low.
Industrial & Miscell.
1 85c
Acme Coal Mining
75c 95c 53,200 50e Aug
10 40c
Acme Packing
38c 45c 20,000 20c Mar
•
Aluminum Mfrs, corn_
Jan
21% 22
400 15
Amalgam Leather, corn..*
7% Feb
400
9
93-1
Preferred
100
Mar
36
36
100 33
Amer IA & Tract corn 100
144 146
165 113% Feb
Preferred
100
Aug
100 94
96
96
Aug
Atlantic Fruit. when iss'd _*
3,000
2%
231
Bethlehem Steel new pf w _
97% 96
9731 3,000 94% Aug
-Amer Tob ord bear.£1
1,200 12% Feb
Brit
19% 19%
19%
4% Jan
l3rooklyn City RR
10
2,300
8%
Jan
•
Buddy-Buds,Inc
1% 13,400 45c
2,500 50e July
.25 89e
Car Lighting & Power.
7Ic 98c
6
Sept
500
6%
6
New preferred w 1
1,100 50c Aug
Carlisle Tire
50c 80c
Aug
5
Preferred
300
6%
5
636 July
300
11
10
rent States Elec corn_ _100
Cent Teresa Sugar, corn.10
Aug
2,700
1%
23-1
13-1
Aug
Preferred
700
10
2% 2%
Sept
700 105
105 105%
Ches & Ohio Ry CI A pref.. 105
1% Apr
4% 4%
4,200
Chic Nipple Mfg, CI A _ _ 10
4;6
531 158
Jan
193 195
Cities Service, corn_ _ _ -100 194
2,000 51
Jan
Preferred
100 69% 68% 69%
100
4% Jan
6% 6%
Preferred II
10
1,900 17
19% 21%
Jan
Cities Serv, Bankers' sh_ *
600 20
26% 26%
Jan
Cleveland Automobile .* 26%
68e 72e
2,600 500
Apr
68e
Colombian Emerald Synd
2
100
231
June
Colombian Syndicate
-----3% 3%
100
Columbia Motor Corp_
Aug
1,300 44% June
4831 47% 49
Com'l Solvents Corp CI A.
41
41
100 38% June
Class B stock
13%
13
13%
900 10
Feb
Conley Tin Foil
Continental Motors__ --10
8% 9% 17,400
5% Feb
936
7
7
7
100
7
Cosgrave Breweries
Aug
-Dominican Sug wi *
8
8%
8
1,000
May
Cuban
1136
11% 113-6
600 10% May
Daniels Motor, cora
4
3
800 75e Mar
Delatour Beverage Corp.._
100 102
50 86
Apr
Del Lack & West Coal_ _50
50c 50c
100 38c
Denver & Rio Gr pref_ _100
Jan
High.
Apr
731 Mar
June
25
14%, Apr
43
May
June
165
98% May
3 June
100% Aug
20% Aug
9% May
2%3 Apr
May
Sept
Jan
10% July
16
May
334 Feb
4
Feb
105% Aug
July
242
May
72 June
631 June
24% Apr
35
June
May
July
June
49
Aug
41
Aug
15
Mar
oq Sep
8% Aug
12% May
143% June
5
Apr
102
Aug
75c
Apr
SEPT. 2 1922.]
Friday
Last
Sale.
Other Oil
Stocks (Continued) Par. Price.
7%
Dublier Condenser&R.adio*
4636
Durant Motors, Inc
Durant Motors of Ind..- _10 14%
s
Federal Tel & Tel
Firestone T & Rub pref _100
Gibson-Howell Co,corn _10 17
Gillette Safety Razor__ _ _* 225
Gimbel Bros, corn, w I__ .* 43%
100 102
Preferred.
61
Glen Alden Coal
6%
Goldwyn Pictures
9%
Goodyear T & R,corn_ .100
100
•
Preferred
100
Prior preferred
.10
Grant Motor Car
Griffith(D W)Co Class A *
Hale & Kilburn pref_..100
Hall Switch &Signal Prof- - -----Hayes Wheel when issued _*
Heyden Chemical
100 17
Hudson Cos, pref
Hud & Manh RR,corn _100 12
Intercontinental Rubb _100
International Carbon_ _ _ _* 10%
Lehigh Power Securities_ _* 16%
Libby McNeil& Libby_ _10
10
New stock
Lima Loco part pd recta w 1
234
Lincoln Motor, Class A .50
Macy(RH)& Co,Inc,com_* 54%
100 107
Preferred
20
Manhattan Transit
2%
Mercer Motors
2%
Voting trust certifs.
11%
Mesabi Iron Co
Morris(Philip)Co,Ltd_ _10 19
10
Nat Leather new
53
N Y Air Brake new el A w
,
N Y Tel (335% pf w 1_ _100 109%
North Am Pulp & Paper_ *
Packard Motor Car,com.10 14%
100 86
Preferred
Peerless Trk & Mot Corp50
Phillipsborn's, Inc., corn.* 40%
100 100%
Preferred
1%
Prima Radio Corp
Pub Serv Corp of NJ. pf100 104%
Radio Corp of America__ .*
5
Preferred
3%
10 13%
Reo Motor Car
St Lawrence Feldspar.... _ 10 10
Schulte Retail Stores _ _* 39
.5 44e
Southern Coal & Iron...
21
Stutz Motor Car
100 106%
Swift & CO
15
Swift International_
Technical Prod Corp
Tenn Elec Pow,corn, w 1.*
Second preferred
Texas Power & Light pref. 90%
Timken Detroit Axle
Preferred
Timken Roller Bearing w 1- 29%
Toh Prod Exports Corp_ _*
Todd Shipyards Corp__ __* 67
Torbenson Axle, COM____a
Union Carbide & Carbon •
United Profit ShaNg,new.1 57
7
Un Retail Stores Candy_ _*
155 Light& Heat,com_ _10
10
Preferred
5
*
Van Raalte Co,Inc
Wayne Coal
West End Chemical- __ .1 72c
Western Pow Corp corn 100
Willys Corp, let pref -100
Rights
Chesapeake & Ohio RyNew York Air Brake wi___
Former Standard 011
Subsidiaries
Anglo-American Oil....
50
Buckeye Pipe Line
100
Eureka Pipe Line
Galena-Signal Oil, corn _100
100
Illinois Pipe Line
50
Indiana Pipe Line
100
New York Transit
Northern Pipe Line_ _ _ _100
25
Ohio 011
Penn Mex Fuel
28
Prairie Pipe Line
100
100
Solar Refining
.
Southern Pipe Line-- _100
SouthWestPaPipeLines100
Standard 011(Indiana)_ _25
Stand Oil(Ky)new. 1.100
A00
Standard Oil of N
.100
Vacuum Oil__
10
Washington Oil
1089
THE CHRONICLE
Sales
Week's Range for
Week.
of Prices.
Low. High. Shares.
90c
8
Range since Jan. 1.
Low.
High.
800
7% 8
39
46% 15,600
500
14% 14%
100
6% 631
81
20
• 81
17
20% 1,100
130
225 226
43
46% 4,600
2,200
102 102
61
6,300
53
7% 8,100
6
300
9% 10
100
30
30
100
65% 65%
1,100
50c 60c
3% 3%
100
800
31%
31
10
1,300
9
30% 3234 4,800
1% 1%
100
17
700
17%
12
12% 1,100
4%, 4% 1,600
300
9% 10%
16% 16%
600
2
2
100
8
8
100
38
38
100
2% 2% 1,100
54% 55% 1,000
106% 107% 1,600
50c 79c
3,800
500
2% 2%
2% 2,900
2
11% 12
2,100
18
6,700
20
500
7% 8
52
54
400
108% 110
1,300
200
1%
1
14
14% 1,900
30
86
89
400
60
60%
40% 41% 3,200
700
100% 100%
101,000
• 11
900
104% 105
5% 28,800
9,400
3W6
1,300
13% 14
4,800
9% 10
1,700
37
39
37c 50c 103,600
2,100
20% 22
106 107
80
20% 21% 1,000
5% 5% 1,700
14
14% 1,300
36
200
36%
50
90% 90%
29
29
100
85
85
100
29% 30% 45,100
6% 7
1,300
685
64% 69
24% 26
200
60
61
300
6% 7% 2,900
6% 7% 8,700
1% 114 5,200
1% 11.,f
6
300
48
48
100
54,300
2
3
60c 73e 12,900
36
36
10
200
23% 24
June
22% Jan
Jan
8
Mar
Aug
Si
15% Jan
Jan
169
Aug
43
102
Aug
42
Jan
4
Jan
Aug
24
Jan
Aug
64
50c Feb
Aug
3
Apr
15
July
7
27% Aug
80c Feb
73. Feb
Feb
Aug
9% Aug
15% Aug
July
2
7% Aug
28
Aug
75c Feb
54% Aug
105% Aug
20c Aug
Apr
Feb
2
1134 Aug
5% Jan
7% July
Sept
52
July
106
Aug
1
535 Feb
63% Mar
33% Feb
40% Aug
Aug
100
ft's Aug
Mar
99
Jan
Jan
2
al3
Aug
8% Aug
33
Apr
30c July
July
11
95
Jan
17% Apr
5
Aug
10 June
36 June
90% Sept
26% Aug
85
Aug
29% Aug
3
Jan
64% Aug
23
Aug
44
Jan
Mar
Jan
750 Jan
96c Feb
40
Jan
85c Mar
50c July
33% May
Mar
6
934 May
46% Sept
16% Apr
Aug
89
July
22
Aug
Aug
229
46% Aug
102% Aug
61
Sept
May
15% May
40 June
73% June
June
7% Jan
31% Aug
Apr
10
32% Sept
1% Jan
May
21
15% May
11% Feb
13% July
18% May
7% Mar
10 May
Aug
38
8% Jan
6134 Aug
108
Aug
79c Aug
May
May
13% Aug
23% July
114‘ Jan
Sept
Aug
110
Jan
16% June
90% May
60% Aug
42
Aug
100% Aug
Sept
107% June
6% Apr
35( May
29
July
10
Aug
40 May
2% Jan
45 June
Feb
109
23% Feb
Aug
14% June
40% June
90% Sept
29% Aug
Aug
85
30% Aug
10% May
80% Feb
Aug
30
61% Aug
9 May
8% May
2•41 Apr
Apr
Mar
61
Aug
3
Jan
87c
Aug
36
July
31
18 ( 14,700
,6
3
3,300
900 Sept
2% Sept
1% Aug
Sept
3
4
90c
1
19% 20% 2,400 16%
35 84%
97
97%
92% 95
30 79%
190 40
51% 52
171
167 171
185 160
96
97
89 84
170 170
20 140
25 90
106 106
10 257
282 282
28
100 17
28
28
257 263
185 224
263
30 340
340 340
30 77
96% 97
63% 64
35 52
115% 111% 115% 79,800 83%
105% 100 106% 26,040 76
360 341
436 443
443
70 299
458 469
469
30 20
22
22
20%
97%
Jan
Jan
Jan
Jan
Aug
Jan
Jan
Jan
Jan
Jan
Jan
Aug
Jan
Jan
Jan
Apr
Jan
Jan
Apr
25
100
103%
62
198
106
181
110
332
44%
270
370
104
66
124%
108
457
482
29
June
Apr
May
May
Apr
Mar
Mar
May
May
July
June
May
May
Feb
May
June
Aug
Aug
Feb
Other 011 Stocks
1 June
3 Aug
2% 2% 1,500
Aetna Consol Oil....
1% 1% 8,800
1% Aug 15% July
Akan Oil Corp
Sc July
Jan
2c
40 2,000
4c
1
Allied Oil
Apr
8% Feb 13
400
10%
10
Arkansas Nat Gas, corn.10
7% July 123( May
1,300
Atlantic Lobos Oil, oom-* 10% 10% 10%
40 Sept
lc Sept
4c 7,300
lc
10
Barnett Oil & Gas
8c May 290 Jan
15c 49,000
12e
120
Boone Oil
81c 8,200 570 Mar 990 June
76c
Boston-Wyoming Oil__ _ _1 77c
9% June
3% Jan
6% 7% 5,000
Carib Syndicate
1 June
2% Mar
11
4 1% 1,000
Columbia Petroleum
Mar
4
1
Aug
100
1% 1%
Continental Refining
3% Apr
1% Jan
3% 2,000
3
5
Creole Syndicate
230 20,000 200 July 720 Jan
21c
.1 22e
Engineers Petrol Co
800 12% June 14% Sept
14% 14% 14%
Equity Petrol Corp, pref
1
2 May
,
4
Jan
20,600
5
Federal Oil
9
Mar 19% June
900
15% 16%
Fensland 011
16
9% Apr
3% June
1,800
4% 5
Gilliland Oil, corn.......•
1% June
Glenrock Oil
1%
% 5,200 .83c Feb
1% 1
331 Apr
1% July
1,100
1% 1%
Granada Oil Corp class A 10
1%
Jan 500 Mar
7c
20c 62,000
16c
Hudson OiL..
1 18c
480 97% Mar 127% May
110 114
Imperial Oil(Canada)coup 113
Mar 27% May
25,600 14
International Petroleum..
• 22% 20% 23
1% Jan
60 64,800 32c Aug
320
Keystone Ranger Devel_ _1 490
4
Aug 26% Feb
Kirby Petroleum
6% 1,400
6
27c Mar
8c Aug
100 3,000
8c
Livingston Oil Corp
1
1% Mar
July
1
Livingston Petroleum
1% 4,400
1
*
1% June
Lyons Petroleum
67c 8,000 580 Jan
84c
650
Aug
2
1,950 50c Apr
Magna Oil & Ref..1
2
1% 2
Maracaibo Oil Expor__ -* 20% 20
21% 4,200 15% Aug 27% Mar
2% Jan
1
Mar
300
Margay 011 Corp
134
2 May
Feb
1
Marine 011
1,100
1
114
Jan 10 June
Marland Oil
1
5%' 1,400
5
Meridian Petroleum ____10
2e July 200 Mar
3c
4c 20,000
30
July 14% May
Merritt 011 Corp
8
10
9% 1,800
July 19% Feb
Mexican Eagle 011
300 12
5
13% 14
4% Mar
Mexico Oil Corp
1% Jan
8,400
10
1%
Mountain Producers__..i0 14% 14% 14% 1,700
9% Jan 18% May
Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
Mutual 011
9%
10%
New England Fuel Oil_ _ _ _
79% 72%
New York 011
20
20
Noble Oil & Gas
1 21c
21c
Noco Petroleum, corn...10
2
2
Preferred
10
2
North American Oil
5
1%
Northwest 011
1 24c
20c
Omar Oil& Gas
10
176
/
Pennock 011
10
6%
Red Bank Oil
18c
24c
Ryan Consolidated
6%
8
Salt Creek Consol Oil
10%
Salt Creek Producers__ _10 15% 15
Sapulpa Refining
s
336
,
Shell Union Oil, corn, w 1_ _
13% 13%
Simms Petroleum
•
8%
Southern Oil& Transp 10
. 1
South Petrol & Refining... 14c
Sc
Southern States Cons Corp
230
Southern States Oil
17
x18
Spencer Petrol Corp_ _..1O
3
5
Tex-Ken Corp
62c
Texon 011 & Land
59c
51c
Tidal Osage Oil
13
Turman Oil
1
1%
1;1
6
Western States 011 ar. Gas_l
300
5
Wilcox Oil & Gas
5%
"Y" 011 & Gas
1 14c
12c
Mining Stocks
Alaska Brit-Col Metals_ _10
3%
Amer Cora M & M
American Exploration
_1
Anglo Amer Corp of So Afr
Belcher Divide
3c
10c
.10c
Belcher Extension
60
Big Ledge Copper Co_ _:_5
90
Boston ,k Montana Corp.25
18,(
6
Boston & Montana Dev.:_5
1
Butte & N Y
1
Caledonia Mining
4c
Canada Copper Co
5
10
2%
Canario Copper
Candalaria Silver ------1 38c
Cash Boy Consolidated _1
Chief Consol Mining
Combination Fraction_ _ _ -----Constock Tunnel
2
Consol Copper ctf of dep..
Consol Nevada-Utah Corp_
Copper Canyon
1
Cork Province Mines __ _ _1 200
1
Cortez Silver
21
Cresson Con Gold M & M.1
Crown Reserve
Dean Consolidated Corp.1 460
Diamondfield Daisy GM._ -----Divide Extension
1
Dolores Esperanza
5
El Salvador Silver Mines..1 16c
Ely Consolidated
Emma Silver
1
30
Eureka Croesus
1 32c
Florence Silver
Fortuna Cons Mining
Gadsden Copper.
840
Goldfield Bluebell
3c
Goldfield Consol Mines _10
9c
Goldfield Deep
4c
Goldfield Development... 50c
Goldfield Florence
1
Goldfield Kewanus
Sc
Goldfield Oro Mining
2c
.
Gold Zone Divide..
Hard Shell Mining
1
Harmill Divide
10c
Hecla Mining
25c
Henrietta Silver
Hilltop-Nevada Mining...
Hollinger Cons Gold Min _5 12%
Howe Sound Co
1
Hull Copper
Independence Lead Mining 56c
Jerome Verde Devel
.1
Jumbo Extension
1
Sc
Kerr Lake
5
Knox Divide
10c
70
Lake Shore Mines
2%
La Rose Consol Mines__ .5
Lone Star Consol
1
8c
McNamara Mining
1 10c
Magma Chief
1
Magma Copper
s 28%
Marsh Mining
1 14c
Mason Valley Mines- _
5
2
McKinley-Darragh-E3av ..1 28c
Mizpah Exten of Tonopah_
Mohican Copper
Morington Min
12c
National Tin Corp.._50c 30c
Nevada Ophir
1 22
Nevada Silver Hills
Nevada Silver Kiondyke_
New Cornelia
--i§ii
New Dominion Copper....i
New Jersey Zinc
r
Nipissing Mines__
-a
Nixon Nevada '
4c
Ohio Copper
-io 170
Park Utah Mining
5%
Peterson Lake
16c
Pittsb-Mt Shas G M& M.1
Ray Hercules, Inc.
Red Hills Florence
40
Rex Consolidated Mining _1 10c
Rochester Silver Corp
15c
Sandstorm Kendall
3c
Silver King Divide
4c
Silver Mines of Amer
12c
South Amer Gold & Plat_ 1
Spearhead
30
Stewart Mining
1
Success Mining
1 47c
Teck Hughes
80e
Temiskaming Mining..... 36c
Tonopah Belmont Dev_
Tonopah Divide
1 80c
Tonopah Extension
1
,
25f6
Tonopah Gypsy
2c
Tonopah Mining
1
24
,
Tonopah North S
TN-Bullion S D .....5
...
8c
Trinity Copper
Tuolumne Copper
___ 1 71c
United Eastern Mining__ _1
United Verde Exten .500 29
Unity Gold Mines
5
Victory Divide Mining_ 10c
20
West Dome Cons
20c
West End Consolidated
10%
80
2234
25c
2
2
1%
24c
1%
6%
25c
8
11
15%
• 354
13%
8%
1
15c
23c
20
63c
60c
14
32c
14c
39,000
8,400
700
8,500
100
200
800
33,000
32,400
300
126,000
11,200
900
3,200
1,400
800
4,000
100
64,000
1,000
5,300
1,200
200
93,400
400
6,100
5,000
12,900
8.000
Range since Jan. I.
Low.
5%
40
1131
13c
1%
2
131
15c
670
11c
4
10
12%
2%
13%
84
1
6c
18c
1'2 11
75c
40e
10
1
22"
2%
7c
Jan
May
Mar
Jan
Apr
Aug
Apr
Jan
Mar
Jan
July
Feb
Apr
Jan
Feb
Aug
June
Jan
Aug
July
June
Feb
Aug
Jan
Jan
July
Mar
Jan
Aug
High.
12 June
80
Sept
38 June
35c Mar
5
Mar
3% May
3% June
35c may
• June
734 June
35c
Jan
8% June
15
May
20% May
5 June
13% Aug.
124 Jan
231 May
5
Jan
35c
Jan
20
Aug
July
7
Apr
2
1
May
14% June
111 3 Apr
4
50c May
July
7
380
Jan
5% May
1% Jan
234 3% 6,100
4c
4c
3,000
3c July 10c Apr
1% 1%
3% Apr
1,950
1 3 Aug
4
22
22
100 11% Apr 24% Mar
30
3e
3c July
7,000
lc
Jan
60
7c 60,000
2c Mar
9c Aug
Jan
9,000
8c July 29c
9c 100
Jan
11f6 13 17,800 73c July
,
5
4
Jan
16e 17c 38,000 13c July 940
320 32c
100 320 Aug 75c Feb
190 200
4.3 Feb 200 Aug
3,000
4c
60 82,000
6c Aug 650 Apr
1% July
3% July
2% 2% 1,200
320 40c 181,000 190
Jan 40c Sept
90 10e
4,000
4c Feb
10c Aug
5% 5% 2,000
4% May
5% Aug
lc July
5c Aug
20
3c
4,000
10c 100
1,000
80 June 10c Aug
2% Aug
1% 2% 6,600
17j Aug
Sc
60
4,000
2c Feb
90 May
1
Mar
83c 90e
1.500 700 Aug
7,000 18c Aug 220 Aug
18c 22c
1,A June
,
Jan
1 . 11
4 4,`,500 840
3
Jan
2% June
213(6 2% 1,500
1,000 11c Jan 230 Aug
23c 23e
420 460 34,000 360 Aug 460 Aug
lc Aug
lc Aug
lc
lc
5,000
15c 190 12,000 100 Aug 210 Jan
2% May
2
2% 1,600 820 Feb
2c Mar 220 Aug
7c 22c 267,300
120 Aug
3c Mar
4,300
10c 110
5c Aug
it Mar
4c 101,000
2o
Jan 410 July
32c 34c 46,000 18c
,
34c 340
1,000 15c Feb 35c Jul)
150 21e 28,000 10c July 260 Aug
1.38 Apr
1,500 59c Mar
800 850
3c Aug
lc Aug
20
3c 13,000
3c
Jan 120 Apr
90
Ge
100
50 Aug
4o 19,000
Jan
3c
lc
41e 60c 278,300
Sc June 600 Sept
190 23c 17,000
9c July 300 Apr
70 Aug
Sc
2c
Jan
6c 25,000
40 July
2c
3e 30,000
lc June
Sc 13c 60,000
7c May 15c Apr
70
9c 10,000
6c July 48c Mar
Cc
90 16,000
60 Aug 180 June
Aug
7
7%
800
4% Jan
8
41c 62e 14,000 30c Aug 62c Aug
1
1% July
1% 8,900 75c June
12
121% 12,600
71% Jan 12% Aug
3% May
3% 3%
1,500
2% Jan
Jan 33e Mar
1,100 30c
30e 30c
60 Jan 760 May
54c 580 140,100
Feb
5
2% Jan
3% 31% 4,900
90 Aug
Jan
2c
Sc
9c
4,000
4% Apr
Mar
3
400
3% 3%
Jan
70 Aug
3c
7c 24,000
6c
2% Aug
2% 2%
200
2% May
Jan 630 Mar
300 300
3,000 25c
lc Jan 120 Aug
60
80 loL000
50 Jan 14c Mar
9c 10e 11,000
70 Feb
2c June
1,000
2e
20
28
28%
200 28% Jan 32% Feb
Jan 310 May
4c
140 16c 31,000
3% May
2
2%
700
1% Jan
80 June 400 Apr
2,000
28c 28e
30 Jan 100 May
1,000
7c
7c
Jan
3,000 15c Mar 47c
150 15c
7,000 100 May 16c June
lbe 120
30e 33c 36,000 270 Mar 67o May
43,000 120 Aug 520 Mar
24
15
20 Jan 140 May
6c 59,000
Sc
40 Aug
lc Aug
4c 18,000
lc
100 1734 Jan 20 June
18% 1834
2% Sept
Jan
2
6,200
2% 2
120 141 June 15334 Aug
152% 1531%
6% Mar
5% July
6% 1,300
6
20 July 18c Mar
1,000
4c
4c
6c Aug 190 Aug
9c 19c 99,000
a% July 5% July
5% 5% 1,600
30 Mar 160 Aug
4,000
16c 16c
4,000 21c J11116 290 Jan
22e 26c
Feb
2% June
1
22,600
1% 2
Sc Aug
lc July
Sc 41,500
3c
50 Jan 120 May
90 110 15.000
Jan
5,000 12c June 21c
150 180
50 Aug
lc Aug
Sc 88,000
3c
40 Sept
lc Apr
4c 48,000
lc
10c 14c 13,000 100 Aug 20c Mar
5% Jan
43: Apr
100
4% 4%
lc May 11c June
4,000
2c
2c
Jan 16c Apr
20
7c -2,000
70
it Mar 530 Aug
410 520 58,000
Jan 820 Aug
73c 820 118,300 20c
2,000 270 July 360 Aug
36c 360
1% June
afs Jan
4,400
,
111(6 11
70c 94c 96,800 460 Mar 940 Aug
2% Aug
X6 Feb
15
21% 5,200
2
30 Aug
20 Aug
3c 13,000
20
2% Aug
1% Jan
23i 1,400
2
2c Feb 12c June
3,000
80
80
5c Mar 26e May
9c 17,000
60
Jan
3
1% July
100
2
2
May
1
2,200 450 Mar
710 730
2% Jan
1% Apr
19
4 1% 7,000
Mar 30% Jan
100 27
29
29
5% Feb
2% Mar
7 700
3% 4
lc Mar
2c Feb
2c 4.000
20
170 21( 43,800 11c June 21c Aug
11 Mar
4
14 13,, 34,900 70e Feb
,
THE CHRONICLE
1090
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale.
Mining (Concluded) Par. Price. Low. High. Shares.
Western Utah Copper_._..1
White Caps Mining---10
5
White Caps Extension_10c
White Knob Copp, pref_10
Wilbert Mining
1
Yerrington Cons
Yukon Gold Co
5
11c
14c
50
Bonds
Allied Pack cony deb 68'39 82
Certificates of deposit_ _ _ 67
Allied Pack 88 Ser B w 1'39
Aluminum Mfrs 7s_ _ _1925 105
7s
1933 106%
Amer Cotton Oil Os__ _1924
. Amer Light & Trac 68_1925 109
Without warrants
Amer Republic Corp 681937 93
Amer Tel & Tel 68.- _1922 100%
6s
1924 101%
Anaconda Cop Min 79_1929 104
6% notes Series A_ _1929 101%
Anglo-Amer Oil 7%s._1925 103%
Armour & Co 7% notes1930 104%
Atl Gulf& W I SS L 5s 1959 59%
Bethlehem Steel 75__ _1923 106%
Equipment7s
1935 104
Bklyn Union Gas6s wi_'47 106
Cony is
1929
Canada SS Lines 7s w 1 1947 95
Canadian Nat RYs 7s.1935
58 w 1
1925
Canadian Pac Ry 6s..1924
Central Steel 8s
1941 107%
Charcoal Iron of Am 8s1931 94%
Chic Un Stat 55 Ser B_1963
Cities Serv deb 7s ser C '66
Col Graph 8s, ctf dep_1925
Com'w'th Pow Corp 681947 88%
Consol Gas N Y 7s __ _1922 100%
Cons GEL&P Balt 7s'31
6s Series A w 1__ _ 1949 102%
Consol Textile 8s
1941
Copper Export Ass'n 88'24
8% notes__ _Feb 15 1925 104
Cudahy Packing 78.._ _1933
Deere ar Co 7%s_ _ __ _1931
East Cuba Sug7%s w 1 '37 100%
Fed Land Bk 4%s w 1_1941
Gair (Robert) Co 78..1937 99
Galena-Signal Oil 78_ _1930 105%
General Asphalt 8s.. _1930 105
Goodrich (B F) Co 78_1925 103%
Grand Trunk Ry6%s _1936 108
Gulf 011 Corp 78__1933 104%
Hershey Chocolate 7%s'30
Hood Rubber 7% notes'36 101%
Humble Oil dr Ref 7s_ _1923
Interb R T 8s J P M rects _ 95%
Certificates of deposit... 94
7% notes
1921 105
Kansas Gas& El 68_ _ _ 1925
Kennecott Copper 78_1930 105
Kings County Ltg 6%s wt. 99
Laclede Gas Light
102%
LibbyMcNeill&Libby7s'31
Liggett-Winchester7s _1942
Magma Copper 7s w i _1932 109
Manitoba Power 78__ _1941
Morris & Co 7%s_ _ _ _1930
Nat Acme Co 7%s__ _1931 97%
Nat Cloak & Suit 8s_ _1930
National Leather 88_ _1925
NYNH&H 7swi__1925 87%
Otis Steel 7%s w 1_ _ _ _1947
Phila Electric 5%s w 1_1947
1st lien 6s
1941
Phillips Petrol 7%s __ _1931 117%
Without warrants
101%
Public Serv Corp 7s w 11941 103%
Sears, Roebuck & Co 7s'22
7% serial notes Oct 15'23 101%
Shawsheen Mills 7s.. _1931
Solvay & Cie 8s
1927 106%
Southw Bell Telep 78_1925 103
Stand 011o1N Y deb 6%8'33 109%
7% serial gold deb_ _1925 105%
7% serial gold deb_ _1926 106%
7% serial gold deb_ _1928
7% serial gold deb_. 1921/ 108
7% serial gold deb _ _1930 108%
7% serial gold deb_ _1931 110%
Stewart Warner8s_ _ _ _ 1926
Sun Co 79
1931
Swift & Co 7s
1925 102
7s
Aug 15 1931 103%
Tidal-Osage Oil 75.. _ _1931
Union Oil of Calif 65_ _1942 101%
United OilProduc 8s._ 1931 101%
United Rys of Hay 7%s'36
U S Rubber 1st ref 58.1947 90%
Vacuum Oil 78_
1936
Valvoline 0116s,ser A wi'37
Wayne Coal 6s
1937 71
Western Elec cony 7s.1925 101%
lie
13c
2c
80c
5c
3e
92c
lie
16e
30
1
60
3c
920
2,000
13,000
6,000
800
4,000
2,000
100
Range since Jan. 1.
Low.
8c May
3c Feb
lc June
31c May
lc
Jan
2c Apr
80c June
81% 82% $12,000 59
Jan
26,000 50% Jan
65
67
94% 94% 1,000 76
Feb
5,000 100% Jan
104% 105
106 106% 12,000 102% Feb
99% 99% 21,000 93
Feb
107% 109
13,000 96
Jan
100% 101
5,000 100 May
93
93
15,000 93
Aug
100% 100% 43,000 99% Jan
101% 101% 34,000 99% Jan
103% 104% 67,000 100% Jan
101% 102% 63,000 96% Jan
103% 103% 53,0011 102% Jan
104% 105% 29,000 101% Jan
59
59% 7,000 57% Apr
106% 106% 51,000 100% Jan
103% 104% 64,000 100% Jan
10534 106 147,000 104 June
114% 119% 28,000 109 June
94% 96
47,000 94. July
111 112
13,000 104% Feb
99% 99% 11,000 98% June
101% 101% 14,000 99% Jan
106% 107% 10,000 98
Feb
9434 9434 35,000 92% Mar
101% 102% 22,000 99% June
94% 95% 10,000 87
Feb
31
33
5,000 31
Apr
88% 89
13,000 88
July
100% 100% 10,000 100% Sept
106% 106% 2,000 102% Jan
14,000 99% June
102% 103
98% 9934 18,000 94
Feb
102 102% 3,000 102
May
70,000 103% Aug
103% 104
101% 101% 5,000 100% Jan
5,000 95
102% 103
Feb
100% 100% 74,000 101
Aug
1,000 102% Feb
104% 10434
Feb
9834 99% 49,000 95
105% 105% 10,000 100% Jan
10,000 102
105 106
Jan
103% 103% 46,000 96% Jan
13,000 102
107% 108
Jan
104% 104% 23,000 102% Jan
103% 103% 2,000 100% Feb
49,000 95
101% 102
Jan
100% 100% 2,000 99% Jan
92
9734 928,000 72
Jan
92% 96% 266,000 89% July
7,000 76
102 105
Jan
96% 97% 32,000 95 June
105 105% 18,000 101% Jan
99
99% 6,000 96% Mar
95,000 94% Feb
102% 103
100% 101% 20,000 98% Apr
102 102
1,000 98% Mar
12,000 106
108% 109
May
98
98% 9,000 89
Jan
106 106% 4,000 102% Jan
37,000 92
97% 98
Mar
104% 104% 5,000 95
Jan
99% 9934 38,000 95% Jan
8634 87% 37,700 77
Mar
95
95% 57,000 95
Aug
1011i 101% 4,000 99 June
104% 104% 2,000 100% Jan
117% 117% 3,000 101
Feb
101% 102
9,000 99
Apr
103% 104
42,000 96% Feb
100% 100% 5,000 98% Jan
101% 101% 7,000 97
Jan
105% 106
6,000 101
Jan
106% 106% 10,000 102% Jan
102% 103% 34,000 100% Jan
109% 109% 84,000 105% Mar
105% 107% 23,000 104
Jan
106% 106% 5,000 104
Jan
10734 107% 1,000 105
Feb
108 108
4,000 105% Mar
108 10834 12,000 106
Apr
109% 110% 8,000 107% Mar
115 119
30,000 100% Jan
102 102
12,000 98% Jan
101% 102% 61,000 100% Jan
103 103% 25,000 101
Jan
102% 102% 10,000 99% Jan
101 101% 35,000 100% June
99% 102
43,000 90
Feb
106 106% 15,000 100
Jan
90% 90% 29,000 90% Aug
109 109% 28,000 106
Jan
3,000 98% July
99
9834
70
71
12,000 50
Jan
106% 107% 220,000 103% Jan
High.
17c
180
40
1%
15c
5c
1%
Jan
Aug
Aug
Aug
July
May
June
Apr
90
67
Sept
99% May
105
Aug
Aug
107
99% July
109
Sept
101% Aug
93% Aug
101
Mar
101% Apr
104% Aug
102% Aug
104% Aug
105% July
66% May
106% Aug
Aug
105
106
Aug
Aug
120
96% May
112
Aug
99% Aug
101% Jan
107% Aug
99% Apr
102% Aug
97% June
40
Mar
90% May
101% Jan
106% Aug
103% Aug
100% June
103% Apr
105
Mar
102
July
103
Aug
105% Aug
104% Apr
100 May
106% Aug
Apr
107
103% July
108% Aug
104% May
104 June
102
Aug
101% May
97% Aug
96% Aug
Sept
105
98% Aug
106% Jan
99% Aug
103
Aug
101% Aug
104
Aug
110% June
100 May
107 May
98% Apr
105
Aug
101
Apr
92% May
95% Aug
102
Aug
104% Aug
May
126
104% May
Apr
104
101% Apr
102
Apr
106
Aug
107% July
104% Aug
109% July
108
Aug
106% July
107% Sept
109
Aug
109 June
111
July
119
Aug
102
Aug
102% July
103% Apr
104% Apr
102 May
Apr
110
Apr
108
90% Aug
109% Aug
100% May
Sept
71
109% Mar
[VOL. 115.
Quotations for Sundry Securities
All bonds prices are "and interest" except where marked "L"
Standard 011 Stocks Par Bid 48*
Anglo-American Oilflew. £1 *2014 2012
Atlantic ReflninS
100 1060 1100
116 118
Preferred
1
Borne Scrymser Co
100 445 465
Buckeye Pipe Line Co.._ 50 *97 98
Chesebrough Mfg new._100 195 205
Preferred new
100 108 111
Continental 011
100 141 144
Crescent Pipe Line Co.._ 50 *34 36
Cumberland Pipe Line_ _100 147 152
Eureka Pipe Line Co_ .100 95 98
53
Galena Signal 011com_..100 51
Preferred old
100 108 112
Preferred new
100 100 103
Illinois Pipe Line
100 169 170
98
Indiana Pipe Line Co
50 *96
8
International Petrol.(no par) *223 2212
27
National Transit Co..12.50 *26
New York Transit Co_ _100 170 172
Northern Pipe Line Co_ _100 105 107
Ohio Oil Co
25 *280 285
30
Penn Mex Fuel Co
25 *27
Prairie Oil& Gas
100 595 605
Prairie Pipe Una
100 262 265
100 340 350
Solar Refining
Southern Pipe Line Co_ _100 95 98
South Penn Oil
100 205 210
Southwest Pa Pipe Lines.100 63 67
4
Standard Oil (California) 25 *11212 1123
8
Standard Oil (Indlana) 25 1151s 1153
Standard 011(Kansas)
..100 525 535
Standard 011(Kentucky) 25 *10412 10512
Standard Oil (Nebraska)100 175 180
Standard Oil of New Jer_ 25 *186 18612
Preferred_
100 117 118
Standard Oil of New Y'lc.100 442 415
!Renard Oil (Ohio)
100
100 *118 119
Preferred
35
100 32
Swan & Finch
Union Tank Car Co_ _ _100 108 112
Preferred
100 108 11112
100 468 472
Vacuum Oil
24
10 *20
Washington 011
Joint Stk.Land Bk.Bonds
1
ChicJtStk Land Bk 55.1939 99 4 10012
10238 103
65 1951 opt 1931
10212 103
14
5s 1952 opt 1932
10512 106
5%s 1951 opt 1931
RR.Equipments
-Per CI Basis.
Athh Topeka & Santa Fa Si. 5.30 5.00
AllanCoast Line (3s & 6%s 5.40 5.10
Baltimore & Ohio 434s & Os. 5.50 4.75
BuffRoch & Pitts is & 43411 5.10 4.50
5.30 5.00
Equipment Os
Canadian Pacific 434s& Os.. 5.30 5.00
Caro Clinchfield & Ohio Si.. 6.00 5.50
Central of Georgia 434s_ _ _ _ 5.50 5.00
5.30 5.00
Central RR of N I 6s
Chesapeake & Ohio es & 6 As 5.50 5.00
5.50 5 10
Equipment 58
6.50 5.70
Chicago & Alton 6s
5.30 5.00
Chicago Burl & Quincy (58_
Chicago & Eastern 1115348.. 5.90 5.40
Chicago Ind & Louisv 434i. 5.50 5.10
Chicago St Louis & N 05s_ _ 5.35 5.00
5.25 5.00
Chicago & N W 4348
Equipment 6s & 634s_ _ _ 6.40 5.00
Chic R I & Pan 434s, 5s, (is 5.65 5.00
Colorado & Southern 88,(is. 5.50 5.15
5.35 5.00
Delaware & Hudson Os
5.80 5.20
Erie 4%s,5s & 6s
5.35 5.10
Great Northern Os
Hocking Valley 4%e.130 &(is 5.60 5.20
Illinois Central 4%s.136 & Os 5.30 5.00
5.25 5.00
Equipment 7s & (134s
5.50 5.10
Kanawha & Mich 454s, Os
Louisville & Nashville Si.__ 5.25 5.00
Equipment O.& 054s...., 5.35 5.10
5.30 5.00
MichiganCentral Si, Os_
Minn St P&1313M 434s & Ss 5.45 5.10
5.60 5.20
Equipment 634s & 75.._
Missouri Kansas & Texas Si 5.85 5.30
5.60 5.10
Missouri Pacific 5s
Equipment Os & 634s... 5.60 5.20
5.90 5.25
Mobile & Ohio 4%s.5s
New York Central 43.0, 6s_ 5.30 4.90
5.35 5.10
Equipment (Se & 78
N Y Ontario & Western 43411' 6.00 5.50
Other Oil Stocks
4
Atlantic Lobos Oil (no par) *103 11 Norfolk & Western 434s.... 5.10 4.60
5.35 5.10
45
Preferred
Equipment(Is
50 4140
5.30 5.10
500 520 Northern Pacific) To
Gulf011
Humble Oil & Refining_ _ _ _ 225 235 Pacific Fruit Exprees is._ 5.30 5.10
Imperial 011
25 *x113 114 Pennsylvania RR 46& 1134e.. 5.10 4.50
5.25 5.10
Magnolia Petroleum_...100 175 178
Equipmentas
4 9 Pittsb & Lake Erie(Is & 63Is 5.40 5.20
Merritt 011 Corporation_ 10 *83
5.20 4.80
Mexican Eagle 011
5 *1312 1419 Reading Co 434s
Salt Creek Producers
1514 1538 St Louis Iron Mt& Son Si.. 5.75 5.20
St Louis & San Frew:deco 58_ 5.70 5.20
Tobacco Stocks
Seaboard Air Line 434s & 55. 5.90 5.40
5.10 4.75
78 SouthernPacific Co 434s..
American Cigar common.100 76
5.25 5.00
Preferred_
Equipment 7s
100 85 90
5.65 5.25
Amer Machine & Fdry--100 225 250 Southern RY 494a. 5 & 65
8
American Tobacco scrip_ _ 160 163 Toledo & Ohio Central flu.... 5.40 5.20
5.20 4.90
4
British-Amer Tobao ord., El *1914 193 Union Pacific 78
5.60 6.20
4
Brit-Amer Tobac, bearer £1 *1914 193 Virginian By 6s
Public Militia
Conley Foil(new)-(no Par) *1212 14
Helme(Geo W)Co,com.100 165 175 Amer Gas & Elea, corn_ 50 *160 163
Preferred
50 *4412 45
Preferred..
100 111 115
153 Amer Light & Trao, oom.100 142 145
4
Imperial Tob of0B & Ire.. *15
Preferred
100 9512 9712
Johnson Tin Foil & Met_100 94 100
MacAndrews & Forbes 100 117 120 Amer Power & Lt,com_100 141 144
8812
Preferred
100 86
Preferred_
100 99 102
19
32 Amer Public UM.corn_ _100 15
Mengel Co
100 28
30 35
*68
76
Preferred
100
Porto Rican-Amer Tob....1130
*75 85 BlackstoneValG.&E.com 50 d 70
7212
Scrip
Reynolds(R J)Tobacco_ 25 *75 90 Carolina Pow & Lt,com _100 50
40 Cities Service Co, corn...100 194 198
Schulte Ret. Stores(no par) *38
s
Preferred
Universal Leaf Tob com_100 121 125
100 693 70
27
100 100 102 Colorado Power, corn_ _100 24
Preferred
Preferred_
100 83 88
100 90 93
Young (J 13) Co
98 Com'w'th Pow,By & Lt_100 30 3112
100 94
Preferred
Preferred._
Rubber Stocks (Cievei cued pr fees)
100 60 63
Fhestone Tire& Rub.com_10 7012 7118 Elec Bond & Share. pre!_100 97 99
Federal Light & 'Frac_ _ _100 39 41
100 90
6% preferred
Preferred_
100 83 8312
100 72 75
7% preferred
8
Gen'l Tire & Rub,corn..100 250 300 Lehigh Pow Sec. (no par.). d1612 167
4
100 92 95 Mississippi Riv Pow,00m100 33% 343
Preferred_
918 10
85
Preferred
Goodyear Tire & R.com.100
100 84
First Mtge 58, 1951_ _J&J 95 I 9512
100 29 30
Preferred
S f g deb 75 1935_ _M&N 10112 103
100 84 67
Prior preferred
12
Goodyear T&R of Can pf 100 80 85 Northern Ohio Eleo.(no par) *9
8
38
100 63 683
Miller Rubber
Preferred_
100 34
98
North'n States Pow.com.100 94 96
, Preferred
100 10 25
Mohawk Rubber
Preferred_
100 92 94
Swinehart Tire& R.com_100 22 29 Nor Texas Eleo Co,com_100 83 86
_
Preferred
Preferred_
100 x8112 8312
Sugar Stocks
Pacific Gas& ELIA pref 100 88 89
Caracas Sugar
so 514 16 Puget Sound Pow & Lt 100 54 56
81
Cent Aguirre Sugar corn. 20 579
% preferred
100 82 84
.12 112
Central Sugar Corp.
(no par)
7% preferred
100 103 105
Preferred
3
100 el
Gen M 7345 1941-M&N 10412 106
Gorey Sugar common_ IN) 25 50 Republic By & Light_ _ -100 10 14
Preferred
100 45 65
100 43 I 46
Preferred
Fajardo Sugar
77 South Calif Edison,corn _100 10312 105
100 75
Federal Sugar Ref, com-100 104
100 121 1125
Preferred
Preferred
100 104
Standard Gas& El(Del). 50 *20 I 21
Godchaux Bug Inc..
(no par) *15
17
ao *48 49
Preferred
14 4
3
Preferred
100 78 82 Tennessee Elec Pow (no par) 14
Great Western Suit,com_100 255 265
(no par) 35 38
2d preferred
Preferred
100 106 110 United Lt& Rys.corn__ _100 52 56
Holly Bug Corp,com(no par) 520 25
100 74 78
1st preferred
38
Preferred
100 58 64 Western Power Corp__ _100 36
84
Juncos Central Sugar_..100 60 100
100 81
Preferred_
National Sugar Refining-100 144 147
-Pe r Can:
SantaCeciliaBug Corp,pf.100 11
14 Short Term Securities
Savannah Bug,corn_(no par) 50 53 Am Cot 011 6s 1924_ _M&S2 9914 9912
Preferred
98 Amer Tel& Tel ae 1924_F&A 10134 101%
100 95
West India Bug Fin,com.100 50 100
A&O 100 10014
6% notes 1922
3
4
Preferred
100 58 63 Am Tob 7% notes '23.M&N 1023 1023
s
AnacondaCopMin&e29..J&J 1017 10218
Industrial&Miscellaneous
American Hardware_ _100 188 192
78 1929 Series B_____J&J 104 10414
:
Amer Typefounders,com.100 63 57 Anglo-Amer 0117442'25 A&O 10314 1031
8 10151s
Preferred
100 94 98 Arm'r&Co7sJuly15'30J&J15 1047 1....
Atlas Powder
100 135 ---68 J ne 15'23 J&D15 16014
Deb
41--- Bliss(EW)Co,new_(no par) *31
32
Deb 13s J'ne 15'24_J&D15 10C3
s
Preferred
50 *54 60 Beth St 7% July 15 2310
' . a16 1065 100%
3
Borden Company.corn_ _100 111 113 Canadian Pao(Is 1924.M&S2 1011811013
1014101%
Preferred.
ioo 100 102 Federal Stlig Ref Os'24 _M&N
Celluloid Company
100 92
Goodrich(BF)Co 718'25.A&O 10318 103%
98
Childs Co. corn
100 108 112 Hocking Valley 65 1924.M&8 101 110114
Preferred
100 106 108 Interboro R T Ss 1922.M&S 9512 9612
4
Hercules Powder
100 170 180 K C Term Ry thi'23.M&N15 10112 1013
Preferred
J&J 103 1 10413
100 100 102
6%B.luly 1931
MI,
International Salt
100 61
68 Laclede Gas 7s Jan '29_F&A 10234
International Silver, pref 100 *102 105 Lehigh Pow Sec 6s '27_F&A 9114. 9134
Lehigh Valley Coal Sales. 50 80 83 sioes Sheff 13 & I 68'29_F&A 99381 9934
8
Phelps Dodge Corp
100 160 170 Swift & Co 7% 1925_A&015 1017 1021s
10318 1033
8
Royal Baking Pow,com_100 108' 112
7% notes Aug 15 1931_
Preferred
100 96
99 ,Z7 S Rubber 73.0 1630-F&& 10834 10912
Singer Manufacturing__ _100 96
99 'West Else conv7s 1925.A&O 10638 10678
Foreign Government
and Municipalities
Argentine Nation 78_ _1923 100% 100% 101 163,000 97
Jan 101% Aug
788 788 g4,000 75c Aug
*Berlin 4s
5% Jan
750
081,000 75c Aug
1%
*Bremen 4%8
Sept
75c 75c g9,000 75c Aug 75c Aug
§Buda-Pesth 43.5
850 850 g3,000 85c Aug 85c Aug
§Coblenz 4s
1% g154000 75c Aug 1% Sept
75c
1
*Cologne 4s
750 750 g15,000 75c Aug
*Dresden 4s
Feb
5
75c 75c g3,000 75c Aug
z4
Jan
60c 600 g3,000 60c Aug 60c Aug
I Dusseldorf 4s
75c 750 g8,000 75c Aug 75c Aug
;Essen 45
4
4
g1,000
*Frankfort 4s
4
Aug
Jan
9
60e 600 1655000 60c Aug 60c Aug
*German Govt 4s ________
750 750 g1,000 75c Aug 75c Aug
z5s
85c 900 g119000 85c Aug
9()c
§ Hamburg 4s
4% Feb
85e 900 g247000 85c Aug
*4%s
534 May
75c 750 g1,000 75c Aug
*Leipzig 4 Ms
Jan
75c 750 09,000 75c Aug
5.s
Apr
1945 554 37% 40 507,000 37% Aug 52% Apr
Mexico 4s
25,000 11% Aug 13
12% 12% 13
38
Sept
1
1
15,000
1
*Munich 4s
Aug
6% Jan
Netherlands(Kingd)68B'72 95% 95% 96% 113,000 96
July 96% July
100 100
3,000 99% Aug 100% July
Peru(Republic)8s wi_1932
Russian Govt5%s ___ _1921 13% 13% 13% 1,000 13% Jan 28
Apr
14
13
4,000 13
1919
Aug 30% A rp
6%s
11% 23,000 10% Aug 26% Apr
11
Certificates
Serbs. Croats and Slovenes
July 98
(Kingdom of)8s w1.1926 95% 95% 95% 64,000 95
Aug
60c 600 37,000 60c Aug 60c Aug
iStuttgart 48
104% 105% 64,000 95% Jan 107% Mar
Switzerland Govt5%s 1929 105
per 1,000 marks. a Ex-100% stock diviNo
t Odd lots. * N par va ue• I Dollar
dend. g Marks. k Correction. 1 Dollars per 1,00011re flat. 1 Listed on the Stock
* Per share. b Basis. d Purchaser also pays accrued dividend. e New stock.
additional transactions will be found. o New stock.
Exchange this week, where
Ex_rights. t Ex-stock lily.
I Flat price. k Last sale. n Nominal. r
to When issued. z Ex-dividend. y Ex-rights. z Ex-stock dividend.
1091
bitestuunt ant Sailitcaul ptelliffente.
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Jan.1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
$
$
S
$
193.048 258,860 1.768,148 1,857,083
Alabama & Vicksb_ July
12945,965 17403473 51,737.855 70,123,003
Amer Ry Express__ April
183,942 158,695 1,255.556
814,887
Akron Cant & Youn July
96,675 110,383 3.009,620 2,925,528
2d wk Aug
Ann Arbor
15767202 15482787 99,169,520 104682915
Atch Topeka & S Fe July
1,943,272 2,738,796 11,937,548 16,749,990
Gulf Colo & S Fe.. July
612,122 835,921 4,113,128 4,969,485
Panhandle S Fe July
323,061 279,342 2,165,907 1,769,236
Atlanta Birm & Atl_ July
207,431 200,467 1,354,663 1,455,240
Atlanta & West Pt_ July
703,465 753,214 2,578,434 2/618,447
July
Atlantic City
4,494,338 4,438,129 41,589,918 41,170,164
Atlantic Coast Line July
13944023 16537773 112623 182 112768724
Baltimore & Ohio July
246,065 188,609 1,723,489 1,397,266
B &0 Ch Term.... July
406,574 371,188 4,894,961 4,147,348
Bangor Al Aroostook July
9,259
Bellefonte Central July
40,976
56,155
4,573
445.914 432,371 3,336,640 2.935.811
Belt Ry of Chicago_ July
Bessemer & L Brie_ July
1,427,097 1,488,369 6,091,746 7.416.537
Bingham & Garfield July
20.465
10,154
116,649
102.845
Boston & Maine...... July
6,519,313 6,541.142 44,368,076 43,690,952
Bklyri E D Term_ July
121,905
99,827
919,325
760.894
Buff Roch & Pittsb_ 3d wk Aug 216,426 301,443 8,956,889 9,745.693
Buffalo & Susq_ _ _ _ July
52.331 126,263' 784,078 1,161,729
Canadian Nat Rys_ 3d wk Aug 2,090,160 2,384,012 66,833,246 74,644.296
3d wk Aug 3,369,000 3,494,000 98,204,000 108003000
Canadian Pacific
Caro Clinch & Ohio_ July
624.292 644,954 4,487,547 4,226,675
Central of Georgia.. _ July
1,935,648 2,051,273 12,683,645 13,183.955
Central RR of NJ.... July
3,686,157 4,630,517 26,888.137 29,780,353
Cent New England.. July
408,261 693.315, 3,919,511 4,802,982
Central Vermont_ _ _ July
560,874 582,544, 3,952.223 3,907,210
Charleston & W Car July
238,807 259,2281,963.2831,949.850
°hes & Ohio Lines June
8,870,114 8.564,712 44.172,859 41,883,146
July
Chicago & Alton
1,861,110 2,630,677 15,993,782 17,097,760
Chic Burl & Quincy_ July
12608638 14028678 87,244,590 92,426,593
Chicago & East Ill July
1,788,702 2,187,604.13,691,856115,038,422
Chicago Great West July
1,915.134 1,971,692 13,238,27813,631,578
Chic Ind & Louisv July
1,210,744 1,287,482I 8,968,660 8,600,671
Chicago Junction May
409.419„
2,042,576
Chic Milw & St Paul July
12694329 12197540,83.851,104 79,967,120
Chic & North West_ July
12680808 12215106180,341,437 79,821,464
Chic Peoria & St L.June
168,092
1,133,185
956.619
Chic River & Ind July
562,303 160,5891 1,354,566
Chicago R I & Pac__ July
10030565 11583048 66,084,247 73,896,404
Chic R I & Gulf. _ July
538,486 702,775 3,254,546 4.271,170
Chic St P M 8.: Om_ July
2,323,272 2,260,540 15,379,723 15,307,511
Cinc Ind & Western July
341,742 308,072 2,385,326 2,005,820
Colo & Southern... 3d wk Aug 479,099 568,461 14,512,351 16,260,686
Ft W & Den City.. July
•69.152 1,018,467 5,131,295 6,256,721
Trin & Brazos Val June
139.785 228,571 1,580,058 1,297,283
Wichita Valley___ June
89,779 102,306
786.343
571.445
Cumb V & Martin.._ June
60,211 147,897
453.318
732,958
Delaware & Hudson July
2,220,962 3,965,073 21,087,392 26,376,330
Del Lack & Western July
5.549,4087,494,704 41,432,216 49.774,689
Deny & Rio Grande July
2,902,572 2,738,017 17,358,783 16,978,783
Denver & Salt Lake July
43,758 277,950
599,581 1,439,218
Detroit & Mackinac July
180,802 184„010
996,113 1,100.805
Detroit Tol & Trent_ July
823,979 701;656 5,301.902 3,357,192
Det & Tol Shore L.. July
220,335 257,077 2,029,466 1,461,265
Dul & Iron Range__ July
1,339,057 781,085 3,515,606 2,909.344
Dul Mis.sabe & Nor_ July
2,736,716 2,068,604 6,581,450 6,565,721
Dul Sou Shore & AU 3d wk Aug
93,405
83.805 2.665,820 2,868,764
Duluth Winn & Pac June
194,909 119,575
972,664 1,390,987
East St Louis Conn_ July
160,552 123,363 1.171.718
931.850
Eastern SS Lines... May
480,300 416.136 1.585.195 1,259.123
Elgin Joliet & East_ July
1.732,637 1,261,147 12.239,872 11,675.447
El Paso & Sou West July
1,210,875 976,986 6,420,271 6,980,003
Erie Railroad
July
7.029,1708,503,539 51,464,476 58,100,024
Chicago & Erie July
824,559 715,131 6.317,333 6,040,314
NJ&NY RR July
855,759
134,253 135,769
863,001
Florida East Coast.. July
715.519 725,385 8,780.757 9,021,050
Fonda Johns & Glov July
110,479 111,633
779.047
794,487
Ft Smith & Western July
135,343 113,744
865,951 1,027,656
Galveston Wharf_ _ _ July
86,561 285,724
793,415 1,530,885
Georgia Railroad.. _ _ July
420.476 417.192 2,788,210 3,053,458
Georgia & Florida July
105,919128,260
819,663
771,023
Grand Trunk Syst_ _ 3d wk Aug 2,318,456 2,302,852 64.244.570 63,310,589
Atl & St Lawrence July
184,171 145,749 1,549,070 1.719,220
Ch DetCan G TJct July
197,112 119,290 1,521,488 1,088,971
Det G H & Milw_ July
513,194 479,568 3,049,199 2,272,109
Grand Trk West.. July
1,622,368 1,266,646 8,966,001 8,115,974
Great North System July
9,015,381 8,142,962 51,745,576 50,046,749
Green Bay & West_ June
125,040 106,916
690,298
686,695
Gulf Mobile & Nor_ July
333,352 319,441 2,592.363 2,368,767
Gulf & Ship Island_ July
252,429 233,981 1,690,213 1,625,455
_ July
Hocking
894,179 1.355,653 7,244.589 7,736,526
Illinois Central.... _ _ July
11869898 1156513081,643,019,8l441,877
Illinois Central Sys.. July
13237325 13068617 91,739,065 91,939,543
1,090.186 1,461,262 6,741,669 9,473,963
Internat & Ott Nor_ June
201,647 149,742 1,508,504 1,599,810
Internat Ry of Me_ June
112,810 152,812
K C Mex & Orient July
986,144
778,123
133,573 202,562
KO Mex &0of Tex July
853,809 1,2a9,100
1.338,419 1,622,147 10,070.936 11,618,514
Kansas City South_ July
183,464 150,132
Texark & Ft Sm.June
977,8601,090,731
1,506,357 1,803,086 11,216,734 12,859,406
Total system......July
212,589 205,465 1,554,203 ,1,353,338
Kan Okla Sz Gulf_ _ _ July
177.980
26,311
Lake Sup & Ishpem June
74,139
247,681
78,760
74,543
Lake Term Ry
July
772,163
630,319
160,126 269,240 1,200,236 1,594,706
Lehigh & Hud Riv_ June
230,268 399,970 2,217,633 2,610,705
Lehigh & New Eng.. July
4,452,269 6,260,657 35,393,490 43,102,024
Lehigh Valley
July
Los Aug & Salt Lake July
1,635,502 1,626.089 11,085,506,11,590,155
292,921 251,415 1,926,205 1,935,296
Louisiana & Arkan_ July
281.851 274,399 1,607.9911 1,846,387
Louisiana Ry & Nay June
9,576,857 9,610,560 71,626,982 67,214,699
Louisville & Nashv_ July
1,629,021
Louisv Hend & St L July
276,139 222,035
1,550,690 1,8075261
Maine Central
July
2,648,940, 2,586,072
Midland Valley_
367,011 334,774 1l.752.876112.027.462
July
173,288, 212,237
Mineral Range
1
2,409
5,855
3d wk Aug
Minneap & St Louis 3d wk Aug 316.835 395,118 9,520,2941 9,946.214
Minn St P & S S M.July
4,262,4223,534.772 23,517,350 22,913,515
599.829
846.862
Mississippi Central_ July
107.1211 86.413
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
115,262
Mo & North Arkan_ June
76,953
Missouri Kan & Tex June
2.747,099 2,670,216 14,698,965 16,004,242
Mo K & T Ity of Tex June
1,816.892 2,017,792 10,008,850 13,200,106
Mo Kan & Tex Sys_ July
4,294,125 5,601,772 29,685,622 35,931,114
Missouri Pacific_ _ July
7.763,626 8,959,260 56,288,162 61.360.215
Mobile .Sr Ohio
July
1,330,494 1,296,751 9,853,368 10,538,313
Columbus& Green July
855,119
850,482
85,307
135,824
Monongahela
July
136,204 309,223 1,867,168 2,194,396
Monongahela Conn_ July
413.095
965,802
43,030
132,817
Montour
913,470
364,938
July
16,932 109,686
Nashv Chatt & St L July
1,844,764 1,853.173 11.988.200 11,949,311
Nevada-Cal-Oregon 2d wk Aug
210,056
157,162
9,897
7,725
Nevada Northern July
248,791
223,439
62,641
,
151 695
Newburgh & Sou Sh July
81,553 1,145,333
730,495
147.837
New Orb Great Nor- July
218,620 217.644 1.486.069 1.478.202
N 0 Texas & Mex July
182,914 131,739 1,501,919 1,516.954
Beaum L & W_ _ July
175,770 187,544 1,190,946 1,298.578
St L Brownsv & M July
378,516 428.793 2,981,191 3.421.526
New York Central July
27934312 26255176 186492095 183834688
Ind Harbor Belt.. July
790,844 675,529 5,429,666 5,078,284
Lake Erie & West June
856.905 774.517 4,588.921 4.454,359
Michigan Central July
6.716,232 6,346,834 44,153,981 40,831,059
Clev C C& St L July
6,346,848 6,242,501 47.176,486 45,836.267
Cincinnati North_ July
227,505 326,003 1,977,816 2.078,666
Pitts & Lake Erie July
1.952,871 1,521,252 13,753,077 13,881,397
Tol & Ohio Cent_ July
419,354 929,761 4,104,275 5,924.290
Kanawha St Mich July
224,021 429,781 1,784,563 2,710.645
N Y Chic & St Louis July
3,145,617 2,832.563 17,368,187 15,952,869
N Y Connecting... July
222.137 277,589 1,613,262 2.061,322
NYNH&
_ July
10476218 10046887 68,323.94565,101,888
N Y Oat & Western July
1,161,445 1,655,942 6,752,713 8,135,797
N Y Susq & West July
333,801 347,950 2,308,850 2,505,391
Norfolk Southern July
672,139 689,400 4,872.364 4,620,807
Norfolk & Western_ July
7,563,344 6,787,348 53,574.695 45,978,419
Northern Pacific_ .._ July
7,986,391 7,877,354 49,908,495 48,304,575
Northwestern Pac.- June
719,158 834.554 3.557.385 3.690.774
Pennsylv RR & Co.. July
49220147 49290805 341028437 350139407
Balt Ches & Atl July
207.466 201,013
920,272
874,768
Cinc Lab & Nor July
642,761
90,876 111,880
609,987
Grand Rap & Ind June
712,602 617,668 4,125,809 4.086,038
Long Island
July
3,365.343 3,315,432 17,329,772 16,082,566
Mary'd Del & Va.. July
690.195
139,242 150,529
622,742
N Y Phila & Norf June
659,842 621,100 3,483,385 3,072,357
Tol Peor & West_ June
807,315
145,712 110,619
791,224
W Jersey & Seash July
1,695,476 1,689,8.8 7,421,416 7,233,796
Pitts C 0 & St L. June
8,910,749 7,942,514 47,521.417 48.177.641
Pennsylvania Syst July
56020065 55911721 375098141 382376056
Peoria & Pekin Un_ July
952,753
126,576 122,141 1,017,630
Pere Marquette.... July
3,019,982 3,367,884 21,227,958 20,420.823
Perkiomen
July
754.333
132,493 108,036
717.951
Phila & Reading.... July
5,158.369 6,811.224 43.418,488 19,132,949
Pittsb & Shawmut_ _ July
691,235
559,390
49,323
74,055
Pitts Shaw & North July
683,169
61,140
585.030
86,957
Pittsb & West Va.... July
212,790 203.303 1,603,933 1,619,965
Port Reading
July
78,049 t29,822 1,076,889 1,336,525
Quincy Om & K C _ July
735,867
69,468 107,604
600,155
Rich Fred & Potom July
835,263 818,324 6.242,898 6,215,709
Rutland
July
482,092 484,328 3,223,053 3,278,970
St Jos & Grand Isl'd July
233,676 303,956 1,739,296 1.814,079
St Louis San Fran July
6.747,227 6,568,501 46,167,646 46,518,888
Ft Worth& RioGr July
110,333 136,679
969,173
705,385
St L S F of Texas_ July
158,678 198,405
939,504 1.054.172
St Louis-Ran Fr Sys July
7,041,395 6.923,019 47.967.607 48,670,723
St Louis Southwest_ July
1,326,6.60 1,332,032 9,677,898 9,627,020
St L S W of Texas July
601,677 641,942 4.039,877 4,255.635
Total system_ _ 3d wk Aug 418,983 420,329 12,055.108 12,068,462
St Louis Transfer July
57,260
427,834
654.276
88,204
San Ant & AranPass July
430,591 556,763 2,914,380 3.370,101
San Ant Uvalde &0 June
619,498
69,044
514,482
96.957
Seaboard Air Line.-- June
3,600,199 3.056,711 22,426,507 22.178.211
Southern Pacific..... July
15952904 16574383 99.158.214 108541 722
Southern Pacific Co July
21664974 22627508 141792194 152875873
Atlantic SS Lines.. July
884,291 809,897 6,519,819 5,959,416
Arizona Eastern_ July
300,463 176,424 1,794 521 1,763,422
Galv Harris & S A July
..604,657 1,81841 12,110,823 14,650,265
Hous & Texas Can July
1.072,628 1.101,335 7,9713,854 7,173,207
Hous E & W Tex_ June
281,942 240,650 1,41d.013 1,353,630
Louisiana West July
278,533 379,004 2,386,726 2,476,292
Morg La & Texas July
542,509 691,958 4,392,725 4,987,305
Texas & New On.. June
686.184 749.643 4,340.660 4.253.797
Southern Railway... July
9,920,458 10387466 71,915,912 72,804.252
Ala Great South.. July
484,920 751,734 5,196,387 5,456,175
Cin N 0& Tex P_ July
1,057,519 1,378,618 10,176,771 10,205,876
Georgia Sou & Fla July
355,286 388,7552,726,290 2,616.877
New Orl & Nor E July
271,109 485,963 3,391.631 3,747,349
Northern Ala
June
628.932
444,843
63.714
122,001
Spokane Internat'L June
541,334
633,117
96,547 101,541
Spok Portl & Seattle June
646,532 679,148 3,390,108 3,530,877
Staten Island R T_ July
256,842 253.284 1,408,650 1,450,392
Tennessee Central June
219,064 196,047 1.193.731 1,178,396
Term RR Assn ofSt L July
354,553 346,192 2,638,408 2,522,523
St L Mer Bdge T _ July
261.410 277,296 2,012,956 2,019,880
Texas & Pacific_
3d wk
588,391 674.567 18,349,738 22,587,082
Toledo St L & West_ July Aug 907,968 936,597 5,814,225 5,094,485
Ulster & Delaware... June
713,527
684,579
154,490 164,408
Union Pacific
July
8,096,096 9,317.262 53,498.209 58.023.239
Oregon Short Line July
2,592,961 2.590,599 18,973,550 18.243,276
Total system....... July
14599313 15675657 98,530,817 103488368
Ore-Wash RR &N July
2,274,756 2,141,709 14,973,483 15,631,698
Union RR (Penn)... July
1,168,898 733,869 6,240,165 5,719,053
Utah
760,531
560,861
June
59,292
159,033
Vicks Shreve & Pac_ June
350,342 339,915 1,881,316 2,047,288
Virginian Railroad_ July
1,415,114 1,549,529 11,900,312 11,146,174
Wabash RR
July
4,862,653 33.273,800 33,694,921
Western Maryland.. 3d wk Aug 4,643,216 318,372 10,543,446 11,490,767
373,415
Western Pacific_
June
1,064,742 963,152 5,090,241 5,555,690
Western Ry of Ala... July
216,665 208.783 1,411,397 1,422,900
Wheel & Lake Erie_'July
1,182,134 1,477,255 8.005.064 8. 226,180
Wichita Falls & NW June
583,582 1324,994
105.402 152,594
Yazoo & Miss Valley July
1.367.427 1.503.486 10.096.046 11.497.666
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d
week June (18 roads)---week June (13 roads).--week June (16 roads)---week July (18 roads
week July (16 roads)____
week July i17 roads)..
week July 16 roads)--- _
week Aug. 14 roads)__ _ _
week Aug 15 roads)_
week Aug 15 roads)____
Current
Year.
Previous
Year.
12,971,059
12,985,740
17.624,246
13,151,413
12,880.105
12.354.510
13,403.786
9,800.291
10,098,184
10.270.028
12,740.850
12,798,352
16,810,702
13,056,097
13,090,802
12,969,484
13,976,759
10,603,153
10.999,399
10,945.368
Increase or
Decrease.
+230,209
+187,388
+813,544
+98.316
-210.697
-614.974
572.973
802.862
-901,215
-675.340
1.81
1.46
4.84
0.75
1.61
4.74
4.09
7.57
8.19
6.17
Previous
Increase or
Current
Monthly Summaries.
Year.
Decrease.
Year.
Mileage.
Curr.Yr. Prev.Yr.1
September -235.155 234,559 496,784,097 617,537,676 -120 753.579 19.55
October _..__235,228 234,686 534.332,833 640.255.263 --1015922430 10.54
November __236,043 234.972 464,440,498 590,468,164 -126027666 21.34
December_ --225,619 224,784 406864,055 527.480,047 -120,615,992 22.87
January ___-235.395 234.636 393:892.529 469.195,808 -75.303.279 16.05
February 5.625 234,880 400.430.580 405,203.414 -4.772,834 1.18
March
234,986 234,202 473.433,886 457,374.460 +16,059.426 3.51
Anril
234.955 234,338 416,240,237 432,106,647 -15,866.410 3.67
May
234.931 234.051 447.299.150 443,229.399 +4.069.751 0.92
June
235,310 234.568 472.383.903 460.007.081 +12.376.822 2.69
1092
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the third week
of August. The table covers 15 roads and shows 6.17%
decrease in the aggregate over the same week last year.
Third Week of August
1922.
1921.
216,426
301,443
Buffalo Rochester & Pittsburgh
Canadian National Railways__ _ 2,090.160 2,384,012
3,369,000 3.494,000
Canadian Pacific
479,099
568,461
Colorado & Southern
93,405
Duluth South Shore & Atlantic
83,805
Grand Trunk of Canada
2,318.456 2,302,852
Grand Trunk Western
Detroit Grand Hav & Mllw_
Canada Atlantic
5,855
Mineral Range
2,409
316,835
395,118
Minneapolis & St Louis
Iowa Central
418,983
St Louis Southwestern
420,329
588,394
Texas & Pacific
674,567
373,415
318,372
Western Maryland
Increase.1Decrease.
85,017
293,852
125,000
89,362
--Grossfrom Railway- -Net from Railway- -Net after Tares
1922.
1921.
1922.
1912.
1922.
1921.
5
$
Chicago River & Indiana
195,103
239,674
562,303
July
433,599
From Jan 1 1,354.566
537,037
Chicago Rock Island & Pacific
10,030,565 11,583,048 3,178,853 2,610,610 2,633,418 2,139,611
July
From Jan 166,084.247 73,896,404 12,787,943 11,743.811 9,049.896 8.605,308
Chicago Rock Island & Gulf
195,727
174,481
207.098
July
533,486
702,775
185,654
728,829
520,946
818,588
From Jan 1 3,254,546 4,271,170
602,181
Chicago St P Minn & Omaha
2,323,272 2,260,540
July
650,690
From Jan 1 15,379,723 15,307,511 2,667,781
15,604
Cincinnati Ind & Western
341,742
308,072
54,652
July
From Jan 1_ 2,385,326 2,005,820
269,150
3,446
78,283
Colorado & Southern
1,177,750 1,120,499
July
406,695
1,346
From Jan 1 7,237.716 7,317,254 1.646,186
86,173.
Fort Worth Sr Denver City
55,043
769,152 1,018,467
321,414
July
From Jan 1 5,131.295 6,256,721 1,731,948
10,270,028 10,945,368
Total (15 roads)
83,693 759,033
Net decrease (6.17%)
675,340 Delaware & Hudson
2,220,962 3,965,073
45,316
July
Net Earnings Monthly to Latest Dates.
-The table
From Jan 121,037,392 26.376,330 2,015,045
following shows the gross and net earnings with charges and Delaware Lackawanna & Western5,549,408 7.494,704
July
833,015
surplus of STEAM railroad and industrial companies
From Jan 141,432,216 49,774,689 7,770,276
reported this week:
Denver & Rio Grande
--Gross front Railway--Net from Railway
2,902,572 2,738,017 1,099,808
--Net after Taxes
July
1921
1922.
1922.
1921.
From Jan 1 17,358,783 16,978,783 4,466,645
1922.
1921.
$
$
Denver & Salt Lake
277,950 -66.673
Alabama & Vicksburg
43,758
July
9,471
193,048
37,881
258,860
19,137
From Jan 1_ 599,581 1,439,218 -131,543
July
-6,947
290,637
3,897
From Jan E 1,768,138 1,857.083
149,557 -128,390 Detroit & Mackinac
33,913
184,010
Ann Arbor
180,802
July
71,126
2,065
48,998
996,113 1,100,805
410,579
412,52f,
July
From Jan 1
26,453
50,725
560,836 • 261,694
From Jan 1 2.823,654 2,716,939
412,166
124,600 Detroit Toledo & Ironton
701,656
167,136
Topeka Sr Santa Fe
Atch
823,979
July
July
15,767,202 15,482,787 .5.205,119 6,784,387 4,213,204 5,836,342
From Jan 1 5,301,902 3,357,192 1,492,541
From Jan 1 99,189,520 104682.915 22,167,453 26,594,723 14,969,694 20,571,128 Detroit dr Toledo Shore Line
257,077
100,753
Gulf Colorado & Santa Fe
220,335
July
652.146 1,282,209
July
1,943,272 2,738,796
From Jan 1_ 2,029,466 1,461,265 1,069,121
568,588 1,187,531
From Jan 111,937,548 16,749,990 1.410,038 3.883,056
929,393 3,351,852 Duluth & Iron Range
841,185
781,085
Panhandle Santa Fe
1,339,057
July
406,915
835,921
July
106,666
642,122
385,313
From Jan 1_ 3,515,606 2,909,344 1,095,557
83,731
924,429
165,680
From Jan 1 4,113,128 4,969,485
785,810 Duluth Missabe & Northern
5,317
2,736,716 2,068.604 1,967,489
Atlanta Birm & Atlantic
July
279,342 -16,985 -107,318 -30,995 -125,40
July
323,061
From Jan 1 6,581,450 6,565,721 2,768,960
From Jan 1 2.165,907 1.769,236 -228,544-1,015,693 -331,698-1,148,591 East St Lou is Connecting
160,552
80,508
123,363
Atlanta & West Point
July
200,467
35,212
609,953
207,4:31
32.434
931,850
From Jan E 1,171,718
July
22.860
24,746
208,651
157,624
From Jan 1_ 1,354,663 1,455,240
56,836 Elgin Joliet & Eastern
135,009
797,789
1,732,637 1,261,147
Atlantic City
July
253,162
703,465
346,215
753,214
From Jan E 12,239,872 11,675,447 4,928,128
July
233,504
326,880
410,981
From Jan 1 2,578,434 2,618,447
294,360
160,102 El Paso & Southwestern
270,153
533,155
976,986
1,210,875
July
Atlantic Coast Line
745,684
4,494,338 4,438,129
From Jan 1 6,420,271 6,980,003 2,040,239
165,508
July
468,479 -109,996
From Jan 1 44,589,918 41,170.164 11,923,747 5,749,451 10,033,583 3,869,708 Erie Railroad
7,029,170 8,503,539 -397,365
Baltimore & Ohio
July
From Jan 1 51,464,476 58,100,024 4,408,551
13,944.023 16.537,773 2,308,255 2,933,316 1,663,646 2,328,245
July
From Jan 1 112823 182 112768 724 23.378,490 15,731,486 18,360,922 11,633,186
Chicago & Erie
136.336
715,131
824,559
Bait & Ohio Chic Term
July
246,065
188,609
From Jan 1 6.317,333 6,040,314 1,514,315
July
43,765
-4,581
--7,633 --42,937
From Jan 1 1,723,489 1,397,266
201,278 -184,494 --132,726 --444,104
New Jersey & New York
22,035
135,769
134,253
Bangor &;Aroostook
July
123,912
855,759
From Jan 1_ 863,001
406,574
:171,188
July
22,485 -37,667
-5,956 -70,946
From Jan 1 4,894,961 4,147,343 1.695,160
242,767 Florida East Coast
492,107 1,330,286
87,110
725,385
715,519
July
Belt fly of Chicago
From Jan 1_ 8,780,757 0,021,050 3,313,717
July
445,914
432,371
168,913
98,741
135,535
129,003
From Jan 1_ 3,336,640 2,935,811 1.132,773
402,037 Ft Smith & Western
887,112
585,729
29,833
113,744
135,343
July
Bessemer & Lake Erie
117,486
865,951 1,027,656
From Jan 1
July
504,261
1,427,097 1,488,369
407,770
536,393
439,906
From Jan 1 6,091,746 7,416.537
145,286 Galveston Wharf
582,881
811,457
358,025
5,542
285,724
86,561
July
Bingham & Garfield
41,013
793,415 1,530,885
From Jan 1_
July
20,465
10,154
-8,663 -25,657 -12,872 -32,254
From Jan 1_
102,845
1(5,549 -110,598 -147,482 -145,874 -184,758 Georgia By
87,635
417,192
420,476
July
Boston & Maine
416,211
From Jan 1_ 2,788,210 3,053,458
July
275,907
6,519,313 6,541,142 1.513,367
535,145 1,301,751
From Jan 144,368,076 43.690,952 6.959,331-1,031,504 5,584.450-2,822,661 Georgia & Florida
16,062
128,260
105,919
July
Brooklyn E D Terminal
819,663
117,329
From Jan E 771,023
25,436
July
44,899
31,890
38,207
121,905
99,827
171,773 Grand Trunk System
218,999
From Jan 1
321,939
367,202
919,325
760,894
Atlantic & St Lawrence
Buffalo Rochester & Pittsburgh
145,749 -31,959
184,171
July
67,605 -242,983
July
31,645
881,194 1,095,166 -207,774
From Jan 1_ 1,549,070 1,719,220 -17,743
217,727
From Jan 1 7.824,152 8,223,191
243,680
-5,831 -28,774
Chic Det Can Grd Trk Jet
Buffalo & Susquehanna
197,112
119,290
113,147
July
126,263 --42,816 --35,975
July
52,331
46,066 -39,275
639.568
From Jan 1_ 1,521.488 1,088,971
From Jan 1
784,078 1,161,729 --65,181 --309,403 -87,968 -332,503
Detroit Grd Hay & MilwCanadian Pacific
513,194
479,568
201,995
July
July
14,46:3,834 15,772,929 1,961,908 2,045,316
From Jan 1_ 3,049,199 2,272,109
800,124
From Jan 1 90,759,193 99,828,600 11,775,979 15,004,482
Grand Trunk Western
Carolina Clinchfleld & Ohio
1,622,368 1,266,646
559,120
July
July
278,788
644.954
624,292
238,139
208,111
238,757
From Jan 1_ 8.966,101 8,115,974 1,832,681
From Jan 1 4,487,547 4,226,675 .1,590,482
961,670 1,309,963
749,786
Great Northern System
Central of Georgia
9,015,381 8,142.962 3,272,401
July
July
415,190
1,935,648 ",051,273
332,671
315,012
270,683
From Jan 1_51.745,576 50,046,749 10,221,927
From Jan 1 12,683,645 13.183.955 2,603,486
925,385 1,966,322
362,537
Central RR of New Jersey-Gulf Mobile & Northern
78,019
333,352
319,441
3,6843,157 4,630,517
July
July
393,869 1,317,182
125,412 1,150,677
700,457
From Jan E 2,592,363 2,368,767
From Jan L26,886,137 29,780,353 3,856,014 6,021,993 2,026,651 4,325,561
Ship Island
Central New England
Gulf de
77,656
233,981
252,429
693,315
408,261
July
July
46,571
249,320
227,627
24,241
479,044
From Jan 1_ 1,690,213 1,625,455
From Jan 1 3,919,511 4,802,982 1,078,691 1,349,615
920,412 1,192,244
Hocking Valley-Central Vermont
168,075
894,179 1,355,653
582,544
July
80,100 --54,310
560,874
July
62.524 -75,798
From Jan 1_ 7,244,589 7,736,526 2,221,440
376,191 --729,989
From Jan 1 3,952,223 3,907,210
252,283 -880,553
Central
Illinois
Charleston & West Carolina
11,869,898 11,565,130 2,288,055
259,524
July
46,858
238,807
7,398
2,626
July
35,857
From Jan 1_81,643,019 80,441,877 19,218,428
503,986 -83,766
From Jan 1 _ 1,963,283 1,949.350
426,362 -154,081
Illinois Central System
Chicago & Alton
13,237,325 13,068,617
July
99.718
1,881,110 2,630,677
360,618
274,216
24,570
July
From Jan E91,739,065 91,939,543
From Jan 1 15,993,782 17,097,760 2,548,453 1,597,872 2,021,173 1,017.565
Kansas City Mexico & Orient
Chicago Burlington & Quincy
56
152,812
112,810
July
12,808,638 14,028,678 3,105,215 4,037,032 2,189,920 3,246,722
July
986,144 -91,817
From Jan E 778,123
92,426,593 26.107,273 20,244,001 14,575,993 14,628,528
From Jan 1 87,244,590
Kansas City Mex & Orient of Texas
& Eastern Illinois
Chicago
19,164
202,562
113,573
July
229,626
402,853
1,788,702 2,187,604
129,499 • 302,318
July
853,809 1,219,100 -169,350
FromJafl1
379,941 1,420,379 -233,994
From Jan 113,691.858 15,038,422 2,033,826
City Southern
Kansas
Chicago Great Western326,388
1,338,419 1,622,147
July
353,563
429,348
274,806
376,171
1,915,134 1,071,632
July
From Jan E10,070,936 11,618,514 2,428,195
902,873 1,292,768
From Jan L13,238,278 13,631,578 1,471,370 1,784,750
Kansas Oklahoma & Gulf
Louisville
Chicago Indianapolis&
205,465
51,063
212,589
July
306,720
233,902
167,929
240,699
1,210,744 1,287.432
July
403,522
From Jan 1_ 1,554,203 1,353,338
1,072,863 1,720,688
649,302
From Jan 1 8,968,660 8,600.671 2,166,367
BY
Lake Terminal
Chicago Milwaukee & St Paul
17,939
74,543
78,760
July
12,694,329 12,197,540 3,531,981 2,189,275 2,693,101 1,394,498
July
198,803
772,163
From Jan 1_ 630,319
5,630,862 6,483,526
418,017
From Jan 1 83,851,104 79,987.12) 12.143,882
Lehigh & New England
Chicago & North Western399,970 -15,416
230,268
July
3,999,293 2,725,284 3,267,840 2,029,870
12,680,808 12- _ '
July
108,641
From Jan 1_ 2,217,633 2,610,705
From Jan 180,341,437 79,821.4'4 14,952,463 3,551,735 9,824,2438-1,748,154
[vol.. 115.
