Full text of Commercial and Financial Chronicle : September 23, 1922, Vol. 115, No. 2987

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u n tm ? r fl$
IN C L U D IN G
B a n k & Q u o ta tio n Section
R ailw ay E a rn in g s Section

VOL. 115.

R ailw ay & In d u s tria l Section
B a n k e rs’ C o n v en tio n Section
S A T U R D A Y . S E P T E M B E R 2 3 , 1922

E lec tric R ailw ay Section
S ta te a n d C ity Section
N O . 2w b7

in conception, choice in language and bold in utter­
f& h x o ance. It sheds lustre on the office of Chief Execu­
P U B L IS H E D W E E K L Y
tive of the United States.
Terms of su b scrip tio n — Payable in Advance
Even the friends of the bonus bill must admire the
For Six M onth s.......... ......................... .......I I I I 1 1 I I I I I I Z Z I I I I I Z Z ----------- 00
masterful manner in which President Harding met
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13 50
European Subscription six months (including postage) V -V -T H I I I H I
7 75
this great issue. At its very inception he took a firm
Canadian Subscription (including postage)_____________________________ 11 ,50
NOTICE— On account of the fluctuations In the rates of exchange,
stand
against the bill, and from this position he could
remittances for European subscriptions and advertisements must be made
In New York Funds.
not be shaken after many mouths of constant pres­
Subscription includes following Supplements—
sure from a multitude of sources. It is doubtful
B a n k and Q uotation (monthly)
I R ailw a y & iNDusTiuAL(semi-annually)
R aix. w a y E arnings (monthly)
E lectric R a il w a y (semi-annually)
whether any President has ever before faced such a
S tate and C ity (semi-annually)
I B an k e r s ' C o n ve ntion (yearly)
storm of propaganda iu favor of a legislative meas­
Terms of Advertising
45 cents
Transient display matter per agate line_________
ure in the principles of which he did not believe.
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C h icago O yeice — 19 South La Salle Street, Telephone State 5594 .
President Harding took a stand on the heights
L ondon O yyice — Edwards & Sm ith. 1 Drapers’ Gardens. E . C .
above the battlefield of politics. His act of disap­
WILLIAM B. DANA COMPANY, Publishers,
F ro n t, P ine an d D ep ey ster S treets, N ew Y o r k .
proval of this measures takes on an added signifi­
cance
when it is remembered that it was done on the
Published every Saturday uiurulng Dy WILLI AM B. DANA COMPANY.
President, Jacob Seibert; Business Manager, William D. Riggs; Secretary, Herbert
D . Seibert; Treasurer. William Dana Seibert. Addresses of all. Office of Company eve of a Congressional election in which the control
of Congress by his own party is at stake. Both par­
ties were overwhelmingly in favor of the bonus,
CLEARING HOUSE RETURNS.
largely
on the ground of political expediency. The
Returns of Bank Clearings heretofore given
on this page now appear in a subsequent part politicians were concerned primarily with the desire
of this paper. They will be found to-day on pages to be elected. They were willing to do so foolish a
thing as to commit the Government to an obligation
1398 and 1399.
of over four billion dollars without making any at­
tempt to provide the revenue to meet it. Why ? Be­
cause there appeared to be no way by which the reve­
nue could be raised. They were willing—as a means
THE TARIFF A C T OF 1922.
to secure the ex-soldier vote—to disrupt the national
T he new T a riff law, com pletely re­
budget and to shake the very foundations of the na­
vising the co u n try ’s system o f custom s
duties, became effective yesterday (Fri­
tional credit. The next generation—upon whom
day, Sept. 22), th e day after its approval
would have fallen the weight of this financial bur­
by the President.
den—will,
we are sure, with grateful hearts, look
We are giving the com plete text o f th e
back
upon
the
day when the hand of President Har­
new law in a separate Supplem ent, or
ding stayed this monstrous attempt to raid the na­
S ection , accom panying to-da y’s issue of
ou r paper, and every subscriber to the
tional treasury.
“ C h ron icle” sh ou ld see to it th a t he
In the veto message are summed up all of the ini­
gets a cop y o f this T ariff Supplem ent
quities of the bill. Upon many of these we have dwelt
alon g w ith the regular issue of the
from time to time in these columns. In the first
paper.
place, the soldiers themselves, during the period of
their war service, never expected any such additional
money. In the next place, the first duty of the Gov­
ernment is to the disabled veterans and this duty is
THE FINANCIAL SITUATION.
being fulfilled to the utmost. We are now spending
The outstanding event of this session of Congress nearly $600,000,000 a year for this purpose, and in
was the veto of the bonus bill by President Harding the long run the total, the President said, would
on Sept. 19. As we point out in a separate article on probably exceed $25,000,000,000—a sum in excess of
another page, the veto message—overpowering in the total direct cost of the war.
its logic and fervent in its loyalty to flag and coun­
Again, how could the Treasury finance such a
try—will henceforth be known as one of our great proposition, asks the President, when under existing
State papers. In the long line of veto messages of tax laws the Government is having the greatest dif­
the Presidents, none will be found which dealt with ficulty in balancing its budget? How could the
a subject of greater magnitude or of such far-reach­ Treasury bear the additional burden of $795,000,000
ing consequence to the general public. It is brilliant which this bill would impose within the next four




called “the Baltimore plan,” announce inde­
pendent agreements directly with their men. For
these, it is to be said that the strike has really been
dead many weeks and all the men know it, although
the leaders refuse to make open confession of it; these
“non-settlement” roads yield nothing upon seniority,
offering the returning employees their former stand­
ing “as between themselves,” but leaving them to
come in behind the loyal wrho stayed and the new who
have come in. The Pennsylvania adds great power
to the trend towards direct settlement by having
made a year’s contract with the trainmen on its
Western lines, and the engineers and firemen are ex­
pected to follow. As for the work done, which is the
conclusive test, the cars loaded with bituminous coal
on last Monday were the largest number since March
and were beaten in this year only on two days of that
month. Anthracite loadings are also increasing,
and even making high recent records, while the load­
ing of all freight in the week ending on the 9th beat
that of the like week of last year.
Mr. Jewell, of course, continues to foam at the
mouth and to repeat the foolish charge of a conspir­
acy. When the wolf in the fable accused the lamb of
muddying the stream and of speaking slanderously of
him at some previous date, the fact that the lamb had
not been born at that date and was then standing at
a lower place on the bank than the wolf, should have
been a good defense; so should now be the fact of rec­
ord that the men who accuse the roads of closing the
door against agreement and of having conspired to
The dying of the railway revolt proceeds, by the make trouble, themselves began the trouble by defy­
two distinct yet helpful methods of separate agree­ ing the Labor Board and walking off their jobs.
ments effected by some roads with the men and by “Eight men,” “railroad committee of the New York
the steady and increasing drift of the men back to Bank combine,” “deliberate anti-labor union policy”
__it is just the old scream which unionism sets up as
their jobs. The New York Central, leading the East­
ern roads which went farthest towards yielding to soon as its efforts to carry its point by force meet
any opposition. This does not avail. Denunciation
the demands, has agreed wdth the men on the same
of judges and law officers, even if their action might
basis substantially as already reported, which omits
well have been a little otherwise, does not avail.
the word seniority and proposes to deal with dis­
Nothing can conceal the fact that the strike has
putes hereafter as to relative standing or otherwise,
failed. If it aids, as it should aid, the revolt of labor
by a commission to be constituted jointly by road
against those who have misled it to its hurt, the pub­
and men. On the other hand, the Lehigh Valley de­
lic
injury (in which labor must take its share) will
clines absolutely to negotiate with Mr. Jewell, as
be some compensation as being part of the price of a
that road has formed a shopmen’s union of its own
men and Mr. Loree of the Delaware & Hudson says lasting industrial peace.

years and at the same time not only meet the normal
requirements of the budget, but also finance the ma­
turing obligations of the public debt in the stupen­
dous sum of $10,000,000,000 within the next six
years ?
President Harding, near the close of his veto mes­
sage, turned to the general subject of service pensions
for World War veterans. He said the time would
come—years after the bonus would have been forgot­
ten even had it been paid—when pressure would be
brought upon the Government for the payment of
pensions, and that the Government would grant
them, as it has done for its veterans of other wars.
Whatever may be said of this proposition in the pres­
ent instance, bearing in mind the endeavor made at
the beginning of our participation in the war to fore­
stall attempts of this kind by providing a liberal sys­
tem of life insurance for our soldiers, there can be no
doubt that this has been our Governmental policy.
In our issue of last week we reviewed the course of
Civil War pensions and pointed out how disastrous
it would be to national finance if pensions for World
War veterans followed the course of pensions for the
veterans of other wars. It is to be hoped that in the
future development of our conception of the func­
tions of the Federal Government class legislation
which would open the public Treasury to ex-soldiers,
farmers, laborers, manufacturers or an^ others at
the expense of the general public will not be tol­
erated.

he will not confer with Mr. Jewell again. While we
reluctantly cannot agree with Mr. Smith of the New
York Central in his faith that a settlement which
yields at all on seniority by passing it along and de­
ferring it is to “compose the conflicts of the com­
panies and their employees on a just and lasting ba­
sis that will guarantee uninterrupted service,” and
while any wavering in the hour of defeat of the fool­
ish walk-out seems unfortunate and temporizing, he
is on firm ground in “continued efforts to bring
about a return to the former practice of direct nego­
tiations and amicable settlement.” The signing of
agreements by his road directly with two sets of em­
ployees not in the walk-out, as reported last week, is
also to be noted as in the line of advance and of re­
turn to normalcy, for it looks towards private settle­
ment of disputes by the parties to them, instead of a
central and country-wide method, either through the
Labor Board or through any union despot.
The “company union,” concerning which Mr.
Gompers burns' and shakes with alarm as well
as abhorrence, is in the same direction of
direct private settlement.
A number of im­
portant roads which declined to join what is




Merchandise imports into the United States dur­
ing August were somewhat in excess of the preceding
months this year, due, it is believed, to the prelimin­
ary rush incident to the enactment of the new tariff
law imposing higher import duties. The value of
merchandise exports was practically the same as in
July. Imports of merchandise in August were val­
ued at $271,000,000. These figures contrast with
$251,000,000 for July and $194,707,564 for the month
of August 1921. The merchandise exports in August
this year were valued at $302,000,000, while for
July the exports were $305,000,000 and for August
1921 $371,935,299. The excess of merchandise ex­
ports over merchandise imports in August was only
$31,000,000, an amount considerably less than for
any preceding month, with the exception of February
last, for a long period. The larger volume of mer­
chandise that was passed for admission in August,
incident to the enactment of the new tariff law, was
the reason for the reduction in the amount of excess
exports. Merchandise imports last month were
larger in value than for any preceding month for
nearly two years. It is probable that there will be a

further increase in the volume of imports for the
month of September, after which some recession in
the value of imports may be expected. August ex­
ports do not show any indication of expansion in the
movement of merchandise from the United States to
foreign markets, as the amount is somewhat less than
for any month since February last.
The movement of the precious metals into and out
of the United States during August was also some­
what irregular. Imports of gold in August amounted
to $19,000,000, while the exports were only $956,000,
an excess of imports of $18,041,000. In the preced­
ing month the excess of imports of gold reached
$42,341,613, which was the largest amount of excess
imports of gold for any month since November last,
when the imports of gold were unusually heavy. Im­
ports of gold in July this year were $42,986,727, and
were considerably larger than for any other month
this year. Exports and imports of silver continue
reduced; in August silver exports were only $4,000,­
000, while the imports were valued at $5,000,000.
Developments in the Near East have over-topped
every other situation in Europe. While probably
some features have been exaggerated in the press ac­
counts, which of necessity included many rumors,
still, there has been every reason to be apprehensive
from day to day as to what would happen next, and
as to what the final outcome will be. One encourag­
ing development was the conference of Allied leaders
in Paris, at which it was decided to call a more gen­
eral conference on the Turko-Greek situation, at
which Turkey would be invited to be present. In an
Associated Press dispatch from Paris last evening it
was stated that “the invitation to the Turks to at­
tend the proposed peace conference for the settle­
ment of the Near Eastern difficulty was outlined at
the conference of Allied representatives here in the
afternoon. Such progress was made that it is prob­
able the work can be completed at a session which
has been called for to-morrow [this] afternoon.”
From Constantinople came a report that “Turkish
Nationalist forces have seized the town of Ez-ine, on
the Asiatic side of the Dardanelles, and are threaten­
ing Kum Kalesi, an important key position on the
southern side of the Straits. The Kemalists were
nowhere opposed.” Obviously, the whole situation
is still in such an indefinite state that no one can fore­
cast developments during the next few days even.
As early as a week ago to-day dispatches
from Constantinople stated that “Smyrna has
been completely wrecked by the conflagration
which has been raging there for the past two
days, according to information from authen­
tic sources reaching here. Thousands of persons are
believed to have perished. Only the Turkish quarter
remains.” These assertions were fully confirmed in
the cable advices the next two days. In fact, last
Saturday evening the Associated Press correspond­
ent at Smyrna cabled the following awful picture of
conditions there: “Smyrna no longer exists. The
fire, which has been raging for three days with un­
abated fury, has swept the city and is extending to
the suburbs. Only blackened masonry and a small
vestige of the Turkish quarter remain. Death and
indescribable misery prevail among 200,000 of the
crazed population. Six lone American relief work­
ers are attempting the superhuman task of burying
the dead and ministering to the living. No other
country has as yet come forward to relieve the suffer­




ing. All the patients who were crowded in hospitals,
numbering not less than a thousand, have been
burned to death. All relief supplies sent from Con­
stantinople by the American relief organizations
were destroyed by fire. Major Claflin Davis of the
American Red Cross and H. C. Jaquith of the Near
East Relief are bending all their efforts to evacuate
the Christians as the only means of saving them, but
are handicapped by lack of vessels. Bands of Turks
are killing the helpless Christians, and the whole city
is in the throes of terror.” The next evening he
added to it in part as follows: “Smyrna is a vast
sepulchre of ashes. Only the shattered walls of 25,­
000 homes and the charred bodies of countless vic­
tims remain to tell the story of death and destruction
unexampled in modern history. The ruins are still
smoldering and no effort has been made by the Turks
to remove the dead and dying. The streets are full of
the bodies of those who sought to escape, for the most
part women and children. Every building in the Ar­
menian quarter has been burned, with the dead ly­
ing about. The waters of the bay, which covers an
area of 50 acres, still carry the bodies of those who
were massacred or sought to escape. On the water
front crouch thousands of survivors, who fear death
in another form at the hands of the soldiery. There
are no boats to take them off. Out of 300,000 Chris­
tians crowding the city prior to the descent of the
Turks only 60,000 have been evacuated. Kemalist
officials have informed the American relief workers
that the return of the Christians to the interior
meant certain death.”
The British Cabinet held a long meeting a week
ago yesterday at which it was decided to take deci­
sive action both on land and sea “to prevent the as­
sembling of transports by Mustapha Kemal Pasha
for the transportation of Turkish forces from Asia
Minor to Europe, following the meeting of the Cabi­
net to-night. If Kemal's armies should attempt to
move on Constantinople they would be opposed by
the full weight of British sea and land forces.” The
London correspondent of the New York “Herald” ob­
served that “this action means that the Turks will
not be allowed to enter Thrace, being blocked both by
land and sea from mobilizing their forces for such
an attack. The Cabinet Ministers felt that Kemal
could not be allowed to go further, as this might
threaten the interests of the Powers and the peace of
Europe.” He further stated that “the Cabinet meet­
ing cleared the atmosphere greatly and allayed fears
that the Allies might not be able to proceed in com­
plete accord, for France, Italy and England are in
full agreement as to the protection of the neutral
zones on both sides of the straits and of Constanti­
nople. The two Governments will send a joint note
to the Angora Government to this effect and British
reinforcements are being sent into the neutral zones.”
A few days later the dispatches indicated that there
was some doubt as to the real attitude of the French
Government. General Townshend, en route from An­
gora to London “to see Premier Lloyd George, in or­
der to offer his services as a mediator with the Kem­
alists,” was quoted by the Paris correspondent of the
Phliadelphia “Public Ledger” last Saturday as mak­
ing “the sensational declaration that the Allies must
give up Constantinople in order to prevent a Mussul­
man uprising, such as might engulf Europe in a Holy
War.”
The London correspondent of the Associated Press
in a cablegram Sunday morning made the following

assertions, among many others, in dealing with the
Near East situation: “Great Bitain is prepared to
fight to maintain the freedom of the Dardanelles, ac­
cording to an authoritative statement issued yester­
day. The British Government, addressing Rumania,
Jugoslavia and Greece, is asking their participation
in an effective defense of the neutral zone. Great
Britain has also invited her Dominions to be repre­
sented by contingents in the defense of those inter­
ests for which they have already made enormous sac­
rifices. This action came at the end of a week of
protracted Cabinet meetings held to deal with the
Near Eastern crisis, which has given rise to fears
that the Turkish Nationalists may turn from their
successes over the Greeks to attack the neutral zone
around Constantinople.” With reference to the call
upon the Dominions to assist in combating the situa­
tion, a dispatch from Ottawa Monday morning said
that “much doubt obtains here as to the action of
the Government in response to Great Britain’s re­
quest for military assistance against the Turks. Con­
ditions have changed greatly since Canada’s entrance
into the World War in 1914. At present the Quebec
representation in Parliament is a dominant factor
and it is doubtful if that Province will either sanc­
tion or encourage further military operations by Can­
ada in Europe.” The position of the Canadian Gov­
ernment was definitely expressed in a dispatch from
Ottawa published Tuesday morning: “The reply of
the Dominion Government to the British Government
to-night, following a Cabinet meeting which lasted
until nearly midnight, was to the effect that public
opinion in Canada would demand authority from
Parliament as a necessary preliminary to the dis­
patch of a contingent of troops to participate in
eventualities in the Near East. The Dominion Gov­
ernment further informed the British Government
that it would welcome fullest information in order
to determine upon the advisability of summoning the
Canadian Parliament to meet in special session.”
Definite statements appeared in the dispatches
from Constantinople Monday morning on the atti­
tude and demands of Mustapha Kemal Pasha as a
result of Great Britain’s policy. It seems that he
outlined his position “in a conversation with Sir
Harry Lamb, the British High Commissioner, held
in the course of a visit of Sir Harry to Kemal in
Smyrna.” The Associated Press correspondent at
Constantinople explained that “the High Commis­
sioner’s visit to Kemal was to ascertain the attitude
of the Nationalist Government toward Great Brit­
ain. Kemal informed Sir Harry that Turkey was
not fighting against Great Britain, but that Great
Britain had interposed every obstacle to the free de­
velopment of Turkey. He assured him that the Na­
tionalists would not attack the neutral zone border­
ing the Straits of the Dardanelles if the British
would recognize the Angora national compact and
return Thrace to Turkey.” The correspondent also
stated that “the Angora Government has informed
the Allies that if the remainder of the Greek Army
in Asia Minor attempts to retreat across the neutral
zone of the Dardanelles the Kemalists will disregard
the neutrality of the Straits and pursue the Greeks
in international territory.”
As the days passed the Paris dispatches made it
clear that the French Government was not in favor
of joining in a military movement to secure peace in
the Near East. It was stated that Premier Poincare




favored “a decidedly pacific policy, and does not con­
template the use of military force.” Dispatches from
Melbourne, Australia, stated that “Premier Hughes
of the Australian Commonwealth has cabled Sir Jo­
seph Cook, Australian delegate to the League of Na­
tions, requesting him immediately to bring the Near
East dispute before the League of Nations with a
view to securing peace.” The dispatches also said
that “leading generals expressed confidence that ex­
service men would rally to the colors. Lieut.-Gen.
Sir John Monash said a brigade of troops could em­
bark in three or four weeks.” Word was received
from Melbourne Wednesday morning that “the Fed­
eral Cabinet at a meeting to-day [Sept. 19] endorsed
the action of Premier Hughes of the Australian Com­
monwealth in offering to send troops to the Gallipoli
Peninsula.” In a cablegram Monday evening the
London correspondent of the Associated Press as­
serted that “despite the outcries appearing in the
French and Italian press against further military
action, the British Governmnet showed no signs to­
day of altering its avowed policy of defending the
freedom of the Dardanelles by force, if necessary,
against the Turkish Nationalists.”
In an Associated Press cablegram from Constan­
tinople Tuesday morning the rather startling asser­
tion was made that “the entire British Atlantic
Fleet is being sent to reinforce the Mediterranean
squadron for the protection of Constantinople and
the Dardanelles.” The correspondent added that
“this undoubtedly will create the most formidable
armada of warships ever assembled in an area of like
size, embracing the most modern dreadnoughts, bat­
tle cruisers, destroyers, submarines and aircraft car­
riers. British officials here feel confident that if the
Allied land forces are not sufficient to check an at­
tack on the Dardanelles by the Turkish Nationalists
the combined fleet, together with French and Italian
war vessels, will be more than adequate.” In a com­
munique issued in London after the Cabinet meeting
that day this announcement was not confirmed. It
“declared in substance that the Government stands
by its pronouncement of policy issued to the press
Saturday, notwithstanding newspaper reports to the
contrary.” The official statement also declared that
“the Cabinet is well satisfied with the support ac­
corded to it, not only in this country, but in the Do­
minions.” The British press was reported to have
been quite strongly opposed to the “war policy” of
the British Cabinet.
According to a Paris dispatch to the New York
“Herald,” dated Sept. 18, “the Governments of Bel­
grade and Bucharest gave their assurance to the
French Government to-night that their ideas in hand­
ling the Turkish situation coincided with those of the
French in every respect. This means that these Gov­
ernments have ranged themselves with Prance
against the British policy in taking defensive mili­
tary steps against the Turks. Foreign Minister Nincliitcli of Jugoslavia, after conferring with the
French Government, left for London to-day to inform
the British Government of this attitude, and Bucha­
rest is understood to be sending a note to the same
effect. The Italians also officially have informed
the French Government, it was learned to-night, that
they hold similar views.”
Through cable advices from Paris Tuesday after­
noon it was learned that “the French Cabinet to-day
unanimously approved what is characterized as the

‘pacific’ policy of Premier Poincare in the Near East
and the withdrawal of all the French troops from
Asia Minor to the European side of the Straits of the
Dardanelles.” The Associated Press correspondent
reported that “the Cabinet went firmly on record as
being opposed to any form of military action as a
means of settlement in the Turco-Greek situation. It
emphasized the necessity of reaching an agreement
through diplomatic channels and eventually by a
peace conference.” He said, furthermore, that “M.
Poincare believes Mustapha Kemal Pasha can be in­
duced to remain on the Asiatic side of the Straits
pending a settlement at a conference, and the Pre­
mier’s efforts at the meeting with Lord Curzon will
be directed along this line. Effort is being made to
calm the fears of the Balkan States, and, according
to officials here, a certain amount of success in this
has been achieved. While not sanctioning a return
of the Turks to Europe, the Balkan countries now are
said to be willing to await the peace conference, pro­
vided the neutrality of the zone of the Straits is pre­
served in the meantime.”
Word came from both London and Paris on Tues­
day evening that the “meeting with Lord Curzon”
was likely to devleop into a highly important confer­
ence with respect to the Near East situation. A ca­
blegram from the British capital stated that “at this
morning’s meeting of the Cabinet Lord Curzon, the
Secretary for Foreign Affairs, received final instruc­
tions with reference to his coming conference with
Premier Poincare with a view to persuading France
to adopt fully the British viewpoint.” According to
a cable dispatch from the French capital the same
evening “the discussion between Premier Poincare
and Lord Curzon to-morrow will resolve itself into
an Allied conference, for at the same time that Lord
Curzon left London it became known that Count
Carlo di Sforza, the Italian Ambassador to France,
was on his way here from Rome as representative of
Foreign Minister Schanzer. It was learned that
France insisted that her Italian ally should be repre­
sented in any of the preliminary discussions. Al­
though Great Britain preferred to have a private
interview, the French appear to have had their way.”

that England will agree.” The London advices Wed­
nesday morning indicated that the British Govern­
ment would withdraw somewhat from its warlike
policy announced a week ago to-day, and that as a
result of the Paris conference and the offer made by
Mustapha Kemal a settlement might be reached
around the peace table in Paris.
Early in the week there were rumors from various
centres that the Russians would give active support
to the Turks. In an Associated Press cablegram
from Moscow it was asserted that “Russia intends to
support the Turks morally, and perhaps will give
them munitions, if they should be needed; but it is
considered in Moscow as extremely unlikely that
Russian troops will be sent to assist the Kemalists if
they attempt to take Constantinople.”
The most encouraging news relative to the Near
East situation during the first half of the week was
received Wednesday evening in Paris dispatches. The
Associated Press announced that “the Allied confer­
ees on the Near East situation decided late to-day
to call a peace conference of eight nations interested
in a settlement to determine the terms of Graeco­
Turkish peace. This conference will meet probably
within two or three weeks. The conference, it was
announced, will consist of representatives of Great
Britain, France, Italy, Turkey, Greece, Japan, Ru­
mania and Jugoslavia. Russia is not included in the
plan.” Announcement was made in an Associated
Press dispatch from Constantinople that “the Turk­
ish Nationalist representative here informed the
British High Commissioner that the Angora Gov­
ernment, by virtue of treaties concluded with Soviet
Russia and the Ukraine, could not accept the invita­
tion of the Powers for a conference confined only to
discussion of the Dardanelles question, unless dele­
gates from Russia and the Ukraine are allowed to
join.” That the Turkish Nationalist leader was re­
ceiving the full support of his Assembly was indi­
cated in a cablegram from Constantinople Wednes­
day afternoon which stated that “the Turkish Na­
tionalist Assembly at Angora, by an overwhelming
majority, has extended the dictatorship of Mustapha
Kemal Pasha and has authorized him to continue the
war until all the conditions prescribed in the na­
The most definite statement, up to that time, of tional pact have been fully achieved.”
Mustapha Kemal Pasha’s attitude, particularly as a
result of the firm position taken by Great Britain,
The situation was changed again, even before the
appeared in Paris dispatches Wednesday morning. Allied Powers could issue a formal call to the peace
It was said that “the French Government has re­ conference upon which they had decided. The New
ceived from Mustapha Kemal a message saying that York “Times” correspondent, in a dispatch made
pending the holding of the peace conference he will public here Thursday morning, said, “faced by a new
not attack the Allied neutral zone along the Straits, Turkish demand that, pending the peace negotia­
nor Constantinople, on the understanding that Eng­ tions, the Greeks withdraw from Eastern Thrace
land, France and Italy will assure him that the Turks and the Turks occupy it, the Allied representatives
shall receive Eastern Thrace up to the Maritza River, meeting at the Quai d’Orsay were not able to-night to
including Adrianople, and, of course, Constantino­ issue a definite call for a conference to draft a new
ple. He promises to consent to any ‘reasonable’ as­ Turkish treaty. The French and Italians favored
surance of the freedom of the Straits and to the es­ granting Kemal’s demand, on the ground that the
tablishment of an international commission of con­ Turks were entitled to have Thrace eventually and
trol, sitting preferably at Gallipoli instead of Con­ might as well have it now. Lord Curzon, the British
stantinople. He assures the French Government Foreign Secretary, was not able to accept this pro­
that there will be no hostile act pending the Allies’ posal, and the conference adjourned until Friday
reply to his proposal.” The New York “Times” cor­ [yesterday] to give him time to receive instructions
respondent added that “this message will be placed from London.’ ’ The Turkish attitude was outlined in
before Lord Curzon, the British Foreign Secretary, an Associated Press dispatch from Constantinople,
when he meets Premier Poincare. It is believed that ;n which the following assertion appeared: “Hamid
M. Poincare and the Italian Government will advise Bey, the Turkish Nationalist representative here, in­
the acceptance of Kemal’s terms and the early calling formed the Associated Press correspondent this even­
of the peace conference. It is by no means so certain ing that it was certain the Turkish Army would de­



clare war on the British if the British attempted to
interfere writh the movement of the Turkish troops
across the Straits of Thrace.” The same correspond­
ent said, on the other hand, that “the British are
mobilizing every available warship, man, horse, au­
tomobile, cannon and rifle writhin reach of the trou­
bled zone. They are preparing to deal a tremendous
blow by land, sea and air if provoked by the Kemalist
army, which, according to the latest reports, is con­
centrating feverishly around Ismid and Chanak.”
The situation continued threatening, according to
the cable advices from Constantinople, Paris and
London yesterday morning. The Associated Press
correspondent at Constantinople in a dispatch filed
Thursday evening, said that “in Allied diplomatic
circles to-night it is reported that the Turkish Na­
tionalists are on the point of issuing an ultimatum
to the Allies demanding the evacuation of Thrace in
18 hours. Hamid Bey, the Kemalist representative
here, declined to-day to give any pledge that the Kemalists would respect the neutral zone. Although he
has been warned that an offensive would mean war
with Great Britain, it is hoped here that friendly out­
side counsels will deter Mustapha Kemal Pasha from
any actual breach with the Allies.” From Paris
came the statement that “Great Britian has refused
categorically to withdraw her troops from Chanak,
on the Asiatic side of the Dardanelles, and has so in­
formed the French Government. This was definitely
stated in official British circles to-night, in reply to
a persistent report in French quarters that the Brit­
ish forces probably would be retired to the European
side of the Straits.” The British position was out­
lined as follows in a London cablegram published
yesterday morning: “The conferences between Pre­
mier Poincare and Lord Curzon will be renewed at
Paris to-morrow [Friday] morning and while these
are pending the British Prime Minister left for his
country residence, and the other members of the Cab­
inet are scattering. It is believed, however, that in­
structions have been sent to the British Foreign Sec­
retary to inform M. Poincare in the most emphatic
manner that Great Britain is determined to preserve
the Dardanelles Straits from Turkish control.” The
London representative of the New York “Herald”
cabled that “pending a reply from Mustapha Kemal,
considerable divergence still exists among the Allies
as to the policy to pursue toward Turkey, but the
Cabinet feels more hopeful to-day that the delay and
conversations in Paris will bring a clearer vision and
better understanding, with a softening in the tone of
expressions from both sides of the Channel. The re­
port that Kemal has resolved to cross the Straits is
not causing great uneasiness here, because the ex­
perts are unable to understand how he is going to do
it. The army and navy have been instructed to resist
to the limit any direct challenge to British prestige
throughout the Eastern Empire, and Downing
Street, after reviewing Lord Curzon’s report, is still
determined and plans not to weaken in its policy re­
garding the Asiatic neutral zone.”
W ith

r e fe r e n c e to

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P r e s id e n t
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of

Aug. 31.’ ’ Herr Havenstein had conferences with of­
ficials of the Treasury and the Bank of England. Dr.
Fischer, German Secretary of State for Finance, and
Sir John Bradbury, British member of the Repara­
tions Commission, arrived in London about the same
time as Herr Havenstein, to participate in the con­
ferences. It was stated that at the preliminary
meetings “no conclusion was reached.” It was re­
ported in London on Monday, however, that “the
reparations crisis has been virtually settled by the
negotiations in London of Rudolph Havenstein, Pres­
ident of the Reichsbank.” It was further stated that
“Herr Havenstein’s successful transactions have
been negotiated through London and Amsterdam.
The Bank of England and certain Dutch banks have
agreed to make possible the payment by Germany to
Belgium of the Treasury notes due at the end of the
year. This would be done by means of a loan from
these sources. Germany in turn, would repay the
loan at the end of 18 months, the time limit which
was asked by the German Government.” Announce­
ment was made that Sir John Bradbury had returned
to Paris, presumably to notify the Reparations Com­
mission of what had been accomplished. In an As­
sociated Press dispatch from Paris the next morning
it was stated that “adequate guarantees for the pay­
ment of the six months’ Treasury notes to Belgium
have been arranged by Rudolph Havenstein, Presi­
dent of the Reichsbank, in negotiations with the
Bank of England and probably with a Dutch bank,
it is definitely indicated in Reparations Commission
circles. Details are lacking, but it is described as
strictly a business deal between the Bank of Eng­
land and the Dutch institution on the one side and
the Reichsbank on the other. The latter, it is indi­
cated, borrows money at the regular rate of interest
in order to meet the payment of the six months’
notes. The Reichsbank, in turn, repays the Bank of
England and the Dutch bank in 18 months.”
From Brussels Tuesday evening came the follow­
ing additional information relative to the reported
plan: “Dr. Landsberg, the German Minister here,
informed the Belgian Government this morning that
the Reichsbank was willing to indorse German
Treasury bonds for reparations payments to Belgium
to the amount of 270,000,000 gold marks due Feb. 15
and June 1 51923.” Paris sent word the same day
that “the meeting of the Allied Reparations Commis­
sion set for this morning was postponed until Fri­
day [yesterday], by which time the Belgian settle­
ment with Germany over the guarantees for the lat­
ter’s six months’ reparations notes will, it is ex­
pected, be formally reported to the Commission. The
reading of the report will close the incident, as the
sanction of the Commission is not needed.” In a dis­
patch to “The Sun” of this city, also, on Tuesday
evening the assertion was made that “there is no offi­
cial confirmation here of the report that “President
Havenstein of the Reichsbank of Berlin has induced
the Bank of England to back German bonds issued to
Belgium, and it is believed the report is untrue.”
The very next morning, however, it was stated in a
Paris dispatch to the New York “Times” that “the
Belgian delegate on the Commission has been noti­
fied by his colleagues that they are satisfied with
the solution which has been the outcome of the Com­
mission’s decision of Aug. 31.” From Berlin came
the statement that “the arrangement made by Ru­
dolph Havenstein, Presidnet of the German Reichs­
bank, with the Bank of England concerning the guar-

anteeing of the German notes to be given Belgium as
reparations is considered in German official quarters
as a purely private agreement between both banking
institutions. Therefore, the Ministry of Finance an­
nounces that no details concerning the matter can be
published.” This idea found further substantiation
in an Associated Press cablegram from London
Thursday morning: “It is stated that the formation
of a consortium of German banks organized for the
transfer of their actual gold or securities held abroad
to the Bank of England in return for credits for the
•guaranty of the German Treasury notes offered to
Belgium, is thought to have been the solution of the
acute reparations problem between Belgium and
Germany. The reason for the absolute secrecy on
the part of Berlin and London has been because there
is an understanding that neither France nor Belgium
should be advised where the securities and bank de­
posits are located. It is pointed out, however, that
the Bank of England, being a private institution,
could not guarantee the notes offered' to Belgium
without physical possession of these securities.”
In a dispatch to his paper a week ago this morning
the Geneva correspondent of the New York “Times”
' said that Sir Edward Gregg, Private Secretary to
Premier Lloyd George, and who had arrived there “to
prepare the way for the proposed trip of the British
Prime Minister to the seat of the League of Nations,”
had let it be known that his chief was “considering
advocating the placing upon the League the settle­
ment of the Asia Minor situation.” The correspond­
ent asserted that this idea did not meet with general
favor at the conference. He added that “Lord Bal­
four, himself, is understood to be not half so favor­
able to Mr. Lloyd George’s coming since he has
learned the Premier’s new idea. Lord Balfour, and
with him the French and Italian leaders, doubts the
wisdom of the League shouldering the Turkish bur­
den, not only because they believe the League might
not be successful and thus leave the situation in
worse shape, but also because they believe the League
itself might greatly suffer from failure.” In a cable­
gram Monday morning the London correspondent of
the New York “Times” said that “it may be assumed
that there is no longer any probability that Mr. Lloyd
George will be able to visit Geneva for the meetings
of the Assembly of the League of Nations.” This was
because of the critical character of the situation in
the Near East, which demanded his attention and
that of his associates constantly.
At Monday’s session of the Assembly “Hungary
was elected a member of the League of Nations by a
unanimous vote.” The New York “Tribune“ corre­
spondent at Geneva, in his account of the proceed­
ings on Monday, said that “an attempt to have the
League of Nations intervene in the Turco-Greek war
by invoking Article II of the covenant, which gives
the League the right to concern itself with interna­
tional affairs of any sort that threaten peace, failed
to-day in the Assembly, but promises lively discus­
sion to-morrow when it comes *up for discussion in a
special committee to which the motion casually was
referred.” He stated also that a committee of the
League adopted a resolution offered by Dr. Fridtjof
Nansen that “the League’s emergency fund be requi­
sitioned for $20,000 immediately, with a promise of
greater aid later, to relieve 200,000 Greek and Arme­
nian refugees from Smyrna and Brusa.” The reso­




lution was to be presented to the League for action.
The Associated Press correspondent observed that
“members of the Council of the League and the lead­
ing delegates said it would be impossible for the
Council to intervene unless their Governments were
agreed in advance that this would be the best pro­
cedure to bring about peace. The general opinion is
that the Assembly can only pass a resolution
expressing an ardent desire that something be
done.”
At Wednesday’s session of the Assembly of the
League of Nations Lord Robert Cecil made the fol­
lowing significant report to the League of Nations
Disarmament Committee: “Political and economic
conditions in Europe are so precarious that no gen­
eral scheme for reduction of armaments could now
be accepted. Inter-Governmental debts, whether
reparations obligations, relief credits or debt con­
tracts between the Allies in the great war, constitute
together a problem which it is essential to solve be­
fore the economic life of Europe can be restored. To
whatever body it is referred, solution seems impos­
sible unless certain conditions are fulfilled. In the
first place, the whole subject, including Allied debts
and reparations, must be opened for discussion. Next,
since the problem is world wide, other nations be­
sides those immediately involved must accept their
share of the responsibliity for the decision. Then, if
any money for the payment of reparations is found
to be available, it can only come for the present from
some form of international loan. In the last place
there must be no delay, for all competent observers
agree that the time within which Europe can find
financial salvation is short.”
M. de Jouvenel, head of the French delegation to
the League of Nations, speaking in the Disamament
Committee on Thursday, referred to Europe’s great
need for American participation in the task of ex­
tricating the world from the economic chaos now ex­
isting in practically every country. He asserted
that “Europe was unable to wait for America to join
in the war. To-day she is unable to wait for America
to join in the reconstruction of the war’s ruins. The
League of Nations is impossible without America.
But we cannot afford to wait. We must help our­
selves, and then perhaps the old adage will come true
and America will help us.” The correspondent add­
ed that “M. de Juovenel’s speech created a deep im­
pression by the lucidity and sincerity with which he
stated the French viewpoint and explained French
difficulties.”
The report that the French Government had de­
cided to issue a loan in the near future could not
have caused surprise to anyone who has given no
more than casual attention to European affairs, par­
ticularly the universal need of money and credit.
According to an Associated Press dispatch from
Paris Thursday evening, “a large loan, the amount
of which is as yet undetermined, but is unofficially
estimated to be as high as four or five billion francs,
will be issued by the Government on Oct. 20, it was
learned here to-day. The loan will be in the form of
6% Treasury notes at 498% francs, redeemable at
par in three years and at 507 in five years. Finan­
cial experts, in estimating the size of the loan, take
the 1923 budget deficit, which reaches upwards of
4,000,000,000 francs, as their basis of calculation.”

Paris dispatches have stated that because of polit­
ical opposition, former Premier Clemenceau might
not make his contemplated trip to the United States
in the hope of giving a true picture of the attitude of
his Government town :*d this country and also the big
international problems of Europe. In a dispatch
from Havre Tuesday evening, the definite assertion
was made that “ex-Premier Clemenceau has engaged
accommodations on the French Line steamer ‘Paris/
which will sail Nov. 11 for New York.”
According to cable advices from Berlin received
on Thursday, the Bank of Germany has again
advanced its discount rate, this time to 8%. This
step is said to be due to the rapidly increasing de­
mands for business credits, also for State credit,
and is the third advance in the last two months.
The Reichsbank raised its discount rate on July
28 last from the 5% level which had been in effect
since Dec. 23 1914 to 6%, while the second increase,
to 7%, took place on Aug. 28. Advices from Vienna
this week stated that the Austro-Hungarian Bank
recently—that is, on Sept. 2—increased its rate of
discount from 7% to 9%. The 7% rate had been
in effect since Nov. 29 1921. Aside from these
changes, official discount rates at leading European
centres remain the same as before; namely 5%
in France, Denmark and Norway; 5 ^ % in Madrid;
43^% hi Belgium and Sweden; 4% in Holland;
33^% in Switzerland and 3% in London. In the
open market, London discount rates were prac­
tically unchanged, being quoted at 2 7-16@2J^%,
as against 2 7-16@2^% for long and short bills
a week ago. Money on call at the British centre
was quoted at \%%, the shine as a week ago. In
Paris and Switzerland open market discounts con­
tinue to be quoted at 4% and 134%, respec­
tively.
A further addition to gold holdings of £5,670 was
shown in the Bank of England statement this week,
which brought up the Bank’s stock of gold to
£127,426,811, as against £128,417,297 a year ago
and £123,064,646 in 1920. Moreover, note circula­
tion again decreased, this time £571,000, so that
total reserve expanded £577,000, while the proportion
of reserve to liabilities advanced to 19.61%. This
compares with 19.22% a week ago and 16.34% in
the week of Aug. 10. At the corresponding date in
1921 the ratio stood at 17.39% and a year earlier at
only 13.12%; figures that very plainly attest the
improvement in the Bank’s position. A large in­
crease was reported in public deposits, namely
£5,381,000. “Other” deposits, however, declined
£4,902,000, and loans on Government securities
were reduced £2,205,000. In loans on other securities
an increase of £2,128,000 was recorded. Total
reserve now aggregates £24,385,000, as against
£22,460,802 a year ago and £16,028,516 in 1920.
Note circulation stands at £121,490,000, in com­
parison with £124,406,495 in 1921 and £125,486,130
a year earlier, while loans amount to £73,595,000,
as contrasted with £85,120,154 and £88,722,611 one
and two years ago, respectively. Hie Bank s official
discount rate has not been changed fiom 3%. Clear­
ings through the London banks foi the week totaled
£597,022,000. Last year they were £627,685,000.
We append herewith a statement of comparisons of
the principal items of the Bank of England s returns
from a series of years past:




BANK OF ENGLAND’S FINANCIAL STATEMENT.
1922.
1921.
1920.
1919.
1918.
S e p t. 20.
S e p t. 21.
S e p t. 22.
S e p t . 24.
S e p t. 25.
£
£
£
£
£
Circulation...........121,490,000 124,406,495 125,486,130 81,610,645 60,495,845
Public deposits........ 15,789,000
13,960,111 16.707,309 19,396,366 31,942,198
Other deposits........109,013,000 115,203,773 105,447,908 97,457,386 133,987,785
Governm’t securities 45,046,000
39,690,329 35,518,129 26,229,213 54,202,545
Other securities___ 73,595,000
85,120,154 88,722.611 83,706,067 100,335,523
Reserve notes & coin 24,385,000
22,460,802 16,028.516 25,035,726 29,496,515
Coin and bullion...127,426,811 128,417,297 123,064,646 88,196,371 71,542,360
Proportion of reserve
to liabilities........
19.61%
17.39%
13.12%
21.38%
17.80%
Bank rate...............
3%
5H %
7%
5%
5%

The Bank of France in its weekly statement reports
a further small gain of 210,650 francs in the gold
item this week. The Bank’s gold holdings therefore
now aggregate 5,532,433,725 francs, comparing with
5,522,912,774 francs on the corresponding date last
year and with 5,486,579,247 francs the year before;
of these amounts 1,948,367,056 francs were held
abroad in both 1922 and 1921 and 1,956,894,677
francs in 1920. Increases were registered during the
week in the various items as follows: Silver, 357,000
francs; advances, 7,828,000 francs; Treasury deposits,
18.650.000 francs; and general deposits, 28,997,000
"rancs. On the other hand, bills discounted fell off
97.688.000 francs. A further contraction, of 21,761,­
000 francs, occurred in note circulation, bringing the
total outstanding down to 36,585,364,000 francs.
This contrasts with 36,920,973,025 francs at this time
last year and with 38,689,733,155 francs the year
previous. In 1914, just prior to the outbreak of war,
the amount Avas only 6,683,184,785 francs. Com­
parisons of the various items in this week’s return
with the statement of last week and corresponding
dates in both 1921 arid 1920 arc as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
---------------------- S ta tu s a s o f ----------------------•
C h ances
fo r W eek .
S ep t. 21 1922. S e p t. 22 1921. S e p t. 23 1920.
G old H o ld in g s —
F ra n cs.
F r a n 's .
F r a n 'S .
F ra n cs.
210,650 3,584,066,669 3,574,544,718 3,532,684,570
In France _____ Inc.
A b r o a d ../.........
No change 1,948,367,056 1,948,367.056 1,956,894,677
Total
-Inc.
210,650 5,532,433,725 5,522,912,774 5,486,579,247
g,lver
Inc.
357,000 286,781,495
277,152,654 261,057,245
Bills discounted ..Dec.
97,688,000 1,789,639,000 2,292,533,271 1,964,641,525
Advances
Inc.
7,828,000 2,141,276,000 2,210,358,267 1,995.804,512
Note circulation..Dec.
21,761,00036,585,364,000 36.920,973,025 38,089,733,155
Treasury deposits.Inc. 18,050,000
40,787,000
20,947,624
59,384,708
General deposits..Inc. 28,997,000 2,159,112,000 2,389,545,846 3,025,114,784

The Imperial Bank of Germany on Sept. 21 issued
another spectacular statement as of date Sept. 15,
disclosing huge increases in nearly all of the principal
items. Note circulation increased 19,224,019,000
marks. Discount and Treasury bills expanded
22.933.229.000 marks, while deposits registered an
enlargement of 10,833,340,000 marks. Increases
running into billions of marks were also shown in
Treasury and Loan Association notes, Avhich gained
3.920.124.000 marks, bills of exchange and checks,
2.180.170.000 marks, other assets 2,040,547,000
marks, and other liabilities 1,097,035,000 marks.
In total coin and bullion there Avas an addition ol
3.783.000
marks, but gold declined nominally,
namely, 1,000 marks. Notes of other banks in­
creased 40,000 marks and investments 71,601,000
marks. The only decline Avas in advances, Avhich
fell off 7,094,000 marks. As a result of the enormous
accessions in recent weeks, outstanding note circula­
tion has reached the sensational total of 271,013,010,­
000 marks. A year ago the total Avas 81,469,115,000
marks and in 1920, 58,927,894,000 marks. The
Bank’s gold holdings are reported as 1,004,860,000
marks, Avhich compares with 1,023,707,000 marks in
the same week of the previous year and with 1,091,­
581,000 marks in 1920. As shoAvn in a preceding
paragraph, the German Bank this week announced

another advance in its official discount rate of 1%,
to 8%, which is the third increase in two months and
compares with the 5% rate prevailing on July 28th,
that had been in effect since Dec. 23 1914.
The Federal Reserve Bank statement, issued at
the close of business on Thursday, had as one of its
main features a material addition to bill holdings.
In the combined report the holdings show an expan­
sion for the week of $52,000,000, carrying the total
up to $044,174,000. It remains true, however,
that the amount is far below last year’s level of over
$1,420,000,000, but it is taken to indicate the com­
mencement of a commercial demand from the in­
terior for crop moving and other purposes. There
was a smaller gain in the New York bank, viz., $7,­
000,000 to $116,684,000, which compares with
$246,910,000 the preceding year. Gold reserves
were reduced, the system showing a loss of $6,000,­
000, and the local bank a falling off of $13,000,000.
Earning assets and deposits decreased both locally
and nationally. Federal Reserve notes in actual
circulation for the whole system were expanded
about $5,000,000, but remained practically unchanged
at New York. Member banks’ reserve account fell
rather sharply, the system showing a reduction of
$37,000,000 to $1,774,997,000, and the local insti­
tution a decrease of $38,000,000 to $655,265,000.
As a majority of these changes to some extent offset
each other, reserve ratios were only slightly altered;
that of the twelve reporting banks remains at 78.3%,
while in New York there was an increase of .7%
to 84.4%.
Government operations, which included refunding
of Treasury certificates of indebtedness, also the put­
ting out of a new issue, brought about important
changes in last Saturday’s statement of the New
York Clearing House banks and trust companies.
Chief among these was an unusually heavy increase
in deposits, a large expansion in reserve credits at
the Reserve Bank and a consequent gain in surplus.
In round numbers, the addition to net demand
deposits totaled $135,015,000; although as against
this, net time deposits fell off $40,793,000, to
$451,784,000. As a result of the week’s increase,
net demand deposits amount to $3,943,168,000,
which is exclusive of $59,399,000 of Government
deposits. Loans were not materially altered, show­
ing an expansion of only $13,710,000, but member
banks added to their reserves at the Federal Reserve
Bank no less than $83,384,000; thus offsetting the
enlargement of deposits and causing a gain in surplus
of $66,683,250, to $100,387,460, or the largest
excess reserve held in quite some time. Other
changes were less striking. Cash in own vaults of
members of the Federal Reserve Bank declined
$3,706,000, to $55,092,000 (not counted as reserve).
Reserves of State banks and trust companies in own
vault increased $168,000, but there was a further
reduction of $532,000 in reserves of these same insti­
tutions kept in other depositories. The above fig­
ures for surplus are based on 13% reserves above legal
requirements for member banks of the Federal Re­
serve System, but do not include cash in vault
amounting to $55,092,000 held by the Clearing
House banks on Saturday last.

at this centre, the trend of quotations has seemingly
been toward greater and permanent firmness. On
Thursday afternoon a 6% quotation for call funds
was reported. This was the highest since last
February. It may be safely assumed that the bulk
of the loans that day were made at or about 5%.
The renewal rate was 4%. Yesterday it was 5%.
The calling of loans was reported on Thursday
and at one time it w*as said that between $4,000,000
and $5,000,000 was wanted in the loan department
of the Stock Exchange. The interesting point is
why were loans called. The Government with­
drawals were not specially large. The rush on
Thursday to get goods in at the old import rates
probably had a temporary effect on the local money
market. The customs payments at this port for
that day alone were said to have been $12,000,000
or more. The significant statement was made, on
the basis of reports received by the Association of
Railway Executives, that the railroads of this
country are moving more traffic than ever before
except in October 1920. This requires an unusual
amount of money, particularly as it is still being
done under abnormal conditions, on account of the
influence the coal and railroad strikes continue
to exert. The effects of those labor disturbances
arc being felt yet, and will be for some time. With
the passing of the strikes the business of this country
has further expanded, however. The handling of
the larger volume naturally has called for more
money. From now on it would seem reasonable to
expect that the financial district will be in greater
competition with industry, trade and commerce for
funds, than has been true for a long time. The
advance in bank acceptance rates from ?>Yz to 4%
at this centre could not fail to be regarded as another
indication of firmer money rates in this country.
Because of the wholly abnormal conditions that
have existed in both Germany and Austria for such
a long time, and which appear to be getting worse,
so far as their currencies are concerned, the advance
in the Bank of Germany and Austro-Hungary dis­
count rates could be regarded only as reflecting
conditions in those countries and in Europe generally,
but not on this side of the Atlantic. The failure
of the bonus bill relieves the Government of the
possibility of a terrible extra burden. It can now
take up definite refunding plans. The killing of
this unwise measure should be an important factor
in the general money market.

Referring to money rates in detail, loans on call
have covered a range during the week of 3H @ 6% ,
which compares with 4@5% a week ago. On Mon­
day the high was 4%, the low 3X
A % , with renewals
at 4%. Call funds again renewed at 4% on Tuesday,
the low figure, but before the close there was an ad­
vance to 5%. Wednesday, 5% was again the maxi­
mum quotation, but the renewal basis was 4}^%,
and this was the lowest for the day. Calling of
loans and an active demand for funds incidental to
the withdrawal of goods from bonded warehouses,
resulted in an advance to 6% on Thursday, although
the low and ruling figure was still 4)^%. On Friday
the range was 5 @ 5 Y % , with renewals negotiated at
5%. Brokers, however, regard the flurry as likely
to be only a temporary affair. The above figures are
for mixed collateral and all-industrial loans without
For the first time since the long period of what differentiation. In time money also a firmer ten­
have been termed abnormally low call money rates dency was noted and on Friday (yesterday) there was




an advance to 434@4%% for sixty and ninety days
and 4%@,5% for four, five and six months’ funds,
as against 434@434% and 434®4/4% last week.
This is ascribed to seasonal demands. A quite active
inquiry for money was reported and the volume of
business transacted was much larger than in recent
weeks.
Commercial paper rates are likewise higher and
sixty and ninety days’ endorsed bills receivable and
six months’ names of choice character are now quoted
at 434@434%, against 4@434%, with names not so
well known requiring 434%, as against 434@434%
the previous week. High grade names are finding a
ready market, with the bulk of the demand still
coming from out-of-town institutions.
Banks’ and bankers’ acceptances shared in the
general upward trend and a further fractional ad­
vance in spot quotations has taken place. Trading
was quiet, especially at the close, when the tightening
in the money market caused a falling off in the
demand. In the early part of the week local and
country banks were buyers of moderate amounts.
For call loans against bankers’ acceptances the posted
rate is now 4%, against 334% last week. The
Acceptance Council makes the discount rates on
prime bankers’ acceptances eligible for purchase by
the Federal Reserve Banks 334% bid and 3% %
asked for bills running for 150 days and 3?4% bid
and 334% asked for bills running for 30 to 120 days.
Open market quotations follow:
Prime eligible bills

SPOT DELIVERY.
90 Days.
--------- --------------- 3)^@3J^

60 Days.

30 Days3H © 3 M

FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks--------------------------------------------------------------------3H bid
Eligible non-member banks-------------------------------------------------------------- 3J£ bid

There have been no changes this week in Federal
Reserve Bank rates, as there were none last week.
The following is the schedule of rates now in effect
for the various classes of paper at the different Re­
serve Banks:
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT SEPTEMBER 22 1922.

Discounted bills maturing
within 90 days (tncl. mem­
ber Banks’ 1W-day collateral
notes) secured by—
Bankers'
Federal Reserte
Bank of—

San Francisco-------------

Agricul-

lances
Treasury
accep­ lice - stock
Other­ disc’ted tances
paper
notes and Liberty
for
wise
bonds
certifi­
maturing maturing
and
secured member within 91 to 180
cates of
and
banks 90 days
days
indebt­ Victory
notes unsecured
edness
4
4
4H
4X
4 'A
4M
4H
4X
4H
4J4
4M
4

4
4
4\i
4H
434

4H
434
434
4H
4H
4Y,
4

4
4
4H
4M
4H
4h
4X
4H
4H
4%
4h

4
4
4H
4)4
4H
4H
4K
4K
4\i
4H
4H

4
4
4H
4^
4H
4H
4H
4H
4H
4H
4H
4

4
4M
4M
4H
4H
4H
4H
4H
4M
4H
4

The sterling exchange market displayed an im­
proving tendency this week and following relaxation
in the tension caused by the upheaval in the Near
East, price levels moved up perceptibly. The quo­
tation for demand bills at no time went below 4 4134,
while in the latter part of the week there was an ad­
vance to 4 4334, on fairly active trading. That the
market is still to a very considerable extent domi­
nated by London was once more demonstrated by
the week’s movements. For a time the apparent
passing of the war scare and indications (as it then
seemed) that Turkey would in all probability comply
with the ultimatum of the Allies regarding invasion
of neutral zones, induced good buying and London
cable rates came sharply higher, which, as usual,



exercised a strengthening effect on local values.
Still later intimations that a peace conference was
to be called at which Turkish, Greek, Jugoslavian
and Rumanian representatives would adjust their
differences had a favorable influence and a larger
volume of business was transacted than for quite
some time. Operators who had been holding off
and limiting purchases to the barest routine re­
quirements were buyers of round amounts, while
covering by shorts also constituted a factor of
no little importance. In the final dealings, however,
there was a marked diminution in transactions and
the market relapsed into dulness. Quotations at the
same time tended slightly lower, all of which was due
to doubt as to whether the war cloud had in reality
passed. Rumors of a conflicting and unsettling
nature were placed in circulation and traders once
more withdrew to await the final outcome of the
present crisis.
Foreign trade returns of the United States for
August published this week attracted considerable
attention, inasmuch as it was claimed the results
shown partly account for the pronounced stability in
sterling during recent weeks. In addition to the
heavy coal import movement, it develops that im­
porters have been rushing shipments of commodities
to this country in an attempt to avail themselves of
the lower rates prior to enactment of the new tariff
bill. At the same time exports have been seriously
hampered by labor difficulties, so that America s
favorable trade balance is unusually small. How­
ever, bankers say that this factor has been thoroughly
discounted and is unlikely to have any further effect
on exchange values, for the present at least. How
far imports are likely to be curtailed under the new
Act is as yet problematical. Bankers regard the
final defeat of the bonus bill with a good deal of
satisfaction, on the ground that passage of this
somewhat hazardous measure would inevitably have
resulted in tying up large quantities of credit at
present available for use abroad and, therefoie,
likely to have a highly disturbing effect on foreign
exchange.
Referring to the day-to-day rates, sterling ex­
change on Saturday last was a trifle firmer and
demand bills ruled at 4 4234@4 43, cable transfers
at 4 4234@4 43)4 and sixty days at 4 41^4@4 4234;
trading was intensely dull and business almost at
a complete stand. On Monday nervousness over
the trouble in the Near East caused lower cable
quotations from London and selling orders which
in turn brought about a decline here to 4 4134®
4 41J4 for demand, 4 41^4@4 4234 f°r cable trans­
fers and 4 40)4@4 4134 for sixty days. Some
improvement was shown on Tuesday and on
more favorable European news, demand iccovered to 4 4134@4 42 9-16, cable transfers to
4 4134@4 42 13-16 and sixty days to 4 4034®
4 41 15-16. Wednesday’s market displayed a mod­
erate increase in activity, while quotations ad­
vanced to 4 4234@4 4334 for demand, 4 4234®
4 43% for cable transfers and 4 41%@/4 43 for
sixty days) intimations that the Allied loveis were
approaching an agreement on the fuikish war
situation were chiefly responsible for the strength.
Price levels were a shade lower on Thursday, so that
demand bills ranged between 4 4234 and 4 4334,
cable transfers at 4 42 34@4 4334 and sixty days
at 4 4134@4 4234. On Friday a slightly reaction­

ary tendency was noted with fractional losses on
what appeared to be doubts as to whether the war
threat was in reality removed; hence there was a
decline to 4 4134@4 42% for demand, 4 4134©
4 42% for cable transfers and 4 40%@4 413^2 for
sixty days. Closing quotations were 4 40% for
sixty days, 4 4134 for demand and 4 4134 for cable
transfers. Commercial sight bills finished at 4 4034>
sixty days at 4 39, ninety days at 4 37%, docu­
ments for payment (sixty days) at 4 3934, and
seven-day grain bills at 4 4034- Cotton and grain
for payment closed at 4 4034Comparatively little gold has been received from
Europe this week; only 17 boxes of bar gold on
the Celtic from Liverpool and 1 case gold bars
on the Drottningholm from Sweden, valued at
$106,000, and 27 cases of gold, valued at $9,900,000,
on the France from Havre, consigned to the American
Express Co. Miscellaneous amounts from South
American points included $31,800 on the Caracas
from the Dutch West Indies; 5 cases of gold on the
Panama from Central America; 3 packages on the
Mayaro from Trinidad; 1 case on the Huron from
Porto Plata and 25 bars and 2 cases gold on the
Baracoa from Colombia. The SS. Porto Rico
brought 5 kegs of silver coin, and the SS. Carrillo
from Cartagena, two cases of gold and 26 bars
of gold to various institutions and firms in this city.
In the Continental exchanges also there was a
better feeling, although recoveries were less marked
than in the case of sterling, a feature which is readily
explained by the underlying weakness in financial
affairs of most Continental countries, as contrasted
with the intrinsic soundness of Great Britain’s
economic and financial position. French exchange
continues to be one of the weakest features of the
list, and the quotation fluctuated irregularly, opening
at 7.60, declining to 7.50, recovering sharply to 7.67
in the later dealings on news of the lessening of the
crisis in the Balkans, then sagging again on fresh ru­
mors of political disturbances. Antwerp currency
followed a parallel course and sold down to as low
as 7.07, with a subsequent recovery to 7.2534
and a final recession to 7.17. Reichsmarks ruled
heavy throughout, responding only fractionally
to reports that a satisfactory adjustment on the
reparations tangle had been arrived at. It was
learned that the Bank of England had arranged
to come to the aid of the German Government in
meeting its obligations and that new terms, accept­
able to Belgium, had been agreed upon. The quota­
tion, which is a nominal affair, hovered around
0.0634 an(l 0.0734* Austrian kronen failed to
respond to advices that a European loan of consider­
able proportions had been virtually negotiated to
re-establish something more nearly approaching
normal business conditions in Austria, and the
quotation did not get above 0.0014. Lire exchange
also ruled weak, with a further decline to 4.1734 for
checks. Dealers, after a brief spurt of activity at
the middle of the week, were inclined to hold off and
limit their commitments, and the result was a dull
and listless market the greater part of the time. The
fluctuations that have taken place were due mainly
to the operations of speculative interests. Covering
of shorts was also a factor. Exchange on the Central
European countries was lower and at one time
Czechoslovakian crowns sustained a break of 23
points, though later recovering some of the loss.




Greek exchange suffered severely and it soon became
apparent that recent military disasters had so
impaired the position of the Greek Government as
to cause a cessation of the Administration’s efforts
to maintain a stable rate for drachma by means of a
consortium at Athens. Although trading in Greek
exchange in this market is almost nil, quotations,
after a break of 20 points to 2.15 at the opening of
the week, sank steadily until 2.00 was reached, which
is a loss of 115 points from the fixed rate prevailing
before the overwhelming defeat of the Grecian army.
The London check rate in Paris closed at 58.15,
as compared with 58.25 a week ago. In New York
sight bills on the French centre finished at 7.59,
against 7.59; cable transfers at 7.60, against 7.60;
commercial sight at 7.57, against 7.51 and commercial
sixty days at 7.54, against 7.53 last week. Closing;
rates on Antwerp francs were 7.17 for checks and:
7.18 for cable remittances, which contrasts with:
7.1734 and 7.1834 the previous week. Reichsmarks
finished at 0.07 5-16 for both checks and cable trans­
fers, in comparison with 0.06% last week, while Aus­
trian kronen closed at 0.0014 (one rate), against
0.0013 a week earlier. Lire finished the week at 4.19
for bankers’ sight bills and 4.20 for cable transfers.
This compares with 4.20 and 4.21 on Friday of last
week. Exchange on Czechoslovakia, after declin­
ing to 2.93, rallied and closed at 3.15, against 3.24;
on Bucharest at 0.67, against 0.62; on Poland at
0.00132, against 0.00141, and on Finland at 2.18,
against 2.16 last week. Greek exchange finished
at 2.05 for checks and 2.05 for cable transfers, against
2.35 and 2.40 a week ago.
As to the former neutral exchanges, Dutch and
Swiss currencies continued strong, at very close to
the levels of a week ago, but Scandinavian rates
moved irregularly, with a lower tendency. This was
especially true of Copenhagen remittances, which
broke about 32 points as a result of failure of one of
the largest private banks in Denmark and the
subsequent closing of the Copenhagen Stock Ex­
change. Swedish and Norwegian exchange were
about steady and Spanish pesetas practically un­
changed. The undertone was nervous and un­
settled and trading quiet and featureless.
Bankers’ sight on Amsterdam closed at 38.65,
against 38.66; cable transfers at 38.74, against 38.75;
commercial sight at 38.64, against 38.65, and
commercial sixty days at 38.30, against 38.31 last
week. Swiss francs finished at 18.68 for bankers’
sight bills and 18.69 for cable transfers. Last week
the close was 18.72 and 18.73. Copenhagen checks
closed at 20.81 and cable transfers at 20.86, against
21.18 and 21.23. Checks on Sweden finished at
26.48 and cable remittances at 26.53, against 26.37
and 26.42, while checks on Norway closed at 16.82
and cable transfers at 16.87, against 16.77 and 16.82
the week before. Final quotations for Spanish
pesetas were 15.27 for checks and 15.28 for cable
transfers, in comparison with 15.16 and 15.17 a
week ago.
As to South American quotations, although the
trend was still toward lower levels, actual changes
were confined to small fractions and the check rate
on Argentina finished at 3534, and cable transfers
at 35%, against 35% and 35% last week. Brazil,
however, lost ground, closing at 12.25 for checks and
12.30 for cable transfers, against 13% and 13.80 a
week ago. Chilean exchange was barely steady, at

The following table indicates the amount of bul­
13%, against 13.80, while Peru remained at 4 03,
lion in the principal European banks:
the same as last week.
Far Eastern rates were as follows: Hong Kong
S e p t. 22 1921.
S ep t. 21 1922.
57%@57%, against 57%@57%; Shanghai, 77%@ B a n k s o f — G o ld . | S ilv er.
T o ta l.
G o ld .
| S ilv er.
T o ta l.
78, against 77@77%; Yokohama, 48% @48%, against
£
£
1
£
£
1
£
£
........- 12S.417.297
- - 127,426,811 _______ 127,426,811 128,417,297
48%@49; Manila, 49%@49%, against 50@50%; England
France, a . 143,363.167 11,440,000154,803,167 142,981,829 11,080,000 154,061,829
832.000 52.017.000
. 50,111,430 1,198,250 51,309,680 51.185.000
Singapore, 51%@52, against 51%@52; Bombay, Germany
Aus.-Hun_ 10.944.000 2.369.000 13,313,000 10.944.000 2,369,000 13.313.000
124,886,000
99.985.000
24.901,000
25,779,000126.715,000
100,936.000
Spain____
29%@29%, against 29%@29%, and Calcutta, Italy
2.974.000 36.377.000
------- 34.616.000 3.077.000 37,693,000 33.403.000
856,000 51.353.000
731.000 51,227,000 50.497.000
Netherl ’ ds 50.496.000
12.249.000
29%@29% (unchanged).
Nat. Belg- 10.664.000 1.741.000 12,405,000 10.663.000 1,586.000 26.205.000
21.787.000 4,421,000
Switz’ land 20.293.000
Sweden__ 15.210.000
Denmark . 12.683.000
8,183,000
Norway . .

4.604.000 24,897.000
.............| 15,210,000 15,830.000,
230.000 12,913,000 12.642.000
.............1 8,183,000 8,115,000

......... 15.830.000
195,000 12.837.000

-------- 8.115,000
Pursuant to the requirements of Section 403 of the
51,160,250
636,095,658
586,450,126
49,214,000635,664,126
week 584,926,408
Emergency Tariff Act of May 27 1921, the Federal Total
Prev. week 584,932,362 51,190,050636,122,412 586,299,063 49,411,000635,710,065
Reserve Bank is now certifying daily to the Secretary a Gold holdings of the Bank of France this year are exclusive of £77,934.182
_______ _______________________
of the Treasury the buying rate for cable transfers on held abroad.
the different countries of the world. We give below PRESIDENT HARDING’S VETO OF THE SOL­
the record for the week just past:
DIER BONUS.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANK TO TREASURY UNDER EMERGENCY TARIFF ACT,
SEPT. 16 TO SEPT. 22 1922, INCLUSIVE.
Noon Buying Rate for Cable Transfers in Nets York.
Value in United States Money.
Country and Monetary Unit.

Sept. 16. Sept. 18. Sept. 19. Sept. 20. Sept. 21. Sept. 22.

S
$
S
S
S
S
EUROFE—
Austria, krone__________ .000014 .000014 .000014 .000014 .000014 .000014
.0724
.0718
.0723
.0718
Belgium, (ranc_________ .0717
.0713
.00631 .00645 .006442 .006417 .006283
Bulgaria, lev.................... .0064
Czechoslovakia, krone___ .032256 .03225 .032025 .030019 .03105 .031522
.2084
.2097
.2074
.2083
.2083
Denmark, krone _______ .2119
England, round.... .......... 4.4269 4.4156 4.4236 4.4329 4.4342 4.4192
.021688 .021838 .0218
Finland, markka________ .021613 .021638 .0217
.0766
.0759
.0765
.0754
.0761
France, franc. ___________ .0758
Germany, reichsmark___ .000661 .000663 .000676 .000705 .000711 .000707
.0229
.0204
.0215
.0207
.0226
Greece, drachma...... ........ .0236
.3872
.3874
.3878
.3866
.3862
Holland, guilder________ .3874
Hungary, kione________
.000399 .000401 .00041 .000403 .000406 .000397
.0424
.0419
.0423
.0420
.0417
.0420
Jugoslavia, krone_______ .003478 .003436 .003361 .003356 .003360 .003390
.1696
.1686
.1681
.1708
.1706
Norway, krone_________ .1681
Poland, Polish mark_____ .000142 .000139 .000132 .000128 .000132 .00013
.0483
.0478
.0462
.0482
.0492
Portugal, escuda________ .0485
.006647 .00G616
Rumania, leu___________ .006025 .006009 .006053 .0063
.013414 .013417 .013579
.0134
.013886 .0138
.1519
.1524
.1527
.1513
.1510
Spain, peseta___________ .1516
.2651
.2642
.2651
.2645
.2 38
.2645
.1870
.1870
.1868
.1863
.1S63
Swltzeilaud, franc______ .1872
ASIA—
.8054
.7992
.8025
.8008
.8033
.7975
.7988
.7942
.7925
.7958
.7967
“
Hankow tael_____ .7942
.7691
.7711
.7679
.7666
7698
"
Shanghai tael____ .7696
.8033
.8067
.8096
.8050
.805S
"
Tientsin tael......... .8075
.5713
.5703
.5711
.5716
.5707
** Hong Kong dollar. .5699
.5627
.5618
.5569
.5593
.5608
-• Mexican dollar___ .5610
“
Tientsin or Pelyang
.5763
.5750
.5725
.5708
.5733
.5671
.5704
.5721
.5713
.5700
.5700
•• Yuan dollar_____ .5688
.2865
.2863
.2S62
.2868
.2867
India, rupee_______ ____ .2876
.4812
.4816
.4811
.4813
.4823
.4833
.5163
.5167
.5167
.5183
.5163
•Singapore. S. 8. dollar___ .5167
NORTH AMERICA—
.999141 .999458 .999474 .999488 .999506 .999792
.998375 .998750 .998563 .999125 .998875 .9990
.48375 .482813
.482125 .48270S .48225 .4830
Newfoundland, dollar___ .996797 .997422 .997578 .997578 .997656 .997344
SOUTH AMERICA—
.8042
.8042
.8046
.7969
.8071
.8091
.1221
.1213
.1201
.1235
.1203
.1257
.7741
.7744
.7772
.7759
.7738
.7781
.1357
.1359
.1362
.1360
.1360
.1356
Chile, peso (paper)--------

The New York Clearing House banks, in their
operations with interior banking institutions, have
gained §4,567,034 net in cash as a result of the cur­
rency movements for the week ending Sept. 21.
Their receipts from the interior have aggregated
§5,466,034, while the shipments have reached $899,­
000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
Into
Banks.

Week ending Sept. 21.

Banks’ interior movement.................

Out of
Banks.

S5.466.034

Cain or Loss
to Banks.

$899,000 Gain S4,667,034

As the Sub-Treasury was taken over by the Fed­
eral Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government opera­
tions on the Clearing House institutions. The Fed­
eral Reserve Bank of New York was creditor at the
Clearing House each day as follows:
TlATLY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
UAXUJ.
nr.Ti’ A P m n TTOTTSE.
Saturday,
Sept. 16.

Monday,
Sept. 18.

Tuesday,
Sept. IS.

Wednesd’y, Thursday,
Sept. 21.
Sept. 20.

Friday,
Sept. 22.

Aggregate
for Week.

s
S
S
8
S
§
S
83.000.000 83,000.000 60,000.000 63.000,000 56.000.000 54,000.000 Cr. 404,000,000

the Federa , ■ .^
a3 t0 th2 results of the Reserve Bank’s operations with the
however, s
lnatitutlons. They represent only one side of the account, a3 checks
Clearing ^PJ^Tjgggrve Batik Itself are presented directly to the hank and never
g 'S S t W h the Clearing House.
_______




The expected veto by President Harding of the Sol­
dier Bonus Bill reached the House on Tuesday after­
noon, and in breadth of view, courage, firmness and
power of reasoning it goes beyond expectation. It
ought to be read by every adult in the country.
The President justly says the bill does not propose
to discharge an obligation of honor to ex-service men
(which must ever be paid) but to bestow a bonus
which the soldiers never expected wuile serving.
Most surely they did not expect this, because, as the
“Chronicle” has repeatedly pointed out, the insur­
ance bill of 1917 was meant and accepted as cover­
ing all moneyed obligation in advance. The Presi­
dent does not allude to this, although Secretary McAdoo, at that time, told a committee that the scheme
was “in lieu of all pensions hereafter.” Notwith­
standing, the “Chronicle” expressed doubt, at the
time, whether the heading off of pension demands
would be successful, and this bonus scheme justifies
the doubt. The pension is a perpetual raid. While
Mr. Cleveland was President Congress had a habit
of passing private pension bills in bunches, and he
vetoed them in great numbers, patiently looking up
the record and in many instances pointing out that
bills for the relief of the individual named had al­
ready been passed. The practice still continues. Only
last week the “Chronicle” referred to present activ­
ity, the Senate having run through, without debate or
thought, an “omnibus” bill on the 9th, increasing the
grants to “widows” of both the Civil War and the
War of 1812 and looking to an additional charge of
about 60 millions in the first year. With some 350
millions annually for Civil War pensions, nobody
can foresee the end or measure the total burden, nor
can we safely assume that even this raid, if success­
ful, would have ended the line of recurring assault.
The President says it is inevitable that pension de­
mands for World War veterans will come in course
of time, as for all veterans before them, and that this
“will cost more millions than I venture to suggest.”
The message does not remind Congress of some­
thing which should be self-evident, that the bonus
would lessen the country’s ability to discharge its
money obligations to the service men who suffered,
nor does it mention the many earnest protests, put on
that very ground, which have come from them; but
it summarizes the expenditures already being made
on their account: 510 millions in the current year,
plus 35 millions for hospital construction now in
progress; 470 millions estimated for the next fiscal
vear and a total probably in excess of 25 billions.
These figures speak eloquently, and they should be
satisfying proof that at least this republic is not un-

g r a te fu l.

L e t it be r e m e m b e re d , to o , th a t m e n d id n o t

g o to th e fie ld a s h ir e lin g s ; th e y fo u g h t fo r th e ir o w n
c o u n try

and

fo r

th e m s e lv e s , a n d

th o se

o f th e m

w ho

M arch

31.

w ith

sp o k e

sh am e a t

com rades

by

a s s e r tin g

th a t

7 D e m o c r a ts s to o d b y th e P r e s id e n t.

of

A m e r ic a n s ,

s h o u ld

fe e l

r e m in d e r t h a t “ th o u g h

un­

served

th a t a m a te r ia l b e s to w a l is a n o b ­
w ho

em erged

u n h arm ed ,

fro m

but

th e

great

p h y s ic a lly ,

con­

it

now

su p p osed
fo r

th a t

m oney

m any

and

w ho

are

so

em erged

th r e a te n in g

are

C on gressm en

w h o d e n y it to th e m ?

d o n o t h a v e th e c a s h , w e d o n o t b e lie v e in
m e e t th e

m ay

have

a ls o

fa c e

s itu a tio n , b u t h e re is

it

on

in

c r e d it

th e

72

v o te s

fo r

a ta x

le v y

o u r n o te , a n d

o n e -h a lf i t s

cu rre n t fis c a l y e a r

w o r t h .”

a d e fic it

a c tu a lly

w ith 3 to sp a r e .
w o u ld

v e to
A

w o u ld

d a te s sh o w s

our

over

b illio n s

to

of

E u rop e;

our

ow n

a ls o ,

in

M arch

are

p a ir s .a n d

absen t

p o s itio n ,

m u st

d e b t w ith in

le g is la tio n
tio n

upon

th a n

in

th e

th e se

s ta n d in g

fe w

e ffe c t

and

of

th e

r e c k le s s

fu tu re

of

w h ic h

can not

se n te n c e s,

th e

na­
be

p arap h rased :
“ T h is
tr u ly

is

a s th o u g h

on

th e lo a n s

e r n m e n t b o r r o w in g , a n d
of

p u b lic

paym ent

c r e d it.
is

le ss

on

w ere

I

c r e d it

m ade

in v o lv e s a

th a n

pay, and

w h ic h

“ I t is w o r th
fo u n d e d

n a tio n ’s

M oreover,

little

G o v e r n m e n t to
c ia l b a r te r

th e

th e

a

ju s t

as

d ir e c t G o v ­

dan gerou s

c e r tific a te

c e r tifie d

in v ite s

by

abu se

p la n

in a b ility

p r a c tic e

are

th e

am ong

appear

S e n a te

th e

to

have

o n ly

tw o

A s b e fo r e , th e a c tio n

m u st

bear

th e

bru nt

of

th e

p u b lic

anger

be­

c a u s e o f th e ir g r e a te r n u m b e r s , th e D e m o c r a t s c o u ld
d e fe a te d

th e

bonus

in

th e

S e n a te ,

w ith

N o th in g c a n b e a d d e d to th e c a se a s it n o w
The

N ew

Y ork

M c N id e r

w ill

go

hom e

but

of

c o n g r a tu la te d

M r.

France

post

is

th e
th e

q u o te d

A m e r ic a n

as

d e c la r in g

fo r

fo r

th e r ig h t

th e

even

fo r

w ron g.
if

th e re

te m p t an d

n o t th e
O ne

u n fo u n d e d

le g is la to r s

ju d g m e n t

is

w ho

can

an ger.

can

be

no

E very

th a t

have

and

v o te

per

th a t

sam e

th e

as

fig h tin g

has

in
at

fo r

an

ju d g m e n t,

b o th

d u ty

fe e lin g

w ho

fig h t

fig h tin g

m is ta k e n

m an

has

co n tra ,

resp ect

a g a in s t
o th e r

sta n d s.

L e g io n

P r e s id e n t;

on , b u t h e m ig h t re m e m b e r

m any

and

th a n

con­

d e file d

li i r n -

of

o f th e

o f fin a n ­

s e ll

w ith th is sc h e m e s h o u ld b e r e m e m b e r e d , a n d n o t

o n e s h o u ld e v e r g e t a n o th e r o p p o r tu n ity , th r o u g h
e le c tio n ,

c a n n o t s a n c tio n .

r e m e m b e r in g t h a t th e p u b lic c r e d it is

th e p o p u la r b e lie f in

in

th e b ill a s o n th e o r ig in a l v o te .

h on est

b o r r o w in g

w h ile

th o se
e ig h t

lic a n s

T h e r e h a s n e v e r b ee n a m o re fo r c ib ly p u t o r a m o r e
o f th e in ju r io u s

but
o n ly

N e w E n g la n d fu r n is h e d th e s a m e se v e n fo r

w a r m ly

sta te m e n t

and

th e tw o

fo r th e b ill

W e

n e x t s ix y e a rs.

needed

now ,

a b se n te e s,

ch anged.

v o te s reco rd ed

c a n n o t ju s t ly b e c a lle d p a r tis a n , fo r w h ile th e R e p u b ­

of over

w e

if th e

you

u tm o s t a llo w a n c e fo r a n y fu n d s to

advances

10

s u s ta in e d

o f th e H o u s e v o te o n

th a t som e 75

have

fr o m

w as

C o u n t in g in th e p a ir s , th e f u ll b o d y

c o m p a r is o n

v o te s to sp a r e .

r e fu n d

R e c k o n in g u p o n

v e to

s t ill h a v e th e th re e s p a r e v o te s.

h a sty

a fte r m a k in g
com e

th e

b e 5 8 fo r th e b ill a n d 3 5 a g a in s t it, a n d

6 5 0 m illio n s a n d a n o th e r d e fic it in th e n e x t y e a r , e v e n
th e

ca st,

th re e a b se n te e s w ith o u t p a ir s w e re c o u n te d fo r it th e

changed

A s th e P r e s id e n t te llin g ly p u ts it , th is b ill s a y s “ w e

to

th e

m e n ta lly
C an

be

17 D em o­

th e ir

m illio n s

a n d s p i r i t u a l l y r ic h e r f o r t h e g r e a t e x p e r i e n c e .”

c r y in g

th e la t t e r b o d y 2 7 R e p u b lic a n s a n d

c r a t s v o te d to r e -p a s s th e b ill, a n d 2 1 R e p u b lic a n s a n d

th o se

o n ly

In

a ls o

fo r

to

o v e r w h e lm in g ,

T h e to ta l S e n a te

dem an d s,

th e P r e s id e n t’s

not

s till

and

it is n o t to b e s a id

flic t

w as

a p p e a ls

d y in g g r a t it u d e is th e m e e d o f e v e r y o n e w h o

lig a tio n

m a jo r ity

b e g g in g

m is r e p r e s e n tin g
th e y

th e

v o te w a s 7 2 , 3 m o r e th a n in th e p a s s a g e v o te o n A u g .

h a v e b e e n b e s ie g in g W a s h in g t o n , th e s e m a n y m o n th s ,
u n m a n ly

23, but

th e v o te b e in g m o r e th a n 4 y 2 to 1 .

b e tra y

a

p u b lic

tru st

fo r

im a g in e d

re­
p r i­

v a te g a in .

of

N o w , le t u s ta k e e a c h h is p a r t o f th e s h a m e o f th is

p u b lic e x p e n d it u r e , a s w e ll a s t h e G o v e r n m e n t ’s a b i l­

th in g , a n d th e n tr y to b u r y it a n d fo r g e t it , a n d h o p e

ity to p a y .

.

.

.

To add

th e d e fe n s ib ility

to

o n e -s ix t h

o f th e to ta l su m

o f o u r p u b lic d e b t fo r a d is tr ib u tio n

a m o n g le s s th a n

th e w o r ld w ill f o r g e t it.

fiv e o u t o f 1 1 0 m illio n s , w h e th e r in s p ir e d b y g r a t e fu l
s e n tim e n t o r p o litic a l e x p e d ie n c y , w o u ld

u n d e r m in e

T H E

A N N IV E R S A R Y

lis h th e p r e c e d e n t o f d is t r ib u t in g p u b lic fu n d s w h e n ­
ever

th e

seem

proposal

p o litic a lly

and

th e

num ber

a p p e a lin g to

a ffe c te d

m ake

it

d o s o .”

is

to lig h te n

bu rden s

o f in c r e a s in g t h e m ; th is “ is th e p r o b le m

in s te a d

o f th e w o r ld ,

fo r w a r in fla t io n s a n d e x p e n d it u r e s h a v e u n b a la n c e d
b u d g e ts
w o r ld

and

added

to

is s t a g g e r in g

in d e b te n d e s s

under

and

m o r e t im e ly

th a n

u n til

th e lo a d .”

in d is p u ta b le th in g be s a id ?

th e

C o u ld

w h o le
a m ore

A n d w h a t c o u ld b e t r u e r

th e tw o

s e n te n c e s w h ic h

c lo s e

t h is c o u r a g e o u s a n d a d m ir a b le m e s s a g e :
“ T h o s e e x -s o ld ie r s w h o s e r v e d
and

are

to

r e p u b lic
th a t

n a tio n s

s tr a in e d
p u b lic
but

be so

in

th e
can

fr o m

open

ce n tu ry

s u r v iv e

th e

tre a su ry

ever

c o n s p ic u o u s
h a lf

is
to

lim its
lo c k e d
p u b lic

o n ly
of

in

so

g a lla n tly

th e

u s,

w here

m u st

ta x a tio n

o p p r e s s io n ,

a g a in s t

m e e t a ll e s s e n tia l o b lig a t io n s .

in

p rogress

b e fo r e

n e c e s s ity

T H E

F E D E R A L

The
sary

1 7 th

of

of

th e

th is

m o n th

c o m p le tio n

w as

o f th e

th e

c la s s
and

Such

w ar

o f th e
know
is

D ay”

w as

m e n tio n

c ity .

very

q u ie t

and

o f i t b e in g m a d e in

u n o b tr u s iv e ,

h a r d ly

th e jo u r n a ls

o f th is

T h r e e y e a r s a g o , t h e f i r s t c e le b r a t io n w a s h e ld ,

and

(a s

th e

“ C h r o n ic le ”

th e t im e )

q u ite a

a tte n tio n

to

it

by

to rs a n d c o u n ty

n o te d

w ith

n u m b er o f S ta te
p r o c la m a t io n , in

th e

le g is la tio n ,
prep ared

The

c h ie f

siz e

of

m e e tin g

th e

here

a u d ie n c e ,

a d v e r tis in g

and

fo r

w as

at

a s s e m b le d

to

m akes

O n W ed n esd ay

a

s u b je c t

u tte r ly

liv e

th e v e to w a s o v e r r id d e n

in t h e H o u s e , a n d in th e t w i l i g h t o f t h e s a m e d a y w a s
s u s ta in e d

in t h e S e n a t e .

T h e H o u s e v o te w a s 2 5 8 to

5 4 , th e to ta l n u m b e r b e in g 4 1




le s s

th a n

th e

and

any

th e

c la q u e

la c k in g

in

“ s h o w ” f e a t u r e s a n d in i n t e r e s t in th e u s u a l a c c e p t a ­
tio n o f t h a t w o r d , w a s v e r y n o ta b le .

to ta l

on

N o t le s s so w a s

th e e v id e n t c h a r a c t e r o f th e a u d ie n c e , th e s e r io u s a t ­
te n tio n

it

sh ow ed,

and

th e

d is c r im in a tio n

and

s in ­

c e r ity o f s ile n t r e sp o n se to th e sp e a k e r s , o f w h o m

and

c o n s titu tio n
a fte r n o o n

d ir e c ­

fo r it, a n d

C a r n e g ie ,

e m p h a tic

to

S ta te s,

w ith o u t

a ffo r d s

w h ic h

at

o v e r 2 0 ,0 0 0 m e e t in g s w e r e r e p o r t e d to h a v e b e e n h e ld .

a t t a i n .”

in

45

d ir e c to r s w e re a p p o in te d

and

p la c e

s a tis fa c tio n

E x e c u tiv e s c a lle d

and

a b id in g

a n n iv e r ­

re­

w here

a p o lic y

tio n
any

c h ie f o n e w a s fo r m e r S e n a t o r E lih u

su rer

1 3 5 tli

F e d e r a l C o n s titu tio n ,

a b e tte r c o u n tr y fo r w h ic h to fig h t , o r to h a v e fo u g h t ,
a

C O N ­

a n d a s i t fe ll o n S u n d a y th e c e le b r a tin g o f “ C o n s t it u ­

T h e m e s s a g e d e c la r e s w ith e q u a l p la in n e s s t h a t o u r
m o s t p r e s s in g p r o b le m

O F

S T IT U T IO N .

th e c o n fid e n c e o n w h ic h o u r c r e d it is b u ilt a n d e s t a b ­

w h o g o v e r n ,”
e r v a tio n
A t

stro n g e st

lik e

rem ark

R o o t.

w as

th a t

H is
a

th e

m ost

w r itte n

o u rs “ lim its th e p o w e r s o f th e m e n

th is b e in g “ th e v it a l t h in g in

th e p re s­

o f lib e r t y .”

th a t tim e M r . W ils o n

w a s te n a c io u s ly

to th e e x t r a o r d in a r y p o w e r s c o n c e d e d

c lin g in g

to h im , in

th e

e a r n e s t d e s ir e to p u s h

o n th e w a r w h ic h h a d a lr e a d y

b ee n n o m in a lly o v e r n e a r ly a y e a r .
of 1920, M r. C ox
m itte d

h im

in tr u s iv e
on

th e

s a id

e ith e r

and

or

c o s tly

in g ” a n d

tic k e t

th e su r fa c e
th e

w h ic h

to w a rd s

a

g o v e rn m e n t,

P r e s id e n tia l

scra tch e d

n o th in g

to

I n th e c a m p a ig n

s a id

d is tin c tly
le s s

and

w e

com ­

c e n tr a liz e d ,
h is

had

a s s o c ia te

“ o n ly

ju s t

o f s u c c e ssfu l n a tio n a l g o v e rn ­

G o v e r n m e n t “ m u s t in te r e s t its e lf m o re

our

la b o r in g

a d e q u a te e f f o r t is n o t m a d e
e ffo r t

cannot

governm en t
v isito r s

he

o f la w s ,
s a id

th is

c o u n try , I

n o t o f m e n ,”

h e w o u ld

try

to

and

to

m ake

w ant a

one

an

set of

“ a ll-s t a r ”

of

o n e -m a n

p la y

fo r

th e

in

th e

A fte r

beyond

tw o

w ro te , in

th e

years’

r e sid e n c e

r u le s

in

th e

su p rem e

in d iffe r e n c e

h ere,

D e

o f th e U n ite d

S t a t e s c o m p lie s w ith it ,

b e c a u se it is th e w o r k

o f th e m a jo r ity , b u t

he re g a rd s it a s a n in s tr u ­

th e u m p ir e is

r a c y se e m e d th e w a y o f e sc a p e fr o m

th e A m e r ic a n

p le te d its fir s t

p e o p le .”

ch osen

w ith

(a n d v e ry p r o tr a c te d )

h im

has com ­

r e g u la r se s s io n

a b s o lu t is m
fo r la w

T o c q u e v ille

1 8 3 1 , “ h o w e v e r ir k s o m e a n e n a c tm e n t m a y

c o lo r e d v ie w , th o u g h

th a t th e C o n g re ss

p r o p e r ly

m is u n d e r s ta n d in g .

A m e r ic a n g a m e a re in th e F e d e r a l C o n s titu tio n , a n d

N ow

if

is

govern m en t

m e n t to w h ic h h e is h im s e lf a p a r t y .”

th e

and

g re a te st e n ­

a c c o r d in g

r u le s ;

Such

The

b e c a u se it is h is o w n , a n d

th e

it .”

s c h o o l,

in te r e s t,

p u p il.

n a t i o n ,” a d d i n g t h a t th e r e is “ s o m e t h in g m o r e — p la y
to

o f o u r in s titu ­

n e u tr a liz e

th is e r r o r a r is e s in

b e, th e c itiz e n

“ th e

to

th a n

o r d in a r y

c o n s titu tio n a l

n o t o n ly

op p osed

th e

a b o u t it, a n d

tea m

and

b e tte r

(o r

of

in s t e a d o f a “ o n e -s t a r ” g o v e r n m e n t, t h a t h e w a s “ fo r
p la y ”

b e g in

c o m p r e h e n s io n

em y

s a id , “ I w a n t to h a v e d o n e

B o ls h e v is t ic

th e r e is n o th in g in th e d o c u m e n t w h ic h is b e y o n d th e

P er

p e r s o n a l g o v e r n m e n t in

S o c ia lis tic ,

tio n s , o u r G o v e r n m e n t a n d o u r s o c ia l s y s te m , if so m e

p re se n te d )

c o n tra , M r . H a r d in g

w ith

m a y e a s ily b e t h e c o m p le te o v e r th r o w

a n d m o r e ” in th e p r o d u c tio n a n d d is tr ib u tio n o f fo o d .

w ith

c la s s e s

a n d A n a r c h is t ic id e a s , th e c u m u la t iv e e ffe c t o f w h ic h

in

R a th e r a rose-

n a tu ra l to on e to w h o m

dem oc­

th e c e n tu r ie s o f

E u r o p e ; b u t if w e h a v e lo s t rev eren ce

t h a t is b e c a u s e w e le a v e th e m a k in g o f it to

a n d th e r e is , u n h a p p ily , v e r y lit t le in it s s in s o f c o m ­

m e r e p o litic ia n s , w h o s w e ll its q u a n tity u n d u ly a n d ,

m is s io n

by

and

o m is s io n

w h ic h

th o u g h tfu l

c itiz e n s

do

n o t fin d s o m e d if f ic u lt y in fo r g iv in g , w e s h o u ld d r a w
th e le s s o n , a s w e p r e s e n t ly p r o c e e d

an

ir r e s is tib le

c e s s o r ; it is o n ly b a r e ju s t ic e , to o , to n o te a n d r e m e m ­
b e r, th a t, in

im p r e s s io n s

th e P r e s id e n t w h o

o f g r e a t d iffic u lt y , it is

has been

fa ls e to

not

th e p le d g e s , n o t

it

p re se n ts

in s te a d
of

m o r e n o r m a l g o v e r n in g ,

o u ts id e

e n in g

a

s tu d y in g

th e

ta x

lo a d ,

and

m ore

n orm al

govern ­

To
th a t

th e

it

th e
th e

“ T im e s ”

M rs.

observan ce

G e rtru d e

of

A th e rto n

C o n s titu tio n

D ay

w r ite s

began

in

to

run

th o u sa n d s

dem agogue

of

its

and

q u a lity

it,

im p o s e d

and

(m o st

ta k e

as

th e ir

b e in g

s o m e th in g

c o m p r e h e n d in g it,

v a lu e

w ho

sp o u te rs

p r o te c tio n — a s

p e o p le

and

re sp e c t it, to

in g .

its e lf

fro m

str a in t

e n in g o f th e t a x lo a d , a n d a
of

te n d e n cy ,

A s fo r th e C o n s t itu t io n it s e lf , it s la r g e s t d a n g e r is

to ch oose its su c­

th a t

a s itu a tio n

n a tu ra l

dow n.

upon
we

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m ade

th em .

m ay

B y

le a r n

im p o r ta n t

of

to

a ll)

n o t to ta m p e r w ith it b y im p u ls iv e a n d h a s ty tin k e r ­
in g .

1 9 1 8 b y th e N a tio n a l S e c u r ity L e a g u e , its e lf fo u n d e d
in 1 9 1 4 , a n d th a t a c o m m itte e o f th a t o r g a n iz a tio n
now

tr y in g

la w

m a k in g

to

s e c u r e e n a c t m e n t in
m a n d a to ry

som e

every

d e fin ite

S ta te

is

T H E

of a

in s tr u c tio n

C E R T A IN

A m id

th e

s h o p m e n ’s

E N D

O F

c h a n g in g

“ s tr ik e ”

A

F A L S E

p o s itio n s

th e r e is

and

T E A C H IN G .
p o lic ie s

d is c lo s e d

of

th e

th e le g itim a te

u p o n th e g r e a t c h a r te r in a ll p u b lic s c h o o ls , a n d t h a t

r e s u lt o f th e te a c h in g

th is

p r o te c t s th e in d iv id u a l w o r k e r in h is o w n r ig h t s , t h a t

is

a lr e a d y

Is la n d ,

I llin o is ,

A s s o c ia tio n
in

a c c o m p lis h e d
Io w a

and

in

V e rm o n t,

M ic h ig a n .

The

R hode

N a tio n a l

fo r C o n s titu tio n a l G o v e r n m e n t, fo u n d e d

W a s h in g to n

in

1914

and

headed

by

D a v id

Jayne

m en

are

w hen

e le v a te d

th e y

are

T o

H ill, is s u e s a p o c k e t e d itio n o f th e d o c u m e n t, w ith a n

w ay

“ c e a s in g

in tr o d u c tio n

th e ir

M e r r ill E .

G a te s,

at

a

m e r e ly

nom ­

in a l p r ic e .
M ore
tio n
te r—

o n c e , th e “ C h r o n ic le ”

th e

its

tin c t

u n iq u e

great

se p a ra te

yet

dent

g u id e

its

in to

th e

“ c o u n t r y ,”

of

great

T h ere

fra m e rs,

a

its

no

cou rage
a

u n io n is m

and

pow er

stre n g th

o u ts id e

th e m ­

t h a t n o m a t t e r w h a t m e n d o in th e
to

e m p lo y e r s ,

d is ­

W e

se r v ic e ,

w o r k ,”

th e y

s e lf-r e ­

is

to

deny

are

th e

r e w a r d fo r m e r it.

a g a in s t
s till

th e

e n title d

in te r e s ts
to

of

th o se

se­

very

fo u n d a tio n

Y e t th is is a le g itim a te e n d o f

I t is n o t n o w a m a t t e r o f w a g e s a n d w o r k in g c o n d i­
tio n s w e d is c u s s .

A d m it , i f th a t is y o u r b e lie f, th a t

had

th e n

in

h a n d fu l o f fe e b le lit t le

c o lo ­

tio n fo r a r e s to r a tio n o f s e n io r ity r ig h ts o r p r iv ile g e s

c e r ta in

in s ta n c e s

th e se

are

w ron g.

n ie s , a lm o s t e x h a u s t e d b y th e ir lo n g s t r u g g le , y e t s u s ­

a f t e r t h e o v e r t a c t o f a “ s t r ik e ,”
by

je a lo u s

su p erm en , if

w e

of

m a s s e d a n d o r g a n iz e d s e lfis h n e s s !

p ic io u s

and

p r in c ip le

D o e s th is d e n ia l e le v a te th e w o r k ­

m a n o r d e g ra d e h im ?

prece­

th e ir

a s th e ir m o d e s ty .

m e r e ly

ch ar­

d e p a rtm e n ts,

w as

and

a tte n ­

th is

s im p lic ity ,

th re e

c o -o r d in a te .

s t r a in t is a s m a r k e d
no

h a s c a lle d

c h a r a c te r is tic s

b r e v ity ,

s u b d iv is io n

to

c la im

by

th ro u g h

n io r it y r ig h t s w h ic h d e p e n d o n le n g th a n d q u a lit y o f

th a n

to

of

d ig n ity ,

c o n t r o lle d

s e lv e s .

by

in

th a t p o w er

o f o n e a n o th e r.

m easu re

th e m

o u r o w n d a y , b u t s t r o n g in

by

The

fra m e rs—

th e p o lit ic ia n s

of

th e ir in te n s e se r io u s n e s s

h is

w ork

u n io n
and

been

has

been

a w a y fro m

ta k e n

to

a

ta k e n

p o s itio n

a fte r

out

th e fa v o r

T h is

of

co n te n ­

th e w o rk m a n

th e

fie ld

of

h is

o f h is e m p lo y e r , h a s

w h ic h

th e

R a ilr o a d

Labor

a n d t h e ir t r u s t i n a n o v e r r u lin g P o w e r — c o u ld h a r d ly

B oard

h a v e even d re a m e d o f th e n a tio n w e h a ve n o w b eco m e,

a r b itr a tio n n a w , is a c le a r c o n tr a d ic tio n b y th e w o r k ­

great

in

now , as

s iz e

th o u g h

th e little

m enaced

c o lo n ie s

by

d is p e r s iv e

A vere t h e n .

The

fa c to rs

fo u n d e rs

d r e w b r o a d lin e s o f fu t u r e a c tio n , a n d s to p p e d
H ow

m any

e d u ca te d ,

A m e r ic a n s k n o w

q u e s tio n ; h o w

and

th ere .

s e r io u s

th is d o c u m e n t e x c e p t b y in c id e n ta l

r e fe r e n c e s to it in

read

th o u g h tfu l

th e p r e s s , w o u ld

m any

re a d e rs o f th e

b e a n in te r e s tin g
C h r o n ic le ” h a v e

it e n tir e , o r h o w m a n y h a v e e v e n se e n it, w o u ld

be

can

a c tiv e in




th e w o rk

o f in o c u la tin g th e m a s s e s o f

and

th e p r iv ile g e s

u n in te r r u p te d

of an

te n u re

o ld

of

can he

m an, how

m a n , w ith

se r v ic e

to

a

h is

c r e d it.
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and

is h ly

he dem and

lo n g

in

“ a re fe v e r­

th e r e w a r d s o f h is
H a v in g v o lu n ta r ily

c o m e b a c k b u t a s a n eiv m a n , a n d a s a n e w

th a t

co u n try

to

se v e r e d h is c o n n e c tio n w ith h is e m p lo y e r , h o w

ity

th is

b e o u ts id e th e b e n e fits o f th e

m a n h im s e lf th a t h e is e n title d

a b o v e m e n tio n e d e s tim a te s

p erson s

to

o w n fid e lity a n d w o r k m a n s h ip .

a n o th e r. T h e A s s o c ia tio n
o v e r 3 0 ,0 0 0

h a s d e c la r e d

of

s e r v ic e

th e

ity te sts)

to th e r u lin g fa c t o r o f le n g th a n d q u a l­
(w itn e s s

o p p o s itio n

to

th e

e n fo r c e d

p i e c e -w o r k

and

e ig h t-h o u r

day

q u a n t it y -q u a l­

c o m e s to it s lo g ic a l c o n c lu s io n in r e s is ta n c e

to th e a p p lic a tio n
ta k e s

aw ay

h im s e lf,

o f s e n io r ity r u le .

fro m

th e m a n

th ro u g h

and

by

h is

T h u s th e u n io n

ow n

h is

r ig h t to

in d iv id u a l

advance

e ffo r t.

R U R A L

T IO N A L

s u r r e n d e r s h im s e lf a n d h is fu t u r e a s w e ll a s p r e s e n t,
to

an

o r g a n is m

w ith in

o u ts id e

h im s e lf,

and

one

in c a p a b le

it s e lf o f p e r fo r m in g a n y s e r v ic e u n d e r th e se ­

n io r ity

r u le

and

p r in c ip le .

T h at

th e

te a c h in g s

of

u n io n is m

h a v e p r e v a ile d to th is e x t e n t s h o w s t h a t th e

w orkm an

h a s fo r fe ite d

a s th e u n io n
he

m ay

fo r

m ay procu re

procu re

fo r

th e sa k e o f su c h

A

P R O B L E M

F a r m e r in

N A ­

h is v a r io u s p o lit ic a l a n d

e c o n o m ic a l r e la tio n s is ju s t n o w
a b le a tte n tio n .

O F

Though

a t t r a c t in g c o n s id e r ­

w e h a v e d e a lt w ith

th e su b ­

je c t tw ic e r e c e n tly , th e r e is o c c a s io n f o r t u r n in g to i t
on ce m ore.

b e n e fits

T h e f a c t t h a t n e a r ly o n e -h a lf o f t h e n a t io n a l p o p u ­

h im

th e c h ie f b e n e fits

la t io n , o r e x a c t ly 5 1 ,3 9 8 ,1 4 4 , i. e . 4 8 . 6 % , i s c la s s e d b y

h im s e lf,

and

he

th e

a lo n e .

C o u ld

if n o t “ in v o lu n ­

t a r y s e r v itu d e ” ?

its e lf?

T h e A m e r ic a n

A S

P R O S P E R IT Y .

fo r

th e r e b e a c le a r e r c a s e o f u n w it t in g

W h a t is

C O N D IT IO N S

H e

C en su s

of

1920

tio n , m a k e s its life
n ia l in te r e s t.

th e r e s u lt o f th is t e a c h in g u p o n

in d u s tr y

I f a m a n w o r k h a r d e r , lo n g e r a n d m o r e s k ill­

th e la n d

is

The

to

c o m p o s in g
situ a tio n

fir st

care

O r g a n iz a tio n s

as
and

im p u ls e

p r im a r ily

and

th e
a

r u r a l p o p u la ­

m a tte r o f p e ren ­

of m en

fo r

s e ttlin g

p erson al

s o c ia l r e la tio n s

on

in te r e s ts .

w ill c o m e in

due

f u lly th a n a n o th e r , o b ta in in g a ll th e e m o lu m e n ts im ­

tim e , o r m a y

p lie d in

“ s e n io r it y ,” is n o t p r o d u c t io n in c r e a s e d

f a c t o r is th e c h ie f e le m e n t in s u c h p r o b le m s a s a r is e .

gen eral

p rogress

a c c e le r a te d ?

If

c u ts th e c a b le w h ic h b in d s h im

a

m an

and

s u d d e n ly

to th is b e n e fit, c a n h e

The

be

r e a c tio n

g a n iz a tio n

a cc e p te d

fr o m

th is

and a new

as

is

th e y

to

are;

th e

person al

o v e r -e m p h a s is

c o n fid e n c e in

upon

c o m b in e d

or­

a c tio n

s p lic e i t a g a in b y a m e r e r e tu r n to w o r k , w ith o u t d e ­

a n d th e m a c h in e r y o f s o c ie t y fo r s e c u r in g w h a t m a y

s tr o y in g th e p o s itio n a w a r d e d to e v e r y o th e r fa ith fu l

be

w o r k m a n a n d e m p lo y e e b a s e d u p o n th e s a m e c o n n e c ­

w h ile

tio n

m an

and

p r in c ip le ?

H ow

can

u n io n is m

in th e in te r e s t o f th e w o r k m a n

h im s e lf?

m a n a s w e ll a s a w o r k m a n ?

ju s tify

th is

Is he not a

Is he not a w orkm an as

d e s ir e d .

s o c ie ty ,

I s h e to s a c r ific e h is

b e in g

th e

th e

u n io n ?
not

h im s e lf

to

d ic ta te s

of

C a n he d o s o a n d r e m a in a fr e e m a n ?

th e

u n io n

su sta in

th e s e n io r ity

r u le in

th e

M u st

o r d e r to

p r o te c t h im ?
Too

th e

c o n v ic tio n

th e

n a tu ra l

th e

hum an

nor

fo r a ll.

So

situ a tio n

have

begun

to

s ib le a n e w

it

need

c o m e s to
th e

r e c e iv e

p ass

c o n tin u a l
and

w h ic h

th a t th e fa c ts
stu d y

it

c le a r ly

ap pears

fr o m

th is

d e v e lo p ­

n u m e r a b le n e w

books.

tio n

is

th ey

and
it

p r o fe s s

to

serve

Y e t it is ju s t th is
th ro u g h

o r g a n iz a ­

A n d it is ju s t h e re th a t th e o p e n s h o p s e p a r a te s
th e c lo s e d
p r o v id e s

th e lin e s .

sh o p .
fo r

T h e shop

c o m m itte e ,

c o lle c tiv is m ,

but

or open

a lw a y s

in s id e

It

c u t th e

m ay

c a b le

b u t s u c h a “ s t r ik e ,”
o f s e n io r ity )
e m p lo y e r

is

b e tru e th a t in

o f s e n io r ity , o r

c e r ta in

cases

s e r v ic e -b e n e fit,

(u n le s s it b e o v e r s o m e q u e s tio n

a c o n te n tio n b e tw e e n e m p lo y e e s a n d

o r e m p lo y e r s , a n d

w hen

th a t d iffe r e n c e is

s e ttle d fo r m e r r e la tio n s a r e r e s to r e d , a n d th e r e is n o
q u e s tio n

b e tw e e n n e w

o r g a n iz a tio n

of

p r e s u m a b le

in s id e

th e

th a t

m e n a n d o ld m e n so f a r a s th e

w orkm en

fa ir ly

and

a

case

is

th a t

s h o p -c o m m itte e
a ll w ill s e ttle

th e

con cern ed,

fo r

in

su ch

a

p la n

w ill

s tr ik e

g r ie v a n c e

it

is

s itu a tio n

and

a

a ll

or none,
re tu rn

or

becau se it

m a ster

of

th e

p r o b le m s w h ic h

pos­

th e l a t e s t ,*
s u b je c t ,

now

w itn e s s e d

in

in ­

T o o n e o f th e se w e c a ll a tte n ­
a n d , b e s id e s

bears

upon

th e

b e in g

by

e c o n o m ic

p r e s s u p o n th e a tte n tio n

o f th e

The

d iv is io n

o f th e

s u b je c t w h ic h

th e

a u th o r p re ­

s e n ts is so c o m p le te a s to m a k e r e fe r e n c e f o r s p e c ia l
in fo r m a tio n

sa tis fa c to r y

a n d e a s y ; th e fa c ts a n d th e

a u th o r itie s lie to h a n d .
M o v e m e n ts
ic a l

of

S o c ie ty a n d R u r a l L i f e ; T h e

R u r a l P o p u la tio n ;

C o n d itio n s ;

T enan t

d u c tio n , M a r k e t in g

H e a lth

F a r m in g

and

and

C o -o p e r a t io n ;

and

P h ys­

L abor;

P ro­

F arm ers

and

P o lit ic s ; T h e R u r a l S c h o o l a n d T h e C h u r c h ; D e c lin ­
in g V illa g e s
ress,

and

and

th e R u r a l P o p u la tio n ; R u r a l P r o g ­

C o m m u n ity

B u ild in g ,

are

som e

of

th e

th e m e s w h ic h a r e s e t fo r th w ith fr e q u e n t a n d s u g g e s ­
tiv e c o m m e n t.

none.

W e c a n o n ly c a ll a tte n tio n to a fe w o f th e c h a p te r s .

N o t o n ly
dered

in to

c e r ta in

h a v e w o r k in g m e n
th e

k e e p in g

in v a lu a b le

of

a s in d iv id u a ls

th e

person al

u n io n

r ig h ts

su rren ­

o r g a n iz a tio n s

and

p r iv ile g e s ,

b u t th e y h a v e su r r e n d e r e d th e p o w e r s th a t a c c r u e to
sh op

u n io n s , w h ic h

th a n

th o s e w h ic h se e m

o u ts id e

u n io n s .

are

The

o fte n

if

not

to a c c r u e to
te a c h in g o f

e s s e n tia l e le m e n ts o f w o r th y a n d
w h ic h

w e

have

m e n tio n e d ,

a

a lw a y s

d is r e g a r d

now

are

so

m any

in

w eak n ess
so m u ch

in d is c r im in a te

in te re sts b ro u g h t to g e th e r in

th e

s e n io r ity is to fo r ­

o f p o s it io n in b e h a lf o f th e v e r y c o lle c t iv is m
T h ere

o f th e

r e w a r d a b le s e r v ic e

f e i t it a t p le a s u r e , is fo llo w e d b y a c e r ta in

v a u n te d .

g r e a te r

th e fe d e r a tio n o f

c u lm in a tin g

c o n te n tio n th a t th e w a y to a tta in

and

m akes

T h is h a s b e­

b u s in e s s w o r ld .

I t d o e s n o t lo s e c o n ta c t w ith e m p lo y m e n t

e m p lo y e r .

m a y

th e y

d e p a r tm e n t in s o m e 2 5 0 o f o u r h ig h e r in s titu tio n s o f
le a r n in g , a n d it s im p o r ta n c e is n o w

sh op ,

of

w h ic h

to -d a y

s c ie n c e o f R u r a l S o c io lo g y .

s ig h t o f th e in d iv id u a l in th e m a s s .

fro m

hu­

stru ctu ra l

th e m s e lv e s s u ffic ie n t, b u t th a t a c a r e ­

m e n t o f th e s h o p m e n ’s s tr ik e , th e u n io n le a d e r s lo s e

tio n .

th e

th a t,
of

c o m e a m o v e m e n t w h ic h a lr e a d y h a s c r e a te d a s p e c ia l

m uch ,

in d iv id u a l

grow s

product

fu l p e r fe c tin g o f b o th is n e c e s s a r y to p e r m a n e n t w e ll­

pow er

advance

are

n e ith e r

fa c to r s a r e in

w e ll a s a m e m b e r o f th e u n io n ?
to

E v e n t u a lly

o rg a n iz a tio n s

th is

r ig h ts

fe d e r a tio n

of

I n th e d e v e lo p m e n t o f r u r a l in te r -c o m m u n ic a tio n a n d
o f th e c o n n e c tio n

o f th e fa r m

w ith

th e to w n , th e im ­

p e r a tiv e im p o r ta n c e o f g o o d r o a d s , b o th fo r th e fo o d
s u p p ly a n d th e g e n e r a l h e a lth , is e m p h a s iz e d a n d th e
e x te n t o f th e n e w

m o v e m e n t to se cu re th e m

F e d e r a l p r o v is io n to w a r d
to

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s tim u lu s

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is

to

is s h o w n .

th is h a s a lr e a d y a m o u n te d
c h ie fly

v a lu a b le

lo c a l e ffo r t, w h ic h

o f th e G o v e rn m e n t.

fo r

th e

w ill

C lu b s a n d

su ­

asso­

c ia tio n s to p r o m o te r o a d b u ild in g a r e to b e fo u n d o n
a ll s id e s , a n d S t a t e a ft e r S ta te is fa llin g in to lin e fo r
r o a d im p r o v e m e n t o n a la r g e s c a le .

In

1 9 1 0 C a lifo r ­

n ia is s u e d f o r t h is p u r p o s e b o n d s f o r $ 1 8 ,0 0 0 ,0 0 0 ; in
1912

N ew

s h o p c r a ft s t h a t th e c r a ft s th e m s e lv e s lo s e th e p o w e r

I llin o is

Y ork

fo llo w e d

a u th o r iz e d

an

w ith

$ 1 0 0 ,0 0 0 ,0 0 0 ; in

e x p e n d itu r e

of

1918

$ 6 0 ,0 0 0 ,0 0 0 ,

o f d e fe n s e , th e p o w e r to a d ju s t w a g e s o n th e b a s is o f

a n d P e n n s y l v a n i a $ 5 0 , 0 0 0 ,0 0 0 ; i n

s k ill, a n d th e p o w e r to c o n tr a c t o n th e lin e s o f le g iti­

a t i o n s w e r e M i n n e s o t a $ 1 0 0 ,0 0 0 ,0 0 0 , K a n s a s a n d M i s ­

m a te

sou ri each

and

p e c u lia r e n d e a v o r

c e r ta in ly “ s e n io r ity ”
a s le n g th

and

q u a lity




o r p ro d u c t.

A n d

m ost

c a n n o t ig n o r e th e k in d , a s w e ll
o f s e r v ic e .

$ 6 0 ,0 0 0 ,0 0 0 ,

and

1 9 2 0 th e a p p r o p r i­

V ir g in ia

and

W est

V ir -

*“Rural Sociology,” by Prof. John M. Gillette of the University of North
Dakota. Macmillan.

g i n i a e a c h $ 5 0 ,0 0 0 ,0 0 0 .
d ir e c tio n s
m eans

upon

at

T h e b e a r in g o f th is in

th e c o u n tr y

once

w id e r

m a r k e tin g ,

d o m e s tic , a n d in c r e a se d

to

th e ir

o c c u p a tio n .

in

m a k e -u p ,

In

is

m any

e v id e n t.

fo r e ig n

as

It

w e ll

1 9 1 0 , fo r

s itu a tio n

e x a m p le ,

o n ly

and

th e ir

liv e d

in

r u r a l c o m m u n itie s , a n d

le s s t h a n 2 ,5 0 0 r e s id e d in

th e S o u th .

Then

o f th e se
th e re a re

th e “ C o t to n B e lt ,” th e “ B la c k B e lt ,” th e “ C o r n B e lt ,”
a n d , b e s id e s th o s e w h ic h
The

F arm

V illa g e

m a y b e c la s s e d

C o m m u n itie s

in

c r e a tin g

S in g le

a

new

c o n te n tm e n t

ste a d y

co u n try

g ro w th
has

o f th e

lo n g

c itie s

been

at

th e

w ith

exp en se

r e c o g n iz e d .

k n o w n t h a t th e v illa g e s s h a r e th is lo s s .

It

1910.

s u ffe r e d

is

2 ,5 0 0 in ­

a lo s s o f p o p u la tio n

W h ile th e u r b a n p o p u la tio n g r e w fr o m

o f th e t o t a l in 1 8 9 0 t o 5 i y 2 %

in

of

now

T h e la s t C en ­

s u s s h o w s t h a t o f 1 1 ,5 8 1 p la c e s o f le s s t h a n

sin c e

3 5 ^ %

1 9 2 0 , th e r u r a l p o p -

la t io n , i n c lu d in g v i lla g e s o f le s s t h a n 2 ,5 0 0 , f e l l f r o m
6 4 Y2 %

o f t o t a l in 1 8 9 0 to 4 8 y > %

in 1 9 2 0 .

V a r io u s c a u se s a re a s s ig n e d to a c c o u n t fo r th is , in ­

to g e th e r a s

U ta h , th e

is

h a b ita n ts , 3 6 ^ %

about 2 8 %

o f th e m o r e t h a n 1 3 ,0 0 0 ,0 0 0 f o r e ig n -b o r n r e s id e n t s o f
th e n a tio n

it

life in th e m in d s o f th e y o u n g p e o p le .

The
th e

r u r a l c o m m u n itie s , a c ­

th e ir

M in n e s o ta ,
fa r m

as

p r o d u c tiv ity .

T h e r e is g r e a t d iv e r s ity
c o r d in g

a t la r g e

e lu d in g la c k o f a m u s e m e n t fo r th e y o u n g , th e a t t r a c ­

C e n tr e C o m m u n ity in O r e g o n a n d th e o c c a s io n a l C u l­

tio n o f to w n a n d fa c to r y life , a n d th e g r o w th o f r e ta il .

tu ra l

tr a d e a n d d e p a r tm e n t s to r e s d e s tr o y in g v illa g e tr a d e .

C o m m u n ity ,

th e re

is

th e

O pen

C o u n try

C om ­

m u n ity , th e p r e v a ilin g A m e r ic a n ty p e , in w h ic h th e r e

T h e a m e n itie s o f life

a r e 2 5 6 ,0 0 0 s c h o o l b u ild in g s , m a in ly o f t h e “ lit t l e r e d

a c c o u n t fo r m u c h , w h ile th e r is k s a n d lo s s e s a r e lit t le

s c h o o lh o u s e ”

regarded .

ty p e , w h ic h , w ith

a re th e c o m m o n fe a tu r e .

th e

s o lita r y

ch urch ,

B u t w ith a ll th e se v a r ie tie s

be

m ent can

ra l L ife .

V illa g e

T h ese are

p o p u la tio n
com m on

upon

fu n d

(1 )

th e

of

th e d ir e c t d e p e n d e n c e o f th e

p h y s ic a l

in te re st

e n v ir o n m e n t;

and

of

k in d , i. e. o f a ll b e in g f a r m e r s ;
e n ce u p o n th e fa m ily
in te r e s t in

a com m on

se n t th e ir life a n d
gran ge,

and

e tc.

a

c o n s c io u s n e s s

(3 )

in te n se

th e h o m e ; a n d

of

s p e c ia l

ce n tre o f w h a te v e r m a y

rep re­

c o m b in e

to

m ake

th e

r u r a l e le ­

T o th is v a s t c o m m u n ity th e s c h o o l s t a n d s in a s p e ­
c ia l

r e la tio n

w h ic h

t o -d a y

it

m eans

m a in ta in in g .

The

q u ir e d

s u r p r is e d

n a tio n

th e

is ,

te s tin g

D e s p ite th e te s tim o n y

in te llig e n t

c la s s e s

in to

m uch even

w h ic h

not

not

fu r n is h in g

q u ir e d

by

s m a l l o n e -r o o m
or

tw o

th e

th e y o u th

and

a

th e

to

th e

of

of

th e

m aps,

e d u c a tio n

la n d .

w ith

It

is

a

fa r le s s .
4 .0 0 0

In

s c h o o ls .

N o rth

su p p osed

to

o n ly

re­

t io n s a n d g r e a t ly h e lp

p u p ils

or

new

m e th o d s

of

th e v illa g e s .

a le n c e

o f r iv a l in te r e s ts ,

lo w s h ip
lo n g

and

n e g le c t w h ic h

s lo w .