THE CHRONICLE
9,600
391,276
520,911
527,547
816,285 1,745,783 -140,144
-5,099
-378,535
184,174
1,291.834
38,002 -20,429
166,760 -484,880
340,330
1,180,021
107,995
760,872
396,966
272,176
423,637
1,939,537 1,445,520 1,743,562
994,714
1,074,128 -40,963
4.030,609 1,398,950 3,395,773
455.707 1.779,375
2.160,671
8,774,667 4,830,407 6,101,077
330,122
932.484
481,385
2,118,957 3,359,633 1,080,867
45,841
53,842 -75,762
-101,752 -194,572 -157,873
30,130
-70,292
31,909
-38,247
154.416
256,862
699,802 1,404.337
242,487
625,138
136,720
507,448
86,753
971,061
122,720
417,448
449,501
87,078
752,994
845,536
402,291
-99,053
42,957
44,847
1,436,227 1,763,945 1,208,177
1,878,346 1,965,391 1,153.348
34,942
257,793
72,454
529,329
32.085
237,234
259,911
709,456
327,073
2,895,768 4,316,635 2,384,089
437,165
321,798
1,523,842 1,367,748
233,441
873.634
353,077
655,650 -689,640
3,304,853 2,503,900 1,251,714
81,321 -141,025
-97,224
193,694 1,141,010 -112,632
29,240
109,315
19,035
102,690
26,322
88,775
24,113 -116,581
-12.870
2,195,604 2,884,811 1,750,775
-4,738
-42,514
188,477
724,288
22,151
-41,215
1,045
-62,610
23,739
76,343
-9,884
-81,258
-10,321
151,414
-78,932 • 605,220
80,361
365,761
16,189
-83,125
9,765
-6.819
73,172 -117,907
-110,503 -48,868 -129,707
-152,875 -136,096 -288,429
8,251
305,548
14,627
343,100
99,774
576,649
133,886
83,289
127,646
198.269
757,273 -121,935
485,831
127,102
478,827 1,371.788
71.615
107.163
1,697,068 2,498.322 1,013,275
4,392,266 5,778,025 -774,433
37,166
112,955
60,389
577,380
14,873
-13,449
47,980
218,154
59,089
353,263
27,721
80,771
81.161
371,872
294,328
295,946 1,588,933 -295,815
2,309,097 1,664,821 1.624,414
14,627,891 12,576,596 9,961,019
1,648,274 1,705,034
13,148,268 10,933,272
1,663
-8,264
-6,377
-234,440 -150,083 -290,752
13,627
13,164
7,477
-321,834 -211,661 -364,909
506,305
231,625
3,123,346 1,747,402
428,568
2,582,453
41,463
32,774
41,484
334,062
32,302
-31,028
20,767
69,771
13,702
156,547
15,030
27,978
100,065
524,549
-22,061
39,125
84,612
416,378
SEPT. 2 1922.]
THE CHRONICLE
1093
-Grossfrom Railway- -Net from Railway---Net after Taxes
--Net from Railway- -Net after Taxes
-Grossfrom Railway
1921.
1922.
1921
1922.
1922.
1922.
1921.
1921.
19221921.
1921.
1922.
$
$
$
$
$
Pennsylvania (Concluded)
Lehigh Valley
775,802
West Jersey & Seashore
266,494
76,524
934,698
4,452,269 6,260,657
July
54.885
July
410,581
715,772
615.471
1,695,476 1,689,818
533,706
From Jan 1_35,393.490 43,102,024 3.393,195 1.242,173 1,960,544
From Jan 1_ 7,421,416 7,233,796 1,118,283
718,589
512,632
157,798
Los Angeles & Salt Lake
89,172 Pennsylvania System
404,022
291,816
196,165
1,635,502 1,626,089
July
July
991.108 1,073,762
56,020,065 55,911,721 9,201,146 10.873,876 5,789,483 7,611,808
From Jan L11,085,506 11,590,155 1,764.798 1,741.619
FromJanl 375.098.141 382376,056 71,292,556 39,742,341 54,888,913 23.978 326
Louisiana & Arkansas
9,216 Peoria & Pekin Union
91,718
111,150
25,974
251,415
292,921
July
165,298
416,480
552.210
17,380
18,581
281,597
July
7,672
32,380
122,141
126,576
From Jan 1_ 1,928.205 1,935,296
From Jan 1_ 1,017,630
131,151 -77,200
9,757
232,651
952,753
Louisville & Nashville
934,022 Pere Marquette
9,576,857 9,610,560 1,662.395 1,204,460 1,259,216
July
591,891
July
102,169
736,302
3,019,982 3,367,884
926,395
From Jan 1_71,626,982 67,214,699 13,857,052 1,121,395 11.071.140 -978.280
From Jan L21,227,958 20,420,823 5,029,266 3,395,420 4.003,149 2,754.786
Louisville Henderson & St Louis
31,965 Perklomen RR
222,035
101,523
81,793
32,376
276,139
July
189,598
401,024
476,297
241,319
July
66,151
44,859
54,212
132,493
71,022
108,036
From Jan 1 1.807,527 1,629,021
358,251
From Jan 1
280,528
386.468
317,779
717,951
754,333
Maine Central
16,550 Philadelphia & Reading
392.234
304,560
1,626,151 1,550,690
122,109
July
74,125 1,414,565
July
285.502 1,553,994
5,158,369 6,811,224
146,272 1,313,867 -593.089
From Jan E11,752,876 12,027,462 1,997,411
From Jan L43,418,488 49,132,949 8,483,487 8,844.422 7,044.573 5,353,811
Midland Valley
Pittsburgh & Shawmut71,508
334,774
113,520
130,420
367,041
79,672
July
July
49,323
74,005 -27,487 -11,114 -35,260 -18,925
361.230
,586,072 1,049,426
950,868
418.411
From Jan E 2.648,940
From Jan 1_ 559,390
691,235 -126,272 -110,387 -134,792 -119,130
SS M
Minn St Paul &
Pitts Shawmut & North
374,641
4,262,422 3,534,772 1.814.893
638,235 1,563,406
July
July
86,957 .-71,466 -18,138 -73,676 -20,386
61,140
rtom Jan 1_23,517,350 22,913,515 4,033,219 -161,911 2,255,358 -2,144,144
From Jan 1
683,169 -195,385. -245,539 -210.929 -261,229
585,030
Minneapolis & St Louis
Pittsburgh dr West Virginia
1,190 174 1,128,941
257,892 -87,673
331,256
-4,216
July
26,437 -236,594
203,303
July
54,006 -207,837
212.790
849,487 -672,200
From Jan 1 8,660,092 8,820,974 1.306.169 -130,297
198,549 -358,141
From Jan 1_ 1,603,933 1,619,965
382.029 -191,061
Mississippi Central
Port Reading
86,413
9,092 -28,009
15,152 -22,326
107,121
21,564
38,163 -50,564
129,822 -35,811
July
July
78.049
71,962 -93,775
599,829
115.691 -49,043
515,856
From Jan L 846,862
347,392
451,445
613,918
From Jan 1 1,076,889 1,336,525
Missouri Kansas & Texas System
Quincy Omaha & Kansas City
4,294,125 5,601,772 1,392,880 1,812,456 1,135,125 1,597,953
-7,839 -29,850 -11.763 -34,000
107,604
July
July
69,468
735,867 -25,364 -79,307 -52,894 -108,823
From Jan 129,685,622 35,931,114 3,958,112 6,549,450 7,294,195 5,205,981
600,155
From Jan 1
Missouri Pacific
Richmond Fred & Potomac
7,763,726 8,959,260 1,726,762 1,469,561 1,367,661 1,125,575
210,407
247,979
279.760
332,746
818,324
July
835,263
July
961,394
From Jan L56,288,162 61,360,215 9.114,677 6,434,129 6,496,831 4,285,497
From Jan 1 6,242,898 6.215,709 2,155,150 1,203,198 1,807,281
Mobile & Ohio
Rutland
250,492
2,203
1,330,494 1,296,751
34,972
59,795
76.726
98,009
484,328
482,092
July
July
1,832,922
287,674
182,288 -63,319
104,716
329,411
From Jan E 9,853,368 10,538,313
From Jan E 3,223,053 3,278,970
Greenville
Columbus &
St Louis-San Francisco
45,314 -17,190
135,824
85,307
32,814 -30,853
July '
6,747,227 6,568,501 1.852,957 1,917,749 1,522.985 1,615,212
July
855,119
128,435 -234,589
161.905 -136,572
850,482
From Jan 1
From Jan 148,167,646 46,518,888 12,290,513 11,494,012 9,938,488 9,526,109
Monongahela Connecting
Ft Worth & Rio Grande
-5,081
43,030
5,554
7,856
132,817
-3,480
2,238
21,203
July
5,752
17,507
136,679
July•
110,333
413,095
207,874 -43,520
223,247 -31,068
From Jan 1_ 905,802
969,173 -56,406 -117,443 -182,587 -142,967
705,385
From Jan 1
Chatt 6: St Louis
Nashv
St Louis-S F of Texas
333,535
1,844,764 1,853,173
471,539
297,945
521,748
56,718
58,722
39,464
41,328
July
198,405
158,678
July
126,589 1,072,584 -231,662
64,186 -105,585
From Jan 1_11,988,200 11,949,311 1,330,876
78,032 -92,044
939,504 1,054,172
From Jan 1
Nevada Northern
St Louis-San Fran System
62,641
15,695
31,834
-6,684
25,717 -16,467
July
7,041,395 6,923,019 1,902,725 1,992,865 1,409,022 1,590,840
July
223,439
82,771 -29,477
248,791
39,960 -98,156
From Jan 1
From Jan 1_47,967,607 48,670,723 12,193,566 11,215,502 9,673,506 8.878,343
South Shore
Newburgh &
St Louis Southwestern
81,553
28,457
1,579
11,311
13,204
147,837
525,774
374,755
440.403. 4413,729
July
1,326,6E10 1,332,032
July
730,495
364,575
-4.665
63,064
274,898
From Jan 1- 1,145,333
From Jan 1 9,677,898 9,627,020 3,536,579 3.190,138 3,082,132 2.810.040
New Orleans Texas & Mexico
St Louis S W System
131,739
43,470
4,801
22,642 -10,944
182,914
311,355
420,988
524,371
401,043
July
1,928,337 1,973,953
July
443.320
235,319
318,838
374,201
From Jan!- 1,501,919 1,516,954
From Jan 1_13,717,776 13,882,654 2,760.929 2,442,130 2,137,878 1,893,366
•
Lake & W
Beaumont Sour
St Louis S W of Texas187,544
68,589
58,984
63,157
63,510
175,770
641,922
-1,403 -39,360 -25,741 -63,401
601,677
July
July
347,559
288,334
312,202
318.721
From Jan 1 4.039,877 4,255,635 -775,650 -748,007 -944,445 -916,674
From Jan 1- 1,190,946 12,298,578
St Louis Transfer
St Louis Brownsv dc Mexico
116,598
428,793
91,790
106,957
104,181
378,516
57,260
88,204
6,573
5,692
July
July
41,096
39.558
958.856
568,605
672.546
855,372
427,834
276,075
654,276
From Jan 1
82,974
79,526
From Jan 1_ 2,981,191 3,421,526
279,956
San Antonio & Aransas Pass
New York Central
27,934,312 26,255,176 5,505,984 6,351,539 3,838,569 4,725,537
430,591
556,763
July
80,707
July
82,228
95,890
66,432
From Jan 1 2,914,380 3,370.101 -111,085 -202,993 -209.951 -297,752
From Jan1186,492,095 183834,688 40.422,230 32,616,342 28.839,545 21,123,512
Southern Pacific
Indiana Harbor Belt
315,839
210,482
228,433
675,529
270,630
790,844
July
15,952,904 16,574,383 5,299,453 4,650,203 3,982,361 3,699,494
July
665,023
823,591 1,706,995
From Jan 1 99,158,214 108541,722 27,274,229 24,646,356 17,811,249 18,033,134
From Jan 1 5,429.666 5,078,284 1,979,305
Atlantic Steamship
Cincinnati Northern
77,695
23,609
95,522
326,003
11,934
227,505
July
884,291
809,897
58,330 -75,944
July
70,602 -64.421
397.233
476,597
506.664
361.876
From Jan L. 6,519,819 5,959,416 1,169,932
128,194
From Jan 1 1,977,816 2.078,666
208.887 1,082,407
Arizona Eastern
Clev Cin Chic & St Louis
788,636
6,349,848 6,242,501 1,340,050 1,104,864 1,000,845
July
9,243
300,453
82,180
176,424
July
6,957
106,196
4,540,415
From Jan 1 1,794,521 1,763,422
91,944
534,091
246,076
From Jan 1_47,176,486 45,836,267 13,138,459 6,789,318 10,234,686
701,032
Galveston Harrisburg & San Antonio
Pittsburgh & Lake Erie
106,323
39,027
76,646 -223.854
1,952,871 1,521,252
July
94,293
126,719
1,604,657 1,818,413
139,140
July
179,406
53,497 1,192,688 -457,818 -340,525
F y
Jrom Jan 1 12,110,823 14,650.265 1.719,751 1,877,830 1,358.068 1,573,462
From Jan L13,753,077 13,881,397
Morgan's Lo
Louisiana de Texas
Toledo & Ohio Central
141,866
198,223 -197,625
929,761 -145,965
419,354
-5.432
July
25,185 -104,826
542,509
691,958 -58,525
July
358,210
747.107 -657,708
From Jan 1 4.392,725 4,987.305
-8,693 -156,803 -316,839
From Jan 1_ 4,104,275 5,924,290 -275,888
170,767
Houston & Texas Central
Kanawha & Michigan
54,848
85,753 -62,622
429,781 -36,736
224,021
July
166,788
143,278
1,072,628 1,101,335
195,361
July
188,350
57,285 -368,516 -184,216
From Jan 1 7,976,854 7,173,207 1,517,367
371.018
664,045 1,209,098
FromJan 1_ 1,784,563 2,710,645 -178,595
Louisiana Western
Michigan Central
July
6,716,232 6,346,834 1,905,519 1,680,389 1,509,883 1,455,006
75,284
7,255
99,201
278,533
July
39,640
379,004
From Jan 1 2,386,726 2,476,292
304.217
375,068
493,436
From Jan L44,153,981 40,831,059 12,391.405 7,866,429 9,822,979 6,295,488
541,765
Southern RYN Y Chicago & St Louis
410,440
594,134
662,674
1,538,150 1,412,638
829,255
9,920,458 10,387,466
3,145,617 2,832,563
July
2,488,599
From
julym Jan 1 71,915,912 72,804,252
12,450,908 5.877,411
FromJan 1-17,388,187 15,952,869 5,135,258 3,264,765 4,233,978
Alab
July ama Great Southern
N Y Connecting
167,083
108,128
98,206
147.501 . 199,199
125,270 -86,925
484,920
277,589
751,434 -40,461
222,137
July
From Jan 1 5,196,387 5,456.175 1,195,495
813,458 1,182,822
890,302
330,791
515,196
From Jan 1_ 1,613,262 2,061,322 1,089,071 1,458,854
Cincin New Orleans & Texas Pacific
NYNH& Hartford
914,926
July
210,315
61,176
1,057,519 1,378,618
10,476,218 10,046,887 2,004,027 1,310,623 1,618,152
July
From Jan 1 10,176,771 10,205,876
979,669
1,781,468
From Jan 1_68,323,945 65,101.888 13,780,438 1,004,521 11,075,161-1,779,334
Georgia Southern & Florida
N Y Ont & Western
569,993
July
307,508
605,522
28,855 -19,006
345,528
355,286
388,755
1,161,445 1,655,942
July
Fr
860,906
Jan 1 2,726,290 2.616,877
815,951
343,731 -379,312
From Jan 1, 6,752,713 8.135,797 1.082.965 1,109,715
New Orleans & Northeastern
N Y Susq & Western
-3,681
22,152 -24,903
July
-300,415 -17,763
634
271,109
347,950
485,983
.July
333,801
From Jan 1 3,391,931 3,747,349
106,738
-3.252 -74,911
173,657
164,641 -52,073
From Jan E 2,308,850 2,505,391
Staten Island Rapid Transit
Norfolk Southern
100,619
104,532
July
133,294
136,964
256,842
32,655
253,284
689,400
27,205
July
672,139
327,953
From Jan 1- 1,408,650 1,450.392 -82,473 -18,833 -203:14 -114,943
743,100
554,772
956,133
79
10 2
7
90 7
From Jan L. 4,872,364 4,620,807
Term RR Assn of St Louis
Norfolk & Western
July
22,692
354,553
44.520
July
69,562
346,192
6,787.348 2,619,996 1,824,799 2,019,522 1,434,543
104,496
7,563.344
From Jan 1_ 2,638,408 2,522,523
271,361
From Jan 1_53.574,695 45,978,419 17,746.050 7,246,913 14,291,008 4.513,313
529,668
912,149
605,104
St Louis Merch Bridge
Northern Pacific
July
823,582
36,402
261,410
July
30,628
52,431
277,296
48,258
7,986,391 7,877,354 2,398,992 1,563,738 1,672,350
From Jan!. 2,042,956 2,019,880
165,821
From Jan 1_49,908,495 48,304,575 7.612,198 2,573,491 2,525,602-2,505,082
416,530
270,358
550,368
Texas & Pacific
Pe nnsylvania RR
July
684,481
2,313,990 2,711,116
July
442,026
813,203
49,220,147 49,290,805 6,663,864 8,318,903 3,876,392 5,645,733
542,216
omSjtai lLu 16:84 795 20,551,607 2,823,337 3,064,139 2,046,256 2.166.436
_is vvesternFromJan 1 341,028,437 350139,407 64,519,340 36,668,108 49,959,192 22,682,987
Toledo
Ball Chesapeake & Atlantic
July
59,605
144,944
46,499
71,390
July
288,593
907,968
58,192
180,494
201,013
336,593
207,466
736,597
From Jan 1_ 5,814.225 5,094.485 1,948,855
658,118
From Jan 1_ 874,768
900,667 1.617,584
920,272 -25,032 -11,498 -47,573 -34,225
Union Pacific
Cincinnati Lebanon & Northern
m
July Jan 1_53 09 :299 58 313 2 2 15:72 :237 12 815:
July
8 9 0 6 9 27 69 2 5 0 306 8:8 2 944 1.988,259 2,305,774
:4 6 7
8
90,876
3
:0 :23
111,880 -17,885 -31,297 -25,076 -39,000
3
8
From Jan 1
1 11,694,325 13,054,926
609,987
642.761 -36.469 -136,509 -84,653 -191,196
Oregon Short Line
Long Island
July
July
151,069
307,294
435,913
2,592,961 2,590,599
3,365,343 3,315,432 1,484,218 1,444,324 1,190,045 1,174,010
From Jan 1_17,329,772 16,082.566 4,471,332 2,112,247 3,574,585 1,291,277
l 18,973,5Nay
ash RR & 50 18,243,276 4,58 ,145 3,142,655 2,580.213 1,301,731
16 6
5 4 44
Maryland Del & Virginia
July
July
4,155
136.973 -22,471 -43,833
11,969
139,242
158,560
17,324
10,589
150,529
2,274,756 2,141,709
From Jan 1_ 622,742
Jan! 14, and413 nd631,698
& G97 , 8 1a15,
972.397 -726,535 -295,949
r 3 3
542,064
-83.987 -48.421 -94,396 -60,923
69019
St
Monongahela RYFromJseo ph
July
1,765
138,204
-4.260
80,801
309 223
3,896
17,954
12,060
July8,596
87,301
303,956
233,676
FromJan 1- 1,867.168 2.194,396
From Jan 1 1,739,296 1,814,079
319,435
94.002
27,402
117,370
729,216
673,052
218,636
364,935
• IP
1094
-Grossfrom Railway- -Net from Railway -Net after Taxes
1922.
1921.
1921.
1922.
1921.
1922.
$
Union RR (Penn)
144,181
487,627
472,542
136,515
July
733,869
1,168,898
721,339 1,817,594
650,922
firomJan 1_ 6,240,165 5,719,053 1,913,169
Virginian RR
588,040
536,552
July
482,304
406,019
1,415,114 1,549,525
FromJan 1_11,900,312 11,146,174 4,947,341 3,943,627 4,164,902 3,252,651
Wabash RR
655,015 •791,464
982,017
4,643,216 4,862,653
506,650
July
From Jan 1_33,273,800 33,694,921 6,143,493 3,766,874 4,808,010 2,740,360
Western Maryland
289,370
357,420
249,370
297,420
July
1,251,617 1,402,316
FromJan 1_ 9,495,656 10,535,650 2,316.420 1,921,029 2,006,420 1,511,029
Western Ry of Alabama
60,607
34,532
44,795
28,373
July
208,783
216.665
293,384
127,633
68,671
From Jan 1 1,411,397 1,422,900
223,342
Wheeling & Lake Erie
273,540
446,290
164,980
July
569,816
1.182,134 1,477,255
953,291
From Jan 1_ 8,005,064 8,226,180 1.997,534 1,485,509 1,201,872
Yazoo & Mississippi Valley
102,560
87,810 -14,778 -31,856
July
1,367,427 1,503,486
967,728
910,921
From Jan 1_10,096,046 11,497,666
138.440
144,233
ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S.
Latest Gross Earnings.
Name of Road
or Company.
Month.
Adirondack Pow & Lt July
Alabama Power Co__ July
Amer Power & Light.. June
American Rye Co_ _ __ March
Amer Water Wks Elec July
Appalachian Pow Co_ July
Arkansas Lt & Power June
Asheville Pow & Light July
Associated Gas & Elec June
Atlantic Shore Ry___ March
Bangor Ry & Elec Co June
kBarcelona Tr Lt & P June
Baton Rouge Elec Co July
Beaver Valley Trac__ July
Binghamton Lt H & P July
Blackstone Val G & E July
fBrazilian Tr,Lt & P_ July
Bklyn Rapid Transit_ July
Bklyn City RR.... July
k I yn Heights(Rec) May
Bklyn Qu Co & Sub May
Coney Isl & Bklyn_ May
Coney Isl & Graves 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 & Lt May
Cities Service Co_ _ _ _ July
City Gas Co. Norfolk March
Citizens Trac & subs_ June
Cleve Paines & East_ June
June
Colorado Power
Columbia Gas & Elec July
Columbus Electric__ _ July
Com'w'lth Pr,Ry&Lt July
Connecticut Power July
Consumers Power Co July
Cumb Co Pow & Lt.._ June
Dayton Power & Lt June
July
Detroit Edison Co
Detroit United Ry. March
.__
Duluth-Superior Trac July
Duquesne Lt Co subs
light and power cos July
East St Louis & Sub.._ June
Eastern Shore Gas&El June
Eastern Texas Elec July
Edison El Ill of Brock July
July
El Paso Electric
El Lt & P of Abington
July
& Rockland
Erie Lt Co & subsid June
Fall River Gas Works July
Federal Lt & Trac Co June
Ft Worth Pow & Lt June
Galv-Houston Elec July
Gen G & El& Sub Cos July
Georgia Ry & Power.. June
Great Western Power June
Harrisburg Railway March
Havana El Ry.Lt&Pr May
Haverhill Gas Light.... July
Honolulu Rap Trans_ June
Houghton Elec Light_ July
Hudson & Manhattan May
Hunting'n Dev & Gas May
Hunting'n Dev & Gas June
July
Idaho Power Co
July
Illinois Traction
June
Indiana Power Co
Indiana Service Corp.. May
Interborough Rap Tr June
July
Keokuk Electric
Kentucky Trac & Ter June
Keystone Telephone.. July
July
Key West Elec Co
Lake Shore Electric.... June
Lexington Util & Ice.. June
Long Island Electric.. May
Lowell Elec Corp_ __ _ July
Manhat Bdge 3c Line May
Manhattan & Queens May
Manila Electric Corp_ March
t Market Street Ry July
Metropolitan Edison_ July
Milw Elec Ry & Light July
Miss River Power Co.. July
Munic Serv Co & subs June
Nashville Ry & Lt Co June
Nebraska Power Co..,.. June
Nevada Calif Electrc July
New Eng Power Sys_ June
N J Pr & Lt Sub Cos_ July
N'p't N & Hamp Ry_ June
July
N Y Dock Co
New York Railways_ May
RR.. May
bEighth Avenue
May
bNinth Avenue RR
Nor Caro Public Serv April
May
N Y & Harlem
N Y & Long Island May
N Y & Queens County May
Nor Ohio Elec Corp_ - July
Nor Ohio Trac & Lt June
NorWOhioRy &PowJ uly
Northern Texas Elec.. July
Firm 115.
THE CHRONICLE
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
438,488 358,925 *5,265,455 *4,782.001
438,097 355,970 2.944,408 2,594,561
1935,950 1866,662 *24527586 *24142158
1587,888 1598,785 4.717.101 4.832.092
1636,065 1595,343 *19952410 *20948652
241,290 199,610 1,669,539 1,392,567
132,939 125,411 *1.107,341 *1.187,4%3
79,616 76,025 *874,950 *851,786
149.865 148,457 *1,933.605 *1,619,642
58,667
53,673
20,259 20,715
115,958 105,226 *1,457,502 *1,366,246
3617.712 2912,556 22,515,219 18.100.834
47,716 45,247 *572,729 *527,775
55,029 54,214
367,397
406,479
75,128 69,227 *986,423 *867,571
291.744 276,845 *3,904,625 *3,405,021
16655000 15477000 109170000 95,676,000
3151.762 3045,950
998,729 974,260 *11687750 *10457171
8,218
6,150
36,466
30,431
232,157 228,558 1,067,298
864,644
269,566 251,853 1,109,733 1,046,007
10,139
30,518
9,687
29,613
466,068 413,656 2,052,439 1,877,624
2074,299 1954,490 9,733,022 9,144,559
99,299 74.213
418,470
353,627
52,712 62,128 *657.071
689,264
152,070 126,192 *1,817,590 *1,659.328
222.766 210.222 1,274,875 1,186,199
13,969 42,116 *536,344
508,514
125,931 111,845 *1 A61,798 *1.345,769
1060,862 698,671 *13844852 *18503064
85.251 88.443
266,350
280.636
76,946 75.724
472,466
492,982
67,811 72,188
339,741
371,240
81.927 81,177 *963,588 *1,126.688
1271,228 978,746 10,756,412 8.843,434
150,974 140.994 *1,906,355 *1,631,344
2450,610 2447,556 18,303,446 18,221,378
134,177 18,827 *1,632,863 *1,476,019
1159,518 1061,646 8,421,298 8,197,000
280,611 275,034 *3,377,098 *3,264,120
320,212 299.181 2.196,505 2,085.024
1872,542 1671.161 14,749,287 13,295,561
1758,129 2084.196 4,990.009 5.917.675
144,515 149,267
993,972 1,054,443
1274,514 1234,799 9,468,504 9,539,634
251.608 297,290 *3,620,221 *4,371,085
43,231 39.422
273,323
248.094
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
83.275 68,638
553.160
530.787
82,512 85,818 *1,000,305 *989,090
379,687 369,470 2.492,346 2.431,369
193,458 192,836 1,206,594 1,282,865
284,721 326,634 *3,411,739 *3,916,555
964,981 897,333 6,834,409 7,562,080
1170.184 1128,736 *14554948 *14020023
617.327 580.479 3,660,507 3,633.414
140.450 144,350
410,021
422,958
1087,916 1100,117 5.459,542 5,341.730
41,624 42,530 *538,779 *486,763
80,662 79,717
478,795
461.808
38.932 37,846 *551,436 *599,966
928,071 881,451 4.618,889 4.343,186
106,566 86.452
508,168
486,475
82,927 68,428 *1,102.282 *1,242,461
219,406 209,966 1,350,755 1,280,572
1680,205 1686,191 12,747,668 12,617,919
58,632 60.590
846.303
763,318
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 1,614,871
140,920 143,177
967.058 1.011.454
19,251 19,710 *249,055 *266,775
205,629 213,149 1.144,694 1,250,035
103.074 113,088 *1,099,114 *1,051.829
36,824 35.854
145,960
133,341
94,653 86,926 *1,235,991 *1,196,823
25.560 25,093
117,795 • 118.783
36,973 33,337
148,766
136,257
284,315 298,158
785,112
5,460,922
203,951 1,584,060 1, 209,288
- 2b;h6
5
1490,447 1445,502 *18695909 *19572120
257,332 221,409 *2,872,580 *2,809,528
220,533 197,838 1,310,176 1,247,891
325,355 310,854 *3,975,128 *3,743,143
280,540 213,149 1,680,855 1,523,440
360,685 332,124 2,064,057 1,902,464
441,563 427.406 2.725,318 2,587.061
47,541 34,310
362,551
253,650
187,593 240,283
997,263 1,352,448
327.640 409,141 2,354,407 3,300,214
825,369 807,633 3,774,287 3,862,287
111,653 108,772
507,115
490,628
44,091 48,246
218,941
226,144
98,862 94,094
407,619
372,418
140,035 148,498
675,566
731.308
224,573
54,064 54,849
224,341
87,002 119,720
518.000
502.053
791,304 708,899 5,250,540 5,149,478
752,120 690,635 4.405.803 4,408,531
44,106 46,817 *460.003 *495,602
249.940 285.998 *3,171,253 *3,843.525
Latest Gross Earnings.
Name of Road
or Company.
Month.
May
Ocean Electric
Pacific Pow & Lt.. _ _ _ June
Paducah Electric_ _ _ _ July
Palmetto Power & Lt July
Penn Central Lt & P.. June
Penn Edison & Sub July
Philadelphia Co and
Natural Gas Cos.._ July
Philadelphia Oil Co.... July
July
Phila & Western
Phila Rapid Transit July
July
Pine Bluff Co
Portland Gas & Coke_ June
Portland Ry, Lt & P.. June
Puget Sd Pow & Lt_ _ July
Puget Sd Pow Sr Lt_ _ June
Read Tr&Lt Co&Sub July
July
Republic Ry &
Richmond Lt & RR_ _ May
Rutland Ry Lt & Pr.. July
St L Rocky Mt & Pac June
Sandusky Gas & El July
Savannah Elec & Pow July
Sayre Electric Co.. _ _ _ July
May
Second Avenue
17th St Incl Plane...... July
June
Sierra Pacific
Southern Calif Edison June
City of Los Angeles
Wholesale Basis_ June
South Canada Power_ May
1SouthwestP & Lt Co June
July
Tampa Electric
Tennessee Power Co_ May
Tennessee Ry. Lt & P May
Texas Electric Ry_ July
Texas Power & Light_ June
Third Ave Ry System July
Twin City Rapid Tran June
United Gas & El Corp July
United Lt & Rys Co
July
and subsid cos
Utah Power & Light.. July
Utah Securities Corp.. July
Vermont Hy-E1 Corp July
Virginia Ry & Power.. March
Western Union Tel Co April
West Penn Co & Sub_ July
Winnipeg Electric Ry June
Yadkin River Power.. July
Jan. 1 to Latest Date.
Curtent Previous
Year.
Year.
Current
Year.
Previous
Year.
94,525
72.224
29,793 23,231
249,259 235,187 1.426,278 1.366.704
42,256 42,159 *540,712 *511,386
45,057 43,511 *579.807 *579,075
196.960 183,078 1,206,222 1,159,969
203,226 186,473 *2,487,295 *2,543,587
916,996 446,72 8,259,070 6,618.809
717,018
576,331
74,620 55,749
461,832
463,957
73,043 71,651
3355,818 3340,592 24,474,601 24,894,626
435,493
448,549
81,183 75,776
268.611 262,337 1.710.519 1.871.640
836,856 815,862 *9.908,387 *10103606
821,863 770,913 *10189036 *10207414
785,174 751,871 *10138086 *10203 194
256,524 264,983 1,693,128 1,739,142
648,607 547,873 7,406,884 8,092,774
318.471
301.669
67.388 68.350
48,250 44,136 *567,603 *579,355
423.634 277.037 1.522,444 1.912,798
407,615
458,389
54,050 39,693
1,214,897
131,606
109,923
103,732
14,382 13,439
366,176
394,366
90,365 85,017
25,352
22,077
3,685
4.508
73,304 79,821 *887,504 *818,497
1436,839 1375,812 7,870,569 7.656,149
1406.466 1251,691 7,238.812 6,916,100
65,663 59,835
743,914 754,828 *9,665,730 *10172235
137,875 137,213 *1,755,669 *1,632,575
220.342 205,272 1,039,277 1,031.378
576.837 558,256 2.881,441 2,861.366
215,931 226,726 1,903,452 2,099,821
356.579 359.010
1240,936 1246,179 8,250,826 8,003,443
793,542 844,890 6,998,654 7,015,223
947,536 890,080 7,220,446 6,701,694
899,047 832,654 *11303088 *11930751
566,581 519,226 3,917,152 3,861,123
700,852 656,532 *8,521,480 *8,775,552
277,789
46,528 32,097
295,847
713.693 851,734 2.078,328 2.578.200
8091.170 8475,281 31,789,301 34,360.958
1106,143 *14199985 *14617229
417,754 446,209 .2753,488 2,856,715
95.838 81,348 *1,174,858 *1,009,456
a The Brooklyn City RR.is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court,declined to continue payment of the rental; therefore
since Oct. 18 1919 the Brooklyn City RR. has been operated by its owners.
S The Eighth Avenue and Ninth Avenue RR. companies were formerly
leased to the New York Railways Co., but these leases were terminated
on July 11 1919, respectively, since which dates these roads have been
operated separately. f Earnings given in milreis. g Subsidiary companies
only. i Includes both subway and elevated lines. .1 Of Abington & Rockland (Mass.). k Given in pesetas. 1 These were the earnings from operation of the properties of subsidiary companies. * Earnings for twelve
months. t Started operations April 1 1921. z Earnings for ten months.
y Earnings for 11 months.
Electric Railway and Other Public Utility Net
-The following table gives the returns of
Earnings.
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
-Gross Earnings- -Net Earnings
Previous .
Current
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
55,028
54,213
*21,903
*6,985
Beaver Val Trac Co_ a _ _July
367,397
406,479
*90,926
*35,548
Jan 1 to July 31
Brazilian Tr,Lt& Pow_Julyz16,655,000z15,477,000x10,700,000 x8,871,000
x109,170,000x95,676,000x67,355,000x49,697,000
Jan 1 to July 31
Duquesne Light Co and Sub
Elec Light & Power.._July 1,274,514 1,234,799 *389,699 *393,021
9,468,504 9,539,634 *3,859,869 *3,333,171
Jan 1 to July 31
1,680,205 1,686,191
350,308
426,149
Illinois Traction Co_a_
July 31
12,747,668 12,617,919 3,640,987 3,272,987
Jan 1 to
Philadelphia Co & Subsidiary
Natural Gas Cos_a_ _ _July 916,996
446,726 *256,851 *-80,175
8,259,070 6,618,809 *3,704.557 *2,023,268
Jan 1 to July 31 •
Philadelphia Oil Co_a_ _July
74,620
55,749
*38,568
*52,525
Jan 1 to July 31
576,331
717,017 *418,126 *418,060
Utah Securities Corp (subsidJuly 700,852
iary cos only)
285,788
656,532
319,804
Aug 1 '21 to July 31 '22.. 8,521,480 8,775,552 4,185,351 4,156,162
Net earnings here given are after deducting taxes.
a
* Does not include income from investments, and is before providing for
interest on debt and other income deductions.
x Given in milreis.
Balance,
Gross
Net after • Fixed
Surplus.
Charges.
Taxes.
Earnings.
Companies.
Am Wat Wks & El July '22 1,636,065 x623,939
'21 1,595,343 x542,156
& Subsid Cos
12 mos ending July 31 '22 19.952,410 17,602,177
'21 20,048 652 z6 529,423
Asheville Power & July '22
z32,142
79,616
z30,589
'21
Light
76,025
874,950 z344,058
12 mos ending July 31 '22
'21
851,786 x326,093
Binghamton Light July '22
13,834
75,128
18,670
69,227
Heat & Power
'21
986,423 x237,830
12 mos ending July 31 '22
867,570 x254,294
•
'21
201,464
998,729
Brooklyn City RR July '22
'21184,428
12 mos ending July 31 '22 11,687:750 x2,466.958
'21 10,457,171 x332,832
x46,040
152,070
Carolina Power & July '22
z37,083
126,192
'21
Light
12 mos ending July 31 '22 1,817,590 z687,846
'21 1,659,328 x643,486
819,563
Commonwealth
July '22 2,450,610
734,618
Pow, Ry & Lt & Sub '21 2,447,556
7 mos ending July 31 '22 18,303,446 6,431,507
'21 18,221,378 5,975.632
497,781
Consumers Pow Co July '22 1,159,518
366,341
'21 1,061,646
7 mos ending July 31 '22 8,421,299 3,831,378
'21 8,197,000 3,248,833
144,515
July '22
z21,925
Duluth-SuPerior
'21
149,266
x16,288
Traction
993,972 z122,027
mos ending July 31 '22
7
'21 1,054,443 z117,733
964,981
215,340
General Gas& Elec July '22
'21
897,333
226,740
and Subsid Cos
mos ending July 31'22 11,790,092 x3,341,636
12
'21
96.767
527,172
93.027
449,129
6,144,332 1.457.845
5.382,244 1.147,179
5,208
26,934
25,394
5,195
62,397
281,661
62,294
263.799
121,759
127,023
48,412
50,621
701,430
683,690
17,377
17,649
215,076
211,970
*659,558
*640.304
*4,585,022
*4,356,786
201,481
201,141
1,429,595
1,332,253
14,627
14,742
101,905
102,030
116,071
127,271
153,052
133,807
1,765,528
-350,858
28,663
19,434
472,770
431,516
160,005
94,314
1,846,485
1,618,846
296,300
165,201
2,401,783
1,916,580
7,298
1,546
20,122
15,703
2,099,757 1,241,879
THE CHRONICLE
SEPT. 2 1922.1
Gross
Earnings.
Net after
Taxes.
Fixed
Charges.
219,406 5112,682
56,872
July '22
57,207
209,966 5126,213
'21
766,248
12 mos ending July 31 '22 2.368.925 51,391,337
730.987
'21 2.303.993 51,307,009
209,288
July'22
49,539
Metropolitan
203,951
75,181
'21
• Edison Co
642,785
12 mos ending July 31 '22 2,723.881 51,195,670
607,253
'21 2,795,073 5982,782
47,451
12,424
New Jersey Power July '22
34,310
'21
8,235
& Lt and Sub Cos
602,429 5184,071
96,048
12 mos ending July 31 '22
476,517 5155,723
21
74,712
July'22
791,304
196,153 *161,645
Northern Ohio
'21
708,899
Electric Corp
183,470 *158,369
7 mos ending July 31 '22 5,250,540 1,478,579 *1,149,338
'21 5,149,478 1,209,549 *1,107,548
44,106
Northwestern Ohio July:22
-1,124
Ry & Power
9,215
460,003
68,550
574,145
12 mos ending July 31 '22
'21
495,602
566,184
68,681
July'22
Palmetto Power
45,057
23,313
520,302
'21
43,511
& Light
x20,183
17,875
579,807 5274,611
12 mos ending July 31 '22
221,498
'21
579,075 5266,510
210,153
July '22
Penna Edison
203,226
60,036
'21
and Subsid Cos
186,473
52,550
12 mos ending July 31 '22 2,487,295 x846,084
397,011
'21 2,543,587 5689,115
436,589
Reading Transit & July'22
256,524
32,276
Lt and Subsid Cos
'21
264,983
27,845
12 mos ending July 31 '22 2,945,343 x414,656
86,402
'21 3,021,363 5262,415
88,944
Republic Ry & Lt._ _July '22
648,607 5178,533
175,199
'21
547,873 x158,030
160,940
12 mos ending July 31 '22 7,406884 52,650405 2,039,655
'21 8,092,774 52,084,431 1,814,201
Rutland Ry, t
July'2248,250
10,314
& Power
'21
44,136
11,718
12 mos ending July 31 '22
567,603 5160,696
96,563
'21
579,355 5129,682
98,238
Sandusky Gas
July '22
54,050
8,127
& Electric
'21
39,693
7,672
12 mos ending July 31 '22
741,639 5177,685
86,190
'21
760,998 5173,668
76,205
Sayre
July '22
14,382
2,355
Electric Co
'21
13,439
2,959
12 mos ending July 31 '22
183,506
x42,578
21,539
'21
194,077
544,940
23,197
Third Ave Ry
July '22 1.240,936 5265,824
227.783
System
'21 1.246.179 5205,421
221.203
United Lt & Rys July '22
899,047
246,198
73,972
Co and Subsid (Jos
'21
832,654
217,652
71,599
12 mos ending July 31 '22 11,303,088 3,503.172
864,686
'21 11,930,751 3,258,746
866,062
Utah Power &
July '22
566,581 5286,060
167.411
Light
'21
519,226 5244 541
143,220
12 mos ending July 31 '22 6.802,400 x3,500.748 2.510.011
'21 6,877,530 x3,398,773 2.331,411
Vermont HydroJuly '22
46,528
20,009
Electric Corp
'21
32,097
9,040
12 mos ending July 31 '22
541.580 x174,548
135,442
'21
539,564 x208,2
122,464
West Penn Co &
July '22 1,111.752 5366.I
318,116
Subsid
'21 1,106,143 5319.019
240,132
12 mos ending July 31 '22 14,199.985 54.923,066 3,443,186
'21 14,617,229 54,260.837 2,821.097
Yadkin River
July '22
95,838
539,161
14,634
Power Co
'21
81,348
531.533
15,058
12 mos ending July 31 '22 1,174,858 5495,549
175,362
'21 1,009,455 5433,692
180,337
Idaho Power Co
Balance,
Surplus.
55.810
69.006
625,089
576,022
552,885
375,529
88,023
81,011
34,508
25,101
329,241
102,001
5,595
-2,497
-3,011
2,308
53,113
56,357
449,073
252,526
328,254
173,471
3,334
-2,460
610,750
270,230
64.133
31,444
91,495
97,463
21,039
21,743
38.041
-15,782
172,226
146,053
2,638.486
2,392,684
118,648
101,321
990.737
1,067,362
39,106
85,775
48.580
978,887
1.479,880
1,439.740
24,629
16,475
320,187
253,355
x After allowing for other income received.
* Fixed charges include interest and dividends on outstanding preferred
stocks of constituent companies.
Gross
Net after Taxes- -Surplus after charges1921.
1922.
1921.
1922.
1921.
1922.
$
$
3
Baton Rouge Electric Co
July
10,433
47,716
45,247
14,790
13,190
16,828
12 months.. 572,729
104,043
527,775
167,057
216,049
155,943
Blackstone Valley Gas ar Elec Co
July
291,744
54,874
276,845
91.704
04,102
82,717
12 months_ 3.904,625 3,405,021 1,441,520
035,590
965,139 1,107,201
Cape Breton Elec Co, Ltd
July
52.742
62,128
10,488
13,145
7,504
16,227
12 months_ 657,071
689,264
42,260
71,539
111,141
4,022
Central Miss Valley Elec Co
July
43,969
42,116
11.419
6,52610,159•,
7,759
12 months_ 536,344
508,514
85,403
146,586
126,525
102,741
Columbus Electric Co
150,794
July
140,994
69,357
80,061
12 months_ 1,906,355 1,631,344
987.431
770,259
Connecticut Power Co
134,177
July
118,827
37,966
22,180
42,190
20,969
12 months_ 1,632,803 1,476,019
023,436
340,329
580,581
400.719
Eastern Texas Electric Co
148,770
140,089
July
53,449
30,184
49,738
34,936
12 months_ 1,692,362 1,720,809
577,276
403,898
621,953
376,364
Edison Elec Ilium of Brockton
98.552
93,339
July
29,957
22,299
23,578
29,122
12 mcnths_ 1,316,158 1,241,155
466,617
288,523
321.831
454,849
El Paso Electric Co
• 185,110
188,838
July
62,619
51,551
45,593
39,957
12 months.. 2,285,858 2,194,844
745,474
562,260
691,518
539,721
El It & Pow Co of Abington & Rockland
29,293
28,077
July
5,738
4,884
4,000
5,098
352,776
12 months. 359,393
63,722
61.509
51,201
56,203
Fall River Gas Works Co
82,512
85,818
July
18,318
23,073
22,946
18,255
989,090
12 months_ 1,000,305
260,605
184.660
182,910
258,558
Galveston-Houston Electric Co
284,721
326,634
July
55,952
97,038
61.751
16,265
12 months_ 3,411,739 3,916,555
753,810 1,108,937
684,641
308,592
Haverhill Gas Light Co
41,624
42,530
July
7,692
11,262
10.406
7,686
486,763
12 months_ 538,779
142,898
81,426
71,904
132,697
Houghton County Elec Light Co
38,932
37,846
July
7,509
2,068
3,277
-3,233
12 months_ 551,436
599,966
153,505
70,030
94,222
5,559
Keokuk Electric Co
32,309
31,257
July
9,048
7,607
3,979
5,396
367,142
12 months_ 382,225
100,438
81,961
42,478
56,675
Key West Electric Co
19,251
19,710
July
6,799
4,738
2,862
4,166
266,775
12 months_ 249,055
75,409
82,628
59,872
47,694
Lowell Electric Light Corp
,
94,653
86,926
July
24,365
22,617
25,108
23,734
12 months_ 1,235,991 1,196,823
390,864
302,297
281,629
375,013
Mississippi River Power Co
257,332
221,409
July
198,342
160,495
95,294
56,275
12 months_ 2,872,580 2,809,528 2,163,464 2,094,113
862,804
928,393
1095
Net after Taxes- Surplus after Charges
1921.
1921.
1922
1921.
1922.
1922.
5
$
$
3
3
Northern Texas Electric Co
53.097
90,967
July
75.629
249,940
285,998
67,708
800.495 1.021.915
12 months_ 3,171,253 3,843,525
977,472 1,206,156
Paducah Electric Co
11,453
July
6.617
2.750
15,064
42,256
42,159
07.619
46.811
134.328
12 months_ 540.712
169,380
511,386
Puget Sound Power & TAght'Co
187.000
:330.639
291,690
July
145.220
821,863
770,913
12 months_10,189,036 10.207,414 4,409,307 4,251,051 2,652.465 2.393.048
Savannak Electric & Power Co
23,495
July
47,587
131,606
9 months_ _ 1,214,897
214.748
424.944
Tampa Electric Co
45.149
50.918
July
46.477
137,875
137,213
49,552
566.089
669,103
12 months_ 1,755,669 1,632.575
618,028
721,814
FINANCIAL REPORTS.
Wheeling & Lake Erie Railway Co.
(5th Annual Report-Year Ended Dec. 311921.)
Pres. W. M. Duncan, Cleveland, 0., May 1 1922, reports
in substance:
Corporate Income Account.
-The income account of the company for 1921.
briefly stated, is as follows:
Railway operating revenues, $14,770,707; railway operating expenses, $11,666,449: net revenue from railway operations__ _ _$3,104,257
Taxes and uncollectible railway revenue
1,068.509
Operating income
$2,035,748
Non-operating income
176,188
Gross income
$9,211,936
Guaranty under Transportation Act, 1920
x
184,899
Total
$2,396,836
Deductions
-Equip, rents, net, $257.729; joint facility rents,
$22,662; interest and discount, $1,446,315
1,726,770
Corporate income for the year
$670.129
x Tentative additional accrual of"compensation" for the guaranty period
(Mar. 1 1920 to Aug.31 1920 inel.) pending final settlement with I. C.C.
-S.
Account with Director-General.
-The company filed its claim with the
Director-General of Railroads for compensation during the period of Federal
control, claiming the "standard return" as defined in the Federal control Act
was not reasonable compensation for the use of the property during such
period. An agreement was tentatively reached with the Director-General
the latter part of Dec. 1921, the Director-General agreeing to an amount
of $2,000.000 per annum as representing just compensation, but the final
settlement was not made until the early part of 1922. The Government,
in such final settlement, funded $900,000 covering additions and betterments made to the property during Federal control, accepting the company's note, payable in 1930, with interest at 6%,and required the company to pay in cash $64,774 on account of the balance due on equipment
allocated to it during the period of Federal control. The company, however, owed the Government $1,034,000, evidenced by demand notes.
covering funds borrowed from time to time during Federal control for corporate purposes and for additions and betterments made to the property
by the Director-General, such demand notes being canceled in the final
settlement. These transactions, together with open accounts, resulted in
a net cash payment of $1,275,226 to the company.
Account with U. S. under Transportation Act, 1920.-A final statement
covering the amount due the company under such guaranty provisions was
filed in the early part of 1922. based upon "just compensation" of$2.000,000
per annum as fixed by the Director-General, which is considerably in excess
of the amount certified by the I. C. Commission in the original instance,
-S.
somewhat increasing the amount previously claimed by the company. No
agreement has been reached with the Commission in respect to the matter.
and it is difficult at this time to make any forecast in respect thereto.
Loans from U. S.
-The company, under authority of the I.
-S. C. Commission, was given certificates for loans from the Secretary of the Treasury
and has received thereon, during the current year, the amounts stated,
such loans being on the basis of 6% per annum:
(a) $1,460,000 in four installments, the first three for $400.000 each, payable in 5, 7 and 9 years, respectively, and the fourth for $260,000
in 10 years from date of loan; proceeds of which were originally to payable
be used
for improvements at Jewett, Canton and Brewster, but owing to high costs
the project at Brewster was discontinued, and the balance of loan
for such work was diverted, with authority of the Commission,secured
to the
payment of corporate indebtedness; and upon which $1,460,000 loan there
was paid to the company during the year $1,060,000 represented by the
notes of the company.
(b) 3500,000, payable in 15 years; proceeds thereof were used to meet
maturing long-term indebtedness.
The company in each instance pledged as collateral for such loans its
Refunding Mortgage bonds, Series "B" and Series "C."
The company also during the year acquired on a lease basis 1,000 40
-ton
steel underframe box cars and 2,000 50
-bottom steel gondola cars.
-ton flat
under what is known as Carrier Contract No. 3 between National Railway
Service Corp., contractor, Wheeling & Lake Erie Ry., lessee, and Bankers
Trust Co. lessor, under National Ry. Serv.Corn's Equipment Trust Agreement, Series "A," lease basis, dated June 1 1921, and issued thereunder
Its rent notes in the amount of$13,629,000 without interest prior to maturity
such rent notes maturing at rate of$454,300 semi-ann. on May20& Nov.20.
Additions and Betterments.
-Company made $1,057,763improvements
and betterments to the property during the year, as follows: For roadway
and structures, $980,474; equipment, $77,288.
INCOME ACCOUNT FOR CALENDAR YEARS.
1921
1920
Operating IncomeCombined. Combined.
Corporate.
Federal.
Ry. oper. revenues
$21,286 $14,770,707 $14,791,993 $17,952,257
Ry. oper. expenses
10052 11,666,449 11,767,002 16,125,999
Net rev. Cr. ry. oper deb.$79,266 $3,104,257 $3,024,991 $1,826,258
Railway tax accruals..,,Cr.1,711
1,064,972
1,066,683
939.144
Uncollectible ry. revs.._
1,879
1,826
1,662
53
Railway oper.income_ deb.$77,608 $2,035,748 $1,958,141
$885,451
Non-operating income__
183,157
492,069
Miscellaneous income_ __ Dr.38,14 8
1,169 Dr.19,190
6
129,936
x Est. amount due Section 209, Transp. Act_
184,899
184,899
1,438.622
Gross income
Dr.$115,835 $2,443,201 $2,327,367 $2,796,953
Deductions
Hire offrt. cars, deb. bal.
$262,110
$263,291 $1,296,287
$1,181
Rent for locomotives_ _ _
4,388
5,121
6,897
733
Rent for pass, train cars
977
Rent for work equipment
707
707
785
Joint facility rents
51,578
52,451
56,925
873
7,974
Miscellaneous rents_
7,974
868
Interest on funded debt_
1,265,782
1,265,782
1,217.161
Int. on unfunded debt__
168,793
170,580
239,600
1,788
Amortization of discount
on funded debt
11,740
11.740
11,740
•
767
Miscellaneousdeductions
Total
$4,575 $1,773,072 $1,777,647 $2,832,007
Net income
670,129
549,720 def.35,054
def.120,409
Disposition of Net Income
Inv. in road and equip't
$78,244
$78,244
$63,187
Receiver's certifs. paid_ _
24,000
Income applied to sink.&
other reserve funds_ _ _
30,000
30,000
30.000
$561,885
5441,475 def$152,242
Surplustrans.toP&L.ydef$120,409
x Tentative, additional accrual of "compensation" for the guaranty
period, pending final settlement with the I.
-S. C. Commission.
Y Paid by Director-General of Railroads.
1096
[VOL. 115.
TITE CHRONICLE
Payment of Taxes, &c.
-Prior to Oct. 19 1919, at which time thelproperty
of the company was returned to you by the lessee, the lessee and receiver
had neglected to pay taxes assessed against the property in an amount
aggregating approximately $500,000. Your officers have claimed this
amount as an offset against the claim of the Brooklyn Heights RR. At
the time of the last annual report the amount was unpaid and a lien against
the property of the company. Without relinquishing its claim, the company has, during the past year, paid not only its current taxes but all delinquent taxes on real estate, and past due franchise taxes, except such part
as the company claims was improperly levied and which is now in litigation.
The total taxes and interest thereon paid during the year ending June 30
1922 aggregated over $1,000,000. It has been deemed conservative to
provide out of the profits for the year for all interest on the special franchise
taxes levied but in litigation, and to confine the adjustments of surplus to
items applicable to prior years. To give full effect to this plan, interest
and other charges aggregating $47,053 were taken out of the profits for the
year as they were repprted in the preliminary published statements, leaving
the profits for the year $1,765,528.
Brooklyn City Development Corp.
-Company owns $1,000,000 (being all)
of the Capital stock of the Brooklyn City Development Corp., which Corporation owns free and clear of liens of any kind, 162 modern passenger cars
and certain service equipment.
-The New
ization
Reorganization Plan of the Transit Commission-Valuation.
ns
York Legislature, in its session of 1921, enacted a law creating a Trait
Commission authorized to prepare a plan for the reorganization of all the
transit companies,looking to their final acquisition by the City of New York
(see merger plan of Transit Commission in"Chronicle" Oct. 11921,P• 1431).
The Valuation Bureau of the Commission prepared valuations of the property of your company on three different bases, which may be summarized
as follows (compare'`Chronicle," V. 111, p. 803, 804, and 1241-1252)•
(a) So-called "original cost" which does not purport to be the actual
original cost but is the cost to reproduce the physical property existing at the
date of the inventory at the prices assumed by the Valuation Bureau to
exist at the time it estimated the property was built.
(b) So-called "cost to reproduce new at the prices and conditions which
existed between 1910-1914," and
(c) The so-called "cost to reproduce new at the prices and conditions as
they existed in the first six months of 19 1."
The assumptions upon which valuations (a) and (b) were made are, in
the opinion of your officers and counsel, unjustified by the facts, and
accordingly such valuations are relatively unimportant.
-The following is an approximate
Approximate Summary of Valuations.
summary of such valuations, to which has been added the value of certain
property owned by the company which the Valuation Bureau of the Commission excluded: Total operating and non-operating property: (a) original
cost, $21,290,292; (b) 1910-1914, $24,856,413: (c) 1921, $45,361,263.
The Valuation Bureau in its report submitted figures on "straight line"
or theoretical depreciation on the basis of each of these valuations, but in its
report and also on various hearings it has recommended that depreciation be
measured not by the "straight line" or theoretical method but by the
expenditures necessary to put the property in good operating condition.
This figure for your company was estimated by the Bureau at 1921 Prices
to be $4,843,508. It is made up of two items: Deferred maintenance, and
deferred replacement.
After a thorough consideration of the report of the Valuation Bureau of
Total
112,395,493 100216,812
112,395,493 100216,811
Total
the Transit Conunission. ,vour directors condluded that they could not
-Securities issued or assumed: Unpledged. bonds held in treasury, recommend to the stockholders the acceptance of any of the appraisals made
Notes.
by the Valuation Bureau of the Commission or the sale or disposal of the
•i..2,041.000; pledged, bonds, $13,382,000.
fair value.
a Investments in affiliated companies: (1) Stocks: Toledo Belt Ry., property of your company upon any basis except its present
Since the close of the fiscal year your company's experts have made an
Belt & Terminal Ry., $100,000; Sugar Creek Sr, North$238,320; Zanesville
examination of the report of the Valuation Bureau of tne Transit Commisern RR.,$1,000; Lorain & West Virginia Ry., $500,000; Wandle Company,
and criticisms
$191,149; total, $1,030,469. (2) Bonds: Toledo Belt Ry., $224.000; sion and submitted to the Commission certain suggestions
Lorain & W. Va. Ry., $2,000,000; total, $2,224,000. (3) Advances to thereon, which are now under consideration by the Commission.
Relation with Employees.
-During the past year the company's relations
the Wandle Company, $401,737.
and interest
b Pledged as collateral security to funded obligations of the company, with its employees have remained harmonious and their loyalty the public
In the efforts of the management to improve the service rendered
except stock owned in the Wandle Company.
out of has materially contributed to the year's successful accomplishments.
c Tentative, pending decision as to matters in dispute arising
-The property of the company is now being well maintained,
Outlook, &c.
guaranty period operations, and adjustments to be made account of setunpaid by the
tlement subsequently effected with the Director-General of Railroads for the deferred maintenance is being provided for and taxes left
have been liquidated. The company's position is steadily improvreceiver
period of Federal control.
ing, and the deficit shown in the balance sheet of a year ago has now been
dividends have been paid on Prior Lien stock.
d No cumulative
converted to a surplus of $291,519 65.
e Additions to property through income and surplus, $735,018; funded
Income Statement for Years Ending June 30.
debt retired through income and surplus, $190,000; sinking and other
fund reserves, $155,000; total corporate surplus, $1.080,018.-V. 115. P•
Oct 19 '19 to
Year
Year
989, 438.
1920-21. June 30'20.
1921-22.
$11,413,404 $10,179,968 $7,102,398
Passenger revenue
Brooklyn City Railroad.
379
277
247
Other car revenue
TRAFFIC AND TRANSPORTATION FOR CALENDAR YEARS.
1921.
1920.
1919.
511.60
511.60
511.60
Miles of road operated
10,269,231
14,840,524
11,555,433
Revenue tons carried
1,045,778.410 1.522,921,850 1,186,471,192
Revenue ton miles
914
953
1,030
Average net tons per train mile_
1.217 cts.
1.017 cts.
.900 cts.
Average revenue per ton mile_
$24,881
$30,282
$20,880
Aver.revenue per mile of road_ _
1,084,231
927,960
1,219.273
Passengers carried
29,489,242 . 31,024,795
Passengers carried one mile_ _ _ _
23,893,774
3.23 cts.
2.89 cts.
2.84 cts.
Aver,revenue per pass. per mile
$1.861
$1.750
$1,325
Passenger rem, per mile of road..
34.22
38.57
Aver, number of pass. pr train..
33.25
$5,913
Net oper.rev, per mile of road.. _
$3,570
$3.274
$1.48
$0.78
$0.84
Net oper. rev, per train mile_ _ _
GENERAL BALANCE SHEET DEC.31.
1920.
1921.
1921.
1920.
Liabilities$
$
$
Assets69,108,889 68,163,877 Pr. Lien cap.stk _ _11,882,600 11,882,600
Road
16,075,801 16,099,741 Common stock_ _ _33,641,300 33,641,300
Equipment
189 Preferred stock A0,344,958 10,344.958
33,768
General
120,405 L. E. Div. 1st 58_ 2,000,000 2,000,000
174,970
Sinking funds.. _
Wheel'g Div.lst 5s 894,000
894,000
Deposits in lieu of
18,895 Ext.& Impt.lst 58 409,000
18,895
409,000
mtgd. prop. sold
1st Consol. M.4s_ 6,870,000 6,870,000
6,677
Misc. phys. prop
Receivers' equip__ 302,000
aInv. In still. cos.:
504,000
b1,030,469 1,045,829 Equip. Trust 5s_ 2,772,000 3,234,000
Stocks
b2,224,000 2,224,000 Equip. S. F. bds_
Bonds
2,000
401,737 Equip. notes 45_ _ _ 144,300
101,737
Advances
282,750
7,100 Enuip.notes 6s_ _ _ 4,281,200 4,587,000
7,100
Other investments
274,022 1,474,537 Participation Ctfs_ 300,000
Cash
300,000
322,742 6-Yr. Nctes 5%s_ _ 1,200,000 1,200,000
114,965
Special deposits_ _ _
Traffic & car serv.
U.S.Govt.Notes6s 2,960,000 1,400,000
12,129 Ref. Mtge. bonds- 4,827,000 4,827,000
bals. receivable_ 540,556
Nat.Ry.Serv.Corp.
Due from agents &
95,936
Equip. Trust.. _13,174,700
89,375
conductors
786,732 Notes payable_ _ _ _ 600,000 1,100,000
Misc. acc'ts reele_ 392,622
49,935 Traffic & car serv.
49,935
Int. & divs. recle_
balances payable
439,297
19,171
Mat'l & supplies_ _ 1,847,897 1,906,033
5,230
4,900 Audited acc'ts and
Working fund adv.
wages payable_ _ 1,769,024 3,114,655
Due from U.S.RR.
Misc. acc'ts pay'le
54,811
43,819
Adm., incl. un76,649
70,311
adjusted debts_ _c5,929,186 6,842,988 Int. mat'd unpaid_
4813,445
Unmat'd int. am_ 550,393
Due fr. U.S.Govt.,
429,511
Other def'd liab_ _ 396,343
guar'ty period_ _ c668,521
Ins, paid in adv_ _
7,631 Due to U. S. RR.
18,880
Adm.,inclioans c6,569,657 6,588,616
73,378
61,677
Disct. on IS debt_
480,296
Tax liability
553,683
Nat. Ry. Service
242,327
equipment
13,050,610} 564.654 Oper. reserves
988,836
Accr'd depr.,equip. 1,330,700
Misc. unadj.debits 263,149
545,622
0th. unadl. credits 484,702
926,385
Corporate surplus_ 1,080,018
P.& L. surplus__ _ 2,924,015 2,364,754
-Year Ending June 30 1922.)
(68th Annual Report
H. Hobart Porter, V.-Pres. & Gen. Mgr.,Aug.. 21, writes
in substance:
Financial Results -The comparative statement for theyear ending
June 30 1921 covers a period during which the company suffered from a
substantial loss in revenue and instrike of its employees, resulting in a The
direct expense and loss of revevolving much extraordinary expense.
nue due to the strike was estimated at approximately $1,000,000.
The gross revenues from transportation have continued to increase during
the year. This is due both to the growth of business and population in the
territory served and to increased riding resulting from better service furnished by the company to the public. Operating expenses are less than
daring the previous year in spite of the fact that the company is, in addition
to adequately meeting all current maintenance, now engaged in the exten-lb. rail with
sive reconstruction of its track system, replacing the old 94
new rail weighing 122 lbs. per yard.
-In connection with the condensed balance sheet, attenSheet.
Balance
of the company reflect none of the
tion is directed to the fact that the booksBrooklyn Heights
additions to capital account which the the lease. As the RR., as lessee,
amount
during the term of
claimed to have made betterments is in dispute, no cognizance and cost
has been
of such additions and
items pending their final adjudication. The actual total intaken of such
,
vestment in the company is, however, very largely in excess of the amount
shown under the item "Capital Account. and the value of the property
also largely exceeds the capitalization.
Mileage.-Companv maintains and operates a total of 216.92 miles of
in addition, owns various
railroad on 110.2 miles of streets, and office building at 168 car houses,
the
Montague St.
shops and other real estate,including
Clinton St.
and. 85
-During the season of 1922 it is planned to rebuild approxiImprovements.
of which will be laidi in improved pavement.
mately 64,500 ft. of track, all the company carried 243,533,467 passengers,
-During the year
Traffic.
day. This was an
of 667,228 passengers peryear, or a gain of increase of 27,330,an average
about 75,000 passen747, as compared with the previous increased traffic the company operated
this
gers per day. To accommodate as compared with 23,594,065 during the
passenger car miles,
24,265,037
previous year.
from Obsolete.
-The increased use
Subway Extension-Surface Lines Far
territory served ,by
company has
of the recent subway extensions in the of long-haul trafficthe the subways,
to
resulted in diverting a certain amount
this cause has
any decrease in gross earnings from from short-haul been more than
but
traffic which the
compensated for by increased net earnings and
convenient service. This
company has secured because of 14 frequent the fact that
your surface railparticularly gratifying demonstration ofit has an
Is a
that
increasingly
road is not only far from obsolete, but recognized by its increasedvaluable
has
patronfunction to perform which the public
age.
-The
Litigation.
Williamsburg Bridge-Service andthe Williamsburg right of the municipal
Bridge was upheld
authorities to operate service over1922. The city authorities have not by
as
11
the Court of Appeals on Feb. operation of cars over the Williamsburg
however, commenced the
yet,
do so, the company will, as heretofore announced, be
Bridge. If they
and efficient operation, to cease all operation
obliged, in order to insure safe
and has so advised the municipal authorities. This will
across the bridge,increasing the cost and inconvenience to the traveling
result in greatly
changing cars at the Brooklyn end of the Bridge,
public, as in addition to to pay a fare to the company as well as a fare on
passengers will be obliged
the municipal bridge cars.
Litigatton.-There has been no material change in
Guarantee Fund, &c.,
"Construction Account" or of the $4,000,the status of either the so-called annual report, both of these matters still
guarantee fund since the last
000
being in litigation.
$11.413,651 $10,180.245 $7,102,777
Total transportation revenue
$118,393
$83,948
$100,004
Advertising and other privileges
of land, buildings, tracks, terRent
157.439
49,532
173,553
minals, &c
30
543
1,095
Miscellaneous revenue
$11,687,751 $10.457,171 $7,236,288
Total operating revenue
$669,136
$969.603
Maintenance of way and structures.... $1,203,974
1,741,844 ' 1,169,452
1,368,205
Maintenance of equipment
1.200,983
827,592
986,910
Power
4,828.561
3,206,408
3,835,850
Operation of cars
522,859
251,535
524,310
Injuries to person and property
451,817
270,920
General and miscellaneous expenses.... . 530,973
Total operating expenses
Income before taxes
Taxes assignable to operation
$8,450,221
$3,237,529
931,521
Operating income
Non-operating income
$2,306,008
160,951
$240,989
91,843
$367,052
49,174
$2.466,959
$428,319
273,112
$332,833
$362,269
321,421
$416,226
5235,903
148,833
$1,765,528 def$350,858
$31,490
Gross income
Interest
Rent of cars, tracks, &c
•
Net income
$9.715,667 $6,395,044
$841,244
$741.505
474,193
500,715
BALANCE SHEET JUNE 30.
1922.
1921.
1922.
$
Assets12,000,000
Fixed capital_ _ _ _a19,644,253 19,668,609 Capital stock
580,303 Cap'l exp. from stir 888,000
572,319
Cash
188,130 Taxes accrued_ _ _ _ 411,534
172,037
Special deposits.. _ _
474,810 Prov.for spec.fran.
84,856
Acc'ts receivable_ _
418,355
taxes disputed
U.S. Treas. notes_ 1,255,378
Prov, for seer. int.
Stock of controlled
on spec. franch.
730,000
1,000,000
corporations _
72,989
taxes disputed
6,000
5,500
Real estate mtges_
26,534 Prov. for pay'ts to
10,798
Prepayments
128,838
city for paving
205,315
Exp. of lease, &c._
271,967
163,629 Interest accrued
Suspense Items.... 184,421
Matured coupons_ 113,438
Misc. acc'ts pay'le 208,488
18,760
Unpd. wages &deP
2,546
Matured divs.unp.
1st Cons. Mtge. 55 6,000,000
Ref. Mtge. 4s..._ 925,000
800,936
Reserves
Def'd or unadjust.
377,191
credit items_
291,520
Surplus
Total
22,929.562 22,043,330
Total
1921.
12,000,000
888,000
1,147,120
185,617
130,038
641,694
9,966
2,546
6,000,000
925,000
603,355
378,719
def868,726
22,929,562 22,043,330
$19,804,539; subsequent to Dec. 31
a Fixed capital prior to Dec. 311908,
of capital,
1908, $108,543; total, $19.913,082; less accrued amortization
$268,829; balance, $19,644,253.
-The books of the company do not reflect the additions and betterNote.
ments to the property made by the Brooklyn Heights RR. Co.. as lessee,
and claimed by it to have amounted to approximately $10,000,000, nor any
liabilities In respect thereof, nor the claims of the Breoklyn City RR. Co.
arising out of the termination of the lease; the amounts of these several
-V. 115. p. 72.
tems are in dispute.
SEPT. 2 1922.]
THE CHRONICLE
American Agricultural Chemical Co., New York.
(Report for Fiscal Year Ending June 30 1921.)
Chairman Robert S. Bradley, N. Y., Aug. 29, wrote in
substance:
-Since our last annual report (V. 113, p. 1049),
Conditions Improved.
agricultural conditions have materially improved and, though the demand
for fertilizers has not yet returned to normal, indications for such a return
in the near future are now encouraging.
Resulte.-The sales of fertilizers in the United States for the past year
are estimated to have been about 65% of the tonnage of 1920; out while
the demand has thus decreased, owing to the severe depression in all agricultural districts during the past two years, the productive capacity of the
fertilizer industry had been considerably increased under the stimulus of
the heavy demand in the spring of 1920. These conditions have naturally
led to very severe competition and to a continuance of low prices.
Although there still remains uncollected in the South a large amount of
fertilizer notes and accounts from sales of 1920 and 1921, it is estimated
nevertheless, that one-half of all the fertilizer used in the cotton belt in the
spring of 1922 was sold for cash, instead of on the usual fall credit terms,
and it is confidently expected that the balance of these sales will be collected
this fall at maturity, together with a large part of the receivables carried
over from 1920 and 1921.
Much more fertilizer could have been sold in the South last spring had it
not been for the unsatisfactory credit conditions prevailing in that section.
From June 1921 to June 1922 the price of cotton advanced from around
11 cents per pbund to over 22 cents, which latter price should yield a very
satisfactory profit on the present cost of production. If the price of cotton
should remain around present figures there should be a considerable increase
in the demand for fertilizers in the Southern States in the spring of 1923.
In the Northern States credit conditions have been more favorable and a
relatively larger tonnage of fertilizer has been sold, though far less than in
1920. Competition in these States has been very keen and prices have
remained at a low level.
.
.The situation in Cuba has greatly improved in consequence of the heavy
.
reduction in the stocks of raw sugar and the resultant advance in its price.
This should materially augment collections on the island and increase the
demand for cane fertilizer which has been at a low ebb for the past two
seasons.
-Our inventories have been deflated to as low a point as is
Inventories.
practicable, and while on June 30 1921 it was necessary to write off over
S5,000,000 on inventories to bring them down to market values, on June 30
1922 our inventories, which were taken at cost or market, whichever was
lower, would show an appreciation of over $500,000 had they been taken at
market values prevailing on that date.
-The plants of the company have been maintained in excellent
Plants, &c.
physical condition, the entire organization of the company has been materially strengthened, large permanent economies have been effected and the
management feels that it is well equipped to cope with any future conditions
that may arise in the industry.
CONSOLIDATED INCOME ACCOUNT, YEARS ENDING JUNE 30.
1919-20.
1918-19.
a1921-22.
1920-21.
Profits fromConsol'd income after deducting oper. charges
& int. on notes pay'le_ $5,234,143 b$1,912,208 b$9.093,130 b$8,035,854
280,083
170,274
Other sources
$5,234,143 $1,912,208 $9,373,213 $8,206,128
Total income
Less reserves for freights,
4,130,667
1,176.096
968,463
disc., doubt'lacc'ts,&c 2,335,445
318,464
321,471
353,956
Interest on mtge. bonds_
404,001
4,801
181;965
253,248
380,784
do debenture bonds_
937,500
do 1st Ref. M.bonds 2,250,000
2,479,322
2,308,351
2,294,210
Plant depr.& mines depl. 1,446,499
$6,358,214 $8,047,918 $4,091,651 $4,047,458
Total
def$1,124,071 df$6,135.710 $5,281,563 $4.158,670
Profits
Inventories written down
5,022,732
to market values
1,707,312
1,705,460
1,659,896
Preferred divs. (6%)
1,813,125
2,551,275
1,279,176
xCommon divs. (cash)_
(4)1,290,426
Common divs. (stock)_ _
Balance, surplus.. _ _ deal324,071df$15435,356 $1,024,828
$685,649
a Not Including Charlotte Harbor & Northern Ry. Co. and its associated
companies.
d After deducting operating charges and Federal taxes.
x4% for 1920-21; 8% for 1919-20; 73% for 1918-19.
CONSOLIDATED BALANCE SHEET JUNE 30.
[Not including Charlotte Harbor & Northern Ry. Co. and Associated Cos.]
1920.
1921.
Assets1922.