E s p e c ia lly

h e c o u ld

th e la c k

r e c o g n itio n

sa id

of a

ren d ers
m u st

of

change

new

c o m m u n ity

com m on

g o a l, a n d

o f h a b its

w a n ts

be

a lw a y s

c re a te d .

o f th e n a tiv e r u r a l M is s o u r ia n

b e in d u c e d to

get dow n

fr o m

fe l­
th e

th e

fe n c e a n d 1

fo r

her

m e rch a n ts

s e e k in g

b u s in e s s

o u ts id e

th a t r ic h ly e n d o w e d S t a t e ; th e r e w o u ld b e a b u n d a n c e
at hom e.

T h a t d a y h a s lo n g g o n e b y , a n d

e s p e c ia lly

w est of

a new

a c tiv ity

th e

b o th

M is s is s ip p i,

has

o f th o u g h t an d

r u r a l life ,

aw akened

a c tio n .

m a y p e r h a p s b e ta k e n a s a t o n c e th e illu s tr a tio n a n d
th e e x e m p la r .
T h e c lo s in g c h a p te r s o n D e v e lo p in g R u r a l L e a d e r ­
sh ip ,

M itig a tin g

R u ral

Is o la tio n ,

and

C o m m u n ity

tea ch er.

d ic a te th e s u b s ta n tia l g r o u n d s fo r e n c o u r a g e m e n t a s

th e

o f th e

to

p o s s ib ility

of ru ral

advance.

In

th is

th e

m en

e q u a lly
th o se

th o se w h o
w ho
O nce

d ir e c t th e flo w

g u id e

lo c a l

arou sed ,

o p in io n ,
th e

o f c a p ita l, a s w e ll
h a v e th e ir

f a r m e r ’s

v o te

op por­

tu n ity .

1 5 0 s c h o o ls h a v e o n ly 6 o r le s s .

fa r m e r ’s in te llig e n t a c tio n m a y b e d e p e n d e d u p o n .

a t la r g e

in

o f f ic ia l p o s it io n o r o f in flu e n c e in p u b lic a f f a ir s , a n d

M a in e a s

in

th e la n d

to

K an sas

1 .0 0 0 s c h o o ls h a v e o n ly 1 2 p u p ils o r l e s s ; in V i r g i n ia
In

It

th a t if

B u ild in g , p o in t o u t th e s o u r c e s o f b e tte r m e n t, a n d in ­

a tte n d

le s s ;

and

R u r a l p r o g r e s s w ill b e d iffic u lt b e c a u se o f th e p re v ­

a

T h e a c tu a l a tte n d a n c e is

10

S o c ie ty

b etter- !

H o u s e , th e

p a id ,

p o o r ly

D a k o t a , fo r e x a m p le , 4 8 %

s c h o o ls h a v e

sto ck

g e n e r a lly

are

perm anen t

C o m m u n ity

c e s s ity

a b la c k b o a r d

s in g le

th e

re­
our

t o -d a y

a n d little re g a rd e d

c h ild r e n

o n e -r o c im

of

T h e is o la te d d is t r ic t s c h o o l

k in d

Som e

1 9 5 .0 0 0

w ar

c o n d itio n

u s u a lly p o o r ly e q u ip p e d
6 ,0 0 0 ,0 0 0

Im p ro v em en t

to w a rd

in

w e a r s to c k in g s a n d s u s p e n d e r s th e r e w o u ld b e n o n e ­

o f th e C e n s u s , th e

aw ake

b u ild in g , w ith p o s s ib ly

fe w

th e

e x te n t

ste p s

no

by

o f o u r n a tiv e A m e r ic a n

h a s fa lle n in te lle c tu a lly .
is

w h ic h

w ith

illite r a c y .

w ere

u n h a p p ily ,

and

be ob served

once w as

its e lf.

so n u m erou s,

c o -o p e r a tio n in b u s in e s s w h ic h a p p e a r in m a n y d ir e c ­

depend­

(4 )

th o u g h t, th e c h u r c h , th e c lu b , th e

T h ese

m e n t a b o d y in

(2 )

th e to w n , n o w

T h e n e e d s o f th e c o u n tr y a r e b e g in n in g to

a p p r e c ia te d

th e re a r e fo u r d is tin c tiv e fe a tu r e s c o m m o n to a ll R u ­

in

and

th e

m a n y th o u sa n d s o f th e se sch o o l h o u ses h a v e sto o d so

K n o w le d g e o f th e fa c ts o f th e s itu a tio n is th e fir s t

lo n g v a c a n t th a t th e y o u g h t to b e e n tir e ly a b a n d o n e d .

ste p to w a r d a s u c c e s s fu l o v e r c o m in g o f e x is tin g d iffi­

The

sh o rtn e ss

g r e a t e v il.

In

of

th e

m any

u su al

r e g io n s

sch ool
th e

year

is

c h ild r e n

e r a te ly w ith h e ld a n d th e s c h o o l te r m

average

le n g th

of

s c h o o ls o f th e U n ite d
d is tr ic ts it is
a n d o fte n
th e

o n ly

th e

no

in

tw o

o r th ree m o n th s

in

H ere

is

a d e q u a te

c o n n e c tio n

ru ral

th e y e a r ,

e x p la n a t io n

of m uch

F u r th e r m o r e , th e re

b etw een

th e

te a c h in g

is l i t ­

and

th e

d a ily life o f th e p u p ils , c o n s e q u e n tly it a w a k e n s lit t le
in t e r e s t in i t s e lf o r o n th e p a r t o f th e h o m e .
In

d iffe r e n t s e c tio n s o f th e c o u n tr y a n d in v a r io u s

w ays

e ffo r t

tio n s .

b u ild in g s
a lr e a d y
g iv e s

is

now

m a k in g

C o n s o lid a tio n
and

passed

p r o m is e

W h ere

b e tte r

of

te a c h in g

beyond
of

c a r r ie d




to

change

th e se

th e

im m e d ia te

in to e ffe c t in

s c h o o ls
m ay

be

th e se

c o n d i­

th a t

b e tte r

p r o v id e d

e x p e r im e n ta l
and

sta g e

im p o r ta n t

th e o p en

c u lt ie s a n d f o r w a r d in g th e n e w a n d p r o m is in g m o v e ­
m ent ; and

to th is ta s k

P r o fe s s o r G ille t t e ’s b o o k w ill

b e f o u n d t o b r i n g v a l u a b l e h e lp .

In 1910

th e

th e e n r o lle d c h ild r e n a t t e n d le s s t h a n h a lf

se ss io n .

or

te rm

S ta te s w a s 4 6 y 2 d a y s ; in so m e

o f th e n a tio n ’s illite r a c y .
tle

sch ool

a

d e lib ­

m in im iz e d t h a t

th e c h ild r e n m a y b e e m p lo y e d in d a ily la b o r .
th e

a ls o

are

has
and

r e s u lt s .

c o u n tr y , a s in

ffiurreut Events and pscussimrs
WEEKLY RETURN OF FEDERAL RESERVE BANKS.
Liquidation of about $70,000,000 of Treasury certificates,
mainly of tax certificates matured on Sept. 15, as against
increases by $11,800,000 of other Government securities and
by $52,300,000 of discounted and purchased bills, is shown in
the Federal Reserve Board’s weekly bank statement issued
as at close of business on Sept. 20 1922, and which deals with
the results for the twelve Federal Reserve banks combined.
Deposit liabilities declined by $18,300,000, while Federal
Reserve note circulation increased by $5,100,000. Total
cash reserves show a reduction of $7,600,000, of which
$5,400,000 represents a decrease in gold holdings. The re­
serve ratio for the second week in succession remained un­
changed at 78.3% . After noting theso facts, the Federal
Reserve Board proceeds as follows:
Government operations during the week included the redemption o f the
bulk o f $362 ,50 0,00 0 of tax certificates maturing on Sept. 15, paym ent of

semi-annual Interest on the maturing certificates and on the Third Liberty
Loan bonds, collection of the Sept. 15 Installment of income taxes and the
issuance under the same date o f $ 2 2 7 ,0 0 0 ,0 0 0 of one-year tax certificates.
The effect of these operations on the resources of the system is seen in a
reduction of the holdings of Treasury certificates, reported chiefly by the
Boston, New Y o rk , Cleveland and Chicago Reserve banlcs. Because of
the greatly reduced holdings by Federal Reserve banks o f paper secured
by Treasury certificates, the redemption on the most recent date of tax
certificates, contrary to the experience during previous years, affected but
little the holdings of bills secured by Government obligations. As a m at­
ter of fact such holdings show an Increase for the week from $124 ,00 0,00 0
to $ 1 3 3 ,0 0 0 ,0 0 0 . O f the larger total, $ 1 0 5 ,3 0 0 ,0 0 0 , or 7 9 .1 % , were socured by Liberty and other U . S. bonds, $ 4 ,5 0 0 ,0 0 0 , or 3 .4 % , by Victory
notes $16,3 0 0 ,0 0 0 , or 1 2 .3 % , by Treasury notes, and $ 6 ,9 0 0 ,0 0 0 , or 5 .2 % ,
b y Treasury certificates, compared with $ 1 0 3 ,2 0 0 ,0 0 0 , $ 3 ,6 0 0 ,0 0 0 , $ 12,­
70 0 ,0 0 0 and $ 4 ,5 0 0 ,0 0 0 reported the week before.
Shifting of gold through the Gold Settlement Fund proceeded on a
relatively moderate scale. Boston reports the largest increase in gold re­
serves, viz., by $ 1 9 ,9 0 0 ,0 0 0 , followed by D allas and Philadelphia, with
increases of $8,60 0 ,0 0 0 and $ 7 ,6 0 0 ,0 0 0 , respectively. Smaller increases,
totaling $ 6 ,5 0 0 ,0 0 0 , are shown for the Cleveland and San Francisco banks.
Chicago reports the largest decrease in gold reserves, viz., by $ 2 0 ,6 0 0 ,0 0 0 ;
New York reports a decrease of $ 1 2 ,8 0 0 ,0 0 0 , while the five remaining banks
show an aggregate decrease of $ 1 4 ,7 0 0 ,0 0 0 .

The statement in full, in comparison with preceding weeks
and with the corresponding date last year, will be found on
subsequent pages, namely pages 1407 and 1408. A sum
mary of changes in the principal assets and liabilities of the
Reserve banks on Sept. 20 1922 as compared with a week
and a year ago follows:

Increase ( + ) or Decrease (— )
Since
Sept. 21 1921.
Sept. 13 1922.
+ 3 2 6 ,8 0 0 .0 0 0
— 7,6 0 0 ,0 0 0
T otal reserves_____________________________
+ 3 5 0 ,7 0 0 ,0 0 0
Gold reserves____________________________
— 5 ,400,000
—
569,100 ,000
Total earning assets---------------------------------— 5,6 0 0 ,0 0 0
— 963,0 0 0 ,0 0 0
+ 3 6 ,7 0 0 ,0 0 0
Discounted bills, total_________________
— 362,100 ,000
Secured by U . S. G ovt, ob ligation s..
+ 9 ,1 0 0 ,0 0 0
— 6 0 1 ,2 0 0 ,0 0 0
+ 2 7 ,6 0 0 ,0 0 0
Other bills discounted-----------------------+ 186,800,000
Purchased bills________________________
+ 1 5 ,6 0 0 ,0 0 0
+ 2 0 7 ,4 0 0 ,0 0 0
United States securities, total--------------— 57,90 0 ,0 0 0
+ 175.500 ,000
Bonds and notes--------------------------------+ 1 4 ,8 0 0 ,0 0 0
— 132,900.000
Pittman certificates_________________
— 3 ,0 0 0 ,0 0 0
+ 164,800,000
Other Treasury certificates-------------— 69 ,7 0 0 ,0 0 0
+ 162,200,000
Total deposits_____________________________
— 18,30 0 ,0 0 0
+ 186,800,000
M em bers' reserve deposits-------------------— 3 6 ,2 0 0 ,0 0 0
— 17,200,000
Government deposits----------------------------+ 1 7 ,7 0 0 ,0 0 0
— 7,4 0 0 ,0 0 0
Other deposits__________________________
+ 2 0 0 ,0 0 0
— 255,900 ,000
Federal Roserve notes in circulation..........
+ 5 ,1 0 0 ,0 0 0
F.

R . bank notes in circulation, net lia­
b ilit y .......... ......... .............................................-

— 3,4 0 0 ,0 0 0

— 56.800.000

about $6,000,000 in their reserve balances with the Federal
Reserve banks, while cash in vault shows an increase of
$9,000,000. For member banks in New York City a declino
of about $11,000,000 in reserve balances 'with no change in
cash are noted. On a subsequent page— that is, on page
1408— we give the figures in full contained in this latest
weekly return of the member banks of the Reserve System.
In the following is furnished a summary of the changes in
the principal items as compared with a week and a year ago:
------Increase ( + ) or Decrease (— ) Since-----Sept. 6 1922.
Sept. 14 1921.
Loans and discounts— total___________________ + $ 7 6 ,0 0 0 ,0 0 0 — $ 667 ,00 0,00 0
Secured b y U . S. G o v t, obligations_______
+ 7 ,0 0 0 ,0 0 0
— 335,000 ,000
Secured by stocks and bonds_____________ + 4 8 ,0 0 0 ,0 0 0
+ 5 6 2 ,0 0 0 ,0 0 0
A llo th e r ___________________
+ 2 1 ,0 0 0 ,0 0 0
— 894,000 ,000
Investm ents, total_____________________________ — 3 2 ,000,000 + 1 ,2 4 3 ,0 0 0 ,0 0 0
U . S. bonds___________
+ 8 ,0 0 0 ,0 0 0
+ 5 1 5 ,0 0 0 ,0 0 0
Victory notos_______________________________
— 4,000,000
— 117,000,000
+ 5 8 2 ,0 0 0 ,0 0 0
U . S. Treasury notes________________________— 16,000,000
Treasury certificates_______________________
+ 2 ,0 0 0 ,0 0 0
+ 3 4 ,0 0 0 ,0 0 0
Other stocks and bonds_____________________ — 22,00 0 ,0 0 0
+ 2 2 9 ,0 0 0 ,0 0 0
Roserve balances with F . R . banks_________
— 6 ,0 0 0 ,0 0 0
.+ 1 3 4 ,0 0 0 ,0 0 0
C ash in vau lt____________
+ 9 ,0 0 0 ,0 0 0
— 1 9 ,000,000
Government deposits__________________________ — 2 0 ,000,000
+ 2 7 ,0 0 0 ,0 0 0
N e t demand deposits_________________________ + 1 5 2 ,0 0 0 ,0 0 0 + 1 ,0 1 4 ,0 0 0 ,0 0 0
Tim e deposits__________________________________ — 49,000,000
+ 6 4 7 ,0 0 0 ,0 0 0
— 787,0 0 0 ,0 0 0
T otal accommodation at F . R . banks j ____ — 16,000,000

CLOSING AND SUBSEQUENT REOPENING OF COPEN­
HAGEN STOCK EXCHANGE PENDING DECISION
OF RIKSDAG ON LANDSM AN D SBAN K.
Associated Press advices from Copenhagen Sept. 18 said:
The Stock Exchange closed to-day pending tho decision o f tho Riksdag
regarding tho reconstruction o f tho Landmandsbank.
A n official communique issued previously stated the reorganization plan
provided that preferred shares to tho amouht o f 100,000 ,000 kroner would be
issued, of which tho Danish Government would take over 4 0 ,0 0 0 ,0 0 0 kroner,
subject to the approval o f the Parliament.
Tho bank has a share capital o f 100,0 0 0 ,0 0 0 kroner, o f which about 2 0 ,0 00,000 kroner was recently reported to bo in tho nands o f American in­
vestors. It is the largest private bank in Scandinavia.
Tho financial policy ol tho bank has been sharply criticized recently,,
among others by D r. L . V . Birck, tho prominent Danish economist, whosecriticisms were largely directed against tho M anaging Director, State Coun­
cilor G luckstadt, who played a conspicuous part in tho financial repre­
sentation of Denmark abroad both during and since tho war, and was the
principal Danish delegate to tho Genoa Conference.
Early this summer tho financial and business world heard rumors to the'
effect that tho Danish National Bank was buying Landmandsbank shares to
protect the quotation and shortly afterward a statement issued by the'
Landmandsbank announced that tho National Bank had decided to grant
tne Landmandsbank a temporary loan o f 3 0 ,0 0 0 ,0 0 0 crowns. T h is was
followed by reports that State Councillor Gluckstadt had resigned or had>
been requested to do so, to which the Councillor replied that tho appoint­
ment to the Board of M anagem ent o f Ernest M eyer, President o f the D an­
ish M erchants’ Guild, by no means implied that M . Gluckstadt was w ith ­
drawing from the management o f the bank.
In financial circles it had been taken for granted, however, that both
State Councillor Gluckstadt and Adm iral du Plessis de Richelieu, would
shortly resign as M anaging Director and President o f the Board o f Direc­
tors, respectively, and that this would check tho fall on the Stock Exchange
o f tho bank’s shares, which, quoted some ten points above par in the early
summer, had dropped before tho end o f August to seventeen points below
parity.

WEEKLY RETURN OF THE MEMBER BANKS OF THE
FEDERAL RESERVE SYSTEM.
Aggregate increases of $70,000,000 in loans and discounts
and of $152,000,000 in net demand deposits, accompanied
by reductions of $32,000,000 in investments and of $16,000,­
000 in borrowings from the Federal Reserve Banks, are shown
in the Federal Reserve Board’ s weekly consolidated state­
ment of condition on Sept. 13 of 791 member banks in leading
cities. It should bo noted that the figures of these member
banks are always a week behind those for the Reserve
Banks thmsolves.
A Central News cable from Copenhagen, Sept. 21, pub­
All classes of loans show larger figures thaD tho week before:
loans securod by Government obligations by $7,000,000; lished by “ Financial America” said:
The Bourse was re-opened to-day following tho passage b y Parliament of
loans secured by corporate obligations by $48,000,000, and
tho reconstruct ion bills in connection with the Landmandsbank.
other, largely commercial, loans and discounts by $21,000,­
From Roger Nielsen, Special Attache of the Royal Danish
0 0 0 , increase in loans apparently being made in part to pro­
Legation at Washington, we have received the following
vide cover for income tax checks payable on Sept. 15. Under
advices under date of Sept. 20:
the general head of investments, U. S. bonds show an increase
The following cablegram has been received from Copenhagen:
of $8,000,000, U. S. Victory and Treasury notes a reduction
Although the N ational Bank o f Denmark in July came to the support
of $20,000,000, Treasury certificates an increase of $2,000,000 of tho Landmandsbanken o f Copenhagen, the necessary confidence in
the latter has not resulted, and a new arrangement has been made as fol­
and corporate securities a reduction of $22,000,000. For lows:
member banks in New York City an increase of $26,000,000
A Preferred capital o f 100,0 0 0 ,0 0 0 Kroner has been subscribed for the
in loans and discounts, as against reductions of $10,000,000 Landmandsbanken, the Danish Government subscribing 40 ,0 0 0 ,0 0 0 Kroner,
tho National Bank o f Denm ark. 3 5 ,0 0 0 ,0 0 0 Kroner, which are substituted
in Government securities and of $16,000,000 in corporate for the 3 0 ,0 0 0 ,0 0 0 Kroner loaned the Landmandsbanken b y the National
and other securities, aro noted. Total loans and investments Bank in July, while the remaining 2 5 ,0 0 0 .0 0 0 Kronor are subscribed b y
of tho reporting institutions are given $44,000,000 larger the East Asiatic C om pany of Copenhagen, and tho Great Northern Tele­
Com pany of Copenhagen.
than the week before, this incroaso affecting, however, only graph
The Danish Rigsdag has been convened to ratify the participation o f
tho Governm ent in the new arrangement as well as tho guarantee o f the
tho banks outside of New York City.
Government deposits declined about $20,000,000, other Government for m oney advancod b y tho National Bank to tho Land­
mandsbanken in the transition period.
demand deposits (not), mainly in anticipation of the Sopt. 15
Th e share capital o f the Landmandsbanken will be written down and
tax payments, show an increase of $lo2,000,000, while time tho management of the Bank will be thoroughly reorganized. State-Coun­
cillor II. N . Anderson, considered the ablest businoss m an in D enm ark,
deposits fell off $49,000,000. For member banks in New York
will be a member of the new board o f directors.
City reductions of $6,000,000 in Government deposits and
The new arrangement is expected to be ratified b y tho Danish Rigsdag
of $42,000,000 in time deposits, as against an increase of to-day (Sept. 2 0 th ). and until then the Landmandsbanken has limited its
paym ents to 1,000 Kroner on every single account. All quotations o f
$48,000,000 in demand deposits, are noted.
stocks and bonds on the Copenhagen Exchange have beau suspended during
Borrowings of the reporting institutions from tho Federal the deliberations of the Rigsdag. Tho newspapers noto that there has been
jE i jL j
Reserve banks declined from $137,000,000 to $121,000,000, no considerable rush to the bank to withdraw funds.
or from 0.9 to 0.8% of their total loans and investments.
Now York City banks show a reduction of borrowings from
REICUSBANK IS CLOSED BY MARK FAMINE.
tho local reserve bank from $28,000,000 to $20,000,000 and
The New York “ Tribune” of Sept. 17 published the follow­
from 0.6 to 0.4% in the ratio of these borrowings to aggregate ing copyright cablegram from Berlin Sept- 16:
loans and investments.
For the first tim e in its history the Reichsbank. formerly the citadel o f
Notwithstanding tho considerable increase in deposit G erm any’s economic and financial m ight, closed its doors for tho d^y .this
liabilities, the reporting member banks show a decrease of morning on account o f lack o f money on hand. The shortage assumod.a




particularly acute form to-day, nearly all the banks putting up signs of
“ N o Paym ents M a d e .” T h e closing was only for one day.
It was with the greatest d ifficulty that foreigners were able to obtain funds
for their current expenses, while even in the cafes and restaurants pay­
ments were mado b y checks. M a n y Americans who had planned to depart
were detained by inability to get their checks or letters o f credit cashed.
Daily Output Two and H alf Billion.
T o -d a y ’s shortage was aggravated b y the Reichsbank’s shipment o f two
billion marks to Upper Silesia, whero a particularly dangerous situation has
arisen due to discontent o f the workers over employers’ inability to meet
their pay rolls. Despite the feverish activity o f the Reichsbank printing
presses, which are operating on three shifts o f twenty-four hours daily, the
money famine has not been ameliorated thus far. The Reichsbank’s daily
output o f new paper is now 2,50 0 ,0 0 0 ,0 0 0 marks, yet despite this incessant
stream swelling the ocean o f German paper the money situation shows no
improvement and threatens to assume a more dangerous aspect.
On the reparations qu estion all hope is now centred on the visit o f R u­
dolph Havonstein, President o f the Reichsbank, to London, where he
expects to obtain assistance in British financial circles in obtaining the guar­
anties demanded b y Belgium. It is understood that Havenstein is trying
to obtain the Bank o f England’s consent to place at the disposition o f the
Reichsbank a deposit o f about 50.000,000 gold marks placed there b y the
Reichsbank some tim e ago. The German financier is now supposed to bo
seeking the transfer o f this to the Belgian National Bank to help cover the
100,000,000 gold mark guaranty demanded by Belgium.
M ark Reflects Hopeful Feeling.
Havenstein Is expected to return from England on M ond ay, and upon
his report will depend Germany’s final reply to the Belgium note. Official
and financial circles here are rather optimistic, feeling that some sort o f an
understanding with Belgium is probable. This is reflected in the standing
o f the m ark, which is holding its own at 1,460 to the dollar.

GERMANY TO PRINT 7,000,000,000 MARKS DAILY.
The Associated Press Berlin cablegrams is authority for
the following, under date of Sept. 18:
Th e “ T ageblatt” says that in order to meet the shortage in currency the
ou tp ut o f bank notes will be gradually increased so as to roach 7 ,0 00,000,000
marks daily on October 15. Th e present output is 3 .0 0 0 .0 0 0 ,0 0 0 daily.

W ITHDRAWAL OF AMERICAN RELIEF ADMINISTRA­
TION FROM AUSTRIA.
The following from Vienna Aug. 21, copyrighted by the
Chicago “ Tribune” C o., appeared in the New York “ Times”
of Aug. 13:
The American R elief Adm inistration withdrew to-day from Austria,
according to an announcement by tho Governm ent, but gave a donation
which assures the feeding o f 3 0 ,0 0 0 children for two years and tho main­
taining o f a table for university professors and students. The Austrian
G overnm ent is continuing the work under the name o f the AmericanAustrian relief work for children.
The Government in a retrospective summing up o f American relief, states
that $ 1 4 ,0 0 0 ,0 0 0 was sent for feeding Austrian children. The number o f
children fed reached 362 ,0 0 0 on June 21.

SOVIET RUSSIA REJECTS PROPOSAL THAT UNITED
STATES SEND COMMISSION OF INQUIRY.
The proposal recently made by the United States Govern­
ment that an official technical commission be sent to Russia
to investigate conditions there as a preliminary to the
consideration of resuming trade relations was rejected by
the Soviet Government on Sept. 16. M . Tchitcherin,
spokesman of the Soviet Government, handed to American
Ambassador Houghton in Berlin a note setting forth the
position of his Government with respect to the proposal.
‘ ‘Russian public opinion,” tho note said, “ would evidently
consider such a nomination by one of the two Governments
of a committee of inquiry for the other country as an in­
fringement of the equality of rights of free people.” The
note in full read as follows:
Th e Russian Government is interested in the highest degree in every
step th at can bring nearer tho re-establishment o f commercial relations
between Russia and the United States. It is evident such commercial
relations m ust bo passed on equality o f rights and reciprocal benefits.
T h e Russian Government is, therefore, ready to begin at once a prelimi­
nary official exchange o f opinions regarding the reopening o f regular relations
with a duly authorized American delegation. The Russian Government is
in the sam e measure disposed to carry on such discussions in Russia, the
U nited States or any third country.
Tho R ussian Government would eagerly welcome any measure which,
heimr based upon mutual interest and equality, would allow both the
TTnitoH states and Russia to acquire necessary information as to the business
^ n d U io n s o f etther o f the two countries. T h e wish o f the Russian Govern­
m ent is to create permanent, solid business relations between Russia and
^

t ^

’f rom this viewpoint that Russia cannot consider as a measure
thft desired end the nomination o f an American commission of
f n a u k r f o r Russia which would put Russia in a condition o f inferiority.
R ^ i a n public opinion would evidently consider such a nomination by one
J f T e tw o Governments o f a committee o f inquiry for the other country
2 an°infringement o f the equality o f rights o f a free people. The result
would be th at feelings would be engendered which would be scarcely helpful
To the consolidation o f useful business intercourse between the two countries.
Th e Russian Government thinks the American Government, having
gathered ample information about internal conditions in Russia with the
hein Of officials o f the Relief Administration and through many other
S a n n e ls wiU be in a position, if it considers that the time has come for
S
L
n w issues as to Russian trade, to propose forms o f intercourse
" o “ S r .r w “ h
orrteh « .
»"
b „ „ » w m I w a y s And
o o X p r n o f B o o b the m ost oo„er deslro to meet .M ,

With reference to the above, copyright cable dispatches
of the 16th to the N . Y . “ Times” from Berlin had the
following to say:




M.
Tchitcherin handed to M r . Houghton a note from M oscow which
reiterated and amplified his own informal statement a couple of weeks ago
that Russia would consent to an official American commission only on
terms o f reciprocity and equality— meaning only if an official B olshevist
commission was permitted to investigate conditions in America on the spot.
Ho intimated that his Government would welcome new proposals or the
continuation o f negotiations, and asked if Ambassador Houghton had
any suggestions. M r . Houghton had none. M . Tchitcherin talked
business for three minutes and M r . Houghton for just one minute, terminat­
ing the courteous conference.
On instructions from the State Department the American Ambassador
som e weeks ago called on the Soviet Ambassador to Germany in the former
Czarist Em bassy on Unter den Linden and asked whether his Government
would receive an official technical investigation commission. Bolshevist
diplom acy practiced its favorite policy o f procrastination until M r . Hough­
ton a fortnight ago asked M . Tchitcherin for a prompt and definite reply.

LEON TROTZKY SEES RUSSIA A N D GERMANY
DOMINATING WORLD IF FRANCE FORCES
GERMANY INTO REVOLUTION.
Discussing the attitude of France toward Germany, Leon
Trotzky, Soviet Minister of War, declarod on Aug. 25 that
“ if France forces Germany into revolution, they— Russia
and Germany together— will soon dominate the world.’
According to Minister Trotzky, the fighting forces of Russia
have been reduced from 5,500,000 to 800,000, and he is said
to have added that “ if any Government— the American, for
instance— would propose to us a disarmament conference
with any guarantee for success, we would come gladly. ” The
following are his declarations as reported in a copyright
cablegram from Moscow Aug. 25 to the New York “ Times” :
“ I f America would take the initiative in a real program of general dis­
armament, Russia would be the first to follow suit,” said Leon Trotzky
to-day. “ W e have already reduced our arm y to three-quarters of a million,
including tho navy personnel and all form ations.”
|This doubtless refers to
the soldier police in the cities and upward o f 2 00,000 “ special troops,” for­
merly called Cheka battalions.) “ B ut we are ready to demobilize the whole
lot and turn the military academies into engineering schools if the other
great nations would agree to simultaneous and parallel disarmament,’
Trotzky added.
.
The Red war lord admitted frankly that he did not think anything o f the
kind was probablo. “ Never has Europe been in such a state o f incoher­
ence,” ho said. “ Individual statesmen and nations alike have no definite
policy; they don’ t know what the morrow m ay bring forth. Personally, I
don’ t think Russia is likely to be engaged In war— the W estern Powers have
learned that intervention doesn’t pay— bu t who can tell?
“ Suppose Prance brings military pressure on G erm any. In that event,
Poland can hardly remain passive. I f Poland acts against Germ any, 1
question whether we can remain passive ourselves.”
Says Poincare Promotes Revolution.
Asked about the possibilities of a German revolution, Trotzky replied:
“ T h ey say we Bolsheviki pay our collaborators abroad. B u t no one will
suggest we are paying M . Poincare, who is doing the m ost to bring about
world revolution to-day. Perhaps France will make a deal with G erm any,
bu t if Franco forces Germany into revolution, they— Russia and Germany
together— will soon dominate the world.”
Trotzky declared Russia would not abandon the principle of nationaliza­
tion b y recognizing the rights of former owners of property, even if that were
the price o f foreign recognition.
„
“ After all, what is this recognition?” he said. “ W hen I breathe, tho fact
M r . Hughes doesn’t recognize m e doesn’ t prevent mo breathing. I t ’s just
form ality.”
„
,
,
•.
Regarding the American Relief Administration, Trotzky considered it
helped to bring Russia and America closer together.
“ W hile intensely grateful for the work done b y the A . R . A . , ” he said,
“ wo realize that in a certain sense it was not only an instrument of relief but
also an instrument of investigation. B ut I am confident that what Am eri­
cans found here is better than the stories told about us b y our enemies out­
side. So we await the result without misgiving.”
The Bolshevist leaders to-day are a curious mixture of Com m unist, Revo­
lutionary and Russian statesmanship. W ith Russia itself in tho throes of
an extraordinary transition, the leaders are like somo aquatic insect, still
hesitating to abandon their former life and take flight in the air of heaven.
Trotzky showed this clearly In his general interview with tho foroign press.
A t one m oment he analyzed world politics with wide vision and penetrat­
ing skill, at another he cried vehemently: “ W hen capital, oppressive, grasp­
ing, reactionary capital, is overthrown, thqn and not till then will we give
freedom of speech and freedom of action to every one.”
It was a strange contrast in the heart o f this Red revolutionary M oscow ,
which to-day is the scene o f an orgy o f speculation and more or less illicit
profiteering that oven the war failed to produce in Western Lm-ope. i r o zky
himself was a contradiction to the setting. H is room is that of the War
M inister, hung with maps and equipped with latest appliances, a telephone,
dictaphone, filing cabinets, & c. Ho wore a khaki tunic ^ o u t lnslgnia
buttoned up to the neck, and breeches roughly tucked Into high boots, that
is his regular dress since he first took control of tho Red i n m y .

Tho Associated Press accounts of his remarks follow m part:
H e expressed tho opinion that France was adopting the very tactics
needed to drive Germany into revolution.
“ I f France, b y invading tho Ruhr, and with the assistance of Poland,
precipitated a new European conflict, do you think Russia could remain
passivo?” he was asked, and his reply was: “ I doubt It. ’
I f the occasion came for a revolution in Germ any, then, said T rotzky,
Russia and Germany “ would form an unconquerable bloc, economically
and agriculturally.” This assertion, of courso, would bo misinterpreted
in America, where, he added laughingly. “ I am in bad repute.”
Trotzky’s jaw hardened when the Associated Press correspondent asked
if the Government had any intention of restoring the liberty of political
organization to Russian parties other than the Soviet,
“ W hen capitalism is beaten,” was his answer.
W ith reference to the recent decree of banishment for political offenders,
Tritzky said the trial o f the Social Revolutionists had proved that in
the event Russia should be attacked from abroad those persons who con­
stantly were waiting for a change in the Government would bocome agents
for the enemy.
Tho M inister explained that the conferences at Genoa and The na gu e
had shown clearly what Lenlne moant when ho said In regard to the so-

called retreat of the Bolshevik! toward capitalism: “ We are in a transitory
stage which will givo us the experience of the capitalistic world, but we
we will not recognize or restore private property.”
This was the first time in many months that Trotzky has received a
group of correspondents. Suave, plump and impeccably groomed in M s
army blouse, he answered questions in fluent French, smiling most of
the time except when ho snapped an occasional belligerent answer
“ Our fighting forces have been reduced from 5,500,000 to 800,000,
including myself,” he said. "W e proposed disarmament at Genoa and
also to the Baltic States, from which we received evasive answers. But
if any Government, the American, for instance, would propose to us a
disarmament conference, with any guaranty for success, we would come
gladly.”

1 500 INTELLECTUALS ORDERED EXILED FROM
’ #
, - Ru s s i a .
ma
According to Associated Press advices from Moscow
Aug. 26 approximately 1,500 intellectuals, charged with
secret counter-revolutionary activity, or who after five years’
opportunity have been unable to reconcile themselves to the
Soviet regime, have been ordered exiled as a mild form of
punishment. Advices to this effect are credited to Com­
missary of Justice Kurski by the Associated Press, which
Sa,Many o f those banished had long sought the opportunity to leave Russia
and were pleased with the decision, while others pleaded to be allowed to
remain. This, however, was refused, except in one instance where, accord­
ing to M . Kurski, a Prof. Shepkin said he would rather die than leave
Russia. He was permitted to stay.
“ Re-establishment of the economic state of affairs throughout Russia
makes it absolutely necessary to stamp out any underground or counter­
revolutionary activity against the Soviet regime, which is carried on by
certain intellectuals in universities and organizations of professional men,”
M . Kurski said:
.
“ We gave all these people a fair chance and if during the five years o f the
Soviet regime they have been unable to reconcile themsolves to us then no
hope can be entertained of their reconciliation and nothing can be expected
from them in the way of helping us.
“ The new decree permitting administrative banishment is not going to be
used very widely, and Is not being applied to more than 1,500 persons at the
utmost. Practically all of them are being sent abroad, where they may have
free room to agitate against us and all the means of agitation at their service.
Many of them are open monarchists and propagandists.
“ Those banished can take their families at their own expense if they desire.
The Latvian, Esthonian and German Governments are granting vis"s,
and some have already started. None o f these persons have been exiled
to far spots in Russia.”
M Kurski said the exiles included the Russian lawyers who withdrew
from the defense during the recent trial of the thirty-four Social Revolution­
ists charged with treason. There was also a number of professors from the
Universities of Moscow and Petrograd, as well as some persons who held
technical posts with the Government. All were taken before the political
police in Moscow and Petrograd last week and questioned as to their attitude
toward the proletarian regime.
Tne banishment decree followed clbsely the Communist Party congress,
at which Zinovieff declared the new economic policy had revived in the
bourgeoisie a feeling dangirous to the Soviet Government.
Among the exiles is Professor Manuiloff, who was Minister of Education
under Kerensky.

In later advices (Aug. 27) from Riga, Latvia, the Asso­
ciated Press said:

The question was often asked during the war, what will bo the attitude
of the tax-ridden people toward the institutions of the day, when the fervor
of war-time patriotism is gone? The question is now one of vital signifi­
cance, for we recognize that whereas the war itself broke out at a time when
people in Europe were protesting against political and social institutions
which had become oppressively expensive, these Institutions are now far
more expensive than before. In the case of practically all the continental
nations, we know them to be confronted with the necessity of raising so
much for government purposes, without any writing off o f old indebted­
ness, that their people are called upon to give us an extraordinary part
of their earnings to the state.
There is, of course, a maximum of taxation beyond which any nation
cannot go to make a tax too extreme kills lnititative and incentive, and thus
diminishes industrial and commercial prosperity. If tax bills in any country
in order to maintain unwarranted government extablishments, were
hereafter to exceed the annual excess of people’s production over con­
sumption, the progress of that nation would stop.
People cannot create new wealth if they do not save, and it is not possi­
ble for them to save if their surplus income Is taxed away from them.
Economy in current expenses, and a steady revenue from taxes, will supply
the only means by which in the future, and government will write off old
indebtedness.
Here, in the limitation of naval armament, is the first of the provisions
for national economy to bo made by the great powors of tlio world, lessesing not only current expenses but those future demands whi#i would inev­
itable have been imposed.
To the extent which the finance of disarmament have here been esti­
mated, productive labor will, upon the ratification of these treaties, be
relieved from the increasing burdens of naval power. Other phases of
disarmament must necessarily be considered later. If these, too, can be
made productive of tangible results, the nations of the world, and particu­
larly those of Europe, will be so much better able to meet their difficult
problems o f indebtedness and taxations.

OFFERING OF BONDS OF LINCOLN JOINT STOCK
LAND BANK.
Public offering was made on the 18th inst. of an issue of
500,000
Lincoln (Neb.) Joint Stock Land Bank 5 % bonds,
due 1942, at a price of 101% and interest to yield 4.60% to
optional maturity in 1927 and 5 % thereafter. The offer­
ing syndicate consists of Halsey, Stuart & C o., Inc., the
William R . Compton Co. and Harris Forbes & C o.. The
bonds, issued under the Federal Farm Loan Act, are dated
May 1 1922, will mature M ay 1 1942, and are optional
after M ay 1 1927. They are in denomination of $1,000,
in coupon form, and are fully registrable and interchange­
able. Interest is payable semi-annually M ay 1st and N ov .
1st, and principal and interest are payable at the Lincoln
Joint Stock Land Bank, or coupons may be presented for
collection through any office of the syndicate. The bonds
are exempt from Federal, State municipal and local tax­
ation and 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 Government funds. The bonds are obligations
of the Lincoln Joint Stock Land Bank and are collaterally
secured by either first mortgages on farm lands or United
States Government bonds or certificates of indebtedness.
The liability of the Bank’s shareholders is double the amount
of their stock. The following, credited to official sources,
is taken from the circular:

Wholesale arrests o f Intellectuals are continuing throughout Russia
It is reported that the secret police have offered to liberate Dr. Alexander
Alexandrovitch Eichenwald, Professor o f Physics at the University o f Mos­
cow; Dr. Ivan A. Iljin, Professor of Law at Moscow University; Professor
Berdiaieff and Professor Frank, provided they cross the frontier within a
The Lincoln Joint Stock Land Bank is now the second in size in tho entire
week. The aged Professor Kizevetter, who is ill, is under arrest at his home.
Professor A. G. Muraviev o f the University of Kazan, Professor Tager, system. The officers and directors are a group o f experienced, succei»Professor Kariakin and others who defended the Social Revolutionists who ful and representative business men who have accumulated their wea
chiefly through operations in farm lands and are thoroughly far“ J^ar wlt
recently were on trial in Moscow are being sent to Archangel.
Efforts to ascertain the whereabouts of the Social Revolutionists who were the problems of safely lending money on agricultural property. The I res sentenced after their trails have been fruitless. Appeals by their relatives to dent o f the bank and several directors have been actively engaged m t e
Leo Kameneff, Acting Premier, and A. Rykov, First Assistant Premier, have farm loan business for more than a quarter o f a century.
The capital stock o f the bank is $1.400,000 on which 8% dividends have
been met with replies that it is impossible to give the information desired.
Reports from Reval announce the banishment o f 200 professors, authors been regularly paid, and it is planned to increase tho Capital stock nerore
and journalists, beginning Monday. Following the escape of a numbor of bonds in excess o f $21,000,000 are actuaUy issued. The surplus at present
___.
.
the Social Revolutionary prisoners from the Archangel concentration camp, is $6 6 ,200 .
ou
Including the bonds now offered there will be $22,660,000 bon
the remainder o f the prisoners are boing sent to Nova Zembla, two large
standing
and
authorized.
Tho
bank
lends
on
farm
land
in
Iowa
and
.Ne­
Islands in the Arctic Ocean, where oven the former Czars never sent
braska, one o f tho richest agricultural sections in the country. Ail loans
have been made on the amortization plan, which provides for he pay­
CTWholesale arrests 0f Poles in Kiev and Kharkov have been made.
ment o f substantially equal amounts each six months, a portion o ea
In our issue of Aug. 12, page 707, we reforred to the refusal payment being interest and the balance reducing the principal o f the ioa
by the Soviet of American Relief Asministration conditions which is entirely retired at the end o f the period.
Statement of the Lincoln Joint Stock Land Bank as Officially Reported September
for feeding the Russian intellectuals as a class. '
8 1922.
Acres o f real estate loaned upon------------------------------ 364.623
Total amount loaned_____________________________________ ^0,088,660 00
MECHANICS & METALS NATIONAL BANK ON
Appraised value o f real estate security-------------------------------- o i ’
g o v e r n m en t sa v in g through t r e a t y
Appraised value per acre______;.................... —......... - ...........
09
ON LIM IT ATIO N o f a r m a m e n t .
Amount loaned per acre____________________ ______________
no w•
An impressive illustration of the merits of “ beating swords Percentage of loans to appraised value o f security--------------A number o f farms have been sold since the loans were made,
into ploughshares’’ is given in a brochure on the finances official
records o f salo to September 8 1922, wo have compiled the follow­
of disarmament just issued by the Mechanics’ & Metals ing summary:

National Bank of the City of New York. After a detailed
analysis of what was accomplished at the Washington con­
ference, the bank’s statistician shows that the United States,
the British Empire and Japan, during the 10 years’ life of the
treaty for the limitation of armament will realize savings in
the three countries of from $500,000,000 to $800,000,000
a year. In round numbers, it is shown these nations will
be relieved of the expenditure of $ 10,000,000,000 of which
$2,500,000,000 would be borne by the United States. The
brochure says:




Total acres sold----------------------------------------------------- ^a 253 917 00
Total consideration___________________ _______ _____________
Appraised Value o f Land Sold______________________ _______ o 474 'ann
Total amount loaned on la n d ..------------------------------------------- '
169 89
Average sale price per acre________ - - - -------------------------------«7 23
Amount loaned per acre on land sold----------------------------------__
Percentage loaned to selling price---------------------------------------43 n9%
Percentage loaned to appraised value-----------------— ■ ...
"
The security for the bonds is constantly increasing by reason o f the partail
payments that are being mado upon tho loans securing the .
P
payments do not release any of the original security. ™ e percentage o f
Joan to appraised value of land is constantly decreasing by rea
payment.

Our last reference to an offering of bonds of the Lincoln
Joint Stock Land Bank appeared in the “ Chronicle” of
M a y 13, page 2073.
OFFERING OF BONDS OF FIRST TEXAS JOINT STOCK
LAND BANK.
A now issue— $1,500,000— of 5% bonds of the First Texas
Joint Stock Land Bank was offored on the 19th inst. by
W . A. Harriman & C o., Inc., of New York; Richards, Parish
& Lamson, of New York, and the Commercial Trust Co. of
Philadelphia. The offering price was 102.50 and accrued
interest, to yield over 4.65% to 1932 and 5 % thereafter.
The bonds bear date M ay 1 1922, becomo due M ay 1 1942
and are optional M ay 1 1932. They are in coupon form
in denomination of $1,000, and are fully registerable. Princiap and semi-annual interest, M ay 1 and November 1, are
payable at the National Bank of Commerce or the Equitable
Trust Co. in New York City. The following, from official
sources, is taken from the official offering:
The First Texas Joint Stock Land Bank has been in active operation since
April 23 1919, at ■which time it received its charter from the Federal Farm
Loan Board. The stock o f the bank is held by substantial and successful
residents o f Texas and the officers and board o f directors are all men of
recognized ability in the handling o f farm mortgage loans in that section.
The appraisals for this bank have all beon made by the regular staff of ap­
praisers o f tho Federal Land Bank at Houston and the amounts loaned
average about 42% o f the appraised value o f the mortgaged property
and considerably less than 40% o f tho present actual sale value of that
property. The loans by this bank have been made on land 95% of which
lies in the famous Black Land District o f Texas, one o f tho richest agricul­
tural sections in the United States.
All of the operations o f the Joint Stock Land Banks are carefully super­
vised by the United States Government, and all o f the mortgages deposited
as collateral for outstanding bonds must be approved in writing by the
Federal Farm Loan Board in Washington, D. C.
These bonds are direct obligations of the First Texas Joint Stock Land
Bank and are collaterally secured by first mortgages on farm lands and
U. S. Government bonds or certificates of indebtedness. The liability of
the bank’s shareholders is .double the amount o f their stock.

The bonds are exempt from all Federal, State, municipal
and local taxation.

by either first mortgages on farm lands or United States
Government bonds or certificates of indebtedness. The
liability of the Bank’s shareholders is double the amount
of their stock.
From information contained in the official circular, we
take the following:
.
The Southern Minnesota Joint Stock Land Bank, to a largo extent,
confines its loans to 53 counties in Southern Minnesota and 28 counties
in Eastern South Dakota, this being part o f the famous corn belt joining
Iowa on the north and northwest. The following is the statement o f the
Southern Minnesota Joint Stock Land Bank as officially reported Sept.
12 1922.
Acres o f real estate security________________________ $121,222
Total amount loaned________________________________________ $6,010,550
Appraised value of real estate security (land only)___________ 15,100,000
Appraised value per acre (land only)__________________,_____•_------$124 56
Amount loaned per aero_______ _____ _____________. . . ___________ 49 83
Percentage of loans to appraised value of land______________________ 40%

OFFERING OF BONDS OF FIRST JOINT STOCK LAND
BANK OF NEW YORK.
A $1,000,000 issue of 5 % farm loan bonds of the First
Joint Stock Land Bank of New York was offered on Sept. 22
by Tucker, Anthony & Co. of this city, Boston, Providence
and Now Bedford, at 103% and interest, to yield about 4.53
to 1932 and 5% thereafter. The bonds are offered when,
as and if issued and received by the firm, and subject to
approval of legality by their counsel. The charter for the
First Joint Stock Land Bank of New York was granted on
M ay 2 last, and as indicated in our issue of July 8 (page 133),
while it had originally been intended to loan money on farm
mortgages in New York and New Jersey, the charter was
later amended and Pennsylvania substituted for New Jersey,
as a field for its operations. The bonds issued under the
Federal Farm Loan Act are dated July 1 1922, are due
July 1 1942 and are redeemable at the option of tho bank at
par and accrued interest on July 1 1932, or on any interest
date thereafter. They are in coupon form, in denominations
of $1,000 and $10,000, fully registerable and interchangeable.
Interest is payablo July 1 and Jan. 1 and principal and interest
aro payable at tho Chase National Bank of the City of
New York. The bonds are exempt from all Federal, State,
municipal and local taxation. This exemption was con­
firmed by the United States Supremo Court in its decision
of Feb. 28 1921. They are acceptable at par as security
for Postal savings and all qther deposits of Government
funds. Tho following summarized from the Fedoral Farm
Loan A ct, and from a letter of President M . J. Murphy, is
taken from the official circular:

.OFFERING OF $1,500,000 BONDS OF FEDERAL LAND
BANK OF SPRINGFIELD, MASS.
The bond department of the Old Colony Trust Co. of
Boston this week offered at 102 and interest, to net about
4.20% to optional date and 5 % thereafter, (subject to sale
and change in price), $1,500,000 5% bonds of the Federal
Land Bank of Springfield, Mass. The bonds, coupon in
' form of $1,000 each, will maturo M ay 1 1940 and are optional
in 1925. They are exempt from Federal, State and local’
The First Joint Stock Land Bank of New York was organized M ay 2 1922
taxation. From the announcement of the offering we take ar.d received a charter from the Federal Land Bank Board to operate in
the States of New York and Pennsylvania.
the following:
This territory combines proximity to markets, diversity of products and

.

The Supreme Court o f tho United States has held (a) that tho Federal
Land Banks were legally created as part o f the banking system of the United
States, and (b) that the bonds issued by tho banks are instrumentalities
<o f tho United States Government and are exempt from Federal, State,
municipal and local taxation.
These bonds, in addition to being obligations o f tho Federal Land Banks,
- all twelve o f which are primarily liable for interest and ultimately liablo for
, the principal on each bond, are seemed by collateral consisting of United
; States Government bonds, or mortgages on farms, which must bo first
- mortgages, .to an amount not exceeding 50% o f tho value o f the land and
2 0 % o f the value o f the permanent improvements.
Federal Land Bank bonds o f Springfield are lawful investments for all
!■fiduciary and trust funds under authority o f the United States Government.
They are a legal investment for savings banks in thirty-eight 8 tates, includ•ing New York and all the New England States except Connecticut.

OFFERING OF SOUTHERN MINNESOTA JOINT STOCK
LAND BANK BONDS.
i' A syndicate composed cf William II. Compton Co., Halsey,
VStuart & C o., Inc., and Barr Brothers & Co. offered on
Sept. 22 $3,000,000 5 % bonds of tbo Southern Minnesota
"Joint Stock Land Bank, operating in Minnesota and South
Dakota. The bonds, issued under the Federal Farm Loan
Act, were offorod at 103 and accrued interest, to yield over
■4.60%, to tho optional maturity and 5% thereafter. The
bonds are dated M ay 1 1922, are duo M ay 1 1952 and are
optional M ay 1 1932. In Coupon form, in denomination of
^$1,000, the bonds are fully registerable and interchangeable.
Interest is payable semi-annually M ay 1 and Nov. 1, and
principal and interest aro payable at tho Southern Minne­
sota Joint Stock1LandJBank, Redwood Falls, Minn., or at
■the principal office of the Chase National Bank of tho City
of New York. The bonds are legal investment for all
fiduciary and”f*trust funds under tho jurisdiction of tho
Federal Government and acceptable as security for Postal
Savings and otherdeposits of Government funds. They
are oxempt from all Federal, State, municipal and local
taxation. The bonds aro obligations of the Southern
Minnesota Joint Stock Land Bank and are collaterally secured




stability of land value due to its density of population. This bank offers
opportunities for the development of agriculture by making it easier and
more profitable for the land owner to borrow under tho Federal Farm Loan
Act.
■
Security.— These bonds aro a direct obligation of the First Joint Stock
Land Bank o f New York and aro secured by deposit with the United States
Treasury Department of first mortgages upon improved farms at not ex­
ceeding 50% o f the appraised land value and 20% of,the appraised value of
permanent insured improvements thereon, or by United States Govern­
ment obligations.
In addition to this security, the bonds are further protected by the paid-in
capital stock of the bank ($250,000), which carries a double liability and
the paid-in surplus o f $50,000.
Government supervision.— This bank is operated under a charter granted
by the Federal Farm Loan Board which approves all loans before authorizing
the issuance of bonds against them, appoints registrars who aro custodians
of the securities, appoints the appraisers, prescribes tho terms and form of
bond issues, and examines the bank not less than twice a year.
Management.— The officers and board o f directors have had long ex­
experience in the banking business, particularly in the farming districts
served by tho bank.

References to the organization of the First Joint Stock
Land Bank of New York appearod in our issues of M ay 13,
page 2075; July 8, page 133, and July 29, pago 492.
OFFERING OF BONDS OF LIBERTY CENTRAL JOINT
STOCK LAND BANK.
Blair & Co., Inc., of New York, and the Liberty Central
Trust Company of St. Louis announced on Sept. 21 an offer­
ing of $1,000,000 5 % Farm Loan bonds of the Liberty Central
Joint Stock Land Bank of St. Louis, M o., at 103)4 and in­
terest, to yield 4.58% to the redeemable date and 5% there­
after. The Liberty Central Joint Stock Land Bank, as was
reported in our issue of April 22 last (pago 1721), was organ­
ized by tho Liberty Central Trust Company, its charter hav­
ing been issued last April. The bonds are dated May 1 1922,
become due M ay 1 1952, and aro redeemable at par and-in­
terest on M ay 1 1932 or any interest date thereafter. They
are coupon bonds in denominations of $1,000 and $500 each
and aro fully registerablo and interchangeable. Principal

and semi-annual interest (M ay 1 and N ov. 1) are payable
at the Liberty Central Joint Stock Land Bank or coupons
may be presented for collection at the office of Blair & Co.,
Inc., New York, or the Liberty Central Trust Co., St. Louis.
The bonds are issued under the Federal Farm Loan Act.
They are obligations of the Liberty Central Joint Stock
Land Bank of St. Louis, and are secured by deposit of first
mortgages on farm lands in the States of Missouri and Illi­
nois or United States Government bonds or certificates of
indebtedness. They are exempt from all Federal, State,
municipal and local taxation, excepting only inheritance
taxes, and are legal investments for all fiduciary and trust
funds under the jurisdiction of the Federal Government.
The bonds are offered “ when, as and if issued,” We quote
the following letter, which is incorporated in the official
circular:
,

values, but to value the land at a price that would hold good over a period
of years.
Tho present net earnings of this bank on its capital stock are 9.60% .
This bank has never paid any dividend, preferring to leave its earnings In
the undivided profit account, thereby strengthening the bank.
This bank has foreclosed on only one mortgage and does not have any in
the process of foreclosure at tho present time.

The following is the statement of condition of the Missis­
sippi Joint Stock Land Bank as of July 31 1922:

Liabilities.
Assets •
Net mortgage loans__ $2,641,984 81 Capital stock paid ln__ $250,000 00
Surplus paid in----------- — - - - -----Accrued interest on
13,000 00
mortgage loans (not
„ Reserve (from earn'gs)
matured)............
39,222 23 Surplus (from earn’gs)
Farm loan bonds (auth­
U. S. Govt, bonds
orized and issued).. 2,500,000 00
and securities--------- --------------Accrued interest on
Accrued interest on
farm loan bonds (not
bonds and securities
31,374 98
m atured)---------------(not matured)--------- ---------------Farm loan bonds on
___ _ Other accrued interest
payable____________
hand (unsold)______
58,000 00
Notes payable-----------Accrued interest on
Due borrowers on un­
farm loan bonds on
2,500 00
completed loans----724 98
hand (not matured).
A m ortiza tion install­
Other accrued Interest
St. Louis, M o., September 15, 1922.
ments paid in ad­
(uncollected)_______
1,600 00
vance ______________
Blair & Co.. Inc., New York.
Cash on hand and in
77,076 82 Matured interest on
banks_____________
Liberty Central Trust Co., St. Louis, M o.;
fa rm lo a n b o n d s
1,957 34
Gentlemen— Referring to your purchase o f the 5% Farm Loan bonds Accounts receivable__
(coupons not pre­
Installments matured
of the Liberty Central Joint Stock Land Bank of St. Louis, I take pleasur
9,930 00
sented) ____________
(in process of col­
124 37
9,130 00 Other liabilities----------In giving you the following Information:
lection) ____________
43,384
54
Undivided
profits------This bank was chartered by the Federal Farm Loan Board on April 14 Banking house_______
1922. Its capital stock, which carries a double liability for the protection Furniture and fixtures .
23,817 71
Other
assets__________
of the bondholder, is owned in its entirety by the Liberty Central Trus
Excess of expenses and
Company. It has a paid-in surplus equal to 10% of its capital stock, it is
interest charges over
earnings___________
reauired by law to set aside 25% of its net earnings yearly until the reserve
so established is equal to 2 0 % of its capital stock and thereafter continu­
Total liabilities.........$2,851,913 89
Total assets________ $2,851,913 89
ously to set aside 5% of its net profits.
r
The bonds are further secured by a like amount of United States
OFFERING OF $300,000 BONDS OF ARKANSAS JOINT
ernment bonds or first mortgages on farm lands having a
appraised value at least twice the value of the mortgages. Thrce securiti
STOCK LAND BANK.
are in the physical possession of a representative of the United States '1 reas
On Sept. 11 Brooke, Stokes & C o., of Philadelphia,
ury Department, who requires the deposit of additional securities (oit
Government bonds or Farm Loan mortgages) whenever the value of the Washington and Baltimore, offered at 103 and interest,
securities in his possession is in any manner Impaired, either through default
in payment of the interest on mortgages, or through partial repayments yielding 4.62% to the callable date and 5 % thereafter,
° f The bank’s operations are confined exclusively to the States of Missouri
and Illinois, which have long borne high rank in the value and productivity
of their farm lands. The average appraised value of the farm lands upon
which loans have been made by this bank is $83 97 per acre. The average
loan por acre is $36 84, making the percentage of loan to the conservative
appraised value 43.87%. The average sizo of our loans is about $8,000.
All of the operations o f Joint Stock Land banks are, as you know, super
vised by tho United States Government, by whom both the bonds and mort
gages securing the same must be approved.
The bank is under the maagement of men who for years have been
gaged in the making of farm loans in this territory. Each loan is carefully
analyzed and scrutinized, not only by tho entire execuiive committee or
the Liberty Central Joint Stock Land Bank, but likewise by the entire
officers’ committee of tho Liberty Central Trust C o., for final approval.
Yours very truly,
L IB E R T Y CEN TRAL JOINT STOCK LAND BANK
of St. Louis.
By: (Signed) C. C. LOCKETT. Treasurer.

$300,000 5 % Farm Loan bonds of the Arkansas Joint Stock
Land Bank of Memphis, Tenn. The bonds are dated
M ay 1 1922, are due M ay 1 1952 and aro callable at par on
M ay 1 1932 or any interest date thereafter. Interest is
payable M ay and N ov. 1 at the Equitable Trust Co. of
New York. The bonds are in denominations of $1,000.
The official circular says:

The farms on which the mortgages are placed aro located in Arkansas
and Tennesseo; in the most fertile section of tho Mississippi delta. The
land in this delta country is extremely fertile; many farms are still producing
very heavy crops after having been planted for 75 to 100 years without
any rotation of crops and without fertilization. This land raises ex raordinary crops of corn, wheat, oats, alfalfa and cotton.
■
The policy of this bank in placing loans is very conservative. The total
value of land and improvements underlying these bonds was $6,o58,66U,
w'hile the total amount loaned was $2,161,200, or the percentage of loans
to total appraised value is only 32.9% , and tho per cent excess of appraise
value over the mortgages was 203 % .
A number of farms have been sold since tho original loans were made.
OFFERING OF $600,000 OF MISSISSIPPI JOINT STOCK From official record of sales we find the average sale price per acre to c
$109 24, while the average amount loaned per acre on this land was on y
LAND DANK BONDS.
■ .
■
.
A t 103 and interest, yielding 4.62% to the callable date $33In60.
making the appraisal of farm lands mortgaged, careful consideration
and 5% thereafter, Brooke, Stokes & C o., of Philadelphia, was given not to base tho valuation on a temporary period of high an
Washington and Baltimore, offered on Sept. 11 a $600,000 values, but to value the land at a price that would hold good oier^i peno
'years.
'
>
( »* t • l,
issue of Mississippi Joint-Stock Land Bank (of Memphis, of The
present net earnings of this Bank on its capital stock are 9.30%.
- Tenn.) 5% farm loan bonds. The bonds, in denomination This Bank has never paid any dividend, preferring to leave its earnings in
of $1,000, are dated M ay 1 1922’, are due Mhy 1 1932, and the undivided profit account, thereby strengthening tho I an •
The Bank has no mortgages in process of foreclosure, nor lias it e\ er been
aro callable at par on M ay 1 1932 or any interest date there­
forced to foreclose on one of its loans.
_ s,
,
after. Interest is payable M ay and N ov. 1 at the Equitable
The majority o f the directors of this Joint Stock Land Bank are also
[ Trust Co., New York City. As in the case of the Arkansas directors in tho Bank of Commerce & Trust Co. of Memphis, Tenn. Die
of the Arkansas Joint Stock Land Bank is owned by the Bank of
: Joint Stock Land Bank (an offering of which is also referred stock
Commerce & Trust Co., which is one of the largest financial institutions
* to in this issue), tho stock of the Mississippi Joint Stock in the South,' and is the second largest bank in Memphis. This insures
Land Bank is owned by the Bank of Commerce & Trust Co. wise management to the Arkansas Joint Stock Land Banc. n a 1 10n>
tho financial ability of the stockholders of the Arkansas Joint Stock Land
of Memphis, Tenn., and the majority of the directors of the Bank (i.e.. Bank of Commerce & Trust Co.) to pay any necessary assess­
Mississippi Joint Stock Land Bank are also directors in the ment is assured.
’
1
Bank of Commerce & Trust Co. The officers of the Missis­
L. K. Thompson, President; Manager bond department Bank o f Com­
merce & Trust Co. R . Brinkley Snowden, Vice-President, Vice-] resident
s i p p i Joint Stock -Land Bank are:
L K . Thompson, President, Manager Bond Department, Bank of Com- Bank of Commerce & Trust Co. F. G. Barton President F G , Barton
Cotton Co., cotton factors. John Phillips, senior partner of Goodlet &
m oron & Trust Co.
. _
R Brinkley Snowden, Vice-President, Vice-President Bank of Commerce Co. T . O. Vinton, President Bank of Commerce & Trust Co.
& Pauf DUlard, President Dillard & Coffin, cotton factors.
1
Er L Rico Vico-President, Bank of Commerce & Trust Co.
^ T ' Firgason President J. T . Fargason Co., cotton factors and wholeJ

The following is the statement of condition of the - rkansas
Joint Stock Land Bank as of July 31 1922:

Assets
Net mortgage loans______ $1,942,886 65
Accrued interest on mtge.
26,311 20
The official offering of bonds of the Mississippi Joint
loans (not matured)___
U. S.: Government bonds
24,750 00
and securities_____
StThe^alms on which t h f mortgages are placed are located in Mississippi Accrued Interest on bonds
743 34
& securities (not matured)
Farm Loan bonds on hand
„„
(unsold).........................
93,000 00
very heavy crops after having been plantocHfar
Accrued
Interest
on
Farm
years without any rotation of crops and without fertUization This land
Loan bonds on hand (not
1,162 50
matured)_____________
Other accrued interest (un­
collected).......................
i i
i110
inrwi and imorovements underlying these bonds was Cash
on hand and In banks- 132,560 32
2.914 78
K l ^ O ^ h i l e the tot il amount loaned was $2,743,700, or tho percentage Accounts receivable______
ofloam sto total appraised value is only 32% . and the per cent excess of Installments matured (in
10,275 00
process of collection)___
appraisod value over the mortgages was 21.5 /c,
Banking house..................
A number of farms have been sold since the original loans weremad1 . Furniture and fixtures___
Other assets____ _______
From official record of sales wo find tho average sale price per aero t
of expenses and
$155 70, while tho average amount loanod per acre on this land was o y Excess
interest charges over
■•earnings______________
5 In^maklng the appraisal of farm lands mortgaged, careful consideration:
Total assets...................$2,234,603 79
was given not to base the valuation on a temporary period of hig an f




Liabilities.
Capital stock paid in......... $250,000 00
----------Surplus paid in .,-----------Reserve (from earnings)—
13,000 00
Surplus (from earnings)--.
.............
Farm Loan bonds (author­
ized and issued)----------- 1,900,000 00
Accrued interest on Farm
23,874 98
Loan bonds (not matured)
Other accrued interest pay­
able —
Notes payable..................
Due borrowers on uncom­
5,740 00
pleted loans...............—
Amortization installments
paid in advance............Matured interest on Farm
Loan bonds (coupons not
5,577 50
presented)-----------------694 14
Other liabilities................
35,717 17
Undivided profits............--

Total liabilities- — — .$2,234,603 79

The bonds are exempt from Federal, State, municipal and local taxation,
and are legal investments for all fiduciary and trust funds under Che jurisdic­
tion o f the Federal Government, and are acceptable at par for deposits of
Postal Savings and other deposits o f Government funds.

Hence the tendency will be for the amount o f stock outstanding to increase
as more associations subscribe to the Land Bank, and as greater advantage
is taken by them of the facilities of the Land Bank.

Guaranty Fund.
The Land Bank is required to accumulate from its profits a guaranty
fund by carrying thereto annually a sum equal to K % of its outstanding
capital stock until this guaranty fund shall have reached a total of 15%
of tho stock. This has been done since the bank was organized, and the
guaranty fund on June 30 1922, after seven and one-half years o f operation,
amounted to about 4% o f the capital stock. Undivided profits at the same
time came to 3.3% additional.
Similar guaranty funds have been built up by the individual savings and
loan associations.
Loans to Members.
The Land Bank may invest its capital and other funds in securities which
are an authorized investment for New York savings banks. It also may
loan money to any savings and loan association upon the security of its
$200,000 dated July 1 1922, due $20,000 annually July 1 1923-32.
promissory notes, with or without collatral. But its primary function is
200.000 dated Aug. 1 1922, due 20,000 annually Aug. 1 1923-32.
to receive from its member associations real estato first mortgages, and to
200.000 dated Sept. 1 1922, due 20,000 annually Sept. 1 1923-32.
deposit the same with the Comptroller of the State of New York as collateral
200.000 dated Oct. 1 1922, due 20,000 annually Oct. 1 1923-32.*
security for the bonds which it issues and sells, the proceeds of thebond 9
200.000 dated Nov. 1 1922, due 20,000 annually Nov. 1 1923-32.*
in each case being advanced to the member associations depositing the col­
lateral.
* To be presently Issued.
Security for Bonds.
Real estate mortgages thus deposited with the Comptroller to secure
The prices at which they are offered and the yield in each
bonds
of
the
Land
Bank
must
be
case follow:
1. First mortgages held by member associations, and legally receivable
To Yield
To Yield by them.
Maturities. Prices.
About. Maturities. Prices.
About.
2. Not in excess of 80% of the appraised value of tho property covered.
1923
100.87 & interest 4.10%
1928
102.50 & interest 4.51% As bonds may be issued to the extent of only 80% of these mortgages,
1924
101.42 & interest 4.25%
1929
102.50 & interest 4.57% it follows that the face value of Land Bank bonds can never be more than
1925
101.39 & interest 4.50%
1930
102.50 & interest 4.62% 64% of the appraised value of the real estate securing them. In practice
1926
101.81 & interest 4.50%
1931
102.50 & interest 4.66% the Land Bank accepts mortgages for not more than 75% of the appraised
1927
102.22 & interest 4.50%
1932
102.50 & itnerest 4.68% value of improved real estate security (improved real estate meaning prop­
The bonds may be registered as to principal only. Both erty on which the value of the buildings exceeds the value of the land),
and the average of all the mortgages now deposited as security for Land
principal and semi-annual interest are payable at the office Bank bonds is less than 50% of the value of the real estate security.
of the Land Bank in New York City, in United States gold
3. The property must be appraised specifically as to land and buildings
coin of the present standard of weight and fineness. The by two appraisers of the savings and loan association. These appraisals are
later checked by directors of the Land Bank.
bonds are callable on any interest date at 102 3^ and interest
4. Every member association expressly guarateos tho repayment of the
on sixty days’ notice. They are, it is announced, legal in­ advances made to it, with interest to cover the Interest on the Land Bank
bonds
issued on its behalf.
vestment for savings banks and trust funds and for State and
5. Added safety is given by tho general security of the capital and guar­
municipal sinking funds in the State of New York. The cir­ anty fund of the Land Bank and the double liability of its members.
cular also points out that each bond bears the certificate of
Guaranty of Borrowing Members.
tho Comptroller of the State of Now YorkTthat it is issued by
This guaranty of borrowing memberrs is a valuable item of security,
the Land Bank of the State of New York, and that first mort­ because—
1 . No member association, except by complying with certain strict and
gages on real estate in the State of New York in the propor­ almost prohibitive regulations, may legally pledge with the Land Bank
tion of $1,250 to each $1,000 bond issued have been deposited more than 50% of its mortgages. In practice, no association pledges
than 25% of its mortgages. Hence the guaranty mentioned above
with him in compliance with the Banking Law. A letter more
is backed by resources equal to four or more times the face value of the
from"Martin S._Cohen, Managing Director of the"bank, to pledged collateral, and five or more times the par value of the Land Bank
the institutions offering the bonds,'giving particulars of the bonds.
2. The general indebtedness of an association, other than on mortgages
organization, purpose, &c., of the bank, is embodied in the thus
pledged with the Land Bank is limited by law to 20% of Its accumu­
circular as follows:
lated capital. It Is rarely that an association has even approximated
this limit, the average for all associations now being about 2 % .
LAND BAN K OF THE STATE OF NEW YORK.
3. The banking law provides that in case of the insolvency of any sav­
220 Broadway, New York.
ings and loan association, bank or trust company, the Land Bank shall
have a preferred claim against all the property of such Institutions for the
September l l 1922.
Manufacturers Trust Co., 139 Broadway, New York City.
recovery of any money deposited with it, or any money due to the Land
Remick, Hodges & Co., 14 Wall Street, New York City.
Bank for subscriptions, sinking fund interest and principal, or guaranty
Gentlemen.— In compliance with your request, I take pleasure in giving on mortgages. The strength of this preferred claim is perhaps brought
you tho following information with regard to the Land Bank o f the State out when it is stated that tho reources of the member associations to which
of New York and its bond issues.
advances have been and are now being made average twenty-five times
the amount of such advances.
Organization and Purpose.
4. No strictly local savings and loan association such as practically all
The Land Bank was organized in 1915, under Article 10, Sections 421 to
438 of the New York Banking Law. It is intended as a central institution of those now in existence in the State, has ever been so mismanaged that
jt
was
unable to pay its general indebtedness.
for all the savings and loan associations o f this State, with power to assist
them in procuring, upon reasonable terms, money to loan upon urban and
Description of Bonds.
rural real estate. It thus bears a relation to its member associations similar
Both principal and semi-annual interest of New York Land Bank bonds
in several respects to that o f the Federal Reserve banks to their member aro payable at the office o f the Land Bank in Now York City in United
banks, and o f tho Federal Land banks to their National Farm Loan Associ­ States gold coin of tho present standard o f weight and fineness. Bonds
ations.
are issued in series of not less than $50,000 par value, each series maturing
Member Associations.
in equal annual installments. The various series differ as to interest rates
The savings and loan system o f New York State dates from 1851. The and maturity dates.
associations are co-operative in character, .and assist members, tho greater
The bonds just sold to you bear 5% interest and consist of—
part of whom are wage-earners, in building or buying homes. There are $200,000 dated
July
1,1922
and
duoJuly1,1923-32
280 such associations distributed among 51 of the 62 counties in tho State.
200.000 dated Aug. 1, 1922 and due Aug. 1, 1923-32
They had, on Dec. 31 1921 , total resources of $131,270,091 and amembership
200.000 dated Sept. 1, 1922 and duo Sept. 1, 1923-32
of 279,749. Fifty-one of these associations, situated in 21 counties, having
200.000 dated Oct. 1, 1922 and due Oct. 1, 1923-321 T o be presently
total resources o f $56,525,663 21 and a membership of 100,900, are mem­
200.000 dated Nov. 1, 1922 and duo Nov. 1, 1923-32'
issued
bers of tho Land Bank. Most of the member associations commenced
They are in $1,000 coupon pieces registerable as to principal only. The
business prior to 1890, and over three-quarters o f them are twenty or more law provides that ail Land Bank bonds shall be callablo on any interest
years old. Hence the system is well established and shows evidence of dato at 102H and interest on sixty days’ notice. This insures against
competent and successful management. Nearly ha lf tho resources are found impairment of tho assets and earning power o f the Land Bank in a falling
in tho 129 associations located in the counties o f Erie, Kings, New York, money market, when collateral paid o ff prior to maturity of the bonds
Monroe and Richmond. Thirty member associations are found in New might have to bo refunded at a lower rate o f interest than that borne by the
York City.
old collateral.
Management.
Certificate of State Comptroller.
The management o f the Land Bank is vested in a board o f directors, each
Each bond bears tho following certificate of the Comptroller of tho State
one o f whom is a shareholder in some member association, and nas been of New York:
nominated by such association for that office. 1 he management of the
“ This bond is one of tho scries of bonds designated hereon and is issued
individual savings and loan association is in tho hands of a board of direc­ by the Land Bank o f the State of New York. The said Land Bank has
tors, each one of whom must be a shareholder of the association, and elected deposited in this office mortgages in tho proportion of $1,250 to each $1,000
to office by vote o f the members o f the association. Tho managment bond issued. Said mortgages aro certified by the Land Bank to bo first
o f the entire system is thus definitely placed in the hands o f those most mortgages on unemeumbered real property, that are legally receivable by
interested in its success.
_
savings and loan associations, together with the bonds accompanying the
Both the Land Bank and tho member associations are subject to examina­ same and the assigments of said bonds and mortgages to tho Land Bank,
tion by the State Banking Department, and must make periodical reports as required by tho Banking Law, subject, howover, to the provisions that
to it. Every savings and loan a sociation must also prepare and publish said Land Bank may add thereto or substitute therefor similar bonds and
an annual report to its shareholders.
mortgages of equal or greater amount and value instead thereof, but shall
at all times maintain on deposit mortgages in tho proportion of $1,250
Capital Stock.
to
each $1,000 bond issued and outstanding. Tho said Land Bank may
Tne capital stock of the Land Bank, now consisting of $126,000 out­
standing, carries double liability similar to tnat carried by the stocK of withdraw from such deposit a proportionate amount upon tho cancella­
national and State banks, and is all owned by savings and Joan associations. tion o f this bond.”
Legal for Savings Banks and Trust Funds.
No association may hold stock o f a par value in excess o f 10% o f its own
resources. On the other hand, no association can borrow from the Land
The New York State Banking Law provides that all bonds of the*Land
Bank in excess o f twenty times the amount o f Land Bank stock It owns. Bank of the State o f New York shall be legal investments for savings-banks

OFFERING OF $1,000,000 BONDS OF LAND BANK OF
THE STATE OF NEW YORK.
An issue of $1,000,000 5 % gold bonds of the Land Bank of
the State of New York was offered on Monday last (Sept.
18), at prices to yield 4.10% to 4.68% , according to maturity,
by Remick, Hodges & Co. of this city and the investment
department of the Manufacturers’ Trust Company of Man­
hattan, Brooklyn & Queens. The bonds, in coupon form,
of $1,000 denomination, are issued in series as follows:




or immediately prior to their employment by that bank, and the total
amount paid in salaries by said New York Bank has increased from $1,­
298,474, in the calendar year 1918. to $4,937,597, in the calendar year
1921; and
Whereas, It has been charged in the Senate that the said Governor
Harding permitted the bank officials of the twelve Federal Reserve banks
to
increase their salaries for the year ending June 1922 over the salaries
The following are directors of the bank:
B G Parker President, Governeur, N. Y .; D. B. Hutton, Ist Vice- paid for the year 1918, more than $15,000,000; and
Whereas, That increase alone is three times as much money as it cost the
•Pr^siriPnt Brooklyn- W. H. Judson, 2nd Vice-President, New York; Elmer
K a n t ’n^ 3 r t ^ P r e s i d e n t . Troy, N. Y , Webb G. Cooper, 4 th Vice­ Government of the United States to pay the annual salaries of the Vice­
President
and the Speaker o f the House, all the Members of both branches
President Oswego. N. Y .; John J. Dillon, Treasurer, New York; Martin
S Cohen Managing Director, New York; Hiram C. Horton, Secretary, of Congress, all the members of the Supreme Court o f the United States,
Westerleigh N. Y .; James P. Judge, Attorney, Brooklyn; Chas. O C. Hen- the President and his Cabinet, the members o f the Federal Trade Commis­
nessj^ N e w ' Yor k; George I. Skinner, New York; Ira H. Hyde, Norwich. sion, the Inter-State Commerce Commission, the General o f the Army,
N Y - John E . Farwell, G eneva, N . Y .; Ann E . Rae, Niagara Falls, N . •. and the Admiral o f the Navy; and
Whereas, Neither the then Governor o f the Federal Reserve Board,
and Edwin F. Howell, Jr., Now York.______________
W . P. G. Harding, or the officials o f the Federal Reserve banks have
denied said charges; and
Whereas, The failure to challenge and disprove these grave and serious
r e p a y m e n t s r ec eiv e d b y w a r f in a n c e
charges has had the effect o f creating in the public mind apprehensions and
CORPORATION.
suspicions of a serious nature regarding the alleged conduct o f said officials
From Sept. 1 to Sept. 15, inclusive, the repayments in these matters; and
Whereas, The allegations in said charges involving the wanton extrava­
received by the War Finance Corporation totaled $6,559,322,
gance with and the brazen misuse ol funds belonging in part to the Federal
as follows.
__ Government are o f such a character as to call for an investigation on the
On loans made under the war powers-------------------- ----------- ooo ’
’
part o f the Senate: Therefore be it
On export advances: from exporters----------------------- $160.200
^ ^
Resolved, That a committee of nine Senators, composed of Democrats and
Republicans, five from the majority party and four from the minority, be
On agricultural and live stock advances;
appointed by the Vice-President to investigate and report on said charges,
From banking and financing institutions--------------$3,407,403
and said committee is hereby authorized and empowered to summon and
From live stock loan companies--------------------------810,480
compel the attendance o f witnesses upon said investigation and to pay the
From co-operative marketing associations..........- 150,060
expenses incurred out o f the contingent fund of the Senate.
•
—— ----------- 4,367,94o

and trust funds in the State o f New York and for the sm km g and trust
funds o f the State o f New York or of any municipal corporation or political
subdivision thereof.
Very truly yours,
M A RTIN S. COHEN, Managing Director.

Total.................................... ........... ..................... ................... $6,559,322

The repayments received by the Corporation from Jan. 1
1922 to Sept. 15 1922, inclusive, on account of all loans
totaled $125,497,838.
REPAYMENTS TO WAR FINANCE CORPORATION,
ACCOUNT OF LOANS TO CHICAGO ROCK ISLAND
& PACIFIC RR.
OnrSept. 18 the War Finance Corporation announced that
it had received repayment of $2,000,000 on account of the
loans'aggregating $10,430,000, made to the Chicago Rock
Island & Pacific Railway Co. under the war powers of the
Corporation in December 1918 and January 1919. It is
expected, the Corporation announces, that the balance now
outstanding, $2,930,000, will be repaid in the near future.
ADVANCES BY WAR FINANCE CORPORATION, AC­
COUNT OF AGRICULTURAL AND LIVE STOCK
PURPOSES.
The War Finance Corporation announced on Sept. 18
that from Sept. 1 to Sept. 15 1922, inclusive, it had ap­
proved 17 advances, aggregating $503,000, to financial in­
stitutions for agricultural and live stock purposes.
12j ** -

'

— ..............

:

SENATOR HEFLIN’S RESOLUTION CALLING FOR IN
VESTIGATION INTO CHARGES OF EXTRAVAGANCE
BY FEDERAL RESERVE BANK OF NEW YORK.
An investigation into charges that extravagance and mis­
use of funds by the Federal Reserve Board of New York was
permitted under W. P. G. Harding as Governor of the Fed­
eral Reserve Board, is asked for in a resolution introduced
by Senator Heflin of Alabama on Sept. 12. The resolution,
which was referred to the Committee to Audit and Control
the Contingent Expenses of the Senate, is as follow s:
s. RES. 350.
RESOLUTION.
Whereas, It has been charged in the Senate that while deflation was
being conducted under the direction o f Governor Harding, o f the Federal
Reserve Board, that he permitted the Federal Reserve Bank officials o f the
regional Bank o f New York to appropriate funds o f the bank for the purTxvio o f erecting palatial banking quarters for the Federal Reserve Bank in
w York City, the total cost o f which was estimated in the Federal
r ervo Board’s official report to the Senate, o f Oct. 31 1921, as shown on
K° e s 21 to 23 o f said report, at the sum o f $25,646,410, including land,
P S , , „ and structures; and
b WhNeas The cost for banking quarters o f four o f the twelve Reserve
_ i
Animated in the Reserve Board’s report to the Senate o f Oct. 31
in o w m c e s 21 to 23) at $49,878,914, which is nearly five times as much as
tVia average expenditures for the past twenty years on all appropriations
m^de by Congress for all public buildings, post-offices, court-houses, and
t m h m w s in all forty-eight States o f the Union; and
The Reserve banks have already in the calendar years 1918,
ioiQ 1920 and 1921 charged against the net earnings o f the banks over
900 9000 on account o f alleged depreciation, and so forth, on their bank
$ 10 ,000 ,00 u o
premises were still under construction or unfinished;
and'thereby^reatly reduced the amount which would otherwise have gone
thn Government for franchise tax; and
m l T l t has been charged in the Senate that the said Governor
Harding permitted the officials o f the Federal Reserve Bank o f New York
g u v to use the enormous earnings made during the period o f drastic deflacreatly increase their own salaries and the salaries o f the clerks and
ntherofUcials o f said banks, increasing such other salaries from $1,320 to
$lo!oOO. from $2,500 to $15,000. from $3,600 to $25,000, and from $6,500
40 Whereas, As a result o f the huge increases in salaries, twenty-five o f the

forty officers o f the Now York Reserve Bank, on Oct. 1 1921, were drawing
in the aggregate salaries which amounted to 594 per centum o f the salaries
which they drew when they first came to the New York Reserve Bank




COAL AND RAILROAD STRIKES WITHOUT EFFECT
IN NEW YORK FEDERAL RESERVE DISTRICT.
According to the Federal Reserve Bank of New York “ the
coal and railroad strikes have apparently been without ef­
fect upon the credit situation, which seems to have been in­
fluenced by more fundamental conditions.” The bank in its
Sept. 1 review continues:
For many months past increasing commodity prices and a general increase
trade and Industrial activity have facilitated the liquidation of many
commercial bank loans of long standing. At tne same time the investments
o f the banks in Government and other bonds have steadily increased. These
tendencies were discussed at some length in the last number of the ‘ Review.
During the past month, however, the downward movement in the vol­
ume o f commercial loans has ceased; but the volume o f bond investments in
banks outside o f New York City has continued to increase, presumably as
a cumulative effect o f the liquidation o f the past year and o f the continuing
imports o f gold. The volume of bills discounted by the Federal Reserve
banks is at almost the lowest point of the year.
Accompanying the pause in the decline in the commercial loans or the
banks thero has recently been a slight increase in the note circulation of
the Federal Reserve banks. In almost every year since the Federal
Reserve system began there was a more or less marked increase in circula­
tion in the late summer and autumn when funds were needed for moving
crops. Before the establishment of the Federal Reservo system this
demand for funds was often the cause of strained credit or currency con­
ditions and an increase In interest rates in this season of the year. Since
the establishment of the Reserve system, howevor, the power of the Reserve
banks to supply additional funds when required has eliminated the autumn
currency scarcity and greatly lessened the autumn credit strain. During
1921 the decline in prices and the liquidation of loans offset the seasonal
requirements for currency and there was no increase in the autumn. Thus
fai in 1922 note issues have been in much closer correspondence with the
experience of the years prior to 1921.
The volume of funds made available for investment purposes in the past
few months has doubtless been a factor in the continued rise o f prices in the
security markets at a time wnen the coal and railroad strikes might have
been expected to be influences in the other direction. A further result
has been the gradual lowering o f interest rates. During the past month,
however, the only indications of lower rates were a slight reduction in the
yield o f certain groups of bonds and a slight lowering of rates charged by
banks on their customers’ commercial paper. The open market rate for
commercial paper has remained at 4% and the rate on bankers acceptances
at 3 % .
____________________

SUBSCRIPTIONS TO U. S. TREASURY CERTIFICATES
OF INDEBTEDNESS.
Total subscriptions of $570,476,500 were received by the
Treasury Department to the U. S. Treasury certificates of
indebtedness offered on Sept. 11 to the amount of $200,000,­
000 or thereabouts. The amount allotted was $227,000,000.
The offering was referred to in our issue of Saturday last,
page 1271. The certificates which are designated Series,
TS-1923, are dated and bear interest (3 % % ) from Sept. 15
1922 and will mature Sept. 15 1923. In the New York
Federal Reserve District subscriptions of $228,233,500 were
received. All of the twelve districts exceeded their quotas.
The subscriptions and allotments by districts were as fol­
lows:
------------- Subscriptions------------Received.
Allotted.
Federal District—
97.320.000
$23,065,000
Boston..................
94.840.000
New Y ork_________
228,233,500
14.120.000
Philadelphia______________________________ 52.310,000
18.120.000
C leveland________________________________ 53,260,500
6.920.000
Richm ond________________________________
26,328,000
5.840.000
Atlanta ________
20,503,000
28,000.000
Chicago_______ _________________ _____ ____ 59,265,500
8,000.000
St. Louis_________________________________
16,689,500
6.920.000
M inneapolis______________________________ 14,896,000
8,000,000
Kansas C ity______________
15.459,000
4.800.000
D a lla s________
14,924,000
14,120.000
San Francisco.......................
45,542,500
T o ta l............................................................ .$570,476,500

$227,000,000

The subscriptions to the offering were closed at noon
Sept. 15.
TREASURY

DEPARTMENT PLANS ISSUES OF
REFUNDING BONDS.
The following from the Washington bureau of the “ Journal
of Commerce,” Sept. 20, appeared in the Sept. 21 issue of
that paper.
Tho floatation o f a large long-term bond issue is contemplated by the
Treasury if the condition of the money market permits the issuance of these
bonds at a rate of 4 %.
The action of the Senate in voting to sustain the President’s veto of the sol­
diers’ bonus bill virtually assures an offering in October. Unless the market
reacts in a way totally unexpected, it is believed that there will be a favor­
able result, and that the investing public will look with favor upon absorbing
a large volume o f Government securities, bearing a rate of interest as low
as 4% .
Secretary o f the Treasury Mellon made known last week that the Govern­
ment proposed to issue bonds, maturing in from fifteen to thirty years, if it
found the banks in a position to subscribe for the amount to be offered at
this rate.
Must Refund $2,000,000,000.
The Treasury must refund approximately $2,000,000,000 before tho first
of the year. While officials to-day stated that no definite plans thus far had
been made for the next offering and Secretary Mellon previously has indi­
cated that there will be no new financing before October, they readily admit
that the Government intends to go into the market before that time to refund
the indebtedness on the best terms possible.
Tho most reliable indications point to tho offering o f $1,000,000,000 in
notes, maturing at least ten years hence, the rate o f interest not to exceed
4 % . All of the offerings which have been made by tho Treasury during the
past year have been eagerly oversubscribed. The last issue o f six months’
Treasury certificates, drawing only 3 % % interest, was oversubscribed at the
ratio o f nearly 3 to 1. Since that timo the money market has become tight­
er, but this is attributed to the fear that there might be a change of heart on
the part of a few Senators and the bonus bill become a law.
Now that the bonus is definitely shelved it is expected that this will insure
the success o f the Treasury refunding operations; &s this meails'that there
will bo no additional taxes and therefore the. holders o f the capital will be
willing to accept a lower rate on their investments. ' ' " "

ADJOURNMENT OF CONGRESS:
■ The second session of the Sixty-Seventh Congress ad­
journed yesterday (Sept. 22) sine die. Legislation passed
in the closing minutes of the session was signed at the
Capitol by President Harding. The adjournment was
arranged definitely when the Senate soon after reconvening,
adopted the House resolution providing for ending of the
session at 2 p. m. Important bills which failed of enact­
ment included the Dyer Anti-Lynching Bill, and the measure
authorizing a loan of $5,000,000 to Liberia. It is expected
that Congress will be called back into special session about
N ov. 15.
DAYLIGHT SAVING ENDS TO-MORROW (SUNDAY).
Daylight saving, which has been in force in this city since
the last Sunday in April (April 30), will terminate at 2 a. m.
to-morrow (Sunday), in accordance with tho city ordinance
under which daylight saving was continued in effect for five
months, or until the last Sunday in September. The clocks
will hence be turned back ono hour to-morrow morning to
agree with Eastern standard time.
VETO OF fSOLDIER BONUS BILL BY PRESIDENT
HARDING.
The expected veto by President Harding of the so^alled
bonus bill was witnessed on Tuesday of this week (Sept. 19),
when he returned the bill to Congress without his approval.
The bill, intended to provide adjusted compensation for vet­
erans of the World War, was described by the President as
establishing “ the very dangerous precedent of creating a
Treasury covenant, to pay which puts a burden, variously
estimated between four and five billions, upon the American
people, not to discharge an obligation which the Government
always must pay, but to bestow a bonus which the soldiers
themselves, while serving in the World War, did not expect.”
“ The simple truth,” says the President, “ is that this bill pro­
poses a Government obligation of more than four billions
without a provision of funds for the extraordinary expendi­
tures.” The bill, he says, “ takes cognizance of the inability
of the Government wisely to bestow, and says in substance,
‘we do not have the cash, we do not believe in a tax levy to
meet the situation, but here is our note, you may have our
credit for half its worth.’ ” The President refers to his
views, indicated to Congress, that any grant of bonus ought
to come through a general sales tax, but that “ such a plan
was unacceptable to Congress.” The “.very binding obliga­
tions” to those of the Nation’s defenders “ who made real sac­
rifices in the World War and who left the armies injured,
disabled or diseased,” were acknowledged-by the President,
who stated that “ in meeting this obligation there is no cqmplaint about the heavy cost”— that “ in the current fiscal year




we are expending $510,000,000 on hospitalization and care of
sick and wounded, on compensation and vocational training
for the disabled and for insurance.” The figures, he said,
“ do not include the more than $35,000,000 in process of ex­
penditure on hospital construction.” “ Though the peak in
hospitalization may have passed,” the message continues,
“ there is a growth in domicilization and the discharge in full
of our obligations to the diseased, disabled, or dependent
who have a right to the Government’s care, with insurance
liability added, will probably reach a total sum in excess of
$25,000,000,000.” Among other things the President noted
that our maturing promises to pay within the current fiscal
year amount to approximately $4,000,000,000 most of which
will have to be refunded, that “ within the next six years
more than $10,000,000,000 of debt will mature and will have
to be financed” and that “ these outstanding and maturing
obligations are difficult enough to meet without the compli­
cation of added borrowings.” A pledge now “ to the able­
bodied ex-service men,” said the President, “ will not dimin­
ish the later obligations which will have to be met when the
younger veterans of to-day shall contribute to the rolls of the
aged, indigent and dependent.” In appealing “ to the candid
reflection of Congress and to the country and to the ex-ser­
vice men in particular as to the course better suited to fur­
ther the welfare of our country” the President observes that
“ nations can only survive where taxation is restrained from
the limits of oppression, where the public treasury is locked
against class legislation, but ever open to public necessity
and prepared to meet all essential obligations.” In another
item we refer to last week’s adoption of the bonus bill by
Congress and this week’s efforts to override the President’ s
veto. The following is President Harding’s veto message:
To the House of Representatives:
.
Herewith Is returned, without approval, H. R. 10,874, a bill “ to pro­
vide adjusted compensation for tho veterans of the World War and for
other purposes.”
With the avowed purpose of tho bill to give expression of a nation’s
gratitude to those who served in Its defense in the World War I am in
accord, but to its provisions I do not subscribe. The United States never
will cease to be grateful, it cannot and never will cease giving expression
to that gratitude.
'
In legislating for what is called adjusted compensation Congress fails,
first of all, to provide the revenue from which tho bestowal Is to bo paid.
Moreover, it establishes the very dangerous precedent of creating a
Treasury covenant to pay which puts a burden, variously estimated
between four and five billions, upon the American people, not to dis­
charge an obligation, which the Government always must pay, but to
bestow a bonus which the soldiers themselves, while serving in the World
War, did not expect.
It is not to be denied that tho nation has certain very binding obliga­
tions to those of its defenders who made real sacrifices in the World War,
and who left the armies injured, disabled or diseased, 60 that they could
not resume their places in the normal activities of life. These obligations
are being gladly and generously met. Perhaps there are hero and there
inefficiencies and injustices, and some distressing Instances of neglect,
but they are all unintentional, and every energy is being directed to their
earliest possible correction.
In meeting this obligation there is no complaint about tho heavy cost.
In the current fiscal year we are expending $510,000,000 on hospitalization
and care of sick and wounded, on compensation and vocational training
for the disabled, and Tor insurance. The figures do not Include the more
than $35,000,000 in process of expenditure on hospital construction.
The estimates for the year to follow are approximately $470,000,000,
and the figures may need to be made larger. Though the peak in hos­
pitalization may have passed, there is a growth in domicilization and the
discharge In full of our obligations to tho diseased, disabled or dependent
who have a right to tho Government’s care, with insurance liability added,
will probably reach a total sum in excess of $25,000,000,000.
More than 90,000 veterans are now enrolled in some of tho 445 different
courses In vocational training. Fifty-four thousand of them aro in schools
or colleges, more than 38.000 are in industrial establishments, and a few
more than 6,000 are being trained In schools operated by the Veterans’
Bureau.
•
,-t
Approximately 19,000 have completed their courses and have employ­
ment in all cases where they desire it, and 53,000 have deferred for the
present timo their acceptance of training. The number eligible under the
law may reach close to 400,000, and facilities will continue to bo afforded,
unmindful of tho necessary cost, until every obligation is fulfilled.
Two hundred and seventy-six thousand patients have been hospitalize ,
more than a quarter of a million discharged and 25,678 pationts aro In our
hospitals to-day.
. ’
Four hundred and sixteen thousand awards of compensation have cen
made on account of death or disability, and $480 ,000,000 have been pa
disabled men or their dependent relatives. One hundred and seven y- vo
thousand disabled ex-service men are now receiving compensation along
with medical or hospital care where needed, and a quarter of a million
checks go out monthly in distributing the eight-mlllion-dollar payment on
indisputable obligations.
,
, ,
I recite the figures to remind tho Congress how generously and how
properly it has opened tho Treasury doors to discharge tho obligations of
tho nation to those to whom it indisputably owes compensation and care.
Though undying gratitude is the meed of every one who served, it is not to
be said that a material bestowal is an obligation to those who emerged from
the great conflict not'only unharmed,'but physically, mentally and spiritu­
ally richer for the great experience. If an obligation wore to. bo admitted),
it would be to charge tho adjusted compensation bill with Inadequacy and
stinginess wholly unbecoming our Republic. Such a bestowal, to be worth
while, must be generous and without apology. Clearly, the bill returned
herewith takes cognizance of the inability of tho Government wisely to
bestow, and says, in substance, “ Wo do not have the cash, wo do not believe
in a tax levy to meet the situation, but here Is our note, you may have our
credit for half its worth.” This is not compensation, but rather a pledge

b y the Congress, while the Executive branch of the Government is left to
provide for payments falling due in ever increasing am ounts.
1 W hen the bill was under consideration in the House, I expressed the
conviction that any grant of bonus ought to provide the means of paying
it and I was unable to suggest any plan other than that of a general sales
tax
Such a plan was unacceptable to the Congress, and the bill has been
enacted without even a suggested means of meeting the cost. Indeed,
the cost is not definitely known, either for the immediate future or in the
ultimate settlement. The Treasury estimates, based on what seems the most
llkclv exercise of the options, figures the direct cost at approximately
-14 5 000,000 for 1923, $225,000,000 for 1924, $114,000,000 for 1925,
$312 000 000 for 1926, making a total of $795 ,00 0,00 0 for the first four
years of its operation, and a total cost in excess of $4,000 ,0 0 0 ,0 0 0 . N o
estimate of the large indirect cost ever has been m ade. The certificate
plan sets up no reserve against the ultimate liability. The plan avoids any
considerable direct outlay by the Government during the earlier years of the
bill’s proposed operations, but the loans on the certificates would be floated
on the credit of the nation. This is borrowing on the nation’s credit just
as truly as though the loans were made by direct Government borrowing
and involves a dangerous abuse of public credit. M oreover, the certificate
plan of payment is little less than certified inability of the Government to
pay and invites a practice in sacrificial barter which I cannot sanction.
It is worth remembering that the public credit is founded on the popular
belief in the defensibility of public expenditure, as well as the Govern­
m ent’s ability to pay. Loans come from every rank in life, and our heavy
tax burdens reach, directly or indirectly, every element in our citizenship.
To add one-sixth of the total sum of our public debt for a distribution
among less than 5,000,000 out of 110,000 ,000 , whether inspired by grateful
sentiment or political expediency, would undermine the confidence on
which our credit is builded. and establish the procedent of distributing
public funds whenever the proposal and the numbers affected make it seem
politically appealing to do so.
Congress clearly appraised the danger o f borrowing directly to finance
a bestowal which is -without obligation and manifestly recognized the
financial problems -with which the nation is confronted. Our maturing
promises to pay -within the current fiscal year amount to approximately
$4,000 ,0 0 0 ,0 0 0 , most o f which will have to bo refunded. W ithin the next
six years more than $10,000 ,0 0 0 ,0 0 0 o f debt will maturo and will have to
be financed. These outstanding and maturing obligations are difticult
enough to meet -without the complication of added borrowings, every one
of which threatens higher interest and delays the adjustment to stable
Government financing and the diminution of Federal taxes to the defensible
cost of government.
' It is sometimes thoughtlessly urged that it is a simple thing for the rich
republic to add four billions to its indebtedness. This impression’ comes
from the readiness o f the public response to the Governm ent’s appeal for
funds amid the stress of war. It is to be remembered that in the war everyl>ody was ready to give his all. Let us not recall the comparatively few
exceptions. Citizens o f every degree o f competence loaned and sacrificed,
precisely in the same spirit that our armed forces went out for service.
Tho war spirit impelled. To the war necessity there was but one answer,
but a peace bestowal on the ex-service men, as though the supreme offering
could be paid for with cash, is a perversion of public funds, a reversal of
tho policy which exalted patriotic service in tho past, and suggests that
future defense is to be inspired by compensation rather than consciousness
o f duty to flag and country.
Tho pressing problem of the Government is that of diminishing our
burdens rather than adding thereto. It is the problem of the world.
W ar inflations and war expenditures have unbalanced budgets and added
to* tho idebtedness until the whole world is staggering under tho load.
W e have been driving in every direction to curtail our expenditures and
establish economies without impairing the essentials of Governmental
activities. It has been a difficult and unpopular task. It is vastly more
applauded to expend them than to deny. After nearly a year and a
quarter of insistence and persuasion, with a concerted drive to reduce
Government expenditure in every quarter possible, it would wipe out
everything thus far accomplished to add now to tho proposed burden,
and it would rend tho commitment to economy and saving so essential
to our future welfare.
The financial problems o f tho Government are too iittlo heeded until
wo are face to face with a great emergency. The diminishing income
of tho Government, duo to tho receding tides o f business and attending
incomes, has been overlooked momentarily, but cannot be long ignored.
Tho latest budget figures for tho current fiscal year show an estimated
deficit of more than $650 ,0 0 0 ,0 0 0 , and a further deficit for the year suc­
ceeding, oven after counting upon all interest collections on foreign in­
debtedness which tho Government is likely to receive. T o add to our
pledges to pay, except as necessity compels, must seem no less than Govern­
mental folly. Inevitably it means increased taxation, which Congress is
unwilling to lovy for the purpose? of this bill, and will turn us from the
course toward economy so essential to promoto the activities which con­
tribute to common welfare.
It is to bo remembered that the United States played no self-seeking
part in the World W ar, and pursued an unselfish policy after the cause
was won
W o demanded no reparations for the cost involved, no pay­
m e n t s out of which obligations to our soldiers could be m et.
I have not
magnified tho willing outlay in behalf of those to whom we have a sacred
,
,. _
,,
essential to remember that a more than four-billionS K S J
» t h T ? b t e * « » « i ex-sorvJce nu-„ „o,v will
dlminbh
the later obligation which will have to be m et when the younger veterans
of to-day shall contribute to the rolls of tho aged, indigent and dependent,
of to day sna
U
that pension provision for

WorW

“ It '•»

: hoso

expenditure which
’ S i d with the ..t a h L h e d practice
contemplation of such a policy is in accoru
1
o f the nation, and puts tho service men o
battles of the Republic
Plane as the millions of men who fought the p r e v i o u s ^ h e Republic
I confess a regrest that 1 must sound the note o f disappotntment
the
m any ox-service men who have the impression i
'
' exDen(i
tor for tho Government to bestow billions in peace i
'
.
lions in war. I regret to stand between them anc
1 P majority of
pensation proposed. I dislike to be out o f accord with tho majority of
Congress which has voted the bestowal.
The simple truth is that this bill proposes a Government obh a on o f more
than four billions without a provision o f funds for the extraordinary expen­
diture, which tho executive branch o f tho Government must iinance in the
face o f difficult financial problems, and tho complete defea o our com­
m itment to effect economics. I would rather appeal, therefore, to the can­
did reflections of Congress and the country, and to the ox-servico men in par­
ticular, as to tho course better suited to further tho welfare of our country.
These cx-soldlers who served so gallantly in war, and who are to be so con­




spicuous in the progress o f the republic in tho half century before us, m ust
know that nations can only survive where taxation is restrained from
the limits o f oppression, where the public treasury is locked against class
legislation, but ever open to public necessity and prepared to meet all
essential obligations. Such a policy makes a bettor country for which to
fight, or to have fought, and affords a surer abiding place in which to liv e
and attain.
W A R R E N G . H A R D IN G .
The W hite H ouse, Sept. 19 1922.
F A IL U R E

OF

EFFORTS

VETO
E ffo r ts

to

in te n d e d

OF

TO

O V E R R ID E

S O L D IE R

o v e r r id e

BONUS

P R E S ID E N T ’S

B IL L .

P r e s id e n t H a r d in g ’ s v e t o

of

th e b ill

to p r o v id e a d ju s te d c o m p e n s a t io n f o r v e te r a n s o f

th e W o r l d

W ar

fa ile d

on

th e

20th

S e n a te v o t e d t o su s ta in t h e v e t o .

i n s t ., w h e n

th e

U .

S.

E a r li e r t h e s a m e d a y t h e

H o u s e h a d b y a la r g e m a j o r i t y , v o t e d t o o v e r r i d e t h e v e t o .
The

P r e s id e n t

a p p ro v a l on

re tu r n e d

th e

1 9 th

th e

b ill

to

C on gress

i n s t ., a n d h is v e t o

in a n o th e r it e m in th is is s u e .

w ith o u t

h is

m e s s a g e Is g i v e n

O n th o m o t io n to p a ss th o b ill

o v e r t h e P r e s id e n t’ s v e t o , t h e v o t e o f th e H o u s e o n th e 2 0 t h
i n s t . w a s 2 5 8 t o .5 4 ; t h e v o t e i n f a v o r o f o v e r r i d i n g t h e v e t o
w a s m a d e u p o f 1 8 8 c a s t b y R e p u b lic a n s , 6 9 b y D e m o c r a t s
and

1

S o c ia li s t i c

P r e s id e n t’ s

sta n d

D e m o cra ts.

v o te ,

w h ile

th e

w ere

th ose

of

54

v o te s

35

u p h o ld in g

R e p u b lic a n s

th e

and

19

T h o S e n a t e v o t e o n t h o 2 0 t h , w h i c h r e s u lt e d i n

k i l l in g t h e m e a s u r e , s o f a r a s t h o p r e s e n t s e s s i o n o f C o n g r e s s
is c o n c e r n e d , w a s 4 4 in f a v o r o f o v e r r i d i n g t h o v e t o a n d 2 8
in

o p p o s itio n

th e r e to ,

th e

t w o -t h ir d s

m a jo r ity

necessary

to c a r r y t h e m e a s u r e o v e r th e P r e s id e n t ’ s o p p o s it io n h a v in g
f a i le d i n t h e S e n a t e b y f o u r v o t e s .

In th e ca se o f th e H o u s e

a c t i o n , f i f t y v o t e s in e x c e s s o f t h e n u m b e r n e c e s s a r y t o o v e r ­
r id e t h e v e t o w e r e r e g i s t e r e d .

T h e 4 4 S e n a te v o te s re co rd ed

in fa v o r o f o v e r r id in g t h e v e t o w e r e th o s e o f 2 7 R e p u b lic a n s
a n d 1 7 D e m o c r a t s , w h ile th e 2 8 in th e S e n a te w h o v o t e d to
s u sta in th o v e t o w e r e 2 1 R e p u b lic a n s a n d 7 D e m o c r a t s .

The

b i ll h a d p a s s e d t h e H o u s e o n M a r c h 2 3 l a s t b y a v o t e o f 3 3 3
to 7 0 a n d o n A u g . 3 1 i t p a s s e d th o S e n a te w ith a m e n d m e n t s
b y a v o te o f 4 7 to 2 2 .

R e fe r e n c e to th e a c tio n in b o t h th e se

in sta n c e s

our

and

ap peared

S e p t.

2,

in

page

is s u e s

1041,

of

M arch

r e s p e c tiv e ly .

30,
The

page

1241

d iffe r e n c e s

b e t w e e n t h e H o u s e a n d S e n a t e b i l ls r e s u l t e d i n t h e r e f e r e n c e
o f th e b ill t o c o n fe r e n c e ; a g r e e m e n t w a s r e a c h e d b y th e c o n ­
fe r e e s o n th e 1 1 t h i n s t .; o n t h e 1 3 t h in s t . t h e b ill a s a d ju s te d
in

c o n fe r e n c e

F ordn ey

of

w as

th e

re p o rte d

H ou se

W ays

to

th o

and

H ou se

M eans

by

C h a ir m a n

C o m m itte e ;

th e

H o u s e a d o p t e d t h e c o n fe r e n c e r e p o r t w ith o u t a r o ll c a ll o n
th e 1 4 t h i n s t ., a n d o n th e 1 5 t h in s t . t h e r e p o r t w a s a d o p t e d
b y th e S e n a te b y a v o t e o f 3 6 to 1 7 ; 2 4 R e p u b lic a n s a n d 1 2
D e m o c r a t s v o t e d in f a v o r o f th e a d o p tio n o f th e c o n fe r e n c e
re p o rt,

w ith

12

R e p u b lic a n s

and

5

D e m o cra ts

v o tin g

in.

o p p o s it io n .
T h e c h a n g e s m a d e b y th e c o n fe r e e s in c lu d e d :
Elimination of the Simmons amendment authorizing tho financing o f
the bonus out o f interest from the foreign debt, elimination o f the land
reclamation feature, which, under the Senate plan embodied in the SmithM cN ary Reclamation B ill, would have involved an expenditure o f $350 ,­
0 00,000 , limiting of tho timo in which veterans m ight file applications
for a bonus to Jan. 1 1928, acceptance of the House provisions fixing th e
amount to be advanced for farm or home aid to the amount of the adjusted
service credit increased by 2 5 % in place of the Senate plan of am ounts
ranging from 1 0 0 % of tho adjusted service credit if the application were
made in 1923 to 1 40% if application were made in 1928 or thereafter. ^ ^
T h o B a lt im o r e
added:

“ Sun”

o f th e

1 2 t h i n s t .,

in s t a t i n g

th is,

Vocational Training Retained.
N o important change was made in tho adjusted servico certificate option’,
with its provisions for loans to veterans by banks in the next three years
and for Government loans thereafter. Tho vocational training aid option
and tho provision for cash payments to veterans whoso adjusted servioe
credit would not exceed $50 also were unchanged.
M u ch o f three hours’ session o f the conferees was understood to have
been devoted to a discussion o f whipping the bill into such a shape as would
meet tho publicly expressed objections o f President Harding. It was repre­
sented by some o f tho Republican managers that the measure probably
would have a better chance o f Presidential approval without the Simmons
amendment and the reclamation option, and, accordingly, these were voted
out.
Two o f tho ten conferees— Senator Sm oot, Republican, U tah, and Repre­
sentative Garner, Dem ocrat, Texas— voted against the bonus as finally per­
fected, while one member— Representative Collier, Dem ocrat, Mississippi
was absent. Those supporting the measure were: Senator M cC um ber,
N orth D akota, and M cL ean , Connecticut. Republicans and Simmons,
N orth Carolina, and W alsh, M assachusetts, Democrats, and Representa­
tives Fordney, M ichigan; Green, Iow a, and Longworth, Ohio, Republican.
I n r e p o r tin g t h e a d o p t io n o f th e r e p o r t b y th e H o u s e o n
th e 1 4 t h i n s t ., th e N e w Y o r k “ T im e s ” sa id :
Representative Frank W . M ondell, Republican floor leader, and several
other Western members unsuccessfully attacked the report on a point- o f
order. M r . M ondell insisted that the agreement reached by the conferees
striking out the reclamation sections o f both tho House and Senate bill was
a violation o f conference rules and established a dangerous precedent. His
attack gained very little sym pathy and after the ruling by the Speaker that
the conferees were within tho rules to eliminate tho reclamation sections,
interest in the struggle ended.
.
Although an hour’s debate was assigned to the discussion, less than
tw enty-five minutes was consumed and the House adopted tho report while
m any members were at luncheon.

Interest in the legislation did not appear quite as keen as in times past.
The attitude o f the House is that the President will veto the Will and that
every effort should he made to expedite its final passage so that the President
m ay act upon it next week and Congress adiourn fer the fall campaigns.
In arguing his point o f order M r . M ondell cited m any precedents and said
that it was with extreme reluctance that he had made the point.
“ I would not do so if it would long delay its passage.” he said.
“ I am
compelled to do so in order to protect the rules o f the House, as I believe the
House conferees have clearly exceeded their authority.”
“ I f the conferees can strike out o f a b ill,” ho added, “ one o f its m ost
important provisions and leave no vestige o f it— nothing but a vacuum
then there is nothing the conferees cannot do. I reiterate the conferees
have exceeded their authority and the report should be returned to them
for modification in keeping w ith the spirit o f the bills that passed the House
and Senate.”
Representatives Tilson o f Connecticut, Ogden M ills of New Y o rk, Green
o f Iowa and Graham o f Pennsylvania argued that the conferees had not
violated their authority and that the agreement reached was in accordance
with House usage. Speaker Gilltett ruled that if the conferees couldnot
agree upon how any section could be modified they had a perfect right to
agree to strike out the section in dispute.
After tho point o f order had been overruled interest in the report ended.
A t no time had the House been in great sym pathy with the reclamation
project, as m any members had viewed the scheme as one to enrich the arid
land o f the W e st, not so much for tho veterans as for land speculators.
M r . Fordney explained w hy the conferees had eliminated the so-called
Simmons provision that tho bonus paym ents should be made from tho in­
terest and principal received on the foreign loan.
" W e eliminated this, which offered a way to obtain revenue,” he said,
“ because the committee was convinced that such a provision might greatly
embarrass the commission dealing with the foreign debt. On the other
hand, there was no just reason w hy Congress should say that this money
should be used in this day. I f revenue were to be raised Congress had ways
of getting it through different forms of, taxation, such as sales taxes and the
five other plans that had been suggested while the bill was being written.
Th e H ouse bad rejected these plans and appeared not to be willing to provide
revenue-raising plans. Therefore, the conferees had agreed to strike out
the foreign debt p la n .”
R e g a r d i n g t h e p r o c e e d i n g s in t h e S e n a t e o n t h e 1 5 t h i n s t .
w h e n th e c o n fe re n c e r e p o r t w a s a d o p te d b y
q u o te

th e fo llo w in g

fro m

th e

th a t b o d y , w e

“ T im e s” :

T h e conference report did not carry what is known as the M cN a ry pro­
posal for reclamation work in tho W est in connection with bonus privileges.
Senator Harrison m oved to have the report recommitted with instructions
to include this provision. Ho was overruled by the Chair, and an appeal
was taken, but after an extended debate on tho parliamentary point at issue
the Chair’s ruling was sustained by a vote o f 33 to 21.
Senator Harrison contended that President narding would hesitate before
taking unfavorable action on the bill if the reclamation provisions were in­
cluded, bu t Senator M cC um ber stressed the other viewpoint. H e said the
Bonus bill as reported b y the conferees called for but little outlay o f money
for the next few years, while with the reclamation provision included the
immediate cost would be from three to five times as great. T h at fact,
M r . M cC um ber felt, might strengthen the determination o f the President to
veto the measure.
Senator Harrison questioned the good faith o f the Republicans in voting
for the bill, he said, when they knew the President would veto it and that
it could not be passed over the President’s veto.
“ I feel,” roplied Senator M cC um ber, "t h a t , in view o f the changed
conditions and the fact that no immediate heavy expenditure is called for
b y tho bill as reported from conference, it will meet the objections raised
that it carried no tax provisions.”
M r . Harrison said he had heard from several responsible sources that the
President intended to veto the bill in its present form , and he asked if M r.
M cC u m ber had information to the contrary.
Says President Should Sign.
“ I have heard others say, and p o sitiv ely ," replied M r . M cC um ber, “ that
the President will sign the bill in its present form . I hope to G od he will
sign it. I think he ought to sign i t .”
Th e Senator said ho had no information direct from the President, and,
therefore, the whole thing was as yet up in the air.
n e added that if tho reclamation provisions were included, with heavy ex­
penditures involved, ho was “ fearful” that the last chance o f approval b y tho
President would be gone. H e was very hopeful, he said, that tho bill
would be approved if there was no relcamation work included. Under the
circumstances he felt that provision for reclamation work ought to separate
1C° T h ( f v ”to in tho Senate on the original Bonus bill. Senator M cC um ber
continued had been more than 2 to 1, and the same situation had been
found in the H ouse o f Bepresentatives. H e believed that tho House un­
questionably would override a veto.
“ If those Senators who at heart want to help the soldiers will remain
hero,” he concluded, "th ere are enough to make tho bill into law .”
P r io r to t h e v e t o o f th o b ill b y P r e s id e n t H a r d in g a n a p p e a l
fo r h is a p p r o v a l o f it w a s m a d e to t h e P r e s id e n t b y C o m m a n ­
der

M a c N id e r ,

L e g io n .
in st.

N a tio n a l

C om m and er,

of

th e

A m e r ic a n

A c c o r d in g to th e N e w Y o r k “ T r ib u n e ” o f th e 19 th

C o lo n e l M a c N i d e r p r e s e n te d

t o P r e s id e n t H a r d in g a

s t a t e m e n t , w h ic h sa id in p a r t.
The nation stands behind us in our appeal. Whenever tho people have
voted upon this question their answer has been overwhelmingly favorable
A f t e r t h e P r e s i d e n t h a d s e n t h is v e t o m e s s a g e t o t h e H o u s e
on

th e

each

1 9 th , M r .

S e n a to r

W a s h in g to n

and

M a c N id e r

w ro te

R e p r e s e n ta tiv e ,

d is p a tc h

to

th e

N ow

t h e fo llo A v in g l e t t e r
it

Y ork

is

le a r n e d
lim e s

fro m

to
a

:

After three years o f careful consideration the representatives o f the people
in Congress have repeatedly given the adjusted compensation legislation
their approval. President Harding opposes its enactment into law.
Annarentlv agreeing -with tho principle, ho is unwilling that the handicap
o f those w h o ^ f e r e d their lives and brought safety to the nation should

I n its a c c o u n t o f th e e ffo r t s to p a s s th e b ill o v e r P r e s id e n t
H a r d i n g ’ s v e t o , th e “ J o u r n a l o f C o m m e r c e ” in a p r e ss d is ­
p a tc h fr o m W a s h in g t o n sa id :
M o st o f the House votes to sustain the President were cast by members
from Eastern and Southern States, with W estern delegations voting almost
solidly for the bill.
There were two changes in the Senate, Senator Cameron, Republican,
Arizona, who voted for the bonus originally, voting to sustain tho veto,
while Senator M cK in ley, Republican, Illinois, who, it was announced, was
favorable to the bill on tho first vote, was paired against it.
There was only brief consideration o f the measure in the House. In call­
ing up the bill, M r . M ondell said it had been considered for a long time and
that further debate was not likely to change a single vote and was unneces­
sary. M r . Garrett asked that there be an hour’s discussion, but after the
cries o f “ V o te ,” V o te ,” from the Republican side the m ajority leader moved
the previous question and the roll call was ordered.
Announcement o f the result o f the voting was received in silence by both
the membership and the fairly well filled galleries. The same was true in the
Senate.
Discussion in Senate.
W ith in an hour after the House enacted the bill and the President’s veto
message were sent to tho Senate discussions o f the subject there, however,
had been under way for some tim e, with Senator Reed, D em ocrat, Missouri,
supporting tho measure and Senator W illiam s, Dem ocrat,'M ississippi, oppos­
ing it.
Senator Ashurst, D em ocrat, Arizona, followed with an argument for the
bonus, and was interrrupted while the House Clerk delivered tho bill. The
President’s veto message then was read and when Senator Ashurst concluded.
Senator M cC um ber, Republican, N orth D akota, in charge of tho bill moved
to defer action until to-morrow.
This brought a point o f order from Senator Underwood o f Alabam a. The
Dem ocrat leader, who declared this would fix a time for consideration of
tho bill and that this could be done only by a two-thirds m ajority. Several
Senators urged that there be no delay but Senator M cC um ber expressed
the opinion that if the matter went over until to-morrow some Senators fav­
orable to the bonus who were absent m ight return.
Plea for Delay.
Senator H eflin, D em ocrat, Alabam a, told the Senato thero was no need for
great spped now and that if M r. M cC um ber thought delay o f a day or two
would help matters ho and other Senators were prepared to see that a vote
was deferred, even if they had to talk until to-morrow or the next day.
Senator Robinson, Dem ocrat, Arkansas, urged delay, declaring that
with Congress to adjourn in two days the session m ight end without a decission on the question.
Tho North D akota Senator replied that he wished delay in tho hope that
“ courage might be pumped into the hearts” o f some Senators who, he
asserted, were “ getting a little weak-kneed” against voting to override the
President.
Senator N ew , Republican, Indiana, a leader o f tho opposition forces,
remarked that delay m ight have tho opposite effect, while Senator Borah,
Republican, Idaho, said M r . M cC um ber “ remained under the apprehension
that originally all Senators supporting tho bonus had voted their con­
victions.”
_
The Finance Com m ittco Chairman finally withdrew his motion and
Senator H eflin spoke for an hour in support o f tho bonus and against what
he has termed the deflation policy o f the Federal Reserve Board. He
charged that W all Street had promoted a propaganda against tho bonus.
McCumbcr's Warning.
W hile the Alabam a Senator was talking, leaders agreed to have a vote
before night and the debate was closed b y Senator M cC um ber, who warned
that tho bonus question could not be settled finally until it had been settled
in accord with the judgment o f tho great majority o f Congress.
“ W hile the power to destroy it to-day m ay bo in existence,” he said, “ that
power will not continuo in existence in m y judgment in tho next few years.
I am inclined to say that this issue will liv e.”
Tho N orth D akota Senator scored absent Senators favorable to the bonus
and inveighed against the pairing o f Senators, explaining that it required
two Senators favorable to th3 bill to pair one unfavorable to it. Ho asserted
that he could not bring his conscience to “ trade two votes to one” on a
question on which the country had “ expressed itself so earnestly.”
Declaring that ho had faith in the persuasiveness o f numbers, Senator
M cC um ber said he wished Senators favorable to the bonus were in W a sh ­
ington instead o f being in “ H ong K ong or on tho Pacific Ocean.”
IIT Y

CLUB

POST OF A M E R IC A N

P R E S ID E N T ’S

VETO

OF

L E G IO N

S O L D IE R

ENDORSES

BONUS

B IL L .