Land, buildings and machinery ____1$31,596,3071319,886.758 $17,829,077
5,141,215
Equipment and floating property_ _ _ f
1 6,389,723
Other investments_ a
6.371,757
6,455,048 6.455,489
Mining properties
17,167,389 20,352,042 19,808,753
United States and Canadian bonds
25,000
394,375
197,609
Brands, patents, good-will, &c
1
1
1
14,239
Sinking fund (amount unexpended)
17,022
6,812
Accounts receivable
18,880,295 25,447,582 29,440,465
receivable
Notes
18,796,363 17,902,095 10,477,495
Merchandise and supplies
13,318.304 18,339,871 17,178,292
Unexpired insurance,taxes, &c
387,179
301,414
336,173
Discount on bonds and other deferred
charges to future operations
339,157
3,258,568
3,189,573
Incomplete new construction
1,176,625
3,445,615
3,240,783
827,683
Advance payment, mdse., surplus
3,375,099
2,498,517
Cash
4,134,120
4113,776,938$125,878,190$114,744,759
Total assets
Liabilities
b$33,322,126 $33,322,126 $31,979,400
Stock, Common
c28,455,200 28,455,200 28,455,200
Stock, Preferred
1 2
Accounts payable and accrued taxes_ 1,253,998
4,806,356 15:522:000 17:40100
Notes payable
7,015,000
6,616,000
First Mortgage Cony. gold bonds_ _ _ d6,247,000
5,035,900
Debenture bonds
First Refunding Mortgage bonds_ _ _ _ 30,000,000 30,000,000
1,015,588
Accrued bond interest
1,020,200
----2,230.159
1,559,715
1,575,309
Reserve for property depreciation _
192.129
350,830
Reserve for renewals
accounts, &c_ _ _ 4,147
2112
541,289
Reserve for doubtful
Deferred liabilities
1,545,880
6
.
2.669,950 18,1- 5,66
Profit and loss, surplus
From Which Has Been Deducted
Dividends and interest on bonds of sub. cos., on bank and other
advances, and rentals (less interest earned on bank balances
and investments)
$1,410,479
Amount set aside for depletion and depreciation of mining properties and quarries, &c
87,704
Income tax
445
Deficit carried forward by all companies
$763,814
Algoma Steel Corp., Ltd.
-The tonnage, as compared with the preceding
year, is as follows (see also separate report below)':
1920-21. 1921-22.
1920-21. 1921-22.
Coal imported
841,983 468,534 Pig iron produced_ _362.805 246,779
Ore imported
420,830 298,740 Steel ingots prod_ _ _327,906 230,237
Limestone produced 235,399 164,218 Steel products
255.209 173,013
Coke produced
429,041 273,007
The year ending June 30 1922 has been a very difficult one in the iron and
steel industry, and the Algoma Steel Corp. has felt the effeets of the continued depression. Steel plant operations were seriously curtailed, and
decreases shown in both output and earnings. Rail orders received were
not sufficient to keep the rail mill operating full time.
The mill was operating 50% capacity for 194 days, and was closed down
67 days. For the balance of the year the mill was in full operation. The
operation of the 18-in, merchant mill, rolling rail fastenings and bars, was
Intermittent, and the 12-in. merchant mill was idle for practically the entire
year.
During the first quarter of the fiscal year it became necessary to make a
further reduction in prices of steel products, and in order to meet this,
economies had to be effected in various directions. There was very little
buying in rails and other products by the Canadian railways, but a fair
proportion was received of the business offered.
Rail production for the year was 155,764 tons, as compared with 201.312
tons in 1921, and pig iron shipments were 64,189 tons, as compared with
105,619 tons in 1921.
Orders on hand at June 30 are sufficient to keep the rail mill in full operation until Sept. 5,and the merchant mill until Aug.31. It is expected that
•
further rail orders will be received in the fall for winter rolling.
The possibility of the coal and railroad strikes in the United States affecting our importations of coal and ore for the coming winter, however,
is causing considerable concern at the present time.
Cannelton Coal & Coke Co.
-Production for the year was 199,272 tons,
as compared with 474,848 tons in the previous year. Mines have been idle
since shipments of coal to the Steel Company were completed in Oct. last.
There was little demand during the winter months and on April 1 the coal
strike was called. It is expected, however, that as soon as a settlement of
the strike is effected bying of coal will be brisk.
Lake Superior Coal Co.
-Production was 288,634 tons, as compared with
235,933 tons in the preceding year. Buying was dull during the winter,
but after the strike was called in union fields business at Lake Superior
became much better, and a good demand is looked for during the coming
fall and winter months.
Algoma Eastern Ry. Co.
-The complete cessation of operations of the
International Nickel Co. and other industrial concerns, upon which the
railway is dependent for its principal traffic, is reflected in the earnings
of the company for the fiscal year. The reduction in the tonnage of mining
and other products hauled as compared with the previous year is approximately 1,000.000 tons. As a result of this the company is not yet in a posi-year's interest on its First Mtge. bonds, which was due
tion to pay the half
March 1 1922. It is fully expected, however, that this condition is only
temporary.
It is understood that the mining, smelting and refining operations of the
International Nickel Co. will be resumed about Sept. 1 1922 on a basis which
will furnish ore traffic to the railway of approximately 50,000 tons per month.
Coal,coke,quartz and other mining supplies will be shipped in proportion.
The physical condition of the property is excellent and will continue to
be maintained.
-The year's operations resulted in
Algoma Central & Hudson Bay /4.
Joint net loss before bond interest of $95,403, as against net earnings for
last fiscal year of $159.426.
No Interest on Income Bonds.
-Results for the fiscal year do not permit
the payment of interest on the Income bonds.
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1918-19.
1919-20.
1921-22.
1920-21.
Int. & div. on securities
of subsidiary cos
$295,000
$470,000 161,344,000
$293,500
Other income
85,389
49,758
100,391
97,815
Total
Int. on First Mtge. bds_
Other interest
Mineral lands expenses_
General expenses
16393,891
263.900
2,030
25,000
76,565
$392,815
263,900
Net income
Balance, preceding yrs...
$26,396
921,686
def$36,949
958,635
Total
Res.for depr. of invest
Int.on income bds.(5%)
Loss, St. Mary's Tract'n
Adjustments
$948,082
$921,686
165,864 -
$555,389 $1,393,758
263,883
264.700
122,582
75,573
$168,924 $1,053,486
941,107
57,621
$1,110,031
138,650
$1,111,107
500,000
150,000
20,000
12,745
Total surplus as per
balance sheet
$958,635
$948,082
$921,686
$441,10
OPERATIONS OF SUBSIDIARY COS. FOR YEARS ENDING JUNE 30.
[Excluding the earnings of the Algoma Central & Hudson Bay Ry.]
1921-22.
1920-21.
1919-20.
Net earnings from oper. of all sub. cos.
subject to deprec. & other charges_ _
$330,001 $1,731,293 $4,222.153
Deduct Chas., Dirs.. &c.,Paid by Sub. Cos.Int. on bonds ofsub. cos. and on bank
and other advances, dividends, &c_ $1,406,979 $1,486,247 $1,315,523
Dividend paid
3,500
195,000
680,000
Reserve for depreciation,renewals,&c.
4,104
4,090
1,024,965
Depletion and depreciation
83,598
94,041
88,898
Surplus for year
Brought forward
Total
Other adjustments
def.$1,168,180 def.$48,085 $1,112,767
404,813
2,592,238
1,589.388
def$763,368 $2,544,153 $2,702.155
445
2,139,339
109,918
Balance carried forward
def$763,814
$404,813 $2,592,237
INCOME OF SUBSIDIARY cos. (EXCL. ALGOMA CENTRAL &
HUDSON BAY RY, CO.)
-YEAR ENDED JUNE 30 1922.
Net Earns. Net Earns. Interest & Deprecia- Net Deficit
Yr.'20-'21. Yr.'21-'22. Rentals.
tion, &c. for Year.
$113,776,938$125,878.190$114,744.759 Algoma East Ry- $167,259 b$13,884 $227,601
Total liabilities
$213,717
Br.
. xp.Co_.
3,012
3,937
Cr.75
sur4,012
a Includes the investment in the Charlotte Harbor & Northern Ry. Co., Alg. Steel Corp_ _ al.255,906
330,088 1,161,894
831,896
Fiborn Limestone def5,471
which is owned wholly by the company.
def7,987
$14,611
22,597
stock authorized, $50,000,000, less unissued, $16,677,874.
Cannelton.C.&C. 191,020 def95,352
b Common
17,758
40,433
153,544
Lake Sup. Coal__
.
c Preferred stock authorized, $50,000,000, less unissued. $21,544.800.
126,503
90,866
Cr.166
28,555 sur62,477
-Year Convertible gold bonds due Oct. 1 1928, $12.000,000, less S. S. Marie Trac_ def6,935
20
d
def5,435
9,417
Cr.123
4,104
$4,540,000 (as contrasted with $4,171,000 June 30 1921) bonds purchased
Total 1921-22_
for sinking fund and $1,213,000 bonds converted into Preferred stock.
- __ _
$87.703df$1164,678
$330,001 $1,406,979
Total 1920-21_ _ -$1,731,293
113, p. 1985.
V.
___98,131 sur146,915
1,486,247
Net Deficit Net Tot. Def. Dividends
Total
The Lake Superior Corporation.
ContinuedDeficit.
for Year. Incl.Prev.Sur. Payable.
Algoma Eastern Ry____
$535,644
$535,644
$213,717
British-Amer. Express__
(18th Annual Report-Year ended June 30 1922.)
sur148
sur3,648
c$3,500
sur4,012
Algoma Steel Corp
171,813
171,813
831,896
President Wilfred H. Cunningham (of Philadelphia), Fiborn Limestone Co_
16.757
16,757
22,597
Cannelton Coal & Coke_
95,754
95,754
153,544
Sault Ste. Marie, Ont., Aug. 1922, wrote in substance:
Lake Superior Coal
sur74,667
sur74,667
sur62,477
Saule Ste. Marie Trac
18,661
def18.661 •
-The net earnings from operations of subsidiary cos.
9,417
Results.
of the Lake Superior Corp. (excl. the Algoma Central & HudTotal 1921-1922__def$1,164.678 def$760,314
$3,500 def$763,814
$330,001
Bay Ry. Co.) for the year were
son
5195.000 sur$404.813
404,813 Total 1920-1921
sur$146,915 sur$599,813
To which should beadded bal. brought for'd from previous year..
a Includes $190,000 divs. from other sub. cos. b Includes other income,.
$734,814 $5,656. c To Lake Superior Corporation.
4,88, 17
3
•;,
1097
[voL. 115.
THE CHRONICLE
109S
BALANCE SHEET JUNE 30.
1921.
1922.
1921.
1922.
3
3
Assets40,000,000 40,000,000
Invest'ts & securs_46,933,871 46,898,928 Capital stock
308,489 First mtge. bonds_ 5,278,000 5,278.000
Real estate, Jrc_ 306,420
2,773,000 2,773,000
Due by sub. cos__ _ 1,863,409 1,750,877 Income bonds_ _
140,205
572 Accounts payable_
8,953
572
Proc. of sale of inv.
21,992
94,156 Accrued interest
21,992
60,334
Cash
48,844 Coupons unpaid
23,881
37,688
36,363
Mineral lands__
2,047
519
4,187 Suspense account_
13,294
Miscellaneous
921,686
25,876 Profit and icras
948,082
25,809
Accrued interest
Cash for unpaid in36,363
37,163
terest coupons
5,000
3,506
Div. rec'd sub. cos.
Total
49,068,233 49,173,292
49,068,233 49,173,292
Total
The company had (as of June 30 1921) contingent liabilities on its guaranty of !principal and interest of t$10,080,000 bonds of Algoma Central &
Hudson Bay RY.. x $2,500.000 Algoma Eastern Ry. $15,794,924 Algoma
Steel Corp.. Ltd. First & Ref. bonds, and 44,992%713 Algoma Central
'
Terminals. Ltd., bonds.
t Interest not fully paid by Algoma Central & Hudson Bay Ry. and
Algoma Central Terminals. Ltd.. as from June 1 and Aug. 1 1914. x Interest due March 1 1922 not paid by Algoma Eastern Ry.-V. 114, p. 311.
give the members a margin of profit which is now impossible. With out
complete line of household remedies, pharmaceuticals, cottons, gauze
bandages and other aseptic products and the saks line of hospital enamelware, it should be possible for members who really desire to co-operate, to
sell a volume of our products which would put us way tip at the top and
insure dividends satisfactory to all.
-Taking into consideration the fact that general busiDividend Outlook.
ness has of necessity been slow in returning to more normal conditions,
results accomplished during the first half of 1922 seem encouraging. It
must be remembered, however, that the great shrinkage in inventory values
left us at Dec. 31 1921 with a deficit of $603,216. and this amount must be
replaced from net earnings before resumption of dividends can be considered.
SURPLUS ACCOUNT FOR SIX MONTHS ENDING JUNE 30.
1919.
1920.
1921.
1922
3252.257
3360.832
3100;948 loss$741,340
Profits for six months_ _
193,701
226,675
Dividends
787
7,956
Divs. on sub. co's stock_
350,600
3133.371
$100.948 loss$741,340
Balance. surplus
851,438
417,528
288,046
def.603,216
Previous surplus
deb.8,267 deb.45,852
deb.16,947
Fed. tax.(previous year)
Premium received on sale
Cr.2,614
Cr.190.898
of capital stock, &c...
Algoma Steel Corporation, Ltd.
(Report for Fiscal Year Ended June 30 1922.)
This company, whose operations are discussed above,
under caption "Lake Superior Corporation," reports:
INCOME & PROFIT & LOSS ACCOUNT FOR YEARS ENDING JUNE 30.
1920-21.
1918-19.
1919-20.
1921-22.
Net earns. from °peens_
11330,088 $1,0o5.906 $3,147,695 $5,035,032
190,000
500,000
Dividend (sub. cos.)____
$330,088 $1,255,906 $3,647.695 45,035,032
Total net income
965,196
1.056,511
1,249,944
Int.chgs.,lessint.on inv.&c 1.161,984
Skg. fd., &c., Helen &
225,000
Magpie Mining prop_
525,000
20,869
Exp.incurr'd in constr.,&c
Steel Hill Falls power
100,000
plant, deprec., &c_ _ _
y35,746
x522,251
Income tax
1,117,072
Invent, written down_ _ _
1,500,000
1,000,000
500,000
For general depreciation
Dividend on pref. stock
1.050,000
175,000
for 1915-1916
,
(1036)
Rate
(1k)
Bal., sur., for year ___def$831,896d112,133,361
Bal. at credit of p. & 1.
2,793.444
660,083
acct., brought forward
$1,359,569
$669,837
1,433,875
764,039
$660,083 $2,793,444 3i,433,876
Bal. carried forward_ _def$171.813
x For years 1918, t919 and 1920. y Paid for year ended June 30 1917.
BALANCE SHEET JUNE 30.
1921.
1922.
1921.
1922.
$
$
Liabilities$
*
AssetsProperty account _41.145,588 41,100.082 Cap. stock, corn_ _15,000,000 15,000,000
Pref. 7% cumul_y10,000,000 10,000,000
Moneys invest. in
Purch. money 5%
subsid. & other
bonds
5,800,000 5,800,000
1,413,154 1,413,154
companies
1st & Ref. M.5%
Funds in trustees'
1,189
gold bonds_ ___z15,550,867 15,622,407
2,756
hands
556,069 Deb. bonds of city
100,174
Products on hand_
of S. S. Marie
132,829
122,029
Material & suppl. 5,160,418 6,328,259
67,797 Adv. from L. Sun.
63.958
Miscellaneous
Corp
1,010,000 3,040,000
Advance Payments
37,190 Accts. Payable... 701,182 1,664,151
37,190
on ore, &c
220,496
1,076,452 3,932,006 Accrued int. on bds 219,513
Accts. receivable
198,942 Suspense account_
78,376
616,838
125,820
Cash
77,988 Reserve for depreSuspense accounts 105,201
ciation &c
171,813
1,364,153 1,494,292
Profit & loss def
& loss, surpl
Profit
660,083
Total
49,893,343 53.712,635
Total
49,893,343 53,712,635
y Dividends in arrears from Mar. 30 1916. z First & Refunding Mortbonds, authorized issue, ;'30,000,000; outstanding, $20,429,gage 5% gold
171, less pledged as security for city debs., $4,878,304 and bonds held in
sinking fund, $799,247.-V 115, p. 185.
Butterick Company, New York.
(Semi-Annual Report-Six Months ended June 30 1922.)
6 Mos. to June 30Net income
Preferred dividend
1922.
1921.
1920.
1919.
1918.
$338.453 $622,535 $59,419 $391,798 $300,991
34,000
38,000
33,433
$304.453 $584.535 $25,986 $391,798 $300,991
BALANCE SHEET JUNE 30.
1921.
1921.
1922.
1922.
Liabilities$
$
Assets
Common stock__ _14,842,100 14,642,100
impts.,
Real est. &
2,501.494 Preferred stock_ _ _ 800,000
900,000
mach.,plant,&ca2,479,803
Mortgages
766,500
762,500
Patents, good-will,
Notes payable_ _
800,000
450,000
contracts, copyDividend payable_
16,000
18,000
rights, marks,&c13,893,271 13,893,271 Accounts
1,760
payable_ 851,060
842,625
5,760
Stock owned
25,000 Reserve for foreign
Liberty bonds_ _
exchange
45,428
43,925
Accts.receivable.. 2.088,100 2,102,202 Res. for prep. sub14.468
21,332
Notes receivable
scription, &c_ _ _ 133,603
212,988
Paper in stock__ -1
Reserve for taxes_ _
88,435
131,941
Mdse.manufact'd} 1,736,948 1,954,075 Surplus
2,998,818 2,783,020
and in process.)
353,604
373,695
Cash
91,224
193,034
Deferred charges_ _
Balance, surplus
Total
2(7;7791,944 20,937,100
20,791,944 20,937,100
Total
land, $217,306; Butterick building and
a Includes Butterick building
$1,373,305; machinery and equipment, $2,138.486: furniimprovements,
$4,304,695; less reserve. $2,011,305;
ture and fixtures. $575,598; total.
& Vandam streets properties, $186,413;
balance, $2,293,390: Spring V. 114, p. 1184.
$2,479,803.
total (as above),
American Druggists Syndicate
(Semi-Annual Report for Six Months ending June 30 1922.)
reports
President C. H. Goddard first half in substance:
of 1922
profits
shows net
the
Resulls.-The statement for
up) of $100,948 (as compared with a loss of
(after reserves have been set
months of 19211.
$741,340 for the first six in the first half of 1921 was due to shrinkage in
A large part of the loss
not obliged to sustain this year,and this
inventory values which we werewhen making a comparison of the results.
must be taken into consideration
Financial Obligations. The company has so far come
No Increase in
depression without recourse to any increase in
through the long period of the figures (below) show an unusually strong
its financial obligations and
financial position.
Jan. 1 our sales force has been increased
Increase in Sales, &c.-Sinee
intensive sales effort covering the entire country
nearly 80%. Plans for an now the one element necessary to make the
have been well started and
outstanding success that we all would like to see
A. D. S. the great. big
management will on its part endeavor to give
is real co-operation. The
service and right prices. What is needed
the best merchandise, prompt
buying of A. D. S. products, counter
members is concentrated
from our
and an influence with their
our package goods,
and window displays of
clerks to have them push the line.
costs would come down to an
achieved, our production
If this could be
manufacturer can realize. The A. D. S.
extent that only the experienced
out competition and at the same time
could make prices that would shut
$1.010.251
Operating deficit for the year
Admin., selling & gen. exp.. $217,291: rentals & royalties, $48.807.208
131: int. on bonds and notes. $541,786: total
Provision for exhaustion of minerals. &c.. 319.170; depreciation
455,322
and renewal of plants, 3436.152: total
$2,272,781
Net loss for the year
31,756.351
Surplus as at Dec.31 1920
-Adjustment of prior years' provisions for exhaustion of
Add
minerals. $448,817: claim for refund in respect of 1917. 1918
Cr.604,791
and 1919 taxes,$155,974: total
54.250
Deduct-Preferred dividend paid in cash
$34.111.
Surplus carried to balance sheet
EARNINGS FOR YEARS ENDING DEC. 31.
the New York Stock Exchange.]
[As reported to
1917.
1918.
1919.
1920.
$13,037,603 $10.690.372 $14.098,031 58.377,490
Net sales
9,600,103
6,046.072
8.420,106
Mfg. & oper. expenses.. 11,399,678
Manufacturing profit _ $1,637,925
42,102
Miscellaneous income_ _ _
32.270,266
63,367
34,497,931
51,085
$2,331,418
44,090
31.680,027
Total income
Adm.,selling & gen. exp. $501,286
213,449
Rentals and royalties_
Special charges
460.254
Depreciation
164.965
Depletion
147,591
fund provisions_
Sinking
Exh.of minerals. &c_ _ _ _ Cr.164,389
361,555
Interest on bonds
166,809
Other interest
273
Federal taxes
82.333.633
8337.987
180.403
34.549,016
3478,923
223.354
82.37;3.508
8298,131
245.456
93,477
432,677
172.352
156,241
Cr.173,258
456,458
29,334
39,353
435,918
459.091
161,325
148.132
115.517 • 153.754
Cr.126,475 Cr.169.138
437,683
401,899
61,505
33,193
1.846,88.5
101.850
$625.287
$918.808
$682.032
Balance, net profit_ _toss 3171,766
-In setting up the provisions for depreciation and depletion the
Note.
company used a composite rate applied to the book value of the properties,
which in some instances are not segregated as between minerals and other
properties. and while the provisions shown above in the aggregate are
ions
correct, the divisions thereof as between depletion and depreciation are
approximate figures.
CONSOLIDATED BALANCE SHEET DEC. 31.
1920.
1921.
1920.
1921.
•
i
3
Liabilities$
$
A.000,000
.
Common stock_ _
Aror
Cos e proples_ _a18,547,842 18,120,205 Preferred stock_ _ _ 5,000,000 1,550,000
1,550,000
bonds held
Liberty
1st Mtge.5% bds_ 1,483,000 1,583,000
on behalf of em980,000
8,896 5% deben. bonds_ 980,000
8,116
ployees (net)___
261,900 1st & Ref. Mtg. 58 3,794,000 4,008,000
bonds 231,900
Discount on
Notes payable_ _ _ _ 3,034,626 2,741,842
Royalties paid in
532,652 1,158,289
120,215 Acc'ts payable_ _ _ _
121,769
advance
134,964 Ore contracts rec'd
Unexpins.,tax.,&c. 134,187
83
. 61:98
3 82
6
8:9
81
72 313 9
in ad r alt s.
1,971,958 2,974,615 Accruedvanze, r
Inventories
Liberty bonds (at
22,012
31,687
524,000 Accrued bond int_
264,000
cost)
Accr'd State and
Invest. in munic.
county taxes... 315,787
308,151
18,000
17,500
bonds__
& other bonds
Bond coupon int.
Refund of taxes_ _ _ b164,416
4
6 0
15 7 0
(see
182 0
:4 8
Acc'ts & notes rec_ 302,911 2,092,944 Res vm contra)____ 2,30 :821 2.714 160
..
' for er&c.
or einerali. aus
547,691
542,115
Cash
) .
oee c ntu p .
Cash forocora ..!it.
: 162 297
Res. fo depntin,&e
:
166 0,
2
112,100 Res.iorr eo rec.g,s 2,837 028 2,453:402
c106,700
3 1 11
106:050 1,63 1
4
Other reserves_ _ _ _
753 74
1 6: 6
Total (each side)22,413,414 24,915,530 Surplus
as at Jan. 1 1921. $18,120,205; net additions during
a Cost of properties
b Due
1921, $427,637; total, $18.547,842. interest from U. S. Treasury. c Cash
on bonds ($100,700 due Jan. 1
in hands of fiscal agents for coupon tly tsable ingD
onupons u lita d at )
1 6 0m
a ... 3 ,0 O
ie. d Th0 c 0 puannpya cco tingen on.
31 1921 for notes disis
counted in an amount of 3370.692.
%
Cumulative dividend of 3j unpaid at Sept. 30 1921.
-Year Gen. 8: Ref. Mtge. 7% Gold bonds.
For offering of 34,000.000 20
see V. 114, p. 1898.-V. 115, p. 996.
SEPT. 2 1922.]
THE CHRONICLE
1099
Chicago & Alton RR.—Receivers Appointed—Protective
Committees Formed.—William G. Bierd, President, and W.
W.Wheelock,an attorney, Chicago, were appointed receivers
RAILROADS, INCLUDING ELECTRIC ROADS.
Aug. 30 by Judge George A. Carpenter in
The following news in brief form touches the high points at Chicago. The coal and railway strikes the Federal Court
were given as the
in the railroad and electric railway world during the week direct cause of the receivership.
just past, together with a summary of the items of greatest
Although the petition for a receivership was formally filed by the
Texas
Interest which were published in full detail in last week's Co.. the plea was joined in by the railway company, the allegation of the
"Chronicle" either under "Editorial Comment" or "Current plaintiff being acknowledged by it.
Statement by Silas H. Strawn, Attorney for Receivers.
Events and Discussions."
The company has for several years been unable to meet all of the
GENERAL INVESTMENT NEWS.
Details About the Strike.—See "Current Events" in this issue and the
daily newspapers.
Rapid Transit Plan for New York City.—Plan proposed by Mayor Hylan.
See "Rapid Transit in New York City" below and "Times" Aug. 28, p. 1
(with map. p. 3).
Wage Increase Demanded by Maintenance of Way Men.
-400,000 ask raise
from 35 to 48 cents per hour. "Times" Aug. 27, Sec. 1. p. 1.
Northern Pacific Ry. Restores 21 Trains Annulled Several Weeks Ago. "Financial America" Aug. 30.
-88,911 now employed in shops, gain of
Employment on Western Roads.
30,838 since Aug. 1. Present force is about 56% of normal. Boston
"News Bureau" Aug. 29, p. 3.
Idle Cars.—Surplus freight cars in good repair totaled 140.253 on Aug.,15,
a decrease since Aug. 8 of' 13.627 cars.
Of the total 10,453 cars were surplus box cars, decrease 5,420 cars within
a week, while there were 111.521 coal cars, decrease 6.523; coke cars. 3.620,
decrease 262; stock cars 5,349, decrease 678.
Cars Loaded.—Leading of revenue freignt totaled 856,219 cars during
week ended Aug. 19, an increase of 3,639 cars over the preceding week.
This was an increase of 41.072 cars over the corresponding week last year.
but a decrease of 111,884 cars under the corresponding week in 1920.
Principal changes compared with week ended Aug. 12 were: Coal, 81,959
cars, increase 2,600; merchandise and miscellaneous freight (Including
manufactured products). 555,275 cars, increase 6,971; coke, 8,201 cars,
decrease 219; ore, 67,201 cars, decrease 1,996; grain and grain products,
55.893 cars, decrease 1,674; live stock, 29,756 cars, increase 1,386; forest
products, 57,934 cars, increase 1,771.
Matters Covered in "Chronicle" Aug. 26.—(a) Railroad presidents stand
firm against surrender on seniority (editorial), p. 915; (b) List of railroads
with which the U. S. Railroad Administration has concluded final settlements of claims for Federal control period, p.949. (c) Failure of New York
conferences of brotherhood heads and railroad executives to effect settle-.
ment if shopmen's dispute, p. 950. (d) B. M.Jewell on rejection of railway
executives' proposals. P;,951. (a) B. M. Jewell sasy "railway executives
have closed the doors, p. 952.
(f) President E. E. Loomis, Lehigh Valley RR., in answer to B. M.
Jewel!, p. 952. (g) Calling off of strike on Santa Fe System, p. 952.
(h)"Big Four"not to be drawn into strike, according to brotherhood heads,
p. 952. (i) Appeal by American Federation of Labor to organized labor to
aid railway shopmen, p. 953. (j) Samuel Gompers in criticism of President Harding's recommendations, James P. Holland's denunciation of
Gov. Miller, p. 953.
(k) Railroad labor unions now on strike, p. 954. (1) New shop crafts
organization of Southern Pacific Co., p. 954. (m) Associated Industries
of Massachusetts finds Transportation Act inadequate—urges trunk line
affiliation for New England roads, p. 955. (n) Railroad and coal strikes
will ultimately be avdided, says R. W. Babson, p. 948.
Algoma Eastern Railway Co.—Annual Report.—
interest
on its [$16.834,000 outstanding) 6% General Mtge. bonds'[of
which the
Union Pacific RR. owns about S8,417,000], but the holders of these
bonds
have permitted the interest to remain unpaid in the hope that
road conditions ultimately would adjust themselves in such general railrestore the property to an assured and reasonable prosperity. a way as to
Until the coal strike commenced on April
but,like all other railroads,it has been suffering1 gross earnings were good,
from excessive and
able operating costs, both in wages and materials, especially fuel, unreasonand steadily mounting tax burdens.
The directors, however, have been hopeful that these conditions
soon
would approach more nearly to normal, or
by offsetting factors of a helpful character. would, in part at least, be met
But such excessive
particularly heavy on short railroads with expensive terminals, costs bear
such as the
Alton, which operates a little more than 1,000 miles and
In the three great cities of Chicago, St. Louis and Kansas has terminals
City,
average freight haul of only 185 miles and an average passenger with an
haul of
only 65 miles.
The receivership at the present time, however,
great falling off in earnings due to the coal strike was precipitated by the
and also to the further
long continued and extra expense due to the
shopmen's strike. The company's normal coal traffic is heavy, and practically
had been closed since April 1, thus entailing heavy all mines on its line
loss in revenue, and at
the same time it has been compelled to buy
much of
Southern fields, which, with added freight charges paid its fuel coal from
foreign lines, cost
it two or three times the former price.
Through these concurring losses in revenue and unusual
company has fallen behind, exhausted its current resources, expenses the
and
to continue operations without accumulating a large floating is not able
debt, which
the directors did not feel justified to incur and probably
could not haveincurred.
The board of directors therefore felt that no other course
was open to•
them than to acquiesce in a receivership
erty in the interest of the creditors and for the preservation of the propsecurity holders.
Protective Comm.for 3M% let Lien 50
-Year Bonds,Due 1950.
The following committee has been formed to protect
holders of the above bonds of which $22,000,000 are the interests of the
members of the committee represent large holdings of outstanding. The
these bonds. The
committee intends shortly to issue a call to the bondholders
to deposit
their bonds.
Committee.—F. H. Ecker (V.-Pres. Metropolitan Life Ins.
Chairman; Bertram Cutler, Now York: J. H. Perkins (Pres. Co. N. Y.)
& Trust Co., N. Y.), J. V. E. Westfall (V.-Pres. Equitable Farmers' Loan
Life Assurance•
Society of N. Y.) and Asa S. Wing (Pres. Provident
Phila.), with F. A. Dewey, Sec.. 22 William St. N. Y.; Life & Trust Co.,
counsel, and Farmers' Man & Trust Co., depositary, 22Cotton & Franklin,
William St., N. Y.
Protective Committee for 3% Ref. 50
-Year Gold Bonds.—
A committee has been formed composed of Charles
A. Peabody, Chairman (Pres. Mutual Life Ins, Co., N. Y.)' Darwin P. Kingsley
(Pres. New
York Life Ins. Co.). John J. Mitchell (Pres. Illinois Trust
•
& Savings Bank,
American Light & Traction Co.—Notes Called.—
Chicago), W. A. Day (Pres. Equitable Life Assurance
Society), E. D. DufThe company has called for payment at 101 and int., $3,000,000 of its field (Pres. Prudential Ins. Co. of America),
George E. Roosevelt (Sec.
outstanding $6,000,000 6% gold notes, due May 1 1925. Payment will Bank for Savings, N. Y.), to protect the
interests of the
be made by the Bankers' Trust Co., Trustee, 16 Wall St., N. Y. City,— above bonds, of which there are $45.350.000 outstanding. holders of theThe members
p. 642, 185.
of the committee represent very large holdings
V.115,
of these bonds. The committee will watch the interests the 3%
bondholders, and,in case it should
Asheville & East Tennessee RR.—Sale.-become advisable, it will issue ofcall for the
a
Judge Henry P. Lane of the Superior Court has
Charles A. Peabody, Chairman of the deposit of bonds.
sale
Committee, said:"It is very unproperty. The road (about 9 miles long)suspendedordered theOct. of this likely that the 3% Refunding
operations
1 1921. of the
bonds will be at all affected by the position
—V.113, p. 1674.
company. The purpose of the committee,
which represents more
than one-half of the total issue of
Atchison Topeka & Santa Fe Railway.—Bonds Offered. ready in case any necessity should bonds, is to watch the situation and be
arise. In that event, of course, further
notice will be given to the
bondholders."—V. 115, p. 72.
—W. A. Harriman & Co., Inc., and Huntington Jackson &
See Lake Superior Corp. under "Reports" above.—V. 115, p. 758.
Co., New York, are offering a block of $1,000,000 Gen.
Mtge. 4% Bonds due Oct. 1 1995.
Interest payable A. & 0. Company assumes 2% of normal income tax.
Secured by a direct or collateral lien on 8,516 miles. Legal for savings
bank and trust fund investment in New York, Connecticut and Massachusetts.—V. 115, p. 644, 72.
Augusta-Aiken Ry. & Electric Co.—Wage
s Cut.—
An agreement reducing wages of trainmen has been reached. The new
wage scale is as follows: 41 cents an hour for the first 6 months, 43 cents an
second 6 months and 45 cents an hour thereafter. This
hour for the
compares with the old wage scale of 46, 48 and 52 cents an hour, respectively.
—V.114, p. 2715.
Austin (Tex.) Street Ry.—New President.—
F. H. Weriss succeeds J. F. Springfield as President.—V. 112, p. 1517.
Bangor Ry. & Electric Co.—Acquires Power Co.—
a nt ncrirliatprh
The company has purchased, su biec to
u
bylhe courts, the
Power co.—
gto
franchiseh W
roffr p
5ty
County Light
k
Birmingham (Ala.) Ry., Light & Power Co.—Wages.—
An agreement has been reached between the employees and the company
extending the present wage scale for one year to Aug.31 1923.—V. 114,p.77.
Brockton (Mass.) & Plymouth St. Ry.—Fares.—
The Massachusetts Department of Public Utilities recently authorized
the company to issue tickets containing 12 rides for $1 in place of the present form, containing 20 rides for $1.—V. 115, p. 644, 435.
Bryan & College Interurban Ry.—Recei
Chicago Elev. Rys. Coll.
The meeting of the stockholders Trust.—Meeting Postponed.—
scheduled for Aug. 29 to ratify plan of'
proposed merger has been postponed
until Sept. 24 (see plan in V. 114. p.
2358).—V. 115, p. 988, 868.
Chicago & Indiana
Coal RR.—Sale of Road.—
See Cincinnati Indianapolis &
Western RR. below.—V. 115, p. 868, 307.Chicago Junction
Ry.—Equipment Notes.—
The Chicago River & Indiana
filed joint application with the RR. and the New York Central RA. have
I.
-S. C. Commission asking for authority
to assume obligation and
liability in respect of $414,700 Equipment Notes
of Chicago Junction Ry.—V.
114, p. 2578, 1285.
Cincinnati Indianapolis & Western RR.—Bidsfor New
Financing—Purchase of Coal Road.—
The company will receive
portion thereof, of its First bids for the purchase of $1,000,000, or any
-Year Gold Bonds. dated
Nov. i ..915, maturing Nov. Mortgage 5% 50
Bids must be addressed and 1 1965, carrying interest from May 1 1922.
submitted to B. A. Worthington, n'esident.
C. I. & W. Building
Indianapolis,
The I.
-S. C. Commission has issuedInd., on or before Sept. 12 1922.
a certificate to the company authorizing the acquisition
Indiana Coal RR. inand operation of 25.76 miles of road of the Chicago &
Indiana. The road runs from Brazil, Clay County,
in a northerly direction
to
line with the main track a point 3,004 ft. north of the intersection of said
stitutes a part of the coal of the company in Parke County, Ind. It conRR., which was recently railway di )sion of the Chicago & Eastern Illinois
'
.
the line for $137,500 in abandoned The company proposes to purchase
cash, thus making it a part of its own system and
operating it as such.—V.
115, p. 868, 307.
Cinc. Newport & Covingto
vership
n Light & Trac. Co.—
Motormen and conductors of
Upon petition of Louisiana bondholders, alleging that nearly $50,000
the South Covington & Cincinnati Street
interest is overdue, Judge Duval West, acting for Federal Judge Hutcheson By. have accepted a wage reduction of 4%,retroactive to July 1 1922. The
Houston, Tex , has named I. C. Griffith, Assistant new scale is as follows: 43 cents an hour for first 3 months, 45 cents an
in the U S Court at
hour
for next 9 months, and
Cashier of the National Bank of Commerce, receiver.
48 cents an hour thereafter. This compared with
The company owns and operates a street car system in the city of Bryan 45, 48 and 50 cents an hour, respectively. The new wage scale of the carhouse employees ranges
and runs an interurban line from that point to College Station.
from 35 to 46% cents an hour.—V. 115, p. 988.
The action was brought by J. D. Wilkinson, Shreveport, La., acting as
Cleveland (Electric) Ry.—East Cleveland Fares.—
trustee for the estate of S. S. Hunter, which is described as being the
Common Pleas Judge Baer,
owner of practically all of an issue of $100.000 6% bonds floated in 1910.
on Aug. 27, handed down a mandatory inThe petition alleges tht $49,340 interest is now overdue.—V. 111, p. 989. junction, ordering the company to reduce its fares in East Cleveland from
6 to 5 cents—V. 115, p.
435.
Canadian Pacific Ry.—Usual Dividend.
--
The directors have declared a dividend at 2%% on the Common stock,
for the quarter ended June 30 last, being at the rate of 7% per annum,
from revenue, and 3% per annum from special income account, payable on
Sept. 30 to holders of record Sept. 1.—V. 115, p. 72.
Chesapeake & Ohio Ry.—Trackage Rights.—
The I.-S. C. Commission has issued a certificate authorizing the company
to operate by means of trackage rights over a line of railroad of the Norfolk
& Western Ry. between Waverly and Valley Crossing,a distance of62 miles.
The Chesapeake has operated its freight trains over the line in question
since 1915, pursuant to a trackage contract which expires Sept. 16 1922.
This contract was entered into by and between the Norfolk and the Chesapeake & Ohio Northern Ry., the property rights and franchises of which
have recently been acquired by the Chesapeake company. The companies
propose to enter into a new contract which will have the effect of extending
the right to use such tracks for a further period of five years, upon terms
which are in general similar to those embodied in the present agreement.
The operation over these tracks by the Chesapeake will continue as heretofore and the new contract will not involve any change in the service which
has been rendered to the public.—V. 115, p. 987, 435.
Cleveland, Southwes
Columbus
Ry.—New Pres
tern &
F. T. Pomeroy has been
L. M. Coe succeeds L. J. elected President, succeeding Frank H. Wilson.
Wolf as Vice-Prosident.—V. 114, p. 2578.
Denver Tramway Co.—Seria Payment.—
l
Funds for the
of
matured Sept. payment arethe $60,000 57 Serial Gold bonds, which will
1 1922,
been deposited with the
available and
trustee.—V. 114, p. 78, 1890,
Detroit United Ry.—Note Called.—
s
Nine hundred ($900.000) 5
-year 7% Collateral Trust gold notes, dated
April 1 1918, have been called for payment Oct. 1 at
Central Union Trust Co., 80 Broadway, N. Y. City. 100% and int. at the
On Sept. 1 $500,000
of notes were redeemed.—
V. 115. P. 759
.
Eagles Mere Ry.—Sale of Road.—
The Eagles Mere RR. (now the Eagles Mere Ry.),
Sonestown and Eagles Mere Park,a distance of 10 miles,operating between
is
been purchased by local hotel interests. The Eagles Mere reported to have
RR. has been in
receivership since Dec. 29 1920.
Herman V. Yeager is Gen. Mgr. of the new road.—V. 111, p.
2520.
[vol.. 115.
TFITI CHRONICLE
1100
Texas RR.—Not to Operate.—
Eastern
would
A press dispatch from Austin, Tex..says:"A loss of about $377,000
personal property
be incurred during the next three years and confiscation ofoperations, Judge
were compelled to continue
would result if the road
Judge West on
Duval West held in an opinion filed in the Federal Court. to abandon its
company
Aug. 11 handed down a decision authorizing the from Lufkin to Kennard,
The road extends
road and dismantle its tracks.
a distance of 30 miles. The road ceased operations in 1921.
Judge
The annual eost of operation of the line would be about $24,000,
rebuild
West finds, and an expenditure of $185,000 would be necessary to
the
restock the road and prepare it for operation. It was stated that
and
and passenger service.
line would earn but $20,000 a year for freight holding a railroad can disconThe decision is probably the first on record
State
tinue its service and dismantle its tracks under Texas laws. Theappeal
Railroad Commission, which instituted the case, has served notice of
to the United States Supremo Court.—V. 115, p. 868.
Grand Trunk Ry.—New Treasurer.—
Treasurer, succeeding
James A. Yates has been elected
—V. 115, p. 988. 868.
formerly belonging to the Marshall & East Texas Ry. sold at receiver's sale
on Aug. 1. The new company will operate a motor car service and will be
operated by citizens of both towns.
Memphis Dallas & Gulf RR.—Sold.—
This road was sold in sections on Aug. 15 under court order to Sears
Lehmann, St. Louis, who represented different interests. The road formerly operated between Hot Springs, Ark., and Dalark, 125 miles, mitt
recently, when the I.-S. C. Commission authorized the receiver to abandon
51 miles. See V. 115, p. 436, 759.
Newport News & Hampton Ry., Gas & Electric Co._
The Newport News City Council has approved the company's plan to
reduce carfares from 7 to 5 cents as soon as the franchise can be amended.
The work ticket and the school ticket will be eliminated.—V. 114, p. 2824.
Norfolk & Western Ry.—Trackage Rights.—
-1(. 114, p. 2470.
See Chesapeake & Ohio Ry. above.
Northern Massachusetts Street Ry.—Bus Petition.—
Frank Scott.
Indiana Columbus & Eastern Trac. Co.—Fares.--
The company has discontinued the collection of the 10 cent excess fare
at
from passengers who pay their fare on cars instead of purchasing tickets
stations, as authorized by the State law.—V. 115, p. 988.
Interborough Rapid Transit Co.—Success of Interborough-Manhattan Readjustment Plan Assured—Funds to
Pay Sept. 1 Interest on $38,000,000 Notes Deposited With
Bankers—Motion for Receivership Further Postponed.—The
principal events in the Interborough-Manhattan situation
this week are (1) the announcement that up to 90% of the
Manhattan Ry. stockholders have deposited or will deposit
their stock under the terms of the plan, thus assuring its
success; (2) the announcement that funds to pay the interest
due Sept. 1 on the $38,000,000 notes has been deposited with
the company's bankers; and (3) the announcement by Frank
Hedley, President, that with the approval of Judge Mayer
the motion for a receivership had been adjourned to Sept. 12,
with the expectation that by that date sufficient deposits
of securities would be made to warrant the final adoption of
the plan of readjustment.
Statement by President Frank Hedley, Aug. 31.
$38,000,000 3 year extended notes will become due Sept. 1, with 4%
the Interest
semi-annual interest. We have to-day placed the money for noteholders.
with our bankers, J. P. Morgan & Co., for disbursement to the
The company cannot pay any part of the principal of these notes at this time.
The provision for these notes in the proposed plan of readjustment is for
an extension for 10 years upon payment of 10% of the principal. Over
75% of the noteholders have already assented to the plan, but about $9,000,000 of the notes have not yet been deposited for extension. The prompt
deposit of the remainder of these notes is the only way to make certain the
adoption of the plan in the near future.
One year ago to-day the Interborough was upon the verge of a receivership. On Sept. 1 last year over $38,000.000 of these same notes fell due.
The company's credit was exhausted. It could not raise this large sum or
any part of it. The notes were held by 7,610 persons. We asked them
to grant a year's extension. Over 98%% complied. Only 7 noteholders
brought suit and they have not yet been permitted by the New York State
Courts to gain an advantage over their fellow noteholders by the collection
of their demands. The application for a receiver in the United States Court
comhas been postponed from time to time by Judge Mayer to give the credpany a chance to get on its feet and if possible prevent any loss by its
itors. [A further postponement to Sept. 12 was granted Sept. 1, in view of
the encouraging prospects for the success of the proposed readjustment
plan.]
In addition to these 7,610 noteholders, there were 4,392 Manhattan stockholders to whom their dividends had not been paid for the rental of the elevated roads. All but a single one of this number have refrained from
pressing any claim.
The general creditors have extended the utmost indulgence. For all of
this kindness and public spirit we are exceedingly grateful.
Nearly 90% of the Manhattan stockholders have expressed their approval
,
of the plan to date. The favorable action of the other classes of security
holders indicates that they, too, will soon approve the plan in numbers sufficient for its success. Over 90% of the owners of the Interborough Rapid
Transit stock and the underwriting syndicate have agreed upon the consummation of the plan to advance $10,500,000 in cash to rehabilitate the
finances of the company.
The prospects are most encouraging, but time is very important. It
would be a great pity if the company should, in spite of all of the aid so far
in
given, be compelled to drift along further by its crippled financial condition.
a company which is not living
be served
The public interest can besturgently beg that
,
every outstanding security
I most
from hand to mouth.
holder take action at once by the deposit of his security with the appropriate committee.
It is stated that the deposits of stocks and bonds under the InterboroughManhattan plan with the various protective committees interested have
reached the point where success seems assured, and announcement declaring
early in September. The success of the plan
the plan operative is expected
of the Equitable Life Assurance Society
was further assured by the action
shares of stock of
in agreeing to deposit 20,000 Manhattan stock the Manhattan company.
deposited up to about 90% •
bring the amount of
This will
Aug. 30, Judge Ma yer said:
After a conference in Judge Mayor's officewhich there
had been a difference
"Some legal and other details concerning
of opinion were discussed and all were satisfactorily disposed of. It now
remains for the comparatively few remaining stockholders of the Manhattan
the
and for the remaining bond and noteholders of and Interborough to deopsit
to the adoption
their securities. This is vitaldeposits will be made success of the plan and
It is hoped that the necessary and Vice-President in the next few days.
Thomas I. Parkinson of
"President William A. Day
the conference. They Joined in the
the Equitable Society were present at
conclusions reached and will recommend to the Equitable executive committee at the next meeting the deposit of their 20,000 shares of Manhattan
stock." (For full details of plan of readjustment see V. 114, p. 2011, 2240.)
—Ar. 115, P. 988, 868.
The Massachusetts Department of Public Utilities has approved a petition
of the company for the ownership and operation of jitney buses in the
town of Athol.—V. 113, p. 2721.
Ohio Trac. & Light Co.—Definitive Bonds.—
Northern
Definitive Gen. & Ref. Mtge. gold bonds, Series "A," are now ready for
National City
delivery in exchange for outstanding temporary bonds at the see V. 114, p.
Bank of New York, trustee. [For offering of these bonds,
760.
1180.1—V. 115, p.
Pacific Electric Ry.—Subsidiary Company Bonds
The Los Angeles Trust & Savings Bank will, until Sept. 5, receive bids
Mtge. 5%
for the sale to it of Los Angeles Pacific RR. Co. 1st & Ref. $11,487.—
gold bonds, due Sept. 1 1943, to an amount sufficient to absorb
V. 115, p. 988.
Pennsylvania-Ohio Electric Co.—Earnings.—
Earnings and Expenses for the 12 Months Ending June 30.
Trust
1st
(Of the Youngstown City Lines (covered by thewith Mtge. Coll.
dividends received
6%s) and of the New Castle Electric Co., together
stock of the Pennsylvania-Ohio Power
by the company on the Common
& Light Co. pledged under the mortgage.)
$2,011,493
Gross earnings
1,628,073
Operating expenses and taxes
383,420
before depreciation
Net earnings
360,000
Power & Light Co. Corn. stk
-Ohio
Dividends received on Penn.
Interest on underlying bonds, $21,850; 1st Mtge. Coll. Trust
161,600
bonds, $139,750; total
$581,820
Balance
—V. 115, p. 74.
International & Great Northern Ry.—Reorg. Plan.—
-Great Northern Ry., the new company which will succeed
The International
the present company, has applied to the I.-S. 0. Commission for authority
to issue the different securities, &c.. as proposed in the reorganization plan
(V. 114. is. 2468). The Texas Railroad Commission has approved the
issuance of the securities as required under the plan.
The company has also applied to I.-S. 0. Commission for authority to
acquire the entire capital stock of Austin Dam & Suburban Railway Co. of
Galveston Houston & Henderson
Texas, and one-half of capital stock of V.
Railway Co., amounting to $500,000.— 115, p. 868, 759.
Kansas Electric Utilities Co.—Bond Redemption._
5%
All of the outstanding 1st Mtge. 10-Yearat gold bonds dated Oct 1.
for redemption Oct. 1
1915 have been called Trust & Savings Bank, 102% and int. at the ContiChicago. The bank has been
nental & Commercial
1922, the paymeiat of said bonds at
authorized to anticipate, before Oct. 1 on said
and int.
bonds up to the date of their
said redemption price of 102%V. 107, p. 1579.
presentation for payment.—
Manitowoc & Northern Traction Co.—New Franchise.
be seeking a 15-year franchise to supplant its
The company is reported to
expires. The company expects to purchase a
-year privilege which soon
20
y and
line to provide service in the south Aug. southwestern part of
local bus
Journal
12.)—V,82,P. 161.
Manitowoc, Wis.—("Electric Railway
essor Company.—
Marshall & East Texas Ry.—SuccRy.
Southeastern
below—V. 115, p. 308.
Marshall Elysian Fields & Southeastern Ry,
See Marshall Elysian Fields &
with a capital of $30.000 and will operate
This company is being organized
and Elysian Fields. about 18 miles,
that part of the line between Marshall
& West Virginia Ry.—To Issue Stock.—
Pittsburgh
authority to
The company has applied to the 1.-S. C. Commission for
additional
increase its capital stock to $51,900,000 by the issuance of an p. 544.)—
$4,900,000 of Preferred stock. (See V. 114, p. 2580; V. 115,
V. 115, p. 74, 544.
Rapid Transit in New York City.—Mayor Hylan
Announces $600,000,000 Transit Plan—Proposes To Construct 35 More Subways, Extensions, Tunnels & Bridges—
Plan Provides for 126 Miles of New Lines—Would Recapture
Some of Interborough Rapid Transit and Brooklyn Rapid
Transit Lines—System To Total 237 Miles with Transfers
-Cent Fare.—Mayor Hylan's transit plan, pro& Single 5
system
viding for a municipally owned and operated subwayat odds
was made public Aug. 27. The plan is entirely
Comwith the proposed unification plan of the Transit plan
mission (see "Chronicle," Oct. 1 1921, p. 1431).6.The
will be presented to the Board of Estimate Sept.
existing subways
"recapture" of certain
The Mayor's plan calls for the subway routes, extensions, tunnels and
35
and the construction of costnew $600,000,000 to the city. It calls for a
of
bridges at an estimated
city and the Interborough
termination of the partnerships between the
Rapid Transit Co., so far as legally
Rapid Transit Co. and the Brooklyn
$25,000,000 municipal
possible, and hitches up the Mayor's proposed
bus system with the subway layout.
investment of more than $300,000,000 in
Counting the city's present
for total investment by the city of
subways, the Mayor's program calls 0. a
municipal system,
considerably more than $900,000,00 of The proposed lines, 126 miles of
237 miles of
according to the Mayor, will consist transfers from one line to another
to be new, with a system of
which are
from any one of the five boroughs of the
so that a passenger may travel single 5
-cent fare.
for
city to any other boroughstepawill be legally possible, the Mayor's plan
that such a
Assuming
including the
of
calls for the "recapture" of 97 miles theexisting subways, Transit Co.'s
Brooklyn Rapid
Broadway-Fourth Avenue subway of
Interborough west side subway. in 1925 and 1926, and
system and the
system
proposes to use these lines as the nucleus for a municipally operatedsubway
35 new
to be developed within 15 years by the construction of
routes, extensions and tunnels.
The new lines are to be constructed by the city itself without partners
the city and the Interand the present partnership arrangement between Rapid Transit Co. are
borough Rapid Transit Co. and the Brooklyn
discontinued as soon as legally possible.
to be
Brief Summary of Features of Plan.
and
The plan provides for: (1) 35 new subway routes, extensions 111
to
tunnels. (2) 126 miles of new subways and tunnels, in addition of 237
city owned rapid transit lines, making a total
miles of existing
to 331 miles
miles. (3) 379 miles of single track (two rails) in addition
now in use, making a total of 710 miles.
with equipment $600,000,000 (ex(4) New rapid transit lines costing
the city's
clusive of tri-borough bridge and Staten Island tunnel) besides
investment of $300,000,000 in existing lines. subways in 1925 and 1926.
(5) "Recapture" of 97 miles of existing
and tunnels in, through
(6) Immediate construction of new subways of all city owned rapid
or to all boroughs. (7) Unified city operation
-cent fare.
transit lines on a 5
with the Interborough and
(8) The termination of the city's contracts
making the north
Brooklyn Rapid Transit. (9) A bridge and tunnel part of Manhattan
upper
shore of Long Island directly accessible to the besides the one to Staten
and the Bronx. (10) Six new tunnels
Island
by the use of city
Island. (11) Immediate transit relief in all boroughs
built.
owned buses, until the new rapid transit lines are of all elevated structures
ultimately result in the elimination d rapid transit lines.
(12) It will
and in the construction of additional undergroun all surface tracks, the
of
(13) It will ultimately result in the removal installation of a city wide
the
discontinuance of surface car operation and in conjunction with the city's
be operated
and city owned bus system to also - Times" and other New York daily
"
new rapid transit lines. (See 2117.
papers of Aug. 28.)—V. 114, p.
St. Paul Union Depot Co.—To Issue Bonds.—
I.S. C. Commission for authority to
The company has applied to the Ref. Mtge. bonds, of which $5,500,000
-Year 1st &
issue $15,500,000 5% 50
toward the cost of completion of its depot and the balance to
will be applied
securities will be guaranteed principal
the payment of certain notes. The depot property.—V. 114, P. 2242.
and interest by the railroads using the
San Francisco, Napa & Calistoga Ry.—Fares Cut.—
The California RR. Commission has authorized the company to reduce
Aug. 25) between all
faros
its individual monthly commutationto the (effective
increase granted beginning with
points to basis of fares in effect prior
authorization will bring about a reduction of 16 2-3%
the year 1918. The
restoring the faros to pre-war lovels—("El. Ry. Journal" Aug. 26).—
V. 102, p. 251.
San Francisco-Oakland Terminal Rys.—Time Ext.—
John S. Drum, Chairman of the reorganization committee, states that
over 88% of the necessary securities to assure success of the reorganization
SEPT. 2 1922.1
THE CHRONICLE
plan have been deposited. To give those who may not heretofore have deposited their securities an opportunity to avail themselves of the advantages
of the plan, the committee has extended the time limit within which such
'deposits may be made from Aug. 20 until Sept. 30. See details of plan in
V. 115, p. 544.
1101
poses to procure the necessary amendment to its charter, and to evidence
the increase by endorsement upon certificate No. 38, which represents all
of the 279,550 shares of Preferred stock now outstanding."—V. 115, p.
989,870, 184.
Wisconsin Interurban Ry.—To Dismantle.—
Judge Luse in the District Federal Court at Superior, Wis., recently
Seaboard Air Line Ry.—Equipment Trusts.—
The company will receive bids for the purchase of $2,520,000 Equipment ordered the company to cease operations. The line, it is stated, will be
'Trust Notes or Certificates, Series "U,' to be issued under an equipment dismantled. The railway has been in receiver's hands since 1919.--trust agreement, at the election of the buyer either in the form of a condi- V. 105, p. 717.
tional sale or under the Philadelphia Plan, covering 3 new special Mikado
Worcester Consolidated Street Ry.—To Extend Bonds.
'type freight locomotives; 900 steel underframe reinforced ends re-built
President Clark V. Wood in a letter to the holders ofthe $500,000 Worces'box cars; 1,250 steel centre sill reinforced ends re-built box cars; 850 steel
nnderframe re-built drop bottom gondola cars; 100 all steel re-built phos- ter & Southbridge Street Ry. 4%% Mtge. bonds, dated Sept. 1 1902, due
phate cars; to mature serially in 20 equal semi-annual installments of $126,- Sept. 1 next, says: These bonds, now the legal obligation of the Worcester
Consolidated Street Ry., are also secured by a 1st mtge. on all the property
'000 each and to bear interest at the rate of 5t% per annum.
Bids must be submitted and addressed to S. Davies Warfield, President, formerly owned by the Worcester & Southbridge under which there are
24 Broad St., New York City, by 12 o'clock noon Sept. 14.—V. 115, p. 870. outstanding, in addition to these $500,000 of bonds, only a small issue
of $200,000, due June 1 1925.
Southern Pacific Co.—Betterment Program for 1922.—
In view of the recent difficult street railway situation in Massachusetts,
The company announces that an extensive program, calling for construc- resulting from the great increase in operating costs and wages, &c. and of
tion, betterment and addition to facilities and equipment, during 1922, is the widespread post-war business depression,the present time has noeseemed
now being carried out on its Pacific system. The program calls for an ex- to the management advantageous for such a general refunding of the coma n e fuuun nilat
s
c n
aiilun i tn r futug t n laec
i
f
penditure of approximately $11.300.000 for new rails, ties and ballast, Eaa t' un ndegrdeec as ituhozr t thirpeasunie tic: ef rgLt n
Tlisga
e Judgment
u
34,500.000 for new locomotives, $12,500,000 for new rolling stock and
of ese
Worcester & Southbridge bonds, who have indicated a willingness to defer
$700.000 for plant facilities.
Under the company's plan for maintenance of way improvements during the payment of the principal of their bonds.
The company, therefore, is requesting the holders of Worcester & South-pound
1922,it is estimated that 290 miles of track will be relaid with new 90
-years extension of the maturity of the bonds
rail, 2,518,000 new cross-ties placed in track, and 800.000 cubic yards of bridge bonds to consent to a 5
at 7% per annum. Holders wishing to extend their bonds should deposit
crushed rock and slag ballast will be used for re-enforcement of roadbed.
In order to accommodate the long 55-car freight trains now being handled them with the International Trust Co., trustee, Boston. The proposed
across the Sierra Nevada Mountains by the mammoth Mallet type locomo- extension has been approved by the Mass. Dept. of Public Utilities.
The Worcester Consolidated Street Ry. had an unbroken dividend record
tives, the company is constructing extensions to sidings at Crystal Lake,
Cisco and Troy, at a cost of approximately $250,000. Excavation for these for over 30 years prior to 1918. Its annual reports show that from 1895
up to 1918 it had never paid less than 5% per annum. During the present
new sidings is being made through solid granite.
The company is also engaged in double-tracking its line across the Teha- year the company has resumed the payment of dividends upon its Pref.
•chapl Mountains, the portions now under construction being from Bakers- stock, a step which has already resulted in a marked increase in the market
field to Sivert and from Tehachapi to Cameron, a total distance of 23 miles, value of its outstanding bonds, and of course of the stock itself, thus improving the prospect of a satisfactory refunding of all its bonds in the near
at a cost of nearly $1.000,000.
Company is also enlarging, re-lining and concreting tunnels on its line future.—V. 115, p. 75.
Across the Tehachapi Mountains. Fifteen of these have now been completed, at a cost of $1.000,000, and Tunnel No. 25, at San Fernando,
Calif., and Tunnel No. 26, at Hasson, Calif., are being re-lined and enlarged
INDUSTRIAL AND MISCELLANEOUS.
-at an ultimate cost of $1,800.000.
The following brief items touch the most important develDuring 1922 the company has purchased or is building at its own shops
63 new locomotives. In addition, the company has purchased or is build- opments in the industrial worl during the past week,
toing in its own shops for delivery during 1922 3,300 new refrigerator cars,
1,700 automobile cars, 334 box cars, 20 air dump cars, 20 caboose cars gether with a summary of similar news published in full
and 2 rotary snow plows. This new roiling stock supplements the new detail in last week's "Chronicle" either under "Editorial
equipment placed in service during 1921, consisting of 1,608 box cars, 1,266 Comment"
or "Current Events and Discussions."
refrigerator cars, 1,000 stock cars and 352 flat cars.
A modern creosoting plant, with an annual tie-treating capacity of
Steel and Iron Production, Prices, &c.
700 000 cross-ties, has just been completed by the company at Wilmington,
The "Iron Trade Review" Aug. 31 says in brief as follows:
Calif., at a cost of approximately $500,000. This plant, one of the largest
"The most outstanding developments in many recent weeks have been
in the West, covers nearly 30 acres of ground. Several shop facilities will the increases in
wages in the iron and steel industries and the widespread
-cost an additional $200.000.
In addition to the construction program for 1922, an order for 82,000,000, settlement of the bituminous coal strike, with accompanying gains in fuel
production. The advance in wages can mean only one thing, namely that
•covering 45,240 gross tons of new open hearth steel rail for use during 1923, the
executives in charge of these great enterprises foresee a substantial
has just been placed with the Tennessee Coal, Iron & RR. Co. The order period of
industrial activity.
-pound rail, 31.900 tons of which are to be
Includes 42,600 gross tons of 90
'The wage
-pound rail and for replac- the present advances have another significance. They mark the and of
used on the Pacific System in replacing 75 and 80
period of wage and price deflation. The trend of production
ing curve-worn 90-pound rail.
Tentative plans for 1923 constructions and maintenance on the Pacific costs and prices has turned upward. The movement has been accelerated
Southern Pacific Co. include re-laying of 300 miles of track by the coal strike. During July wholesale prices, according to the GovernSystem of the
-pound rail at a cost of $4.500.000; 2.600.000 new cross-ties laid ment's bureau of labor statistics,jumped 3.3% and the increase was largely
with new 90
gain
in track at a cost of $4,500,000; and re-enforcement of roadbed with 1,000,- caused by a10% of 13% in fuel prices. The index for all wholesale prices
now stands
above the level of one year ago.
000 yards of crushed rock and slag ballast, to cost $2,500,000.—V. 115,
"This climb in values is regarded by some as foreshadowing a short period
P. 870, 646.
of hectic inflation of costs and prices, to be rudely terminated by reaction,
Terminal Railroad Association of St. Louis.—Suit.— as in 1920. However, as pointed out above, higher coal prices were the
big factor
The U. S. Circuit Court of Appeals at St. Louis has ordered the company increased in the present price rise. Coal prices are now falling and with
coal output this unstabilizing factor should be somewhat modified.
to comply with a Court decree of 1914, ordering Eastern roads to share with Last week
the output of coal reached nearly 6.250,000 tons, the largest
Western roads charges on hauling through freight across the Mississippi record since
the strike started in April. Most operators
or be faced with a receivership.—V. 115, p. 546, 309.
the Cleveland agreement and, given adequate cars, coal have now accepted
mining soon would
, on
Third Avenue Ry. Co., N. Y. City.
-3%% Interest on be'Noin full swing.
doubt prices will continue to rise for some time. This is one of the
Adjustment Bonds.—
characteristics of improving times. Shelves are bare and the demand for
The directors on Aug. 29 authorized payment of 3U% hat. upon the goods is large.
"The neck of the industrial bottle over
$22,536,000 Adjustment Mtge. 50
-year 5% income gold bonds, payable
railroads. If they cannot distribute coal, the next few months will be the
Oct. 1, making a total for the fiscal year of 5%.
and move
An official statement, dated Aug. 29, says that this action was taken the country will suffer. The real test will come as crops and merchandise,
"in view of the fact that the company showed a surplus of about $200,000 far the shopmen's strike has net crippled facilities. coal mines reopen. So
Car loadings continue
at record levels and the railroad
above all bond interest for the fiscal year ending June 30 1922." See V. 115.
executives claim victory in
Fortunately talk of railroad and hard coal mine seizure has the strike.
p. 646.
Washington,and the entire strike situation should clear within subsided in
Toronto Ry.—Interest Due Aug. 31 1922—Sale of Interests
Other Independents Raise Wages.—Following the lead of a short time."
the U. S. Steel
Corp., wage
-Other Than Street Railway Also Completed.—The company companies: increases from 10 to 20% have been announced by the following
American Bridge Co., American Car & Foundry Co., American
• Aug. 22 announced in substance:
Rolling Mills, American Steel & Wire
lorence Pipe & Machine Co.,
Six months' interest on this company's bonds will be paid on Aug. 31 McKeesport Tin Plate Co. Nicholson File Co., Replogle Steel Co.,
1922 at the rate of 6% per annum, in accordance with the decision of the Roebling (John A.) Sons Cd., SharonCo.,' Hoop Co., U. S. Cast Iron
Steel
-directors. As the last coupon on these bonds fell due on Aug. 311921, it Pipe Co., and West Penn Steel
Co.
Steel Price
will be necessary to pay interest by check upon presentation of the bonds at
the Canadian Bank of Commerce, Toronto, the Agency of the Canadian movement ofRises.—Following the wage increases a general slight upward
prices has been noted.
Bank of Commerce, New York, or at the Bank of Scotland, London, Eng.,
Puddlers' Wages Advanced to $8 93 per Gross Ton.—In accordance with
• as called for under the bonds as issued, at the same time endorsing receipt
base wageson
ft ee ngIre Journal" Aug. semi-monthly examination of bar iron sales.
4 li '
• of payment upon the bonds.
a Street b
t
29, p. 2.
For the information of the holders of the bonds, the company begs to
Coal Production, Prices, &c.
- state that the arbitiation with the City of Toronto to fix the price for the
The United States Geological Survey, Aug. 26 1922, reported in brief as
-company's street railway property, taken over by the city, has now reached
the stage where only the argument of counsei remains, all evidence having follows:
"Shipments from mines opening under the Cleveland wage agreement
been put in. The Arbitration Board will reconvene to hear argument on
Sept. 19, and it is hoped that the award will be announced during Novem- have already materially increased production of bituminous coal. An outber. Apart altogether from the above, the negotiations for the sale of the put of at least 6,000.000 tons for the present week (Aug. 21-26) is already
• company's power, electric light and radial railway interests (other than assured by the reports for Monday, Tuesday and Wednesday, and addithe Toronto Railway Co.) to the Hydro-Electric Power Commission of tional tonnage from other districts that are known to have signed the agreeOntario have now been completed and the formal purchase agreement with ment may raise the total to 6,250,000 tons. Production of anthracite, howthe Commission ha.s been duly signed. Under this agreement the purchase evr, remains practically zero.
The increase came almost exclusively from mines formerly closed by the
• consideration in bonds of the City of Toronto and the Hydro-Electric
Power Commission will be delivered to this company during the month strike. In the Middle and Southern Appalachians, transportation difficul• of October, and as soon as possible thereafter steps will be taken to realize ties still limited output and shipments were but little larger than the week
on these securities and proceed to discharge the obligation of this company before.
"Even with an output of 6.250,000 tons of bituminous coal a week,
• on its bonds.
The company had hoped that with the payment of interest duo Aug. 31 present production is still below normal. In the corresponding week of
it would have been ready to pay its matured bonds, but unavoidable delays 1921 the country raised 9,640,000 tons of coal, of which 1,890,000 tons was
• in carrying the above two propositions to their present position have com- anthracite and 7.750,000 tons bituminous coal. The year before that the
pelled the company to ask its bondholders for a further indulgence of pos- total raised was 13,250.000 tons. In comparison with these figures, the
sibly three months, by which date, so far as we can see, the bends and ac- present weekly output of all coal, anthracite and bituminous, is from four
to six million short of normal.
crued interest will be paid.
Immediately the company is in a position to redeem
bonds, anEstimated United States Production in Net Tons.
nouncement will be made through the press.—V. 114. p.these 624.
855,
1921
1922Week. Cal.Yr.toDate.
Bituminous—.
Week. Cal.Yr.toDate.
Underground Electric Rys. of London.—New Issue.— Aug. 5
7,186,000 231.915,000
4,313,000 207,610.000
It is announced that the Central London Ry. will issue about £450.000 Aug. 12
1,771.000 239.686,000
4,605.000 212,215.000
• 4%% debenture stock under the same terms as the guaranteed debentures Aug. 19
7,708,000 247,394.000
4,579,000 216,794.000
issued last June by the London Electric and the City & South London
Anthracite.
• companies. The principal and interest will be guaranteed for 50 years Aug. 5
1,772.000
56,307,000
27,000 23.058.000
by the Government.—V. 115, p. 309.
Aug. 12
1,772,000
58,079,000
29,000 23,087,000
Aug.19
1,529,000
59,608,000
89.000 23,126.000
United States Railroad Administration.—Final SettleBeehive Coke—
55,000
3,738,000
ments.—A list of the roads with which the U. S. Railroad Aug. 5
3,617,000
111,000
Aug.
50,000
3.851,000
3,667,000
112,000
Administration has made final settlement for the 26 moniihs Aug.12
19
57,000
3,966,000
3.724,000
115,000
. of Federal contrdl was given in last week's "Chronicle,"
The "Coal Trade Journal" of Aug. 30 said in brief:
Spot quotations are seeking lower levels comparing quotations of last
page 949.—V. -115, p. 761, 647.
week with those for the preceding week, there were changes in 90.9% of
the list. Of these changes, 78.4%, represented reductions, chiefly in maxiVirginian Ry.-- Increase in Pref. Div. Rate.—
,
mum quotations. The average reduction was
83 per ton. The advances
The I.-S. C. Commission has authorized the company to increase the
05 per ton, were in every case the result of
• dividend rate on $27.955,000 of Preferred stock from 5% to 6%. The re- registered, averaging $1 authorized by Washington. These increases increases in Hoover prices
were
• port of the Commission says:
non-union fields. The 1920
"The applicant has entered into an agreement, dated July 10 1922, with largely the result of wage advances in the
been reflected in the
wage
the holders of its Preferred stock for the surrender by them, upon the in- nge scale continued in the Cleveland agreement has
scales in the unorganized districts.
crease in the dividend rate being made, of the right to accrued and unpaid
For the
consumers, particularly in Atlantic seaboard terri. dividends amounting to $8.386,500 to July 31 1922. The applicant pro- t017, were most part, current offerings,on the theory that procrastination
indifferent to
1102
THE CHRONICLE
[voL. 115.
In buying would result in further declines. While this is true in so far as President Harding by Illinois Chamber of Commerce on Herrin outrages,
immediate price tendencies are concerned, coal men declare that this is a 13• 948. (ii) Wages of non-union miners in Pennsylvania to be increased,
dangerous policy to pursue in view of the fact that reserve stocks are at p. 948.
i) Indictments in West Virginia mine outrages, p. 948..
(Ids) Railroad and coal strikes will ultimately be avoided, says Roger W.
such a low stage and that the railroads, already crippled by the shopmen's
Babson, p. 948. (J) Resume mine pumping in Nova Scotia, p. 950. (mm)
strike, will soon be called upon to move bumper crops.
"In the anthracite division, production from the rivers and culm banks Coal strike in Western Canada settled, p. 950. (nn) William Z. Foster,
is now in the neighborhood of 39,000 tons per week. Fresh-mined coal, strike agitator, arrested in Chicago, p. 950. (oo) Samuel Gompers's critihowever, is still wanting and the attitude of the union leaders on the ques- cism of President Harding's recommendations
-James P. Holland's denuntion of wages has turned hope of an early resumption of mining into despair. ciation of Governor Miller, p. 953.
(pp) Samuel Gompers tells Canadian Labor Congress that miners will
Only in isolated cases is it possible for the householder to buy the larger
sizes of anthracite. Many retail coal merchants are now urging their trade return to work victorious against wage reductions, p. 954. (qq) National
Association of Credit Men call for punishment of perpetrators of Herrin
to take bituminous, coke and even British coal as substitutes."
Coal Price Raised $1 25 per Ton in Illinois.-"Plain profiteering" cry massacre, p. 955.
union heads. "Boston Financial News" Aug. 25, p. 3.
Ajax Rubber Co., Inc.
-"Financial
Emergency Soft Coal Price in New York To Be $10 a Ton.
-New Plant
-No Financing.
America" Aug. 28, p. 1.
This company, with factories at Trenton, N. J., and Racine, Wis.,
-With single exception of Pittsburgh manufacturing automobile, motorcycle, and bicycle tires, have under
Bituminous Strike inWest Pa. Over.
Coal Co., all operators signed "Cleveland agreement." "Times" Aug. consideration plans for new works atSandusky, Ohio, the plant alone
30, P.2.
estimated to cost $1,000,000. A site containing 96 cres, running parallel
a
-State makes effort to re-establish with the main line of the New York Central RR., along the bay front,
Herrin Massacre Inquiry Begins.
supremacy of law in Williamson County, Ill. "Times" Aug. 29, p. 17.
has been secured through the co-operation of the Sandusky Chamber of
Commerce.
Oil Production, Prices, &c.
Chairman Horace De Lisser states that "there will be no necessity for
The American Petroleum Institute estimates daily average gross crude issuing any new securities in connection with the proposed new plant, as
the company's financial position would permit it to amply finance the
oil production in the United States as follows:
construction when the time comes."
-V. 115, p. 762.
1922
1921.
(In Barrels)
Aug. 26.
Aug. 19.
Aug. 12.
Aug. 27.
All America Cables, Inc.
-Cable Alliance.
Oklahoma
399,800
400,500
402,150
310,230
-V. 115, p. 76.
See Mackay Cos. below.
Kansas
86,500
86,800
86,000
98,200
North Texas
49.850
49,850
50,400
68,450
American Locomotive Co.
-Orders.
Central Texas
146,100
144,100
145,850
107,720
The company has received the following locomotive orders: 50 from the
No.Louislana & Arkansas
124,800
123,550
125,750
126,300
Chicago & Northwestern; 46 from the Missouri Pacific RR. 12 from the
Gulf Coast
113,700
108,800
111,900
102,700
Eastern
122,000
121,500
115,000 Louisville & Nashville RR.; 10 from the Missouri Kanssa & Texas;.7
121,000
Wyoming & Montana.._
82,100
82,350
86,100
43.970 from the Chicago Indianapolis & Louisville RR.;4 from 011bs & Hill; 2from
California
375,000
375,000
375,000
330,500 the Tavares & Gulf RR.; I each from the Wheeling Steel Corp.. the Superior
Portland Cement Co., and the Vacuum Oil Co.
-V. 115, p. 990.
*Total
1,499.850
1,504,150
1,303,070
1,492,450
American Public Utilities Co.
-Earnings.
* Daily average production.
Net earnings from operations for fiscal year ended June 30 1922 aggre-V.
Mexican Oil Development Ruling.
-Will permit majority owners of tracts gated $2,801,963, as compared with $2,242,597 for the preceding year.
of land to develop same without agreement of minority owners, providing 113, p. 852.
bonds be given Government to protect minority interests. "Financial
America" Aug. 28,D. 8.
American Smelting & Refining Co.
-To Resume.
Mexican Oil Tax Payments Estimated at $10,000,000.
An authoritative statement says: "The company is planning to resume
-"Financial America" Aug. 29.p. 1.
operations about Oct. 1 at its plant in Monterey, Mexico, which has been
Gasoline Price Cuts.
-Atlantic Refining Co. reduced price lc a gallon, Idle for approximately five 3rears. The company's Tacoma smelter and
to 23c. tank wagon. Texas Co. met the cut. Boston "Financial News" refinery is operating practically at capacity, handling all the ores and conAug. 29, p. 7.
centrates of the Kennecott Copper Corporation and the Mother Lode
Mines. The Britannia mine of British Columbia is expected to resume
Prices, Wages and Other Trade Matters.
shipments within the next sixty days, or on completion of its new mill."Commodity Prices.
fol- V. 115, p. 990.
-Wholesale cash prices in New York reached the
lowing high points during the week ended Aug. 31: Wheat, Aug. 28, 1.183i;
corn, Aug. 25, .803.6; flour, Aug. 25, 6.75; coffee, Aug. 26, .10; sugar,
-Reorganization Plan.
Ames Holden McCready, Ltd.
Aug. 30, .063.1; lard, Aug. 28, 11.35; tin, Aug. 30,32.62%;cotton, Aug. 29.
The plan of reorganization outlined below has been submitted to the
22.85.
First Mortgage bondholders of Ames, Holden, McCready by Edwin
Sugar Prices.
-Federal Sugar Co. advanced price from 6.50 to 6.60 and Hanson, James Hutchison and John M. Mackie, the committee for the
then to 6.75 cents a pound.
bonds, and by J. R. Ryan, Brig.
-Gen. E. De B. Panet and Austin Stead
Arbuckle Bros. advanced price 25 points to 6.75 cents a pound.
for the Ames, Holden Felt Co. First Mortgage bondholders. The former
American Sugar Refining, National Sugar Refining, Pennsylvania Sugar bondholders approved the plan Aug. 25 and the stockholders will vote
and Revere Sugar companies each reduced price 25 points to 6.75 cents a Sept. 6 on approving the plan.
pound.
Outline of plan of Reorganization.
Montreal Sugar Price.
-All refiners in Montreal reduced price 25 cents
per 100 pounds, first change since July. "Times" Aug. 31, p. 25.
-It is proposed that an effective amalgamation and
Amalgamation.
, ,
Milk Distributing Plant Bought by Farmers.-"Step toward bringing farmer merger of the properties and assets of Ames Holden McCready, Ltd., and
and consumer closer together.
Times" Aug. 31, p. 1.
of Ames Holden Felt Co., Ltd., be carried out.
Lynn (Mass.) Shoe Situation.
-Mayor's Board of Arbitration announces
Capitalization & Funded Debt as of Dec. 31 1921.
wage reduction ranging from 9 to 11% for certain class of work. This comMcCready Co. Felt Co.
pletes readjustment except for stitchers and packers. "Times" Aug. 30,
$1,256,960
6% 1st Mtge. Sinking Fund Gold bonds
p. 20.