A p p r o v a l o f t h e a c t i o n o f P r e s i d e n t H a r d i n g in v e t o i n g t h e
S o ld ie r B o n u s b i l l is e x p r e s s e d in t h o f o l l o w i n g t e l e g r a m s e n t
;o t h e P r e s i d e n t o n t h e 2 0 t h i n s t . b y t h o C i t y C l u b o f N e w
F o r k P o s t o f th o A m e r ic a n L e g io n :
Hon. Warren G. Harding, President of the United States,
White House, Washington, D . C.:
.
Tho C ity Club of Now York Post of tho American Legion wishes to ex­
press most hearty approval o f the substance and spirit o f your veto message.
This Post has about one hundred members. It is made up m ostly of
nen who volunteered lor military servico and who are to-day obliged to
iarn their own living. From the start wo have been openly opposed to a
;ash bonus for the able-bodied.
. .
AVo are deeply impressed by your courageous and convincing message,
rh e bonus bill was neither wise nor wholly sincere.
Your veto will bo an
mcouragement to thousands of ex-service men throughout the country who
•esent any cash appraisal of their patriotism and who believe that, in
aeace as well as in war, the interests o f the nation should come first.
Sincerely and respectfully,
T H E C IT Y C LU B OF N E W Y O R K PO ST,
55 W est 44th Street, N ow York C ity.
L a s t F e b r u a r y th e C i t y C lu b

P o st

re q u e ste d

th o

N ow

F o r k C o u n t y C o m m i t t e e o f t h o L e g i o n t o h o ld a r e f e r e n d u m
in

th e

s u b je c t

am ong

its

m em b ers.

The

pu rp ose w a s

to

3I10 AV t h a t m a n y i n d i v i d u a l L e g i o n m e n a n d s o m e p o s t s w e r e
op p osed .

T h e r e q u e s t , lio A v e v e r , Avas d e n i e d .

A

c h a ll e n g e

svas t h e n s e n t b y t h o P o s t t o N a t i o n a l C o m m a n d e r M a c N i d e r
b<!It l ^ o u ^ f i r m belief that the economic rehabilitation o f the veteran is
so necessary to tho welfare o f tho country that immediate passage o f this
bill should not be delayed. The splendid stand o f those men in the House
and in the Senate who have fought so hard for tho service men gives us
confidence and assurance that they will sustain a cause they beUeve to bo
ju st.




to d e b a t e
h im .

t h e q u e s tio n

T h is

c h a ll e n g e

at any

Avas n o t

tim e a n d
a cc ep ted .

p la c e s e le c te d b y
The

P o s t ’ s p o si­

tio n w a s m a d e k n o w n t o t h e m e m b o r s o f C o n g r e s s r e p r e s e n t ­
in g

N ow

Y ork

d is tr ic ts .

In

fa c t,

th is

o p p o s itio n

besran

n e a r l y t h r e e y e a r s a g o , w h e n c a s h b o n u s l e g i s l a t io n w a s f i r s t
p r o p o s e d , a n d h a s c o n t in u e d c o n s is t e n t ly d o w n to th e p r e s­
um e.

____________________________

R E P R E S E N T A T IV E
S O L D IE R

F O R D N E Y ’S

BONUS

THROUGH

PLANS
W IN E

TO

P R O V ID E

A N D

BEER

T A X .
A c c o r d in g

to

th e

“ Jou rnal

of

C om m erce”

of

y esterd a y

( S e p t . 2 2 ) , t h e s o l d i e r s ’ b o n u s b i l l , w i t h a t a x o n l i g h t w in e s
a n d b e e r s t o p r o v i d e t h e n e c e s s a r y r e v e n u e s , w i ll b e r e v i v e d
at

t h e n e x t s e s s io n o f C o n g r e s s .

From

th e

sam e W a s h ­

in g t o n d is p a tc h w e q u o t e th e fo llo w in g :
Chairman Fordney of the House Com m ittee on W a y s and M eans an­
nounced to-day he would reintroduce the measure probably on the opening
day o f the next session.
It became known this afternoon that a drive would be organized within
the next few weeks to pay the bonus through a special tax upon light wines
and beer, these prohibited beverages to be legalized once more by an amend­
ment to the Volstead A ct.
W hen the November election is over m any Congressmen who are per­
sonally liberal on prohibition, although politically rigid, are expected to
bo bolder than they were when a similar tax scheme was proposed a year
ago as a means of financing the bonus.
Representative Brennan of M ichigan, a colleague of Chairman Fordney,
will be the author o f the wine and beer tax proposal, also o f the amend­
ment to the Volstead A c t, removing the prohibition against their m anu­
facture and sale.
M a y Seek Bond Issue.
I f tho wine and beer program o f providing the revenue needed to meet
the bonus outlay is not accepted b y Congress, M r . Fordney and his pro­
bonus associates will resort to a bond issue, if need be, and will ask the
House and Senate to agree to that means o f meeting the cost of deferred
compensation for the former service m en.
“ I will reintroduce a bonus bill the first day o f the December session,”
M r . Fordney declared. “ I believo we can put it through at that time.
I am going to talk with Senators on tho Finance Com m ittee and see if
we cannot agroe on something so that we can put it through right at tho
start without delay.”
Threo methods o f providing the necessary funds out of which to pay
the bonus bill are known to be under consideration already, methods
which tho proponents of tho legislation hope will escape another veto.
Tho first o f these will be a rider attached to the bonus bill, amending
the Volstead A ct to permit tho manufacture and sale o f light wines and
beer for household consumption only. In addition a tax will be levied.
N ex t, the pro-bonus legislators will hope for tho collection of some of
the money which European nations owe the United States.
Third, a bond issue to raise the funds or to pay tho service men in bonds
themselves is being proposed.
“ I do not think we can get a beer and wine tax through tho H ouse,”
M r . Fordney said this afternoon, “ although I realize that there will be
a strong sentiment in that direction.
“ I personally think a bond issue is perhaps the best means that sug­
gests itself. W e m ight authorize the issuance o f the bonds direct to the
boys instead o f putting them on the m arket.”
Foreign Interest Talk.
Regarding payments on the foreign debt, it is tho hope if not the con­
viction o f m any legislators that b y December some arrangement will
have been arrived at under which this Government will get some o f the
money due in paym ont.
“ Representatives of some o f the foreign Governments are due here
tho last o f this m onth,” M r . Fordney said in this connection to-day, “ to
make a refunding agreement. B y December such an agreement ought
to bo consummated and as a result we m ay realize something on the debt
In cash.”
It is well understood among legislators generally that tho easiest means
o f paying tho soldiers’ bonus is to be found in a wino and beer tax. It
is believed in Washington that tho country at largo would complain less
against such a tax than any other that might bo levied, if any taxation
is to be resorted to. ___________________________________
SENATOR
O n S e p t. 21

B U R S U M ’ S S O L D IE R

BONUS

B IL L .

S e n a to r B u r s u m , R e p u b lic a n , N e w

M e x ic o ,

i n t r o d u c e d in t h e S e n a t e a s o l d i e r s ’ b o n u s m e a s u r e , d e fi n e d
in

its

title

as

“ The

p e n sa tio n A c t . ”

V e te r a n s

R e fu n d

and

A d ju s te d

C om ­

A p r e s s d i s p a t c h in t h e N e w Y o r k “ T i m e s ”

fr o m W a s h in g to n sa y s:
The measure would provide for payments of $20 for each month of
service, together with the return o f all compulsory allotments made by
the service men and payments on account of Governm ent insurance between
April 5 1917 and July 1 1919.
N o provision is made for financing the bonus.
W here the amount due a veteran did not exceed $50, it would be paid in
full on Oct. 1 1923. In all other cases 5 0 % would be paid O ct. 1 1923 and
the remainder on O ct. 1 1926, together with interest at 4 % .
Th e obligations given b y the Government on unpaid sums could not bo
used as security for loans except under regulations prescribed by the Secre­
taries o f W ar and N avy.

E N A C T M E N T B Y C O N G R E S S O F F O R D N E Y -M c C U M B E R
T A R IF F

B IL L .

T h e T a r if f B ill o f 1 9 2 2 b e c a m e a la w o n S e p t . 2 1 , w h e n it
w a s s ig n e d b y P r e s id e n t H a r d in g , th e n e w ly e n a c te d m e a s u r e
g o in g in to im m e d ia te e ffe c t.

T h e b ill, g e n e r a lly k n o w n a s

th e M c C u m b o r -F o r d n e y T a r if f B ill, w a s fin a lly d is p o s e d o f
by

C on gress on S e p t.

1 9 , w ith

o f th e c o n fe r e n c e r e p o r t.
as

f o l lo w s i n

a

th e a p p ro v a l b y

th e S e n a te

T h e c h r o n o l o g y o f t h e b i l l is g i v e n

p ress d is p a tc h

fro m

W a sh in g to n

S e p t.

p u b lis h e d in th o “ J o u r n a l o f C o m m e r c e ” :
House W ays and M eans Com m ittee began hearings Jan. 6 1921.
Bill introduced in House June 29.
Formally reported by Com m ittee July 6.
Passed b y House July 2 1 .




19,

Referred to Senate Finance C om m ittee July 2 2 .
Hearings started July 25.
Hearings concluded Jan. 3 1922.
Reported to Senate April 11.
Passed b y Senate A u g. 19.
Referred to conference A u g. 22.
Reported out of conference Sept. 11.
Sent back to conference b y IIouso Sept. 13.
Reported to House and approved Sept. 15.
Approved b y Senate Sept. 19.
T h e b i l l w a s s i g n e d b y P r e s i d e n t H a r d i n g in t h o p r e s e n c e
of

S e n a to r

C o m m itte e ;
M eans
la k e ,

M cC u m ber,
C h a ir m a n

C o m m itte e ;
C o lo r a d o ;

C h a ir m a n
F ordney,

of

of

R e p r e s e n ta tiv e s

W a tso n ,

th e

th e

S e n a te

H ou se

G reen ,

P e n n s y lv a n ia ;

F in a n c e

W ays

Iow a;

and

T im b e r -

Young,

N o rth

D a k o ta ; H a w le y , O r e g o n , a n d H a d le y , W a s h in g to n , m e m b e r s
o f th e W a y s a n d M e a n s C o m m itte e o f th e H o u s e .

G eorge

A . S a n d e r so n , S e cre ta ry o f th e S e n a te ; W illia m T y le r P a g e ,
C le r k o f t h e H o u s e ; R o b e r t W . F a r r a r , C l e r k o f t h e S e n a t e
F in a n c e C o m m it t e e ; C la y t o n F . M o o r e , C le r k o f th e W a y s
a n d M e a n s C o m m it t e e ; J o h n E . W a l k e r , D r a f t in g C le r k o f
th e S e n a te ; M a r i o n
of

D e v r ie s ,

C u s to m s A p p e a ls ,

W ays

and

b i ll w i t h

M eans

and

P r e s id in g J u d g e o f t h e C o u r t

H arry

C o m m itte e .

P arker,
The

a g o ld -m o u n t e d fo u n t a in

m essen ger o f

P r e s id e n t

pen

s ig n e d

th e
th e

w h ic h h e p re se n te d

to R e p r e s e n t a t iv e F o r d n e y , a n d in a ffix in g h is s ig n a tu r e to
th o m e a su r e h e s a id , a c c o r d in g t o t h e N e w

Y ork

“ T im e s ”

o f y e ste rd a y :
Thank you for com ing, gentlemen. This law has long been in the"
making. I don’t know how m any aro in accord with m o, but if we succeed
in making effective the elastic provisions o f the measure it will m ake the'
greatest contribution to tariff making in tho nation’s history.
T h e s a m e p a p e r in
sta te d :

its W a s h in g to n

d is p a tc h o f

th e 2 1 s t'

In the House session to-day, devoted to political stock-taking. Represen-'
tativo Fordney, Chairman o f tho W ays and M eans C om m ittee, declaredthat the tariff law, signed to-day, would not increase tho cost of living.
There is not the slightest necessity that this bill should, to any consider­
able extent, increase tho cost to the American consumer,” said M r . Fordney,
after denying the assertions o f Democratic Senate leaders that the new law
would place an additional tax of $ 3 ,0 0 0 ,0 0 0 ,0 0 0 on the American people.
“ Already American prices are extraordinarily high,” he said. “ Already,
as has been clearly shown by hundreds o f exhibits made to tho Senate and
the House, foreign goods aro selling in our markets at profits of from 100
to several thousand per cent. Threo and four hundred per cent profit is a
common thing. This bill sim ply calculates to divert at least a small part
of those profits from tho foreigner and his representative in this country
to the United States.
\Vhy should not the American people, already overburdened with taxes,
require that the foreigners’ profits contribute more thereto 7 W h y should
not the American manufacturer, farmer and laborer share more in the pro­
duction o f this vast quantity and tremendous value o f our consumption 7”
This A ct reaches out to gather in more o f the foreigners’ outrageous
profits in reduction of the taxes o f our people. This A c t reaches out to
d n ert some o f the billions o f our money from foreign channels in aid o f
American manufacturers and producers and labor, rather than the upbuildm g oi the foreign lactory and aiding tho foreign producer and feeding
In view o f present high prices and enormous profits in foreign goods
sold in our markets, there is not tho slightest ground for an appreciable
increase m retail prices in any goods, foreign or domestic, and whoever
,s? °/ls , wl bo a Profiteer pure and simple. A n y such unjustifiable acts
s ou a be m et, not by a repeal o f this Ameriacn measure, but by stringent
laws making profiteering a crimo and misrepresentation o f the tariff in tren sa e PiaccS punishable as obtaining money under false pretenses.
■ i
I,roponent;s ° I this A ct believo in American institutions, in American
industry, in American labor, in American men and women, and by this law
present to tho country a purely American A c t. T o those who believe in
looding our markets with cheap foreign goods, closing our m ills, throwing
our labor out o f em ployment and mortgaging our farms, while the foreign
imils run overtime, tho foreign farms thrive and labor prospers, this A ct is,
as proclaimed by them , ‘infam ous’ and ‘outrageous,’ but to those who be­
lieve in American prosperity, in American institutions and[American labor,
this Act is salvation.”
The Treasury Departm ent estimates that the annual revenue under
the new duties will average between $ 3 50 ,00 0,00 0 and $4 0 0 ,0 0 0 ,0 0 0 .
or approximately $ 1 0 0 ,00 0,00 0 above the annual returns o f the Underwood
Haw, which now goes into history.
1 reasury officials expect that the administrative features o f the new
law will require a largo increase in the customs’ personnel, notably at
-New W k .
Another expansion brought about b y the A ct will be in the
Tariff Commission, which is entrusted with carrying out the elastic pro­
visions, and ai, the next session o f Congress a special appropriation will
be asked for this purpose.
Collectors of Customs o f all ports have been notified that the new law
goes into effect to-night and to appraise to-morrow’s imports accordingly,
lu l l instructions have not yet been sent to Custom Houses, for additional
regulations interpreting the law are now being worked out at the Treasury
D epartm ent.
It was reported here to-day that there was an unusually heavy number
o f withdrawals o f goods from bonded warehouses b y owners anxious to
take a last-minute advantage o f tho lower Underwood rates. There
also has been a large increase in tariff revenue during the last few m onths
of tariff debate, caused b y importers bringing in quantities o f goods under
the old duties.
C o m m e n t i n g o n tlie f a c t t h a t t h e o u ts t a n d in g fe a t u r e o f
t h e n e w l a w is t h e a u t h o r i t y b e s t o w e d u p o n t h e P r e s i d e n t t o
r e v is e

ra te s

w ith o u t

“ fle x ib le t a r if f ”

re fe r e n c e

to

p r o v is io n , th e N e w

C on gress,
Y ork

th e

s o -c a lle d

“ H e r a ld ”

o f th e

2 2 d i n s t . i n i t s W a s h i n g t o n a c c o u n t o f t h e s i g n i n g o f t h e b i ll
sa id in p a r t :
N othing o f the sort has ever been written into a tariff measure before.
It is the outcome o f continued agitation for machinery that will allow th e
writing o f rates on a basis more scientific than in the past.

T h is section, which M r . Harding will take full advantage of, perm its the
President to change rates b y executive order upon the recommendation o f
the Federal T a riff Com m ission. T h e rates m ay be increased or lowered
within the range o f 5 0 % o f those provided in the law, this to be on the
basis o f foreign valuation, which is the standard o f the law. I f American
valuation is to be the standard the rates themselves cannot be increased.
Farming “ Industry" Protected.
T h e new measure also is notable from the fact that this is the first time
that agriculture has been fully recognized as an industry to be protected by
a tariff, the direct result o f the efforts o f the so-called Senate agricultural
tariff bloc, composed o f tw enty-five Senators from agricultural States, the
Chairman o f which is Senator Gooding (H op., Idaho). High protective
rates have been provided for all products o f the farm, from milk and eggs
to butter and cheese, from wheat to beans, and so on down the line.
The duties on m any o f the 4,0 0 0 articles in the law admittedly are so
high that they will serve as a tariff wall against imports, but they were
written in because o f the announced theory that they were necessary to
prevent American industry from being ruined by foreign competition made
all the more hurtful because o f doflated money values. As a notable exam­
ple, the rates on cutlery are very high, running up to 2 0 0 % ad valorem, to
•cut o ff German importations If possible.
There is considerable o f a dispute as to whether the duties on farm products
will be operative, since the law o f supply and demand m ay tend to keep
prices down, particulaily on items o f which there are few importations.
I n o u r r e fe r e n c e to t h e b ill la s t w e e k (p a g e 1 2 7 1 ) w e s t a t e d
t h a t a s a g re e d t o in c o n fe re n c e a n d re p o rte d to th e H o u s e
o n th e 1 2 t h in s t . th e b ill e x o ite d b it t e r o p p o s it io n b y r e a s o n
o f th e p ro p se d d u t y o f $ 3 0 a to n o n p o ta sh a n d th e re sto ra ­
tio n b y

t h e o o n fe r e e s o f th e d y e e m b a r g o , e lim in a t e d fr o m

th e m e a su re b y

th e H o u s e a n d S e n a te .

O ne hu ndred an d

tw o R e p u b lic a n m e m b e r s o f th e H o u s e r e v o lt e d , a n d , u n d e r
th e t e m p o r a r y le a d e rsh ip o f R e p r e s e n ta tiv e G a r n o r , D e m o ­
c r a t , T e x a s , v o t e d w i t h t h e D e m o c r a t s t o r e c o m m i t t h e b ill
w ith

in s tr u c tio n s

th a t

t h e c o n fe r e e s a b a n d o n

th e d y e e m ­

b a r g o p r o v i s i o n a n d p l a c e f e r t i li z e r p o t a s h o n t h e f r e e l i s t .
The

v o te w as

177

to

130-

T h e c o n fe r e e s

d e o id e d t o h e e d

th e se in s tr u c tio n s a n d o n th e 1 4 th a g re ed u p o n a n ew c o n ­
f e r e n c e r e p o r t w i t h p o t a s h o n t h e f r e e l is t a n d

th e d y e e m ­

b a r g o r e p la c e d b y a s c h e m e o f d u t ie s o n d y e s .

O n th e 1 5 th

in s t . th e b ill w a s a g a in r e p o r t e d t o th e H o u s e , a n d a d o p t e d
b y it , a s to its a c tio n

t h a t d a y th e W a s h in g t o n a d v ic e s to

t h e “ J o u r n a l o f C o m m e r c e ” h a d t h e f o l lo w i n g t o s a y i n p a r t :
The House to-day b y a voto o f 210 to 90. with one member answorlng
present, adopted the conference report ou the M cCumber-Fordnoy Tariff
Bill after refusing by a vote o f 193 to 108. with two members answering pres­
ent, to recommit the report to the conferees with instructions to reduce the
rate on sugar.
The report came to the House shorn o f the offending dye embargo and
potash tariff provisions, and an agreement was speedily reached to limit the
general discussion on the report to one hour, divided equally betweon the
Republicans and the Democrats.
Chairman Fordnoy o f the committee explained the action yesterday taken
by the conferees to bring the roport into conformity with the demands o f the
House.
Intermediate coal-tar products were subjected to an ad valorem of
5 5 % and finished products to an ad valorem o f 6 0 % , with an additional
specific o f 7 cents per pound in each case. These rates are to remain in
operation for two years when each o f the ad valorems win be reduced by
1 5 % . H e was assisted b y Representative Longworth, Republican, of Ohio,
at whose insistence the dye embargo provisions were originally written into
the bill.
“ I do not deny that I was very greatly, even bitterly, disappointed at the
result on W ednesday on the motion o f the gentleman from T e x a s ," said
M r. Longworth. " I am perfectly convinced that the restoration of potash
to the free list means the absolute destruction of the industry in this country.
I make this argument from the farmers' standpoint. I can conceive o f no
greater benefit to agriculture in this country than to have an industry here
producing potash capable o f supplying the entire needs o f tho country.
There is raw material hero in quantities sufficient to supply the country for
1,000 years. Our trouble is that we have not been able to produco it com ­
mercially in which case, if wo do not give this industry a chance, we shall
have to rely as we have always relied upon the Germans to furnish an
absolutely necessary article.
Regrets Lack of Embargo.
" I was even more bitterly disappointed at tho action of the House in
striking out the so-called dye embargo. T hat was not an embargo. For
all the dyes that were necessary for any o f tho consumers o f dyes in this
country, which were not produced here and were not sold at a satisfactory
price, could be Imported In any quantity. Under this so-called embargo
some 3 ,0 0 0 different dyes have been imported into this country within the
last six m onths. They have been coming in over since wo have had this
system and would have continued to do so if tho system bad been made
permanent. W ith out a proper protection, which I hopo this agreement
will afford the American dye Industry will die and we will be at the mercy
o f Germany as wo were at the beginning o f tho war.
Representative Green, Republican, ot Iowa, defended the conference
duty on sugar, declaring that two beet sugar factories in his district have
lost $1 ,0 0 0 ,0 0 0 each under the operation o f the existing law. H e denied
that the proposed tariff would have the el feet of boosting pices.
Cites Sugar Votes.
In presenting his motion to recommit M r. Garner called the attention of
the Republicans to the fact that they had by three distinct votes in the
House shown that 2c. per pound (1.6c. against Cuba) was sufficient protec­
tion for sugar, and he asked them if they were going to repudiate this
action. He questioned whether or not this high rate had any authority
iro m the Republican standpoint.
A u n a n im o u s c o n se n t a g r e e m e n t fo r a v o t e b y th e S e n a te
o n t h e c o n fe r e n c e r e p o r t n o t la te r t h a n 4 p . m . o n th e 1 9 th
in s t. w as a d o p ted b y

th o S e n a te o n th e 1 8 th ; o n th e la tte r

d a t e th e “ J o u r n a l o f C o m m e r c e ” W a s h i n g t o n a d v ic e s s t a t e d :
Th e vote of the Senate on the floxible tariff provisions of the bili was prac­
tically affirmed to-day when an appeal was taken from a decision of the Chair
upon a motion made on Saturday by Senator Simmons, ranking Democratic
m em ber o f the Finance Com m ittee, that the conferees had exceeded their
authority in extending the flexible tariff provisions to cover all commodities
w ith respect to the application o f the American valuation plan.




Senator Cum m ins, President prw-tenr o f the Senate, r»3e<f against the
point and he was sustained by a v o te o f 43 to 21. Senator l a FolTette was
the only Republican to vote against tfoe chair, while affirm atlvs votes were
cast by Senators Broussard, Hitchcock and Ransdell.
Final Debate Serel. 19.
N o other points of order were raised and from the time of reconvening
until 4 o’clock to-morrow the Senate will content itself with general debate
during which the members will “ speak their m inds.”
. . .
Senator M cC um ber made a general explanation o f the action of the con­
ferees. H e declared that the bill as reported b y the conferees provides
in almost every case a duty sufficiently high ito measure tho difference In
the cost o f production at home and abroad. However, he added, the
power given to the President will not be called into effect except as to coal
tar products and toys, unless it be the power and the duty to lower duties
which are given in the bill so that they will not more than equalize the
difference between the cost of production at home and abroad.
“ It is fair to say that this extension of the right to apply the American
valuation will probably never bo called into effect upon any articles except)
in the case o f coal tar dyes and chemicals and synthetic drugs and chemicals
in the case of coal tar dyes and chemicals and synthetic drugs and chemicals,r
8enator M cC um ber told his colleagues. “ The change of the terms of the
bill as reported to the Senate b y the Senate amendment which provided
that the President could only increase the rate o f duty in an amount suffi­
cient to measure the difference between the cost of production at homo and
abroad limits the necessity o f using the American valuation system unless
in possibly a few cases o f toys and in the case of the coal tar products.
There is a bare possibility that it m ay be used in the case of some toys,but
I can conceive o f no other case in which it could be called into effect.” . . .
In tbe case o f twenty-eight items tho Senate conferees agreed to increases
in tho rates as adopted by the Senate, and there were 103 cases in which
tne rates were made lower than the Senate had provided.
The Senator pointed out that generally on agricultural products there
has been an Increase in the rates over any o f the preceding laws. This is
not true witn rospect to all commodities, and ho said It m ay be that after
looking more carefully into the matter it will be found that more of them
are under the previous laws than ever. T h at is also true oi woo), upon
which tho farmer received a higher rate o f duty than ever before, but tho
ad valorem rates on tho manufactured products are less than they are in any
o f the previous protective tariff laws. All rates, o f course, are higher than
in the Undorwood-Simmons law.
Senator M cCum ber presented a comparative list to explain his statement,
and from it the Washington bureau o f “ The Journal o f C om m erce" extracted
tho following commodities carrying ad valorem rates o f 6 0 % or higher or
carrying specific rates having an ad valorem equivalent to 6 0 % or greator,
as follows:
Grease wool. Classes 1 a n d 2 , 1 1 2 .2 2 % and 1 1 7 .9 3 % , and scoured, 8 1 .2 8 %
pocket knives run rom 8 0 % to 1 7 5 % : scissors and shears from 129 to
1 5 2 % : pig and bar lead, 7 4 .6 3 % : unstemmod wrapper tobacco, 1 1 4 .8 0 % ;
lomons, 8 8 .1 8 % : unshelled peanuts, 7 3 .2 0 % . and shelled peanuts, 9 3 .0 3 % :
wool y a m s range from 69.4 3 to 1 1 0 % : blankets and felts from 6 0 % to
6 6 % : pile fabrics, 6 2 .6 0 % : narrow fabrics, 7 3 % : higher values in hosiery,
6 6 .6 7 % ; knitted goods generally, 6 0 % : toys and dolls, 7 0 % : laces, 9 0 % ;
embroideries, 7 5 % ; load pencils, 7 3 .1 2 % ; and pipes and pipe bowls for
smokers, 6 0 % .
Simmons Attacks Bill.
Senator Simmons mado a genera) attack upon tho measure. A t the
outset he charged that it was written specifically for the special interests of
the United States, whoso influence demanded and controlled the policies
and writing o f the bill, n o added that this influence permeated tho con­
ference committee meetings, and he showed how the dye Industry had been
made operative with respect to the dye embargo.
T h e c o n fe r e n c e r e p o r t w a s a d o p te d b y th e S e n a te o n th e
1 9 th

in s t.

by

D e m o cra ts
th e

a

a d o p tio n

R e p u b lic a n s
F o lle t t e

v o te

(S e n a to r s
of

th e

of

to

re p o rt,

(S e n a to rs

and

43

B rou ssard

L e n ro o t)

28;

41

and

w h i le

B orah,
v o ted

R e p u b lic a n s
R a n s d e ll)

23

D em o cra ts

C am eron,
in

and

v o ted
and

C u m m in s ,

o p p o s it io n .

A fte r

2
fo r
5
La

th e

a d o p t io n o f th e c o n fe r e n c e r e p o r t tw o ty p o g r a p h ic a l erro rs
in

th e

Y ork

tex t

w ere

“ T im e s”

n o te d

by

W a s h in g to n

S e n a to r
d is p a tc h

M cC u m ber,
of

th e

th e

1 9 th

N ew

sta te d ,

a d d in g :
A resolution providing for tho correction o f one, which had to do with
black strap molasses, was adopted. A similar resolution covering tho
other, relative to tho duty on cocoanuts, will be adopted to-morrow.
O n th e 2 0 t h in s t . th e N e w Y o r k “ C o m m e r c ia l” in a d v ic e s
fr o m its W a s h i n g t o n b u r e a u , s a id :
There was a flurry in tho Senate in connection with the adoption of a
House resolution authorizing a correction to be made in the paragraphs
relating to cocoanuts, the printer having left cocoanuts on tho free list,
although a duty was imposed in another paragraph. The resolution
authorizing the correction was adopted, but only after two unsuccessful
attem pts were made to add amendments providing protection on long
staple cotton.
Colton Amendments Lost.
Senator Ashurst o f Arizona, Dem ocrat, offered as an amendment to
the cocoanut resolution a provision for a three months' embargo on im­
portations of long staple cotton. The amendment was rejected by a
vote o f 13 to 48.
Senator Tram m ell o f Florida, Dem ocrat, then offered an amendment
imposing a duty of 6 cents per pound on long staple cotton. This was
defeated by a vote of 14 to 46.
.
There was a duty o f 7 cents per pound on long staplo cotton in the
Senate bill, but the conferees threw it out. This means that long staplo
cotton goes back to the free list with the enactment o f tho new nil, a
duty of 7 cents per pound having been in effect under the Lmergency
T a riff A c t. The advocates o f a duty expect to seek tho passago o f a
separate bill applying to long staple cotton at the December session.
Senator Underwood, Democratic loader, seized tho occasion to take a
few parting shots at the Republican framers of the T a riff Bill. He con­
gratulated them upon having discovered an error in tho bill after working
upon it for considerably more than a year.
S p e a k e r G ille t t o f th e H o u s e , a n d S e n a to r C u m m in s
s i g n e d t h e b ill o n t h e 2 0 t h i n s t ., p r e c e d in g i t s a p p r o v a l b y
t h e P r e s id e n t o n t h e 2 1 s t .
T h e e ffo r ts to se cu re th e e x te n ­
s io n o f t h e d y e e m b a r g o t h r o u g h a j o i n t r e s o l u t i o n a r e
r e f e r r e d t o in a n o t h e r i t e m .
W e a r e p u b l is h i n g t o - d a y , in a
se p a r a te s u p p le m e n t, th e fu ll t e x t o f th o n e w ly e n a c te d
t a r iff b ill.

N E W
A

T A R I F F 'S

s p e c ia l

IN C R E A S E D

d is p a tc h

to

th e

BURDEN

N ew

Y ork

SHOW N.

“ H e r a ld ”

fr o m

W a sh in g to n S e p t. 21 sta te d :
Out o f approximately 4 .0 0 0 items carried in the Fordney-M cCumber
tariff law the following have been selected as vital and typical, the new
rates being compared with those o f the last Republican tariff law. the PayneAldrich law, and the Underwood-Simmons law passed by the Democrats:
FordneyPayneUnderwoodMcCumber.
Aldrich.
Simmons.
Free
31 cents a lb.
.3 3 cents a lb.
Free
3 cents a lb.
B eef and v e a l-- - 1 H cents a lb.
30 cents a bushel
W h e a t.................. .2 5 cents a bushel Free
8
cents a lb.
.
6
cents
a
lb.
2
H
cents
a
lb.
B utter--------------1.764 cents a lb.
1.004 cents a lb.
Sugar__________ .1 .3 4 8 cents a lb.
3 5 % ad val.
70%
T o y s .................... .3 5 % ad val.
9 0 % ad val.
Laces---------------- .6 0 A 7 0 % ad val. 6 0 % ad val.
5
5 % ad val.
.6
2
%
ad
val.
4
5
%
ad
val.
Silks_____ ______
25 & 3 0 % ad val. 80 to 175% ad val.
C utlery------------- .4 0 % ad val.
C hinaw are------- .5 5 &. 6 0 % ad val. 50 & 5 5 % ad val. 60 & 7 0 % ad val.
5 0 % ad val.
3 0 % ad val.
Glassware--------- .4 5 % ad val.
5 0 % ad val.
3 0 % ad val.
C locks__________ .4 0 % ad val.
6 0 % ad val.
2 5 % ad val.
Fu rniture--------- .4 5 % ad val.
7 5 % ad val.
3 5 % ad val.
Gloves (cotton) .5 0 % ad val.
8
0 % ad val.
6 0 % ad val.
Jowelry------------- .6 0 % ad val.
6 5 % ad val.
20 to 4 0 %
Hosiery (w ool). .9 3 % ad val.
4 0 % ad val.
Carpets (Brussels)72% ad val.
2 6 % ad val.
8 8 % ad val.
Lem ons--------------.7 8 % ad val.
1 4 % ad val.
4 cents a lb.
.3
cents
a
lb.
2
cents
a
lb.
W a ln u ts .............

is s i x y e a r s a h e a d , t h e o b s e s s io n a l l o w s n o i n t e r v a l o f s a n i t y . ”
M r . M o n t g o m e r y th e n p r o c e e d s a s fo llo w s :
Th e men to whom powers are given almost Invariably seek to extend
these powers. It becomes part o f the obsession. T o keep themselves
In power they will pass only those laws which assist or appear to assist
this object. A confiscatory tax law appears to tax the few rich for the
benefit of the m any poor. Until the composition of the Congress changes
we shall have confiscatory tax laws.
Commencing with the Federal Revenue A ct o f 1913 all o f our income
tax laws have been deliberately aimed at successful Industry. Congress
has proceeded on the theory that all large profits are illegitimate. Th e
m ost popular vote-seeking word on the floor o f Congress, used b y R e­
publicans and Democrats alike, is “ profiteer.” A “ profiteer” is a man
who makes a profit, ergo he is a crook and the profit m ust be extracted
from him by a new tax law.
Congressmen are a poor sort o f office or errand b o y . T h ey are a poor
sort because they do as much running around as the average errand boy
but they do not get proportionate results. T h e promises which they make
to their constituents cannot be kept. T h ey promise 100 Jobs when they
can deliver 10. They pass on to the various Government agencies the
100 promises and the agencies in turn, not to offend the Congress, promise
100 jobs. So a vicious circle is started. Congressmen do more running
around in it than the departmental chiefs. This I know from personal
experience. They are so stupid that they do not read in the history o f the
world that the rulers and representatives who are lovod and blindly sup­
ported against the field, are those who make m any mistakes, who a c­
knowledge weaknesses, who do not bluff nor cringe nor promise the Im­
possible. but who above all have one trait which dominates them , nam ely,
courage.
M r.

F A IL U R E

OF

EFFORTS

R E S O L U T IO N

FOR

TO

D YE

A D O P T IO N

EFFECT

EMBARGO

OF

a r e b e n e f ic ia l b o t h

E X T E N S IO N .

E f f o r t s t o s e c u r e a n e x t e n s io n o f t h e e m b a r g o o n d y e s t u f f s
w e re m a d e d u r in g th e w e e k , b u t fa ile d o f r e a liz a tio n .
th e

17th

in s t.

R e p r e s e n ta tiv e

T ils o n

M o n tg o m e ry

On

o f C o n n e c t ic u t in tr o ­

w e ll s a y s

t h a t i t is a

m ista k e fo r

th e

b u s in e s s m a n n o t t o f i g h t f o r t h o s e t h i n g s w h i c h h e k n o w s

a w h o le .
th e

t o h i m s e l f a n d t o t h e b u s in e s s p u b l i c a s

“ H a v i n g p a id th e c o s t o f e le c tin g r e p r e s e n ta tiv e s ,

b u s in e s s

m an

sh o u ld

dem and

som e

a tte n tio n

to

th e

c a r r y i n g o u t o f p r o m i s e s , a n d , f a i l i n g t o r e c e iv e r e a s o n a b l e

d u c e d in t h e H o u s e a j o i n t r e s o l u t i o n t o e x t e n d f o r a p e r io d

c o n s id e r a tio n ,

o f th re e m o n th s th e D y e a n d C h e m ic a l C o n tr o l A c t o f 1 9 2 1 ,

g r e s s m e n t a l k t o b u s in e s s m e n .

and

la c k s c o u r a g e .”
The American business man in political matters is a dum bbell. H e
pays the expenses— and they are enormous— of his political party. W hen
his party becomes dominant and he asks for intelligent legislation, he
allows himself to be deceived b y statements that all that can be done
will be done in due season. Measures will be enacted at some subsequent,
never the current, session o f Congress. I refer only to subjects which have
been specially approved in party platforms or similarly have been agreed
upon as desirable and unobjectionable. I think it safe to say that in the
last 15 years. Congress has not averaged one good law per annum affecting
business m en. I f the legislation demanded b y business men were inimical
to the best interests o f the country at large, there would be full justification
for the refusal and neglect. B ut the curious and amusing fact is that good
or beneficial legislation is the hardest to put through. Congressmen see
nothing in it for themselves. M a n y laws are passed which are not of
general interest or importance. Contributors with courage sometimes
collect more than they are entitled to. B y occasionally delivering some­
thing on account, the Congressman keeps his reputation for activity.
His activity Is another pose. From year to year the pages o f the “ Con­
gressional Record” are filled with absolute quibble. T h ey use up more
space in the exchange of personalities than in any discussion of important
or economic questions. Th e output of unimportant stuff is enormous.
It runs to billions of words. T h e output o f good stuff which in the slightest
degree is interesting to the average business man is so negligible that a
supplement to the “ Congressional Record” once a year consisting of about
48 pages would give everything that could be called constructive. I have
not exaggerated this comparison of quantity with quality. Can any one
remember a single constructive or beneficial bit o f legislation enacted at
the present session 7 Y e t the current issue of the “ Congressional Record”
before me includes pages 12233 to 12290. (W ho knows when Congress
will adjourn?) T h ey start -with page 1 at each session. I f they did not,
they would need a wider page after a few years. And we are told that
practically all of the real (the word should probably be spelled “ reel” )
business in Washington is conducted in committee meetings, whose pro­
ceedings do not appear In the “ Congressional Record.”
I f any one is
interested in this matter of word-output, look up the expenditures of the
Public Printing Office.
Is it fair to say that our own output of words produces anything worth
while? The answer to this is that our representatives in Congress are
supposed to bo specialists in public affairs. They are supposed to spend
all of their tim e and energy in the shady o f questions of public interest.
They are supposed to be conversant with national as well as international
problems. Unfortunately, otu- criticisms of Congress are usually de­
structive criticisms. Unquestionably, wo should confine ourselves to
constructive criticisms. B ut you cannot reconstruct an utter failure.
I make no apology for m y strictures upon the makeup of the present
Congress or those which have preceded it during the last dozen years.
I rest my strictures upon an impregnable foundation. I have the very
highest authority for m y statements that nothing o f any importance
constructively is accomplished from day to d a y . I also speak largely
from personal experiences in W ashington. M uch that I say is based on
first-hand Information. There are few, very few. Senators and Repre­
sentatives who once in a while are constrained to tell the truth. It is
conceded that one of the ablest men in Congress is Senator Borah. He
has been there long enough to know the exact truth about what is going
on. I f he makes a well considered statement which is uncontradicted,
it m ay be assumed by the laym an or outsider that it is literally the truth.
If it is admitted in W ashington by those who know, that we have too
many poor laws, that our taxes are too high, that extravagance is ram­
pant, and if the business public as a whole knows definitely that lb is so,
why then is it not possible to do something constructive? W hy can t
we Insist on some relation o f output to the time or words consumed, say
one good law to each billion words? People who get their living from
public funds, and contributors to campaign funds are responsible for the
present situation. Let us consider a few plain facts made public by
Senator Borah. I shall quote at some length from his speech delivered
in the United States Senato, July 6 1922. because I want to emphasize
and repeat that what I am saying is based on facts and not on fancies.
After that we can consider the remedy.
.
• . . N ot a single one of the measures upon the program wiucu
is now before us but draws upon the people for an additional sum ana
weighs upon them in the form of additional taxation and increases the
obligations of the Government not only by millions but by billions of
dollars.
• -

S e n a to r W a d s w o r th

of N ew

r e s o l u t i o n in t h e S e n a t e .

Y ork

p re sen ted

a s i m ila r

O n th e 1 9 th in s t. th e H o u s e C o m ­

m i t t e e o n W a y s a n d M e a n s o r d e r e d t h a t t h e T i l s o n r e s o lu ­
tio n b e fa v o r a b ly r e p o r te d ; th e S e n a te F in a n c e C o m m itte e
on

th e

2 0 th

r e s o lu tio n .
Act

as

in s t.

d e c li n e d

to

rep ort

out

th e

W a d sw o r th

A f t e r v o t i n g d o w n th e r e s o lu tio n to e x te n d th e

proposed

by

S e n a to r

W a d sw o r th

of

N ew

Y ork,

a

c o m p r o m i s e m o t i o n f o r a n e x t e n s io n o f s i x t y d a y s w a s l o s t
o n a tie v o t e o f 8 t o 8 .

T h e f a i lu r e o f f u r t h e r e f f o r t s t o s e c u r e

t h e a d o p t i o n o f t h e r e s o l u t i o n w a s r e p o r t e d a s f o l lo w s in a
W a s h in g to n

d is p a tc h

to

th e

N ew

Y ork

“ C o m m e r c ia l”

S e p t. 2 2 :
The W adsworth resolution extending the dye embargo was rejected a
second time to-day by the Senate Finance Com m ittee. This time a point
o f order raised by Senator Smoot o f U tah, that the resolution cannot
originate in the Senate under the Constitutional requirements that meas­
ures affecting the revenue must start in the H ouse, was sustained by vote
o f 7 to 5.
The committee considered the resolution again this morning, in 6pite of
the fact that a tie vote, 8 to 8, at yesterday's meeting, prevented favorable
action. The supporters o f the embargo had hopes that it would be possible
to report the resolution this tim e. They had believed that it would be pos­
sible to induce Senator Smoot to join in support o f an embargo limited to a
shorter period than three months, as provided in the resolution. Senator
Sm oot, however, stood pat, and presented the point of order against the
resolution. It was proposed at to-day’s meeting that the embargo be ex­
tended for only thirty days.
Dye Ban Dead, Says McCumber.
Senator M cC um ber of North Dakota, Chairman of the committee, said
after the committee meeting that the dye embargo now is definitely disposed
of. The House leaders have refused to press the m atter without assurances
of favorable action in the Senate, even though the W a y s and M eans Com m it­
tee reported the resolution to the House several days ago.
It is understood that those who voted to sustain the Smoot point o f order
were Senators Smoot, W atson of Indiana, Dillingham o f Vermont, and La
Follette of Wisconsin, Republicans, and Simmons of North Carolina. Reed
o f Missouri, and W alsh of M assachusetts, Democrats. Those who voted
in the negative are understood to have been Senators M cC um ber, Calder of
New York. Frelinghuysen of New Jersey, and Sutherland of W est Virginia,
and M cLean of Connecticut.
License System Expires.
The dye and chemical manufacturers appear to have lost their last chance
to extend the embargo, Inasmuch as Congress takes final adjournment to­
morrow. Under the provisions of the new tariff law the dye and chemical
control is repealed at midnight to-night and dyes now m ay be Imported with­
out licenses. Greatly increased duties on dyes become effective to-morrow,
but the manufacturers claim that the rates are not high enough to provide
adequate protection.
ROBERT

H .

M ONTGOM ERY
OF

ON

THE

S H O R T C O M IN G S

CONGRESS.

R o b ert H . M o n tg o m e ry of L y b ran d , R oss B ro s. & M o n t­
g o m e r y , th e w e ll-k n o w n

fir m

d e li v e r e d

T u esday

an

A m e r ic a n

ad d ress

on

o f a c c o u n ta n ts a n d a u d ito r s ,
of

th is

w eek

b e fo r e

th e

I n s t it u t e o f A c c o u n t a n t s a t C h ic a g o , th e title o f

w h ic h w a s “ W h y

S h o u ld W e

H ave a N ew

Tax

L a w ,”

but

w h i c h s t r e s s e d p a r t i c u l a r l y t h e i n c o m p e t e n c e a n d t h e p o li t i c a l
s e lf is h n e s s
d e a li n g
“The
99%

of

w ith

average

th e

average

th e

great

S e n a to r,

S e n a to r

le g is la tiv e
th e

average

and

R e p r e se n ta tiv e

p r o b le m s

of

th e

R e p r e se n ta tiv e

o f th e w h o le b o d y — h a s a n o b s e s s io n ,

in

day.
b e in g

says M r . M o n t­

g o m e r y , “ f o r r e - e l e c t i o n w h i c h in r e a l i t y is a d is e a s e o f t h e
m o s t m a lig n a n t n a t u r e .”




“ Even

th o u g h

th e n e x t e le c tio n

s h o u ld

ta lk

to

C on gressm en

th e

w ay

C on­

B u t t h e b u s in e s s m a n a l s o

M r . President, therefore, while I have sat here and listened to this
debate or while I have known that it was going on, I have not, felt the
impatience which I otherwise would if I knew that there would follow
the tariff bill measures which would, in m y judgment afford relief to the
country. I ask our friends who are meeting at the headquarters ot our
leaders if there is a single item in this program that does not increase the
taxes o f the people of the country? Is there a single part or parcel of
the program that does not increase the obligations o f the Governm ent.
It is the character o f the program which makes hesitancy and delay in the
consideration o f the ta iiff bill a virtue.
.
.
M r. President, we know that there is already great discontent throughput
this country, and when discontent is widespread it is never withput justifica­
tion. T hat condition is apparent m the United States and it exists through­
out the world.
.
. .
It is evident that the burden which governments continue to impose
upon the people is becoming unbearable. It is getting, as it were, upon
the nerves of the public. The first underlying cause in m y judgment of
the world-wide unrest, o f the almost universal criticism which wo hear
against governments, is exorbitant and unconscionable governmental
expenditures, and particularly the outlook that these expenditures are not
being diminished to any appreciable extent. Indeed, I do not believe that
the burdens already placed upon the people are so disturbing, so fruitful
o f dissatisfaction and discontent, as those burdens which present policies
indicate are yet to come. The present demands are sufficient to take
people’s earnings, "but the proposed policies take away their hope for
b6The protest upon the part o f the people is now being manifested in this
country and throughout the world. It makes itself known in strikes,
through the ballot box, and finally in rioting and bloodshed. The most
prolific source o f misery and crime is oppressive taxation, and when you
stop to think o f the load now carried b y the masses, we can not be surprised
at the disorder and lawlessness everywhere prevailing.
In some countries it seems to be believed that this discontent and hunger
can be fed up on repression and executions. In other countries, particularly
our own, the belief seems to prevail that the remedy is in still greater
appropriations, increased national obligations, and necessarily higher
taxes. . .
The author o f “ The Mirrors o f "Washington” is conceded to bo extra­
ordinarily well informed regarding our law makers. This is what he says
about- Congress:
“ For years it has been the home o f sm all men concerned with petty
things which it approached in a petty spirit, incompetent, wasteful, and
hypocritical, a trial to the Executive, almost a plague to the country.
W h a t is the rem edy for the inexcusable extravagance and waste which
Senator Borah says is too greatly extended? Is it a new tax law, with
further penalties on success and thrift? I t is oiten said that the remedy
lies in the vote, but I doubt it. In m y opinion, the remedy lies in the
temporary withdrawal o f campaign contributions by business men.
M y suggestion is that Republican and Democratic business men alike
reiuse to contribute a single dollar to either party unless and until legisla­
tion has been enacted— not promised— which means lower expenditures.
Then we can have lower tax rates. After that and not before business
men should demand a new tax law.
I n th e m e a n t i m e , s a y s M r . M o n t g o m e r y , “ C o n g r e s s s h o u ld

S ta te s.

C o n c e r n in g

W a lla c e

s a id :

th is A A c t , „ S e c r e ta r y ^ o f

_____ ■

-___

*

A g r ic u ltu r e

I- .* -­

The new law takes the place of tho regulatory provisions of tho Future
Trading Act o f A u g. 24 1921, which were declared unconstitutional b y the
Supreme Court c f the United States last M a y . In substance the new law
is the same as the old. but the new law is based on the power o f Congress
to regulate Inter-State commerce, while the former statute was based on the
taxing power of Congress. The new law does not become operative until
N o v . 1. A s all o f the exchanges were fully acquainted with the require­
ments o f the former law, there should bo no difficulty or delay in complying
with the new law. The exchanges affected are those at Chicago, M inne­
apolis, D uluth, Kansas C ity, St. Louis, Toledo, Milwaukee, San Francisco,
Los Angeles and Baltimore.
This law does not interfere with hedging transactions on the boards of
trade. Neither does it interfere with ordinary speculation in the buying
or selling o f contracts for future delivery. If, however, there should be
evidence o f undue manipulation, or attem pts to corner the market, or of
the dissemination of false or misleading information about crop or market
conditions b y members of the exchanges, such conduct would be inquired
Into and promptly dealt with as required by the law. In addition, it pro­
hibits the exchanges from discriminating against co-operative associations
o f grain producers who m ay desire membership in order to obtain the use
o f the facilities of the grain exchanges. The Secretary o f Agriculture also
is given the requisite authority to examine the books and records o f the
members o f the exchanges and to require such reports as m ay be necessary
to carry out its provisions.
The reports that this law will put the grain exchanges out o f business
or interfere with their legitimate functions are without foundation. It
will not interfere with the proper operation o f such exchanges. N o one
will be persecuted. N o proper business will be harassed. Tho law gives
us an opportunity to observe and inquire into the operations on grain ex­
changes and to put a stop to improper practices, if such exist. I t gives
opportunity to study this whole system o f registering prices of grains. In
a year or so we should be able to speak with authority concerning grain
exchange dealings. N obody can do that now.
In the administration o f this law I am confidently expecting hearty co­
operation from legitimate dealers in grain and from all others who favor
free, open and competitive markets.
The

d e c is i o n

tu tio n a l

of

S e c tio n

4

th e

Su prem e

o f th e

G r a in

C ourt

d e c la r in g

F u tu re s

u n c o n sti­

T r a d in g A c t

w as

r e f e r r e d t o in o u r is s u e o f M a y 2 0 , p a g e 2 2 0 3 , a n d i n t h e s e
c o lu m n s J u ly

8,

page

1 3 7 , m e n tio n

w a s m a d e o f th e n ew

b ill d e s ig n e d t o c o r r e c t th e d e fe c ts in th e A c t f o u n d b y th e
________________ ‘___________________

C o u rt.

n o t b e p e r m itte d to c h a n g e th e p r e se n t la w b y so m u c h a s a
com m a.

W e

A M E R IC A N COTTON E X C H A N G E SU SP EN D S

s h o u ld n o t t r u s t o u r r e p r e s e n ta tiv e s u n t il b y

O PER A T IO N S .

re p e n ta n c e a n d g o o d c o n d u c t t h e y s h o w th e m s e lv e s w o r th y
o f t r u s t .”
Our representatives claim that in this country the m ajority must rule,
that the cornerstone o f our Republic is the principle of representative
government, and that majorities express their wills through chosen repre­
sentatives. The rights of the great body ot citizens are thus in theory pro­
tected by those who devote their time and talents to supervisory duties and
the enactment o f beneficial laws.
I t is Claimed that the minority acquire more wealth than the m ajority
o f the people and more than a fair share o f the wealth o f the world. There­
fore, these representatives 01 the m ajority think they must do one oj two
things— take it away from those who have and give it to those who have not
or have the Government take it away and use it tor the good ot all.
In reality they do nothing logical. They have invented a way oi their
own. They do take it from those who have and in a sense those who have
not m ay get a little o f it when it is wasted. M ost oi the money which is
taken away from the rich is spent by the Government, not held lor the good
oi anyone, because the spenders and recipients of illgotten wealth rarely
benefit therefrom.
. . .
W e are probably the only country in the world, except Russia, where dis­
crimination is exercised in favor ot the idle rich against the industrious and
productive rich. The idle rich are permitted to buy tax-tree securities and
live in luxury tree from a proper share of the burdens and cost of Govern­
m ent. W hen there is a premium on idleness and waste, w hy attem pt to
create new wealth, it all ol the wealth which you create is to be excessively
taxed or taken away from you in some other way?
Congress in practice disregards the ethics of election methods. In public
they make much o f the use o f improper methods. In public they assail
the wicked rich m inority. A t election time they depend upon the contribu­
tions o f precisely tne same m inority to elect them.
Some who have given much thought to the subject favor the repeal of
income taxes on business and the substitution o f a tax on gross receipts.
I t m ay be worth while to try it ou t. It would be no worse than the excess
profits tax.
I have an open mind on a turnover or general sales tax. Tho arguments
o f the proponents are highly inconsistent and are weakened by overzeal.
There is no agreement on the exceptions. I f farmers and bankers and pro­
fessional men and m any others are not subject to the tax, it would seem to
throw an undue burden on commercial business. I am not convinced that
one or more billions o f dollars when extracted from gross income is less of
a burden than if It is imposed on net income. I an m ot sure that the tax
-C^tn be passed on when it is vitally important to do so. W hen large profits
ar.'l bei;lg m ade, no doubt the tax can be passed on, but when a corporation
is earning large profits a tax o f 1 2 H % o f such profits is not oppressive.
W hen a business is losing money or making very little, I feel quite confi­
dent that there will be difficulty in passing a sales tax on. I f it is within
the power o f business men to pass on increases in prices, why haven’t they
done more o f it during the last year or two ? Raising and passing are trou­
blesom e factors in business as well as in other pursuits. I f the sales tax
cannot be passed on, the burden will be vastly greater than a 1
2
t ax
on net income.
For the present we are not likely to have a sales tax in tho place o f all
other business taxes. B ut the possibility o f the enactment o f such a law is
another argument against any change during 1923 in the present Revenue
A ct.

to n

E xchange

c lo s e d

u n t il

su sp en d ed

a fte r

C o u rt h a s heard

th e
and

its

o p e r a tio n s

A p p e lla te

and

D iv is io n

d e te r m in e d

of

w i ll

c o n tin u e

th e

Su prem e

its a p p e a l fr o m

th e

ver­

d ic t o f a ju r y b e fo r e S u p r e m e C o u r t J u s tic e , L . H . M a r c u s ,
la s t sp rin g w h e n
ord ers.
w ith

a sse ts

\ ^ m ld

th e E x c h a n g e w a s c o n v ic te d o f b u c k e tin g

I t w a s s a id t h a t t h e E x c h a n g e w a s e n t i r e l y s o l v e n t
of

m a in ta in

s e ttle d .

$ 2 0 0 ,0 0 0

above

its w h o le

o r g a n iz a tio n

a ll

l ia b i li t i e s
u n t il

and
th e

th a t it

case

w as

C o t t o n b ro k e rs w h o h a v e b e e n tr a d in g o n th e E x ­

c h a n g e w i ll c o n t i n u e t h e i r a c t i v i t i e s , d o in g b u s in e s s t h r o u g h
m e m b e r f i r m s in o t h e r e x c h a n g e s .
changes

w as

th e

o u tc o m e

of

a

T h e c lo s in g o f th e E x ­

m e e tin g

D ir e c t o r s h e ld o n F r id a y , S e p t . 1 5 .

of

th e

B oard

of

I t w a s s h o w n a t th is

m e e tin g th a t m a n y o f th e b ro k e rs h e re to fo re a c tiv e o n th e
flo o r ~ o f ’ th e ” E x c h a n g e ,
C ourt

and

r e fr a in in g

w h ile
fr o m

w ere

re ta in in g

a c tiv e

a w a itin g
th e ir

tr a d in g .

th e

d e c is i o n

m e m b e r s h ip ,
The

fo llo w in g

th e y

of

th e

w ere

r e s o lu tio n s

w e r e u n a n im o u s ly a d o p t e d b y th e d ir e c to r s :
Whereas, During the recent trial affecting the American Cotton E x ­
change before Justice M arcus o f the Supreme Court o f N ew Y o rk , it de­
veloped that the statutes o f that State regulating the dealings upon cotton
and other exchanges were susceptible to different constructions, and.
Whereas The construction of such statutes by tho counsel for the Ameri­
can Cotton Exchange was different in certain material respects from the
construction contended for by the District Attorney; and.
Whereas It is difficult to do business on the Exchange while the law is in
is unsettled condition; and.
Whereas The Board of Directors of the American Cotton Exchange, after
11 consideration, deems it advisable and has decided that it will bo for the
•st interests of the Exchange, its brokers, members and customers that there
all be a suspension o f transactions and business upon the floor o f the xlango until this disputed point o f law shall have been seto ed by the desion o f the Appellate Division upon the appeal from the decision In tho
wer court, presided over by M r . Justice M arcus, which appea ’
irectors are advised b y their counsel, will probably be argued about the
N o w !yther°forebCin view o f tho foregoing consideration, it ^ bereby relved that all transactions and business upon the floor o f the American
atton Exchange bo suspended from the close o f business at 12 noon on
e 16th day of September 1922, until after the decision of the said Appdlate
ivision upon the said appeal; and that any pending or future business or
d e m to be executed on the floor of the said Exchange shall be transferred
. the brokers to whom they m ay be directed to such brokers upon any
her legally organized cotton exchange In New Y o rk, as the receiving
okers m ay select and that the customers sending such orders be promptly
, t S 3
such orders are to be. or have been so transferred; and it is

■

P R E S ID E N T

H A R D IN G

S IG N S G R A IN

P r e s id e n t H a r d in g o n S e p t. 2 1
A ct

__ A t n o o n l a s t S a t u r d a y ( S e p t e m b e r 1 6 ) t h e A m e r i c a n C o t ­

FUTURES ACT.

s ig n e d th e G r a in F u tu r e s

w h ic h p r o v id e s fo r th e su p e r v isio n b y th e S e c re ta ry o f

A g r i c u l t u r e o f t h e t r a d i n g in g r a i n f u t u r e s o n
B oard

of

Trade

and




o th e r g ra in

e x c h a n g e s in

th e C h ic a g o
th e

U n ite d

^ solved . T h at all outstanding contracts between brokers shall be settled
i the basis of the closing prices of Sept. 16 1922; and it is further
Resolved That tho executive offices in tho building of the American Cotton
.change ’shall be kept open and that the business o f the said exchange,
her than the transactions upon the floor, shall be continued pm ding such
spension, and that the persons necessary therefor shall remain in the
lployment of the exchange imder the direction of the Secretary.

A

s t a t e m e n t sig n e d b y T . W . P r a t t , th e S e c r e ta r y o f th e

E xchan ge,

w as

is s u e d

in

a n n o u n c in g

th e

r e s o lu tio n .

D E C R E A S E IN R E T A IL P R IC E S

SALE

RUMOR

D E N IE D .

T h e N e w Y o r k C o ffe e & S u g a r E x c h a n g e h a s r e c e iv e d th e
fo llo w in g

le tte r fr o m

th e

C o n s u l-G e n e r a l fo r B r a z il:

I am requested b y the delegate o f tho Federal Government o f Brazil
to the committee entrusted with the defense of coffee to strongly deny tho
news being rumored that the Brazilian Government is negotiating with
an American syndicate for tho sale of 750,000 bags o f Santos and 250,000
bags of Rio coffeo.
Tho text of the cable received, transmitted by tho Minister of Foreign
Affairs o f Rio, reads as follows:
“ Telegraph news from New York report that the Brazilian Government
is negotiating with an American syndicate for tho sale of 750,000 bags
Santos and 250,000 bags Rio coffee under certain conditions. Please
inform Coffee Exchange that neither the Brazilian Government nor the
coffee committee in London has any knowledge of such transaction, these
reported being destitute of any foundation. The Government did not
apply for any offer in connection with the aforesaid sale, as it is being
said. Neither does it contemplate doing so .”

FORD

PLANTS

RESUM E

AFTER

B R IE F

SHUTDOW N.

T h e p la n ts o f th e F o r d M o t o r C o . in th e D e t r o i t d is tr ic t,
c lo se d la s t S a tu r d a y (S e p t. 1 0 ) b e c a u s e o f th e coa l situ a tio n ,
th e r e b y th r o w in g

1 0 0 ,0 0 0

p e r s o n s o u t o f w o r k in d iffe r e n t

p a r ts o f th e c o u n t r y , r e -o p e n e d o n S e p t . 2 2 a t D e t r o i t .
O r d e r s fo r th e r e -o p e n in g o f th e p la n ts w e r e te le g r a p h e d
to D e t r o i t b y E d s e l B . F o r d , P r e s id e n t o f th e m o t o r c o m p a n y ,
fro m

C in c in n a ti.

M r . F o r d s a id c a n c e lla tio n o f th o I n t e r ­

S t a t e C o m m e r c e C o m m is s io n ’ s s e r v ic e o r d e r N o . 2 3 h a d m a d e

m e n t o f L a b o r th ro u g h th e B u re a u o f L a b o r S t a tis tic s sh o w s
th a t th ere w a s a d e crea se o f 2 %

n o u n c in g th is S e p t. 1 9 , th e B u r e a u

Cancellation of the I n te r s ta te Commerce Commission’s service order
N o . 23 has made it possible again to secure coal.
1
M ovem ent of coal to Detroit has started and we feel justified in starting
the plants to-morrow (Friday) morning.
Post notices calling the men back to work and notify the’ newspapers.
T h e r e v i s i o n o f t h e C o m m i s s i o n ’ s r u le s p e r t a i n i n g t o c o a i
p e r m it s

p r e v io u s ly

th e

se n d in g

c la s s e d

as

In an ­

sa id :

Prices of 43 food articles are reported to the Bureau o f Labor Statistics
each month b> retail dealers in 51 important cities. In addition prices on
storage eggs are secured only for 5 months o f the year. From these prices
average prices are made for each article. The average prices of the 43
articles on which prices are secured each month are then “ weighted” ac­
cording to the quantity of each article consumed in the average working­
m an’s fam ily. From January 1913 to December 1920, 22 articles o f food
were used in this index, but from January 1921, 43 articles are included in
tho index number.

Changes in One Month.
During the m onth from July 15 1922 to A ug. 15 1922, 22 articles on
which m onthly prices are secured decreased in price as follows: Potatoes,
2 8 % , onions, 1 6 % , cabbage, 1 5 % , bananas, 4 % . ham , leg of lamb and
butter, 3 % , plate beef, bens, flour and raisins, 2 % , sirloin steak, rib roast,
chuck roast, red canned salmon, evaporated milk, bread, cornflakes,
canned peas, and canned tomatoes, 1 % . Round steak and cream of wheat
decreased less than 5-10 of 1 % .
Eleven articles increased in price as follows: Granulated sugar, 7 % ,
strictly fresh eggs, 3 % , pork chops, navy beans, and oranges, 2 % , fresh
milk, cheese, crisco, and baked beans, 1 % . Oleomargarine and tea increased
less than 5-10 o f 1 % . Prices remained unchanged for bacon, nut m ar­
garine. lard, corn meal, rolled oats, macaroni, rice, canned corn, coffee,
and prunes.
Changes in One Year.
For the year period, A u g. 15 1921 to A u g. 15 1922, the percentage
decrease in all articles of food, combined, was 1 0 % . Thirty-tw o articles
decreased in price during the year as follows: Potatoes, 3 8 % , cabbage,
3 6 % , strictly fresh eggs and raisins, 2 2 % , evaporated milk and cornflakes,
2 0 % , butter and cream of wheat, 1 4 % , corn meal and rolled oats, 1 3 % ,
red canned salmon, 1 2 % , flour and bananas, 1 1 % , hens, fresh m ilk, and
bread, 1 0 % , pork chops, 8 % , plate beef, bacon, and oleomargarine, 7 % ,
baked beans, 6 % , lard, 5 % , round steak, chuck roast, ham , nut mar­
garine, and canned corn, 4 % , sirloin steak, rib roast, and macaroni, 3 % ,
cheese, 2 % , and tea, 1 % .
.
Ten articles increased in price as follows: N a v y beans, 4 3 % , oranges,
2 1 % . canned tomatoes. 1 3 % , onions and prunes, 1 1 % , crisco and rice, 9 % ,
granulated sugar, 8 % , leg of lam b, 5 % , and coffee, 2 % . Tho price remained
unchanged for canned peas.
Changes Since August 1913.

T h o te le g r a m r e a d a s fo llo w s :

p la n ts ,

in t h e r e t a i l c o s t o f f o o d t o

t h e a v e r a g e f a m i l y in A u g u s t a s c o m p a r e d w i t h J u l y .

it p o s s ib le a g a in to o b t a in c o a l.

d is tr ib u tio n

IN A U G U ST.

T h e r e ta il fo o d in d e x is s u e d b y th e U n ite d S t a t e s D e p a r t ­

These resolutions were adopted by the Board o f Directors o f the American
Cotton Exchange on Sept. 15 1922. upon the advice o f Albert M assey of
the firm o f Seabury, M assey & Lowe, and George Gordon Battle o f O ’Gor­
m an, B attle & Vandiver, the counsel for the Exchange, who assure tho
Board that tney expect tho appeal in tho caso against the Exchange to be
argued in October next, and that they are o f the opinion that the decision
o f the lower court will be reversed.

COFFEE

OF FOOD

As

p r i n t e d in t h e N e w Y o r k “ T i m e s ” o f t h e 1 7 t h i t r e a d :

of

coal

n o n -e s s e n tia l

to

a u to m o b ile

con cern s,

it

is

For the 9-year period, A u g. 15 1913 to Aug. 15 1922, the increase in
all articles o f food, combined, was 3 7 % . The articles named showed in­
creases as follows: Leg of lam b, 9 1 % , ham , 7 9 % , hens, 6 2 % , pork chops,
6 0 % , bread and flour, 5 5 % , sirloin steak, 4 8 % , round steak and fresb m ilk,
4 7 % , cheese and granulated sugar, 4 5 % , bacon, 4 3 % , rib roast, 4 0 % ,
potatoes, 3 7 % , corn m eal, 3 0 % , butter and tea. 2 5 % , chuck roast and
coffee, 2 1 % , strictly fresh eggs, 1 2 % , rice, 1 0 % , lard, 7 % , and plate
beef, 3 % .
The index numbers based on 1913 as 100, were 142 in July and 139 in
_____________
August 1922.

d e c la r e d .
TYPOGRAPHERS

The
P r a c t ic a lly

no ch ange

in

th e

g e n e r a l le v e l

of

w h o le s a le

p r i c e s f r o m J u ly t o A u g u s t i s s h o w n b y i n f o r m a t i o n g a t h e r e d
in

r e p r e s e n ta tiv e m a r k e t s o f th e c o u n tr y b y

th e U .

S. D e­

p a r tm e n t o f L a b o r th r o u g h th e B u r e a u o f L a b o r S ta tis tic s .
T h e B u r e a u ’s w e ig h te d in d e x n u m b e r, b a se d on 4 0 4 c o m m o d i­
t i e s o r s e r i e s o f q u o t a t i o n s , a g a i n r e g i s t e r e d 1 5 5 in A u g u s t ,
a

r e p e t it i o n

of

th e J u ly

fig u r e .

In

th e g ro u p o f fu e l a n d

l i g h t i n g m a t e r i a l s t h e i n d e x n u m b e r , c o m p u t e d in p a r t f r o m
e s t im a t e d p r ic e s , ro s e n e a r ly 6 % % , s a y s th e B u r e a u , w h ic h
i n i t s s t a t e m e n t m a d e p u b l ic S e p t . 1 8 , a d d s :
M etals and metal products, duo to Increased cost o f fuel, advanced over
4 % . Building materials, clothing, chemicals and drugs, and miscellan­
eous commodities all showed some advance over July prices.
On the other hand, decreases of nearly 3 % took placo in tho two import­
ant groups o f farm products and foodstuffs. Am ong farm products,
grains, hogs, lambs, pultry, cotton and cottonseed, hay, onions, and pota­
toes were cheaper than in July. Bacon, bam , lam b, mess pork, butter, rye
and wheat flour and other foods also averaged less than in tho preceding
m onth. N o change in tho general price level was reported for the group of
house-furnishing goods.
O f the 404 commodities, or price series, for which comparable data for
July and August were obtained, increases were found to have occurred for
135 commodities and doorcases for 112 commodities. In tho case o f 157
commodities no change in average prices was reported.
Index Numbers of Wholesale Prices. By Groups o f Commodities.
(1 9 1 3 = 1 0 0 .)
1921

August.
Farm products_____________
Fo od s______________________
Cloths and clothing-----------Fuel and lighting---------------M etals and metal products.
Building materials_________
Chemicals and drugs---------House-furnishing g o o d s ..
Miscellaneous______________
All commodities___________

.
.
.
_
.
_

123
116
171
184
117
156
129
179
119
142

-1 9 2 2 -------

July.
135
142
180
254
121
170
121
173
114
155

August.

131
138
181
271
126
172
122
173
115
155
Comparing prices in August with those o f a year ago, as measured by
changes in the index numbers, it is seen that the general level has risen 9 % .
Fuel and lighting materials show by far the largest increase, 47 M % . Build­
ing materials have increased 1 0 ' 4 % . metals 7 % % , farm products 6 1 4 % .
and clothing 5 S
A % In price in tho year. Food items, chemcials and drugs,
house-furnishing goods, and miscellaneous commodities all show decreases
compared with prices of a year ago.




REJECT

U N IO N

CO U RSE O F W H O L E S A L E P R IC E S IN A U G U ST.

IN

I n t e r n a t io n a l

PROPOSAL

P R IN T IN G

T y p o g r a p h ic a l

c o n v e n t io n in A t l a n t i c

OF

ONE

BIG

TRADES.
U n io n ,

C i t y , r e je c te d o n

o f o n e b i g u n io n i n t h e p r i n t i n g t r a d e s .

at

S e p t.

its

annual

1 5 th e id e a

T h e a m a lg a m a tio n

o f u n io n s in v a r io u s b r a n c h e s o f th e p r in tin g tr a d e s , it w a s
d e c la r e d , w a s c o n s i d e r e d a t t h i s t i m e t o b e i m p r a c t i c a l a n d
im p o s s ib le .

W i t h re s p e c t to o th e r p h a ses o f th e ty p o g r a p h ­

e r s’ c o n v e n t io n , p r e s s d is p a tc h e s fr o m A t la n tio C it y o n th e
c lo sin g d a y

had

th e fo llo w in g

to

say:

Tho convention reversed its previous action and went on record in the
afternoon as favoring participation by the union in an American labor
political m ovem ent. This was considered a victory for the progressives,
who urged tho organization o f a separate labor party. A non-partisan
political policy has been laid down by tho American Federation o f Labor.
President M cP arland, the progressive loader, and ex-President J. M .
Lynch, the leader o f tho conservative wing, stood shoulder to shoulder
against the plan o f amalgamation o f all branches o f labor connected with the
printing trades. Both spoke vigorously in favor o f co-operation between
tho various printing trades crafts, but M r. McParland argued that am al­
gamation would bring into tho parent organization bookbinders, engravers,
stereo typers, electro typers and others whose knowledge o f the printing
trade was at m ost superficial. He estimated that such a union would em braco a membership o f 181,000, o f which but 75,000 would be printers.
The mailers won a victory to-day when they secured the amendment o f
tho by-laws which permits a majority o f the Executive Council to order a
sympathetic strike as against tho vote o f tho local union. Heretofore the
by-laws have required unanimous action on the part o f tho Executive
Council to override tho local.
ftS
Because of tho failure o f tho International Typographical Union to make
any headway in its efforts to organize the newspaper writers o f the country,
the convention authorized a referendum vote on tho question o f whether
jurisdiction over this class o f workers should bo relinquished by the organi­
zation. The action o f the convention follows the appeal o f the Newspaper
B riters to tho American Federation of Labor convention asking that juris­
diction be taken from the typographical union and vested in the Federation.

CONFERENCE

OF

FEDERAL

A N D

STATE

FUEL

A D M IN IS T R A T O R S .
T h e f i r s t o f a s e r ie s o f c o n f e r e n c e s b e t w e e n F e d e r a l a n d
S t a t e fu e l a d m in is t r a t o r s fo r th e p u rp o se o f p la n n in g e q u it ­
a b le

d is tr ib u tio n

and

fa ir

p r ic in g fo r b o t h

a n th r a c ite

and

b i t u m i n o u s c o a l w a s h e ld o n S e p t . 1 8 a t t h e o f f i c e o f W i l l i a m
H .
165

W o o d in ,

S ta te

B roadw ay.

p resent H .

B.

In

Fuel

A d m in is tr a to r

a d d itio n

S p en cer,

to

M r.

fo r

N ow

W o o d in

Y o r k , ' 1a t

th ere

F e d e ra l F u e l D is tr ib u te r , a n d

w ere
th e

fu e l a d m in is t r a t o r s o r th e ir r e p r e s e n ta tiv e s fr o m e ig h t S t a t e s .
The

q u e s tio n

d isc u sse d ,
upon.

of

a lth o u g h

A fte r

o u tlo o k

d is tr ib u tio n

fo r

th e
an

th e

w as

m a tte r

c o n fe re n c e

in c re a se d

th e

p r in c ip a l

o f p r ic e a l s o

M r.

s u p p ly

Spencer
of

s u b je c t

w as

to u c h e d

s a id

a n th r a c ite

th a t
w as

th e
very

e n c o u r a g in g , th o u g h h e d id n o t e x p e o t s u ffic ie n t p r o d u c tio n
im m e d ia te ly

to

m eet

a ll

dem an ds.

The

P e n n s y lv a n ia

m in e s , h o s a id , w o u ld n o t b e o n a n o r m a l b a sis o f p r o d u c tio n
th e

p resent

short

w eek,

but

w o u ld

He

added

th a t

tim e .

reach
he

th a t

sta te

a n tic ip a te d

re g a rd in g b it u m in o u s c o a l a n d d e n ie d

w ith in

no

a

th a t

fu e l.

He

p r o m is e d

STATE

FU EL A D M IN IS T R A T O R

R EST R IC TIN G

t h a t th e re a p p e a r e d

th a t w here n ecessary

W illia m

H .

W o o d in ,

h is f i r s t o r d e r o n S e p t .
th e

S ta te

s h a ll

IS S U E S FIR ST ORDER

A N T H R A C IT E

CONSUMERS

d iffic u lty

a n y p o s s i b i l i t y o f i n d u s t r ie s b e i n g c o m p e l l e d t o s h u t d o w n
fo r la o k o f

25 cents a ton. The houses having no chute, so that coal must be carried
to the cellar by the bagful, a storing charge o f 50 cents a ton will be made.
Where both trimming and storing are necessary, the maximum labor
charge will be 75 cents a ton, placing the m aximum price at $14 a ton de­
livered in M anhattan and the Bronx. Just before the strike last M arch
coal for household use sold here for $13 10 a ton, the same labor charges
prevailing. Operators are said to consider a 15-cent increase in price fair
in view o f five m onths’ idleness in the mines.

COAL

TO

TWO

S ta te

Fuel

SUPPLY

TO

W EEKS.
A d m in is tr a to r ,

is s u e d

1 5 , d i r e c t i n g t h a t n o c o a l d e a le r in

d e li v e r

to

any

c u s to m e r

m ore

th a n

tw o

s p e c ia l p e r m i t s w o u l d b o i s s u e d t o i n d u s t r ie s f o r a d d i t i o n a l

w e e k s ’ s u p p l y o f t h e d o m e s t i c s iz e s o f a n t h r a c i t e c o a l .

su p p lie s o f b itu m in o u s c o a l.

o r d e r w a s a s fo llo w s :
1 . B y virtue o f the power vested in me under Legislative Act 1. o f the
extraordinary session o f Aug. 28 1922. it is directed that no dealer or
distributor within the confines o f N ew York State shall deliver greater
quantity than two weeks’ supply o f th9 domestic sizes o f anthracite coal,
known as grate, egg, stove, chestnut and pea, inclusive, for any one house­
holder or other consumer o f such sizes. N or shall he deliver said two
weeks’ supply, or any part tneroof, where there is already on the premises,
in the cellar, or within the possessions o f the consumer a quantity equal
to or in excess o f two weeks’ supply, meaning thereby twice the average
weekly consumption from present date to April 1 1923. T h is order,
under all the penalties o f the A c t, will be strictly enforced, until modified.
2. I f the distributor is not in possession of the facts necessary to enable
him to carry out the foregoing, it is then a further part o f the order than
he can require the consumer to furnish him with
(a) A statem ent o f his actual requirements to April 1 1923.
lb) Size and tonnage o f coal which be now has on hand.
(c) That no order is on file with any other sourco o f supply.
Should the consumer make a falso statement to tne distributor ho will
he held liable under the provisions o f this A c t.
_
I n h is s t a t e m e n t a d v is in g th e n e c e s s ity o f c o n s e r v a tio n

T h o s e w h o a tte n d e d th e c o n ­

fe re n ce b e s id e s M r . S p e n c e r a n d M r . W o o d in w ere H a r r y T .
P e te r s , A s s is ta n t S ta te F u e l A d m in is tr a to r ; D o n a ld D . C o n n .
C h a ir m a n o f th e N o r th w e s te r n S ta te s ; L e o n W a lk e r , C h a ir ­
m a n o f th e D e la w a r e C o a l C o m m is s io n ; O . L . E a t o n , V ic e ­
P r e s id e n t o f th e M a r y l a n d F u e l C o m m is s io n ; W . K . C o n w a y ,
S e cre ta ry o f th e M a r y la n d
F u e l A d m in is tr a to r o f

F u e l C o m m is s io n ; A .

M a in e ;

m in istr a to r o f V e r m o n t; G .

H .

H .

L.

M .

W ebb,

L.

Jon es,

Lane,

Fuel

Ad­

F u e l A d m in is tr a to r

o f R h o d e I s la n d ; W . D . A in o y , C h a ir m a n o f th e P e n n s y lv a n ia
S t a t e F u e l C o m m is s io n , a n d M r . A p p le g a t e , S e c r e ta r y o f th e
C o n n e c t ic u t F u e l C o m m is s io n .
A p p o in tm e n t o f d e p u ty
c o u n tie s

in

th e

c o u n tie s

w as

g re a te r

c o a l a d m in is tr a to r s fo r

c ity

announced

by

and

fo r

A r th u r

N assau
M .

th e

fiv e

and

S u ffo lk

L oaroyd ,

D e p u ty

F u e l A d m in is tr a to r fo r th e fir s t a n d s e c o n d a d m in is tr a tiv e
d is t r ic t s , w h ic h c o m p r is e th e fir s t a n d
tric ts.

G eorge J . E ltz

of M a n h a tta n ,

90 W est

fo r M a n h a t t a n .

s e c o n d ju d ic ia l d is ­

o f th e C o a l M e r c h a n t s A s s o c ia t io n
S t .,

w a s a p p o in te d

A d m in is tr a to r

A le x a n d e r J . F r a se r o f 2 2 0 E a s t 1 3 8 th S t .,

a p a r tn e r in th e S t e v e n s F u e l C o ., w a s a p p o in t e d A d m in is ­
tra to r o f T h e B r o n x .

S a m u e l D r u m m o n d , P r e s id e n t o f th e

B r o o k l y n C o a l E x c h a n g e , w i ll c o n t r o l t h e c o a l s i t u a t i o n in
B r o o k ly n , w h ile W . E d w a r d G a n o n o f th e S u m m e r s S u p p ly
Co.

R ic h m o n d

R ic h m o n d

T errace, w as

B orough.

a p p o in te d

E d w ard

A d m in is tr a to r fo r

S c h m id t,

P r e s id e n t

of

th e

L o n g Is la n d R e ta il C o a l D e a le r s A s s o c ia tio n , w as a p p o in te d
a d m in is t r a t o r

fo r

N assau

and

S u ffo lk

c o u n tie s .

The

a d m in is tr a to r s fo r o t h e r c o u n tie s h a v e n o t b e e n a n n o u n c e d
as y e t.

M r . L e a r o y d s a i d t h a t a ll t h o s e n a m e d s o f a r h a d

a cc ep ted .
N E W

_ _ _

M r . W o o d in s a id :
Because o f the fact that there is a shortage o f anthracite, the miners
having just returned to work and the production necessarily being limited
at this tim e, such anthracite coal as comes into Now York State should
be distributed most carofully so that it will do the greatest good to the
greatest number.
As to tho supply o f coal, there is every reason to believe that there
will be an adequate supply o f bituminous coal. Tho mines aro in full
operation and considerable quantities are coming to New York, on which
the prico had already begun to drop. And it is tho request o f the Fuel
Administration that all citizens who can do so should avail themselves
o f the soft coal now coming into this State and storo some against their
Winter needs.
Th e anthracite mines have just resumed operation this ■week, and there
will be a shortage of domestic sizes throughout the W inter, as the usual
amount stored during the Summer has not been brought to this State.
Attention is again called to the fact that the Fuel Administration has
no control over prices at the mines, but that its authority doals with the
margin o f profit and the distribution after the coal has reached New York
State.

A N T H R A C IT E

R ET AIL

COAL

PR ICE S

IN

N E W

_ _ _ _ _

GOVERNOR

SPROUL

ISSU E S

HARD

YORK.
I n t h e f i r s t a n n o u n c e m e n t o f a n t h r a c i t e r e t a i l p r i c e s s in c e
t h e c o a l s t r i k e , B u r n s B r o t h e r s , in a c i r c u la r l e t t e r , q u o t e d

G overn or

Sp roul o f

COAL

P R O C L A M A T IO N

ON

P R IC E S.

P e n n s y lv a n ia

on

S e p t.

20

issu e d

a

p r o c l a m a t i o n d e c la r in g t h a t p r ic e s o f a n t h r a c i t e c o a l s h o u l d

p r ic e s e f f e c t i v e S e p t . 2 0 a t $ 1 3 2 5 a t o n p l u s l a b o r c h a r g e s

n ot exceed

w h e r e n e c e s s a r y in M a n h a t t a n a n d

a p p ro v e d a s E x e c u tiv e a c ts ste p s ta k e n b y

th e B r o n x , a n d $ 1 3 5 0

The

t h o s e in M a r c h

1922, and

a n n o u n c in g

th a t he

th o S ta te

Fuel

a t o n d e li v e r e d i n t h e b i n f o r B r o o k l y n a n d L o n g I s l a n d C i t y .

C o m m i s s i o n t o p r e v e n t t h o c h a r g i n g o f p r ic e s b e y o n d t h o s e

T h is

fig u r e s .

coal

can

a m o u n ts

bo

H ow

o b ta in e d

lo n g

at

presen t

is i m p o s s i b l e t o s a y , t h e c i r c u la r s a i d .
r ic e

and

b a r le y

s iz e

o n ly

t h e p r i c e w i ll s t a n d

coal

u sed

in

p lu s la b o r c h a r g e s

B r o o k ly n a n d L o n g

m o d e ra te
it

P r ic e s o f b u c k w h e a t ,
m a n u fa c tu r in g

o f f i c e b u i l d i n g s a n d la r g e h o t e l s , r u n f r o m
to n

in

as an noun ced

in M a n h a t t a n

p la n ts ,

$ 6 2 0 to $ 8 2 0 a

and

th o

B ronx.

In

I s l a n d C i t y t h e s e s i z e s w i ll r a n g e f r o m

I t w a s e x p l a i n e d t h a t in o t h e r y e a r s 5 0 c e n t s a t o n w a s d e ­
fo r

o r e a r lie r
i

,i

th o se w h o
w h ile

lit l i t p r

bought

10 cen ts a

th e ir w in te r s u p p ly

to n

w as added

fo r

in

A p r il

th o se w h o

T h e c i r c u la r , w h i c h w a s m a d e p u b l i c S e p t . 2 0

a t V h e o ffic e s o f th e N e w

Y ork

p r e p a r e d s iz e s o f a n t h r a c i t e

S ta te F u e l A d m in is tr a tio n

b y Y i ll i a m 1 1 ’ ^ ^ nde|. tbo direction o f the Fuel Administrator. His
W o are now wo
f)e strjCtiy adhered to, with tho result that we aro
regulations will " Y
any f,ll-u p orders. All we can do is to send you a
not in a position to
from time to time until everybody has a moderate
moderate amount o
very much if you will co-operate with us by
supply. W e will &PP
-ctu ally needed and then in small quantities, de­
ordering coal only when actuany

pending upon your c<)^p
tter carefully and find that, based on company
W e have gone over
.
t presont as follows for delivery in Brookcoal. we are able ^ ^ tk? f^ u r Astoria yard:

fig u r e fo r o th e r g r a d e s a n d s iz e s .

H e d e c la r e d t h a t s o m e o f

t h e la r g e r o p e r a t o r s a l r e a d y h a d n a m o d p r ic e s a t le s s t h a n
th o m a x im u m fix e d b y th e C o m m is s io n a n d t h a t th o le a d in g

a n d d e liv e r y o v e r th e m a r g in s a b o v e w h o le s a le c o s t s p r e v a il­
in g w h e n t h e s t r i k e w a s c a l l e d .

v i d i n g a g a i n s t h o a r d i n g o r “ s e lf is h s t o r a g o o f c o a l ” u n t i l a ll
m a y b e s u p p l i e d a n d p r e s s in g r e q u i r e m e n t s f u l l y m e t .

IN T E R -S T A TE C O M M E R C E C O M M IS S IO N IS S U E S N E W
P R IO R IT Y ORDER A N D

fo r o p e n -t o p c a rs b y s h ip p e r s o f r o a d a n d b u ild in g m a t e r ia ls
r e s u lt e d

on

’
57 2 0; barley, $6 20. Plus any
«10 7 5 ; buck, $8 JO, riou,
•
PGIlf v*
j frimmillK*
labor needed for ®tor' n^ . a
(o v c
th e N e w Y o r k “ T im e s ” h a d
W i t h le s p e c t to th e a d o v c , t
th e fo llo w in g to s a y :
. , : voring coal in M anhattan and tho Bronx
Th e charge for labor In ^
except in houses where a coal chute
ranges from 25 cents to 75 cen
truck to tho bin. Where the chute does
transfers the coal direct from
“ trim m ing,” tho labor charge will be
not. cm direct to the bin. necessitating tn n
«

1 9 in

is s u a n c e b y

th o

In te r -S ta te

C om ­

c o m m o d i t i e s w h i c h a r e t o b o g i v e n p r e fe r e n c e in m o v e m e n t

con su m ers

&Dt

S e p t.

m e r c e C o m m i s s i o n o f o r d e r s in c r e a s in g t h o l i s t o f e s s e n t i a l

ton without labor, N o. o .
’ esont as follows for delivery in M anhattan
We are able to make prices a p
§ 13 25; stove. $13 25; chestnut,

9 c. npa

C A N C E LS OLD ONE.

I m p r o v e m e n t in t h e b i t u m i n o u s c o a l s i t u a t i o n a n d d e m a n d

by

and the Bronx; Broken, S

T h o p r o c la m a t io n a s k e d th o

p u b lic to r e g u la te it s d e m a n d to im m e d ia t e n e e d s , t h u s p r o ­

lyn and Long Island o y
delivered in the bin; pea, $11 25 delivered
Broken, egg. stove, nu ,
without labor; N o . 2 buck, $7 30 per
in the bin; N o 1 buck, t S d O V B
^ ^
^
without labor.




(sto v e a n d c h e s tn u t), a n d th a t

t h i s p r ic o w a s t o b e c o n s i d e r e d a s a c o m p a r a t i v e c o n t r o l l i n g

r e t a il d e a le r s h a d a g r e e d n o t t o in c r e a s e t h e c o s t o f h a n d l i n g

$ 6 3 0 t o $ 8 3 0 a t o n , d o h v e r e d in t h e b i n .
d u cte d

T h e G o v e r n o r sa id t h a t th e F u e l C o m m is s io n h a d

f ix e d $ 8 5 0 a g r o s s t o n a t t h e m i n o s a s a m a x i m u m p r i c o f o r

th e r a ilr o a d s w h e n

th e m

of

b itu m in o u s

e ffe c tiv e m id n ig h t,
ders,

t h e y c a n n o t m o v o a ll t i a f f i c o f f e r e d

a n d c a n c e l l in g t h o p r i o r i t y a f f o r d e d s p e c ia l c l a s s e s o f

is

in c lu d e d

p r e fe r e n c e

w hen

c o a l.

S e p t. 2 0 .

in
th o

th e

lis t

c a r r ie r s

T .h o

new

C o a l, u n d er
of

c o m m o d it ie s

cannot

o ffe r e d , b u t a ll u se rs o f c o a l s t a n d

on

ord ers

w ore

th o r e v is e d
to

tra n sp o rt

be
a ll

or­

g iv e n
tr a ffic

th e s a m e b a s is a n d

n o c l a s s , s u c h a s p u b l i c u t i l i t i e s , f o r i n s t a n c e , w i ll b o g i v e n
p r e fe r e n c e o v e r a n y o t h e r c l a s s .

T h e C o m m is s io n r e se r v e d

t h e r i g h t , h o w e v e r , t o i s s u e s p e c ia l o r d e r s f o r t h e m o v e m e n t

o f c o a l , i f s u c h a c t i o n is n e c e s s a r y .

I n a n o ffic ia l s t a t e m e n t

to th e p u b lic S e c r e ta r y M c G i n t y , o f th e C o m m is s i o n , s a id :
The Inter-State Commerce Commission has to-day issued its Service Order
N o . 25. applicable eastward from the west bank of the Mississippi River,
which cancels and supersedes Service Order N o . 23, effective at midnight
Sept. 20.
B y reason o f certain embargoes Issued by earners complaints have
been made that various commodities which in the public interest should be
handled currently and prom ptly, have not been so handled. In addition to
the commodities specified under Service Order N o . 23, this order adds mine
supplies, medicines, fertilizers, seeds, newsprint paper and petroleum and
Its products in tank cars to the list of commodities to be given preference
and priority in movement, when carriers are currently unable promptly to
transport all freight traffic offered to them for movem ent. The words
“ fuel o ils" as used in Service Order N o . 23, are changed to read “ other fuels.”
Service Order N o . 23, directed all carriers to discontinue the use of opentop cars suitable for the transportation of coal for the transportation of com­
modities other than coal so long as any coal mine remained to be served
with such cars. There are extensive road building projects with uncom­
pleted gaps, which, in the public interest, should be completed before cold
weather sets in, and for which appropriations have been made by the States
and by the Federal Government. There are large building programs under
w ay which m ust be completed without undue delay to avoid serious loss.
8ervlce Order N o . 25. permits the use o f open-top cars suitablo for the load­
ing and transportation o f coal, after the discharge o f the coal loading thereof,
for the transportation of road and building construction materials, ore,
mine supplies for current operation and fluxing stone for furnaces when
the destination o f such commoditias is in direction of, but not beyond the
mine or mines, to which such open-top cars are destined for coal-loading,
and when such use will not materially delay or minimize the production
and transportation of coal. Carriers are directed to place an embargo
against the further placement o f open-top cars for loading with such com­
modities for any shipper who shall fail or refuse to load the open-top cars
within 24 hours after placement for such loading thereof and are directed to
place an embargo against any consignee who shall fail or refuse to unload
such cars within 24 hours after placement.
The order further cancels the priority afforded consumers now embraced
in Class 2 in Paragraph 7 of Service Order N o . 23. The production oi bitu­
minous coal has increased to approximately nine and one-hall million tons
per week, and should, with reasonable use, take care oi current needs, if
panic, undue storago and waste o f fuel and equipment are carefully avoided.
The Commission, therefore, feels that it can now relax its previous order
by om itting general priorities by classes o f consumers, reserving, however,
the right in such cases o f great emergency to direct carrires to furnish any
coal mine with such open top cars as m ay. In the public interest from time
to tim e, be designated by it or its agent therefor. B y virtue of the general
priority, which is given both to movement and use of open-top cars for coal,
the effect o f the change now mado is to advance all coal into the priority
class, instead o f only those classos of consumers formerly embraced in the
priority destinations.
W hile it was necessary during the poriod o f oxtremely limited production
to give priority in use to certain highly essential classes, this necessarily
involved deferring others. Under existing circumstances, it is believedthat
the course now taken will tend to a considerable improvement in the pro­
duction o f coal by facilitating its movement and general distribution. It
will be necessary, however, to avoid a return to priority classifications, for
continued efforts looking to the avoidance o f overstocking, o f delay to equip­
ment and to the curtailment o f demand to meet bare daily necessities until
the reserve o f coal in circulation can once moro be built up.
Sorvice Order N o . 24. which now requires carriers west o f the Mississippi
River to afford priority in movement to certain commodities, and for the
return movement o f em pty cars for such loading, has been amended to corrosp > d with Service Order N o . 25, applicable in eastern United States.
Service Order N o . 22 as to routing o f freight to avoid congestion, remains
in effect.
JUDGE

W ILK E R SO N

TO

T IO N

D E C ID E

SU IT

ST R IK E

J u d g e W i l k e r s o n in F e d e r a l C o u r t o n
th e h e a r in g o n

IN JU N C ­

T O -D A Y .
S e p t . 2 1 c o n t in u e d

th e in ju n c t io n a g a in s t th e s tr ik in g s h o p m e n

u n til

th is m o r n in g

th a t

tim e

(S e p t.

announce

2 3 ).

w h e th e r

Ho
he

in d ic a te d

w o u ld

h e w o u ld

su sta in

at

A tto rn e y -

G e n e r a l D a u g h e r t y ’s m o t io n to m a k e th e in ju n c tio n p e r m a ­
n e n t o r d is s o lv e it o n m o t io n o f a t t o r n e y s fo r th e d e fe n s e .
A tto r n e y -G e n e r a l

H arry

M .

D a u g h erty

read

th e

d r a ft

o f th e p r o p o s e d in ju n c tio n to t h e c o u r t o n S e p t . 2 1 , a n d a fte r
a b r ie f s t a t e m e n t

in

d e fe n s e o f th e

G o v e r n m e n t ’s r ig h t to

e n jo i n t h e s t r i k e r s b r o u g h t t h o c a s e t o a c l o s e .
e r t y in ju n c tio n

r e s tr a in in g o r d e r .
m ore

b in d in g

and

its

p h r a s e o lo g y

c la r i f ie d

o n e e x c e p t i o n i t is s a i d

a s d r a s t i c a s t h e o r d e r n o w in f o r c e .

th a t

th e

I t s t e r m s h a v e , in s o m e c a s e s , b e e n m a d e

p a s s a g e s , b u t w ith

in ju n c tio n

Tho D augh­

b ill d i f f e r s b u t l i t t l e , i t is s t a t e d , f r o m

in

d o u b tfu l

to b e e v e r y b it

I n e x p la n a t i o n o f t h e

b ill, A t t o r n e y -G e n e r a l D a u g h e r t y to ld th e c o u rt

“ T h is

o r d e r d o e s n o t q u e s tio n

th e r ig h t o f a m a n o r

a n y n u m b e r o f m e n to s tr ik e , b u t it r e s tr a in s th e m fr o m u n ­
la w fu lly s tr ik in g b a c k .
not

d e p r iv e

hand,

any

m an

i t w ill a f f o r d

any

p r o te c tio n

la w fu l
to

r ig h t.

every

m an

On

th o

and

a ll

oth e r

regard

to

th e

p ro p osed

in ju n c tio n

as

read

to

th e

The one outstanding modification is a paragraph specifically asserting
that ‘ ‘nothing contained herein shall be construed to prohibit the use o f tho
funds or m oneys o f any said labor organizations for any lawful purpose,
and nothing contained in this order shall be construod to prohibit the ex­
pression o f any opinion or argument not intended to aid or encourage the
doing o f any o f the acts heretofore enjoined, or not calculated to maintain or
prolong a conspiracy to restrain inter-State commerco or the transportation
o f the m a ils ."
Tho paragraph forbidding picketing in the vicinity or near the places of
ingress or egress o f places where railroad employees are required to work has
been extended to include a ban against picket posts “ along the ways traveled
by said em ployees" to and from their work.
Tho provisions against pickets attempting to prevent employees from
entering upon or cont inuing their duties has been extended to include "a n y
other person or persons.”
The ban against threats or violence against families o f workmen will be
extended, if the bill is granted, to include not only threats b y "in tim idation ,
opprobrious epithets, persuasion or other acts o f like character."
T o the original restraining order the Government has also added in the
new bill an additional provision that the application for a preliminary in­
junction shall bo continued against all defendants who have not been legally
served with notice o f the present hearing, the application to be heard at
such time as the Court shall select.

A T T O R N E Y -G E N E R A L 'S
M E N T 'S

STATEM EN T

A P P LIC A T IO N
A G A IN S T

W hen
an

FOR

ON

GOVERN­

IN JU N C T IO N

SHOPMEN.

th e G o v e r n m e n t a t t o r n e y s c o m p le te d th e ir c a s e in

a p p lic a tio n

str ik in g

fo r

a

sh o p m e n ’s

te m p o r a r y

u n io n

on

in ju n c tio n

S e p t.

15,

a g a in s t

th e

A tto r n e y -G e n e r a l

D a u g h e r t y , w h o w a s in c h a r g e o f t h e c a s e , i s s u e d a s t a t e ­
m ent

at

C h ic a g o

c o n c lu sio n

of

th e

e x p r e ssin g
a c tio n

th e

b e lie f

w o u ld

in a f a c t o r y , ”

th e

b o th

su c c e ssfu l

u n io n

m en

“ I f I w ere a w o r k in g m a n

th e A t t o r n e y -G e n e r a l s a id , “ I w o u ld b e lo n g

to a u n io n , b u t

I w o u l d n o t b e l o n g t o a n y u n io n t h a t h a d

a n y r u le o f a c t io n o r c o n d u c t w h ic h
th e

th a t

b e n e fit

a n d th e n o n -c o m b a t a n t p u b lic .

G o v e r n m e n t .”

M r.

s e t a s id e th e la w s o f

D a u g h e r t y ’ s s t a t e m e n t fo llo w s :

I would say that if this case is fortunate in its preparation and presenta­
tion and decision, I would guess there is nobody now living old enough to
tako observation of these proceedings who would ever see another strike
involving the transportation facilities o f inter-State commerce.
It has been a long time since the decision in the Debs case. T h at was
the outstanding case that involved these questions, and aside from the
changes and extensions that naturally come in the Law Department of the
times there is very little new in this case.
Anything that would have been held or can be held to be a violation of
the law construed in connection with the restraining order in the Debs case,
these same facts being shown, would be construed to bo a violation of the
order in this case, and there is nothing in this case that would be a violation
of the restraining order that would not likewise be held a violation of the
restraining order in the D ebs case.
.
Our order is a little more elaborate and accommodatingly explicit. N ow ,
of course, there has been a great deal published about It and it Is all right.
Labor unions criticised this movem ent. M r . Gompors has criticised the
Government.
You see, some people call him (M r. Gompers) Uncle Sam. B ut he is not
tho Uncle Sam we are taking our orders from . There is another Uncle
Sam here. And M r . Gompers talks about “ our C onstitution,” that is,
the one that he and some o f his friends made.
Y e are talking about the Constitution that the American people madq,
and it is big enough and broad enough and fair enough to cover everything.
This late demand and complaint on the part o f the so-called minority about
trampling upon their rights is all unjustified, but sometimes I feel like asking
the question whether the majority have any right at all, whether the
m ajority is expected to obey the will of the minority.
I have nothing hard to say about the unions, nothing hard to say about
the laborers. If I were a working man in a factory I would belong to a
union, but I would not belong to any union that had any rule o f action or
conduct which set aside the laws of the Government.
If I were running a shop or a factory I would run an open shop. T h at
means that a man works if he wants to work, without being compelled to
present a certificate that he belongs to any organization. T h at is what a
free country means. And as the days go by it will be found that this
proceeding will be beneficial to legitimate unions, and they will commend
it as things settle down.

R AILR O A D

m en

H o c o n t in u e d :

The law of this country as applicable to cases o f this kind, where trans­
portation and tho carriage of the mails is involved, is somewhat different
from the law where so-called industrial disputes and strikes are involved.
It is tho duty o f the Government to compel the railroads to furnish trans­
portation. I f tho railroads are themselves, at any timo or for any reason,
not able to do so, because o f interferences, it is the obligation of the Govern­
m ent to step In and prevent any and all interferences.
Tho life of industry, human life, the life o f he Government itself depend
upon industrial peace and industrial peace depends upon uninterrupted
Inter-State commerce and the transportation of the mails.
T h e Government of the United States nrust at all times bo fair, but the
Government o f the United States must at all times be firm . N o freedom of
speech is interfered with by this order, unless it bo that speech which incites




W ith

C o u r t , p re ss d isp a tc h e s sa id :

T h e e n f o r c e m e n t o f t h i s d e c r e o w ill
of

e q u a l l y , w h o c o m e w i t h i n i t s o p e r a t i o n s , in e a c h a n d e v e r y
la w fu l r i g h t .”

the mob and results in the commission o f crimes and offenses which the
Government is bound to prevent. N o minority is overridden b y this order,
the m ajority is not made more powerful or dominating, nor is the minority
made more subservient.
The order speaks for the last word o f the Government and for society and
civilization through that tribunal which guides the way to the destiny of
the nation, for peace and fairness and liberty and protection with firmness,
and, if necessary, with force.

U N IO N S'

IN JU N C T IO N
Sp okesm en
te s tim o n y

fo r

T E ST IM O N Y

S U IT

th e

A T

A G A IN ST

strik in g

r a ilr o a d

sh opm en

th is w e e k b e fo r e J u d g e W ilk e r s o n

c o n n e c tio n w ith

H E A R IN G

IN

SHOPMEN.
p re sen ted

in C h i c a g o

in

th e a p p lic a tio n o f th e G o v e r n m e n t fo r a n

i n j u n c t i o n a g a i n s t t h e u n i o n s , in a n e n d e a v o r t o s h o w t h a t
th e

strik e

w as

o rg a n iz a tio n s

not a
and

c o n sp ir a c y

th e ir

on

le a d e r s .

th e

p art o f

th o

R e s p o n s ib ility

la b o r

fo r

th e

s tr ik e w a s c h a r g e d to th e A s s o c ia t io n o f R a ilr o a d E x e c u t iv e s
b y B e r t M . J e w e l l , h e a d o f t h e s t r i k e r s , in a n s w e r i n g A t t o r ­
n e y - G e n e r a l D a u g h e r t y ’ s i n j u n c t i o n b ill o n P e p t .

19.

M r.

J e w e ll d i d n o t a p p e a r b e f o r e J u d g e J a m e s H . W i l k e r s o n , b u t
h is

a tto rn ey s

w h ic h

M r.

read

J e w e ll

in to

th e

r e c ite d

record

w hat

he

a

2 8 -p a g e

m a in ta in e d

a ffid a v it
to

be

in
th e

c a u s e s o f t h e s t r ik e , d e t a ile d th e h is t o r y o f u n s u c c e s s fu l c o n ­
feren ces w h ic h p r e c e d e d

th e a g r e e m e n t re a c h e d w ith

som e

r o a d s l a s t w e e k , a n d d e c la r e d t h e u n i o n l e a d e r s n e v e r h a d
c o u n te n a n c e d

v io le n c e .

W ith

rega rd

to

th e

te stim o n y

of

He declared that since A u g. 2 , when the strikers accepted President
Harding’s second peace proposal, the railway executives have maintained
a lockout against them .
“ To all Intents and purposes,” Donald R . Richberg, attorney for the
defense, said, interrupting the readings o f the affidavit, “ the strike ended
Aug. 2 when the men told the President they accepted his plan o f settlement.
After that it was a lockout.”
M r . Jewell said he had been advised b y counsel that the railroads had
no legal right under the rules o f the United States Railroad Labor Board,
to deny his men their former seniority rights when they resume work.
The causes leading up to the strike date back to 1920, according to the
Jewell affidavit, when the labor committee o f the Railway Esecutives
Association adopted a report favoring steps to organize regional adjustment
boards, as provided by the Transportation A c t. W . W . Atterbury,
Vice-President o f the Pennsylvania R R ., presented-a minority report
opposing such boards.
The m ajority report was rejected b y the Association and T . D eW itt
Cuyler, President o f the executives, appointed M r . Atterbury to succeed
President Gray oi the Union Pacific as Chairman of the Labor Com m ittee.
“ This action o f the Association o f Railway Executives,” M r . Jewell said
“ was regarded by the officers of the Railway Em ployees’ Department and
generally by the employees as the beginning o f a campaign by the Associa­
tion o f Railw ay Executives against the railway employees’ organizations
for the purpose o f destroying the effectiveness of the organizations and dis­
integrating their membership, and also as the beginning o f a concerted
effort to destroy the effectiveness o f the United States Railway Labor
B oard.”
.
T w o h u n d r e d a n d e ig h t y -t h r e e o f th e G o v e r n m e n t a f f i­
c h a r g in g

str ik e r s a n d

v io le n c e

on

th e

part

of

th e r a ilr o a d

th e ir s y m p a t h iz e r s w e r e th r o w n

sh o p

ou t of Judge

W ilk e r s o n ’ s C o u r t on S e p t . 1 8 o n th e g r o u n d t h a t th e a ffi­
a n ts h a d n o t s ta te d

th e y w ere m a k in g th ese s ta te m e n ts fo r

th e p u r p o se s o f th e A t t o r n e y -G e n e r a l’ s in ju n c tio n s u it .
gen eral m o tio n on

A

t h e p a r t o f t h e d e f e n s e t o s t r i k e o u t a ll

th e G o v e r n m e n t a f fid a v it s w a s o v e r r u le d .

G overn m ent a t­

t o r n e y s s a i d t h a t t h e r e w e r e s u f f i c i e n t a f f i d a v i t s l e f t in t h e

H E A R IN G

C O M M IT T E E

ON

A G A IN S T

VOTES

IM P E A C H M E N T

TO

POST­

CHARGES

h a s tily c a lle d m e e tin g o n S e p t .

1 8 p o s t p o n e d c o n s id e r a t i o n

D a u g h e r t y u n t i l t h e s h o r t s e s s i o n o f C o n g r e s s , b e g i n n i n g in

a

D e c is io n

co n fe re n c e

of

to d e fe r a c t io n w a s v ir t u a lly r e a c h e d

R e p ilb lic a n

m em bers

of

th e

th e N e w

e s tim a te d

r a ilw a y e m p lo y e e s .
A c tio n b y th e c o m m itte e
(R e p

M in n .)

p r o c e e d in g s

a g a in s t

str ik in g

.
.
w i t h D e m o c r a t s v o t i n g in o p p o ­

a s h o r t tim e a fte r R e p r e s e n ta tiv e

K e lle r

w h o h a d s o u g h t im p e a c h m e n t, h a d a n n ou n ced

th a t S a m u e l U n te rm y e r o f N e w
b e fo r e th e c o m m it t e e .

Y o r k w o u ld re p re se n t h im

M r . K e lle r c h a r a c te r iz e d t h e d e la y

b y t h e c o m m it t e e a s “ u n fa ir ” a n d la te r m a d e p u b h c a le t t e r
f r o m M r . U n t e r m y e r w h i c h h e h a d p l a n n e d t c . p r e s e n t .a t t h e
m e e tin g o n th e 1 9 t h .
rega rd

M r.

M r . U n t e r m y e r w r o te th a t h o d id n o t

D a u g h e r ty ’s

a p p lic a tio n

“ a n im p e a c h a b le o ffe n s e ” o f it s e lf
n e y -G e n e r a l s h o u ld

b e p r o m p tly

fo r

th e

m j u n o t ,o n a s

b u t b e lie v e d th e
r e m o v e d fr o m

A tto r­

h is o ffic e

o n t h e g r o u n d o f “ u n w illin g n e s s o r in a b ilit y t o e n fo r c e t h e
A n t i-T r u s t la w s

in

w h ic h

a c t i o n a n d n o n - a e t .o n h a v e

h is

re a c h e d th e p r o p o r tio n o f a g r e a t_ p u b h c s e a d a l,
in i m m in e n t p e r il t o t h e c o u n t r y .
O n Sept
1 9 M r . U n te r m y e r in

a

t e le g r a m

r e s u lt in g

.
, ,
r e c e iv e d b y

R e n r e s e n ta tiv e K e lle r
K e p r e se n ta tiv e s e l l e r

a n n o u n c e d h is w ith d r a w a l fr o m a c t iv e
an
im p e a c h m e n t p ro ­

p a r tic ip a tio n in

h

t

e

H

e

e x p la in e d

c e e d i n g s a g a i n s t A t t o " n,e f ; ^
^
s COUn Se l h e w a s u n d e r t h e
th a t w h en h e co n sen ted to serve as cu u n
,
im p r e ssio n t h a t th e c h a r g e s w o u ld b e p r e sse d a t o n c e , w h e re a s

at

of

3 5 ,1 9 2 .

m ore

The

m e n u n d er th e

on

th e

“ b a sis

of

th e

B a ltim o r e

th a n

3 2 ,0 0 0 .

Of

th a t

num ber

on

Y ork

C e n t r a l L in e s d is c lo s e d t h a t

N ew

Y ork

C e n tra l

w as

th e

fir st

LIK E S

LEHIGHV

S E T T ^
A N D

A L L E Y

HUDSON

S T R IK E

W IT H

D ELAW ARE

of

th e

te rm s

of

th e

“ B a lt im o r e

a g r e e m e n t .”

Its

S a tu r d a y

a fte r n o o n

w hen

th e

N ew

Y ork

C e n tra l

an­

n o u n c e d t h a t n o f u r t h e r c o n fe r e n c e s w o u ld b e h e ld b e c a u s e
o f a n a t t e m p t o f t h e u n io n le a d e r s “ t o

in t e r je c t q u e s tio n s

n o t m e n t io n e d in th e t e x t a n d c le a r ly o u ts id e th e a g r e e m e n t”
m a d e a t B a ltim o r e .
T h e s e t t le m e n t o f th e s h o p m e n ’ s s tr ik e o n th e N e w

Y ork

C e n t r a l L i n e s w a s f o l lo w e d b y a n a n n o u n c e m e n t o n S e p t . 2 0
fro m

th e

o ffic e

of

th e

M erch an t

T r u c k m e n ’s

B ureau ,

15

P a r k R o w , th a t a h e w c o n tr a c t h a d b ee n sig n e d , te r m in a tin g
The

th e In te r ­

sam e w ages an d

w o r k i n g c o n d i t i o n s t h a t p r e v a i le d l a s t y e a r a r e c o n t i n u e d b y
th e

co n tra ct

and

w i ll

r e m a in

in

fo r c e

fo r

a n o th e r

year.

la s t J u ly 3 1 , w h en

&

th e o ld

c o n tr a c t e x p ir e d .

E a r ly

in

A u g u s t a t th e fir s t m e e tin g o f th e c o m m it t e e re p r e se n tin g
th e b u rea u

and

th e

te a m s te rs

th e

bu reau

dem anded

a

re­

d u c t i o n o f $ 1 a w e e k in w a g e s o f t h e t e a m s t e r s , a n a d d i t i o n a l
hour

to

a

d a y ’s w ork

and

th e

d is c o n tin u a n c e o f

paym ent

o n h o lid a y s w h e n th e t e a m s t e r s p e r fo r m e d n o w o r k .
N e g o tia tio n s

w ith

th e

e x e c u tiv e s

of

a d d itio n a l

E a ste r n

r a ilr o a d s w e r e re p o r te d to h a v e b e e n b e g u n o n S e p t . 2 0 b y

Y ork

M .

J e w e ll

fo llo w in g
C e n tra l

V a lle y ,

and

and

a s s o c ia te

th e

s e ttle m e n t

L in e s ,

but

M r . L oree

le a d e r s

P r e s id e n t
o f th e

of

th e

e ffe c te d

sh o p m en ’s

w ith

L o o m is

D e la w a r e

of

&

th e
th e

N ew

L e h ig h

H u d s o n , in a

s t a t e m e n t , s a id : “ M r . J e w e ll a n d th e o t h e r m e m b e r s o f h is
c o m m it t e e c a n s t a y h e re in N e w Y o r k u n t il e t e r n it y , b u t w e
w i ll

not

do

p a s s e d .”

b u s in e s s

M r.

w ith

L o o m is

th e m .

th e n

The

m ade

tim e

p u b lic

fo r

th e

th a t

te x t

has

of

th e

f o l lo w i n g n o t i c e , w h i c h w a s p o s t e d y e s t e r d a y i n a l l t h e s h o p s
of

th e

L e h ig h

V a lle y

R R .:

E . E . Loom is, President o f the Lehigh Valley, announced to-day that hie
company would not join with other roads in making individual settlements
with striking shopmen.
Lehigh Valley is not a party to any agreement which m ay have boon
made in Chicago. The pledges we have made to our employees who con­
tinued working after the strike was called, as well as to the new men who
have entered our service since that tim e, to say nothing o f our policies to
our supervisory offices, make it out ol the question for us to accept any
such plan as is proposed.
The Lehigh Valley employees are now forming an association o f their
own, started of their own initiative, and we have promised to co-operate
with them in every w ay. I do not see how a railroad can be expected to
retain or build up a loyal organization on any other basis. ^
A c c o r d i n g t o M r . L o o m i s , t b e n e w o r g a n i z a t i o n w i ll b e
know n

as

E m p lo y e e s

th e
of

A s s o c ia t io n
th e

of

M a in te n a n c e

L e h ig h

V a lle y

of

E q u ip m e n t

R a ilr o a d .

P r e s id e n t

L o re e o f th e D e la w a r e & H u d s o n a g a in a s s e r te d t h a t h e w o u ld

a s s o c ia te s .

_ _ _ ____________ _

C E N T R A L

5 ,0 0 0

W h e n la s t S a tu r d a y ’s c o n fe r e n c e

fir s t c o n fe r e n c e w ith t h e s h o p m e n ’ s le a d e r s c a m e t o a h a lt

not

YORK

T h e fo rm a l

E a s t e r n c a r r ie r s w h i c h s o u g h t t o e n d t h e s t r i k e o f i t s s h o p ­

th e J u d ic ia r y C o m m i t t e e h a d v o t e d t o p o s t p o n e p r o c e e d in g s

SHOPMEN—

th e

th e re w ere 3 2 ,9 5 1 m e n a t w o r k c o m p a r e d w ith a n o r m a l fo rc e

u n t il D e c e m b e r .
N E W

te r m in a te d

w a s b ro k e n o ff th e N e w

B ert

in ju n c tio n

The
to

I t s a y s t h a t th e c o n tr o v e r s y w ith th e strik in g

a re in N e w Y o r k d is t r ic t .

str ik e ,

w as tak en

reached .

a g r e e m e n t ,” a n d w a s a s fo llo w s :
M r . B . M . Jewell, President of the Railway Em ployees’ D epartm ent,
American Federation o f Labor, and M r. W illiam II. Johnston, President
o f the International Association o f Machinists and Federated Com m ittee,
representing the employees on strike, conferred to-day with representatives
o f President A . H . Smith o f the N ew York Central Lines, and a settlement
was arrived at conforming with the Baltimore agreement.
The employees now on strike will return to work as rapidly as positions
can be arranged for them , or within thirty days after the date o f the agree­
m ent. The arrangement for the return o f the men is to be worked out
locally between their representatives and officials of the railroad com­
pany at various points.
T h e n u m b e r o f s h o p m e n a f f e c t e d b y t h e s e t t l e m e n t is

in

s itio n

been

C e n t r a l w a s s t r o n g ly o p p o s e d .

shopm ent w as

i n g s h o u l d n o t p r o c e e d w h i l e M r . D a u g h e r t y w a s in C h i c a g o
w ith

Y ork

w as g ra n te d .

c o m m itte e

e a r lie r in th e d a y , a t w h ic h it w a s c o n t e n d e d t h a t th e h e a r ­
c o n n e c tio n

had

a n n o u n c e m e n t w a s a ttr ib u te d

d i f f e r e n c e o f o p in io n o n s e n i o r i t y , t o t h e r e c o g n i t io n o f w h i c h

on

o f th e K e lle r i m p e a c h m e n t c h a r g e s a g a in s t A t t o r n e y -G e n e r a l

at

s e ttle m e n t

th e

T h e s e ttle m e n t m a r k s th e e n d o f a c o n tr o v e r s y t h a t a ro se

A T T O R N E Y -G E N E R A L .

B y a v o t e o f 8 to 3 th e H o u s e J u d ic ia r y C o m m it t e e a t a

D ecem ber.

m a k in g

n a tio n a l B ro th e rh o o d o f T e a m s te r s .

J U D IC IA R Y

PONE

s a tisfa c to r y

in

th e w a g e sc a le c o n tr o v e r s y w ith th e b u re a u a n d

c a se t o w in th e ir s u it .
HOUSE

a

d e la y

s t a t e m e n t is s u e d d o e s n o t d is c lo s e w h e th e r o r n o t s e n io r ity

th e u n io n s ’ s p o k e s m a n , p re ss d is p a tc h e s sa id :

d a v its

th a t

e n te r

in to

C H IC A G O

any

co n fe re n c e

BU R LIN G T O N

&

PEN DEN T AGREEM ENT
— OTHER

REFUSE.

w ith

M r.

J e w e ll

and

h ia

_____________________ ______________

ROADS

Q U IN C Y
W IT H

SETTLE

ADOPTS

N E W

W IT H

IN D E ­

EM PLOYEES
ST R IK IN G

SHOPMEN.
The

fir s t

E a ste rn

s e ttle m e n t

road s

agreem en t
C en tra l

at

on

th e

of

B a lt im o r e

S e p t.

19.

g u id a n c e
u n io n ,

w ere
of

and

resu m ed

B ert
a fte r

of

w as

r a ilr o a d ^ s tr ik e

e ffe c te d

M .

a




J e w e ll,

lo n g

th e

by

b e tw e e n

had been
on

am ong

th e

t h e W a r t m l d -W .l t a d -J e w e U

N e g o tia tio n s

th e u n io n le a d e r s , w h ic h
S a tu r d a y ,

th e

b a s is

th e

N ew

Y ork

r a i lr o a d

and

te r m in a te d a b r u p tly o n

1 9 th

un

P r e s id e n t

se ssio n

th e

of

er
th e

announcem ent

o

p ersona

sh o p c ra fts
w as

m ade

A m u t u a l a g r e e m e n t e m b r a c in g a n e w s c h e d u le o f r a te s o f
pay

and

w o r k i n g r u le s h a d

r e p r e s e n ta tiv e s
o f f i c i a ls

of

th e

of

th e

been

p resen t

C h ic a g o

reach ed

shop

B u r lin g to n

H o ld e n , P r e s id e n t, a n n o u n c e d

c ra ft
&

on S e p t.

b e tw e e n
e m p lo y e e s

Q u in c y
15.

R R .,

d ir e c t
and
H a le

T h e s o -c a lle d

W i l l a r d p l a n o f s e t t l e m e n t is t h u s d i s p o s e d o f , a s t a t e m e n t
b y M r . H o ld e n s a id .

T h e c o n tr a c t w ith t h e r e p r e s e n ta tiv e s

o f th e p re se n t m e c h a n ic a l c r a fts m e n , a c c o rd in g to a sta te ­

AGREEM EN T

m e n t is s u e d b y M r . H o l d e n , p r o v i d e s a g r a d u a t e r a t e o f p a y
fo r

d iffe r in g

sk ill

and

te rrito ry

d iffe r e n tia ls ,

s o m e i n s t a n c e s in c r e a s e s o v e r t h e f o r m e r s c a l e .

in v o lv in g

ROAD

REACHED

W IT H

BY

P E N N S Y L V A N IA

E N G IN E M E N

in

A N D

T R A IN

R A IL­

SE R V IC E

EMPLOYEES.

“ S o m e im ­

R e p r e s e n t a t iv e s o f t h e e m p lo y e e s in e n g in e a n d t r a in s e r v ic e

p o r t a n t r e v i s i o n s i n r u le s a n d w o r k i n g c o n d i t i o n s o f i n t e r e s t

o n t h e P e n n s y lv a n ia R a ilr a o d a n d o f t h e m e n a g e m e n t h a v e

a n d a d v a n ta g e to th e e m p lo y e e s a n d to th e c o m p a n y w ere

r e a c h e d a n a g r e e m e n t c o v e r in g w a g e s a n d w o r k in g c o n d it io n s

a g re ed t o ,” th e s ta te m e n t s a id , a d d in g :
Em ployees in the mechanical department now in service authorized their
representatives to negotiate these rules and rates of pay with the manage­
m ent. These representatives were selected b y elections held at all points
on the system .
Our mechanical officers have been in negotiation with the
representatives chosen b y the employees during the last two weeks, culmi­
nating in the successful agreement reached and signed to-day.
A n y consideration of the so-called W illard plan of settlement with the
outside unions is thus finally disposed o f b y the recognition of and contract
with direct representatives of the present shoperaft employees of the Bur­
lington.
•
_

f o r a p e r io d o f o n e y e a r f r o m

e n tir e

e m p lo y e e s

c o n c lu d e d

it

on

is

a fte r

a

th e

sta te d .
s e r ie s o f

15.

w i ll r e m a i n

in e ffe c t u n t il S e p t .
th a t on

1

o r a fte r J u n e

1923.
1

1923

It

is

e ith e r

T h e a g r e e m e n t w a s sig n e d f o r th e e m ­

G e n e r a l C h a ir m e n , B ro th e rh o o d

over

o f L o c o m o tiv e

E n g in e e r s ;

H . E . C o re a n d D . D . M ille r , G e n e ra l C h a ir m e n , B r o th e r ­

R o c k I s la n d

h o o d o f L o c o m o tiv e F ir e m e n

a n d E n g in e m e n ; S . O . C o w e n

a n d W . T . S a u l, G e n e r a l C h a ir m e n , O rd e r o f R a ilw a y C o n ­
d u c to r s, a n d C . E . M u s s e r a n d R . A . K n o f , G e n e r a l C h a ir ­
m e n , B ro th erh o o d

PROPOSAL

w as

ten d ers

m en,

p lo y e e s b y W illia m P a r k , I I . R . K a r n s a n d E lm e r C . B o lin g ,

ra ilr o a d
REJECTS

S e p t.

m ak e a n y ch an ges.

th is d e c la r a t io n , i t w a s

_________________

WESTERN

sw itc h

4 0 ,0 0 0

p a r t y m a y g i v e t h e u s u a l t h i r t y d a y s ’ n o t i c e o f a d e s ir e t o

w e re n o t c o n c e r n e d w ith t h e s e t t le m e n t p la n a s p r o p o se d b y

&

agreem en t

u n d ersto o d , h o w e v er,

s y s t e m o f f i c i a ls r e i t e r a t e d t h e i r p r e v i o u s s t a t e m e n t s t h a t t h e y

O N T AR IO

th e

and

num ber

in g w o r k in g c o n d itio n s a n d r a te s o f p a y fo r th e s e c la s s e s o f

t h e p l a n o f s e t t l e m e n t a s n e g o t i a t e d b y t h e s h o p m e n in t h e ir

th e sh o p c r a fts .

tr a in m e n

They

T h e a g r e e m e n t p r o v id e s t h a t p r e s e n t r e g u la tio n s g o v e r n ­

O f f i c i a l s o f t h e I l l i n o i s C e n t r a l d e c la r e d t h e y w e r e a v e r s e t o

it s n u m b e r o f e m p lo y e e s in s e r v ic e o n J u ly 1 .

of

to P itts b u r g h

a t v a r io u s p la n ts o n th e r e s p e c tiv e s y s te m s , i t w a s s ta te d .

s a id t h a t r o a d h a d in c r e a s e d it s p r e s e n t s h o p fo r c e 4 %

th e c o m p a n y

n e g o t ia tio n s b e g u n in P h ila d e lp h ia la s t w e e k a n d a d jo u r n e d

w a u k e e & S t . P a u l r o a d s , 2 7 , 0 0 0 in a ll, h a d r e tu r n e d to w o r k

c o n n e c tio n w ith

c o n d u c to r s,

sy ste m .

S ig n in g

m e n o f th e C h ic a g o & N o r t h W e s t e r n a n d th e C h ic a g o M i l ­

In

1 1922,

T h e e m p lo y e e s c o n c e r n e d a r e t h e e n g in e e r s , f ir e m e n a n d
h o s tle r s ,

I n c o n t r a s t t o th e a c t io n o f th e B u r lin g t o n , strik in g sh o p ­

m e e tin g h e r e .

S e p t.

an n ou n ced on S e p t. 19.

OF

o f R a ilw a y

m a n a g em en t w ere

T r a in m e n .

C.

S.

K r ic k ,

S ig n e r s f o r
R .

E .

th e

M c C a rty ,

T . B . H a m ilt o n a n d I . W . G e e r , G e n e r a l M a n a g e r s o f th e

N E G O T IA T IO N S.

E a s te r n , C e n tr a l, N o r th w e s te r n a n d S o u th w e ste r n r e g io n s ,
W e ste rn

R a ilw a y

r e s p e c tiv e ly , a n d F . P . S m ith J r ., w o rk s m a n a g e r a t th e A l ­

o n S e p t . 1 9 d e fin it e ly r e je c t e d a u n io n p r o p o s itio n

to e n te r

to o n a sh o p s.

O ffic ia ls

o f th e N e w

Y ork

O n ta r io

&

in to n e g o tia tio n s w ith th e F e d e r a te d U n io n o f S y s te m S h o p -

T h e s a t is fa c t o r y t e r m in a t io n o f n e g o t ia tio n s le a d in g u p t o

c r a ft W o r k e r s fo r th e p u r p o s e o f s u g g e s tin g t e r m s u p o n w h ic h

th is a g r e e m e n t d is p o s e s o f a ll c o n tr o v e r s ia l q u e s tio n s a f f e c t ­

a s e t t le m e n t o f th e sh o p strik e m ig h t b e r e a c h e d .

G en eral

in g w a g e s a n d w o r k in g c o n d itio n s w h ic h h a v e b e e n in d is ­

M a n a g e r J . H . N u e l l e , r e s p o n d in g t o a le t t e r h e

r e c e iv e d

p u te b e tw e e n

th e m a n a g e m e n t o f th e P e n n s y lv a n ia s y s t e m

fr o m W i lli a m E . A p p e l, s y s t e m C h a ir m a n o f th e s h o p u n io n s ,

a n d e m p l o y e e s i n e n g in e a n d

sa id in e ffe c t t h a t h is o ffic e d o o r s ta n d s o p e n t o th e fo r m e r

issu e d b y th e c o m p a n y .

tr a in

s e r v ic e , sa id a s t a t e m e n t

e m p l o y e e s a s i n d i v i d u a l s , b u t i t is c l o s e d t o n e g o t i a t i o n s w i t h
th e u n io n

as

an

o r g a n iz a tio n .

F o r m e r e m p lo y e e s w ish in g

W ESTERN
A N D

to r e tu r n to w o r k s h o u ld v is it th e e m p lo y m e n t o ffic e o f th e
c o m p a n y , M r . N u e lle s a id , a n d th e y w o u ld p r o b a b ly b e r e ­
e m p l o y e d u n le s s

th e ir fo r m e r p o s itio n s w e r e fille d

by

ROADS

C o n fe r e n c e s w ith

new

TO

T R A IN M E N

CONFER

ON N E W

W IT H

CONDUCTORS

A G R E E M E N T S OCT. 2.

m a n a g e r s o f p r a c t ic a lly

e v e r y ra ilr o a d

w e s t o f th e M is s is s ip p i R iv e r a n d W . G . L e e , P r e s id e n t o f th e
B ro th erh o o d

m en.

of

R a ilr o a d

T r a in m e n ,

and

L.

E.

Sh epp ard,

P r e s id e n t o f th e O r d e r o f R a ilw a y C o n d u c t o r s , fo r th e p u r ­
N IN E TE E N

R AILR O AD S

A N D

SETTLED
N in e te e n

r a ilw a y s ,

SU B S ID IA R IE S

W IT H

to g e th e r

H AVE

p o s e o f c o n s id e r in g s ig n in g n e w c o n t r a c t s c o v e r in g w a g e s a n d

SHOPM EN.

w ith

w o r k i n g c o n d i t i o n s f o r t r a i n m e n a n d c o n d u c t o r s w i ll b o h e ld

s u b s id ia r ie s

of

a t th e T r a n s p o r t a t io n B u ild in g , C h ic a g o , o n M o n d a y m o r n ­

th ese ,

h a v e m a d e p e a c e w ith th e ir s tr ik in g s h o p m e n o n t h e b a s is

in g , O c t . 2 , M r . L e e a n n o u n c e d o n S e p t. 1 9 .

o f th e B a lt im o r e p la n , a c c o r d in g t o a n o ffic ia l a n n o u n c e m e n t

c e iv e d a r e p ly fr o m W . M . J e ffe r s , C h a ir m a n o f th e C o n fe r ­

m ade

on

S e p t.

T reasu rer
have

of

21

th e

d e c lin e d

th e

at

C h ic a g o

by

John

S c o tt,

s h o p e r a fts

o rg a n iz a tio n .

s e ttle m e n t

m u st

en ce C o m m it t e e o f M a n a g e r s o f W e s t e r n R a ilr o a d s , to

S e creta ry -

R oads

re q u e st fo r su c h a c o n fe re n c e .

w h ic h

s h o u l d e r r e s p o n s i b i l it y

M r . J e ffe r s’s te le g r a m

h is
fo l­

lo w s :
M anagers’ Conference Com m ittee will be ready to reconvene conference
with yourself and committee 10 o ’clock the morning o f Oct. 2 at Trans­
portation Building, Chicago. Joint messages to Lee and Sheppard.

f o r m a i n t a i n i n g a l o c k o u t , i t w a s a s s e r t e d i n a b u ll e t i n is s u e d
fro m

M r . L ee re­

s tr ik e h e a d q u a r te r s a t C h ic a g o .

T h e N e w Y o r k C e n t r a l L i n e s , w i t h a l l s u b s id ia r ie s , e x c e p t
t h e I n d i a n a H a r b o r B e l t L i n e , h e a d s t h e l i s t o f c a r r ie r s t h a t
have

sig n e d

w a s sa id .

a g re e m e n ts

w ith

th e

fe d e r a te d

sh o p e ra fts,

T R A IN M E N A N D CO N DU CTO RS R E N E W A G R E E M E N T S

it

W IT H

P E N N SY L V A N IA

T h e N e w Y o r k C e n t r a l s u b s id ia r ie s i n c l u d e s u c h

AND

LE H IG H

VALLEY

ROADS.

im p o r ta n t ra ilw a y s a s th e M ic h ig a n C e n tr a l, th e B ig F o u r ,
th e

Lake

Sh ore

&

M ic h ig a n

S o u th e rn

and

th e

B o sto n

&

P r e s e n t w o r k in g

r u le s a n d w a g e s f o r c o n d u c to r s w i ll be

c o n tin u e d f o r a n o t h e r y e a r u n d e r a g r e e m e n ts s ig n e d b y th e
A lb a n y .
T h e o th e r ra ilr o a d s n a m e d b y
s e ttle d
S t.

are

P a u l,

th e

B a lt im o r e

C h ic a g o

&

&

N o rth

O h io ,

O h io , M in n e s o ta &

W e ste rn ,

M onon,

C h ic a g o

W estern ,

C h ic a g o S t . P a u l M in n e a p o lis &
&

#
S e c r e ta r y S c o t t a s h a v in g
M ilw a u k e e

Seaboard

A ir

&

L in e ,

O m a h a , S o u th e rn , M o b ile

I n t e r n a t io n a l, M in n e a p o lis D a k o t a &

G reen

B ay

&

W este rn ,

E lg in

J o lie t

&

e n tir e

P e n n s y lv a n ia

d e r o f R a ilw a y C o n d u c to rs.

it w a s sta te d .

it

w as

an­

T h e w a g e s a n d w o r k in g c o n d i­

S im ila r a g r e e m e n ts w e re sig n e d on th e 1 6 th

P a c ific , L o u is ia n a R R . & N a v i g a t i o n C o ., M a c o n D u b lin &

V a ll e y lin e s .
A c o m m itte e

P a c ific .

l in e s ,

G . L e e , P r e s id e n t o f t h e O r ­

tw e lv e -m o n t h o n th e P e n n s y lv a n ia s y s te m e a s t o f P it t s b u r g h ,

b y th e

Su squ eh an n a an d W e ste rn

W e ste rn

tio n s a f f e c t i n g tr a in m e n a ls o w ill b e m a in t a in e d f o r a n o t h e r

E a s t e r n , S t . P a u l B r id g e & T e r m in a l, D u lu t h W in n ip e g &
S a v a n n a h , B u ffa lo &

R a ilr o a d

n o u n c e d on S e p t. 1 0 b y W illia m

t r a i n m e n ’ s a n d c o n d u c t o r s ’ u n io n s w i t h

fo r

th e

tr a in m e n

c o n t in u e d

th e L e h ig h

n e g o tia tin g

at

P it t s b u r g h w ith P e n n s y lv a n ia lin e s w e s t t h is w e e k f o r c o n ­
tr a c ts on th e
C A N A D IA N

R A ILR O AD

SEPARATE

SHOPMEN

AGREEM ENTS

TO

W IT H

N E G O TIA T E

d ir e c t

n e g o tia tio n s

w ith

th e

T h i s d e c i s i o n f o l lo w e d a s s u r a n c e b y

C a n a d ia n

d iv is io n s o f

th e sy s te m , a n d

agree­

T h i s w ill c o n t in u e

p r e s e n t a g r e e m e n t s f o r a p e r io d o f a y e a r , a s r e g a r d s m e m ­

ROADS

O n S e p t . 1 9 t h e r a ilw a y s h o p m e n ’s c o m m it t e e e a g re e d to
r e -o p e n

W e ste rn

m e n t s a r e e x p e c te d to b e s ig n e d s h o r tly .

r a ilw a y s .

th e M in is te r o f L a b o r

b e r s o f th e t r a in m e n ’s a n d c o n d u c to r s’ b r o th e r h o o d s o n t w o
o f t h e l a r g e s t s y s t e m s in A m e r i c a , t h e P e n n s y l v a n i a a n d t h e
N ew

Y ork

C e n tr a l.

A g r e e m e n ts w e re sig n e d w ith th e N e w

t h a t r e s u m p tio n o f n e g o tia tio n s w ith th e c o m p a n ie s w o u ld n o t ,

Y o r k C e n t r a l in N e w Y o r k o n F r id a y , a s n o te d in th e s e c o l­

in t h e e v e n t o f d is a g r e e m e n t , c r e a te a n e w d is p u t e n e c e s s ita t­

u m n s S a tu r d a y .
T h e L e h ig h V a lle y a n d P e n n s y lv a n ia a g r e e m e n t s a r e s u b ­

in g a n e w b o a r d .

T h e m e n ’ s c o m m it t e e a ls o r e c e iv e d a ssu r­

a n c e t h a t i t w o u l d De f r e e t o is s u e t h e s t r i k e c a l l n o w h e ld in
ab eyan ce if an

a g r e e m e n t sh o u ld

r e a s o n a b l e p e r io d o f t i m e .




n o t b e r e a c h e d w ith in

a

s t a n t ia lly th e s a m e a s th o se s ig n e d w ith th e N e w Y o r k C e n ­
tr a l, M r . L e e sa id .

T h e p r o v is io n s o f th e N e w Y o r k C e n t r a l

a g r e e m e n t w e r e r e fe r r e d to in th e “ C h r o n ic le ” S e p t. 1 6 , p a g e

1285.

T h e y p r o v id e f o r th e c o n tin u a n c e o f th e p r e s e n t w a g e s

a n d w o r k in g r u le s f o r o n e y e a r , h e a d d e d .

H e w a s n o tifie d

o f t h e s i g n i n g b y t h e P e n n s y l v a n i a in a t e l e g r a m f r o m
e ra l C h a ir m a n

C h a r le s

E.

M u sser,

r e p re se n tin g

G en­

th e t r a in ­

m e n o n P e n n s y lv a n ia L in e s E a s t , a f t e r a u th o r iz a tio n b y th e
u n a n im o u s v o te o f 8 4 c o m m itte e m e n in
d ic tio n .

M r. M u s s e r ’s ju r is ­

M r . L e e r e c e iv e d n o t i c e o f t h e s i g n i n g o f t h e a g r e e ­

m e n t s w i t h t h e L e h i g h V a l l e y s y s t e m in a t e l e g r a m f r o m
A . D o n n e lly

of

B e th le h e m ,

P a .,

G e n e ra l C h a irm a n

fo r

C.
th e

which a shipment remains on the deck before being received on the ship’s
tackle, or after unloading from the ship’s tackle and before final delivery
to the consignee.
The Traffic Com m ittee, which signs the report is composed as follows:
E . J. Tarof, Brunswick-Balke-Collender C o ., Chairman; John A . C . Jan­
sen, A . Klipstein & C o .; Louis W . W illiam s, Union Drawn Steel C o .; E .
W . M argetts, Jones Brothers Tea C o .; Samuel Evans. Jr., Robert Gair
C o .; Charles Nelson Dodge, National Sugar Refining C o .; J. R . K id d, Jr.,
Claflins Inc.; Charles J. Schmit, George Borgfeldt & C o.
I n o u r is s u e o f A p r il 8 1 9 2 2 (p a g e 1 4 8 0 ) w e r e fe r r e d to th e
in d o r s e m e n t o f T h e H a g u e R u le s 1 9 2 1 b y th e C o m m e r c e a n d
M a r in e C o m m is s io n o f th e A m e r ic a n B a n k e r s ’ A s s o c ia t io n .

L e h ig h s y ste m .
S u c h a g r e e m e n ts a r e e x p e c te d to s p r e a d to th e m a jo r it y o f
r a i l r o a d s in t h e U n i t e d S t a t e s , i t i s s a i d , a n d s i m i l a r a g r e e ­
m e n t s w i ll b e s i g n e d
g a n iz a tio n s .

E a st.

th e e n g in e e r s ’ a n d f ir e m e n ’ s o r ­

N e g o tia tio n s a lr e a d y a r e u n d e r w a y fo r a g r e e ­

m e n ts b e tw e e n
L in e s

w ith

t h e e n g in e e r s a n d f i r e m e n

C o n fe re n c e s

to

th is

e ffe c t

on P e n n s y lv a n ia

are

b e in g

h e ld

in

P h ila d e lp h ia t h i s w e e k .

A.F.OF L. TO SEEK AMENDMENT TOCONSTITUTION
LIMITING THE POWER OF COURTS IN DECLAR­
ING FEDERAL LAWS INVALID.
A f t e r h a v i n g d e c id e d in f a v o r o f i m p e a c h m e n t p r o c e e d i n g s
a g a in s t

A to r n e y -G e n e r a l

a g a in s t

th e

s tr ik in g

fo r

r a ilr o a d

s e c u r in g

a

shopm en,

re str a in in g
(a s n o t e d

ord er

in

th e se

c o lu m n s la s t w e e k ), th o E x e c u t iv e C o u n c il o f th e A m e r ic a n
F e d e r a t i o n o f L a b o r in s e s s i o n a t A t l a n t i c

THE HAGTJE RULES 1 9 2 1 REGARDING BILLS OF LAD­
ING ANALYZED BY N. Y. BOARD OF TRADE
AND TRANSPORTATION.

d e c is i o n

to

seek

lim it a t io n

o f th e

C ity

pow ers o f

d e c la r i n g i n v a l i d l a w s p a s s e d b y C o n g r e s s .

a d o p te d

a

th o c o u r t s in

T h e C o u n c il, it

w a s s a i d , w o u l d i n t r o d u c e in C o n g r e s s i m m e d i a t e l y a c o n s t i ­

A n a ly s is , o f T h e H a g u e R u le s 1 9 2 1 by. th e t r a f f ic c o m m itte e

tu tio n a l a m e n d m e n t to “ d e p r iv e th e c o u r ts o f th e ir u su rp e d

-th e

has

p o w e r t o d e c la r e u n c o n s t i t u t i o n a l la w s e n a c t e d b y C o n g r e s s . ”

• co n v in ced t h a t b o d y t h a t i n s t e a d o f e s t a b l i s h i n g a u n i f o r m

A c c o r d in g t o S a m u e l G o m p e r s , P r e s id e n t o f th e F e d e r a t io n ,

N ew

Y ork

B oard

b i ll o f l a d i n g f o r - 'u s e

o f T r a d e 'a n d

b y c a r r ie r s th e

T r a n s p o r ta tio n

w o r ld

o ver, th e n e w

th e a m e n d m e n t a s c o n te m p la te d

w ill e m p o w e r

th e U n ite d

c o d e “ i s m i s l e a d i n g a n d d i s a p p o i n t i n g ,’ ’ a n d p e r m i t s o f i n d i -

S t a t e s S u p r e m o C o u r t to r e v ie w a n A c t o f C o n g r e s s a n d to

M i v i d i ia l, d i s c r i m i n a t o r y p r o v i s i o n s l i t e r a l l y f o r e v e r y s h i p ­

d e c la r e

p e r a n d e v e r y sh ip m e n t m a d e .

th a t

A lt h o u g h T h e H a g u e R u le s

such

an

C on gress

A ct

fo r

a

u n c o n s titu tio n a l,
second

tim e

but

en a cts

in

th e

event

th e -le g is la tio n

in

1 9 2 1 h a v e b e e n ap proved* a n d p r o m o te d b y s o m e c o m m e r c ia l

q u e s t i o n ,it “ w i ll b e b e y o n d ,t h e p o w e r o f t h o c o u r t a n d w ilj

(b p d ie s , t h e . N e w Y o r k c o m m i t t e e h a s f j le d . w i t h t h e C o m m i t -

sta n d a s

J ep o n M e r c h a n t M a r i n e a n d F i s h e r i e s o f t h e H o u s e o f . R e p ­
r e s e n t a t i v e s a r e p o r t t h a t i s u n q u a l i f i e d l y a d v e r s e in c h a r ­
a cter.

T h e c o n c l u s i o n s o f t h e c o m m i t t e e a r e i n d i c a t e d in a

t r a l b o d i e s 'a r e
fo r

th e

m e n t,
s t a t e m e n t m a d e p u b l ic J u l y 3 1 w h i c h s a y s :
“ One cannot read and ponder the various features woven into these
several articles without experiencing the very unpleasant Impression that
the contradictory provisions were not the awkward work o f inexperienced
authors,”
the report concludes. “ It is a case o f ‘heads I win, tails you
lose,’ found in a document which should bo o f world-wide and incalcula­
ble consequence, written into it with assurance which is little short of
insulting to the intelligence o f the business men o f the world; insulting to
the intelligence o f the legislative bodies o f the world.”
Th e report incorporates a serios o f questions and answers by which tho
signators believe they will convince the national legislators that tho Hague
Rulos 1921, far from standardizing and facilitating ocean bill o f lading
requirements, actually complicate them well nigh beyond remedy. Tho
rules referred to , which were framed at a Conference held at tne Hague in
April 1921, purport to be a code o f rules to be used as the basis for an ocean
-bill o f lading in all countries, but the N ew York Board of Trade and Trans­
portation’s Com m ittee avers that they would not accomplish tho object
o f securing uniformity in international bills o f lading and the Committee
opposes the rules, as now framed, on the basis o f tho protest sent forward to
W ashington.
Prior to tho Hague Conference, at which the Hague Rules were adopted
the trend o f sentiment in Great Britain was towards a strong m ovement
for the enactment by Parliament of drastic laws affecting tho liability of
ocean carriers. A t the same time a similar movement was under headway
in the United States and the M cK ellar bill was introduced and given con­
sideration by Congress for tho purpose o f definitely fixing tho liability o f
ocean carriers. The Hague Conference was brought into existence with a
view to bringing forward a code o f rules upon which commercial organiza­
tions and carriers the world over could unite and recommend to tho English
Parliament and to the United States Congress to forestall more drastic
action contemplated by those two bodies.
The Hague Rules 1921 which resulted from that Conference aro now
held to be disappointing. Their character is set forth by the investiga­
tion o f tho New York Board o f Trado and Transportation’s Committee
as giving no relief whatsoever to tho shipper, leaving tho respective rights
o f shipper and carrier very much in doubt, inevitably resulting in litiga­
tions beyond number and operating to the serious detriment o f both inter­
ests. Earlier reports o f the same Com m ittee have held that it is to the
Interest o f the shipper and the carrier to absolutely fix the liabilities and
immunities o f both, so that goods, when shipped, shall bo properly cared
for and the enormous losses through theft or pilferage, which have occurred
during the last few years, avoided. Should the liability bo fixed, these
reports have held, there is neither m otive nor desire on tho part o f the Ship­
per to lim it the carrier in tho charge ho shall make to adequately cover him
for such additional costs as m ay be entailed in giving to tho goods in his
custody the care and attention that m ust insure safety from pilferage,
damage and loss.
.
The analysis has revealed m any instances o f conflict and contradiction
between various provisions of the code and of actual nullification o f some
provisions by others. Article II provides that all articles thereafter are
subject to Article V and, therefore Article V nullifies all Articles except
Article I. which consists wholly, of definitions. Article V reads:

“ Notwithstanding the provisions o f the. preceding Article, a carrier,




u n a ssa ila b le la w

th e

sam e

w i ll

be

la b o r

and

e x e c u tiv e
tim e

w aged

and
fo r

am endm ent

S e n a to r
The
M r.

to b e a sk ed

a d o p tio n

th o

o f th e l a n d .”

A l}

G om pers,

th e

p roposed

am end­

c o u n c il

announced,

d e c la r in g

th a t

by

sam e

th o

a d o p tio n
a lr e a d y

and

of

m eth o d s

th o

r a t ific a t io n

ch ild ,

by

th a t

th e

th e

C o u n c il, in a s t a t e m e n t m a d e p u b lic

s a id

in

of

by

of

in tr o d u c e d

c a m p a ig n
S e n a te

M c C o r m ic k

E x e c u tiv e

t o j o i n , i n a n a t i o n a l c a m p a ig n ^

r a tific a tio n

I llin o is .
th o

, t

am endm ent

g iv in g

C on gress

a v e t o p o w e r o v e r t h e c o u r t s w a s p r o p o s e d “ i n a n e f f o r t tej
r e s t o r e t h e f u l l p o w e r s o f g o v e r n m e n t t o t h o p e o p l e a n d tip
cu rb
th e

th e

co u rts

C o n s titu tio n

in
of

th e ir e x e r c ise
our

of pow er

R e p u b lic

and

in

re tu rn

v io la tio n
to

of

th e C o n ­

g r e s s t h e f u l l l a w m a k i n g p o w e r s w i t h w liic ti i t w a s e n d o w e d
b y th e fr a m e r s o f th e C o n s t i t u t io n .”

T h e sta tem en t a d d ed :

It is the view o f the Executive Council that such an amendment will
meet with tho overwhelming approval o f the American people. The
power now exercised by the courts, in this and other respects, is a purely
usurped power. There is no warrant in the Constitution or in law for
decisions declaring legislation in response to the poople’s will to be un­
constitutional. Neither is there warrant for the issuance o f injunctions
as they aro commonly issued in industrial disputes, commanding the
doing o f things which tho workers have a lawful right not to do, or com­
manding them to refrain from doing things which they have a lawful
right to do.
W e arc fully aware o f the fact that reactionary interests will exert tbolr
full force to combat such a proposal as will be laid beforo Congress. They
are tho beneficiaries o f tho present usurpation o f power. Their hostility
is to bo expected. They have ever been hostile to progress. T h ey op­
posed woman suffrago. They have fought legislation to protect child­
hood. They have fought safety legislation. T h ey aro tho users o f in­
junctions. They are for tne enslavement o f tho workers. W o expect
the hostility o f W all Street, but the shrine o f M am m on has never given
life and inspiration to the conquests o f freedom.
E very great advocate o f democracy has feared the encroachment of
the courts. B y a gradual process an intolerable condition has developed.
The Congress is no longer the final authority on legislation. Tho Suprcnfe
Court is the final authority and in the Supreme Court fivo mpn, a batp
m ajority, determine tho issue. W o aro governed b y an arbitrary, auto­
cratic bureaucracy o f fivo. This is an abject surrender of constitutional
authority which betrays the purpose and the clearly stated Intent o f tho
founders and makes o f America to-day little less than an autocratically
ruled nation. It is to put an end to that condition and restore tho Con­
stitution and Congress to the original intent and power that labor now
proposes to launch the proposed constitutional amendment. It is a
battle for American freedom and democracy, so that the people m ay rule.

LOUISVILLE & NASHVILLE RR. FIRST & REFUNDING
MTGE. BONDS INELIGIBLE FOR INVESTMENTS
BY NEW YORK STATE SAVINGS BANKS.

1master or agent of the carrier, and a shipper shall in regard to any particular
goods be at liberty to enter into any agreement in any tennis as to the
^ p o s s i b i l it y and liability of the carrier for such goods and as to the rights
In
and immunities of the carrier in respect to such goods, or his obligation
as to seaworthiness, or the care or diligence o f his servants or agents in
Aug.
as to seaworuuues .
.
..
stowing, custody, care, and unloading of
thfgrood°s c M b y s & . p r o v id V th a t in ’tw s case no bil) of lading shall be ’ v i l le
issued and that tho terms agreed shall be embodied in a receipt which shall
b ra 6 non-licgoUable d o c u n f it and shall be marked as such. A n y agree­ A u g .
ment, so entered Into shall have full legal e
N ew
^ A n o t h e r serious objection to tho irregularities.of the Hague Rtdes has
been found in an evident attem pt upon tlm part o f the p r o n w t ^ o f the
code to quite remove from the scope o f the carriers liability tho period during

th e fin a l a n d

S t a t e f e d e r a t i o n o f l a b o r a n d a ll l o c a l u n i o n s a n d c i t y eem ;

a l e t t e r a d d r e s s e d t o t h e S u p e r i n t e n d e n t o f B a n k s , d a t e jl
31

1 9 2 2 , A tto r n e y -G e n e r a l N e w lo n

h o ld s t h a t L o u i ^ -

& N a s h v ille R R . F ir s t & R e fu n d in g M t g e . b o n d s d a te d
1 1 9 2 1 a r e n o t l e g a l i n v e s t m e n t s f o r s a v i n g s b a n k s , in
Y ork.

I n o u r is s u e o f A u g . 1 9 (p . 8 3 8 ) w o p r in te d th e

t e x t o f a s im ila r r u lin g b y A t t o r n e y -G e n e r a l H e a l y o f C o n ­
n e c t i c u t , in w h i c h

t h e s a m e b o n d s w e r e d e c la r e d

to b e in -

e lig ib le fo r in v e s t m e n t b y C o n n e c t ic u t s a v in g s in s t itu t io n s .
In

h is

o p in io n ,

A tto r n e y -G e n e r a l

C o n n e c tic u t r u lin g .

N e w to n

a d v erts

to

th is

W e g iv e th e o p in io n o f th e A t t o r n e y -

G e n e r a l in fu ll b e lo w :
S T A T E OP N E W Y O R K ,
Office o f the Attorney-General.

A lbany, August 31 1922.
H on. George V. McLaughlin, Superintendent o f Banks, Albany, N . Y .
Dear Sir:— Your request for an opinion upon the legality as investments
for savings banks o f the first and refunding mortgage bonds of the Louisville
& Nashville R R . Co. has had m y consideration. In this I have been aided
by a brief filed by the attorneys for the railroad. I am informed also that
the legality o f those bonds is being examined by the Attorney-General of
Connecticut, but I am not advised as to any opinion expressed by that
official or, indeed, if the statute there is like ours.
The only question presented to me is whether or not the bonds comply
with that part o f Section 239, Subdivision 7, paragraph “ e ,” o f the Banking
Law requiring that the railroad debt shall not exceed three times the capital
stock o f the com pany.
.
The pertinent part o f the statute is as follows:
"
* * * a first mortgage upon not less than 7 5 % of the railway
owned in fee by the company issuing said bonds exclusive of sidings at the
date o f said mortgage, or (two) a refunding mortgage issued to retire all
prior lien mortgage debts of said company outstanding at the time of said
investment and covering at least 7 5 % o f the railroad owned in fee by said
company at the date of said mortgage. B ut no one of the bonds so secured
shall be a legal investment in case the mortgage securing the same shall
authorize a total issue of bonds which together with all outstanding prior
debts of said company, after deducting therefrom in case of a refunding mort­
gage, the bonds reserved under the provisions of said mortgage to retire
prior debts at m aturity, shall exceed three times the outstanding capital
stock of said company at the time of making said investm ent.”
* * *
N ow , there is no question as to the facts. From the list o f debts o f the
railroad its attorneys claim there should be omitted certain bonds and other
obligations which are not secured by liens upon the mileage o f the railroad:
in other words, bonds or obligations which, although debts o f the railroad,
aro not entitled to precedence over the debt created under the mortgage and
bonds in question here. It is conceded that If such debts are to bo computed
in determining “ all outstanding prior debts o f said com pany” within the
meaning o f the statute as quoted, then the debt o f the railroad exceeds the
margin set by the law.
It is argued forcefully that the statute does not have reference to all
pre-existing debts c f the road, but only to such debts as would have a
priority over the debt created under the new mortgage and constituting
senior obligations or prior liens: sdeh other debts as would be subordinated
to the lien o f the new mortgage it is claimed are not to be counted at all.
I do not find much difficulty with' the phraseology of the statute as
denying this claim , and I intend to rest this opinion almost entirely upon
the law as it reads. However, it has been so earnestly suggested that
"literal Interpretation" m ay be unjust, that it Is necessary to say a word
at the outset regarding this contention. The statute relating to the legality
'of bonds as investments is a highly artificial creation, taking up one by one
■the securities which are to be recognized. It is not at all general in its
vprpia^ej.indeed certain securities are mentioned by name. W ith descrip­
tio n so closely circumscribed there is almost nothing left for the interpre­
tative faculty, supplying omissions and attempting generous flings o f equity.
It can bo nearly always claimed that one security just balancing without
-the four corners of the statute is as good as some covered entirely by its
terms. Still, this law by its very nature permits of no such construction.
It is apparent that if the draftsman had intended to accept the position
advanced for the railroad here, words were ready at hand to express that
purposo. The first words underlined in the part quoted above are “ to
retire all prior lien mortgage de b ts" in reference to refunding mortgages.
Those words mean precisely what is contended for hero. Y e t when the
words o f limitation are brought into the same sentence, a phrase so appro­
priate and unmistakable is not used. Instead, tho words secondly under­
lined aro resorted to . Then the command o f the statute is that the bonds
arc illegal if "together with all outstanding prior debts," they shall exceed
three times the outstanding capital stock "at the time of making said invest­
m e n t." I can find no other intent here than to cover all debts pre-existing
or anterior to the bond issue and measured from the time when a bank
m ay make an investment.
It is perfectly clear to me that such language does not permit us to
speculate how much more favorable the chances o f the bondholders will
bo, when the assets o f a debt-ridden road are marshalled in bankruptcy,
than those creditors whoso importunities m ay have brought about the ruin,
but who aro laboring under a junior lien.
Taking Section 239 o f tho Banking Law at Its very beginning and reading
it through I find several instances where relation o f senior and junior liens
is indicated, but never by such language as is used hero.
I shall not attem pt to more than indicate the careful consideration I
have given to the argument advanced in contravention to m y conclusion.
> l . Dictionary definitions o f “ priority” aro resorted to. It is necessary
only to say that our statute refers to “ prior debts” and not to “ debts
having priority.”
2. It' is said that the use o f tho phrase “ prior debts” the third time
underscored in the statute as I have quoted it has to do with first lien
debts by necessity. Conceding this, still I fail to see the force of the
’suggestion that the context does not permit the use o f the same phrase
in varied meanings.
3. Paragraph “ g ” o f tho same subdivision Is said to be inconsistent
with m y construction. Y e t, the statute in using “ prior t o ” is speaking o f
debts o f tho same class, i.e ., those evidenced by bonds.
4 . It is lastly claimed that m y construction is highly inconvenient, will
requiro tho re-examination o f tho issues o f other roads and by logical
sequence will open the door to fraud. O f course the legislature can deal
with any inconvenience by broadening the statute*, no opinion o f this
department has approved an issue o f bonds under the circumstances sub­
mitted hijro; lastly, I am convinced the suggestion that a railroad can
refund it’s entire unsecured debts by mortgage bonds and escape all com­
putation o f any prior debts is untenable. A refunding mortgage under
the statutq is for the purpose o f retiring all prior lien mortgage debts and
besides the’ new debt is computed in the total.
It is; therefore, m y opinion that the first and refunding mortgage bonds,
d a te d ‘A d g iil 1921, o f the Louisville & Nashville Railroad C o. are not legal
investments for savings banks in tho State o f New York.
Sinco the preparation o f this letter the Attorney-General o f Connecticut
in a communication addressed to tho Bank Commissioners Departm ent,
dated A u g. 2 1922, has expressed the same opinion concerning these bonds
in relation to a statute o f similar phraseology.
I shall return your enclosures if you desire.
Very truly yours,
C H A R L E S D . N E W T O N , Attorney-General.
B v E D W A R D G . G R I F F I N , Deputy.




SPECIAL TRAIN FOR EASTERN DELEGATION TO
ANNUAL CONVENTION OF INVESTMENT
BANKERS' ASSOCIATION.
A r r a n g e m e n t s f o r a s p e c ia l t r a i n

“ d e lu x e ”

to ca rr y

th e

E a s te r n d e le g a t io n t o th e a n n u a l c o n v e n t io n o f th e I n v e s t ­
m ent

B an kers’

A s s o c ia tio n

M o n te

C a lif.

by

tr a n s p o r ta tio n

th e

G ilm o u r
E llio tt

C h a ir m a n

c o m m itte e

o f B ly t h

be

h e ld

c o n s is tin g

In c.

&

of

lo u n g e
to

th e

S.

Speed

and H arry R ascovar.

o b se r v a tio n

m ake

D el

L lo y d

Y o r k o n F r i­

w i ll b e a s o l i d t r a i n o f P u l l m a n c a r s

c lu b c a r

at

C o .; J o h n

w h i c h is s c h e d u l e d t o l e a v e N e w

S e p t. 2 9

d in e r s

to

h a v e b e e n c o m p le te d

W itte r

o f W . A . H a r r im a n & C o .

T h e s p e c ia l
day

o f A m e r ic a

O c t . 9 , 1 0 , 11 a n d 1 2

car

w ith tw o

a n d a ll t h e c o n ­

v e n ie n c e s

r e q u ir e d

c o m fo r t.

I n v ie w o f th e f a c t t h a t th e d e le g a t io n f r o m N e w

c r o s s -c o n tin e n ta l

trip

in

Y o r k a n d t h e E a s t w i ll c o n t a i n m a n y o f t h e l e a d i n g b a n k e r s
i n t h e i n v e s t m e n t f i e l d , e v e r y e f f o r t w i ll b e m a d e t o
th em

in fo rm e d

o f gen eral

new s an d

en ro u te to

th e c o a s t.

The

ta k e se v e n

d a y s , g iv in g

th e

trip

keep

m a r k e t d e v e lo p m e n ts

a c r o s s t h e c o n t i n e n t w i ll

d e le g a t e s a m p l e

tim e

to

v is it

m a n y p l a c e s o f s c e n ic a n d h i s t o r i c i n t e r e s t , w h i c h is p a r t o f
th e p r o g r a m .

PROGRAM OF ANNUAL SESSIONS OF SAVINGS BANK
'
DIVISION OF THE A. B. A.
P r e s id e n t N ic h o la s M u r r a y
s ity w ill,b e

S a v in g s B a n k D iv is io n
t h o ,a f t e r n o o n

of

Y ork

O ct. 2 -6 .

“ T h r ift, a n d

o f th e

C o lu m b ia

U n iv e r ­

A m e r ic a n B a n k e r s ’ A s s o c ia t io n . o n

of T u esday

4 8 t h a n n u a l 'C o n v e n t io n
N ow

B u t le r o f

t h e ,c h ie f , s p e a k e r a t t h e ,g e n e r a l s e s s io n o f th e

O c t. 3 .

o f„ th e

in

c o n n e c tio n

o r g a n iz a tio n

to

w itli

be

th e

h e ld

in

D r . B u t l e r w ill s p e a k o n t h e s u b j e c t

T h r ift le s s n e s s .”

S a v in g s ^ B a n k _ D iv is io n

The

c o n v e n tio n

w ill b e g in

a c tiv itie s

M onday

O c t. 2

w ith th e A n n u a l R e u n io n L u n c h e o n a t th e H o t e l B ilt m o r o
w h e r e a ll b a n k e r ^ in te r e s te d in th e w o r k o f th e d iv is io n a re
in v it e d t o m e e t its e x e c u t iv e o ffic e r s a n d t h e o ffic e r s o f th e
gen eral
K nox

a s s o c ia tio n .

The

C h a ir m a n ; V ic to r

P u lle y n

A .

O berm ayer.
d iv isio n

S.

Van

lo c a l

c o m m itte e

L ersn er

W in k le

E .

T h e fu ll p ro g ra m

is:

W illia m

E .

V ic e -C h a ir m a n ; J o h n
K .

S a tte r le e

and

C .

J.
J.

o f t h e g e n e r a l s e s s io n o f th e

w h i c h w i ll b e h e l d i n t h e m a i n b a l l r o o m o f t h e H o t e l

C o m m o d o r e is a s f o l l o w s :
Address by the President o f the Division, R aym ond R . Frazier, President
o f the W ashington M utual Savings Bank, Seattle; Reports o f committees
on Federal Legislation, State Legislation, Savings, Investments, Mortgage
Loans, Liquid Investm ents, Bank Facilities and Service; appointment of
committees on resolutions and nominations.
.
Discussion o f “ H ow Banks Promote Thrift and Saving,” the speakers
and their subjects being: “ Service to D epositors," George E . Brock, Presi­
dent, National Association o f M utual Savings Banks, and President,
Hom e Savings Bank o f Boston; “ School Savings Banking,” Alvin P . How­
ard, Vice-President Hibernia Bank & Trust C o ., N ew Orleans; “ Industrial
Savings B anking,” Jarvis H icks, Secretary and Treasurer, Long Island
Savings B ank, New York: “ Savings Bank Advertising,” Victor A . Lersner,
President, Savings Banks Associations o f the State o f New Y o rk, and
Comptroller, W illiam sburg Savings Bank o f Brooklyn.
D r.

B u tle r ’ s

ad dress

w i ll

fo llo w

th is

d is c u s s io n .

The

a n n u a l m e e t i n g o f t h e S a v i n g s B a n k D i v i s i o n w i ll f o l l o w f o r
th e t r a n s a c t io n o f b u s in e s s a n d th e e le c tio n o f o ffic e r s .
O n W ed n esd ay
be

h e ld

at

th e

O c t. 4
H o tel

t h e S c h o o l S a v i n g s L u n c h e o n w ill

B iltm o r e

fo r

sch o o l s a v in g s b a n k in g p r o je c ts .

m a n o f th e C o m m it t e e o n S a v in g s
gram

d e ta ile d

w i ll p r e s i d e .

is a s f o l l o w s : O p e n i n g ’ r e m a r k s

P r e s id e n t

d i s c u s s io n

A lv in P . H o w a r d

of

C h a ir ­

T h e p ro­

R a y m o n d R . F r a z ie r

S a v in g s B a n k D iv is io n ; g r e e tin g s fr o m C o m m it t e e

o n P u b lic E d u c a tio n
P h ilip J . L a w lo r

J o h n H . P u e lic h e r

B a n k o f Ita ly

In s ta ll

S c h o o l S a v in g s

B ank

W ilk e s -B a r r e ;

E d w a r d A . R ic h a r d s

S y ste m s ”
“ E very

C h a ir m a n ; “ I d e a ls ’ ’

S a n F r a n c isc o ; “ W h y B a n k s
C.

B oy

W .
and

L a y cock
G ir l

a

E a s t N e w Y o r k S a v in g s B a n k

ly n ; “ E d u c a tio n a l V a lu e s ” C liffo r d B r e w s te r U p t o n
o f T e a c h e r s ’ C o lle g e

M in e r s

B anker ”
B rook ­
P rovost

C o lu m b ia U n iv e r s ity .

PROGRAM OF ANNUAL ■CONVENTION OF TRUST
COMPANY DIVISION OF A. B. A.
The

program

C om pany
fo llo w s :

of

D iv is io n ,

th e

c o n v e n tio n

A m e r ic a n

a c tiv itie s

B an kers’

of

th e

A s s o c ia tio n ,

T ru st
is

as

^ M ond ay O ct. 2, 9 .3 0 a . m ., meeting of Executive Com m ittee at the
State Apartm ent, W aldorf-Astoria H otel, 7 .3 0 p. m . com m unity trust
conference led b y Frank J. Parsons, Vice-President, U . S. M ortgage &
Trust C o ., N ew Y o rk , and Chairman of Com m ittee on Com m unity Trusts.
Thursday O ct. 5 , at 2 .3 0 p. m ., general meeting in the main ballroom
of tho Commodore H otel, with the President o f the Division, J. A . House,
presiding.
Greetings b y Seward Prosser, President Bankers Trust C o ., N ew Y o rk.
Annual address o f President J. A . no u se. President Guardian Savings
& Trust C o ., Cleveland, Ohio.
Address b y Alvin W . Krech, President Equitable Trust C o ., N ew Y o rk.

Reports o f officers and chairmen o f sub-committees on matters pertaining
to Federal and State legislation, co-operation with the legal profession,
business building, com m unity trusts, staff relations, trust com pany fees
and research work.
.
There will also be addresses on “ The Growing Hazards and Liability in
the Conduct o f Safe Deposit Business,” by W aldron H . Rand Jr., V ice­
President Commonwealth Trust C o ., Boston, and Telling the Story of
tho Trust Companies to the N a tio n ,” by Francis H . Sisson, Vice-President
Guaranty Trust C o ., N ew Y o rk , and Chairman o f the Com m ittee on Pub­
licity o f tho Trust Com pany Division. Following an open discussion on
various phases oi trust com pany work will come the election and installation
o f officers and new members o f the executive committee. A meeting of
the executive committee will follow the close o f the session.
An

o u tlin e

A m e r ic a n

of

th e

B an kers’

program

of

A s s o c ia tio n

th e

w as

c o n v e n tio n

g iv e n

o f th e

in o u r is s u e o f

S e p t. 9 , page 1 1 7 8 .

Department, it was allowed to keep its name and merely added the phrase
“ National Banking Association” thereto. In the present merger, The Bank
of New York drops its national charter and returns to the State banking
system as a part of and under the charter of the New York Life Insurance &
Trust Co., which dates from 1830.
. . .
, .
The New York Life Insurance & Trust Co. holds the distinction of being
the first financial institution in the United States to begin business with
“ Trust Company” as a part of its title. Organized under a special charter
granted by the Legislature in 1830, it has always made a specialty of per­
sonal trusts, and the company is now caring for the property of several
families whose first trusts were placed with it not long after the company
was established 92 years ago.
_
.
The Bank of New York & Trust Co. will continue the various lines of busi­
ness conducted by both of its constituent institutions and the continuance of
trustees, directors and officers of both institutions is sufficient indication
that the company’s policy will be based upon the conservative policies of the
past made adaptable to the needs of the future.

T h e N ew
IT E M S

AB O U T

T h ree N ew

B AN K S,

Y ork

S to c k

TR U ST

E xchange

C O M P A N IE S ,

ETC.

m e m b e r sh ip s w e re

re­

Y o r k T r u s t C o. o f 1 00 B r o a d w a y a n n o u n ce s its

i n t e n t i o n o f o p e n i n g a n e w u p t o w n o f f i c e in t h e 4 2 n d S t r e e t
d is tr ic t.

F o r th is p u r p o s e th e t r u s t c o m p a n y h a s a c q u ir e d

p o r te d p o s te d f o r t r a n s f e r t h is w e e k , th e c o n s id e r a tio n b e in g

th e f o u r -s t o r y a n d b a s e m e n t b u ild in g a t th e s o u th e a s t c o r n e r

s t a t e d a t $ 8 9 ,0 0 0 f o r o n e a n d $ 8 8 ,0 0 0 f o r t h e o t h e r t w o .

o f 4 0 th

The

S t r e e t a n d M a d is o n A v e n u e , fo r m e r ly th e r e s id e n c e

o f th e la t e G e n e r a l H o r a c e P o r te r , w h ic h w ill b e r e m o d e le d

l a s t p r e v i o u s s a l e w a s a t $ 8 6 ,0 0 0 .

f o r b u s in e s s u se .

The

b a n k in g q u a r te r s o f th e t r u s t c o m ­

p a n y w ill o c c u p y th e lo w e r f lo o r s , w h ile th e u p p e r f lo o r s w ill
F o r m a l c o n s o lid a tio n o f tw o o f th e o ld e s t b a n k in g in s t itu ­
tio n s

in

th e

U n ite d

S ta te s

w as

co n su m m a te d

on

S e p t.

21

b e r e n te d f o r b u s in e s s p u r p o s e s .

I t is e x p e c te d th a t th e n e w

o f f i c e w i ll b e o p e n e d f o r b u s in e s s a t th e b e g in n in g o f th e y e a r

w h e n th e B a n k o f N e w Y o r k , fo u n d e d b y A le x a n d e r H a m ilt o n ,
a n d th e N e w

Y o rk L ife In su ra n c e & T r u s t C o. w ere m erged

1923.

u n d e r t h e n a m e o f “ B a n k o f N e w Y o r k a n d T r u s t C o m p a n y .’
T h e c o n s o lid a te d c o m p a n y b e g in s b u s in e s s w ith a c a p it a l o f
$ 4 ,0 0 0 ,0 0 0 , s u r p l u s a n d
5 0 0 ,0 0 0 ,

u n d iv id e d

p r o f i t s in e x c e s s o f $ 1 1 , ­

a n d a g g r e g a t e d e p o s i t s in e x c e s s o f $ 7 5 ,0 0 0 ,0 0 0 m a k ­

in g it a n in s t itu t io n t h a t im m e d ia t e ly t a k e s a p o s itio n w e ll
u p in th e r a n k s o f th e b a n k s o f th e G r e a t e r C it y , w ith
w o r k in g c a p it a l
its.

its

D a v id V . A u s tin , f o r s e v e ra l y e a r s co n n e cte d w ith th e I n ­
d u s tr ia l B a n k o f N e w Y o r k a s A s s is t a n t C a s h ie r , is n o w a f f i ­
lia te d w ith

th e M a n u fa c t u r e r s T r u s t C o . o f N e w

B r o o k ly n , a s a n

A ssis ta n t

S e c re ta ry , a n d

Y ork and

is lo c a te d

a t its

3 4 th S tre e t, co rn er E ig h th A v e n u e , o ffic e .

u n u s u a l l y l a r g e in p r o p o r t i o n t o i t s d e p o s ­

E d w in G . M e r r ill, P r e s id e n t o f th e N e w

Y o rk L ife I n ­

COURSE

s u r a n c e & T r u s t C o ., i s P r e s i d e n t o f t h e c o n s o l i d a t e d i n s t i t u ­
tio n , w h ile H e r b e r t L . G r ig g s , P r e s id e n t o f T h e B a n k o f N e w
Y o r k , h a s b ee n m a d e C h a ir m a n o f th e b o a r d o f tr u s te e s .

The

b o a r d o f tr u s te e s m a d e u p la r g e ly o f m e m b e r s o f th e b o a r d s

Bank

OF

B A N K

c le a r i n g s c o n t i n u e

lim in a r y

fig u r e s

a d v ic e s fr o m

c o m p ile d

C L E A R IN G S .

th e ir re c o rd
by

us,

o f in c r e a s e s .

based

upon

P re­

te le g r a p h ic

t h e c h ie f c i t ie s o f t h e c o u n t r y , i n d i c a t e t h a t f o r

o f th e t w o in s t itu t io n s w h ic h h a v e c o n s o lid a te d , c o n s is t s o f

t h e w e e k e n d i n g S a t u r d a y , S e p t . 2 3 , a g g r e g a t e b a n k c le a r in g s

m e n o f h i g h s t a n d i n g in t h e f i n a n c i a l a n d b u s i n e s s c o m m u ­

f o r a ll t h e c i t ie s i n t h e U n i t e d S t a t e s f r o m w h i c h i t is p o s s ib le

n ity .

T h e p e r s o n n e l o f th e b o a r d f o l l o w s :

to

Edmund L. Baylies, Nicholas Biddle, Joseph H. Choate, Jr., Henry D.
Cooper, Lincoln Cromwell, William H. Cruikshank, Thomas Denny, Cleveland
H. Dodge, Philip T. Dodge, Edward J. Haney, Robert C. Hill, Eustis L. Hop­
kins, Samuel T. Hubbard, Columbus O’D. Iselin, James B. Mabon, Alfred E.
Marling, William J. Matheson, Edwin G. Merrill, Lewis Spencer Morris, Frank
C. Munson, Stephen P. Nash, Walter Wood Parsons, John J. Riker, W . Emlen Roosevelt, Henry C. Swords, Moses Taylor, Edward M. Townsend, How­
ard Townsend, Paul Tuckerman.
F r e d e r ic W . S te v e n s, C h a r le s D . L e v e r ic h a n d S tu y v e s a n t
F i s h , t h e o l d e s t t r u s t e e s o f t h e t w o i n s t i t u t i o n s in p o i n t o f
se rv ic e , h a v e b ee n m a d e H o n o r a r y T r u s te e s .
c o m m itte e
H aney,

c o n s is ts

H ill,

of

M essrs.

H o p k in s ,

C ooper,

H u bb ard,

C r o m w e ll,

I s e lin ,

T u ck e rm a n an d H o w a rd T ow n sen d .

T h e e x e c u tiv e

M abon,

o b ta in

w e e k ly

retu rn s

w i ll

a p p o in te d ,

T u ckerm an ,

of

1 4 .9 %

fo r

in 1 9 2 1 .
our

a g a in s t

$ 6 ,3 6 8 ,9 2 4 ,9 8 9

th e

sam e

w eek

T h i s is t h e t w e n t y - s i x t h s u c c e s s i v e w e e k i n w h i c h

w e e k ly

co n tra ste d

a g g re g a te s
w ith

have

la s t y e a r .

show n

an

im p r o v e m e n t

O u r c o m p a r a tiv e

as

s u m m a r y fo r

t h e w e e k is a s f o l l o w s :

1922.

1921.

Per
Cent.

$3,468,000,000
470.526.690
401,000.000
278,000,000
123,341,612

S2,928,200.000
410.635,697
336,000,000
229,032,576
138,059,982

+ 18.4
4-14.6
+ 19.3
+ 21.4
— 10.7

Clearings— Returns by Telegraph.
Week ending Sept. 23.

I n a d d itio n to th e e x ­
has

in c r e a s e

$ 7 ,3 1 9 ,9 0 2 ,6 8 9 ,

D odge,

on tru sts

an

T h o to ta l sta n d s a t

P arson s,

e c u t iv e c o m m it t e e , a s p e c ia l c o m m itte e

sh ow

o v e r th e c o r r e sp o n d in g w e e k la s t y e a r .

a

a

been

a

116,000.000
138,400.000
87,074,617
52,565,139
49,109,540

+ 13.4
+ 18.0
+ 2 5 .9
+ 45.8
+ 9.0

c a p a c ity fo r m a n y y e a r s fo r th e N e w Y o r k L ife In s u r a n c e &

New O rlean s ------------- -------- -------------------

131,500,000
♦163,300.000
109,580,630
76,652,925
53,546,591

T r u st Co.
U n til s u ita b le a r r a n g e m e n ts can be m a d e fo r a c c o m m o d a t­

O ther citie s .

5 d a y s .........................................

$5,275.44S,448
824,170,460

$4,485,077,551
822,359.940

+ 17.6
+ 0.3

i n g in

T o t a l all citie s , 5 d a y s .............................
A ll cities, 1 d a y ............................................

$6,099,918,908
1,219.983,781

$5,307,437,491
1,061,487,498

+ 14.9
+ 14.9

T o t a l all cities for w e e k ________________

$7,319,902,689

$6,368,924,989

+ 14.9

c o n s is tin g

of

M essrs.

Is e lin ,

C rom ­

w e l l. H a n e y a n d H o w a r d T o w n s e n d , w h o h a v e a c t e d in t h i s

one o ffic e

th e b u s in e s s o f th e

tw o

in s titu tio n s ,

th e

b a n k in g b u s in e s s h e r e to fo r e tr a n s a c te d b y T h e B a n k o f N e w
Y o r k is to c o n tin u e to b e c a r r ie d o n a t N o . 4 8 W a l l

S tre e t,

w h ic h w ill b e k n o w n a s th e “ b a n k in g o f f ic e ,” a n d th e t r u s t
a n d b a n k in g b u s in e s s h e r e t o fo r e tr a n s a c te d b y th e N e w Y o r k
L i f e I n s u r a n c e & T r u s t C o . is to c o n tin u e to b e c a r r ie d o n a t
No

5 9 W a l l S t r e e t, to b e k n o w n ~ s th e “ t r u s t o f f i c e .”

The

e n t i r e " p e r s o n n e l o f b o t h c o m p a n i e s h a v e b e e n r e t a i n e d in t h e
c o n s o lid a t io n o f th e tw o b a n k s .
o ffic e o f th e n e w
opened a t

Bank

th e co rn e r

of

of N ew

E a r ly n e x t m o n th a b ra n ch
Y ork

M a d is o n

& T r u s t C o . i s to b e

A venu e and

63rd

S tr e e t,

u n d e r t h e m a n a g e m e n t o f E r n e s t H . C o o k , V i c e -P r e s i d e n t a n d
M a n a g e r • R a lp h M . J o h n so n , A s s is ta n t M a n a g e r , a n d O w e n
H.

S m ith , A s s is t a n t S e c r e ta r y .

T h e o ffic ia l a n n o u n cem en t

i
nf the Bank of New York & Trust Co., two of the coun
+ ' l l H th a n k in g institutions merge their separate corporate identity. The
l ry l 0l1 el f ! r r k X 2 e s t bank in the city, was founded in 1784 by
Bank of Ne
’ ..
g wen established at the time of the adoption of
Alexander Ham ilton, t ™
wen es ^ ^
Governmnet ^
f ln t

a No longer report clearings.

* Estimated.

C o m p le t e a n d e x a c t d e ta ils fo r th e w e e k c o v e r e d b y
'o r e g o i n g w i ll a p p e a r in o u r i s s u e o f n e x t w e e k .

'u r n is h t h e m t o - d a y , i n a s m u c h a s t h o w e e k e n d s o n S a t u r
tn d

th o

S a tu rd a y

f i g u r e s w i ll n o t

n th e a b o v e

th e la s t d a y o f th e

;o b e e s t i m a t e d .
I n th o e la b o r a te d e ta ile d

,
sta tem en t, h ow ever

, . , „
w h ic h w e

• esu lts f o r th e w e e k p r e v io u s — t h o w e e k o n d i n g S e p t . 1 0 .
t h a t w e e k t h e i n c r e a s e is
c le a r in g s

b e in g

$ 6 ,9 1 3 ,4 9 1 ,9 0 2 .
is o n l y 8 . 3 % ,

For

1 1 . 9 % , th e 1 9 2 2 a b r o g a t e o f th e

$ 7 ,7 3 9 ,5 3 7 ,7 1 7

and

th e

1921

a g g re g a te

O u t s i d o o f t h i s c i t y , h o w e v e r , t h e in c r e a s e

th e b a n k e x c h a n g e s a t th is c e n tr e s h o w in g a

^ a in o f 1 4 . 9 % .

W e

grou p

t h e c i t ie s n o w

Federal

assigned “ No
a-signea

and the Bank of New York & Trust Co. is to preserve this
(jjvii W ar tjje bank gave up its ancient

7 . 4 % , a n d in t h e C l e v e l a n d




A c c o r d in g y

w e e k h a s i n a ll c a s e s h a d

p re sen t fu r th e r b e lo w , w e a re a b le t o g iv e fin a l a n d c o m p le to

.
. j?orrowed was a loan of $200,000 from The Bank
ov
money was withdrawn gradually and the bank
D 89 . T h e mo y
$20,000, which was signed by
Treasury on Sept. 13 1789
When
on
wa8 established, The Bank of New York was

charter* ta become a n'ationa bank, but by a special ruling of the Treasury

ay

a v a ila b le u n til n o o n

;o -d a y , w h ile w e g o to p r e s s la t o F r id a y n i g h t .

the Constitution
money the new
of New York in
still has in its
Alexander Hami
l

bo

e

W e can n o

R eserve

d istr ic ts

in

w h ic h

th e y

a c c o r d in g to th e
are

lo c a te d ,

and

f r o m t h i s i t a p p e a r s t h a t in t h e B o s t o n R e s e r v e D i s t r i c t t h e
i n c r e a s e is 1 7 . 2 % , in t h e N e w Y o r k R e s e r v e D i s t r i c t ( i n c l u d ­
in g

th is c i t y )

R ic h m o n d

1 4 .8 % ,

R eserve

in

th o P h ila d e lp h ia

D is tr ic t

R e s e r v e D is tr ic t

R e se rv e D is tr ic t 1 4 .8 % .
has

a

g a in

of

2 0 .2 % ,

The
th e

C h ic a g o
serv e

R eserve

D is tr ic t

D is tr ic t

8 .9 % .

6 .9 %

The

and

th e

M in n e a p o lis

S t.

L o u is

R eserve

R e­

D is t r ic t

Week endirtg September 16.

Clearings at—

Inc. or
Dec.

a l s o h a s a n i n c r e a s e , t h o u g h i t is s m a l l , i t b e i n g o n l y 0 . 1 % .
On

th e

K an sas

o th e r h a n d ,
C ity

th e A t la n t a

R eserve

D is tr ic t re p o rt

th e d e c re a se b e in g 2 . 0 %
la tte r .

The

D a lla s

R eserve

D is tr ic t an d

d im in ish e d

fo r th e fo r m e r a n d

R eserve

b e s t sh o w in g o f a ll, w ith

D is tr ic t

th is

S e v en th F ed er

c le a r in g s ,

1 2 .7 %

tim e

th e

fo r th e

m akes

a n in c r e a s e o f 2 7 . 8 % .

th e

T h e San

F r a n c is c o R e s e r v e D is t r ic t e n jo y s a g a in o f 1 5 . 7 %
I n t h e fo llo w in g w e fu r n is h a s u m m a r y b y F e d e r a l R e s e r v e
d is tr ic ts :

SUMMARY OF BANK CLEARINGS.
Week ending Sept. 16.
Federal Reserve Districts
( 1st) Boston........ ........10 cities
(2 nd) New York_______ 9 “
(3rd) Philadelphia_____ 9 “
(4th) Cleveland_______ 7 “
(5th) Richmond_______ 5 “
( 6 th) Atlanta_________11 “
(7th) Chicago_________19 “
( 8 th) St. Louis________ 7 “
(9th) Minneapolis_____ 7 “
(10th) Kansas City_____11 •*
(11th) Dallas....................5 ••
(12th) San Francisco___ 14 “

1922.

1921.

lnc.or
Dec.

1920.

1919.

S
$
%
s
S
369,889,439 315,478,924 + 17.2 436,004,193 454,165,714
4,435,871,439 3 862 841 863 + 14.8 4,607,739,470 5,472,003,352
481,030,499 447,975,645 + 7.4 549,143,177 535,251,630
392,555,317 341,906,214 + 14.8 479,882,623 457,252,891
163,605,922 136,156,542 + 20.2 190,590,673 202,812,138
163,831,125 167,155,949 —2.0 207,198,105 204,646,129
787,018,947 736,030,953 + 6.9 944,794,796 864,776,668
64,776,349 59,486,994 + 8.9 72,103,095 55,570,594
129,400,848 129,274,230 +0.1 182,776,766 95,968,805
258,224,411 295,8*9,447 — 12.7 397,035,957 406,128,918
61,361,331 47,998,595 +27.8 73,672,538 68,358,263
431,972,090 373,336,546 + 15.7 470,331,499 385,791,433

Grand total________114 cities 7,739,537,717 6,937,491,902 + 11.9 8,611,272,892 9,202,726,535
Outside New York City______ 3,367,355,929 3,109,391,727 + 8.3 4,081,581,681 3,798,795,189
Canada----------------------28 cities
.

287,174,245 317,468,234
o

—9.5 385,911,752 337,898,530
o l l U VV i i l g

lit .

fig u r e s fo r e a c h c i t y s e p a r a t e ly , fo r th e fo u r y e a r s :

Week ending September 16.

Clearings at—

Inc. or
Dec.
First Federal
Maine— Bangor..
Portland........
Mass.—-Boston.
Fall R iv er__
Ilolyoke______
Lowell______
Lynn________
New Bedford.
Springfield__
Worcester___
Conn.— Hart ford.
New H aven...
R . I .— Providence
Total (10 cities)

S
_%
Reserve Dist rlct—Boston
734,461
706,954
+ 3.
3,160,196
2,700,000 + 17.
334,000,000 285,803,695 + 16.
1,901,834
1,615,201 + 17
a
a
a
1,082,168
1,278,788 — 15
a
a
a
1,631,502
1,736,507 — 15
4,663,381
3,899,907 + 19.
3,471,000
3,655,049 — 5.
13,523,550
8,497,646 + 15.
5,721,347
5,585,177
+ 2.
369,889,439

315,478,924

Second Feder at Reserve D Istrlct— New
N. Y.— Albany..
3,889,606
4,456,461
Binghamton__
1,093,700
949,900
Buffalo_______
38,163,390
34,888,979
558,873 Not Incl. In
E lm ira ...........
Jamestown___
f3,612,438
3,244,299
New York___ 4,372,181,788 4,804,100,175
Rochester____
9,956,863
8,890,027
3,914,504
Syracuse..........
3,594,206
Conn.— Stamford
2,653,905
2,339,560
N. J.— Montclair
405,179
378,256
Total (9 cities). 4,435,871,439 3,862,841,863
Third Federal Reserve Dlst rlct— Phllad
Pa.— Altoona___
1,091,815
1,227,113
Bethlehem____
3,082,217
2,490,489
Chester______
c
c
Lancaster___
2,463,132
2,776,200
Philadelphia..
458,000,000 427,000,000
Reading_____
2,914,872
2,653,249
Scranton____
e4,238,167
4,517,085
Wilkes-Barre.
e3,115,189
2,751,733
York________
1,528,537
1,275,089
N. J.-—Trenton.
4,148,204
3,733,053
Del— Wilmington
Total (9 cities)

481,030,499

447,975,645

Fourth Feder al Reserve D istrlct— Clev
Ohio— Akron----c
c
Canton........
5,086,798
3,902,185
Cincinnati . .
64,879,525
61,535,040
Cleveland__
elOO,887,000
90,000.000
Columbus__
18,364,600
14,146,600
Dayton........
Lima---------Mansfield—
Springfield----Toledo . ­
e7,214,08S
Youngstown—
5,004,125
Pa.— Eric..........
Greensburg . .
*192,100,000 162,800,000
Pittsburgh —
4,518,264
4,043,306
W. Va.—Whecl’g

+ 17.

S
917,246
2.585,000
400,238,276
1,799,930
a
1,356,421
a
2,293,948
5,092,077
4,800,090
10,921,205
6,000,000

S

736,625
2,350,000
420,900,583
2,241,550
a
1,079,409
a
1,447,111
4,375,036
4,224,958
10,375,657
6,434,785

436,004,193

454,165,714

5,761,256
1,373,600
49,838,815

5,432,643
1,067,800
45,921,554

York
— 12
+ 11.

+ 9.
otal.
+ 11.

+ 14.9 4,529,691,211 5,403,931,346
+ 12.0
12,948,402
10,837,301
+ 8.9
4,754,585
4,382,773
+ 13.4
2,684,492
+ 7.1
687,109
429,935
+ 14.8 4,607,739,470 5,472,003,352
clphla
+ 12.4
1,167,085
950,144
+23.8
3,842,721
c
c
+ 12.7
3,055,897
2,600,613
+ 7.3 524,715,116 516,495,312
+ 9.9
2,712,019
2,565,483
— 6.2
4,921.659
5,238,108
+ 13.2
2,653,567
2,600,000
+ 19.9
1,507,940
1,571,029
+ 11.1
4.567,173
3,230,941
+ 7.4
eland —
c
+ 30.4
+ 5.4
+ 12.1

+ 29.9

549,143,177

535,251,630

4,821,685
81.920,175
167,409,189
17,282,100

5.198.6S6
80,446,060
156,349,865
14,467,500

5,261,434

+ 18.0
— 10.5

197,085,324
6,050,396

188.986,743
6,542,603

+ 14.8

479,882,623

457,252,891

Fifth Federal Reserve Dlst rlct— Rlchm ond
1,941,821 — 10.9
1,729,719
W. Va.— Hunt’n.
6,211,211
— 1.6
e6,111,926
Norfolk_______
39,832,737 +28.5
Richm ond___
51,191,003
S.C.— Charleston
c
c
71,970,773 + 18.4
Md.— Baltimore.
85,186,158
D . C.— Wash’ton
16,200,000 + 19.7
19,387,116

1,968,221
9,376,727
58,414,428
c
103,915,435
16,915,862

104,605,280
15,417,815

+ 20.2

190,590,673

202,812,138

+ 5.9

8,850,273
4,169,033
24,923,820
63,543,447
3,373,320

8,259,189
3,534,606
15,528,140
76,221,270
5,488,153

Total (7 cities).

Total (5 cities).

163,605,922

341,906,214

136,156,542

Sixth Federal Reserve Dlst rlct— Atlant
Tenn.— Chatt’ga.
5,407,987
e5,726,027
Knoxville
3,044,516
3,382,873
Nashville____
17,187,918
18,739,051
Ga.— A tlanta__
48,493,679
46,835,076
Augusta .
3,133,278
2,214,389
Macon _.
1,496,842
1,450,581
^ Savannah____
a
Fla.—Jacksonv..
9,628,063
8,395,975
Ala.— Rlrming'm
24,599,228
21,377,830
M obile_______
c
c
Miss.—Jackson.
1,029,365
814,425
Vicksburg__
306,541
366,642
La.— N ewOrleans
48,215,067
50,746,721
Total (11 cities) 163,831,125 167,155,949




Ind.— Evansville
Mo.— St. Louis..
Ky.— Louisville.
Owensboro__
Tenn.— Memphis
Ark.— Little Rock
111.— Jacksonville
Quincy . .

787,018,947 736,030,953
1Reserve Dls trict— St. Lo
4,608,406
4,947,545
a
a
27,483,107
25.805.922
384,922
327,368
19,399,602
16,256,540
11,229,391
10.677.923
315,845
312,689
1,355,076
1,159,007

+ 6.9
uls—
—6.9
a
+ 6.5
+.17.6
+ 19.3
+ 5.2

Total (7 cities)
Ninth Federal
Minn.— Duluth. .
Minneapolis__
St. P a u l...
N. D.— Fargo__
S. D .—Aberdeen
Mont.— Billings .
Helena___

64,776,349
59,486.994
Reserve Dls trict— Minn
8,903,676
9,920,992
78,076,006
85,621,041
34,636,856
26,016,521
2,210,445
1,766,578
1,613,251
1,412,253
595,141
693,499
3,365,473
3,843,346

+ 8.9
ea polls
— 10.3

Total (19 cities)
E ig h th F edera

Total (7 cities). 129,400,S48 129,274,230
Tenth Federal Reserve Dls trict— K ans
Neb.— Fremont..
398,108
481,788
Hastings__
563,396
712,965
Lincoln___
4,389,664
3,635,928
Omaha___
44,768,153
40,640,368
Kansas—Topeka.
e2,869,242
3,262,812
Wichita . . .
el0,351,355
13,537,504
Mo.— Kan. City. 148,418,485 185,304,067
St. Joseph___
Okla.— M uskogee
Oklahoma City e23,414,709
26,832,555
T ulsa........
a
a
Colo— Colo. Spgs
1,350,562
1,266,493
Denver____
20,817,978
19,370,349
Pueblo____
882,759
804,618

+ 11.1

+ 9.0
+ 3.5
— 29.3
+ 3.2
a
+ 14.7
+ 15.1
c

*2,200,000

9.259,815
73,529,228

*2,000,000

— 16.4
— 5.0

a
11,979,596
21,741,098
c
730,526
395,162
65,291,830

599,717
277,272
65,954,458

—2.0

207,198,105

204,646,129

+ 12.6

a
8,909,130
17,874,194

+ 6.6

$

259,291
623,027
139,000,000
7,676,787
2,116,790
2,379,408
19,624,000
1.550.000
39,656.489
2,481,952
11,330,528
8,960,436
2,146,954
1,836,158
691,904,553
a
1,639,524
5,373,753
3.100.000
3,135,146

128,256
375,000
116,112,251
6,240,107
1,581,184
1,737,995
17,695,000
1,150,000
30,459,013
2,394,070
11,114,967
10,294,910
2,125,688
1,942,524
650,323,280
a
1,448,124
4,653,282
2,313,197
2,687,820

944,794,796

864,776,668

5,635,723
a
34,024,593
498,890
17,360,920
12.239,03
634,508
1,713,429

16,242,516
762,653
20,065,533
9,971,013
727,061
1,900,000

72,103,095

55,570,594

+ 32.7
+ 25.1
+ 14.2
— 14.2
— 12.4

13,804,018
107,699,512
51,604,783
4,000,000
2.333.4S7
1,482.618
1,852,348

9,797,238
55,156,693
20,762,629
4,360,558
2,228,945
1,178,740
2,484,002

+ 0.1

182,776,766

95,968,805

+ 10.2
+ 12.1

789,409
853,456
5,566,219
62,520.471
S,221,208
15,454,270
246,589,755

982,774
1,030,220
5,768,903
67,510,315
4,256,665
16,031,946
270,242,225

+ 6.6

35,536,485
a
1,597,221
23,835,030
1,072,433

15,292,196
a
1,100,047
22,996,252
917,375

397,035,957

406,128,918

1,339,000
37,492,215
19,576,543
10,588,815
a
4,675,965

1,300,000
37,454,069
17,956,479
7,956,064
a
3,691,651

+ 37.2
+ 5.3
+ 5.5
— 24.1
+ 21.5
+ 14.7
+ 10.1

+ 10.4
+ 16.8
+ 6.0

+ 18.1
— 2.8

— 16.2
+ 7.1
a
—0.4
+ 3.3
— 3.9
— 14.7

+ 1.0

+ 16.9

— 8.8

as City
— 17.4
— 21.0

+ 20.7
— 23.5
— 19.9

+ 7.5
+ 9.7

T o t a l (11 cities)
E le v e n t h F e d e
T ex a s— A u stin . .
D a lla s _________
F o r t W o r t h ___
G a lv e sto n _____
H o u s t o n _______
L a .— S h re v e p o rt.

258,224,411 295,849,447 — 12.7
ral Reserve District— Da lias
2,387,064
1,500,000 + 59.0
32.267,186
20,641,079 + 56.3
el2,279,000
13,408,317 — 8.4
9,045,203
8,191,959 + 10.4
a
a
a
5,382,878
4,257,240 +26.4

T o t a l ( 5 c it ie s ).
T w e lfth F eder
W a sh .— S e a t t le ..
S p o k a n e _______
T a c o m a _______
Y a k im a ________
O re.— P o r t la n d . .
U tah— S. L . C ity
N e v .— R e n o _____
A r lz .— P h oen ix . _
C a lif.— F resn o___
L on g B e a c h . . .
L o s A n g e l e s ...
O a k la n d _______
P a s a d e n a ___ __
S a c r a m e n t o ___
San D ie g o _____
San F ra n cis co .
San J o se _______
Santa B a rb a r a .
S t o c k to n _______

61,361,331
47,998,595 + 27.8
73,672,538
al Reserve D Istrict— San Franci SCO--36,881,402
36,912,922 — .01
49,248,005
a

T o t a l (14 cities)
G ra n d tota l (114
cities) _____
O u tside N . Y .

Clearings at—

1,557,446
35,979,727
13,420,431

Canada—
Montreal__
T oronto__ I
Winnipeg__
Vancouver __
Ottawa____
Quebec____
Halifax____
Hamilton.. I . .
St. John____ ~~"
Calgary___
London____
Victoria__ I
Edmonton 11
Regina___ I
Brandon___
Lethbridge. I
Saskatoon _.
Moose Jaw.
Brantford. "
Fort William
New Westminster
Medicine H a t...
Peterborough
"
Sherbrooke.. I l l "
Kitchener___
Windsor___
Prince A lb e r t ll"
M on cton___
Kingston . .

1,653,334
37,887,761
12,994,792

5,901,818
n

68,358,263
52,320,178

— 5.8
— 5.0
+ 2.7

1,755,951
54,326,456
16,700,000

1,726,126
46,978,755
17,936,653

e4,942,704
6,313,789
121.265.000
16,872,758
4,589,373
e7,016,559
a
176.800.000
2,520,696
1,141,805
e2,670,400

5,158,646 — 4.2
4,233,535 + 49.1
97,501,000 + 12.4
11,767,701 + 43.4
3,656,119 + 25.5
5,778,334 + 21.4
a
a
147,700,000 + 19.7
1,898,533 +32.8
940,669 + 12.1
5,253,000 — 49.2

7,022,180
4,319,211
99,792,000
13,471,371
3,586,556
9,175,815
a
200,600,000
2,789,702
992,752
6,551,500

6,071,181
1,896,828
52,446,000
9,000,000
1,569,664
7,429,344

431,972,090

373,330,546

+ 15.7

470,331.499

182,921,598
2,332,728
3,162,378
385,791,433

739,537,717 6,913,491,902 + 11.9 8.611,272,892 9,202,726,535
+ 8.3 4,081,581,681 3,798.795,189
367,355.929 3,109.391.727
Wcek ending September 14.
1922.

5,313,754

392,555,317

ca go—

Mich.— Adrian _
Ann Arbor__
Detroit..
Grand Rapids
Lansing .
Ind.— Ft. Wayne
Indianapolis.
South Bend __
Wls.— M ilwaukee
la— Cedar Rapids
Des Moines.
Sioux City__
Waterloo
111.— Bloomington
Chicago____
Danville_____
Decatur____
Peoria_______
R ockford____
Springfield___

1919.

%

al Reserve'D Istrlct— Chi
229,229
215,000
605,009
441,015
127,552,329 121,145,031
6,622,155
6,277,352
2,040,872
2,688,000
2.192,277
1.S04.719
19,935,000
17,379,000
2.437.914
2,213,792
35,265,654
31,939,814
2,150,678
1,841,266
9,2S9,291
S,762,697
e6,360,000
5,384,530
1,348,174
1,387,233
1,233,045
1,471,104
560,378,198 523,381,530
a
a
1.246.914
1,251,489
4,044,908
3,914,082
1,958,339
2,036,977
2,128,961
2,496,322

1921.

lnc.or
Dec.

S
S
%
88,523,835
98,543,007 — 0.1
86,927,118
90,420,009 — 3.9
42,807,001
53,211,506 — 19.6
13,809,254
15,172,503 — 9.6
6,210,961
6,603,718 — 5.9
5,500,629
5,727,828 — 2.9
2.770,665
3,361,731 — 17.6
5,831,084
5,454,987
+ 7.0
2,630,639
2,822,093 — 6.8
4,386,058
6,090,627 — 28.0
2,745,406
2,840.733 — 3.4
2,115,622
2,507.425 — 15.6
4,232,914
4,905,868 — 13.7
3,809,461
4,454,067 — 14.5
876,191
952,335 — 8.0
582,945
750,952 — 22.4
1.875,416
2,101.780 — 20 .S
1,133,795
1,511,395 —25 0
991,593 — 11.1
881,652
650,770 + 24.4
809,500
611,381 — 5.3
578,952
389,375 — IS .6
316,955
798,624 — 10.6
713,893
876,328 — 13.4
759,233
+3.3
950,379
988,642
2,968,192 + 21.0
3,592,189
319,400 Not included in total
980,363 — 1.9
962,263
811,565 — 16.0
681,907

1920.
$
139.075,17C
100.041,774
54,287,775
18,897,204
8,45S,094
7,143,983
6,909,228
7,810,547
3,049,821
8,324,189
3,418,475
2,960,402
5,131,962
4,150,798
784,483
921,470
2,231,092
1,809,457
1,132,420
745,348
738,878
560,689
1,073,971
1,265,338
1,114,481
3,948,576
920,327

1919.
$
119,762,786
S6,825,974
50,537,876
14,614,165
8,422,239
6,434,406
4,814,352
7,212,173
3,067,742
6,817,439
3,074,961
2,479,423
4,367,930
5,243,804
799,393
815,326
2,103,132
1,798,007
1,086,385
866,693
598,684
463,792
1,012,463
1,043,289
979,876
2,656,220
kJk

Total Canada. 287,174,245 317,468,2341 — 9.5 385,911,752 337,898,530
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 compara­
tive figures of debits; we apply to last year’s clearings the same ratio of decrease
Cor increase) as shown by the debits, c Do not respond to requests for figures,
a week ending Sept. 13. e Week ending Sept. 14. f Week ending Sept. 15.
* Estimated.

P U B L IC
DEBT
OF
U N IT E D
STATES— COM PLETED
R E T U R N S H O W IN G N E T D E B T A S OF J U N E 30 1922.
T h e s t a t e m e n t o f th e p u b lic d e b t a n d T r e a s u r y c a sh
h o ld i n g s o f t h e U n i t e d S t a t e s a s o f f i c i a l l y i s s u e d J u n e 3 0
1 9 2 2 , d e la y e d in p u b lic a t io n , h a s n o w b e e n r e c e iv e d , a n d
a s in te r e s t a t t a c h e s to th e d e ta ils o f a v a ila b le c a s h a n d th e
gross a n d n e t d e b t o n th a t d a te , w e a p p en d a su m m a ry
th e r e o f, m a k in g c o m p a r is o n w it h th e s a m e d a te in 1 9 2 1 :
CASH AVAILABLE TO PA Y MATURING OBLIGATIONS.
June 30 1922. June 30 1921.

Balance end month by dally statement, Ac----------Add or Deduct— Excess or deficiency ol receipts over
or under disbursements on belated Items-------------

1272,105,513

$549,678,106

—7,978,577

—16,779,776

264,126,936

532,898,330

Deduct outstanding obligations:
Treasury warrants-----------------— -----------Matured Interest obligations....................................
Disbursing officers’ checks____________________ .
Discount accrued on War Savings Certificates-----.

„ 1,965,257
.
__
82,145,121
83,467,095
128,886,388

21,584,162
99,497,510
147,199,302
101,914,178

.

296,463,861

370,195,152

XotaL.....................................

Balance, deficit (—) or surplus ( + ) ------------------- —32.336,925
162,703,178
INTEREST-BEARING DEBT OUTSTANDING.
Interest June 30 1922. June 30 1921.
TUle of Loan—
Payable
2s, Consols of 1930---------------------------------------------Q.-J.
4s. Loan of 1925..........................................................Q.-F.
2s of 1916-36........................... *............................. Q.-F.
2s of 1918-38............................................................ Q.-F.
3 s o f l9 6 1 ......................... - ....................................Q .-M .
3s, Conversion bonds of 1 9 4 6 -4 7 -._____________ Q.-J.
Certificates of Indebtedness........... ......................-J.-J.
Certificates of Indebtedness under Pittman A ct-.J.-J.
3 H s. First Liberty Lean. 1932-47..............................J.-J.
4s. First Liberty Loan, converted_______________ J.-D .
4 X s , First Liberty Loan, converted------------------- J.-D .
4 '4 b . First Liberty Loan, second converted____J.-D .
4s.Second Liberty Loan. 1927-42..........................M .-N .
4 X B , Second Liberty Loan, converted...................... ..
4 X b . Third Liberty Loan of 1928________
M .-S.
4 X b . Fourth Liberty Loan of 1933-38................... A.-O.
3 « s . Victory Liberty Loan of 1922-23................... J.-D .
4*4s. Victory Liberty Loan of 1922-23..........
J.-D .
4s, War Savings and Thrift 8tamps..................... .M a t.
24Ss. Postal Sayings bends........................................ J.-J.
5Ms to 5 X * . Treasury notes------------------------------J.-D .

$
599,724,050
118,489,900
48,954,180
25,947,400
50,000,000
28,894,500
1,754.787.600
74,000,000
1,410,002.050
12,523,500
525,826,050
3,492,150
54,420,800
3,256,176,250
3,473,788,000
6,345,383,750
-----1,991,183,400
679,015,317
U '?30,440
2,246,596,350

599,724,050
118,489,900
48,954,180
25,947,400
50,000,000
28,894,500
2,450,601,000
6248.729,450
1,410,074,250
17,982,800
520.709.600
3,492,150
77,870,150
3,238,666,400
3,611,660,300
6.354.860.350
640,928,000
3.272.852.350
694.105,410
11,718,240
311.191.600

Aggregate of Interest-bearing debt______________ 22,711.035,587 23,737,352,080
Bearing no Interest_____ ____. . . . . . ______________
227,792,723 227,958,908
a25,250,880
10,939,620
Matured, Interest ceased________ _______________
Total debt............................................................. e22,964,079,190 23,976,250,608
+32,336,925
162,763,178

Deduct Treasury surplus or aid Treasury deficit------

Net debt.................... - ........................................(222,996,416,115 23,813,547,430
a Includes $14,609,400 Victory 3 X % notes.
6 Of these totals, $32,854,450 bear various rates of Interest.
cThe total gross debt June 30 1922 on the basis of dally Treasury statements
was $22,963,381,708, and the net amount of public debt redemption and receipts In
transit, Ac., was $697,482 27.
d No deduction Is made on account of obligations of foreign governments or
0tVOr£V—Issue?of Soldiers' and Sailors’ Civic Relief bonds not Included In the
above, total issue te June 30 1922 was $195,500, of which $144,400 has been retired.
T H E E N G L IS H
W e

r e p r in t

th e

Sam u el M o n ta g u

GOLD A N D

fo llo w in g
&

fro m

F IN A N C IA L

M A R K E T — PER

93s.Id. 93s.4d. 93s.4d.
56 M
56 X
Consols, 214 per cents--------5656
99H
99X
British', 5 per cents------------ 9999X
X
97 X
97M
97 X
British, 4 X per cents--------- 97X
61.15
61.60
French Rentes (in Paris), fr-------77.95
French War Loan (In Paris) ,fr . . .
78

th e

w e e k ly

c i r c u la r

t o m

93s.2d.
56 X
99 X
97 X
62.30
77.97

99X
69 X

99X
69X

99X
69X

r a v r e i a l a u d J H i s c c i U m

93s.
56 X
99X
97 X
62.85
78.20

93s.2d.
56 X
99X
96 X
62.10
77.90

99X
69 X

99X
69 X

c o u B

T h e C u r b M a r k e t .— I n t e r e s t in th e C u r b M a r k e t th is
w e e k w a s c e n t r e d i n t h e o il s t o c k s v i o l e n t f l u c t u a t i o n s i n
m a n y o f t h e h i g h -p r i c e d is s u e s b e i n g t h e o u t s t a n d i n g f e a t u r e .
A t t h e c lo s e h o w e v e r t h e m a r k e t q u ie te d d o w n
som e of
th e r e c e n t im p r o v e m e n t b e in g lo s t .
G u l f O il m a d e a s e n s a ­
t io n a l a d v a n c e o f 1 4 0 p o in ts t o 8 1 0 a n d s o ld fin a lly a t 8 0 0 .
G u l f O il C o r p . o f P a . i m p r o v e d f r o m 5 4 t o 6 8 % a n d c l o s e d
to -d a y a t 6 2 % .
P r a i r i e O il & G a s s o ld u p f r o m 6 0 5 t o 6 4 0 .
S t a n d a r d O il ( K a n s a s ) m o v e d u p f r o m 5 5 5 t o 5 8 5 w i t h t h e
c lo se t o -d a y a t 5 8 0 .
S t a n d a r d O il o f N . Y . r o s e f r o m 4 7 0 t o
5 1 2 a n d fin ish e d t o -d a y a t 4 9 4 .
S ta n d a r d O il (O h io )
g a i n e d 2 5 p o i n t s t o 4 9 0 a n d V a c u u m O il 4 2 p o i n t s t o 5 1 8 .
T h e la t t e r s o ld fin a lly t o -d a y a t 5 0 0 .
N e w E n g l a n d F u e l O il
a d v a n c e d fr o m 7 2 % to 7 6 a n d en d s th e w e e k a t 7 5 % .
E ls e ­
w h e r e in t h e o i l l i s t c h a n g e s w e r e o n l y f r a c t i o n a l .
I n th e
in d u s tr ia l lis t S c h u lt e R e t a i l S to r e s a t t r a c t e d a t t e n t io n
d r o p p in g a t fir st fr o m 5 1 to 4 8 th e n a d v a n c in g to 5 7 th e
c lo s e t o - d a y b e in g a t 5 5 .
C le v e la n d A u t o m o b ile w e a k e n e d
fr o m 2 9 to 2 6 % re co v ered to 2 8 %
a n d s o ld d o w n t o - d a y t o
27% .
D u r a n t M o to r s d ro p p e d fo m 4 8 % to 4 4 x
% a n d fin ­
ish e d t o -d a y a t 4 5 % .
H a y e s W h e e l w a s o ff fro m 3 4 % t o 6 6
th e fin a l fig u re t o -d a y b e in g 3 3 % .
R . H . M acy & C o.
c o m m o n im p r o v e d fr o m 5 8 to 6 3 % a n d r e a c te d fin a lly t o 6 0 .
T h e p r e f. w e a k e n e d fr o m 1 1 0 t o 1 0 9 % a n d s o ld f in a lly a t
109% .
N . Y . T e le p h o n e p r e f. lo s t a b o u t t w o p o in ts t o
1 0 8 % , th e c lo s in g fig u r e t o -d a y b e in g 1 0 8 % .
B o n d s w ere
q u ie t.
A c o m p le te r e c o r d o f C u r b
M ark et
t r a n s a c tio n s
fo r

t h e w e e k w i ll b e f o u n d o n p a g e 1 4 2 0 .

____________

B r e a d s t u f f s f i g u r e s b r o u g h t f r o m p a g e 1 4 4 7 .— T h e
s t a t e m e n t s b e lo w a re p r e p a r e d b y u s fr o m fig u r e s c o lle c te d b y
th e N e w Y o r k P ro d u ce E x c h a n g e .
T h o r e c e ip t s a t W e s t e r n
v, a
iy >t fViQ w oolr ATirHnp’ l a s t S a t u r d a y a n d
yea rs

of

Receipts at—

C o . o f L o n d o n , w r itte n u n d e r d a te o f

^°The>*‘ ‘T im es’ ’ Toronto correspondent under date 5th September states
that the gold production in northern Ontario during August is estimated
at $1 840 000 (£ 4 0 8 ,0 0 0 ). Three mines in the Porcupine district and five
, in Kirkland Lake contributed to the output. There is a prospect that
the total production in the Province will soon reach $25,000,000 ("5 ,5 5 0 ,0 0 0 )
per annum .
S IL V E R .
.

The Indian Bazaars have been the main factor in the market. Buying
orders from this quarter at the beginning o f the woek, coming on a poorly
suDolied m arket, gave it a firm tone, and the prices rose gradually to 3 5 % d .
’ on the 5th inst. Yesterday offerings from the Continent and America,
with some reselling on Indian account, caused a sharp fall to 3 5 H d . for both
quotations
C alcutta and Bom bay Bazaars were reported as buyer and
seller respectively, on the same day. T o-d ay thero was renewed buying
by the Calcutta Bazaars for prom pt shipment causing an advance in prices,
the spot quotation going to a premium of >id . over that for forward deliv­
ery *A fte r the departure o f this week s steamer, however, it does not seem
probable that this difference will be maintained.
IN D IA N C U R R E N C Y RETU R N S.
A ug. 16. A ug. 22. A ug. 31.
(In Lacs o f Rupees.)
18198
18226
8832
8709
Silver coin and bullion in In d ia . . --------------------------- 8627
Silver coin and bullion out o f India------------------------- - - - ­
2432
2432
Gold coin and bullion in In d ia. -----------------------------2432
coin Goldand bullion out o f India--------------------------6473
6378
Securities (Indian Government)------------------------ 0021
584
584
Securities (British Government)............................ 080
The silver coinage during the weok ending 31st u lt. amounted to three
l a Tho stock 5in Shanghai on the 2d inst. consisted o f about 40,200,000
ouncas in sycee, 3 3 ,000,000 dollars and 4 ,1 0 0 silver bars, as compared with
about 4 0 .300.000 ounces in sycee, 33,0 0 0 ,0 0 0 dollar Fand 4 ,840 silver bars
on the 26th u lt.
„
,
T h e Shanghai exchange is quoted at 3s. 5 H d the tael.
— Bar Silver per Oz. Std.—
Bar Gold per
Oz. Fine.
Quotations—
Cash.
2 M os.
92s. 5d.
September 1__________________ 3 5 X 6 .
?5H d ;
September 2 -------------------------------- 3 5 X 6 .
92s." "4d".
September 4 ------------------------ ------- 35 H 5
92s. 3d.
September 5 -------------------------- —
35 n a
92s. 2d.
September 6 -------------------------------35X 6
92s. 4d.
September 7 ............................. .........
3m < i .
35.312d - 92s. 3 .6 d
Average---------------------------------- jo .^oou
T h e silver quotations to-day for cash and forward del
tively
and X d . above those fixed a week ago.

CABLE.

T h e p r i c e o f s i lv e r i n N e w Y o r k o n t h e s a m e d a y s h a s b e e n :

Silver In N. Y., per or., (cts.):
Domestic______________ 9 9 X
Foreign_________ ______ 69 X

S IL V E R M A R K E T S .

S e p t. 7 19 2 2 :
F
GOLD.
T h e Bank o f England gold reserve against Its note issue is £125 ,5 8 7 ,6 5 0 ,
as compared with £125 ,58 4,20 5 last week.
A fair amount o f gold came on offer, the greater part o f which was taken
for the United States, India being a moderate buyer.
T h e value of preciotaous m l (expressed in lacs of rupees) Imported into
India during tho period October 1921 to June 1922 was as follows:
Gold. Silver.
Gold. Silver\
202
1921 —
O cto b e r----------- 192
141 1922— M a r c h .......... ..............276
203
April........................... 182
N o v e m b e r------------- 203
64
109
M a y ------------350
D e c e m b e r ...............
42
67
66
Ju ne________________ 345
1922— Jan uary.................... 82
166
F ebru a ry----------------- 110
184
1202
T o ta l________________________________________________________ ______ 1782
During the nine m onths under review, therefore, India acquired precious
m etal to tho value o f about £ 20,000 ,000 , the greater portion being in the




E N G L IS H

T h e d a ily c lo s in g q u o t a t io n s fo r s e c u r itie s , & c ., a t L o n d o n ,
a s r e p o r t e d b y c a b le , h a v e b e e n a s fo llo w s th e p a s t w e e k :
Fri.
Thurs.
Wed.
Tues.
Sat.
Mon.
London..
Sent. 16. Sent. 18. Sept. 19. Sept. 20. Sept. 21. Sept. 22.
Week ending Sept. 22—
35 X
35 X
35 H
35 X
35 X
Silver, p e r o z ...------ -------- 35X
35X

y are respec-

Wheat.

Flour.
bbls.l96P>s

Barley.

Oats.

Corn.

60 P'S bush. 5« Fs. bush. 32 P'S.
1.113.000 4,916,000 2,468,000
962.000
111,000
4.258.000
60.000
233,000
4.190.000
460.000
594,000
95.000
51,000
81.000
217.000
66,000
52,000
24.000
200.000
384,000
64.000
300.000
467.000i
579.000
623.000
254,000
144.000
125,000
76,000
1.934.000
234,000
328,000
572.000
28,000
117,000
350.000

bU S h .

Chicago........
Minneapolis..
Duluth — . . .
Milwaukee—
Toledo-------Detroit..........
Indianapolis..
St. Louis—
Peoria----Kansas City. .
Omaha —
St. Joseph—

454,000

Total wk. ’22
Same wk. ’21
Same wk. '20

708.000 13.540.000
503.000 16.730.000
241.000 10.181.000

88,000

122,000

44,000

7.982.000
8.899.000
4.043.000

Rye.

339.000
66,000
339.000 291,000
329.000 2,616.000
36,000
204,0
6,000

6,000
1,000

5,217,000 1,227,000' 3,022,000
4,902,000 600,000, 248,000
7,007,000 1,594,000, 1,174,000

Since Aug. 1—
1922......... 3.734.000 93,683,000 41,086,000 36,879,000 6,746.000 20,189,000
1921......... 3.400.000107.065.000 60,067,000 47,695;000 5,064,000 3,140.000
1920-------- 1,755,000! 66,862,000 19,222,000 45,829,000 8,100,000 5,570,000
T o t a l r e c e ip t s o f f l o u r a n d g r a i n a t t h e s e a b o a r d p o r t s f o r
th e w e e k e n d e d S a tu r d a y , S e p t . 1 6 1 9 2 2 fo llo w :
Flour.

Receipts at—

Barrels.

New Y o r k ...
Philadelphia—
Baltimore----Newport News
New Orleans *
Galveston----Montreal----B oston---------

195.000
53.000
30.000
4,000
74.000
125.000
20.000

Wheat.
Btlshels.

938.000
557.000
457.000

504,666
238.000
3,142,000
...........

_______

Corn.

Oats.

Barley.

Rye.

Bushels.

Bushels

Bushels.

Bushels.

634.000
136.000
235.000

388,000
116,000
147,000

313',666
.........
1,031,000
1,000

159,000
35,000

260.000
477.000
418.000

'V.OOO

624,666
341.000

177,666 1,109,666
4,000

1,873,000 371,000 2,268,000
Total wk. ’22 501,000 .6,836,000 1,996,000 60,696,00012,518,00029,066,000
Since Jan.1’22 17,228,000 176,024,000 115,365,000
549,000 640,0001 377,000
482.000 9,363,000] 3,037.000
Week 1921...
Slnce Jan. 1’21 17,817|000186,815,0001 67,475,000 36,172,00012,713,00017,649,000
* Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.
T h e e x p o rts fr o m

th e se v e ra l s e a b o a rd p o r ts fo r th e w e e k

e n d in g S a t u r d a y , S e p t . 1 6 1 9 2 2 , a re s h o w n in

th e a n n ex ed

sta tem en t:

Exports from—

New York___
Boston............
Philadelphia..Baltimore........
Norfolk--------New Orleans..
Galveston........
Montreal. . . . .

Wheat,
Bushels.

Flour,
Oats,
Corn,
Bushels. Barrels. Bushels.

284,138 263,641 134,526
24.000 ......... 1 5.000
844.000
49,000
4,000
32,000.
103,000 , 31,000
...
_____
4,000
536.000
54,000 43,000,
238.000 ......... 1 ......... I
1,997,000 1,287,000 54,000

638,394
436,000

Rye,
Bushels.

!
646,000 ,
.........
12,000,
-------- 1
460,000

Barley, Peas,

671,172. 76,571
......... |.........
397,000 ..........
286,000 27,000
......... I .
9,000 .
......... 1 ____
365,000 122,000

Total week 1922. 3,955.138 1,756,641 275,526 2,192,394 1,718,172 225,571 ____
Same week 1921- 8,130,033 3,637,544 308,373 394,976 901,023 728,067 _____

The

d e s t i n a t i o n o f t h e s e e x p o r t s f o r t h e w e e k a n d s in c e

J u l y 1 1 9 2 2 is a s b e l o w :
Exports for Week
and Since
July 1 to—

Week
Sept. 16

Since
July 1

Week
Sept. 16

Barrels
100,646
149,994
6,000
14,000

Barrels
1,033,208
906,191
38,000
129,000

Bvshels
882,626
3,072,512

United Kingdom.
C ontin ent...........
So. A Cent. Amer.
West Indies.........
Brit.No. Am.Cols.
Other Countries.. '¥,886

Since
July 1

Week
Sept. 16

Since
July 1

Bvshels. I Bvshels
Bvshels
20,852,700 577,853 9,654,139
53,414,377 1,150,788 17,466,547
29,000
6.000
3,000
322,000
6.000
25,000
|
42,844
I "!
4,000

86,545

Total 1922 -------- 275.526 2,192,944 3,955,138 74,321,921 1,756,641 27,475,686
3,572,859

Total 1921_____ 308,373

8,130,033

87,662,337 3,637,544 26,365,485

T h e w o r l d ’ s s h i p m e n t o f w h e a t a n d c o r n , a s f u r n is h e d b y
B r o o m h a ll to th e N e w Y o r k P r o d u c e E x c h a n g e f o r th e w e e k
e n d in g F r id a y , S e p t .

1 5 , a n d s in c e J u ly

1 1922 and

1921,

a re s h o w n in th e fo llo w in g :
Wheat.

Corn.

1922.

Exports.

1921.

1921.

Week
Sept. 15.

Since
July 1.

Since
July 1.

Week
Sept. 15.

Since
July 1.

Since
July 1.

Bvshels.

Bvshels.

Bushels

Bushels.

Bvshels.

Bushels.

8,056,000 121,496,000 141,779,000 4,189,000 53,023,000 85,709,000

T h e v i s i b l e s u p p l y o f g r a i n , c o m p r i s i n g t h e s t o c k s in g r a n ­
a r y a t p r i n c ip a l p o i n t s o f a c c u m u l a t i o n a t l a k e a n d s e a b o a r d
p o rts S a tu r d a y , S e p t .

1 6 , w a s a s fo llo w s :
GRAIN STOCKS.

United States—
New York.................. .......

Wheat,
bush.
1,284,000

Corn,
Oats,
bush.
hush.
205,000 1.595.000

Philadelphia.......... .......... 1,045,000
Baltimore.......................... 2,395,000

35,000
295.000

NewOrleans------- ----------- 3.483.000

484,000

473.000
159.000
526.000
4,000
52.000

Rye,
bush.
288,000
1,000
123.000
220.000

Barley
bush
81,000
22,000
"e'.ooo

33.000
76.000
1,211,000
1,000
7.000
20.000
187.000

2.515.000
1,843,000 1,006,000 3,2751666
89,000
211,000
241.000
784,000
60,000
341.000
26,000
31,000
91.000
2,347,000 2,056,000 9.557.000
•
596,000
101,000
521,000
425,666
24*665
5,771,000
299,000
737.000 2,121,000
791,000
122,000
86.000
4.000
1,062,000
39,000- 16,212,000
131.000
1,460,000
278,000
90.000
9.000
3,288.000 1,343.000
861.000
96.000
90,000
213,000
642.000
5.000
468,000
106,000
241.000
37.000
Omaha-------------------------- 1,335.000
618,000 1.963.000
52.000
On Lakes---------------------- 1,097,000
391.000
161.000
On Canal and River----405,000
45,000
165,000
Sioux City-------------------T o led o................ - ...........
Detroit........... ............... .
Chicago..........- .................
••
afloat__________
Milwaukee.....................
Duluth .............................
St. Joseph, M o------------Minneapolis......................
St. Louis................- .........
Kansas------------ ------------P e o r i a --------------------

291,000
4.000
2.000
95,000

134,666

559.000
5,000
375.000

3,000
199,000
30,000

Total Sept. 16 1922------31,679,000 8,563,000 37,962,000 4.972.000 1,806,000
Total
Sent. 9 1922------31,166,000
.
7,723,000 38,133.000 5.063.000 1.607.000
Total Sept. 17 1921----- 46.169,000 12,24S,000 64,410,000 4.866.000
________ 3.208.000
_________
• Note.— Bonded grain not included above: Oats, New York, 7,000 bushels: Boston.
41,000; Duluth, 2,000; total, 50,000 bushels, against 15,000 In 1921; barley. New
r York, 8,000 bushels; Duluth, 9,000; total. 17,000 bushels, against 88,000 bushels In
.1921: and wheat. New York, 106,000: Baltimore, 254,000: Buffalo, 1,952,000; Phila.- ,delphla, 287.000: Boston, 10,000; on Lakes, 633,000: total, 3,302,000 bushels In 1922,
against I f 0,000 in 1921.
Canadian—
Montreal------------------------- 3,881,000 , 1,045,000
480.000 1,176,000
28,000
(Ft. William A Pt. Arthur. 6,935,000
______
307.000
435,000
r Other Canadian_________
' ______
______
216.000
77,000
Total Sept. 16 1922____ 10,816.000
Total Sept. 9 1922____ 8,796,000
Total Sept. 17 1921____ 9,089,000
Summary—
American............................ 31,679,000
Canadian
........................ 10,816,000

»

1.015,000
789.000
856.000

1.003.000
1.136.000
7.238.000

1.176.000
865.000
462.000

543.000
684.000
1.980.000

8.563.000 37,962,000
1.045.000 1,003,000

4.972.000
1.176.000

1.806.000
543.000

Total Sept. 16 1922------ 42,495,000 9,608,000 38,965,000
Total
9 1922____ 39,962,000
_____ Sept.
.
.
.
8,512,000 39,269,000
Total Sept. 17 1921------55.258,000 13,104,000 71,648,000

6.148.000
5.928.000
5.328.000

2.349.000
2.291.000
5.188.000

N ew

Y ork

C ity

Banks

and

T ru st

C o m p a n ie s .

All prices dollars per share.
Ask
t Banks— N .Y . . Bid
216
1 America *___ 212
287
Amer Exch.. 282
150
Battery Park. 140
450
430
Bowery*____
145
Broadway Cor
Bronx Boro*- loo
170
160
Bronx N at. .
156
t Bryant Park • 145
138
►Butch A Drov 130
____
Cent Mercan. 210
350
345
PhAQA
266
Chat A Phen 263
Chelsea Exch* 100. 110
515
Chemical. . - - 507
20S
198
Coal A Iron.
.
325
Colonial *___
230
220
r Columbia*..
284
282
1 Commerce. .
235
^ Com’nwealth* 220
140
130
* Continental425
420
1 Corn Excb*.
85
t Co* mop'tan *
70
____
170
East River. .
____
* Fifth Avenue* 1010
175
•Fifth............... 165
J First................ 1190
Qftrflplrt
240
250
1 QofhAm .
185
180
265
Greenwich
•TTftnnvpr
620
385”
1 Harrtman____ 375

Banks
ImpA T rad..
jlndustrlal* . .
Irving Nat of
N Y ...........
Manhattan *.
Meeh A Met.
Mutual*------Nat American
National City
New Noth*
New York A
' Trust C o*.
PaclUo * _____
P a r k ..._____
Public.............
Seaboard . . . .
Standard * . . .
State*...........
Tradesmen’s *
23d W a r d * ...
United States*
Wash’n H ’ts *
Yorkvllle * . . .
Brooklyn
Coney Island*
First................
Mechanics' * .
Montauk *___
Nassau______
People’s _____ 1

Bid
585
150

Ask
600
155

207
262
402
600
____
342
125

212
267
407
150
347
____

450
300
462
315
310
230
300
200
260
160
325
420

060
. ..
457
325
___
260
310
____
. ..
165
____
____

155
320
110
125
225
160

165
355

Trust Co.'a
Bid
A’etc York
American____
Bankers Trust 370
Central Union 410
iColumhla___ 335
Com merclal
110
Empire____I. 300
'Equitable Tr. 292
Farm L A Tr. 495
Fidelity Inter 208
Fulton_______ 245
Guaranty T r. 234
Hudson.........
170
Law Tit A Tr 187
Metropolitan. 300
Mutual (West
Chester) . . . 115
N Y T iu st..
350
Title Gu A Tr 405
U 8 Mtg A Tr 305
United States 1
Brooklyn
Brooklyn Tr.
Kings County
Manufacturer
People’s _____

450
750
235
340

Ask
375
415
330
130
2 97'
505
213
255
238
193'
310
130
355
415
315

360

240 |

• Bonks marked with (*) are State banks, f New stock, x Ex-dlvldend. y Ex-rlghts.




N a t i o n a l B a n k s . — T h e f o llo w in g in f o r m a t io n r e g a r d in g
n a t i o n a l b a n k s is f r o m t h e o f f i c e o f t h e C o m p t r o l l e r o f t h e
C u rren cy , T rea su ry D e p a rtm e n t:
A P P L IC A T IO N S T O O R G A N I Z E R E C E I V E D .
Sept. 12— The First National Bank o f Bellflower, CaU f.
Correspondent, F . E . W oodruff, 305 Grant B ld "g'*L o i
Angelos, Calif.
“ '
Sept. 12— The First National Bank o f Excelsior, M inn
_ _
Correspondent, A . O . Leuzinger, Forest Lake, M in n .'* '
A P P L IC A T IO N S T O O R G A N I Z E A P P R O V E D .
Sept. 12— The First National Bank of Palm Beach, Fla
Correspondent, H . L. Donald, care First N ational Bank*
W est Palm Beach, Fla.
Sept. 12— The^East Rockaway National Bank, East Rockaway,
Correspondent, A r m a n d "A ." Lubatt’y ,’ East" Rockaway",

1922.

North Amer. 6.157.000 88,828,000 116,865,000 1,723,000 28.147.000 28.385.000
RussiaADan.
192.000 1,008,000
800,000
3,210,000 6.83s,000
Argentina... 1.299.000 24,968.000 9,664,000 2,236",OOO 19.592.000 46.791.000
408.000 6,692,000 13,736,000
Australia . . .
India
712,000
Oth.Countr’s
230,000 2,074,000 3,695,566
Total____

N e w Y o r k C ity R e a lt y a n d S u r e ty C o m p a n ie s .
_______________________ All prices dollars per share
Bid
Ask
Bid I As* Realty Assoc Bid
Ask
Alliance R'lty 90
95 Lawyers Mtge 178
184
(Brooklyn)
153
159
Amer Surety.
79
83 Mtge Bond.. 118
U S Casualty
170
Bond A M O . 254
258 Nat Surety.. 237
243* U 8 Title Guar 105
City Investing 59
62 N Y Title A
West Chester
Preferred . .
88
91
Mortgage.. 162
167
Title A M G 180
200

ok

nnn

ok

nnn

25,0 0 0

Sept. 12— The Cataract National Bank of Niagara F a lls, N . Y
200 nnn
Correspondent, Glenn S. Hackett, 552 M ain S t ., Niagara
Sept. 16— The Old Point National Bank o f Phoebus, V a ___
Correspondent, L . M . Von Schilling, H am pton, V a . " ‘

50 one

V O L U N T A R Y L I Q U ID A T I O N .
Sept. 12— 10687— The First National Bank o f Oalipatria, C a lif. $100 OOO
Effective Sept. 12 1922. Liquidating agent, W . E . W a l- uu,uo°
ters Oalipatria, Calir. T o be absorbed b y the Imperial
Valley Bank o f Brawley, Calif.
A u c t i o n S a l e s .— A m o n g o th e r s e c u r itie s , th e fo llo w in g ,
n o t u s u a l l y d ea lt i n at the S tock E x c h a n g e , w e r e r e c e n t l y s o l d
a t a u c t io n in N e w Y o r k , B o s t o n a n d P h ila d e lp h ia :
B y M e s s r s . A d r ia n H . M u lle r & S o n s, N e w Y o r k :
Shares. Stocks.
Price. Shares. Stocks.
price
857 Rock wood A Co., pref. $56 per sh.
170 Railway Stor. Batt. Car, pf. 13280
90 Rockwood A Co., com__Jl persh.
340 Railway Stor Bat.Car.com. J lot
10 Broadway Central Bank.
400 Atlantlc-Loboe Co., common
3129J* persh.
39K per sh.
200 American Nickel, 310 each. .38 lot
100 Savannah River LumberCo)
Bonds.
pref. v. t. c........................)38per 327.000 Huntington Water-Works
80 Savannah River Lumb. Co. I share
Co. 5s, April 1 1941, 3500 each. 3600
com. v. t. c., as bonus___J
10 bonds Algoma Central Term.,Ltd.
50 Sanseal Corp., com., no par$25 lot
1st 5s, Aug. 1 1962......... .......... 3925 lot
12 Brown-Spln-Wrlght Co., no
£1,000 Algoma Central Term., Ltd.,
par.................................__ J22 lot
1st 5s, 1962, trust ctf............... $900 lot
30.000 Congress Oil Co........... ........ $10 lot 35.000 Interest In J. Alex DIngwalls,
20.000 Stellar Petroleum____10c. persh..
... __________
Inc.,
dated July 12 1920............$1,005
B y M e s s r s . W is e , H o b b s & A r n o ld , B o s to n :
Shares. Stocks.
price Shares. Stocks.
Price.
®
Nat. Bank, Boston.320)^-321 ’ 5 Llggett’s International. Ltd., p f. 5554
10 Electric Boiler Corp___
75c. 1 American Mfg. Co., common...10054
3 U. S. Envelope Co., pre'f-.IIIIIllO H
2 AmerlcanMfg.Co..pref ,ex-div. 83)4
5 Boston Insurance C o .. .
450
5 American M fg. Co., com m on...103H
10 Draper Corp., ex-div_______ I I Il6 9 H ,
B y M essrs. R . L . D a y & C o
Shares. Stocks.
Price.
7 National Shawmut Bank
254
10 Merchants National B ank.. 285
1 Webster A Atlas Nat. Bank
200
8 International Trust Co., ex-dlv.303
10 American Trust Co___________ 333
1 First Nat. Bank, Yarm outh... 13554
£ ~ cU Manufacturing C o .. 165
10 Hill Manufacturing Co. rights. 17c.
50 Nashawena Mill rights_______ 10c.
6 Lowell Bleachery_______
15854
3 Androscoggin Mills________
14054
® rej*t Fa,ls Manufacturing C o. 85
100 U. S. Worsted Co
10c
5 Nashua A Lowell R R _____ III 130 ’
10 Glnter A Co., pref_____ _
1054
JO £ onvefse Rubber Shoe pr'efl”
954
Roston Railroad Holding, pref. 42
, i brary Rureau pref. B, ex-dlv_ 10254
10 Mass. Lighting Cos. 6% pref
82

., B o s to n :
Shares. Stocks.
Price.
25 Fitchburg Gas A Electric C o .. 8354
2 Puget Sd. Pow. A Lt. 6 % pref. 8254
1 Puget Sd. Pow. A Lt. prior pref.10654
5 F..H. Roberts Co., pref......... .. 60
2 International Text Book Co__ 6654
2 Graton A Knight Mfg. Co. pref. 6054
17 Hood Rubber Co., pref.. 10154-101 54
40 American Steam Packing C o .. 40
1 Fitchburg Gas A Electric C o .. 8354
. 8 Massachusetts Real Estate C o. 36
10 Boston Investment Co_______ 3754
10 Graton A Knight Mfg. Co., pf. 6154
25 Wm. Whitman A Co., pref.9854-99 54
3 Hood Rubber Co., pref.......... ..10154
Bonds.
Per cent.
3100 Eastern Mass. St. Ry. ref. 6s,
Jan. 1929, Series S C ______ 9854 A Int.
$1,000 Northern Ontario Light A
Power Co., Ltd., lstM . 6s,Apr. ’31 8854

B y M e s s r s . B a r n e s & L o fla n d , P h ila d e lp h ia :
Shares. Stocks.
.
price Shares. Slocks.
Price.
50 w itle Schuylklll R R. A Coal Co 4254
1 Pennsylvania Academy of the
40 Mine Hill A Schuylkill Haven
Fine Arts...................................25
Railroad C o ._____
52
, 10 Octavie Hill Association................... 5
59 Phi la., Germantown A No’rris50 Curtis Publishing C o., pref____ 11754
town Railroad_____
12354
1 Victory Ins.......................
103
43 Frankford Trust Co
181
5 Millville Gas Light Co_________ 50
1 Sea View Golf Club___ II
52
4 Fire Association of Phita............33054
State Bank of Philadelphia..!. 45
63 American Pipe A Construction. 18
10! 8 u.aker CRy National Bank. 14454
13 Phlla. Life Insurance Co________1054
5 Belmont Trust Co.................... 6054 122 Huntington A Broad Top
J54 Rights to subscribe Cheltcn
Mount. RR. A Coal Co., pref___1854
Trust Co................................. 30
6 . Philadelphia Bourse, common. 1054
54 Rights to subscribe Chelten
5 Philadelphia Bourse, pref......... 2554
Trust Co__
1554
5 Metropolitan Trust C o l” ” ” 61
Bonds.
Per cent.
W Quarryvllle (Pa.) Nat. B an k ..250
31.000 Monongahela St. Rys. 5 s .. 8154
4 Keokuk, Des Moines Ry. Co..pf 19
310.000 American Railways 5s____75
tv
m
^
D IV ID E N D S .
D iv id e n d s a r e g r o u p e d in tw o s e p a r a te t a b le s .
I n th e
n r s t w o b r in g to g e t h e r a ll th e d iv id e n d s a n n o u n c e d t h e c u r ­
ren t w eek .
T h e n w e fo llo w w ith a s e c o n d t a b le , in w h ic h
w e s n o w th e d iv id e n d s p r e v io u s ly a n n o u n c e d , b u t w h ic h
h a v e n o t y e t b e e n p a id .