$375,000.
-American Window Glass Co. announces increases 7% 1st Mtge. bonds
Wage Increases.
17,500
ranging from 15 to 25% for all workers (5,000 employed). "Boston Finan- 69 2d Mtge. debentures
1,368,300
-Year 2d Ref. Mtge. bonds
7% 10
cial News" Aug. 25,P • 3.
2,500,000
Harbison-Walker, General Refractories and U. S. Refractories have each 7% Cumulative Preferred stock
x500,000
3,500,000
Increased pay of laborers from $2 70 to $3 50 per day and skilled laborers Common stock
21,000'
2,331,000
Bank loans
accordingly, effective Sept. 1. "Boston News Bureau" Aug. 31, p. 8.
570,000
42,000'
Lehigh Portland Cement Co. will raise wages about 20%, thus ending Tradecreditors
137,000
strike of several weeks'standing. "Boston Financial News" Aug. 25, p. 5. Taxes accrued, &c
-(a) In Massachusetts, the Pemberton (employing 600)
Textile Strike.
x Of which Ames Holden McCready Co. owns $375,000.
and Methuen (employing 260) will open Sept. 5 under old wage scale,
-Ames Holden McCready, Ltd.. owns
Guaranty of Existing Bonds, &c.
thus making entire city of Lawrence on wage scale in effect before March
27. About 40% of normal force are working in Acadia and larger per- $1.500,000 of Common stock of Ames Holden Tire Co. and $375,000
Common stock of Ames Holden Felt Co., Ltd. It is the guarantor of
centage in Monomac and Katoma. Small gain in Pacific. Everett will
also open Sept. 5 under old wage scale. (b) Lowell mills running part the payment of the principal and interest of the $375,000 authorized and
time,due to lack of orders and strike. (c) Otis Co.(Ware,Mass.) announce outstanding bonds of Ames Holden Felt Co., Ltd., and $980,000 authorized
mills to be closed until further notice. (d) Smith and Dove mills (An- and outstanding bonds of Ames Holden Tire Co., Ltd.
-A new company will be incorporated with an authorized
New Company.
dover, Mass.) have restored old wage scale. (e) Amoskeag (Manchester,
N. H.) opened Amory and No. 11 mills, making 16 now open with "grati- capital consisting of 23,000 7% Cumul. Prof. (a. & d.) shares (par $100)
(div, cum.from Sept. 11925), and 30,000 Common shares of no par value.
fying increases" in numbers reporting for work.
American Woolen Shuts Down for Stock Inventory.
-Four plants at For convenience in making the calculations below it will be considered as
-"Boston New Bureau" Aug. 26. p. 3. of a nominal value of $100 per share. This company will authorize and
Lawrence (Mass.) close for 10 days.
-Lancaster, at Lancaster issue $2,500,000 of 1st Mtge. 6% Gold bonds.
Two Southern Mills Close for Lack of Fuel.
-Bonds will be payable in 25 years from Sept. 1
First Mortgage Bonds.
(So. Caro.) and Arkwright at Spartanburg (So. Caro.) closed Aug. 29
1922. Sinking fund will be provided that company will pay to the trustee.
because of lack of coal. "Times" Aug. 30, p. 3.
-Maxwell Motor Corp. reduces price $150 at least $50,000 per annum, operative from Sept.. 11924, so that the first
Motor Car Price Reduction.
payment will be made Sept. 1 1925. Moneys of sinking fund are to be
on coupe and sedan models. "Sun" Aug. 28, p. 22.
-Decreases from employed for 'purchase or redemption of bonds.
Federal Income Tax Revenues Drop $1,1413,191,429.
Holders of the 1st Mtge. bonds will be entitled to nominate two of the.
States) noted in internal revenue receipts. "Times"
15% to 35% (by
directors.
Aug. 28, p. 1.
Table of Exchange of Old for New Securities.
President Harding Authorizes $600,000 for Construction Work on Muscle
Existing Securities Outstand'g.
Will Receive
-Part of fund created by President Wilson now to be used.
Shoals Dam.
1st M. 6s. Pref. Stock. xCom.Sits.
(1) Ames Holden McC.Co.
"Times" Aug. 30, p. 15.
-"Wall St. Journal" lst Mt 1;00
5
2,514.
fe 6
11,256,960 $1,256,960
France Finds Government Ownership Does Not Pay.
Eaci
,
207e
100%
Aug. 31, p.6.
$17,500
17,500
Matters Covered in"Chronicle" Aug.26.-(a) New capitalflotations during 2d Mtge. Deb. 6s
,
4 §
5(17
100%
Each 1,000
July and the seven months (editorial), p. 917, 920;(b) Offering of bonds of
1,368,300
3 8 00
5 110 3
1, 6 2
7:
Chicago Joint Stock Land Bank, p. 929. (c) Organization of Shenandoah 2d Ref. Mtge. 7s
40%
Each 1,000
Valley Joint Stock Land Bank at Staunton, W. Va., p. 929. (d) Organiza2.280.
570,000
tion of four Pacific Coast Joint Stock Land banks nearly completed, p. 93() Trade creditors
Each 1,000
(also V. 114, p. 2665). (e) Co-operative alliance between National Associ612A.
2,500,000
ation of Clothiers' Credit Bureau and National Association of Credit Men, Preferred stock
25%
Each 100
p. 930.
(f) G. E. Marcy, of Armour Grain Co., urges farmers to hold back grain (2) Ames Holden Felt Co.Reorganization of United States Grain lst Mtge..0s
750
150,000
0
225.000
375,000
anh 1 7 0
E
for reasonable prices, P. 930 ( ) Association of
. g
20%
40%
Credit Men urges farm60%
Growers, Inc., .p 931. (h) National
250
125,000
p. 931. (i) Australia as cotton rival of United States, Common stock
ers to be self-reliant,
21m
932.
Each 100
P• 932. (j) Egyptian cotton tax cut, p.
42,000
42,000
(k) Tariff revision bill passed by Senate, p. 933-936. (1) Flexible tariff Trade creditors
40%
would increase military training
100%
Each 1,000
provisions, p. 937. (m)President Harding
army to 100,000 annually, P • 937. (n) Joint Commission on Agricultural
xConunon shares (no par value) for convenience of making calculations
on relations between transportation and agriculture, p.
Industry inquiry
industries in July-broadening scope of are considered as of $100 par value.
940. (o) Employment in selected . 942.
-Any obligation of Ames Holden
Obligations with Respect to Guaranty.
monthly report of Labor Bureau,
and 1910:Ei• 942. (q) U. S Steel McCready, Ltd., with respect to its guarantee of the Ames Holden Felt
(p) workers in building trades, 1920
-action by other steel companies D
bonds will disappear. In order to be relieved from the guarantee of
Co.
Corp. announces 20% wage increase
'
Philadelphia fails to reach agree- the bonds of Ames Hoiden Tire Co., Ltd., the committee proposes to
943. (r) Anthracite coal conference in
surrender to the bondholders of Ames Holden Tire Co., Ltd., or to a
of operators and miners, 13 944. (s)
-statements by spokesmen coal strike anticipated, p. 945. (t) Joint committee or syndicate to be formed to effectively obtain the release and
ment
Re'
sumption of negotiations in hard authorize Government operation of coal discharge of such guarantee,all present holdings of Ames Holden McCready,
resolution introduced in Senate to
Ltd., in the Common shares of Ames Holden Tire Co., Ltd.
mines, p. 945.
-The new company will
impartial investigation of coal industry, p.
New Company Assumes Obligations to Banks.
(u) Bill ,passed in House for to President Harding offering assistance in assume payment of all existing debt of both companies for loans or advances
I. am
945. (v) A. M. Ogle's te--yr
945. (w) Soft coal strike settled in from any bank or banks and also the payment of amounts due for taxes
0
Government's plans for coal inquiry, 13. 0 Secretary Hoover's telegram to or charges of a similar character.
5
Illinois, Indiana and Iowa, Po• protectin, of,46 11c r Hoceer eo el, pr9oal
Arrangements have been made with such banks whereby they have
.
pub ( )priov ofpriae fo. e46
.
ion
Governor Davis of Ohio urging 94ivart
-Year Notes of the
agreed to accept part payment of existing loans in the 3
p. p46.
(y) Fair coal prices fixed in Pennsy
- _p. 946.
new company to an amount of $450,000. bearing int. at rate of 6% per
Western Virginia,
Increased in Kentucky and
Senator Borah on need of legislation for annum. The balance of any outstanding loans together with the necessary
(aa) Secretary Hoover's letter to
946. (bb) Coal price advanced in. future requirements of the new company will be carried on usual banking
control of exorbitant coal prices, p.
947. (cc) Wage agreements in Penn- terms and by the discounting of customers' paper.
-As it will be necessary to
Illinois, Tennessee and Virginia, p. inersandoperatsp ages inegeaaereg;
Interest on New Bonds Deferred Two Years.
minero wsign wa re sgd
sylvania coal fields, p. 947. (del)
relieve the new company from any large fixed charges for a reasonable
ment in the Southwest, p. 947. (cc)Non-union
period of time, it is proposed that all 1st Mtge. bonds of the new company,
West Virginia, p. 947.
Govern e
when delivered under the present plan, shall have detached therefrom the•
to Michigan Fuel Commissionor on coal(if)
Secretary Hoover's to
(N. Y.)asks
o ap- interest coupons representing the first two years' interest on the principal,
situation, p. 947. (gg) Board of Estimatep. 948. (hh) Telegram sent to. of the bonds.
proval of increased appropriation for coal,
•
-
SEPT. 2 1922.1
THE 'CHRONICLE
Notes to Represent Deferred Coupons.
-To cover such deferred interest an'a
any interest which has accrued on the 1st Mtge. bonds of either company.
the new company will issue to the parties entitled thereto 10-Year 6%
Coupon Notes, the interest on which will be payable half
-yearly.
-To provide the new company with
Provision for Working Capital.
substantial working capital it is proposed to sell $1,000,000 1st Mtge. bonds
of the new company. Arrangements have been made for the sale of these
bonds at 95% and subscribers will receive in addition 100% of the amount
of their subscription in no-par value shares of the new company.
-1t has been arranged that all holders of the Preferred
Rights to Subscribe.
and Common stock of either company shall have the right to subscribe for
such new bonds in the proportion of their respective shareholdings.
It is calculated that on the proposed basis any holder of Preferred or
Common shares of either company will be entitled to subscribe for bonds of
the new company to the extent of approximately $1,500 of bonds for each
-V. 115. D. 762.
100 shares of stock now held.
1103
York, are offering at 973 and int., to yield about 7.20%,
$1,100,000 7% 1st Mtge. Sinking Fund gold bonds (see advertising pages).
Dated Sept. 1 1922. Duo Sept. 1 1942. Int. payable M.& S. at office
or agency of company in Cleveland, without deduction for the normal
Federal income tax up to 2%. Penn. 4-mill tax refunded. Union Trust
Co., Cleveland. trustee. Denom. $1,000, $500 and $100 (c*). Red. all
or part on any int. date on 30 days' notice at 105 and int. up to and incl.
Sept. 11932, and thereafter until maturity at 103 and int.
Data from Letter of President Samuel D. Brady, Aug. 29.
Company.
-Corporation is under the joint control of Mr. S. D. Brady
and associates and W. II. Warner & Co. of Cleveland, Ohio, coal operators
and distributors of the highest standing, who will market the entire output
of the company. These two interests are owners of substantially all of the
•
stock of the corporation.
-Reorganization Plan.
Ames Holden Felt Co., Ltd.
Company is a combination of four coal properties, allocated within the
-V. 115. D. 762.
See Ames Holden McCready Co. below.
State of West Virginia, which have been in operation from five to eighteen
years. Three
under the management of
-Not in Reorganization Plan Mr. Brady andof these properties have been W. H. Warner
Ames Holden Tire Co., Ltd.
one under the management of
& Co.
-Guaranty of Bonds to Disappear.
The properties have tote lholdings of 13,643 acres of coal lands owned in
fee and 1,377 acres under lease. Present equipment is capable of producing
-V. 115, p. 762.
See Ames Holden McCready Co. above.
a yearly output of 770,000 tons. The extensions and additions contemplated in issuing these first mortgage bonds will enable the company to
Archbald Consolidated Coal Co.
-Sale.
I.' block of 250 shares of the capital stock of the company was sold at Increase its capacity to 1,200,000 tons per year.
A
public auction Aug. 30 in the Exchange Salesroom, 20 Vesey St., by Adrian
Net Earnings Five-Year Period Ending Dec. 311921.
H.sMuller & Son for $540,000, and bought in by the bondholders' pro- Net available for
x$1,289,892
_tective committee, of which John S. McCloy, 40 Wall St., New York. Yearly average int., deprec. & Federal taxes(5 years)
257.978
-is Secretary. The stock was pledged with the Bankers Trust Co., as Annual interest requirements,
this issue
77,000
trustee, as collateral securing $540,000 Collateral Trust 7% Sinking Fund Average annual
output for the five years
235,975 tons
Gold bonds, dated Oct. 1 1919, interest upon which is in default.
-V. 114,
x This includes a loss of $156,261 23 in 1921.
p. 2119.
Purpose.
-Of the proceeds the major portion.will be used for acquisition
of properties and for plant enlargement. Balance will be used for working
Armour Leather Co., Chicago.
-Earnings.
Quarters endingJuly 31' 22. Apr.30.'22. Jan. 31 '22. capital.
Sinking Fund.
-A sinking fund of 10c. per net ton of all coal mined shall
Operating income
$38.133
$514,083 begin
$250,936
Sept. 1 1923, and operate until this entire issue is retired. This fund
-V. 114, p. 2473.
shall be applied to the purchase of bonds on the open market at a price not
Atlantic Refining Co.
-Earns.for First 6 Months 1922.
- to exceed redemption price, and if unobtainable,then by lot on any interestpaying date on 30 days' notice at 105 and int.
The consolidated profit and loss statement for the six months and thereafter until maturity at 103 and int. up to and incl. Sept. 1 1932,
ending June 30 1922 will be found in the advertising columns
-V. 115, p. 548, 440.
of this issue.
Baldwin Locomaive Works.
-Receives Large Order.
-
The Pennsylvania RR. has placed an order with the company for 100
decapod locomotives, the largest type in use on the Pennsylvania.
V. 115, p. 872, 991.
Beacon Chocolate Co.
-Reorganization
.-
r The stockholders'meeting scheduled for .Aug. 29 to act on the reorganization plan has been postponed until Sept.8.-%. 115, Ia• 763; V. 111, p. 2523,
495.
Bertha Coal Co., Pittsburgh, Pa.
-Status.
-
The present status of this company and allied companies, with offices
in the Chamber of Commerce Bldg., Pittsburgh, Pa., and controlled by
the John 11. Jones interests, may be summarized as follows:
Bertha Coal Co.
-Capital $200,000; mines in Washington County, Pa.;
has a railroad rating of 61 cars per day.
Johnetta Brick & Coal Co.
--Capital $200,000; plant and mine in Armstrong County, Pa.; brick plant capacity 100,000 per day; mine capacity
500 tons per day.
Consumers Fuel Co.
-Capital $2,350,000; mines in Marion, Monongalia
and Brooke Counties, W. Va., and Allegheny County, Pa.; railroad rating
of 164 cars per day.
issi The Consolidated Fuel Co.
-Capital $1,500,000; mines in Letcher County,
Ky., Marshall County, W. Va., and Jefferson and Athens counties, 0.;
railroad rating of 83 cars per day.
Marshall Fuel Corp.
-Capital'$5,000,000; mines in Kanawha County,
W. Va.; mines are on development and have present rating of 10 cars per day.
Total Annual Production-Outlook, &c.
-The above companies have a
present annual production of over 3,680,000 tons, and when the properties
are fully developed will have a capacity of 5,000,000 tons or better.
These companies have been financed by large consumers of coal who are
represented on the board of directors. This fact and the close proximity
of all operations to large industrial districts assures a constant market
for their product.
The Bertha Coal Co., in addition to handling the output of the above
companies, also handles the output of several independent operations.
-V. 110, p. 467.
Best-Clymer Manufacturing Co.
-Sale.
--
The committee representing the Preferred stockholders, Edward Dieterle.
(Treas. Rosen-Reichardt Brokerage Co.), Chairman, purchased the
property at trustee's sale on Aug. 22 for $510,000. The only other bid
was for $500,000, offered by Mercantile Trust Co., trustee under the 1st
Mtge. & Coll. Trust bond issue of the Temtor Corn & Fruit Products Co.
The bids were for tho complete property and are subject to the approval of
W. C. D'Arcy, trustee in liquidation, and the Federal Court. A similar
sale at the Fort Smith, Ark., plant was to be held Aug. 26.
Chairman Dieterle said that the details of the formation of a new company had not yet been worked out, as the committee had postponed any
organization until they were assured that they could acquire the plant.
Other members of the Preferred stockholders committee are Sam B.
Jeffries, L. D. Dozier, Albert N. Edwards, 0. G. Reichardt, T. P. Bates
• and Oliver F. Erbs, Sec. See V. 115. p. 872.
Booth Fisheries Co.
-Status--New Directors.
-
An official of the company is quoted as saying that the company's
position is stronger than at any time since 1917, and probably equaling prer time. The company is definitely in the sellers market without Goyernment competition or interference for the first time in five years. The
sardine pack is nearly all sold and the salmon supply is only 75% of normal.
The new pack and miry-over are estimated at 3,310,000 cases, against
5,400,000 a year ago.'
Roscoe L. Parkinson and Peter Berkey have been elected directors, suc-V. 115, p. 649.
ceeding Edward Clifford and Walter W. Ross.
-Earnings, &c.Boston Consolidated Gas Co.
Gross earnings
Operating expenses
6 Mos. end. -Years end. June 30
June 30'22.
1920.
1921.
$5,531,260 $10,226,826 $7,618,808
4,369,625 8,649,896
6,461,942
Net earnings
Miscellaneous income
$1,161,635 $1,576,930 $1,156,866
11,207
32,992
25,202
Total net income
Interest, &c
Dividends(7%)
$1,172,843 $1,609,922 $1,182,067
235,361
444.371
350,142
610,098
1.058,722
1,058.722
$327,383
Balance, surplus
$106,829 def$226,796
Balance Sheet July 1 1922 and Dec. 311921.
July 1 '22. Dec. 31'21
July 1 '22. Dec.31 '21
Liabilities$
$
I
$
AssetsBlest.& pit. accts.31,227,786 28,034,492 Preferred Ertock___ 8,000,000
320,313 Common stock..16,259,600 15,124,'00
708,937
Cash
Accts. receivable 1,226,496 1,427,288 Prem. on cap. stk_ 9,259,285 8,893,285
5,000.000
Maus. & supplies_ 1,527,827 1,523,141 Coupon notes___
109,869
93.951 Notes payable_
500,000
Coating. fund_.
Reserves
38,520
378,188
610,091
Prepaid insurance_
3,437 Empl. prof. sh. res 100,977
9,334
Taxes suspense_
Accts. payable
8135,628
573,766
Consumers' dep
299,209
369,490
Taxes accrued_
552,889
•
Pref. diva. accrued
32,500
332,378
1,078,881
Tot.(each slde)-34,837,219 31,402,802 Surplus
-V. 115, p. 872.
Brady-Warner Coal Corp., Fairmont, W. Va.-Bonds
-Union Trust Co., Cleveland, and Otis & Co., New
Offered.
British-American Express Co.
-Annual Report.
-
See Lake Superior Corp. under "Reports" above.
-V. 113, p. 964.
Brooklyn Union Gas Co.
-Rates Reduced.
-
See Consolidated Gas Co. below.
-V. 115, p. 548, 312.
Cannelton Coal & Coke Co.
-Annual Report.
-
See Lake Superior Corp. under "Reports" above.
-V. 113, p. 964.
Carlisle-Pennell Lumber Co., Atchison, Kan.
-Bonds
Sold.
-Announcement was made in V. 115, p. 992, of the
sale by Baker, Fentress & Co., Chicago, of $1,250,000 1st
Mtge. 63/2% Sinking Fund bonds at prices to yield 63'%.
A circular shows:
Dated July 11922; due $50.000 semi-annually Jan. 1 1924 to Jan. 1 1936.
Int. payable J. & J. at Detroit (Mich.) Trust Co. Detroit, or Continental
& Commercial Trust & Savings Bank, Chicago, without deduction for normal Federal income tax not in excess of 2%
0. Red. on 30 days' notice, all
or part, on any int. date at 102 and int. Denom. $1,000, $500 and $100.
Detroit Trust Co. and Calvin Fentress, Chicago, trustees.
History and Business.-Company began business in 1880 at Onalaska,
Wis., where it operated in white pine until 1892, when it moved to .1.rkansas, where operations were continued in short leaf yellow pine until
1905. Between 1897 and 1903, company, in anticipation of future operations, began actively buying timber in both the States of Washington and
Texas, and after "cutting out" its Arkansas holdings in 1905, started the
manufacture of its Texas timber. Later the Texas properties were advantageously. sold and all operations moved to the company's holdings in the
State of'Washington.
During 1913 and 1914 its present mill properties were constructed at
Carlisle and Onalaska, Wash., having a combined daily capacity of 350,000
ft. of lumber and 200.000 shingles. Company owns in Lewis County,
Wash., some 820,000.000 ft. of timber, tributary to its Onalaska plant,
and in Grays Harbor County, Wash., some 500,000,000 ft. available to the
Carlisle plant.
Security.
-A direct closed first mortgage obligation and are secured
first lien on the following timber, land, mill and railroad properties: by a
(1) Timber and Lands.
-(a) Approximately 7,700 acres owned in fee,
located in Grays Hat bor County, Wash., and carrying, according to the
company's cruises. 295,000,000 ft. of merchantable timber, comprised of
132,000,000 ft. of cedar. 54,000,000 ft. of fir, 17,000,000 ft. of spruce and
92,000,000 ft. of hemlock. (b) Approximately 25,000 acres owned in fee,
located in Lewis County, Wash., and immediately accessible to the company's plant at Onalaska, Wash. The timber on these lands has been estimated at 821,000,000 ft., comprised of 88% fir. 8% cedar and 4% hemlock.
(2) Manufacturing Facilities.
-The company's saw mill properties and
town at Onalaska, Wash., in Lewis County, comprising a modern and
complete saw milt plant of a capacity of 60.000,000 to 70,000,000 ft. annually, single shift; complete planing mill, dry kilns, lumber yard, shingle
mill, &c.;some 200 dwelling houses, stores, club, &c. This plant has direct
connection with three continental trunk lines, giving the company the best
passible car supply and an unusually wide sales territory.
(3) Equipment.
-Upwards of 7 miles of logging railroad opening up
company's timber; complete woods and railroad equipment sufficientthe
to
log I he saw mill to capacity.
Purpose.
-Proceeds are to be used to extinguish all debt of the company
except nominal current accounts payable.
Earnings.
-Net income available for interest and sinking fund payments
for the last five years (1917 1921) was $2,256,528; an average of $451.306,
or more than 5 times the maximum interest requirements on this bond
issue and approximately 23.i times the maximum combined interest and principal payments required under this bond issue.
Sinking Fund.
-The mortgage provides, among other things, for the payment of a releasing price of $2 50 for cedar, $2 for fir and spruce, &c. This
releasing fund should be capable of producing approximately 1M times the
total amount of this loan and should operate steadily'to increase the already
wide margin of security. All sinking fund payments are to be used for the
retirement of principal only of this bond issue.
Balance Sheet as of July 1 1922 (After Giving Effect to This Financing);
AssetsLiabilities
Cash
357,438 Current pay-roll and ac
Liberty bonds
counts payable
1,065
$70.817
Accounts receivable
176,243 First Mortgage gold bonds
.
Bills receivable
(this issue)
1,250,000
Inventories
347,826 Capital and surplus
3,279.374
Land & timber holdings__ 2,123,098
Plant,buildings & equip't_ 1,033,473
Newaukum Valley RR_ _ _
93,502
Prepaid & deferred charges 106.750
Total (each side)
$4,600,191
-V.115, p.992.
Central Maine Power Co.
-Stock Authorized.
-
The Maine P. U. Commission has authorized the company to issue $289,855 of its 7% Preferred stock at not less than the par value. Proceeds are
to be used for additions, extensions and betterments.
-V.114, p. 1184.
Coca Cola Co., Atlanta, Ga.-Bank Loans, &c,
Chairman W. C. Bradley is quoted as saying that the company has no
bank loans outstanding and that cash holdings amount to about $2,500,000.
As at Dec. 31 1921 the balance sheet showed bank loans of $2,165,750 and
cash of 3894,808. August business, it is stated, was running 10% ahead of
last year.
The company's sugar requirements have been taken care of until Oct. 1.
-V. 115, p. 986.
Consolidated Cigar Corporation.
-Earnings.
--
Net earnings for the four weeks ending July 28 were approximately
$120,000, bringing the total net earings for the first seven months of this
year to approximately $571,000, an increase of about 150% over the
corresponffing period of 1921.-V 115. p 992, 873
1104
THE CHRONICLE
-P. S. Commission
Consolidated Gas Co., New York.
Orders City Gas Rate Reduced-British Thermal Unit Adopted
as More Economical-Sliding Scale to Large Consumers Also
-The New York P. S. Commission Aug. 31
Introduced.
issued an order reducing the price of gas charged by the gas
companies in New York City and changing the present
illuminating standard to the B. T. U. standard. The
order becomes effective Oct. 1. In most cases the reduction
amounts to 10 cents per 1,000 cubic feet.
The following table shows the rates proposed by the companies for
each 1,000 cu. ft. of gas, the rates at present collected by the companies
and the rates that will go into effect Oct. 1:
Present Rate.
Proposed by Co.
New Rate.
Company$1.25
$1.25
Consolidated Gas
$1.15
1.25
1.25
1.15
Central Union
1.25
1.25
Northern Union
1.15
1.20
1.25
New York Mutual
1.15
1.20
1.25
Standard
1.15
1.20
1.25
New Amsterdam
1.15
1.25
East River
1.20
1.15
1.60 & 75c. service 1.25 & 75c.
New York & Queens
1.15 & 75c.
1.75
Bronx Gas & Electric
1.50
1.45
1.25
Brooklyn Union
1.25
1.15
1.25
Newtown
1.15
1.15
Suits
1.20
Richmond Hill & Queens_
1.15
pending in
Jamaica
1.20
1.15
Federal
1.20
Woodhaven
1.15
Court.
1.10
Fiatbush
1.15
1.15
Queens Borough {Queens_
1.10
1.15
[ Nassau 1.35
_
1.40
' 1.30
Brooklyn Borough
1.40
1.25 & 75c.
1.30
New York & Richmond
1.25 & 75c.
1.40
1.20 & Mc.
Kings County
1.50
1.40
1.30
1.25
1.25
Westchester
1.15
The present rate. It was stated, has been consented to by the Consolidated
and Brooklyn Union Gas Companies, which, with their subsidiaries, practically control the gas situation in the city. Their acquiescence in the
reductions means the consent of all of the smaller companies.
Digest of Statement issued by Public Service Commission.
The action taken by the Commission will mean a per annum saving to
the people of New York City of approximately $5.500,000. This will be
brought about at the same time that they will receive a quality of gas
better suited to their purposes than the present obsolete and uneconomical
candle power gas which has been abandoned practically everywhere in the
United States. The B. T. U. standard is a different standard and one
which is more applicable to the present household and industrial uses of
gas than the old standard ever was.
The conclusive answer to all questions on this subject is that when the
people of Boston. Philadelphia, Chicago, St. Louis. Baltimore, San Francisco and every other city of consequence, have found the B. T. U. standard
the best adapted to their purposes, the people of New York need have no
misgivings concerning the change, no matter how radical it may be made
to appear.
The Commission believes the rates now provided to be the most advantageous that can, with reason, be fixed at this time. We wish to say to
the public in all candor, and as a statement of fact, that there is no company
In the City of Now York that can afford to sell gas at 80 cents at this time.
The cost of producing and distributing gas, without taking into consideration certain taxes and a return upon investment, amounts to more
than 80 cents.
A question which has been a disturbing influence in the past is the fact
that there are a large number of companies operating as independent
corporations, but really under central control.
The Consolidated system is prepared to undertake a merger of all its
companies and the Brooklyn Union system likewise. This is particularly
important as it affects the Brooklyn subsidiary companies because some
of them have not been sufficiently independent financially to undertake
extensions and improvements that have been demanded by the public in
the suburban districts. With one financially competent company with
which to deal these difficulties will be removed.
Statement by Robert A. Carter, Vice-President of Company.
The gas rates fixed by the Commission for the Consolidated system
companies are not adequate under present conditions, or any conditions
which can now be regarded as reasonably in prospect. They do not allow
an adequate rate of return upon even the indisputable amount of the
actual investment in our gas properties, as found by the Commission.
The courts have held that we are entitled to earn a fair return upon the
present cost to reproduce our properties, which the Commission admits
would be very much more than the original investment.
The rates fixed by the Commission make no allowance for reimbursement
to these companies of any part of the deficiencies in earnings, amounting
to about $54,891.530, sustained by them since Jan. 1 1917, the period
during which these companies have been struggling to obtain relief from
confiscatory statutory rates. We believe we are entitled under the decisions
to be reimbursed for losses during this period; the Commission has left all
this out of account.
The rates fixed by the Commission likewise take no account and make no
provision for the present high prices of anthracite and bituminous coal and
of coke, these fuel prices are now higher than they were at any time during
the war period. If these conditions continue until, by reason of exhaustion
of coal on hand, these companies are compelled to purchase and use large
quantities of coke and coal at such prices as those now prevailing, the
rates now required by the Commission would become entirely inadequate.
coal, oil and labor do not
The actual existent conditions as to the cost ofthe
Commission.
-V. 115.
warrant the reductions in rates prescribed by
p. 992. 549.
Consolidated Gas Electric Light & Power Co. of Bal-Initial Dividend on Preferred Stock, Series "B."
timore.
has been
declared on the outstandAn initial quarterly dividend of 13.4%
ing 7% Cumul. Pref. stock, Series"B," together with the regular quarterly
2% on the Common and Series"A" Pref. stocks, all payable
dividends of
Oct. 2 to holders of record Sept. 15.-V. 115, p. 73, 764.
-Earns.(Incl. Sub. Cos.)
Corona Typewriter Co., Inc.
Net earnings
Other income
Calendar Years
6 Mos. end.
1920.
June 30 '22 1921.
1919.
1918.
$174,110a$166,424 $718.698 $687,720 $369.116
33,727
52,265 49,912
18,200
29.829
$192,310 $200.151 $770.963 $737,632 $398,945
Total income
94'923 71482
Deprec. & amortization_ _ _ 50.085 106.180 98,110
Excess profit & inc. tax_ _est.17.778 See "a" 147,935 192.538 134:712
Available for divs.& sur_$124,447 $93,971 $524,918 $450,171 $192,751
-V. 114, p. 1539.
a Net earnings after allowance for Federal taxes.
[VOL. 115.
ceived from stockholders, it is proposed, in the event that subscriptions
are not received from stockholders for the entire issue on the basis of their
respective holdings, to extend to any stockholders the privilege of subscribing for more than his pro rata portion of the proposed issue. For
this purpose a special subscription blank will be mailed on Sept. 11, with
the warrant of right to subscribe for the pro rata share of the new issue.
If the aggregate subscriptions for the stock which may not be subscribed
for by the stockholders exceeds the number of shares available, each subscriber therefore will receive the same proportion of the unsubscribed
stock as the subscription bears to total subscriptions for unssubcribed stock.
The object of the new stock offering is to provide the company with $5.000.000 of additional cash working capital. None of this new capital
will be used for the extension of present plants of the company or for the
acquisition of additional plants. The new cash capital will be used to meet
the requirements of the increasing volume of operations due to gradual
resumption of normal business.
Application will be made to list the new issue on the New York Stock
-V. 115. p. 549.
Exchange.
-Pays Off Acceptance Credit.
Cuba Cane Sugar Corp.
It is announced that the company has paid off the last $3,000,000 acceptances. On Sept. 30 1921 the company had $18,000,000 acceptances
outstanding.
The stockholders have received from the Guaranty Trust Co. transferable
warrants evidencing their right to subscribe at par for $100 of Eastern
Cuba Sugar Corp. bonds for each 10 shares of Common or Preferred stock
held. Compare V. 115, p. 650, 992.
----Earnings.
Defiance Gas & Electric Co.
ResultsforGross earnings
Operating expenses, incl. taxes & maintenance_.
Net earnings
Interest charges
Surplus
Compare V. 114, p. 742.
12 Mos. to
July 1922. July 31'22.
$398,922
$34,337
202,124
16,314
$18,023
$196,798
82,266
$114,532
-Bonds Offered.
(D. G.) Dory Corp., Allentown, Pa.
Redmond & Co. and Janney & Co. are offering at 100 and
-Year Sinking Fund gold 7s.
int. $4,000,000 1st Mtge. 20
Dated Sept. 1 1922. Due Sept. 11942. Int. payable M.& S. at New
York Trust Co., trustee. Denoms. $1,000 and $500 (c*). Red. all or part
on any int. date on 30 days' notice at 110 and int. Company agrees to
pay normal Federal income tax up to 2% and to refund Penn. 4-mill tax.
-Mortgage will provide for a semi-annual sinking fund
Sinking Fund.
commencing Mar. 1 1923. Bonds to be called by drawing by lot at 110
and int. This sinking fund provides for the retirement of the entire issue
of bonds by maturity at 110 and interest.
Data from Letter of President D. 0. Dery, Aug. SO 1922.
Purpose.
-Proceeds of bonds and $1,500,000 7% Cumulative Preferred
stock, to be sold for cash, will be applied toward the reduction of the floating debt and to provide additional working capital.
Company.
-Will be incorp. in Delaware and will take over the business,
assets and liabilities of D. G. Dory, Inc., of Pa., which company succeeded
to a business established in 1892. During the 30 years since establishment
of the original company business has grown until it now operates 6,150
looms with an annual capacity of over 20,000.000 yards of silk and a gross
business of approximately $20,000.000 a year. Company owns the Cedar
Cliff Silk Co.. which for the past 40 years has been one of the largest and
most successful manufacturers of silk linings.
Company is the largest manufacturer of broad silks in the United States.
Products, which are sold to jobbers, mail order houses, department stores,
garment manufacturers and dealers, are mainly of a staple character, such
as taffetas, messalines, georgette and crepe de chine, and a general line of
staple silks.
-Secured by a closed first mortgage on all the real estate, plants
Security.
and equipment, subject only to purchase money mortgages aggregating
$373,000 not yet due.
Company owns 33 plants, located as follows: 27 in Pennsylvania, 2 in
New York, 2 in Virginia, 1 in New Jersey and 1 in Massachusetts. Total
floor space aggregates 1,500,000 sq. ft.. containing 6,150 looms, 220,000
spindles and employing more than 4,200 operators.
Earnings Years Ending December 31.
1919.
1921.
1920.
1918.
1917.
$
10,444,962 11,453,835 16,186,873 19,732,087 18,231,194
Net sales
Earns, after depr.
and before Fed1,326,734 1,749,234 2,410,540 loss314,559 1,088,047
eral taxes
During the past 30 years there have been only two years (1893 and 1920)
in which the business failed to earn a profit after payment of all interest
charges.
Capitalization upon Completion of New Financing.
-Year 7% Sinking Fund gold bonds
$4,000,000
First Mortgage 20
Cumulative Preferred stock
3,100,000
7%
Common stock (no par value)
200,000 shs.
Balance Sheet June 30 1922.
[After issue of $4,000,000 bonds and $1,500,000 [additional Pref. Stock.)
A nets.
Liabilities,
$732,413 Acc'ts and acceptances paY'le $1,956,581
Cash
52,354 1st Mtge. 20-Year 7s
Accounts receivable, less res_
4,000.000
4,863,143 7% Cumul. Preferred stock__ 3,100.000
Inventories
222,648 Common stock (200,000 shs.,
Loans arid advances
unfilled contractsno par value, at book value
73,878
Claims for
5,980,592
442,500 of assets)
Invest.in affiliated companies
19,261
Mortgages receivable
628,516
Disc't, unexpired limn,drc_ _
$15,037,173
Total (each side)
8,002,459
Fixed assets
Empire Gas & Fuel Co.
-Extends Oil Holdings.
The company has contracted to purchase, subject to title examination,
the entire holdings of the Planet Petroleum Co., which embrace a group
of leases aggregating several hundred acres situated in the Electra field
in the northern part of Texas. These leases have a daily production of
more than 5,000 lparrels of high-grade crude oil coming from several differ-acre tract adjoinent sands. The holdings include as well an important 40
ing other Empire properties in the Duncan-Surber pool in Oklahoma.
Arrangements are being made to store the production from these leases in
line with the announced storage policies of the Empire companies.
Pending completion of title examination, the amount involved in this
-V. 115, p. 874.
deal has not been made public.
Express Building Co. (Wells Fargo Building), Port-Bonds Offered.-Blyth, Witter & Co., New
land, Ore.
York, San Francisco, &c., are offering at par and int.
$650,000 1st Mtge. 63/2% Serial gold bonds.
Dated Aug. 1 1922. Due serially. Interest payable F. & A. at Bank ot
California. N. A., Portland, Ore., trustee. Denoms. $1,000, $500 and $100
(es). Callable all or part on 30 days' notice on any int. date at 105 and
int. until Aug. 11927; thereafter such premium not to exceed J,. of 1% for
each year of unexpired life. Authorized, $750,000; the additional $100,000
cannot be issued except with the written consent and approval of Blyth,
Witter & Co.
Security.-The bonds are secured by a first mortgage on improved busidirectors have au- ness' property in the City of Portland, Ore., owned by the Express BuildWilkinson has
Chairman H. S.
additional shares of Common stock for cash ing Co., on which is located the Wells Fargo Building. The property
thorized the sale of 50.000 The 50,000 shares will be offered pro rata is located in the heart of Portland's financial and business district. The
at not less than par ($100).
Preferred stockholders of record Sept. 11 1922, improvements consist of a 12-story fireproof building, covering the entire
to all the Common and payment to be made as follows: 50% on or be- property.
for subscription at par, on or before Nov. 10.
Valuation.-The Appraisal Committee of the Portland Realty Board as
fore Sept. 27, and 50%
subscribed by the stockholders on or be- of July 14 1922 valued the property at $1,327,500, as follows:
Any of the Common stock not the company for cash at not less than Value of land
$275,000
may be sold by
fore Sept. 27 1922,
Replacement value of improvements
1,052,500
desiring to purchase same.
par, to any person or persons
Mr. A. E. Doyle, Penland architect, has fixed the replacement value of
authorized Capital stock Is $100,000,000 of which $25,- the building alone at $1,105,000.
The present
outstanding) and $75.000,000 Common
000.000 is Preferred stock, (all
.-Net income from the property is more than sufficient to meet
Earnings
The new offering will increase
stock of which $50,000,000 outstanding.
interest and sinking fund payments and to pay off the bonds at maturity.
Common to $55,000.000.have agreed to take all
the outstanding
-Sinking fund payments will be sufficient to retire the enSinking Fund.
of the
underwriters
Notwithstanding that the
subscriptions may not be re- tire issue by maturity.
.50.000 shares or any part thereof for which
-To Sell $5,000,000
Crucible Steel Co. of America.
New Common Stock-Underwritten at $100 a Share-One
Share of New for Each 15 Shares of the Common and Preferred
Stocks Held.
announced that the
SEPT. 2 1922.]
THE CHRONICLE
-Balance Sheet, &c.
Earl Motors, Inc.
The reorganization committee, Ralph Van Vechten, Chairman, in a
recent letter to the creditors says in brief:
The balance sheet gives effect to the issue of 5
-year 6% debentures dated
Feb. 1 1922 and Prior Preference stock, which securities were accepted by
the creditors existing as of Jan. 20 1922 in full of all claims as provided in
the plan of reorganization of that date. A very large proportion of the
exchanges have been actually effected. The balances are being effected
from day to day. Before the plan of reorganization was declared operative satisfactory arrangements were completed for bank credits to take
care of current needs.
Price, Waterhouse & Co.. certified accountants, say: The balance sheet,
in our opinion, reflects correctly the position of the company, giving effect
as at that date to the following proposed transactions: (a) A reduction of
$82,969 in the book value of the investment in the Jackson Motor ahaft Co.
-year 6% debentures dated Feb. 1 1922 and
(b) The issue of $2,775,000 5
$2,285,000 79' Prior Preference stock in settlement of creditors claims as
at Jan. 20 1922 aggregating $5,060,000.
Balance Sheet April 30 1922.
fter giving effect to the proposed issue of 5
-year 63 debentures dated
Fe . 1 1922 and 7% Prior Preference stock in settlement of creditors' claims
aggregating $5,060,000.1
AssetsLiabilities
Land, bldgs., &c., less deprec _ $1,719,824 Mtges.& land contract payable $33,526
2,000,000 Notes payable
Good-will, patents, &c
292,500
Inv. in & adv. to sub. cos_ _ __ x661,819 Accounts payable
277,737
Miscellaneous investments_
3,991 Accrued pay-rolls
19,604
Due on sale of houses secured
Accrued taxes, int., insur.,&c.
15,764
land contracts
by
28,391 Dealers' deposits
28,036
Inventories
1,114,621 Reserve for refinancing exp....
99,757
Notes & accounts receivable
Reserve for pending litigation
(less reserves)
114,568 (per contra)
60,000
Ctf. of deposit (per contra)__ _
60,000 Reserve for cont4ngencies, &c_
36,649
Cash
268,571 5-year 6% debentures, dated
Prepaid taxes, advertising,&c.
12.368 Feb. 1 1922
y2,775,000
Deficit
1,439,419 7% prior Pref.stock
2,285,000
1,500,000
7% Cum. Pref. stock
Total (each side) _
$7,423,573 Com.stk.(291,937 sh. no par)
x Jackson Motor Shaft Co., $531,855; Jackson Metal Products Co.,
$24,228; Earl Philadelphia Motor Car Co.. $99,495; Earl Motors Export
Co., $6,241. y These debentures are deferred and subordinated to all
Indebtedness created or incurred after their date. Interest thereon accrues
from Feb. 1 1923, but shall be payable only out of the net earnings and
profits when and as available therefor.
-Contingent liability in respect of trade acceptances, drafts. notes
Note.
receivable, &c., discounted, $211,772. Compare reorganization plan in
V. 114, p. 415, 1770.
V
Ford Motor Co. of Detroit, Mich.
-To Suspend Operations Sept. 16
-Balance Sheet as of April 30.
-
1105
000 non-callable 7% Cumulative Preferred stock at 107 1 2
/
and dividends. The bankers state:
Dividends payable Q.
-J. Charter provides that Preferred stock, in case
of liquidation or distribution of.assets, shall be paid par before the Common
shall receive anything; after payment of par to holders of Common, Pref.
and Common shall share ratably in further distribution. Preferred stock
has equal voting power with the Common stock.
Capitalization (No Funded Debt)Authorized.
Issued.
7% Cumul. Pref. stock, par $100
$15,000,000 $15,000,000
Common stock (par $100)
15,000,000 15,000,000
Company.
-Is the largest producer of beet sugar in the United States.
Owns and operates 16 beet sugar factories in Colorado, Montana, Wyoming and Nebraska, with a total slicing capacity of about 23.000 tons of
beets per day. In 1921 company produced 7,361,000 one-hundred-pound
bags of beet sugar, or about 30% of the total beet sugar production of the
United States.
Dividends
.-Company has paid 7% on its Preferred stock since organization in 1905. Common dividends since 1910 are as follows: 1910-1915.
5% each; 1916,7% cash and 42%, in Common stock; 1917,37%;1918-1920.
47% each. Since Oct. 1921 no Common dividends have been declared.
Earnings.
-Current earnings are reported to be at the rate of about a
times the dividend requirements on the $15,000.000 Preferred stock.
Balance Sheet as of May 31 1922.
[After giving effect to the sale of 13,700 shares of Preferred stock made
since that date.]
Assets.
Liabilities.
Cash
$6,940,556 Acc'ts payable & payroll_ $577,513
Accounts receivable
1,794,857 7% cumul. Pref. stock__ 15,000,000
Notes receivable
423,206 Common stock
15,000,000
Sugar & by-products_ _ _ _ 8,590,035 Surplus
20,434,797
Beet seed & supplies..
4,617,381
Investments
340.080
Suspense items, &c
56.823
Plants, &c.,less depr. val.26,807,051
Investments in sub. co's_ 1,442,322
Total (each side)
$51,012,311
-V. 115, p. 442.
Humphreys Oil Co.
-New Oil Field-Operations.
-
In connection with the discovery of a new oil field near Kosse. Texas,
by the Humphreys
-Pure Oil interests (see Pure Oil Co. below). Colonel
A. E. Humphreys, President of the Humphreys Oil Co., says: "It will
be the policy of our company to hold down development wherever and
whenever possible. We are only starting two offset wells on our 6.200
acre block of leases at Kosse and will drill no more for several months
unless forced to do so by wells that may be drilled by other parties."
While the Humphreys
-Pure Oil operations in Texas are not within
the area directly affected by the action of Mid-Continent operators who
have pledged themselves to reduce drilling and store oil, Colonel Humphreys said: "Our hearty co-operation may be expected in the general
shut
-down movement not only in the Kosse field but in the Mexia and
Currie fields as well."
An official statement says: "This position is taken by the Humphreys
Oil Co. despite the fact that the entire output of its producing properties
in Texas are sold under contracts. 50% going to the Sinclair-Standard
interests and 50% to the Pure Oil Co. at a price of $1 50 a barrel. Inasmuch as these contracts provide for a delivery of 60.000.000 barrels, if
and as produced, the situation in the crude oil market does not directly
affect the income of this company and its purpose of holding down production is actuated by regard for the interests of the industry as a whole."
-V. 115. p. 874, 551.
It was announced on Aug. 26 that the company will shut down all its
plants on Sept. 16 because of the coal shortage. The shut
-down will affect
75,000 men employed in the Highland Park, River Rouge and Dearborn
plants and 30,000 men working in the assembling plants scattered throughout the country. Henry Ford said in part:
"The coal situation has become impossible. Every way we turned we
were confronted by the situation that under the present handling of coal
there would never be a time when we would have enough coal to operate the
several departments of the plant simultaneously.
"At the rate we are getting coal now. Sept. 16 will mark the time when we
will have only enough coal left to keep our furnaces and ovens warm. Our
reserve stock by that time will have been completely exhausted. We
Hurley Machine Co.
-Annual Report.
-Semi
therefore will close down the entire plant on Sept. 16.
Results for Six Months ending June 30.
"We have notified 1,900 houses that supply us with material to stop shipment. We appreciate the great loss it will mean to these hundreds of sup1921.
1922.
1922.
1921.
ply houses, but it will also mean a tremendous loss to us. At present we Net sales
$28,171
$2,119,584 $1,711,010 Interest
$4.358
are producing 5,200 cars a day, and we can sell 5,300 a day. We have to Cost of goods sold_ 1,411,715 1,104,982 Sundry deductions
7,423
7,440
close down at a time when we are doing a greater business than ever before
Addit'ns to income Cr.30,563 Cr.117,744
in our history."
Gross profit_ _
$707,869 $606.028 Reserve for FedSell.& admin.exp. 391,776
Bal. Sheet [as Filed With Mass. Commissioner of Corporations].
57,392
355,445 eral taxes
38,402
Sales-disc. prod_ deb.4,000 deb.25,392
Feb. 28
-April 30-Discount allowed..
23,645
20,381
Net income_ __ _ $268,811 $229,567
1922.
1921.
1920.
AssetsBalance Sheet at June 30 1922 and Dec. 31 1921.
$
$
$
Real estate
81,026,633 71.329,719 85,549,727
June30'22. Dec.31'21
June30'22 Dec.31'21
Machinery and equipment
Assets
49,401,132 46,459,046 41,661,137
Liabilities$
$
11
Inventories
45,208,094 63,848,157 96,859,012 Real est.,equip.,&c.a1,229,975 1,221,554 Preferred stock
264,400 264,400
Furniture, autos,&c
Notes& accts.receiv. 896,105 331,454 Corn.stk.(no par)_b5,246.928 4,999,017
39,221,860 44,779,634
Cash and accounts receivable
148,615,334 86,995,165 62,499,027 Sundry debt.& adv_ 243,979
38,676 1st M. gold bonds
125,000 150,000
Patent rights
110,740
81,397
77,856 Cash
488,154 661,031 Accounts payable_ _ _ 244.155 188,185
Securities
15,749,953 10,361,963 18,921,608 U.S.ctf.of indebt,&c. 758,714 607,285 Sundry creditors_ _
119,260
64,473
Miscellaneous investments
Liberty bonds
500,815
501,815
72.069
10,267
72,069 Pay-roll accrued_
Good-will
Inventories
20,517,986 20,517,986
798,983 904,459 Reserve for bond int_
750
625
Deferred charges
Prepaid expenses__ _ 16,407
196,399
265,674
20,462 Reserve for taxes__ _ 201,104 212,778
Stock in subsidiary companies
1,126,742 Inv. & accrued int_ 180,675 182,987 Reserve for liab. ins_
2,867
Liabilities
Pref. stk.sinking fd _ 81,939
71,318
4,946 Res.to retire pf.stk
Capital stock
17,264,500 17,264,500 17,264,500 Due on employees'
80,467
Reserve for dividends 83,104
Accounts and notes payable
stock subscription_ 73,731
33,089,894 48,886,141 51,071,090
12,669
30,972 Reserve for conting_ 31,236
Depreciation reserve, &c
*50,829,307 *43,493,394 18,654,489 Patents,tr.-mks.,&c _ 1,488,163 1,468,163
Accrued expenses
, 98.425
Deferred charges
853,950 3,027,120 3,363,499
Total
6.328,945 6,044.058
6,328.945 6.044,058 Total
Reserve for Federal and local taxes_ _ 58,032,559
a After deducting $435,619 for provision for depreciation. b $156,953
49,591,706 49,163,974
Profit and loss surplus
240_,478.736 182,877,696 165.679,132 shares, no par value, at net book value, $5,246,928.-V. 115, p. 766.
Total (each side)
Indiana & Michigan Electric Co.
-New Control.* Includes amortization reserve. 400,548,946 345,140,557 306,695,109
-V. 115, p. 992.
It is stated that the American Gas & Electric Co. has acquired control of
the company.
-V. 115, p. 993.
General Petroleum Corp.
-New
Note Issue.
-The
Inland Steel Co.
company has announced Aug. 30 a new issue of $5,000,000
-Decision on Steel Merger.
See Republic Steel & Iron Co. below.
-V. 115, p. 551.
5
-year 6% Convertible Gold Notes to be offered at par to
Iowa Falls Electric Co.
stockholders for a period of 30 days.
-Harris Trust
-Bonds Offered.
Blyth, Witter & Co. have underwritten the entire issue & Savings Bank, Chicago, is offering at 973/ and int.,
and will publicly offer any notes not subscribed for by yielding 6Y%, $600,000 1st Mtge. 15-Year 6% Gold
t
bonds, due June 1 1937. A circular shows:
stockholders.
The new notes are convertible into Common stock during the first year
on the basis of $100 for the notes and $115 for stock, during the second
year $100 for the notes and $120 for stock, while during the third, fourth
and fifth years the notes are convertible on a basis of $100 for notes and
$130 for stock. The conversion privilege extends until 10 days after redemption date. The notes cannot be called prior to 18 months after Sept. 15
1922, being redeemable at 104 before Sept. 15 1924, 103 to 1925 and 102
to 1926, and at par thereafter.
The purpose of the issue is to enable the company to
supplies and purchase crude oil at the present low market.conserve its oil
John Barneson, President, states in connection with the new financing:
"Present conditions will soon be rectified by a decrease in production and
an increase in consumption, the present surplus in California being due to
flush production.
The decline in Mexican output has opened up new fields to California.
The General Petroleum Corp has added during the past year 1,320,000 bbls.
to its storage capacity. rehe company's total production in California is
now about 31,700 bbls. daily with additional 5,000 bbls. shut in.
• The company expects to bring in 8 more wells within the next 30 days,
of which 5 are at Santa Fe Springs and 3 at Signal Hill. This should
increase production about 15,000 bbls. per day. General Petroleum
recently sold 100,000 tons fuel residuum to Japan.
-V. 115, p. 874.
Gimbel Brothers Corp.
-To List Stock-Outlook, &c.
-
It is announced that application to list the shams of the new corporation
on the Now York Stock Exchange will be made shortly. Delivery of the
shares of Common and Preferred stock, recently offered for public subscription, were made Aug. 31 when payment for the stock became due. Indications are that the company will begin the payment of dividends on the
Common stock the latter part of this year or the early part of next.
According to Pres. Isaac Gimbel, business is running well ahead of 1921.
Each of the three stores is showing consistent and satisfactory profits, and
it is expected that the aggregate money value of sales for the full year of
1922 will run to upwards of $70,000,000.-V. 115, p. 765, 561.
Great Western Sugar Co.
-Goldman,
-Stock Sold.
Sachs & Co. and Lehman Bros. have sold a block of $1,300,-
The bonds are redeemable on any interest date to and including June
1 1927, at 105 and interest and thereafter at a premium decreasing M%
per annum. Interest payable J. & J. at Harris Trust & Savings Bank.
Chicago, trustee, without deduction for Federal income tax not to exceed
2%. Denom. $1.000, $500 and $100 (c*). Howard W. Fenton, cotrustee
.
Company.
-Owns and
electric light and power properties
serving Iowa Falls, Iowa,operatesother communities. Population, about
18
18Capitalizatnonoa andthis na nanc nt is same as Iowa Ry. & Light Co.
, 0 . Coi tr lfter ma Fand eing00
igem
Authorized. Outstanding.
Common stock (paying 6%)
$600,000 • $486.500
1st Mtge. 6s _
3,000,000
Earnings-Years ended June 30.
1 9 000
6211
00
6
$922.
126 504
Gress earnings _
$2 8 089
5 :04
77 6
_
_
_
Net after oper. exp., incl. maini. & 111,747
taxe
Annual bond interest (this issue)
36,000
Purpose.
-To retire $360000 1st Mtge. 6s due Sept. 1 1922 and for
other corporate purposes..
Kansas Gas & Electric Co.
-Definitive Bonds Ready.
-
The Central Union Trust Co. of
Y., announces that the definitive
1st Mtge. 6% gold bonds due MarchN.1952, are now ready for delivery irk
1
exchange for outstanding temporary certificates. See offering in V. 114. 1)•
953.
Keystone Steel & Wire, Peoria, Ill.-Earnings.
Results for Year Ending June 30 1922.
Sties, $1,357,783; cost of sales (incl. deprec.) $3,421.629: gross-3936,154
.
Other income
23,647
Total income ___
_____________________ $959,801
Selling & gen. exp., $547,754; int. on-funded debt, $211,452; other
charges and Federal taxes, $171,055: total
930,351
Stgplus for year ended June 30 1922
Profit and loss surplus, June 30 1922
-V. 113, p. 1477.
$29,540
$178,082
1106
[voL. 115.•
T N. CHRONICLE
issued, subject to credits for bonds acquired by the company and tendered
to the trustee for retirements, as well as for bonds retired by conversion.
Data from Letter of Pres. G. E. Huggins, New York. Aug. 28.
Company.
-Organized in Delaware and is acquiring 8 cotton mills [inDated Sept. 1 1922. Due Sept. 1 1932. Callable, all or part, on any cluding French Broad Mfg. Co., Trainer Spinning Co., Palmetto Cotton
int. date at 101 and int. Interest payable M.& S. at Los Angeles Trust Mills, Martel Mfg. Co., Middleburg Mills, Valley Falls Mfg. Co. and
& Savings Bank, Los Angeles,trustee, without deduction of normal Federal Lexington Mfg. Co.1 heretofore owned by affiliated companies. After
income tax up to 2%. TDenom. $1,000 and $500 (c*).
such consolidation, these mills will continue under the same management,
-Organized in California Dec. 2 1912 to acquire 2,727 acres which has developed the business and conducted the affairs of the mills,
Company.
of land located 4 to 8 miles southeast of Los Angeles, which is being sub- control of which was acquired by them during the period from 1911 to 1915.
divided and sold as residential and industrial sites. About 7 years ago comThe eight mills thus consolidated are located at Lexington, Irene, Columpany began to subdivide into industrial sites the westerly part of its prop- bia, Batesburg and Spartanburg, S. C.; Chester, Pa.; Asheville, N. C.,
erty, many manufacturers purchasing, and to-day 18 factories are in active and Egan (Atlanta), Ga., and since their respective incorporations (1891
operation. The residential development of the property has been most to 1911) have been engaged in the manufacture of a diversified line of
successful, as evidenced by about 1,500 homes. Company has made sales cotton textile products. These include yarns from 8's to 40's and a large
from this property of approximately $4,000,000.
number of fabrics, such as French Board, Crochet and Satin bed-spreads,
Security.
-The property pledged under this loan consists of 1,000 acres Bowling Brook and Iron Mountain tickings, Lexington and Harvester
of land, of which 145 acres have been subdivided into 272 lots, leaving un- hickory shirtings, and an assorted line of colored goods, pocketing twills,
subdivided and suitable for residential and industrial subdivision 855 acres. jeans. sheetings, pajama checks, underwear goods, fancy dobby shirtings,
A fair valuation of the land, which will come under the first mortgage, sateens, &c. The output IS distributed through the Farish Company, well
would be as follows: 145 acres subdivided, 2580,000; 855 acres not yet sub- established commission merchants.
divided, $1,710,000. 85 acres of this property has been sold under contract
The mills have 82,932 spindles and 1,922 looms, preparatory machinery,
for a sum in excess of $379,000, upon which contracts there was a balance warehouse storage, housing facilities and other essentials.
on Aug. 1 1922 of $311,179. These contracts will be deposited with the
Authorized. To Be Issued.
Capitalization After This Financingtrustee. As additional security the company will pledge, subject to 2216,- First Mortgage Gold bonds (this issue)
$2,000,000
$3,000,000
400 outstanding 7% bonds, approximately 350.52 acres of subdivided prop- Preferred stock 7% cumulative (Series "A")
1,071,400
5,000.000
erty, of which 306 acres, totaling 1,002 lots, have been sold for $1,216,954: Common stock (no par value)
100,000 shs. 100,000 shs.
on which has been paid $324,788, leaving a balance in contracts of $892,166.
22,000,000 Preferred stock, Series "A," is to be reserved for conversion
On the remaining 4435 acres unsold we would place a valuation of $196,560.
First Mortgage bonds.
issue
connection
For the past six months subdivided improved land has sold on an average of in Earnings. with the aboveprofitsof 22,000,000
of the 8 mills, after depreciation but
-Combined net
approximately $4,700 per acre.
borrowed money (calendar years):
Income.
-The income is derived from the sale of its property and the pay- before Federal taxes and interest on
$639,177
2915,90011921
2537,44511919
ments of principal and interest on contlacts for property already sold. On 1917
962,71211922(3 mos.)__ 185,922
919,08011920
1918 •
Aug. 1 1922 the unpaid balance on contracts amounted to $1,688,554.
-Proceeds are to be used for plant additions and betterments,
Purpose.
Sinking Fund.
-Sinking fund requirements provide that all principal collections on present contracts, totaling $1,203,345 and 40% of principal, the reduction of current obligations and other corporate purposes.
collections on new contracts, must be used by the trustee for the redrement
Balance Sheet as at April 1 1922 (After This Financing).
of bonds; also funds received from land released from he mortgages in acLiabilities.
Assets.
cordance with a carefully prepared release schedule, the total release vaiue
24,501,745 First Mortgage bonds.. __ _22,000,000
Fixed assets
amo nting to $2,050,000. The sinking fund will be used to retire, first, the
Inventories. (cost or mkt.) 997,040 Acc'ts pay. & accr. liabil's 253,132
$216,000 7% bonds outstanding, and then to retire this issue.
144,887
242,631 Fed'l taxes (1921 & 1922)Purpose.
-Proceeds will retire all of the funded debt except $216.000 7% Accounts receivable
1,071,400
270,984 7% Preferred stock
Notes receivable
bonds, and also provide additional working capital.
-V. 105, p. 2002.
U.S. Govt.secur.(at cost) 209,023 Balance represented by
888.121
100,000 shs. Corn. stock
Cash
Lake Superior Coal Co.
-Annual Report.
of no par val. & surplus_ 3,669,258
29,134
Deferred charges
See Lake Superior Corp. under"Reports" above.
-V. 113, p. 966.
-Banks,
-Bonds Offered.
Laguna Land & Water Co.
Huntley & Co., Los Angeles, &c., are offering at 100 and
int. $600,000 1st Mtge. 63/2% Sinking Fund gold bonds.
Lima Locomotive Works, Inc.
-Definitive Certificates.
Treasurer L. A. Larsen states that "subscribers to the Common stock
without par vaule (V. 115, p. 443) who have paid their subscriptions in full
may now surrender their subscription receipts at the Columbia Trust Co.,
60 Broadway,N. Y.pity,and receive in exchange therefor stock certificates
in temporary'form.'-V. 115, p. 994.
-Financial Position Improved.Loew's, Inc.
"'It is officially stated that the company has materially improved
Total_
$7,138,676
Total
$7,138,676
-Sale.
Master Tire & Rubber Co., Dayton, 0.
The plant has been acquired at receiver's sale brthe Universal Securities
Co., for $75,000. Charles W. Hoffritz, Pres. of the Securities Co., it is
stated, will reorganize the company to manufacture a complete line of automobile tires.
-IT 115, p. 189.
its
Maxwell Motor Corp.
-Closed Car Prices Cut.
financial position through the wiping out of over 23,000,000 of its indebtedThe company has reduced the price of its sedan and coupe models $150
ness. Although the last balance sheet as of Aug. 31 1921 showed bank each to $1,335 and $1,235, respectively. Prices of open car models are
- unchanged.
loans of $2,205,000, only about 2300,000 still remains outstanding.
-V. 115, p. 653.
V. 114, p. 2021.
-Stock Increase Approved.
(R. H.) Macy & Co.
The stockholders Aug. 31 voted to increase the authorized capital from
380,000 shares to 450,000 shares, of which 100,000 shares, par $100, are
to be Preferred stock and 350,000 shares are to be Common stock without
par value. The stockholders also voted to increase the number of directors
from 5 to 9. One-third of the directors shall constitute a quorum. Compage V. 115, p. 876, 994.
-Sale Postponed.
Memphis Gas & Electric Co.
The sale of this company's property scheduled for Aug. 28 has been postponed to Sept. 28.-V. 115, p. 653.
Middle States Oil Corp.
-Oil Lease Development Co.
See Oil Lease Development Co. below and V. 115, p. 767. 552.
-Steel Merger Decision.
Midvale Steel & Ordnance Co.
-V. 115, p. 553, 654.
See Republic Steel & Iron Co. below.
_
According to announcement of Pres. Clarence H. Mackay, the Postal
-August Sales.
Montgomery, Ward & Co., Chicago.
Telegraph-Commercial Cable System and the All America Cables, Inc.,
Increase.
Increase.' 1922-8 Mos.-1921.
---1921.
-Aug.
1922
have entered into an alliance involving 50,000 miles of submarine cable,
269,4931252,463,540 $446,982,968 $5,480,572
which not only provides for an exchange of traffic between the two systems,
$5,552,906 $5,483,413
but also provides that the agents and offices of each shall act as agents -V. 115, p. 654, 189.
for the other. Mr. Mackay says:
Morris Metal Products Corp., Bridgeport, Conn.
"This agreement is a most forward step in cable communication because
This company's plant at Bridgeport, Conn., was put up for sale on Aug.31
it creates the greatest and most comprehensive American cable system,
-V.111, p. 959.
North to South from all parts of the United States and Canada by J. E. Conant & Co., auctioneers, under decree of court.
extending
to Central and South America, and from East to West from Europe to
the Orient, involving a total cable mileage of 50.000 miles, and marks an
-Offering of Stock, &c.
(J. W.) Murray Mfg. Co.
epoch in the development of American cable communication in that it is
Keane, Higbie & Co., Detroit, are offering a limited amount of Common
distinctly an all American system.
stock of the present issued capital of 2980.000. The bankers state:
"While the two systems which have entered into this agreement will
-Organized in Michigan April 1913 to manufacture hoods,
Company.
maintain their separate corporate identities, the agreement provides fenders, tanks, underpans, mufflers, battery boxes and other miscellaneous
for so harmonious a contact between the two that in actual operation sheet metal parts for motor cars. Customers include Chevrolet, Oakland,
handled with all the speed and facility possible in a single Studebaker, Chandler, Paige, Hudson, Cleveland, Columbia, Essex,
messages will be
organization.
-Star car, &c. The company has the entire contract for sheet
Durant
"Every Postal Telegraph office and every Commercial Cable office metal work for the Star (Durant) car. Company is doing a capacity
will be an active agency for receiving and delivering messages from and business and is contracted up for a year ahead.
-The company is absolutely owned and controlled by the
to South America via the All America Cables, just as if it was an actual
Control.
All America Cables office, while every All .America Cables office in the executives and employees, and prior to this issue of stock, over 75% of
United States or in Central or South America will be an active agency the Common stock was hold by the officers and employees.
-V. 115, p. 80.
for Postal Telegraph-Commercial Cables."
Listing. The company's shares are listed on the Detroit Stock Exchange.
Co., Inc.
Sales and Profits-Calendar Years.
-Silk Merger Plans.
(H. R.) Mallinson & public the names
of the companies involved,
Profits
yet ready to make
While not
Total
Before Fed.
Net
% to
Pres. H. R. Mallinson of H. R. Mallinson & Co., says the merger arrangeliets.o
S
Sales.
Profits.
Sales.
Taxes.
Yearments have practically been completed with one silk concern and negotia11.07
210,847
$97,944
$10,847
11.07
tions are proceeding with another. These companies do not make goods 1913
21.15
76,012
359,331
21.15
76,012
competing with Mallinson. They are leaders in their own fields. Appraisals 1914
25.90
150,825
582,413
25.90
150,825
are being made to determine basis of merger. Mallinson will be nucleus 1915
22.59
237,705
22.59
1,052,225
237,705
of the new combination.
1916
9.02
186,727
2,069,039
14.63
302,727
The company with which arrangements will soon be consummated 1917
3.77
92.631
2206.631.428,5058.51
did a grass business of between 220,000,000 and $25,000,000 annually the 1918
averaged $3,000.000. Surplus amounts to 1919
6.13
243,521
9.43
3,971,831
374.521
last few years and profits
net
5.59
230,116
7.04
4,118,350
290,116
$5,000,000. The other company showed of of well over $1,000.000 in 1920
11.09
strongest concerns in the silk 1921
233,377
10.91
2,321,903
253,377
1921. The combination will result in one
12.20
256,895
13.94
2,105,338
293,595
industry.
1922 (6 mos.)
in improving its position since
Mallinson has made marked stridesstand at
Company estimates that sales for the full year 1922 in excess of $5,000,000
now
$500,000.
close of last fiscal year. Bank loans rise in value of raw silk Cash on hand and earnings before taxes and dividends in excess of $650,000.
has increased
nearly equals loans outstanding. Thebooks. Mallinson's
Dividend Record on Common and Preferred Stock.
inventories 2750,000 above value on through December. eight plants are
Preferred Dividends.
-Common Dividendsrunning 90% full and are sold aheadthree years-("Wall Advance sales
Amt.
Amt.
Amt.
Street Journal").
for spring are said to be better than for as saying that current
%
Cash.
%
Stock.
%
Cash.
liabilities have
Mallinson is quoted
YearPresident H. R.
40
215,800
as of Oct. 31 1921 (V. 114, p. 303) to 1914
20
$9,600
been reduced from the 22,670,949
100
56,500
20
23,110
addition, the company has added approximately $250,000 1915
$2,473,628. In
100
118,850
sinking fund, bringing the present total in 1916
5
12,035
7% Cumul. Pref. stock to the
100
350,000
V.
- 114, p•1772.
16
112,000
1917
that fund to approximately $400,000.
12
84,000
1918
4
__
$11,833
22
154,999
-Bonds Offered.
-George 1919
Martel Mills, Inc., New York.
40,000
8
-14
140,228
1920
37,500
8
-H. Burr & Co., Hambleton & Co. and Peabody, Houghteling 1921 mos.)
4
-58,800
Inc. are offering at 95.55 and int., to yield about 1922 (6 present time the company 6 paying a cash dividend18,000 rate
& Co.,
at the
is
-Year 7% Cony, gold bonds,
At the
$2,000,000 1st Mtge. 15
quarterly. The directors expect at their
7M70,
of 12% per annum, payable
next meeting to declare a 12% stock dividend, payable in semi-annual
Series "A."
installments of 6%, said dividend, to be paid out of its present surplus
1937. 'tit. payable J. & J. in New Yor
Dated July 1 1922. Due July 1 F3dint.
be continued for a period of two years.
yi.t
.
%.19Red
deduction for any e eraldiantceomoneotrabxefujie Julo2 1 23 ,, of 2669,000 and to
City without
an
Balance Sheet as of May 311922.
all or part, on 60 days' notice onthereafter until Jan. 1 1937 at 10 ntfint
'
Liabilities
105 and int. and on any int. date o partof elapsed after.iiyy
Assets
to principalonl 1
T 5
s
Re or
$373,007 Preferred stock
less M of 1% for each 18 month gis
$450,000
Inventories
I 1923.
a Chase
945.310 Common stock
coupons $1,000 and $500 New York, trustee.
accts. receivable
980,000
Cash &
iv.
10,702 Notes payable_ _
National Bank of the City of
208,937
Preferred stock at the Notes receivable
7%
-Convertible into
38,061 Trade amens. payable_ _ _
Convertible.
21,461
of bonds until 30 days before re- Marketable securities_ __ _
15,252 Accounts payable
of 10 shares of stock for each 31,000 intt and dividends, and I
rate
Investments
399,153
to adjustment of interest
1,463,761 Accr. ins., int., &c
demption and subject
40,102
Common stock if converted on or before Land & buildings
value
addition 4 shares of no parconvert6d on or before March 311925; 2 shares Mach.& equip., less depre 205,855 Reserve for Federal taxes..
15,000
16,718 Mortgages payable'
March 31 1924; 3 shares if
285,000
1926; 1 share if converted on or before Deferred charges
Surplus
if converted on or before March 31Preferred stock only.
669,013
March 31 1927. Thereafter into
f
annual sinking fund pay-The mortgage will provide for or five years 3
Sinking Fund.
Total
$3,068.666
Total
yr
year
$3,068,666
and
ments commencing July 1 1923, to retire each
amount of bonds at any time -V. 115, p. 768.
each year thereafter 4% of the maximum
-Cable Alliance with All America Cables.
Mackay Cos.
-
SEPT. 2 1922.]
THE CHRONICLE
1107
bonds equal to even amounts of $100 of unpaid accumulated
Mutual Oil Co.—To Increase Stock—Acquisition.—
interest to
The directors have voted, subject to the approval of the stockholders, Sept 1 1922, upon said First Mtge 5% Gold Bonds For the unpaid into increase the authorized Capital stock from 3,000,000 shares to 6,000,000 terest in amounts of less than $100, the Metropolitan Trust Co will issue
certificates exchangeable), upon surrender, in even $100 amounts
shares, par $5.
for an equal
An official statement says: "It is not the intention to offer or distribute amount of First Mtge Sinking Fund Gold Bonds, 5%, Serie A, with unany stock at the present. time. Some of this stock will be issued to complete matured interest coupons thereto attached. Bonds in the principal amount
the exchange for shares of the Boston-Wyoming Oil Co. and the Western equal to the par amount of certificates issued will be deposited with and
Oil Fields Corp., in accordance with resolutions of the board of directors held by the Metropolitan Trust Co, New York, for exchange.
For example), under the above plan, each holder of a $1,000
heretofore adopted."
First Mtge
According to a report from Casper, Wyo., the Mutual Oil Co. will 5% Gold Bond will receive $1,200 of new First Mtge Sinking Fund Gold
Bonds, 5% Series A, together with a certificate in the
absorb the Iowa-Wyoming 011 Co.—V. 115, p. 315.
amount
which certificates, together with $30 additional in certificates, of $70,
will
New York Shipbuilding Corp.—Omits Dividend.—The exchangeable for a First Mtge Sinking Fund Gold Bond 5%, Series A,be
of
principal amount with
directors have decided to omit the quarterly dividend $100the holder of a certificate all unpaid coupons attached In the event
that
ofless
usually paid Sept. 1 on the outstanding 200,000 shares of certificates to exchange the same forthan $100 is unable to obtain additional
a new First Mtge Bond, then the interest upon the bond, held by the trust company exchangeable
capital stock, no par value.
for such
certificates, will
Chairman P. A. S. Franklin Aug. 28 writes in substance: "The directors bution pro rata be received by the trust company which will make distrito the holders of the certificates
have decided to take no action in the matter of declaring further dividends
The holders of the Second Mtge Bonds and the creditors of
the company
this year on the capital stock.
representing the above
"The corporation has so far •this year distributed to its shareholders event the First Mtge $507,222 of notes and interest have agreed (in the
in cash dividends $300,000, which is $1 50 per share [$1 on March 1 and Gold Bond) as follow.: bondholders will accept a new First Mtge 20
-Year
The Second Mtge Bonds will surrender their bonds,
50 cents on June 11, and the directors confidently hope that they will be with all unpaid coupons, and
accept in place thereof an amount of6% Pref
able to pay at least an equal amount during the year 1923.
Stock equal to only 80% of the face value of their bonds,
plus accrued inter"The company's cash position is satisfactory, it being practically the est thereon to Sept 1
same as given in the last annual report, issued Feb. 10 1922 [cash item, Stock, equal to only 1922 The Notes will accept an amount of6% Pref
60% of the amount of tneir claims, plus accrued
at Dec. 31 1921, was $6,019,953—Ed.]. The directors feel that in view interest thereon to Sept
1 1922
of the existing unsatisfactory condittosn in the shipbuilding industry, it
Upon the consummation of this plan, the capitalization
will be: Common
is to the interest of the stockholders that the present cash position should stock, $300.000; 6%
Preferred stock,
be very carefully protected.
Gold Bonds, 5%, Series A, $643,900 $402,300; First Mtge Sinking Fund
"The corporation now has on hand a sufficient amount of shipbuilding
Henry L
and other work, including fabrication of steel to practically assure the (with ErnestDoherty, A B Leach, John M McMillin, James M Daily
operation of the plant for the remainder of this year and all of 1923, and represent the H Johnson, See), have consented to act as a committee to
bond and note holders of the company with regard to
it is hoped that before the end of next year the shipping situation will plan. The Metropolitan
this
Trust Co., New York, will act as a depositary
matbrially improve and that new contracts will be secured to assure suc- and will be the trustee
under the new mortgage.
cessful operation thereafter."—V. 115, p. 552.
to deposit their maturing bonds, with all unpaid All bondholders are urged
politan Trust Co., 120 Broadway, N. Y.—V. coupons, with the Metro114, p. 2832.
New York Telephone Co.—Stock Plan.—
The company has addressed a letter to those who have arranged to
Pure Oil Co., Columbus, 0.—New Discovery Well.—
purchase American Telephone & Telegraph Co. stock through its offer
The company reports the discovery well in the now oil field
dated July 22 1922 apprising them ofthe new issue of$115.000,000 American flowing to tanks at
at Kosse,Tex.,
Telephone & Telegraph Co. stock and explaining their rights in the matter. Co.. in which the the rate of 12,000 barrels a day. The Humphreys Oil
Pure Oil Co. owns a 25% interest, control roughly
The letter further says:
6.200
acres of leases in all directions from the discovery well.
"Those who have purchased American Telephone & Telegraph Co. stock
The Humphreys well, which
under our Option A plan but who have not yet paid for it in full are not mile north of Kosse, is owned is on the Jones tract and approximately a
stockholders of record but may become such at the close of business on because its owners preferred in fee by the company having been purchased
sale rather than lease. The probable extent
Sept. 8 1922, if they will make payment for their stock now due and for of the new Kosse pool cannot
be told until future drilling operations can
which bills have been mailed by Sept. 2 1922.
establish the trend of the underground structure.—
V. 115. D. 996.
"Shares of American Telephone stock purchased under our installment
plan, Option B,will not be recorded on the books of the American Telephone
Quincy Electric Light & Power Co.—Notes Called.—
& Telegraph Co. in the names of the purchasers until after all installments
All of the outstanding 7% 10
have been paid. Installment purchasers at the close of business on Sept. 8
-year coupon gold
have been called for payment Nov. 15 at 104k notes, dated May 14 1921,
.
1922 will not therefore be entitled to receive subscription rights.
and int, at the American
'However, arrangements have been made with the Bell Telephone Trust Co.. Boston.—V. 115, p. 996.
Securities Co. whereby the subscription rights attaching under this issue
Remington Cutlery Works, Inc., Bridgeport, Conn.—
to the number of shares then being paid for will be sold, and the proceeds
The Mechanics & Metals National Bank, Now York, has
credited to the purchasers under Option B as of Sept. 8 1922."—V. 115,
been appointed
Trustee under a first mortgage securing an issue of
p. 877, 654.
$3,000,000 of bonds.—
V. 115, p. 82.
Oil Lease Development Co.—Development Progress, &c.
The Field Manager of the company. which has aqcuLred the right to
develop about 12,000 acres of undeveloped oil leases owned by Middle
States Oil Corp. in the Mid-Continent field, announces that rapid progress
is being made on the 2 wells it is drilling in Kansas. It has acquired full
leases on 800 acres adjacent to these wells. Location also has been made
for a well on 100 acres in the Electra field, Texas. The preferential right
of Middle States Oil shareholders to subscribe to the 8% bonds of Oil
Lease Development, with a bonus of the latter's stock, expires on Sept.