T h e d iv id e n d s a n n o u n c e d th is w e e k a re :

Tnllnt a. B f ,,r°ads (Steam).
Joliet A Chicago (quar.)______________
Oct. 2 ♦Holders of rec. Sept. 23
Kansas City Southern, pref. (quar.).
1
Oct. 16 Holders of rec. Sept. 30
Lackawanna r r . 0f n . J. ( q u a r .) ....”
1
Oct. 2 Holders of rec. Sept. 8a
Minneapolis St. Paul A S. Ste. M a r ie Leased lines
2
Oct. 1 Holders of rec. Sept. 20
Newark A Bloomfield................
3
Oct. 2 Holders of rec. Sept. 22a
Northern Pacific (q u a r.)IIIII.I........... I * 1 K Nov. 1 ♦Holders of rec. Oct. 2
c i m o T 11 RR" of Now Hampshire (quar.)
l h Oct. 2 Holders of rec. Sept. 11
Old Colony (quar.)
1 H Oct. 2 Holders of rec. Sept. 16
Er° ^ .<,en5? * Worcester '('q 'u 'ir'.j 1111111
2J4 Sept. 30 Holders of rec. Sept. 13
Reading Co., common (q u a r.)............... *31
Nov. 9 ♦Holders of rec. Oct. 17
Reading Co., 2d pref. (quar.)r_______ 1_
50c Oct. 12 Holders of rec. Sept. 26
Vermont A Massachusetts..r . . . _____
3
Oct. 7 Sept. 14 to
Oct. 6
Warren__
3 V* Oct. 16' Holders of rec. Oct. 4a

Cln. & Ham. Trac., com. (quar.)--------Preferred (quar.).................................
Columbus Elec. & Pow., com. (No. 1)-Flrst pref., series A (No. 1)-------------Second pref. (No. 2) ------- -----------------Columbus R y . Pow. & L., pref. A (quar.)
Duquesne Light, pref. (quar.)................
Elmira Water Light & UR 1st pf. (qu.)Second preferred (quar.).......... - .........
Mancheater Trac., L ight* Pow. (quar.)
Philadelphia Co., com. (quar.)........ —
6 % cum. preferred--------------------------Philadelphia Rapid Transit (quar.)------Philadelphia & Western, preferred........
Portland Ry. Pow. & L., 1st pref. (qu.).
Prior preference (quar.)----------------------

Ridge A ve. Pass. R y., Phila. (quar.)-----Savannah Elec. * Power, pref----Debentures, first preferred (quar.) —
Washington Water Pow., Spokane (qu.)
West Penn Power, preferred (quar.)----Banks.
American Exchange National (quar.) —
Colonial (quar.)------- -------------------------Fifth Avenue (quar.)--------------------------Fifth National (quar.)............... .............
Garfield National (quar.)---------- --------Gotham National (quar.)-------------------Hanover National (quar.)-------------------Irving National (quar.)----------------------Mechanics (Brooklyn) (quar.)-------------Mechanics* Metals (quar.)----------------Mutual (quar.)______________________
Nassau National (Brooklyn) (quar.)----New Netherland (quar.)---------------------New York (Bank of) & Trust Co---------Park, National (quar.)---------------------------

Trust Companies.
Bankers (quar.)_______________
Brooklyn (quar.)______________
Central Union (quar.)--------------Columbia (quar.)______________
Empire (quar.)________________
Equitable (quar.)______________
Fidelity-International (quar.) —
Metropolitan (quar.)----------------New York (quar.)______________
Peoples (Brooklyn) (ouar.)--------Title Guarantee * Trust (quar.).
M lscella n eou s.

Acme Road Machinery, pref. (quar.)--Adirondack Pow. & Lt. 7% pref. (quar.)
Eight per cent preferred (quar.)..........
Alabama Power, preferred (quar.)--------All America Cables (quar.)----------------Amalgamated Oil (quar.) — . . . — - - - Amrrl an Cyanamld, preferred (quar.)..
American Gas---------- ------- ----------------Amer.-Hawallan SS. (q u a r .)-----------Amer. Lace M a n u fa ctu rin g (q u a r .) ------Amer^LaundryMVe'hlnery" pref (ouar.)
Amer. PenumaticTool, 1st pref. (quar.).
American Rolling Mill, pref (quar.)----American Screw (quar.) ------' - - - - - - t American Seeding Machine, com. (qu.).
Preferred (ouar.)-----------------Amer. Shipbuilding, pref. (quar.).
American Surety (quar.)------------Arlington Mills (quar.)............ -Babcock & Wilcox Co. (q uar.).-Barnet Leather, preferred (quar.)
Bayuk Bros., Inc., 1st & 2d pref. (quar.)
Beatrice Creamery, common (quar.)----Preferred (quar.) .............. - - - - Preferred (quar.)
Bessemer i in c, Ston e* ( nnt■. P X1 ■
Billings & Spencer Co., pref. (quar-;
Boston Sand & Gravel, pref. (quar..
First preferred (quar.)--- — ---■
Brier Hill Steel, preferred (quar.)..
British Amer. Oil, Ltd. (quar.)----Brooklyn Borough Gas (q u ar.)----Burt (F. N.) Co., common (quar.).........
Preferred (quar.)---------------------------Cadet Knitting, common........................
First preferred (quar ) - - - - - - - - - -----Calif. Elec. Generating, pref. (<&-)----■
Canada Cement, Ltd., common (qu ■)
Canadian Cottons, Ltd., common (quar.
_ Preferred (quar
Preferred (quar.)---------- - ­
Canfield Oil, common (quar.)Carey (Philip) Mfg. Co., prci. iqm»./Cartier, Inc., preferred (quar.) - - - - - - Casey-Hedges C o., preferred (quar.j-Cement Securities (quar.)-----------------Champion Coated Paper, pref. w u r -iChic. Jet. Rys. & Un. S. Y .. com- «iu.)
Preferred (quar.)-------------------------Chicago Morris Plan (quar.) — ---------Chicago Ry. Equipment (quar.)-------Cincinnati Gas & Electric (quar.).........
Cln. & Sub. Bell Telcp. (quar.)- - - - - - Cities Service—
.
Common (mthly, pay in oas? ®c/ ‘ 7nV
Common (payable in com. stk. sc pt
Pref. and pref. B (payable in casn)--.
City Investing, preferred (quar.)--------Clinchfleld Coal, common-----------------Colorado Power, common (q u a r ./----Commonwealth Gas & Elec., pr
Consolidated Royalty (quar.)-Cornell Mills (quar.)-------------E xtra_________________ - - Consumers Gas (Toronto) (quar.).
Common (extra)-----------------Preferred (quar.)---------------Cosden & Co., common (quar.).
Craddock-Terry, com. (quar.) —
Preferred (quar.) Cuban Telephone, co
Davol Mills (quar.).
Detroit Creamery (quar.)----Dixie Terminal, nref




Books Closed.
Days Inclusive.

Name of Company.

Per
Cent.

Books Closed.
Days Inclusive.
1

Street and Electric Railways,

When
Per
Cent. Payable.

Si

Name oj Company.

Miscellaneous (Continued).
Oct. 2
Dodge Mfg., pref. (quar.)---------- --------- *2
Driver-Harris, preferred (quar.)............
XX Oct. 1 Sept. 22 to Sept. 30
Eagle-Picher Lead, pref. (quar.)---------XX Oct. 16 Oct. 7 to Oct. 15
Sept. 30
2
Electrical Securities Corp., com. (quar.)XX Nov. 1
Preferred (quar.)---------------------------Oct. 10 •
Equity Petroleum Corp., pref. (quar.).. *3
Fairbanks, Morse & Co., common--------- 75c. Sept. 30
Oct. 2
2
Fall River Electric (quar.)......................
Oct. 1
2
Federal Oil, pref. (q u a r .)................... - ­
XX Oct. 1
French Bro3. & Bauer Co., pref. (quar.).
General Fireproofing, com. (quar.)........ *XX Oct. 2
13
ILL.
Preferred (quar.)------- --------------------- *XX Oct. 2 *
21 to
Sept.30
2X Sept. 30
Gibson Art Co., com. (quar.)------- -------21
to
Sept.30
Sept.
30
XX
Preferred (quar.)---------------------------rs
of
rec.
Sept. 1
Oct. 2 *
Great Lakes Steamship (quar.)------------ •2
!1 to
Oct. 2
GreatLakcsTowing.com. (quar.).........
x x Sept. 30 ___
Sept.
21
to
Oct.
2
Oct.
2
XX
Preferred (quar.)----------------------- - —
of rec. Sept. 15a
Greenfield Tap & D le6% pref. (quar.)..
XX Oct. 2 Holders
x x Oct. 1 Holders of rec. Sept. 20
Gruen Watch, pref. (quar.)............ - .......
►Holders of rec. Sept. 20
Gulf OH Corp. (quar.)---------------- ------- * x x Oct. 1 Sept. 24 to
Sept. 30
Oct. 1
X
Hamilton-Brown Shoe, com. (quar.)----rs of rec. Sept. 18
Sept.
30
Harrisburg Light & Power, pref. (quar.).
XX
19 to
Oct. 1
Hartford City Gas L., com. & pf. (q u .).. 50c. Sept. 30 _
Sept. 30
Oct. 1 Sept. 26 to
Heath (D . C .) & C o.. pref. (quar.) - - - - — x x
Oct.
16
to
Oct.
25
Hillman Coal & Coke, 1st pref. (quar.)..
x x Oct. 25
Sept. 21
Oct. 25
3 X Oct. 2 Holders of rec. Sept.
Second preferred (quar. ) -----------------x x Oct. 25 Oct. 16 to
20a
3ct. 1 Holders of rec.
3
Holders
of
rec.
Sept.
22
Oct.
7
k
1
Oct. 2 Holders of rec. Sept. 30a Hollinger Cons. Gold Mines, L td ...........
6
29 to
Sept. 30
Holt, Renfrew & Co., pref. (quar.).........
XX Oct. 1 Sept.
Oct. 1
Sept. 24 to
Oct. 1
2X Oct. 2 Sept. 26 to Sept.
3
Sept.
30
Home
Title
Insurance
(quar.)----26a
Sept. 30 Holders of rec.
3
29
Hooven, Owens, Rentschler Co., pf .(qu.)
XX Oct. 2 Sept. 21 oftorec. Sept.
Oct. 1
Oct. 1 Sept. 29 to
3
Sept. 15
Houston G a s* Fuel, pref. (quar.)--------XX Sept. 30 Holders
Oct. 1
Oct. 2 Sept. 21 to
6
Sept.
17
to
Oct.
1
Oct.
2
XX
pref. (quar.)----- - - - — - - ­
Oct. 2 Holders of rec. Sept. 22a Howe Scale, Devel.
3
Holders of rec. Sept. 23
& Gas, pref. (quar.).
x x Oct. 2 Holders of rec. Sept. 22a
3
Oct. 1 Holders of rec. Sept. 16a Huntington
Oct.
2
2
Independent
Pneumatic
Tool
(quar.)
—
Sept.
23a
Oct. 2 Holders of rec.
5
Nov. 15 Holders of rec. Oct. 20
2
Oct. 2 Holders of rec. Sept. 25a Indiana Pipe Line (quar.)-------------------5
Oct. 2 Holders of rec. Sept. 23
2
Interlake Steamship (quar.)----------------Oct. 2 Holders of rec. Sept. 28
3
Oct. 2 Holders of rec. Sept. 23
1
E xtra_____________________________
Oct. 2 Sept. 26 to Oct. 1
2
International Shoe, common----------------- •50c. Oct. 1
Oct. 16 Holders of rec. Oct. 10
5
Oct.
1
♦SI
Preferred
--------------------------------------Sept.
25
Holders of rec. Sept. 30a
Oct. 2 Holders of rec.
6
Internat. l’clcp. & Teleg. (quar.)---------XX Oct. 16
‘ rs of rec. Oct. 2
Oct. 16
Jones Bros. Tea, common-------------------- •SI
►Holders of rcc. Sept. 22
Oct.
2
•
x
x
Sept.
22a
Preferred
(quar.)-----------------—
Oct. 2 Holders of rec.
5
Holders
of rcc. Sept. 2U
K. C. Clay Co. & St. J. Co., pf. (q u .)-- XX Oct. 2 Holders of
Oct. 2 Holders of rec. Sept. 27
6
rec. Sept. 21
Sept. 21a Kansas Gas & Elec., pref. (quar.)--------XX Oct. 1 Holders of rec. Sept. 20a
5 X Oct. 2 Holders of rec. Sept. 20a Kay nee Co., pref. (quar.)........ ...............
Oct.
1
xx
Sept.30 Holders of rec.
4
Holders
of
rec. Sept. 27a
Oct. 2
Sept. 29 Holders of rec. Sept. 23a Kayser (Julius) & Co., pref. (quar.)------ $2
3
Holders of rcc. Sept-. 20a
XX Oct. 2 Holders of rec. Sept. lJa
Sept. 30 Holders of rec. Sept. 22a King Philip Cotton Mills (quar.)............
4
Oct.
2
Laurel Lake Mills, pref. (quar.)..............
2
Oct. 1
2 X Sept. 30 Sept. 23 to Sept.
Sept. 30 Holders of rec. Sept. 22a
22a Lawton Mills Corp. (quar.)................ .
2
Sept. 30 Holders of rec.
4
Lawyers Mortgage (quar.)...................... •2X Oct. 2 ►Holders of rcc. Sept. 22
Sept. 30 Sept. 21 to Oct. 1
5
Sept. 21 to Oct. 1
Liberty Steel, pref. (quar.)------------------XX Oct. 1 Holders of rec. Sept. 20a
Sept. 30 Holders of rec. Sept. 29
5
x x Oct. 2 Holders of rec. Sept. 30a
Sept.30 Holders of rec. Sept. 22a Long Island Lighting, pref. (quar.)------4
Oct.
14
MacAndrews & Forbes, common (quar.)
2X
Holders of rec. Sept. 30a
Preferred (quar.)__________________
XX Oct. 14
Magor Car Corporation, common (qu.) - 25c. Sept. 30 Holders of rec. Sept. 25a
Oct. 1 Sept. 24 to Sept. 30
2
Holders of rec. Sept. 25a
Sept.
30
Preferred
(quar.)__________________
XX
I X Oct. 2 Sept. 20 to Oct. 1
Manlschewitz Co., pref. (q u a r.)............
XX Oct. 1
Oct. 2 Sept. 20 to Oct. 1
2
Sept.
30
Manning,
Maxwell*
Moore,
com.
(qu.).
1
Holders
of
rcc.
Sept.
30
1X Oct. 1
Mass. I.ighttng Cos. 6% pref. (quar.) —
XX Oct. 18 Holders of rec. seyv.
* \ x Oct. 14 ►Holders of rec. Oct. 2
Oct. 16
Eight per cent pref. (quar.)------2
*75c. Oct. 16 ►Holders of rec. Sept. 30
Holders of rec. Sept. 20a
Maverick
Mills,
pref.
(quar.)------Holders
of
rue.
Sept
25a
XX Oct. 2
1 X Oct. 2
of rec. Sept. 15
McCall Corporation, 1st pref. (quar.) — •XX Oct. 1 ►Holders
Oct. 2 Holders of rec. Sept. 20
1
Holders of rec. Sept. 23a
Merchants*
Miners
Transportation
(qu)
Sept.
30
2
Holders
of
rec.
Sept.
20a
37Hc. Oct. 2
Holders of rec. Sept. 27a
Oct.
2
Mexican
Investment
Co.,
Inc.,
pref----4
Holders
of
rec.
Sept.
20a
.
» __ Cnnt XII
Oct. 1
2
20
Oct. 1 Holders of rec. Sept. 20a Michigan G a s * Electric, pref. (quar.).. •XX Oct.
2
Prior lien stock (quar.)-----------------5 to Oct. 14
• x x Oct. 15
1X Oct. . 14 i >,-t
Oct.
16
Michigan
Limestone
&
Chem.,
pf.
(qu.)
XX
$1.75 Sept. 30 Holders of rec. Sept. 23a
Midland Securities (quar.)...................
2X Sept. 30 ►Hol lers or rec .nuv. iv
IX Oct. 15 Holders of rec. Sept. 30
>ec. 1
*2
Miner Rubber, pref. i iuar.)........ .........
*1X Oct. 2 ►Holders of rcc. Sept. 23
Holders of rec. Sept. 22a
Mississippi River Power, pref. (quar.)-XX Oct. 2 Sep
Oct. 15 Holders of rec. Sept. 30
1
. 26 to Sept. 30
>ct. 1
Mohawk Rubber, pref. (quar.)..............
XX
IX Oct. 15 Holders of rec. Sept. 30
Holders of rec. Sept. 19a
Oct.
2
St
Monomac
Spinning
(quar.)----------------Holders
of
rec.
Oct.
14
IX Nov. 1
Holders
of rec. Sept. 23a
Oct.
2
Monatiquot Rubber Works, pref. (qu.).
xx
2X Sept.30 Holders of rec. Sept. 23a Montreal Telegraph (quar.)--------------Oct. 16 Holders of rec. Sept. 30
2
2
Oct. 2 Holders of rec. Sept. 19a
Holders of rec. Sept. 25a
Sept.
30
2
Mortgage-Bond
Co.
(quar.)--------------IX Nov. 1 Holders of rec. Oct. 16a
of rec. Sept. 26
XX Oct. 2 Holders
2
Oct. 1 Holders of rec. Sept. 20a Nashua Mfg., pref. (quar.)....................
Sept.21 to Sept. 26
National Candy, common----- - - - - - - - ­
2X Oct. 5
I X Oct. 1 Holders of rec. Sept. 29
Oct.
14
2
National
Paper
&
Type,
com.
&
pf.
(qu.)
Oct. 15 Holders of rec. Sept. 30a
2
Newton Steel, common (quar.).—
•XX Oct. 1 'Holders Oi rec. oeyv.
4
Oct. 2 Sept. 21 to Oct. 1
•XX Oct. 1
Preferred (quar.)-------------------XX Oct. 2 Sept. 21 to Oct. 1
Oct. 2 Holders of rec. Sept. 27a
5
New England Fuel OH---------------»4c. Oct. 10 ►Holders of rec. Sept. 30
Oct. 2 Holders of rec. Sept. 22
2
N.
Y.
Title
&
Mortgage
(quar.)...
•Holders
of
rec.
Sept.
30
Oct.
14
•XX
Oct.
16 Holders of rec. Oct. 2a
50c.
New
York
Transportation
(quar.).
• x x Oct. 1 * oilers of rec. Sept. 2 )
Nov. 1
Oct. 2 Holders of rec Sept. 20a Northern States Power, common (quar.) *2
2
Oct. 20
•XX
Preferred
(quar.)---------------------------Holders
of
rec.
Sept.
22a
Oct.
1
xx
XX Oct. 2 Sept. 16 to Oct. 2
Oct. 1 Holders of rec. Sept. 22a Norton Company, pref. (quar.)..............
2
Oct. 2 Holders of rec. Sept. 22
3
Ogllvie Flour Mills, common (quar.)----XX Oct. 1 Sept. 21 to Oct. 1
Oct. 2 Holders of rec. Sept. 22
10
Common
(bonus).................................
Holders
of
rec.
Sept.
27
50c. Oct. 2
of rec. Sept. 20
Oct.
1 Holders
XX
__„ e ___
90/1
Oct. 10 Holders of rec. Sept. 30a Ohio Bell Telephone, preferred (quar.)..
2
Oct.
15
SI
Ohio
Brass,
common
(quar.)----------------Sept.
20
to
Sept.
30
Oct.
1
xx
Oct.
15
Preferred
(quar.)..............
...................
XX
2 X Oct. 2 Holders of rec. Sept. 19 <
15
XX Oct. 2 Holders of rec. Sept. 19* Ohio Fuel Supply (quar.)........................ 122 X Oct.
Oct. 15
Extra (payable in Victory 4 X % bds.).
25c. Oct. 2 Holders of rec. Sept. 15
Open Stair Companies (quar.)................
XX Sept. 30
Oct. 2 Holders of rec. Sept. 15
2
Oct. 16
2
XX Oct. 2 Holders of rcc. Sept. 15a Otis Elevator, common (quar.)..............
Preferred (q u a r.).................. ...............
XX Oct. 16
x x Oct. 16 Holders of rec. Sept. 30a
XX Oct. 1
Oct. 4 Holders of rec. Sept. 26a Ottawa Light, Heat & Pow. (quar.)----2
Pacific Gas & Elec., common (q u a r.)...
x x Oct. 16
x x Oct. 4 Holders of rec. Sept. 26a
Nov. 15
2
XX Oct. 30 Holders of rec. Sept. 3ca Penmans, Ltd., common (quar.)............
Preferred (q u a r.)------- --------------------XX Nov. 1
x x Oct. 15 Holders of rec. Sept. 30a
Pennsylvania
Salt
Manufacturing
(quar.)
Oct. 14
2X
4
to
Oct.
Sept.
21
“
'
Sept.
30
XX
Peoples Gas Light & Coke (quar.)-------- $1.25 Oct. 17 'Holders oi reu.
XX Sept. 30 Sept. 21 to Oct. 4
of rec. Sept. 25a
Pittsburgh Rolls Corp., pref. (quar.).__
XX Oct. 1 Holders
Oct.
___ _2
XX Sept. 30 Sept. 21 to
Holders of rec. Sept. 30a
Oct.
1
2
Pittsfield
Lime
&
Stone,
pref.
(q
u
a
r.)...
►Holders
of
rec.
Oct.
16
Oct.
31
*xx
Oct. 1 Holders of rec. Sept. 20a
1
Rico Telephone, common (quar.).
XX Oct. 1 Holders of rec. Sept. 25a Porto
Oct. 1 Holders of rcc.
1
Common (extra).................................
Oct. __
Oct.
1 Holders of rec. Sept. 20a
4
Preferred
-----------------------------—
Oct. __
Oct. 14 Sept. 24 to Oct- 11
2
& Gamble, 8% pref. (q u a r.)...
XX Oct. 1 Holders of rec. Sept. 20a Procter
Oct. 2 Holders of rec. Sept, loa
Public
Utilities
Corp.,
pref.
(quar.)----XX
Holders
of
rec.
Oct.
1
Sept.
15
2X
Oct. 2 Holders of rec. Sept. 14a
2
Richard Borden Manufacturing (quar.).
XX Oct. 1 Holders of rec. Sept. 15
of rec. Sept. 22
Roblnson (Dwight P.) & Co., 1st pf. (qu.) •XX Oct. 1 ►Holders
XX Oct. 1
Oct. 2 Holders of rcc. Sept. 20
Rogers
(Wm.
A.)
Co.,
pref.
(qua
.)----XX
Sept.
21
•Holders
of
rec.
Oct.
2
►
Holders of rec. Sept. 25
*2
Oct.
2
*2
St
Louis
Nat.
Stock
Yards
(quar.)----Holders of rec. Sept. 21
XX Oct. 1 Sept. 15 tc Sept. 21
Safety Car Heat & Ltg. (quar.)............
XX Oct. 2 Holders of rec. Sept. 23
Oct. 2 Sept. 22 to Sept. 30
2
Oct. I
5
Sept. 30 Holders of rec. Sept. 20a Scovill Mfg. (quar.)-------------------------2
Sept. 27 to Sept. 30
Shawlnlgan Water & Power (q u a r.)...
XX Oct. 10 Holders
rec. Sept. 20a
Shawmut Mills Corp., common (quar.).
XX Sept. 30 Holders of
of rec. Sept. 20a
X Nov. 1 Holders of rec. Oct. 15
Sept. 30
XX
Preferred
(q
u
a
r.).-................
...........
Sept.
21
to
Oct. 1
XX Nov. 1 Holders of rec. Oct. 15
Oct.
2
2
Shredded Wheat, common (quar.).........
Nov. 1 Holders of rec. Oct. 15
XX Oct. 2 Sept. 21 to Oct. 1
Preferred (q u a r.).............. ........... .
XX Oct. 2 Holders of rec. Sept. 26
Sept. 30 Holders of rec. Sept. 25
3
First preferred (qu ar.)...
X Oct. 16 Holders of rec. Sept. 13
2
Second preferred (quar.).
50c. Oct. 2 Holders of rec. Sept. 15a
Second preferred (extra) .
XX Oct. 15 Holders of rec. Oct. 2a
•XX Oct. 15
•Holders
of
rec,
Oct.
15
Oct.
20
*3
XX Oct. 2 Holders of rec. Sept. 20a
Oct. 2 Holders of rec. Sept. 19a Tecumseh Mills (quar.)---------------------2
XX Oct. 1 Holders of rec. Sept. 20a
2
Oct. 2 Holders of rec. Sept.19a Thayer-Foss Co., preferred (quar.)-----Oct. 21 •Oct. 1 to Oct. 8
*5
Tonopah
Mining-------------------------------Sept.
10
to
Oct.
1
x x Sept. 30
*
2
X Oct. 21 •Oct. 1 to Oct. 8
Extra ................ .............. ....... ........ ..
2 X Oct. 2 Holders of rec. Sept. 15a Transue & Williams Steel Forge (quar.)
50c. Oct. 10 Holders of rec. Sept, 30a
Oct. -•SI
Oct. 2 Holders of rec. Sept. 25a
2
*50c Oct. -25c. Oct. 1 Sept. 21 to Oct. 1
Trumbull Steel, common (quar.)---------Oct.
-­
*XX
XX Oct. 1 Sept. 21 to Oct. 1
Preferred (quar.) ............ ........... .........
Holders
of
rec.
Oct.
3a
Nov.
1
SI
Union Natural Gas (quar.)---------- ------- *2 X Oct. 10 •Holders of rec. Sept. 30
Sept. 30 Sept. 16 to Oct. 1
3
XX Sept. 30 Holders of rec. Sept. 20a
Union Twist Drill, preferred (quar.)----• x x Oct. 10 •Holders of rec. Oct. 1
United Alloy Steel, common (quar.)----- *50c Oct. 10 •Holders of rec. Sept. 25 t
•Holders
of
rec.
Oct.
1
*50c. Oct. 10
XX Oct. 2 Holders of rcc. Sept. 21a
United
Uti
itles,
preferred
(quar.)-------XX Oct. 16 Oct. 1 to Oct. 16
50c Oct. 15 Holders of rec. Sept. 30
U. S. Can, common (quar.)-----------------XX Oct. 2 Holders of rec. Sept. 25
Oct. 15 Holders of rec. Sept. 30
XX
Preferred
(quar.)...............................
XX Oct. 2 Holders oi rec. Sept. 20a U. S. Industrial Alcohol, pref. (quar.)...
XX Oct. 16 Holders of rcc. Sept. 30a
Oct. 1 Sept. 21 to Oct. 1
3
Oct. 1
Oct. 1 Holders of rec. Sent. 15a Waring Hat Manufacturing, pref. (qu.) . 2

Oct. 1
1
XX Oct. 1
Oct. 2
2
XX Oct. 2
IX Oct. 2
I X Oct. 2
I X Nov. 1
IX Sept. 30
I X Sept. 30
Oct. 16
2
75c Oct. 31
SI.50 Nov. 1
75c Oct. 31
62 Xc. Oct. 14
1X Oct. 2
I X Oct. 2
Oct. 2
S3
Oct. 2
3
Oct. 2
2
I X Oct. 14
I X Nov. 1

m

Sept. 21 to Oct. 1
Sept. 21 to Oct. 1
Holders of rec .Sept. 25a
Holders of rec . Sept. 25a
Holders of rec . Sept. 25a
Holders of rec . Sept. 15a
Holders of rec . Oct. 1
Holders of rec . Sept. 21
Holders of rec . Sept.21
Holders of rec:. Oct. 2
Holders of rec Oct. 2
Holders of rec . Oct. 1
Holders of rec . Oct. 16
Holders of rec. Sept. 30
Holders of rec. Sept. 21
Holders of rec. Sept. 21
Sept. 16 to Oct. 1
Holders of rec. Sept. 21a
Holders of rec. Sept. 21a
Holders of rec. Sept. 25
Holders of rec. Oct. 16

Name of Company.

Per
When
Cent. Payable.

Miscellaneous (Concluded) .
West Coast Oil (quar.)............................. * SI .50
Western Power Corp., preferred (quar.) ix
2
Western Reserve Cotton Mills, pf. (qu.).
2X
Westmoreland Coal (quar.)----------------White Eagle Oil & Refining (quar.)------- *50c.
*2 5c.
Whitman (William) Co., Inc., pref. (qu.j
IX
2
Will & Baumer Candle, pref. (quar.)----Wisconsin Pow., Lt. & Ht., pref. (quar.) •IX

Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.

5
15
2
2
10
10

2
2
20

Books Closed.
Days Inclusive.
♦Holders of rec. Sept. 30
Holders of rec. Sept. 30a
Holders of "ec. Sept. 25a
Sept 20 to Oct. 2
♦Holders of rec. Sept. 30
♦Holders of rec. Sept. 30
Holders of rec. Sept. 19 a
Holders of rec. Sept. 22a
♦Holders of rec. Sept. 30a

B e lo w w e g iv e t h e d iv id e n d s a n n o u n c e d in p r e v io iis w e e k s
a n d n o t y e t p a id .
T h is lis t d o es n o t in c lu d e d iv id e n d s
a n n o u n c e d t h is w e e k .
Name of Company.

Per
When
Cent. Payable.

Railroads (Steam).
Atchison Topeka & Santa Fe. com. (qu.)
IX
50c.
Beech Creek (quar.)---------------------------Boston & Albany (quar.)---------------------2
Buffalo & Susquehanna, com. (quar.)__
IX
Canadian Pacific, common (quar.)____
2 'A
2
Preferred__________________________
2
Cleve., Ctn., Chic. & St. L ., com _____
Preferred (quar.).............. ...................
IX
3
Cuba R R „ preferred.......... ............... .....
Lehigh Valley, common (quar.)________ 8 7X c
Preferred (quar.)__________________
$1.25
Louisiana & North West (No. I )_______
IX
New York Central RR. (q u a r.)..........
IX
New York Chicago & St. Louis—
C om m on............ ............. .......... .........
IX
C om m on_______________ _____ _____
IX
First preferred (quar.)______________
1>1
First preferred fquar.)______________
IX
Second preferred (quar.)____________
IX
Second preferred (quar.).......... ...........
IX
N . Y. Lackawanna & Western (quar.)..
IX
Philadelphia & Trenton (quar.)________
2X
Pittsburgh Bessemer & Lake Erie, pref..
IX
Plttsb. Ft. W ayne* Chic., com. (quar.)
IX
Preferred ( q u a r .) . .__ __ _________
IX
Plttsb. & West Virginia, pref. (quar.)..
IX
Southern Pacific Co. (quar.)____ _____
IX
2
Southern R y., M . & O. stock trust ctfs..
Union Pacific, common (quar.)..............
2 ij
2
Preferred__________________________
United N. J. RR * Canal Cos. (quar.). .
2X
Western Pacific RR. Corp., pref. (quar.)
IX

Books Closed.
Days Inclusive.

Dec. 1
Oct. 1
Sept. 30
Sept. 30
Sept. 30
Sept.30
Nov. 1
Oct. 20
Feb 15'23
Oct. 3
Oct. 3
Oct. 1
Nov. 1

Holders of rec. Oct. 27a
Holders of rec. Sept 15a
Holders of rec. Aug. 31a
Sept. 16 to Oct. 1
Holders of rec. Sept, la
Holders of rec. Sept. 1
Holders of rec. Sept. 29a
Holders of rec. Sept. 29a
Holders of rec. July 20a
Holders of rec. Sept. 16a
Holders of rec. Sept. 16a
Holders of rec. Sept. 15
Holders of rec. Sept. 29a

Sept.30
Dec. 30
Sept. 30
Dec. 30
Sept. 30
Dec. 30
Oct. 2
Oct. 10
Oct. 1
Oct. 1
Oct. 3
Nov. 29
Oct. 2
Oct. 1
Oct. 2
Oct. 2
Oct. 10
Oct. 20

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

Sept. 19a
Dec. 19a
Sept. lWa
Dec. 19a
Sept. 19a
Dec. 19a
Sept. 14a
Oct. 11
Sept. 15
Sept. 9a
Sept. 9a
Nov. la
Aug. 31a
Sept. 15a
Sept, la
Sept, la
Sept. 30
Oct. 10a

Street and Electric Railways.
Asheville Power & Light, pref. (quar.).
I X Oct. 2 Holders of rec. Sept. 18
Bangor Ry. & Electric, pref. (quar.)___
I X Oct. 1 Holders of rec. Sept. 9
Boston Elevated Ry., com. (quar.)____
I X Oct. 2 Holders of rec. Sept. 16
Second preferred....................................
3 X Oct. 2 Holders of rec. Sept. 16
Brazilian Tr. L. & Pow., pref. (quar.)__
I X Oct. 2 Holders of rec. Sept. 15
Capital Traction, Wash., D. C. (quar.)
I X Oct. 1 Holders of rec. Sept. 14
Carolina Power & Light, pref. (quar.)..
I X Oct. 2 Holders of rec. Sept. 18
Cincinnati Street Ry. (quar.)__________
I X Oct. 1 Sept. 17 to Oct. 1
Citizens' Pass. Ry., Phlla. (quar.).......... $3.50 Oct. 1 Holders of rec. Sept. 20a
Cleveland Ry. (q u a r.)..------- -------------I X Oct. 2 Holders of rec. Sept. 13a
Duluth-SuperiorTrac.. pref. (quar.)___ m2
Oct. 2 Holders of rec. Sept. 15!
2
Eastern Texas Elec. Co., com. (quar.)..
Oct. 2 Holders of rec. Sept. 15a
Frankford & Southwark Pass. Ry. (qu.). $4.50 Oct. 1 Sept. 2 to 8ept.30
Illinois Traction, pref. (quar.)................
I X Oct. 1 Holders of rec. Sept. 15a
1
Kentucky Securities, com. (No. 1)______
Oct. 1 Sept. 21 to Oct. 12
Preferred (quar.).. _______________
I X Oct. 15 Sept. 21 to Oct. 12
2
Manila Electric Corp. (quar.)____ _____
Oct. 2 Holders of rec. Sept. 19 z
Market St. Ry.. San Fran., pr. pf. (qu.)
\ x Oct. 1 Holders of rec. Sept. 11a
Monongahela Power & Ry., pref. (quar.) 37X c Oct. 8 Holders of rec. Sept. 26a
New York State Rys., pref. (quar.)___
IX Oct. 2 Holders of rec. Sept. 22a
?i5 Oct. 2 Holders of rec. Sept. 22a
Preferred (acct. accum. dividends)__
2
Northern OhioTr. & Light, pref. (q u .)..
Oct. 2 Holders of rec. Sept. 15a
1
Ottawa Traction (quar.)______________
Oct. 2 Holders of rec. Sept. 15
Philadelphia Traction________________ $2
Oct. 2 Holders of rec. Sept. 9a
Porto Rico Rys., pref. (quar.)__ . . .
I X Oct. 2 Holders of rec. Sept. 15
Public Service Corp. of N. J., com .(qu.).
I X Sept.30 Holders of rec. Sept. 15a
Preferred (quar.)____ _____________
2
Sept.30 Holders of rec. Sept. 15a
Second * 3d Sts. Pass., Phlla. (quar.).. $3
Oct. 1 Holders of rec. Sept, la
Springfield Ry. & Light, pref. (quar.)__
I X Oct. 2 Holders of rec. Sept. 15a
Tennessee Elec. Power, 6 % pref. (quar.)
I X Oct. 2 Holders of rec. Sept. 20
Seven per cent preferred (quar.)____
I X Oct. 2 Holders of rec. Sept. 20
Trl-Clty Ry. & Light, prof, (quar.)____
I X Oct. 1 Holders of rec. Sept. 20
Twin City Rap. Tr., Mlnneap., pf.(qu.).
I X Oct. 2 Holders of rec. Sept. 15a
United Elec. Rys., Providence (quar.)..
I X Oct. 2 Sept. 16 to Sept. 26
United Light* Rys., panic, pref. (qu.)_
IX Oct. 2 S ept.16 to S ept.17
Flrst preferred (quar.)______________
IX Oct. 2 Sept. 16 to S ept.17
West India Electric Co. (quar.)
I X Oct. 2 Sept. 23 to Oct. 1
Winnipeg Electric R y., pref. (quar.)___
I X Oct. 1 Holders of rec. Sept. 18
Yadkin River Power, pref. (quar.)
I X Oct. 2 Holders of rec. Sept. 18
Banks.
America, Bank of (quar.)_____________
Amer. Exch. Secur. Corp., class A (qu.).
Chase National (quar.)_______________
Chase Securities Corp. (quar.)_________
Chatham & Phenlx Nat. (q u a r.)...........
Coal & Iron National (quar.)__________
Commerce, National Bank of (quar.)__
First National (quar.).............. ...............
First Security C o.....................................
Greenwich (quar.).................... ............ .
Im porters* Traders National (quar.)..
Manhattan Co., Bank of the--------------National City (quar.)..............................
National City Co. (quar.)........................
E xtra_____________________________
Public National (quar.)............................
Seaboard Nat. (quar.)..............................
State (quar.).............................................
United States, Bank of (quar.).................
Trust Companies.
American (quar.)-------------------------------Guaranty (quar.)-------------------------------Hudson (quar.)______________________
Lawyers Title & Trust Co. (quar.)........
Manufacturers', Brooklyn (quar.)--------Extra ___________ __________________
United States (quar.)_________________

3
2

4
$1

4
3
3
5
5
rf3
6

S3
4
2
2

4
3
4
2X
IX
3
2X
IX
3
2

12X

Miscellaneous.
Abltibl Power & Paper, Ltd., pfd. (qu.).
IX
Advance-Rumely Co., pref. (quar.)___
X
Aeolian Company, pref. (quar.)________
IX
Air Reduction (quar.)__ _____ ________ $1
Allied Chem. & Dye Corp.. pref. (quar.)
IX
Allls-Chalmers Mfg.. pref. (quar.)........ .
IX
American Art Works, com. * pref. (qu.]
IX
75c
American Bank Note, pref. (quar.)___
American Beet Sugar, preferred (quar.).
IX
Amer. Brake Shoe & Fdy., com. (qu.)__
SI
Preferred (quar.).
American Can. pref. (quar.)__
IX
Amer. Car & Fdy., common (quar.)___
3
Preferred (quar.).
IX
American Cigar, pref. (quar.) .
IX
American Express (quar.)
$2




Oct. 2
Oc*. 1
Oct. 2
Oct. 2
Oct. 2
Oct. 2
Oct. 2
Oct. 2
Oct. 2
Oct. 2
Oct. 2
Oct. 2
Oct. 2
Oct. 2
Oct. 2
Sept. 30
Oct. 2
Oct. 2
Oct. 2

Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Sept. 16 to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.

Sept. 21a
Sept. 16
Sept. 18a
Sept. 18a
Oct. 1
Sept. 13
Sept. 15a
Sept. 30!
Sept. 30a
Sept. 20a
Sept. 22a
Sept. 23a
Sept. 16a
Sept. 16
Sept. 16
Sept 23
Sept. 22a
Sept. 15a
Sept. 20a

Sept. 30
Sept. 30
Sept.30
Oct.
Oct.
Oct.
Oct.

Holders of rec.
Holders of rec.
Sept. 21 to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.

Sept. 23a
Sept. 15a
Oct. 1
Sept. 22a
Sept. 20a
Sept. 20a
Sept. 20a

Oct.
Oct.
Sept. 3C
Oct. 15
Oct.
Oct. 16
Oct. 15
Oct.
Oct. 3
Sept.30
Sept.30
Oct.
Oct.
Oct.
Oct.
Oct. 2

Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders

Sept. 20a
Sept. 15a
Sept. 25
Sept. 30a
Sept. 15a
Sept. 25a
Sept. 30a
Sept. 12a
Sept. 9a
Sept. 22a
Sept. 22a
Sept. 15a
Sept. 16a
Sept. 16a
Sept. 15a
Sept. 14a

of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of

rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.

Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (.Continued).
Amer. Gas & Elec., common (quar.)___ $1.25 Oct. 2 Holders of rec. Sept. 16
75c. Nov. 1 Holders of rec. Oct. 14
P.eferred (quar.)__________________
Amer. La France Fire Eng., com. (quar.) d25c. Nov. 15 Holders of rec. Nov. la
Preferred (quar.)__________________
I X Oct. 2 Holders of rec. Sept. 25a
American Locomotive, com. (quar.)___
I X Sept. 30 Holders of rec. Sept. 13a
Preferred (quar.)_____________ _____
I X Sept. 30 Holders of rec. Sept. 13a
American Mfg., pref. (quar.)__________
I X Oct. 1 Sept. 17 to Oct. 1
Dec. 30
Preferred (quar ) ___ _______________
I X Dec. 31 Dec 17 to
Amer. Power & Light, pref. (quar.)____
I X Oct. 2 Holders of rec. Sept. 15
American Public Service, pref. (quar.)..
I X Oct. 2 Holders of rec. Sept. 15
Sept. 30 Holders of ree. Sept. 15a
American Radiator, common (quar.)___ $1
25c. Oct. 2 Holders of ree. Sept. 12a
American Safety Razor Corp. (No. 1)__
Nov. 1 Holders of rec. Oct. 15
2
American Shipbuilding, common (quar.)
Common (quar.)____________________
2 F eb. 1’ 23 Holders of rec. Jan.15’23
2 M ay 1'23 Holders of rec. Apr.14’23
2 A ug. 1’ 23 Holders of rec. July 14'23
Common (quar.)___________________
Amer. Smelters Secur., pref. A (quar.)..
I X Oct. 1 Sept. 16 to Sept.24
Preferred B (quar.)_______________ .
I X Oct. 1 Sept 16 to Sept. 24
Oct. 2 Holders of rec. Sept. 14a
American Snuff, common (quar.)_______
3
Preferred (quar.)_____________ _____
I X Oct. 2 Holders of rec. Sept. 14a
American Steel Foundries, com. (quar.).
75c. Oct. 14 Holders of rec. Oct. 2a
Preferred (quar.)__________________
I X Sept. 30 Holders of rec. Sept. 15a
to Oct. 2
American Stores, common (quar.)_____
IX Oct. 2 Sepi.21
Amer. Sugar Refg., pref. (quar.)_____
IX Oct. 2 Holders of rec. Sept, la
American Telegraph & Cable (quar.)__ *1X Dec. 1 •Holders of rec. Nov. 30
>Ct. 16 Hol lers of rec. Sept. 20a
American Telephone & Telegraph (quar.)
2X
Quarterly__________________________
2X Jan 15*23 Holders of rec. Dec. 20a
Quarterly________ __________________
2X Aprl6’23 Holders of rec. Mar.16'23
Quarterly___________ _____ _________
2X J lyl6'23 Holders of rec. June 20'23
American Tobacco, pref. (quar.)______
I X Oct. 2 Holders of rec Sept. 9a
Oct. 14 Holders of rec. Oct. 10a
1
Amer. Type Founders, com. (quar.)__
Preferred (quar.)__________________
I X Oct. 14 Holders of rec. Oct. 10a
Amer. Wholesale Corp., pref. (quar.)__
I X Oct. 1 Holders of rec. Sept. 25a
Amer. Window Glass Mach., com. (qu.)
I X Oct. 2 Holders of rec. Sept. 8
Preferred (quar.)__________________
IX Oct. 2 Holders of rec. Sept. 8
American Woolen, com. and pref. (quar.)
I X Oct. 16 Sept. 16 to Sept. 26
Armour & Co., pref. (quar.)............ .......
I X Oct. 2 Sept. 16 to Oct. 1
Asbestos Corp., common (quar.)_______
I X Oct. 15 Holders of rec. Oct. 1
\ x Oct. 15 Holders of rec. Oct. 1
Preferred (quar.)__________________
87c. Sept.30 Holders of rec. Sept. 15
Associated Gas & Elec., pref. (quar.) —
I X Oct. 25 Holders of rec. Sept. 30a
Associated Oil ( q u a r .) ,.___ _________
Oct. 1 Holders of rec. Sept. 20a
SI
Auburn Automobile, common (qu.)___
Preferred (quar.) ____________ _____
I X Oct. 1 Holders of rec. Sept. 20a
Ault & Wlborg Co., pref. (quar.)__........
I X Oct. 1 Holders of rec. Sept. 16
Barnhart Bros. & Splndlcr—
First and second pref. (quar.)______
I X Nov. 1 Holders of rec. Oct. 26a
Oct. 14 Holders of rec. Sept. 23a
2
Bell Telephone of Canada (quar.) ____
Bethlehem Steel, com. & com. B (quar.)
I X Oct. 2 Holders of rec. Sept. 15a
Preferred (q u a r .)..........._......... .........
I X Oct. 2 Holders of rec. Sept. 15a
Oct. 2 Holders of rec. Sept. 15a
2
Eight per cent preferred (quar.)_____
Oct. 16 Sept. 17 to Oct. 14
Bome Scrymser (annual)______________ 20
I X Dec. 1 Holders of rec. Nov. la
Brandram-Henderson, Ltd, com m on..
Sept.30 Holders of coup. No. 92»
4
Brlt.-Aracr. Tob., ordinary (Interim)__
Oct. 2 Holders of rec. Sept. 15a
2
Brooklyn Union Gas (quar.)___________
I X Oct. 2 Holders of rec. Sept. 20a
Bucyrus Co., pref. (quar.)____________
>Ct
1 Hoi lers of ree. Sept 20
Buda Cornmnv, nref (m ar.)__________
IX
Sept. 30 Holders of rec. Sept. 15
2
Buffalo General Electric (quar.)..............
Holders of ree. Sept. 22a
Oct.
2
IX
Burns Bros., pref. (quar.)____________
I X Nov. 1 Holders of rec. Oct. 20a
Prior preferred (quar.)_____________
Sept. 30 Holders of rec. Sept. 21a
2
Burroughs Adding Machine (quar.)___
I X Oct. 2 Holders of rec. 8 ept. 20a
Bush Terminal Buildings, pref. (quar.).
California Petroleum, pref. (quar.)____
I X Oct. 1 Holders of rec. Sept. 20a
50c Sept. 25 Holders of rec. Sept. 8 a
Calumet & Arizona Mining (quar.)____
Holders of rec. Sept. 15a
Oct.Cambria Iron
2
Sept 17 to Sept.30
Canada Bread, preferred (quar.)______
I X Oct.
Holders of rec. Sept. 15
Canadian General Electric (quar.)_____
I X Oct.
Oct. 1 Holders of rec Sept. 20a
1
Canadian Locomotive, common (quar.)_
Preferred (quar.)
I X Oct. 1 Holders of rec. Sept. 20a
Case (J. I.) Thresh. Mach., pref. (q u .)..
IX Oct. 1 Holders of rec Sept. 11a
Celluloid Company, com. (quar.)_____
I X Sept. 30 Holders of rec. Sept. 15a
Central Aguirre Sugar Cos. (quar.)____ SI. 50 Oct. 2 Holders of rec. Sept. 21
Central Ills. Public Service, pref. (quar.)
I X Oct. 15 Holders of rec. Sept. 30a
Central Petroleum____________________ $2.50 Oct. 1 Ho ders of rec. Seat. 25a
Central States Elec. Corp., pref. (quar.)
I X Sept. 30 Holders of rec. Sept. 9
Holders of rec. Sept. 20 a
Certaln-teed Prod.. 1st * 2d pref. (qu.).
IX Oct.
Chandler Motor Car (qunr )
$1.50 Oct. 1 Holders of rec. Sept. 20a
Chesebrough Mfg., common (quar.)
3 X Sept. 30 Holders of rec. Sept. 9a
Preferred (quar.)
I X Sept. 30 Holders of ree. Sept. 9a
Clil-ago M ill* Lumber, pref. (quar.)__
Holders of rec. Sept. 23a
I X Oct.
Cities Service—
•Holders of rec. Sept. 15
Common (monthly, payable In scrip). *oX Oct.
Common (payable in com. stk. scrip). *ylX Oct. 1 ♦Holders of rec. Sept. 15
Pref. & pref. B (payable in cash).
•X Oct. 1 ♦Holders of rec. Sept. 15
Cleveland Worsted Mills (quar.)
Sept.30 Hoi lers of rec. Sept. 15a
1
Holders of rec. Sept. 20a
Cluett, Peabody & Co., preferred (quar.)
I X Oct.
Holders of rec. Sept. 15a
Coca-Cola Co., com. (quar.)__________ SI
Oct.
Colonial Finance Corp., com. (quar.)
25c. Oct. 1 Holders of rec. Sept. 1
Preferred (quar.)
Oct. 1 Holders of rec. Sept. 1
2
Columbia Petroleum (monthly!
Oct. 1 Holders of rec. Sept. 20
1
Oct. 1 Holders of rec. Sept.20a
Commercial Solvents, Class A, pref.(qu.) $1
Oomputlng-Tabulatlng-Recording (qu.). SI .50 Oct. 10 Holders of rec. Sept.25a
Holders of rec. Sept. 20a
Connor (JohnT.), common (quar.)____
25c Oct.
Holders of rec. Sept. 15a
Consol. Gas, El. Lt. & P., com. (qu.)
Oct.
2
Holdeis of rec. Sept. 15
Oct.
Preferred, Series A (quar.)
"
2
H<lders of rec. Sept.15
Preferred. Series B (No D
I X Oct.
Sept. 15 to
Sept. 21
Consumers Power Co., 6% pref. (quar.)
I X Oct.
Sept. 15 to Sept. 21
Seven per cent pref. (ouar.l
I X Oct.
Holders
of
rec.
Sept.
20a
Oct.
OonMnental Can, prof, (quar.)
IX
♦Sept. 18 to Oct. 2
Oct.
♦2
Corona Typewriter, 1st pref. (quar.).—
•Sept. 16 to Oct. 2
Second preferred Canard
*1X Oct.
Sept. 30 Sept. 16 to Oct. 1
Cramp (Wm.) & Sons Ship & E. B. (qu.)
1
Crucible Steel, preferred (quar.)
IX Sept. 30 Holders of rec. Sept. 15a
Cuban-Amerloan Sugar, pref. (q u a r.)...
IX Sept. 30 Holders of rec. Sept. 2a
Sept. 21 to Oct. 1
Dalton Adding Machine, pref. (quar.)..
I X Oct.
Davis Mills (quar i
I X Sept. 2'- Holders of rec. Sept. 9a
Holders of rec. Sept. 15a
Oct.
Detroit & Cleveland Navigation (quar.). $1
Oct. 16 Holders of rec. Sept. 20a
De.rolt,Edison (quar.)
2
Dolores Esperanza Corp. (quar.)
2 X Oct. 10 Oct. 1 to Oct. 9
Holders of rec. Sept. 18a
Dominion Canners, Ltd., pref. (quar.)__
I X Oct.
Holders of rec. Sept. 15
Dominion Glass, common (quar.)_____
I X Oct.
Holders of rec. Sept. 15
Preferred (quar.)
I X Oct.
Dominion Iron & Steel, preferred (quar.)
I X Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 10
Dominion Oil (quar.l
2
Oct.
Holders of rec. Sept. 15a
3
Dominion Textile, common (quar.)____
Preferred (quar.)
IX Oct. 16 Holders of rec. Sept. 30a
Oct.
Holders of rec. Sept. 2
Draper Corporation (quar.)___________
3
Holders of rec. Sept. 20
Duluth Edison Co., pref. (quar.)_______
IX Oct.
♦Holders of rec. Sept. 20a
Dunham (James H.) & Co., com. (quar.) *1X Oct.
♦Holders of rec. Sept. 20a
First preferred (quar.)
*1X Oct.
Second preferred (quar.)
•IX Oct. 1 ♦Holders of rec. Sept. 20a
duPont (E . I .) deNem. &Co. deb.stk. (qu.)
I X Oct. 25 Holders of reo. Oct. 10a
Holders of rec. Aug. 31a
Eastman Kodak, common (quar.)_____ $1.25 Oct.
Holders of rec. Aug. 31a
Preferred (q u a r .)........................... .
I X Oct.
Sept. 21 to Sept. 30
Edmunds & Jones Corp., com. (quar.)_. 50c. Oct.
Sept. 30
Preferred (quar.)
IX Oct. 1 Sept. 21 to
Elsenlohr (Otto) * Bros., pref. (quar.)..
I X Sept. 30 Hollers of rec. Sept. 20a
Holders of rec. Sept. 21a
60c. Oct.
Electric Controller & Mfg., common___
Holders of rec. Sept. 21a
Preferred (quar.).................. ...............
I X Oct.
Holders of rec. Sept. 15a
75c Oct.
Elec. Stor. Battery, com. & pref. (quar.)
Emerson Electric Mfg., pref. (quar.)___
I X Oct. 1 Holders of rec. Sept. 20
Empire Safe Deposit (quar.)___________
I X Sept.30 Holders of rec. Sept. 24a
Holders of rec. Sept.d21a
Endicott-Johnson Corp., com. (quar.)_. SI.25 Oct.
Holders of rec. Sept. 21a
Preferred (q u a r .)..._______________ $1.75 Oct.
Holders of rec. Sept. 15
50c Oct.
Erie Lighting, preferred (quar.)_______
Oct. 2 Holders of rec. Sept. 15a
FamousPlayers-Lasky Corp., com. (qu.) $2
Nov.
1
2
Holders of rec. Oct. 16a
Famous Players-Lasky Corp., pf. (qu.).
Sept. 30 Holders of rec. Sept. 18a
2
Farr Alpaca (ouar 1
_______
Oct. 1 Holders of rec. SeDt.21a
2
Fisher Body Ohio Corp., pref. (quar.)..
I X Oct. 1 Sept. 16 to Sept. 30
Fleishmann Co., pref. (quar.)__________
75c. Oct. 1 Sept. 21 to Sept. 30
Foster (W. c . ) Co., common (quar.)___
Preferred (quar.)
............
2X Oct. 1 Sept. 21 to Sept. 30

Name of Company.
Miscellaneous. (Continued).
Galena-Signal Oil, preferred (quar.)-----Gen. American Tank Car. pref. (quar.)
General Baking, com. and pref. (quar.)..
General cigar, d bnriture pref. (quar.)
General Electric (quar.)........................ —
Special (payable In special s to c k )-----General Railway Signal, pref. (q u a r.)...
General Tire & Rubber, pref. (q u a r.)..Glllttte 8afety Razor (stock dlv.).
Gold A Stock Telegraph (q u a r.)...
Goodrich (B. F.) C o., pref. (quar.)
Goulds M fg., com. (quar.)----------Preferred (quar.)----------------------Grasselll Chemical, common (quar.)-----Preferred (quar.)______________
Great Western Sugar, pref. (quar.)----Greenfield Tap A Die. 8% pref. (q u .)--Guanianamo Sugar, pref (quar.).............
Gulf State Steel, first preferred (quar.)..
Hanes (P. H.) Knitting, pref/ (quar.) . .
Harblson-Walker Refrac., pref. (quar.)
Hart. Schaffner A Marx Tne., pref. (qu.)
Haverhill Gas Light (quar.)...........
Hecla Mining (q u a r.)............... ..
Helme (George W .) Co., com. (quar.)..
Preferred (quar.)______________
Hendee Mfg.. pref. (quar.)......... ..............
Hercules Powder, common (quar.).
Hlgbee Co., pref. (quart. ...........
Homestake Mining (monthly)____
Hood Rubber, common (quar.)...
Hoover Steel Ban, com________________
Hudson Motor Car (qu.) (no par stock).
Ten dollars par value stock (qu.)_____
Hupp Motor car Corp., pref. (quar.)..
Illinois Bell Telephone (quar.)....... ..........
Imperial OH, common (quar.)_________
Preferred (quar.)_______ ____________
Imnprial Tobacco of Canada, ordinary..
Preferred____________________________
Indianapolis Water, pref. (quar.)_______
Indianapolis Water Wks. Secur., pref___
Internal Button dole Sew. Mach., (qu.)
International Cement, common (quar.).
Preferred (quar.).......................... ..........
International Harvester, com. (q u a r.)...
Internalloual Salt (quar.)______________
International Silver, pref. (quar.)...........
Intertype Corp., com. (In com. stock)..
Island Creek Coal, common (quar.)____
Common (extra).......................................
Preferred (quar.)____________________
Jordan M otorcar, pref. (quar.)................
Kaufmann Dept. Stores, pref. (quar.)..
Kelley isld. L in e* Transp. (q u .)-------Kelly-8pringfleld Tire ,pref. (quar.)-----Kelsey Wheel Co., common (quar.)____
Kerr Lake Mines (quar.).................... ........
Kresge (S. S.) Co., preferred (q u a r.)...
Kress (S. H.) A Co., preferred (quar.)..
Laurentlde Company (quar.)........... ........
Lehigh Valley Coal Sales (quar.)----------Library Bureau, common (quar.)---------Preferred (quar.)......... ...........................
Liggett Sc Myers Tobacco, pref. (quar.).
Loft, incorporated (quar.) — ..................
Lone Star Gas (quar.)...................... ..........
Lorillard (P.) Co., common (quar.)____
Preferred (q u a r.)........................ ..........
Loose-Wiles Biscuit, first pref. (quar.)..
Second preferred (quar.)........................
Mack Trucks, Inc., 1st Sc 2d pref. (quar.)
Mackay Companies, common (quar.)__
Preferred (quar.)------------------------------MalUnson (11. R.) A C o.. Inc., pf. (qu.).
Manati Sugar, preferred (quar.)..
Manhattan Electrical Supply (q u a r.)...
Manhattan Sulrt, pref. (qua r.)...
Manufacturers’ Light A Heat (q u a r.)...
Marland Oil fNfo n
............. .................
Mathleson Alkali Works, pref. (quar.)..
May Department Stores, com. (quar.).
Preferred (quar.) — -----------------------McCrory Stores, pref. (quar.)--------------Mergenthaler Linotype (quar.)----Merrimack Chemical (quar.)------Extra ...................... - .............. .......
Mexican Petroleum, common (quar.) — .
Preferred (quar.)-----------------------------Middle States Oil (quar.)..........................
Middle West Utilities, preferred (quar.)
Montana Power, common (quar.)-------Preferred (quar.)...................................
Mountain Producers Corporation (quar.)
Narragansett Klee. Ltg. (quar.) —
Nash Motors, pref. (quar.).— - - Nat. Automatic Fire Alarm (quar.)
National Biscuit, com. (quar.)-----National Breweries, common (quar.) —
Preferred (quar.).....................................
Nat. Enameling A Stpg., pref. (quar.)..
Preferred (quar.) ................. - ­
National Lead, common (quar.)..
National Licorice, pref. (quar.)...
National Refining, pref. (quar.)...
National Sugar Refining (quar.)-..
National 8urety (quar.)..............
New England Telep. A Teleg. (quar.)..
New England Tire A Rubber, pref...........
New York Steam Corp., pref. (q u a r.)...
New York Telephone, pref. (quar.)-----New York T r a n s it.................. - - ­
Niagara Falls Power, pref. (quar.).
North American C o., com. (quar.)
Pi eferred (quar.)..........................
Ohio Oil (quar.).................................
E x tra------------- -------------------------Orpheum Circuit, preferred (quar.)
Ottawa Car Mfg. (quar.)....... ..........
OwensBottle.com. (quar.)..............
Preferred (q u a r.)........................
Pacific-Burt C o., pref. (quar.)-----Pacific Telephone A Teleg., pref. (quar.)
Palge-Detrolt Motor Car, common
Preferred (quar.)...........................
Pan-Amer. Petrol. A Transp,. Class A A
B (quar.)____________________________
Panama Power A Light, pref. (q u a r.)...
Panhandle Prod. A Refg., pref. (quar.)..
Park-Utah Mining.............................
Parke, Davis A Co. (quar.)..............
E xtra------------------ - .......................
Peerless Truck A Motor (quar.) —
Peerless Truck A Motor (quar.)
Penn Central Light A Pow., pref. (quar.)
Penney (J. C.) <'< ., pref. (quar.). . . . . Pennsylvania Power A Light, pref. (qu.)
Pennsylvania Water A Power (q u a r.)...
Pettlbone, Mulliken Co., 1st A 2d pf. (qu.)
Phelps. Dodge A Co. (quar.).........
Phillips Petroleum (quar 1. -------




When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Sept. 30 Holders of rec. Aug. 31a
Oct. 2 Holders of rec. Sept, lfla
Oct. 1 Holders of rec. Sept. lO'i
2
15* Oct. 2 Holders of rec. Sept. 250
Oct. 14 Holders of rec,. Sept. 7a
2
Oct. 14 Holders of rec. Sept. 7a
e5
154 Oct. 1 Holders of rec. Sept. 20
15* Oct. 1 Holders of rec. Sept. 20
eb
Dec. 1 Holders of rec. Nov. 1
154 Oct. 2 Holders of rec. Sept. 30a
15* Oct. 2 Holders of rec. Sept. 22a
I'A Oct. 1 Holders of rec. Sept. 20a
1 5* Oct. 1 Holders of rec. Sept. 20a
2
Sept. 30 Holders of rec. Sept. 15a
I X Sept. 30 Holders of rec. Sept. 15a
I X Oct. 2 Holders of rec. Sept. 15a
2
Oct. 2 Holders of rec. Sept. 15a
2
Sept. 30 Holders of rec. Sept. 15a
15* Oct. 2 Holders of reo. Sept. 16 >
15* Oct. 2 Holders of rec. Spet. 20a
I X Oct. 20 Holders of rec. Oct. 10a
I X Sept. 30 Holders of rec. Sept. 19a
$11254 Oct. 2 Holders of rec. Sept. 15a
15c. Sept. 28 Holders of rec. Sept, la
3
Oct. 2 Holders of rec. Sept. 18a
15* Oct. 2 Holders of rec. Sept. 18a
15* Oct. 2 Holders of rec. Sept. 23a
3
Sept. 25 Sept. 16 to Sept. 25
2
Oct. 2 Sept. 22 to Oct. 1
25c. Sept.25 Holders of rec. Sent. 20a
Sept. 30 Sept. 21
to Oct. 1
SI
2
Oct. 1 Sept. 21
to Sept. 30
50c. Oct. 5 Holders of rec. Sept. 25a
$2.50 Oct. 5 Holders of rec. Sept. 25a
15* oct. 1 Holders of rec. Sept. 20
2
Sept. 30 Holders of rec. Sept. 29a
2 X Oct. 1 Holders of rec. Sept. 10
2
Oct. 1 Holders of rec. Sept. 10
I X Sept. 28
3
Sept.30
15* Sept. 30 Sept. 20 to Sept.29
Sept. 29
3 X Sept. 30 Sept. 19 to
>ct. 2 Holders of rec. Sept. 15
1
62X c Sept.30 Holders of rec. Sept. 15a
15* Sept.30 Holders of rec. Sept. 15
154 Oct. 16 Holders of rec. Sept. 25a
I X Oct. 2 Holders of rec. Sept. 15a
to
Oct. 1
I X Oct. 1 Sent. 16
/ 10
Nov. 15 Holders of reo. Nov la
Oct. 2 Holders of rec. Sept. 18a
$2
S2
Oct. 2 Holders of rec. Sept. 18a
$1 X Oct. 2 Holders of rec. Sept. 18a
15* Sept. 30 Holders of reo. Sept. 15-i
15* Oct. 2 Holders of rec. Sept. 20
Oct. 1 Sept. 21 to Oct. 1
2
l X Oct. 2 Holders of rec. Sept. 15a
SI.50 Oct. 2 Holders of rec. Sept. 20a
125*c. Oct. 16 Holders of rec. Oct. 2a
15* Oct. 1 Holders of rec. Sept. 16a
15* Oct. 2 Holders of rec. 8ept. 20a
154 Oct. 2 Holders of reo. Sept. 23
Oct. 2 Holders of rec. Sent. 14a
$2
154 Oct. 2 Holders of rec. Sept. 20
Oct. 2 Holders of rec. Sept. 20
2
15* Oct. 2 Holders of rec. Sept. 15a
25c. Sept. 30 Holders of rec. Sept. 20a
♦37 54r Sept. 30 ♦Holders of rec. Sept. 23
Oct. 2 Holders of rec. Sept. 16a
3
15* Oct. 2 Holders of rec. Sept. 16a
15* Oct. 1 Holders of reo. Sept. 19a
15* Nov. 1 Holders of rec. Oct. 19a
15* Oct. 1 Holders of reo. Sept. 20a
154 Oct. 2 Holders of rec. Sept. 6a
1
Oct. 2 Holders of rec. Sept. 6a
15* >ofc. 2 Holders of rec. Sent. 2. a
15* Oct. 2 Holders of rec. Sept. 15a
Oct. 2 Holders of rec. Sept. 20 a
$1
15* OCt. 2 Holders of rec. Sept. 19a
Oct. 14 Holders of rec. Sept. 30a
2
Sept. 30 Holders of rec. Aug 31u
$1
15* Oct. 2 Holders of rec. Sept. 20a
2
Dec. 1 Holders of reo. Nov. 16a
15* Oct. 2 Holders of rec. Sept. 15a
15* Oct. 2 Holders of rec. Sept. 20
254 Sept. 30 Holders of rec. Sept. 6a
SI.25 Sept. 30 Holders of rec. Sept. 16
$1 Sept. 30 Holders of rec. Sept. 16
3
Oct. 10 Holders of rec. Sept. 15a
2
Oct. 2 Holders of rec. Sept. 15a
30C. Oct. 1 Holders of reo. Sept. 9a
Oct. 2 Holders of rec. Sept. 15
SI
5* Oct. 1 Holders of rec. Sept. 14a
15* Oct. 1 Holders of rec. Sept. 14a
20c. Oct. 2 Holders of rec. Sept. 15a
$1 Oct. 2 Holders of rec. Sept. 15u
15* Nov. 1 Holders of rec. Oct. 20
254 Oct. 2 Holders of rec. Sept. 30a
15* Oct. 14 Holders of rec. Sept. 30a
SI Oct. 2 Holders of rec. Sept. 15a
15* Oct. 2 Holders of rec. Sept. 15a
15* Sept. 30 Holders of reo. Sept. 9a
15* Dec. 30 Holders of reo. Dec. 9a
154 Sept. 30 Holders of rec. Sept. 15a
154 Sept. 30 Holders of rec. Sept. 22a
Oct. 2 Holders of rec. Sept. 15a
2
15* Oct. 2 Holders of rec. Sept. 11
Oct. 2 Holders of rec. Sept. 20a
3
Sept. 30 Holders of rec. Sept. 13a
2
Oct. 15 Holders of rec. Sept. 15
2
15* Oct. 2 Holders of rec. Sept. 15
154 Oct. 16 Holders of rec. Sept. 20
Oct. 14 Holders of rec. Sept. 20
4
15* Oct. 16 Holders of rec. Sept. 30a
SI .25 Oct. 2 Holders of reo. Sept. 5a
75c. Oct. 2 Holders of rec. Sept. 5a
SI.25 Sept.30 Aug. 27 to Sept. 24
75c. Sept.30 Aug. 27 to Sept. 24
Oct. 2 Holders of rec. Sept. 15a
2
Oct. 2 Holders of rec. Sept. 15
1
50c. Oct. 1 Holders of rec. Sept. 15a
15* Oct. 1 Holders of rec. Sept. 15a
15* Oct. 2 Holders of rec. Sept. 15
♦154 Oct. 16 ♦Holders of rec. Sept. 30
♦30c. Oct. 1 ♦Holders of rec. Sept.20
*15* Oct. 1 ♦Holders of rec. Sept. 15
2

1 5*

SI .50 Oct. 10
15* Oct. 2
Oct. 2
2
*15c. Oct. 1
Sept. 30
4
Sept. 30
4
750. Sept. 30
75C. Deo. 31
Oct. 2
SI
15* Sept. 30
15* Oct. 2
IX Oct. 2
15* Oct. 2
$1 Oct. 3
Sent 30

Holders of rec. Sept. 15a
Holders of rec. Sept. 20
Holders of rec. Sept. 21a
"Holders of reo. Sept. 20
Sept. 21 to Sept. 29
Sept. 21 to Sept. 29
Holders of reo. Sept la
Holders of rec. Deo. la
Holders of rec. Sept.11a
Holders of rec. Sept. 20a
Holders of rec. 8ept. 15
Holders of rec. Sept. 15a
Holders of rec. Sept. 21a
Holders of rec. Se it. 20a
Holdi-rs of r.- Sept. 15a

Name of Company.

Miscellaneous (Concluded)
Pick (Albert) A Co., pref. (quar.).
Pittsburgh Plate Glass, common (quar.).
Pond Creek Coal (quar.)________
Prairie Oil A Gas (quar.)........................
Extra___________________________
Prairie Pipe Line (auar.)___ _________
Extra............................... ................
Price Bros. A Co. (quar.)......................
Provincial Paper, common (quar.).........
Preferred (quar.)_________________
Pure Oil Co.. 5 5 * % pref. (quar.)...........
Six per cent preferred (quar.).............
Eight per cent preferred (quar.)_____
Quaker Oats, common (quar.)________
Preferred (quar.)...............................
Railway Steel-Spring, common (quar.)..
Ranger Texas Oil (quar.)-----------------Reece Button Hole Mach, (quar.)_____
Reece Folding Machine (quar.)_______
Reo Motor Car (quar.).........................
Reynolds Spring Co., pf. A A B (qu.)..
Reynolds (R. J.) Tob.,com. A A B (qu.).
Preferred (quar.)............................. .
Royal Baking Powder, com. (quar.)...
Preferred (quar.)......................... . . .
St. L. Rocky Mt. A Pac. Co., com. (qu.)
Preferred (quar.)_________________
Sears, Roebuck A Co., pref. (quar.)----Shell Union Oil Corporation (No. 1)----Sherwin-Williams Co. of Can., com.(qu.)
Preferred (quar.).............................
Sinclair Consol. OH, com. (quar.)-------Singer Mfg. (quar.)-------------------------South Penn Oil (quar.)...........................
South Porto Rico Sugar, pref. (quar.) —
South West Pa. Pipe Lines (quar.)-----Southern States Oil Corp. (monthly)----Spaldlng(A .G.)A Bros.,oldAnewstk(qu)
Spicer Mfg.. pref. (quar.)......................
Standard Oil (Kentucky) (quar.)...........
Standard Dll (Ohio) (quar.)---------------

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

15* Oct. 1 Sept. 23 to Oct. I
Oct. 1 Holders of reo.Sept.dl6a
2
3754c Oct. 2 Holders of rec. Sept. 18a
Oct. 31 ♦Holders of rec. Sept. 30
♦3
*o
Oct. 31 ♦Holders of rec. Sept. 30
Oct. 31 ♦Holders of rec. Sept. 30
*3
Oct.
31 ♦Holders of rec. Sept.30
*2
54 Oct. 2 Holders of rec. Sept. 23a
154 Oct. 2 Holders of rec. Sept. 15
1X Oct. 2 Holders of rec. Sept. 15
*1.25 Oct. 1 Holders of rec. Sept. 15a
154 Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of reo. Sept. 15a
2
Oct. 16 Holders of rec. Oct. 2a
2
^154 N o v .30 Holders of rec. Nov. la
Sept. 30 Holders of rec. Sept. 16a
2
Oct. 1 Holders of reo. Sept. 10a
2
Oct. 2 Holders of rec. Sept. 15
3
X Oct. 2 Holders c f rec. Sept. 15
25c Oct. 2 Holders of rec. Sept. 15a
15* Sept. 30 Holders of rec. Sept. 18
75c. Oct. 2 Holders of rec. Sept. 18a
15* Oct. 2 Holders of rec. Sept. ISa
Sept. 30 Holders of rec. Sept. 15a
2
154 Sept. 30 Holders of rec. Sept. 15a
1
Sept. 30 Holders of rec. Sept. 16a
15* Sept. 30 Holders of rec. Sept. 16a
154 Oct. 1 Holders of rec. Sept. 15a
*25c. Sept. 30 ♦Holders of rec. Sept. 20
154 Sept. 30 Holders of rec. Sept. 15
154 Sept. 30 Holders of rec. Sept. 15
50c Nov. 15 Holders of rec. Oct. 14a
♦81.25 Sept. 30 ♦Holders of rec. Sept. 15
154 Sept.30 Sept. 14 to Oct. 1
2
Oct. 2 Holders of rec. Sept. 15a
Oct. 2 Holders of rec. Sept. 15
81
Oct. 20 Holders of rec. Oct. 1
1
154 Oct. 16 Oct. 6 to Oct. 10
Oct. 1 Holders of rec. Sept. 21a
2
81.26 Oct. 2 Sept. 16 to Oct. 2
Oct. 2 Holders of rec. Aug. 25a
3
Oct. 2 Holders of rec. Aug. 25a
1
15* Oct. 1 Holders of rec. Sept. 15a
15* Oct. 1 Holders of reo. Sept 20a
*10c. Oct. 5 ♦Holders of rec. Sept. 30
Oct. 2 Holders of reo. Sept. 18 a
$1
Oct. 1 Hoi lers of rec. Sent. 9a
2
75c. Sept. 30 Holders of reo. Sept. 8a
25c. Sept. 30 Holders of reo. Sept. 6a
Oct. 1 Holders of rec. Sept. 25a
2
Oct. 1 ♦Holders of rec. Sept. 25
*2
Nov. 1 Holders of rec. Oct. 25
*1
Dec. 1 Holders of rec. Nov. 25
*1
*15* Oct. 1 ♦Holders of rec. Sept. 25
Oct. 2 Holders of rec. Sept. 20
4
15* Oct. 2 Holders of reo. Sept. 15a
15* Nov. 15 Holders of rec. Oct. 23a
Oct. 2 Holders of reo. Sept. 15a
2
Oct. 2 Sept. 16 to Sept. 21
5
5c. Oct. 2 Holders of rec. Sept. 11a
6254c Oct. 2 Holders of rec. Sept. 21
*lc. Oct. 20 'Holders of rec. Sept.30a
254 Oct. 1 Holders of rec. Sept. 2a
15* Oct. 1 Holders of rec. Sept. 2a
I X Oct. 16 Holders of reo. Oct. 6a
Oct. 2 Holders of rec. Sept. 6a
$1
154 Oct. 2 Holders of rec. Sept. 15a
15* Oct. 2 Holders of reo. Sept. 15a
Oct. 14 Holders of rec. Sept. 20a
2
50c. Oct. 14 Holders of rec. Sept. 30a
8754c. Dec. 15 Holders of rec. Nov. 30a
15c. Oct. 2 Holders of rec. Sept, la
60c. Oct. 5 Holders of rec. Sept. 19
37 54c Oct. 5 Holders of rec. Sept. 19
25c. Nov. 1 Holders of rec. Oct. 5a
»25c. Nov. 1 Holders of rec. Oct. 5a
154 Sept. 30 Holders of rec. Sept. 13
15* Sept. 30 Holders of rec. Sept d l3
Sept. 30 S ept.16 to Sept 30
1
15* Sept. 30 Sept. 16 to Sept. 30
Aug. 30
15* Sept. 29
75c. Oct. 2 Holders of rec. Sept. 18a
15* Oct. 2 Holders of rec. Sept. 18a
Oct. 2 Holders of rec. Sept. 20
3
Oct. 2 Holders of rec. Sept. 20
2
50c. Sept. 30 Holders of rec. Sept. 18a
15* Oct. 2 Holders of rec. Sept. 12
15* Sept. 27 Holders of rec. Sept. 16
15* Oct. 1 Holders of rec. Sept. 22
*15* Oct. 2 ♦Holders of rec. Sept. 15
Oct. 15 Oct. 1 to Oct. 5
10
15* Oct. 15 Oct. 1 to Oct. 5
Oct. 2 'Holders of rec. 8ept. 15
*1
50c. Oct. 1 Holders of rec. Sept. 22a
15* Oct. 1 Holders of rec. Sept. 22a.
50c. Oct. 2 Holders of rec. Sept. 20a
20c. Oct. 2 Holders of rec. Sept. 20a
154 Sept. 30 Holders of rec. Sept. 20a
75c. Oct. 2 Holders of rec. Sept. 23a
8754c Oct. 2 Holders of reo. Sept. 23a
15* Sept. 30 Holders of rec. Sept. 25
*2.50 Sept. 30 Holders of reo. Sept. 16a
15* Sept. 30 Holders of reo. Sept. 16a
15* Oct. 16 Holders of rec. 8ept. 25a
81 Oct. 31 Holders of rec. Sept. 30a
Oct. 31 Holders of reo. Sept. 30a
*1
Oct. 16 Holders of rec. Sept. 30a
*1
Sept. 30 Holders of rec. Sept. 20a
*1
15* Oct. 2 Holders of rec. Sept. 23a
Oct. 2 Holders of rec. Sept. 25
2
15* Oct. 2 Holders of rec. Sept. 25
15* Oct. 2 Holders of rec. Sept. 11a.
15* Oct. 2 Holders of rec. Sept. 20a
154 Oct. 2 Holders of reo. Sept. 20a
50c. Oct. 1 Sept. 26 to Sept. 30
50c. Nov. 1 Oct. 26 to Oct. 31
50c. Dec. 1 Nov. 26 to Nov. 30
50o. Jan. 1 Dec. 26 to Dec. 31

Standard Textile Prod., pf. A A B (qu.).
Steel A Tube of Amer., pref. (quar.)----Sterling Oil A Development..................
Stromberg Carburetor_______________
Swift a Co. (quar.) ________________
Texas Company (quar.)_____ ________
Texas Pacific Coal A Oil (quar.)______
Textile Banking (quar.)................... .
Thompson (John R.) Co.,com. (quar.)..
Common (extra)--------------------------Common (extra)--------------------------Preferred (quar.)......................... .
Thomnson-Starretr Co., preferred.........
Tobacco Products Corp., pref. (quar.)..
Preferred A (quar.)...........................
Toledo E ll-ton <’o , pref. (quar.).........
Tonopah Belmont Development (quar.).
I’onopah Extension Mining quar.)........
Torrington Co., common (quar.)...........
Turman oil (monthly)...........................
ilnderwood Typewriter, com. (quar.)...
Preferred (quar.).................. ...........
Union Bag A Paper (quar.)............. . . .
Union Carbide A Carbon (quar.)-------United Dyewood Corp., com. (quar.)...
Preferred (quar.)-------------------------United Fruit (quar.)...............................
United Gas Impt., com. (quar.)--------Preferred (quar.)...............................
United Profit Sharing (quar.)...........
United Shoe Machinery, com. (quar.)..
Preferred (quar.)......... -------------- rUnlted Verde Extension Mining (quar.).
Extra (account accumulated dlvs.)...
U. S. BobblnAShuttle.com. (quar.)...
Preferred (quar.)......... ....................
U. S- Gypsum, common (quar.)--------Preferred (quar.)....................... - —
U. S. Steel Corporation, com. (quar.) —
U S. Tobacco, common (quar.)--------Preferred (quar.).........................- —
Universal Leaf Tobacco, com. (quar.)..
Preferred (quar.)----------- -------------Utah Copper Co fquar.)........- ..........
Utah Power A Light, pref. (quar.)..........
Utilities Securities Corp., pref. (quar.)..
Van Dorn Iron Works, pref. (quar.)----Velle Motors Corp., 1st pref. (quar.)----Victor Talking Machine, common (qu.).
Preferred (quar.)------ ------------------Wabasso Cotton (quar.)........................
Wahl Co., common (monthly)-----------Preferred (quar ) .
----------------Waldorf System, common (quar.).........
First preferred and preferred (quar.)..
Walworth Mfg., pref. (quar.)...............
Warren Brea. Co., 1st pref. (quar.)........
Second pref.(quar. ) . . . . ...................
Weber Plano, pref. (quar.)......... ..........
Western Electric, common (quar.)........
Preferred (quar.)-----. . . ...... ...........
Western Union 'telegraph (quar.)-------Westlnghouse Air Brake (quar.). . . -----Westlnghouse Elec. A Mfg., com. (quar.)
Preferred (quar.)--------------- ---------White Motor (quar.)............................
Wilson A Co., pref. (q u a r.).................
Wlnnsboro Mills, com. (quar.)----------Preferred (quar.)....................... -- Woolworth (F. W.) Co., pref. (quar.).
Worthington Pump A Mach., pf. A (qu.)
Preferred B (quar.)............. ...............
Wrlgley (Wm.) Co., com. (monthly)----Common (monthly)...........................
Common (monthly)------ -------- -----Common (monthly)...........................
Wurlltzer (Rudolph) Co.—
Common (monthly)------------ ---------- 75c. Sept. 25 Holders of rec. Nov. 21
Dec. 1
2
Eight percent preferred (quar.).........
Marl’23 Holders of fee. Feb. 19 ’23
2
Eight per cent preferred (quar.)-------J’nel’23 Holders of reo. May 22 ’23
Eight per cent preferred (quar.).......... 2
15* Oct. 1 Holders of rec. Sept. 21
Seven per cent preferred (quar.)-------15* Janl’23 Holders of rec. Dec. 22
Seven percent preferred (quar.)-------15* A prl’23 Holders of rec. Mar. 22
Seven per cent preferred (quar.)-------Oct. 2 Holders of rec. Sept. 18
Yale A Towne Mfg. (quar.)-------- - - - - ­
Youngstown Sheet A Tube, com. (qu.). 75c. Oct. 2 Holders of rec. Sept. 20a
15* Oct. 2 Holders of rec. Sept. 20a
Preferred (quar.)...................... ........
• From unofficial sources t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice, a Transfer
»ooks not closed for this dividend. 6 Less British Income tax. it Correction.
t Payable In stock. /Payable In common stock, o Payable In scrip, h On
jccount of accumulated dividends « Payable In Liberty or Victory Loan bonds.
I Payable In New York funds * Payable In Canadian funds.
m For quarters ending June 30 and Sept. 30 1921.
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.

S T O C K O F M O N E Y I N T H E C O U N T R Y .— F u rth e r
b e l o w w e g i v e t h e c u s t o m a r y m o n t h l y s t a t e m e n t is s u e d b y
t h e U . S . T r e a s u r y D e p a r t m e n t , d e s ig n e d t o s h o w th e g e n ­
e r a l s t o c k o f m o n e y in t h e c o u n t r y , a s w e l l a s t h e h o l d i n g s
b y th e T r e a s u r y a n d th e a m o u n t in c ir c u la tio n o n th e d a te s
T h e m eth o d o f c o m p u t in g th e f i g u r e s h a s b e e n c h a n g e d
g iv e n .
w ith th e id e a o f e lim in a tin g d u p li c a t i o n s , e s p e c i a l l y i n a r r iv in g
a t th e a m o u n ts o f m o n e y i n c i r c u l a t i o n .
U n d e r th e n e w fo r m
t h e p e r c a p i t a c i r c u l a t i o n S e p t . 1 1 9 2 2 is f o u n d t o b o $ 3 9 9 3 ,
w h e re a s b y th e o ld m e t h o d th e a m o u n t w o u ld h a v e b e e n
$49 11.
T h e ch a n g e d a te s fr o m J u ly 1 192 2 a n d th e n o tic e
is s u e d in c o n n e c t i o n w i t h i t b y t h e T r e a s u r y D e p a r t m e n t
w a s g i v e n b y u s in p u b l i s h i n g t h e s t a t e m e n t f o r t h a t d a t e
i n o u r is s u e o f J u l y 2 9 1 9 2 2 , p a g e 5 1 5 .
T h e m on ey and
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a

* The form of circulation statement was revised as of July 1 1922, so as to
exclude from money In circulation all forms of money held by the Federal Reserve
banks and Federal Reserve agents, whether as reserve against Federal Reserve notes
or otherwise. This change results In showing a per capita circulation on Sept.l 1922
of $39 93 whereas under the form of statement heretofore used It would have been
$49 11 For the sake of comparability the figures for Sept. 1 1921 and April 1 1917
have been computed on this statement In the same manner as thoso for July l 1922.
a Does not Include gold bullion or foreign coin outside of vaults of the Treasury,
Federal Reserve banks and Federal Reserve agents.
&These amounts are not Included In the total since the money held In trust against
gold and sliver certificates and Treasury notes of 1890 is Included under gold coin
and bullion and standard silver dollars, respectively.
c The amount of money held In trust against gold and silver certificates and Treas­
ury notes of 1890 should be deducted from this total before combining It with total
money outside of the Treasury to arrive at the stock of money In the United States.
d This total Includes $14,162,344 of notes In process of redemption, $157,351,434
of gold deposited for redemption of Federal Reserve notes. $5,877,015 of lawful money
deposited for redemption of Federal Reserve bank notes. $20,389,268 deposited for
redemption of national bank notes, $28,930 deposited for retirement of additional cir­
culation (Act of May 30 1908) and S6,835.973 deposited as a reserve against postal
savings deposits.
......
, _
Note.—Gold certificates are secured dollar for dollar by gold held In the Treasury for
their redemption; silver certificates are secured dollar for dollar by standard silver dol­
lars held In the Treasury for their redemption; United States notes are secured by a
gold reserve of $152,979,025 63 held In the Treasury. This reserve fund may also be
used for redemption of Treasury notes of 1890, which are also secured dollar for dollar
by standard sliver dollars, held In the Treasury. Federal Reserve notes are obliga­
tions of the United States and a first Hen on all the assets of the Issuing Federal Re­
servo bank. Federal Reserve notes are secured by the deposit with Federal Reserve
agents of a like amount of gold or of gold and such discounted or purchased paper as Is
eligible under the terms of the Federal Reserve Act. Federal Reserve banks must
maintain a gold reserve of at least 40%, Including the gold redemption fund which
must bo deposited with the United States Treasurer, against Federal Reserve notes
In actual circulation. Federal Reserve bank notes and national bank notes are sc­
oured by U. 8. Government obligations, and a 5% fund for their redemption Is re­
quired to be maintained with the Treasurer of the U. 8. In gold or lawful money.




R e tu rn

of

B anks

N ew
and

Y ork

T ru st

C it y

C le a r in g

H ouse

C o m p a n ie s .

T h e fo llo w in g sh o w s th e c o n d it io n o f th e N e w Y o r k C it y
C le a r in g H o u s e m e m b e r s f o r th e w e e k e n d in g S e p t . 1 6 .

The

fig u r e s f o r t h e s e p a r a t e b a n k s a r e th e a vera ges o f t h e d a ily
r e s u lt s .

I n t h e c a s e o f t h e g r a n d t o t a ls , w e a ls o s h o w th e

a c tu a l f i g u r e s o f c o n d i t i o n a t t h e e n d o f t h e w e e k .
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Slated In 'houeandt of dollars—that Is. three ciphers (0001 ornuted.)
I Net
Capital.1Profits Loans,
Reserve
Week ending
Discount, Cash
with
Net
Time Bank
Sept. 16 1922 Nat'l, June30 Invest­
Legal Demand
in
De­
State, June30 ments, Vault. Deposi­ Deposits. posits. Circu­
la­
(000 omitted.) Tr.Cos June30
Ac.
tories.
tion.
Members o f Fe d. Res. Bank. Average Average Average Average Average
A.V06.
$
$
$
$
$
S
%
s
B kof NY, NBA 2.000 7,642
40,933
604 4,095
28,757 2,973 1,750
5,000 17,277 126,115 2,109 17,282
106,839 17,245
10,000 17,326 166,472 7,838 21,903
162,658 4,025
996
5,500 5,828
67,299 1,426 9,093
66,325
Nat’l City Bank 40,000 49,730 474,478 7,042 59,307 *533,470 2,818
41,715
l
t814
Chemical N a t.. 4,500 15,967 126,990 1,152 14,139
102,734 16,989
345
500
170
5,004
90
535
3,727
5
5,000 7,450 101,080
998 11,612
83,742 10,515 4,957
Nat Bkof Comm 25,000 36,405 341,711 1,171 37,296
277,201 31,473
Pacific Bank__
1.000 1,712
21,944 1,047 3,180
22,353
588
Chat&Phen Nat 10,500 9,865 152,795 4,995 17,889
125,598 22,047 5,697
Hanover Nat'l. 5,000 20.169 114,736
359 15,791
103,597
100
Corn Exchange
8.250 11,147 163,771 6,315 22,699
148,101 21,608
Imp A Trad Na
1,500 8.500
34,999
452 3,576
27,176
658
Nat Park Bank. 10,000 23,230 158 308
742 16 457
125,436 4,944 5.478
East River Nat. 1.000
770
12,633
313 1,512
10,833 1,878
50
First Nat Bank. 10,000 43,695 280,703
373 24,979
179,195 55,921
Irving Nat Bank 12,500 11,066 193,543 3,897 24,604
185,344 8,987 2,517
Continental Bk.
882
1,000
132 1,013
6,888
5,867
321
Chase Nat Bank 20,000 21,503 343,203 6,041 42,605
319,099 26,821 1,089
Fifth Ave Bank
500 2,273
20,155
549 2,798
20,665
Commonwealth
884
400
414 1,034
8,147
8,167
Garfield Nat Bk 1,000 1,575
397 1,887
14,937
13,907
70
39S
Fifth Nat Bank. 1,200
973
299 1,805
17,161
13,797
792
249
Seaboard N at.. 4,000 6.763
79,257 1,085 9,912
75,556 1,697
69
Coal & Iron Nat 1,500 1,311
608 1,768
14,438
12,678
599
413
Bankers Tr Co. 20.000 24,083 299,179
869 36,038 *281,024 22,002
U S MtgeA Tr.
3.000 4.110
615 6,468
55,881
47,632 6,690
Guaranty Tr Co 25,000 17,400 401,574 1,274 44,199 *428,178 43,611
Fldel-Intern Tr
1,500 1,788
20,115
366 2,485
19,185
706
Columbia Tr Co 5,000 7,877
80,600
693 9,750
72,446 7,352
N Y Trust C o .. 10,000 17,073 155,228
541 17,438
129,905 16,911
Metropolitan Tr 2,000 3.704
492 5,415
42,781
37,821 3,55r
Farm Loan & Tr 5,000 14,624 133,464
527 13.4S3
*96,335 29,765
Columbia Bank
2,000 1,908
514 3,461
26,352
26,335 1,433
Equitable Tr Co 12.000 15,392 174,178 1,395 23,777 *201,824 22,264
——
Total of averages 272,350 432,09 4,477,052 57,734 531,285 c3,873,594 428.980 33,736
Totals, actual co ndltion Sept.16 4,472,790
Totals, actual co nditlon Sept. 9 4.347,371
Totals, actual co ndltion Sept. 2 4,348,05;
State Banks Not Me mbers o f Fed'l
Greenwich Bank 1,000 2.027
18,072
Bowery Bank..
250
884
5,405
State Bank___
2,500 4,281
78,483

Ia1 ;s
9< jr
^
3 a ~

o m to o
© to 03
b 4k 4k to
CO*4 COCO
to4k C3 H

03

1 O Cn 4*
> to w to Cn
1, o
to w b
^ H- t- O

to to fc:
§|K
2 Q rs
« S. O

W e e k ly

56,187 563,017 c3.842.C03 435.251 33,845.
o 1198 52s ,o2j c3 ,710, o il 439,194 33,792
52,5001520,2Ul c3,748,902 440,058 33,819
Res’ve Bank.
1,437 1,862
50
17,870
309
359
2,532 2,206
3,169 1,707
26,431 49,062 —

Total of averages 3,750 7,193 101,960 4,915
Totals, actual co ndltion Sept.16 102,613 5,021
Totals, actual co nditlon Sept. 9 101,935 6,223
Totals, actual co nditlon Sept. 2 102,431 4,960
Trust Compan les Not Membe rs o f Fed IR es’v e
Title Guar &Tr. 7,500 13.784
51,412 1,260
Lawyers T & Tr 4,000 6,440
841
25,938

3.92S

46,833 51,318

__ _

3,752
3,769
3,849
Bank
3,986
1,817

47,409 51,283
46,408 51.727
46,982 51,610

....

34,790
17,080

1,120
735

—

Total of averages 11,500 20,224

77,350

2,101

5,803

51,870

1,855

___

Totals, actual co nditlon Sept.16
Totals, actual co nditlon Sept. 9
Totals, actual co nditlon Sept. 2

76,140
76.47;.
76,565

2,091
2,294
2.095

5,675
6,472
5,722

50,703
51,134
50.987

1,816
1,656
1,689

—
Gr’d aggr., avge 287,600 459.513 4,656,362 64,750 541,016 3,972,297 482,153 33,730
Comparison wit h prev week __ + 53,956 — 1,095+1,523 + 18,725 + 9,112 — 50
Gr'd aggr., act'l cond'u Sept.16 4,651,543 63,299 572,444 3,940,715 488.350 33,845
Comparison wit h prev week. _ + 7,949 — 367| + 8,640 — 17,165 —9,550 + 107
Gr’d aggr., act' cond'n S^pt. 9 4,525,781 66,315|537,766 3,808,153 i92 577 (3,792
Gr’d aggr., act' cond'n Sept. 2 4,527,052 59,555 535,772 3,846,871 (93,357 13,819
Gr’d aggr., act' cond’n Aug. 26 4,506,066 62,128 514,360 3,830,058 (94,869 33,795
cond’n Aug. 19 4,602,736 60,420 560,447 3,859,847 •>10,402 33,778
cond’n Aug 12 (.599,338 62.6561565.044 3.886.721 >05.92433,776
Note. U. 8 . deposits deducted from net demand deposits in the general totals
,e,^ «re as follows: Average totals Sept. 16, $55,758,000; actual totals Sept. 16,
$73,449,000; Sept. 9, $58,078,000; Sept 2, $58,076,000; Aug. 26, $58,078,000;
Aug. IJ, $58,106,000. Bills payable, rediscounts, acceptances and other liabilities,
average for the week of Sept. 16, $333,677,000: actual totals Sept. 16, $361,419,000;
. ™ ' t ? ; £ 48' 883’000; Sept. 2, $318,953,000: Aug. 26, $337,409,000: Aug. 19,
50011,015,000.
,
xt
deposits In foreign branches not included In total footing as follows:
National City Bank, $98,074,000; Bankers Trust Co., $11,666,000; Guaranty Trust
«oVof-fnn,?1,05 0: Farroers' Loan & Trust Co., $95,000; Equitable Trust Co.,
S®*’ v’ / ’OOu. Balances carried In banks In foreign countries as reserve for such
deposit were; National City Bank, $25,436,000; Bankers Trust Co., $492,000:
Guaranty Trust Co., $22,572,000; Farmers' Loan A Trust Co., $95,000; Equitable
trust Co., $2,246,000. c Deposits In foreign branches not Included.
T h e re s e rv e p o s it io n o f th e d iffe r e n t g r o u p s o f in s titu tio n s
o n th e b a s is o f b o t h th e a v e r a g e s f o r th e w e e k a n d th e a c t u a l
c o n d i t i o n a t t h e e n d o f t h e w e e k is s h o w n i n t h e f o l l o w i n g t w o
t a b le s :

STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
fn Vault.
Members Federal
Reserve ban ks...
State banks*_____ ’
Trust companies'III
Total
Total
Total
Total

Sept.
Sept.
Sept.
Aug.

16

Reserve
in
Depositaries

Total
Reserve.

a

Reserve
Required.

Surplus
Reserve.

S
$
S
$
3
531,285,000 531,285,000 512,595,920 60,421,080
239,380
4.915.000 3.928.000 8.843.000 8,533,620
160,550
2.101.000 6.803.000 7.904.000 7.605,450

7.016.000 541,016,000 548.032.000 528,734,690 50,821,010
7,361,000,522,005,000 529.366.000 514,665,140 14,700,860
7,142,061 >27,262.001 >34,3(4.000 >17,627,540 16,716,460
"
7.207.000 517,369,000 524.576.000 518,419,810 6.156,190
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 In­
cludes also amount In reserve required on net time deposits, which was as follows:
Sept. 16, $12,869,400; Sept. 9, $13,158,360; Sept. 2, SU.231,590; Aug. 26. $13,331.­
640.
9

2
26

'
'

Actual Figures.
Cash
Reserve
in Vault.

Reserve
in
Depositaries

Total
Reserve.

b

Reserve
Required.

Surplus
Reserve.

$
$
$
Members Federal
S 563,01
$ 563,01
7,000516,436,620 14,848,380
7.000
Reservebanks__
.752.000 8.773.000 8,429,940 413,060
State banks*------ 5.021.000 3
Trust companies__ 2.091.000 5.675.000 7.766.000 7,780,500 123,500
15,384,940
Total Sept. 16__ 7.112.000572.444.000579,556,000532,647,060 3
,704,210
Total Sept. 9__ 7.517.000 537.766.000 544,283,000511,578,790 3,1
63.190
Total Sept. 2__ 7.055.00 i 3 ,7‘2000 >42.S27,0101516,663,810 26
Total Aug. 26__ 7.174.000 514.360.000521,534,000514,497,640 7,036,360
*Not membersof Federal Reserve Bank.
bThis Isthe reserve required on net demanddeposits Inthecaseof State banks
andtrustcompanies, butInthecaseof membersof theFederal ReserveBankIncludes
alsoamount of reserverequiredonnet timedeposits, whichwasasfollows: Sept. 16,
J13.057.530; Sept. 9, 313,175,820: Sept. 2, $13,201,740; Aug. 26, $13,247,670.
S t a t e B a n k s a n d T r u s t C o m p a n ie s N o t in C le a r in g
H o u s e .— T h e S ta te B a n k in g D e p a r tm e n t r e p o r ts w e e k ly
fig u r e s s h o w in g t h e c o n d it io n o f S ta t e b a n k s a n d tr u s t c o m ­
p a n i e s i n N e w Y o r k C i t y n o t i n th e C le a r in g H o u s e a s f o l l o w s :

SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEWYORK, NOT INCLUDED IN CLEARING HOUSESTATEMENT.
(Figures Furnished by State Banking Department.)

Differences from

previous week.
Sept. 16.
Loans and Investments________________ $756,203,200 Inc. 3905,800
ec. 3,600
Gold_________ ___ -__________
5,853,100 D
Inc. 49,900
Currency and"bank notes______________ 18,272,600 In
c. 2,642,000
Deposits withFederal ReserveBankof NewYork. 66,176,100 Inc.
17,577,000
Total deposits..............
798,498,800
Deposits, eliminatingamounts duefromreservede­
positaries and fromother banks and trust com­
c. 16,325,500
paniesInN. Y. CityexchangesandU. S. deposits 750,413,300 In
Reserve ondeposits__ ___
122,120,300 Inc. 3,501,800
Percentageof reserve, 20%. RESERVE.
---- State Banks----- -- Trust Companies—
Cashinvault___________ *$26,957,400 16.36% $63,344,400 14.21%
DepositsInbanksandtrust cos— 8,396,000 05.09% 23.422.500 05.22%
Total_______________ $35,353,400 21.45% $86,766,900 19.43%
*Includes deposits with the Federal Reserve Bank of NewYork, whichfor the
State banks and trust companies combined on Sept. 16 were $66,176,100.

B a n k s a n d T r u s t C o m p a n ie s in N e w Y o r k C it y .— T h e
a v e r a g e s o f t h e N e w Y o r k C i t y C le a r in g H o u s e b a n k s a n d
t r u s t c o m p a n i e s c o m b in e d w i t h t h o s e f o r t h e S t a t e b a n k s
a n d tr u s t c o m p a n ie s in G r e a t e r N e w Y o r k C it y o u t s id e o f
t h e C le a r in g H o u s e a r e a s f o l lo w s :

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEWYORK.
Loans and
Investments.

Demand
Deposits.

*Total Cash
in Vaults.

Reserve in
Depositaries.

B o s t o n C le a r in g H o u s e W e e k ly R e t u r n s .— In th e fo l­
l o w i n g w e f u r n i s h a s u m m a r y o f a ll t h e i t e m s i n t h e B o s t o n
C l e a r i n g H o u s e w e e k l y s t a t e m e n t f o r a s e r ie s o f w e e k s :

BOSTON CLEARING HOUSE MEMBERS.
Changes from
Sept. 1
3 Sept. 6
Sept. 20
1922.
1922. previous week. 1922.
$
S
$
59.520.000 59.520.000
Capital.....................
2,b86"o66 84.665.000 84.665.000
Surplusandprofits_____
33.087.000
4.954.000834.665.0008
Loans, dlsc’ts&Investments.
3.359.000
6.029.000598.787.000519
Individualdeposits, incl. U.S.
16.713.000 11.852.000
6.015.000 1
Dueto banks________
18.590.000 118.699.000
377.000 11
Timedeposits________
18.000
1.219.000 1.069.000 11.4
UnitedStatesdeposits......
.477.000
2.816.000 19.672.000 6109.0
ExchangesforClearingHouse
0.000
4.170.000 65.710.000 69.04
Duefromotherbanks.......
45.000
1.299.000 69.432.000 9.95
ReserveInFed. Res. Bank..
6.000
280.000 10.042.000
CashInbankandF. R. Bank
Reserve excess In bank and
848,000 2,152.000 2.177.000
Federal Reserve Bank--P h i l a d e l p h i a B a n k s . — T h e P h ila d e lp h ia C le a r in g H o u s e
r e t u r n f o r t h e w e e k e n d in g S e p t . 1 6 , w it h c o m p a r a t iv e fig u r e s
f o r t h e t w o w e e k s p r e c e d i n g , is g i v e n b e l o w .
R eserve
r e q u ir e m e n t s fo r m e m b e r s o f th e F e d e r a l R e s e r v e S y s te m
a r e 1 0 % o n d e m a n d d e p o s it s a n d 3 % o n t im e d e p o s it s , a ll
to b e k e p t w ith th e F e d e ra l R e s e rv e B a n k .
“ C a s h in
v a u l t s ” is n o t a p a r t o f l e g a l r e s e r v e .
F o r tru s t c o m p a n ie s
n o t m e m b e rs o f th e F e d e ra l R e se rv e S y s te m th e re se rv e
r e q u i r e d is 1 0 % o n d e m a n d d e p o s i t s a n d i n c l u d e s “ R e s e r v e
w it h le g a l d e p o s it a r ie s ” a n d “ C a s h in v a u l t s .”
ek ending Sept.
Two Ciphers

Trust
of
(00) omlttea. Members
F..I. a tern Companies

161922.
Total.

9
1922.

Sept.

2
1922.

Sept.

,675,0
9,675,0 $39
,675,0 $13
$35,175.0 $4,500,0 $1319
0,206,0
,739,0 10,206,0 61713
96,656,0 14,083,0 6870,2
,043,0
79,068,0 30,2
64.0 62
38,0
Loans, dlsc’tsAInvestm’ts 647,426,0 39.8
91,0
8,090,0 5,558,0
736.0 2
Exchangesfor Clear.House 27,354,0
50,0
2,643,0 88,312,0 18106,6
23,0 19
Due frombanks_____ 92,620,0
,811,0
20,325,0 118,445,0 587,5
499,0 55
Bank deposits......... . 119,826,0 26.0
27,0
0,016,0
45.0 0.604,0 540
Individual deposits....... 524,559,0
0,919,0
,295,0 62
521,0 20,376,0 62
Time deposits______ 19,855,0 27.0
7
5
,2
57,0
7
8
.7
5
6
.0
6
9
1
.3
0
5
.0
6
5
,0
6
6
4
,2
4
0
,0
Total deposits______
8,0
,860,0 y,i1
10,727,0 10,717.0 7
U.S.deposits (not lncl.)..
,838,0
,898,0 53
3,781,0 3.781,0 53
Res’vewithlegaldeposit’s.
5
,0
3
5
,0
6
,1
8
6
,0
5
4
,4
3
5
,0
ReservewithF. R. Bank.. 54,435,0
,957,0
0.195,0 9,924,0 69
CashInvault* ........... 9,144,0 1,051,0 18
,430,0
,411,0 70.008,0 59
Total reserveandcashheld 63,579,0 4,832,0 6
8.668,0 57,910,0 7,173,0
Reserverequired....... .. 54,775,0 3,893.0 59
939,0 ,743,0 12,098,0 12,257,0
Excessres. AcashInvault. 8,804,0
*CashInvaultsnotcountedasreservefor Federal Reserve members.
C o n d itio n o f th e F e d e ra l R eserv e B a n k o f N ew Y o rk .
— T h e fo llo w in g sh o w s th e c o n d it io n o f th e F e d e ra l R e se rv e
B a n k o f N e w Y o r k a t t h e c l o s e o f b u s in e s s S e p t . 2 0 1 9 2 2 i n
c o m p a r is o n w it h th e p r e v io u s w e e k a n d th e c o r r e s p o n d in g
d a t e la s t y e a r :

$
S
$
S
1,161,400 638,697,600
5.334.400.700 4.827.593.600 9
1.486.700 646.059.900
5.372.704.700 4.853.005.100 9
Sept. 201922. Sept. 131922. Sept. 211921
4.852.544.100 93,253,000 660,162,300 Resources—■
5,408,101.600 4
1.486.700 646.059.900 Gold andgoldcertificates........ ..... 161,746,781 168.458,381 334,216,000
5.372.704.700 .853.005.100 9
5.491,415.000 4,980,544,500 90,155,600 663.100.900 Goldsettlement fund—F. R. Board--- 66,571,574 76,518,887 92,876,000
5,370.259,900 4,816,507,000 88,730,000 657,840,800
,457,357,300 4.808.047.500 92,436,900 651,619.800
July 8............. 5
gold held by bank........................ 228,318,350 244,977,268 427.092.000
5,421,565,700 4.792.536.500 95,874,700 717,627,500 Total
with Federal Reserve Agent.......... 811,993,598 812,283,698 576.336.000
5,408,203,300 4,762,119,600 88,862,800 701,290,800 Gold
4,966,922
15,000,000
9,089,107
Gold
redemption
fund....... ........ - ........ 5.350,876,600 4,700,542,500 89,033,900 697,796,200
.714,814,300 87,948,700 700,127,900
5,406.610,600 4
1,049,401,002 1,062,227.889 1,018,428,000
Aug. 5----------- 5
4,646,854,700 89,403,600 622,177,400
.383,432,700 4
Aug. 12............. 5.3
72.803,000 .613.652.400 86.4 9.S00 618.135.000 Legal tender notes, silver, Ac----------------- 41,941,312 42,598,919 60,139,000
5,334,972,100 4.599.909.500 86,492,800 609,486,700 Total reserves------------------------------------ 1,091,342,375 1,104,826,809 1,078,567,000
Aug. 26----------- 5
.596.237.500 86,259,400 619.063.200
.311,517,600 4
discounted: Secured by U . 8. Gov­
,297,744,400 4,566,272,800 88,946,400 616,544,100 Bills
84.667.000
21,437,485
18,048,182
ernment obligations—for members—
Sept. 9----------- 5
27.600.000
Sept. 16---- ------ 5,297,309,200 4,615,836,300 90,326,700 625,919,600
*This Itemincludes gold, silver, legal tenders, national bank notes and Federal All other—For members___________ 26,621,624 20,534,304 117,784,000
4,180,000
Reserve notes.
12,679,000
67,414,332
Bills bought in open market------------------- 72,014,261

Week ended—
May 27.............
June 3_______
June 10----------June 17-----------

N e w Y o r k C it y N o n -M e m b e r B a n k s a n d T r u s t C o m ­
p a n i e s . ___T h e f o l l o w i n g a r e t h e r e t u r n s t o t h e C l e a r i n g H o u s e
b v c l e a r i n '' n o n - m e m b e r i n s t i t u t i o n s a n d w h i c h a r e n o t i n ­
c lu d e d in t h e “ C le a r in g H o u s e R e t u r n s ” in t h e f o r e g o in g :

RETURNOFNON-MEMBERINSTITUTMONSOFNEWYORKCLEARING
(Stated in thousands of dollars— that is, three ciphers [000] omitted.)
Net Loans ,
Reserve
Net
Net
N an
Capital. Profits. DlsCN
L-M
EA
IN
with Demand Time
NO
ER
M
BG
ERS_Nat.bks.June30 Invest­ Cash
in
Legal
De­
De­ Circu­
posits. posits. lation.
tatebksJune30 ments, Vault. Deposi­
Weekending 3
tories.
Sept. 161922. Tr. cos. June30 &c.
Average Average Average Average Average Average
Members of
S
S
S
5
Fed’l Res. Bank. 1S
6 1.003 $345 $199
0,282 193 1,259
,190 1
00 1
BatteryParkNat. ,5
0
2 1,450 8,364
2
2
1
0
,8
0
5
1
.2
4
5
5
0
0
WRGrace&Co..
Total ....... 2,000^ 2,435 21,087 215 1,798 9,453 8,709 199
e Bank.
of Fed. Res’v
embers
State Banks NotM
7 283 4,716 547 ....
,763 2,25791
315 14
00 1,7
Bankof Wash. Hts 2
1,371 18,422
7
,3
7
5
1
5
Colonial Bank__ 800
1.000 2,030 22,138 2,868 1,654 23,138 547 __
embers of Fed. Res’*e Bank.
Trust CompaniesNot2M
Mech.Tr.,Bayonne 00 606 8,698 409 62 3,106 5,565 ....
Total______ 200 606 8,698 409 62 3,106 5,565 —
00 5,072 51,923 3,492 3,514 a35,697 14,821 199
Grandaggregate.. rev3l,2
Comparisonwithp ous week. . +727 +183 —10 +896 +97 —1
09 3,524 a.34,801 14,724 00
1,196 3,3
72 5
.200 5.0
Gr’daggr. Sept. 9 3
,293 3,414 a35,187 14,449 2
99
51,041 3
.072 5
3.200 5
Gr’daggr. Sept. 2 3
3
.2
76 3,548 a58,294 13,823 1
199
0
,9
8
9
00 5.072
Gr’daggr. Aug. 26 3.2
Gr’daggr. Aug. 19 .200 5.072 51.335 3,279 3,371 a35,606 13,585 198
aU. 8. deposits deducted, $245,000.
Bills payable, rediscounts, acceptances and other liabilities, $310,000.
Excess reserve. $12,980 decrease.




Total bills on hand----------------------------- 116,681,068
41,586,350
bonds and notes_______________
certificates of Indebtedness—
One-year certificates (Pittman Aot)_ 12.500.000
73.999.000
All other---------------------------------------------

109,386,121
37,229,750

246,910,000
1,006,000

13,500,000
100,761.000

49,276,000
3,645,000

Total earning assets_______________ 244,769,418
9,643,373
Bank premises.-------------------------------------674,000
5% redemp. fund ngat. F. R. bank notea.
149,070,598
2,008,519
All other resources.................................

260,876,871
9,297,452
674.060
146,415.451
3,562,895

300.837.000
5.594.000
1.513.000
123.004.000
2,811,000

U . 8.
U . S.

Total resources___________________ 1,498,108,345 1,525,653,540 1,512,326,000
Liabilities—
Capital paid In_________________________
Surplus--------------------------------------------------Deposits:
Member banks—Reserve account___
All other_________________________
Total deposits______ ____ ________

F. R . notes In actual circulation----------F. R. bank notes In clrcul’n—not liability

Deferred availability Items___________
All other liabilities----------- ----------------

27,767,400
60,197,127

27,677,400
60,197,127

27.069.000
59.318.000

21,153,993
655,265,911
10,830,587

693,487,104
9,518,337

11,686.666

21.244.000
614,023,000
12.312.000

687,250,491
605,185.680
9,214,200
103,462,449
5,030,996

714,692,108
604,842,215
10,576,200
102,803,853
4,864,636

647.579.000
635.042.000
25.396.000
93.878.000
24.044.000

1,525,653,540 1,512,326,000
Total liabilities................................... 1,498,108,345
Ratio ol total reserves to deposit and
F. R . note liabilities oomblned..........
Contingent liability on bills purchased
for foreign correspondents-------------- 1
CURRENT

84.4%

83.7%

84.1%

11,018,415

11,009,498

12,741,307

NOTICES.

— M r . Court land L uck, formerly with the bond department of W est &
C o ., is now connected with the public utility bond trading department of
Rutter & C o .,
W a ll Street, New \ ork.
__ William Carnegie Ewon, 2 W all Street, has issued a doscrlptlvo circular
on the first mtge. 4 % gold bonds of 1949 of the Kings C ounty Elevated
Railroad C o.
__ Redm ond & C o. have moved their Philadelphia offices from Broad and
Sansom Streets to the ground floor of 1427 W alnut St.

14

W E E K L Y

R E T U R N

O F

T H E

F E D E R A L

R E SE R V E

B O A R D .

T h e f o l l o w i n g is t h e r e t u r n is s u e d b y t h e F e d e r a l R e s e r v e B o a r d F r i d a y a f t e r n o o n , S e p t . 2 1 , a n d s h o w i n g t h e c o n d i t i o n
o f t h e t w e l v e R e s e r v e B a n k s a t t h e c l o s e o f b u s in e s s t h e p r e v i o u s d a y . I n t h e f i r s t t a b l e w e p r e s e n t t h e r e s u l t s f o r t h e s y s t e m
a s a w h o l e in c o m p a r i s o n w i t h t h e f i g u r e s f o r t h e s e v e n p r e c e d i n g w e e k s a n d w i t h t h o s e o f t h e c o r r e s p o n d i n g w e e k l a s t y e a r .
T h e s e c o n d t a b l e s h o w s t h e r e s o u r c e s a n d l i a b i l it i e s s e p a r a t e l y f o r e a c h o f t h e t w e l v e b a n k s .
T h e F ed eral R eserv e A g e n ts’
A c c o u n t s ( t h i r d t a b l e f o l l o w i n g ) g i v e s d e t a i l s r e g a r d i n g t r a n s a c t i o n s in F e d e r a l R e s e r v e n o t e s b e t w e e n t h e C o m p t r o l l e r a n d
R e s e r v e A g e n ts a n d b e tw e e n th e la tte r a n d F e d e ra l R e s e r v o b a n k s .
T h e R e s e r v e B o a r d 's c o m m e n t u p o n th e r e t u r n f o r th e la te s t
w e ek a p p e a r s o n p a g e 1 3 7 6 b e in g th e f i r s t ite m i n o u r d e p a r tm e n t o f “ C u r r e n t E v e n ts a n d D i s c u s s i o n s .”
C

o m b in e d

R

L ia b il it ie s

esou rces and

of the

F

ederal

R

eserve

B

anks at th e

C

lo se

of

B

u s in e s s

S e p t . 20 1922

Sept. 20 1922. Sept. 13 1922. Sept. 6 1922. Aug. 30 1922. Aug. 23 1922. Aug. 16 1922. Aug. 9 1922. Aug. 2 1922. Sept. 21 1921
RESOURCES.
Gold and gold certificates--------------Gold settlement, F. R . Board............

275.307.000
536.176.000

281.408.000
525.340.000

285.316.000
530.135.000

293.751.000
534.420.000

300.470.000
520.556.000

306.286.000
474.662.000

314.391.000
481.333.000

316.231.000
489.619.000

428.036.000
411.210.000

811,483,000 807,748,000 815,451.000 828,171,000 821,026,000 780,948,000 795,724,000 805,850.000 839,246,000
Total gold held by banks................
Gold with Federal Reserve agents______ 2,202,258,000 2,219,162,000 2,206,468,000 2,197,658,000 2,197,316,000 2.238,893,000 2,233,430,000 2,223,384,000 1,777,529,000
Gold redemption fund-------------------48,127,000
40,324.000
37,585,000
43,420,000
38,914,000
46,593,000
42,489,000
42,190,000
94,353,000
Total gold reserves--------------------------- 3,061,858,000 3,067,234,000 3,060,833,000 3,063,414,000 3,061,762,000 3,066,434,000 3,071,643,000 3,071.424.000 2,711,128,000
Legal.tender notes, silver, <tc_________
128,002,000 130,204,000 125,854,000 132,474,000 130,902,000 131,424,000 130,534,000 131,260,000 151,968,000
Total reserves_____________________ 3,189,870,000 3,197.438,000 3,186,687,000 3.195,888,000 3,192.664.000 3,197,858,000 3,202,1.77,000 3,202,684,000 2,863,096,000
Bills discounted:
Secured by U. S. Govt, obligations__
133.021.000 123.960.000 130.447.000 133.651.000 125.738.000 125.440.000 117.777.000 130.293.000 495.156.000
All other_________________________
290.886.000 263.213.000 274.636.000 270.717.000 264.189.000 257.045.000 264.384.000 269.506.000 892.081.000
Bills bought In open market_________
220.267.000 204.663.000 188.365.000 171.706.000 166.488.000 149.600.000 146.803.000 150.497.000
33,514,000
Total bills on hand_______________
644.174.000 591.836.000 593.448.000 576.074.000 556.415.000 532.085.000 528.964.000 550.296.000 1,420,751,000
U. S. bonds and notes______________
213.585.000 198.835.000 207.514.000 193.750.000 196.418.000 202.973.000 199.746.000 198.751.000
38,081,000
U. S. certificates of Indebtedness:
One-year certificates (Pittman Act)
52,000,000
55,000,000
56,500,000
63,000,000
66,000.000
67.500,000
69,000,000
70,500,000 184,875,000
All other_________________________
173.399.000 243.045.000 244.178.000 241.220.000 222.342.000 218.144.000 222.965.000 228.095.000
8,571,000
Municipal warrants______________
16,000
18,000
21,000
21,000
21,000
9,000
4,000
3,000
Total earning assets______________
1,083,174,000 1,088,734,000 1,101,661,000 1.074,065,000 1,041,196,000 1,020,711,000 1,020,679,000 1,047.048,000 1,652,278,000
Bank premises.............. ......................
44.392.000
43.808.000
43.456.000
43.636.000
43.344.000
43.296.000
42.804.000
42.569.000
29.111.000
5% redemp. fund agst. F. R. bank notes
4,483,000
4,742,000
6,572.000
6.567,000
4.698,000
6,640,000
6,679,000
6,769,000
8,917,000
Uncollected Items____________________
669,563,000 661,605,000 576,078,000 510,807,000 530.240,000 593,930,000 522,392,000 542,711,000 591,811,000
All other resources___________________
14.194.000
18.520.000
18.193.000
17.410.000
17.841.000
16.666.000
16.449.000
16.448.000
16.750.000
Total resources____________________ 5,005,676,000 5,014,847,000 4,930,953,000 4,848,624,000 4,831,426,000 4,879,101,000 4,811,180,000 4,859,131,000 5,161,681,000
LIABILITIES.
Capital paid In__________ _______ _____
106.177.000 106,070,000 106, 085.000 106,086,
106 ,041,000 105.983.000
Surplus................................... ..................
215.398.000 215,398.000 215, 398.000 215,398,
215 ,398,000 215.398.000
Reserved for Govt, franchise tax______
Deposits— Government_______________
57.019.000
39.294.000
*37, ,730*655
43,972.000
*61,658'
32,935,000
Member banks—reserve account........ 1,774,997,000 1,811,237,000 1,796, 081.000 1 807,008, 000 1.785,489,000 1.790.200,000
All other__________________________
21.773.000
21.572.000
22, 986,000| 23,125, 000|
22,390,000
23,770.000
Total...................................................... 1.853.789.000 1,872,103,000 1,856 ,797,000 1 881,686 ,00ol 1.851 851.000 1.846.965.000
F. R. notes In actual circulation_______ 2.218.764.000 2,213.615,000 2,211, 889.000 2, 153,181 000 2,146 674.000 2.142.303.000
F.R.bank notes In circulation— net llab
46.834.000
52 793.000
50.222.000
53,960
56 953.000
58.130.000
Deferred availability Items____________
541,633,000 534,674,000 465, 764.000 415,762
432 286.000 488,613,000
All other liabilities______________ _____
23.081.000
22,551
22.765.000
22, 227.000
22 223,000
21.709.000
Total liabilities_________________ _
5,005,676,000 5,014,847.000 4,930,953.000 4,848,624,000 4,831.426,000 4,879,101.000
Ratio of gold reserves to deposit and
F. R. note liabilities combined____
75.2%
75.1%
75.2%
75.9%
76.6%
76.9%
Ratio of total reserves to deposit and
78.3%
F. R . note liabilities combined____
78.3%
78.3%
79.2%
79.8%
80.2%
Distribution by Maturities—
1-15 days bill bought In open market.
1-15 days bills discounted.................... .
1-15 days U. 8. certlf. 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. certlf. 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. certlf. 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. certlf. of Indebtedness.
61-90 days municipal warrants_________
Over 90 days bills bought In open market
Over 90 days bills discounted____ __
Over 90 days certlf. of Indebtedness___
Over 90 days municipal warrants . . . .

53.112.000
230,408,000
11.712.000

103.017.000
213.824.000

27,880.666

T6.926*.6d6

"74,183^666

1,783,539,000 1,837,840,000 1,588,209,000
29,218,000
24,384.000
30,257,000
1.835.803.000 1.885.023.000 1.691.610.000
2.147.223.000 2.140.121.000 2.474.676.000
60.547.000
62.046.000 103.590.000
424,691.000 429,712,000 503.174.000
71,770,000
21.242.000
21.788.000
4,811,180,000 4.859,131,000 5,161,661,000
78.9%

76.3%

64.9%

80.4%

79.6%

68.7%

55,841,000
200,044,000
2,749,000

S
12.509.000
781.238.000
16.984.000

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

45.646.000
183,639,000
3.911.000

34.463.000
55.179.000
7,624,000
9,000
61.105.000
78.259.000
38.380.000

33.228.000
44.391.000
32.559.000

23.083.000
42.787.000
36.169.000

23.586.000
36.515.000
1.400.000

23.794.000
36.069.000
2,400.000

10.980.000
166.165.000
11.563.000

36.022.000
50.962.000
10.420.000
3,000
3.405,000
26.323.000
215.845,000

36.510.000
71.378.000
51.316.000
3,000
37.423.000
57.275.000
35.021.000

33.427.000
58.154.000
45.347.000
3,000
33.296.000
60.942.000
41.678.000

" 6,070,000
244.633.000
15.700.000

34.756.000
42.579.000
1,498.000

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
3.855.000
27.739.000
200,338,000

3,638,000
33.354,000
200,317,000

4,139,000
44,590,000
206,424,000

42.809.000
47.642.000
19.662.000
64.992.000
81.042.000
8,890,000
3,000
49.439.000
45.372.000
63.787.000

63.931.000
77.490.000
35.604.000
3,000
38.298.000
43.476.000
3,398,000

9,915,000
19,443,000
121,348,000

7,341,000
21,720,000
211,986,000

2,923.000
23.028,000
213,248,000

12.000

12,000

12,000

105.589.000
215.398.000

55.118.000
206.038.000
39.928.000

56.155.000
195,219,000
38.721.000
3,000
38.938.000
49.268.000
8.336,000

1,000

105.730.000
215.398.000

6.000

53.998.000
81.740.000
34.287.000

12,000

12,000

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

Federal Reserve Notes—
Outstanding____________________
Held by banks________________ _

2,636,112,000 2,652,313,000 2,639.293,000 1,603,919,000 2,601,281,000
417,348,000 438,698,000 427,404.000 450,738,000 454,607,000 2,590,009,000
447,766,000
In actual circulation________________ 2,218,764,000 2,213,615.000 2,211,889,000 2,153,181,000
2.146,674,000 2,142,303,000
Amount chargeable to Fed. Res. Agent 3,472,244,000 3,444,730,000 3,388,980.000 ,379,246,000
3,379,538,000
In hands of Federal Reserve Agent____
836,132,000 792,417,000 749,687,000 775,327,000 778,257,000 3.373,411,000
783,342,000
Issued to Federal Reserve banks____ 2,636,112,000 2,652,313,000 2,639,293,000 2,603,919,000
2,601,281.000 2.590,069.000

How Secured—
By gold and gold certificates___________
416,507,0001 416,508,000
By eligible paper............ ........... ............... 433.854.000 433,151,000
Gold redemption fund------------------------132.617.000 126,505,000
With Federal Reserve Board.................. 1,653,134,000 1,676,149,000

1,000

180,666

32.780.000
137.510.000

2,581,583,000 2,572,297,000 2,837,667,000
434,360,000 432,176,000 362,991,000
2,147,223,000 2,140,121,000 2,474,676,000
3,350,954,000 3,339,569,000 3,667,177,000
769,371,000 767,272,000 829,510,000
2,581,583,000 2,572,297,000 2,837,667,000

416.522.000
351.176.000
130.531.000
1,691,840,000

Total.......................................................
Eligible paper delivered to F. R. Agent.

’ 3,775,000
162.421.000
11.689.000

416.523.000
348.913.000
121.354.000
1,685,507.000
2.572.297,000 2.837.667.000

630,172,000

580,211.000

578,210.000

563.226,000

533,600.000 1.376.725.000

WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPT. 20 1922
Two ciphers (00) omitted.
Federal Reserve Bank of—

Boston.

S
RESOURCES.
Gold and gold certificates_______ 15.644.0
Gold settlement fund—F. R. B'd 50.121.0
Total gold held by banka........
Gold redemption fund__________

65,765,0
176,987,0
6,968,0

Total gold reserves___________ 249,720,0
8,043,0
Legal tender notes, silver, &c___
Total reserves.... ................... __ 257,763,0
Bills discounted: Secured by
U. S. Govt, obligations........
7,449,0
All other______ _____ _______ 19.519.0
Bills bought In open market_____ 14.807.0
Total bills on hand
41.775.0
U. 8. bonds and notes__________ 11.452.0
U.J*. certificates of indebtedness
One-year ctfs. (Pittman A ct).
3,250,0
All other__
10,485,0
Municipal warrants
Total earning assets




66.962.0

New York.

Phlla. Cleveland Richmond Atlanta. Chicago.
S
S
S
S
S
s
161,747,0 5,960,0 13.668.0 3,693,0 5,413,0 25,480,0
66,572,0 49,860,0 56.681.0 32,533,0 25,822,0 124,467,0
228.319.0 55,820,0 70,349,0 36.226.0 31.235.0 149.947.0
811.993.0 148,090,0 175,585,0 59.841.0 94.752.0 393.040.0
9,089,0
7,143,0 2,339,0 3,605,0
1,257,0 6,861,0
1,049,401,0 211,053,0 248,273,0 99,672,0 127,244,0 549,848,0
41,941,0 12,837,0 8,623,0 7,311,0 5,735,0 20,128,0
1,091,342,0 223,S90,0 256,896,0 106,983,0 132,979,0 569,976,0

St. Louis. M inneap. Kan.City.

Dallas. San Fran.

4,101,0
7,440.0 2,760,0 9,274,0 20.127.0
14,321,0 25,608.0 27,139,0 25,375,0 37.677.0

Total.
S
275.307.0
536.176.0

18.422.0 33.048.0 29,899,0 34.649.0 57,804,0 811,483,0
54.893.0 32.659.0 56,094,0 19.524.0 178,200,0 2,202,258,0
48,127,0
1,671,0 4,101,0
1,714,0
1,689,0
1,690,0
75,029,0 67,396,0 88,283,0 55,844,0 240,105,0 3,061,86S,0
8,101,0
862,0 4,006.0 6,348,0 4,067,0 128,002,0

83,130,0 68,258,0 92,289,0
15.045.0 29.241.0 21.049.0 14.328.0 3.707.0 15.576.0 8,054,0 2,262,0 2,269,0
26.622.0 10.530.0 11.745.0 26.606.0 33,899,0 40.735.0 16,860,0 23,954,0 17,801,0
72,014,0 25.883.0 34.215.0
396,0 3.964.0 16.021.0 14,153,0
75,0
116,684,0 65,654,0 67,009,0 41,330,0 41,570,0 72,335,0 39.067.0 23.216.0 20.145.0
41,586,0 23,589,0 27,626,0
1,241,0
159,0 8,000,0 18.761.0 12.936.0 27.737.0
12.500.0 3.500.0 3,500,0 3,460,0 3.999.0 6,667.0 3,571,0 3,000,0 3,821,0
73.999.0 5.629.0 29,029,0
2.070.0 18,533,0 5,880,0 2,561,0 12,986,0
16,0
244.769.0 98,372.0 127.184.0 46.031.0 47.798.0 105.535.0 67.279.0 44.729.0 64.689.0

62,192,0 244,172,0 3,189,870,0
1.252.0 9,786,0
30,724,0 31.888.0
4.039.0 34.700.0

133.021.0
290.886.0
220.267.0

36,015,0 76.374.0
2,816,0 37.682.0

644.174.0
213.585.0

1,900,0 2.S32.0
765,0 11,462,0

52.000,0
173,399,0
16,0

41,496,0 128.350,0 1.083,174,0

RESOURCES (Concluded)—
Two ciphers (00) omitted.
Bank premises------------------------5% redemption hind against FedAll other resources........................

$
5,251,0

S
603,0

s
6,349,0

Chicago. St. Louts. Minneap. Kan.City.

9
1,732,0

S>
2,571,0

S
952,0

S
5,059,0

S
959,0

Dallas.

San Fran.

S
2,093,0

Total.

1,477,0

S
44,392,*

916.0
146,0
94.0
463,0
665,0
183,0
223,0
198,0
674,0
250,0
239,0
149,671,0 52,690,0 63,250,0 57,917,0 28,023,0 85,195,0 39,666,0 15,949,0 43,473.0 30,059,0 41,540,0
1,854,0 4,727,0
614,0
149,0
435,0
437,0
1,339,0
583,0
2,009,0
460,0 1,064,0

4,483,0
669,563,0
14,194,0

$
9,643,0

422.0
62,134,0
473,0

Cleveland Richmond Atlanta.

Phila.

New Y on .

Boston.

7,703,0

8

393,005.0 1,498,108,0 376,275,0 454,982,0 214,273,0 211,154,0 769,509,0 191,737,0 131,423,0 207,040,0 137,840,0 420,360,0 5,005,676,0
LIABILITIES.
Capital paid In..............................
Surplus...........................................

8,105,0
16,483,0
2,708,0
122,524,0
59i,0
All other....................................

27,767,0 9.194,0 11,690,0 5,621,0 4,323,0 14,743,0 4,786,0 3,562,0 4,573,0 4,198,0 7,615,0 106,177,0
60,197,0 17,945,0 22.509,0 11,030.0 9,114,0 29,025,0 9,388,0 7,468,0 9,643,0 7,394.0 15,199,0 215,398,0
57,019,0
1.037,0 3,073,0 3,144,0
1,783,0
21,154,0 3,108,0 3,561,0 4,195,0 3,830,0 7,255,0 2,167,0
655,266,0 114,131,0 147,460,0 55,604,0 50,776,0 262,639,0 60,502,0 47,867.0 79,231,0 50,359,0 128,638,0 1,774,997,0
259,0 4,395,0
310,0
S41,0
21,773,0
1,612,0
680,0
318,0
227,0
486,0
10,831,0
1,215,0

125,831,0
F. R . notes In actual circulation. 190.351,0
F. R . bank notes In circulation.,
2,572,0
net liability................ ...............
48,129,0
1,534,0
All other liabilities_____________

687,251,0 117,725,0 152,233,0 60,027.0 54.924,0 271,506,0 63,349,0 49,960,0 81,109,0 53,694,0 136,177,0 1,853,789,0
605,186,0 180,159,0 209,383,0 84,996,0 116,590.0 382,330,0 74,260,0 52,415,0 03,076.0 39,334,0 220.6S4.0 2,218,764,0
1,551,0
9,214,0 2,968,0 3,435,0 2,627,0 3,449,0 5,943,0 3,411,0 2,362,0 6,898,0 2,404,0
103,482,0 46,664,0 53,747,0 48,321,0 21,584,0 62,675,0 35,642,0 14,283,0 40,592.0 29,131,0 31.903,0
1,373,0
1,141,0
1,685,0 2,231,0
901,0
1,170,0 3,287,0
1,962,0
1,151,0
5,031,0
1,610,0

46,834,0
541,633,0
23,081,0

Total liabilities.......................... 393,005,0 1,498,108,0 376,265,0 454,962,0 214,273,0 211,154,0 769,509,0 191,737,0 131,423,0 207,040,0 137,840,0 420,360,0 5,005,676,0
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities com­
78.3
68.4
66.9
60.4
66.7
87.2
64.0
77.5
73.8
84.4
75.2
71.0
81.5
bined, per cent..........................
Contingent liability on bills pur­
29.888,0
1,369.0
1,399,0
804,0
1,429,0
774,0
1.458,0 1,098,0 3,543,0
11,018,0 2,382,0 2,441,0
chased for foreign correspondt’s 2,173,0

STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS SEPTEMBER 29 1922.

Resources—

(In Thousands of Dollars)

363,184*_____
37,809 11,201
411.000 136,88)
38,414 54,918
74,241 3,631

5,300
18,687
153,000
29,687
\Excess amount held................................ 12 .0 S8

7,683
11,610 13,052
16,395 2,983
1,607 4,334 2 8 ’ 8
373,645 40,300 18,000 52,3)0 9,00)
28,354 36,545 21,851 13,737 23,581
43,930 2,519 3.S88 3,399 12.357

2,400
13,275
12,310 4,013 3,352
150,000 55,795 89,000
49,3)8 31,669 27,428
13,830 8,283 13,996

Total__________________________________________ 513,236 2,125,535 453,927 4)8,813
Liabilities—
Net amount of Federal Reserve notes received from
1
294,474 1 9nn.ST7 247 2/iS 257 nos
Collateral received from/Gold............................- ............. 176,987 811,993 148|0<50 175,585
41,775 112,705 58,579 66,228

Total.

S
S
S
S
S
3
S
84,500 26,930 11,280 11,500 13,938 61,490 836,132
421,391 91,438 54,510 73,431 13,105 253,394 2,636,112

S
S
S
S
$
350,410 44,220 32.020 34,550 72,494
850,457,203,038 224,983 91,510 122,178

$
87,800
206,674

Collateral security for Federal Reserve notes outstanding

"

Clece. Richm’d A tlanta Chicago. St. Louis Minn. K.Clty. Dallas. San Fr.

Boston. New York\ Phila.

Federal Reserve Agent at—

416,507
_____
17,055 132,617
161,115 1,653,134
75,194 433,854
1,158 196,318

225,853 330,846

971,218 212,325 124,188 131,781 117,505 559,434 6,304,674

125,050 194,672
59,811 94,752
39,952 41,422

505,894 118,318 65,790 84,931 62.043 314,881 3,472,244
393,010 54,893 32,659 56,691 19,524 178,200 2,202,258
71,234 39,064 25,739 20,136 35,938 76,350 630,172

513,23Si2,125,535 453,927 498,813 225.853 330,846

971,218 212,325 124,188 131,781 117,505 510,434 6,304,674

206,674
Federal Reserve notes held by banks--------------------------- 16,323

8,10.457 203.018 221.983 91.510 122.178
245^271 22i879 15,600 6,514 5,588

421,391 91,438 54,510 73,431 43.105 253.391 2.636,112
39,064 17,178 2,095 10.355 3,771 32,710 417,348

Federal Reserve notes In actual circulation............ .. 190,351

605,183 180,159 209,383 84,993 118,590

382,330 74,26) 52,415 63,078 39,334 220.684 2,218,764

W E E K L Y

R E T U R N

FOR

T H E

M E M B E R

B A N K S

O F

T H E

F E D E R A L

R E SE R V E

S Y S T E M .

F o l l o w i n g is t h e w e e k l y s t a t e m e n t is s u e d b y t h e F e d e r a l I l e s o r v e B o a r d , g i v i n g t h e p r i n c i p a l i t e m s o f t h e r e s o u r c e s a n d
l i a b i l i t i e s o f t h e 7 9 1 m e m b e r b a n k s , f r o m w h ic h w e e k l y r e t u r n s a r e o b t a i n e d .
fo r th e R e s e r v e B a n k s th e m s e lv e s .

1917,
w eek

T h e s e fig u r e s a re a lw a y s a w e e k b e h in d th o s e

D e f i n i t i o n s o f t h e d i f f e r e n t i t e m s in t h e s t a t e m e n t w e r e g i v e n in t h e s t a t e m e n t o f D e o . 14

p u b lis h e d in th e “ C h r o n ic le ” D e c . 2 9 1 9 1 7 , p a g e 2 5 2 3 .

T h e c o m m e n t o f th e R e s e r v e B o a r d u p o n th e f i g u r e s f o r th e la te s t

a p p e a r i n o u r D e p a r t m e n t o f “ C u r r e n t E v e n ts a n d D i s c u s s i o n s ” o n p a g e 1 3 7 6 .
1. Data for all reporting member banks In each Federal Reserve District at close o f business S'ptem ber 13 1922.

Three ciphers (099) om itted.
1

Boston. New Yon Phlladel. Cleveland. Richm’d. Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas, iSan Fran\

Federal Reserve District.
MiimltAr of rpnortlns h u n k s___________
Loans and discounts. Including bills re­
discounted with F. R. bank:
Loans sec. by U. 8 . Govt, obligations.
Loans secured by stocks and bonds.-All other loans and discounts..............
T1Atoi inanQ nnd dlm'oiintil

_______

U . O. VICMJi y ------------------------------T
a ceruntaits
nartlffpof (61 Ilf iiuuwwaiuhw
111!F1])IPfl nC'fiS_.
uT. is.
— ....
/-v
t i,knonos,
..nJa oWJtnn
atohlfg ami
anil fW
HMiritiCS_____
Utner
pcvumww
----

49

105

56

84

3
$
14,372
87,842
222,148 1,616,415
569,867 2,220,354

S
16,073
247,382
317,70S

$
29,361
338,777
643,333

806,747 3.924,611
98,382 566,124
1,784
20,955
24,699 398,208
66,914
5,801
189,936 770.693

581,163 1,011,471
58,282 161,049
3,151
2,237
37,748
26,830
8,394
7,200
185,784 280,711

Total loans, disc’ts & investments, incl.
bills rediscounted with 1»\ R . B an k ... 1,107,349 5,747,509
85,681 628,470
neserve Daiance wuu r . iv.
89,264
19,593
808,048 4,853,066
Net demand deposits--------------------------- 245,975
781,538
Time deposits------- -----------------------------62,223
11,706
Bills payable with Federal Reserve Bank:
Secured by U. S. Govt, obligations.-All other.......................... ------------------Bills rediscounted with F. R. Bank.
Secured by U. S. Govt, obligations..
All other................ - ...............................

41

79

33

$
8
42,857
11,177 . 7,434
52.590 516,976
116,343
307,312j 301,348 1,002,681
8

15,562
124,493
279,851

S
8,267
38,294
200,160

10,078
67,538
348,020

4,105
42,729
197,603

3
S
16,154
253,642
144,422 3,528,112
715,389 7,103,026

425,636
58,533
1,424
11,478
10.440
60,582

244.437
34,294
516
9,174
5,352
7,851

875,965 10.895.380
120,296 1,382,968
4.984
45,524
29,365' 635,380
18,873
175,105
101,405 2,241,889

568,096
47,011
12 113
450,751
117,853
5,479

i
1
301,654 1,210.888 15,376,306
23,418
81,013 1,363,096
291,404
10,293
21.649
217,757 639.50) 11.144.907
04.084 550.539 3,563,814
157,655
4,029
12,159

361,372 1,562,514
29.242 137,186
63S
4,711
71,546
4,386
27,147
8,480
32,951 405,728

419,906
36,045
4,543
7,391
84,176

246,721
24,083
283
9,141
5,302
26,126

862,410 1,501,610 559,070 437,0*9 2,208,832
34,708
29,834 204,899
68,637
96,194
13,724
9,400
57,274
15,164
29,792
698,314 881,899 332,171! 254,278 1,476,618
54,832 502,011 143,612 152.891 700.494
4,632
19,927
4,893i
10,423
13,0931

560,163
38,591
7,246
331,997
170.415
3,749

311,656
19,640
6,812
200,508
79,137
5,342

1,356

138
------

3,688
------

12,654
—

9,973
--------

8,148

39
12,606

486
15,800

5,419

4,084

434,837
59,449
294
4,703
3,841
55,946

95

3,549

5,521

8,102

20

78!
6,7711

100

21

3,643

41
4,266

7
1,712

1

2,350

79

81.
1

—

208

50
2.675

68 .

Total.

37

109

cooj
--------- 1
6

3,798

791

5,305
173

51,135
193

99
5.939

9S3
69,027

2. Data o f reporting member banks In Federal Reserve Bank and branch cities nnd all other reporting banks.
New York City.
Three ciphers (000) omitted.

Sept. 13.

City of Chicago.

Sept. 6 . Sept. 13. | Sept. 6 .

—- ■ - — -------------- “ .
50
50
64
64
Number of reporting daukb. - - - - - - Loans and discounts, incl. bills redls8
S
S
S
counted with F. R. Bank:
75,593
34,083
33,109
78,217
Loans sec. by U. S. Govt, ob g ns
1,400,674 393,380 389,857
Loans securer! by stocks & bonds. 1,440,124
1,949,677 627,425 637,405
1,940,018
AU other loans and discounts----3,431,944 1,054,888 1,060,371
Total loans and discounts--------- 3,458,359
63,224
61,134
495,850 498,751
U. S. bonds------------------------------20,514
4,191
19,830
4,550
T7. S. Victory notes ........................ 379,724 387,789
50,063
51,549
U. 8. Treasury notes............ - ........
61,703
63,165
13,641
14,137
U. 8. certificates of Indebtedness-- 575,362
591,338 173,468 176,570
Other bonds, stocks and securities-.
Total loans & disc’ ts & Invest ts,
4,992,039
1,368,311
incl. bills redisc'ted with 1 •K. b k . 4,992,290 589,367 1,359,475
145,619 136,232
Reserve balance with F. R. Bank.. 578,337
75,290
30,877
29,648
75,549
4,352,754 4.305,295 1,005,138 998,320
riomuml
xNtl U
OUUIUU dODOSltS_____________ 558,577 601,031 330,266 328,414
Time deposits. — - - - -----------------64,430
14,881
17,265
57,988
Government d e p o s it s -------Bills payable with F. R. Bank.
13,980
905
990
6,480
Sec’d b y U. S. Govt, obllgations..
Bills1rediscounted with F. R. Bank:
Sec’d by U. S. Govt, obligations.Ratio of bills payable & rediscounts
with F. R. Bank to total loans
and Investments, per eent------




All F. R. Bank Cities. F. R. Branch Cities. A llOther Report.Bks.
Sept. 13.

Sept. 6 .
269

269

Sept. 13.
209

Sept. 6.
209

Total.

Sept. 13. | Sept. 6 . Sept. 13*22 Sept. 6 *22. Sept. 14*21
313

313

791

791

810

$
S
S
S
8
s
3
40,854
47,425
40,581
263,642 ' 256,988
47,577
175,211
168,982
5)1) 682
2,601,486 2,546,797 484,155 490.295 443,471 443,097 3,528,112 3,480,139 2,966,321
4,431,624 4,433,643 1,391,511 1,379,230 1,280,491 1,289,803 7,103,626 | 7,082,676 7,997,773
S

8

7,207,321 7,149,422 1,923,243 1,916,950 1,764,813 1,753,481 10,895,380 'l0 ,819,853 11,562.776
800,241 308,134 302,957 273,294 272,166 1,382,9681 1,375,384
801,540
867,862
4,478
45,524
8,088
4,290
7,866
49.293
33,915
162,475
33,180
49,341
75,876
47,893
635,330
650,881
76,434
525,659
511,053
53,369
41,995
17,229
17,900
175,165| 173,272
44,194
113,377
113,742
141.029
1,207,014 1,227,494 621,831 623,363 413,044 413,105 2,241,839 2,233,983 2,013,237
9,873,850 9,853,108 2,981,702 2,939,229 2,520,754 2,510,289 15,376,308 15,332.621 14,800,748
988,808 211,613 224,159 163,347 155,938 1,363,096 1,368,905 1,228,<’93
988,136
73,313
75,960
291,404
57,630
60,644
282,539
151,566
154,800
310,018
1 fiA
O 1"1 l,57o,ol9
1 C7Q 01n 11,144,907 lU.yuz
7,732,142 7,638,126 1,804,614 11,775,994
939 10.130,875
Cf\)> 0,000,014
•j rno 011
nOQ niQ i OO.Dl:!* ioo,oU
a, ore, 023 2,916,826
1,767,123 1,808,174 1,040.143 1,033,943
25,629
18,722
14,970
157,655
133,949
22,870
119,815
178,300
130,499
24,315

31,498

15,225
173

15,153
177

11,595
20

10,272
270

51,135
193

56,923
447

232,493
2,623

486
12,640

14,615

" 2,258

' 2,667

615
40,325

127
47,107

251
11,535

298
11,550

117
17,167

78
20,158

983
69,027

503
78,815

64,023
609,187

0.4

0.6

0.2

0.3

0.7

0.8

0.9

0.9

1.1

1.2

0.81

0.9

6.1

USarnfa

TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. W EEKLY AND YEARLY.

(% a

TFaM $freef, Friday NfyA*, £ep£. 22 1922.
Railroad and Miscellaneous Stocks.—Owing to cable
news over the week-end telling of the fall of Smyrna into
the hands of the Turrks the security markets suffered a
severe decline on Monday. Nearly 1,300,000 shares were
traded in, in the course of which Can. Pac. dropped 4H
points, Union Pac. 3H, Atchison 3\i and other rails from
2 to 3, while a considerable number of industrial issues lost
from 4 to 6 points. On Tuesday it was discovered that
a good deal of the selling on Monday had been by the bear
element,, that there had been very little real liquidation
and in the reaction which followed a substantial part of
Monday’s drop in prices was recovered. Since Tuesday
the market has been decidedly irregularly, but generally
weak and closing prices of a long list of active stocks are
very near the lowest of the week.
The bonus bill met the fate which was expected and there­
fore, its demise had no perceptible effect upon the market.
An advance of call loan rates to 6%, however, was largely
responsible for the marked weakness in shares on Thurs­
day. On the other hand the fact that about 2-3 of the blast
furnaces which were put out of business by the coal short­
age are again in operation and that the output of finished
steel has increased almost as much, gives assurance of
reviving activity in the most important industry of the
country. Further evidence of a similar character, but
applying to general business, is seen in the Federal Reserve
Bank’s report showing an increase of some $36,700,000
in rediscounts within the week.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Wet* ending Sept. 22.

Sales
for
Week

Range for Week.

Par Shares S per share

Railroads—

Highest.
5 per share

Range since Jan. 1.
Lowest.

$ per share S per share

200 106 Sept 18 106 Sept 18
21 71H Sept 22 717$ Sept 2?
IOC 59 7$ Sept 20 BOJf Sept 2f
10C 50 Sept 20 50 Sept 20
1.10G 112 X Sept 18 115 Sept 20
l i t 717$ Sept 16 717$ Sept V
25( 75 Sept 19 70 M Sept 21
1,400 29 Sept 21 30 X Sept If
901 23)$ Sept 20 24 V, Sept 18
POO 07$ Sept 16 77$ Sept 18
2.30C 52 Sept 18 54 Sept lr
901 34 Sept 21 39}$ Sept If
3,30( 68 Sept 18 72 Sept 22
3.70C 557$ Sept 18 58 X Sept 20

83
657$
49
50
104}$
61
71
2 2 }$
227$

100 1167$ Sept 20 116}5 Sept 20
Am Metal temp c t fs ...* 3,900 46 7$ Sept 22 49 7$ Sept 2C
Amer Telcg & Cable. 100
900 62 H Sept 20 04 H Sept 18
Am Whole’le Corp.pf.100
200 92 Sept 16 92 Sept If
Amer Tel & Tel rights... 105600 3 'A Sept 16 37-$ Sept 20
Am Metal temetf, pf. 100
200 112 Sept 18 112 Sept 18
Atll'rultColTr ctf of dep
200 17$ Sept 21 2 'Sept If
Atlas Powder.............
20C 145 Sept 22 147 A Sept 22
Bayuk Bros, pref----- 100
100 117 Sept 19 117 Sept IP
Beech-Nut Packing.. .20 35,300 37 'A Sept 18 44 U Sept 21
-Inc, pf.100
'
200 97 Sept 22 977-$ Sept 18
Brown Shoe,
100 1007$ Sept 20 1007* Sept 2f
Burns Bros, pref----- 100
A 42
JOl74- Sept If
1,100 Ofll.
If
Case (J I) Thresh Mach
397ti Sept O
20
0,200 4 ‘A Sept 18 67$ Sept 20
Consol Cigar rights----|__________________
2,600 100 Sept 18 102 h Sept 20
Cosden
& Co. pref
17$ Sept 21 1% Sept 21
Rights----------------------21,700
100 31
Sept 18 31 Sept. 18
Crex Carpet-----------100
100 21 Sept 22 21 Sept 22
Durham Hos MllIfi"B” 50
7$ Sept 16
}$ Sept IP
Crut ible Steel rights----- 2,800
100 15 Sept 21 15 Sept 21
Fairbanks Co (The)..25
20( 102 Sept 22 102 7$ Sept. 2 '?
Gen > mTk Car 7 % pf- 100
Gen Elec sp’l w 1--------10 2,900 117$ Sept 16 12 Sept 16
100, 55 Sept 19 55 Sept 19

107
44
54
89
27$
107
15$

C St r M at O. pref-.100
Cleveland & Plttsb— 50
Colo & South 2d p L . 100
Detroit & Mackinac.ICO
Illinois Central pref------r r Sec Series A .. 100
Leased line stock.. 100
Interboro Rap Tran (tv I)
In t& G tN oR y (wl).lOO
Iowa Central........ ..100
ManRyKoTrC'ooINYcd
M K & T Full paid........
Tol St L A W Series B_.
Preferred Series B -----

Industrial & MIscell.
All American Cables. 100

Highest.

Feb 106
Feb 717$
Jan 597$
Sept 50
Jan 115
Feb 71}$
Jan 76 V$
July 31 V$
June 265$
Feb 135$
6
44
July 657$
Sept 397$
34
Jan 72
14
227$ Jud 585$

Sept
Sept
Sept
Sept
Seot
Sept
Sept
Aug
June
Jan
Aug
Sept
Sept
Sept

Week ending
Sept. 22 1922.

Stocks.
Shares.

Saturday_________
Monday..................
Tuesday_________
Wednesday_______
Thusday__________
Friday______ _____
Total....................
Sales at
New York Stock
Exchnnoe.

1 Par Value. |

Railroad,
&c.,
Bonds.

464,168 42.601.000
1,283,100 116,344,000
843.079 77,612,600
897,870 78.721.000
1,057.728 99.336.200
92.027.200
1 ,010,000

State. Mun.
and Foreign
Bonds.

T7
a.
L/ . O

Bonds.

$906,000 SI.321,000
2.693.000 3,180,400
2.049.000 3.531.000
1,829,500 3,786,265
1.649.000 4,427,600
5.182.000 3.892.000

83,646,000
7.257.000
5.798.000
5.635.000
6.317.000
8.250.000

5,545,945 S506.641.900 836,903,000 814,308,500 820,140.265
Jan. 1 to Sept. 22.

Week ending Sept. 22.

1922.

|

1922

1921.

|

1921.

Stocks—No.- shares__
5,545,945'
3,057,259
185.570.990
124,508.036
Par value__________ $506,541,900 $243,920,443 $16,313,536,389 $9,363,453,717
Bonds.
Government bonds__ 820.140,265 851.054,400 ^ $1,240,654.46s1 $1,360,829,560
State., mun.,&c. .bonds
14,308,500
6,701,500 ;
52,526,700
222,405,900
RR. and mlsc. bonds..
728,938,000
665,664,600
36,903,000 27,171,000
Total bonds.............. $583,439,610 $84,986,900 82,022,119,165 $2,248,900,060
DAILY' TRANSACTIONS AT THE ROSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia

Boston
Week ending
Sept. 22 1922.

Shares

Bond Sales

Shares

Baltimore

Bond Sales

Shares

Bond Sales

Saturday _______
Monday_________
Tuesday_______ .
Wednesday______
Thursday________
F riday__________

10,917
15,079
12,759!
15,464,
15,768!
14,889,

822,350
55,800
43,000
17,450
42,500
27,000

2.768
6,348
6,314
6,326
5,671
3,720

$18,500
40.150
37,400
65,900
50,000
30,000

1.086
1,680
966
2,432
702
578

$93,500
138,200
143,200
115,300
103,100
81,700

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

84,876

$208,100

31.147

$241.950

7.444

8678,000

Dally Record of Liberty Loan Prices Sept. 16 Sept. 18 Sept. 19\Sept. 20 Sept. 21 Sept. 22
Flr»t Liberty Loan

(High
3 74% bonds of 1932-47..(Low
(First 3 V$s)
(Close
Total sales in $1,000 units.. .
Converted 4 % bonds of|Hleh
1932-47 (First 4s)___ (Low
(Close
Total sales in $1,000 units.
Converted 471% bonds!High
of 1932-47 (First 4)$s)(Low
„
IClosi
Total sales in SI,000 units.
Second Converted 4>$%|H1gh
bonds of 1932-47 (Ftrst(Low
Second 4 !$ s).._
(Close
Total sales in Si ,000 units...
Second Liberty Loan
(High
4% bonds of 1927-42___ (Low
(Second 4s)............ __ (Close
Total sates In $1,000 units
Converted 4 )$% bonds (High
of 1927-42 (Second ( Low
4 7$s ) .......... ................ (Clos*
Total sales in SI ,000 units
Third Liberty Loan
(High
47$% bonds of 1928___ (Low
(Third 4 Hs)
(Close
Total sates in SI,000 units. .
Fourth Liberty Loan
(High
4}$% bonds of 1933-38..< Low
(Fourth 4 X s)
l Close
Total sates in SI,000 uniL. .
victory Liberty Loan
(High
4H % notes of 1922-23..(Low
(Victory 44$8)
(Close
Total sales in $1,000 units. . .

101.26 101.34 101.44 101.68 101.40
101.10 101.16 101.26 101.32 101.32
101.24 101.28 101.44 101.50 101.32
397
184
529
412
681
___ 100.70
100.70
___
___ 100.70
____ 100.70
___ 100.70
___ 100.70
1
5
100.66 100.66 100.36 100.70 100.76
100.56 100.50 100.36 100.60 100.60
100.58 100.50 100.36 100.64 100.60
18*
142
111
286
25
____

___

____

___

___
___

____
____
____

101.50
101.34
101.34
576
100.64
100.64
100.64
1

100.54
100.66

100.54
189

___
___

100.16 ioo’.oo 106.16 106.12 100.02
100.16 100.00 100.04 100.10 100.02
100.16 100.00 100.10 100.10 100.02
2

IOO". 18 100.16
100.06
100.14 100.08
604
95
100.36 100.36
100.30 100.24
100.30 100.26
588
182
100.66 100.56
100.56 100.44
100.56 100.46
325
763
100.76 100.76
100.70 100.70
100.72 100.76 1
121
58 !
100.12

2
100.02

99.96
99.96
671

100.20

100.14

100.20

618
100.52
100.42
100.52
1,126
100.74
100.70
100.72
205

2

21

4

100.30 100.26 100.16
100.10 100.12 100.08
100.14 100.16 100.08
1.001
660
903
100.38 100.40 100.28
100.28 100.24 100.20
100.38 1C0.24 100.20
768
508
393
100.76 100.78 100.66
1 0.58 100.58 100.42
100.60 100.62 100.46
1.640
1,454
1.126
100.76 100.74 100.72
100.70 100.70 100.66
100.72 100.70 100.70
273
209
183

Jan 1167$ Sept
Sept 527$ Sept
Mar
Feb 70
Feb 95
Jan
Aug 37$ AUg
.—The above table includes only sales of coupon
Aug 113}$ Sept
Aug 27$ July bonds. Transactions in registered bonds were:
Apr 147}$ Sept 34 1st 37$s.
120
99.96 to 100.36
101.14 to 101.26 43 2d 4 7$8____
Sept 117
Sept
117
1 1st 4 s ...
100.06 to 100.60
100.00
47 3d 47$8____
July 44}$ Sept 12 1st 47$s.
30
100.30
to 100.60
78
4th
4
7$8---100.12
to
100.52
May
Sept
985$
89
7 2d 4 s ...
100.56 to 100.60
99.90 to 100.16 63 Victory 4 5$s.
Feb 1007$ Sept
94
Aug
397$ Sept 44
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
27$ Sept 67$ Sept
937$ July 102 }$ Sept
lot.
1 t.
Sept
Sept
17$
15$
Maturity.
Rate.
Maturity.
Bid. A sked.
Rate.
Bid.
Asked.
257$ Aug 35}$ Aug
Mar 26
May June 15 1924...
20
57$% 102'*/, 102' % Mar. 15 1923... 4t$?< 100°$* 100'76
Sept
Sept
1
7$
Sept. 15 1924...
15 1923..
35$% 100 7$. 10076
Sept 205$ Sept Dec. 15 1922... 57$ 9, 102>'/c 102 '-s June
14
47$% 10076 10U?6 nee. 15 1925... 4%°'. 10(i»/« 100' ' / ,
96
.Tune 1017$ Sent
M ar.15 1925... 47t% 101 )$
Sept.
15
1923..
1007$
37$% 100
1017$
Sept
117$ Sept 12
Mar. 15 1926... 47$% I 01 " / e 1017$
Apr
Jan 78
45
Goldwyn^ctures^.I ! . * 14,400j 67$ Sept 19 77$ Sept 16 67$ Sept 77$ Sept
Foreign Exchange.—Sterling exchange reflected relaxa­
Hartman CorporationlOO 2,200 847$ Sept 22 865$ Sept 21 80 H July 103 May
Hudson Motor Car.. . . * 10,400 215$ Sept 22 227$ Sept 21 197$ Aug 237$ July tion of the tension over the war scare in the Near East and
Sept
Sept 103
Iron Prod p r e f ____ 100
100 99 Sept 19 99 Sept 19 94
Sept the trend was upward though gains were not large. The
Jan220
Llgg&MyersTobserB 100, 100220 Sept 20 220 Sept 20 100
Aug 677$ Sept Continental exchanges were only fairly steady with some
rnnslwneVBlSCUlt____ 1.400,60 Sept 22 63 Sept 20 30
Magma Copper
. . . . * M 0 0 1 337$ Sept 22 357$ Sept 21! 33}$ Sept 355$ Sept
MaHtnson(HR)&CopflOO, 200 92 Sept 20 947$ Sept 20 62)$ Jan 947$ Sept irregularity in the later dealings.
■Mnthor I ode Co&lith.D *,19,200108 Sept -2 11/8 Sept 20 107$ Aug 115$ Sept
. T o -d ay s (Friday’s) actual rates for sterling exchange were 4 40 5$ @
Aug 165$ Sept 4 417$ for sixty days, 4 41 7 $ @ 4 427$ for cheques and 4 4 1 7 $ @ 4 425$
. - - - • 29.700 135$ sept 19 ,165$ Sept 21 13
Sept
July 489
Sept 21 4S9 Sept 18 453
Com m ercial on banks sight. 4 4 0 7 $ @ 4 415$; s i .t y days,
Nash Motors Co-------- *
Sept
June
282
7$
264
51281 Sept 202827$ Sept 22
4 40}$ @ 4 415$, ninety days 4 3 9 @ 4 397$ and documents for payment
Nat Bk of Commerce 100
Jani 995$ Sept (sixty days) 4 3 9 7 $ @ 4 40T$. C otton for payment 4 4 0 7 $ @ 4 415$, and
500 97 Sept 19 995$ Sept 20 69
Nat Cloak & Suit pf.100
Sept grain for paym ent 4 407$ @ 4 415$.
Mar 105
200100 Sept 22 1025$ Sept 20 81
Nat Enam & Stpg pf 100
Jani 847$ Sept - To*day's (Friday’s) actual rates for Paris bankers’ francs were 7 .5 1 7 $ @
58
N Y Air Brake_____ 100 2,200! 82 Sept 16 847$ Sept 18 2
Sept 7.557$ for long and 7 .5 4 7 $ @ 7 .5 8 7 $ for short. Germany bankers’ marks
Sept 4
3
900
2
Sept
21
4
Sept
19
Rights.......... ...............
May 947$ Sept are “ ot yet quoted for long and s' ort bills. Amsterdam bankers’ guilders
100 937$ Sept 18 937$ Sept 18 90
OrpheumClrcuitlncpflOO
7$ Sept;
7$ Sept were 3 8 .2 8 @ 3 8 .3 0 for long and 3 8 .6 2 @ 3 8 .6 4 for short,
300
Ys Sept 20
Vs Sept 20
Otis Steel rights_______
July 917$ Sept to onCf aD>s e at Taris on London 5 8.15 fr .; week’s range 5 7.82 fr ., high and
865$
300
905$
Sept
18
917$
Sept
21
Pac Tel & Tel p re f... 100
Mar 5 8.60 fr. low.
80
Jani
69
400 715$ Sept 22 72 Sept 21
Panhandle P&R pf 100
Aug: 45)$ Sept
The range for foreign exchange for the week follows:
400 45 Sept 18 457$ Sept 16 42
Phil Co 6% pref_____ 50
Mar
Jan
1
937$
887$
Sierlinu A ctm l—
Sixty D ays. Cheques.
400 90 Sept 16 91 Sept 16
Cables.
Phillips Jones Corp pflOO
Sept High for the week_________________________ 4 43
Sept 108
105
4 435$
4 437$
P S Corp of N J pref___ 1,500 105 Sept 19 1067$ Sept 16 106
Apr 1157$ Mar Low for the week__________________________ 4 407$
4 417$
100115
Sept
20
115
Sept
20
4 415$
Ry Steel Spring pref. 100
Apr
Jan
21
Paris
hunkers'
Francs—
87$
100 177$ Sept 16 177$ Sept 16
Reis (Robt) & Co____ *
Aug 505$ June High for the week_________________________ 7.627$
247$
1,100
26
Sept
12
277$
Sept
21
7.677$
7.687$
Reynolds Spring Co___ *
Sept Low for the week_________________________ 7.45
May 82
7 .5 0
7.51
Sept 21 80 ' Sept 21 70
Reynolds(RJ)Tob Co.25
Germany Bankers’ Marks—
Aug 967$ Sept
Sept 16 967$ Sept 19 96
Shell Union Oil pref. .100
Sept H igh for the week_________________________ ______
101
Sept
0
.0
7
5-16
0
.0
7 5-16
977$
987$
Sept
16
Sept
18
Sinclair Oil pref________
Sept Low for the w eek_________________________ ______
0.065$
0.065$
_
_
Sept 19 95 Sept 19 837$ Jan 96
Standard Milling pf 100
Amsterdam Bankers’ Guilders—
1485$ Sept
1347$ W
Sept
Tidewater Oil______ 100 2,400 lOx/4
vp*119,
' •-'I1485$
* , , Sept ,21
„ !(»■' . Mat
Jan High for the week.......... .................... ..............3 8.36
38.71
3 8.80
100 1OS7$ Sept 19 1087$ Sept 19 1077$ Jan 130
Underwood Type pf.100
Sept Low for the w eek________________________ 38.16
38.53
Eel 175
3 8.60
100175 Sept IS 175 Sept 18 130
United Cigar Stores. 100
May
D om estic E x ch a n g e .— C hicago, par. St. Louis, 1 5 @ 2 5 c . per $1,000
Preferred................ ioo
251127$ Sept 20,1127$ Sept 20| 1045$ Fot 114
Sept discount. Boston, par. San Francisco, par. M ontreal, par to 15.75
Fet 95
United Dyewood pref 100
200 95 Sept 16| 95 Sept 16 70
June per $1,000 premium. Cincinnati, par.
Aug 112
West Elec 7% cum pf 100 11,0001075$ Sept 18,1097$ Sept 21 107
Aug
Jar
75
65
West’h E & Mfg 1st pf 50
200 70 Sept 16 707$ Sept 22
Sept
The Curb Market.—For report of this week’s New York
Wool worth (F W) pf.100
1001124 Sept 22 124 Sept 22 1177$ Apt 124
*.No par value.




Note

Curb Market see page 1400.

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly

14 10

O CCUPYING FOUR PAGES
For sale* during the week of stocks usually Inactive, see preceding page.

HIGH A N D LOW SALE PRICE— PER SHARE, NOT PER CENT.
Saturdag,

Monday,

Tuesday,

Sept. 16.

Sept. 18.

Sept 19.

Wednesday
Sept. 20 .

Sales

Thursday.

Friday,

the

Sept. 21.

Sept. 22.

Week.

STOCKS
N EW YORK STOCK
EXCH ANG E

Railroads
Par
$ per share S per share $ per share S per share Shares
2l7g *21
22
60C Ann Arbor________________ 100
20% 20% 20
22
22
23
*20
Preferred..............- ............ 100
467g 467g *46% 46*8
300
*48
49% *47
50%
*47
49%
104% 106% 103% 10478 23,100 Atch Topeka & Santa F e ..l0 0
107 108
105% 106% 106% 107
Do pref________________ 100
92% 92%
92
92 %
1,900
92% 92%
93% 93%
91% 91%
*2%
2 % 2 % *2
278
2% 2%
2% 27S
2% 3,100 Atlanta Blrm & Atlantic.. 100
121 % 121 % 119% 121% 119 119% 2.80C Atlantic Coast Line R R ___ 100
119% 120
121 % 121 %
557g 57%
28,800 Baltimore & Ohio_________ 100
5412 56
57% 58
56% 56*4
56*4 57%
Do pref________________ 100
700
65% 65%
65% 65% *65% 65% *65% 65%
65% 65%
1,527 Buffalo Roch * Pitts.......... 100
*71
*71
72
72
*71
71
71
24% 25%
25%
25
25%
24
24% 10,000 Brooklyn Rapid Transit___ 100
25
25% 26%
Certificates of deposit__
21% 21 % 21 % 21 % 21
21 % 20% 21
2 . 10C
21*4 22%
21.20C Canadian Pacific__________ 100
146% 147
146% 147% 145% 146*4 143% 146
148 148%
30C Central RR of N J . ...............100
*195 203 *195 203 *195 203 *194 203
*200 203
75%
74
75%
75
73% 75%
73% 74
15.00C Chesapeake & Ohio________100
75% 76%
4,900 Chicago & Alton__________ 100
378
3%
3%
3%
*3%
3*4
3%
3%
*3*4
3%
Preferred________________ 100
5%
5,600
5%
5%
5
5%
5%
5%
5
5
4*2
38
38%
38%
2,200 Chic & East 111 RR (new )..
37% 38*4 *38% 39
37
*38
39
Do pref_______________
2,500
60
60
60
60% 60%
59% 60
60
*6012 61%
6% 6*2 *6 % 6 % 3,100 Chicago Great Western___100
6% 6 % * 6% 6 %
6*8 6%
6% 6*4
Do pref________________100
14% 15
14% 14%
15% 15*4
3,900
15
15%
14% 15
15*8 15%
34%
32% 33% 19,000 Chicago Mllw & St Paul.. 100
33% 34%
33
32% 33*4
33
34
34%
33*4
Do pref________________100
51%
49% 51
51
50% 52
27,500
517g 50% 51%
51*8 527g 50
92% 93%
91% 92% 13,100 Chicago & North Western. 100
92% 93*4
93% 94
92
93%
93% 94%
Do p-ef________________100
123 123 *121
126 *121
126
300
126
124 124 *121 126 *121
44% 48
44
48%
47% 48%
45% 110,600 Chic Rock 1st & Pac______ 100
48% 487S 457g 47 78 46
7% preferred___________100
104 105
3,300
103*4 103*4 102*4 102*4
*103*4 104% 103% 103% 103 104
6% preierred................... 100
92% 93%
93% 93%
3,410
9278 92% 93
93% 93*4
92% 93
92
85% 86
88
88% ♦ 86
88
1,300 Chic St P Minn & Om------100
87
88
87
88
*88% 90
____
500 Clev Cln Chic * St Louis.. 100
77
77
*78
80
78
*78
78*4 *78
*70
80
Do pref________________100
96*4 97
400
98% 98% *97% 99%
98% 98%
*99
99%
98% 98%
1,200 Colorado <fc Southern_____ 100
49% 49*4 48
49% 49%
49% 49*4
48%
*51
52
49% 50%
Do 1st pref___________ 100
64
62% 62%
200
64% *62% 64
*63
*62
64
*62
6234 *63
1,300 Delaware & Hudson______ 100
135 137
139 139% 136 138% 136 136% *136 140 *137 140
2,200 Delaware Lack A Western. 50
133 133% 134% 134% 133 134% 133 133
135% 135% 133 134
3%
4
3
200 Duluth S S & Atlantic____100
4
4
*3%
*3%
4
*3%
4
*312
*3>2
Do pref________________100
8
8
8
*6
8
*6
*6
*6
8
8
*6
*6
100
15% 15% 18,300 Erie.................
15% 15*4
16
16%
15% 15*4
15% 16%
15% 16%
Do 1st pref___________ 100
24% 247*
24% 24% 10,100
24% 25%
24% 25%
25% 25%
24% 25
Do 2d pref..............
100
1,300
16% 16%
17% 17*4
*16% 18%
17
17% 17%
17*4 17*4
17%
91% 92% 21,800 Great Northern pref______ 100
937g 94
92% 93%
94% 95
93
95
93% 94%
Iron Ore properties.We par
7,800
39% 39*8
40%
41% 41%
41
40
39*4 40
40
40
40
1,900 Gulf Mob A Nor tr ctfs___ 100
16% 16% *16% 17
16% 17
*16% 17% *16% 17%
16*4 17
Do pref________________ 100
44%
44%
1,000
46
44%
45
4434
46% 47
45
46
44*4 *44li
3,300 Illinois Central____________ 100
11434 1143, 111% 113
112*4 113% 11378 114% 111 % 112 % 111 % 112 %
Interboro
Cons Corp..N o par
1
%
2,000
1
%
*
1*8
!%
1
%
1
%
1
%
1
%
1
%
1
%
1%
1%
Do pref______ ______
100
4
4
4
4
4
5,500
4
4
4
4
4
4
4
237g 24%
23% 237g 4,900 Kansas City Southern____ 100
247g 24
24
24*4 24% 24%
25% 25%
Do prof________________ 100
58%
58% 58%
54% 54%
1,300
58
58% 58%
5834 5834 *58
58%
Keokuk A Des Moines___ 100
*4
10
10
*4
*4
*4
10
10
*4
*4
10
10
35% 37
34% 36
1,900 Lake Erie A Western_____ 100
*36% 3612 36% 37%
*35
36
*35% 36
Do pref....... ...........
100
*75
76
73% 75
1,900
76*4 76*4
73% 73%
*72
74% *71% 74
50
69% 70%
68% 7012 68
69% 22,900 Lehigh V a lley................
69% 70i8 6778 697g 68% 69%
138 138
137% 138*4 136 136*4
1,200 Louisville A Nashville____ 100
*137% 138% 136% 13678 137% 138
Manhattan
Ry
guar______
100
547
8
547g
547g
54%
547g
547
g
54
2,800
54
54
52*4 537S 53*4
8
7
9
7
8% *7
700 Market Street R y ................100
*8
8%
*7
8
*7
8
Do pref________________ 100
45
*38
*30
43%
300
*35
40
40*4 41
*35% 40*4 *35% 40
Do prior pref__________ 100
65
63% 64%
64*i 67%
4,400
67%
63
63%
62*4 63%
*63
63%
Do 2d prof____________ 100
23
23% 27
25% 26%
2,600
20% 20% 20% 20% 23
*20% 21 %
9%
9%
9% 10
*9%
1,200 Mlnnoap A St L (neio)____ 100
10
9%
10
9%
912
9%
9%
*70
73
73
♦ 68
72
72% 72% ♦70
500 Minn St P A S S Marie____ 100
73
73
73
73
137g 1378 *13
13%
13*4 *13
300 Missouri Kansas A T oxas..l00
13% *13
13*4
13
*13% 14
Mo Kan A Texas (new)_______
18%
18%
18%
18
18%
18*4
18%
6,900
18%
18
18%
18%
18%
Do pref (new)____________
46
46%
45% 46%
45% 46
4,400
46%
46
46
46*4 45% 46
22% 22% 227g 22% 22% 21 % 22% 21 % 22
10.300, Missouri Pacific trust ctfs. 190
22% 22% 22
$ per share

S per share
*21
23
48
48
104% 106
92
93%
2*8 2*4
119% 12078
55% 57
*65% 66
71
71
24*4 25%
21 % 21 %
144% 147
196 200
73*4 751?
3%
3%
4*4
5%
38% 38%
61%
60

62
60
4%
4
82
77
97%
100
90
87%
*88
93
31%
32*8
27
25*4
19
*17%
123*4 118%
*75
85
88*4 86%
48
49%
22
21 %
367g
38%
*78
80
73%
74%
37%
39%
91%
92*8
78
80
54% *51
53% *52%
*35
47

60*4
4%
82
99
87%
92
32
26%
18
1217g
85
88%
487g
21 %
37%
80
73%
38*4
91%
797g
54%
53*4
45

29%
53%
31%
*49

30*4
53%
32%
50

10%
93
25%
62%
30%
*22
57%
150
78
13%
30%
12
32%
*21
14%
*2234
1834 18%
64
64%
13%
1334 1334
24
25% 25%
31
*31
33

11
94%
26%
63%
31%
23%
58%
152%
78
14%
30%
12%
33%
23%
15%
2334
18%
64%

61
*4
81
99%
90
*90
32%
27
*17%
122%
*75
88*s
48*4

22

38
*78%
*73%
39
*91%
79%
*52
*52%
*39
30*4
*54
32%
*50
7
*11
94%
26%
6334
31%
23%
*59%
152%
*77*4
*1412
*30%
123g
33%
*22%
15%
24
*18%
64%

76%
*19%
*54
59
14
*3g
1*8
83%
*114
57*4
*102
39%
71%
*70%
52%
46%
*73%
*42%

.
stare »

30*4
56
33%
51%
7
1134
95%
27%
6334
31%
23%
61
154
79
15
32
12%
3334
24
15%
24

77%
21
56
60%
1434
%
1*8
85
114%
58
104
39*4
71%
73
52%
46%
80
43%

6*4

6*4

13%
24
31

60% 6078 60%
418
4
4
81
79% 81
97*4 98 % 98%
89
*87
*86
*87%
* 86*4 91
31%
31% 32
26%
26% 26%
17%
*17% 18
120 12078 119%
*75
85
♦75
86% 877g 86%
48% 487g 48%

20

36%
797g
*73%
38
*91
78%
*52
*5212
*40
2934
*54
32%
49%
6%
11%
93%
25*4
6234
30%
*22
*58
150%
78%
*13%
*30%
12%
32%
*22
14*4
*23
18%
64%

21

20

37
3814
80
797s
74% *73%
39
38%
92
92
79%
79*4
*52%
54
52%
53*4
*40
47
30
30
*52%
55
3234 32%
50
49%
7
6%
11 %
11%
94%
94%
26
26%
63
63
30%
31%
23
23%
*59%
62
152% 151*4
78%
78%
15
15
31%
32
12%
12%
32%
33
23% *21%
15
15
*23
24
18
18%
64
64%

13% 13%
*24% 25%
31*4 31*4

61%
4%
82
99
88%
91
32%
26%
17%
121
85

88

49

20




20

387g 37
79
80
73%
73
39
38*4
92
*91%
79'8
78
54
53%
52% 53
47
*40
30
55
3234
50
7
ID 4
95
26%
63%
31%
23
62
152%
78%
15
31%
12%
33%
22%
15
24
18%
64

13% 13*4
*24
25
*31*4 33

79% 82%
78
81
77%
*18% 20%
*18% 20
20
*55
57
57
57% *55
59
59%
58% 59
59%
1434 15%
13*4 15%
15
*3o
I2
*%
%
*1 %
1%
1%
1%
84% 85%
83
84*4
84%
114 115% *112 115
114
57% 58
56% 57%
57%
103 103
102% *102 103
40
40
*39
40
39%
68% 69
*70
71
70
*70% 75
73
73
73
53
53
*52% 54
54
46
46%
45% 45%
45%
*73%
80
77
77
80
41%
41%
41% 41%
42%
. aaVMi nrIces* no sales on this day,
76
20
*55
59
14*8
%
1%
82%
114
56%
*102
39
70
*70
*52%
45%
*73%
4134

59
61%
4
4
79"4 82
97*4 987g
87
88
*87% 91
30% 32%
*25% 27
17% 17%
118% 120%
*75
85
86
87*4
48% 49

28%
*52%
31
4934
6%
11
93%
25%
62%
30%
22
“
*57
150
78%
15
31%
12%
32
21*4
14U
*22%
18
*63

21

38
79
73
39
92%
79%
53%
53%
45

58%
*4
78%
97%
*85%

*88

30%
*25%
17%
118%
*75
85
48

*20

36*4
*79
*73
37*4
*91
77%
*52
52%
*35

29%
28%
54
*53
31%
31
50%
49
6%
6*4
11
10%
94%
93%
26%
25%
63%
62
31%
29
22
22
59
*57
152
148
78%
77%
16
15%
33%
32
12%
12
33
31%
21*4 *20%
15
14%
23
22%
18%
17%
64
*63
13
13%
13
*23% 24
*21%
31*4 31*4 31

79%
19
*55%
58
13%
*8
1*8
83%
►112
56
104
38%
* 68%
*70%
*52%
44%
*73%
40%

PER SHARE
Range since Jan. 1 1922.
On basis of 100-share lots
Highest

L ow est

% per share
10

Jan 3

287s Jan 26

91*4 Jan 3
84% Jan 3
34 Jan 14
83 Jan 9
33% Jan 27
52 >2 Jan 11
50 Jan 4
6 Jan 4
55s Jan 11
1191s Jan 6
184 Mar 31
54 Jan 10
1% Jan 24
3% Jan 25
12% Jan 25
5%
14%
17%
29
59

100

Jan 11
Jan 31
Jan 9
Jan 10
Jan 9
Jan 9
Jan 11
Jan 10
Jan 9
Jan 10
Jan 4
Jan 3
Jan 10
Jan 16
Jan 4
Feb 14
Jan >7
Jan 7
Jan 9
Jan 9
Jan 10
Jan 10
Jan 6

30*4
83%
70%
51
54
72*4
38
55
106*4
108
2%
3*4
7
11 %
7%
70%
31%
5 Jan 4
16 Jan 5
97% Jan 3
1 Jan 10
3%June 20
22% Jan 11
52*4 Jan 5
5 Jan 17
10 Feb 2
26% Feb 8
56% Jan 3
108 Jan 9
35 Jan 6
3% Jan 28
17 Jan 9
35% Jan 7
5% Jan 9
5 Jan 6
55 June 29
*8 Jan 16
7% Jan 11
24% Jan 27
16 Jan 10

$

per share

24 Aug 30
52 Aug 25
108%Sept 14
95<2 Aug 21
512 Apr 17
1247gSept 11
60% Aug 21
60U Aug 23
72 Sept 19
29 June 30
2478June 30
151% Aug 31
20934 Sept 11
79 Aug 21
1234May 26
207gMay 25
4334 Aug 21
64i2 Aug 22
10*4May 27
24% May 29
36% Aug 22
55 Aug 22
93% Sept 11
125 Aug 21
50 Sept 14
105 Sept 14
95 Sept 14
90 Sept 15
80% Sept 15
100 Aug 21
53% Apr 24
66 Mar 23
141% Sept 8
13>%Sept 8
6 Apr 25
10% Apr 18
18*4May 23
28% Aug 21
20% May 23
95% Sept 15
45% Apr 13
19 May 22
4i%Sept 16
115*4 Sept 15
5 Apr 8
12*4 Apr 8
30% Apr 25
59% Apr 26
9*4June 6
39%June 6
7634 Sept 22
72 Sept 9
14l%Sept 9
58 Aug 30
11 Mar 14
50% Apr 11
67*8Sept 22
32 Apr 10
14% Apr 29
75 S e p tll
14 May 23
19*4 Aug 25
48*4 Aug 30
25% Apr 18

63*4 Sept 12
44 Jan 10
Do pref trust ctfs______100
59*4 16,700
7%May 27
3 Jan 28
3,500 Nat Rys of Mex 2d p re f...100
4%
82% Sept 15
54% Jan 10
80% 10,500 New Orl Tex A Mex v t C..100
7234 Jan 4 100*8 Aug 21
98% 36,600 New York Central-------------- 100
86
1,100 N Y Chicago A St L o u is... 100 51% Jan 5 91 Aug 21
93 Sept 15
61*4 Jan 5
Do 2d pref_____________ 100
90
35%May 20
12% Jan 5
26,700 N Y N H A Hartford_____ 100
31
29%
Apr 10
19*4
Jan
9
N
Y
Ontario
A
W
estern...
100
1,500
26%
834 Jan 3 22%June 6
400 Norfolk Southern--------------100
17%
96% Jan 9 125% Sept 9
119% 13,800 Norfolk A Western________100
83 Sept 8
72 Jan 9
Do pref________________ 100
85
90% Aug 24
86% 21,800 Northern Pacific__________ 100 73*4June 19 49%
Sept 15
33%
Jan
3
Pennsylvania_______________50
47,700
48%
26% Aug 23
10*4 Jan 14
2,000 Peotla A Eastern__________ 100
21
40% Aug 21
19 Jan 10
8,500 Pere Marquette v t c_____ 100
37
82 Aug 21
63 Jan 17
Do prior pref v t 0_____100
600
80
7434 Aug 23
50% Jan 6
Do pref v t 0__________ 100
200
74
41% Aug 8
23 Jan 27
4,300 Pittsburgh A West Va____100
38%
92
Sept 14
76
Jan
13
Do pref________________ 100
92%
200
83 Sept 9
71% Jan 3
78% 18,800 Reading___________________ 50
57 May 31
43 Mar 27
Do 1st pref_____________50
100
54%
59%May 31
45 Jan 27
Do 2d pref______________50
900
53
53%June 1
17% Feb 6
Rutland RR pref__________ 100
45
32*8 Aug 21
20% Jan 15
29
7.400 St Louls-San Fran tr ctfs..100
56 Aug 21
Do
pref
A
trust
ctfs___
100
36
Feb
1
100
55
36 Aug 21
20*8 Jan 3
32
4.500 St Louis Southwestern____100
52*4
Aug 21
32%
Jan
10
Do
pref________________100
49
600
10 Apr 15
2% Jan 4
1.500 Seaboard Air Line_________100
14*4 Apr 15
4% Jan 13
Do pref_______________ 100
2.400
10%
94*4 40,800 Southern Pacific Co______ 100 78% Jan 10 95% Aug 22
25*4 19,900 Southern Railway_________ 100 17% Jan 10 28% Aug 21
64% Sept 1
46 Jan 10
Do pref_______________ 100
62%
5.300
36 Apr 21
24 June 16
29%
8.400 Texas A Paclflo___________ 100
25% Apr 25
14 Jan 5
22
400 Third Avenue____________100
62% Sept 15
34 Jan 12
59
500 Twin City Rapid Transit.. 100
151
24.100 Union Pacific______________100 125 Jan 10 154*4 Sept 11
80 Aug,30
Do pref_______________ 100
71% Jan 7
78
1,200
19% Apr 11
7% Jan 6
15U
3.100 United Railways Invest__ 100
36% Apr 11
20% Jan 9
32%
Do pref_______________ 100
4,700
14%May 26
6 Jan 30
12%
6.500 Wabash....................................100
35% Aug 21
19 Jan 25
32% 13.100
Do pref A _____________ 100
12*4 Jan 25 24% Aug 21
23
Do pref B _____________ 100
200
17% Aug 30
8 % Jan 30
14%
8.300 Western Maryland (new).. 100
25% Aug 30
13 Jan 17
23
Do 2d pref_________ ..1 0 0
1.300
24% Apr 24
14% Jan 30
17%
2.300 Western Pacific___________ 100
51% Feb 1 64% Sept 13
63%
Do pref_______________ 100
900
16%June 7
6 Feb 2
13%
4,200 Wheeling A Lake Erie R y.100
29%June 7
9% Jan 4
23%
Do pref_______________ 100
200
33% Mar 13
25 Jan 10
31
1.100 Wisconsin Central_________ 100

82
78*4 80
20
19
19
57% *55
58
59%
58
58%
14
13% 13%
*
*8
%
1%
*1%
11
84%
81% 83%
115
T12% 115
57*4
55
56%
104
104 104
38%
38% 38%
69
*68% 69%
75
*70
75
54
*52
54
45%
43% 44%
80
*76
80
41%
40
40%

Industrial & Miscellaneous
82% Sept 20
48 Jan 12
10,800 Adams Express___________ 100
23 Aug 18
107s Jan 19
800 Advance Rumely__________ 100
60% Aug 18
31% Jan 12
Do pref________________100
60% Sept 16
45%
Jan
3
Air
Reduction.
Inc____No
par
4,400
18*4 Apr 25
9
%July
28
17.000 Ajax Rubber, Inc__________ 60
78May 10
% Jan 13
2,900 Alaska Gold M in es........... 10
2 May 17
%
Jan
24
Alaska
Juneau
Gold
M
in
..
10
13,800
9
U
4 Sept 5
55%
Jan
3
23.000 Allied Chem A Dye____No par
Do pief________________100 101 Jan 3 115% Sept 19
1,000
59*4
Sept 7
37*4
Jan
4
12,200 Allls-Chalmers M fg________100
86% Jan 5 104 Sept 21
Do pr f________________100
634
427gJune 1
29*4 Jan 3
2,700 Amer Agricultural Chem..100
72% Sept 11
56 Jan 16
Do pref________________100
500
77% Apr 7
58% Jan 7
100 American Bank Note_____ 50
54 Mar 3
52 Jan 12
200 Am Bank Note pref________50
49
June 9
31*4
Jan
3
5,100 American Beet Sugar_____ 100
77 Juno 24
61 Jan 11
Do p re f.._____________ 100
100
49 A p r il
31% Jan 31
1.300 Am'-r Bosch Magneto..Wo par

PER SHARE
Range for precious
gear 1921
Lowest

Highest

5 per share
8 Mar
20
Apr
77% June
75% Jan
1 Dec
77
Apr
303s Mar
47 Mar
49>2 Dec
6
Dee
3 <2 Sept
101 June
186
Oct
46 June
4 Nov
6% Dec
1312 Dec
33% Dec
6 % Dec
14 June
17% Dec
29% Dec
60% Apr
95 July
22% Mar
6884 Mar
66% June
50 June
32 June
60
Feb
27
Jan
49
Jan
90
Apr
93 Aug
1% Mar
3% Nov
10
Dec
15% Dec
10
Den
60 June
25% June

S per shar*
12>4 Feb
32*4 Deo
94
Dec
88 Nov
712 Jan
91 Nov
42% May
56% Nov
72*j Mar
14% Jan
10
Jan
123% Nov
209 Mar
65% May
8*4 Jan
12
Apr
16% Nov
37 Nov
9% May
20% May
31
Jan
46% Jan
71
Jan
110
Jan
35 Sept
89*4 Deo
77
Dec
63
Jan
57% Dec
75
Deo
46% Nov
59
Dec
110% Nov
249 May
4% Jan
73S Jan
15% May
223/ May
15% Jan
79% Dec
34% Nov

11% May
Dec
26
Feb
Dec
Mar 100% Nov
5% Jan
Dec
16
Jan
Dec
28% May
Feb
55 Nov
Jan
0% May
Nov
14% Jan
10 Mar
30
Dec
17% Aug
60*4 Dec
47% June
Apr 118 July
97
58% Jan
Deo
32
7 May
2*4 Dec
12 Aug 18% May
45% May
Aug
27
8*8 May
4% Aug
1434 May
5% Dec
74% Nov
Aug
63
3% Nov
1 Dec
9% Dec
8 Dec
26% Dec
22*4 Dec
23% May
16 Mar
49% Nov
33% Mar
6% Feb
2*4 Deo
77% Feb
46 June
76
Dec
64% June
61% Sept
39 June
54 June
88% Sept
23% Jan
12 Nov
16 Mar
23% Sept
8 % Sept
13% May
88% June 104% Feb
74*4 Dec
62 June
61% June
88
Jan
41*4 Jan
32% June
8 Nov
12
Jan
15*4 Mar 23% May
50
Apr
65% Dec
66*4 Deo
35
Jan
32
Jan
23
Oct
70 Mar
80 Dec
89% Jan
60*4 June
55
Feb
36% June
57*4 Jan
38% Aug
4*4
15
85%
1%
3%
18%
45%
4%

25*4 Aug
19% Mar
39% Nov
27% June
30% May
19% June
41
Jan
28 June
7% May
2% Oct
12% May
3
Dec
Jan
67% June 101
247S Jan
17%June
60
Jan
42 June
27*4 Dec
16% Jan
20% Mar
12% Aug
55% Apr
31% Dec
111 June 13178 N ov
74 % Deo
62% July
12% Mar
6 Aug
26 Mar
17 Aug
9 May
6% Dec
24% May
18 Mar
16% Nov
12% Mar
11% May
8% Dec
21 May
14% Dec
3078 May
15
Dec
70% Jan
51% Dec
11% May
6 % Dec
19% May
12% Dec
23
Oct
37% May
26% Jan
10% Dec
31% Dec
30 June
15% Dec
% Dec
% Oct
34
Aug
83 June
28% Aug
67*2 Aug
26% Aug
51 Aug
46% Jan
43*2 Jan
24% Oct
54*4 Dec
29% Aug

63*4 Dec
19*4
52%
50
39%
1%

Jan
Feb
Deo
Jan
Feb
1*4 Feb
59% Dec
103*4 Dec
39*4 Dec
90
Dec
65% Jan
90
Jan
5612 Doc
50% Dec
51
Feb
74% Jan
651? May

I Ex-rlghts, i Lees than 100 shares, a Ex-dlvldend and rights, s Ex-dlvldend. b Ex-rights (June 15) to subscribe
of Glen Alden Coal Go. at 15 per share and ex-dlvldend 100% In stock (Aug. 32).

STOCKS
NEW YORK STOCK
EXCHANGE

m a n a n d lo w s a l e pr ic e - per s h a r e , n o t per c e n t

123
119
124
7*8
2134
21
62
61
10212 102%
97
*95
*147 151*2
44
43
*104 106
79
81*4
121

*116
118
7

*110

110*2 *110

42*4 42*2 42*4 43
70 *68*2 70
70
123*8 124
12112 122*2
161*8 162*4 162*4 165
*105 107*2 106** 106%
156*2 158*4 159*8 161
22*4 23*4 22*2 22*4
*92*2 93
*92*2 93
52
47
47*2 49*2
97*2 99*4 99% 100*8
*107 110 *108 110 *
32
32i2 3278 32
18 20
20
21
19*4
49*8 56
56
57
4914
54
537* 54*2
53*4 54
58*4 59*2 60
60*8
*83*2 86
*83*2 85
*88*2 90
88*2 88*2
19 *116*2 118
*117
2*8 2*8 *2 *s 2%
30*4 31*8 31*8 32
23 *23
*21
23*2
1090 1100 1100 1125 ]
18 *116 117*2,*
*116
*16
17*4
17*4 *16
38*2 38% 40*8
36
90
*89
89<’8 89
*27g 4
*27* 4
*
12 *___
12
133*4 136*8 1357* 137*8
115*8 115*8 115*8 115*4
*62
63 *63*2 65
*95 100
*95 100
41
42*4
39*8 41
*27
30 *27
29
**4 1
**4 1
61
58*2 59*2 59
75% 76
75
76
76*4 77
76*8 77

415* 4
301* 3
*7*
*57 6
*75«2 7
777* 7 _
•1015* 10312
*113 II 6I2 113 113
91* 9'
91* 9<4
14*8 141
*14
15
*73
76
*73
76
*34 35
*37 39
1181* 119
120 121
*117 11812 117 117
62
62
*61
64
*2*4 314 *212 31
134 1341
135 135
481* 48*4 4612
95
95
67*

101
111

101*8 101
111 *112

101

112

22,000

609
8,600
4,300
32,700
16,100
2,900
300
29,900
200

8,700
1,500
7.900
100

37.200
7,050
400
4.900
3.800
700
12,500
52,400
300
1.800
10.300
5,800
33,100
11.200

85
*83*2 85
700
90*2 *89
120*2 116*8 118*2 1,800
2
2*4 1,900
2*8
297S 30*8 5,200
31
200
23
*20
23
86
1130 *1115 1130
118 *115 118
200
17
17*4 17
39*4 35*4 38*8 59,800
900
90
88*2 88*2
*27g 4
4
12

12

138
132*4 135*4
115 *114 120
63
*6212 69*2
*95 100
100
40*8 37*2 40
28
27
*26
*4
%
1
65
64*4 6 4*4
76*2
75*2 *75
767* 75*4 76%
101

100

101

PER SHARE
Range since Jan. 1 1922.
On basis of 100-share lots
Lowest

Highest

PER SHARE
Range for previous
gear 1921
Lowest

113
111** HI**
9
9U
9*2 *9*4 9*s
14 *13
*1212 13U
15
*73
75
75 *73
75
35*4 35*4
36
35*2 36*2
116 116*4
118*2 118*2 118*2
116 116
116*2 *116 117
60'* 60'*
62*4 62*4 62*4
21*
2 '2
*2*2
3*4 *2*4 3*4
136'4 1377*
134 137*4 137 138
47*8 473*
47*8 48*4 48*8 48*2
*92*4 98 *90*2 98
7*8 7*4
7*4 7*8
20*4 20*4 21*8 21*8
*20
31*2 33*4 32% 33*4
30U
10*8 10*8 *10*4 11
1012 11
84*4 845*
83*2 84
851* 82i2 85
62% 63*8 63*4 64*2
65% 621* 64
98 *93
98
*96
98 *96 98
9*8 934
9*2 9*4
9'4 914
9*8
60
61*8 62*4 62%
63
63*4 *61
*
10 * - . - .
10
10
6*2 6*4
4 *6*4 7
6I4
6i2
*614
92
*90
92
*90
92
*90
92
*90
4 41*4 42*2 42*8 427g
425* 4312 41
1 80s* 8 U2 81*2 8 U2
8 H2 81*2 80
40*4 41
4 38*4 40
401* 40*8 39
2 *47*2 48*2 48*2 48*2
*47 48'* 471*
l
62*4
63*4
59*4 61*4
61>2
62 62*4
82*4 847S
2 80*2 83
8212 821* 82
8 23*4 2412 24*8 25*4
231*
23*4 24
2978
31
29*8
30*4
29>2
*301* 31
641o 66
62
2 62
64U 64i» 62
8 67*2 687* 68*2 70
691* 69>2 6514
2 *34L 35*4 *33*4 3414
35 35*2 3312
* 109*2 112*2 111*8 1127*
109
3*2 3%
8
3*8 3*8
312
*13
14
2 *13*2 14
13>2
74*4 747*
8 73*4 74
735*
355* 37 4 36*8 40*2 40*2 41*2
80
80
80
7814- 78 4 *76
**4
*8
4
**4
%
>4
139*2 141% 141*8 143*4
1381* 141
10*4 10*8
10'2 10 4 10*2 10%
88
87*- 87
86
86 2 85
91
91
90
90
*89
91
4 115 117*1 117*2 118
2 *117*2 119*1 119*2 119*2
53i*
2 49*8 51% 5078 52
87*2 90*4 90*2 917*
93*4
*96
99
98
*95
97
14ls
8 14*8 14*4 141* 14*8
37
36*8 36*8
4 36
36*4
26
8 25*8 25% 24*4 25*2
98
97
97
97*4 97*4
53
50*2 51 *f 50*4 51
221*
2 22*4 22*4 22*4 22*4
8 115% 115% *112*2 114
37*2 38*4
2 36*8 37
2 86*2 86*2 85*2 86*8
*145*2 147 146*2 147
4 8812 89
90
90
• Bid and aaked prices: noaalea on (bl* day. d Ex-dlvldend and rights. « Assessment paid, a Kx-righta. * Ex-dlvldend. • Par value J10 per snare.
*9
*13*2
*72
*35
117*2
116*2
62




Highest

$ per share S per share $ per share
$ per share
42 Jan 56% Dec
51 Jan 4 88I2 Sept 12
88*4 Jan 100 Dec
98*4 Jan 18 112 Sept 16
32U Jan 5 637* sept 8
23*2 June 35*2 Dec
76% June 97 Deo
93>4 Jan 3 110*8 Aug 28
141 Jan 10 193 Sept 11 115*4 June 151*4 Deo
llSta Jan 6 125 Aug 17 108 May H 6I2 Doc
6*2 Nov 29
7 Jan 27 14 May 5
Jan
1578 June 24*4 Nov
19U Jan 10 30*2May 31
35i2 July 67 Apr
41 Jan 11 61 May 31
7 Sept 13
4 June
4*2 Jan 13
8*4 Jan
126 June 23 145 Sept 1 114 July 137 Dec
8 Apr 16 Deo
12 Jan 18 17*8 ADr 13
40*2 Feb 62*8 Dec
58 Jan 3 74*4 Sept 13
42 Jan 83*2 Dec
78 Jan 12 122 Sept 8
57 Jan 73*4 Nov
72 Jan 13 95*4 Aug 4
33*4 Sept 22 50*8June 2
21*4 Aug 53% May
77* Aug 11*8 Apr
9'* Jan 16 14 July 26
29** Jan 10 40*4lune 1
17*4 Aug 62*2 Jan
3978 Aug 93 Jan
52'2 Aug 14 6078June 1
102 Jan 5 127 Sept 11
73*2 June 110 Deo
98*4 June 115 Dec
112 Jan 12 121*8 Sept 13
66*8 Jan 91 Nov
82 Jan 30 124 Sept 22
3*2 Aug 10 Jan
8*8 Apr 6
3*4 Jan 31
4*4 Aug
14 Jan
5>2 Jan 3 24*4 May 31
29*8 Aug 47*4 Dec
43** Jan 6 67*2May 19
63*4 Aug 90 Dec
86 '* Jan 4 103*2 Sept 16
63 Jan 88 Deo
87 Feb 8 97 Aug 17
95 Jan 114*4 Deo
109*2 Jan 3 1581*Sept 6
18 Aug 35 Dec
30*4 Jan 26 46*8 Sept 11
78 Aug 95*4 Deo
91 Feb 8 106*4 Sept 11
54*8 Jan 4 857g Aug 21
47*8 Oct 96 Jan
84 Jan 3 112 Aug 18
67*2 Oct 107*4 Jan
28*2 Dec 88 Mar
23*4 Feb 14 47 May 29
64*4 Nov 91*4 Feb
52*2 Jan 27 71 Jan 16
95*4 Jan 119*2 Nov
114*2 Jan 4 128*4 Aug 31
169*2Sept
111*2 June 136*4 Dec
129*8 Jan
86 Aug 99*2 Dec
107*2 Sept 7
96*2 Jan
165*4 Sept 5 110 Jan 131*2 Dec
126 Jan
4 Sept
23 Sept 15
6 Jan
6*2 Oct
48 Sept 66*8 Deo
937* Sept 13
67 Jan
8 *? Sept 20 Dec
54*2 Sept 16
17U Jan
57 Feb 83*2 Deo
78*4 Jan 10 105 Sept 13
93 Feb 104*2 Deo
102t2 Jan 11 110*2 Sept 14
20*2 Aug 39*2 Jan
22*2 Jan 13 37*8 Apr 15
6*4 Sept
14% Dec
12** Jan ‘ 20*8 June 1
227* Aug 407* Dec
Jan 18 57 Sept 20
31*4 Aug 50*8 Dec
47 Jan 31 57 May 31
24 Jan 50*2 Dec
43 Jan 5 62 Sept 15
55*4 Jan 76*4 Dec
75 Jan 6 84 Sept 13
Do 2d pref_____ ........ 100 76 Jan 17 91 Sept 12
45 Jan 78 Deo
91 Sept 107*2 Mar
Associated OH______ ........ 100 g9 Jan 31 135*2May 3
9 Jan
Atlantic Fruit______
1*4 Oct
2**Sept 12
5*2 Apr 17
18 June 76 Jan
Atl Gulf & W I S S Line.. . 100 23*2 Mar
43 *4May 29
15*4 June 44*2 Jan
Do pref________ ........ 100
18*2 Mar 6 31*4May 29
Atl antic Refining... ........ 100 900 Mar “ 1145 May 1 a820 June 01125 May
Do pref________ ........ 100 113 Jan 9 1187*June 30 103% July 113*2 Nov
Atlas Tack________
12** Dec 20 Apr
13*2 Feb 28 22*2May 4
39*4 Sept 21
Austin Nichols & Co. „.N o par
8*8 June 13*4 Jan
9*4 Jan
Do pref________ ........ 100 68 Jan 9 91 Sept 12
50*8 Aug 70 Jan
Auto Sales Corp
2*2 Sept
5*4 Deo
3 Sept 12
..........50
7 Mar 17
Do pref........... . ..........50 10*2 July 27 15*2 Mar 16
10 Apr 15 Jan
Baldwin Locomotive Wks. 100 93*2 Jan 13 145*8 Sept 13
62*4 June 100*8 Dee
Do pref________ ........ 100 104 Jan 13 115*8 Sept 19
95 June zl05 Dec
Barnet Leather
29 Jan 41 Aug
..N o par
40 Jan 19 67*8 Sept 11
Do pref________
70 Jan 86 Deo
89 Apr 12 97*2 Sept 13
Barnsdall Corp, Class A ___ 25
19*8 Jan 16 56*4 Apr28l 20 Dec 27 May
Do Class B___________ 25 19*4 Jan 9 39 Apr 27
Jan
14*4 June 35
Batopllas Mining__________ 20
Jan
1
*2 Jan 14
1*8 Mar 23
*2 Aug
Bayuk Bros__________No par
27 June 29 June
33 Apr 28 65 Sept 22
Bethlehem Steel Corp____ 100
51 Jan 10 79 May 12
39*2 June 62*2 May
Do Class B common. ..1 0 0
41*2 June 65 May
55*2 Jan 3 82UMay 12
Do pref........................... 100 9078 Mar 7 105 Aug 31
87 June 93*4 Jan
Do cum conv 8 % pref. 100 104 Jan 4 116*sfune 14
90 June 112 Sept
Booth Fisheries........... No par
7*2 Dec
3 Aug
4*4 Jan 10 10*2 Aug 30
British Empire Steel.......... 100
9 Dec
8*4 Dec
8*2 Jan 9 14*2Sept 14
Do 1st pref................... 100 58 Mar 2 76*4 Apr 15
55 Dec 58*8 Dec
Do 2d pref.................. 100 19*8 Mar 17 39 Sept 14
Dec 23*8 Dec
22
Brooklyn Edison, I n c ... 100 100 Jan 3 124*8 Aug 30
Jan 101 Dec
88
Brooklyn Union Gas______100
51 Jan 76*2 Nov
70 Jan 31 122*2 Aug 30
Brown Shoe Inc_________ 100 42 Jan 16 6478 Sept 11
33 Feb 46*8 Nov
Brunswick Term & Ry Sec' 100
5*4 Jan
2*2 Aug
5*8June 6
2*8 Mar 3
Bums B r o s ...____ ______ 100 113*2 Jan 10 139*3June 5
81*4 Jan 122*2 Deo
Do
new Class B com.
31*8 Dec 33*4 Dec
28*8 Jan 19 51*4 Aug 18
Bush Term Bldgs, pref...1156
87*4 Jan 3 97*8-May 1 i 87*4 Dec 90 Nov
Butte Copper & Zinc v t c
5
6*4 Dec
3*4 Aug
5*4 Mar 1
8 *4June 7
Butterlck .................. ......... loo
14*2 Jan 33*4 Dec
18 July 27 34 Feb 3
Butte <fc Superior Mining . 10 20*8 Jan 4 33*4May 18
10*4 June 22 Deo
Caddo Central Oil&Ref No par 10*s Aug 30 15*8 Apr 15
7*4 Aug 19*8 Apr
California Packing........ No par
53*8 July 74 Nov
68 Jan 11 86*2 Sept 12
25 Jan 50*8 Dec
California Petroleum. _
100 43*8 Jan 10 717gJuue 2
Do pref...................... 1 .100
98*2 Apr 17 68*2 Jan 88 Dec
83 Jan
7*2 Jan
Callahan Zinc-Lead
10
3*4 Aug
5*4 Feb 14 ll* 8May 27
41*2 Jan 60 Dec
Calumet Arizona M'lnlngllllO
66*2June '
57*4 Apr
11 Dec 15*2 Nov
Carson Hill G o ld ...
1
10 Aug 29 16*8 Mar 29
3 Nov
Case (J I) Plow............ No'par
10*4 Apr
9 *2June 6
3 Mar 8
63 Dec 85*8 Feb
Case (J I) Thresh M , pf ctf 100 68 Feb 21 93*4 Aug 23
Central Leather.........
100
22*8
Aug 43*4 Jan
44*8
Sept
13
29*s Jan 10
57*8 Aug 96 Jan
Do pref................. ..IIIlO O
63*8 Jan 6 82*4Sept 14
23 Mar 36*2 Dec
Cerro de Pasco Copper.Wo par 32*4 Jan
4 1*4Sept 7
Certain-Teed Prod___ No par
34 Feb 14 53*8June 7 22 Aug 44 Jan
38*4 Oct 86 Apr
Chandler Motor Car__ No par
79*4 Apr 6
47*4 Jan
47 Aug 70*4 Jan
Chicago Pneumatic Tool 100 60 Jan 14 89l2Sept 8
9 Mar 1678 Deo
Chile Copper__________
25 15*8 Jan 5 26*8 Sept 21
ChlnoCopper____ . " " I I I . 5
25*2 Feb 21 33’sJune 1 19*2 Mar 29*2 Dec
36*4 June 62*2 Jan
Cluett, Peabody & Col III 100 43 Jan 11 68*4 Aug 31
19 Feb 43*2 Dec
Coca C o la ..----------------Wo par 41 Jan
74*2 July 5
22 July 32*4 May
100 24 Jan 10 367* May 19
Colorado Fuel & Iron
52 June 67*4 Deo
1147* Sept 14
Columbia Gas & Electric 100 64*4 Jan
2*8 Aug 12*4 Jan
5*4 June 5
Columbia Graphophone No par
1*4 Jan 26
8*2 Dec 62*4 Feb
Do pref........................... 100
5 Feb 9 20*4June 2
28*4 June 587* Deo
79*4 Apr 26
Computlng-Tab-RecordWo par 55*4 Jan
13*2
Dec 59*4 Jan
4
1*2
Sept
20
Consolidated Cigar___ No par
18*8 Feb 10
53 Dec 80 Feb
Do pref.........................100
47 Feb 27 81*8 Sept 21
l*
Sept
10 Mar
2*4
Mar
16
Consol Distributors,Inc No par
14 Feb 17
77*2 Jan 95 Nov
Consolidated Gas (N Y) 100 85*2 Jan 30 145*4 Sept 15
12*4 Aug 217, Jan
Consolidated Textile...W o par
9 July 25 15% Apr 19
34*8 Aug 66 Jan
Continental Can, Inc____ 100
45*4 Jan 4 92 Sept 9
58*8 Aug 73 Dec
Continental Insurance__ .25
66 Jan 20 93*4 Aug 22
59 June 99*4 Dec
Corn Products R efining" 100 91*4 Jan 4 120*4 Sept 9
96 June 112 Deo
Do pref.......................... 100 111 Jan 10 119*8 Aug 23
22*2 Aug 43*4 Apr
Cosden & Co..............W o par
31*8 Jan 10 53UJune 7
49 Aug 107*2 Jan
Crucible Steel of America. 100 52*4 Feb 27 98*8 Sept 5
77 June 91 Jan
_ Do pref.......................... 100 80 Jan 17 100 Sept 6
5*8 Oct 26 Feb
Cuba Cane Sugar........ No par
8*8 Jan 11 19*4 Mar 15
68*2 Dec
13*8 Feb
Do pref.......................... 100 15*4 Jan 3 417* July 27
107* Oct 33*4 Feb
14*2 Jan 3 28 Aug 4
Cuban-Amerlcan Sugar
10
68
Oct 95 Feb
Do pref................. "lO O
78*8 Jan 17 98 Sept 16
23 Mar 59*8 Nov
Davison Chemical v 1 0 .W 0 par 43 June 13 65*8 Apr 6
13*8 June 21 Jan
15*2 Jan 3 28*sMay 2
De Beers Cons Mines..N o par
93*2 Nov 100 Oct
Detroit Edison..
106 100*8 Jan 11 IISI2 Aug 30
10*8 Jan 21*4 Apr
Dome Mines, L t d . ...........10
18*2 Jan 4 39*8 Aug 31
Eastman Kodak C o. . No par 70 July 3 88*4 Aug 28
E 1 du Pont de Nem & C o. . 100 115 May 27 156*4 Sept 8
80 June 12 90*2Sept 8
6 % cumul preferred. .
100

Indus. & Miscell. (Con.) Par
Am Brake Shoe & F ___No par
Do pref_______________ 100
American Can____________ 100
Do pref________________ 100
American Car & Foundry. 100
Do pref......... ............... ..1 0 0
American Chicle______ No par
American Cotton OH_____ 100
Do pref_______________ 100
Amer Druggist* Syndicate.. 10
American Express.................100
American Hide & Leather. 100
Do pref_______________ 100
American Ice______________100
Do pref...................
100
Amer International Corp_.100
American La France F E ..1 0
American Linseed_________ 100
Do pref_______________ 100
American Locomotive____100
Do pref________________100
American Radiator_________25
American Safety Razor_____ 25
Am Ship & Comm.........No par
Amer Smelting & Refining. 100
Do pref________________100
Am Smelt Secur pref ser A . 100
American Snuff..................... 100
Am Steel Fdry tem ctfs.33 1-3
Do pref temctfs_______ 100
American Sugar Refining.. 100
Do pref________________100
Amer Sumatra Tobacco__ 100
Do prof................
100
Amer Telephone <fc Teleg-.lOO
American Tobacco________100
Do prof (new) _________ 100
Do commonClass B . . . 100
Am Wat Wks & El v t O ...1 0 0
Do 1st pref (7% ) v t c . 100
Do partlc pf (6% ) v t o 100
Amer Woolen______________100
Do p r e f........................... 100
Amer Writing Paper pref.. 100
Amer Zinc, Lead & Smelt___25
Do pref............................... 25
Anaconda Copper Mining..50
Associated Dry Goods____100
Do

HIGH AND LOW SALE PRICE—PER SHARE. NOT PER CENT
Saturday,
Sept. 16.

Montiay.
Sept. 18.

Tuesday.
Sept . 19.

Wednesday . Thursday,
Sept. 20.
Sept . 21.

Friday,
Sept. 22.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

HER SHARE
Range since Jan. 1 1922.
On basis of 100-share lots
Lowest

Highest

PER SHARE
Range for previous
year 1921
Lowest

Highest

$ per shire S ver sh ire S ner shire $ oer shire $ per shire S ver sht'e 1hares Indus. & Vflscell. (Con.) Pa $ per share .3 per share $ per share $ per share
497« 50'
49% 50' 1 49
50% 50' 1 49
50
7 59% Sept 1
50V 49% 497
26.70C Electric Storase Battery No pa
*20% 213 *20'4 21l2 *20l2 211
20'
20% 20% 197g 20'
16
Ja n 25*4 May
20
2;200 Elk Horn Coal Corp_____ 5 ) 14% Jan 25 23%'June 1<!
*7% 83
*8
81
*8
2% Dr c
8
97g May
8% *8
81
2% Jan 4 11% Tune i
*7
834
8
10 c Emerson-Brantingham___ 10 l
883
89
84% 8638 84
88
86's 8778 8634 87% 87
52
Ja n 81 Dee
85
76% Jau 10 89%Sept
9,40C Endlcott-Johnson________ 5 )
.!*114
114la 114l2 *114
*113% . . .
Do pref____ _________ 10 ) 104 Jan 5 116 Sept 2.
*11412 . . .
116 116
87
Ja □ 106% Dec
20C
96% 9978 95% 971 23.70C Famous Players-Lasky.-Vo par 75% Jan 19 107 Sept
44% Jul y 82% Apr
96
9938 97
99% 99% 100
100l2 1011
Do preferred (8 % )___ 10 ) 91% Jan 28 107% Sept *1045s 105
74% Jul y 97 Dec
2.90C
1031s 1045S 1031; 104' 104% 1041 103% 103' 1 102% 1031
*131 15
151
15
15
15
o%June
*13
15
*13
15
*12% 15
9 Jan 3 16% M iv I
13*4 Doc
30C Federal Minins A Smelting 10 1
60
Do prof____ _______ .10 ) 37% Mar 14 62% Sept 2i
601
5878 593t *59% 597
61% 59
61
21 Sept 43% Dec
60% 623 1 59
5.80C
*12134 122
75 June 90
120!2 12012 11934 1197 1917g 120%! *114 118 1*110 110
Jan
60C Fisher Body Corp____ No pa r 75 Jan 5 127% Apr 2' i
933, 9334i *92
*93
95
9334' *92% 95
95
95
95
95
57 Sept 84 Dec
30t Fisher Body Ohio, pref___ 10 ) 76% Jan 5 103%June a
143
14
1334 133
13% 1334 13
14
14
13%| 13
13
19% Apr 2.
8% An?
2.50C Fisk Rubber_____________ 25 11% Jan 1)
19% May
2334 24
24
23l2 245
23% 24 1 23
9% Ang 20% Jan
22% 227 15.70C Freeport Texas Co____ No pa r 12% Jan 24 2678.1'ine
23's 241
*67
69
67
65
67
67' 21 *65% 67 | *65% 67
397s Oc t 59% Dec
65% 65'
1,10 Oen Am Tank Car____ No pa r 45% Jan 1t 71 Sept 1
64
637j 66' l| 645a 66
62% 6512 61% 63' 52.70C General Asphalt__________10 0 55% Jan 26 73% July 2
651
63I2 65
39% Au? 78*8 May
*97 100
99
99
98
*98 100
100 100
97% *93
963
Do pref______________ 10 0 90 Jan 10 111 July 2' '
77 Aug 117% May
70C
82'
soia 8()l
80
803 *80
81
81% 8U2 7978 801
3.900 General Cigar, fnc............ 10 ) 65 Mar 3 82%Sept •
54
Ja n 70% Dee
81
*105 109 i*105 107 *105 107 i*105 106
106 106 1*105 107
Debenture p re f.............. 10 0 94 Jan 4 106 Septl.
80% Apr 95% Dec
10C
182 183 1 178 170
177 177 1 177 178
179% 180 ■ 179 180
109% Au ? 143*4 Dee
1,900 General Electric__________ 10 0 130 Jan 9 188 Aug 2i
14l2 1434 lUg 14t2 14ta 143* 1 14% 14%
14% 141
8% Jan
15% July 15
16% Jan
14
14% 88,709 General Motors Corp..W o pa
9% Aur
*8412 851? 8434 S ill *84
85
*81% 85
*84
85
Do pref........ ............. ..1 0 1 69 Jan 2 : 86 Sept 2
*84
85
63 Jun
219
75 Dec
85
Do Del) stock ( 6 % ) ... 10'
67% M ir 1 83 Sept l
85
84l2 8434 81% 84% 84% 85
85
85
84% 81% 1,899
60 Au.s
73% Dec
79% M ir : 100 Sept 1
09 1 99
99
Do D jo stock (7 % )__ 101
9914 993
99
99
99
99
99
*98% 91%
853
69 Au'85 Dec
143 *11
14U 1434 14!2 1434 *1434 15
13% J ily
14% 11% *14
14%
18%Jm e 2
63)
32% Aug
447s May 31
3514 3514 34U 31% 34
34%1 3334 31% i 33% 34
33% 33% 6,399 Qoo trich Co (B F)___ No pa
26% Juris
44% Jan
*8412 86
85
85 | *84
86
*84
85
85
87
*83
85
Do pref______________ lot
91 Apr 22
62% June
86
Dec
83*4 Aug
209
31-8 32
31
317a 31
26 Apr ;
32% 3134 iiih
31% 31
30% 33% 6,699 Cranbv Cons M. Sm A Powtor
35 May 2 4
15 Aug 34% Nov
14 | 13% 13% *12% 13%
12 Jaa i
197sM iv -81
*13IS 14i2 13
9% Jan
16*4 Mar
13'a *1214 14% 14
5)9 Cray A Divls I n c .___ No pai
*3112 323s 3112 31 'a *30% 32 1 31% 31% *31
32
2 '>% Feb 27 34%M ly 29
*31
32
999 Crim e Cininea Copper .101
19 July
29% Dec
* lll 2 12
m 2 H7a 10 % 11%! 11
7 Feb If
14% M r 15
I6 7s Jan
11 %
11
11 %
11 % 11 % 1,69.) Guantanamo Susar___ No pa
5% Dec
8434 84*4 78
4478 Jan (
83 1 SO's S2
90% f m 20
81% 83% I S234 85'% 83% 85% 39,299 G llf St itei Steel tr ctf3 __ lot
25 June 507g Dec
17g 2
2%
17S 2
*4 Jan 2(
% Nov
37s M ir 16
13% Jan
* 178 2 is *17g 21S *li 4 2
2%
2,091 (Iarhlshaw Eloe Cab . Wo pa
2734 28'14 25% 23 i 27% 28
26% 27% 28% 27% 26
15 Jan 12 2 3% Sept 16
27
13 June 25% Apr
7,391 Hen lee Manufacturing__ 10t
*71
74
55 Jan M 75 Apr 11
73
73 1 *7134 74% *71% 74% *71% 73% *71% 73%
49% Mar 61 May
101 Ho n istake M inins._____ 10C
81i2 82
78 7g 78% 73% 79% 7,101 Ho nto'i Oil of Texas____ 101
70 Jan £ 85 June 3
81% 81
82
78'4 897s 79
40% Aug 80 May
22 i4 225s 215s 221.4 21 % 21 % 22
107s Jan 6
22
21
22
21
22
23% Sept 12
10% June
16*4 May
8,3)1 Hupp Motor Car Corp___ 1(
77g 7'S
734 734
3% Feb £ 14 J me 2
7%
7% 7% 1,79) Hvd'iullc Steel_______Wo par
6
Dec 20*4 Jan
7% 73.1
7%
7% 734
45s 5
47g 5
4i2 5
47g
4% 5
47g 5
3% Jan 27
45,4)9 fndlaho-na Reflnlns_____
5%M iy 26
2 June
7% Jan
5
■Hi
*8
8%
*8
15*4 Jan
9
8 % *8 %
9
*8 % 9
5 Jan 2C
11%/une 7
6 % Dec
91.1 *8'4 9
29) Indlau R d ln in s.._______ If
4 U4 4 H4 40's 41
41
41
41% 40% 41% 397g 49% 5,89) (aspiration Cons Copper.. 2C 37% Fob 11 45 June 1
41%
29% Mar 42% Dec
*87g 10
•*87a 10
6
Aug
1334 Jan
87g 8 % *9
10
*9
11% May 4
7% Jan 6
*9
10
10
199 Internat Asrlcul Corp___ 10C
*37
38
37
37
38% 36% 38% 36% 38%
Do pref______________ 10C
57
Jan
*37
38
*37
31 Dec
33 Jan 16 43 Mar 15
599
*32
33l2 32*2 33l2' *32-38 32% *32% 32% 32% 32341 32
32%
509 International Cement...Vo par 26 Jan 23 38%Mav 8
21 June
29 Nov
28
281- 27
231.1 27% 28% 28% 30% 29
72,2.99
2S'->
30
30*2
1103t 111% 110 110-34 110 110% 111 11 Ut i n
111% 110 110 % 3,299 totern.at Harvester (new). . 100
79% Jan 3 115% Aug 14
67% Aug 100% Feb
*119
119 119 *117 119 *117 119 *118 119 1*118 119
Do pref (new)..............lot 105% Feb 11 119 Sip. 18
109
Jan
99'.i June 110
14341 14
HI4 14l2 14
14 ift 14% 15
14% 143| 14
14% 4,499 Int Mercantile Marine___ 10C
17% Jan
7% Aug
13% Aug S 27%May 3
58l2 593.1 57l2 59% 58% 60% 57% 60% 56% 53% 57
58 7S 42,499
Do pref...... ........... ....... 10C
36 Aug 67*4 Dec
51% Sept 12 87*8 Muv 3
173s 17'g 1714 175s 17% 1734 17% 17-s 17% 17% 167s 17% 15,299 International Nickel (The) 25
11% Aug
17 May
11% Jaa 9 54%Sept 12
81% 84% *83
85
81
*82% 84
Preferred......................... 10C
*82
*83
85
81
85
399
60
fan 4 85
1 in 20
60 Dec 85 May
53% 56% 57% 56% 57% 13,709 International Paper........... 100
59% 5914 56l2 58% 57% 58% 58
43% M ir 8 0 I-%Sept 12
38% Aug 73*4 May
Do stampod pref.......... IOC
79
*79
80
79% 79% 7934 79% 7934 79'>4 *73
609
8012 79
59 M ir 9 89% Sept 11
67 Aug 75*8 Nov
1434 15
147S 16's 157g 16
16% 16% 14% 16% 143., 15 % 72,599 Invincible Oil Corp........ . 50
12% J lly 24 20% \pr 17
Jan
5% Aug 26
48-% 46% 48% 46% 43% 24,699 Iron Products Corp___ No par
47
46l2 48
45% 47% 46% 48
22% Sept 40
Jan
21 Jan 19 59 Sept 1-5
3.1
%
34 4,209 Island Oil A Transp v t c__ to
% Apr 6
2 Sept
%
%
34
%
%
«4
%
3 Jan 25
4*4 Jan
58
«4
183
4
18% 18% 19% 18% 18% 4,709 Jewel Tea, Inc-----------------100
19l2 1834 19%
18% 19U 18
4
Jan
12% Deo
10 Jan 4 22 %May 2
64
*62
64
*61% 64
*62
*61
64
*63
*61% 63
65
577g 51
517g 5234 60% 52% 50% 5134 51% 52% 50
51% 10,809 Jones Bros Tea, Inc_____ 100
3 4% Feb 11 5 77g Sept 21
14% Jan 38% Dee
4% 4%
4
4% 4% 18,3,99 K m sasA G 'ilf.............. ..... 10
9 Nov
4
4% 4%
4%
4 >8 438
3 78 Aug 9
4% Oct
4%
7% Jan 3
4511 4534 4334 4.5-% 44% 45% 45% 47% 45% 47%
13.099
34 M xy 1
104 101 *102% 104 *102 101
9 4 May 1
299
*103 105 *103 105 *103 105
43
44
42% 43
43% 44% 43% 44
34% Jan 4 53% May 5
7,499 Kelly-Sprlnsfiold Tire____ 25
32% Aug 647g May
4314 43l2 42% 43
Temporary 8 % pref___ 100
Jan
102 103 *103 105 *103% 106 *104 100 *101 103
399
99% Jan 4 107% May 9
70% May 94
*100 102
6 % preferred--------------------84
81
*84
85
*83
85
*84
86
*81
80 June
399
86
86
71% Jan 3 86 June 5
70 May
*84
98
98
98
102 102
*95
*95
93
1,099 Kel3ey Wheel. Inc________100
61 Feb 9 111 Apr 6
35 Mar 69 Nov
*100 104 *100 104
25% Jan 4 39% May 31
16 Mar 2778 Dec
36l2 363i 35% 36% 35% 36% 36% 36% 35% 36% 3434 3534 26.4091 Kennecott Copper____ No par
1778 May
8%
8%
8 Sept 8
8%
8 % 5,099 Koystooe Tire A Rubber.. 10
24% May 4
8 % Jan
8% 8%
8 % 8%
8 % 8U
8>4 8 l2
171 175
175 177% 174% 170
Jan 177 Deo
2,109 Kresge (S S) C o_____ ____100 110 Jan 10 177% 3ept 21 130
*168 173
107 168% 167% 170
8l7g 24,999 Lackawanna Steel_______ 100
44% Jan 4 827g3.pt 20
32 June 58% Jan
82% 82% 82% 81-34 8234l 81
82
803s 80*4 80% 83
91% 90% 90 54 90% 90% 2,699 Laclede Gas (St Louis)___ 100
43 fan 13 94% Aug 28
40
Jan 57% May
90% 91% 92% 91
9212 93's 90
*2534 27
26% 28% 25% 25% 1,409 Lee Rubber A Tiro___ No par
24% Sept 7 35% Mar 16
17% Jan 30 Dec
2534 26
*26
27
26
26
218% 218%
220 220 *215 230
699 Lissett A Myers Tobacco. 100 153% Feb 18 220 Sept 19 138% Jan 164 Dec
210 % 220
210 210
*210 235
Do pref......................... 100 108 Jan 10 122 Sept 9
209
97-13 Jan 110 Nov
*117 119l2 117 117 *117 119% *115 119% *115 119% 116% 116%
0238 593.1 02
59% 60% 17.699! Lima LoeoWkstempctfsWo par 53% Aug 3
62
61
601? fi21-> 61
63
___ *119
*124
*118
___
125% Ailg 30
*125
11% Jan 26 23% Sept 19
23% 21 % 22 % 21 *s 22 % 21 % 22 102.395' Loew's Incorporated__ No pat
10 June 21% Mar
2134 23*4 22
2134 23
12 % 12 % 12 % 12 % 2,0)9 Loft Incorporated____ No par
12% 13
9 Jan 9 14 '4 vl iv 3
13
7% Aug
12*4 Jan
13
12% 13
12 's 1278
176% 17934 176 178% *174 176
1,409 Lorillard (P )_____________ 100 147% Jan 6 180 Sept S 136 Feb 164% Feb
174
173%
*174
184
*176 180
*1 0
*110
___
*110
109 Jan 13 120 Sept 12
9378 9S7ft!
709 Maekay Companies______100
72 Jau 5 107 Aug 30
59% Jan 72 Dec
*100 107 " 100 % 100% 9934 100 *100 100 % 100 100
109
Do prof........ ........... ..... 100
57 Jan 13 69 Line 1
55 Juno
♦esi* 69l2 *68 % 69% *6S34 69% 6S34 68 % *68 % 69% *63% 69
58% 573, 8,709, Mack Trucks, Inc____ No par
25% Jan 13 617gSept 11
25% Oct 42 May
585s 59i2 57
5S78 57% 58% 58% 59% 57% 59
92% 92% 92*2 93% *91% 93 j 1,109
Do 1st pref........... ....... 100
94
94
08% Feb 27 91*8 Sept 11
9414 94%
93% 94
*84
85% 85
88
85 |
5 )0,
Do 2d pref.................... 100
87% 8734 *84
5 4 Jan 6 87*4 Sept 19
54
Oct
85
86
*86
88
35?t 33% 35% 13,899 M illlnson (H R) A C o ..N o par
1.5% Jan 16 40 A ig 23
10 Jan
35
33% 3474 34% 35% 3434 36% 34
18 Sept
36
42
41*2 42
41% 41 >8
899! VI in itl Sugar____________ 100
43% 42
*42
30% Jan 3 52 M ir 13
21
Oct 89% Feb
*42l2 44
41% 42
82
82
*783.i
399
Preferred...................... too
*7834 82 |
73% Apr 3 8 4%Sept 13
81i2 82
92
Jan 93
*80
82% 82% 82% *81
Jan
57 % *51
53%
109 M inhattan Elec Supply No par 41 Mar 13
57% *52% 55% *51
54
*50
52% 52% *54
41% 43% 41% 42% 41% 41%l 7,300] Manhattan Shirt_________ 25
32 Mar 6 42% Sept 21
403| 4034l 40% 40741 40% 41
18 June 36*4 Deo
40 78 39% 40% 39*4 3978 13,990 viarland Oil__________No par
22% Jan 6 46-%June 19
12% Aug 3078 Nov
40's 40l2 39% 40% 39% 40% 40
1534 1534
17
17
19% 16
2,409 VIurlin-Rookwell______No par
5% Mar 4 26-% Mar 27
19% Jar
5
Oct
*15
18 1 *16% 18
18 I *15
31
33
32 ?8 31
31 ’g 3,209 Martin-Parry Corp___ No par
32%
32%
32%
20% Jan 4 3fl%June 3
13 Sept 22 Dee
3318 331J 31% 3158
49
47
48
48
|
47
49 ?8
1,699 Vlathleson Alkali W orks.. 50 22 Jan 11 50% Sept 8
47
11% Aug 24 Nov
*47
48 1 47
47% 47
58
57% 5734' 3,209 Maxwell Mot Class A ........ 100
5834 60% 58
57% 58
48 Mar 17 74% May 17
38 June 45*2 Dec
58
58 I 57% 58
15% Deo
18% 18% 18% 19% 18% 19% 18% 18% 7,209 Maxwell Mot Class B..W o par
11 Feb 15
19
8 June
19V 18% 19
130 133% 129 130 | 3,099 May Department Stores.. 100 101 Jan 3 138% Sept 12
34% 135 135
133
135 136 I 132 135
65% Jan 114 Doc
18% 19% 17% 18%' 6,209 McIntyre Por Minos______
IS
18% 1 18% 19
1AU
192%
186
191%
184%
187%
190
117,099, Mexican Petroleum_______100 106% Jan 10 201%June 20
84% Aug 167% Jan
187% 1911.1 186% 190% 186% 192 |
*96
98 |
Preferred...................... 100
97^ 9734' 98% 9S% *96
20)
*96
97i2
20% 21% 44,400 Mexican Seaboard Oil..Wo par
20*2 22 %| 20% 22% 20% 21
IS
17%
19%
17%
18
|
Voting trust ctfs........ ..
173d 19% 18
6,400!
29%' 287s 29 | 2,209! Miami Copper. _________ 5
15% Jan 28 Dec
*2912 295s 29% 29% 29% 29% 29% 29% 29
3 1-%May 31
13*2 13
13*4 22,509 vilddle States Oil Corp___ 10
13*4 13
16% Nov
10 July
133s 13% 13
16 Apr 17
13% 127g 13% 13
36%
34*2
35%
34*2 35*4 48,100 Midvale Steel A Ordnanco. 50
22 June 33% Jan
45% May 17
34i8 34341 33% 34% 33% 34% 34
73 % 75*4
75
73
73 % 1,599 Montana Power_________ 100
74% *74
43 Aug 64% Deo
63
Jan
4
76*s
Sept
1
75l2 7534 7378 74% 74
22
22^2 10,090 MontvVardACoIllsCorp.Vo par
12% Dec 25 May
12 Feb 11 25*4 Aug 11
2212 22%' 22% 22% 22% 22% 22% 227g 2238 22^4
2134 21 % 21 %
17% July 2878 Jan
509 Mullins Body_________No par
19% Jan 7 34 Mar 31
*2214 24 I 21% 22% *21% 221.1 *21% 22U
*14*2
*15
15*2
Jan
14%
14*2
10% Dec 30
15%
609
147*
National
Ae-ne______
.
50
*153.
21%
Vpr
25
10% Jan 9
*1534 16%
o 1 lUif 1UU | 153 15S
Jan 128% Deo
1,109 National Biscuit_________100 123% Jan 4 105%Sept 13 102
*161 1631a 169% 159% 158 158 1 159
121 121%
500i
Do pref..........................100 113% Jan 4 125 Inly 7 105 Aug 120 Jan
*121 124 1 12134 12134 123 123% *121 125 1*121 IZ.i
02 ' 60
60*8
15 Sept 35% Jan
800 National Cloak A Suit___ 100
62 ' 60% 01 %
*60
26 Jan 17 667gSept 13
*62
64 1 *60 ' 62
2 I
5
Jan
2
2
2
% Sept
2
1%
4% Apr 13
2%
2,400' Nat Conduit & Cable.-N o par
1% Jan 10
2
2*4
2 u \ 2%
21J
603
4
62-%
61341 59% 61% 17,500 Nat Enam'g A Stamp'd__ 100
26 Aug 65 t*eb
30% Jan 11 03% Sept 8
623.1 59% 6134 59% 627gl 61
62
IUo IUO‘2 103*2 104*2 3,400 National Lead___ ______ 100
67*4 July 87 Deo
1047g 10534 105% 106
85 Jan 12 110%Ailg 29
105 105 '|
115 115 | 114% 114%
200
Do pref______________ 100 108 Jan 10 115% Sept 1 100 June 103 May
• l ii u ii’« 1, 111*2 116 >111% 116 <111% 117
16% 16% 2,800 Nevada Consol Copper___
9 Mar
1U>8 u
15% Deo
13% Feb 16 19%June 1
5
1658 16%, 16% 16%j 16% 16% 16% 16-8 38^4
88-34
39
40%!
41-%S=pt 20
41->s
40%
41141*8
36
20% Feb 39 May
37% 38% 36% 36% 36
800 New York Dock .
100 28 Mar 10 46 June 9
*38
*3712 38%
*57% 60
59
*57% 60
45
Jan 57% May
59
53% Jan 17 68%Juuo 6
200
Do pref_______ . . ..100
59
*58
*59l8
*15
17
*15
17
17
13 Dec 33 Feb
*15
13 Jan 3 25 Feb 28
17
*15
*15 ~
91% 27,400 North American Co___ __ 50 44% Jan 4 99*s Sept 15
32% Aug 46 Dec
95% 96% 9234 9534 93
94 % 95%
96*8 983|
3178 Aug 41% Nov
46% 40% 46% 46% 46% 46'»
38 Jan 7 47% Aug 29
1,200!
Do prel.................. ....... 50
46
*46i» 47
461? 461? 46
% Dec
Rivhts.
3% Jan 13 28% Sept 15
% Dec
20% Nov 39 Mar
*36%
100 Nova Scotia Steel A Coal.. 100 20% Feb 28 40 Sept 14
37
*34
*37
113
8
11
12
12%
Mar
30
8%
Mar 127g Jan
8
July
14
11
11%
*11%
1,100
Nunnally
Co
(The)___
No
par
111
4
HI
4
11%
l l l 2 12
n%
7
7
*6%
7%
14%
Apr
17
73g
7% Nov
6 All? 5
11% Dec
700 Ohio Body A Blow___ No par
7% 73g
7% 7% *7
2%
2*4
2% 2% 9,100 Oklahoma Prod A Ref of Am 5
2% Sept 8
4-%June 2
1% May
4 Jan
234 234
27g
*234 27S
25$ 234
2%
7*8 7*8
4% Jan 6
9% Mar 25
7% 7%
3% Aug
7*8
900 Ontario Silver Minins___ 100
6 May
7% *7
*7
*612
23%
24*2
23% 24% 13,400 Orphonra Circuit, Inc........
12% Jan 6 24% Sept 20
14 Dee 30% Apr
I
23% 24%
22ls 225« 22
22% 22 % 23
147% 147% 1,700 Otis Elevator............ ......... 100 116 Jan 4 161 Aug 30
87 Aug 148 May
150 15378 148 IOU
1531s 1531a 150 1 >2 ~ 149 149
1U*4 1U'8 10 % 10% 1,300 Otis Steel____________ No par
9% Jan 7 16% Apr 11
8 Nov
11*8 11% 113ft 113* 1118 11% 107g 11
403.1 38% 40% 10,090 Owens Bottle____________ 25
247, Jan 27 40% Sept 21
24*4 Nov 54% Jan
373g 37% 37% 3734 38
38 ' 38*8 37% 38
5
5*2
4%
4?g
3%
Sept
2
14'g
Vpr
27
6%
43
,
8,100
Pacific
Development.
_______
4
Dec
5
45ft
5
5
518 5%
84
86% 19,200 Ps-iflc G ts V; Eliv-trln
.100 60 Jan 30 91 %Sept 15
40% Jan 68 Deo
877g 87% 88% 86% 88
88u 89
85% 88% 86
• B in ..o n

abseil

.,ri.i<w




jai<* on this day-

§ Leas chan 100 «o*r<*. a Kx-dividend and rights. ■ Ex-dlviaond. •• Kx-rlghta.

h ig h

and

Saturday,
Sept. 16.

low

Monday,
Sept. 18.

s a l e p r ic e — p e r s h a r e , n o t p e r c e n t

Tuesday,
Sept. 19.

Wednesday. Thursday.
Sept. 20.
Sept. 21.