5 1922. Compare Middle States Oil Corp above and V. 115, Ps• 768.
Republic Iron & Steel Co.—Trade Commission Holds
Pending Merger Illegal—Attorney for Companies Declares
Ruling Will Not Prevent Merger.—The Federal Trade
mission in a formal statement issued Aug. 31 chargedComthat
the proposed Midvale-Republic-Inland steel merger is an
unfair method of competition in violation of Section 5 of
the Federal Trade Commission Act.
A peculiar situation has resulted from the
Oklahoma General Power Co.—New Power Plant Started.
issuance of the complaint in
Construction work on the new generating station of the company has that one branch of the Government charges that the proposed mergers are
been started by the Byllesby Engineering & Management Corp., following unfair under the Trade Commission Act, while another branch, the Department of Justice, has given the steel mergers a
completion of arrangements with the Frisco RR, to provide switching
clean bill of health under the
facilities for handling construction materials. The plant is located on the Clayton and Sherman Anti-Trust Laws. On July 21 Attorney-General
Arkansas River, near Muskogee, and will have an initial capacity of 10,000 Daugherty, in response to a resolution of inquiry, reported to the Senate
that under the Sherman and Clayton Acts
h. p. It will be so constructed that economical expansion will be possible
there was not the slightest ground
as additional generating capacity is required to accommodate new business. for belief that restraint of trade or monopolistic control would
result
Transmission line connection will be made between the new station and the proposed mergers. (See V. 115, p. 602.) Mr. Daugherty held from
that
instead of restraining trade the mergers
the existing distributing systems of the Oklahoma Gas & Electric Co. and
were calculated to result in a
the Ft. Smith Light & Traction Co. which already cover extensive terri- furtherance of trade.
The gist of the complaint is that the Federal
tories. The plant will be operated under a long term lease by the Oklahoma
Trade Commission, after
Gas & Electric Co., which owns upward of 90% of the Capital stock of the preliminary inquiry, has reason to believe that the merger or consolidatioa
n
of these three competing steel companies, which
company. See also V. 114, p. 1660.
will centre the
some 35 independent companies in one group, will eliminate control of
competition
Pacific Development Corporation,—Loan Extended.— between the companies and will tend to create a monopoly in iron and steel
The company's loan of about $4,500.000, maturing Sept
1922, and products in Pennsylvania, Ohio, West Virginia, Kentucky, Indiana,
secured by $5,500,000 Chinese Government notes, have been1indefinitely Michigan and Illinois.
Thomas L. Chadbourne, counsel for the bankers and
extended —V 115. p 864
steel companies
interested in the three-company steel merger, said
report would in no way affect the plan for merging that the Commission's
Pacific Gas & Electric Co., San Francisco.—Stock.—
the companies, and that
the necessary steps would be taken to make the plan effective.
The company is offering its Preferred stock
per share, yielding 6.86%. The stock may be to its customers at $87 50 of the sponsors for this combination will be based upon the The action
purchased and paid for in by Attorney-General
ruling made
one amount, or in easy installments of $5
Daugherty in July, giving the combination, as well
share per month, after initial as the Bethlehem
installment of $7 50 per share. Interest per6%
-Lackawanna deal, a dean bill of health, declaring that
at
pany on all installments.—V. 115, p. 996, 768. per annum paid by com- they in no way violated the Sherman Anti-Trust Law or the
Webb Acts. The following official statement was issued from Clayton or
Mr. ChadParke, Davis & Co., Detroit.—Extra Dividend.—
bourne's office:
"Inasmuch as the
An extra dividend of 4% has been declared on
capital stock. par posed merger and all Attorney-General has reported favorably on the pro$25. in addition to the regular quarterly dividendthe 4%, both
of the eminent counsel whose opinion has been sought
of
Payable have approved the project as entirely legal, the three
Sept. 30 to holders of record Sept. 20. An extra of like amount was
interested concerns
in June and in Dec. last, while in June 1921 2% was paid extra.—V. paid have authorized me to announce that they intend to proceed with the neces114, sary steps to make the
P. 2477.
project effective."—V. 115, p. 553.
Peabody Coal Co.—Takes Over Erie Mines.—
The company, it is stated, has taken over under a long-term contract
operation of 10 bituminous coal mines of the Erie RR. near Dubois and •
Bossburg, Pa., with present yearly capacity of 1,750,000 tons, which will
be expanded to 2,500.000.—V. 113. p. 1258.
Roanoke Mills Co., Roanoke Rapids, N. C.—Control.--
See Rosemary Manufacturing Co. below.—V. 114. P.
860.
Rolls-Royce of America, Inc.—Status—Outlook, &c.—
Aldred & Co., New York, in a letter to the Preferred sharePhiladelphia Insulated Wire Co.—New Vice-President. holders dated Aug. 28, say:
Harry H. Stubbs has been elected
Vice-President in charge of production
and manufacturing.—V. 115, p. 444.
Piggly Wiggly Stores, Inc., Memphis, Tenn.—Earns
Results for—
Sales
Cost of goods sold
2nd Quar.'22. 1st ()liar. '22. Total6 Mos.'22.
$6,493,049
$6,701,803
$13,194,852
5,374,554
5,567,060
10,941,614
Gross profits
Other income
$1,118,495
119,395
$1,134,743
42,821
$2,253,238
162.216
Grass income
Operating, &c., expenses_ _ _ _
Depreciation
Interest paid
Miscellaneous
$1,237,890
923,740
62,293
3,346
$1,177,564
823,365
61.044
7,252
22,620
$2,415,454
1,747,105
123,337
10.598
22,620
$248,512
$263,283
$511,795
Profits
115, p. 655.
Pueblo Gas & Fuel Co.—Refinancing Plan.—
A circular dated Aug 21, issued to the holders of the first mtge 5s due
Sept 1 1922, says in substance:
The company now has outstanding the following obligations:(1) $507,000
1st Mtge Sinking Fund 5% Gold Bonds;(2) $136,890 of accumulated and
unpaid interest upon said bonds to Sept 1 1922: (3) $100,000 5% Sinking
Fund Gold Bonds (Second Mortgage):(4) $22,500 unpaid and accumulated
Interest upon said bonds to Sept 1 1922; (5) $507.222 promissory notes,
including interest, to Sept 1 1922
A plan has been prepared to rearrange and refinance the obligations of the
company, which is outlined as follows:
Holders of the First Mtge 5% bonds will receive new First Mtge Sinking
Fund Gold Bonds 5% series A,equal to the principal amount of First Mtge
5% Gold Bonds now held by them, together with a principal amount of new
So many of the Preferred shareholders have written to the management
and to ourselves asking information about the present and future
of the company that we as the company's fiscal agents consider itprospects
at this time to write generally to all the shareholders concerning theclesir stale
development and progress of the enterprise.
Having in mind the abnormal business and industrial conditions through
which the company has passed in the Initial stages of its development
we
feel that its progress has been remarkable and that it is to-day upon
a
thoroughly sound basis having reached a period in its development
where
it is in a position to reap the fullest advantage from the bettering of business
conditions.
The real problem in the development
Rolls-Royce of America Inc.,
has been the building of a chassis equal in of
mechanical perfection
manship to the famous car produced by the Rolls-Royce ofand workEngland.
We are completely satisfied that this problem has been solved and that the
product of the plant at Springfield is in every respect the equal of
the
English chassis. The first chassis was produced in Jan. 1921. Since that
time over 350 American built Rolls-Royce cars have been sold and are being
operated in this country. An examination of the careful record kept of
its sales indicates complete satisfaction on the part of the purchasers of all
of its cars. There is no question therefore as to the ability of the American
company to produce a car that embodies the highest art of the American
mechanic and equal in every respect to the English made car.
The company reached maximum production a year ago last June only
to experience, in common with all other industrial corporations, what in
effect was a buyers' strike. The management wisely reduced the operating
force, and took advantage of the situation to perfect the organization
a view to greater efficiency and an increase in the scheduled output. with
The
building up of the sales organization was pressed so that now the company
has branches or agencies in most of the larger cities of the United States.
In March the price of the chassis was reduced, and since that time the
sales have increased month by month until at the present time the
company's unfilled orders are such as to tax the capacity of the plant for
the
remainder of the year.
THE CHRONICLE
1108
[VOL. 118.
Bonds may be presented for conversion at any time prior to the redempBeginning the second quarter of the year the company has earned a
Central Trust Co. of Illinois. Bonds
profit each month after paying all fixed charges and setting aside very tion date at the transfer office of theon Sept. 1 1922 either at the Central
may be surreadered for redemption
depreciation.
substantial
business Trust Co. of Illinois, 125 West Monroe St., Chicago, Ill., or at the Chase
A careful study and analysis of every phase of the company's
-V. 115, p. 554. 866.
justifies the following conclusion: that the company with its present equip- National Bank, 57 Broadway, N. Y. City.
ment can manufacture 10 cars a week; that in view of the fact that the
-Receivership.
Supreme Motors Corp., Warren, 0.
in
Rolls-Royce car has no competition in its field there will be no difficulty
N. A. Wolcott, Warren, has been appointed receiver by the Federal
selling the entire output of the plant that with a comparatively insignificant
-V. 111, p. 1860.
the output can be raised to 750 cars per Court at Cleveland.
capital expenditure for equipment
year, and a survey of market possibilities indicates that this number of cars
-Federal Trade Commission Order.
Swift & CO.
can be readily disposed of under ordinary business conditions.
Regarding the Federal Trade Commission comniaint on the acquisition
The company's present cash position is good, and there seems little
by Swift & Co.. Louis F. Swift says:
of the Moultrie and Andalusia plants
question of its ability to show substantial earnings from now on.
and did not tend to create
On the basis of the manufacture and sale of only 8 cars a waek the com- "The effect was not to restrain commerce,
monopoly; in fact, agricultural and business life of this section was stimuto dividends
P
lated and improved by that purchase. Evidence did not disclose violation
wilC1
on
__ferre stock
et
Mall pOrnofIrisagslii:alli:
Commission Act. The
wilearnd
with a fair margin after allowing for all charges and for interest and of either the Clayton Act or the Federal Trade
Chambers of Comsinking fund requirements. In our judgment the future of the enterprise Commission denied the Moultrie and the Andalusia the opportunity to
merce, consisting of leading citizens of those districts,
-V. 115, p. 769, 643.
now seems assured.
plants
show the beneficial effects resulting from the acquisition of these
-Bonds by Swift & Co." See V. 115, p. 997.
Rosemary Mfg. Co., Roanoke Rapids, N. C.
Interest
,
the
Sold.
-Otis & Co., Tucker, Anthony & Co. New York,
and Wheat, Williams & Co. Inc., Richmond, Va., have
-Year 772% Sinking
sold at 100 and int. $1,500,000 15
Fund Secured Gold Bonds. (See advertising pages.)
Dated Sept. 1 1.922, due Sept. 11937. Int. payable M. & S. at Otis
Safe Deposit Co., Cleveland, 0., American National Bank, Richmond, Va.,
and Equitable Trust Co., New York, without deduction for Federal normal
-mill tax refunded.
Income tax up to 2%. Penn. 4-mill tax and Maryland 4
Guardian Savings & Trust Co., Cleveland, trustee. Denom. $1,000,
.
$500 and $100 (c*) Callable all or part on any int. date on 30 days' notice
at 1073.6 and int. on or before Sept. 11923, and at a premium decreasing
36% for each succeeding 12 months until maturity.
Data from Letter of Pres. Samuel F. Patterson, Aug. 28.
Company.
-Organized in 1902. Manufactures a complete line of highgrade cotton table damask-table cloths, napkins and yardage. It is the
world's largest damask mill, producing 60% of all damask made in the
United States. Company has the exclusive rights to use the Basco process
In the manufacture of cotton damask whereby a tub-proof, non-linting,
linen finish is given to our product. This puts the company in a noncompetitive field. The products are sold to more than 800 jobbers and
customers throughout the county. Property consists of 3 complete mills
equipped with 44,528 spindles and 1,276 Jacquard looms. In addition to
the mill buildings there is a central power plant and a village capable of
housing all of the help.
Company controls through ownership of a majority of its Common
stock the Roanoke Mills Co., organized in 1898, also located at Roanoke
Rapids, N. C. This company operates 2 mills manufacturing cotton
flannels, equipped with 52,990 spindles and 1,500 looms, with the accompanying dye houses and finishing equipment. Combined production of the
two companies exceeds 1,000,000 pounds of cloth per month.
-A direct obligation of the company. In addition the bonds
Security.
will be secured by a pledge with the trustee of 15,240 shares of a total
authorized and outstanding 30,000 shares of Roanoke Mills Co. Common
stock,having a book value,exclusive of patents and good will, of $1,759.686.
Earnings (of Company Alone) Years Ended Dec. 31.
1921.
1920.
1919.
1918.
1917.
1916.
Net earnings_ _ _ _$592.772 $483,369 $311,510 $481,016 $774,406 $804,660
Depreciation ___ 96,385 95,138 101,442 120,732 130,875 141,726
31,671
61,290 123,594 141,682
9,704 67,851
Federal taxes_ _ _
Balance, surplus 486,682 320,379 178,396 299,024 519,938 521,252
For the first six months of the current year the net earnings of the company, after depreciation, but before Federal taxes, were $333,457.
The above figures do not include any earnings on the controlling interest
in the Roanoke Mills Co., to be acquired with the proceeds of this issue.
Earnings of the Roanoke company for the last 5 years have averaged, after
depreciation and taxes, $310,973. This is equivalent to 7.11% on the
present outstanding Common capital stock of $3,000,000, after all charges
and olvidends on Preferred stocks.
-A sinking fund, payable semi-annually, beginning Sept. 1
Sinking Fund.
1923, provides for semi-annual redemption of bonds of this issue by purchase
or call as follows: $50,000 a year for the first two 3rears: $75,000 a year
for the next two years; $100,000 a year for the next five years; $125,000 a
year for the next three years, and $150,000 a year thereafter.
-The acquisition of tne controlling interest in the Roanoke
Purpose.
Mills Co.
Condensed Balance Sheet June 30 1922 (Adjusted to gire effect to present
financing).
Liabilities
Assets
Plant, equip., real estate_$4,147,176 Accounts payable
$83,858
470,000
Prepd. discount, int. & ins 161,087 Notes payable
Stocks of other companies 1,693,609 Accrued taxes
177,861
13,417 15
-Year 7%% bonds
1,500,000
Patents
80,284 7%% Preferred stock_ __ _ 1,378,700
Other assets
380,558 Common stock
3,800,000
Accountsreceivable
539,381 Surplus
1,206,991
Cash
14,268
Bills receivable
Total (each side)
1,587,640
$8,617,411
Inventory
-V. 110, p. 771.
-Capital Increase, ctc.
Salmon Falls Manufacturing Co.
the
The stockholders Aug. 29 increasedThe authorized Common stock from
stockholders also authorized the
$1,200,000 to $1,400,000 (par $10).
directors to sell any land and buildings owned by the company which in
manufacturing purposes.
their judgment are not needed forfinance the re
is to
-development and increase
The object of the stock issue
there is
of additional water power. At present new about 1,200 h. p. developed
arrangement that 3,000 h. p
at the mill, and It is expected under the
will be developed.
Comparative General Balance Sheet.
LiabilitiesJuly, 1 '22. Jan. 1 '22.
July 1 '22. Jan. 1 '22.
Assets$1,230,000 $1,200,000
Real est. & mach'y $959,986 $957,593 Capital stock
825,818 Notes payable____ _ 902,500
695,000
Mdse. & supplies_ 793,430
487,594 Accounts payable_
79,171
Cash & acc'ts rec_ 835,080
83,200 Unpaid payroll__ _
83,200
Investments
Reserve for taxes_
1:126
38,033
44 075
Other reserves_ _ _
35,000
66,573
Profit and loss_ _ _ _ 378,251
386,172
Total(each sIde)$2,671,696 $2,354.205
-V. 110, p. 1856.
-Purchases Transmission Line.
Co.
Tennessee Power
purchase by
The Tennessee RR. & P. U. Commiscdon has approved the
Knoxville, Tenn.,
the company of a transmission line from Maryville to company to issue
21 miles long. The Commission has authorized the
-V. 115, p. 317.
$250,000 of bonds to cover part of the purchase price.
-New Subsidiary Company Organized.
Company.
Texas
in Colorado
The Texas Producers Co., a subsidiary, has been organized said, handle
it is
with an authorized capitalization of $1,000,000, and will,770, 554.
-V.115. p.
Texas Co.'s production in the Northwest.
the
-Transfer Agent, &c.
Timken Roller Bearing Co.
of
The Guaranty Trust Co. of N. Y. yes been appointed Transfer Agent of
Bank
1,250,000 shares of Capital stock, no par value. The Nationalp. 997.
Registrar. See offering in V. 115,
Commerce has been appointed
Toledo (0.) Automatic Brush Machine Co.
the LibbeY
It is stated that interests prominent in the Owens Bottle Co., of Toledo,
Owens Sheet Glass Co. and the Kent Owens Machine Co., all Co. This
Automatic Brush Machine
0., have incorporated the Toledo
machines.
company is planning to manufacture new automatic brush-making
-Redemption of Pref. Stock.
Co. of Conn.
Torrington
retired Oct. 1
All of the outstanding Preferred stock, par $25, will be
& Co. of
at $31 25 and divs. Payment will be made by Kidder, Peabody
-V. 115, p. 879.
Boston.
Cast Iron Pipe & Fdry. Co.-Pref. Div. Prospect.
U. S.
called
W.T. C. Carpenter, let V.-Pres., says: "My attention has been
company. It
to the widespread published announcements regarding theaffirm or deny
of the company to
has never been the hope nor the habit
so
published information concerning its affairs, but the recent reports are
grossly incorrect and are so likely to engender false hopes as to warrant
official denial.
in
"The statement that the company's present earnings are the largest
this
its history has no basis of fact whatever. The company's operations
as shortage of labor,
year have been attended with many difficulties such
the nonstrikes and serious interference with operations on account of product.
finished
delivery of raw materials and inability to adequately ship in the near future
"It has been stated that it would not be surprising if
there is no
the Pref. stock was to be put on a 7% basis. In my estimation 7% in the
likelihood of the Pref. stock dividend being increased from 5% to warrant
not
near future. The company's present earnings and outlook do
any such expectations.
statement made that the company will soon be deriving large
pipe
revenues from the manufacture by the De Lavaud process for making be a
undoubtedly
is also not likely to be realized. This new process will new pipe in any
this
success, but it will take considerable time to produce earnings.
quantity which would make any particular showing in
affairs which
"There is nothing in the situation concerning the company's own against
hold its
would lead to discouragement as the company hopes to
do not enpresent difficulties, but, on the other hand, present conditions who invest
those
gender any new hopes for a more satisfactory return forat present.
obtain
in either the Pref. or the Common stocks than account of the non-receipt
"At present the Chattanooga plant is closed on
running to one-half capacity
of raw materials. The Pittsburgh plant is only
The Anniston plant is
and may be compelled to shut down completely.supply at the Addyston
verge of closing, and unless the iron
also on the
be compelled to suspend operations
plant is increased that plant also may
-V.114, p. 1774. 1176.
for a time."
--New Vice-President.
U. S. Light & Heat Corp.
-V. 115, p. 997.
H. A Matthews has been elected a Vice-President.
-To Pali Bonds.
Utah Securities Corporation.
of
The $6,952.000 6% bonds, due Sept. 15, will be paid off at office
-V. 115, p. 191.
Guaranty Trust Co., New York.
-Report New Control.
Vanadium Corporation.
It was reported in the financial district this week that negotiations are in
progress which, if consummated, will mean a change in control. The
negotiations, it is said, are not in shape for announcement but are proceeding
-V. 115, p. 555.
smoothly with a very good chance of success.
-Denies Offer
Ventura Consolidated Oil Fields, Ltd.
To Sell Holdings.
,
agreed to pay 1131
In connection with advices that "Pacific 011 has
per share for the Lapham and Coolidge holdings of Ventura Oil, W.
H. Coolidge. a directors, says:
"Neither I nor Mr. Henry G. Lapham have ever made any proposition
at
to sell our stock in Ventura Consolidated Oil Fieldsthe $31 per share to
men who control
the Pacific Oil Co. or any other oil company. And
to the same
the Ventura Co. have always maintained and still adhere at any price
policy that they will never sell the control of the companyequal chance
whatsoever, without having every stockholder given an
with the majority owners and without having any offer for sale or change
acceptance or
of control going to every individual stockholder for his
rejection.
to
'The report that Coolidge and Lapham have offered to sell, agreedthe
to
sell or have negotiated to sell their stock in Ventura Consolidated
other oil company at $31 per share is absolutely
Pacific Oil Co. or to any
-V.115, p. 770, 54.
false."
Co.,
-Guaranteed Notes OfVermont Hydro-Electric Corp.
Sears, Roebuck &Decrease ChicaTo.-Auiust S2le.1922 8 Mos. 1921
Decrease.
1922. Aug. 1921
-A. C. Allyn & Co. Chicago and New York, are
. .376 12.569,004$5,664,628 fered.
$1
$321.240 $106 904
$12.156,190 $12,477,430
offering at 100% and int. $100,000 One-Year 7% gold notes.
-V. 115, p. 878, 655.
Electric Co.
-Merger.-....
A circular shows:
Sioux City (Ia.) Gas &
1 1923. Denom. $1,000, $500 and
Dated Sept. 1 1922. Due Sept.
days' notice, at 101A and int. to
$100 (c*). Red. at any time, upon 30
Incl. May 31 1923, and 100 and
and incl. Feb. 28 1923: 101 and int. to andSeaboard National Bank, N. Y.
int. thereafter. Int. payable M. & S. at
for normal Federal income tax not to exceed 2%.
City, without deduction
Guaranteed as to both principal and interest by General Gas & Electric Co.,
entire outstanding Common stock.
-Definitive Bonds.
& Light Co.
Southwestern Power of N. Y., announces that the definitive 6% owner of the-Owns and operates 4 hydro-electric plants located at Rutland
Properties.
The Central Union Trust Co. 1 2022, are now ready for delivery. See and Cavendish, Vt.; Carver's Falls, N. Y., and Claremont, N. H. Also
March
gold debenture bonds due
operates, under a 50-year lease, a power plant at Menden, Vt., and controls
offering in V. 114, p. 1295.
through a long term contract the entire output of the Pittsford (Vt.) power
Ky.-Dividend Rate Increased.
of these plants is 16,450 h. p. Through a system
plant. Combined
Standard Oil Co. ofdeclared on the new stock, par $25, payable Including 212 milescapacity tension transmission lines and a number of subof high
A dividend of 5% has been
aid
pal July
stations, all plants are interconnected: Population served (eat.), 100,000.
Sept. 15. This conipapreswgiutharte%rly
Oct. 2 to holders of record dividends of 3% each
-For cal. years 1919, 1920 and 1921, net income, including
Earnings.
from
last on the new stock and $100 stock, which was exchanged early in April component companies for 1919, after int. on its 1st Mtge. bonds, averaged
1917 to April 1922 on the old325 par stock for each $100 share held. Stock- $105,213. This is more than the entire principal amount of this note issue
Comon the basis of4shares ofnew
1-3% stock dividend. V.114,p.2368. and at the rate of over 15 times interest requirements of this issue. Oct. 1
holders in April last also received a 33
pany has now outstanding $1,881,500 of 1st Mtge. 6% bonds due
-Bonds Called.
- 1929.-V. 111, p. 598.
Speedometer Corp.
-Warner
Stewart
lmbo l04 j ock
Sept.dtah sede atnrds inlan iut
s,
a ch
.
o9ds2t1
b
-Bank Loans, Sales, &c.
(V.) Vivaudou, Inc.
The corporation has
redemptionetlled8%forcony.gold bonds, dated
Official announcement is made that the company on Aug. 29 paid off
all of its outstanding 5-year privilege of converting
bondholders have the
the last of its bank loans and acceptances.
The
$1.000 bond. The stock at the
Sales so far this year are reported as 43% ahead of last year and earnings
at the rate of 25 shares of stock for each $15 per share, the equivalent of
for the year are estimated at between $2 and $3 per share after liberal
Present time is selling for approximately
$1,000 bond.
$1,125 per
Ia., at a special election Aug. 28 approved
The voters of Sioux City,
plant and transmission system of the Sioux
the merger of the electric and .electric system of the Sioux City Gas &
the gas
City Service Co. with
had the approval of the City Council of
Electric Co. The consolidation
-V. 114. P. 2726.
submitted to the voters.
Sioux City before it was
SEPT: 2 1922.]
TUE CHRONICLE
1109
provision for depreciation, &c. New business continue
s to come in at a is in excellent financial condition
highly satisfactory rate and it is pointed out that
, with no liabilities except current acthe year are usually the best because of the holidaythe last three months of counts, and has a strong net quick asset position, providing ample
season.
working
capital for the conduct of its business.
The company has completed arrangements with the
U. S. Industrial
A very favorable opportunity is now presented to
Alcohol to handle the distribution and sale of Alcorub
acquire gtock ownerfor the entire Pacific ship of this property and
Coast.
-V. 114, P. 2251.
business. The stock of the American company
Is about to change hands and the purchasers propose
to organize a new
corporation in Delaware which will take
Vulcan Dotinning Co.
the business and substantially
-Report for First 6 Months.
all the property of the present company over assume
and
further propose to finance their purchase in part its liabilities; and they
Results for 3 and 6 Months ending June 30.
through an issue of $1,500,000 20
-Year 79" First Mortgage bonds of the Delaware
company
to be sold to the public through responsible banking houses.
1922-2d Quar.-1921.
1922-6 Mos.-1921.
They have
Bales
$396,902
$290,197
$712,966
$633,687 offered, on completion of these transactions, to sell all of the capital stock
Inc.or dec.in inventories dec.40,445 inc.37,197 dec.48,0
of the Delaware company on terms which, in the opinion
48 dec.94,984 after
of your
Other income
careful investigation of the property, business and financial directors,
10,539
4,901
18,747
7,966 of the present
American company, will make the purchase a very condition
desirable
Total
one for us.
$345,918
$332,295
$683,665
$546,669
Costs & gen. expenses_ _
In order to carry out this purchase, it is proposed
325,375
307,100
616,808
590,741 Spencer
that
Res. & other expenses_ _
6,573
Steel Corp. Issue its $1,775,000 10-Year 73 % notes,the Wickwire
23,523
10,366
23,523 by pledge
to be secured
Pref. dividend (2% %)-of the stock purchased (namely, all the
42,339 posed
Delaware company), and to be convertible capital stock of the proBalance, surplus
the Wickwire corporation at prices ranging from into Common shares of
$35,049
$1,672
$56,491 df$109,934 cording
$21 to $30 per share, acto the date of conversion; the balance of the necessar
y funds to be
Balance'Sheet June 30.
provided by the issue and sale of additional Common
shares of the corporation.
__
1922.
1921.
1922.
1921.
Under the terms of the offer, the purchase price
Assetsmay be paid either wholly
in cash or partly
Plant & equip_ _ _ 1,485,003 1,599,290 Preferred stock__
1,500,000 1,500,000 It is expected thatin the above notes and partly in cash. In either event,
Pats.,g'd-wIll,&c_ 4,407,569 4,407,569
the notes
Pref."A"stock_ 919,400
919,400 a banking syndicate and a will be distriubted at once to the public through
Cash
110,406
79,022 Common stock __ _ 2,000,000 2,000,000 syndicat
contract already has been made with such a
e.
Inv.in U.S. Govt.
Corn. "A" stock__ 1,225,800 1,225,800
Contracts also have
securities
208,216
217,650 Acc'ts payable..._
77,126
87,143 needed to provide the been made for the sale ofthe amount of Common stock
Accts.receivable_ _ 152,510
balance of
76,526 Notes payable_
150,000 of the corporation subscribing forthe purchase price, certain of the directors
Advances
21,415
16,796 Div.scrip payable
a portion of the stock in order to complete
42,340 the necessary amount.
Inventories
377,839
487,717 Res.for taxes,&c_ 103,202
147,436
In connection with
Cont.&
284,998 financing, the holders this transaction and to facilitate the Common stock
Total(each side) 6,762,957 6,884,570 Surplus def.lie)).. 8284,998
of the present 80,000 Class A Common shares of this
652,431
527,454 corporation have consented to
a Obligations payable if and when dividend
exchange these
arrearages, amounting to shares, thus permitting the retirement of all shares for 120,000 Common
31%, are paid upon the Preferred stock other
the Class A shares and
than Preferred stock "A."
- ducing the cumulative dividends charges prior to the Common sharesreV. 114, p. 2368.
to
the extent of $320,000 a year.
When the present Common stock was issued, the
Wagner Electric Corp., St. Louis.
laws
did not provide for shares without par value, and accordin of Massachusetts
-Financial Reorg.gly a nominal par
A letter to the stockholders of the Wagner
value of
Electric Mfg. Co. Aug. 16 permitti $5 was adopted. Since that date a new law has been enacted,
says in brief: There were represented at
ng stock of no par
the
Aug. 4 92% 53,597 shares of the total outstand stockholders' meeting of vantage of this law now, in value and it is deemed advisable to take adconnection with the other changes required at
ing 58,277.7 shares of the
capital stock. Propositions to issue
$2,500,000 7% bonds and to sell the this time.
property and assets of the company to a
Present and Proposed Capitalization of the Wickwire Spencer
new
shares of stock in such new corporation were corporation in exchange for
Steel Corp.
adopted and approved. The
complete reorganization contemplated was
Present
Proposed
'various steps that have been taken may effected as of Aug. 11 1922. The
Authorized. Outstandina. Authorized. Outstanding.
be summarized in the following 1st Mtge.7s
general statements:
330,000,000 $13,228,000
1st Preferred shares,89" $10.000,000 $7,725,000 $30,000,000 $13,228,000
The financial reorganization plan (V. 114,
$10,000,000 $7,725,000
sale of $2,500,000 1st Mtge. 7% bonds by p. 2727) contemplated:(1) The Class A Common(ParS5) 80.000 shs. 80,000 shs
(the old co.). (2) The sale of $1,500,000 the Wagner Electric Mfg. Co. Common shares(par $5) 250,000shs. 250,000shs
7% Cum. Pref. stock by the 10
-Year 73 % Convertible
Wagner Electric Corp. (the new co.), incorp.
$1,775,000 $1,775,000
in Del. July 28 1922. (3) The Common shares(no par) notes
issuance by the new company of 20,000
600.000shs. 600,000shs.
Of the 350,000 new Common shares, 120,000 will
stock to accomplish the refinancing and shares of no par value Common
be used to retire the
reorganization of the company. Class A shares and 88,750 shares
(4) The plan also contemplated the payment by
will be reserved against the possible conthe
old company of 58,287.7 shares of its no par value new company to the version of the notes. Authority will be asked for the issue and sale
of
Common stock in con- the remaining shares, a portion to be
sideration of a transfer from the old company
sold at once for the purpose
the physical and operating assets and property to the new company of all of forth and the balance from time to time as required for other above set
of all kinds, and the assump- purposes.
corporate
-V. 115, p. 881, 771.
tion by the new company of all indebtedness
(including $2.500,000 bonds)
and obligations of the old company; these 58,287.7
shares of Common stock
Winchester Repeating Arms Co.
of the new company to be exchanged share for share
-Annual Report.
Earningsfor Six Months Ended June 30 1922 -Semi
of the old company for the stock held by them in the with the stockholders
and
[As filed with the New York Stockfor Calendar Year 1921.
of the proceeds of the sale of bonds and Pref. stock old company. (5) Out
Exchange.]
the entire outstanding
bank obligations of the old company to be paid
1st Hair22. Cal.Year'21.
Sales
All of these steps have been accomplished as in full.
$6,588,013 $11,835,050
now stands in the treasury of the old company of Aug. 111922, and there Cost of sales
4,701,308 8,706,693
the 58,287.7 shares of Common stock of the new company, and the new company
has taken over the
Gross earnings from operations
practical operation of the business and has
$1,886,705 $3,128,357
assumed all of its assets and all Selling and general expenses
of its liabilities.
,including depreciation 1,483,362
2,743.188
Interest on bonds and bank loans
With the consummation of the reorganiz
ation plan the new company
459,844
925,393
finds itself in strong financial condition, having
Loss for period
for current merchandise accounts, which as of no indebtedness other than
this date are approximately Deduct-Proportion
$56,501
$540,224
$350,000 and payment of which is not due.
applying to stockholders of
Compare V. 115, p. 998.
subs'diaries other than Winchester
Rep.ArmsCo.
3,989
55,120
Watson Products Corp.
-New Company.
Net consolidated loss
Judge George W. Ray of U. S. District
$52,512
$485,104
Court at Syracuse, N. Y., has
Consolidated Balance Sheet June 30
approved the plan for the transfer of
1922 and Dec. 31 1921.
the assets of the corporation to the
new Watson Truck Corp. and the issuance
June 30 '22 Dec. 31 '21
June 30 '22 Dec. 31 '21
Assetsstock of the new corporation to creditors in of Class A 7% Cumul. Pref.
$
e
Liabilitiespayment of their claims aggre- Plants, equip., &cal5,451
$
$
gating $550,000. The Watson Products Corp.
,229 15,365,805 Common stock_ _10,000,000
went into receivership in Cash
10,000,000
Feb. 1921.-V. 112. p. 478.
284,790
385,752
Acc'ts & notes rec_x3,242,818 2,082,439 Accounts payable_ 1,387,204
819,906
Notes payable_ _ __ 405,813
yMarketable secur. 137,594
Wayagamack Pulp & Paper Co.
137,594 Bank loans
-Listing.
Inventories
-12,052,806 11,161,768 Accrued interest__ 4,762,623 3,481,880
The company has applied to the Montreal
139,588
159,755
6,350
Stock Exchange for authority Inv. in outside cos.
6,409 Accrued taxes_ _ _ _ 318,497
to list $1,500,000 additional 6% 1st Mtge. Sinking
z Exp.for dev., &c 3,780,964 3,661,655 Due
199,381
Fund gold bonds of 1912, Unamort.
to attn. cos__ 172,059
due Feb. 1 1951, making the total applied for
bd.disc. 491,497
$5,000,000. For offering of
505,313 Res've for conting_ 1,117,654 1,120,820
$1,374,500 of these bonds see V. 114,
Prep'dint.,ins.,&c. 322,242
p. 1662.
171,296 Other reserves_ _ __ xx999,732 1,036,146
Wayland Oil & Gas Co.
Total(each side)_ _35,770,289 33,477,519 let M. 20-yr. nis 6,860,000 7,000,000
-Dissolution.
Surplus
9,607,118 9,659,630
Alfred Dryer and J. F. Caulfield, trustees
in dissolution, Aug. 19 ana Plants,land and buildings
nounced: "It is expected that within the
next 30 days the trustees will be less reserve for depreciation , machinery and equipment.&c.,$22,850,717;
able to distribute final liquidating dividend. This
of$7,399,488. x Including $3,171,612
dividend will amount to receivable and 3107.631
accounts
10e. per share and will bring the total
payments made to stockholders to posited as security for notes receivable; less reserve of $36,425. y De$5 51 per share in winding up the affairs of
workmen's compensa
the
nection with the development of warehous tion. z Expenditures in con"Before this distribution is made it is required company.
es and selline agencies and the
cates of stock be surrendered. Please endorse inthat all outstanding certifi- acquisition of patents and processes. xx Includes :(1) 8251,852
In your name and send them by registered mail blank certificates standing for interest of stockholders in subsidiaries other than Winchesterfor reserve
to J. F. Caulfield, Room Arms Co.; and (2) general
Repeating
1707, 67 Wall St., New York, on or before Sept. 15."-V.
reserves
charges and expenses arising from the of $747,880 set aside to meet carrying
112, p. 478.
termination ofthe war.
-V.115,p.998.
Wickwire Spencer Steel Corp.
Winchester-Simmons Co.
-Proposed New FinancIncorpor
ing in Connection with Acquisition of American Wire Fabrics $12.000. ated in Delaware Aug. 28-Incorporated., &c. capital
1922,
000 7% Pref, stock and $12,500, with an authorized
of
stockholders will vote Sept. 8:-The
000 Common stock, par $100
Co.
each. The Winchester company and
the
(1) On approving the acquisition of all of the capital stock of the American Companies have entered into a contract Associated Simmons Hardware
to combine the two interests
Wire Fabrics Co. or of a corporation to be formed to take over the business under a common management and they will
hereafter be operated jointly
under the above holding company
and substantially all of the assets of that company.
. The Winchester company will operate
(2) On changing the 250,000 Common shares (par $5) into an equal as the manufacturing organization and the
Simmons companies will operate
as the distributing organization.
number of shares without par value.
The
(3) On authorizing the issuance of 350,000 additional Common shares be owned by the present Winchester stock of the holding company will
and Simmons interests and both
interests will have represent
without par value and on increasing the authorized number of shares
ation on
accordingly,
The Winchester stock interests the board of directors.
in the holding company involve only
the Winchester company
reducing the authorized capital stock by $400,000
(4) On
Common stock.
,such reduction
to be effected by an exchange of the 80,000 Class A Common shares (par the majority interests will be exchanged The Common stockholdings of
for the Common stock of the
$5) now outstanding for 120,000 of the new Common shares without par Winchester-Simmons Co. and all the
Winchester company Common stockvalue above mentioned, and by cancellation of the Class A shares so ex- holders will be given the same
opportunity to exchange their stock upon
the same terms.
changed.
As the
(5) On authorizing the issuance of $1,775.000 10
-Year 7%% Secured acquired first step in the merger the Winchester interests in June
Convertible gold notes for the purpose of paving,
last
through the Mercantile
in part for all
of the American Wire Fabrics Co., and on authorizing the officers the stock shares out of the 930,000 SimmonsTrust Co. of St. Louis 550,000 Common
to pledge
outstanding. The merger will be carried
under the indenture as security for the notes all of the shares of the American out on the basis of the net tangible
value of the Common shares of the two
companies as of June
Wire Fabrics Co.
firm who go into the 30 1922. The Common shareholders of the Simmons
merger are to receive the net value of their shares as
Data from Letter of Chairman W. H. Cioddard.Worcester,Aug.28. established in the
following manner: For each Common share they will
The object of the meeting is to make certain changes in the capitaliza- receive $3 75 in cash or marketable securities, whicheve they choose,
r
plus
tion and to authorize the issue of certain notes in order to finvice the ac- the difference between this sum and the net tangible value of the share
to
quisition,through stock ownership,ofthe property and business of the Amer- be paid in Pref. shares of the Winchester-Simmons
Co. on the basis of $90
a share (par $100).
[can Wire Fabrics Co., an Iowa corporation with manufacturing plants at stock
This Pref.
of the Winchester-Simmon stock will be convertible into Common
Wolf, Pa.
Blue Island, Ill., and
s Co. at the option of the holder, will be
The American Wire Fabrics Co. was organized in 1911 through the con- preferred as to assets, and after Jan. 1 1925 the 7% dividend will be cumusolidation of the American Wire Cloth Co., Clinton, Ia.; National Wire lative. In lieu of receiving the $3 75 in cash or securities, the Simmons
Cloth Co., Niles, Mich.; New Freedom (Pa.) Wire Cloth Co.. and the shareholders may subscribe to Pref. stock in the Winchester-Simmons Co.
at par. The delivery of
Pennsylvania Wire Cloth Co , Mount Wolf, Pa. Their product
:
the marketable securities or cash is to be made
-wire before Sept. 1.
The Winchester interests reserve the right to deliver same
cloth of various grades-is similar to that manufactured at our Clinton and at
their option in 4 equal installme
Wright works, but with headquarters in Chicago, they have operated in a
nts, viz.. Sept. 1, Nov. 1. 1922, Jan. 1
and March 1 1923, with int.
region where hitherto our own business had been relatively small.
at6% on last three installments.
-V.115,p.318.
The business of the American Wire Fabrics Co. has always been profitWorcester Electric Light Co.
-Extra Dividend of8%.
able and has steadily increased in volume. For the past nine years their
An extra dividend of 8% was paid on the outstand
ing 32.400,000 capital
earnings have averaged over $400,000 per year after taxes and deprecia- stock, par $100,
tion. Last year their sales were approximately $4,000,000-a volume which brings the total Aug. 10 to holders of record July 28. This distribution
dividends paid this year (including the regular 'quarterly
would be a valuable addition to our business, as it could be handled with- of 3% each
out enlarging our present executive organization. The American company aggregating apayable in September and December) to 20%. Dividends
total of 20% were paid in 1921.-V. 112, p. 2776.
[Vor... 115.
THE CHRONICLE
1110
Western Canada Land Co.—Liquidating Dividend.—
Notice is given in the London "Gazette" of July 28 that a further cash
distribution of 10% on account of the principal of the Debenture stock
will be made by the paymaster of the Chancery Division of the High Court
of Justice to the holders of Debenture stock registered on Aug. 10, who will
be notified in due course as to method and place of payment. After Aug.
10 new ctfs. will only be issued for 80% of the nominal value of the issued
Debenture stock.—V. 99, p. 1055.
West Virginia Water & Electric Co.—Earnings.—
Ecrwings and Expenses for the 12 Months En(ling July 31 1922.
$971,492
Gross earnings
489,152
Oper. exp., inc]. taxes, insurance and maintenance
$482,340
Net operating revenue
1,500
Other income
Balance
Bonded interest requirements
-Year 6
For offering of $3,300,000 let Mtge. 20
May 1 1922, see V. 114, p. 2025.
$483,840
$214,500
gold bonds, dated
White Eagle Oil & Refining Co.—Acquisition.—
President L. L. Marcell recently announced that the company has taken
over the distributing stations of the Lesh Oil Products Co. 23 of which are
'
located in Kansas and 5 in Iowa. The company now has 240 distributing
stations.—V. 115, p. 447.
CURRENT NOTICES.
—G. Austin Haskell has been elected President of the investment firm
of Carstens & Earles, Inc., Portland, Oregon, following the resignation
of former President Lloyd L. Hillman,and Edward V. Carter, Vincent Whitney and Lucius F. Crane have been elected Vice-Presidents. Mr. Haskell,
who for many years was Vice-President of Carstens & Earles, Edward V.
Carter, resident manager at Los Angeles: Vincent Whitney, associate resident manager at San Francisco and Lucius F. Crane, formerly Assistant
Vice-President, have purchased the entire one-half of the Common capital
stock of the corporation formerly owned by Lloyd L. Hillman. The corporation will continue to conduct a general investment banking business
in Government, municipal and corporation securities. The policy and
ideals which have actuated those responsible for the welfare of its clients
for many years will be continued. G. Austin Haskell, who now becomes
President, joined the staff of Carstens & Earls in 1911, after an extensive
experience of investment banking in the East, and has been a Vice-President of the corporation since 1916.
—Ellis Parker Butler, author of "Pigs is Pigs," has written in his characteristic style a short story based upon the variation in financial conditions
in recent years, entitled "Two Friends and Their Supporting Investments."
The sub-title is "Before-During-After, Being A Short Tale, A Merry
Fable, and A Couple of Morals," and the illustrations are by Tony Sarg.
The booklet is published for free distribution among investors by Jas.
H. Oliphant & Co., members New York Stock Exchange, 61 Broadway,
New York.
—The firm of Faber, Garvin & Co Members New York Stock Exchange,
has been formed with offices at 120 Broadway, New York and will transact
a general brokerage business specializing in call and time money. The
partners are: Albert F. Faber, George K. Garvin, Donald Dunnet, Charles
Bantel and John E. Greenia, member New York Stock Exchange. Mr.
Faber and Mr. Garvin were formerly associated with Salomon Bras. &
Hutzler.
Louis Levenson and John J. Levenson have formed a co-partnership
under the name of Levenson Brothers to continue the Public Utility business of Louis Levenson and to transact a general business in Investment
Securities.
—Springs & Co., 67 Wall St., New York, members of the New York
Stock Exchange, have issued circulars describing the property, stocks,
earnings and dividends of the Westinghouse Electric & Mfg. Co., and
the Allied Chemical & Dye Corp., copies of which will be sent on request.
The Guaranty Trust Co. of New York, ha.s been appointed transfer agent
of the stock of Gimbel Bros. Inc., consisting of 150,000 shares of Preferred
stock, par value $100,and 500,000 shares of Common stock without nominal
or par value.
—Mr. Edward Brylawski has been admitted to general partnership
in the firm of Newhall, Gross & Diffenderffer. The firm is a member
of the New York Stock Exchange. Philadelphia Stock. and Chicago Board
of Trade and has offices in New York, Philadelphia and Atlantic City.
—Haskins & Sells, certified public accountants, announce to-day the
Newark, N. J,,
opening of an office in the Firemen's Insurance Building,
P. A., for many years connected with
in charge of W. Melville Coursen, C.
the New York office of the firm.
York has been appointed Transfer
—The Guaranty Trust Co. of New
Bearing Co., consisting of 1,250.000
Agent of stock of the Timken Roller
nominal or par value.
shares of capital stock without
announce the appointment of Wendell W.
—Henry L. Doherty & Co.
of their Philadelphia office. 604 Morris
Faunce as district sales manager
Philadelphia, Pa.
Building. 1421 Chestnut Street,
connected with the trading department
—Mr.Thos. J. McGann,formerlyassociated with
Messrs. Berdell Bros..
now
of Messrs. Pynchon & Co.. is
department.
100 Broadway, in their bond
Anglo London Paris Co., San Francisco,
—The New York office of thetelephone Rector 8788. Mr.
John Miles
Is now located at 2 Wall Street,
representative of this firm.
Thompson is the New York
Salomon Bros. & Hutzler, has become
formerly with
—Patric J. Scanlan,
Friedman & Co. in charge of their Unlisted
associated with Nehemiah
Securities department.
issued a circular describing the earning and
—Carreau & Snedeker have present status of the Standard Milling Co..
with
dividend record, together
Common stock.
with special reference to the
have been admitted to
Clapp Jr. and H. Earl Dulany
—Charles E.
Thomas M. McKee & Co., 36 Wall Street. John
partnership in the firm of
special, have withdrawn.
McKee,
Nugent and H. Sellers
members of the New York Stock Exchange,
Hartshorne, Fales & Co.,
distribution an analytical circular on Loew's Incorpohave prepared for
being given to earnings and dividend possibilities.
rated,special attention
the PreCo.has been appointed Transfer Agent of
The New York Trust
& Davis, Inc.
ferred stock of Gray
& Sons, has joined the
Locke, formerly with Roosevelt
—Bradford B.
and will specialize in investment securities.
organization of Farr & Company
production and earnings of the Fajardo Sugar
The financial position,
circular issued by Farr & Company.
Company are treated in a
& Co., members of the New York Stock
—Otto Abraham, of Abraham
England and the Continent.
returned from a trip through
Exchange, has
Broadway, have issued a special
Friedman & Co., 29
—Nehemiah
stocks.
circular on German industrial
Tounnercial
Tinves,,
COMMERCIAL EPITOME.
Friday Night, Sept. 1 1922.
With the ending of the soft coal strike and cheerful talk
as to the likelihood of an early ending of the anthracite
strike, the tone in trade is somewhat more cheerful, despite
the fact that the railroad strike continues. Uncertainty as
to prices, of course, militates against business; there can be
no question about it. Nobody knows just what costs are going to be, with coal high and transportation hampered. Retail trade is less active. Collections are not so good as they
were recently. The state of industries Is none too satisfactory. It is not so bad in the textile sections of New England
and the South, and there is a good demand for iron and steel.
In some other industries, however, the conditions are unfavorable enough to be a distinct drawback. But many thousands of miners are resuming work and this ought to help
business here and there. Railroads report a large increase
in car loadings notwithstanding the shopmen's strike. It is
evident that if obstacles as to fuel and transportation could
be relieved, still more, if they could be removed, the business
of the country would go ahead with noteworthy impetus.
Meanwhile the tendency, curiously enough, is towards a rise
in wages in some branches, even for unskilled labor. This is
attributable, partly at least, if not largely, to the unwise restrictions put upon immigration, and as it is charged in some
quarters, at the behest of organized labor. Also, the activity
In the building industries all over the country has absorbed
a great deal of labor, although at the moment there seems to
be a threat of a strike in the building trades at New York.
In the export trade wheat has been a large item. The total this week reached the imposing aggregate, indeed, of 13,850,000 bushels. This makes some 24,000,000 bushels in two
weeks. Corn exports, too, reached 2,530,000 bushels, or double those for the same week last year. To all appearances,
Europe will have to buy largely of American grain, and it is
none too clear that Russia will be independent this year, as
some optimistic reports would seem to indicate. Grain prices
have declined, while other food has advanced somewhat.
Fall jobbing trade is somewhat better. The improvement is
far from marked, however. Traders do not see their way
clearly as yet. Naturally, in the mining regions the coal
strike has cut down trade. Railroads will have a big task to
supply coal to consumers, and there may be a scarcity of
cars. Yet the coal output this week is put at something like
10,000,000 tons, or some 66% larger than that of last week.
And now that the soft coal strike is a thing of the past it is
hoped that the shopmen's strike will soon end. It is regrettable that there have been instances of sabotage in the matter of locomotives and coal freight cars, which are perhaps
the desperate tactics of strikers who realize that the strike
is a failure. The general idea at any rate is that it is gradually dying down, and ere long will disappear. Meanwhile
the stock market has acted well and merchants naturally regard this as a heartening circumstance. The German reparations question looks less threatening. It is said that a
kind of modus vivendi has been reached between France and
Germany, or, in other words, something like a moratorium
.in the matter of reparations for six months, and this, of
course, is so much gained. It was perhaps a significant fact
that the cotton market in Liverpool to-day was stronger because of the idea there that the political situation in Europe
was better. Taking this country as a whole the feeling is
still that business will go ahead if the mercantile community
can get sufficient supplies of fuel and transportation. A
scarcity of these things has been holding the country in
leash. It is hoped, and by many believed, that before long
these regrettable conditions will end.
The Shipping Board says that British coal is coming to
the United States at such a rate as to be of help in the cities
along the North Atlantic seaboard and that 20 steamers with
coal are on the high seas bound for American ports.
Boston wired that workers were plentiful in New England
textile plants. There is a continued gain in operations. The
restoration of old wages at Lawrence, Mass., however, is
not likely to affect other mill cities, which are standing fast
on Aug.
on present pay, I. e. 20% cut. At Lawrence, Mass.,
their
28 the Monomac, Katama and Acadia mills opened
gates to employees on a schedule which restored the wages
in the texin effect before the 20% reduction which resulted
tile strike in this city last March. At Lawrence, Mass., the
Pemberton Co., employing 600, and the Methuen Co., employing 260, will resume operations under the wage scale in effect
prior to March 27, when a 20Vo reduction was ordered. New
rates date from Sept. 5. This action follows the lead of the
Pacific gills, which reverted to the old wage scale last week.
With the Pemberton and Methuen plants in line, the city of
Lawrence, so far as strictly textile plants are concerned, is
completely back on the old wage basis. The Everett Mills in
Lawrence, Mass., will reopen Sept. 5 on a full time schedule,
paying the scale of wages in effect before the reduction of
March 27. The reason for the advance is competition from
mills in Lawrence and elsewhere. It is reported that plants
are making gains in New Hampshire and that Rhode Island
operations also continue to increase. Fuel Administrator G.
H. Webb of Rhode Island declares that no textile mill in that
SEPT. 2 1922.]
THE CHRONICLE
State will close because of lack of coal, and any plant in need
of coal for immediate use will be supplied within 24 hours.
The textile plants of the State at present have on hand from
one to nine weeks' supply.
Two cotton mills in the South Carolina district closed on
Aug. 29 because of lack of fuel, and many others, it is feared,
will be forced to suspend operations within the next few
days if relief is not obtained. The South Carolina mills that
stopped were the Lancaster Cotton Mills of Lancaster and
the Arkwright Mills of Spartansburg. Charlotte, N. C.,
wired Aug. 30 that although cotton mills in that section are
still running, unless the fuel situation clears up within the
next few days the plants will have to close down because of
the coal shortage. The Bellevue Cotton Mill at Hillsboro,
N. C., has had to close for lack of coal. Many Georgia and
Carolina cotton mills may be forced to close within the next
10 days or two weeks because of coal shortage. Greenville,
S. C., wired that J. B. Duke, the tobacco man, is to erect a
50,000-spindle cotton mill near there.
Rochester, N. Y., report says it is expected that clothing
workers who went on an unauthorized strike last Friday
would'return at once. Philadelphia reports a slowing down
there of hosiery mills from an unwillingness to make advance purchases of raw materials at present prices. Milwaukee adviees say that shipments of fall orders are getting
well under way, prices are firming in all divisions of the
Milwaukee textile market and the demand is growing
stronger.
At Huntington, Pa., begining to-day, three brick plants of
Mount Union increased the wages of all classes of their employees. They are the Harbison-Walker Company, the General Refractories Company and the United States Refractories Company. Laborers who have been receiving $2 70 ft
day will earn $3 50, and all skilled workmen will receive advances accordingly. Two of the big automobile tire companies of Akron, 0., declare that the proposed shut-down by
the big Ford plant would not cause an immediate cut in production of tires. Owing to coal shortage, the Ford plants
throughout the country, it was announced last Monday, will
be shut down after Sept. 16, putting 105,000 employees out of
work. Mr. Ford declared he had not the remotest idea when
the plants could be reopened.
Rochester, N. Y., on Aug. 28 reported a rather remarkable
state of things. Hampered by lack of refrigerator cars, due,
it is said, to the railroad strike, farmers of western New York
who are harvesting one of the largest peach crops in 15
years, have through the Farm Bureau of the State appealed
to motorists to help relieve them of the surplus. In Rochester, owing to the immense crop, the bottom has fallen out of
the market. Wholesale prices have been as low as 30c. a basket and in some cases growers have been unable to dispose
of their peaches at any price.
According to a statement on the pth inst. by L. L. Winters,
economist and director of the Chicago Board of Trade, grain
prices slumped seriously, partly as a result of threats of destructive legislation, which have largely destroyed speculative demand. He further states that only, a new and wholly
constructive effort on the part of Congress can help the
farmers out of a most disturbing situation. The statement
continues that at this season speculative buying power in
grain is needed, but speculative buying power is woefully
lacking. It is obvious that legislative threats and interference have driven speculation out of grains and into stocks,
making the stock market strong and the wheat market, because of lack of speculation, exceedingly weak at the heavy
crop moving period.
At Newport, R. I., on Aug. 28, after a remarkable rainfall
in New York State last week, railroad communication was
Interrupted by a rainfall of 6 inches and a wash-out in
/
3
4
Tiverton, necessitating automobile transfer between the Tiverton and Fall River stations on the New York New Haven &
Hartford Railroad. Here the week has been warm and
humid.
1111
COFFEE on the spot in better demand and firm; No. 7
Rio 10©103c.; No. 4 Santos, 143/2@14%c.; fair to good
Cucuta, 14@,14 . Futures have kept within narrow
limits. The Brazilian cables early in the week were somewhat higher, Santos, in fact, advancing 150 to 250 reis
early in the week, which seems a very fair move for these
times. The weather in Brazil, however, has been favorable.
The trend of opinion in some quarters is towards a reduction
of estimates of the Santos crop. Buyers, it is true, are
cautious, but the consuming movement is steady. The
Brazilian Government controls the distribution of coffee.
Of course, however, the European political and financial
situation cannot be ignored. On Thursday prices advanced
somewhat on higher cables and moderate buying. Santos
rose 225 reis, closing unchanged to 100 reis higher. Rio
advanced 75 to 100 reis. Firm offers were said to be
15 to 25 points higher in some cases. Santos 4s were reported
at 13.85@14.25c. New Orleans had a fair trade early
in the week; that is, some 35,000 to 40,000 bags of Rio
End Victoria on the basis of 9.900. c. and f. for Rio 7s;
offered here at 10c. Santos 4s have sold, it is said, prompt
shipment at 143/2c. in store. To-day prices advanced, and
they end 4 to 5 points higher for the week.
Spot (unofficial)
10c I December ..9.45@9.46 May
September__ _9.4509.47 I March
9.4509.47 I July
9.4509.47
9.45 ©9
.47
SUGAR-Spot raws sold at one time at 3 5-16c., cost and
freight, or about 4.920. duty paid and 3%c. afloat and 4.99c.
3
duty paid. In futures December was switched .to March
at 20 points and to May at 9 points. In a single day the
switches reached some 18,500 tons. Later the tone became
stronger; 3%c. was obtainable it seems for nearby sugar and
more distant deliveries would have brought more than this
it appears. Hard refined was 632@7c. Of futures the
West at one time it seems sold heavily, but on the other
hand, Wall Street bought. Some sugar firms were buyers
and local shorts covered. Later 5,000 tons Cuba-September
loading sold at 33'o. f. o. b., equal to about 3.65c. c. and f.
here, or 5.250. duty paid. There were unconfirmed rumors
of a sale at3
c. and f. Some contend that the prospective
high import tax on foreign sugar is bullish as the American
consumer will be called upon to pay it as usual and American
producers of beet and cane sugar will probably profit to a
certain extent. Some believe that sugar around 3 Yic. for
future delivery in New York leaves no profit to the foreign
producer. Meantime supplies are larger than had been
expected. Local and Cuban interests have recently been
selling here. Receipts at Cuban ports for the week were
37,564 tons, against 43,604 last week, 26,032 last year and
16,172 the year before; exports 55,529 tons, against 70,532
last week, 77,874 last year and 24,033 in the previous year;
stocks 495,253 tons, against 513,217 last week, 1,256,743
last year and 327,032 in the previous year. Centrals grinding numbered 4, against 5 last week and 4 last year and the
year before„ To-day prices declined on futures, which end,
however, 28 to 30 points higher than a week ago. To-day
25,000 bags Cuba loading sold, it is stated, at 3INic. c. and f.
A sale of a membership in the New York Coffee and Sugar
Exchange, Inc., was reported on Tuesday at $6,900, the
highest of the year. It was $100 above the last previous
nrice and $2,900 above the first sale reported in January.
Spot (unofficial)_ _ _ _5.25 I December_ _ _3.6603.671May
September_ __ _3.55 3.591March
3.4203.431
3.53©3.54
OILS.
-Linseed is rather disappointing. The demand is
not up to expectations. However, the crushing elements
are optimistic, believing that after Labor Day things will
imp/Ave. Stocks are small. Buyers are holding aloof
awaiting further developments. Foreign business is also
small. Fair quantities of foreign oil are arriving here.
Boiled oil is moving quite freely. Tanks, 84c.; August
carloads, 88c.; less than carloads, 91.0.; less than five barrels,
9443. Cocoanut oil, Ceylon barrels, 8M4g83 0.; Cochin,
/
9Yi@9Mc. Corn, crude, barrels, 9/0. Olive, $1 12(
,
3
$1 15. Lard, strained winter, 123/2c.; extra, 103 tc. Cod,
domestic, 530.; Newfoundland, 55c. Spirits of turpentine,
$1 23@$1
LARD quiet; prime Western, 11.15 ©11.25c.; refined to to-day, 24. Rosin, $6 25@::. Cottonseed oil sales
including switches, 17,700. Prices closed as follows:
Continent, 12.15c.; South American, 12.400.; Brazil in Spot
_7.7507.79I Feb
8.900 _ _ _ I Nov
7.7707.80
kegs, 13.40c. Futures weakened on liquidation of Septem- Sept
7.7507.77 March
8.59@8.60 Dec
7.8707.88
7.7607.77 April
8.2008.221Jan
7.9508.05
ber and October, with Liverpool prices falling and support Oct
absent in Chicago. Hogs on Tuesday fell 10 to 25c., with
PETROLEUM.
-Bunker oil firmer at $1 45 per barrel
the Western run 86,500 against 92,900 for the same day f.o.b. New York. Consumption of heavy fuel oil is very
last week and 72,900 last year. On Monday prices for a, heavy; in fact, heavier than the most optimistic had looked
time were firmer with hogs and Liverpool cables, but weak- for. And stocks are disappearing rapidly. The coal strike
ened later. England has been taking small lots of lard and has had not a little to do with the strength of the market.
hams. Home demand was light. .Clearances last week And there is a widespread belief that even after the ending
were something over 11,000,000 lbs. of lard. In general of the coal strike, which is expected soon,.heavy.
consumers
the market has lacked snap. To-day prices advanced of fuel oil, recently converted to its use, will con.tinue to use
slightly, but end irregular for the week, September being it in place of coal. Kerosene rather more active. Some
down somewhat and January up 23 points.
large export buyers are inquiring more freely, but are only
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. taking small lots. Gasoline demand lighter and prices are
Sat.
Mon.
Tuts.
Fri.
Wed. Thurs.
tending downward. Gas oil quiet but steady at 5/0.
3
September delivery _cts.10.40
10.32
10.25 10.20
10.20 1.025
refinery. New York prices: Gasoline, cargo lots, 31.25c.;
10.47
10.40
October delivery
10.32
10.30
10.30 10.37
8.95
8.95
January delivery
9.20
U. S. Navy specifications, bulk, per gallon, 18c.; naphtha,
8.97
9.07
9.20
PORK quiet; mess, $27@$28 50; family, $28@$29; cargo lots, 20.50c.; 63-66 deg., 23.50o.; 66-68 deg., 24.500.;
short clear, $22 50@$28 50. Beef steady; mess, $11 50@ kerosene cases, 15o.; refined petroleum, tank wagon to
$12 50; packet, $12@$13; family, $14@$15; extra India store, 13c.; motor gasoline to garages (steel bbls.), 25c.
mess, $23@$24; No. 1 canned roast beef, $2 25; No. 2, Production of crude oil in the United States during July,
$3 20; 6 lbs., $15. Cut meats quiet; pickled hams, 10 to according to the United States Geological Survey, amounted
20 lbs., 16@193i0.; pickled bellies, 10 to 12 lbs., 180. But- to 46,593,000 barrels, the highest total ever reached with
.
ter, creamery extras, 32 @39c Cheese, flats, 15@22 . the exception of last March when 46,634,000 bbls.. were
Eggs, fresh gathered extras, 28@,40o.
produced.. The daily average production, however, amount..
1112
THE CHRONICLE
ed to 1,503,000, a decrease of 15,600 bbls. from the rate of
the previous month. Domestic consumption meanwhile
totaled 51,387,000 bbls., or a daily average of 1,657,600
bbls., and was the highest on record. A small decrease in
imports occurred, while exports rose slightly. For the first
time since Aug. 1921 stocks of Mexican petroleum held in
the United States by importers decreased. Total stocks
held on the last day of July amounted to 261,478,000 bbls.,
an increase of 5,661,000 bbls.
[VoL. 115.
manufactured tobacco, 32,590,617 lbs., against 29,226,353
last year and 31,011,335 in 1920;snuff, 2,858,643 lbs., against
2,791,896 last year and 3,227,976 in 1920. For the seven
months cigarette production was 7-10ths of 1% ahead of
1921 and 6% greater than in 1920. Cigar production showed
decreases of 3% and 22% for the two years, respectively.
Smoking and chewing tobacco output was 10% above 1921,
but 6% below 1920. Snuff gained 15% over 1921 and declined 4% from 1920. Production for the first seven months
$1 98 Corsicana, heavy_$0 65 for the last three years was as follows: Cigarettes, 29,044,Pennsylvania$3 00 Lima
203 Electra
Corning
1 75 Indiana
1 50 004,053, against 28,840,946,333 last year and 27,311,748,892
1 77 Strewn
Cabe11
1 86 Princeton
1 50
1 77 Ranger
1 65 Illinois
Somerset
1 50 in 1920; cigars, 3,691,378,577, against 3,807,561,199 last
Moran
Somerset, light___ 1 90 Kansas and Okla1 50 year and 4,737,376,048 in 1920; manufactured tobacco,
homa
1 25 Heaidton
Ragland
1 00
0 75
1 10 Mexia
Wooster
2 10 Corsicana,light_
1 25 223,314,640 lbs., against 202,222,007 last year and 238,275,562
RUBBER quiet but steady. A report from Amsterdam last yearin 1920; snuff, 22,381,445 lbs., against 19,378,183
and 23,539,476 in 1920.
the Netherlands Government had
on Wednesday that
COPPER steady at 14@l4Mc. for electrolytic. The
compulsory measures for restriction of
decided " against
output of rubber in the Dutch Indies did not have much if feeling is more cheerful here and abroad. Although foreign
any effect on the market here. Later on this report was buying has fell off of late, it is expected to improve in the
contradicted from The Hague. Ribbed smoked sheets and near future. Germany has been a good buyer. And
first latex crepe spot and Sept. 13%c.; Oct.
-Dec., 143'c.; exports in August, it is estimated were 4,000 tons larger
than for July, at least through New York. Shipments
Jan.
-March, 14%c.
HIDES have been rather quiet here without marked up to Aug. 30 were 15,892 tons, against 11,804 tons last
changes in prices. Bogota, 19 to 20c.; Orinoco, 17 to 18c.; month. A leading independent brass mill has withdrawn
Packer, 143/ to 253/2c., according to grade. Frigorifico quotations on all products, except brass rods, brazed tubing
steers, 183/20., c. & f. It appears that there has been rather brass rivets and burrs. The company, it is said, is sold
more business in frigorifico hides at about $47. Some up for three months and is taking future business only on
4,000 Montevideo steers sold, it is reported, at $47 and the basis of prices prevailing at time of shipment. On the
4,000 Anglo-South American steers, Aug. 26, salting at $46. other hand, statistics show that copper sales during June
A small lot of Central American is said to have sold at 163/2e. and July both here and abroad were 160% better than
Sales were reported of two cars of Pennsylvania bulls 5% those of the same months in 1914, when European nations
grubby at 11c., selected. And other sales are under negotia- were preparing for war and hence demanding much copper.
tion. At Chicago hides have been quiet but firm. Earlier
-TrOriiii
TIN quiet and unchanged. Spot 32 Mc. Ariiva
in the week 5,000 Campana steers, 28 kilos, August salting, at Atlantic ports in August were 3,190 tons and at Pacific
sold at $46. Colombian was quoted at 20c. basis. Later ports 150 tons, a total of 3,340 tons. Deliveries were 4,000
reports from the River Plate section stated that there had tons from Atlantic ports and 150 ton from Pacific ports,
been sales at $47 50, against the previous price of $47. making a total of 4,150 tons. Stocks on Aug.31 were 2,166
They included 5,000 Artiga frigorifico steers, 29 kilos, Aug.28 tons, :with 640 tons landing on that date. London on the
salting and 4,000 Anglo-South American steers, 28 kilos, 31st ult. advanced 2s. 6d. to £160 10s. for spot standard and
late August salting, at $47 50.
£160 15s. for spot futures. Lead quiet at 5.90@5.95c. for
OCEAN FREIGHTS have been in moderate demand. spot New York and 5.55@5.60c. East St. Louis. Zinc steady
Rates are believed to be tending downward. Low east- at 6.55@6.60c. spot New York and 6.20@6.25c. East St.
bound grain rates are predicted for the last quarter of the Louis. Rumors were to the effect that these prices were
year. A steamer accepted 18c. to three Scandinavian being shaded on the 30th ult., but they could not be conports. This attracted attention. Sugar and lumber room firmed. Galvanized sheet makers are having difficulty in
haA been quiet. Part of the Greek Government grain getting black sheets, owing to the strikes.
order was covered at 21c. to 22c. for one and two ports
PIG IRON has been active for foreign. It appears
respectively.
that some 40,000 tons of foreign iron have been sold here
from Montreal to Continent, 12 Mc. September: and elsewhere in the East, as the foreign iron is several
Charters included grain
two ports. 18c. first half
from At1antic range to Finland. one port,
17c.'
September; from Montreal to Bremen, 12Mc. September; from Montreal dollars cheaper than the domestic. Small wonder that the
'
to four ports in Denmark. 17c. prompt; from Montrea,1 to west coast of demand swings to the European iron. But domestic iron
Italy, one port. 18c.. two. 1834c.. three, 19c.. late August, early September;
Buyers have no choice but to take the foreign
Atlantic range to west coast of Italy, 17c.. one port, 17c. two and is scarce.
from
18c. three ports, November; from Montreal to Nantes, 13c. September' for the time being. The scarcity of domestic has given rise
from Montreal to not east of the west coast of Italy. 4s.; option of Adriatic,' to some curious incidents. A furnace in Illinois, it appears,
4s. 3d. September; from Gulf to Bordeaux-Hamburg range, 15Mc. prompt;
4d. Oct. 1-20; nitrate from has been shipping to Wisconsin, Pennsylvania, Ohio and
from Gulf to Bordeaux-Hamburg range.
Chile ;,o Jacksonville-Boston range, one port, 35 75, two ports, $6 Septem- Indiana. Canada has been shipping to States along the
ping
Indies trade. 1,067-ton steamer, $1 25 prompt'
ber; one round trip in West
grain from Atlantic range or Montreal to Norway, Sweden or Denmark' Northern border. • Birmingham iron s strong. The spot
three ports. one country. 18c. September; from Montreal to Antw
minimum is $25. Foundry grades at Cincinnati and CleveHamburg range, 113c. September; from Atlantic range to west coast of
higher. Chicago has been steady but without
Italy. 16c. October; from Montreal to Mediterranean, excluding Spain, land are $3
from Montreal to Greece, 21c. one port and 22c' an advance. At Pittsburgh iron is so scarce that there is
4s. 13d. October; grain
two ports September; from Montreal to Denmark, 16c., three ports Sep- practically no business. New York complains that the rate
tember; from Mortteal to Antwerp-Hamburg ran
'
September;1cone port,
.g
la'
e
12c., two; option Avonmouth, 2s. 3d. or Hull. 3s., late
from from Philadelphia to Boston is only $3 66 per ton, whereas
Gulf to Bordeaux-Hamburg range, 15c. September; 25,000 quarters grain from New York to Boston it is $3 70; that the rate from
Mediterranean, 16c. Otcober; lumber from British
from Atlantic range to
Columbia to one port north of Hatteras, $12 25 late September; three Philadelphia to Newark, N. J., is $1 64, while from New
months' time charter in West Indies trade, 719-ton steamer, $210 prompt York to Newark for some reason it is $1 89.
No explanadelivery in the Gulf.
tion has been given for this apparent discrimination against
TOBACCO in the local market has been in moderate New o
STEEL advanced owing to a rise in wages. That was
demand and steady. Now and then the business has been
of fair dimensions. On the whole, the tobacco trade has expected. Meantime, top, there is a steady demand.
not done so badly during the last six months. Some reports Naturally it has been stimulated by the consumers' fear
indeed are quite favorable. Raleigh, No. Caro., reports that prices are going higher. In some directions, indeed,
say that quite a good business has been done during the purchases have been large. There is an insistent call
past week. Also it is stated that orders for future delivery for prompt deliveries of fabricated steel. Prices on bars,
received by the Tobacco Growers' Association of that city plates and shapes are above 2 cents and very generally it
make no bad showing. The northern Wisconsin tobacco seems 2.10 to 2.25c. Sheet bars are $38 to $41 per ton.
growers for the first time have formed a marketing pool. Billets, both open hearth and Bessemer, re-rolling grade,
They will grade the 1922 crop and sell through a co-operative are said to be $40 minimum, as against a recent price of
body. A Madison, Wis., dispatch said: "The Board of $37 50. Forging billets, it is stated, have sold up to $47.
Directors of the Growers' Association held its first meeting. Galvanized sheets are scarce. It is not easy, it seems, to
A managing director of the pool will be named and ware- get deliveries before November. Prices are put at 4.50c.
housing and grading plans will be perfected. When the to 4.60c. on galvanized; blue annealed sheets, 2.750.; black,
next board meeting is held, representative bankers will be 3.50 to 3.600. Prices are up all along the line. At the
present to discuss means of finding $7,500,000 for the same time, indications point to a larger production of soft
project. Offers of warehouses have been received from all coal. Washington reports encourage that hope. .But transtobacco growing sections of the State. The board expects portation is still delayed. That is a.sort of lion in the
to find little difficulty in handling the 50,000,000 pound path. Coke production is still relatively small, despite
crop. The chief problem will be to establish grades for a recent advance in wages of 40% or more in the non-union
green product. Prices will be set on the basis of grades mines of the Connellsville region. Workers have notreturned
in large numbers, and an attempt is being made to unionize
established."
cigarettes, based on internal the mines there. The Steel Corporation quotes standard
The domestic output of 5,212,709,775
cigarettes, an in- pipe up $6 on black, $4 on galvanized, and $6 on oil country
revenue figures, in July was
products advanced $4 to the new
1920.
crease of 25% over 1921 and 70% over 1920. Cigar output goods. Wire per keg for wire nails and to independent
$2 35 per 100
Smoking and level of $2 60
was 3% ahead of 1921, but 13% below
wire, a rise of
chewing tobacco showed increases of 11% and 5% for the pounds for plainThe Ford Co. $2 per ton. Railroads are
two years' respectively, and snuff an increase of 2% over last buying freely. told that ordersthreatens to close down
to hold up shipments of
.
year and a decrease of 11%from 1920. July production was: and sceptics are
Cigarettes, 5,212,709,775 this year, against 4,168,854,045 Ford materials after Sept. 5 have actually been issued
last year and 3,058,611,188 in 1920; cigars, 585,874,114 in to several steel plants, sheet mills, makers of forgings, &c.
July, against 564,599,254 last year and 678,751,956 in 1920; In general steel is strong and more active.
SEPT. 2 1922.]
THE CHRONICLE
1113
WOOL has been steady with only a moderate business.
Week ending Sept. 1 1922.
From Aug. 1 1922 to Sept. 1 1922.
Exported toExported to
In other words, things remain in pretty much the same shape
Exports
as they have for some weeks past. In Philadelphia scoured
fromGreat
Great
Britain France. Other. Total. Britain.' France. Other.
wool has been slow for nearly a month, due to the strikes.
Total.
One blanket mill canceled a large order, having no coal and Galveston _ 5.226 4,681 22,110 32,017 9,043 15,019 39,790 63,852
no storage for the wool. Pulled wools relatively higher than Houston __ _ 13,970 9,128 200 23,298 15,004 9,128
200 24,332
New Orleans
627
5,361 20,243 35,431
9,827
430 3,497 4,554
greased wools, being rather scarce. Double A in Philadel- Mobile
499
247
694
699
200
1,824
2,765
phia $1 25; A super $1 15; White B super, 90c.; Stained B, Savannah _ _ 11,991
6,720 18,711 11,991
15,001 26,992
2,775
- - 2,775
2,775
85c.; C super, 70c. Cable dispatches from Melbourne, Brunswick_ __ 2,778
Norfolk _ _
700
1,500
700
617
2,117
Australia, stated that the Chairman of the British Australian New York. _
10
280 2,336 2,626
3,698 45,785 59,302
9,819
100
50
150
Wool Realization Association has suggested a scheme for Boston
Philadelphia
41
41
41
41
stabilizing values of low crossbred wool on a basis of control Los Angeles
47
47
47
397
350
368
368
of the quantities allotted to the monthly auctions. The San Fran
Association would guarantee a minimum price to the grower,
__ 35.845 14,519 35,104 85,468 60,800 33,453 124,269 218,622
who would be free from selling responsibility but who would
Total 192L 1,179 27,646 81,096 109,921 59,478 40,485 317,444 417,407
participate in any profit. Cabled dispatches from Adelaide, Total 1920. 1.110 19.428 16.645 37.183 53.891 28,345 83,993 116,229
South Australia, state that at the opening of the next wool
In addition to above exports, our telegrams to-night also
auction, fixed for Sept. 22, offerings will total 25,000 bales.
Melbourne dispatches state that the British Australian Wool give us the following amounts of cotton on shipboard, not
Realization Association's plan for stabilizing the values of cleared, at the ports named.
crossbreds, referred to dispatches on the 30th inst., has been
On Shipboard, Not Cleared for
acqepted. Allocations for the whole commonwealth for the
Sepfember sales total 108,200 bales. London cabled Aug.30
Great
GerOther CoastLeaving
Sept. 1 at
- Britain. France. many. Cont'nt. wise. Total.
that dispatches from Cologne state that the German Wool
Stock.
Weavers' Association has come to an agreement with its Galveston
6,929 8,632 5,800 3,357 3,000 27,718
68,848
American customers that payment may be demanded in New Orleans_ _
702 4,011 1,484
456
78 6,731
36,044
400
400
43.179
foreign currency. The "Commercial Bulletin" will say of Savannah
Charleston*__ _
200
250
-686 1,200
300 2,600
49,460
Mobile
the wool market this week:
200
200
634
"There is a better tone in the market this week and even the fine grades
have been moving better. Prices generally are firm. An early passage of
the tariff is expected, as things now stand, with the probability that the
net rate on wool will be lowered slightly from the rate in the Senate bill.
Reports from the goods markets indicate slackening in demand, although a
fair volume of business in lightweights has been done. Bradford returns
higher prices on merino tops, good Australian warp 64s being quoted at
58d. for December delivery; low crossbreds are barely steady. The East
India sales have ruled generally firm. Mohair is in fair request and steady.
COTTON.
Friday Night, Sept. 1 1922.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
91,625 bales, against 44,317 bales last week and 33,716
bales the previous week, making the total receipts since
Aug. 1 1922 204,473 bales, against 408,276 bales for the
same period of 1921, showing a decrease since Aug. 1 1922
of 203,803 bales.
Sat.
Galveston
Houston
New Orleans_. _ _
Mobile
Jacksonville
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Boston
6,269
Totals this week_
8.975
Mon.
Tuts.
Wed.
Thurs.
5,600 12,761 3,782
1,136
12,834
765
338
534
183
212
282
9,448
9,328
1,063
699
1,708
2,109
3,964
3,106
1,988
66
14
55
105
41
30
8
39
102
24
5
29
79
10
116
63
740
123
Fri.