Friday.
Sept. 22.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range since Jan. 1 1922.
On basis of lOO-sftars lots
Lowest

Highest

Shares Indus. & Mlscell. (Con.) Par S per share $ per share
19 June 3
800 Pacific Mall SS_________ 5
11 Jan 18
69%May 4
50.900 Pacific OU............................
44% Jan 10
86%June 26
77.400 Pan-Am Pet & Trans____ 50
48% Jan 11
18.200
Do Class B........................ 50 44 Jan 10 82%June 26
700 Panhandle Prod & Ref. No par
12% Jan 4
5% July 25
______ Parish & Bingham____ No par
17 Apr 12
10% Aug 10
13%May 24
10.400 Penn-Seaboard St’l v t c No par
6% Feb 27
3,400 People’s G. L & C (C h ic)..100 59*4 Jan 4 99 Sept 15
9,100 Philadelphia Co (Plttsb).. 50 31% Jan 4 45% Sept 21
4.800 Phllllp-Jones Corp____ No par
75 Aug 3 105% Jan 3
27.200 Phillips Petroleum........ No par
59%June 7
28% Jan 11
24% Apr 25
8 July 24
8,200 Pierce-Arrow M Car__ No par
3.800
Do pref...............
100 18% July 24 49 Apr 15
6 Sept 21
12 Jan 12
19,700 Pierce Oil Corporation____ 25
1,700
Do pref....................... ..100
71 Jan 3
39 Mar
11.900 Pigs Wlgg Stores Inc...V o par 39% July 14 49%June 1
9,300 Pittsburgh Coal of Pa.........100 58% Jan 30 72% Sept 15
100% Sept 13
200|
Do pref...........................100 90% Feb
24*aJune 22
3,000 Pond Creek Coal_________ 10 14% Feb
21
21
20% 21
20% 20%
20
20%
20% 21
21% 21%
10434 103
14,500 Postum Cereal________ No par 65% Apr 19 112 Sept 16
108 110% 105 109
106% 111% 109% 111
111 112
8% preferred......... .......... 100 105% Apr 29 111%l ine 2
3.200
110 110
110 110 *109% 110
110 110
110 110% *109% 111
91% 91% 90% 92% 83% 90% 2.200 Pressed Steel Car_________ 100 63 Jan 12 95% Sept 1
89% 90s
9234 9234 90% 91
Do pref_________
100 91 Feb 16 106 Sept 12
10534 10534 '104% 103% 104% 104% *103 106
30J
104 104 *102 106
47% 48% 46% 47% 45% 46% 35,200 Producers t Refiners Corp. 50 24% Jan 10 51 Sept 12
4 734 4634 48
47% 48% 46
95
96*4 96
94% 95% 10,100 Public Service Corp of N J. 100 66 Jan 7 9«»4Sept 15
97% 95% 97
96% 97% 95% 96
130% 132% 27.400 Pullman Company_______ 100 105% Jan 6 139*4 Sept 12
133% 134% 131% 134% 132% 134% 134 135% 132 135
4,100 Punta Alegre Sugar________ 50 29% July 14 53%June 9
48
48% 46% 47% 47
47% 48
47
48
48% 4634 48
15.400 Pure Oil (The)____________ 25 26*4 July 21 38% Jan 3
32% 32% 31% 33% 31% 32*4 32% 32% 31% 32% 31% 32
8% preferred....................100 94 July 20 102*4 Apr 25
1,000
*99% 100% 997* 100% *99% 101
100 101
100 100
♦100 102
94 Jan 10 126% Sept 13
2,400 Railway Steel Spring____ 100
118 118
116% 11834 119% 11934 120 120
117 118
122 122
900 Rand Mines Ltd........... No par 19% Jan 26 3 1%Sept 7
33
33
*33% 34% 33% 33% 33% 33%
32
32
333.1 3334
19 May 31
1538 15% 15% 15% 15% 15% 15% 1534 15% 15% 8,600 Ray Consolidated Copper. 10 13*4 Feb 11
15% 16
3734 3734 36% 37% 37% 38% 36% 3634 1,900 Remington Typewriter v t clOO 24 Jan 6 42 Mar 14
38
38% 38% 37
55 Jan 12
1st preferred v t c _____ 100
99 Aug 26
100
*88
94
*90
94
90
90
*90
94
*90
94
*88
94
2d preferred____________100 5012 Feb 23 80 Sept 7
*74
SO
80
*74
80
*70
80
*73
79*4 *72
*73
80
33
32% 331.1 3234 33% 32% 33% 4,700 Replogle Steel________ No par 25% Jan 3 38%May 18
33% 3334 32% 33% 33
46% Feb 25
78%May 29
69% 69% 6934 68
69% 66
70% 65% 67% 28,600 Republic Iron & Steel____ 100
69% 70*4 68
Do pref_______________100 74 Feb 24 95%June 2
1,000
9234 *92
92% 92
91
91
921
92% 92% 92% 92% *92
14*gJune 2
2% Aug 7
800 Republic Motor Truck.No par
3% 33g
3% 3%
3% 3%
3% 3%
3% 3%
*3% 334
56% 5634 54% 55% 55% 5534 55% 57% 56% 5734 5534 57% 31,800 Reynolds (R J) Tob Cl B._ 25 43 Mar 27 58% Sept 12
7% preferred___________100 111% Apr 11 118 Sept 8
100
117 117 *117% 118% *117% 118% *117 113
*118 120 *116% 118
47% Feb 1 66%May 3
5834 59%l 5734 58% I 57% 58% 42,600 Royal Dutch Co (N Y shares).
58% 5934 5634 58% 5734 59
153.4 1534 15% 15*4 15% 15% 15% 16
1534 1634 5 , 60o| St Joseph Lead____________ 10 12% Jan 9 16 Sept 11
16
16
900 San Cecilia Sugar v t c.N o par
234 234 *2% 234
1% Jan 10
6% Mar 21
234 3
3
3% *2% 3
234 234
14% 14% 1,200 Savage Arms Corp_________ 100 10 Aug 26 24% Apr 1
13% 13% 13% 14
14
*12% 12*4 *12% 1234 13
4
434
5%June
434
4%
4% 43g 10,300 Saxon Motor Car Corp.N o par
1% Feb 23
3% 3»4
3% 3%
3% 334
94% Aug 14
89
90
89% 90% 88% 89% 8S% 893g 6.500 Sears, Roebuck & Co_____ 100
60% Jan 27
90% 90% 88% 90
Preferred________________ 100
112 Aug 22
107 112 *108% 112
91 Jan
*108 11U; *107 112 *107 112 *107 112
700 Seneca Copper________ No par
23% Jan 3
12
10% Feb 20
11
11
11% 11% *11
11
11
11
11
*11
12
12 Juno 2
9
10% 10% 10%
8% 81;
7% Feb 28
8% 8%
9% 9% 2,200 Shattuck Arizona Copper.. 10
*8% 834
700[ Shell Transp & T iad in g... £2
48%May
35% Jan 30
40% 40% 40% *39% 40% *39l2 40%
*40
40% 39% 39% 40
34% 35% 33% 34% 33% 34% 115,900 Sinclair Cons Oil Corp .N o par 18*4 Jan 10 38*4June 9
33% 34% 33% 341
34% 35
10% 1034 10% 10%
9% Aug 3
11% Aug 18
10
10% 17.800 Skelly Oil Co............................10
10
10%
10
10%
10% 10%
48% 48% 48
50% 48
54%May 13
*48
50
48% 1,400 Sloss-Sheffield Steel & Iron 100 34% Mar
49
50
•50
51
300,
Do pref.....................
100
*77
79
*77
79
*77
79
80 Aug 29
79
*77
78
66 Mar 21
7834 7S34 78
49
400 So Porto Rico Sugar______ 100
47% 48% *46
471
57% Mar 3
*46
47
47
47% *46
43 Jan
•47
48
21% 22%
21% 23
21
24 June 5
22% 10.800 Spicer Mfg C o________No par
17 Apr 27
22
22% 203.4 22% 21% 22
300
Preferred_______________100 84 Apr28 93% Sept 15
*91
94
*93
97
*91
*93
96
94
96
96
96
96
13554 136
700 Standard Milling_________ 100 110% Jan 20 141 Sept 15
137% 133
139 139 *133 140 *135 140
•140% 144
53,700 Standatd Oil of Cal_____ I 25
110% 114% 112% 114% 114% 115% 114% 116% 114 116
91*4 Jan 10 121 May 3
114% 116
186%
188%
183%
195%
47,400
Standard Oil of N J_______ 25 169% Jan
191
196
185
187
183
18534
198*4June 6
187 187%
11634 117% 1,700
116% 116 % 116% 117
Do pref non voting__ 1100 113% Jan
11S% Aug 23
116*4 116% *11634 117
•116 117
83
*83
83% *82
100 Steel & Tube of Am pref.. 100 08 Mar 10 90 May 25
*81% 83
83% 83% *83*4 84
*83% 85
53% 54% 53% 53% 2.500 Sterling Products______No par
45%May
55% July
52% 52% 52% 52% 52% 52% 5234 523i
*98 100
*98 100
Stern Bros pref ( 8 % )........... 100 81 Jan
*98 100
*96 100
106 May
•96 100 . *96 100
48% 48% 50
49% 50% 7,300 Stewart-Warn Sp Corp.No pa
50% Sept 22
24% Jan 5
47
47% 47% 47% 48
48
48
51% 54% 53% 53% 53% 53% 51% 53% 51% 51% 3,800 Stromberg Carburetor.No par 35% Jan 5 59% Apr 12
56
57
129 13034 126% 129% 128% 129% 128% 129% 126 129*4 12434 126*4 174,800 Studebaker Corp (T h e )... 100 79% Jan 5 139% July 18
Do pref.......... ............... 100 100 Feb 17 118 June21
300
*115 115% *115 115% 115% 115% 115 115 *115 115% *115 115%
7
7%
6% 7%
6%
5,900 Submarine Boat_______ No par
7
7
7
3% Jan 31
8*4June 30
6% 7%
6%
6% 6% *6
6% 6%
6% 4,700 Superior Oil...................No par
6% 6%
10%June 7
5 Feb 20
6% 6%
6%
34
34% *31
*31
SuperlorSteel........ ............. loo
34
34% *32
*32
26 Jan 3
39% Apr 7
*32% 35
*32%
2% 2%
2% 2*4 2,800 Sweets Co of America___ I 10
2% 2%
2 Aug 3
5 Mar 14
2% 3
3
3%
3
1
1
1
1
3,300 Temtor C & F P, Cl A ..N o par
1% 1%
5% Feb 1
1 Aug 21
*1
1%
1% 1%
1%
10
10
10%
10
5,100 Tenn Copp & C tr ctfs.No par
10
10
10%
9%
9*4 Jan 13
12*4May 19
10%
10%
10
47%
481.1
48%
47%
47%
Texas
Company
(The)_____
25
4734 48
49,900
47
42% Jan 10
50%Wav 4
4734 48% 46% 48
58% 55*4 57% 54% 56% 54% 56% 36.000 Texas Gulf Sulphur.......... I 10
5434 57
58% Sept 19
38% Jan 4
55
58% 67
26
24% 253g 9,200 Texas Paciric Coal & Oil.I 10 23 Jan 9 32%1 me 3
26% 26% 25% 26% 25*4 26% 26% 26% 25
64% 64% 65% 62% 65% 62% 63% 29.000 Tobacco Pioducts Corp___l00 452*4 Aug 2 67 Sept 13
65% 66% 63% 65% 64
Do Cl A (since July 15) 100 76% Aug 2 89% Sept 13
86*4 86% 87% 85% 87% 85% 86% 30,400
87% 8734 85% 87% 88
Do pref.......... ............... 100 88 Mar 2 110 Sept 12
*108% 112 *105 110 *107 112 ♦106 110 *108 109% *106 110
14%
143,| 14
13% 14% 12,200 Transcontinental O il...N o par
14% 14% 13% 14% 13% 14% 14
20%May 22
7% Mar 3
___
37
*33
37
*30
36%
Transue & Williams St.No par 33 Jan 16 45% Anr 4
*33
37
*___
37
*33
37
75
*73% 75
600 Union Bag & Paper Corp 100
74
74% 75% 75% *72
75
75
*75
77
78 Sept 12
55 Mar 25
19% 20
19% 19% 8,100 Union Oil.......................No paT 17% Mar 4 25 J me 3
20%
1934 20% 1934 20% 20
20% 20%
100
100 Union Tank Car____
*114 117% 114 114 *110 117 *110 117 *111 119 *111 116
96 Jan 13 116 Sept 12
*110
112
110%
110%
*110
112
300
109% 112%
108 109
Preferred_________ I I I ” 100 102 Feb 9 113 Sept 8
*110 112
38% 38% 38% 38% 38% 38% 3834 38*4 3834 3834 381.1 38% 1,000 United Alloy Steel........ No par
41%May 13
25 Jan 11
7934 S034 79% 80% 3,800 United Drug__________
jqo
82
79% 80% 79% 79% 80% 80% 81
60% Mar 3 83% Sept 8
49%
49%
*49
49%
49%
49%
*49%
50
300
1
st
preferred______________'
50
*49%
49%
*49% 49%
41% Feb 18 50 Aug 5
150 151% *149% 151% 150 150% 149 149% 1,700 United Fruit_________ ’ ' joo
150% 152
*152 153
119*4 Jan 4 155% Aug 23
United Paperboard Co” ” 100 14% Apr 21 20% Aug 14
*16% 18%
83%
85%
82
85%
81
84%
39,400
79%
82%
82%
84*4
United Retail Stores. .N o par
84% 8534
43% Feb 28 87% Sept 11
2,400 U S Cast Iron Pipe & Fdy 100
33% 33%
34% 3334 34% 34% 34% 3334 34
34*4 3434 34
16% Jan 13 39 Aug 29
Do pref..................
'j o o
*70
73
*70% 72
100
*70
72
72% 72% *70% 73
*72
73
50 Jan 11 78 Aug 29
*7%
8
*7%
8
200
U
S
Express..........._
iqo
7%
7%
*7%
7%
8 Aug 14
*7% 7% *7% 7%
5 Feb 1
7
7%
6% 7
6% 6% 4,500 U S Food Products*Corp” 100
7
7%
10% Jan 3
7% 7$4
6% 7%
2*4 Feb 8
22%
22% 22% *21% 22% *21
500 USUoffmanMachCorp No'par
21% 21%
22% 22%
19% Aug 23 25 %May 27
22% 22%
64%
67
61% 6634 64% 65%' 30,700 U S Industrial Alcohol
63
64
100 37 Jan 6 67*4 Aug 17
62% 64
64% 65
*98% 100 I
200
98% 981a 98% 100 100
Do pref....................... ” 100 90 Jan 9 109 Sept 2 1
98% *97
*96% 98% *97
7834 80
7834 79% 80
78
78%' 7,000 U S Realty & Improvement 100 56 Jan 3 82% Sept 8
80% 80% 77% 79*4 78%
5134
54%
49% 52% 49% 51% 84,000 United States R u bber... 100 49%Sjpt 22 67% Apr 17
5234 55
53% 55% 5212 54
96% 12,900
98% 97% 94% 97% 93% 96*4 94
Do 1st pref__
joo
98
91 Sept 14 107 July 11
98
99% 97
*42
43
42
42
41% 41% 1,100 U S Smelting, Ref & M
50 33 Feb 27 45*4May 29
43
42
42*4 42
*42% 43
48% 48% *47
48%
200
4734 4734 *47% 48
Do pref...................... ■ " 50 42% Feb 9 49 Angle
*4734 48% *473.1 48
103 104% 102% 10334 146,100 United States Steel Corp "l00
82 Jan 6 106*8 Sept 11
104% 105% 103 104%
122% 122% ►121% 122% 122% 122%
3,209
Do pref................
' joo 114% Jan 3 123 Sept 19
122% 123
122 122% 122 12S
67% 68% 14,409 Utah Copper____
jo
68% 69%| 67% 69*4
69
60% Jan 5 71*2 Sept 5
68% 6934 67% 68% 63
21
21% 18,409 Utah Securities v't cIIIII'lO O
22% 23%' 21% 22%
21% 23
9% Jan 18 23%Sept 29
20% 22
21
22%
48% 32,209 Vanadium Corp_____ ” no par
50%
47
49% 50*4 49
30% Jan 10 53*4 Aug 30
51% 51% 48% 51% 48% 50
*94
97
*93
97 1
103 Van Raalte 1st pref_______ joo 92 Jan 17 96 %June 7
97
1
*94
95
95
1
*94
97
*94
97
26
27%
26% 271
2,600 Vlrginla-Carolina Chem
27% 28%
100
26 Sept 22 367g Mar 13
27% 27%
26*4 27
*27% 28
65% 65%
*65% 68
1,300
64% 65
Do pref.................. " joo 58 July 28 82 Apr 10
65%
65
66
65% 66
65
*55% 57
200 Virginia Iron, C & C
*55% 57
100
*55
57
56%
43 Mar 27 94*2 Jan 18
56%
*52
58
*56
58
*80
83
*80
83
Preferred___
jqo
*80
83
85
66 Mar 13 82 Sept 8
*80
*80
85
*80
83
13
13% lV.OOO Vlvaudou (V )......... I I I I no pa>
13
13%
14 May 8
13% 13%
6 % Jan 6
13% 13%
13% 1334 12% 13%
12% 13
12%
13
15.500
17 Apr 24
12%
13%
Weber
A
t
Hellbroner...No
par
10*4 Jan 16
12%
13%
13% 14% 13% 14%
1,800 Wells Fargo Express_____ 100
80
80% *79% 80
79
81%
66 % Jan * 85% Feb 15
79
79%
79
79
79
79
3.200 Western Union Telegraph. 100
117% 116% 116%
89 Feb 8 121% Aug 29
116 116% 115 115% I I 534 11584 115% 117% 116%
800 Westlnghouse Air Brake
50 80 Mar 16 104 Sept 13
102 102*4 102*4 102*4 102% 102% 103 103%
*102 104 *102 104
62% 63% 12,900 Westinghouse Elec & Mfg 50
62% 64%
63% 63*4
49% Jan 4 65% Aug 22
63
63%
63% 64
62% 63%
32% Sept 16
16,300
31%
31*4
31*4
32*8
Eagle
Oil...................
No
par25%May
31%
32%
31%
32
31% 32% 31
32%
49
50
54 Sept 12
5.000
White
Motor_________
50
50
50
35% Jan
50% 51*4
5134 52% 50% 51% 51
51%
12 May 5
8
8
3,700 White Oil CorporationI.No par
8% 8%
7 % Jan 20
8% 8%
8% 8%
8% 8%
8% 8%
7,900 Wlckwire Spencer Steel
13*4
5
13 Sept 22 21 %May 12
14% 1434 13% 14% 13*4 14% 14% 14% 1334 14% 13
6%
7
10.500 Willys-Overland (T h e )... 25
6%
7
4% Feb 17 10 May 29
7%
7%
7% 7%
7%
7%
7
7%
43% 43%
2.400
43% 44
Do Preferred (new) . ” " 100 24 Feb 17 49 % July 19
44%
44
44% 43
44
43*4 43*4 44
50% Sept 15
47
47%
7.400 Wilson & Co, Inc, v t c.N o par
47% 48*4
27% Jan
47% 4934 47
47% 48*4 48% 49%
48*4
*89
95
Preferred........ ..
jqo
*88
95
66 Jan 10 90 Aug 11
*89
95
*88
*88
95 I *88
95
95
194 Aug 7
184 184
"""366 Woolwort.h Co (F W ).........100 137 Jan
184 184
194 194 *188 190
185 194 *185 194
557gJune 2
41% 42%
2.200 Worthington P & M v t o ” 100 41% Sept 22
41*4 42
*42% 43
41% 42% 42% 42% 42
42%
100
Do pref A............
' joo 83 Mar 31 94 May 4
*86% 89% *86% 89
89% 89% *89
93
*89% 91
*86% 91
72
72
600
Do pref B................. ' joo 64*4 Jan 9 79 May 9
73% 7334 7334 73% 73% 73% *72% 73
*72
73
6 Jan 27 11 Aug 22
10% 10% *103g 10% 10% 1034 *10*g 10% *1058 10% 10% 10*8 1.000 Wright Aeronautical...No par
• Bid and asked orleea: no sales on <hls day } Legs than 100 mares, t Ex-rights, 0 Ex-dividend aud rlghLs. 1 Ex-dividend • Reduced

IS per share S per slure $ ver shire $ per share S per share
14
14
14
14
14
14% 14% *13
13% 141;
56*4 57% 56
57%
675* 58% 5534 57% 56t,i 57
79U 81% 78% 80% 77% 80% 80*4 82% 78% 81%
74% 76%
77
75% 76
75
76% 73% 75% 74
*6
7
*6
7
*6% 7
7
7% *6% 7
*11
13
*11
13
14
13% *11
*1234 141 *12
634 6%
63* 7
6% 634
6% 6%
6% 63.1
98% 97% 97% 9734 95% 97%
95% 97
98
97
44
453S
4434 44% 44% 44% 441
44% 44% 44
9334 96
91
91
92
85% 89% 88
82
87
52%
51
51% 513,4 521;
52
52% 50% 51% 51
12%
12%
1334
13
13%
13%
11%
11%
12
12
34% 341
32
32
32% 34
33
32% 32% 31
6
6%
6
6%
6% 7
7
7
7
7%
40% 40%
43% 43% 43% 40% 42
43% 43% 43
45% 4234 4438
42% 43% 43% 43% 43
43% 44
68% 70
69% 70% 69% 70% 70% 711
71
72
*99% 100% 100 100
*99% 101
*99% 100
100 100

S ver share
*14
14%
5534 57
77% 79%
73
74%
634 7
*11
13
6% 6%
94% 95%
44% 45
91% 91%
49% 51
12% 13%
31% 33%
6%
40
40%
42% 43
69
69%
*99% 100%

t Range since merger (July 16) with United Retail Stores Corp.




PER SHARE
Range Jot previous
year 1921
Lowest
per share
8
Aug
27% Mar
38% Aug
34% Aug
6
Aug
9% June
6% June
33% Jan
26% Aug
37% Apr
16 June
9% Aug
21
Oct
5% Aug
30% Aug

52

July

827g

Jan

12% Mar

Highest
per share
17% Jan
50% Deo
79% Feb
71*4 Jan
13% Dec
15% Apr
17
Jan
64% Deo
35% Jan
105% Dec
34% Deo
42% May
88 Mar
14% Nov
78
Jan

66
93

Dee
Deo

16% May

48 Aug 96 Jan
83 June 104 Jan
20% Oet 34% Deo
54 Jan 70% May
89% Aug 114% Nov
24*4 Oct 51% Jan
21% Aug 40% Dec
July
Apr
Mar
17% June
47% Nov
47*4 Nov
18 June
41% June
75% Oct
5 Dec

99% Dec
26*4 Sept
16 May
38*i May
Jan
80
75 May
39*2 Jan
73% Jan
96% Mar
24% Jan

Oct
Aug
Oct
Oct
Oct
Dec
Nov
Mar
Jan
Oct
Aug

697g May
14% Deo
5*2 Feb
23*g Jan
6*4 Apr
98*4 Jan
104 June
25% Nov
9*8 Dec
49 May
2S*8 May

67
19

11

40%
19%
1%
8%
2%
54%
85
12*4

4”g
30%
16%

32% June

68 % June

26

Oct

50
75
103

Jan
Nov
Jan

Aug 119
88
67*4 Juno 98*2
124% June 192%
105% Jan 114*2
66 Sept
85%

Dec
Dec
Dec
Dec
Dec

Oct iio"
81
June 37
25% Aug 46
42*g Jan , 93*4
Jan 103*4
83
Oct
3
10*8
3*4 Aug 13%
26 June 4S

Aug
Jan
Apr
Apr
Deo
Jan
Jan
Jan

21

2 Dec
6% Aug
29 June
r32% Dec
15*4 Aug

25%
11
48
42%
36%

Jan
Dec
Dec
Dec
Jan

Jan
76% June 91
13 Apr
6 Aug
28 June 44% Apr
Jan
57 Sept 75
15% Aug 25% May
87*2 Sept 107 Mar
Ocl 104 Nov
92
Jan
19 June 34
Jan
46 Sept 106
36% July
47
*95*4 June 207
467* Aug
11% Jan
38
Aug
5% June
8*2 Sept

62%
19
67%
7

Feb
Jan
May
May
Nov
Jan

27% Jan

35% Nov 74% May
84 Julv 102 Mar
41% Mar 63*2 Dec
40*2 Aug 79*4 Apr
74 Aug 103% Jan
26 Apr 38% Dec
37 Aug 44% Jan
70% June 86 % May
105 June 115 Dec
41% Aug 66 % Dec
7 Aug
12% Mar
25% June 41
Jan
72 Mar 88*2 Deo
42% Jan
20*4 July
57*4 July 102*4 Jan
59 Aug 95
Jan
5% Mar
8*2 Jan
Jan
Aug
Sept
Aug

49*2
76
81*2
38%

9% May
13% Oct
72
Jan
94 Apr
96% Jan
52% Dee

29% June 44 May
7 July
17% Jan
8 % Nov
18*4 Dec
4% Nov
10% May
23 Aug 42 May
27% Nov 47
Jan
65
Oet 897a Feb
105 Aug 139*4 Dec
30*2 Aug 55*4 May
70*2 Aug 85 Dec
54 Aug 70 Nov
9*4 Nov
6*2 June
to basis of *26 par.

|\|ew York Stock Exchange— Bond Record, Friday, Weekly and Yearly

1414

U. S. Government.
First Liberty Loan—
3Vi% of 1932-1947..............
Conv 4% of 1932-1947...
Conv 4Vi% of 1932-1947.
Second Liberty Loan—
4% of 1927-1942..................
Conv 4V£ % Of 1927-1942.
Third Liberty Loan—
4Vi% of 1928......................
Fourth Liberty Loan—
4M % of 1933-1938..............
Victory Liberty Loan—
4 H % Notes of 1922-1923.
3M % Notes of 1922-1923.

Foreign Government.
Argentine Internat 5s of 1909.

7 s ...
7Vi*do

do

Great Brit & Ireland (UK of)~—

Bid
J
J
J
J

Week's
Range or
Last Sale

Ask Low

D 101.34 Sale 101.10
D 100.64 Sale 1UI). 64
D 100.54 Sale 1U0.26
101.51
D

High No. Low High
101.65 2779 94 84 101 63
7 9570 101.68
100.7(
100.76 915 ,96.04 101 78
Aug’ 22
96.82 102.00

M N 100.02 Sale 190.02 100.12 29 95.76 100.80
M N 100-12 Sale 99.96 100.3( 3931 9532 101.50
M S 100.20 Sale 100.14 100.4( 3057 96.74 101.98
A O 100.50 Sale 100.42 101.78 6434 9586 101.86
100.66 Sale 100 66 100.76 1049 100.02 101.00
99.93 Jiine*22
99 96 100.36
102%
103% Mar’22
Q J
103% 103%
105% Mar’ 22 ___ 105 105
Q F
105% Fob’22
104 1051?
___
100
July’21
Q F
83 Dec'21
79
79
79 %
QM
F A 102 Sale 10134 102% 192 99 102%
8234 18 77 8 7*4
81
80
82
202 103% 109%
J D 1045* Sale 103% 106
n o 94% 104%
100
J J 100 Sale 99%
104
8 103% 108%
F A 104 Sale 103
110%
8 105 112
M N 109% 110% n o
115
50 106 115
M N 11312 Sale 113
9834 163 97 101%
IV1 N 98 Sale 9778
8078 97 76% 90
807S Sale 80
MN
103% 242 99% 108
J D 10234 Sale 102%
90%
93
284 90
91% 92
96%
89% 172 84% 90
881k Sale 88
100% 151 96'101%
A O S934 Sale 99%
100% 21 94% 101
A O 100i4 Sale 100
102
118 95% 103%
F A 10134 Sale 101*2
100 3921 97% 106%
99U Sale 99
MN
10434
31 100% 106
F A 1041* Sale 10334
A O I02i2 Sale 102% 10234 81 98% 103%
104% y3 100 106%
M N 10334 Sale 10334
58
7 44
i n t 53 Hale 53
68
27 106 112%
no%
A O 11U2 11134 10934
9334
78 85% 95%
J J 9D2 Sale 91%
6 84% 99
9634
96 ------ 95
5 77 ' 90%
90%
F A 90 ____ 90
82*2 31 76
82%
F A 85 ------ 82*2
92
225
93
Sale
95
92 100%
A O
40 105% 114
no
F A 109i2 Sale 108%
15 105 113
F A 110 Sale 109*2 n o
111*2 117 107% 112%
A O 110i2 Sale 110%
100
203 90% 100%
J J 9912 Sale 99
97 %
4 85% 97%
F A 95U 963S 96*4
0
96*2 398 94
97
J J 95i2 Sale 9
96*2 772 93% 97%
M S 95 Sale 94*4
101
775 99% 108%
M S 100 Sale 99%
95*4
9714
Sale
98
1036 94 106
J D
J D

A 102% Sale 102*2
A 107% Sale 106*2
A 100% Sale 100
9612 96
A 96
A t 93% 9334 93
93
94
J : 93
J j 82% Sale 8134
N 8034 -inle 79*2
Lyons (City of) 15-year 6 s ..
N 80% Sale 80
I t 55 Sale 52%
D t 40% Sale 36*4
9312
M S 94% Sale 9378
A O 112 Sale 111*2
Porto Alegre (City of) 8s____1961 J D 10134 102% 101%
Queensland (State) ext s f 7s. 1941 A O 103% Sale 108%
F A 103% Sale 103
A O 100% 101 100%
A O 101 Sale 100%
A O 100% Sale 100%
M S 102% Sale 102
J J 102*4 Sale 102%
89 Sale
J D 1043s Sale 104
12134 Sale 121
M S 7134 Sale 71%
Tokyo City 5s loan of 1912.
F A 105 106 105%
Uruguay Republic ext 8 s ..
F
F
F
F
F
J
J
M
M
Q
J

,$5 to
|
IVI S
M S
A O
4H s Corporate stock.......... 1971 J D
J J
J D
M S
MN
M N
MN
MN
|M N
MN
4Vi % Corporate stock..
State and City Securities.

£)
101%
103%____
103*2 ____
10834 10912
107% 108
108% 109%
101

105
1077g
100%
96%
94%
94%
83%
81
81
56%
41
94%
95%
112%
102%
11134
105
102%
101
101%
103%
103

453' 96 1067s
460 98% 111
8 100 110%
38 92% 96%
56 86% 95%
85 86% 94%
521 72% 83%
82 76% 90
122 76% 90
132 52% 70%
172 38% 62
52
233| 937g 98%
19 1073a 115
21 99 ’ 105
58 1057* 112%
68 99 105
34
78 98% 105%
111 98% 10478
49 99 ” 106%
67 100 106
240
106
196: 94 4 107
135
122
72
20, 07
76*2
107
16 102% 108%
IH 84 39 106 115

101
101%
2
103%
10378
1
lU334 Aug’22
10914 Sept*22
108% Scpt’22 __1
108% Seul’22
108*2 10912
Sept’22
100% 101 100*4
6
100%
100% 101 101
101
2
100%____ 100% 100% 18
100 ____ 101)38 Aug’ 22
*107% 10S34 tus Scpt’22 ___
*197l- 10,S3. 108
i
93
94
314 % Corporate stock______
90
New York State— 4s_________1961
102 June’22
J J
109*2
104% Apr’22
IVI s
72
70
70%
72
3
jQ J
9278 228
A O 92% Sale 92
A O
84 Sale 84
85
26
84% 84% 83
85
47
. . . . 85%
8534
5
J D
10
<34
S
e
p
22
J D 102% 1067s
9
3
%
____
9o%
Sept’22
IV
I
s
East Okla Dlv 1st g 4s___
85% 10
J J 84% Sale o4i2
Rocky Mtn Dlv 1st 4s___
J J 8 9 % ____ 89% Sept’ 22
Trans-Con Short L 1st 4s.
94%
91%
94
Aug’22
Cal-Arlz 1st & ref 4Vis " A ’ 1
91% 94
9138 Sale 91
\r s
108
107% 109 10712
7
91
Sale 90% Sept’22 ___
J D
ino-%____ 100 Aug'22
Ala Mid 1st guar gold 5s
1928
91
91 ____ 91
3
Bruns & W 1st gu gold 4s 1938 J J
84% 44
84% Sale 84*2
L A N coll gold 4s.............. al952 :M N
95% 109
95% Sale 95 %
Balt & Ohio prior 3 Vis......... 1925..1 J
94 ____ 92 Sept’ 22 __ _
Registered............................. *1925 <
87
42
86
86% 86*4
1st 50-year gold 4s.............. *1948
8 3 % ____ 84 Sept’22 _ _
Registered...............
*1948 '
86%
87% 255
86%
87
10-year conv 4Vis_________ 1933 M S
91
91% 66
91% Sale
Refund & gen 5s Series A . .1995 J
, D
102
114
Temporary 10-year 6s_____ 1929 ,J J 101% Sale 101%
93% Sept’22 ___
P June A M Dlv 1st g 3 4$s. 1925 M
: N 93*4 95
84% 24
P L E A W VaSysref 4 s . . .1941 M
: N 83% 83*4 OOI4
93% 107
93.% Sale 93.%
Southw Dlv 1st gold 3 Vis. .1925 J
. J
ClevLor A W con 1st g 5 s .. 1933 A O 98% ------ 99 14 Aug'22 ___
98% ------ 985g Aug 22 ___
Ohio River RR 1st g 6s------ 1936 J D
July 22 ___
9678 97%
General gold 5s__________ 1937 A O
73
26
71% ____
71% 71 %
Tol A Cln Dlv 1st ref 4s A . . 1959 J
^ _J




Range
Since
Jan. 1

98 103%
97 % 104
99 103%
103% 109%
103% 1087s
103 108%
103 108%
03% 100%
93% 101
93% 100%
94 100%
103% 108
103% 108
102

102

104% 104%
58% 80
85
95%
87U M h
77*2 86
78% 86%
76 ” 85%
oi% 107»j
91% 95%
78
85%
7984 90
86% 94%
86
93
104% 108%
83% 91%
86
78
88%
91
76%
76
74
77
94%
87
72%
86
92
96%
90
82%

91%
86%
96
927s
88%
84
87%
93
102
94%
85
94%
99%
98%
98
73

BONDS
N . Y . STOCK EXCHANGE
Week ending Sept 22

2?

Price
Friday
Sept 22

Week's
Range or
Last Sale

Bonds
Sold

Price
Friday
Sept 22

Bonds
Sold

BONDS
N . Y . STOCK EXCH A N G E
Week ending Sept 22

Interest
Period

Jan. 1 1909 the Exchange method of quoting bondt tcat changed and prices are now— “and Interest” — errevt for income and defaulted bonds.
1 Range
! Since
! J a n .1

Bid
Ask Low
High No. Low High
M S 103 104% 102% Aug ’22
9S% 102%
9478 IS 88% 96
IVI N 93% 94 | 94%
A O 84% 89%1 82% Mar’ 22 ___ 82% 82%
_
_
_
J J 9 6 % ___ 90% Jan’22
1 90% 93%
J D 100% . . 100% Aug’22 ___ 1 99% 100%
2 93 102
A 0 100 101% 100%
101
71 108% 115
J D 113% 113% 113%
115
J J sI13 Sale 113
114% 67 107% 11434
85
J J 83*! Sale 83%
84% 195 77
4 i 83
J D 91% 92
91%
91%
94
___ , 95% 102%
F A
ioo% 29 89% 101%
Consol gold 5s___________ 1945 M N 96 100% 100%
101
6 94 101%
10-year temp secur 6s.June 1929 J D 100% 101% 100%
74% 81%
Chatt Dlv pur money g 4s. 1951 J D 81% ____ 78% June’ 22
J J 9 6 % ____ 96% M ar’22
93
96%
.
95
95%
Mid Ga & Atl Dlv 5s . . .1947 J J 96%
9778
1 88% 97%
977S 9778
Cent RR & B of Ga coll g 53.1937 IVI N 96
109% 13 103% 110%
Central of N J gen gold 5s__ 1987 J J 109% Sale 109%
Q .1 103% . . . 109
109
10 105 110
91
91
91 July’22
N Y & Long Br gen g 4 s ...1941 M S 90% 93
97 Aug’22
J J 95% 98
90% 98
103%
IVI N 103% Sale 102%
6 94% 103%
100 May’22
100 100
Registered_____________ 1939 M N ------ 103
90% 90
90% 34 823s 91
General gold 4ViS--.......... 1992 IVI S 90
___
INI S
91% 115 82% 92%
20-year convertible 4 % s...l9 3 0 F A 90% Sale 90%
98%, 491 84% 99*4
30-year conv secured 5s__ 1946 A O 97 Sale 96%
86%
10 76% 86%
Big Sandy 1st 4s_________1944 J D 85% ____ 86%
87% Sept’22
78
87%
Coal River Ry 1st gu 4 s ...1945 J D 93% . .
8S7j Juue’22
88% 88%
1940 J J 94 .
Craig Valley 1st g 5s___
79 June’22
71
79
Potts Creek Branch 1st 4 s.1946 J J 82% 84
82% 84%
R & A Dlv 1st con g 4s___ 1989 J J 84% 86% 84% Sept’22 _
4 76% 80%
80
2d consol gold 4s______ 1989 J J 80 ____ 80
M N 85% . . . 69
Apr’ 21
80% Deo’21
IVI S 93% .
53
67
52%
53% 104 51
Chic & Alton RR ref g 3s___ 1949 A O 52
37% 148 33% 52
Railway 1st lien 3 Vis.......... 1950 J J 35 Sale 35
85
7 77% 85
Chic Burl & Q— 111 Dlv 3^3.1949 J J 85 Sale 84%
927g
1 87% 93
Illinois Division 4s_______1949 J J 91% 92% 927g
98
98
1 93
87% 98
Nebraska Extension 4s___ 1927 IVI N 87
....
90% Oct’ 19 . . . .
Registered_____________ 1927 IVI N _ _
91% 22 86% 93
General 4s...................... ..... 1958 IVI s 91% Sale 91%
102% 102 963s 102%
1 st* ref 5s..........................1971 F A 102 Sale 101%
Chic & E 111—
I
107%
107%
ll 102 109%
1st consol gold 6s.............. 1934 A O 107% __
96%
96 July’22 ___ j 96
85% Sale 85%
86
86% 122 68
C A E 111 RR (new co) gen 5 s.1951 M N
64%
54% 151 53
Chicago Great West 1st 4 s ...1959 M S 54 Sale 53%
101 115
Chic Ind & Loulsv—Ref 6 s..1947 J J 108% 112 115 Sept’22
87% 98%
Refunding gold 5s_______ 1947 J J 98% ____ 98 Scpt’22
86
86
86
86
1' 75
Refunding 4s Series C ___ 1946 J J 84
79
Ind A Louisville 1st gu 4 s .. 1956 J J 77% 79% 79 Sept’22, __ 1 75
87% 87
87
ll 86% 87
Chic Ind & Sou 50-year 4 s ... 1956 J J 87
91%
91%'
8 88
Chic L S & East 1st 4 Vis. ..1969 J D 91% Sale 91%
Ch M A St P gen g 4s Ser A.el989 J J 78% 79% 78%
78% 23 71% 80
71%
71%
71%
71
General gold 3 Vis Ser B._«1989 J J 69
l! 64
86%
90
7, 79
General 4 Vis Series C ___ el989 J J 88% 89% 88%
69 i 327 54% 69%
Gen & ref Series A 4 Vis__ a2014 A O 68% Sale 68%
80
77% 96 62
Gen ref conv Ser B 5s___ «2014 F A 77 Sale 76%
77
74% 367 60
Convertible 4Vis_________1932 J D 73% Sale 72%
84% 238 69% 87
Permanent 4s........ ............. 1925 J D 84% Sale 84%
69
<17 | 14 54
667s 60
25-year debenture 4s_____ 1934 J J 66
89
97
Chic & Mo Rlv Dlv 5s___ 1926 J J 97% ____ 97 Sept’22
74% 29 63% 77
C M * Puget Sd 1st gu 4 s .. 1949 J J 74% Sale 74
84% 91%
Mllw& Nor 1st ext 4 44s...1934 J D 917g____ 90 Aug’22
85
88%
93 ____ 88% July’22 ___
Cons extended 4 Vis____ 1934 J D
98 | 5 92% 98
Chic & N’west Ext 4 s ... 1886-1926 F A 98 Sale 98
92% . .
93% Apr’22|___ 93% 93%
Registered________1886-1926 F A
81
77% Sale 77%
78% 20 72
General gold 314s................1987 M N
Registered................ ..... pl987 Q F ------ 78% 70 |Dec’21 ___ I . . . . •90% 91% 90%
90%
11 82% 91
81% 88
87
89
88 Aug’22
Stamped 4s____________ 1987 M N
107% 22 99% 109%
General 5s stamped---------- 19S7 M N 107% Sale 107%
102
103
102%
106%
103
July
22
_
_
_
Sinking fund 6s...........1879-1929 A O
99 ____ 101% Apr 22 ___ 101 101%
Registered________1879-1929 A O
97% ____ 100% Aug'22 ____ 96% 104
Sinking fund 5s_____ 1879-1929 A O
96% ____ 100 Aug’22 . . . . 95% 100
Registered________1879-1929 A O
101%
5 96 10134
Sinking fund deb 5s______ 1933 M N 101%____ 101%
90% ____ 98% May’22 ____I 98% 100%
R egistered ............. ....... 1933 IVI N
110% 11 105 110%
10-year secured 7s g---------1930 J D 110% Sale 109%
112 | 14 106 115
15-year secured 6 Vis g ___ 1936 IVI S 112 Sale 111%
101% Oct’ 19
105% 110*4
Frem Elk & Mo V 1st 6s__1933 A O 111% 114 110% Aug’22
70 Mar’21i
Man O B N W 1st 3 t$s 1941 i J 80 . .
80 ____ 66% Aug'2l!
Mllw & S L 1st gu 3Vis___ 1941 J J
98% 99%
Mllw L S & West Imp g 53.1929 F A 100%____ 99% Aug’22 ___
101%____ 99 Mar'21
101% ioi%
Mich Dlv 1st gold 6s___ 1924 I J 101%____ 101% Mar’22'
93
91% Sept’ 22
85% 93
Mil Spar & N W 1st gu 4 s.. 1947 IVI S 92
105 | 4 95 105%
St L Peo& N W 1st gu5s._1948j J J 105% 106 105
873s
87% 290 79
Chic R I A P— Railway gen 4s 19881J J 86% Sale 88
_ | 78
83 ____ 84 Sept’22
84%
Registered.................. ..1988 J J
86% Sale 86%
87% 1295 75% 87%
Refunding gold 4s_______ 1934 A O
85% 84%
85% 35 76% 86%
R 1 Ark & Louis 1st 4ViS.. 1934 IVI S 85
99% 100
99%
99%
5 90 100
Burl C R & Nor 1st 5s___ 1934 A O
98
Choc Okla & Gulf cons 5 s .. 1952 M N 98% ____ 98 Sept’ 22 ----- 1 89
94%
Keok & Des Moines 1st 5s. 1923 A O 93 Sale 93
93% 20 72
8634
85% 83
86%'
St Paul & K C Sh L 1st 4 Vis 1941 F A 85
7i 76
108 l 12 104% 109
Chic St P M & O cons 6s____ 1930 J D 108 110 107%
87
92
92% 92 Sept’ 22
Cons 6s reduced to 3 V is ...1930 J D 92
97% 98% 97% Sept’ 22 ___ 91% 98
Debenture 5s...... ............... 1930 IVI S
1051?
97% __
84 7g 83%
84%
3 73*4 86%
C hicT H <fc So East 1st 5 s ... 1960 J D 84
93%'
Chic Un Sta’ n 1st gu 4 Vis A .. 1963 J J 92% 93% 92%
0 87% 94%
116 Sale 116
1161* 36 111% 117*8
1 103 105
105
Chic A West Ind gen g 6s...«1932 Q M 105 105% 105
78% 37 67% 79
Consol 50-year 4 s ............... 1952 J J 78% Sale 77%
102% 11 99% 102%
15-year s f 7Vi»-----------------1935 M S 102% 102% 102%
91
91 Aug’22 ____ 85
Gin H & D 2d gold 4 Vis-------1937 J J 88% 91
88 M ar'17
90% 95
Day & Mich 1st cons 4 Vis.1931 J J 9 3 % ____ 92% Aug'22
83%
84
13 76*2 84*4
Cleve Cln Ch & St L gen 4 s.. 1993 J D 83% 84
9234
92% 42 85
J J 92% Sale 92
J D 100% Sale 10734 107% 22 86% 101%
103%
18 95 103%
Ref & lmpt 6s Series A ----- 1929 J J 102% 103% 102%
yo
»y
ay ,
2 7934 92
Cairo Dlv 1st gold 4s........ 1939 J J 88
76
82%
Cln VV <fc M Dlv 1st g 4 s ... 1991 J J 81% 82% 82% Sept'22
77% 84%
St L Dlv 1st coll tr g 4s----- 1990 M N 8.1% 8578 84 Aug’ 22 —
Spr & Col Dlv 1st g 4s........ 1940 M S 87 ____ 85% Aug’22 __ _ 85% 85%
W W Val Dlv 1st g 4s........ 1940 J J 85% . . . . 85% Aug’22 ---- - 83% 85%
89%
C l St L & C 1st g 4s........ *1936 Q F 90‘8 ____ 89% Aug'22 . . . . 83
86% May’22
Q F
86% 86%
99
Cln S & Cl cons 1st g 5S---1928 J J 97% ____ 99 Aug’22 ___ 94
C C C & I gen cons g 6s----- 1934 J J 106% 108% 105% May 22 - - - - 104 106
90
90
Ind B A W 1st pref 4s........ 1940 A O 88% ____ 90 June’22 ___
80%
A O 81 Sale 80%
15 70% 84
3734 32 22% 39%
Apr. 367g Sale 36%
99
Cleve Shor Line 1st gu 4 Vis. 1961 A O 95% 98% 99 Sept’22 ___ 90
105% 88 100% 106
Clevo Union Term 5 H s ------- 1^72 a <j 1057g sale 105%
93% 10 84% 94
Colorado & South 1st g 4s— 1929 F A 93i2 Sale 93%
90% 22 1 81% 92
Refunding & exten 4 Vis— 1935 IVI N 89% 90% 90%
Ft W A Den C 1st g 5 Vis.-1961 J D 104% 105% 105% Aug’ 22
101% 100%
87%
88
Cuba RR 1st 50-year 5s g_..1952 J J 8/% 88
i i 1 77
88%
107
1st ref 7Vis______________ 1936 J D 106% 107 107
19 100 107%
D L i W - M & E 1st gu 3 Vis 2000 J D 81 ____ 86% Sept’22
77% 81%
N Y Lack A Western 5s— 1923 F A 100%------ 100*4
100*4 '
1 98% 1037*
Terminal Sc improve’t 43-1923 IVI N 99% 100
99% Sept’22
97 ’ 99%
77% 82% 78 Aug’22
Warren 1st ref gu g 3 tis— 2000 F A
741.1 78
Buffalo R & P gen gold 58___ 1937
Consol 4 Vis...... ...................1957
Alleg & West 1st g 4a gu._.199S
Clearf & Mah 1st gu g 5s__19 43
Roch& Pitts Con 1st g 6 s..1922
Canada Sou cons gu A 5s___ 1962
Canadian North deb s f 7S...194C
25-year s f deb 6 Vis.......... 1946
Canadian Pac Ry deb 4s stock. .
Car Clinch & Ohio 1st 3-yr 5s 193S

Price
Friday
Sent

22

Bid

Delaware & Hudson—

Week's
Range or
Last Sale

Ask Low

Bonds
Sold

BONDS
N. Y. STOCK EXCHANGE
Week ending Sept 22

Inter est
Period

New York Bond Record— Continued— Page 2
Range
Since
Jan.

High No. Low

1

High

17 83% 94
IWN 92%Sale 92% 94 4
89*41037*
100%101 100% 10234 1S
AO 1
2 99 103%
IVIN 02%103%10234 103 3
6 Ms.
J D 112%Sale 112% 113% 2 107 113%
A O 82 84% 82 June’22__ 76% 82
rvin 10&38__
55 3 82%
Den <fc R Gr— 1st cons g 4 s ..1936 j j 78 Sale 77%
17* 7
88
2 13 7
76% 84
Consold gold 4 Ms................ 1936 j j 82 Sale 8
81 2 741- 85
Improvement gold 5s-------- 1J2S j i) 80 Sale 81
4 42 52%
F A 47 Sale 46% 47% 13
1st & refunding 5s--------- 19o5
9 40% 47
4358Sale 43% 437* 15
Trust Co certlfs of deposit—
87
80% 89
Rio Gr June 1st gu 5s-------- 1939 j O 85 89 87
1
0
%
1
7
%
J
J
Rio Gr Sou 1st gold 4s------1940
14%.. 10% Feb'22
Guaranteed---------------------1940 J J
79% 82 79% 80% 12 10
73*%
4 8io6%
%
Rio Gr West 1st gold 4 s . . .1939 J J
68%__9 62% 71
Mtge & coll trust 4s A . .1949 A O 67% 68 68%
__
7
5
70 Sept 22 __ 74 78
D et& Mack— 1st Hen g 4s— 1995 J D
ay’22 9 67 67
Gold 4s....................................1995 J D 70 74 67 M
2%
82 93
VIN 91 Sale 89% u9
DetRlvTer T u n 4 M s........... .1961 I
g’22 __ 95*8100
Dul Mlssabe & Nor gen 5 s .. .1941 J J 98%__ 100 A
102 1 9
5%102
Dul & Iron Range 1st 5s......... 1937 A O 102 102%102
Registered-----------------------1937
.... 81~8 87
2
Dul Sou Shore & Atl g 5s------ 1937 J J --- 83 82%Sept’1
VIN 102 . 100 Sept’22__ 95 100
Elgin Joliet & East 1st g 5 s ..1941 I
Erie 1st consold gold 7s e x t.. 1930 MS 106 106%105% 106% 8 100%108
89 .
87 July’22__ 80% 87
VIN 9
N Y & Erie 1st ext g 4s------ 1947 I
997* 98%June’22__
96*4 99%
VI S 9%
3rd ext gold 4 Ms----------------1943 I
4
9
9
%
95%June'22 __
95%
4th ext gold 5s------------------- 1930 A O 9b*
234
__ 90%
. -- 9
4
*
4
N
ov’1
5
5th ext gold 4s------------------- 1928 J D 9
102%Aug'22 __93 102%102%
N Y L E & W 1st 7s ext___1930 MS 103%
*4 65%__ 54U 71
Erie 1st cons g 4s prior____ 1996 J J 65 Sale 64
63
734 Ma5r’2
2
57 57
Registered_______________1996 J J
4%
200 39% 58
1st consol gen lien g 4 s ..1996 J J 54 Sale 5
5
1 51
51 Aug’22 __
Registered____________ 1996 J J
8Sept’22 .. . 79 91
Penn coll trust gold 4 s ..1951 F A 89% 8934 897
50-year conv 4s Ser A ___1953 A O 51% 52 51% 52% 14 34% 57
134 52 22 32 55
do Series B ___________ 1953 A O 51% 52 5
5 60 343* 59
Gen conv 4s Series D ____1953 A O 54 Sale 54
987* 99% 98% 5
987* 0 80 987s
Chic & Erie 1st gold 5s____ 1982 I
VIN 94%
__ 90% Jan'22 __ 90% 90%
Clevc & Mahon Vail g 5 s .. 1938 J J
9 78% 98%
96% 5
Erie & Jersey 1st s f 6s____ 1955 J J 96% 97 96
79% 97*4
97%
Genessee River 1st s f 6s__ 1957 J J 96% 97 97
109 109 2 109 109
Long Dock consol g 6s____ 1935 A O 108%.
9b%__ 83% Den’21 __
Dock & Impt 1st ext 5s____ 1943
88 88
N Y & Green L gu g 5s____ 1946 IW
N 90%__ 88 Feb’22
2__ 54 72
N Y Susq & W 1st ref 5s . . . 1937 J J 65 67% 69 Sept’2
ay’22 __ 47% 52
2d gold 4 Ms....................... 1937 F A 52 53 52 M
51 _10 38% 60
General gold 5s__________ 1940 F A 51 55 50
2__ 83% 90
Terminal 1st gold 5s____ 1943 MN 90 __ 90 Sept’2
8__ 93 July’22
93 94%
Mid of N J 1st ext 5s_______1940 A O 907
WUk & East 1st gu g 5s-------1942 J D 66 69 69 Sept’22__ 53 73
Evans & T H 1st gen g 5 s . . . 1942
69% Apr’21
M t Vernon 1st gold 6s-------1923
Sul Co Branfch 1st g 5s____ 1930
90% 10 So'l- 91%
Florida E Coast 1st 4 Ms____ 1959 J D 90%Sale 90%
83 __
Fort St U D Co 1st g 4 M s ...1941
80%July'22 __ 78 85
Ft Worth & Rio Gr 1st g 4 s ..1928 J J 83%. .
90 6 83 90
Galv Hous & Hend 1st 5s____ 1933 A O 90 90% 90
62 08%U5
Grand Trunk of Can deb 7 s ..1940 A O 113%Sale 113% 115
108 43 1
100 108
15-year s f 6s---------------------1936 MS 104%105 104
ale 113 1135* 112 1
08
7%19
16
8%
Great Nor Gen 7s ser A ---------1936 J J 113%S
*4Sale 94*4 94% 1 8
1st & ref 4 % s Series A -------1961 J J 94
82% Oct'21
Registered___________ ...1 9 6 1
5%s ..........................................1952 J J 104%Salo 104% 105% 10 96%106
ug’22__ 90% 925*
St Paul M & Man 4s............ 1933 J J 92%__ 92% A
1st consol g 6s__________ 1933 j j 111 113%111 Sept’22---- 105%HI
99 3ept'20
Registered____________ 1933
99 100 99% 99%__H 93%100%
Reduced to gold 4 Ms— 1933 j j
97 Aug’22
5 97
Registered____________ 1933 J J
92% 93*4 92%Sept’22__ 9
88 92%
Mont ext 1st gold 4s-------1937 J D
80 Mar’21
Registered____________ 1937
83 Mar’20__
Pacific ext guar 4s............ 1940 J
88 8934
E Minn Nor Dlv 1st g 4 s ..1948 A O 89 90% 89*4June’22
113 __ 113 Aug’22
109%113
Mont C 1st gu g 6s ------------1937
138%May'OO
Registered_______________1937
100*4__ 103 Sept’22__ 99" 103"
1st guar gold 5s_________ 1937
--- 102%July’22
99%102%
Will & S F 1st gold 5 s . . .1938 J D 102%
0% Apr’22
60 70 7
67% 70%
Green Bay & W Deb ctfs " A ” -----4 14 14% 49 6% 17%
Debenture ctfs " B ” ___________ Feb 13% 1
78% 80 80 80 1 72 80
Gulf & S I 1st ref & t g 5 a ..61952
81% 90
J J 89%Sale 89 89%
__ 85%Sept’22__ 78 85%
A O 85%
84%__ 84% 84% 1 78% 83
FA 9
4% 96 95% 95% 5 89*4 96
JJ 8
F A t)34 87*4 80% 8734 121 75 88%
6
6
4 67% 66% 673* 99 47% 67*4
AdjustIncome5s_____ 1957A O 983
NY& Jersey 1st 6s___ 1932 F A % 98% 98%Sept’22__ 92 98%
IllinoisCentral 1stgold4s... 1951 J J 96%__ 96 Sept’22__ 83% 96
Registered_________ 1951
27* July’22__ 76% 82%
1stgold3Ms...............Is51 j j 82*2 86 8
84 Nov’15
Registered________ 1951
84 86 72 Oct’21
Extended1stgold3Ms--- 1951
Registered----- -------1951
80 July’09
1stgold3ssterling------- 1951
Collateral trustgold4s--- 1952 IW8 8634Sale 86 87 56 80% 95’
Registered________ 19d2
07*Sale 90*8 91 24 82% 91%
1strefunding4s--------- 1955MN 9
79% 80 80*4 Aug’22__ 76% SO3*
Purchasedlines3M8———1952J J 8
83% 84%__40 78% 843*
LNOATexasgold4s--- 1953 MN _3*2 8334 8
82 82
Aug’22
Registered—.—.........1963MN 102%Sale 102
2% 103% 20 96*4103%
J J 9J4
15yearsecured5Ms........1
132b 112%111% 112%__27 99*4113
J J 1199
16ycar secured6Msg---1%.. 92%Scpt’22
81*4 93
CairoBridgegold 4s ...19o0 J D 69
* 72 693)1June'22
3% 6934
LitchfieldDlv 1stgold3s.. 1951 J J 777
26
8
2
%
8
0
*
4
8
1
73*4 81
J 69%
LoulsvDlvATermg3Ms. 953J
7*__ 70% Aug’22 __ 6
6 71
OmahaDlv 1stgold3s ...195 F A 70%
74% 72%Aug’22__ 63% 72%
8tLouisDlv&Termg3s.. 1951J J 79%__
79% Aug'22__ 76% 79%
J J
G
old
3
M
B
....---.......
1
9
5
*
79%__ 78%July'22__ 78% 78%
Spring! Dlv1stg3M8-—-19o J J 86%
__ 86% 80% 3 82 86%
WesternLines 1st g4s---1951 F A
R e g is te re d ........ ..................... *95*
100% 100% 1 99*4100%
BellevACar 1st6s ..--1923 J D 18090%__
90 73 Mar’19
CarbAShaw1stgod4s... 1932
ChicSt L&NOgold53—1951 J D 100 104 99*4 99*4 3 99 104*8
R e g is te re d .............................. J951
75%__ 66*4 Dec'21 __9
Gold 3Ms...............1951 J D 9
34Sale 99 99%
90%100
Joint 1stref 5sSeriesA.1963J D 89
82 May’22— 78*4 82
MemphDlv 1st g4s--- 1951 J l> 1*4 84 8
0 Bept'21 __
St LouisSou1stgug4s...1931
__ 88 Sept’22 2 85 86
Ind111AIowa1stg4s...... 1950 J J 185%
00% 100% 222 97 101%
Int&GreatNor 1stgext7s.. 1922MN 00%100»415
50% 55%
3% 54%
Adjust6s__________ 1952J J 867* ... 86
%Aug’22— 80% 86%
JamesFrankAClear 1st4s.. 1959J D
70% 71% 44 63 72
KansasCitySou1stgold3s..1950 AO 70*4Sale 7
8 Oct'Ot*
Registered--------1950
2% 94% 22 84 94%
4 Sale 9
Ref AImpt 5s____Apr 1950 J J 94
84% 85% 16! 793* 863*
*2 84*4 9
Kansas CityTerm1st 4s--- 1960 J J 8
5 99
97%Sale 5% 9S 41 8
LakeErie&West 1stg5s__1937 J J 8
77 87%
6% 86%— 6
% 87 8
2dgold 5s________ 1941J J 76
8
78
73%
July’22
4
%
8
5
NorthOhio 1st guarg5s.. 1945A O
LehVal NY1stgug4M3...1940 J 1 06 97% 96 Sept’22-- .- 90% 97
Registered...... ....... 1940
4*8 S4*4 5 7784 90
4% 85 8
LehighVal (Pa) cons g4s...2003 IVIN 8
93% 93% 2 85 96
General cons 4Ms_____2003IWN 9234 93%102%
Sept’22 ---1 98%102%
1
0
2%
__
LehVTermRy 1stgug5s... 1941 A O
113 Mar’ 12
Regi.'cred_________ 1941A O




BONDS
N. Y. STOCK EXCHANGE.
Week ending Sept 22

1415
•ga|!
'

Bid
Ask Low
Leh Val RR 10-yr coll 6s..nl928 M S 10434 104% 104
Leh Val Coal Co 1st gu g 5s. . 1933 J J 102 103 102
105
Registered.......................... 1933 J J
83%
1st Int reduced to 4s......... 1933 J J
80
Leh A N Y 1st guar gold 4s._ 1945 M S
100
Long Isld 1st cons gold 5s._61931 Q J
1st consol gold 4s.............A1931 Q J
General gold 4s............... ..1938 J D
Gold 4 s.............................. 1932 J D
Unified gold 4s_____ _____ 1949 M S
Debenture gold 5s........... 1934 J D
20-year p m deb 5s.......... 1937 (VI N
Guar refunding gold 4s___ 1949 IW S
N Y B & M B 1st con g 5s. 1935 A O
N Y A R B 1st gold 5s.. 1927 M S
Nor Sh B 1st con g gu 5s..al932 Q J
Louisiana A Ark 1st g 5s____ 1927 M S
Louisville A Nashville—
June’22
Gold 5s_____ ________
1937 iw N
93%
Unified gold 4s................. 1940 J J
June’22
Registered____ ______ 1940 J J
Aug’22
Collateral trust gold 5 s... 1931 M N
109%
10-year secured 7s.. .
1930 M N
106
1st ref 5Ms..................... 2003 A O
Aug’22
L Cin & Lex gold 4Ms........1931 M N
July’22
N O & M 1st gold 6s . . .1930 J J
July’22
2d gold 6s......................1930 J J
July’22
Paducah & Mem Dlv 4 s... 1946 F A
Aug’22
St Louis Dlv 2d gold 3 s... 1980 M S
86%
Atl Kuoxv & Cln Dlv 4s__ 1955 IWN
May ’22
Atl Knox & Nor 1st g 5s. . 1946 J D
July’22
Ilender Bdge 1st s f g 6s. .1931 M S
Aug’22
Kentucky Central gold Is.. 19S7 J J
Aug'22
Lex A East 1st 50-yr 5s gu. 1965 A O
Aug’22
L & N 4 M 4 M 1stg 4 Ms. 1945 M S
85%
L A N South M Joint 4s__ 1952 J J
Fcb’Ob
Registered___________ A1952 Q J
May’22
N Fla A S 1st gu g 5s..........1937 F A
Aug’22
N & C Bdge gen gu 4M8...1945 J J
Sept’22
S & N Ala cons gu g 5s___ 1936 F A
100%
Gen cons guar 50-yr 5s.. 1963 A O
85
Lou A Jeff Bdge Co gu g 4s.. 1945 IW S
Mar’ 10
Mex Internal 1st cons g 4 s... 1977 M S
Nov’10
Stamped guaranteed_____ 1977 M S
July’20
Midland Term—1st s f g 5s 1925 J O
June’22
Minn A St Louis 1st 7a___ 1927 J D 104
83
1st consol gold 5s............... 1934 M N 79% 82l4
44Sj
1st A refunding gold 4s.
1949 IW S 44 Sale
45%
Ref & ext 50-yr 5s Ser A ... 1962 Q F 44% Sale
Sept’22
Des M A Ft D 1st gu 4s. .1935 J J 55 57%
85
Iowa Central 1st gold 5s._.1938 J D 81*4 82% 81%
44
Refunding gold 4s_____ 1951 M S 43% 44 | 43
90%
M StP & S S M con g4s lnt gul938 J J 90% 90% 90%
101% 101*4 101 %
1st cons 5s...................._ 1938 101%
lO-year coll trust 6 Ms. .1 —1931 M S 104 1057g 105% 106%
1st Chicago Term s f 4s
1941 M N 91*4 93 I 89% July’22
„ M S S M A A l8tg4sintgu.l926 J J 9(1% 97*2 96% Aug’22
Mississippi Central 1st 5 s... 1949 J J 91% 93% 85% May’22
84%
84% Sale 84*
“
M o Kan A Tex— 1st gold 4s 1990 J D
68% Aug'22
2d gold 4s........................ ^1990 F A
75 78% 77%
77%
Trust Co certlfs of deposit.. . ___
86% Apr'22
1st & refunding 4s.............2004 M S
92
92
Trust Co certlfs of deposit
64% June'22
Gen sinking fund 4 Ms........1936 J J
77
77
75 79
Trust Co certlfs of deposit... St Louis Dlv 1st ref 4s
2001 A O
44 June’22
5% secured notes "ext” . . I . . . ___
88% Sept’22
90% May’22
Dallas * Waco 1st gu g 5s. .1940 M N
777* July’22
Kan City A Pac 1st g 4s__ 1990 F A
Mo K A E 1st gu g 5 *........ 1942 A O
83 Mar’22
94%
M K A Okla 1st guar 5s...1942 M N 94% 97% 94%
85 July'22
a!
T *8t gu 8 5S..1942 M S
Sher Sh A So 1st gu g 5s
1942 J D
42 Aug’22
36 May’22
Texas A Okla 1st gu g 5s__ 1943 M S
86*4
8734 331
Mo K A T R y ~ Pr 15s Ser A 1962 J J
723*
73% 109
40-year 4s Series B
1902 J J
98% 380
10-year 6s Series C___ II I I 1932 J J
Cum adjust 5s Series A
1967 J J
63%
6478 1287
Missouri Pacific (reorg Coj—
92*4
1st A refunding 5s Ser A ... 1965 F A
92*4
99% July’22
let A refunding 5s Ser B al923 F A
97%
1st A refunding 5s Ser C ' 1926 F A
98%
6s, Series D ...................... 1949 F A
102% 103
General 4s----------1975 m s
67%
68%
Missouri Pacific—
.......... 1975
.
3d 7s extended at 4% ........ 1938 M N 85%___ 83% Aug’22
Cent Br U P 1st g 4s........ 1948 J D
74% June’22
Pac RR of Mo 1st ext g 4s 1938 F A
89 Sept’22
„ 2d extended gold 5s........ 1938 J J 98% 100 98 Aug'22
St L Ir M A S gen con g 5s 1931 A O
99%
99%
102 July'14
Gen con stamp gu g 5s.. 1931 A O
91%
91
Unified A ref gold 4 s... 1929 J J 90
88
87%
..
lst S 4 S ....1933 M N
96% Aug’22
Verdl V I A W 1st g 5s___ 1926 M S
Mobile A Ohio new gold 6s—.1927 J D 105 105% 104% Aug’22
103
1st ext gold 6s-------51927 Q J 101 ------- 103
68%
General gold 4s........... ’ 1933 M S 77% 78% 68%
95% Aug’22
Montgomery Dlv 1st g 5sII 1947 F A 95 97
St Louis Dlv 5s____
1927 J D 96% 98 95 Aug’22
91% Sept'22
. . st. L & Cairo guar g 4 s " " 1931 J J
101
Nashv Chatt A St L 1st 5s 1928 A O 101 Sale 101
100% July'22
Jasper Branch 1st g 6 s ..I’ 1923 J J 100%
30%
’ 3 0 ' 30%
NatRysof MexprlIen4Ms 1957 J J
29% Feb’22
Guaranteed general 4s_.
1977 A O "28l2
31*8 Mar’22
Nat of Mex prior lien 4M s.II1926 J J
1st consol 4s____ _
10 9 a o
28 25 July'22
86
86
85%
ivLw’n1? E lsLref 4 Imp 4Ms A ’52 J J 85% 81%
80%
80%
,9rIeanJ Term 1st 4 s... 1953 J J 80
NO Texas A Mexico 1st 6s 1925 J D 100% Sale 100% 100%
80%
Non—
cum Income 5s A ._ IIl 935 A O 79 Sale 79
N Y Cent RR conv deb 6s
1935 M N 107 Sale 10634 107%
105 Aug’22
10-year coll trust 7s.
1930 M S
85%
Consol 4s Series A___ IIIIl998 F A 84*4 86% 85%
9034
Ref A impt 4Ms "A” ........ 2013 A O 90% Sale 90%
9934
xt v S p re* & ilnPt 5a____
2013 A O 99% Sale 9S*4
N X Cf ntral * Hudson River—
81%
Mortgage 3Ms............
1997 J J 80% Sale 80%
Registered...
1997 J J * 79% 81% 77 Aug’22
92*4
Debenture gold 4 s ........... 1934 M N 91 92% 91%
66% Juno’20
Registered________ " I " 1934 M N
91
30-year debenture 4sIIIIII 1942 J J 90%----- 90%
77*4
Lake Shore coll gold 3M s" 1998 F
77 79% 76%
Registered________ _’ l 99S F
74% 79 74% Aug’22
803
4
80%
80*4-----Mich Cent coll gold 3M s" 1998 F A
Registered.................. jggg F A 7634 81 74% July’22
Battle Cr A Stur lstg u 3 s" 1998 J D 60 ------ 60 July’22
Beech Creek 1st gu g 4s. .1936 J 1 91%------ 88 Apr’22
76% July’21
Registered.................. 1936 J J
2d guar gold 5s__ __
1936 "* J 81%------ 104 May’ IP
72%------ 60 July’22
Pur?hbCA
rH
Ei
X
t.
l3t
8 3V s"-5195I a O 83
------ 82% Mar'22
Curt A Ad 1st gu g 4s____ 1981 J D
A
R lst su 6 5s—.1935 J J 99%-----81
81
Lake Shore gold 3M8
1997 J 13 80*4 81
Registered.........
1997 j D 7834 ------ 80*4 Aug’22
95%
Debenture gold 4s..........1928 M s 9534 Sale. 95%
94
25-year gold 4s..
1931 M N 93% Sale 93%
85% July’21
Registered......
193 ) IWN

Range
Since
Jan. 1

83% 86
95*2 100
89% 90
77 89*4
82% 84%
73% 81%
95
88
7534 87*4
84%
72
95% 95%
99% 99%
89% 96
95
78
98** 102%
87% 95
88% 90%
95% 99%
106% 109%
101 1077*
93*4 98*4
102% 1057*
98% 101
80 91%
58 67%
79% 88
98*4 99%
103 104
79% 86
93 100
92% 97
74 86%
100% 101 %

89 93%
96 102%
95% 100%
77 85

101 104
69% 83
31 50l:

60 62
84*4 88
60 OO
82% go

1416
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept 22

New York Bond Record-Continued— Page 3
5
£ 1K
c i!

Price
Friday
Sept 22

Week's
Range or
Last Sale

Bid
Ask
N Y Cent & H R RR (Con)
Moh A Mai 1st gu g 4s___ 1991 M S 85ig ___
100
%
.
..
Mahon CM RR 1st 5s........ 1934 J
100 101
Michigan Central 5s.......... 1931 IVI
Registered____________ 1931 Q IVI
90
4s.................................... 1940 J
Registered_____ _____ 1940 J
83% 85% 66 % ;
J L & S 1st gold 3 Ha___ 1951 M
1st gold 3 4 s................... 1942 M N 81*4 85 80-V
20 year debenture 4h___ 1929 A O 89** 93is 94
N J June RR guar 1st 4s__ 1986 F A 8163____ 70*4
N Y A Harlem g 3 Ha..........2000 IVI N 81 Sale 81
N Y A Northern 1st g 5s. .1927 A O 99*8___ 95
83% 86% 83%
N Y A Pu 1st cons gu g 4s .1998 A
83l2 ___ 85
Rutland 1st con g 4 4 s ___ 1941 J
73% 78 73%
Og A L Cham 1st gu 4s g. 1948 J
721$ 75 73%
Rut-Canada Istgu g 4s. 1949 J
91%____ 96
St Lawr A Adlr 1st g 5s...1996 J
103 :
97% ...
2d gold 6s.......................1996 A
98*4____ 97
Pitts A L Erie 2d g 5s___ al928 A
110*4___ 110*4 •
Pitts McK A Y 1st gu 6s .. 1932 J
95*. J
10u% . . .
2d guaranteed 6s______ 1934 J
85%
8414 86
West Shore 1st 4s guar___ 2361 J
Registered____________ 2361 J J 84 85 83% £
99%
N Y C Lines eq tr 5s__ 1920-22 M N
67% J
Equip trust 4 4 s .. . 1920-1925 J J
91%
N Y Chic A St L 1st g 4s____1937 A O 9H2 95
Registered______________ 1937 A O 91«4 9134 91*4
88%
Debenture 4s................
1931 M N 80% __
N Y Connect 1st gu 4 4 s A ..1953 F A 91% 93 91 £
N Y N H A Hartford—
Non-conv deben 4s_______1947 M S 60 . . .
Non-conv deben 3 4 s ........ 1947 IVI s 52U 53U 52%
Non-conv deben 3 4 s _____1954 A O 52*4 Sale 62%
58
Non-eonv deben 4s_______1955 J J
57% £
Non-conv deben 4s_______ 1956IW
, N 57% no
Con v debenture 3 4 s.......... 1956ij J 53 Sale 63
Conv debenture 6s................ 19481j J 84 Sale 83%
50
Cons Ry non-conv 4s____ 1930 f a
60 .
Non-conv deben 4s....... 1955!j
j
53 55% 53 J
Non-conv deben 4s....... I956|j
j
62 Sale 52
4% debentures................... 1957 m ^
Harlem R-Pr Cbes 1st 4s..1954 m jvr 81% Saie 81%
75 ____ 75 .
B A N Y Air Line 1st 4s__ 1955|f a
64 65 64%
Cent New Eng 1st gu 4s. . . 1961 j j
Housatonlc Ry cons g 6 s.. 1937 m jsj 89% . . _ 80
87 .
68% . . .
Naugatuck RR 1st 4s____ 1954 m n
83
72% .
N Y Prov A Boston 4s___ 1942 a O
55?4 Sale 55%
N Y W’ches A B IstSer 1 4 4 s ,46 j j
9u%____
New England cons 5s........1945 j
j
70 t
76%
Consol 4s................ ......... 1945 j
j
49% ____ 52 i
Providence Secur deb 4 s ... 1957 m n
Providence Term 1st 4 a ... 1956 m s 76%___ 88%
64*4____ 65 1
W A Con East 1st 4 4 8 ___ 1943 j
j
78% Sale 76
N Y O A W ref 1st g 4s___ ^1992 m S

0 '

03

Range
Since
Jan. 1

NO. Low High
—
8212 8212
—
96 102%

BONDS
. Y. STOCK EXCHANGE
Week ending Sept 22

St Jos A Grand Isl 1st g 4s__ 1947 J J
St Louis A San Fran (reorg Co) —
Prior lien Ser A 4s________ 1950 _ J
Prior lien Ser B 5s........ ...... 1950 j J
5H S................................. ..1942 j J
82U 88**
Prior lien Ser C 6s________ 1928 j J
—
Cum adjust Ser A 6s........ A1955 a O
1 76*4 81*4
Income Series A 6s............ *1960 Oct,
—
St Louis & San Fran gen 6s. .1931 j j
86% 94
General gold 5s___________ 1931 j j
1 785* 81
St L A S F RR consg 4s. __ 1996 J j
Southw Dlv 1st g 5s___ 1947 A O
—
77% 84
K C Ft S A M cons g 6 s ... 1928 |Y1 N
78 85
K C Ft S A M Ry ref g 4 s.. 1936 A O
75%
5 66
K C A M R A B 1st gu 53. .1929 A O
—
7314 7314 St L 8 W 1st g 4s bond ctfs__ 1989 M N
8»lj 98
2d g 4s income bond ctfs_pl989 J J
Con30l gold 4s.....................1932 j D
—
97
7"
1st terminal A unifying 5s. .1952 J j
. . . . 109 110% S A A A Pass 1st gu g 4s____ 1943 J J
Seaboard Air Line g 4s_____ 1950 a O
9 78% 86
Gold 4s stamped_________ 1950 A O
—
70Sj 833*
Adjustment. 5s.................. ol949 F A
Refunding
4s............ ......... 1959 A O
----...
1st A cons 6s Scries A _____ 1945 M S
10 8234 9Vs
Atl A Birm 30-yr 1st g 4s.el933 M S
8612 9)34
Caro Cent 1st con g 4s___ 1949 J J
3d 81) »U
Fla Cent A Pen 1st ext 6s__ 1923 J J
811* 94
1st land grant ext g 5s. .1930 J
Consol gold 5s.......... ........ 1943 J
45 63%
Ga A Ala Ry 1st con 5s.__ol945 J
44 36
Ga Car A No 1st gu g 5s._.1929,J
■ 21 38l4 551*
Seaboard A Roan 1st 5s__ 1926jJ
1 u 401* 6018 Southern Pacific Co—
41 60
Gold 4s (Cent Pac coll)__ *1949'J
373a 531«
20-year conv 4s__________01929 M S
' 82 57 851*
20-year conv 5s............ ....... 1934 J D
Cent Pac 1st ref gu g 4s__ 1949 F A !
Mort guar gold 3Hs.--A:1929 J D
381* 531*
Through St L 1st gu 4s. .1954 A O
G II A S A M A P 1st 5S..193I M N|
*1 31
71 811$
2d exten 5s guar________1931 J J
69 75
Gila V G A X 1st gu g 5s.. 1924 M Nj
' 4 51U 6SI2
Hous E A W T 1st g 5s___ 1933 IVI Ni
1st guar 5s red................ 1933 M N
. . . . ---«
II A T C 1st g 5s Int gu____1 37 J J
A A N W 1st gu g 5s______1941 J J
~ 8 "33 " 59%
_ 5s. ____ 1938
1938 a O
No of Cal gu-*-g
Ore A Cal 1st guar g 5s___ 192' J J
I__ _
So Pac or Cal—Gu g 5s___ 19.T M N
26 66
So Pac Coast 1st gu 4s g . . _1937 J J
—
Tex A N O con gold 5s_._ 1943 I J
60 65“
So Pac RR 1st ref 4s_
1955 j J
79
San Fran Terml 1st 4s____ 1950 A O
8 69
__ _ Southern— 1st cons g 5s..........1994 j J
Registered 55.000 only._.f/1992 m S
“ — O6I2 701*
General 4s------------------ ---- 1955 j d
Registered.......... ............1991 I J
13 60 7*
Develop A gen 4s Ser A ..1 1956 A
Norfolk Sou 1st A ref A 5 s ... 1961 f A 67% 69%
79U 95
Temporary 6 Ha...... ............ 1956 A
Norfolk A Sou 1st gold 5s___ 194 1 jvi N 94%___
—- J 104 1093s
Norf A West gen gold 6s___ 1931 jvi n lU8% 11034
Mob A Ohio coll tr g 4s____ 1938 M
1 109 109%
Improvement A extg_____ 1934 p a 109-a___ lU9%
Mem Dlv 1st g 4^s-5s_
1996 J j!
New River 1st gold........... 1932 a O 107%____ lu4% .
I—- ,1 104% i0o*4
St Louis dlv 1st g 4s_______1951 J
9
o
*4
847a 941*
N A W Ry 1st cons g 4s__1996 a o 94 95
Ala
Gt
Sou
1st
cons
A
5
s
..1943
J O
74
I___
Registered........ ...............1996 a O
All A Chari A L 1st A 4 Ha. 1944 J
J2 83*12 913s
90 91% 90
1st 30-year 5s Scr B.......... 1944 J
DlvM 1st lien A gen g 4s. 1941 j j
|10u% July'2 i\K - J 92% 100
Atl A Danv 1st g 4s_______ 1948 J
10-26 year conv 4 4 8 ___ 1938 m S 101%
li9
170 103>4 12431
10-year conv 6s.............1329 m s 119% 120%'lift
2d 4s________
1948 J
89 90 89
89
84 89%
Pocab C A C Joint 4s__1941 j
o
Atl A Yad 1st g guar 4s___ 1949 A
91%
8314 017s
Sclo V A N E 1st gu g 4 s.. 1989 m n 91% 93% 91%
E T Va A Ga Dlv g 5s_____ 1930 J
Northern Pacific prior lien rail­
Cons 1st gold 5s............... 1956
91
90% 91% 90%
n 84 91 '8
way A land grant g 4s_____1997 q j
E Tenn reorg lien g 5s____ 1938
87 . . .
89 Sept’22
Registered_____________ 1997 q j
84 80
Ga Midland 1st 3s________ 1946 A
63%
64%
124
64
Sale
Knoxv A Ohio 1st g 6s_____ 1925 J
General lien gold 3s______a2047 q f
60 05
02
■ 1 60 62
Registered____ _______ a2()47 q f
Mob A Blr prior lien g 5s.. J94* J J
Ref A Impt 6s ser B .............2047 j j 109% Sale 109% 1l(j% 305 106s4 1103s
Mortgage gold 4s............ 1945 J J
89%
90
90 9u%
Ref & Imp 4 4 s Ser A........ 2 ) 47 j j
86 93
Rich A Meek 1st g 5s____ 1948 M N
99 10u 9a*4 10U% 2ul 96“a 1005s
So Cai A Ga 1st ext 5M-S..1929 M N
.20-17 J j
St Paul-Dulutb Dlv g 4 s.. 1996 j D 86% ____ 34*2 M a y
Virginia Mid Scr E 5s ...1 9 2 6 M S
79*4
103% July’22
General 5s_____________ 1936 IVI N
1033a 109
N P-Gt Nor Joint 6 4 s ____1936 .1 j
2 100Is tol
Va A So'w’n st gu 5s____ 2003 J J
S t P A N P gen gold 6s___ 1923 F A 100% 100% 100% 100%
100
May%i
O
Registered certificates.. 1923 q a
1st cons 50-year 5s........ .1958
A
W O A W 1st cy gu 4s___ 1924
StPaul A Duluth 1st 5 s...1931 q f ~99% " I . 1U0 June’ 22j
"9912 100
8u % ------ 86 M ay‘ 2:
J
823, 88
Spokane Internal 1st g 5s____1955
1st consol gold 43........... 1968 j d
83%
87
84
May'22
-----1 $2 85% Term Assn of t L 1st g 4HS.1939
O
Wash Cent 1st gold 4s___ 1948 q iv2
A
107 168*1
1st cons gold 5s .................1944
Nor Pac Term Co 1st g 6 s . .. 1933 j j 108% . .. 108% Juue’22
85%
84% Sale 84
67 77 88%
J
Oregon-Wash 1st A ref 4s___ 1961 j
j
Gen refund s f g U . ______ 1953
83%___ 83%
83%
2 76 83%
O
Pacific Coast Co 1st g 5s___ 1946 j d
St L M Bridge Ter gu g 5s. 1930
91%___ 93 Aug'22 ___ t 90 93
Paducah A Ills 1st s f 44S ---1955 j j
Texas A Pa“ st gold 5s____ 2000 J D
<3%
7o%
75
Sale
703* 85
Paris-Lyons-Med RR 6s____ 1958 F A
2d gold Income 5s________#2000 Mar
La Dlv R L 1st g 5s............ 1931 J J
Pennsylvania RR 1st g 4s— 1923 ivi N 99%___ 99% Aug’Zi ----J 96% 9i%
90% 93 90 Aug 22 -----1 8712 92>a
W Min W A N W 1st gu 5s. 1930 F A
Consol gold 4s....................... 1943 m n
93
93
94
7
93
850 9834 Tol A Ohio Cent 1st gu 5s__ 1935 J J
Consol gold 4s_____________1948 m N
j% 107% 100%
101
02'2 *103
Western Dlv 1st g5s_____1935 A O
Consol 4 4 a -----------------------1960 F A 10
9 4 % ______
03%
94% 47 9(H* 95
General gold 5s........ ..........1935 J D
General 4 4 a ______________1966 J D
72 03% *03%
101% Sale IUu*4 102
Kan
A M 1st gu g 4s______1990 A O
General 58----------------------- j D
2d 20-year 5s_______
1927 J J
10-year secured 7s________ 1930 A O 110% Sale 10934 110 % 53 iosi2 H 314
Sale 111
111 % 118 1033s 11214 Tol St L A W pr lien g 3Ks._1925 J J
16-year secured 6 4 a ---------193<- F A 111%
93% 95
94 Aug'22 . . . . 86 94
50 year gold 4s.....................1950 A O
Alleg Val gen guar g 4s----- 1942 M 9
90% . . .
87 Ma> '22 —
Coll trust 4s g Ser A........ .1917 F A
D R RR A Bdgelstgu 4sg.l936 f a
87 87
Trust co ctfs of deposit........ .
Pennsylvania Co—
81*4 July’22
O
81>4 Sls4 Tor Ham A Buff 1st g 4 s . ..*1946
Guar 3 4 s coll trust reg A . 1937 M S 84%
83% 84 84% Aug"Zi
72% 80
Ulster A Del 1st cons g 5s...... 1928
D
Guar 3 4 s coll trust Ser B.194I F
83
83
85
Juiy’2^
O
7.11*
83
1st refunding g 4s................. 1952
Guar 3 4 s trust ctfs C ----- 1942 J D
82 Aug’22 . . . . 82 8 2
82%
Union Pacific 1st g 4s............. 1947
J
Guar 3 4 s trust ctfs D ___ 1944 J D
93
0 84% 93
93
Registered_____________ 1947
J
Guar 15-25- year gold I s . . . 1931 A O 9li% 94
8/
Sept’22
20-year conv is...... ........... 19277 J J
80 8314
40-year guar 4s ctfs Ser E ._ 1952 ivi N S7<*8
86% Mtty 2'Z —
80%
1st A refunding 4s............ p20081 M S
80la 867s
Cln Leb A Nor gu 4s g ----- 1942 M N
88%
Dec
’21
10-year perm secured 6s__ 1928I J J
Cl A Mar 1st gu g 4 4 s ----- 1936 M N
91 Nov’2i —
Ore RR A Nav con g 4 s ... 1946 J D
Cl A P gen gu 4 4 » Ser A . . 1942 J J 98%
104 Dec’ 16
Oie Short Lint—
Series B___ _____
1942 a G 98%
___ ___ _
96%
77%
Feb’ 12
1st consol g 5s_________1916'J J
Int reduced to 3 4 s — 1942 A O 80%
90%
Guar con 5s...... ..............1940JJ J
Series C 3 4 s ................... 1948 M N
67
Jau’2) ___
.
Guar refund 4s__________1929 J O
Series D 3 4 8 ................... 1950 F A 80%
87 Sept’22 —
Erie A Pitts gu g 3 4 a B . . . 1940 J J 85% 88
87 87
Utah A Nor gold 5s____ 1926 J J
79% May’ ll - 88
.
1st extended 4s_______1933|J J
Series C ............................. 1940 J J 85
92% Aug’ 22 —
G r R A 1 ex Istgu g 4 4 8 . .1941 J J 92% 95
86 92% Vandalla cons g 4s Ser A___ 1955 F A
98 Juutj'22 —
Consol 4s Series B_______ 1957 M N
Pitts Y A Ash 1st cons 5s. .1927 M N 99%
98 98
94 May’22 —
Tol W V A O gu 4 4 8 A ...1 9 3 1 J J 96% 98
Vera Cruz & P 1st gu 4 Ha__ 1934 J J
92% 94
82 Dec’20
Series B 4 4 a ................... 1933 J J 98
Virginian 1st 5s Series A___ 1962 IVI N
77 Sept'21
Wabash 1st gold os_________ 1939 HI N
Scries C 4s........ .............. 1942 M S 8c%
97%
97%
98
”
"7
98
P C C A St Lgu 4 4 « A ...1 9 4 0 !a O
2d gold 5a ........ .................... 1939, F A
'sa‘%
*98'‘
97% 98% 95% Aug’22 - - - - 883g 98
Series B 4 4 s guar______1942 A O
1st Hen 50-yr g term 4s------1954 J J
91% Apr'22 —
97%
Series C 4 4 9 Ruar______1942 M N
Dot A Ch Ext 1st g 5s___ 1941 J J
89 “a 9153
88%
90%
Apr’22
—
Series D 4s guar.......... ..1945 M N
Des Moines Dlv 1st g 4 s ... 1939 J J
84% 91%
91 Aug'22
Series E 3 4 8 guar g o ld .. 1949 F A 91
Ora Dlv 1st g 3 ^ s ............... 1941 A O
89% 91
89% June’ 22 —
86%
Series F guar 4s gold----- 1953J D
Tol A Ch Dlv g 4 s . . . ........ 1941 M S
84 92%
80 May‘21
Series O 4s guar-------------1957 M N 87
Wash Term 1st gu 3 Ha........ 1945 F A
96 Aug’22 ___ 89% 96 ~
1st 40-year guar 4s---------- 1945 F A
Series I cons guar 4 4 8 ..1 96 3 F A 96%
101
eat Waryla <1 1st g 4s-------1952 A O
General 5s Series A ........ 1970 J D 101 Sale 101
90 101
100 May'22 . . . . 99 100*4
est N V A Pa 1st g 5s........ 1937 J J
C St L A P 1st cons g 5 s ... 1932 A O 101)1*
Gen gold 4s........ ..................19*3 A O
89% 02
Phlla Balt A W 1st g 4 S ... 1943 M N 92 ___ 91% Sept’22
Western Pac 1st Ser A 5s----- 1946 M b
U N J RR A Can gen 4 s . .. 1944 IVI S 93% 9 4 * 4 80% Juue’2l|.
b 9% 9934 99% 100% '261“88% 101% Wheeling A L E 1st g 5s........ 1926 A O,
Pere Marquette IstSer A 5 s.. 1956 J J
3i 75 85
82%
82% 84 I 82%
Wheeling Dlv 1st gold 5 s.. 1928 J J
1st Scries B 4 s . . . ............... 1956 J J
51%
52 | 7, 41% 59
51%
Exten A Impt gold 5s------- 1930 F A*
Philippine Ry 1st 30-yr s f 4s 1937 j j
100
Mar
22
.
----j 95*4 100
100
%
Refunding 4Hs Series A— 1966 M S
Pitts Sh A L E 1st g 5s.......... 1940 A O
___!
97%
Dec
17
.
RR 1st consol 4s_________ 1949 M S
1st consol gold 5s-------------- 1943 J J 99%
85%
88
I
114
85%
Sale
vVinston-Salem
S B 1st 4 s...I9 6 0 J J
80
87*4
Reading Co gen gold 4s.......... 1997 J J
84*4 Aug'22 1—
82 84*4 WIs Cent 50-yr 1st gen 4s----- 1949 J J
Registered_______________ *997
J
Sup A Dill dlv A term 1st 4s ’36 IVI N
81% 90
Jersey Central coll g 4a----- 1951 A O! "87% ~89% 87 Scpt’22 -




’<58%"II

....
—
—
—

'

P r ic e
F rid a y
S e p t 22
B id

77

W e e k 's
R ange o r
L a s t S a ie

A sk Low

____

75% Sale
90% ^alP
97 s Sale
IO1134 Sale
8L34 Hale
77% Sale
104%____
100 ____
80 -----92 ____
103% 104
83% Sale
96 ____
80% 80%
71% 72
78% Sale
81% 82%
783s Sale
65 ____
57
5.34
20% 27%
45 Sale
67% -‘ale
73
75
71 ____
97% 99%
94% ____
9 0% ____
85 ____
9e34 . . .
9 2 % ____

77

H ig h

77

‘2 2 '!
5 ^ :j
|03 j!

R ange

Since

Jon.

N o. Low

1

1

H ig h

, 857, 77

75%
76% 182 68
76%
90%
91% 47 82
91%
97%
98
112 93
98
14 9458 102%
100
101
84%
86% 252 71
86%
79%
77%
78% 305 54
104 Aug’22
101% 104
99%
99 Aug’22 ___ | 95
67% Oet’20
90
90
Feb’22 . . . . 1 90
103% 103%
1 101 104
82
84
114 72*4 84%
95 Scpt’22
88% 95
80%
80%
4 72*4 8034
71
2 64% 72
71
78%
79
17 68% 82%
84
82%
82*4 21 71
81%
77%
18 70
76%
73*4
05 Aug’22
50
62
58*4
59% 25 48
27
36 13% 33%
28
44%
45% 109 31% 4S*s
73*4
06
09
175 41
59% 75%
69 Sept’22
63
63
03
Feb 22
96
90
Jan 22
90
93%
93% Aug’22
89
82% 91
90 Sept’ 22
83%
83% Sept’22
71
91
84
90 Aug’ 22
S4*4 95
9138 July’22 — -

94%
85
89% 58 78
95*4
93
93% 108 80
7 95% 105
105
105
90
913s 54 81% 91%
93
86
92 Scpt’22
4 78% 87%
85%
86%
94% 99%
98*4 AUg‘22
98
953.1
1 92
95*4
99%
97
99% Aug’22
94%
94
94% May’22
-—
SO Mar’21
93*4 93*4
9334 Apr’22
98 May’22 ___ 36*4 98
96 1031*
>01 Apr’ 22
100
100% 11 95% 101
103% July*22
100% 103%
90 VI a.v’22
88% 92%
94% Aug’22 -- -J 89
9134
9l% Sale 90%
85% 14 80 85%
84% Sale 84%
99% -tale 99%
99*4 105 87% 100%
A p r '2 v * -------- j
88% 90
90
_71% jafe" 71%
72% 375 61% 72%
104% 176, 94% 105
103% Sale 103%
1 60%
77 ____ 7i%
77%
98%
5 89
98%
93%
97 &a
89
8234 18 73
80% 82% 81%
64%
9/7, 99
98 Aug'22
94
1 87
93% ____ 94
94
loo Sale 100
100% 24 91 101
82%
1 72
8 o*4
791, 02
86*4
4 60
71%
6 / ____ 7 J*s
71%
10 75*4 82
80% Sale 80%
80%
9334 97%
10J ____ 07 4 June'22
99%
93
99% ____ 94% Sept’ 22
93% 95%
96
9S
95% July’ 22
63
63% ____ 63 Aug’22
58
li»l 101*4 100*4 July*22 ___| 98% 100*4
94*4____ 76% Aug ’21 . ,.i
82 ____ 74% May’22 - - — 11 73% 75
78
74% ____ 78 Aug 22 _____ il 6 6
5 1 94 101
99%
99%
99*4 100
99%
97
99% Aug’22
99% 100
9 9% ____ 99 Aug'22
95% 99%
97
93
93% .luly’22
80
89%
83
861* 89% Sept’ 22
74
9734 ____ 97% Aug’22
94% 97%
8 5 % ___ 83
• 83
2 77% 83
94% ____ 94% Sept’22 . . . j 92
97%
99
99
99
1 883s 100
83 Sale" 83
83% 20 76% 83%
96% Aug'22
43% 97%
97*4 108
9634 99% , 9 8 % Sept’22
87% 104%
50
60
50
50
r »*h*22
93% 94% 90 Aug’22
79% 90
79% 80% S6% Aug'22
86% 90
98
5 91 100
100
100
95%
95%
95% Sept’22
90
8i>% 95
90% Sept'22
81% 90%
81% 83% c30% Aug 22
75% 83
90%
97% 99
99% Sopi’22 __ j 91
93%
94% ___
93*4 Sept’22 ___ 1 84
78
7i>»4 Sale 76%
76%
id
16% June'2
31*4
24
Feb'22
31%
77% 85
6l34 sr>% 84% Aug’22
95%
8 89
95%
94% Sale 95%
70
70 AUg'22 ____ 65
6r*s 1 0
96%
947, 108 86
9434 Sale 94
90
88
92*4 June'22 __
90
91'7s 133
95*4 Sale 9: %
100
898.1 103
89% Sale 89%
100
104*4 10
10434 105% ll)4
93%
9u3a 16
90
90% 90%
88% 88%
93% Sale
10i% Sale
90
90%
93 ____
83% 86
99 100
9534 100
99m ____
98% ____
98% 100
98-4____
96 ____
99%
100% Sale
9 8 % ____
90
94
94% ____

1

104% 105%
104% 105%
93 Sale
99 ____
91% ____
86 ____
8G . . .
31% 36%
99% Sale
100*4 Sale
91% 92%

10478 16
104%
7 97 100
105
105%
93% 54
93
100% Sept’22 ------ 96% 100%

86% Feb'22!-----

86% 86%

A pr'22___ H 78% 86
.'|26
47%
37% Sept'22
9h% 100 I 83 88% 100
100%
101 I 24 93% 101
92 Sept'22 . . . 81% 93
1 67% 71%
71%
71%
90%
9 6 % ____ 96 May 22 ...| | 91
75% 79
74 May *22 ..J! 74
74
15 603g 72
71
75
70%
72
80 ____ 79% Sept'22 __ | 69
80
80% 84
82% Sept’22 .. .I 72% 82%
8M2 ____ 89
89 I
2 85
89
67% Sale 67
68%
80 58% 69
99
99% 98% Sept’22 __.j| 95 100
79
80 I 80% Sept’22 . I 72% 80%
86% 87 I 86%
87% 28 84% 88%
08% 99% 98%
99 | 18 92% 101%
94% . . . 93 Aug'22 -_Jj 89*4 97%
94% 99% 94%
94% 10 89
94%
69% 71
71
71%
7 52
72%
70
76
76
76 ,
1 62
76%
84 ____ 81% July’22 . . . 77
80
83
85
83%
84 I
6 74% 86%
83% 83% 84
84 I 10 75% 84%

72% Jan'211

Price
Friday
Sept 22

Week's
Range or
Last Sale

Bonds
Sold

Interest
Period

New York Bond Record— Concluded— Page 4
BO N D S
N . Y . STO C K E X C H A N G E
W e e k e n d in g S e p t 22

Range
Since
Jan. 1

Bid
Ask Low
High No. Low High
Street Railway
67%
65
67
17 3 1
Brooklyn Rapid Tran g 53__ 1945 A O 0 5
67
70
6
61%
1st refund conv gold 4s___ 2002 J J 6 2
61%
35%
64%
74
94
3-yr 7% secured notes___ *1921 J J 9 2 % 1 9 2 % 9 2
58
95%
92%
93%
91
931*
86
Certificates of deposit___
95
58%
9
2
%
S
a
l
e
8
8
%
3
5
90
Certfs of deposit stamped
54
92
89%
90%
90
3
Bklyn Un El 1st g 4-5s___ 1950 F A
90%
75
90%
89%
92
92
92
6
Stamped guar 4-5s_____ 1956 F A
93
75%
8
0
8
2
F
A
79%
5
80
Kings County E 1st g 4s..1949
80
64
2 66
80
Stamped guar 4s______ 194h F A 8 0 S a l e 8 0
82
61%
86
Nassau Elec guar gold 4s.. 1651 J J 6 0 % S a l e 5 ! )
61%
27
8
2
S
a
l
e
8
2
74
82%
Chicago Ry3 1st 5s________ 1927 F A
85
67
85
7 6 1 * J u n e ‘ 2 j l _____
Conn Ry & L 1st & ref g 4-H9 1951 J J 8 2
76%
75
85
73
A p r 22
Stamped guar 4Hs........ ..1951 J .1 8 2
73
70%
85%
24
Det United lst cons g4H s__ 1932 J J 8 5 % S a l e 8 5
86%
63%
58
Ft Smith Lt & Tr 1st g o s ... 1933 r.i S
1
5
%
______
A
1
5
%
O
1
6
4
8
Interboro Metrop coll 4HS..1966
21
9%
15%
16%
15%
87
16
Certificates of deposit..
18%
7%
Interboro Rap Tran 1st 5s___1966 J J 7 2 % S a l e 7 2 %
73
296
75*»
54
8
0
%
S
a
l
e
8
u
%
40
10-year 69____________
80%
70>4 8 3 %
_______________ _ 1932
90^4
9 7 % S a le
263
97*2
93>2 9 8
68
70
70
71
38
Manhat Ry (N Y) cons g 4s..l99( A 6
72%
57%
6 7 % M a y ’ 22
Stamped tax exempt_____ 1990 A 0
67%
A 7%
2d 4s.................
2013 J D 6 3 % 6 8 E 6 0 A u g ’ 2 2
48%
60
84
84
Manila Elec Ry & Lt s f 5s. .1953 m s 8 0
A u g ’22
64%
84
8 9 % S a le
Market St Ry 1st cons 5s___ 1924 M s
8S%
90
ioo 8 1
92
94
S a le
93%
94%
5-year 6 % notes............
1924 A 0
23
90%
97
Metropolitan Street Ry—
70
7
B’way & 7th Av 1st c g 5s. 1943 J D 7 3 % 7 7
76"$
60
23
23
S e p t '2 2
Col & 9th Av 1st gu g 5s. 1992 M s 2 2
17%
54% S e p t’22
Lex Av & P F 1st gu g 5s.. 1993 M s 5 2 % 5 4
ao
99
6
Mllw Elec Ry & Lt cons g 5s. 1926 F A 0 6 % . .
99
97%
99
Refunding & exten 4HS...1931 J J 9 4 _
8 9 % A u g '2 2
79%
90
Montreal Tram 1st & ref 5s 1941 J J 9 1 % S a l e 9 1 %
92
17
92%
83
50
New Orl Ry & Lt gen 4Hs_.1935 J J
F e b ’ 21
N Y Munle Ry 1st s f 5s A .1966 J J 7 0 ______ 3 4
D e c ’ 21
38%
N Y Rys 1st R E * ref 4 s... 1942 J J 3 7 % S a l e 3 7 %
24
44%
25%
37
Certificates of deposit__
3 6 % S a le
3 (> %
9
44
24
8%
9%
9
9%
48
30-year adj Inc 5s_____ Ial942 A O
15
6%
9
5
7%
8%
9%
Certlilcates of deposit______
13%
4%
72%
N Y State Rys 1st cons 4 ^ s. 1962 M N
7 2 U| 7 2
73
61%
9
5
*
2
95%
Nor Ohio Trac & Light 6s .. 1947 M S
96
97%
97%
95
91
S e p t 2 2 _____
Portland Ry 1st & ref 5s.. 1930 M N 9 l
91
81
6 7 *8 8 7 %
86%
87%
47i 78%
Portland Ry Lt & P 1st ref 5s 1942 F A
90
107
10/
|
4 102
1st & refund 7 H s Ser A. . . 1946 m n 1 0 7
107%
8 3 % J u n e '2 2
Portland Gen Elec 1st 5s 1935 j j 9 4 * 2 . . .
88% 88%
89
89%
25
Pub Serv Corp of N J gen 5s. 1959 A
73
90%
68
69
68
69%
12
Third Ave 1st ref 4s_______ i960 J
56% 65%
66
66l2 0 6
07%
147
Adj IncomeSs............... ..al960 A
44%
Ca%
9
7
A
u
g
’
2
2
______
98
>
4
9
9
Third Ave Ry 1st g 5s_____ 1937 J
88
97
lOU 100%
100
Trl City Ry & Lt 1st s f 5s. . . 1923 A
1C0%
96
87
.
73
J a n ’22
Undergr of London 4H-S___ 1933 J
73
73
70% . . .
Income 6s......................... 194}. J
7 0 % S e p t '2 2
70%
60
89
89%
16
United Rys Inv 5s Pitts Issue 1926 IK N 8 9 % 9 0
91
75
63%
64%
United Rys St L 1st g 4s___ 1934 J
63%
03% '
2
67
51%
6 o >4 6 9 %
St Louis Transit gu 53___ 1924 A
58
M a y % 2'_ . .
68
50
85
84
84%
20
Va Ry Pow 1st & ref 5s..........1934 J J 8 4
84%
72
Gas and Electric Light
87
S a le
Am Wat Wks * Elec 5s........1934
88
70
88
98
9 3% _ _
99
Bklyn Edison Inc gen 53 A .. 194!
89% 100%
1 0 8 % 1 0 3 % 1037g
104
General 6s scries B_______ 1930
100
104%
10u% lu 7
10o%
106%
General 7sserlesC..............1930
1 4 102
107%
D 1 0 r % S a le 1 0 7 %
lus [ 2 8 1 0 G % 1 0 9
General 7s series D______ 1940
9 t % S a le
99^s
99%' 1 6 | 8 7 % 9 ! %
Bklyn Un Gas 1st cons g 5s..1945 IK N
liJ 4 % i
Canada Gen Elec Co 6s.........1942 F A ---------------------- 1 0 4
16 101
105%
93% 99% 98%
101
|
Clncln Gas & Elec 1st & ref 5s 1956 A
9
92
101
96% 9(,ls 957g
96% I
Columbia O * E 1st 5s.......... 1927 J
88%
97
9o% 9 8 % 9i)7 s
96%
Stamped....... .............. .....1927 J
88
97
9 i % ______ | 7 6
Sept'* * 1___
Columbus Gas 1st gold 5s__ 1932 J
1 2 4 % A u g ’ 2 2 ____
Consol Gas 5-yr conv 7s____ 1925 Q
103
125
100% 100% 100%
luu%
Detroit City Gas gold 5s___ 1923 J
2 , 93
100%
101
Detroit ICdlson 1st coll tr 5s. 1933 J J 99% Sale il00
12 I 93
101
98*4 3 4 8 9 % 9 9
1st & ref 5s ser a _______ ft1940 M S 9.% Sale 9734
106%
loo
Il0u3g
10u%
M
S
6 4 1 99 % 1 0 6 %
1st & ref 6s series B......... ft1940
105% 105
10-.%
Duquesne Lt 1st & coll 6 s ... 1949 J J lOu
53 100 IO-84
Debenture 7Hs............. ..1936 J J 1U *S4 3 a i e lo <3 g 10834
59 10484 10384
9o34 S a le
96
97
IV1
N
| 5 53
97% 9 8 %
Empire Gas & Fuel 7 ’4 a___ 1937
Great Falls Power 1st s f 5s.. 1940 M N 1 0 0 ______ 100 S e p t ’ 2 2 ' . .
94% 100
92
91%
S e p i ’ 2 2 ___ I I
Havana Elec consol g 5s___ 1952 F
77%
92
9
2
9
0
A
u
g
'
2
2
______
Hudson Co Gas 1st g 5s____ 1949 IK N
85%
90
9 7 % A u g '2 2 . . . .
Kings Co El L & P g 5s____ 1937 A O 6 0
91%
98
llOS
111%
fill*
iU
%
2
106
%
111%
A
O
Purchase money 6s_______1997
|----------8 S
i 07
Convertible deb 6s............ 1925 IK S 1 ^ I, --------- 11 ^ 4 A trr
Ed El 111 Bkn 1st con g 4s. 1939 J J 8 8 % --------- 9 0 A u g 2 2 . . . J ! s i u 90
93%
96
93%
94%
6
86
95%
Lac Gas L of St L ref & ext 5s 1934 A O
94%
94
94
'
-1
Milwaukee Gas L 1st 4s____ 1927 IK N 9 4
87%
94 8
S a le 9 9
99%
J 99
17
93
99%
Montana Power 1st 5s A___ 1943
112 % 112 % 111 % 112 %
O
N Y Edison 1st & ref 6Hs A. 1941
4 2 105 % H 284
luO
N Y G E L * P g 5s............. 1948 3 o 99 4 100 10d
8 92% 100%
8 3 34
8 0 % S e p t '2 2
Purchase money g 4s_____ 1949
76
86 %
''
101
_____
1
U
1
%
A u g ’22
Ed Elec 111 1st cons g 5s__ 1995 J J
100% 1013*
1 0 .%
*4
Niagara Falls Power 1st 5s.. 1932 J J 1 0 1 S a l e 1U1
94 10184
1
0
4
%
s
a
l
e
1
0
-1
%
1
0
5
|
A
O
2
5
Ref & gen 6s.....................al932
100%105
Nlag Lock & O Pow 1st 5s.. 1954 M N 9 s _____ 9 5 ^ J u n e '2 2
95 95*r
94% S a le
94
94%
71
Nor States Power 25-yr 5s A. 1941 A O
88% 95
9
b
%
S
a
l
e
9
o
%
9
6
%
IK
S
No Amer Edison 6s............... 1952
304
9
0 96%
9a%
99%
98
98%
26
Ontario Power N F 1st 5s____1943 F A
99
90
Ontario Transmission 5s___ 1945 IK N 9 2 ______ 9 U 2 J u l y '2*
79
91%
Pacific G & E Co—Cal G & E—
9S%
13
Corp unifying & ref 5s___ 193' M N 9 S % S a l e 97 %
03
981*
9
3
%
9
4
S
a
l
e
9
5
J
J
9
0
Pacific G & El gen & ref 53... 1942
97
87
94 % S a l e
94%
95%
17
Pac Pow & Lt 1st & ref 20-yr 5s '30 F A
87%
95%
109
110 I
5 101 % 110
Pcop Gas & C 1st cons g Cs.. 1943 A O 1 0 9 . .
96%
96
96% '
1
Refunding gold 5s_______ 1947 M S 9 6
85
96%
. . .
98
A u g ’ 2 2 _____
Ch G L & Coke 1st gu g 5s. 1937 J J 99 77 % ______
89
99
99
Con G Co of Ch 1st. gu g 5s. 1930 J J 9 5 % _____ 9 9 A u g '2 2 _____ 9 2
78% J u u e ’22 ._
78%
78%
Mu Fuel Gas 1st cu g 5s.. 1947 M N
s a le
101%
102 j
33
961* 1 0 2
Philadelphia Co 6s A..............1944 F A 10184
99
97%
47%
4 92% 97%
Stand Gas* El conv s f 6s__ 1926 J D 99 75 % ______
Syracuse Lighting 1st g 5s__ 1951 J D I O 784 108% 9 4 .» S e p t '22 . . . . 85 94^g
10s%
ro9
I
19 1 0 4 % 1 0 9
Toledo Edison 7 s----------------1941 M S
73
J u u e ’2 1 '- - _ _
Trenton G A El 1st g 5s____ 1949 IK S 99 70 ______
9 6 % A u g ' 2 2 _____
90%
96%
Union Elec Lt & P 1st g 5s__ 1932 M S 9 8 % 99 89
98
99
I
59
93%
99
United Fuel Gas 1st s f 6s__ 1936 J J 9 0 % 9 4
Utah Power* Lt 1st 5s____ 1944 F A 9 5 ______ 99 12 % J u n9e4'2%2' . . 4 5 I S 7 % 9 4 %
91
84%
Utica Gas * Elec ref 5s____ 195 J J 9 9 1 0 0
9
9
%
9
9
%
2
99%
Wash Wat Power s f 5s_____ 1939 J .1 9 5 % 9 0 % 9 6 S e p t ’ 22 . . I 9 5
89
95%
West Penn Power Ser A 5s__ 1946 IK 8 1 0 6 % 1 0 5 3 4 1 0 5 %
106%
103% 105%
1st series D 7s...................C1946 F A
Manufacturing & Industrial
99%
11 9 7 % 1 0 3 %
9 9 % S a le I 9 9
D
Ajax Rubber 8s..................... 1936
99
I
1 8 1 % 1 00 %
97
99%
99
O
Am Agrlc Chem 1st 5s______ 1928
105% '
0 9 100
iu t%
1st ref s f 74*s g................. 1941 F A 1 0 5 % S a l e 1 90 14 "%g
91%
5 1 81
93
M
N
Am Cot Oil debenture 5s___ 1931
103%
5 1 107 108%
J 108% . . . 108%
Am Dock * Impt gu 63_____ 1936
AU3
104
| 142
1 0 3 % S a le
9
7
%
1
0 4 7g
J
American Sugar Refining 6s.. 1937
86%
18 8 0 7 , 8 S
86%
86% 86
J
Am Writ Paper s f 7-6s_____ 1939
92%
lo i
91%
92
S a le
86% 94
Armour & Co 1st real est 4 Ms 1939 D
38%
51
34
23%
50%
Atlantic Fruit conv deb 7s A. 1934 J D 35*4 S a l e 104
% A u g 22 . . . .
102 lO'Ug
Atlas Powder conv 7 Hs g
1936 F A
Baldw Loco Works 1st 5 s... 1940 IK N 103’ % I I I ! 180 53 % SS ee pp tt ’’ 22 22 .. .. .. .. 9 9 % 1 0 3 %
77%
85%
Bush Terminal 1st 43_______1952 A O S 5 % --------92
92
I
9 82% 94
91%
92
Consol 5s______________ 1955
J
94
95
21
86% 9 5
94%
95*4
O
Building 5s guar tax’ exIIIIl90O
S97g
897*
1 76
8 9 7g
8 9 7g S a l o
Cent Foundry 1st s f 6s
1931
O
977g
98%
60
93%
99%
9 8 % S a le
O
2®“ * Leather 20-jmar g 5s.II11925
9
8
1
0
0
|
1
2
89
98
Computlng-Tab-Rec s f 6s__ 1041
J 97% 98%
______
9 9 % A u g ' 2 2 -------- 1 9 5
99
______
99%
IK N
Co1r" « od Rofes f g is_____ 1931 .....
_ lat 25-year s f 5s...............1934.M N I O I 84 S a l e 10184 S e p t ’ 2 2 --------- 9 8 10184
S a le 88%
89%
16
60
91
otma Cane Sugar conv 7 s... 1930 J J 88
Conv dehen stamped 8%
I..
92
S a le 0 1 %
6 3 _____ 7 0
54 %
95




Y

1417
Price
Friday
Sept 22

BO N D S
STO C K
E X C H A N G E
W e e k e n d i n g S e p t 22

Bid
C u b a n A m S u g a r l a t c o l l 8s
1931 M S
D ia m o n d M a t c h s f d e b 7 H a . 1930 M N
D is till S e c C o r c o n v 1 st g 5 s . 1 9 2 7 A
O
E I d u P o n t P o w d e r 4 H s _____ 1 9 3 6 J D
d u P o n t d e N e m o u r s & C o 7 4 s ’ 31 M N
F is k R u b b e r 1 s t s f 8 s
1941 M S
F r a m e r ic I n d & D e v 2 0 -y r 7 H s ’4 2 J
J
G e n e r a l B a k in g 1st 2 5 -y r 6s . .1 9 3 6 J D
G e n E l e c t r i c d e b g 3 H a _________1 9 4 2 F A
D e b e n t u r e 5 s ________
1952 M
2 0 - y e a r d e b 6 s ............... F e b " l 9 4 0 F A
G o o d r i c h C o 6 4 s _______________1 9 5 7 J
G o o d y e a r T i r e & R u b 1 s t s f 8 s '4 1 IK N
1 0 - y e a r s f d e b g 8 s ________ e l 9 3 1 F A
H o lla n d -A m e r lc a n L in e 6 s . . . 1 9 4 7 M N
l o t A g r l c C o r p 1 s t 2 0 - y r 5 s _ _ 1 9 3 2 IK N
I n t e r n a t C e m e n t c o n v 83
1926 J D
I n te r M e r c a n M a r in e s f 6 s . .1 9 4 1 A O
I n t e r n a t i o n a l P a p e r 5 s ________ 1 9 4 7 J
j
1 s t * r e f 5 s B _____________ _ 1947 j
j
J u r g e n s W o r k s 6 s __________ I I I l 9 47 ,J
J
K a y s e r & C o 7 s _______________
1942 F
K e l l y - S p r l n g f i e l d T i r e S s . I I I 1031 M N
K i n n e y C o 7 H a _______ _________ 1 9 3 0 J
D
L i g g e t t & M y e r s T o b a c 7s . . 1 9 4 4 A O
T 5 ? - .................................................... . . . 1 9 5 1 F A
L o r l l l a r d C o ( P ) 7 s ____
1944 A O

S

* , 5 s - - , - g ..............
IS*51
M a n a t l S u g a r 7 H s . . .......................1 9 4 2
M o r r i s * C o 1 s t s f 4 H a ............. 1 0 3 9
N a t E n a m & S t a m p s 1st 5 s _ _ 1 9 2 9

F
A
J
J

A
O
J
D

N a t S ta rch 2 0 -y e a r d e b 5 s ...1 9 3 0 J
J
N Y A i r B r a k e 1 s t c o n v 6 s . . . 1 9 2 8 IK N
N Y D o c k 5 0 - y r 1 s t g 4 s ............. 1 9 5 1 F A

Week's
Range or
Last Sale

Range
Since
Jan. 1

f l

Ask Low

No. Low High

107%
S a le 1 07
107% 107% 107%
63
S a le
49%
88% ____ 9 5
108
S a le
108
1 0 6 % S a le
106%
94
S a le 1 9 3 %
99
______ 1 1 0 0
79%
82
80%
1 0 1 % S a l e 1101
106%
S a le 1 0 6 %
101%
S a le 1 0 1 %
1 1 6 % S a l e |11 6
1 0 0 % S a le
100
89
S a le
88%
80%
81
80%
108
109
108%
93%
S a le
93
90
89%
90%
S a le
79
S a le
78%
105
S a le
104%
108
S a le
10S
9 8 % S a le
98
1 1 9 % 120
119%
9 9 % 100
99%
119% 119% 119
---------------------- 1 9 8 %
99
99%
9 r ,%
8 9 % S a le
89%
9 7 % ______
97%
95
______
95
102
102
S a lo
82
S a le
82
1 07% S a le
107%
1 0 3 % _______ 1 0 3 %
108
108% 108
9 7 % ______
96%

38 101%
15 10 7
791 3 3
8 7 t*
103%
997,
91%

108
110%
63%

95
108%
108%
103

93%
70%
95
103
105|! 9 7 7 g
83 110%
13811 9 7 %

88
72%

102
89
80
83%
77%

22 102
20, 1017,
90%

100%
81
103
109
104
117
103%
94%
82
116%
99%
90%
90%
96
108
110
98%

112

120

917s
112
92%
97%
78
92%
95
97
76

100%
119%
100
100%
91%
97%
95
102%
82
108%
_1 „0 4.