Total.
7,121 44,981
23,298
3,440
263 1,762
255
255
2,273 15,148
1,875 1,875
231
6
343
41
284
33
8
9.977 17.440 20.651 22.715 1 L867 91.625
The following table shows the week's total receipts, the
total since Aug. 1 1922 and stocks to-night, compared with
the last year:
1922.
1921.
This Since Aug This Since Attg
Week. 1 1922. Week. 1 1921.
Galveston
44,981 112,730 56,938 214,204
Texas City
40 1,188
2,987
Houston
23,298
24,332 9,800
26,815
Port Arthur, &c__
738
2,289
New Orleans
3,iiii
20,505 16,354
71,049
Gulfport
---Mobile
1,762
2,869 1,148
13,806
Pensacola
Jacksonville
-285
420
1
424
Savannah
15,148
30,421 11,620
41,522
Brunswick
1,875
3,850
310
Charleston
231
1,858
443
3,099
Georgetown
Wilmington
343
1,353 2,221
6,744
284
Norfolk
2,965 2,530
15,816
N'port News, &c_
37
169
40
New York
720
2,259
2,177
8
Boston
759
3,180
699
Baltimore
102
2,006
214
Philadelphia
425
1,597
Receipts to
Sept. 1.
Totals
91.625
204,473 105.024
408,276
Stock.
1922.
1921.
96,566
271
258,849
14,564
42,775
398,481
834
14,506
1,688
43,579
2,100
52,060
1,535
127,288
1,018
195,649
12,590
32,623
28,208
85,625
73,041
7,687
1,516
4,322
149,714
9,135
752
5,659
370,652 1,290,983
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts atGalveston_ _ _ _
Texas City,&c
New Orleans..
Mobile
Savannah _ .. _ _
Brunswick
Charleston_ __
Wilmington..
Norfolk
N'port N.,&c_
All others_ _ _ _
1922.
1921.
44,981
56,938
23,298
11,726
3,440
16,354
1,762
1,148
15,148
1.1,620
1,875'
231
443
343
2,221
284
2,530
37
263
2.007
1920.
32,522
12,246
4,718
272
11,707
423
1,115
38
3,055
1919.
9,039
96
3,280
829
12,866
3,000
815
48
2,208
112
1,279
1918.
49,928
192
12,936
2,518
19,998
1,500
400
850
86
1.244
1917.
49,208
274
12,687
5,679
35,167
2,000
615
423
596
113
5,376
Tot. this week
91,825
105,024
66,096
33,572
89,652
112,138
Since Aug. 1--
204.473
408.276
189.041
268.619
294,888
407,447
The exports for the week ending this evemng reach a total
of 84,468 bales, of which 35,845 were to Great Britain,
14,519 to France and 35,104 to bther destinations. Exports for the week and since Aug. 1 1922 are as follows:
Norfolk
Other ports*_ _
3,000
300
3,900
800
Total 1922._ _ 10.635 9,834 14,361 7,041
Total 1921
24,674 11,834 37,466 26,491
Total 1920_ _ 19,306 10,304 7,043 14.149
8,000
32,623
94,215
3,778 45,649 325,003
3,349 103,814 1,187,169
4.002 54,804 662,429
Speculation in cotton for future delivery has latte dy been
moderate, awaiting the Government report to-day. It appeared at noon, and stated the condition at 57%, against
70.8% last month,49.3 last year,67.5 in 1920, 61.4 in 1919 and
a 10-year average of 65.3%. The crop is put in the latest reported at 10,575,000 bales, against 7,953,641 bales last year,
13,439,603 two years ago, 11,420,763 three years ago and 12,040,530 four years ago. The crop was estimated a month
ago at 11,449,000 bales. The effect of this report was to
cause wild fluctuations, i. e. down at first 100 points, then up
80 points, then sagging and ending easy at a net decline for
the day of 40 to 50 points. Yet, the Texas crop works out
3,644,000 bales, or only 100,000 bales less than last month,
though Texas' condition is stated at 59 against 72 then.
There was heavy liquidation. Earlier in the week prices
moved upward owing to bad crop news and an expectation
of a bullish Government report on Sept. 1. The average
guess of members of the Cotton Exchange here was 57.6%.
The range in private reports was 56 to 62%, and of crop estimates from 10,285,000 to 11,120,000 bales. Texas continued
dry and at times almost as hot as in the previous week. Temperatures were lower in Oklahoma, as they were, for that
matter, in parts of Texas. But both States had little rain
and in the main temperatures were too high. They gave rise
to reports of shedding and premature opening. In Oklahoma,
which has within two days turned very hot, there was said to
be considerable damage by weevil. In Texas army worm
and caterpillars did much harm, it appears. Also, where
there was rain in Texas recently the weevil is declared to
have done more or less damage. The weekly Government
report was considered in the main unfavorable, I. e. too dry
and warm west of the Mississippi, with cool nights in the Atlantic section and much damage by weevil. The story of the
crop progress was in the main not cheerful. Private reports
were in some cases rather lurid. Of course, as usual, they
were more or less exaggerated. In Texas the crop in some
cases is privately estimated at as low as 2,500,000 to 3,000,000 bales, as against 2,129,155 gined last season and 4,148,399
two years ago, according to the Census Burea i's figures.
Meantime, too, spot markets have been reported firm with
the basis high, and very fair sales from day to day, in Texas,
at least. Both France and Germany were said to be buying
in the Southwest, despite the depression in francs and
marks. Lille, France, reports a good demand for most goods,
the finer fabrics excepted. Ghent cotton mills are busy. In
Belgium generally unemployment Is not so great as it was
earlier in the year. The mills of Denmark were working at
90% of capacity. In Sweden they are doing within 7% as
much business as in 1913. Manchester has recently had more
business with India, even if in other directions its business
has been moderate or light. Fall River, too, is waking up.
On Thursday its sales of rrint cloths were said to have been
125,000 pieces, or the largest sales, in a single day this year.
The total- for the week is 300,000 pieces. At Lawrence, Mass.,
the mills are resuming work without cutting wages. The
tendency of New England also Southern trade seems to be
towards improvement, i. e. greater employment, larger sales
and firmer prices. Print cloths advanced %c. to 14c. at Fall
/
River. Sheetings have sold more freely here. Silk mills report a better business than for a couple of years past. Dry
goods people count on good grain crops and higher wages to
increase buying power and swell sales of goods. As for the
trading in futures here, Liverpool and Japanese interests
have been buying. American trade interests have also
bought to some extent. Shorts have covered. The undertone has been so firm that the short side has been handled
1114
very gingerly, meanwhile, too, the anthracite coal strike, it
it said, is to be settled at once. Not a few believe that the
railroad strike will last very much longer. Strikers will lose
the sympathy of the public, if they ever had It, should sabotage continue, I. e. disabling of locomotives and coal freight
cars, which is freely charged against the strikers.
On the other hand, there is the state of affairs in Europe.
There is no disguising the fact that it is universally considered serious. Not for long centuries has Europe been in so
critical a state as to its commerce and finance, to go no further, with Continental currencies of powerful political societies like Germany, Austria and France down to an incredibly
low level, especially those of the former Teutonic Empires.
It is believed that Europe will not strike Its gait or anything
like it until the German reparations question is finally settled. All this cannot but react unfavorably on American business. As regards cotton, some take the ground that the damage to the crop is being exaggerated, that supplies will be ample, and that present prices canot be maintained. They say
that 23 cents discounts a good deal. The estimated world's
consumption of American cotton in some quarters is much
smaller than that of last year. Even as low as 11,000,000
bales is tentatively estimated, against a total last year of
12,800,000 bales. The Japanese textile industry, for one
thing, is contending with serious competition from Chinese
mills, which have the advantage of cheaper labor than those
of Japan. And, of course, Germany is badly handicapped.
So are some other Continental countries. Manchester is not
selling goods freely to most parts of the world. A sign of the
times is that spot sales in Liverpool are only 5,000 to 7,000
bales a day. Evidently the British spinners are in no hurry
to stock up with raw material. And even in this country it
is said that American mills are in many cases inclined to go
slow until they can have a clearer assurance that the consumer will take goods freely on the present basis of prices.
In fact, this feeling seems to be well nigh universal. It is
noticeable throughout the world. Of course, the cost of living is still high. Railroad and coal workers insist upon high
wages. Meanwhile exports of raw cotton from this country
thus far this season are only about half as large as those in
the same time last year. The South is a steady seller for
hedge account. Hedge selling is likely to increase in the
near future very noticeably as the movement of the crop
increases. Some of the South Carolina mills are closing for
the lack of coal. And in Georgia it is intimated that many
mills will also have to close in the near future for the same
reason. To-day's statement of world's spinners' takings of
American cotton show a sharp decrease from the total of the
same week last year. The Exchange will be closed to-morrow, Saturday, and, of course, on Monday, Labor Day. New
Orleans will also be closed on those days. Liverpool will be
closed to-morrow, but, of course, open on Monday. Nobody
knows how it will take the Government report. This uncertainty caused precautionary clearing of the decks here today. It turned out that the long account was rather larger
than had been suspeced. But final prices show a net rise for
the week of 10 to 15 points, with October down 1 point. Spot
prices ended on the basis of 22.25c, for middling, the same as
a week ago.
The following averages of the differences between grades,
as figured from the Aug. 30 quotations of the ten markets
designated by the Secretary of Agriculture, are the differences
from middling established for deliveries in the New York
market on Sept. 8.
1.71 on
Middling lair.
1.30 on
Strict good middling
.86 on
Good middling
.51 on
Strict middling
.56 off
Strict low middling
1.25 off
Low middling
2.13 off
*Strict good ordinary
303 off
*Good ordinary
Strict good mid. "yellow" tinged_ .53 on
tinged__ .03 on
Good middling "yellow"
Strict middling "yellow" tinged__ .54 off
*Middling "yellow" tinged
1.55 off
*Strictlow mid."yellow" tinged_ _2.28 off
*Low middling "yellow" tinged ..3.10 off
Good middling "yellow" stained.1.25 oil
*Strict mid. "yellow" stained
2.18 off
*Middling "yellow" stained • 3.03 off
*Good middling "blue" stained..1.38 off
*Strict middling "blue" stained_ _2.13 off
*Middling "blue" stained
2.95 off
*These ten grades are not deliverable
noon future contracts.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Aug. 26 to Sept. 1Middling uplands
Sat. Mon. Tues. Wed. Thurs. Fri.
22.55 22.55 22.85 22.80 22.70 22.25
NEW YORK QUOTATIONS FOR 32 YEARS.
1922
1921
1920
1919
1918
1917
1916
1915
1906
__
22.25c.
12.50c. 1905
191417.50c.1913
11.25c. 1904
30.2.5c. 1912
11.70c. 1903
32.05c. 1911
15.50c, 1902
36.50c. 1910
12.70c.11901
23.30c. 1909
9,30c.11900
1908
16.30c.
13.55C.11899
9.75c. 1907
9.80c.
10.95c.
11.50c.
12.75c.
9.00c.
8.62c.
9.62c.
6.19c.
1898
1897
1896
1895
1894
1893
1892
1891
5.81c.
7.81c.
7.88c.
8.19c.
6.88c.
7.81c.
7.12c.
8.38c.
MARKET AND SALES AT NEW YORK.
spot each day during the
The total sales of cotcottonon the
the following statement.
week at New York are indicated in
also add columns which
For the convenience of the reader we
for spot and futures closed
show at a glance how the market
on same days.
Spot.
Market
Closed.
Saturday ___
Monday____
Tuesday _ _ _
Wednesday _
Thursday __
Friday
115
.
.
THE CHRONICLE
Futures
Market
Closed.
------Quiet, unchanged__ Steady- ----Steady; 30 Pts• adv. Stead.y----------utet 30 pts. adv_ _ Eas3r y_ _
Barely
Quiet 5 pts. dee_ _ _ Stead sie
Quiet 10 Pts• dee--Quiet 45 pts. dec--- Easy ---------
Total --
SALES.
Spot.
-------
Conlet. 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.
1921.
1922.
bales_ 706,000 1,001,000
2,000
53,000
72,000
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
1920.
917,000
12,000
97,000
1919.
810.000
12,000
94,000
759.000 1,075,000 1,026,000
22,000
10,000
56,000
146,000 289,600
135,000 132,000 120,000
11,000
12.000
8,000
88,000
62,000 109,009
33,000
6,000
48,000
20,000
28,000
7.000
2.000
Sept. 1-
Stock at Liverpool
Stock at London
Stock at Manchester
916,000
598,000
294,000
418,000
328,000
175,000
4,000
68,000
47,000
1.177,000 1,673,000 1,354,000 1,210,000
Total European stocks
26.000
62,000 131.000
59.000
India cotton afloat for Europe
American cotton afloat for Europe 122,000 235,682 141,996 414,239
79,000
28,000
44.000
Egypt, Brazil, &c.,afloat for Eur'e 69,000
73,000
99,000
190,000 263,000
Stock in Alexandria, Egypt
812.000 1,075,000 1,209,000 1,001.000
Stock in Bombay, India
370.652 1,290,983 717,233 839.773
Stock in U. S. ports
Stock in U. S. interior towns_ __ _ 355,704 987,684 785,583 623,050
18.637
6.749
700
U. S. exports to-day
3,156,056 5,649,986 4,446.561 4,292,062
Total visible supply
Of the above, totals of American and other descriptions are as follows:
bales_ 367,000 608,000 580,000 583,000
Liverpool stock "
87,000
57,000
59,000
34,000
Manchester stock
347.000 524,000 262,000 258,000
stock
Continental
122,000 235,682 141,996 414,239
American afloat for Europe
370,652 1,290,983 717,233 839,773
U. S. port stocks
355,704 987 684 785,583 623,050
U. S. interior stocks
6,749
700
18,637
U. S. exports to-day
American
-
1,597,056 3,723,986 2,580,561 2,775,062
Total American
East Indian, Brazil,
393,000 337,000 227,000
12,000
12,000
2,000
37.000
13,000
10.000
19,000
36,000
66,000
74.000
71,000
26,000
59,000
62,000 131,000
79,000
28,000
44.000
69,000
99,000
73,000
190 000 263,000
812,000 1,075.000 1,209.000 1,001,000
339,000
Liverpool stock
stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
1,559,000 1,926.000 1,366,000 1,517,000
1,597,056 3,723,986 2.580,561 2,775,062
Total East India, &c
Total American
3,156,056 5,649,986 4,446,561 4,292,062
Total visible supply
13.70d. 11.20d. 20.96d. 18.15d.
Middling uplands, Liverpool
29.40c.
18.15c. 31.75c.
22.25c.
Middling uplands, New York
Egypt, good sakel, Liverpool_ __ _ 20.25d. 21.00d. • 69.50d. 32.50d.
10.75d. 40.00d. 29.50d.
Peruvian, rough good, Liverpool_ 14.50d.
12.15d. 10.05d. 18.10d. 18.10d.
Broach fine, Liverpool
Liverpool_ _
13.05d. 10.55d. 19.35d. 18.35d.
Tinnevelly, good,-
Continental imports for past week have been 44,000 bales.
The above figures for 1922 shaw a decrease from last week
of 71,066 bales, a loss of 2,493,930 bales from 1921, a decline
of 1,290,505 bales from 1920 and a falling off of 1,136,006
bales from 1919.
-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. 1 1922.
Towns.
Receipts.
!
I
socks
Mr,neme t to Sept. 2 1921.
,
Receipts.
Week. I Season. I Week. Sept. 1 Week.
Ala.,Birming'm
Eufaula
Montgomery
Selma
Ark., Helena_ _
Little Rock
Pine Bluff_ _
Ga., Albany
Athens
Atlanta
Augusta- - - Columbus_
Macon
Rome
63
300
2,268
1,903
. 12
485
232
390
3,183
2,285
17
1,281
180
1,618
10
0
506'
720
6,830
19.402
4,265
2,746
3,078
200'
1
7,681
1,645
1,235
3
200
_
30
684!
185
477
150 3,013
1,617 11,003
1,199 2,474
88 5,196
692 14,508
21,958
353
1,232
709
200
2,406
340
1, 94 12 3
144 1 5
1 0
8
2,248 9,282
6,369 48,034
1,902 6,393
254 7,649
112 5,2471
200 3,300
La., Shreveport
Miss.,Columb
Clarksdale
242!
243
-1
Greenwood_ _
149
__ I
Meridian_ _ _ _
-1.
3ti
279
117
5
Natchez- _
12
100
244
Vicksburg279
____I
68,
Yazoo City
77,
3
Mo., St. Louis_ 4,716 23,915 6,344
N.C.,Gr'nsboro
2,142
423
68
Raleigh
16
193
6
--i8
-I
Okla., Altus
98
320
Chickasha
334
1,809
Oklahoma_ _
153___I
18
8,
126 1,000
S.C.,Greenville 1,000
Greenwood
I
-1
17,6591 5,300
Tenn.,Memphis 3,628
Nashville_
1
Texas, Abilene_
I
I
Brenham__
3,343 2,454
2,432
2,013 1,258
1,114
Austin
423
126
236
Dallas
_I
Honey Grove
Houston-- -- 66,474 163,164 59,296
18
640
266
6,154 3,127
Panis
Sa r Antonio_ 5,204
____
735
187
Fort Worth__
499
1,96
4,675
928
548
462
400
388
795
2,4E13
19
162
10 5 13,124
4
:212
38
5,884
227
149
785
2
8
846
303
2,386
10,240 1,882
194
53 654 9,586
9.'358
8,696
39
3
8,370
1,108
1,200
2,956
27
51
2,688
263
4,280
Season.
1,058
76
3,411
1,259
791
9,892
510
2,837
9,101
18,173
1,128
1,904
1,315
Ship- I
meats. I Stocks
Week. Sept. 2
264
4,216
4,228
1,483 24,765
1,157
402
7,385
500
287
575
5,016
3,193
1,430
674
75
1,000
35:,0680
15 4 5
4 160
3:60
0
49 822
20,708
16,381
91,985
10,206
10,946
6,075
5
7
49:42
195
1,300 2,400 32,000
769 1,514 25,170
1,528 1,253 11,424
456 5,883
2,583
569 7,212
120
197 8,152
494
70,952 17,303 23,459
701
359 4,783
699
30
17S
1 333
19:iii
3,498 109
p102
11,708 1:455 14.703
18
678
357
39,287 15,565228,138
1 201
:6
0
22
808
145 3,494
371 1,500
3,152 24,001
3,000
72,024 64,464 237,631 86,956 205,605
244
387
646
624 5,711
2,382
1,940
989
5,049 1,583 11,665
769
137
371
1,27
484
1,240
7,527
Total, 41 towns 103,939 277,422 98,511355,704 112,040 439.685 139,829 987,684
The above totals show that tile interior stocks have increased during the week 4,625 bales and are to-night 631,980
-1:866 -1:666 bales less than at the same period last year. The receipts at
-- -- -- -all the towns have been 8,101 bales less than the same
1,500 1.590 week last year.
SEPT. 2 1922.1
THE CHRONICLE
1115
-In our editorial columns
COTTON CROP REPORT.
will be found to-day our annual Review of the Cotton Crop.
The report has been prepared in circular form, and the
circulars may be had in quantities with business card printed
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday, Week.
Sept. 1.
Aug. 26. Aug. 28. Aug. 29. Aug. 30. Aug. 31.
thereon.
Special business cards of the following representative
August
cotton commission and brokerage houses of New York and
Range
21.75 - -Closing
other cities will be found in the advertising columns of this
September
22.28 -22.35 -----21.90-18621.90-186 issue of the "Chronicle":
Range
-22.41 -22.64 -22.26 -21.94-102--- HUBBARD BROS. & CO.,
A. A. HOUSMAN & CO..
Closing_ _ 21.78 -22.13
ALEXANDER SPRUNT & SON,
October
GEO. H. McFADDEN & IRO.
21.70402 21.84432 22.36-.76 22.53-.74 22.44-.65---21.70476 ANDERSON,CLAYTON & FLEMING MOYSE hc HOLMES,
Range
--SANDERS, ORR & CO.,
Closing_ __ _ 21.93-.97 22.28-.29 22.60-.63 22.53-.56 22.45-.47 22.07 ROBERT MOORE & CO.,
JAPAN COTTON TRADING CO.,Ltd.,
November
22.00-105 22.00-105 HENRY RENTZ & CO.,
22.56
22.03-.04
MILLER & CO.,
Range
-- -HOPKINS, DWIGHT & CO.,
SUPERINTENDENCE CO., INC.,
Closing_ _ 22.00 -22.33 -22.65 -22.60 -22.53 -22.20-.25
J. S. BACHE & CO.,
CLARK, PAYSON & CO..
December
STEPHEN M. WELD & CO.,
21.80-100
21.80413 21.92-143 22.47-.85 22.62-.83 22.61-.76 21.90-100--- GWATHMEY & CO.,
Range
P. J. JACKSON CO.,
22.04-.05 22.38-.39 22.70-.72 22.64-.67 22.62-.65 22.09-.13
HARRISS, IRBY & VOSE,
Closing_
CORN, SCHWARZ & CO.,
RED. SIEDENBURG & CO.,
January
21.78469 H. & B. BEER,
21.78-.98 21.86429 22.33-.69 22.47-.69 22.46-.62--- -- JOHN F. CLARK & CO.,
COOPER & GRIFFEN, INC.,
Range
22.46-.50 22.12 Closing__ 21.90 -22.22 -22.52-.59 22.51-.55
MUNDS & WINSLOW,
E. P. WALKER & CO,
TRAVER, STEELE & CO.,
February
21.90-197 21.90497 REINHART & CO.,
HOLMES & DAWSON,
Range
22.49 -22.15-.20--- GOSHO COMPANY,
Closing_ _ 21.93 -22.24 -22.60 -22.53 LAMBORN & CO.,
BOND, McENANY & CO,
BALDWIN & PRINCE,
March
21.80476 REYNOLDS & GIBSON,
21.80410 21.93430 22.38-.76 22.54-.73 22.50-.69--- -- McFADDEN, SANDS & CO.,
Range
AMERICAN MANUFACTURING CO.
22.10 Closing.. __ _ 21.96-.97 22.27 -22.62 -22.55-.60 22.52-.56
Also the cards of a number of the leading dry goods
April
22.00-.95 22.00-.95
Range ,
22.05-.10--- commission merchants and mill selling agents of the country.
Closing..... _ 21.93 -22.23 -22.58 -22.50 -22.48 Those represented are:
May
22.45-.61 ---21.83470
21.83402 21.90423 22.29-.70 22.45-.66
WILLIAM ISELIN & CO.,
Range
WOODWARD, BALDWIN & CO.,
21.95 SCHEFFER, SCHRAMM & VOGEL,
Closing_ __ _ 21.91 -22.19 - 22.55-.58 22.45 -22.45 RIDLEY, WATTS & CO.,
DEERING, MILLIKEN & CO.,
June21.85-.60 21.85-.60 CATLIN & CO.,
HUNTER MFG.& COMMISSION CO.,
RtiEnge
-21.85 ---- L. F. DOMMERICH & CO.,
Cloning.._ 21.80 -21.10 -22.45 -22.35 -22.35
WEST, BAKER & CO.,
J. P. STEVENS & CO.,
July
JAMES TALCOTT, INC.
22.25-.44---21.65444 H. A. CAESAR & CO.,
21.65 -22.00 - 22.35 -22.40 -22.25
Range
BLISS, FABYAN & CO.,
21.72 -22.00 -22.35 -22.26 Cimino
Also:
122c. 1 23c
ANGLO-S017rH AMERICAN BANK,IEQITITABLE TRUST CO.
THE WEEK AND SINCE AUG. 1. ATLANTIC MUTUAL INSUR. CO..1
OVERLAND MOVEMENT FOR
-1921-1922Since
Since
THE AGRICULTURAL DEPARTMENT'S COTTON
Sept. 1Week. Aug. 1.
Week. Aug. 1.
-The following statement, showing the condition
Shipped81,201 REPORT.
17,303
23,915
4,716
Vicl, St. Louis
16,159 of cotton on Aug. 25, was issued by the Department of
4,362
8,250
1,740
Mounds, &c
Via
771
89
50
.50
Via Rock Island
5,597 Agriculture on Sept. 1:
1,284
3,673
1,034
Via Louisville
11,343
The Crop Reporting Board of the Bureau of Agricultural Economics
2,622
15,918
3,000
Virginia points
Via
34,388 makes on Aug. 25 condition 57% of normal, as compared with 70.8% on
5,106
41,951
8,532
Via other routes, &c
July 25, 49.3% on Aug. 25 1921. 67.5% on Aug. 25 1920 and 65.3% the
30,766 149,458 average on Aug. 25 of the past ten years.
93,757
19,072
Total gross overland
A condition of 57% on Aug. 25 forecasts a yield per acre of about 145.2
Deduct Shipments
9,042 lbs. and a total production of about 10.575.000 bales of 500 lbs. gross. The
2,006
3,130
8
Overland to N. Y., Boston, &c_ _ _ 506
2,391 final outttum may be larger or smaller than this amount. according as con316
2,399
towns
Between interior
18,035 ditions developing during the remainder of the season prove more or less
1,842
26,352
4,821
Inland, &c., from South
favorable to the crop than average. Last year the production was 7.953.641
29,468 bales, against 13.439.603 bales two years ago.
4,164
31,881
5,335
Total to be deducted
26,602 119,991
61,876
13,737
ChangeJuly25
Leaving total net overland *
to Aug. 25 '22
State
* Including movement by rail to Canada.
-Year July 25
net overland movement
Aug. 25 Aug. 25 10
The foregoing shows the week's
10-yr.avg.
1921. Average. 1922.
1922.
'
bales for the week last
has been 13,737 bales, against 26,602
-13 -4
78
75
date the aggregate net over- North Carolina
62
65
year, and that for the season to
South Carolina
-14 -5
60
68
50
46
58,115 bales.
Georgia
-10 -6
land exhibits a decrease from a year ago of
54
44
41
65
-1921
Alabama
-10 -6
70
-1922
63
60
53
Since
Mississippi
Since
-14 -7
74
65
60
57
In Sight and Spinners'
Aug. 1. Louisiana
Week.
Aug. 1.
-10 -9
Week.
70
61
60
45
Takings.
408,276 Texas
204,473 105,024
-13 -10
72
91,625
62
42
59
Receipts at ports to Sept. 1
119,991 Arkansas
61,87626,602
-18 -6
81
13,737
63
70
63
to Sept. 1
Net overland
329,000 Tennessee
64,000
-20 -3
85
65
74
75
Southern consumption to Sept. 1.aa80,000 a408,000
Oklahoma
-22 -11
75
66
48
53
857.267 California
674,349 195,626
-3
--__
95
92
185,362
-83
Total marketed
x20,455 *27,789 x129,554
4,625
Interior stocks in excess
United States
70.8 -13.8 -7.7
65.3
57.0
49.3
167837
Came into sight during week_ _ _189,987
727,713
653,894
-Reports to
WEATHER REPORTS BY TELEGRAPH.
Total in sight Sept. 1
158,308 us by telegraph from the South this evening indicate that the
126,670 40,267
Nor. spinners'takings to Sept. 1_ _ 27,385
These figures are crop has not made as good progress as could be wished. In
* Decrease during week. x Less than Aug. 1. a
minsumption; takings not available.
the Eastern States it has been somewhat too cool, especially
Movement into sight in previous years:
at night. On the other hand, in the far Western districts
Bales.
Bales. I Since Aug. 1Week498,084 of the cotton belt, it was extremely hot in the early part of
-Sept. 3
130,79211920
-Sept. 3
1920
472,752 the week. East of the Mississippi there were showersin
-Sept. 5
95,35319l9
-Sept. 5
1919
704.183
-Sept. 6
181.60311918
1918-Sept. 6
most sections, but in the western portion of the belt the rains
AT were .
light and scattered. In general the crop has made
COTTON
MIDDLING
QUOTATIONS FOR
for only indifferent progress. However, the advance has been
-Below are the closing quotations
OTHER MARKETS.
cotton good in some sections, it all depending on local rainfall.
middling cotton at Southern and other principal
Weevil damage has been slight, but army worms have been
markets for each day of the week:
more active.
Mobile.
Closing Quotations for Middling Cotton on-The very hot, dry weather has caused considerk endin _
able shedding. Bolls are opening rapidly and pickers are in
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Sept. 1.
demand. Ginneries are going full time, but the movement
21.90
22.40
22.50
22.20
22.50
21.90
Galveston
to market has been slow, due to the strike.
21.75
22.00
22.00
22.00
21.75
22.00
New Orleans
Thermometer
21.13
21.63
Rain. Rainfall.
21.63
21.63
21.25
21.00
Mobile
Galveston, Texas
21.66
22.13
22.32
22.25
1 day 0.12 in. high 88 low 76 mean 82
22.00
21.75
Savannah
Abilene
high 102 low 72 mean 87
21.75
dry
22.25
22.38
22.38
21.88
21.50
Norfolk
22.75
Brenham
22.75
22.50
22.75
1 day 1.64 in. high 99 low 72 mean 85
22.25
'___Baltimore
Corpus Christihigh 92 low 78 mean 85
22.95
Philadelphia
Dallas
21.75
22.25
22.31
22.38
22.00
1 day d1.04 in. high 101 low 68 mean 85
21.81
Augusta
22.50
Henrietta
high 109 low 66 mean 88
22.50
22.50
dry
22.50
22.50
22.50
Memphis
high 100 low 61 mean 81
Kerrville
.:1.. o
22.25
22.40
22.40
dry
22.10
21.80
Houston
21.75
Lampasas
21.75
21.75
21.75
21.50
1 day 0.15 in. high 97 low 67 mean 82
21.50
Little Rock
Longview
21.15
21.70
21.70
21.80
1 day 1.26 in. high 97 low 65 mean 81
21.50
21.20
Dallas
Luling
21.20
high 101 low 72 mean 87
21.70
21.85
dry
21.85
21.55
Fort Worth_ __ _. __ _ _
Nacogdoches
1 day 0.23 in. high 103 low 60 mean 82
1 day 1.30 in. high 100 low ¢6 mean 83
-The closing Palestine
NEW ORLEANS CONTRACT MARKET.
Paris
2 days 0.54 in. high 105 low 64 mean 85
high 100 low 76 mean 88
quotations for leading contracts in the New Orleans cotton San Antonio
dry
low 70
Taylor
1 day 0.24 in.
markets for the past week have been as follows:
high 102 low 65 mean 84
dry
Weatherford
high 108 low 63 mean 86
Ardmore, Okla
dry
high 109 low 67 mean 88
Altus
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday.
, dry •
Sept. 1.
high 106 low 62 mean 84
' dry
Muskogee
Aug. 26. Aug. 28. Aug. 29. Aug. 30. Aug. 31.
high 107 low 66 mean 87
dry
Oklahoma City
20.95 -- Brinkley Ark
0.16 in. high 98 low 55 mean 77
21.56
- - - 1 day
August - _ _ 21.10 bid-----22.06-22.07 21.45-21.51 Eldorado
21.661 day 0.49 in. high 98 low 60 mean 79
- -21.38 -21.74September
high 97 low 64 mean 81
- Little Rock
- dry
October _ _ 21.50-21.55 21.88-21.90 22.24-22.27 22.16-22.17
high 98 low 57 mean 78
22.10-22.12 22.53-22.61 Pine Bluff
dry
- - - - -- - November - 21.60-21.62 Alexandria La
2 days 2.66 in. high 96 low 66 mean 81
December. 21.55-21.60 21.91-21.95 22.66-22.30 22.16-22.17 22.08 high 93 low 65 mean 79
- Amite
- dry
'
21.85-21.87 22.18-22.21 22.06-22.07
January_ _ 21.4722.11-22.12 21.59-21.67 Shreveport
- - 1 day 0.49 in. high 97 low 65 mean 81
February
high 99 low 58 mean 79
- - - - dry
Okolona, Miss
22.20-22.25 22.07March__ _ _ 21.48-21.56 21.83-21.85
high 98 low 55 mean 77
dry
22.01 bid 21.55 -- Columbus
- - April
- - - - --high 96 low 57 mean 77
dry
Greenwood
21.41 bid 21.74-21.75 22.08-22.10 21.98-22.02
May
1 day 0.86 in. high 98 low 68 mean 83
Vicksburg
- -June
- - - - -1 day 0.31 in. high 91 low 68 mean 81
Mobile, Ala
- - July
- - - - 2 days 1.50 in. high 96 low 58 mean 77
Decatur _
Tone
Quiet
Steady
2 days 1.06 in. high 94 low 60 mean 77
Steady
Montgomery
Quiet
Quiet
Quiet
Spot
Steady
3 days 1.50 in. high 98 low 64 mean 81
elma
Steady Barely st'y Steady Barely st'y
Easy
Options_
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
-
••
Rain. Rainfall.
4 days 1.64 in.
3 days 2.37 in.
2 days 0.26 in.
2 days 0.70 in.
dry
0.20 in.
1 day
2 days 0.39 in.
dry
dry
2 days 2.37 in.
2 days 0.69 in.
3 days 3.22 in.
2 days 0.76 in..
0.10 in.
1 day
2 days 0.09 in.
Gainesville, Fla
Madison
Savannah, Ga
Athens
Augusta
Columbus
Charleston, S. C
Greenwood
Columbia
Conway
Charlotte, N C
Newbern
Weldon
Dyersburg, Tenn
Memphis
Thermometer
high 91 low 62 mean 77
high 91 low 66 mean 79
high 92 low 66 mean 79
high 93 low 56 mean 75
high 92 low 61 mean 77
high 97 low 63 mean 80
high 90 13w 66 mean 78
high 87 low 55 mean 71
low 60
high 90 low 62 mean 78
high 88 low 57 mean 73
high 89 low 60 mean 75
high 93 low 58 mean 76
high 94 low 59 mean 77
high 93 low 63 mean 78
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1922.
Cotton Takings.
Week and Season.
Week.
1921.
Season. I
Season.
Week.
13,227,122
Visible supply Aug. 25
5,726,203
Visible supply Aug. 1
3,760,451
6.111,250
American in sight to Sept. 1189.987
653,894 167,837
727,713
• 9.000
Bombay receipts to Aug. 31.._ _
76,000
180,000
25,000
3,000
Other India shipm'ts to Aug. 31
26,550
3,000
10,000
.
4,600
Alexandria receipts to Aug. 30_ _
12,400
6,000
23,000
supply to Aug. 30 *
Other
b5,000
b25,000
2,000
22,000
Total supply
Deduct
Visible supply Sept. 1
3.438,709 4,554,295 5,930,040 7,073,963
3,156,056 3,156,0565,649,986 5,649,986
Total takings to Sept. La
Of which American
Of which other
282,653 1,398,239 280,054 1,423,977
211.053 1.017,089 227,054 1.086,977
71,600
381,150
53,000
337,000
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces the total estimated consumption by Southern mills,
408,000 bales in 1922 and 329,000 bales in 1921, takings not being available
-and aggregate amounts taken by Northern and foreign spinners. 990,239
bales in 1922 and 1.094,977 in 1921, of which 609,089 bales and 757,977
bales American. b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, for three years, have been as follows:
1922.
Aug. 31.
Receipts at
Week.
Since
Aug. 1.
9,000
Bombay
1921.
1920.
Since
Aug. 1.
Week.
78,000 17,000
Week.
Bales.
-Celtic, 10
10
-To Liverpool
-Aug. 25
NEW YORK
-Aug. 25
200
-Lapland, 175; Persier. 25
To Antwerp
-President Fillmore, 207.. Aug. 29
To Bremen-Aug. 25
-Susquehanna, 203
1,876
Hanover, 1 466 __Aug. 30
-Chicago,200_
280
-Aug.25-Persier,80_ __Aug.30
To Havre
-Arabic, 150.._..Aug. 31-City of Eureka,
-Aug. 28
To Genoa
160
10
100
-Aug. 31-City of Eureka, 100
To Barcelona
,
4,681
-West Durfee, 4,681
-Aug. 25
GALVESTON-To Havre
3,270
To Japan-Aug. 31-Hanover, 3,270
150
To China-Aug. 31-Hanover, 150
4,121
To Bremen Aug. 25-Farnworth, 4,121
5,226
-Aug. 31-Nubian, 5,226
To Liverpool
-Aug.25-Aldecoa,6.325; West Chetac, 2,350_ - 8,675
To Barcelona
-Mar Rojo,
-Aug. 25-Aldecoa, 2,22L.. Aug. 30
To Genoa
4,544
2,323
500
-West Chetac, 500
To Malaga-Aug. 25
850
-Lowther Castle. 850
-Aug. 30
To Ghent
25
-Aug. 25
-Mercier, 25
-To Antwerp
NEW ORLEANS
302
-West Chatala, 302
-Aug. 25
To Barcelona
650
-Carlton, 650
-Aug. 26
To Venice
1,114
To Bremen-Aug. 28-Maindy Manor, 1.114
579
-Aug. 31-West Segovia, 579
To Liverpool
48
-Aug. 31-West Segovia, 48
To Manchester
430
-West Kasson, 430
-Aug. 30
To Havre
866
-Emergency Aid, 866
-Aug. 30
To Hamburg
-Tripp, 140_ __Aug. 31-SpaarnTo Rotterdam-Aug. 30
540
dam, 400
Aug.
-Tyne Meru, 3,920
-To Bremen-Aug. 28
SAVANNAH
6,520
-Sierra Nevada, 2,600
29
-Tulsa, 6,686___Aug. 31-Parthenia,
-Aug. 29
To Liverpool
11,692
5.006
299
-Tulsa, 299
-Aug. 29
To Manchester
100
-Sierra Nevada, 100
-Aug. 29
Hamburg
To
100
-Sierra Nevada, 100
To Lyra-Aug. 29
-Steadfast, 1,136___Aug.
-Aug. 26
HOUSTON-To Liverpool
13,970
-Nubian,12.834
29
9,128
-Aug.30-Conness Peak, 9,128
To Havre
200
-To Rotterdam-Aug. 30-Conness Peak, 200
BRUNSWICK
2,775
-Aug. 27-Parthenia, 2,775
To Liverpool
700
-Sept. 1-Dakotian, 700
-To Liverpool
NORFOLK
399
-Aug. 31-Westlands, 399
-To Liverpool
MOBILE
100
-Aug.31-Westlands, 100
To Manchester
200
-Aug. 31-Ophis, 200
To Genoa
41
Rotterdam-Aug. 16-Breedijk, 41
-To
PHILADELPHIA
47
-Steel Voyager, 47
-Aug. 28
SAN PEDRO-To Liverpool
84,468
Total
Since
Aug. 1.
130,000 20,000
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 85,468 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
102,000
-Current rates for cotton from
COTTON FREIGHTS.
New York, as furnished by Lambert & Barrows, Inc., are
•
as follows, quotations being in cents per pound:
High StandDensity. ant.
85e,
Stockholm. .50o.
Trieste____ .35c. .42%c.
Fiume__ __ .330. .42%c.
Lisbon ____ .50c. .65o.
Oporto__ .75o. .(10(..
Barcelona_ .400. .55o.
Japan __ .500. .650.
Shanghai- .50o. .650.
High Stand
Density. ard.
850.
Bombay __ 65o
Vladivost'k-Gothenb'g. .50c. .650.
Bremen,.... 22140. .350.
Hamburg - .22 jo. .350.
_ _
Piraeus . .600. .750.
Saionica..- Mo. .750.
5,000
34,5001 120,500 159,000
35,000 140,000 175,000
63,000 25,000 93,000
High StandDmsity. ard.
Liverpool - .250. .40c.
Manoh's'r. .25c. .40c.
Antwerp,- .22%0..37)4o.
Ghent
4
-2
2/40..--Wl.
Havre-..
Rotterdam .2254o. .37%c.
Genoa.- .32340..37%o.
Christiania .3754o. .60o.
3,000
1,000
2,000 15,000
3,000,
1,000p
4,0001
23,5501
6,000'
30,000;
-By cable from LiVerpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, 86c., at that port:
3,000 11,000 22,000 36,000
1,000 24,000 25,000
,
18,000 5,000 24,000
i
7,000
1,000
9,000:
58,0501 120,500, 185,550
41,0001 140,000, 182,000
93,000: 31,000 133,000
For the Week.
Since Aug. 1.
Great
Great Conti- Japan&
Britain. neat. China.' Total. Britain.
Exports.
[voL. 115.
THE CHRONICLE
1116
Bombay
1922
1921
1920
Other India
1922
1921
1920
'Total all
1922
1921
1920
9,000 22,000 33,000
24,000 24,000
5,000 3,000 9,000
2,000
1,000
13,000
Conti- !Japan &
neat. I China.
4,000
Total.
28,550
7,000
40,000
6,000
Aug. 11. Aug. 18. Aug. 25.
30,000
29,000
22.000
18,000
18,000
14,000
2,000
5,000
3,000
40,000
53,000
64,000
759,000 733.000 729,000
428.000 398,000 389,000
34,000
29,000
66,000
18,000
11,000
45,000
97,000
98,000
101,000
18,000
32,000
26,000
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
173,000
46,000
According to the foregoing,.Bombay appears to show a
•decrease compared.with last year in the week's receipts of
8,000 bales. Exports from all India ports record an increase
of 11,000 bales during the week, and since Aug. 1 show an
increase of 3,550 bales.
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive a weekly cable of the movements of cotton at spot cotton have been as follows:
Alexandria, Egypt. The following are the receipts and
Friday.
Tuesday. Wednesday. Thursday.
Saturday. Monday.
Spot.
shipments for the past week and for the corresponding week
Market, (
of the previous two years.
Receipts (cantars)This week
Since Aug. 1
1921.
23,000
62,000
37,759
167,532
7,000
11.000
6.000
9,000
3,656 14,000
2,000 5.000
2,750 2,235
4,750 1,357
9,866
500
1,750
494
1:etle
2,535
1,607
1,400
1,194
8,000 34,000 1,666 19.116 4,586 6,736
Total exports
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
Note.
This statement shows that the receipts for the week were
23,000 cantars and the foreign shipments 8,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market for
both yarn and cloth is strong. Demand for yarn is good.
We give prices to-day below and leave those for previous
weeks of this and last year for comparison:
1921-22.
828 Cop
Twist.
June d.
30 20%
July
7 21
14 20%
21 10%
28 19
Aug
4 19%
11 18%
18 18%
25 19%
Sept
1
1920-21.
83( lbs. Shirt- Cot's
toga. Common Mid.
Upl's
to Finest.
@
0
14
14
0
22
21%
21%
21
163
18 0
16 0
15 4
0
0
0
0
21.0
20%
19%
21%
15 6 @16 3
15 3 016 1
15 2 016
15 4 016 2
Lol
@1610%
018 7%
018 5
616 2
@
.._
8% lbs. Skirt- cora
inn. Common Mid
to Finest.
Upl'i
...._
d. 8. d.Bd. el. .
7.21
19 15 9 018 2
0
0
0
0
19%
10%
19
17
328 Cop
Twist
a. 0. d. d.
d. s. d.
21% 16 13401810% 13.09 17
159
17 8
15 9 017 0
15 9 017 0
15 9 ®19 0
7.84
8.11
8.2E
7.8E
13.01 Mg 14 19 159 @190
12.45 1634 0 18% 15 6 012 0
13.25 16% 14 18% 15 8 018 8
12.80 16% 0 18 15.3 ®16 8
8.41
8.54
8.4/
9.61
15 10 a17 n
11.21
13.50 17%
13.65 17%
13.60 17
13.19 17
1270 17V (4
19
•
Quiet.
Quiet.
13.48
13.60
13.68
13.88
13.70
6,000
7,000
6,000
5,000
4,000
'
Since
Since
Week. Aug. 1. Week. Aug. 1.
3,000
Liverpool
Manchester, &c
Contin't & India
America
Quiet.
Sales
1920.
Since
Week. Aug. 1.
Exports (bales)
To
To
To
To
Moderate
demand.
12:15
P.M. (
Mid.Upl'ds
1922.
Alexandria. Egypt,
Aug. 30.
Quiet.
HOLIDAY
Futures.
Market j
opened
Steady
Quiet but Quiet but Quiet 3 pts. Steady
.
st dy 41410 st'y 17019 dec. to-2 1 pt. adv.to 408 Pts.
pis. adv. pts. adv. 3 pts. dec. advance.
Pts. dec.
Market. I
4
P.M.
Steady
Quiet but
Steady
st'dy 21414 24(4)28 pts. 2146 pm
pts. adv. advance. advance.
Steady Barely st'y
408 pts. 18019 pts.
decline.
advance.
Prices of futures at Liverpool for each day are given below:
Sat.
Aug. 26
to
Sept. 1.
d.
August
September
October
November
December
January
February
March
April
May
June
July
Mon.
I
Tues.
Wed.
Thurs.
Fri.
12% 12% 12%1 4:00 12%, 4:001 12% 4:00 12% 4:00 12% 4:00
P. m P. m.P. m.IP. m.P. m.P. m.P. m.P.m.P.m P. m.p.m.p.m.
d.
HOLIDAY.
d.
d.
d.
d.
d.
d. I d. I d.
4.
d•
12.9812.93 13.10 13.2113.18 13.21 13.04 13.11 13.15 13.92
12.79 12.75 12.92 13.00 12.99 13.03 12.90 12.98 13.01 12.77
12.67112.62 12.79 12.88 12.85 12.89 12.78 12.82 12.87 12.64
12.51 12.48 12.67 12.73 12.72 12.78 12.70 12.77 12.82 12.59
12.44 12.43 12.62 12.88 12.87 12.71 12.88 12.73 12.77 12.54
12.38,12.37 12.56 12.82 12.82 12.66 12.82 12.89 12.73 12.50
12.3412.34 12.53 12.5812.59 12.83 12.59 12.88 12.70 12.47
12.30 12.31 12.50 12.55 12.58 12.80 12.54 12.61 12.65 12.42
12.25 12.28 12.45 12.5012.51 12.55 12. 12.58 12.60 12.37
12.20 12.22 12.40 12.46 12.47 12.51 12.4212.49 12.53 12.30
12.12 12.15 12.33 12.39 12.41 12.45 12.38112.43 12.47 12.24
12.05 12.09 12.27 12.33 12.35 12.3: 12.3012.37 12.41 12.18
BREADSTUFFS.
Friday Night, Sept. 1 1922.
Flour has been rather quiet. Buyers are loath to take hold
to any marked extent, partly because of the slowness of arrivals. Nobody knows when they will get the flour. Naturally, under such circumstances, the buying is cautious. At
times prices have been steady, when wheat has rallied. Also,
at the Northwest there has been to all appearances a better
business. Some of last week's reports from that section
SEPT. 2 1922.1
THE CHRONICLE
were very cheerful. And now and then buyers at New York
have purchased to a fair extent, both for prompt and forward
shipment. But as for buying on a big scale, that is another
matter. They have been clearly averse to it. Latterly the
undertone has been a trifle weak•for distant shipments. One
report on the 29th inst. said that this was reported to be due
to the quality of wheat this year. It is said to be irregular as
to glutenous content. Reports from the spring wheat belt,
it is declared, show that from numerous samples examined
it would appear that on an average the wheat this year is
rather deficient in protein as compared with that of last
year. It was added that leading mills, which use the highest quality of wheat, declare that they are paying as high as
15 cents over Minneapolis September for their wheat,
whereas fine appearing wheat but of low protein is offered
to
at the mill doors at 3. 4 cents over September. It is asserted that similar conditions prevail in the Southwest.
Mills there which are buying on the protein test are said to
•be paying good premiums over the ordinary run of cash
wheat. It should be distinctly understood that these reports
.are given for what they are worth. The writer cannot vouch
for their accuracy. They are part of the news or rumors of
tIvi day. Meanwhile, the export demand here is for only
small lots, chiefly soft winter straights and Southwestern
•clears. It is an interesting circumstance that some exporters who have stocks of Canadian flour held here in bond for
the export trade are said to be offering it to American buy•ers, owing to the dulness of trade with Europe.
Wheat advanced for a time on higher cables, a better demand and the continued railroad strike. On the 28th inst.
/
Liverpool advanced 212 to 3 d. The English trade seemed
/
1
2
nervous over the railroad strike and its hampering effect on
the American crop movement. Also, however, foreign exchange advanced. That might mean that across the water
people were disposed to take a more cheerful view of the general political and financial situation. To-day they were.
Besides, Europe has not bought much wheat in this country
for some time past. It may re-enter the market any day, it
was reasoned. On the 28th inst., some 800,000 bushels were
taken for export, though, to be sure, it was mostly Manitoba.
And speculation was not active. Legislation threatens it.
Trading in grain futures helps, it does not hurt the farmer.
It makes larger markets. The speculator helps to carry the
crop. He will buy when the miller will not. He makes up
two buyers instead of one, the miller. Since when has it been
the part of wisdom if a man has something to sell, to drive
away a buyer and elect to sell to only one? Competition
among buyers usually tends to help prices. It all provides a
larger, broader market. And, of course, there are the hedging facilities. Turning to the visible U. S. supply, the total
Is 27,913,000 bushels, against 34,699,000 bushels a year ago.
This showed a decrease last week of 77,000 bushels, against
3,853,000 bushels last year. But even the falling off of 77,000 had for a moment a rather bracing effect. On the 28th
the tone was noticeably firm; prices advanced 1% to 2c.
Shorts covered freely with Liverpool up sharply. But on the
29th inst. prices fell almost as much, with Liverpool down
11d. to 1%d. On the drop considerable export trade was
/
2
reported at Chicago to be under way in Manitoba wheat on
the basis of 992 for October, of which exporters bought
/c.
1
heavily. The West sold some winter wheat to the seaboard.
But speculative trading lagged. It is greatly missed.
Later on prices declined under the pressure of hedge sales.
Export sales on the 30th were only about 500,000 bushels.
'Greece, however, asked for offerings of 800,000 bushels of
Manitoba. Yet European demand was not all aggressive.
Selling against American and Canadian wheat told against
the price. On the 31st inst. prices further declined. September dropped below the dollar mark again on steady liquidation. There were export sales of 900,000 bushels reported,
mostly Manitoba. Also, there was some tendency to increase
the estimates on the Canadian crop. Exporters bought October at Winnipeg and sold May at 3 c. difference. At Chi/
1
2
cago the sentiment was increasingly bearish. Snow puts the
spring wheat crop at 288,000,000 bushels.
Buenos Aires cabled reports of frosts favoring the growing
crops. The forecast is for cold clear weather and this will
be beneficial for the conditioning of corn and the strengthening of new seedings of wheat, oats and linseed. In the United
Kingdom the weather has been unsettled and the outlook is
for continued unseasonable weather.
Russian harvest news was never so interesting as now.
The United States Department of Agriculture has reports
that the condition of crops in Russia up to July 1 is estimated above average. With a fair harvest the position of
Russia, it is declared (not without some dissent), will be
better than it has been in the last two years. The cities will
have enough grain, it is asserted, to meet food requirements
and the peasants will be in possession of enough seed for a
considerable extension of the area to be sown for 1923, provided the rights of internal free trade recently granted by
the Soviet Government are not curtailed. It is not expected
that there will be a general surplus of grain for export. It
Is possible, however, it is said, that some quantities of grain
will be sent to Italy and corresponding purchases made in
England or America for import into the northern provinces
of Russia, a roundabout method of sending grain from the
producing regions of Russia to the consuming regions, which
1117
is less expensive than the long railroad haul from South
Russia to North Russia. It is estimated that in 1922 Russia
will have 5,000,000 to 12,000,000 long tons more bread grains
to supply the food requirements than in 1921, when the net
harvest of bread grains amounted to 19,922,000 long tons after deductions had been made in live stock feed and seed requirements. The 1921 harvest was 4,352,000 tons under Russia's minimum requirements for human consumption. Therefore, this year, even with the minimum estimate of 5,000,000
tons more than last year, Russia, it is contended, ought to be
able to feed herself. Some doubt it.
To-day prices advanced, but the ending is 14 to 1%c.
/
1
lower than a week ago.
DAILY CLOSING PRICES OF WHEAT IN NEW • YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
cts_119
1203-1 119 117
1143-i 1163
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_cts_101% 1039i 102 101
9991
December delivery in e1evator__1033-1 10491 10231 10131 10131 100
102
May delivery in elevator
108
10931 10791 10631 10694 10731
Indian corn fluctuated within narrow bounds for a time
and then turned more noticeably downward. For tired holders sold out. The forecast pointed to beneficial rains in the
West and Southwest. And the demand was light. Exporters
wanted only moderate quantities. On the 28th inst. they took
200,000 bushels. Larger receipts at Chicago at one time
caused selling. Country offerings have been fairly large.
Iowa's crop reports have been good. Yet at times the tone
has been quite steady. Kansas and Nebraska have sent some
unfavorable crop reports. The visible supply in the United
States decreased last week 1,106,000 bushels, against an increase in the same week last year of 150,000 bushels. The
total is only 7,000,000, against 10,050,000 bushels a year ago.
Rather bullish crop reports are expected from commission
houses' experts. Possibly they may indicate a crop somewhat under 3,000,000,000 bushels. Some such idea has been
prevalent. Snow says to-day it is 2,860,000,000; condition
78.7.
Later in the week prices were inclined to be rather steady,
owing to reports of hot dry weather. The technical position
also looked stronger. Too many people had been selling
short. Moderate sales for export were made, I. e. about 400,000 bushels. On the 31st inst. prices sagged a little, but rallied later. In the main corn acted very well. One crop estimate was 2,900,000,000 bushels, or 117,000,000 smaller than
the Government figures for a month ago. Moreover, premiums on spot corn at Chicago were stronger. No. 2 yellow
sold at 2% to 3c. over September. No important deliveries
were expected of either corn or wheat to-day. September
corn was sold to some extent on Thursday, but the demand
took it very readily.
To-day prices advanced and they end % to %c. higher than
last Friday.
DAILY CLOSING PRICE: OF CORN IN NEW
,
YORK.
•
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 yellow
cts_ 8031 7931 7931 7931 8031 8031
DAILY CLOSING PRICES OF CORN
FUTURES IN CHICAGO.
September delivery in elevator_cts_ Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator____ 609-4 603-4 5931 5931 5934 60%
55% 5531 54
543-1 5431 55%
May delivery in elevator
5834 5834 5734 573-4 5534 5931
Oats declined with corn and occasionally with wheat. Yet
prices did not bend much; quite the contrary. They stood up
very well. For supplies are not increasing as they were a
year ago. The statistical position is noticeably better. For
Instance, the visible supply in the United States increased
last week only 1,103,000 bushels, against 5,559,000 in the
same week last year. It is now some 20,000,00 bushels smaller
than a year ago. This is not to be entirely ignored by any
means. The total is only 38,114,000 bushels, against 58,813,000 a year ago. The undertone at times has been firm. No
great amount of selling has appeared. At times, too, prices
have advanced partly in sympathy with stronger prices for
other grain. And always it has been noticed that no great
selling pressure tried prices to the breaking point. Snow
calls the crop 1,273,000.000 bushels.
Prices were about steady on the 30th inst. Exporters took
300,000 bushels recently, including a cargo for Italy. Also,
the West was not selling freely. Receipts were only moderate. On the 31st Aug. prices eased a trifle. There was some
buying of September and selling of December in Chicago at
1%c.
To-day prices were higher, but they end % to %e. lower
than a week ago.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
45
cts 445 4434 4434 4434 44
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
3;3;73%31
31 . 3:,
32
34:333
373
2x Tu s :
F
2
: 1 n. : T1e T
S( v 3343 H3.
1
Sel t:nber delivery in elevator _ cts_
Deemberdeliveryinelevaor
May delivery in elevator
Rye declined on hedge selling, growing stocks, unsatisfactory demand and some occasional sympathy with set-backs
in wheat. In general business had been small. The American visible supply increased last week 2,261,000 bushels,
against 861,000 last year. The total was lifted to 6,024,000
bushels, against 4,186,000 a year ago. So that supplies are
abundant, whire rising. lass. A downward drift of prices
w nhardly sulp demand
d nt
On the 30th inst. export sales were estimated at about half
a million bushels. This did not prevent some decline, how-
THE CHRONICLE
1118
ever, at one time, especially on May. • Hedge selling told
against the price, with receipts rather large.
4c. lower
To-day prices advanced, closing, however, 2 to 21
than last Friday.
DAILY CLOSING PRICES OF RYE FUTURES IN
Sat. Mon. Tues. Wed.
September delivery in elevator_cts_ 68% 68V 67% 667'
5
705% 695%
December delivery in elevator_ _ _ _ 71% 71
755% 755% 745% 73
May delivery in elevator
CHICAGO.
Thurs. Fri.
66% 67%
695% 693.1
735% 744
The following are closing quotations:
GRAIN.
Oats
No. 2 white
45
No.3 white
435%
Barley
Feeding
Nominal
805%
Malting
72©76
805%
FLOUR
-Portage barley:
$6 25®$6 75 Bat:ley goods
Spring patents
No. 1
35 25
4 85® 5 25
Winter straights, soft
Nos. 2,3 and 4 pearl_ 6 00
Hard winter straights__ 5 75® 6 25
5 25©$5 40
Nos. 2-0 and 3-0
5 25((4 6 25
First spring clears
Nos.4-0 and 5-0
550
4 So® 5 25
Ryeflour
Oats goods
-Carload
Corn goods, 100 lbs.:
spot delivery
5 20® 5 40
1 85@ 1 90
Yellow meal
1 85(?4 1 90
Corn flour
For other tables usually given here, see page 1072.
WheatNo. 2 red
No.2 hard winter--CornNo. 2 yellow
-No 2
Rye
51165%
1 18
The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard
ports Saturday, Aug.26, was as follows:
GRAIN STOCKS.
Rye,
Barley,
Oats,
Corn,
Wheal,
bush,
bush.
bush.
bush.
bush.
United States127,000
246,000 1,493,000
152,000
1,199,000
New York
1,000
354,000
Boston
12,000
89,000
1,000
74,000
1,100,000
Philadelphia
331,000
348,000
25,000
291,000
2,734,000
Baltimore
4,000
Newport News
40,000
4,000
99,000
166,000
3,354,000
New Orleans
23,000
1,920,000
Galveston
193,000
2,076,000 1,350,000 2,919,000 1,435,000
Buffalo
3,000
316,000
3,000
195,000
73,000
Sioux City
7,000
327,000
46,000
1,000
676,000
Toledo
29,000
87,000
24,000
31,000
Detroit
273,000
95,000
3,290,000 1,323,000 10,897,000
Chicago
103,000
622,000
" afloat
567,000
54,000
175,000
137,000
66,000
Milwaukee
667,000 2,221,000
82,000
385,000
686,000
Duluth
72,000
5,000
179,000
2,000
992,000
St Joseph, Mo
78,000 15,496,000
294,000
16,000
671,000
Minneapolis
191,000
75,000
9,000
1,000
1,449,000
St. Louis
927,000
38,000
3,119,000 1,862,000
Kansas
707,000
38,000
204,000
Peoria
43,000
186,000
88,000
495,000
Indianapolis
513,000 1,912.000
29,000
1,14.; 000
8.000
Omaha
385,000 1,213,000
122,000
1,690,000
On Lakes
82,000
88,000
320,000
On Canal and River
27,913,000 7,009,000 38,114,000 6,024,000 1,304,000
Total Aug. 26 1922_
909,000
Total Aug. 19 192227,990,000 8,115,000 37,011,000 3,763,000
34,699,000 10,050,000 58,813,000 4,186,000 2,691,000
Total Aug. 27 1921
-Bonded grain not included above: Oats, New York, 62,000 bushels:
Note.
Boston, 167,000; total, 229,000 bushels, against 18,000 in 1921; barley, New York,
4,000; total, 10,000 bushels, against
6,000 bushels; Duluth,132,000; Baltimore, 14,000; Buffalo, 29,000 bushels in 1921'
1,457,000; Philadelphia,
and wheat, New York,
290,000; Boston, 18,000; on Lakes, 438,000; total, 2,349.000 bushels in 1922.
Canadian
2,787,000 1,702,000
703,000
484,000
161,000
Montreal
1,182,000
388,000
Ft. William de Pt. Arthur- 5,104,000
347,090
312.000
47,000
Other Canadian
484,000
Total Aug. 26 1922_ __ _ 8,203,000 1,702,000 2,232,000
596,000
8,346,000 1,109,000 2,901,000
367,000
691,000
Total Aug. 19 1922
3,369,000 1,518,000 8,544,000
341,000 1,295,000
Total Aug. 27 1921_
Summary
27,913,000 7,009,000 38,114,000 6,024,000 1,304,000
American
8,203,000 1,702,000 2,232,000
484,000
596,000
Canadian
Total Aug. 26 1922__ _ _36,116,000 8,711,000 40,346,000 6,508,000 1,900,000
36,336,000 9,224,000 39,912,000 4,130,000 1,600,000
Total Aug. 19 1922_
38,068,000 11,568,000 67,357,000 4,527,000 3,986.000
Total Aug. 27 1921
WEATHER BULLETIN FOR THE WEEK ENDING
-Weather conditions in their relation to the
AUGUST 29.
crops are summarized as follows by the Department of
Agriculture in its weekly weather bulletin issued on Aug. 30:
-Cotton crop made poor progress and contimied to deteriorate
Cotton.
It was somewhat too
at night
ti
in most sections of the belt.
it was extremely hot uni especiallyl
the latter
in the more eastern States, but
ing districts. Showers were quite
week in the more western cotton-grow
the
the Mississippi River eastward, but were
general in most sections from scattered in the western
widely
portion of the
mostly light and rather warm weather intensified the drought conditions
unusually
belt, and the
there.
occurred in eastern Oklahoma the latter part
Moderate to heavy rains rain fell in the central and
western
of the week, but very little in some eastern districts of that portions.
State, but
The crop made fair progress
deterioration was reported from the
poor advance or further in Texas,
generally
varied
depending on local rainfall
western portion. Progress
mostly further deterioration. although
was
and insect damage, but there few localities; showers occurred at about
progress was satisfactory in a
stations.
two-fifths of the reporting dry and there was abundant sunshine in Georgia
The week was moderately
only fair progress and its condition there was
but cotton made poor to opening rapidly in the central and northern pormostly very poor. It was
in the south.
nearly all had been picked early crop was Fair progress was retions and
maturing rapidly and
where the
ported in South Carolina, but weevils were doing great damage generally;
picking was more general,
the top crop and seriously damaging intermediate cotton.
they were taking
caused further deterioration in Arkansas.
Continued warm, dry weather weevil damage was great and plants were
especially on the uplands, while
new fruit.
putting on little or nocrop was generally poor in Mississippi, where conThe progress of the reported. and was poor to only fair in Alabama,
siderable shedding was reported as opening prematurely.
where much cotton was
from North Carolina, where bolls were beFair progress was reported helped some by railfall in Tennessee, but
was
ginning to open. Cotton the crop showed general deterioration. There
the nights were too cool and
considerable damage by rust, worms and
was very little new fruit and
weevils.
varied greatly during the week ending Aug
-The progress of corn
Corn.
considerably benefited by rainfall in the Ohio Val29. The late crop was
continued insufficient in many localities of
ley States, although moisture and cool in the more northeastern States.
and it was too cloudy Iowa until the cooler weather set in the
that area
progress in
Corn made excellent
its condition there was fair to very good, The
latter part of the week, andMissouri and the late planted in the eastern part
bulk of the crop was safe in affected by the recent rains. The hot, dry
of the State was favorably
late corn in Kansas and the earlier was seriweather had practically ruined
some improvement in eastern Oklahoma but
ously affected. There was up in the central and western portions. Rain
late corn was mostly burned
Gulf States, but conditions were mostly fawas needed also in the central area. Corn showed much improvement in
vorable in the middle Atlantic
rains had recently occurred. except that very
Minnesota. where beneficial uplands and sandy soils. It matured rapidly
little recovery was shown on
and at the close of the week was mostly out of
in the northern great plains
while a small amount of the earlier crop was
frost danger in North Dakota,was generally favorable for harvest in the
weather
safe in Iowa. The
Southern States.
generally favorable for threshing small
-The weather continued
Wheat.
northwestern States, but there was some
grains in the more northerly and
For,. 115.
interruption in Nevada and Utah because of rain. Harvest was nearing
completion in most later districts, although much wheat was still standing
in Montana, where harvesters were unable to keep up with the rapidly
ripening grain.
THE DRY GOODS TRADE.
New York, Friday Night, Sept. 1 1922.
While trade in markets for dry goods continues far from
being active, in so far as the sale of goods in large volume is
concerned, the tendency of prices toward higher levels is
very generally marked. So many buyers are beginning to
feel the need of providing for some part of their requirements that the movement of textiles promises to hold up
very well during the remainder of the year. The desire to
push business in various divisions of the trade is still strong,
despite the many unusual difficulties, and shipments due
the early part of September are being hastened as much as
possible in order to avoid further complaints. The interrupted transportation facilities due to the strikes has been
an adverse factor in the situation, and has been the cause of
some out-of-town buyers withholding orders for fear that the
goods would not reach them in time. The firmness in manufacturing centres appears to be growing more noticeable
owing to the conditions existing in markets for raw material
and apprehension that the end of wage revisions has been
reached for the time being at least. With higher production
costs facing them, mills are becoming more cautious about
accepting orders unless the price is right. According to reports, the competition among mills to keep their machinery
in operation has been much keener than either agents or
manufacturers have been willing to admit. The difficulty in
wholesale and manufacturing channels has been the narrow
margin of profit available and the sharp competition to secure any business in sight, but conditions in this respect are
now showing a change for the better.
DOMESTIC COTTON GOODS: The firmness which continues to prevail in markets for domestic cottons is traceable
more largely to the strength of raw material than to expanding buying, although the demand for goods is growing steadily. Dealers in wash goods report a broadening of interest
on the part of buyers in lines other than the higher novelties,
while some converters report a better demand for some of
their specialty printed styles. Demand for print cloths has
been fairly active, although the volume of business has been
restricted to some extent by the unwillingness of Eastern
and Southern mills to make any extensive commitments very
far ahead. Some of the larger selling agents point to the
continuation of many small orders from retailers to jobbers
as a safe indication of improving trade and a depleted condition of stocks. Prices remain very firm and manufacturers are turning down business at prices acceptable a week
ago. On the other hand, some of the agents handling finished goods state that it will be difficult for them to maintain their limited business if they attempt to advance prices.
The standard grades of sheetings, sheets and pillow cases
are selling fairly well, while many of the lower grades are
quiet. Brown sheetings and bleached goods continue firm,
despite the fact that the call for these goods is small. Percales and piece dyed staples and colored cottons for working
suit purposes are moving in small lots. More business is also
offering on some of the napped cottons. Although there are
few orders for large quantities of goods, the number of small
orders make a good volume. After the holiday, a national
gingham week will begin, and it is generally expected that a
new impetus will be given to both wholesale and retail gingham distribution. Print cloths, 28-inch, 64 x 64's construc-inch, 64 x 60's, at 6%c.
tion, are quoted at 7c., and the 27
Gray goods in the 39-inch, 68 x72's, are quoted at 9%c., and
7
the 39-inch, 80 x 80's, at 1216c.
WOOLEN GOODS: Markets for woolen goods rule steady
with improvement noted in the demand. The larger men's
wear concerns are said to be comfortably supplied with
business for the remainder of the year, while some of the
smaller producers have also been making headway In the
booking of new orders. Houses dealing in women's wear are
doing a fairly satisfactory business, this being particularly
true in regard to those handling the finer qualities. The
New York clothing trade is much interested in the National
Retailers' Convention, scheduled to be held here next month,
and in the exhibition to open in Madison Square Garden
Sept. 11-15. It is claimed that no event in recent years has
brought forth such genuine co-operation among the clothiers
of New York, and a fine display is expected.
FOREIGN DRY GOODS: A fairly good demand continues
for linens. Buyers of crash towelings have been in the market in larger numbers during the week, and have devoted
most of their attention to the cheaper qualities. Indications
are that stores are planning towel sales and are ordering
for the event. Demand for dress linens also gives evidence
of more active business. Although orders are not large, they
are increasing in number. Both jobbers and retailers continue to purchase household goods for nearby shipment as
well as for deferred delivery. Burlaps have maintained a
steady undertone. Although there has been no great amount
of activity, improvement is looked for as stocks in the hands
of bag manufacturers are said to be limited to supplies for
the next 30 days. Advices from Calcutta report firmer markets. Spot lights are quoted at 5.90 to 5.95c., and heavies at
8.90 to 9.00c.
SEPT. 2 1922.]
THE CHRONICLE
"fhb and Cat
partutent
NEWS ITEMS.
Arizona (State of).-Constitutional Amendments to Be
Submitted.
-A constitutional amendment to allow the State
to borrow funds up to 4% of the total assessed valuation,
each bond issue to be submitted to a vote of the people,
passed by the State Legislature, is to be placed on the ballot
at the primaries on Sept. 12.
Another amendment, initiated by Senator H. B. Wilkinson, is to be submitted to the electors on Nov. 7. It provides for the building of a paved road from Phoenix to the
Colorado River by a bond issue of $2,500,000.
:
California (State of).-Measures on Ballot in NovemberThe Los Angeles "Times" recently published the following
list of measures, including referendums, initiatives, bond acts
and constitutional amendments, to be placed on the ballot
at the November election:
(1) Veterans Validating Act.
-Validating the proposed $10,000,00e
bond issue to carry out the provisions of veteran legislation.
(2) Wright Prohibition Enforcement Act.
-Providing for local enforcement of, the Volstead Act.
-The $10,000,000 Bond Act.
(3) Soldiers' bonds.
-Another bond issue to carry out the Veterans
(4) Land Settlement.
Land Settlement Act.
-A referendum measure known sometimes as
(5) State Housing Act.
the "Shingle Bill."
(6) Constitutional amendment providing for the regulation of the title
insurance business.
(7) An amendment providing for the exemption of soldiers from taxation
in certain cases.
(8) Providing for the annexation or consolidation of municipal corporations.
(9) Relative to the framing and ratification of municipal charters.
(10) An initiative providing for the taxation of publicly owned utilities.
(11) An initiative to regulate publicly owned utilities by placing them
under the supervision of the State Railroad Commission.
(12) Initiative requiring that a State budget be prepared before the
beginning of each session of the Legislature to be approved by the Governor
and that no special appropriations shall be made except under certain
conditions.
(13) Constitutional amendment making various changes in court procedure and changing the salaries of justices and judges.
(14) Constitutional amendment relative to the taxation of notes, stocks,
bonds and mortgages.
(15) Constitutional amendment relating to taxation rates for State
purposes.
(16) Initiative creating a special examining board for chiropractors.
(17) Amendment relative to use of water in streams outside of the State.
(18) Amendment providing for the joint construction of public works
by municipalities.
(19) California Water and Power Act creating a board for the development of hydro-electric power by the State and proposing a bond issue of
$500,000.000 to finance the undertaking.
(20) Initiative creating a special examining board for osteopathy.
(21) Amendment relative to irrigation districts specifying manner by
which they may be created.
Relative to absent voting.
(118) Relative to deposit of public moneys.
(24) Referendum prohibiting the unlawful practice of law, otherwise
known as the lawyers' bill, and said to have been aimed at trust companies
and banks.
(25) Amendment providing for the appointment of judges pro tempore.
(26) Amendment relative to the formation of school districts in more
than one county.
(27) Initiative relative to signatures required for initiatives relating to
taxation.
(28) Prohibiting vivisection.
(29) Single tax.
(30) Regulating franchise of street railways and motor vehicles.
(22)
The Veterans' Validating Act is an initiative measure
placed on the ballot by petition and would add to Sec. 31,
Article IV, of the Constitution, the provision that nothing
contained in the Constitution shall prohibit the use of State
money or credit in aiding veterans in the acquisition of, or
payments for, farms or homes, or in projects of land settlement or in the,development of such farms or homes or land
settlement projects for the benefit of the veterans, and validates the California Veterans' Welfare Bond Act passed
by the 1921 Legislature, authorizing $10,000,000 for land
settlement and farm and home aid for veterans irrespective
of the vote cast on it in November.
The Land Settlement Bond Act, if approved, will give the
State authority to borrow in an amount not to exceed
$3,000,000 for the purpose of creating a fund to carry out
the provisions of the "Land Settlement Act," approved
June 1 1917, the object of which is to provide employment
and rural homes for veterans.
It seems proper to note that there is a strong campaign
being carried on by bond houses and municipal officials in
California against the "Water and Power Act" providing for
$500,000,000 in bonds.
-Proposed Charter Amendment
Grand Rapids, Mich.
-In order to enable the city to carry
Placed Before Voters.
out its plan of extending and repairing the sewer system, the
City Commission has voted to place on the September primary ballot a proposed charter amendment, which would
raise the limit on special improvement bond issues from
2-5% of assessed valuation in any one year to 13/2%, and
would make it possible to have 3% outstanding at any one
time instead of 1% as at present.
Irwin County, Ga.-Special School Tax Illegal.
-On
Aug. 24 the Georgia State Supreme Court held that no
county in the State can levy an assessment for schools in
excess of the 5 mills maximum provided by the constitution.
This was the decision in an appeal case in which taxpayers
of Irwin County sought to prevent an assessment by the
mills for schools. The Atlanta "Constitucounty of 7
tion" of Aug. 25 said in part:
1119
excessive and had not been lawfully authorized by an amendment to the
constitution. The Supreme Court ruled that money collected on this
basis was illegally obtained and ordered a refund of the exessive taxes for
school purposes to all persons paying taxes in excess of five mills.
In 1921, according to the evidence in the case, the Board of Education
of Irwin County authorized the assessment of a school tax of five mills
authorized by popular vote in the county in 1907, and an additional levy
of a 2M mills tax. The injunction sought to restrain collection of this
increase on the grounds that it was not authorized by law and that twothirds of the voters had not authorized it.
In the same case the Supreme Court held also that a special tax imposed
by the County Commissioners to raise funds for tick eradication in that
county was unconstitutional because, with other assessments, the total
taxation assessments were increased to $1 95 on the $100 and were in excess
of the constitutional limit of 50% of the State tax levied in 1921.
Washington County (P. 0. Hagerstown), Md.-Bond
Purchasers' Attorneys Hold Issue Illegal.-Messrs. Niles,
Wolff, Barton & Morrow, of Baltimore, attorneys for
Baker, Watts & Co., have refused to approve the $300,000
bonds recently purchased by the bond house, according to
the Baltimore "Sun," which on Aug. 30 published the following special dispatch from Hagerstown:
Erection of new school buildings in Hagerstown and Washington County
may be postponed until 1924 as the result of an opinion in which the Act
authorizing the $300,000 school bond issue was declared invalid. The
opinion was handed down yesterday by the law firm of Niles, Wolff, Barton
& Morrow, counsel for Baker, Watts & Co., of Baltimore, which had
agreed to purchase the bonds.
History of Bond Issue.
The history of the Act is as follows: On Jan. 24 of this year J. Kie fer
Funk, member of the House of Delegates, introduced in the House a bill
authorizing the County Commissioners to issue bonds to the amount of
$450,000, to be used in the erection of new high-school buildings. The
Act was duly passed by the House and sent to the Senate for concurrence.
Acting upon the recommendation of State Senator Frank W. Mish, the
Senate refused to accept the bill and attached an amendment reducing the
amount of money to $250,000. The bill was then sent back to the House
The House refused to accept the bill and asked for a conference committe
of both bodies. The conference committee decided upon a compromise
whereby the amount of money was fixed at $300,000. In this the House
concurred. The Senate Journal, however, contains no statement that the
Senate did likewise.
Will Not Guarantee Bonds.
Under these conditions the lawyers will not guarantee the validity of the
bonds. The matter is one that must be decided by the Court of Appeals.
Harry Brindle, their attorney, intimated that no action would be taken.
The situation is further complicated because of the fact that the School
Board, believing the Act legal, expended $36,000 for a lot of ground as a
site for a school.
Williamsport, Md.-Illegal to Prolong Election Beyond
Time Set by Ordinance.
-According to the Philadelphia
"Ledger" of Aug. 30, Judge Wagaman on Aug. 29, in an
action brought by Williamsport residents, decided that a
special election held on June 6, when $100,000 municipal
bonds for water-works were voted by a majority of 10, was
void because the polls closed at 6 p. m.instead of 2:30 p. m.,
as provided by the ordinance authorizing the election.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
-It is
ADAMS, Berkshire County, Mass.
-TEMPORARY LOAN.
reported that a temporary loan of $100,000 dated Aug. 25 and maturing
Nov. 20 1922 has been awarded to the Merchants National Bank of Boston
on a 3.38% discount basis.
AIKEN COUNTY (P. 0. Aiken), So. Caro.
-The
-BOND SALE.
$150,000 6% coupon bonds offered on Aug. 26-V. 115, p. 890
-have
been purchased by Spitzer, Rorick & Co. of Toledo at a premium of
$10,279 59, equal to .100.186, a basis of about 5.98%. Date April 1
1922. Due April 1 1932.
AKRON,Summit County, Ohio.
-BOND OFFERING.
-F. A. Parmalee, Director of Finance, will receive sealed bids until 12 m. Sept. 21 for the
following 5% coupon (registerable as to principal only, or as to interest
or as to both principal and interest) special assessment bonds.
only,
$13,700 Commins Street imtp .bonds. Denom. $1,000, $600 and $500.
Due yearly on July 1 as follows: $1,600 in 1927 and 1932, and
$1,500 in each of the other years from 1924 to 1931, incl.
16,800 Carrol Street imtp. bonds. Denom. 31,000. $900 and $800.
Due yearly on July 1 as follows: $1,800 in 1924, 1927 and 1930.
and $1,900 in 1925, 1926, 1928, 1929, 1931 and 1932.
14,600 Nieman Street impt. bonds. Denom. $1,000, $700 and $600.
Due yearly on July 1 as follows: $1,700 in 1924 and 1929, and
$1,600 in each of the other years from 1925 to 1932, incl.
8,400 Carpenter Street impt. bonds. Denom. $1,000 and $900. Due
yearly on July 1 as follows: $1,000 in 1926, 1929 and 1932, and
$900 in each of the other years from 1924 to 1932, incl.
3,600 Wilbeth Road impt. bonds. Denom. $400. Due $400 yearly on
July 1 from 1924 to 1932, incl.
49,500 Orlando Ave. impt. bonds. Denom. $1,000 and $500. Due
$5,500 yearly on July 1 from 1924 to 1932, incl.
86,100 Roslyn Ave. impt. bonds. Denom. 86 for $1,000 each and 1 for
$101/ Due yearly on July 1 as follows: $9,100 in 1924, $10,000
In 1925, $10,000 in 1926, 39,000 in 1927, $10,000 in 1928, $10,000
in 1929, $9,000 in 1930, $9,000 in 1931 and $10,000 in 1932.
Date July 1 1922. Prin. and semi-ann. int. payable at the National
Park Bank, New York City. Auth. by Sec. 3914, Gen. Code, and ordinances 8142 to 8146, incl., and 8116 and 8115, respectively. Certified
check for 2% of the amount bid for, payable to the above official, is required. All bids must include accrued interest.
BONDS REJECTED-BIDS.
-The five issues of coupon (with privilege
of registration) bonds aggregating $345,700, which were offered for sale
on Aug. 25-V. 115, p. 782
-were awarded to the Bankers Trust Co.
and Tillotson & Wolcott Co., jointly at their bid of $13.617 12 (103.93)
but were later rejected by those companies on the ground that part of
the issue is illegal. The following is a complete list of the bids received:
Premium.
Premium.
Tillotson & Wolcott Co.,
$11,288 00
Stacy & Braun
and Bankers Trust Co_ _$13 617 12 Halsey Stuart & Co
11,100 00
Harris, Forbes & Co.;
Lampert, Barker & JenHayden, Miller &
nings, Inc
10,958 69
and National City Bank 12,718 30 Seasongood & Mayer
10,792 00
Estabrook & Co
12,655 00 Richards,Parish & Lamson 10,656 00
Grau-Todd & Co. and H.
Second Ward Secur. Co.._ 9,121 00
L. Allen & Co
12,191 86 Ohio State Say. & Tr. Co.. 8.752 00
ALBANY, Morgan County, A a.
-BONDS VOTED
-BONDS OFFERED.
-year funding and street-At a recent election $60,000 5 •6% 30
improvement bonds were carried by a vote of 193 "for" to 30 "against."
H.1811id:rwtuerne recelyedlork.
g, cit v c e n Aug. 29 for the purchase of the above bonds by
-The
ALBUQUERQUE, Bernalillo County, N. Mex.-BOND SALE.
following 5 issues of coupon bonds,aggregating $340,000,offered on Aug.
22-V. 115, p. 457
-have been purchased by James N. Wright & Co. of
Denver at par plus a premium of $12 410, equal to 103.65:
$115,000 sewerage disposal plant bonds. Denom. $1,000. Due on Sept. 1
as follows: $31,000, 1932; $4,000, 1933 to 1948 incl., and $5,000,
1949 to 1952 incl.; optional after Sept. 1 1942.
100,000 storm sewer bonds. Denom. $1,000. Due on Sept. 1 as follows
According to briefs in the case, L. R. Tucker, County Commissioner of
$16.000, 1932; $4,000, 1933 to 1948 incl., and 35,000, 1949 to
Irwin County, attempted to collect and did collect from a number of tax1952 incl.; optional after Sept. 11942.
payers money on increased school tax assessments. Efforts ware made to
50,000 reservoir bonds. Denom. $1,000. Due on Sept. 1 as follows:
restrain the tax collector from collecting funds above the maximum five
$10.000, 1932: 31,000, 1933 to 1962 incl., and $2,000, 1963 to
mills as prescribed by the State law, on the grounds that the levies were
1967 incl.; optional after Sept. 1 1942.
1120
THE CHRONICLE
[VoL. 115.
-Sealed bids will be received
-BOND OFFERING.
BUFFALO, N. Y.
$50,000 sanitary sewer bonds. Denom. $1,000. Due on Sept. 1 as
follows: $4,000, 1932; $2,000, 1933 to 1946 incl., and $3,000, by Ross Graves, Commissioner of Finance and Accounts, until 11 a. in.
Sept. 12 for the purchase at not less than par and interest of the following
1947 to 1952 incl.; optional after Sept. 11942.
% coupon or registered non-taxable bonds:
25.000 water main bonds to yield about 5.625%. Denom. $2,000 and
-year serial Scajaeuada Creek improvement bonds.
$1,000. Due on Sept. 1 as follows: 310,000, 1932; $1,000. $200,000 1-20
-year serial park bonds.
100,000 1-20
1933 to 1937 incl.. and $2,000, 1938 to 1942 incl.
-year serial school bonds.
520,000 1-20
Date Sept. 11922. All of the above bonds bear 54% interest with the
-year serial river channel improvement bonds.
300,000 1-20
exception of the $25.000 water main bonds, which bear 6% interest.
-year serial fire pipe line bonds.
160,000 1-20
La.
-BOND SALE.
-The $360,000
ALEXANDRIA, Rapids Parish,
-year serial grade crossing structure reconstruction bonds.
100,000 1-20
-have
5% public improvement bonds offered on Aug. 28-V. 115, p. 457
-year serial public general hospital bonds.
800.000 1-20
been purchased by L. E. French & Co. of Alexandria, and W. M. Elkins
-year serial public trunk sewer bonds.
100.000 1-20
& Co. of Little Rock, jointly, at a premium of $7,250, equal to 102.01,
-year serial grade crossing bonds.
200.000 1-20
Date Aug. 1 1922. Due yearly on Aug. 1 as
a basis of about 4.82%
-year serial city plan improvement bonds.
500,000 1-20
follows: $5.000 1923, $6,000 1924 to 1926, incl.; $7.000 1927 to 1930, incl.
-year water bonds.
600.000 30
$8.000 1931. $9,000 1932 to 1934, incl.; $10,000 1935 and 1936, $11,000
All bonds are dated Oct. 2 1922, and are payable as to principal and
1937 and 1938, $12,000 1939 and 1940, $13,000 1941, $14,000 1942 and interest (semi-annually April 2 and Oct. 2) at the office of the Commissioner
1943, $15,000 1944, $16,000 1945. $17,000 1946 and 1947; $19,000 1948 of Finance and Accounts, or at the Hanover National Bank of New York,
and 1949, $20,000 1950, $21,000 1951 and $23,000 1952.
at holder's option. All except the last mentioned issue of bonds mature at
1923 and ending
ANNE ARUNDEL COUNTY(P.O. Annapolis), Md.-BOND SALE.- the rate of one-twentieth each year. commencing Oct. 2
Denomination coupon
The $50,000 4%% coupon bridge bonds offered on Aug. 29(V. 115, 13. 783) Oct. 2 1942; the last issue matures Oct. 2 1952.
bonds. $1,000; registered bonds. $1,000 and multiples thereof. Certified
were awarded to Frank B. Cahn & Co., of Baltimore, at 101.68, a basis
2% of amount of bonds.
bank or trust
of about 4.39%. Date July 11922. Due 35,000 on July 1 in each of the check on an incorporatedCommissionercompany forand Accounts, required
of Finance
bid for, payable to the
years 1927, 1932, 1937, 1942. 1947, 1952, 1957, 1962, 1967 and 1972.
that successful bidder will accept and pay for bonds within
as security
-NOTE OFFERING.
ARIZONA (State of).
-We are advised by tele- 10 days atter they are ready for delivery, the bonds to be delivered about
graph by our western representative that the State of Arizona is offering Oct. 2. Bonded debt Aug. 15 1922, 849,800,501 56; water debt (Incl.),
% tax-anticipation notes, dated Sept. 5 1922 and maturing .112.841,97071. of which $11,048,195 34 was incurred subsequent to Jan. 1
$1.250.000
Dec. 20 1922.
1904; tax anticipation certificates, (id. above) $1,099,247 42; sinking
assessed valuation. 1921-22. $644,739.185; 1922-23.
ARLINGTON, Middlesex County, Mass.
- fund, S5,262.235 64; tax rate (per $1,000). $27.74.
-TEMPORARY LOAN.
The temporary loan of $50,000 dated Aug. 31 1922 and maturing June 14 $666.396.570. City
1923 V. 115, p. 1007) was awarded on .Aug. 28 to the Old Colony Trust
CALEDONIA SCHOOL DISTRICT (P. 0. Caledonia), No. Dak.Co. of Boston on a 3.45% discount basis.
-year school bonds offered on Aug. 26 (V.
-The $15,000 20
BOND SALE.
ASCENSION PARISH ROAD DISTRICT NO.6(P.0. Donaldsville), 115, p. 891) were awarded as 53s to Geo. B. Keenan & Co.
La.
-The $6,800 6% road bonds to be offered on Sept.
-MATURITY.
-The Drake-BOND SALE.
CALLAWAY, Becker County, Minn.
13-V.115, p.1007
-mature yearly cin July 15 as follows: $200, 1923; $100, Ballard Co. of Minneapolis has purchased $15,000 6% electric light bonds
1924 to 1927 incl.; $200, 1928 to 1934 incl.; $300, 1935 to 1940 incl.; $4 00 at 101.50.
1941 to 1945 incl., and $500, 1946 and 1947.
-The•
-BONDS REGISTERED.
CASS COUNTY (P. 0. Linden), Tex.
ASHLAND, Boyd County, Ky.-CORRECTION.-Due to a typo- State Comptroller of Texas registered $35.000 53 % serial road bonds
graphical error the amount of bonds purchased by James C. Wilson dr on Aug. 22.
Co. (V. 115. p. 1007) was incorrectly given as $25,000. The amount
should be $250,000.
CAVE SPRINGS CONSOLIDATED SCHOOL DISTRICT (P. 0.
-The Trust COMCave Springs), Early County, Ga.-BOND SALE.
BELGRADE, Gallatin County, Mont.
-BONDS VOTED.
-Ott Aug. pany of Georgia of Atlanta has purchased the $60,000 5% school bonds of15, $45,000 water works purchase bonds were authorized by the voters fered on Aug. 8 (V. 115, p. 672) at par less a discount of $1,133 34, equal
by a count of 29"for" to 21 "against."
to 98.11, a basis of about 5.16%. Date July 1 1922. Due on July 1 as
-It is un- follows: $2,000 1927 to 1941 incl. and $3,000 1942 to 1951 incl.
-BOND OFFERING.
BIDDEFORD, York County, Me.
officially reported that the city Is offering for sale on Sept. 7 $50,000 sewer
CEDAR FALLS SCHOOL DISTRICT (P. 0. Cedar Falls), Black
and $25,000 street coupon bonds, bearing 4 Yt % interest, dated July 5 1922 Hawk County, Iowa.
-V. W. Johnson, Secretary
-BOND OFFERING.
and maturing yearly from 1927 to 1936. inclusive.
Board of Education, will receive until 7:30 p. m. Sept. 15, bids for $140.000'
1922.
% registered school bonds. Denom. $1,000. Date Oct. 15 1942.
BIRDSBORO, Berks County, Pa.
-On June 1 the
-BOND SALE.
First National Bank of Birdsboro was awarded $15,000 5% bridge and Prin. and int. (A. & 0.) payable in Cedar Falls. Due Oct. 15
street impt. bonds at par. Denoms. $500 and $1,000. Date July 1 1922. A certified check for $5,000 required.
Int. J. & J. Due 1952; subject to call after 3 years.
.
-The $44,100
-BOND SALE.
CENTERBURG, Knox County, Ohio.
bonds which
-The $150,000
-BOND SALE.
% public 53. % (property owners' share) Preston St. improvementsold to Sidney
BIRMINGHAM, Ala.
been
Improvement bonds offered on Aug. 29-V. 115, p. 891-were purchased were offered for sale on Aug. 25 (V. 115, p.1008) have
of about
by Steiner Bros. of Birmingham, and Caldwell & Co. of Nashville, jointly, Spitzer & Co., of Toledo,for $44,618 (101.17) and interest, a basis 1923 to
at a premium of $4,9o5. equal to 103.31. Date Sept. 11922. Due Sept. 1 4.23%. Date July 15 1922. Due $4,900 yearly on Oct. 1 from
1932, not exceeding one-fifth in amount of bonds being redeemable by the 1931, inclusive. The following bids were also received:
Premium.
city on Sept. 1 1924 and similar number of bonds each year thereafter by
Premium.
$26 46
paying the holder or holders one-half the annual int. on the bonds redeemed. Seasongood & Mayer
$195 00 W L. Slayton & Co
11 03
151 00 A T. Bell & Co
Durfee, Niles & Co
Lamport Barker & Jennings, Inc., New York
$150,798 00
5 00
Campbell & Kinsey
32 59
Ward, Sterne & Co., Birmingham
152.705 00 Spitzer. Rorick & Co
11 03
N. S. Hill & Co., Cincinnati
153,605 00 Ryan, Bowman & Co
Breed, Elliott & Harrison. Cincinnati
-BOND SALE.
151,785 00
CHARLESTON, Charleston County, So. Caro.
J. H. Hilsman & Co., Atlanta
153,525 00 The $193,000 6% Series "A" paving bonds offered on Aug. 28-V. 115,
at
R. M. Grant & Co., New York
154,333 50
-have been awarded to R. M. Marshall & Bros. of Charleston 1
p. 784
Provident Savings Bank & Trust Co., Cincinnati
152,895 00 105.68, a basis of about 4.90%. Date Aug. 1 1922. Due on Aug.
1925; 323,000, 1926; $24.000. 1927:
BLACK HAWK COUNTY (P.O. Waterloo), Iowa.
-BOND SALE.
- as follows: $23,000, 1924; S24.000.
The Second Ward Securities Co. of Milwaukee has purchased $400,000 5% $16,000, 1928; $17,000. 1929; $16,000, 1930; $17,000, 1931; 316,000.
coupon road bonds. Denom. $1,000. Date Aug. 1 1922. Int. annual 1932, and $17,000, 1933.
(May 1). Due on May 1 as follows: $65,000, 1925 to 1929, incl., and
-BOND SALE.CHERRYVILLE, Gaston County, No. Caro:
$75,000, 1930; optional May 1 1927.
purchased the $50,000 6%
The First National Bank of Cherryville, has
bonds.
BLADEN COUNTY (P. 0. Elizabethtown), No. Caro. BOND coupon (with privilege of registration) water and light extension $3,000.
-at par plus a premium of
SALE.
%
-The $185,000
on Aug. 23 offered on Aug. 21-V. 115. p. 784
)
-v. 115, p. 672-have been road and bridge bonds offered of Nashville equal to 106. a basis of about 5.535 Date Sept. 1 1922. Due yearly
purchased by Caldwell & Co.
at a premium of $8,166, equal to 104.41. Date Aug. 1 1922. Due as on Sept. 1 as follows: $1.000, 1925 to 1948 incl., and $2,000. 1949 to
follows: $25,000, 1924 to 1927 incl. $7,000, 1947 to 1951 incl., and $10,- 1961 incl.
000. 1952 to 1956 incl. Int. F. & A. The following bids were also received:
-BOND OFFERING.-Geo. F. Hardin,
CHICAGO, Cook County, 111.
R. M.Grant & Co., Chic_ --$189,269 Stacy & Braun Toledo
$189,776
sealed bids until 11 a. in. Sept. 14 for the
Kaufman-Smith-Emert &
189,222 City Comptroller. will receive
Sidn SRitz n
188,917 Tucker, olaZo&.!?& '
Co., St. Louis
c
Pid. 188,705 following 4% serial gold bonds:
190,155 A. T. Bell & Co., Toledo_ _ _ 188,755
Spitzer. RorIck & Co., Tol
Ogden Ave. Improvement bonds. Date Dec. 16 1919. Due
Bowman & Co., Tol_ 189,740 Seasongood & Mayer, Cin__ 192,125 $2,695,000 $245.000 yearly on Jan. 1 from 1929 to 1939 incl. The bonds
•
189,257 N. S. Hill & Co., Cin
Marx & Co., Birmingham
188,476
are issued in accordance with an ordinance passed by the
Otis & Co. Toledo
Bolger, Messer & Wfilaman,
189,680
Council July 21 1919 and were approved by the voters at
192,122 Well, Roth & Co., CM
'
Chicago
188,333
an election on Nov. 4 1919.
Hanchett Bond Co., Chic__ 185,955 George & Fitner
188,751
2.000.000 street lighting system bonds. Date July 11922. Due yearly
on Jan. 1 as follows: $130,000 in 1924 and $110,000 from
BLUNT, Hughes County, So. Dak.-BONDS VOTED.-At a recent
election, by a vote of 57 to 43, $3,500 street bonds carried.
1925 to 1941 incl. The bonds are issued in accordance with
and ordinance passed by the Council May 3 1922, and were
-BOND SALE.-Blyth, Witter & Co. o
BOISE, Ada County, Idaho.
approved by the people at an election on June 5 1922.
San Francisco, have purchased $36,000 54% funding bonds.
3,400.000 bridge and viaduct construction bonds. Date July 1 1922. Due
BRADY INDEPENDENT SCHOOL DISTRICT (P. 0. Brady),
yearly on Jan. 1 as follows: $170.000 in 1924. and $190.000
-BOND SALE.
-On Aug. 16 the Commercial
McCulloch County, Texas.
from 1925 to 1941 incl. The bonds are issued in accordance
National Bank of Brady (bidding for the account a a Dallas firm) purwith an ordinance passed by the Council May 3 1922 and
were approved by the voters at an election on June 5 1922.
chased $40,000 school-building bonds at a premium of$100,equal to 10(i.25.
-BONDS VOTED.
Denom. $1,000. Int. payable in gold coin of the present standard of
-A
BRECKENRIDGE, Gratiot County, Mich.
"Michigan Investor" states that the taxpayers of the weight and fineness. The bonds are payable at the City Treasurer's
recent issue of the
village have voted 266 to 18 in favor of a $16.000 bond issue for an electric office or at the American Exchange National Bank, N. Y. City. The
light plant. The election was held on Aug. 14-V. 115, p. 783.
validity of the bonds has been passed upon by Chapman, Cutler & Parker,
BRENTWOOD-DEER VALLEY SCHOOL DISTRICT, Contra Costa attorneys, whose opinion will be furnished upon request. The bonds
-It is unofficially reported that $40,000
check
-BOND SALE.
County, Calif.
may be registered in the office of the City Comptroller. Certified
school construction bond were recently sold to E. H. Rollins & Sons for
on a Chicago bank, payable to the above official, or cash. in an amount
$43,433, equal to 108.5825.
equal to 2% of the par value of the bonds bid for, is required.
-BOND SALE.
-The Bank of
BRISTOL, Sullivan County, Tenn.
Estimated Statement of Debt.
Bristol was awarded the $50,000 water works. $30,000 street improvement,
$1,707,817,620 00
and the $15.000 general improvement bonds offered on Aug. 30-V. Assessed valuation (% of actual value)
of $1.204, equal to 101.26.
85,390,881 00
-at a premium
115, 13. 1008
Debt limitation according to constitution (5%)
65.151.834 04
-BOND OFFERING.
- Total debt
BROWN COUNTY(P.O. Georgetown),Ohio.
Commissioners will receive sealed bids until 1 P. In. Sept. 8
bond offering will be found on a preceding
The County
The official announcement of this
bonds:
for the following 5%% road improvement
Road bonds. Denom. 66 for $1,000 page of this issue.
$66,300 Fayetteville-Blanchester
-BONDS DEFEATED.
Due yearly on Sept. 1 as follows: $6,300
CLARKSDALE, Coahorna County, Miss.
each and 1 for $300.
park bonds
In 1923, $7,000 from 1924 to 1929, incl., and 46,000 from 1930 to At an election held on Aug. 24 a proposition to Issue $25,000
inclusive.
to carry by a vote of 91 to 200.
1932,
Denom. 26 for $1,000 each and 1 for failed
-BONDS REGIS26,200 Mowrystown Road bonds. 1 as follows: $2,200 in
CLAY COUNTY ROAD DISTRICT NO. 1, Tex. $160,000
1923, $3,000
$200. Due yearly on Sept. $2.000from 1930 to 1932,
5%%
-The State Comptroller of Texas registered
TERED.
inclusive.
1929, incl., and
from 1924 to
semi-ann. int. (M• & S.). Payable at the serial road bonds on Aug. 23.
Date Sept. 11922. Prin. and
-Joe Wise,
-BOND OFFERING.
Auth. by Sec. 6929, Gen. Code. Delivery to be
CLIFTON, Bosque County, Texas.
County Treasury.
Certified check for 2% of the amount bid
receive sealed bids_until_8 p. m. Sept. 8 for the folmade at the County Treasury.
City Secretary, will
Treasurer, is required. All bids must include lowing 5% bonds:
for, payable to the County
plant bonds.
$35,000 light
accrued Interest.
5 b o2
tt
wmayeh lw0 on e2x.
ciay ra11 rds
. B
.
K Dnk- ONDty ER/N
So raiai0Id. Coun OFfuditor
?
*
tension bonds.
BROWN COUNTY(P. 0.Aberdeen),
)
00
(t:0
,a0
For
until Sept. 7 by L. C. interest. A
Due May 15:1962; optional- Mayil5 1932. A
Bids will be received
certified check for
exceed 7%
certified check for 32.500. payable to P. E. Sclow,1Mayor, required.
$250,000 drainage bonds not to
required.
$10.000
CLINTON GRADED SCHOOL DISTRICT(P.O. Clinton), Sampson
-BOND OFFERING.
-Sealed bids will be received by
N. Caro.
County, Me.
-BONDS OFFERED.
BRUNSWICK, Cumberland coupon funding bonds were offered for County, Board of School Trustees, until 2 P. in. Sept. 12 for the purchase
6
the Clerk,
,
Yesterday (Sept. 1) $22,000 4; % (T.r&eas
yaDbleenaotm e F. st Natioa al of $60,000 6% school bonds.
$lir 0 . D nte
00
Farrar, Village J
sale by William H.
J.) payable the
CLIO SCHOOL DISTRICT NO. 9 (P. 0. Clio), Marlboro Count
July 1 1922. Prin. and semi-ann. int.
July 1 from 1933 to 1943 inclusive.
-Bids will be received until Sept. 15
-BOND OFFERING.
So. Caro.
Bank of Boston. Due $2,000 yearly on
Ga.-BONDS NOT SOLD.
-The at the Bank of Clio Building, Clio, by Henry J. Bennett, Clerk Board of
BUENA VISTA, Marion County
bonds. Int. June 15 and Dec .15.
bonds offered on Aug. 14 (V. 115, p. 891) School Trustees, for $50,000 6% school $500
$20,000 5% water and light
required.
unsatisfactory.
Due in 20 years. A certified check for
were not sold as all bids received were
SEPT. 2 1922.]
THE fyinzoNICLE
CLYMER SCHOOL DISTRICT (P. 0. Clymer), Indiana County,
Pa.
-BOND SALE.
-Glover & MacGregor of Pittsburgh on Aug. 26 were
awarded $50,000 5% school building and equipment bonds for $52,601,
equal to 105.202, a basis of about 4.60%. Denom. $500. Date July
1 1922. Int. J. & J. Due July 1 1942.
-Sealed
-BOND OFFERING.
COLLINS, Covington County, Miss.
proposals will be received by F. C. McRaney, City Clerk, until 2 p. m.
Sept. 11 for $30,000 6% light and water bonds. Denom. $1.000. Due
in 10 years. A certified check for 5% of amount bid for required.
COLLINS COUNTY ROAD DISTRICT NO. 4 (P. 0. McKinney),
-An election will be held on Sept. 26 to vote
-BOND ELECTION.
Tex.
on the question of issuing $450,000 53 % road bonds. T. 0. Murray,
County Judge.
COLLINS SEPARATE SCHOOL DISTRICT(P.O. Collins), Coving-BOND OFFERING.
-Sealed bids will be received until
ton County, Miss.
2 p. m. Sept. 11 by F. C. McRaney, City Clerk, for $25,000 6% school
bonds. Denom. $1,000. Due in 20 years. A cert. check for 5% of
amount bid for required.
CONCORD,Cabarrus County, No. Caro.
-BOND SALE.
-The $225,000 5% coupon (registerable as to principal) school bonds offered on Aug. 3
(V. 115, p. 566) were purchased by Caldwell & Co. of Nashville at par.
Date Aug. 1 1922. Due on Aug. 1 as follows: $11,000 1925 to 1943 and
$16,000 1944.
CONECUH COUNTY (P. 0. Evergreen), Ala.
-CERTIFICATE
sAms.-We are informed by J. L. Arlitt of Austin that he recently purchased $20.000 6% certificates of indebtedness. Denom. $1,000. Date
June 5 1922. Prin. and interest payable at the Chase National Bank,
N. Y. City. Due Feb. 11923.
CONEJOS AND ALAMOSA COUNTIES JOINT SCHOOL DISTRICT
-BOND SALE.
-The International Trust Co. of Denver.
NO. 17, Colo.
has purchased $2,000 6% school bonds. Denom. $500. Date July 1 1922.
Prin. payable at the County Treasurer's office and semi-ann. in (J.-J.)
at the County Treasurer's office or at Kountzo Bros.. N. Y. City. Due
July 1 1937, optional July 1 1932.
Financial Statement.
Actual valuation
$250,000
Assessed valuation
164,215
(including this issue)
Bonded debt
2,000
Population, estimated, 100.
CROSBY COUNTY COMMON SCHOOL DISTRICT NO. 10, Tex.
BONDS REGISTERED.
-The State Comptroller of Texas registered $5.000
6% 10 -year school bonds on Aug. 24.
-20
CRYSTAL FALLS, Iron County, Mich.
-BOND SALE.
-On Aug. 21
the Crystal Falls National Bank was awarded $15.000 5% refunding bonds
at par and accrued int. less $250 for attorney fees. Denom. $1,000. Date
Feb. 11922. Int. F. & A. Due serially on Feb. 1 from 1923 to 1929, incl.
CRYSTAL SPECIAL SCHOOL DISTRICT NO. 41 (P. 0. Crystal),
Pembina County, No. Dak.-BOND ELECTION.
-On Sept. 6 an election will be held to vote on the question of issuing $20,000 5% 20
-year funding bonds. N. S. Johnson, District Clerk.
CUYAHOGA COUNTY(P.O. Cleveland), Ohio.
OFFERING
-BOND
-The County Commissioners will receive sealed bids until 11 a. in. Sept.
13 for the following 5% coupon road bonds:
special assessment Som Centre Road Nos.3 and 4 bonds. De$129,889 80
nom. 1 for $889 80 and 129 for $1,000 each. Due yearly on
Oct. 1 as follows: $13,889 80 in 1923 and 1114,000 in the even
years and $15.000 in the odd years from 1924 to 1931 incl.
170,480 37 (county's portion) Som Centre Road Nos. 3 and 4 bonds.
Denom. 1 for $480 37 and 170 for $1,000 each. Due yearly
on Oct. 1 as follows: $20,480 37 in 1924, $21.000 in each of the
years 1925, 1926, 1928 and 1930 and $22,000 in each of the
years 1927, 1929 and 1931.
4,932 90 special assessment BentleyvIlle Road bonds. Denom. 8 for
$500 each and 1 for $932 90. Due yearly on Oct. 1 as follows:
$500 from 1923 to 1930 incl. and $932 90 in 1931.
10,359 09 (county's portion) Bentleyville Road bonds. Denom. 10 for
$1,000 each and 1 for $359 09. Due yearly on Oct. 1 as follows:$2,000 in 1926 and 1929, $1,000 in each of the other years
from 1924 to 1930 incl. and $1,359 09 in 1931.
Date Sept. 1 1922. Prin. and semi-ann. int. (A. & 0.) payable at the
County Treasurer's office. Auth. Sec. 6929, Gen. Code. Cert. check
for 1% of the amount bid for, payable to the County Treasurer, is required.
All bids must include accrued interest.
DAVIESS COUNTY(P.O. Washington), Ind.
-BOND OFFERING.
It is stated that 0. M. Vance, County Treasurer, will receive bids until 1
p. m. Sept. 5 for $3,700 5% Jerome De Motte road, Madison Township
bonds. Due over a period of 10 years.
DECATUR COUNTY (P. 0. Greensburg), Ind.
-BOND SALE.The $10.000 5%.53 -year (aver.) coupon John B. Kluemper et al., road,
Salt Creek Township bonds, which were offered for sale on Aug. 28-V.
-were sold to the Gavin L. Payne Co. of Indianapolis. at a
115, P. 1008
premium of $126 50 (101.265) and accrued int., a basis of about 4.74% •
Date Mar. 15 1922. Due $500 each 6 months from May 15 1923 to Nov.
15 1932, inclusive. The following bids were also received:
Name.
Premium. I Name.
Premium.
*Fletcher American Co
$133 00 Meyer-Kiser Bank
p 25
$115ar.
Bankers Investment Co
122 50 Myron Freeland
Say. & Trust Co__ _ _ 117 70
Fletcher
*Rejected because it was not accompanied by a certified check.
DEL NORTE, Rio Grande'County, Colo.
-Boettcher,
-BOND SALE.
Porter & Co. of Denver, have purchased $12.000
% 15 -year (serial)
-27
refunding bonds.
DILLSBORO, Jacksboro County, No. Caro.
-BOND OFFERING.
S. W. Enloe, Town Clerk, will receive sealed bids until Sept. 4 for $15,000
6% water bonds. Denom. $500.
-A recent
DULUTH, Saint Louis County, Minn.
-BOND SALE.
issue of the "Commercial West" states that the First National Bank of
been awarded an issue of $2.000,000 city coupon bonds.
Duluth has
-BOND ELEC:DUNCAN TOWNSHIP, Houghton County, Mich.
TION.-A local newspaper recently stated that a road improvement
bond issue of $10,000 will be submitted to the voters at the primary election
on Sept. 12.
EAST DURHAM SCHOOL DISTRICT, Durham County, No. Caro.
-The $40,000 school bonds offered on Aug. 25 (V. 115, p.
-BOND SALE.
784) have been purchased by the Kauffman-Smith-Emert Co., Inc. of
St. Louis as 530 at a premium of $530. equal to 101.32, a basis of atiout
5.32%. Date July 1 1922. Due $2,000 yearly on July 1 from 1924 to
1943, inclusive.
,
EAST GRAND FORKS SCHOOL DISTRICT (P. 0. Grand Forks)
-Sealed bids will
Grand Forks County, No, Dak.-BOND OFFERING.
be received until to-day (Sept. 2) by the Clerk Board of Education, for
$30,000 school-building bonds.
EAST ST. LOUIS PARK DISTRICT(P.O. East St. Louis), St. Clair
-Spencer Ellsworth, Secretary of tho
-BOND OFFERING.
County, Ill.
Board of Park Commissioners, will receive sealed bids until 2:30 p. in.
Sept. 12 at the First National Bank Building, for $50,000 5% coupon park
and boulevard bonds. Donor+ 31.000. Date Sept. 1 1922. Interest
semi-annual. Due on Sept. 1 as follows: $5,000 in 1932; $10,000 in 1933
and 1936, and $5,000 in each of the years from 1937 to 1941, inclusive.
Certified check for $1,000, payable to Spencer Ellsworth, Treasurer of the
District, is required with each bid.
-BOND SALE.
EAST TAYLOR TOWNSHIP, Cambria County, Pa.
-An issue of $36,000 5% road bonds has been sold to J. H. Holmes &
Pittsburgh. Denom. $1.000. Date Sept. 1 1922. Prin. and
Co. of
semi-ann. int. (M. & S.) payable at the First National Bank of Conemaugh. East Conemaugh. Due yearly on Sept. 1 as follows: $1,000,
1925 to 1934 incl.; $2,000. 1935. and $3.000. 1936 to 1943 incl.
1121
EXETER, Luzerne County, Pa.
-BOND SALE.
-The $35.000 5%
improvement bonds offered on Aug. 1-V. 115, p. 674
-have been awarded
to Battles & Co. of Philadelphia who are now offering the bonds to investors
at prices to yield 43.1%. Denom. $1.000. Date June 1 1922. Prin.
and semi-ann. int. (J. & D.) payable at the Liberty National Bank of
Pittston. Due $5,000. June 1 1927; and $10.000 on June 1 in each of
the years, 1932. 1937 and 1942. The bonds are advertised as "Exempt
from all Federal income taxes, "Tax free in Pennsylvania," and "Registration as to principal only."
FAIRPORT, Monroe County, N. Y.
-BOND SALE -On Aug 30
the Fairport National Bank was awarded at 100 for a 4.44% bond an
issue of $12,000 coupon or registered fire department bonds. Denom.
$1,000. Date July 1 1922. Prin. and semi-ann. Int. (J. & J.) payable
at the First National Bank of Fairport. Due $1,000 yearly on July 1
from 1923 to 1934 inclusive.
FAIRVIEW, Bergen County, N. J.
-BOND OFFERING.
-Proposals
will be received until 8 p. in. (Daylight Saving Time) Sept. 5 by James
F. Lyons, Borough Clerk, for the purchase at not less than par and interest
of an issue of 55 % coupon (with privilege of registration as to principal
and interest, or principal only) disposal plant bonds, not to exceed $33.000.
no more bonds to be awarded than shall produce a premium of $1,000
over $33,000. Denom. $1,000. Date Aug. 1 1922. Prin. and semi-ann.
int. (F. & A.) payable at the Borough Collector's office. Due $1.000
yearly on Aug. 1 from 1923 to 1955 incl. Certified checic on an incorporated
bank or trust company. for 2% of amount of bonds bid for, payable to the
borough, required. Bonds will be prepared under supervision of U. S.
Mtge. & Trust Co., Now York; legality approved by Hawkins, DelafIeld
& Longfellow. New York.
FALLS CITY,Richardson County, Neb.-BOND SALE.
-The WhitePhillips Company of Davenport purchased $8,000 6% paving bonds on
July 31 at a premium of $370, equal to 104.625. Denom. $500. Date
May 1 19.18. Due serially. Int. .J. & J.
FERGUS COUNTY (P. 0. Lewistown), Mont.
-BOND SALE.
Ferris & Hardgrove of Spokane, have purchased $350,000 5%% 11-20
-year
(serial) bonds at par.
FERNDALE, Oakland County, Mich.-130NDS VOTED.
-In connection with the approval of $200.000 water-extension and sewer bonds
on Aug. 29, the Detroit'
'Free Press" of Aug.'30 had the following to say:
"The vote was as follows: For main sewers, costing $130,000, there
were 250 votes for, 48 no and 2 spoiled ballots; for water extension. costing
$40,000, there were 262 votes for and 36 against, with two spoiled; and for
the lateral sewers under special assessments, costing $30,000, there were
239 votes for and 55 against, with 6 ballots spoiled."
Notice that the issuance of $170,000 bonds would:be submitted to the
voters on Aug. 29 appeared in V. 115, p. 1009.
FLOYDADA, Floyd County, Tex.
-PRICE
-DESCRIPTION.
price paid by the Brown-Crununer Co. of Wichita for the $12.500-The
water
works system extension bonds
-V. 115, p. 893
-was 90. The
are described as follows: Denom. $500. Date May 19 1922.bonds
Int.
M. & N. Interest rate 6%. Due serially.
FLOYD COUNTY (P. 0. New Albany), Ind.
-BOND SALE.
-It is
reported that the $74,0100 4 % 10 1-5
-year (average) Edwardsville and
Galena Road, Georgetown and Greenville Townships, bonds, which were
offered for sale on Aug. 25 (V. 115, p. 67.1), have been sold to the FletcherAmerican
f Indianapolis, at a premium of $5 (100.006), a basis of
about 4 %.
Co.,'Date July 25 1922. Due $3,700 yearly on May 15from 1923
to 1942, inclusive.
FRAMINGHAM, Middlesex County, Mass.
-LOANS OFFERED.
John P. Dunn, Town Treasurer, will receive proposals until 1 p.
for the purchase at discount of the following 2 temporary loans: in. Sept.6
$150,000 loan in anticipation of revenue, maturing Dec. 20 1922. Denom.
$50,000.
140.000 loan in anticipation of SaxonvIlle School serial loan. Due Mar.
1 1923. Denom. $70,000.
These notes ma.v, be in such other denominations as may be agreed upon,
and will be ready for delivery about September 12, or as soon as they can
be
registered and certified by the Bureau of Statistics of the Commonwealth
of Massachusetts. These notes will be made on the standard engraved
forms as prescribed by Chapter 616 of the Acts of 1910, and
will bear the
certificate of the Director of the Bureau of Statistics, with whom a copy of
the vote authorizing this issue will be filed.
FREEBORN COUNTY(P.O. Albert Lea), Minn.
-BOND OFFERING.
-Bids will be received until 2 p. m. Sept. 12 for
$100.000 5% road bonds
by Fred Tavis, County Auditor, Date
Sept. 1 1922. Duo Sept. 1 1932.
Prin. and semi-ann. int(M.
-S.), payable at the First National Bank of St.
Paul. A cert. check on a national bank for 5% of
bid required.
FULTON SPECIAL ROAD DISTRICT (P. 0. Fulton),
Calloway
County, Mo.-BOND SALE.
-The H. P. Wright Investment Co. of
Kansas City has purchased
equal to 101.33. Denom. $50,000 5%, road bonds at a premium of 3665,
$1,000. Date July 1 1922. Int. M.
Duo from 1928 to 1937. Notice that this district had sold the & S.
above
bonds was given in V. 115, p. 893; it Is given again as additional information
has come to band.
FURNAS COUNTY SCHOOL DISTRICT NO.18(P.O. Arapahoe),
Neb.-BOND SALE.
-The $60,000 coupon school bonds offered on Aug.
28-V. 115, p. 1010
-were awarded to the
at a premium of $258, equal to 100.43. Brown-Crummer Co. of Wichita,
Date Sept. 1 1922. Due in 30
years, optional in 10 years.
GALAX, Grayson County, Va.-BOND SALE.
-On Aug. 11 the
Mountain Trust Co. of
$75,000 street improvement
and $25,000 water worksRoanoke purchased
at par plus a premium of $750,
to 101, a basis of about6% bondsDenom. $1,000. Date Aug. 1 equal
5.86%.
1922.
Int. F. & A. Due Aug. 11952.
GALLATIN COUNTY SCHOOL DISTRICT NO.3(P.0. Bozeman),
Mont.
-BOND
16 bids will be received
for $2,500 6% OFFERING.-Untii 2 p. in. Sept.Mrs. Roy Blankenship,
5 -year (opt.) school bonds.
-10
District Clerk.
GEAUGA COUNTY (P. 0. Chardon), Ohio.
-BOND SALE.
The $33,750 6% 5% year (aver.) Cleveland-Meadville Road, I. C. H.
No. 15, Sec. K-2, bonds, which were offered for sale on Aug. 21-V. 115,
1010
-were sold to Spitzer Rorick & Co. of Toledo at a premium of
!p0 (102.93) and interest, a basis f about
%. Date Aug. 1 1922.
'
ue yearly on Sept. 1 as follows: 43
to 1929 inclusive.
$4,00 from 1924
$4,500 in 1930, and $5,250 in 1931.
GERMANTOWN VILLAGE SCHOOL DISTRICT (P. 0. Germantown), Montgomery County, Ohio.
-BOND OFFERING.-Geo. W.
Ankeney, Clerk of the Board of Education, will receive sealed bids until
2 p. in. Sept. 15 for $40,000 5%
% school bld4. and equipment bonds.
Denom. $1,000. Date Sept.
. & S. Due yearly on
1922. Int.
Sept. 1 as follows: $3.000 from 15
to 1927 incl. and $2,000 from 1928 to
1941 incl. Auth. Secs. 5649-4 1924 7630-1, Gen. Code. Cert. check for
and
$2,0b0 p
A11 0 ds payable to the Treasurer of the Board of Education, is required.
i.
must include accrued interest.
GIBSON COUNTY
-BOND SALE.
Princeton), Ind.
-Of
the four issues of 4%%(P. 0. road bonds offered for sale on Aug. 25
coupon
p. 8erest he following three issues, aggregating $64,000,
int 4 t
9:
have
the People's American National Bank of Princeton, at par
- ac rueW
an
beenVd soldc 5 c1
$16.000 Floyd Wood et al road. Columbia Twp., bonds. Denom. $400.
27,000 2P0. for $ am ooc.
H L5
. 3 0b e alroad bonds. Denom. 20 for $1.000 each and
et
21,000 2osephs55liott e. al road bonds. Denom. 20 for $500 each and
J0 f r E1 eacht
o
0
beginnin
Date Aug. 15 1922. Int. MaY 15 and Nov. 15. Due each six months
g May 15 1923. No other bids were received.
-BOND SALE.
-The
GIBSONVILLE, Guilford County, No. Caro.
$50.000 water-works construction and $30,000 sewerage-construction bonds
offered on Aug. 28 (V. 115, p. 894), were purchased by Prudden & Co.. of
Toledo, as 5hs at a premium of $1,689, equal to 102.11, a basis of about
5.589'. Date July 11922. Due yearly on July 1 as follows: $1.000, 1924
to 1928, inclusive; $1,500. 1929 to 1934. inclusive; $2,000, 1935 to 1947,
ELLERBE HIGH SCHOOL DISTRICT (P. 0. Ellerbe), Richmond inclusive, and $2,500, 1948 to 1963, inclusive.
County, No. Caro.
-The Hanchett Bond Co. of Chicago,
-BOND SALE.
Calif.
-BOND SALE.
-On Aug.
has purchased the $15,000 6% gold school bonds offered on Aug. 29-V. 10GLENDALE, Los Angeles County,
the $50.000 6% coupon improvement bonds offered on that date
115, p. 893
-at a premium of $608. equal to 104.05, a basis of about 5.61%. V. 115. p. 785-were awarded to Wm. R. Staats Co. for $50,017 (100.034)
Date July 1 1921. Due $500 yearly on July 1 from 1923 to 1952, incl.
and interest, a basis of about 5.99%. Date Aug. 1 1922. Due yearly
1122
THE CHRONICLE
[VoL. 115.
-BOND SALE.
JACKSON COUNTY (P. 0. Brownstown), Ind.
The $17,500 434% A. M. Singer, Driftwood Township, highway bonds,
which were offered for sale on Aug. 23 (V. 115, p. 895), were sold to the
Brownstown Loan & Trust Co. at par and accrued interest. Date Aug. 15
1922. Due $875 each six months from May 15 1923 to Nov. 15 1932 incl.
No other bids were received.
JACKSON TOWNSHIP (P. 0. Fostoria), Seneca County, Ohio.
-The following 6 issues of 6% road bonds aggregating
BOND SALE.
-were
$34,500, which were offered for sale on Aug. 17-V. 115, p. 895
sold to the Commercial National Bank of Tiffin, at par and accrued int.:
$6,000 Grove Road No. 33, Section "B" bonds. Denom. 4 for $1,000
each and 4 for $500 each. Due yearly on March 1 as follows:
$500 from 1924 to 1927. and $1,000 from 1928 to 1931.
7,000 Saum Road No. 51, Section "A" bonds. Denom. 2 for $500 each
and 6 for $1,000 each. Due yearly on March 1 as follows: $500
in 1924 and 1925 and $1,000 from 1926 to 1931, inclusive.
4,000 Vrooman Road No. 64, Section "B" bonds. Denom. $500. Due
$500 on March 1 from 1924 to 1931, inclusive.
8,000 Grove Road No. 33, Section "A" bonds. Denom. $1,000. Due
$1,000 yearly on Sept. 1 from 1923 to 1930, inclusive.
5,000 North Buckley Road No. 29 bonds. Denom. 6 for $500 each and
2for $1,000 each. Due yearly on Sept. 1 as follows: $500from 1923
to 1928, inclusive, and $1,000 in 1929 and 1930.
-BONDS
4,500 Stoner Road No. 41, Section "B" bonds. Denom. $500. Due
GREEN MOUNTAIN FALLS, El Paso County, Colo.
$500 yearly on Sept. 1 from 1923 to 1931, inclusive.
-By a vote of 24 to 2 an issue of $16,000 water works system
VOTED.
Date May 11922. Int. M. & S. Prin. and int. payable at toe Compurchase bonds was voted on Aug. 15.
mercial Bank & Savings Co.. Fostoria. No other bids were received.
GREER SCHOOL DISTRICT (P. 0. Greer), Greenville County,
-Sealed pro-Until 12 m. Sept. 15 bids will be received
So, Caro.
-BOND OFFERING.
JANESVILLE, Rock County, Wis.-BOND OFFERING.
-year school bonds by W. H. Ward, Supt. posals will be received until 2 p. m. Sept. 7 by Ervin J. Sartell, City Clerk,
for the purchase of $25.000 6% 20
of School Board. Int. semi-ann., payable at the Hanover National Bank, for $70,000 534% new high school building bonds. Denom. $500. Prin.
New York City.
and semi-ann. int. (J. & J.) payable at such place as may be designated by
1922. Due $3.500 yearly
GREYBULL, Big Horn County, Wyo.-BOND ELECTION INDEFI- the Mayor and the City Clerk. Date July 1 check for $5,000 required.
on July 1 from 1923 to 1942, incl. A certified
-Newspapers state that an election called for
NITELY POSTPONED.
to furnish and pay for the printing
will be required
Sept. 5 to vote upon issuing bonds to build a municipal swimming pool The purchaser of bonds the expense of such legal opinion as is de
-sired by
of said bonds and also
has been indefinitely postponed because of questioned legality.
purchaser.
GUNNISON CONSOLIDATED SCHOOL DISTRICT (P. 0. Gun-The
-BOND SALE.
(P. 0. Rensselaer), Ind.
JASPER COUNTY
-The Hibernia Securities
nison), Bolivar County, Miss.-BONV SALE.
F. Watson et al. stone road, Gillam
Co., Inc., of New Orleans. has -urehased $24.000 6% school bonds. $10,000 5% 55 -Year (aver.) Thomas for sale on Aug. 22-V. 115, p.786
Township, bonds, which were offered
Denom. $500. Date June 1 1922. Prin. and semi-ann. int. (J. & D.)
State Bank of Indianapolis at a premium
Wild &
payable at the Hanover National Bank, N. Y. City. Due serially on were sold to the J. F.interest,Co.
a basis of about 434%. Date Aug. 1 1922.
of $122 (101.22) and
June 1 from 1925 to 1942 inclusive.
Due $500 each six months from May 15 1923 to Nov. 15 1932, incl. The
Financial Statement.
Estimated actual valuation
$6,000,000 following bids were also received: 801Fletcher Say. & Trust Co_ __$106 60
$112
Fletcher American Co
3,332,554
Assessed valuation of all taxable property, 1922
50 00
111 00 Bankers Investment Co
Total bonded debt (including this issue)
25,000 Gavin L. Payne Co
All the above bidders are of Indianapolis.
acres.
Population (estimated) 7,000. Area, 80.000
-BOND OFFERING.
-The Page
-BOND SALE.
JEFFERSON COUNTY (P. 0. Fayette), Miss.
HAMLET, Richmond County, No. Caro.
Trust Co. of Hamlet purchased the $200,000 gold coupon (with privilege O. S. Gillis, Chancery Clerk, will receive sealed bids until 2 p. m. Sept. 4
of registration as to principal only) street impt. bonds offered on Aug. 29 for $40,000 6% coupon road bonds. Denom. $500. Date Sept. 1 1922.
-V. 115, p. 894
-as 53is at a premium of $2,760, equal to 101.38, a basis Prin. and int. payable in Fayette. Due 1923 to 1947. A certified check
of about 5.35%. Date July 1 1922. Due $10,000 yearly on July 1 from for $1,000 required.
1924 to 1943 inclusive.
-BOND SALE.
JEFFERSON COUNTY (P. 0. Brookville), Pa.
- Biddle & Henry of Philadelphia, were the successful bidders at 103.652, a
HARRISON TOWNSHIP (P. 0. Natrona), Allegheny County, Pa.
-Clarence E. Braun, Township Secretary, is receiving basis of about 4.11%,for the $300,000 434% road bonds offered on Aug.
BOND OFFERING.
proposals up to 7.30 p. m. (Standard Time) Sept. 2, for $50,000 434% 24-V. 115, p. 786. Date Sept. 1 1922. Int. M. & S. Duo $20,000
coupon sewer bonds. Denom. $1,000. Date Sept. 1 1922. Prin. and yearly on Sept. 1 from 1927 to 1941.
semi-ann. int. (M. & S.). payable at the Citizens Bank of Natrona. Due
JOHNSON COUNTY SCHOOL DISTRICT NO. 26 (P.O. Fairview),
$10,000 on Sept. 1 in each of the years 1925, 1931, 1937, 1943 and 1949. Tex.
-Recently $3,500 school bldg. bonds were voted.
-BONDS VOTED.
Certified check for $1,000, payable to the township required. Bonded
-Sealed
debt (incl. this issue), $95.000; floating debt (additional), $10,000; sinking
LA CROSSE, La Crosse County, Wisc.-BOND OFFERING. Compassessed valuation 1922, $7,440,000.
be received until 2 p. m. Sept. 8 by W. J. Friers, City
fund, $8,000;
proposals will
bonds." Detroller, for $150.000 5% coupon "1922 Street Improvementin (M. & S.
-BONDS SOLD SUBJECT nom. $A ,000. Date Sept. 15 1922. Prin. and semi-ann.
HENDERSON, Vance County, No. Caro.
-The $200,000 5% street improvement 15) payable at the City rreasurer's office. Due yearly on March 15 as
TO CITY COUNCIL APPROVAL.
bonds, which were offered on Aug. 15 (V. 115, p. 567) but not gold, as follows: $8,000 1923 to 1925 incl., $10,000 1926 to 1929 incl., $25,000 1930
all bids received were rejected, have been disposed of to Caldwell & Co. and 1931 and $36,000 1932.
of Nashville subject to the approval of the City Council. The Raleigh
Financial Statement.
$45,000,000
"News and Observer" of Aug. 28 had the following to say regarding the True value of all taxable property (estimated)
sale:
valuation of real and personal property, equalized for 41,766,067
Assessed
of the $200,000 street improvement bond issue at par and accrued
"Sale
1,547,000
interest has been effected, subject to approval by the City Council at Tota1 1 onded debt, including this issue
l92b
531,000
its regular monthly meeting for August next Monday evening. Numerous Water bonds included in above
518,650
presented by representatives of bond buyers, one of whom
bids were
offered a premium, and the securities were finally awarded to Caldwell Siekipulatind, United States Census 1920, 30,500.
Poeg fu on
& Co., Nashville, Tenn.
0. Chelan),
LAKE CHELAN RECLAMATION DISTRICT (P.
"At the meeting and participating in the negotiations were W. A. Hunt,
-During July $20,000 6%
-BOND SALE.
Supervisor of Finance for the City Council; Mayor A. A. Bunn, City Chelan County, Wash.
to Clark, Kendall & Co. of Portland, at 91
Clerk S. B. Burwell, and City Attorney B. H. Perry. They were agreed irrigation bonds were awarded6.85%. Denom. $500. Date July 1 1922.
on the terms that were offered by the Nashville house, and sold the bonds and interest, a basis of about
1932 to 1941, inclusive.
to their representative subject to the confirmation of the City Council Int. J. & J. Due yearly on July 1 from
-A recent
-BOND SALE.
on Monday evening.
LAKE CITY, Missaukee County, Mich. $20,000 electric light and
"While the procedure cannot be forecast in advance, it is regarded
of the Michigan "Investor" states that
as certain that Mr. Hunt will recommend acceptance of this bid and that issue bonds have been sold to Otis & Co. of Cleveland, and Detroit. The
water
in form. Denom.
the Council will concur without a dissenting voice.
bonds bear interest at the rate of 5% and are coupon
The printed bonds already have been received here, and immediately $1000. Date Sept. 11922. Notice that the City Attorney was asking for
action of the Council, if favorable, as expected, the papers will private bids appeared in V. 115, p. 568.
after the
be signed by the Mayor and the City Clerk and the seal affixed, and
LAMPASAS COUNTY COMMON SCHOOL DISTRICT NO. 15.
the securities delivered to the buyers on or about Sept. 1. The money
-The State Comptroller of Texas regiswill thereupon become available immediately, and work will probably TeAas.-BONDS REGISTERED.
terod $5,000 6% serial bonds on Aug. 25.
start promptly.
"The low interest rate, which is only 5% and the short-term character
--A special
LANCASTER, Grant County, Wis.-BONDS VOTED.
of the bonds is regarded as the reason for the failure of bidders to offer election held on Aug. 17 to ratify the issuance of bonds amounting to
more than par. The interest rate is only 5%, and the bonds become due $100,000, to finance the construction of the new city hall and municipal
$12,000 a year for ten years, and $8.000 a year for the following ten years, theatre carried by a vote of 354 "for" to 31 "against."
making the entire total of $200,000.
-Wood & Smith
-BOND SALE.
LANCASTER, Dallas County, Tex.
-BOND SALE.
plus
HILLSDALE COUNTY (P. 0. Hillsdale), Mich.
Co. of Dallas, have purchased $15,000 water and sewer bonds at par
The $46,000 3 1-3-year (aver.) Assessment District Road No. 2 bonds a premium of $251, equal to 101.67.
Aug. 25(V. 115, p. 894) have been sold to the
which were offered for sale on
LanLANCASTER CITY SCHOOL DISTRICT (P. 0. Lancaster),
Hillsdale Savings Bank of Hillsdale at its bid of $46,175 (100.38) and ac-Dr. R. M. Bolenius. Secretary
crued interest for 5% bonds, a basis of about 4.82%. Denom. $1,000. caster County, Pa.-BOiVD OFFERING.
5 for
Date May 1 1922. Int. M.& N. Due yearly on May 1 as follows:$10,000 of Board of School Directors will receive bids until 4 p. m. Sept.
In 1924 and 1925,$11,000 in 1926 and $15,000 in 1927. The following bids $350,000 43.4 % coupon Junior High School Erection bonds. Denom.
Date Aug. 11922. Prin. and semi-ann. int. (F. & A.), payable
$1,000.
were also received:
Premium. Int. Rate. at Lancaster. Due 1952. Certified check for 2%, payable to the district,
$302 00
6
,
53 % required. Bonds are said to be free of State taxes. Bonded debt.$890,000;
Detroit Trust Co., Detroit
257 60
% floating debt (additional), $100,000; sinking fund, $78,677; assessed
Bonbright & Co., Detroit
25 00
531% valuation 1922, $31,000,000; school tax, 10 mills.
First State Savings Bank, Hillsdale
64 50
Toledo
%
-The
W. K. Terry & Co.,
LANCASTER COUNTY (P. 0. Lincoln), Neb.-BOND SALE.
15 00
% White-Phillips Co. of Davenport has purchased $120,000
Durfee, Niles & Co., Toledo
% road bonds
-BONDS VOTED.
-On Aug. at a premium of $1,600, equal to 101.33, a basis of about 5.25%. Denom.
HOLLISTER, Twin Falls County, Ida. voted.
$1,000. Date Feb. 1 1922. Due $15,000 yearly on Feb. 1 from 1924 to
21 $12,000 water works purchase bonds were
Interest annual (Feb.).
Neb.-BOND
-An issue 1931, incl.
HORDVILLE, Hamilton County,awarded to the SALE.
First Trust Co. of
LAUREL SCHOOL DISTRICT (P. 0. Laurel), Cedar County, Neb.
of $11,900 water works bonds has been
-The Peters Trust Co. of Omaha has purchased $52,000
-BOND SALE.
Aurora.
bonds at 101.
-BOND SALE.
-The following four school
HOUSTON, Harris County, Tex.
-BOND SALE.
115, p. 785
-were purchased
LE SUEUR COUNTY(P.O. Le Sueur Center), Minn.
issues of 5% bonds offered on Aug. 29-V.
Co., both of New York,jointly -At a recent offering an issue of road bonds amounting to $75,000 was sold
by Eldredge & Co. and the Guaranty Trust
ends:
to the Northwestern Trust Co. of St. Paul.
at a premium of $29,165, equal to 103.0$72,5a0,0130aosisbroldgaebobuutii4d.16n6g%b
$250,000 drainage sewer bonds
200,000 library bonds
LEVY COUNTY SPECIAL ROAD AND BRIDGE DISTRICT NO. 3
250,000 sanitary sewer bonds
-BOND OFFERING.
-Bids will be received until
yearly on July 1 from 1923 to ..947 incl. (P. 0. Bronson), Fla.
Date July 1 1922. Due $38,000
for
2:30 P. m. Sept. 5 by L. W. Drummond, Clerk of the. Circuit Court, ate
TOWNSHIP (P. 0. Huntington), Hunt- $100,000 coupon 6% road and bridge bonds. Denom. $1,000. D
HUNTINGTON SCHOOL SALE.
-The $75,000 5% 5%-year (aver.) July 11922. Int. semi-ann. Due yrly. on July 1 as follows: $1,000, 1923
-BOND
ington County, Ind.
were offered for sale on Aug, 26 (V• 115, to 1927 incl.; $2,000, 1928 to 1932 incl.; $3,000, 1933 to 1937 incl.; $4,000,
Coupon school house bonds which
-American Co. of Indianapolis for
incl., and $5,000, 1943 to 1952 Incl., payable at the U. S.
786) have been sold to the Fletcherabout 4.71%. Date July 10 1922. 1938 to 1942Jacksonville or may be arranged to be payable at some bank
Trust Co. of
(101.40) and interest, a basis of
76.050
$4.000 on Jan. 10 from July 10 1923 to Jan. 10 or trust company in N. Y. City. A cert. check for $500 is required.
and
Due /3,500 on July 10 Wild & Co. State Bank of Indianapolis offered to
1933 incl. The J. F.
LINCOLN COUNTY SCHOOL DISTRICT NO. 6 (P. 0. Fontelle),
pay $75,877 55 for the bonds.
-The $20.000 6% school bldg.lbonds offered on Aug.
Wyo.-BOND SALE.
-LOAN SALE.
Ind.
-A temporary 24-V. 115, p. 675
-were purchased by the State of Wyoming.
INDIANAPOLIS, Marion County,
until Aug. 18(V. 115,
for which bids were received of Indianapolis to the p. 786),
loan of $500,000,
-BOND
LINCOLN COUNTY SCHOOL DISTRICT NO. 9, Colo.
Co.
Merchwas awarded through the Indiana Trust
interest basis of 3.90%. Date SALE.
-Boettcher. Porter & Co. of Denver, have purchased $1,500 6%
on
ants' Loan & Trust Co. of ChicagoThean
following bids were alsienriecereesivted
-20
10 -year (opt.) school bldg. bonds.
Dec. 18 1922.
Aug. 18 1922. Due
Rate.
LINCOLN PARK (P. 0. Wyandotte R. F. D. No. 1), Wayne County,
----4 o
-The $15,000 6% special assessment Saint
Merchants' National Bank, Indianapolis _ _ ------------------BONDS NOT SOLD.
4 % Mich.
Co., Indianapolis
*Fletcher Savings & Trust
434% Cosme Ave. paving bonds, which were offered for sale on Aug. 23 (V. 115,
Union Trust Co., Indianapolis-----p. LO11), were not sold.
* Also offered to pay a premium or 176.
on Aug. 1 as follows: $9,000, 1923; $2,000. 1924 to 1932 inclusive. and
$23,000, 1933.
-At the
GRAND ISLAND, Hall County, Neb.-BOND SALE.
-the two issues of bonds offered on
offering on Aug. 16-V. 115, p. 894
that day were disposed of as follows:
$30,000 6% (opt.) Paving District No. 37 bonds awarded to the First
National Bank of Grand Island at a premium of $50, equal to
100.16.
15,000 5% 5-20 year (opt.) intersection paving bonds awarded to the
First Trust Co. of Omaha at a premium of $27, equal to 100.18.
Int. M. & S.
-BOND OFFERING.
-George
GRANT COUNTY(P.O. Marion), Ind.
B. Nottingham, County Treasurer, will receive bids until 9 a. m. Sept. 8
for $11,520 5% Oliver M. Detamore free gravel road, Washington Township, bonds. Denom. $576. Date July 5 1922. Int. semi-ann. Due
$576 each six months from May 15 1923 to Nov. 15 1932 incl.
-BOND OFFERING.
-Bids
GREENBUSH, Roseau County, Minn.
will be received by the Village Council at the People's State Bank of Greenbush until 8 p. m. Sept. 5 for $5,000 6% refunding bonds. Denom.$1,000.
Date Aug. j 1922. Int. semi-ann. A cert. check for 5% of amount bid
for, payable to the Village Treasurer, required.
SEPT. 21922.]
THE CHRONICLE
LINTON SPECIAL SCHOOL DISTRICT NO. 36 (P. 0. Linton),
-The Northwestern Trust
Emmons County, No. Dak.-BOND SALE.
Co. of St. Paul has purchased $20,000 5% school bonds at 92. Due 1942.
-DESCRIPTION.
-PRICE
LITCHFIELD, Montgomery County, Ill.
-The price paid by Matheny, Dixon, Cole & Co. of Springfield for the
-V. .15..p. 1011-is $61,955 (103.25). The
$60,000 water-works bonds
bonds are described as follows: 5%, bonds. Denom. $1,000. Date
-J. Due yearly on July 1 from 1933 to 1942 incl.
July 1 1922. Int. J.
-BOND ELECTION.
-An election
LOMETA, Lampasas County, Tex.
will be held on Sept. 20 to vote on the question of issuing $37,0006% water
bonds. J. W. Dent, City Secretary.
-BOND OFFERING.
-J.C. Standen,
LORAIN,Lorain County, Ohio.
City Auditor, will receive sealed bids until 12 m. to-day (Sept. 2) for $27,206 50 5% coupon special assessment sewer bonds. Denom. 26 for $1,000
each and 1 for 111,206 50. Date Aug. 15 1922. Int. payable M. & S. 15
at the office of the Sinking Fund Trustees in Lorain. Due yearly on
Sept. 15 as follows: $3,206 50 In 1923, $3,000 from 1924 to 1929 incl.
and $2.000 from 1930 to 1932 incl. Auth. Sec. 3914, Gen. Code,and Ordinance No. 2654. Cert. check on any bank in Lorain or on any national
bank, payable to the City Treasurer for 2% of the amount bid for, is required. All bids must include accrued interest.
-W.I. Krieg, City Auditor, will receive sealed bids
BOND OFFERING.
until 12 m. Sept. 23 for $12,000 6% Cherry Ave. impt. bonds authorized
by Sec. 3914, Gen. Code. Denom. $1,200. Date Sept. 1 1922. Prin.
axcd semi-ann. int. payable at the City Treasurer's office. Due $1,200
yrly on Sept. 1 from 1923 to 1932 incl. Cert. check on a solvent bank for
5% of the amount bid for, payable to the City Treasurer,is required. All
bids must include accrued interest.
LOS ANGELES CITY HIGH SCHOOL DISTRICT, Los Angeles
-BOND OFFERING.
County, Call.
-Proposals are being received until
11 a. m. bept. 11 by L. E. Lampton, County Clerk (P. 0. Los Angeles),
for the purchase at not less han par and in,erest of $1,000,000 44%
school building bonds. Denom. $1,000. Date Sept. 1 192g. Prin. and
semi-ann. int. payable at the County Treasurer's office or at Kountze Bros.,
New York, at holders' option. Due $25,000 yearly on Sept. 1 from 1923 to
1962 incl. Cert. check for 3%, payable to the Chairman of the Board of
Supervisors, required. Bonds to be delivered and paid for at the office
of the Board of Supervisors. The assessed valuation of the taxable property in said school district for the year 1921 is: Non-operative value, 3763,203,773; operative value, $131,268.348; and the total amount of bonds of
said district previously issued and now outstanding is $5,935.500. Los
Angeles City High School District includes an area of approximately 921
square miles, and the estimated population of said district is 800,000.
LOS ANGELES CITY SCHOOL DISTRICT, Los Angeles County,
Calif.
-BOND OFFERING.
-Proposals are being received
-until 11 a. m.
Sept. 11 by L. E.Lampton, County Clerk (P.O. Los Angeles), for the purchase at not less than par and interest of $1,000.000 44% school building
bonds. Denom. $1,000. Date Sept. 1 1922. Prin. and semi-ann. int.
payable at the County Treasurer's office or at Kountze Bros., New York,
at holders' option. Due $25.000 yearly on Sept. 1 from 1923 to 1962 incl.
Cert. check for 3%, payable to the Chairman of the Board of Supervisors.
required. Bonds to be delivered and paid for at the office of the Board of
Supervisors. The assessed valuation of the taxable 'property in said school
district for the year 1921 is: Non-operative value, $751,296,868; operative
value, $129,430,478; and the total amount of bonds of said district previously issued and now outstanding is $10,273,800. Los Angeles School
District includes an area of approximately 621 square miles and the estimated population of said district is 775,000.
-On
LOWELL, Middlesex County, Mass.
-TEMPORARY LOAN.
Aug. 31 a temporary loan of $200,000 dated Aug. 31 and maturing Dec. 8
1922 was awarded, it is stated, to the Old Colony Trust Co. of Boston on
a 3.37% discount basis, plus $2 50 premium.
LOWER SAUCON SCHOOL DISTRICT, Northampton County,Pa.
-BOND OFFERING.
-William T. Lerch, District Secretary, will receive
proposals until 6 p. m. (Standard Time) Sept. 21 for the purchase at not
less than par and interest of $24,000 434% coupon school bonds. Denoms.
$200, $500 and $1,000. Date Sept. 1 1922. Prin. and semi-ann. int.
(M. & S.) payable at the Saucon 'Valley Trust Co. of Hellertown. Due
Sept. 1 1952; redeemable on and after Sept. 1 1932. Bonds are said to be
free of Pennsylvania taxes.
MADISON COUNTY ROAD DISTRICT NO. 3 (P. 0. Canton),
Miss.
-BOND OFFERING.
-Sealed bids will be received until 11 a. m.
Sept. 5 by D. 0. McCool, Clerk Board of County Supervisors, for 396.000
highway impt. bonds. Denom. $1,000 or $500 to suit purchaser. Date
Sept. 5 1922. Int. semi-ann. payable at the County Treasurer's office.
Due as follows: $2,000, 1923 to 1927 incl.; $4,000, 1928 to 1937 incl.;
$5,000, 1938 to 1946 incl., and $1,000, 1947. The official announcement
states that there is no controversy or litigation of any kind about this issue,
and also states, although sealed bids are being received, the bonds will probably be sold at auction. A cert. check must accompany all bids or must be
furnished by those bidding at auction. Interest rate not to exceed 6%.
Financial Statement.
Assessed valuation of all taxable property for year 1921
$2,382,686
Estimated actual value of all taxable property
4,500,000
Total bonded indebtedness (including this issue)
218,500
Other indebtedness of District No. 3
None
Population of District No. 3, estimated
6,000
MADISON SCHOOL CITY (P. 0. Madison), Jefferson County, Ind.
-BOND OFFERING.
-The Board of School Trustees will receive bids at
the office of Sulzer & Bear,309 E. Main St., Madison. until 1 p. m. Sept. 16
for $100,000 44% coupon grade school building bonds. Denom. $500.
Date Nov. 15 1922. Int. F.&A. Due $2,500 each six months from Aug. 1
1923 to Feb. 1 1943 incl. Cert. check for 2%% of the amount bid for, payable to Madison School City,is required. All bids must include accrued int.
MADISON TOWNSHIP RURAL SCHOOL DISTRICT (P.O. Mount
Perry), Perry County, Ohio.
-BOND OFFERING.
-W.R. Lewis,Clerk
Board of Education, will receive sealed bids until 12 m. Sept. 5 for $4,200
6% funding bonds. Denom. $600. Date Sept. 5 1922. Int. M. & S. 5.
Due $600 yearly on Sept. 5 from 1924 to 13o, Inclusive. Auth. Secs.
5656, 5658 and 5659, Gen. Code. Certified check for 5% of the amount
bid for, payable to the Treasurer of the District is required. All bids must
include accrued interest.
MANASSA DRAINAGE DISTRICT (P. 0. Antonito), Conejos
-An election will be held on Sept.
-BOND ELECTION.
County, Colo.
8 to vote on the question of issuing $27,400 drainage bonds. Stephen
A. Smith, Secretary of District.
-The
-BOND SALE.
MANCHESTER, Hartford County, Conn.
$90,000 4%% coupon Main St. improvement bonds offered on Aug. 29V. 115, p. 1011-were awarded to Judd & Co. of Hartford, at 101.99,
a basis of about 4.129". Date June 1 1922. Due $10,000 yearly on
June 1 from 1924 to 1932 inclusive.
MANNFORD SCHOOL DISTRICT NO. 3 (P. 0. Mannford), Creek
-The Oklahoma School Equipment Co.
-BOND SALE.
County, Okla.
has purchased $38,000 7% bonds at 104. Due in 20 years.
-BOND
MARICOPA COURTY SCHOOL DISTRICT NO. 79, Ariz.
-The Bankers Trust Co. of Denver has purchased $6.000 6%
SALE.
20-year school building bonds.
-The following
-BOND SALE.
MARION, Marion County, Ohio.
three issues of bonds aggregating $289,756, which were offered for sale on
Aug. 22-V. 115, p. 676
-were sold to Keane, Higbie & Co. of Detroit, at
a premium of $9,593 60 and interest. The successful bid also included the
furnishing of the blank bonds:
$41,281 53. % (corporation's portion) street and alley improvement bonds.
Denom. 1 for $281 and 41 for $1,000 each. Date day of
sale. Int. M. & S. Due yearly on Sept. 1 as follows:
$4,281 in 1923 and $5,000 from 1924 to 1928, inclusive, and
$4,000 from 1929 to 1931, inclusive.
98,475 5%% (property owners' portion) street and alley improvement
bonds. Denom. 1 for $475 and 98 for $1,000 each. Date
day of sale. Int. M.& S. Due yearly on Sept. 1 as follows:
$12,475 in 1924, $13,000 in 1925 and 1926, and $12,000
from 1927 to 1931, inclusive.
150,000 5% sewage bonds. Denom. $1000. Due $6,000 yearly on
Sept. 1 from 1923 to 1947 inclusive.
The following bids were also received:
1123
Premium.Premium.
Richards,Parish & Lamson.$9,006 00 Title Guarantee & Trust Co$6,941 43
6,261 00
Sidney Spitzer & Co
7,571 851Prudden & Co
Seasongood & Mayer
5,696 00
7,443 00 Hayden, Miller & Co
Wm. R. Compton Co
7,157 00
-BOND OFFERING.
-J. T.
MASON COUNTY (P. 0. Mason), Tex.
Banks, County Judge, will receive sealed bids until Sept. 11 for $36.000
534% road bonds. Denom. $500.
-A special
MAYVILLE,Trail! County, No. Dak.-BOND ELECTION.
election will be held on Sept. 8 to vote on the question of issuing $7,5006%
15-year septic tank construction bonds. Denom. $500. Henry Leum,
City Auditor.
-BOND SALE.
-The
MEDINA COUNTY (P. 0. Medina), Ohio.
$52,600 534% road bonds which were offered for sale on Aug. 25 (V. 115,
p. 896) have been sold to W. L. Slayton & Co. of Toledo. Date Aug. I
1922.„ Due yearly on Oct. 1 as follows: $5,600 in 1923, $5,000 in 1924 and
$6,000 from 1925 to 1931 incl.
-BONDS
MERCED SCHOOL DISTRICT, Merced County, Calif.
VOTED.
-The San Francisco "News Bureau" reports that an issue of
$19,000 school bonds was recently voted by better than 6 to 1.
-BOND OFFERING.
MERIDIAN, Lauderdale County, Miss.
Sealed bids will be received until 10 a. m. Sept. 5 by W. H. White, City
Clerk and Treasurer, for $29,811 45 refunding school house bonds. Date
Oct. 1 1922. Prin. and semi-ann. int., payable at the office of the above
official. Interest rate not to exceed 6%. A certified check on some solvent
bank for 2% of issue required. Bids are requested on the basis that the
purchaser pay for the lithographing of the bonds and attorney's fee, and
also on the basis of the city paying for the lithographing of bonds and
attorney's fee. The official circular states that:"There is no controversy
or litigation pending or threatening at this time with reference to this
issuance of the above bonds, or affecting the corporate existence or boundaries of the municipality, or the title ofits present officials to their respective
offices." '
Financial Statistics.
Estimated true valuation of all taxable property
$25,243,000
Assessed valuation for taxation year 1921
17,000,000
Total bonded debt, including this issue
1,807,915
Water works bonds payable by revenues Water Dept. included
in above
429,000
Paving bonds and certificates included in above
307,000
Assets of the city of Meridian in excess of liabilities
1,600.000
MIAMI BEACH, Dade County, Fla -BOND OFFERINu
.
-In answer to our inquiry for particulars concerning an offering of$232,000
sewer and street bonds which was to have taken place on Sept. 11, C. W.
Tomlinson, City Clerk, says: "I am in receipt of yours of 17th inst. inquiring as to the particulars of an issue of $232,000 sewer and street bonds
offered by the city of Miami Beach for sale Sept. 11. Our attorney advises
that the proceedings instituted by him for the validation of these bonds are
being amended and that the date of sale will of necessity be deferred. He
is at present out of the city but the matter of validating the bonds will be
completed and a new date of sale fixed without serious delay."
MIDDLETOWN, Orange County, N. Y.
-BOND SALE.-Lamport.
Barker & Jennings of New York, bidding 104.854, a basis of about 4.10%,
were awarded the $25,000 43.4% coupon street impt. bonds offered on Aug.
25 (V. 115, p. 676). Date June 1 1922. Due $5000 yearly on Oct. 1 from
1937 to 1941 incl. The following is a complete list of the 'bids received::
Lamport,Barker & Jennings104.854 IA.B.Leach & Co.,Inc
103.31
George B. Gibbons & Co_ _ _103.95 IJ. G. White & Co
103.104
Clark Williams & Co
10 0 14
0 02
3. 3
4
103.769 Parson, Son & Co
Roosevelt & Son
103.768 Millett, Roe & Hagen
Sherwood & Merrifield
Salomon Bros. & Hutzler___102.41
103.56
Barr Brothers & Co
101.526
103.3543 O'Brian, Potter & Co
M1DDLEVILLE, Herkimer County, N. Y.
-BOND SALE.
--On
Aug. 30 the $10,000 5% coupon memorial village hall bonds offered on
that date were awarded to the Union National Corp. of N. 'I., at 101 50,
a basis of about 4 80%. Date July 1 1922. Due $500 yearly on July
1 from 1923 to 1942 inclusive.
MILAM COUNTY ROAD DISTRICT NO.5(P.O. Cameron), Texas.
-BONDS VOTED.
-At the elect ion held on Aug. 11 (V. 115, p. 676), the
$35.000 534% road bonds carried by a vote of 217 to 5.
MILFORD VILLAGE SCHOOL DISTRICT (P. 0. Milford), Clermont and Hamilton Counties, Ohio.
-The $14,000
-BOND SALE.
5% debt e•tension bonds which were offered for sale on Aug 26 (not
Aug 25, as reported in V. 115, P. 896) have been'sold to the Davies
Bertram Co. of Cincinnati for $14,058 80 (100 42) and accrued interest,
a basis of about 4 93%, Date Sept. 1 1922. Due $1,000 yearly on
Sept. 1 from 1923 to 1936 incl. The following bids were also received:
Amt. of Bid.
Amt, of Bid I
Seasongood & Mayer
$14,000
$14,014'Milford National Bank
MINEOLA, Nassau County, N. Y.
-Proposals
-BOND OFFERING.
will be received until 8 p. m. (Daylight Saving Time) Sept. 14 by Chas.
F. Quinn, Village Clerk, for the purchase at not less than par of $36,000
5% wayer main extension bonds. Denom. $1,000. Int. semi-ann.
Due $3,000 yearly, commencing 5 years from date of issue. Certified
check for 5% of the amount bid. required.
• MONROE, Ouachita Parish, La.
-A syndicate com-BOND SALE.
posed of the Marine Bank & Trust Co., the Whitney-Central Trust &
Sayings Bank and the Interstate Trust & Banking Co., all of St. Louis,
has purchased and are now offering to investors,at prices to 4.90%,3237,000
% school bonds. Denom. $1,000. Date Aug. 1 1922. Principal and
semi-annual interest (F. & A.) payable in New York City. Due yearly on
Aug. 1 as follows: $7,000, 1923 and 1924; $8,000, 1925 and 1926; $9,000,
1927 and 1928; 310,000, 1929 to 1931, inclusive; 811.000, 1932; $12,000,
1933 and 1934; 313,000, 1935 and 1936: 314,000, 1937: $15,000, 1938 and
1939; $17,000, 1940; 318,000, 1941, and 319,060, 1942.
-DESCRIPTION OF
MONTGOMERY COUNTY (P.O. Fonda), N. Y.
BONDS. Z err1fi0 0oeoun ytysaornk riumbonds awarded on Aug. 2 to
d The $3 , i f New
0 ed
0
at 100.58 (V. 115, p. 787) bear 5% interest, payable semi-annually, Aug. 1 and Feb. 1, are in the denomination
of $1,000 each, are dated April 1 1922 and mature serially from 1930 to
1939 inclusive.
-BOND OFFERMONTGOMERY COUNTY (P. 0. Dayton), Ohio.
ING.
-The County Commissioners will receive sealed bids until 10 a. m.
Sept. 7 for $90,000 534% coupon emergency flood bonds. Denom. $1,000.
Date Sept. 11922. Principal and semi-annual interest (M. & S.) payable
at the County Treasurer's office. Due $6,000 yearly on Sept. 1 from
1924 to 1938, inclusive. Authorized by Act of General Assembly of Ohio,
passed April 10 1913 (0. L. 103). Certiifed check on a solvent bank or
trust company in Montgomery County, for 31,000, payable to the County
Treasurer, is required. The approving opinion of D. W.and A. S. Iddings,
of Dayton, and Shafer & Williams, of Cincinnati, will N)furnished to the
successful bidder. Ail bids must include accrued interest.
BOND ISSUE CANCELED.
-F.A. Kilmer, Clerk ofthe Board of County
Commissioners, informs us that the issuance of the $93,000 53 % I. C. H.
No. 62, Section "It," Dayton and Greenvile Road improvement bonds,
which were scheduled to be sold on Aug. 24 (V. 115, p. 787) has been
canceled.
MONTROSE SUBURBAN DOMESTIC WATER WORKS DISTRICT,
Colo -pon. ELECTION.
voto. uBOND
d
-On Sept. 8 $6,000 pipe line bonds will be
-BOND OFFERMORROW COUNTY (P. 0. Mount Gilead), Ohio.
ING.
-The County Commissioners will receive sealed bids until 11 a. m.
Sept. 6 for $8,000 534% coupon bridge bonds. Denom. $500. Date
Sept. 1 1922. int. M.& S. Due $1,000 yearly on Sept. 1 from 1923 to
1930, inclusive. Certified check on a solvent bank for 5%, of the amount
bid for, payabie to the County Auditor, is required. The bonds will be
delivered and paid for at the County Treasurer's office. Conditional bids
bon noatbeco
will notre
etioe.
Thn proceedings relative to the Issuance of the
open for inspection.
-BOND OFFERING.
MURRAY COUNTY (P. 0. Slayton), Minn.
E. V. O'Brien, County Auditor, will receive bids until 1 p. m. Sept. 5 for
324,600 5% bonds. Date Aug. 1 1922. Interest semi-annual. A certified
check for 5% of the issue, payaole ta the County Treasurer, is required.
MYKAWA SCHOOL DISTRICT NO. 45 (P. 0. Mykawa), Harris
rd
riedCounty, Te .t a ON S e OTED.-'Y a vote of 25 to 0 $10,000 school
a
-B recentD
TeX.-BONDS V
;scar
1124
THE CHRONICLE
NANTICOKE SCHOOL DISTRICT (P. 0. Nanticoke), Luzerne
-The School Board (John Bednar,
-BOND OFFERING.
County, Pa.
Secretary) will receive proposals until 8 p. m. Sept. 6 for the purchase of
-15
350,000 4 % 5 -year school bonds.
The official announcement of this bond offering will be found among th
municipal advertisements of this week's issue.
-The fol-BOND SALE.
NASHUA, Hillsborough County, N. H.
0
lowing two issues of 07 coupon bonds offered on Aug. 30-V. 115,
-were awarded to E. H. Rollins & Sons of Boston, at 100.508
p. 1012
and interest, a basis of about 4.44%:
$40,000 fire-dept. equipment bonds. Due y'early on Sept. 1 as follows:
$3,000, 1923 to 1932 incl., and $2,000, 1933 to 1937 incl.
92,000 highway bonds. Due yearly on Sept. 1 as follows: $7,000, 1923
and 1924, and $6,000, 1925 to 1937 incl.
Denom. $1,000. Date Sept. 1 1922. Prin. and hat, payable in gold at
the City Treasurer's office or at the First National Bank of Boston, at
holders' option.
Other bidders, all of Boston. were:
199.9.8163
100.19
R
100.401 . L. Day & Co
Merrill, Oldham & Co
100.34 Stacy & Braun
Old Colony Trust Co
99.52
100.21 Blodget & Co
Harris, Forbes & Co
-An election
NELIGH, Antelope County, Neb.-BOND ELECTION.
$7,000 water-extension bonds.
will be held on Sept. 5 to vote on issuing
W. C. Groves, City Clerk.
NEW BRIGHTON SCHOOL DISTRICT (P. 0. New Brighton),
-The $50,000 4%% coupon school
-BOND SALE.
Beaver County, Pa.
bonds offered on Aug. 25(V. 115, p. 896) were awarded to Redmond & Co.,
of Pittsburgh, for $51,659 (103.3.8) and interest, a basis of about 4.29%.
Date Sept. 1 1922. Due on Sept. 1 as follows: 310,000. 1946;$5,000, 1947;
$10,000, 1948; $5,000, 1949; and $10,000, 1950 and 1951. Other bidders,
all of Pittsburgh, were:
Bid.
Bid.
NameName'$50,556 00
$51,400 00 Glover & MacGregor
Union Trust Co
50,000 00
Mellon National Bank__ 51,376 82 E. H. Rollins & Sons
* Plus printing of bonds.
*51,028 00
J. H. Holmes & Co
NEWPORT BEACH SCHOOL DISTRICT, Orange County, Calif.
-Proposals will be received until 11 a. m. Sept. 5 by
BOND OFFERING.
J. M.Backs, County Clerk,for $58,000 5% school bonds. Denom. $1,000.
Date Oct. 1 1922. Principal and semi-annual interest payable at the
County Treasurer's office. Due $2,000 yearly from 1924 to 1952,inclusive.
Certified check for 3%, payable to the Chairman Board of Supervisors,
required.
NEWPORT HEIGHTS IRRIGATION DISTRICT (P. 0. Costa
-Corinne W.Quinn,
Mesa), Orange County Calif.
-BOND OFFERING.
Secretary of Board of Directors, will receive bids until 10 a. m. Sept. 5 for
the purchase of $160,000 6% bonds. Denom. $800. Prin. and semi-ann.
int. (J. & J.), payable at the California National Bank of Santa Ana. Due
yearly on Jan. 1 as follows: $3,200, 1941 and 1942: $4,800, 1943 and 1944;
36.400, 1045 to 1948, incl.; $8,000, 1949 to 1952, incl.; $9,600, 1953 to 1956,
incl.; $11,200, 1957 and 1958, and $12,800, 1959 and 1960. Cert. check
for $5,000, payable to the Secretary, required.
-BOND OFFERING.
NEWTON COUNTY (P. 0. Kentland), Ind.
John J. Sell, County Treasurer, will receive bids until 10 a.m. Sept. 11 for
the following bonds:
$10,959 5% Wm. Shaw et al, Jackson Township, highway bonds.
Denom. 3547 95.
31,260 43.6% Frank E. Kay at al road, Beaver and Jackson Townships,
bonds.
Date Aug. 15 1922. Int. M.& N. 15. Due one-twentieth of each issue
each six months from May 15 1923 to Nov. 15 1932, inclusive.
-During the
-TEMPORARY LOANS.
NEW YORK CITY, N. Y.
month of August the city issued short-term securities aggregating $11.600,000, consisting of Special Revenue Bonds and Bills and Tax Notes,
as follows:
$600,000 3%% tax notes on Aug 14. Due Jan. 151923.
1,000,000 3%% special revenue bonds of 1922 on Aug. 21. Due on
or before Dec. 31 1923.
10,000.000 3]q?0 revenue bills of 1922 on Aug 31. Due Nov. 29 1922.
-The city on Aug. 11 issued $18,000,000
GENERAL FUND BONDS.
3% general fund bonds, maturing Nov 1 1930.
•
,
NIOBRARA COUNTY SCHOOL DISTRICT NO. 4 (P. 0. Lush)
-The $2,500 6% 10-year school building bonds
Wyo.-BOND SALE.
-were awarded at par to the State
offered on Aug. 16-V. 115, p. 569
of Wyoming. Date Aug. 5 1922. Denom. $500.
NOBLESVILLE SCHOOL CITY (P. 0. Noblesville), Hamilton
-BOND OFFERING -H.L. Findley. Secretary of the Board
County,Ind.
of Trustees, will receive bids at his office in the First National Bank Building,
Noblesville, until 2 p. m. Sept. 9 for $50,000 5% coupon high-schooladdition bonds. Denom. 40 for $1,000 each and 20 for $500 each. Date
Aug. 15 1922. Principal and semi-annual interest (F. & A.) payable at the
First National Bank,Noblesville. Due $1,500 on Aug. 15 and $1,000 on
Feb. 15 from Aug. 15 1923 to Feb. 15 1943, inclusive, option on or after
ten years from date on six months'notice by one publication in a Noblesville
newspaper and an Indianapolis newspaper. Authorized by laws of Indiana
and an ordinance adopted by the Trustees on July 25 1922.
-BOND AND NOTE SALE.
-The
NORTH CAROLINA (State of).
Raleigh "News and Observer" of Aug. 26 had the following to say regarding
the sale of $2.300,000 school bonds and $5,000.000 refunding notes to a
syndicate of New York bankers:
'With the approval of the Governor and the Council of State, State
Treasurer B. R.1,acy yesterday [Aug. 25] sold to a syndicate of New York
bankers represented by B. J. Van Ingen, 46 Cedar St., New York, $2,300,000 of 4%% school bonds at $100 20 and 35,000,000 of4% refunding notes
at par and accrued interest to refund an equal amount of 5.95% notes maturing Oct. 1 1923 and callable at 101 Oct. 11922.
"The school bonds, which are a part of the $5,000,000 issue authorized
by the General Assembly for the establishment of a school building loan
fund, will mature in equal annual installments from Jan. 1 1927 to Jan. 1
1946. Including the bonds sold yesterday, $3,300,000 of the $5,000,000
issue have been sold. The latest issue, according to Dr. E. C. Brooks,
Superintendent of Publ'e Instruction, will be taken up by the counties
whhin 30 days. On Jan. 1 1923 the remaining bonds authorized, totaling
$1,700,00, will be issued.
"By refunding the $5,000,000 short-term notes which bear interest at
.5.95 with an equal amount of notes bearing interest at 4%,State Treasurer
Lacy has saved the State app:oximately $47,000. He has just returned
from New York where negotiations resulting in the sale yesterday were
carritd on. The sale was not completed, however, until there had been a
conference with the Governor and Council of State."
-BONDS VOTEDI
NORTH MUSKEGON, Muskegon County, Mich.
"Chronicle" states that the proposition
-A recent issue of the Muskegon to issue $39,000 water works improvement bonds, which was submitted
-was passed by a vote of 116 to 2.
to the voters on Aug. 14-V. 115. p. 569
NORWICH VILLAGE SCHOOL DISTRICT (P. 0. Norwich), Mus-W. A. Romine, Clerk of
-BOND OFFERING.
kingurn County, Ohio.
the Board of Education, will receive sealed bids until 7:30 p. in. Sept. 6 for
school building bonds. Denom. $500. Date
$4,000 534% coupon
of
June 1 .922. Int. payable M.& S. at the office the above official. Due
incl. Auth. Sec. 7625 et seq., Gen.
$500 yearly on Sept. 1 from 1923 to 1930
Code. Cert. check for 5%,payable to the Board of Education, is required.
-BOND OFFERING
OAKLAND COUNTY (P. 0. Pontiac), Mich.
-The Clerk of
Board of County
POSTPONED INDEFINITELY.that the offering the the
of
$60.000
Road Commissioners informs us was scheduled to take place on assessAug. 26
road bonds which
ment district
-has been postponed indefinitely.
-V. 115, p. 1012
N. J.
-BOND OFFERING.
-The
OCEAN CITY, Cape May County,
A. Morris, City Clerk) will receive bids
Board of Commissioners (Harry
at not less than par and interest of
until 3 p. in. Sept. 11 for the purchase of registration as to principal and
an issue of 5% coupon (with privilege bonds not to exceed $137,000; no
land
interest or principal only) publicshall produce a premium of $1,000 over
n
more bonds to be awarded than July 15 1922. I . J. & J. Due yearly
t.
$1,000. Date
3137.000. Denom.
1924 and 1925, $4,000, 1926 to 1957
on July 15 as follows: $3,000, 1923, bank or trust company for 2%, payCert. check on an incorporated Legality approved by Caldwell &
incl.
able to the City Treasurer, required.
Raymond of New York.
[VOL. 115.
OCHOCHO IRRIGATION DISTRICT (P. 0. Prineville), Crook
-An election is being held to-day
-BOND ELECTION.
County Ore.
(Sept. 2c to vote on the question of issuing *1,100,0006% refunding bonds
to be dated July 1 1922 and to mature serially from July 1 1928 to July 1
1939 incl., and upon the question of whether or not the district should enter
into an agreement with the State for the payment by the State of interest
on the above bonds for two years after the date of issue, or such part of two
years as the State shall determine.
OMAHA SCHOOL DISTRICT (P. 0. Omaha), Douglas County,
-The 31,500.000 4%% gold coupon (with privilege
Neb.-NOTE SALE.
-have
of registration) promissory notes offered on Aug. 28-V. 115, p. 787
been purchased lay the National City Co.of New York at par plus a premium
of $5,250, equal to 100.35, a basis of about 4.10%. Date Sept. 1 1922.
Due Aug. 1 1923.
-It is reported that
-BONDS VOTED.
OMER, Arenac County, Mich.
the taxpayers of this city have voted in favor of a bond issue of $7,500 to
secure water rights for a proposed light and power plant.
ORDWAY DRAINAGE DISTRICT NO. 1 (P. 0. Ordway), Crowley
-Sealed proposals will be received
-BOND OFFERING.
County, Colo.
until 2 p. m. Sept. 16 by F. E. Davis, Secretary of District, for $70.000
drainage bonds. Interest rate not to exceed 8%. Date June 1 1922.
The approving legal opinion of Nye, Fry & Tallmadge will be furnished the
purchaser.
-The $1,500,000 4%% coupon
-BOND SALE.
OREGON (State of).
897) were awarded to
State highway bonds offered on Aug. 29 (V. 115.
p.
Barr Bros. & Co., A. C. Allyn & Co. and Keane, Higble & Co. of New York
1922. Due
at a Joint bid of 102.31, a basis of about 4.29%. Date Sept. 1 and
$37,500
$37,500 each six months from Oct. 1 1927 to Oct. 1 1946 incl.
Oct. 11947.
-H. J.
-BOND OFFERING.
OTTAWA, Putnam County, Ohio.
m. Sept. 4 for
Aubry, Village Clerk, will receive sealed bids until 12Denom. $650. $6.500
Date
6% (village portion) Section "P" I. C. H. bonds. Aug. 15 from 1923 to
Aug. 15 1922. Int. semi-ann. Due $650 yearly on Cert. check for 2%,
1193-2, 3814, Gen. Code.
1932 incl. Auth. Sec.
All
of the amount bid for, payable to the Village Treasurer, is required.
bids must include accrued interest.
County,
OWEN SCHOOL TOWNSHIP (P.0. Folsomville), Warrick
-The $5,000 6% school improvement bonds which
-BOND SALE.
Ind.
-have been sold to the
were offered for sale on Aug 28-V. 115, p. 677 for $5,202 50 (104.05),
Farmers & Merchants National Bank of Boonville,
yearly on Jan.
a basis of about 5.19%. Date Aug. 28 1922. Due $500
1 from 1924 to 1933 inclusive.
-A
-BOND ELECTION.
OWOSSO, Shiawassee County, Mich.
to the voters
ocal newspaper states that the City Commission will submit
94
at the primary election on Sept. 12 the question of issuing $18,061
water main bonds.
SPECIAL ROAD AND BRIDGE DISTRICT
PALM BEACH COUNTY
-Hector
-BOND OFFERING.
NO. 19 (P. 0. West Palm Beach), Fla.
sealed bids
Harris, Chairman. Board of Road Commissioners, will receive$1,000.
bonds. Denom.
until Sept. 6 for $70,000 6% road and bridge
Mont.
PARK COUNTY SCHOOL DISTRICT NO. 41 (P. 0. Clyde), $6.500
-The State of Montana has purchased at par
-BOND SALE.
5%% funding bonds.
(P.
PARKERSBURG INDEPENDENT SCHOOL DISTRICT -At 0.
an
Parkersburg), Wood County, W. Va.-BONDS DEFEATED.to issre
several weeks ago, a proposition
election held in this district
$650,000 school building bonds was defeated.
-Ray J.
PARK FALLS, Price County, Wis.-BOND OFFERING.
5 for
Fritz, City Clerk, will receive sealed bids until 8 p. m. Sept.Dept.$30,000
1 1022.
$500. Date
5% city hall bonds "Second Series." Denom.
certified check
Int. semi-ann. Due $3,000 yearly from 1923 to 1933. A
the amount bid for required.
for 5% of
-BOND
N. Y.
PATTERSON (P. 0. Patterson), Putnam County, purchase bonds
-On Aug. 25 $3.500 registered land and building
SALE.
Deawarded to the National Bank of Cold Spring at par for 4%s. $500
were
April 1. Due
nom. 3500. Date Sept. 1 1922. Interest annually
yearly on April 1 from 1923 to 1929 incl.
-The $60,000 4%
-BOND SALE.
PEABODY, Essex County, Mass.
p. 1012) were awarded to
coupon school bonds offered on Aug. 25 (V. 115. a basis of about 3.92%.
int..
Edmunds Bros. of Boston at 100.66 and
to 1942 incl.
Date Sept. 11922. Due $3,000 yearly on Sept. 1 from 1923
-BOND
PERRY COUNTY (P. 0. Cannelton), Ind. until 11 OFFERING.a. m. Sept. 11
Treasurer, will receive bids
Wm. C. Vogel, County
et al. highway impt. bonds. Denom. $540.
for $21.600 5% Jacob Houser & N. 15. Due $1,080 each six months from
Date Sept. 15 1922. Int. M.
incl.
May 15 1923 to Nov. 15 1932
-The above official will also receive bids until 11
BOND OFFERING.
Twp, highway
a. m. Sept. 18 for 818,800 5% A. H. Sutgring et al. Anderson N. 15. Due
bonds. Denom. $470. Date Sept. 18 1922. Int. M. &
from May 15 1923 to Nov. 15 1932 incl.
$040 each six months
PIERPONT, Day County, So. Dak.-BOND OFFERING POST-Bids will be received until Sept. 5 (date changed from Aug.
PONED.
22-V. 115, p. 1012) by J. A. Anderson, Town Clerk, for $17,500 5%
electric light laonds. Denom. $1,000. Date Oct. 1 1922. Int. A. & O.
Due serially on Oct. 1 from 1933 to 1942.
-On July 25
-BOND SALE.
PINE BLUFF, Jefferson County, Ark.
the Simmons National Bunk of Pine Bluff purchased 333,000 6% gutter
District No. 61 bonds at 09.85. Denom. $500. Date Aug. 1 1922.
Int. M. dr N.
-BOND OFFERING.
PINETOPS, Edgecombe County, No. Caro.
.Town
Clerk, until 4 p. m. Sept.6
Sealed bids will be received by W.E. Cobb,
6% coupon electric light and power plant bonds Denom.
for $15000
$500.bate July 1 1922. Prin. and semi-ann. int. (J. & J.) payable at
follws:
the Hanover National Bank, N. Y. City. Due yearly on July 1 as
for
$1,000 1925 to 1934 incl. and $2,000 1035 to 1944 incl. A cert. check
Bonds
2% of amount bid for, payable to the Town of Pinetops. required.Legality*
be delivered at place of purchaser's choice on or about Oct. 1.
will
be furwill be approved by a recognized bond attorney, whose opinion will blank
nished the purchaser without charge. Proposals must be made on
to be furnished by the above official. Bids for less than par will not
forms
be considered.
-The
PLANKINTON, Aurora County, So. Dak.-BOND SALE. been
-have
$16,000 light plant bonds offered on Aug. 21-V. 115, p. 677 discount of
Gates, White & Co. of St. Paul at par less a
purchased by
$1,000. Date
$100, equal to 99.37, a basis of about 5.55%. Denom.
Aug. 1 1922. Due Aug. 1 1942.
NO. 3(P.O.
POLK COUNTY INDEPENDENT SCHOOL DISTRICT be received
-Bids will
-BOND OFFERING.
East Grand Forks), Minn.
for $30,000
L. B. Hiler, District Clerk, until 8 p. in. to-day (Sept. 2)
by
is
school bonds. A cert. check for 5%, payable to the District Treasurer,
required.
-BOND ELECTION.Parish, La.
PONCHATOULA, Tangipahoa
the question of issuing 9130,An election will be held on Sept: 19 to vote onbonds. A. J. Bodke, Town
-year sewerage and water works
000 6% 20
Secretary and Treasurer.
PORTAGE INDEPENDENT SCHOOL DISTRICT (P. 0. Hecla),
-By
Brown County, So. Dak.-BONDS DEFEATED. was a vote of 42 to 63,
defeated.
proposition to issue $30,000 school building bonds
a
-On Aug. 24 the $320.000 4%%
-BOND SALE.
PORTLAND, Ore.
grain-elevator bonds, notice of the offering of which was given
municipal
under the caption "Port of Portland." in V. 115, To. 897, were awarded to
Stacy & Braun of New York. the Anglo-London-Paris Co. of San Francisco, and the Ralph Schneeloch Co. of Portland, at their Joint bid of 102.21,
Due
a basis of about 4.32%. Date Sept. 11922. Sept.;310,000 yearly on Sept. 1
1 from 9145 to 1952 incl.
from 1925 to 1944 Incl. and $15,000 yearly on
-BOND OFFERING.
-Sealed bids
PORTO RICO (Government of).
received until 2 p. in. Sept. 6 by Chas. C. Walcutt Jr., Colonel U. S.
will be
Army and Acting Chief,Bureau of Insular Affairs (Room 3(142, Munitions
Bldg., Washington, D. C.), for the purchase of the following 5% registered
bonds:
$1,000,000 public impt. bonds. Denoms. $5,000 and 310,000. Due on
Jan. 1 as follows: $250,000 Series "A,' 1941; $250,000 Series
"B," 1942; $250,000 Serial "C," 1943, and $250,000 Series
"D," 1944.
SEPT. 2 1922.]
THE CHRONICLE
250,000 irrigation bonds. Denorns. $1,000 and $5.000. Due on Jan. 1
as follows: $150,000 Series "A," 1961, and $100,000 Series "13,"
1962.
Date Jan, 1 1922. Prin. and semi-ann. int. (J. & J.) payable in gold
coin at the United States Treasury in Washington, D. C. A cert. check or
bank draft for 2% of the amount of bonds bid for, payable in New York
City funds, to the Chief, Bureau of insular Affairs, required. Accepted
subscriptions will be payable on Sept. 19 1922 at a banR in New York City
to be designated by the Bureau of Insular Affairs, and the bank so designated will make delivery of the bonds, or interim certificates exchangeable
for definitive bonds as soon as the bonds can be prepared. The official
circular states that: "The United States Treasury Department authorizes
the statement that, unless and until further notice to the contrary shall
have been given, bonds of the Government of Porto Rico are acceptable at
par under the regulations of the Treasury Department, as security for deposits of public moneys. The bonds will also be accepted at par by the
Government of Porto Rico as security for deposits of funds of that Government, or as security required by any of the laws of Porto Rico to be deposited with the Treasurer of Porto Rico."
Financial Statement.
Receipts for year ending June 30 1921
$9,151,518 31
Expenditures for year ending June 30 1921
8,669,008 82
Cash on hand June 30 1921
1,354,397 77
Due from municipalities and school boards on short timeloans
June 30 1921
261,01728
Assessed valuation of property June 30 1921
286,470,673 00
Imports for year ending Arne 30 1921
105,479,703 00
Exports for year ending June 30 1921
112,278,575 00
Total bonded indebtedness on Jan. 1 1922
11,946,000 00
BalanCes in sinking funds Jan. 1 1922
1.852.826 92
COUNTY SCHOOL DISTRICT NO. 12 (P. 0. Pueblo),
PUEBLO
-BOND ELECTION AND SALE.
Colo.
-Subject to being voted at
an election to be held soon, $10,000 school building bonds have been
purchased by J. D. Grigsby & Co. of Pueblo.
PUTNAM COUNTY(P.O. Greencastle),Ind.
-BONDS NOT SOLD.
The 2 issues of 43 % coupon road bonds which were offered for sale on
-were not sold.
Aug. 23-V. 115, p. 677
QUINCY, Gadsden County, Fla.
-BOND SALE.
-The $40,000 serial
municipal water and electric light bonds offered on Aug.24-V.115, p.897
,
were purchased by Burfer, Hall & Smith at a premium of $55, equal to
100.13. Denom. $500. Int. J.
-J. Date July 11922. Due serially.
QUINCY, Norfolk County, Mass,
-BOND SALE.
-13. J. Van Ingen
& Co. are reported as the purchasers c$151,000 4% bonds, paying 100.409.
The bonds are dated Sept. 1 1922 and mature yearly from 1923 to 1942,incl.
RICHMOND,• Henrici County, Va.-FINANCE COMMITTEE TO
CONFER WITH MAYOR ON $3,000,000 BOND ISSUE.
-The Richmond
"Dispatch" on Aug. 28 says:
"The Finance Committee of City Council has arranged with Mayor
Ainslie for a conference on the Shockoe Creek situation within a few days
after the reorganization of that committee, following the coming in of the
new City Council on Sept. 1. The Committee has before it a resolution
providing for a bond issue of $3,000.000 for Shockoe improvements, which
is recommended by Mayor Ainslie and Director of Works Saville. Director
Saville has perfected plans which he believes will tend to prevent future
overflows. That the Committee will lose no time in disposing of the problem was indicated at the last meeting of the committee, when a delegation
of Main Street business men appeared in the committee room and urged
quick action. They were told by Chairman Grundy that the resolution
providing for the funds would be taken up immediately upon the reorganization of the Committee. One of the reasons advanced last night as a
cause of the recent freshets was that the large number of gutters and curbs
placed in suburban and outlying districts give the waters swift and easy
pathways to the sewers. With the heavy downpours such as have visited
past
the city in the,
months the sewers have been unable to take care
'
of their loads.
RIO GRANDE (Municipality of), Porto Rico.
-BOND OFFERING.
Sealed proposals will be received by Ramon M. Figueroa, Commissioner of
Public Service, Police and Prisons, until 9 a. m. Sept. 23 for $160,000
tax-free improvement bonds. Denom. $1,000. Interest rate not
coupon
to exceed 6%. Date July 1 1922. Principal and semi-annual interest
payable at some bank or trust company either in Washington. D. C., New
York City or Porto Rico. Purchaser to pay accrued interest to date of
delivery. A certified check or bank draft for 2% of the amount bid for,
upon some national bank in the United States or upon any one of the banks
doing business in Porto Rico,payable to the Commissioner of Finance, is
required.
RIVERHEAD UNION FREE SCHOOL DISTRICT NO. 5 Suffolk,
County, N. Y.
-BOND SALE.
-On Aug. 8 the Riverhead Savings Bank
was awarded $250,000 5% registered school bonds. Denom.$1,000. Date
Sept. 11922. Semi-ann. int. payable at the Suffolk County Trust Co. of
Riverhead. Due yearly Sept. 1 as follows: $4,000, 1923 to 1937, incl.;
$7,000, 1928 to 1932, incl.; $9,000, 1933 to 1937, incl., and $10,000, 1938
to 1952, inclusive.
ROUTT COUNTY SCHOOL DISTRICT NO. 28 (P. 0. Mystic),
-BOND SALE.
Colo.
-Robert V. Brown & Son of Denver have purchased
$1,000 6% 10-20 year (opt.) school building bonds. Denom. $500.
Date July 1 1922.
ST. ALBANS, Franklin County, Vt.-BOND OFFERING.
-Proposals are bting received until 9 a. m. Sept. 6 by the Town Treasurer,
It is reported, for the purchase of $20,000 4% coupon street improvement
bonds, dated Aug. 1 1922 and maturing $5,000 yearly from 1933 to 1936
inclusive.
ST. LUCIE COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
NO. 2 (P. 0. Ft. Pierce), Fla.
-BOND SALE.
-The $50,000 6% coupon
road and bridge bonds offered on Aug. 15-V. 115, p. 571-were purchased
by Sidney Spitzer & Co. of Toleno at a premium of *1,653, equal to 103.30,
a basis of about 5.59%. Due on July 1 as follows: $1,000, 1923 to 1926
incl.; $2,000. 1927 to 1929 incl.; 33,000, 1930 to 1941 incl., and $4,000, 1942.
SACREMENTO CITY HIGH SCHOOL DISTRICT, Sacremento
-PRICE.
-The San Francisco "Chronicle" reports that
County, Calif.
a syndicate composed of Blyth, Witter & Co., Bond & Goodwin &Tucker,
,
and the Union Trust Co. of San Francisco, on Aug. 21 submitted the suct'esful bid for the $750,000 5% bonds offered to investors by Blyth, Witter
& Co. and Stacy & Braun of New York, last week.
-V. 115, p. 1013. The
price reported was $801,525, equal to 106.87, a basis of about 4.49%.
SAFETY HARBOR, Pinellas County, Fla.
-J. L.
-BOND SALE.
Arlett of Austin, purchased the following 6% impt. bonds offered on Aug.
29-V. 115, p. 788-at a discount of $2,884, equal to 91.76 plus the cost of
printing bonds, attorney's fees and expense:
$33,000 street paving bonds.
2,000 street paving debt bonds.
The $10,000 light plant bonds offered at the same time were awarded at
par to M. D. Pipkin of Safety Harbor.
SAGINAW COUNTY (P. 0. Saginaw), Mich.
-BOND SALE.
-The
following 3 issues of bonds which were offered for sale on July 22-V. 115,
-have been sold to Keane, Higbie & Co. of Detroit:
p. 463
$34.200 7-year serial assessment District Road No. 48 bonds.
-year serial assessment District Road No. 84 bonds.
35,550 5
-year• serial assessment District Road No. 85 bond.
24,750 4
Denom. to suit purchaser.- Date July 1 1922. Int. semi-ann. (M.
-N.).
Due beginning May 1 1923.
INDEPENDENT SCHOOL DISTRICT, Denton County,
SANGER
-BONDS REGISTERED.
-On Aug. 25 the State Comptroller of
Texas.
Texas registered $9,000 5% serial bonds.
SARPY COUNTY SCHOOL DISTRICT NO. 27 (P. 0. Papillion),
-GENNeb.-BONDS HELD INVALID BY ASSISTANT ATTORNEY
-We are informed by our Western representative that the $30,000
ERAL.
5% school bldg. addition bonds awarded to the Lincoln Trust Co. of Lincoln,as stated in our issue of Aug. 19, page 898,are held invalid by Assistant
Attorney-General Mason Wheeler because, he states, only residents owning
$200 worth of property were allowed to vote, while all adult residents should
be allowed to vote.
-BOND SALE.
Pr SCHENECTADY, Schenectady County, N. Y.
Salomon Bros. & Hutzler were awarded at 101.073 for 434s a basis of about.
4.10%. the following three issues of coupon (with privilege of registration)
bonds offered on Aug330 (V. 115, p. 1013):
1125
$340,000 school bonds. Due $17.000 yearly on Aug. 1 from 1923 to 1942,
inclusive.
60.000 park bonds. Due $6,000 yearly on Aug. 1 from 1923 to 1934.incl.
26,000 park bonds. Due $2,000 yearly on Aug. 1 from 1923 to 1935,incl.
Denom. $1,000. Date Aug. 1 1922. Principal and semi-annual interest
(F. & A.) payable at the Chase National Bank, of New York, or at the
City Treasurer's office. The following is a comxie e list of the bids received:
t
Name
Sherwood & Merrifield
$429,561 .
36 4.25%
The Equitable Trust Co
428,854 20 4.25
Salomon Bros. & Hutzler
430.570 98 4.25
Curtis & Sanger
429.310 02 4.25
O'Brian, Potter & Co. of Buffalo
431.175 90 4.50
Geo. B. Gibbons & Co
430,473 50 4.25
Rutter & Co
426,946 00 4.25
Hornblower & Weeks
429,352 62 4.25
Estabrook & Co
429.110 00 4.25
Guaranty Co. of New York
4.25
NationalCity Co
428.977 74 4.25
Bankers Trust Co
429,788 00 4.25
Dillon, Read & Co
429,296 96 4.25
Roosevelt & Son
430,357 98 4.25
*Roosevelt & Son
429,408 00 { .25 on $340 000
4 00 n 8 :000
.
6
*Kell, Kinnicutt & Co
430,042 74 4.25
*Lampert, Barker & Jennings, Inc.
426.678 94 11.25 on 340.000
14.00 on 86.000
*Not considered.
SEBASTIAN INLET DISTRICT (P. 0. Sebastian), Saint Lucie
County, Fla.
-BOND OFFERING.
-Sealed bids will be received by
M. M. Miller, Secretary Board of Commissioners, until 2 p. m. Sept.
18 for $100,000 6% coupon Inlet bonds. Denom. $1,000. Date July
1 1921. Prin. and hit. (J. & J.) payable at the U. S. Mtge. & Trust
Co., N.Y. City. A certified check payable to the Board of Commissioners,
for $1,000, required.
SEYMOUR, Baylor County, Texas.
-BONDS VOTED.
-At the election held on Aug. 8-V. 115, p. 163
-the three issues of bonds submitted
to a vote of the people carried, the vote being as follows:
"Against."
$40,000 city hall bonds
106
217
8,000 park improvement bonds
238
83
25.000 water bonds
270
51
E. W. Reessey. City Secretary.
SHAKER HEIGHTS, Cuyahoga County, Ohio.
-BOND OFFERING.
-Carl A. Palmer. Village Clerk, will receive sealed bids at his office in the
Town Hall or at his office at No. 2029 East 102d St., Cleveland, until
12 m. Sept. 14 for the following 534% coupon special assessment street and
boulevard bonds:
$37,000 East 161st St. paving bonds. Denom. $1,000. Due yearly on
Oct. 1 as follows: $4,000 from 1923 to 1930, inclusive, and $5,000
in 1931. Auth. Sec. 3914, Gen. Code, and Ordinance No. 1801.
37,000 East 163d St. paving bonds. Denom. $1,000. Due yearly on
Oct. 1 as follows:$4,000from 1923 to 1930, inclusive, and $5,000 in
1931. Auth. Sec. 3914, Gen. Code, and Ordinance No. 1802.
21,600 South Moreland Boulevard bonds. Denom. $500. Due yearly
on Oct. 1 as follows: $5.000 in 1922; $4,000 in 1923; $5,500 in 1924
and $7,0in 1925. Auth. Sec. 3914, Gen. Code, and Ordinance
No 18 5
. 0
12.000 South Moreland Boulevard bonds. Denom. $1,000. Due yearly
on Oct. 1 as follows: $3,000 in 1922 and 1923; $2,000 in 1924, and
$4,000 in 1925.
62,000 South Moreland Boulevard bonds. Denom. $1,000. Due $6,000
in 1923 and $7,000 from 1924 to 1931, inclusive. Auth., Sec. 3909
and 3914, Gen. Code, and Ordinance No. 1803.
38,000 South Moreland Boulevard bonds. Denom. $1,000. Due yearly
on Oct. 1 as follows: $4,000 from 1923 to 1926, inclusive, and
from 1928 to 1930, inclusive. and $5,000 in 1927 and 1931. Auth.
Sec. 3909 and 3914, Gen. Code, and Ordinance
1804.
Date Aug. 11922. Principal and semi-annual interestNo. & 0.), payable at the office of the Village Treasurer. Certified check(A.a bank other
on
than the one making the bid, for 10% of the amount bid for, payable to the
Village Treasurer, is renuired. All bids must include accrued interest.
SHAKOPEE,Scott County, Minn.
-BOND
-The 310,0005 i%
water works bonds offered on Aug. 25-V.SALE. 1014
-have been
115, p.
purchased by the Minneapolis Trust Co. of Minneapolis as 44s at par
3
plus a premium of $130, equal to 101.30, a basis of about 4:60.
1 1922. Due $2,000 yearly on July 1 from 1932 to 1936, incl. Date Sept.
SHAMROCK, Wheeler County, Texas.
-BONDS REGISTERED.
The State Comptroller of Texas registered $100.000 6% water-works
bonds
on Aug. 21.
00
SHEBOYGAN, Sheboygan County, Wis.-BOND
-The two
issues of 5% school bonds offered on Aug. 28-V. 115. SALE.
p. 678-were disposed of as follows:
$200,000 bonds awarded to R. M. Grant & Co. of Chicago at a premium
of $11,580 95, equal to 105.79, a basis of about 4.38%. Due on
Aug. 1 as follows: $8,000. 1925 to 1929, incl.• $10,000. 1930 and
1931: 3,1.000,and $1712, 01, 11. to 1936, id.; $16.000. 1937
t 19 1
0 40
l9 ; 30 0? 949
32 , 0
0
33
100,000 bonds awarded to the Bank of Sheboygan at a 'premium of $6,500.
equal to 106.50, a basis of about 4.33%. Due on Aug. 1 as
follows: 34.000, 1925 to 1929, incl.; $5,000, 1930 to 1933, incl.;
$6,000, 1934 to 1936. incl.; $7.000, 1937 to 1939, incl.; $8,000.
1940 and 1941, and $5,000, 1942.
Date Aug. 11922.
SHELBY COUNTY (P. 0. Sidney) Ohio.-BOND OFFERING.W. A. Harmon, County Auditor, will receive sealed bids until 12 m. Sept. 5
for $12,000 67 bridge bonds, as follows:
o
$1,500 Bridge No. 13, Road No. 32, bonds. Denom. $300. Due $300
yearly on Sept. 1 from 1923 to 1927, incl.
1,500 Bridge No. 4, Road No. 131, bonds. Denom. $300. Due $300
yearly on Sept. 1 from 1923 to 1927, incl.
9,000 Bridge No. 10, Road No. 123, bonds. Denoms. $1,000, $500 and
$300. Due $1,800 yearly on Sept. 1 from 1923 to 1927, incl.
Date Sept. 1 1922. Prin. and semi-ann. int. (M. & S.) payable at the
County Treasurer's office. Auth. by Sec. 5643, Gen. Code. Certified
check for $300, payable to the County Treasurer, is required. All bids
must include accrued interest.
SHREWSBURY, Worcester County, Mass.
-On Aug.
-BOND SALE.
11 $150,000 4% school house bonds were awarded to Watkins & Co.of Boston, at 100.27, a basis of about 3.97%. Denom. $1,000. Int. (M. & S.)
Due yearly as follows: $8.000, 1923 to 1932, incl., and $7,000, 1933 to
1942, inclusive.
SIOUX COUNTY (P. 0. Harrison), Neb.-BOND ELECTION.
-On
Sept. 9 a special election will be hel to vote on the question of issuing
$10,000 6% highway impt. bonds. Denom. $500. A. C. Davis, County
Clerk.
SODUS, Wayne County, N. Y.
-On Aug. 28 an issue
-BOND SALE.
of $9.000 5% Smith Street paving bonds was awarded to Farson. Son & Co.
of New York at 101.36 and interest, a basis of about 4.75%. Denom.
$1,000. Date Sept. 1 1922. Prin. and semi-ann. int., payable at the
U. S. Mtge. & Trust Co.. N. Y. Due yearly on Sept. 1 as follows: $2.000
1927 to 1930. inclusive, and $1,000 1931.
SOLANO COUNTY RECLAMATION DISTRICT NO. 2060 (P. 0.
Fairfield), Calif.
-BOND SALE.
-The $460,000 6% coupon bonds offered
on Aug. 21-V. 115, p. 898
-were awarded to Hunter, Dulin & Co. and
Bradford, Kimball & Co. of San Francisco. Denom. $1,000 and $500.
Date Aug.1 1922. Prin.and semi-ann. int (J.& J.), payable at the County
Treasurer's office. Due yearly on July 1 as follows: 310,000, 1926, 1927
and 1928; $15,000, 1929 and 1930; $20,000, 1931 and 1932, and $40,000,
1933 to 1941. incl.
SOUTH BEND SCHOOL CITY (P. O. South Bend), St. Joseph
County, Ind.
-BOND OFFERING.
-The Board of Trustees will receive
bids at its office in the Administration Bldg.,226-228 South St. Joseph St.,
South Bend, until 11 a. m.Sept. 20 for $350,0004%% coupon school impt.
bonds. Denom. $1,000. Date Oct. 1 1922. Int (J. & J.) Due $35,000
yearly on Oct. 1 from 1923 to 1932. incl. The bonds are negotiable and
payable at the Citizens' National Bank, South Bend. The blank bonds are
to be furnished by the School City.
1126
THE CHRONICLE
[VoL. 115.
-BOND SALE.
-The
UNION TOWNSHIP, Rush County, Ind.
SOUTH LAKE SPECIAL ROAD AND BRIDGE DISTRICT (P. 0.
-12-year (aver.) school impt. bonds which were offered on
-Sealed bids will be $30,000 5% 5 7
-BOND OFFERING.
Tavares), Lake County, Fla.
received by the Clerk, Board of County Commissioners, until to-day Aug. 25 (V. 115, p. 789) have been sold to the Rushville National Bank of
(Sept. 2)for $250,000 6% coupon road and bridge bonds. Denom. $1,000. Rushville at a yoremium of $450 (101.50) and interest, a basis of about
Date July 1 1922. Prin. and semi-ann. int. (J. & J.) payable at the Ameri- 4.69%. Date July_ 1 1922. Due $1,500 semi-ann. from July 1 1923 to
can Exchange National Bank, N. Y. City. Due on July 1 as follows: Jan. 1 1933 incl. The following bids, both including accrued interest, were
•
$75,000 1932 and 1942 and $100.000 1952. Legality approved by Caldwell also received:
$386 premium
& Raymond, N. Y. City. A cert. check for 3% of the amount bid for re- Gavin L. Payne Co., Indianapolis
351 premium
Peoples' National Bank, Rushville
quired.
-BONDS
VANCE INDEPENDENT SCHOOL DISTRICT, Texas.
-BOND OFFERING.
SPENCER COUNTY (P. 0. Rockport), Ind.
-On Aug. 22 the State Comptroller of Texas registered
M. Harter, County Treasurer, will receive sealed bids until 10 a. m. REGISTERED.
Frank
-40
$5,000 6% 5 -year bonds.
Sept. 20 for the following coupon highway improvement bonds:
$96,000 4% John L. Harris, et al, highwayHammond, Huff, Clay and
-BOND OFFER-VANDERBURGH COUNTY (P.O. Evansville), Ind.
Harrison Townships bonds. D'enom. $500 and $300.
County Treasurer, will receive bids until 10 a. m.
48,000 43 % Thomas H. Axton et al, highway improvement, Luce Town- ING.-Walter Smith,4%% Grant McCutcheon et al. Petersburgh Road
Sept. 16 for $15,600
ship, bonds. Denom. $500 and $300.
Denom. $390. The bonds bear interest from
18,000 4%% William Link, Jr., et al, highway improvement,Grass and improvement bonds. $390 each six months from May 15 1923 to Nov.
Aug. 28 1922. Due
Hammond Townships, bonds. Denom. $450.
57,000 4%% J. Fred Bergman et al, highway improvement, Grass and 15 1942 inclusive. Int. May 15 and Nov. 15.
BOND OFFERING.
-The above official will also receive bids until
Hammond Townships, bonds. Denom. $500 and $420.
School
48,000 44% Albert J. Wedeking et al, highway improvement, Carter and 10 a. m. Sept. 21 for $8,000 4%% Fred Hassenauer et al. Vogelinterest
Road, Knight Township, bonds. Denom. $400. The bonds bear
Townships, bonds. Denom. $500 and $200.
Harrison
Date Sept. 15 1922. Principal and semi-annual interest (M.& N. 15), from Sept. 21 1922. Int. May 15 and Nov. 15. Due $400 each six
payable at the County Treasurer's office. Due one-twentieth of each issue months from May 15 1923 to Nov. 15 1932 inclusive.
yearly on May 15 from 1924 to 1943. inclusive.
-BOND OFFERING.
VERMILLION COUNTY (P. 0. Newport), Ind.
-The -W. 0. Curtis, County Treasurer, will receive sealed bids until 10 a. m.
-BOND SALE.
STARK COUNTY (P. 0. Canton), Ohio.
$12,000 54% road improvement bonds which were offered on Aug. 21 Sept. 15 for $13,000 44% coupon Clinton Twp. highway impt. bonds
(V. 115, p. 898) have been sold to Breed, Elliott & Harrison of Cincinnati issued under the Three Mile Road Law of Indiana. Denom. $650. Date
for $12,275 (102 29). Date Aug. 30 1922. Due yearly on Aug. 1 from Aug. 15 1922. Int. payable(M. & N. 15) at the County Treasurer's office.
Due $650 each six months from May 15 1923 to Nov. 15 1932 incl. These
1924 to 1932 incl.
-The three bonds are said to be tax-exempt.
-BOND SALE.
STARKE COUNTY (P. 0. Knox), Ind.
issues of 5. 53j-year (aver.) highway improvement bonds. aggregating
70
-The
-BOND SALE.
VIGO COUNTY (P. 0. Terre Haute), Ind.
-were sold $27,300 5%
$28.600, which were offeed for sale on Aug. 24-V. 115. p. 898
5k-year (average) Wm. L. Forts et al highway bonds, which
as follows:
were offered for sale on Aug. 23(V. 115, p. 899), were sold to the J. F. Wild
$11,000 Ell Jones et al., Washington and Oregon Townships, bonds, to the & Co. State Bank, of Indianapolis, at a premium of $330 50 (101.21) and
Gavin L. Payne Co. of Indianapolis. for $11.137 50 (101.25) and interest, a basis of about 4.74%. Date Aug. 11922. Due $2,730 yearly on
interest, a basis of about 4.74%. Denom. $550.
May 15from 1923 to 1932,inclusive. The following bids were also received:
9,400 John 0. Anderson et al., California, Center, Oregon and WashingPremium.
Premium.
ton Townships highway bonds to a local investor for $9,510(101.17) Fletcher-American Co., Ind_$318 00
$122 00
(Bankers Investment Co
and interest, a basis of about 4.76%. Denom. $470,
Fletcher Say.& Tr. Co.. Ind_ 281 10
8,200 Rasmus Joehansen et al., Washington and Oregon Township,
-The following
-BOND SALE.
WARREN, Trumbull County, Ohio.
Co. of Indianapolis for
highway bonds to the Fletcher American
$8,296(101.17)and interest, a basis of about 4.76%. Denom.$410. three issues of 5%% coupon, 4 1.-16 year (aver.) bonds, aggregating
-have
Date Aug. 7 1922. Int. May 15 and Nov. 15. Due one bond of each $175,800, which were offered for sale on Aug. 30-V. 115, p. 679
been sold to Hayden, Miller & Co. of Cleveland at a premium of $4,906
issue each six months from May 15 1923 to Nov. 15 1932, inclusive.
(102.79), a basis of about 4.80%:
- $63,500 (property share) South Pine and River Ave. Trunk Sewer District
-BONDS NOT SOLD.
STRUTHERS, Mahoning County, Ohio.
The $30,014 17 5% (city portion) street improvement bonds which were
No. 1 bonds. Denom. 1 for $500 and 63 for $1,000. Date not
-were not sold, all bids having
offered for sale on Aug. 21-V. 115, p. 678
later than Sept. 11922. Due $31,500 Sept. 1 1923 and $32,000
been rejected. S. J. McNabb,City Auditor, informs that a new and larger
Sept. 1 1924. Issued under Section 3914, General Code, and
issue of bonds is being contemplated.
Ordinance No. 1361.
93,000 (property share) East Market St. paving bonds. Denom. 7 for
-The Second
STURGEON BAY, Donr County, Wisc.-BOND SALE.
$9,000 each and 3 for $10,000 each. Date not later than Sept. 1
Ward Securities Co. of Milwaukee has been awarded $26,000 reservoir1922. Due yearly on Sept. 1 as follows: $9,000 in each of the
construction and machinery bonds.
Years 1923, 1924, 1925, 1927, 1928, 1930 and 1931. and $10,000 in
SUPERIOR SCHOOL DISTRICT (P. 0. Superior), Nuckolls
each of the years 1926, 1929 and 1932. Issued under Section
-The Harris Trust
County, Neb.-BONDS OFFERED BY BANKERS.
3914, General Code, and Ordinance No. 1360.
& Savings Bank of Chicago are offering to investors at prices to yield 4.65%,
19,300 (city'c share) water line bonds. Denom. 9 for $2,000 each and
$26,000 5% coupon school bonds. Denom. $1,000. Date July 1 1922.
1 for $1,300. Date Oct. 2 1922. Due yearly on Oct. 1 as follows:
Prin. and semi-ann. int. (J. & J.) payable at the County Treasurer's office.
$2,000 from 1923 to 1931 inclusive, and $1,300 in 1932. Issued
Due $2,000 yearly on July 1 from 1938 to 1950. inclusive.
under• Section 3939, General Code, and ordinance of the City
Council, passed July 11922.
-BONDS REGISTERED.
-The following bonds
TEXAS (State of).
Interest semi-annual) . The following bids were also received:
have been registered with the State Comptroller:
W.L. Slayton & Co., Tol_ _33,268 69
Int.Rate.
Due.
Date Reg. Keane, Higbie & Co., et_$4,112 24 Detroit Trust Co., Detroit.. 3,261 65
Place.
Amount.
6%
5-20 years Aug. 21 Breed, Elliott & Harrison, 3,945 32 Prudden & Co.,Toledo.. _ _ _ 3,243 15
$500 De Witt Co. Com. S. D. No. 12
Cincinnati
5-20 years Aug. 21
4,500 De Witt County Corn. S. D. No. 38 6%
A. T. Bell & Co., Toledo__ 3,157 77
5-20 years Aug. 21 Stacy & Braun, Toledo_ _ _ _ 3,774 00 Union Savings & Trust Co.,
500 De Witt County Corn. S. D. No. 42_ _6%
5% 10-20 years Aug. 22 Richards,Parrish&Lamson, 3.767 50
4.000 Falls County Corn. S. D. No. 7
3,075 00
Warren
Cleveland
2.500 Angelina County Corn. S. D. No. 31.._5% 10-20 years Aug. 22 Tillotson & Wolcott Co.,
2,551 00
Weil, Roth & Co., Cin_
5-20 years Aug. 25
3.500 San Saba County Corn. S. D. No. 35_ _5%
2,426 04
3,672 00 Campbell & Kinsey, Tel
Cleveland
3,576 00 Ryan,Bowman & Co., Tol_ 2,13333
THREE RIVERS INDEPENDENT SCHOOL DISTRICT, Live Oak Sidney Spitzer & Co., Tol
1,75800
-BONDS REGISTERED.
-On Aug. 22 the State Comp- Lewis S.Rosensteil Co.,Cin 3,492 00 Matthew J. Hail, Warren
County, Texas.
3,293 65
troller of Texas registered $8.000 6% serial bonds.
N. S. Hill & Co., Cin
-Proposals
-BOND OFFERING.
TIPPECANOE COUNTY (P.O. Lafayette), Ind.
WARSAW, Wyoming County, N Y.
-BOND OFFERING.
-Chas. E. Calsbeck, County Treasurer, will receive bids until 2 p. m. will be received until 8 p. m. Sept. 5 by C. H. Hain, Village Clerk, for the
Sept. 16 for $15,611 12 6% John McLoughlin et al ditch bonds. Int. purchase of $36,000 coupon or registered bonds, to bear interest at a rate
F. & A. 15. The bonds bear interest from Aug. 15 1922. Due yearly on not to exceed 6%. Denom $1,000. Prin. and semi-ann. int. (A. & 0.)
Aug. 15 beginning 1923.
payable at the Wyoming County National Bank of Warsaw. Due $2,000
on April 1 from 1923 to 1940 incl. Cert. check for 5% required.
-BOND SALE.
TIPTON COUNTY (P. 0.Tipton), Ind.
-The $62,500 yearly
WASHINGTON C. H. CITY SCHOOL DISTRICT (P. 0. Washing5% 53 -year (average) Scott Skinner et al, Liberty Township, bonds,
-3. H. Chap-BOND OFFERING.
which were offered for sale on Aug. 28 (V. 115, P. 1014), have been sold to ton, C. H.), Fayette County, Ohio.
sealed bids until 2 p.m.
the Fletcher Savings & Trust Co., of Indianapolis, at a premium of $733 30 man, Clerk of the Board of Education, will receive issued under authority
% school construction bonds
01.17) and interest, a basis of about 4.76%. Date Aug. 15 1922. Due Sept. 18 for $40,000 55 7627 and 7628. Gen. Code,and by virtue of a resolu,125 each six months from May 15 1923 to Nov. 15 1932, inclusive. The of Sections 7625, 7626,
tion of the Board of Education, adopted Aug. 4 1922. Date Sept. 4 1922.
following bids, all including accrued interest, were also received:
Premium.
Premium. Int. M. & S. 4. Due yearly beginning Sept. 4 1923. Cert. check for $2,$718 751.T. F. Wild & Co. State Bank_3625 00 000, payable to the above officials, is required. All bids must include
Citizens National Bank
627 00 Farmers Loan & Trust Co_ _ _ 534 00 accrued interest.
Sharpsville Bank
WATERTOWN, Middlesex County, Mass.
-BOND OFFERING.
TOLONO COMMUNITY HIGH SCHOOL DISTRICT(P.O. Tolono),
-BONDS OFFERED BY BANKERS.
-The H. W. Brigham. Town Treasurer, will receive bids until 3:30 p. m. Sept. 6
Champaign County, Ill.
% sewer and drainage bonds. Denom. $1,000. Date
$9.000
Harris Trust & Savings Bank of Chicago is offering to investors at prices for
Atlantic
Principal and interest payable at the
ranging from 101.34 to 106.53, according to maturity, yielding about Sept. 1 1922. of Boston. Due 31.000 yearly on Sept.Fourth 1923 to
1 from
National Bank,
44%. $65.000 5% coupon bonds. Denom. $1,000. Date July 15 1922. 1931. inclusive. Bonds to be certified by the Old Colony Trust Co..
Prin. and semi-ann. int. (J. & J. 15) payable at the Merchants Loan &
Boston.
Trust Co., Chicago. Due yearly on July 15 as follows: $2,000 in 1925 and Boston; legality approved by Storey. Thorndike, Palmer & Dodge,
-The
WATERTOWN, Jefferson County, N. Y.
-BOND SALE.
1926; $3.000 from 1927 to 1933, incl.; $4,000 from 1934 to 1938, incl., and
$5,000 from 1939 to 1942, incl.
$35,000 43% coupon refunding water bonds offered on Aug. 28-V. 115,
-were awarded to Remick, Hodges & Co. of N. Y.. at 101.417.
-BOND OFFERING.
-Chas. p. 899
TORONTO, Jefferson County, Ohio.
R. Cadma, Village Clerk, will receive sealed bids until 12 m. Sept. 14 a basis of about 4.23%. Date Sept. 11922. Due $5,000 yearly on Sept. 1
for $15,000 6% land purchase bonds. Denom. $500. Date June 1 from 1925 to 1931, inclusive. Other bidders were:
__100.79
101.34
1922. Int. M. & S. Due $1,000 yearly on Sept. 1 from 1923 to 1937 Purdy. Rennick&Rider, Inc 101.32 Sherwood & Merrifield_ _ 100.79
Stacy & Braun
incl. Auth., Sec. 3939, General Code and Ord. No. 381. Certified Roosevelt & Son
Co
101.09 F. L. Carlisle & Co., Inc_ _100.64572
check for 3% of the amount bid for is required. All bids must include Bigelow &Barker &
100.611
Lamport,
Jennings_100.872 J. G. White & Co
accrued interest.
100.612
Geo. B. Gibbons & Co
100.83 Farson Son & Co
100.81 I
TRAFFORD SCHOOL DISTRICT (P. 0. Trafford), Westmoreland Curtis & Sanger
-An issue of $80,000 44% school bonds has
-BOND SALE.
Pa.
County,
-It is reWAUKEGAN, Lake County, III.
-BONDS DEFEATED.
been sold to J. H. Holmes & Co., of Pittsburgh. Denom. $1,000. Date ported that on Aug. 23 the voters defeated a bond issue of $1,000,000 for
July 1 1922. Principal and semi-annual interest (J. & J.) payable at the a water-pumping station.
of Trafford. Due on July 1 as follows: $5,000, 1927;
First National Bank,
-The
WAYNE COUNTY (P. 0. Detroit), Mich.
-DESCRIPTION.
$10,000, 1932; $15,000, 1937. 1942 and 1947; and $20,000, 1952.
two issues of bonds, aggregating $1,900,000, which are to be submitted to
-BOND SALE.
-The the voters on Nov. 12 (V. 115, p. 1014);are described as follows: Denom.
TRUMBULL COUNTY (P. 0. Warren), Ohio.
offered on Aug. 30-V. 115, p. 1014 $1,000. Prin. and int. payable at the County Treasurer's office. or at a
$l36.00053.% road bonds, which were
N.
-have been sold to Sidney Spitzer & Co. of Toledo, at a premium of $4,385 bank (not yet named)!nig Y. City, at the option of the holder of the bond
or coupon. The bonds are coupon in form, registerable as to principal.
(103.22). Denom. $1,000. Date Aug. 1 1922. Interest A. & 0.
Due within fifteen years.
TURNER COUNTY COMMON SCHOOL DISTRICT NO. 11 P. 0.
WEBSTER PARISH (P.0. Minden), La.
-The $325,-Bids were received by H. B.
-BOND SALE.
Marion), No. Dak.-BONDS OFFERED.
(V. 115, p. 899), have been purchased
6% bonds offered
Herlyn, Clerk of School Board, until 7 p. m. Sept. 1 from the purchase of 000Sutherlin, Barry & on Aug. 22of St.
of
Co., Inc.,
by
Louis, at
semi-annual
$5,000 54% school bonds. Principal and the School interest payable at, $2,115, equal to 100.65. Denom. $1,000. Date par plusa premium
Sept. 1 1922. Interest
Board and purchaser
the Marion State Bank or at such place as
•
annual. Due serially for ten years.
may agree.
WELD COUNTY SCHOOL DISTRICT (P. 0. Elko), Neb.-BOND
-BOND SALE. -1. B. Tigrett
.
UNION CITY, Obion County Tenn.
SALE.-Benvvell, Phillips & Co. of Denver have purchased $10,000 6%
& Co. of Jackson have purchased $150,000 street bonds. The Memphis school bonds.
"Appeal" of Aug. 27 says:
WEST ORANGE SCHOOL DISTRICT (P. 0. West Orange), Essex
"Street bonds of Union City, Tenn., in the amount of $150,000 were County, N. J.
-BOND OFFERING.
-Albert Wrensch, District Clerk, is
were sold
offered for sale by competitive bidding and engraving to I. II. Tigrett receiving proposals until 8 p. m. (daylight saving time) Sept. 11 for the
bonds and paying
a bid of par less expense of
Co. of Jackson, at
deposit of the proceeds. Five bonding purchase of the following 3 issues of 4%% coupon (with privilege of regiscounsel. Sale made subject to local
as to principal and int., or principal
bonds, no more bonds of
companies were represented, as follows: I. B. Tigrett, Jackson; Caldwell tratior issue to be awarded than will bringonly)
one
a premium of $1,000 over the
Jakes
& Co., Nashville; A. K. Tigrett, Memphis; J. W.J. P. Co., Nashville; any
amount offered:
Mr.
Verhine of this
Commercial Bank & Trust Co., Memphis.
bonds. Series A. Due yearly on Aug. 1 as follows: $9.000, 1924
place also took part in the bidding. This bond issue is for the purpose $446,000 to 1930, incl.; $11,000, 1931. and 312,000, 1932 to 1962, incl.
of providing funds for the improvement of the city streets."'
112,000 bonds, Series B. Due $4,000 yearly on Aug. 1 from 1924 to 1951.
inclusive.
,
UNION SCHOOL TOWNSHIP, 'Benton County, Ind..-BOND
17,000 bonds, Series C. Due yearly on Aug. 1 as follows: $2,000, 1924
OFFERING.-The Township Trustee will receive bids until 10 a. m.Sept.27
to 1926, incl., and $1,000, 1927 to 1937, incl.
Date Aug. 23
for $10,000 5% coupon school bonds. Denom. $1,000,'
Denom.$1,000. Date Aug. 11922. Prin. and semi-ann. int. (F. & A.).
1922. Int. J. & J. Due 31,000 yearly on July 1 from 1923 to 1932, inclusinterest.
'payable at the First National Bank of West Orange. Purchaser to pay
ive. All bids must include accrued
p
S.21922.]
1127
THE CHRONICLE
accrued int. Cert. check on an incorporated bank or trust company, for
2% of amount of bonds bid for, payable to the Custodian of School Moneys.
required. Legality approved by Hawkins, Delafield & Longfellow, N. Y.;
bonds to be prepared under supervision of U. S. Mtge. & Trust Co.
-The three
-BONDS NOT SOLD.
WILLARD, Huron County, Ohio.
issues of bonds aggregating $35,427 70 offered for sale on Aug. 28-V. 115,
-were not sold, as all bids were rejected. E. T. Schreiner,
p 790 and 900
Village Clerk, informs us that the work was postponed until 1923 and that
a new issue will probably be offered this winter.
The amount of Myrtle Ave. improvement bonds scheduled to be sold
was $6,858 70 and not $6,796, as was reported in V. 115, P. 790.
WILLIAMSON COUNTY COMMON SCHOOL DISTRICT NO. 4
-BONDS REGISTERED.
-On Aug. 22 the
(P. 0. Georgetown), Tex.
-year serial bonds.
State Comptroller of Texas registered $6,500 1-40
-On Aug. 8
-BOND SALE.
WILLIAMSVILLE, Erie County, N. Y.
$9,300 6% water extension bonds were awarded to Geo. B. Gibbons & Co.
of New York, for $9,417, equal to 101.258. Denom. $300 and $500.
Date July 1 1922. Int. J. & .1. Due or bond yearly on July 1 commencing 1925.
WILMINGTON CITY SCHOOL DISTRICT (P. 0. Wilmington),
-BOND OFFERING.
-Mrs. Grace Ballard,
Clinton County, Ohio.
Clerk of the Board of Education, will receive sealed bids until 12 m. Sept.
$56,000 5% school building bonds. Denom. 2 for $3,000 each
16 for
and 20 for $2,500 each. Date Sept. 1 1922. Int. M. & S. Due yearly
1925
on Sept. 1 as follows: $3,000 in 1923 and 1924, and $2,500 fromcheck
to 1944 incl. Authorized by Sec. 7625, General Code. Certified
for $2,000, payable to the Board of Education, is required. All bids
must include accrued interest.
-The
WISE COUNTY (P. 0. Wise), W. Va.-BOND OFFERING.
Board of Supervisors of Wise County will sell at public auction on Sept. 12
at'2 p. m. S100,000 534% coupon Roberson Magisterial District bonds.
Denom. $1,000. Date Dec. 1 1922. Int. J. & D. payable at the Coal &
Iron National Bank, N. Y. City, or in Wise. Due in 10 years; optional
in 5 years.
WOODSVILLE FIRE DISTRICT (P. 0. Woodsville), Grafton
-BOND SALE.
County, N. H.
-The following 2 issues of 4% coupon
bonds offered on Aug. 25-V. 115, p. 1015
.
-were awarded to E. H. Rollins
& Sons of Boston at 98.37, a basis of about 4.23%:
$45,000 water bonds. Due yearly on July 1 as follows: $3,000, 1923 to
1932 incl.; $2,000, 1933 to 1937 incl., and $1,000, 1938 to 1942 incl.
15,000 electric bonds. Due $1,000 yearly on July 1 from 1923 to 1937 Incl.
Date July 1 1922. Prin. and semi-ann. int. (J. & J.) payable at the
First National Bank of Boston.
-The $300,WORCESTER,Worcester County, Mass.
-NOTE SALE.
000 revenue notes dated Aug. 29 and maturing Nov. 24 1922 offered on
Aug. 28-V. 115,
1015
-were awarded to the First National Bank of
Boston on a 3.24% discount basis.
p'
XENIA, Greene County, Ohio.
-BOND SALE.
-The $73,500 51, %
4
53. -year (average) special assessment street-improvement bonds which
were offered for sale on Aug. 21 (V. 115, p. 790) were sold to Richards,
Parish & Lamson, of Cleveland, at a premium of $1,876 (102.55) and interest, a basis of about 4.97%. Date Aug. 15 1922. Due $7,350 yearly
on Aug. 15 from 1923 to 1932, inclusive. The following bids were also
received:
Premium.
Premium.
Keane, Higbie & Co., Det _ _$1,758 00 Sidney Spitzer & Co.,Tol_ _$1,118 00
Weil, Roth & Co., Cincin__ 1,668 45 Provident Savings Bank &
Seasongood & Mayer, Cinc_ 1,603 00 Trust Co., Cincinnati__ _ 1,036 35
L.S. Rosensteil Co., Cinc__ 1,57777 A. T. Bell & Co., Toledo.. _ _ 1,02165
957 00
Prudden & Co., Toledo_ ___
Breed, Elliott & Harrison,
1,390 00 Citizens Trust & Say. Bank,
Cincinnati
888 88
1,374 45 Bank, Columbus
L. R. Bellinger Co., Cinc
Spitzer, Rorick & Co., Tol_ 1,304 93 Ryan,Bowman & Co., Tol_ 830 55
Fifth-Third Nat. Bank,Cin. 1,280 00
-T. H. Zell, City Auditor, will receive sealed bids
BOND OFFERING.
until 12 m. Sept. 18 for $30,000 534% special assessment street impt. bonds.
Denom. 27 for $1,000 each and 6 for $500 each. Date Sept. 1 1922. Int.
semi-ann. Due yrly. on Sept. 1 as follows: $3,000 in each of the years
1925, 1928 and 1931 and $3,500 in each of the other years from 1924 to
1932 incl. Auth. Sec. 3914, Geri. Code, and Ordinance No. 210. Cert.
check for 3% of the amount of the bonds bid for, payable to the City
Treasurer, is required. All bids must include accrued interest. The proceedings leading up to the issuance of the bonds have been supervisedi by
Shafer & Williams, attorneys, of Cincinnati, whose approving opinion
will be furnished the successful bidder.
-BOND OFFERING.YAUCO (Municipality of), Porto Rico.
Sealed proposals will be received by Domingo Vivaldi, Commissioner of
Public Service, Police and Prisons, until 9 a. m. Sept. 15 for $130,000
coupon improvement bonds. Denom. $1,000. Principal and semi-annual
interest will be payable and the bonds will be delivered either,in Washlqg,ton, D. C., New York or Porto Rico. Purchaser must pay accrued interest
from date of bonds to date of delivery. Interest rate not te elteed 6%.
Bonds are dated July 1 1922 and will be redeemed in two annual installments
the first installment to be paid on July 1 1924. Sall of said bonds as mature after July 1 1940 will be subject to redemption at option of the Municipality of Yauco at their par value on that date or Any interest payment date
thereafter. The official announcement says: 'These bondsare exemptfrom
the payment of taxation in the United States and Porto Rico and friay be
accepted by the Government of Porto Rico for deposits of funds of Posfo
Rico or as security required by any of the laws of Porto Rico to be deposited
with the Treasurer of Porto Rico." A certified check, bank draft or cash
for 2% of amount bid for, upon some national bank in the United States
or upon any of the banks doing business in Porto Rico, payable to the
Commissioner of Finance, is required.
YELLOW MEDICINE COUNTY (P. 0. Granite Falls), Minn.
BOND SALE.
-The $18,000 public drainage bonds which were offered
on Aug. 28-V. 115. p. 1015-have been sold to Ballard & Co. of Minneapolis at a premium of $370 (102.05). Date Sept. 1 1922. Int. M. & S.
The bonds bear interest at the rate of 44%. Due $1.000 in each of
the years from 1928 to 1939 incl., and $2,000 in each of the years 1940.
1941 and 1942.
YUCAIPA JOINT UNION SCHOOL DISTRICT, San Bernardino
-Proposals are
-BOND OFFERING.
and Riverside Counties, Calif.
being received until 11 a. m. Sept. 5 by Harry L. Allison, Clerk of Board of
Supervisors of San Bernardino County (P. 0. San Bernardino), for the
purchase of $6,000 6% school bonds. Denom. $600. Int. semi-ann.
Due $600 yearly beginning 2 years from date. Cert. check (or cash) for
$500 required. Bonds to be delivered and paid for within 20 days from
notice of award. Bonds will not be sold for less than par and interest.
Assessed value real and personal property, non-operative in Yucaipa
Joint Union School District, San Bernardino County, $479,425; Riverside
County, $122,890; estimated true value, $1,500.000; outstanding bonded
indebtedness, not including this issue, $4,500. The official circular states
that there is no litigation or controversy pending which affects the corporate
existence or boundaries of the district or the title of any official to his office
or the validity of these bonds.
CANADA, its Provinces and Municipalities.
CARLETON COUNTY, Ont.-DEBENTURE OFFERING.
-Tenders
for the purchase of blocks of $152,000 and $44,000 53'6% coupon 20
-year
installment debentures will be received until 12 m. Sept. 13 by Henry R.
Washington, County Clerk & Treasurer. Date Sept. 1 1922.
FORT ERIE, Ont.-DEBENTURES VOTED.
-It is reported that on
Aug. 16 the ratepayers gave their approval to a by-law for the issuance
of $40,000 school debentures.
-The Toronto "Globe" reports
GALT, Ont.-DEBENTURE SALE.
-year installment, 20
that on Aug. 28 $410.236 5%, 534% and 6% 15
-year
-year debentures were awarded
installment, 25
-year installment and 40
to Wood, Gundy & Co. of Toronto, at 103.066, a basis of about 5.53%.
-DEBENTURE SALE.
-It is reported that the W. Ross
HANNA,Alta.
Alger Corp. of Edmonton, was the purchaser of $50,000 20
-year electric
light plant debentures.
INGERSOLL, Ont.-DEBENTURES SOLD LOCALLY.
-It is unofficially reported that an issue of $92,000 534% paying debentures has been
disposed of locally.
MUNDARE SCHOOL DISTRICT NO. 1603, Alta.
-DEBENTURE
-Wilkie, Hunt & Kilburn have purchased at 104.50, it is reported,
SALE.
-year debentures.
$7,008 8% 15
NOTRE DAME-DE GRANBY, Que.-DEBENTURE SALE.
-Of the
block of $100,000 534% 1-25
-year installment school debentures offered on
Aug. 16 (V. 115, p. 790) $60,000 are reported as having been sold to A. E.
Ames & Co. at 95.636.
OSHAWA, Ont.-DEBENTURES AUTHORIZED.
-On Aug. 20, it is
stated, the Council passed a by-law to issue $110,000 school debentures.
POINT GREY, B. C.
-DEBENTURE SALE.
-Wood, Gundy & Co.
submitted the successful tender for an issue of $150,000 534% 20-year
debentures the price paid being 97.38 a basis of about 5.73%. The following also submitted bids: Royal Financial Corp., 96.90; and Gairdner,
Clarke & Co., 95.90.
PRINCE EDWARD ISLAND (Province of).
-DEBENTURE SALE.
The $175,000 534% 15
-year highway improvement debentures offered on
Aug. 25(V. 115, p. 790) were awarded to the National City Co. at 100.637.
a basis of about 5.45%. Denom. $1,000. Date Sept. 1 1922. Int. M.&
S. Due 1937.
ROWLEY SCHOOL DISTRICT NO. 2680, Alta.
-DEBENTURE
SALE.
-A block of $8,000 8% 20
-year debentures was recently sold to
Wilkie, Hunt & Kilburn at 105.80, it is reported.
UFFORD SCHOOL DISTRICT NO. 2328, Alta.
-DEBENTURE
SALE.
-The Northern Investment Co. of Edmonton, has purchased, it is
reported, $2,000 8% 15
-year debentures at 103.17.
VICTORIA, B. C.
-DEBENTURE SALE.
-On Aug. 25 the $1,000,000
% 20-year installment refunding debentures offered on that date
(V. 115, p. 1015) were awarded to A. E. Ames & Co., Wood, Gundy & Co.
and the Dominion Securities, Ltd., at 97.13.
VIKING, Alta.
-DEBENTURE SALE.
-Newspaper reports state that
$4,500 debentures have been awarded to a Regina firm.
WESTON,Ont.-DEBENTURE SALE.
-On Aug. 21 the $25,900 534%
20
-year Installment electric light debentures offered on that date
-V. 115.
p. 900
-were awarded to the Dominion Securities Corp. of Toronto, at
97.741. Interest payable annually.
TOWNSHIP, Ont.-DEBENTURE SALE.
-Wood, Gundy &
Co. of Toronto, have purchased $668,117 10
-year installment and $185.000
30
-year installment 6% debentures at 101.588. it is reported.
yORK
We specialize in
City of Philadelphia
38
328
/
1
48
/
41 48
41 28
/
58
51/
48
52s
/
1
NEW LOANS
FINANCIAL
$50,000
NEW LOANS
'BALLARD & COMPANY
Nanticoke, Pa.,
114ember.r New York Stock Exchange
SCHOOL BONDS
HARTFORD
The School Board of Nanticoke will receive
-15
bids for $50,000 5 -year school bonds, 434%
interest. Bids must be in the hands of the
Secretary on or before eight o'clock p. m. September 6th. Information concerning the bonds may
be obtained from W.P. Burke, Nanticoke, Pa.
. The Board reserves the right to reject any or
all bids.
JOHN BEDNAR, Secretary,
Nanticoke School Board.'
Connecticut Securitiet
REDEMPTION NOTICE
United States and Canadian
Munirinal T3onds
GOROO y
l
AND
WADDELL
Biddle & Henry
REDEMPTION OF
Ground Floor Singer Building
New York
69 Liberty Street
Telephone Oortlandt 3183
104 South Fifth Street
Philadelphia
State of North Carolina
MUNICIPAL BONDS
Private Wire to New York
Call Canal 8437
NOTES
Underwriting and distributing entire issues or
Olty. County, School District and Road Districi
October 1, 1922 at the First National Bank, Bends of Texas. Dealers' inquiries and offerings
On
New York City, I will redeem at 101 and interest solicited.
State of North Carolina of the
Circulars on request.
all notes of the datedlOctober 1,
1921:
following issues
Highway Notes
$3,000,000 State
Mining Engineers and Geologists
$1,000,000 State Sc h901 Fund Notes
$1,000,000 State Institutions Notes
COAL AND MINERAL PROPERTIES
TUNAS
HOUSTON
Interest will cease on said date.
Examined, Managed, Appraised
Established /916
B. R. LACY, State Treasurer Raleigh.
Drexel Building
PHILADELPHIA
H. M. CHANCE & CO.
HAROLD G. WISE
COMPANY
1128
THE CHRONICLE
[VoL. 115.
Cotton
An English Bank in Spain
Six of its own branches in important Spanish cities
enable the Anglo-South American Bank to offer
exceptional facilities for the prompt and efficient
handling of import and export business with
Spain. These branches are located at:
Madrid
Bilbao
Head Office
London
Barcelona
Valencia
Other Branches in
Paris
Argentina
Bradford
Chile
Manchester Peru
Mexico
Uruguay
Vigo
Seville
ANGLO—SOUTH AMERICAN
'BANK,LIMITED
Capital and Reserves
over Thirteen Million
Pounds Sterling
New York Agency, 49 Broadway
CHARTERED 1853
United States Trust Company of New York
45-47 WALL STREET
Capital, - Surplus and Undivided Profits -
Listed and Unlisted
Bonds and Stocks
in the following markets:
- $2,000,000.00
- $16,021,857.89
This Company acts as Executor, Administrator, Trustee, Guardian, Committee, Court Depositary, and in all other recognized trust capacities.
It receives deposits subject to check and allows interest on daily balances.
It holds and manages securities and other property, real and personal, for
estates, corporations and individuals, and acts as Trustee under corporate mortgages, and as Registrar and Transfer Agent for corporate bonds and stocks.
EDWARD W. SHELDON, President
WILLIAM M. KINGSLEY, 1st Vice-Pres.
WILLIAMSON PELL, Vice-President
WILFRED J. WORCESTER, Secretary
FREDERIC W. ROBBERT, Asst. Secretary
CHARLES A. EDWARDS, Asst. Secretary
ROBERT S. OSBORNE, Asst. Secretary
WILLIAM C. LEE, Assistant Secretary
THOMAS II. WILSON, Asst. Secretary
WILLIAM G. GREEN, Assistant Secretary
ALTON S. KEELER, Asst. Secretary
TRUSTEES
JOHN A. STEWART, Chairman of the Board
EDWARD W. SHELDON
FRANK LYMAN
OGDEN MILLS
CHAUNCEY KEEP
JOHN J. PHELPS
CORNELIUS N. BLISS. JR.
ARTHUR CURTISS JAMES
LEWIS CASS LEDYARD
HENRY W. de FOREST
WILLIAM M. KINGSLEY
LYMAN J. GAGE
WILLIAM VINCENT ASTOR
WILLIAM STEWART TOD
PAYNE WHITNEY
Atlanta
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Columbus
Denver
Detroit
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Pittsburgh
Savannah
St. Louis
Springfield, 0.
Toronto
Washington
Wilmington
Reached by Private Wires
A.A. Housman & Co.
Members New York Stock Ezchanpo
20 Broad Street, New York
PHILADELPHIA, WASHINGTON,
AMSTERDAM, HOLLAND
Private wires to principal cities.
Geo. H. McFadden & Bro.
COTTON MERCHANTS
PHILADELPHIA
25 Broad Street
NEW YORK
PAUL C. DODGE Ee CO.
,NC0111.0111,113
INVESTMENT
67 Worth Stse,a
TILEPIIONE
Dealers in American, Egyptian and Foreign Cottont,
I
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SECURITIES
rRANKLIN 6140
iA SALLE STREET
CH I CAGO
10 SOUTH
FOREIGN CORRESPONDENTS
Hibbert, Finlay & Hood, Liverpool
N. V. McFadden's Cie voor Import en Export, Rotterdam
Societe d'Importation et de Commission, Ham
,
Fachiri & Co., Milan
Baltic Cotton Co., Copenhagen
Goo. H. McFadden South American Company, Inc., Lima, Peru
First Wisconsin National Bank Building
MILWAUKEE
111•111•11111c
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