98
99
18 101% 111%
134 93% 98
---------------- 100%
102
15 98 102
1 0 2 % S a le
102%
103
D
33 94 103
99%
99
99*
N 99
9 90 100
106^
D 1 0 6 % S a lo 106
161 97% 108
J 1 0 2 . . . . 1 0 4 * 4 J u n p ' 2 ; --J I 88% 1047g
1 0 0 % S a le
100%
101
, T 6,8 — .........................................................1 9 4 2 IK N
72 96% 101
1 0 3 % S a le
U n i o n T a n k C a r e q u i p 7 s _____ 1 9 3 0 F A
103%
17 101% 105
103%
Ho7g
U n i t e d D r u g c o n v 8 s ____________ 1941 j
d
1 1 1% d a l e
112 j 26 104 113
U S R e a lty & I c o n v d e b g 5 s_ 1 9 2 4 J
J
97
98%
9 .%
98
1
17 92
981*
1 (12% 102% 102%
U S R u b b e r 5 - y e a r s e e 7 s _____ 1 9 2 3 J
D
102%
13 100% 104%
9 0 % S a l.
9 ( i%
1 s t & r e f 5 s s e r i e s A ...................1 9 4 7 J
J
92
400
86
02
i O - y e a r 7 H s ..........................
1930 F A
108
S a le
107%
2 7 1C 4
109%
110 %
1 0 0 % S a le
V a -C a r ° C h e m 1st 1 5 -y r 5 s . . 1 923 J
D
100%
47,| 9 3
lon%
101%
C o n v d e b 6 s .................................. <>1924 A O
106% 100% 101.%
102
100%
7 I 92

P a c k a r d M o t o r c a r 10- y r 8 s . . 1 9 3 1 A
P o r t o R ic a n A m T o b S s .
.1 9 3 1 M
P u n t a A I o g r e S u g a r 7 s ............. 1 9 3 7 J
1937 i k
R e m i n g t o n A r m s 6 s ................
S a k s C o 7 s ..........................
1942 IK
S o u t h P o r t o R i c o S u g a r 7 s ____1 9 4 1 J
S t a n d a r d M i l l i n g 1 s t 5 s _________1 9 3 0 M
T o b a c c o P r o d u c t s s f 7 s _______ 1931 J
U n io n B a g & P a p e r 1st 5s
1930 J

.................................................................1 9 4 7
1 2 - y e a r s f 7 4 s ...........................1 9 3 2
a r n e r S u g a r 7 s ................................1 9 4 1
e s t E l e c t r i c 1 s t 5 s _____ D e c 1 9 2 2
e s t i n g h o u s e E * M 7 s .............1 9 3 1
ils o n & C o 1 s t 2 5 - y r s f 6s . . 1 9 4 1
1 0 - y e a r c o n v s f 6 s ..................... 1 9 2 8
T e m p o r a r y 7 H s ......................... .19 3 1
o ils
A t l a n t i c R e f g d e b 5 s _____________1 0 3 7
W
W
W
W

O
N
J
N
S

J
D
M N
J
D
J
J
M N
A O
J D
F A

S a le
98
1 0 5 % ' 105
1 0 3 % 103
100 100% 9 9
1 0 S % S a le
108
102
S a le
101
9 9 % S a le
97
1 0 7 % S a le
107

J

99%
99%
98
120
1U 0%
102
9 8%
115
106
101%
99
106
10S

99%
100
d a le
99%
99%
97%
1 2 1 7 * ■20%
S a le
106%
S a lo
101
99
98%
116
116
S a le
105
S a le
101%
S a le
99
S a le
105
103% 103%

9%
7 %
94%
100%
127
109%
96%
8 7%
93%
98
99%
101%

9%
8
9%
--------7%
7%
95
91%
95%
d a le
9! %
100%
S a lo
125
1 2 7 7g
S a le
107%
111
d a le
97
94%
92
94
______
94
95
J u n e ’ 22
98%
9S%
99%
A u g ’ 22 100% 100
101%
102
102

9S%
97%
94%
100%
90

98%
99%
96%
d a le
931*
S a le
100%
S a lo
78
______
100
92
S a le
78
S a lo
d a le
91%
97%
______
92%
S a le

H u m b le O il & R e fin in g 5 4 s .1 9 3 2 J
1 9 'i i M
I n v i n c i b l e O i l 8 a ___ _________

J
J
cs

N la r la n d O i l s f 8s w it h w a F n i s ’ 31 A O
M e x i c a n P e t r o l e u m s f 8 s _____ 1 9 3 0 IK N
p * T 1st 1 0 -y r 7 s . 1 9 3 0
P i e r c e O i l s f 8 s ___________________ 1 9 3 1
P r o d & R e f s f S s (w lth w a r ’n t s ) ’ 31
S in c la ir C o n O il c o n v 7 H S ..1 9 2 5
1 5 - y e a r 7 s ---------------1007
S i n c l a i r C r u d e O i l 5 ^ s _________ 1 9 2 5
S t a n d a r d O i l o f C a l 7 s _________a l 9 3 1
T i d e W a t e r O i l 6 ^ £ s ____________ 1 9 3 1

A la s k a G o ld

M in in g
M d e b 6s A

F
J
J
IK
m

O
A
A

1 9 °5 M

^

C C o l l Ct r P* ? « 1 0 ' « r C O n V 7 8 - - 1 6 2 3 M
C o ll tr
c o n v 6s ser A .
1932 a

con ”

'13 M

t o m

s & P con

6s

cs

A
F
F

C o n v d e b 6s s e r ie s
M
A m . S in & R l g t 3 0 - y r 5 s s e r A 1 9 4 7 a
B r a d e n C o p M c o l l t r s f 6 s . . 1931 f
C e r r o d e P a s c o C o p 8 s ____
1931 i

G l? t » m n C S

A
D
D
N

1
o
a

i
N
n

A ’ 2 8 IK N

5 : : : : i i i ; : : : } y |

"

U CS S m e l t R p f t SL COnV ®s - - - 1 6 2 5 M
U S S m e lt R e f & M c o n v 6s . 1 9 2 6 F
. > ° a L Iro n a n d S teel
B e th S te e l 1st e x t s f 5s
1926
1 s t & r e f 5 s g u a r A . ................ 1940
IK
20 - y r p m & I m p s f 5 8 1 1 1 1 1 1 9 3 6
L*3 A --------------------------Q
F
B u f f * S u s q I r o n s f 5 s ............. l i r i o
D eb en tu re 5r
IK
O ® |0T p * ’ C o g e n s f 5 s I I H ° i 943
C o l I n d u s 1 st & c o ll 5 s g u
1934 F

n

N
A

J J

J

J

F

N
J

A

D
S
A

A
l 8 t & ^ r 5 's : i 9 5 6 J
D
imk H o r n C o a l c o n v 6s
i o 9 *x
J
D
I l l i n o i s S t e e l d e b 4 H a I ............. m o
A O
Indiana Steel 1st 5s
........}qrj> rn n
L a ck a w a n n a S te e l I s t Y s i l
1923 A O

r

f,

/ ’° P a

53

s e r ie s A .

”

l 9 5 0 IK S
v*C? ! i " h . c * N a v a f 4 H s A " " 1 0 5 4 J
M i d v a l e S t e e l & O c o n v s f 5s " 1Q 3 R M S
N a tio n a l T u b e la t 5 s
l i ® IK N
O t l a S t e e l 83 . ................... ....................

J

F
R e iiu h ? ° *
i»tV f SIl957 J
St T RAIp ^ L 1? '30' yr 5s s f—1940 A
sw ™
P Cs stmpd- .1955 J
1®?1 H

1S t 8 s

A
J
O
J

S
J
J
U sSr
CorrP(couo.......... (H963 M N
s f 1 0 - 6 0 - y r 5 s\ r e g . .
rft q 6 3 M N
W
l r k l f t 1 * 2 0 k e I s t ’ g 5 3 . 1 9 4 9 IK S
W l c k w t r e S p e n S t e e l 1 s t 7s
1935
? I

°°p

s e r A 1 9 4 1 IK

T «n i r w r r *.???, s f 7s ser C.1951 J
U

S

S teel

U ,R R e n 5 s -------- 1 0 5 1

J

Ari?™ei?raph and Telephone

A d a m s E x p r e s s c o l l t r g 4s
1948
A m T e le p & T e le g c o ll tr 4 s I I l9 2 9
C o n v e r t i b l e 4s .
1936
20 - y e a r c o n v 4 H a I I I I I I I I i 9 3 3
3 0 -y e a r t e m p c o ll tr 5 s
1946
7 - y e a r c o n v e r t i b l e 6s
1095
B e l l T e l e p h O f P a s f 7 s "a " ‘
1945
C e n t D 1st T e l 1 s t 3 0 - y e a r 5 s . 1 9 4 3
C o m m e r c ia l C a b le 1 st g 4s .
2397

M
J

IK
IK

S

J
S
S

J
F
O

D
J
J
A

MlUhnT f ^ lsf * eon 5s___ 1937

M i c h S t a t e T e l e p h 1st 5 s
1924
N e w E n g l a n d T e l & T e l 5s ' I I l 952

D
N

9A r e lt ' p l s t & 8 e n 8 f 4 H s . 1 9 3 9 M
3 0 - y e a r d e b e n s f 6s . . . F e b 1 9 4 9
A
2 0 —year refunding gold 6 s . 1941 A O
N o r t h w e s t ’ n B e ll t l s t 7 s A . 1941
A
P a c i f i c T e l & T e l 1 s t 5 s ................1 9 3 7 J
5 .s ------------------------------------1952 M N
S o u t h B e ll T e l * T 1 s t a " f 5 s l 1941
J
J
w e s t e r n U n i o n c o l l t r c u r 5s 1 9 3 8
N
F u n d & real e s ta te g 4 H a
1 9 5 0 _____
la -y e a r 6 H a g ._ .
1 9 3 6 'F
N

F

F

J

J
J
IK
A

98
105
103

109
98

92
78%
917*

9 8 %
93%
101% 102%
100
100%
9 4 % S a le
9 3 % ______
9 0 % d a le
101
102%
100 % 101
93%
96
97
S a le
87
88
97%
98
101% 102
1 0 6 % --------104
S a le

101%
100
93%
94
89%
101%
100%
92%
97%
87
97
100%
100%
103%
104%
94
947g 9 4 %
99%
9 9 % S a le
78
80%
9 27* S a le
90
92

101%
100%
116
108
100
76%
94%
99%
997g
97
107%
107
107%
99
9 3 7s
97
99
94
111

80
92%
93
101%
99%
115%

--------d a le
d a le
1 0 8 % 108
100% 100
78
78
95%
95
99%
S a le
99%
S a le
S a le
96%
107
S a le
107
S a le
107%
S a le
99%
S a le
S a le
93%
97%
9S%
100% 100%
94
94%
1 1 1 % 1 1 1 !*

IC O
80
52

997*
1067*
104
100%
109
102%
100%
110

5
151
263
11
8
106%
102 , 3 2
2
99
42
118
I
987
106%
101% 3 4 6
99*8
79
'
I 0 3 7g
35

98% 104%
9 9 % 100%
90
102%
84 % 126
99
107%
g 4 % 103
9 4 % 102%
ga
118

98
90%
99%
99
27 lo g
302
93
127; 84
95
94%

98%
1 0 .%

103%
S e p t ’ 22
108%

102
100%

108%
100
!
997g

102%
121

106

99%
97%
91%
106%
A u g ’ 21
A p r ’22
02
80
92%
A u g ’ 22
93%
102
100
94%
J u n e ’ 22
907g
1 0 i%
10 1
A u g '2 2
977*
87
98%
102
100%
104%
S e p t’ 22
94%
907g

9
3
161
6
66
277
645
3
44
-- 4

3
62
48
70
____

98
98
98

1 0 0 ’ 104*8

S
6
86%
93
110
99
84
87
87
86
92%
96%

12%
107g
90
100%
129
111
97
94
99
102
101
103*8

95 % 100
8 9 % 100
86
94%
98
101%

100
6
191
105
_____
38
8
,
I 29
39
_____
109
29

106%
102
99%
107%

82
71
80
96%
86%
96%
93%
82
90
83
94%
00%
1S
_____
87%
11
90
78
2i
651 931 *
29
97
1! 9< %
123
99%
—
! 99
5 87
25
97
I

100
92
82%
92%
102%
9378
102%
1001*
94%
94
92%
101%
103
92%
977g
877s

100
102
100
104%
104%
94%
101%

80
!
il 7 5
80%
93%
86%
937g
162
______! 8 0 %
93
93
101%
5 95% 104%
100%
2851 9 1 % 1 0 0 %
116
52
108 120
108%
123 107
112
100%
3
97 % 100%
78
|
C1 72
78
95%
3
88%
96
99%
18
94%
99%
100
260
97% 100
97%
180
88%
97%
107%
3 7 1 0 1 % 1087g
107%
1 0 6 J0J7g 1 0 8 %
108
86 1 0 5 % 109
100
22
917, 100
94%
156
91
95
98
13
93
99*4
5
100%
9 0 % 101
94%
5 8 8 % 94*a
112%
10 1 0 6 % 1 1 4

1418
H IG H

BOSTON STOCK EXCHANGE— Stock Record s™™5,,™,,

AND

S a tu r d a y ,
S e p t. 16.

LOW

SALE

M onday,
S ep t. 18.

P R IC E — P E R

T u esd a y,
S ep t. 19.

SH ARE.

W ed n esd ay.
S ep t. 20.

NOT

PER

T h u r sd a y ,
S ep t. 21,

CENT
F r id a y ,
S ep t. 22.

th e
W eek .

STOCKS
BOSTON' STOCK
EXCHANGE

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

1.

R a n g e f o r p r e c io u s
g ea r 1921

H ig h es t

Railroads
37 Boston & Albany________ 100 130% Jan 4 152 May 22 119 Apr
149 149 149 149% 148 148% *2148 149 14S% 149
61% Jan
86
699 Boston Elevated_________100 73 Feb 20 89% Sept 12
86% 86
86%
86% 87
85% 87
85*4 86
S6% 87
78 Jan
Do pref______________100 94% Mar 1 105 Sept 13
102 102
40
102% 102%
*104 106 104 104 102 102 *102 103
124%
Sept
12
116
June
22
Do 1st pref__________ 100
11
*124% ___ *125 ___ ___ ___
*124 __
124 124% *124%
Do 2d pref__________ 100 102 June 10 109 Sept 13
205
105 105 104 10 4
105 105% 104 105
105 105 105 105
13% Dec
456 Boston & Maine________ 100 14 Jan 10 31%May 20
25
25 25^2 25
25
25% 25
25% 25
25
25% 25
16% Nov
Jan 9 37 Apr 8
Do pref_____________ 100
___
3 4% 30
33
34% *30
30
*30
32
30
30 *30
19 Aug
41% Apr 26
Jan
Do Series A 1st pref__ 100
3S% 38% 3812 38%
93
38% 39
39
39 39
39
Nov
27
62
May
20
Jan
17
Series
B
1st
pref___100
Do
58
57
181
*57
58
57
57
58
58
*58
24 Nov
Jan 9 54 May 25
Do Series C 1st pref___100
54
50
39
52
*50
52
50% *50%
*52
Jan 12 77%May 1 36 Nov
Do Series D 1st pref___100
74
72
72% 72
74
74
74
74
73
73
73
Jan 12 163 July 17 110 June
Boston & Providence------- 100
*2159% _ . .
*162
*163
*2160
*163
July 13 26% July 31
24
24
23% 23% 24
23
23
23%
581 East Mass Street Ry C o.. 100
24
24
24
23
Aug
14 77 July 14
Do
1st
pref__________100
*71
10
73
*71
73
73
73
73
*71
73
*71
July 13 57 Aug 1
Do prefB___________ 100
54
875
54
54
53
53
55
54
55%
*53
53
July 14 47 Aug 17
Do adjustment_______100
69
*35
39% 36
37
38
40
39
39
38
40
30 Dec
104 Maine Central__________ 100 27% Jan 30 48 Apr 15
48
48"
47% 47% 47% 48
47
47
47
47
46
46
12 Dec
620 N Y N II <fc Hartford____ 100 12% Jan 3 34%May 22
*32% 32% 31
31*8 30% 31
31% 31% 31% *31% 32
31
60 Apr
Northern Now Hampshire. 100 69 Jan 10 96 July 19
*281
*281
*xSl
*x8l
*281
Nov
51
100
June
1
58
J3n
17
Norwich
&
Worcester
pref.
100
12
*296
96
96
**95*2 98 % '___
|
50 Oct
♦
72 Old Colony______________100 57 Jan 6 98%May 23
92
91
90
94
92
90
93 *291
9112 **90
15 Apr
5 Rutland pref------------------ 100 15 Jan 20 52% June 5 69
*42% 47
45
45
Nov
*__
98 —
—
10 Vermont & Massachusetts. 100 78 Jan 23 99% Aug 10
98% 97% 97% *298 100 *297% — *296
Miscellaneous
2 Jan
4% Jan 27
2*4 Feb 4
259 Amer Pneumatic Service.. 25
3% 3%
*3% 3%
3% 3*8 *3% 3*4
3% 3*4 *3% 3*4
8% Jan
Do pref______________59 13 Feb 20 20% Aug 10
155
18
18
17% 17% 18
*18% 19
17*4 17*4
18
18% 18
96% Jan
128 1 Aug 31
Jan
123% 124
123% 124
121% 122% 121*4 122*4 121% 122% 7,430 Am ic Telephone & Teleg.. 100 114%
123*8 124
3%Sept
20
2%
Aug
24
Rights
(w
I)---------------___
___
91,340
3% 3%
3% 3%
3% 3-%
3% 3*8
3%
74 Jan
1,024 Amoslceag Mfg______ H o p a r 101 Jan 10 117 Jan 21
109 109
108% 109
109 109
110 111% 109 111
109 109
Do
pref.................. H o p a r z80% Jan 17 91 Aug 2 1 78 Feb
*
___ ___
12
89
89% 89% *
88
88
90 *
90
12 Jan
20%
May
19
11%
Feb
20
Art
Metal
Construe
In
c...
10
20
14% 14%
*14% 16 *14% 16 *14% 16 *14% 16
12*4 Dec
13 Jan 7 22 May 4
350 Atlas Tacit Corp-------- N o p a
18 *16
18
17% 18% 17*4 17%
*16
18 *16
18 *16
.15 Dec
.75 Feb 21
.15 Jan 30
Beacon Chocolate_______ 10
.15 July
.50
May
4
.10
Sept
14
855 Boston Met Pet Trus.-.Vo p a r
.12 .12
*.10 .20
.15 .20 *.10 .20 *.10 .20 *.10 .20
.20 July 17 .08% Oct
.05 Jan 20
Century Steel of Amer Inc. 10
9 % July
293gSept
8
15%
Jan
1
Connor
(John
T
)-----------10
714
25%
28*4 28*4 28% 28% *27% 28
26% 25%
26
26% 26
3 Oct
6 V 21
3 Jan 4
East Boston Land_______ 10
*3% 4
*3% 4
*3% 4
*3% 4
*3% 4
9% Oct
14%
F-,
o
10
7%
July
28
Eastern
Manufacturing—
5
815
9
9
8%
9%
9
9
9% 9%
9*8
9% 9%
9%
16 Jan
38% Jan 4 82%Sept 10
81
80
80
80% 79% 79% 1,535 Eastern SS Lines Inc------- 25
81
78 80% 80
80
80
42 Jan 7 48 Sept 1 42 Nov
Do pref_____________ 50
*48
*48
*48
*48
Oct
142%
185
Sept
1
Mar
2
156
Edison
Electric
Ilium____
100
349
182*4
182*4
181%
181%
182% 182*4 182 182% 182% 182*4
182*4 182*4
3 Nov
3 Mar 14 13 May 17
___
400 Elder Corporation____ N o p a r
*11% 12% 11% 11% 11*8 11*8 11% 11% 11% 11%
138 Galvcston-Houston Elec.. 100 33 July 11 39 Aug 15
35
35% 35
36% 36% 36
36
36% 36% *35% 36% 35
9% Sept
934 Aug 21 16% Apr 6
155 Gardner Motor______ N o p a r
1 1 % 11 % 10 8 4 IO84 10 % 11 %
11% 11*4 11 % 11 % 11
11
19% Dec
18 Aug 30 27% Feb 27
20% 20
20% 1934 1934 1,115 Greenfield Tap & Dio____ 25
20% 21 % 20% 2084' 20
20% 21
43 Mar 9 53% Mar 20
140 Hood Rubber________ N o p a r
48
49 49% 48% 48% 48% 48% *z47% 48%' 48
19 July
75 Internat Cement Corp. N o p a r 26 Jan 20 *37%May 13
33% 33% 33% 33% *232% 33% 32% 32%' 323g 3284
32 Dec
24%Sept 19 32 Jan 27
24% 24%
20 Internet Cotton Mills____ 50
24% 24% *___ 25 !___ 25
25
25
*___ 26
74 Dec
80 Sept 11
Do pref_____________ 100 60 Aug
80
*77 80
77 79
79
79% 79
78
*79 80
Sept
6% Mar 25
2 Sept 9
2 % " 2%
2%
100 International Products. N o p a r
2% *2
2% *2
2% *2
*2
2*4 *2
Nov
17 Apr 1
Do prof_____________ 100
7 Jan
*9% 15
*9% 15
*9
15
15
*9
*9% 15
Sept
3 Jan 24
.62 Apr 15
Island Oil & Transp Corp.. 10
5%
Dec
ll%June
3
1%
Apr
24
Libby,
McNeill
&
Libby..
10
784
784
8
346
7%
734
8
7% 7%
7% 8%
7% 8
t8% Dec
13 Jan 16
8 July
11
153 Loew's Theatres-------------- 25
11
10% 11
11
10% 10% 10% 10% 10% 10% 11
5334 Sept
8884
8884
88
89
1,681 Massachusetts Gas Cos__ 100 63 Jan 3 90 Sept 18
89
90
88*4 89% 88
88 89% 89
58% Oct
Do pref............
100 62 Jan 3 71% Aug 29
159
70
70
70
70
70
70
70
70
71
70
70 70
Sept
157 157
143 Mergonthaler Linotype... 100 130 Jan 3 159 Sept 20 117
156 159
157 159
158 158% *2158 159
*zl57 159
13% Sept
27*sJune
26
Sept
18
15
Moxican
Investment
Inc..
10
165
16%
15%
17
15
16%
15%
16%
*15%
15
*16
17
16*8
1l
Sept
34
Ana
31
Jan
6
Mississippi
River
Power__
100
13
492
31
30
31
31
31% 30*4 31*8 30% 30% 31
31% 32
60 June
Do stamped pref_____ 100 72% Jan 9 85 Sept 13
125
85% *84*4 85%
*85 ___ *85
*84%
85
85
2% Dec
11%
Jan
21
7%June28
National
Leather-----------10
646
8
7%
7%
"7%
8
"
8
*7%
8
7*4
7%
7% 8
4 Aug
5 Jan 28
1 July 17
1%
1%
1%
1%
1 % 1 % 1,460 New England OH Corp---2
1% 1 %
* 1%
1% 1 %
95% Jan
125 Sept 19
121 121
276 Now England Telephone. .100 109 Jan
120% 121
120 120%
120% 121
120% 121
121 121
7 July
14
Mar
16
6
Sept
9
Ohio
Body
&
Blower..No
p
a
r
8
*7
*7
8
8
*6%
*6% 8
*612 71
14% Dec
. . Orpheum Circuit Inc....... * 13 Jan 10 24% Sept 21 140
24% 23% 24% 3.695
24% 24
22% *22*8 22% 23
22% 2234 22
Jan
15684 Sept 21 174% Mar 11
1851 Pacific Mills......................
157% 157% 157% 157% 157 157' 157 157
157% 158
12% Apr
July 17
16
15% 16
77 Reece Button Hole---------- 10 12% Apr 18 16
15% *215
15% *215
15
*zl5
16
3 Dec
7% Apr 5
3 Feb 20
20 31mms Magneto-------------- 5
4
3% 3%
3*4 3*4
*3
4
*3
*3
4
88% July
Sept 12
109 109*i 108% 109% 1,985 Swift & Co.........................100 92% Jan 3 110%
109 109*i 109% 110
109% 110% 109 110
47 June
t>39 July 3 81%June 5
Torrington----------------------25
41%
42
41%
42
798
41%
40
41%
40*4
42
41
42
40*4
10 Dec
8 Mar 29 14% Fob 3
11
50 Union Twist Drill----------- 5
11
* 10 % 11 % *10% 11 % *10% 11 % *10% 11% *10% 11%
33 Sept
Mar 3 45 Mar 24
41% 41% 43% 43% 44% 43% 44% 17,579 United Shoe Mach Corp.. 25 34
41*4 42% 41
22% Apr
41% 421;
25 Jan 3 27% July 15
25
Do
pref______________
*226%
27%
26%
27
276
26%
26%
27
27
27% 27%
16% July
*27%
Jan 27 33%June 2
28% 29% 28% 29% 28% 29% 2,960 Ventura Consol Oil Fields. 5 21%
28% 28% 29
28
28
10% Jan
Jan 4 33 Aug 23
667 Waldorf System Inc---------- 10 26%
32
31% 31% 31% 31% 31% 31% 31*4 32% 32
6 Dec
*31%
I434 Apr 26
7
Jan
3
Waltham
Watch------------100
8l»
8
8%
8%
1,115
8%
8
8%
8% 8% *8
36 Sept
49
Apr
25
26%
Aug
14
Do
pref_____________
100
*26% 30
30
165
30
30
30
30
30
30
8 Sept
30
7% Feb 7 12’4June 1
Walworth
Manufacturing.
20
12
*11
*11%
12
155
11%
11
11
11%
11
%
*11
11 Apr
* 11 %
17% Jan 3 35 May 29
32% 32% 32% 33% 32% 33
1,340 Warren Bros-------------------- 50 30%
32
32
32
32
32%
17
Aug
38
Sept
21
Jan
4
Do 1st pref---------------- 50
38
9S
36% 36%
37% 37% 37% 37% 37
36% 38
10 Oct
*37
Do 2d pref___________ 50 33% Feb 18 4484 July 12
40
*39
40
43
10
43
43% *40
*41
*41
8
July
21
May
13
13%
Mar
27
Wlckwlre
Spencer
Steel...
5
14% 13% 13%
120
14% *14% 14*4 *14
14% 14% *14
*14%
.35 Oct
1*4 Jan 4
,80June16
Wollaston Land-------------- 5
Mining
.4 Mar
1
Apr
15
.50
Jan
31
Adventure
Consolidated—
25
*.50 1
*.50 1
*.50 1
*.50 1
*.50 1
*.50 1
40 Aug
25 59 May 11 66 May 29
63% 62% 62% *62
63
215 Ahmeek.................
64
63% 63% *6212 64
*62% 64
.15
July
.50
Apr
17
.05
Sept
12
Algomah
Mining_________
25
*05
.10
.10
.15
750
*.03 .10
*.05 .15 *.05 .15 *.05 .15 *24
16 Apr
*24
25
25
50 Allouz---------------------------- 25 22 Jan 9 32% Jan 26
*24
25
25
24% 24% *24
*24% 25
1% Sept
4%May 23
2 Mar 10
Arcadian
Consolidated___
25
3
1,518
3
2%
3
3
2
%
3%
2*4
2% 2 %
2% 3
6% Jan
8% Feb 20 10%June 5
8% 8%
545 Arizona Commercial_____ 5
8% 8%
7*4 8%
8% 8%
8% 8%
*8 % 884
8 Mar
10 Bingham Mines_________ 10 13 Jan 5 18%Sept 11
17% 17% *17% 17*4 *17% 17*4 *17% 18
*17% 18 *17% 18
Calumet & Hecla................. 25 265 Jan 5 301 Aug 25 210 Apr
280
280
285
120
280
280
285
280
275
291 292 285 290
Dec
11
8% Aug 31 1634 Mar 29
9% 9%
9
9
8*i 9
655 Carson Hill G o ld ..... — . 1
9
9
9
9
*88 4
7 Jan
9 Aug 18 13% Feb 1
Centennial---------------------- 25
*9
*9
10
10
*9
10
10
*9
10
*9
*8
27 Jan
10
Copper Range Co— -------- 25 37% Jan 3 4634May 31
41
40%
648
40
40*4
40
40%
41%
40
5% Mar
40% 41% 39% 41
9% Jan 26
Copper........... 10 4 Mi Sept 13
4% 4%
4% 4%
4% 4% 2,990 Davls-Daly
4% 4*8
7 Aug
4% 4%
4% 4l:
460 East Butte Copper Mining. 10 10 Mar 27 12% Jan 26
10
10% 10% 10% 10% 10% 10% 10
10
10
1*8 Apr
10
101;
3% Apr 15
1 Apri l
Franklin........
..........
25
2
2
*1%
2
90
*1%
2%
2
2
2
1% Sept
2
•17g 2
3%
Mar
16
1%
Aug
18
Hancock
Consolidated-----25
*2
2
2
500
2*4 *2
2
2*4
2
1 June
234 *2
2*4
*2
2% Apr 17
.99 July 13
Helvetia..................
25
.99
1
*1
*1
450
1%
1
1%
1
*1
48 Jan
1%
1
1
116%June21
81%
Jan
10
Island
Creek
Coal----------1
105
106%
104%
105
105*4
998
105%
104% 106
75
Jan
105 105
96
%Sept
21
108% 110
88
Feb
14
Do
pref........................
1
96% 96% *95% 96%
61
97 *295% 98
16% Jan
18 26%May 31
*96% 98 *296% 98 *295% 22
23% *22
23<2 *22
24
170 Isle Royale Copper----------- 25 21%Sept
% *22
22%
2% Mar
4%
Apr
17
21% 22
3
Feb
6
*22
23
Kerr
Lake..........................
*
j
*3%
4
4
*3%
.
4
*3%
*3% 4
.98 Sept
5%May 5
1 Feb 24
*3% 4
*3*8 4
*2% 2%
2
2*4
35 Keweenaw Copper------------20
2 Jan
2*4 2*4 *213 2*4
534May 31
284
2% Feb 18
2*4 2*4
*2%
49 Lake Copper Co................... 25
3% 3%
4*8 43s *3% 4% *3% 4%
1% Jan
2%
Apr
17
1%
Feb
6
4*8 4*8
*3% 4%
La
Salle
Copper......
............
25
*1%
1*4 *1% 1*4
*1% 1*4
13
4
1% Jan
*1*8
234May
19
13g
Jan
4
1*4
*1*8
* 1%
1%
Mason Valley Mine--------- 5
134 *1% 1*4 *1% 1% *1% 2
.55 Apr
484 Apr 13
2 Mar 24
*234 2% *1*4 2% *1*8 3
Mass
Consolidated----------25
*2%
3
3
2
3
30
*212
*2%
2% Aug
6 May 22
2% Jan 20
*2% 3
*2%
3
3% 3%
3% 3*2
579 Mayflower-Old Colony----- 25
3% 3%
3% 3*8
1% Aug
33ft 3*8
7 Apr 13
.75 July 10
*3
2% 3
84 Michigan.............. - .......... 25
*2% 3% *2% 3
43% Jan
2 % 2%
08 June 5
53%
Jan
7
*2*8 3
2%
Mohawk------------------------25
60
61
61
60
61
145
59%
60
*59
60
60
61
61
12% Sept
Feb 21 20%June 2
18
18% 18
18
18
203 New Cornelia Copper------ 5 17
*18
.40 Nov
2% Mar 23
.10 July 7
18% 18% 18% 18% 18*8 18%
.50 *.30 .50 *.40
100 New Idrla Quicksilver-----------5 37
40 Feb
Jan 6 40 Feb 9
.40 .40 *.30 .50 *.30
*.40
New River Company------- 100
*37
Dec
82
Sept
14
73
Jan
7
___ ___ *82
Do
pref_____________
100
85
July
7 Jan 4
5 July 8
6% 6%
365 Nlplsslng Mines______ . . . 5
6% 6%
6% 6"%
Mar
6%
1034Sept 18 15 May 29
6%
*6
6%
North
Butte____________
15
11%
11*4
11%
11*4
2,030
11%
11*4 11*4
Aug
4% Apr 15
2% Jan 20
11%
10*4 11% 11
2%
2
2% *2
2
49 OJibway Mining_________ 25
1588 Jan
2% 2 % *2
Jan 4 27 Jan 25
2% 2%
*2%
23% 23% ♦23 24
24
175 Old Dominion Co------------- 25 23
23% ♦23
21 Aug
38% Aug 23
23% 23
30%
Jan
5
23
*23
*35
36%
Osceola---------------------------25
*35
36
10
36*3
36% *35
33% Aug
*35
Sept 18 50 May 31
36
36
*36
41% 39% 41
41% 41
557 Quincy--------------------------- 25 40%
28 Jan
Jan 9 48%May 31
40% 40% 40% 40% 40% 44% 44
*40%
44
44
44
146 St Mary’s Mineral Land.. 25 41%
45
*44
.75 Jan
134May
18
46
.25
Mar
10
*44
*44
Shannon_________________10
*.80
.90
*.80
.90
595
.75 .80
.80
.75
.35 Nov
l%May
18
.88
.50
Jan
31
.88
.80
1
South Lake______________25
*.50
*.50 1
♦.50 1
1
*.50
4% July 13
2 Sept
2 Mar 29
*.50 1
*.50
*4%
5
Superior_______________
2
*4%
5
4%
*414
*4% 5
1 June
2
Apr
15
.90
Mar
31
*4% 5
*4%
Superior
&
Boston
Copper.
1“
1
*1 A t 1%
120
1%
1% 1*8 * i ' A 1%
3% Apr 3
l%June 5
l ‘A e July
• l'X .
1*8
*1
Trinity
Copper
Corp_____
V
1%
1%
1%
730
1%
1%
•
V
A
.34 Aug
,92May 22
1% 158
.49
Mar
7
lA .
1%
.66
*.55
Toulumne
Copper______
0
.57
1%
.57
.65
2,900
.65 .65 *55
D4 Aug
4 Mar 22
2% Jan 19
.60 .62
.60
620 Utah-Apex Mining...........
2*4 2%
2*4 2*4 *2*4 3
2*4 2%
3%June 5
1% Nov
1 Feb 21
*2% 2%
3
230 Utah Consolidated______ 6
2 % 2*4 *2% 2% *2% 2*4
2% 2 % *114
2%
Apr
13
.95
Jan
1
Feb
15
*2% 3
2%
1%
Utah
Metal
&
Tunnel____
1
*1%
*1%
400
1%
1%
l A t 1%
2% Jan 30
1 Sept 16
.40 May
*1% 1*8
*1%
77 Victoria_________________ 21
l2
112 1% *1% 1% *1%
1>2
1
2% Apr 15
.25
Jan
16
.35
Jan
*1% 1%
1
Winona_________________
25
1
*8
395
1%
1
A
s
1
%
13
4
1*4
134
8% July
10 Feb 10 16 May 31
1*8 Hr *1*8 11%
* 1%
*10% 1U2 *10% 11
30 Wolverine_____________ - 25
11
11
11% *10%
*10
*10
»
Ex-dlvIdends.
and aaked prices: no sale* on tbla day. « Ex-rlghts. AEx-dlvldend and rights. * Ei-dlvldend. •Ex-etook dividend




S h a res

H ig h e s t

133
79
100

Nov
Nov
Dec

25*4
30
33
47
40
58
133

Feb
Jan
Jan
Feb
Jan
Jan
Jan

43%
23%
75
76
75
21
78

Feb
J*lQ
Feb
Jan
Jan
Jan
Dec

5*4 Dec
15*s Nov
119% Nov
109 Dec
84% Dec
16 Sept
20 Apr
4 Jan
.95 Jan
1% Jan
17% Dec
4% Feb
23 Jan
42 Deo
45 Deo
165% Dec
17 Jan
23% Apr
29 Nov
28% Dec
41% Feb
86 Mar
13 Jan
32 Jan
4% Mar
13 Jan
18 June
85 Jan
64 May
136 Nov
35% Apr
14% Mar
84 Apr
9% Jan
6 Aug
11284 Dec
ID4 Dec
30% Apr
171 Deo
14 Jan
9% May
1053j Jan
61 Feb
22 Jan
39% Jan
25% Dec
24% Dec
29% Deo
17 Jan
75 Jan
17 Feb
22% Apr
33% Dec
35*i Deo
18% Jan
1*4 Dec
.75
63
.50
24%

Mar
Dec
Apr
Nov
3 * 4 Jan
10 Apr
14 Oct
280 Deo
16% Jan
10 Jan
40*4 Deo
7% Jan
11*4 Dec
3% Jan
312 Jan
2% Nov
88% Deo
90% Deo
24% Dec
4 Sept
2 Deo
3% Dec
2% Feb
2 Sept
3*8 Jan
5% Jan
3% May
69 Deo
18*4 Deo
2 Dec
57 May
95 Mar
8% Jan
14% Dec
2% Dec
25*4 Nov
35% Dec
46 Deo
45 Dec
1% Deo
2 Jan
4% Feb
2% Feb
4% Nov
.85 Deo
3% Oct
5 Jan
2 % Jan
2% Feb
.80 Mar
14 Feb

Friday
Sales
Last Week’s Range for
of Prices.
Sale.
Week.
High. Shares
Price. Low.

Outside Stock Exchanges
Stocks (Concluded)—
B o s t o n B o n d R e c o r d .— T r a n s a c tio n s in b o n d s a t B o s t o n
S t o c k E x c h a n g e S e p t . 1 6 t o S e p t . 2 2 , b o t h in c lu s iv e :
Friday
Sales
Last Week’s Range for
of Prices.
Sale.
Week.
Price. Low.
High. Shares.

Bonds—
Amer Tel & Tel 4s------1929
7-year conv 6 s--------1925
Atl G & W I SS Lines 5s '59
Balt & Ohio 4 % s -------- 1933
Ch Jet & U S Y ref 4s. 1940
Hood Rubber 7s------- 1936

International Cement----

K C Mem & Blrm Inc 5s ’34
K C & M Ry & Edge 1st 5s.
Mass Gas 4% 8------------ 1929
Miss River Power 1st 5 s .. .
N E Tel 5s___________ 1932
Scries A 5s_________ 1952
N Y Central 5s-----------------N P prior lien 4s--------- 1997
5s--------- 1968
Punta Alegre Sugar 7s------Seneca Copper 8s--------1925
Sw ift* Co 1st 5s--------1944
Warren Bros 7 % s -------1937
4% S------------------------------West Tel & Tel 5s____1932

55

101 %
108

96
98

Pennsylvania

92% 92%
114
114
55
57
87
87
82% 83
101
101 %
108
108
89
90
95
95
95% 96
95% 96
97% 98%
99% 100
99% 99%
90% 90%

102

95

m "

109
95
99%
112%
112 %
96%

102

86% Jan 93% Aug
100 1087s Jan 114% May

14,000
5,000
7,000
9,000
13,000
7,500
3,000
7,000
6,600
7,000

10,000
10,000
1.000
1,000
1,000
10,000

112 %
97

High.

Low.

S5.000

5,000

109
95
100
114

Range since Jan. 1 .

83,000
3,000

10,000

Mar
47
Sept
87
82% Sept
95% Jan
June
101
79% Feb
Jan
90
Jan
86
Jan
88
Jan
93
97% June
99% Sept
90% Sept
Sept
102
104% July
Sept
95
Jan
91
97% Feb
112 % Sept
Jan
90

65
87
97

101 %
114
90
95
96%
96
99%

100

99%
90%

102
111%
110
100%
116

112 %
97

May
Sept
Aug
Sept
May
Sept
Aug
Sept
Sept
Aug
Sept
Sept
Sept
Sept
Aug
Jan
Sept
Aug
Sept
Sept

P h i l a d e l p h i a S t o c k E x c h a n g e . — R e c o r d o f tr a n s a c tio n s
a t P h ila d e lp h ia S t o c k E x c h a n g e S e p t . 1 6 t o S e p t . 2 2 , b o t h
in c lu s iv e , c o m p ile d f r o m o ffic ia l s a le s lis t s :

Stocks—

Friday
Sales
Last Week’s Range for
Sale.
Week.
of Prices.
Par. Price. Low.
High. Shares.

Alliance Insurance______ 10
Amer Gas of New Jer__100
American Railways_____ 50

72
13%

American Stores________ *

151%

Baldwin Locom, pref..100
Buffalo & Susq, pref...1 0 0
53
Cambria Iron___________50
40
54
Consol Trac of N J____100
Erie Lighting.......... .......... *
Elec Storage Battery.. 100
49%
General Asphalt----------- 100
Hunt & Broad Top_____ 50
9
Insur Co of Nor Amer__ 10
42%
Kentucky Secur C orp..l00
Preferred___________100
73
Keystone Telephone___ 50
Lake Superior Corp------100
Lehigh Navigation......... 50
78
Lehigh Valley___________50 ______
Little Schuylkill________ 50 ______
Midvale Steel & Ord____50
Pennsayl Salt M fg--------- 50
Pennsylvania___________50
Penn Cent Lt & Power— *
PhllaCo (Pitts) 5% pref.50
Pref (cumulative 6 % ).5 0
Phlla Insul Wire________ *
Phlla Elec, Penna--------- 25
Phlla Elec, preferred------25
Phlla Rapid Transit____50
Phlla Traction_________ 50

34%
45
36
31%
31%
33%
69

Tono-Belmont Devel____1
Tono Mining____________ 1
2%
Union Trac, 17% % pald.50
41%
United Gas Impt_______ 50
54
Preferred......... ................
56
West Jers & Sea Shore..50
Westmoreland Coal____50
York Railways, pref____50 ...........
Bonds—
Amer Gas & Elec 5s_. .2007
90%
Baldwin 1st 5s_______ 1940 102%
Bell Tel Co of Am ref 7s ’ 45
Elec * Peoples t c 4 s .. 1945
72
H u n t* Broad Top 5 s .1925
Lake Superior Corp 5s. 1924
Leh C & N gen 4% s_.1924
Lehigh Valley gen 4s______
84%
Lehigh Val Cons reg 6s 1923
General consol 4 %s.2003
Leh Val Coal 1st 5 s .. . 1933 102
Peoples Pass t c 4s___ 1943
Phlla Co cons 5s stpd.1951
92%
Phlla Co SS L in es.............
90
Phlla Electric 1st 5 s .. 1966 100

6 s---------------------------------5% s----------------------- - - - Taylor Engr 8s-----------------Un Rys & El of Balt 4s 1949
United Rys Invest 5s. 1926

106%
103

102
76%

Welsbach 5s_________ 1930

25
71

12 %
RSI

10

26
76
14

682
1,540

RQ

68

150% 155
22% 22 %
115 " 115 "
53
53
40
53
54
54
25
26
49% 50%
62% 64
9
8%
42%
42
29
31
72
73
9
9
8
8%
77% 78
68% 70%
40
40

35% 35%
79 ” 79 ’
81% 82%
48
49%
52
53%
34% 34%
44
45%
36
36
31% 31%
31% 31%
33% 33%
67% 69
78 M 783/
1 13-161%
2%
2%
41% 42
54% 55
55% 56%
37% 37%
75% 75%
36
36
90

102%
108%
71%
76
34
96%
84%
100%
93

102

73%
91
90
99%

RAU

75%
90
76%
99%

10
100
29

100

338
2,400
30

200
326
140
35
370
435
154
610

6

55
41

100
5,530

201
10

1,128
25
1,425
1,770
2,772
250

100

585
3,495
332
2,285
432
70
46
25

Low.
19
47
4
23
83
19%
115
47%
37%
44
25
37%
55%
8%
30
6%
60
7
6%
66 %
57
38
35%
73%
69%
33%
48%
32%
36
30
23
27%
17%
58
72
i%
i%

34
38
38
27%
67
31%

High.
JaD
Jan
Jan

Jan
Sept
Sept
Feb
Apr
Jan
July
Mar
Jan
Sept
Jan
Jan
Sept
Jan
Jan
Feb
Jan
Apr
Jan
Jan
Jan
Jan
Jan
May
Feb
Jan
Jan
Jan
July
Jan
Jan
Jan
Jan
Jan
Jan
Jan

Jan
81
90% $29,200
Jan
1,000 100
102%
1,000 108% Sept
108%
Jan
74
40,700
64
76
1,000 73% Aug
Jan
34
2,000 30
96%
1,000 90% Jan
84%
Jan
1,000 77
100%
200 100% June
93
2,000 88 % Mar
102
7,000
98% Feb
75
Jan
5,000
64
92% 20,000
85
July
90
86% Jan
1,000
100% 32,400
Jan
93
i..

106% 106%
103
103%

86
100
102

2,410
50

Range since Jan. 1 .

86
100
102

75%
90
76%
99%

L 000 100%
13,000 103
5.00C
l r000
5,000
98
75%
1,000
16,000
71%
76%
1,000
1,000 97%

Jan
Sept

27
76
17
63
155%
22 %
115
55
53
56%
27
50%
73%
9
42%
31
73
12 %
12 %
79%
70%
40

35%

Sept
Sept
June
Aug
Sept
Apr
Sept
Apr
Sept
July
Aug
Sept
Sept
Sept
Mar
May
Aug
Aug
Sept

Sept
79
82% Sept
49% Sept
May
55
44% Sept
45% Sept
50% Jan
32% Aug
32% Aug
35% June
68 % Apr
813/ May
115-16 June
2 % Sept
May
43
55% Aug
56% Sept
39% Aug
75% Sept
37% May
92%
115
108%
74
76%
39%
96%
84%
103%
98%
100%
75
93
90

101

Aug
Sept
Sept
Sept
Sept
June
Sept
Sept
Aug
July
Sept
Sept
May
Sept
July

106% Sept
103% Sept
87 % July

Sept 102
Sept
Sept
75% Sept
Mar
Sept
90
[Sept
76% lScpt
Jan
99% Aug

* No par value.
C h i c a g o S t o c k E x c h a n g e . — R e c o r d o f tr a n s a c tio n s a t
C h ic a g o S to c k E x c h a n g e S e p t. 1 6 to S e p t. 2 2 , b o th in c lu s iv e ,
c o m p i l e d f r o m o f f i c i a l s a le s l i s t s :

Stocks—

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
High. Shares.
Par. Price. Low.

Amer Pub Service pref____
American Radiator......... 25 119
72
American Shipbuilding.100
Armour & Co, pref____100 100
12 %
Armour Leather......... ......15
87
Preferred............. ........ 100
Beaver Board ctfs
____*
Case (J I) 1st pref_____ 100
Chic C & C Ry pt sh pref.*
Chicago Elev Ry, pref. 100
Chicago Rys Part Ctf Ser 3.
Chicago Title & Trust.. 100
Com’wealth Edison____100 130%
Consumers Co, c o m ... 100
Continental Motors____10 " i o ”
Crane Co, pref___
110
Cudahy Pack Co, com. 100
Earl Motors Co....... .......... » ......... ..




87%
119
71
99%
12 %
87
5%
20 %
6%
7
3
251
130%
5%
9%
109%
63%

2

88
119
72%
110
12 %
87
5%
20 %
8%

8

3
251
131%
5%
10 %

64
25
150
1,483
73
125
250

Low.
83
83
60
91

12

83
5

20

20

865
475
55

4%
i%
%
225
114%
5
5
85
55

10

110

587
25
41,720
155

2

600

67

Range since Jan. 1 .

200

2

High.

July
88% Aug
Jan 120
Sept
June
Aug
90
Jan 110
Sept
Feb
12 % Feb
May 102% May
Apr
7% May
July
29% Mar
June
9 % Feb
Jan
May
12
Aug
Sept
3
Aug 300
July
Feb 132% Feb
Feb
May
9
Feb
10 % Sept
May 110
July
Jan
Feb
68
Aug
Jan
6

Deere & Co. pref______ 100
76
76
35
Diamond Match______ 100
115
116
20
Godchaux Sugar, com____
14% 15
15
325
Gossard, H W , pref____100
26
26%
26%
1,130
Hupp Motok____________ 10 2 1 %
2 1 % 22 %
7,500
Illinois Brick__________ 100
74
76
225
Inland Steel___________ 100
49% 49%
49 %
100
Kuppenhelmer (B) & Co. 10 35%
35
35%
123
Preferred...............
100
100 100
925
Libby, M c N e il* Libby. 10
155
1%
1%
New_________________
7%
8
1,150
Lindsay Light__________ 10
5
5%
80
Middle West Util, com .100
47% 49
48
395
Preferred____________ 100
83
83%
83 %
323
Prior preferred______
96
96%
178
Mitchell Motor Co____
4
4%
100
National Leather, new..10
8
8
7%
1,388
Philllpsbornc__________
40
39
39 %
390
Preferred____________ 100
100% 100%
55
Peoples Gas L & Coke.. 100
96% 96%
20
Pick (Albert)* Co_____ (*)
26,% 27%
525
26 X
Pig Wig Stores Inc “ A” (*)
42% 44%
42%
4,313
Pub Serv of Nor 111, comlOO
100 100 %
50
Preferred___________ 100
93
93
10
Quaker Oats Co________100
200 200
66
Preferred___________ 100
98% 99%
200
Reo Motor_____________ 10
12% 13%
13
1,215
Sears-Roebuck, com___100
89% 89%
89 X
50
Preferred___________ 100
109
109
20
Standard Gas & E le c ...50
20 % 20%
280
Preferred____________ 50
43% 48%
145
Stew War Speed, com. .100
49%
47
50
23,685
Swift & Co____________ 100 109
108% 110
1,815
Swift International_____15
23%
23
25
14,835
Temtor Prod C & F ” A ” (»)
485
%
1
Thompson, J R, c o m ...25
49%
49% 50%
1,445
Union Carbide & Carb-.10
60% 62% 14,298
61%
United Light & R y_____
61
67
67
493
1st preferred.............. ..
76% 77%
175
Participating preferred
79
79%
80
United Iron Works v t c.50
6%
6%
100
U S Gypsum.......................20
57% 58
60
Wahl Co......................... .(*)
59
59
60%
1,700
Ward, Montg’y & Co.pflOO
102% 102 %
100
When Issued__________ 20 ' 22 %
22
22 %
400
Western Knitting Mills (*)
8%
925
Wolff Mfg Co com_____(*)
29
29
29
170
Wrigley Jr, common____25 106% 105
107
445
Yellow Mfg Class " B ” ..1 0 190% 186
195
1,885
Yellow Taxi___________
73%
72% 74%
3,940
Bonds—
Chic C’y & Con Ry 5s. 1927
50% 52% $38,000
Chlcafo Rys 4s, Ser ‘ ‘B’” 27
49
49
5,000
Met W Side El 1st 4s. 1938
62% 67% 28,000
Extension gold 4 s .. 1938
58% 63
19,000
Ogden Gas Co 5s......... 1945
90
90
1,000
Peoples GL & C 1st 6s. 1943
96
96
2.000
* No par value.
B a lt im o r e

Low.
60
105

High.

Feb
Jan
Feb
July
Jan
Feb
Mar
Sept
Sept
Aug
Sept
Mar
Jan
Jan
Jan
Feb
Aug
Sept
Aug
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Sept
Feb
Feb
Jan
Jan
Jan
Jan
Apr
Sept
Jan
Jan
Jan
Sept
Mar
Jan
Aug
Jan
Jan
Jan
Jan
Sept
May
May
Jan

79%
118
18
28%
23%
76
58%
37%

25
5%
55%
63%
69%
77%
81%
9%
58%
71%
102 %
25%
10 %
29
110 %
246
80%

June
May
May
May
Sept
Sept
May
Sept
Sept
Aug
July
Sept
May
Sept
Apr
June
July
Aug
Aug
Sept
Apr
May
Mar
June
Sept
Sept
July
Aug
Sen?
June
July
Sept
Sept
Sept
Feb
Aug
Sept
May
Sept
May
Feb
Aug
Apr
Sept
May
May
Sept
Feb
Feb
Aug

46% Aug
33
Jan
52
Jan
Jan
50
84% Mar
85
Feb

53%
52%
67%
63
90
96

Apr
May
Sept
Sept
Sept
Sept

10

25

10 %
56
48%
35
100
1%

7%
3%
27
53
82
3%
7%
39
100%
62%
19
23%
80%
88%
143
93%
12 %
59%
94
13
42
24
91%
17
%
40
43
29
76%
70

6

53%
60
76
12 %
5
29
97
132
50

101

7%
8%
6%
53%
83%
99
7%
11%
42
10 1 %
96%
28%
54%

101

98%

100

99%
28%
94%
109
20%
49%
50

110

S t o c k E x c h a n g e .— R e c o r d o f t r a n s a c tio n s a t

Friday
Sales
Last IVeet’s Range for
Sale.
of Prices.
Week.
Par. Price. Low.
High. Shares.

Week from Sept. 9 to Sept. 15
Stocks—

Range since Jan. I.

Arundel Sand & Gravel. 100 39
Baltimore Tube, com.. 100
Preferred_________ 100
Benesch (I), pref______ 25 26
Cent Teresa Sugar, pref. 10
Commerce Trust___ .50 __
Commercial Credit, com.25 65
Preferred___________ 25 26%
Preferred B_________ 25 27%
Consol Gas E L & P
117%
7% preferred______ loo 107%
8% preferred--------- 100 119
Consolidation Coal___ 100
Continental Trust____ 100
C & P Tileof Balt, pref. 100
Cosden * Co, pref.. .
5
Newstock........
ioo 102
Eastern Rolling Mill, com.
Preferred_________ _
60
Equitable Trust.
25 _____
Fidelity & Deposit___ Iso _____ _
Finance Co of Am, com 25
Finance & Guaranty. .
20
Houston Oil pref tr ctfs. ioo
Indlahoma Ref_______
Manufac F inance..Iliod
Preferred.......... _
Maryland Casualty.
25 92
Monon Vail Trac, pref
Mt V-Woodb Mills p f.. 100 52
Common____ ____ ioo
New Amsterdam Cas" 10 32%
Pennsyl Wat & Pow
100
United Ry & Elec_____ 50 20%
U S Fidelity & Guar... 50 142%
Wash B & Annap, com 50 ______
Preferred_______
50
Bonds—
Alabama Co gen 6s...1933
Arundel Sand & G 6s. .1923 100
Balt Electric stpd 5S..1947
Consol Gas 4%s_____ 1954
5s-----1939
Cons G E L * P 4%si! 1935 92%
7%s, Series B_____ 1945 110
6s, Series A____
1949 105%
7s, 1st Series C ___ 1931
109
Consol Coal ref 4 % s ..l 934
Refunding 5s_____ 1950
92
Convertible 6s....... 1923
Cosden & Co ser A 6s. 1932 110
Davidson Sulphur 6s 1927
Fair & Clarks Trac 5s. 1938
Ga Car & Nor 1st 5s.. 1920
Knoxville Traction 5s. 1938
Lake Rolands El 5s 1942
Lexington (Ky) St 5sIIl949
Macon Dub & Sav 5s. .1947 60
5s.-_.1953
MUw El Ry & Lt 4 %s. 1931
Maryland El Ry 1st 5s ’31
Monon V Tr 5s, serta A ’42 84
7s.
.1923
North Balt Trac 5s" I " 1942
£ el??sJkWat & B ° w 5s 1940
United E L & P 4% s 1929
United R y & E 4s
1949
6s, w 1--------------------- 1949
income 4s__
1949
Funding 5 s _ _ : :: :: i i 9 3 6
6s ---------------------------- 1927
Wash Balt * An 5sl 11 1941

99
99
77
103
59
80
98%
81

37
19%
50
25%

2

39
19%
51%
26
2%
60
65
27
28
119%
108

60
62%
26%
28
117%
106%
118% 120
87% 88%
175
175
108% 110
5
5%

102 102
20% 21
60
40%

112

35

20

60
40%
113
35%

20

90% 92
5
5
60% 60%
26% 26%
92
91
17%
17
52
53
14
14
32% 32%
115
118
20% 22
142%
142
15%
15
32%
32
90

100

90

100

41
41
92% 92%
100% 100%
92% 92%
110 %
110
105% 107
109%
109
92%
92
91% 92%

346
40
134
236
40

10

Range since Jan. 1.
Low.
27
19

86
24

2

60
49
25
25%
91

58
1,329
4
290
162 102
205 105
241
80
20 175
103 105
770
3%
40 102
20%
70
60
130
20 40%

110 110
140

20
21

300
59
140
53
172

112

5
135

101

750
59
130
60

35

20

78
3%
41
24
90%
17
44

10

31
92%
9
142
12 %
29

100 80
500 100
41
15
1,000 81%
2,000 93
2,000 85%
14,900 106

22,000 100
16,000 101 %
1,000 85%
1,900
86

7,000
100 100
110 % 287,500
109
1,000
99
99
5,000
91% 92
3,000
90% 90%
1,000
93
93
1,000
98% 98%
2,000
83% 83%
1,000
60
60
3,000
86
83
2,000
90
90
1.000
96
96
11,000
82% 84
99% 15,000
99
1,000
98% 98%
4,000
99
98
1,000
95% 95%
34,000
75% 77
102% 103% 21,000
58% 59% 23,000
7,400
80
79
98% 98% 31,000
27,000
80% 81

96%
98%
96%
87
83%
85
97
80%
38%
80

86

Jan
May
Mar
Jan
Sept
Sept
Mar
Jan
Jan
Jan
July
Jan
Jan
Sept
June
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Feb
Sept
Jan
Jan
Sept
Aug
Jan
Jan
Sept
Jan
Jan
Sept
Aug
Jan
Mar
Sept
Sept
Mar
Jan
Jan
Jan
July
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Mar
Jan
June
May
Feb
Jan

Jan
75
Feb
95
Jan
97% July
92
Jan
89% Jan
66 % Jan
98% Apr
46
Jan
66
Mar
98
Jan
78% Mar

High.
44
30
97%
26
4
60
69
28
28

120

108%
122 %
89
175

110

5%

102

25
65
40%
113
35%

20

92
5
60%
26%
92

20

55%
17%
32%
118

22

142%
19
34%

June
June
Aug
Aug
Mar
Sept
July
Apr
Apr
Aug
Sept
Sept
Aug
Sept
Aug
Sept
Sept
Aug
Sept
Sept
Sept
Sept
Sept
July
Sept
Sept
June
Sept
M ay
Apr
Apr
Sept
Sept
Sept
Sept
Apr
Apr

93% July
Sept
Aug
Sent
S eDt
Sept
Sept
Sept
Sept
Aug
Sent
June
Sept
Feb
Sept
June
Sept
Sept
July
Aug
86
Sept

100

95%
92%
100%
92%
110 %
107
109%
93%
92%
100%
110 %
104
92
96
93
98%
81%
60

95% Aug
84
Sept
99% Aug
98% Sept
99
May
95% Sept
77
Sept
103% Sept
59% Sept
80
July
100% May
84 1
•May

W e a ls o a d d th e r a n g e fo r th e p r e v io u s w e e k — t h e w e e k
f r o m S e p t . 9 t o S e p t . 1 5 , i n c l u s i v e — o m i t t e d i n o u r is s u e o f
la s t S a tu r d a y .

Week from
to Sept.
Stocks—

S a les
F r id a y
fo r
L ast
W eek ’ s R ange
Sept. 9 to
o f P r ic e s .
W eek .
S a le.
15, Incl.
H i g h . S h a res.
P ar. P r i c e . L ow .

Arundel Sand & Gravel. 100 38
Preferred___________ 100 ____ _
Atlan Coast Line co m .. 10C
50%
Baltimore Tube pref...100
C om m on __________ 10C
Central Teresa pref____ 10
Commercial Credit------- 25

63

Preferred B __________25
Cons Gas El Lt & Pow.100
7% preferred---------- 100
8% cumulative pref. .100

28
1194
106%

2%

110%

4%
Cosden & Co pref________5
C & P Tel of Balt pref. .100 1 0 8 %
35
Finance Co of America. .25
112%
Fidelity & Deposit------- 50
Houston OH preferred.. 100 90
I Benesch common----- 100
26
Preferred___________ 100
John Hurst preferred..100 _____
Manufacturers’ Finance.25 60 %
Preferred... ------------ 25 _____
Maryland Casualty------- 25 _____
Mt V-Woodb Mills com 100

New Amst’d’m Casualty 10
North Central--------------50
Pennsylv Water & Pow. 100
U S Fidelity___________ 50
United Ry & Elec com. .50
Wash Balt & Annap p f..5 0
Bonds—
Alabama Co gen 6 s .. . 1933
Atlan G L com 5s’ 20, 4s ’ 25
Baltimore Electric 5s. 1947
Baltimore Trac 1st 5s. 1929
Charles Con R y G * E 5 s .’ 99

32%

_____
115
140
22
..........

50%

38c

2%

2%

106% 108%
110% 122%
87%
87%
4%
4%
107% 108%
34%
35
112% 112%
89%
00
33%
33%
25%
26

83

58%

26
01%
15%
52

314
70%

83

60 %
26%
01%
15%
52
32%
70%

1 1 0 % 115
1394 141
22
20%
30%

96

30%

00

96
96%

99

99

86%

86%

84
84
1004 1004
92 % 0 2 %
n o % 1104
107% 100%
103% 105%

92
92
10011
100
106%
99

01%

01%

Houst Oil d lv ctfss6.’ 23-’25 _____
Macon Dub & Sou 68.1947
824
Mon V Trac 5s______ 1942
7s
_____1923

80%
50%
80%
00
05%

United E l* Pow 4 % s . 1929
United Railway 6s----- 1927
6s. when issued. — 1949
4*
______1949

10%

62 H 63
26 % 27
28
28
1 1 7 % 1194

06%

100

38
97
115
53

194
38c

00

96

Consolidated Gas 5s__1939
Cons Gas E L & P 4 % b 1935
7 % a B ____________ 1945 _____
7% 1st ref_________1931 1094
6 % Series A .
. . 1949
Consol Coal ref 4K8--1934
___
Ref 5s____________ 1950

Davison Sulphur 6 s .. . 1927
Fair * Clarks Trac 5s. 1938

36%

97
114

95

95

92

02%

100 %
100
109 %
99
91,4
90
594
824
99 4
954
95
9 84

405
5
11C
7C
5
30C
365
29
52
167
836
117
88
120
1,245
57
130
9
86
40
70
9
115
21
24
10
20
345
10
410
40
2,637
2
5,000
1,000
1,000
1,500
5,000
1,000
8,000
11,000
1,000
5,000
12,000
1,000
6,000
7.000
1,000
148,500
3,000
6,000
3,900
58
1,000
21,500
17,000
1,000
5,000
18,000
53,000
31,000
26,000
19,000
9,000

R a n ge s in ce J a n .
L ow .

P i t t s b u r g h S t o c k E x c h a n g e .— R e c o r d o f tr a n s a c tio n s a t
P it t s b u r g h S t o c k E x c h a n g e S e p t . 1 6 to S e p t . 2 2 , b o t h in c lu ­
s i v e , c o m p i l e d f r o m o f f i c i a l s a le s l i s t s :

1.

F r id a y
S a les
fo r
L a st
W eek ’s R ange
W eek .
S a le.
o f P r ic e s .
P ar. P r i c e . L ow .
H ig h . S h a r es.

H ig h .

Stocks—




98 %
101% 102%
75
754
58
57%
78%
784
81
80%

L ow .

1.

H ig h .

26
86
804
46
19
35c
24
49
25
254
91
102
105
SO
34
105
344
110
78
25
24
83
41
24
9 04
10
44
31
72
924
1394
9
29

Jan 44
Mar 9 74
Jan 115
May 60
May 30
74c
Sept
4
Mar 69
28
Jan 28
Jan 120
July 1084
Jan 1224
89
Sept
44
June 110
Sept 35
Sept 1114
Feb 92
Mar 3 5 4
Jan 26
Sept 83
Jan 6 0 4
Jan 2 6 4
Sept 9 14
Jan
174
55 U
Sept 3 2 %
June 79
Jan 112
Sept 141
Jan 22
Jan 3 4 4

80
96
88
91
814
78
93
854
106
1014
100
854
86
964
100
9 84
964
87
94
894
3 84
75
95
87
894
98
984
664
46
66
7 84

Mar
June
Jan
Mar
Mar
Feb
Jan
Jan
Jan
Jan
July
Jan
Feb

934
98
964
99
864
84
1004
924
1104
1094
105 H
9 34
9 24

July
June
Sept
Sept
Sept

Aug
Sept

M a r k e t A s s o c ia tio n o n J u n e 2 7 1 9 2 1 tra n sfe r re d its a c tiv itie s

Sept

1004
109 H
104 "
9 14
95
100
60
824
994
Qftj .
95'
1004
1024
7S K

June

fr o m

Feb
Sept

P la c e , an d

Jan
Jan
Sept
Feb
Feb
Jan
Jan
Jan
Apr

June
Aug
Sept
May
June
Mar
July
Apr
Aug
Sept
Sept
Apr
Aug
Sept
Sept
July
June
Aug
Sept
Sept
June
Sept
Apr
Sept
Aug
Aug
Sept
Sept
Apr

Sept
Sept
Aug
Sept

Mar
Mar
Sept

Am Wind Glass M ach.. 100
Preferred__________100
Am Wind Glass Co, p i. 100
Arkansas Nat Gas. com.10
Carnegie Lead & Zinc___ 5
Consolidated Ice, com. .50
Prftfprrfid
50
Exchange Nat Bank___ 50
Fidelity Title & Trust.. 100
Indep Brewing, com ___ 50
Preferred _
______ 50
Lone Star Gas_________25
Mfrs Light & Heat___ 100
Merchants Sav & Tmst.50
Nat Fireproofing com__50
Preferred_____ _____ 50
Ohio Fuel Oil
____ 1
Ohio Fuel Supply---------25
Oklahoma Nat Gas------- 25
Pittsburgh Brew, c o m ..50
Pittsburgh Coal, co m .. 100
Pittsb & Mt Shasta C o p .. 1
Pittsburgh Oil & Gas.. 100
Pittsburgh Plate Glass.. 10
Salt Creek Cons OH___ 10
Tidal Osage Oil_________*
Union Natural Gas___ 100
West’ house Air Brake. .50
W ’house El & Mfg com .50
West Penn Rys, pref. .100
West PennTr&WPcom.lOO

94
64
_____
See no
44
r274
564
84
1 94
54
24
34
""30c"
12
134
145
1024
_____
35

370 6 4 4 Jan
79H 80
91
92 U
Jan
275 84
Jan
1034 104
40 97
630
8 4 Mar
9 4 104
2,560
64
2 4 Jan
54
3
60
2 4 Apr
34
Jan
26
26
30 23
75
15 69
Jan
75
te below.
4
1,036
1 4 Jan
44
Feb
1 54 16
200
6%
1,022 2 0
Jan
274 284
Jan
630 45
5 6 4 57
42
Mar
42
10 40
8
342
84
6 4 Jan
Jan
790 15
194 20
17
17
10 1 34 Sept
630 4 4 4 Jan
5 34 5 6 4
1,554
19
Jan
2 3 4 2 44
745
34
34
1 4 Jan
6 9 4 7 14
35 60
Jan
27c
30c 86,100
19c May
9
9
90
6
Feb
170 175
50 130
Jan
11
12
1,625
8 4 Jan
Jan
180 11
134 134
143 145
40 1154 Jan
101
105 8 0 4 Mar
102 4
94 4 9 4 Jan
624 644
81
82
60 6 9 4 Jan
35
775 18
Jan
3 54

Bonds—
Indep Brewing 6s____ 1955 _____

7 74

79

810,000

67

Jan

90
93
107
124
64
4
26
75

May
Sept
Aug
Apr
Sept
Apr
Sept
Sept

44
17
314
58
42
94
214
23
564
264
34
79
31c
114
180
144
144
1474
1034
694
82
36

Sept
Sept
June
Aug
Sept
Apr
Aug
June
Sept
Apr
Sept
Sept
Apr
June
Aug
May
Apr
Aug
Sept
Apr
Aug
Aug

79

Sept

N o t e .— Sold

last week and not reported: 10 shares Fidelity Title & Trust & 31 OK.
♦ No par value.
N ew

Y ork

C u rb

M a r k e t .— B e lo w

is

a

record

of

th e

t r a n s a c t io n s in t h e N e w Y o r k C u r b M a r k e t f r o m S e p t . 1 6 t o
S e p t. 2 2 , b o th
A s n o te d

in c lu s iv e , a s c o m p ile d

in o u r is s u e o f J u l y 2

th e B ro a d

fr o m

S tr e e t c u r b to its n e w

th e A s s o c ia tio n

t h e o f f i c ia l

1 9 2 1 , th e N e w

is n o w

Y ork

lis ts .
C u rb

b u ild in g o n T r in it y

is s u in g a n

o ffic ia l s h e e t

w h ic h f o r m s t h e b a s i s o f t h e c o m p i l a t i o n s b e l o w .
W e e k e n d in g S ep t.

Stocks
Sept
May
Sept

80

iF r id a y

S a les
fo r
L a s t 1W e e k ’ s R a n ge
S a le.
o f P r ic e s .
W eek .
P a r .. P r i c e . ' L o w .
H ig h . S h a r es.

22.

Industrial & Mlscell.
Acme Goal Mining........ 1 63c
Acme Packing........... . .10) _____
Aluminum Mfrs, common - 2 04
78%
Mar 80
Funding 5s------------ 1936
July Aluminum Mfrs, pref. .100I _____
81
Wash Balt & Annan 5s 1941
Mar 84
May Amalgam Leather, com..*>
American Hawaiian SS.. 10) _____
Am Light & Trac. pref. 100) _____
w e llAOWlSG UhVXU
American Thread, pref.. .5
S e p t . 8 , in c lu s iv e , n o t p r e v io u s ly p u b lis h e d .
Amer Type Found, comlOO1_____
Amer el 1 « ■• om.loO| 3 4
F r id a y
S a les
Atlantic Fruit when Iss.. - *
fo r
L a s t W e e k 's R a n g e
Bang & Aroos RR, pf-. 1001 " 9 5 4
Week from Sept. 2 to
R a n g e s i n c e J a n . 1.
o f P r ic e s .
W eek .
I cl , Mee new O ', W 1__ . 7 44
S a le
Sept. 8, Inclusive.
Beth Steel new pref w 1
L ow .
H ig h .
Stocks—
P«r. P r ic e . L o w . H i g h . S h a r e s
Blyn & Sons, Inc........
131 26
3 6 4 37
Jan 44
June B .r ■ Co. om O'. .100i 117
5 80 % Jan 113
113 113
1 113
Sept Bradley Flrep’f Prod,com.1
100
) ..........
24
24
2 4 June
2 4 Apr Brier Hill Steel.com------ *
1 _____
30 19
194 20
May 30 June Brit-Amer Tub ord bear.£l
52
10 46
52
1 ____
Ordinary.....................£1
May 60 May
i ____
338 24
2 5 4 26
Jan 26
Aug Brooklyn City RR......... 1Ui ____
33
i ___
32
129 25
25
Mar 35 % June Bucyrus C o ..........
Common . .
35c 42c
2,522 35c
Jan 74c May Buddy-Buds. Inc__
1
14
Celestine Oll.
100
( _____
24
24
2 4 Jan
14
4
Mar Car Lighting * Power..25■
44 105 June 110
l 1084 1084 109
New preferred w 1
74
Aug
23 49
61
614
Mar 69
14
July Carlisle Ire.........
196 25
2 6 4 27
Jan 28
Apr Ce lulold Co pref.........100 i 105
71 25 % Jan 28
2 7 4 28
Apr Cent States Elec com..100i
295 91
Jan 120
'U 9 4 1184 1194
Aug Gent Teresa Sugar, com .111'
22 102
July 107% Sept
Preferred.................. 101_____
1074 1064 107 4
35 105
1194
Jan 120
1194 119
Aug Ches & Ohio Ry Cl A pref.. 1064
125 80
8 7 4 88
4%
Jan 89
8 84
Aug Chiu Nipple Mfg, Cl A .. 10
341
44
34
Class B.................... .10
3 4 Sept
34
4%
Apr
Cosden * Co, pref---------- 5
5 22 % Sept 25
224 224
Aug Cities Service, com-----100 199
Eastern Rolling Mill
65
4
65
65
65
Sept 65
Preferred__________ 100 6 94
Sept
204
Sept 1 1 1 S e p t
Preferred B...............10
Fidelity* Deposit---------50 1114 110 1114
12
25
12
Sept
12
Sept Cities Serv, Bankers’ sh..* ” 2 04
Finance Service, Class A .10
90
5
90
Feb 84
Jan Cleveland Automobile__ * 2 74
Houston OH trust ctfs. - 100
30
904
90
Feb 92
July Colombian Emerald Synd. 80c
Preferred trust ctfs. .100
30
34
3 4 Sept
34
34
3 % Sept Columbian Syndicate-----24
Indiahoma Prod & Ref- - -5
35 41
57
67
Jan 57
Sept Com’l Solvents Corp Cl A.* 4 74
Manufacturers Finance.100
134 90 % Sept 91 % Sept
904 914
914
* 4 44
Class B ...............
Maryland Casualty------- 25
85
17
10
Jan 17% Apr Conley Tin Foil..............-*
1 54
Mt V-Woodb Mills v t r 100 1 54
104 44
53
Jan 5 5 % Apr Continental Motors___ 10
51
104
Preferred___________ 100
77 31
Sept 31 % Sept
31
314
Preferred----------------100
New Amster'm Cas’y C o.10 3 1 4
5
79
72 June 79
79
79
Aug Cosgrave Breweries...........
Northern Central--------- 50
174 9 2 4 Jan
Aug Cubun-Domlnlcau Sug wl *
Pennsyl Wat A Power. .100 1104 110 111
675
9
Jan
20
204
11
204
Aug Daniels Motor, com........*
United Ry & Elec---------50
35 139 % Sept
1394 140
Sept Davies (Win A) Co, Inc..*
U S F id elity ............---5 0
205
124 Aug
124 1 24
Apr Denver & Rio Or pref.. 10C
Wash Balt & Annap----- 50
35
31
29
Jan
31
34%
Apr uuuliur Comluuaurot Radio*
6K
Preferred.....................50 ” 3 1 "
45 K
Durant Motors, Inc___ .*
Ixirant Motors of tnd__ 10 1 2 X
Bonds—
$3,000
91
Mar 98 % Sept Earl Motors, Inc_______ *
984
98
Baltimore Trac 1st 5s. 1929
200 92
92
Aug 93 % May Federal Light 4 Tr com 100
92
C & P Teleg of Va___ 1943
4.000 9 6 4 Mar 99
99
6
99
May Federal Tel 4 Tel............5
Central Ry cons 5s— 1932
3.000 93
Jan 100% Sept oiiielte Safety Razor___ * 228
Consolidated Gas 5s. . 1939 i0 0 4 1004 1004
1.000
85
%
Jan
9
2
4
0
2
%
Sept
9
2
4
Glnibel
Bros,
com,
w
l
...*
Cons G, E L & P 414s. 1935 9 2 4
5.000 100
Sept 110
100 100
Preferred...................100 102
Aug
5% notes............ — 1939
July 103 % Aug Glen Aldcn Coal___
1034 10,000 100
57 H
6% Series A ---------- 1949 1034 103
1.000
8
5
4
Jan 93 % Aug Goodyear T 4 R, com..100
9
1
4
914
Consol Coal ref 4 4 8 -- 1934 9 1 4
7.000
86
Feb 92
Preferred.................. 100 "~27H
Sept
9 0 4 92
1950
Refundlng 5s.
30.000 98 % Mar 107 June
Prior preferred......... 100
107
Cosden & Co Ser A 6s. 1932 1064 1064
r\c\
no
5.000 96 % Jan 104
Feb Hall Switch * Slg, com. 100
Davison Sulphur 6s— 1927
1.000 87
Jan 91 % Sept Havana Tobacco, pref. 100
914 914
Fair & Clarks Trac 5s. 1938
4.000 38 % Feb 60
60
Mar i .ayes Wheel when issued * 334
60
Macon Dub & Sav 5s. 1947
7.000 95
Jan 99 % Aug Hercules Powder, pref-100
994 994
Monon Val Trac 7 s.. . 1943 9 9 4
1.000 71
Apr 86
86
Heyden Chemical-..
14
Sept
86
1944
Norf & Ports Trac 5s. .
28.000 66 4 Jan 7 5 % June Hud * Manh RR, com .100 114
75
74
United Ry & Elec 4 s.. 1949 75
31,000 98 4 Apr 102
Aug Inland Steel__________ 25
1014 102
102
6s 1949, w i ............
7,000 46
Jan 58 % May luluruuulinuutal Rubb.lUO
5 64 57
Income 4s_________ 1949 57
700 66
Mar 80
78
July International Carbon___ _____
78
Funding 5s------------ 1936
Jan 100 % May Kupp’h’mer (B) 4 Co com 5
9 8 4 9 8 4 29.000 98
6s------------------------- 1927 9 84
13.000 7 8 4 Mar! 84 |May
Preferred................. 100 -—
80
4
1041
8
0
4
Wash Ralt * Annan
98 %
102%

R ange s in ce J a n .

61c
70c
35c
39c
204 2 04
103 103
9 4 11
20
20
95
95
54
54
66
66
34
34
24
24
9 54 9 5 4
7 4 4 75
98
67
3 24 33
117 1174
15c
15c
174 174
184 194
18
194
94
94
25
25
14
1%
80c
14
8
7
14
14
1044 105
10
10
14
14
24
24
106 1064
4
5
34
34
199 2044
6 9 4 7 04
64
64
2 04 2 14
2 64 29
75c
87c
24
24
474 4 94
44
45
144 144
9 4 10 4
inn Vs m o k
6
64
64
74
104 114
34
34
i 65c
650
6
74
444 484
124 14 4
24
24
39
39
64
74
227 230
4 44 4 54
102 102
59
57
10
104
2 74 2 74
62
62
34
34
14
14
33
3 44
101
101
14
14
12
10
4 94 4 94
44
44
104 114
354 36
100 100

32.000
13,000
100
100
2,700
100
100
500
10
100
500
200
300
2,100
200
300
700
200
9,600
1,100
2,300
20
10,000
29,500
5,500
100
135
200
1,000
400
3,000
1,700
100
895
2,600
100
2,400
1,900
8,700
600
800
1,700
500
36,400
10
300
1,300
1,400
100
100
2,300
11,900
4,400
300
30
1,700
330
1,500
1,100
800
800
100
200
100
100
2,200
100
14,000
1,800
200
200
900
800
800

R a n ge sin ce J a n .

1.

L ow .

H ig h .

Aug
Mar
Jn,"
Mar
Apr
Jan
Aug
.Tnnn
Mar
Fb
Aug
Sept
Sen
Aug
Apr
F-b
Sept
Sept
Feb
June
Jan
Sept
Jan
July
Sept
A ue
July
July
AIII!
24 Sept
105
Sept
1 4 Apr
1 4 May
Jan
158
Jan
51
4 4 Jan
Jan
17
Jan
20
Apr
50c
l-M* June
44 4 June
3 8 4 June
Feb
10
5 4 Feh
Feb
75
Sept
6
8 4 Sept
104 Sepi
Jan
25
Jan
38c
4 4 Sept
2 24 Jail
8 4 Jan
Jan
2
194 Apr
5 4 Mar
Jan
169
404 Sept
102
Aug
Jan
42
7 4 Aug
Jan
24
62
Sept
2 4 Mar
20c
Jan
27 4 Allg
101
Sept
80c Feb
3 4 Feb
49
Mar
3 4 Aug
9 4 Aug
3 54 Sept
100
Sept

Apr
Mar
June
Sept
Apr
June
May
Sept
Sept
May
June
Sept
Aug
Aug
Sept
Sept
June
May
Aug
Aug
0%
Sept
25
Sept
2lf» Apr
1 % Sept
Sept
8
2 4 Jan
May
111
May
16
3 4 Feb
4 ' Feb
1074 Sept
6 4 July
5 % July
May
242
June
72
6 4 Sept
2 44 Apr
June
35
1 4 May
3 4 July
5 04 Sept
Sept
45
154 Sept
1 0 % Sept
1004 Sept
8 4 Aug
124 May
144 June
34
Feb
750 Apr
9 4 May
Sept
50
164 Apr
6 4 Jan
42
Aug
7 4 Aug
230
Sep:
4 64 Aug
102 4 Aug
6 3 4 Sept
154 May
40
Juno
7 3 4 June
5
Apr
2
May
3 44 Sept
101
Sept
<4 Sept
154 May
58
May
114 Feb
134 July
3 7 4 Sept
101
Sept

50c
20o
15
85
74
. 1 94
94
Stf
5 24
3
14
9 54
74 j
944
27
94
15c
174
124
1 24
44
25
450
50c
6
50c
95
64
1 Ui

14
74
25
103
144
34
984
54
66
54
3
954
82
1004
33
1174
14
21,4
204
20

Stocks (C o n tin u e d )

Friday
Sales
for
Last Week's Range
o f Prices.
Sale.
Week.
High. Shares.
P a r . Price. Low.

Lehigh Power Securities. _*

Milliken Tractor Co.
Unstamped_____
Nex Mex <v rlzona Land !
IN Y Air Brake new cl A.
N Y Tel li '-5 W, pf w I.. I
N Y Transportation----Peerless Trk & Mot Corp50
Perfection Tire & Rubber.
Phllllpsboru’8, Inc., com.
Prlma Radio Corp_______
Pyrene Manufacturing.. 1C
Radio Corp of America__ '

55*4
108*4
291*4
14*4
88*4
29%
X
1%

100

4K
3%

Republic Rubber______
St Lawrence Feldspar__
11
Schulte Retail <tor“s__
55
South Calif Edls, com..]
Southern Coal £’■ Iron___ 6
45c
Standard Gas & El com.50 20
Preferred_____ _____ 50 49
Standard Motor Constr.10
3%
Stutz Motor Car___
21
Swift & Co
..
Swift International____ 15 24
Technical itimi i orp.
5%
Technicolor, Inc, w i_____
26*4
Tenn Elec Pow. com. w i . _______
Tlmkon-Detroit Axle___
Timken Roller Bearing w 1 28*4
Tob Prod Lx porta Corp..
9%
Todd Shipyards Corp___ * 61
United Profit Shar’g, new.l
6%
Un Retail Stores Candy . *
6*4
U S Distrib Corp, com ..60
U S Light & Heat, com.. 10
1*4
Preferred.....................10
1*4
Utah Idaho Sugar_____ 10
Van Raalte Co, Inc_____ ______
Warren Bros___________ *
Wayne Coal___________ 5
3
West End Chemical..
63c
Willys Corp, 1st pref__ 100
First pref ctf of dfcp........
Youngst Sheet & T com..* ......
Rights—
Chesapeake & Ohio Ry___
Cosden & Co....................
New York Air Brake w i__

Low.

1.

High.

18*4 19
18*4 7/
79
8
7
2*4 2%
10c 10c
66 57 3*4
109% 109*4 16
10
...........
45c 45c
30 30K
3
2'A 3
2%
K
2*4 12
0'A 1I%
*4 2%
2*4 12
IS*4 8K 20
8
7K
...........
______

Mercer Motors______
Voting trust certifs.

Range since Jan.

I?l6

1,100 15*4 Aug 20*4 Sept
72 66 Feb 82 June
600 7*4 A
ug 10 May
700 75
c Feb *4 f«
1,000 10c July 8
July
*■
4i S
12,600 53 Sepl 62
ent
1,400 105*4 Aug 1103*‘4
S
nt
1,000 20c Aug 79c Aeu
g
100 30 Sept 33 May
1,800 1*4 Apr 5*4 May
15,600 2 Feb 4*4 May
500
2,400 2*4 Sept 2*4 Sept
2,900 5% Jan 23% Julv
500 7*4 July 11*4 Jan
100 I K
IK
IK
1
,2
00
1%
1%
55 60 2,00
0 52 Sept 60 Sept
103Vg110*4 2.550 10
6 .Fillv 10*4 S"Ot
29% 29% 200 19 Mar 13
1*4 May
1 1% 300 1 Aug 3
Jan
14 14
165*,4 Ju
K
1
,5
0
0
5
*
4
F
eb
ne
88 89
200 63*4 Mar 91'4 Sent
58 59*4 300 33*4 Feb 60*4 Aug
3 3
100 2 ug 4*4 May
1*4 100 29*4 JA
3
1*4 3
e 31*4 Sept
39
40 1,000 3
9 uen
pt 42 Aug
100K 100*4 300 100 S
Aug 100*4 Aug
l'A 1% 35,700
Aug 1*4 Sept
10
10*4 500 8*4 July 14
*4 May
4K 4*4 21.SOO 2
*
4
an 6*4 Apr
3 3*18 7,700 2 JIa
n 3*4 May
*4 1,300 al2*4 Sept 29 July
6102c% 13
60c
AT^y
45c 45c
10*4 11 4,600 8*4 Aug 11 Sept
48 57 7,500 33
Apr 65 Sept
105 105
25 05 Sept 107*4 Sept
41c 46c 69,500 13
Jan
UC July
20 20
1
00 15 Mar 21 June
49 49
100 44 Mar 49 Sept
3K 3*4 100 3*4 Jan 6 Anr
20 1*4 5,700 11 July 45 June
103 12
10
170 95 Jan 111 S pt
23 24*4 1,300 17*4 Apr 24*4 S*e,,u
pt
5*4 5*4 1,400 5 A III/ 6%
25K 26*4 16,200 25*4 Sept 26*4 Sept
14% 14H 400 III lime 11*4 Sept
28% 2
8*4 100 6*4 Aug 29*4 Aug
27K 28*4 14,400 2
27*4 ept 30*4 Aug
6*4 7 2,300 3 S.u
n 10>4May
60 62
685 60 Sept SO*4 Feb
6'A 6*4 1,800 5 Mar 9 May
6*4 6*4 6,100 4*4 Jan 84 Mav
29% 29*
4 100 12*4 Feb *4 Sept
pr
1*4 18,500 75c Jan 29
m
2*18 A
r
1% 1*4 1,S00 96e Feb
4 Saen
100 254 Aug 315*4
3K
3
)4
47 48
GOO
40 Jan 61 Maprt
2
0
31K 31*4
20 Jan *4 Sept
2K 3*4 11,500 85C Mar 31
ept
3*4 Sia
57c 65C 3,200 50c .III1V 87
n
16 18
300 6 Mar 31c July
16 16
100 13 Apr 30 July
68 68*4 200 64 Aug 72 May
90c Sept
IK
1%, 41,900
1% 1*4 3.000
Sept
3K 5 2,700 21*4 Sept

Former Standard Oil
Subsidiaries
Anglo-American Oil___ £1 20*4 19% 20*4 6,400
Rurkeye Pipe Line___ .50
97 98
50
Continental Oil______ 100
146 146*4
20
Crescent Pipe Line____ 60 36
36
3
5
*
4
70
Eureka Pipe Line_____ 100 ______
89 89
20
Galena-Signal Oil. com .100
5
3
5
5
6
5
Illinois Pipe Line_____ 100
173 173
30
Indiana Pipe Line___ _
9
6
9
6
9
7
2
0
National Transit___ 12.50
26K 26*4 100
Ohio O il........................ zo 304 295 305
2
2
0
Penn Mex Fuel______ 25
27 27
100
Prairie Oil & Gas......... 100 640 605 640
40
Prairie Pipe Line_____ mo 271 270 273
1
60
South Penn Oil..............100
2
2
1
2
2
0
50
Standard Oil (Indiana).. 26 117*4 115% 119 101,600
Standard Oil (Kansas) .100 580 555 585
250
Stand Oil (Ky) n w . . 100 107 107 109
5,700
Standard Oil of N Y ...100 494 464 512
2
,7
85
Standard Oil (Ohio)... 100 490 475 498
90
Vacuum 'Hi
loo 494 476 518
6
05
Washington Oil_______ 10
24 24
40
Other Oil Stocks
Aetna Consol Oil — -----2%
Alcan Oil Corp.............. . . 6
Allen Oil----------------------1 40c
Allied Oil........................ I
American Fuel OH pref.. 10 —
Arhuusas Nat Gas. com .10
Atlantic Lobos Oil. com.
9%
17c
Big Indian Oil & Gas-----Booue Oil_____________ 6
Boston-Wyoming Oil-----1 86c
Brit-Amer Oil, Ltd-------25 35
Brit Consol Oil Fields— 25 ______
6K
Carlb Syndicate.........
Consolidated Royalties
Considlne Martin oil..
IK
Continental Refining..
IK
Cosden & Co old pref-----5 ______
Creole Syndicate......... - . 6
3K
Engineers Petrol Co-------1 19c
14K
Equity Petrol Corp, pref
Federal Oil____________ 5
l'A
Fensland Oil_______
Gilliland Oil, com______ *
4K
Glenrock Oil................... 10
1
'A
1
Granada Oil Corp class A 10
Gulf Oil Co.......................
Gulf Oil Corp of Pa when is 62*4
Hudson O il... ................1 14c
Imperial OH (Canada) coup m*4
International Petroleum..* 21'A
Kay County Gas_______ 1
Keystone Ranger L)evel..l 47c
Kirby Petroleum............*
4%
Lance Creek Royalties.. . 1
Livingston OH Corp....... 1
Livingston Petroleum___ *
1%
Lyons Petroleum _______
75
c
Magna Oil & Refining___ 1
IK
Magnolia Petroleum__100
Maracaibo Oil Explor.
* 18*4
Margay Oil Corp. _
*
Marine Oil new...
*”
Marlaud tm
____
Marland Refining.
5
4K
Merrlti Oil C o r p ...H " lo
8%




Sept
1*4 S
1*4 ept
4*4 Sept

16*4 Jan 25 June
84*4 Jan 100 Apr
125 Jan 149 May
28 Jau 36*4 May
79*4 Jan 103*4 May
40 Jan 62 May
160 Aug 198 Apr
84 Jan 106 Mar
Apr
26 July 31*4 M
2 ay
257 Jan 33
17 Jan 4**4 •»| v
520 Jan 648 June
224 Jau 273 Sept
173 Feb 249 JM
une
s354 Jan **4 1
560 June 51825
Sept
76 Anr 054 Sept
341 Jan 51112
Sept
3
9
Jan 4J8 Sept
2U0
9 .hid
518 Sept
20 Apr 29 Feb
.1

2*4 1,200 1 June 3 Aug
1c*4 1,500 1*4 Aug 15*4 July
40
,000 21c Sept 60c Mar
3c 1
1,000 2C Jan 5c July
100 1 June 3 Jan
1
*
4
10
100 8*4 i<eu 13 Apr
9
*
4
7
00 *4 July 12*4 May
17c
2
00 17
6c Sept 35c Apr
13c
95c 23,400 57c Mar 99c June
35
200 29 Jan 35 June
2
100
Aug 2*4 June
6*4 15,100 31**4
Jan 9*4 June
1*4 500 1 4
l'A
IK
1*4 200 IK Sept 1*4 Sep
00
2*4 1,4
IK
g 4 Mar
800 14 Au
4K 5
ar 5*4 July
8,300 1*4 M
J
a
n
2K
3
*
4
3*c4 Seapllt
18c 20c 26,000 18c Sept 72
14% 14*4 1,500 12*4 June 14*4 Sept
1 1*4 30,900 1 Jan 2'At May
,500 9
15*4 16*4 14
19*4
4% 6*4 1,400 3*4 June 9*4 Apr
8,400 83c Feb 1*4 June
IK
1%,
1 1*4 400 1 Sept 3*4 Apr
165 455 July 810
670 810
54 68*4 190,300 53*4 Sept 68*4 Sept
13c 16c 59,000 7c Jan 50c Mar
110 114 2,650 917
*4 Mar 127*4 May
*4 32,700 4 Mar 27*4 May
20K 22
200 2 May 3
3 3
c Aug
37c 60c 63,900 32
Jan
1,900 4 Aug 261*144» F
eb
4% 5
4c 4c 1,000 3c June 10c Jan
16c 18c 3,000 8c Aug 27c Mar
1 July
1*4 Mar
l'A 1*4 3,900
72
c 80c 12,900 58c Jan 1*4June
0 50c Apr 2 Aug
1*4 2,240
IK
65 175 June 230 Sept
178 230
*4 Aug 27*4 Mar
18*4 19*4 3,800 15
24
200 1
U4 1% 6
5§£ Sept
00 5
*4
5
K
in
6
4,700 1
n 4*4 June
4*4 300 28 JJualy
14H May
8% 11*4 1,500
2%

l'A
40
c
3c
IK
10
19%
6c
10c
79c
34
2
5
%

J

5M

\K

Other Oil
Stocks (C o n tin u e d )

P a r.

Mexican Panuco Oil___ 10
M •vino Ml Corn______ 10
1
Mountain & Gulf Oil
Mountain Producers
Mutual Oil_____________
New England Fuel Oil___
New York OH............... .
Noble Oil A Gas_______ 1
Noco Petroleum, com__ 10
North American Oil____ 5
Northwest oil__________ 1
Ohio Ranger_____ ______ 1
1tmar oil 6t Gas_______ lo
Pennock Oil................... ]n
Producers & Refiners._.10
Red Hank Oil________
Ryan Consolidated___
Salt Creek Consol Oil..
Salt Creek Producers..
Sapulpa Reftnlng.........
Savoy Oil_____ _____
5
S aboard Oil & Gas_____ 5
Shell Union Oil, com, w l._
Simms Petroleum______ *
South Petrol & Refining...
Southern States OH______
Snencer Petrol Corp___ 16
Texon Oil & Land_____ 1
Tidal Osage Oil________ *
Turman O il..................... 1
Ventura Consol Oil Fields 5
Vulcan OH____________ 5
Western States Oil & Gas.l
"'Ill'll' •III <VI Lis .......... 5
Woodbine Oil Corp__
*
•Y" Oil & Gas____ _____ 1

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

51c
m
"li%

10 *4
75*4

23*4

1%
1

14*4
10*4
72*4
20*4
19c
2*4
1*4

18c
3c

1%

7

24c
6*4
11%
15*4
1*4
12H
9*4
18c
18*4
3
51c
1*4

5*4

9
23c
6*4
10*4
15
3*4
3*4
1*4
12*4
9*4

13c
18
254
49c
13
1

30
60c
35c
5*4
50c
13c

Mining Stocks
Alaska Brlt-Co) Metals..10
2*4
2*4
'lvarado Min & Mill...20
5*4
5*4
Amer Com M & M.
4c
American Exploration . . 1
1*4
10c
Belcher Divide__
2c
Belcher Extension........10c
5c
Rig Ledge Copper Co___ 5
8c
8c
Boston & Ely. . .
1
82c
lioston & Montana Corp.25 81c
71c
'inston & Montana D ev..5 10c
10c
Butte & New York_____ 1
30c
Calumet & Jerome Copp.l
19c
Canada Copper Go___ 5
2c
2c
Canario Copper____
lo
2*4
2*4
1 43c
Gandalarla Silver___
38c
C ish Rov Consolidated.. 1 10c
10c
Consol Arizona________ 5
2c
Consol Copper Mines___ 5
25c
Certificates of deposit.
2*4
New stock.
4*4
4*4
Consol Nevada-Utah Cop.
6c
Copper Canvon.
1 65c
65c
Cork I'rovim-e Mines . . 1 18c
16c
Cortez Sliver
1
1*4
Cresson Con Cold M & M . 1
2*4
Crown Reserve.
1
20c
1 i
nh' I Ing. . m
4*4
Dean Consolidated Corp.l 52c
50c
Divide Extension..
1
15e
Dolores Esperanza___ 5
2
'■ '1 s dvadnr silver Mines’ 1 ” l6c’
10c
Ely Consolidated.
9c
9c
Kmiiiu .Silver.
|
lc
lc
Eureka Croesus.
26c
25c
First Nat Copper.
5
50c
Fnrtuna Cons Mining___ _
12c
12c
Goldfield Bluebell
3c
‘2c
Goldfield Cons Mines__ 10
8c
Goldfield i0eep..
7c’ 4c
Coldfield Development . . . 15c
9c
Goldfield Florence______ 1
15c
Goldfield Oro Mininc
2c
2c
Cold Zone Divide _____ ]
8C
Green Monster MiningJJso
7c
nara Shell Mining __
1
6c"
5c
[larmill Divide__
inn
7c
7c
rieela Mining.........
25c
7*4
7*4
Henrietta Sliver.
52c
50c
Uilllop-Nevada Mining
95c
90c
flollinger Cons Gold Min .5 13
12*4
Independence Lend Mining 53c
37c
feromp Verde Devel___ 1
3*4
Jim Butler TonoDah
" 1
7c
7c
Jumbo extensioni
8c
Kerr Lake_____
a
3*4
3*4
Knox Divide..
in»
4c
4c
La Rose Consol Mines 5
29c
i.one star CoimoI
i
9c"
8c
MacNamara Cresc M ln.ll
8c
8c
MacNamara Mluine
i
8c
8c
Magma Copper.
a
33*4
Marsh Mining.
i 13c
13c
Mason Valley Mines
a
1*4
1*4
McKinley -Darragh-Sav __ 1
26c
Mohican Copper
20c
15c
National Tin Corp.. 50c 24c
23c
Nevada Onhir
~ 1 21c
21c
Nevada Silver Hills
4c
4c
New Cornelia.
18
New Dominion Copper
3*4
3*4
New Jersey Zinc.
job 155*4 155
N Y Porcupine Mining’
60c
58c
Nlpissing Mines
a
5*4
5*4
Ohio Conner.
jo
17c
17c
Park Utah Mining
5*4
5*4
Ray Hercules, luc
1*4
1*4
Red Hills Florence
5c
5c
Rex Consolidated Mining 1
8c
8c
Sandstorm Kendall
'
2c
Silver Dale Minlne
14c
Sliver Horn M A D
11c
9c
Sliver Mines of A m er
13c
13c
Silver Pick Consol
i
8c
Simon Silver Lead
35c
34c
South Amer Gold &” piat 1
4*4
4*4
Spearhead.
10c
8c
Standard Silver-Lead
j
19c
Stewart Mining
7c
7c
Success Mining
44c
44c
Teek Hughes
78c
87c
Temiskaming Mining
35c
I onopah Belmont Dev
1
1*4
1*4
Tonopah Divide
78c
81c
Tonopah Extension.
2%
2%
Tonopah Gypsy
2c
2c
Tonopah Mining.
2%
2%
Tonopah North Star
9c
Tri-Bullion S & D
rr
8c
8c
Tuolumne Copper
i
57c
United Eastern Mining.. .1
1*4
1*4
United verde Exten___ ’ ]
29*4
United Zinc Smelt
1
U S Corn Mines, new__
15c
.........

S a les
fo r
W eek .
S h a res.

51c
100
1*4 22,100
1
1,000
14*4 6,100
11*4 64,400
76
5,800
26
4,300
21c 10,000
400
2*4
4,700
2*4
20c
4,000
4c
7,000
2% , 171,700
7 *4 1,200
200
9*4
25c 29,000
7*4 2,800
11*4 2,300
15*4 5,100
1,900
3*4
200
3*4
1*4 2,300
14
9,900
11*4 37.600
20c 80 300
19*4 5,200
3
600
57c 96,100
300
13*4
1*4 46,700
100
30
60c
400
35c
1,000
5*4 10,800
50c
200
14C
8,000

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

1

L ow .

51c
1*4
70c
9*4
5*4
40
11*4
13c
1*4
1*4

July

4

Feb

Jan

Jan
Jan
Jan
May
Mar
Jan
Apr
Apr
15c Jan
2c July
67c Mar
4*4 Jan
6
Jan
lie July
10
Apr
12*4 Jan

2 5-t Feh
3*4 Sept
Mar
12*4 Sept

80c

8*4
6c
12*4
75o
40c
10
1
23
50c
22c
2*4
50c
7c

June
Aug
Jan

Feb

Jan
Jan
Julv
Jan
Jan
Mar
Jan
Aug
Aug

1.

H ig h .

2*4 Mar

4*4 Mar

Jan
May
June
Sept
June
Mar
6
Mar
3*4 June
35c May
12c Mar
3
June
7*4 June
954 Sept
35c
Jan
8*4 June
15
May
20*4 May
5
June
5
Apr
1*4 May
14
Sept
12*4 Jan
5
Jan
20
Aug
7
July
1
May
14*4 June
l ' K s Apr
34
June
65c
Apr
50c May
7
July
1
Feb
38c
Jan
1*4
18*4
12
80
38
35c

3*4 1,900
1*4 Jan
554 Mar
6
300
Mar
8
Jan
5c 3.000
3o July
10c Apr
1*4 2,100
1*4 Aug
3*4 Apr
2c 2,000
lc
Jan
3c July
6c 27,000
2c Mar
9c Aug
9c 28,000
8c Julv 29c
Jan
82c
100 50c Feb 95c May
85c 41,200 71c Sept
5
Jan
9c Sept 94c
11c 90 000
Jan
8 c 3,000 30o Sept 75c Feb
19c 1,000 13C Jan 30c Feb
3c 49,000
lc Sept 65c
Apr
2*4 2,500
1*4 July
3*4 July
47c 142,000 19c Jan 47o Sept
10c 22,300
Felt 10c Aug
4c
oC 6.000
2c
Jan
10c Apr
25c 1,000 20c July
2*4 Apr
2*4 3,500
1*4 Aug
2*4 Aug
4*4 12,200
4*4 8ept
4 >4 Sept
6c 7.000
2o
9c May
Feb
75c 2.500 65o Se .
1
Mar
21c 33.000 16c Sept 22c Aug
Jan
1*4 12,800 84c
1*4 Sept
3
Jan
2*4 3,500
2*4 June
20c 1.000 11c Jan 25c Sept
Sent
100
5
4*4
8*4 June
5lc 12.400 36c Aug 54c Sept
15c 1,000 IOC Aug 21c
Jan
2*4 1,000 820 Feb
2*4 May
13c 27,000
2c Mar 22c
Aug
11c 7,000
3c Mar
12c Aug
2c 25.000
lc Mar
5c Aug
28c 37,000 18c Jan 41c July
50c
200 50c July SI
Apr
14c 33 000 10c Julv 26c Aug
3c 18.000
lc Aug
3c Aug
8c 3.000
3c
Jan
12c Apr
9c 27.100
ic
Jau
5c Aug
25c 98.000
3c June 60c Sept
9c July 30c
18c 3 000
Apr
2c 3,000
lc June
4c July
7c Mav
9c 3.000
Apr
15c
11c 2,000
7c Sept 22c Mar
6c 4.000
5c S ■>c 48c Mar
8c 6,000
6c Aug
18c June
4*4 ./fill
Aug
8
7*4 1,100
5Sc 17,000 30c Aug 70c Sept
20,000 75c June
1*4 July
1
14*4 7.700
14*4 Sept
7*4 Jan
6c
Jan 76c May
56c 224,500
5
Feb
2*4 Jan
3*4 1,500
7c 3,000
4c July
10c
Feb
9c Aug
2c
Jan
8c 3,000
3
Mar
400
4*4 Apr
3*4
30
Jan
7c
5c 17,000
Aug
29c 2.000 25c Jan 63c Mar
lo
Jan
12c
Aug
11c 142,000
le
Feb
14c Sept
11c 51,000
5c
Jan
140 Mar
8c 5,000
35*4 11,000 26*4 Jan 35*4 Sept
4c
31o May
Jan
15c 4.000
3*4 May
1*4 Jan
1*4 21,200
8c June
40c
2Sc 4.000
Apr
26c 6.000 15c Mar 47c Jan
2Sc 30 000 230 Sept 67c May
21c 6,000 120 Ami* 52c Mar
2c
Jan
14c May
4c 7,000
100 17*4 Jan 20 June
18
2
Jan
3*4 Sept
3*4 5,900
215 141 June 156
Sept
156
60c 2,800 51c Sept 60c Sept
5*4 Julv
6*4 Mar
6*4 4,500
6c
Aug 21c Sept
21c 38,000
5*4 July
5*4 Sept
5*4 4,100
1
Feb
2*4 June
1*4 14,200
lc July
6c 48,000
8c Aug
50
Jan
12c May
9C 15,000
lc Aug
5c Aug
5c 47,000
2c
Jan 50c June
16c 7,000
5c Juno
12c 15.000
12c June
14c 9,100 10c Aug 20c Mar
3c Sept
8c 1,000
23c Mar
35c 6.000 33c Sept 90c Apr
4*4 Apr
4*4 1.000
5*4 Jan
lc May
13c 203 000
14c Sept
19c 1,000 10c Jan 24c May
2c
Jan
16c Apr
8c 16,000
lc Mar 53c
Aug
4Sc 28,000
95c 32,000 20c Jan 97c Sept
40c 5,000 27c July 45c Sept
Jan
3,400
1*4 June
l '%
iK e
85c 25.S00 46c Mar 94c Aug
1 F e b
2*4 6,400
2*4 Sept
2c Aug
3c Aug
2c. 5,000
6,400
2%
2/4* Sept
l 7A> Jan
9c 2,000
2c
Feb
12c June
5c Mar 26c May
10c 7,000
61c 4,100 45c Mar
1 May
1 % 59,900
1*4 Apr
2*4 Jan
1,300 27
30
Mar 30*4 Jan
400 75c June
1*4 May
1*4
18c 4,000 lie Aug 65c
Jan

Mining (C o n clu d e d )

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

Unity Gold Mines______ 5
Victory Divide Mining.10c
West Dome Cons________
West End Consolidated__
White Caps Mining-----10c
White Knob Copper, pf-10
Yerrlngton Cons________
Yukon-Alaska Trust ctfs.Yukon Gold Co............ -.5
Bonds
Allied Pack conv deb 6s ’39
Allied Pack 8s SerBw l ’39
Aluminum Mfrs 7s__ 1925
7s.................
1933
Amer Cotton OH 6s— 1924
Amer Light & Trac 6s .1925
Without warrants_____
Amer Repub Corp 6s w 1’37
Amer Tel & Tel 6s.. .1922
1924
6s.................
American Tobacco 7s. 1923
Anaconda Cop Min 78.1929
6% notes Series A ..1929
Anglo-Amer Oil 7MS..1925
Armour & Co 7% notesl930
Atlantic Fruit 8s w 1-------Atl Gulf & W I SS L 5s 1959
Beaver Board 8s_____ 1933
Beaver Products 7HS.1942
Bethlehem Steel 7s__ 1923
Equipment 7s_____ 1935
Bklyn Union Gas6swl.'47
Canada SS Lines 7s w 11947
Canadian Nat Rys 78.1935
5s when Issued____ 1925
Canadian Pac Ry 6s.. 1924
Central Steel 8s_____ 1941
Charcoal Iron of Am 8sl931
Cities Serv deb 7s ser C '66
Debenture 7s ser D.1966
8s w 1______ _____ 1941
Colum Graphophone 8s ’25
Com’w’th Pow Corp 6sl947
Cons G E L & P Balt 7s '31
6s Series A w 1____ 1949
5Ms Series E.........1952
Consol Textile 8s........1941
Copper Export Ass'n 8s '24
8% notes__ Feb 15 1925
Cuban Tel 1st 7KS...1941
Cudahy Packing 7s__ 1933
Deere & Co 7M&___ .1931
Dery (D G) Corp 7s w 1’42
Detroit City Gas 6s__ 1947
East Cuba Sug74$s w 1 '37
Fed Land Bk 4>£s w 1.1942
Freeport Texas Co 7s. 1937
Gair (Robert) Co 7s.. 1937
Galena-Signal Oil 7s. .1930
General Asphalt 8s.. .1930
Goodrich (B F) Co 7s.1925
Grand Trunk Ry 6Hs .1936
Gulf Oil Corp 7s____ 1933
Hershey Chocolate 7 Ms '30
Hood Rubber 7% notes '36
Interb R T 8s J P M rects.
Certificates of deposit...
7% notes...... ...........1921
Kansas City Pow & Lt 5s’52
Kansas Gas & El 6s__ 1925
Kennecott Copper 73.1930
Kings County Ltg 6Ks w 1.
Laclede Gas Light 7s..
Libby McNeill & Llbby7s’31
Liggett-Winchester 7s. 1942
Manitoba Power 7s.. .1941
Merch & Mfrs Exch 7s 1942
Morris & Co 7448___ 1930
Nat Acme Co 7Ms__ 1931
Nat Cloak & Suit 8s.. 1930
National Leather 8s.. 1925
N Y N H A H 7s w i.. 1925
500 franc bonds____
Paullsta Ry ref 7s-----1942
Phlla Electric 544a w 1.1947
1st lien 6s________ 1941
Phillips Petrol 744s.-.1931
Without warrants—
Public Serv Corp 7s w 11941
Sears, Roebuck & Co 7s '22
7% serial notes Oct 15 '23
Shawsheen Mills 7s — 1931
Sinclair Pipe L 5s w 1..1942
8olvay & Cle 8s..........1927
Southw Bell Telep 7s. 1925
Stand Oil of N Y deb 6 44a’33
7 % serial gold deb. .1925
7% serial gold deb..1926
7% serial gold deb.. 1927
7% serial gold deb.. 1928
7% serial gold deb.. 1929
7 % serial gold deb. . 1930
7%serlal gold deb..1931
Sugar Estates Oriente 7s ’42
Sun Co 7s...................1931
6S.....................
1929
Swift* Co 7s________1925
7s________ Aug 15 1931
5s, when Issued-----1932
Tldal-Osage Oil 7s-----1931
Union Oil of Calif 6s. . 1942
United Oil Produc 8s.. 1931
United Rys of Hav 7 Ms '36
U S Rubber 1st ref 53.1947
Vacuum Oil 7s_______1936
Valvollne Oil 6s, ser A wi’37
Wayne Coal 6s______ 1937
Western Elec conv 7s. 1925
Wickwlre-Spen St 7Ms ’32

3M
3c
13c
15
92c
91
1044s
106M
99 M
107M
100M
92
101 M

10194
10394

102 %

103M
105
37
72
10694
10294
96 M

111 M

101 M

97M

89 M
10594
10094
107M
101 M
102 M
102
100

99 M
106M
106
103
10SM
104M
105M
101

96
95M

93 M
98M
105
I62MI
102 M
104
106 M
98 M
101
85M
71M
10694
105
100
101M
106
95M
107
103M
109M
10644
10694
108
108M
9944
102M
10144
102M
97
10494
101M
100
106 M
90M
109
101
72

S a les
fo r
W eek .
S h a res.

3
3M 2.600
6c 84,000
2c
20c 29,000
14c
lHa 1 % . 15,900
13c 3,000
13c
200
60c
60c
3c 1,000
3c
100
15
15
98c
400
91c
82
91
104 M
106 44
99M
10694
10094
92

82
92 M
104 M
10694
99 M
107M
101
93

52,000
18,000

R ange s in c e J a n .
L ow .

294
2c
lie
70c
3c
31c
2c
15
80c
59
76

1.

H ig h .

Mar
Sept
June
Feb
Feb
May
Apr
Sept
June
Jan
Feb

Frb
Sept
Aug
l*Me Mar
18c Aug
IX Aug
5c May
May
20
1 M June
5M

6c
21 c

Apr
90
99M May
Aug
Aug
107
99 94 July
Sept
109
101 M Aug
93 M Aug
Mar
101
101 M Apr
103 May
10494 Aug
102 M Aug
10494 Aug
105 M July
50 June
66 M May
Sept
81
Sept
101
106 M Aug
Aug
105
106M Sept
97
Sept
112
Aug
99 M Aug
101 M Jan
108
Sept
99M Apr
98
Sept
91M Sept
103
Sept
Mar
49
90M May
Sept
110
107M Sept
101 M Sept
100 M Juno
103M Apr
Mar
105
107M Juno
102
July
103
Aug
Sept
100
Sept
103
105 M Aug
101M Aug
156 June
100
May
107
Sept
Apr
107
103M July
103M Aug
10494 May
105 M Sept
102
Aug
97 M Aug
98M Aug
105
Sept
93 M Sept
98M Sept
106M Jan
101M Sept
Aug
103
10294 Sept
104M Sept
100 May
100M May
107 May
Sept
100
106M Sept
101M Sept
92M May
78 May
Sept
100
103 Sept
106M Sept
126 May
10444 May
105M Sept
101M Apr
Apr
102
106M Sept
95 M Sept
107 M July
104M Aug
109M July
Aug
108
10694 Sept
107 May
108
Sept
Aug
109
109 June
111
July
99M Sept
102M Sept
100 Sept
102 M July
103 M Apr
97M Sept
106 Sept
102 May
Apr
110
Apr
108
91
Sept
109M Aug
101
Sept
74 M
10944 Mar
100 Sept

2,000 100M Jan 105

39,100 102M Feb
Feb
23,000 93
Jan
24,000 96
57,000 100 May
94,000 92 Sept
9,000 99M Jan
100
100
101 H 101 94 53,000 99 M Jan
101 M 101M 14,000 101M Sept
68,000 100M Jan
103M 104
10244 102M 66,000 9694 Jan
10394 103M 32,000 102M Jan
104M 105M 65,000 101M Jan
Sept
2,000 37
37
37
24,000 57 M Apr
55M 59
May
76
22,000 61
72
Sept
5,000 99
99 101
106M 106M 66,000 10044 Jan
102
103M 52,000 100M Jan
106 106M 8,000 104 June
July
96
97 121,000 94
111
1 1 1 M 46,000 104M Feb
99M 99 M 60,000 98M June
101M 101M 36,000 99M Jan
Feb
107 107M 21,000 98
96 M 97 M 19,000 92 M Mar
Feb
2S.000 87
96 M 98
Mar
91
91M 8,000 86
9,000 100M Sept
101M 103
38
12,000 22M Jan
38
July
47,000 88
89 94 90
108M 109M 31,000 102M Janl
105M 107 M 77,000 99 M June
100 M 10094 213,000 100M Sept
Feb
7,000 94
9894 99
May
102 94 5,000 102
102
10.394 104
49,000 103M Aug
106 94 107M 7,000 102M Jan
101 M 101 M 17,000 100M Jan
Feb
102 M 102 M 12,000 95
Sept
100 100
3,000 100
24,000 10144 Sept
101M 103
Sept
100 100M 109,000 100
10194 101 M 10,000 100 May
120
1,000 100M Apr
120
Feb
99 M 99 M 27,000 95
20,000 100M Jan
10544 107
15.000 102
Jan
10594 106
17,000 9644 Jan
103 103
Jan
107M 10SM 67.000 102
104M 104 M 23,000 10294 Jan
2,000 100M Feb
105 105 «
Jan
101
101 M 23,000 95
Jan
94 M 96 115,000 72
94M 95M 211,000 89 94 July
102
21,000 76
Jan
101
93M 93 M 61,000 93M Sept
98
98M 21,000 95 June
10494 105M 36,000 101 M Jan
101
101 M 3,000 90M Mar
102
102M 51,000 94M Feb
102 10244 22,000 98 M Apr
2,000 98 M Mar
10394 104
93,000 89
99M 100
Jan
99 M 99 M 3,000 99 M June
106M 106M 3,000 102 M Jan
98
99
33,000 92
Mar
106 106
4,000 95
Jan
100M 101M 93,000 95 M Jan
85M 86 M 20,800 77
Mar
78,750 64M Mar
71M 72
99
99
1,000 99 Sept
102M 10294 6,000 99 June
106M 106M 23,000 100M Jan
1,000 101
120 120
Feb
10294 10294 3,000 99
Apr
104M 105M 100,000 96 M Feb
8,000 98 M Jan
100 100
101M 10194 16,000 97
Jan
28,000 101
106 106
Jan
95
95M 75,000 95 Sept
106M 107 M 16,000 102 44 Jan
103 103 M 101,000 10044 Jan
109M 109 M 33,000 105M Mar
10594 105M 19,000 104
Jan
106M 10694 23,000 104
Jan
106M 10694 23,000 104M Feb
107M 107 M 1,000 105
Feb
108M 108M 5,000 105M Mar
108 M 108M 7,000 106
Apr
10994 11044 3,000 107M Mar
98 M 99 M 39,000 98 M Sept
102M 102 M 3,000 S844 Jan
13,000 94 M Feb
99 M 100
101M 101M 37,000 10044 Jan
10294 103M 184,000 101
Jan
96M 97 M 39,000 96 M Sept
104 10494 17,000 99M Jan
56,000 100M June
101M 102
7,000 90
100 101
Feb
18,000 100
106M 107
Jan
90M 90M 33,000 90 M Aug
65,000
106
10SM 109M
Jan
11,000 98 44 July
10094 101
72
73 M 9,000 50
Jan
107M 109 M 491,000 103 M Jan
7,000 99 Sept
99 100

Foreign Government
and Municipalities
Argentine Nation 7s.. 1923 100M 100M 100M 72,000 97
Jan
75c 75c 010,000 75c Aug 101M
(Berlin 4s------ ---------5M
59
59
5,000 59 Sept 72M Apr
59
French. Govt 5s______
38M 40M 295,000 37 M Aug 52 44 Apr
Mexico’ 4s............
1945 40
11M 12,000 11 Sept 13 Sept
11M 11
3s.............................
1694 1694 1,000 1694 Sepi 23
66 M 60,000 50
54
July 56 M Sept
6s 10-ycar series B---Netherlands(Klngd)6s B ’72 94 %
94 M 95M 461,000 94M Sepl 9644 July
21,000 99M Sept 10044 July
99M 100
PcruJ(Republic) 8s w 1.1932 100
Russian Govt 644sctfs 1919 12M 12M 12M 25,000 10 M Aug 26M Apr
36,000 13M Jan 28
Apr
11M 13
Russian Govt 544®-----1921
Serbs, Croats and Slovenes
Sept 96
92
95 M 216,000 92
Aug
(Kingdom of) 8s w 1.1926 92
Switzerland Govt5448 1929 104 M 104 M 105M 72,000 9594 Jan 107 M Mar
+ Odd lots. * No par value. { Dollar per 1,000 marks, a Ex-100% stock divi­
d en d
a Marks. A Correction, m Dollars per 1,000 lire flat. I Listed on the Stock
W vrhftnee this week, where additional transactions will be found, o New stock.
v When81ssued. i Ex-dividend, y Ex-rlghts. z Ex-stock dividend.




Quotations for Sundry Securities
All bonds prices are “ and Interest” except where marked “ f.'
Standard Oil Stocki Par, B id . / i f
Anglo-American Oil new. £11 *2012 2012
Atlantic Refining______100/1115 1130
Preferred___________100) 115 118
Borne 8crymser Co____ 100 425 445
99
Buckeye Pipe Line Co__ 50 *97
Chesebrough Mfg new..100 195 205
Preferred new_______ 100 HO 115
Continental Oil_______ 100 144 147
Crescent Pipe Line C o.. 50 *36 37
Cumberland Pipe Line.. 100 148 153
Eureka Pipe LIdc Co__ 100 95 97
56
GalenaSlgnalOllcom-.-lOO S3
Preferred old________100 J08 112
Preferred new_______ 100 *00 103
Illinois Pipe Line............100 170 174
Indiana Pipe Line Co— 50 96 98
International Petrol.(no par) 21 2U*
National Transit C o..12.50 28 27
New York Transit C o ...100 J70 175
Northern Pipe Line Co.. 1 00 ' 107 109
Ohio OHCo.................... 25 *300 305
Penn Mex Fuel Co____ 25 28 29'
Prairie Oil * Gas............100 635 645
Prairie Pipe Line______ 100 270 273
Solar Refining............... 100 360 370
99
Southern Pipe Line C o.. 100 97
South Penn Oil_______ 100 210 220
65
Southwest Pa Pipe Lines. 100 60
Standard Oil (California) 25 •11534 116
*11/14
11712
Standard Oil (Indiana).. 25
Standard Oil (Kansas). . 100 570 580
Standard Oil (Kentucky) 25 107 Il07l2
Standard OH (Nebraska) 100 188 '193
Standard Oil of New Jer. 25 *195U 19512
Preferred______
100 116 117
Standard Oil of New Y’k.100 497 500
Standard Oil (Ohio)-----100 488 493
Preferred___________ 100 118 119
Swan* Finch................. 100 32 35
Union Tank Car Co___ 100 111 116
Preferred___________ 100 110 112
Vacuum Oil__________ 100 500 504
Washington Oil_______ 10 *22 28

Joint Stk. Land Bk. Bonds
Chic JtStk Land Bk 58.1939 99*4 1001)
10234 103>2
6s 1951 opt 1931........
103'g 103*8
6s 1952 opt 1932........
105<2 106U
644s 1951 opt 1931...

RR. equipments— P e r C l B a s i s .
6.30 6.00
Atcb Topeka 4 Santa Fe 6s
Atlan Coast Line 6s 4 644s 5.35 6.05
6.50 4.75
Baltimore * Ohio 444* * 6s
Buff Rocb 4 Pitts 4s A 444s 5.10 4.50
Equipment 6s__________ 5.25 4 90
Canadian Paclflo 444s A Os.. 5.30 6.00
Caro Cllnchfleld 4 Ohio 6s.. 6.00 5.50
5.50 6.00
Central of Georgia 444s___
5.30 5.00
Central RR of N J 6s.........
Chesapeake 4 Ohio 6s 4 6 44* 6.45 6.00
Equipment 5s__________ 6.35 4 90
Chicago 4 Alton 6s_______ 6.50 6.70
Chicago Burl 4 Quincy 6s.. 6.30 6.00
Chicago 4 Eastern III 6H s.. 5.90 5.40
Chicago Ind 4 Louisv 444®- 5.50 6.10
Chlcago St Louis 4 N O 6s.. 5.35 6.00
Chicago 4 N W 444s........... 5.20 4 75
Equipment 6s 4 644s___ 75.35 6.00
Ohio R I 4 Pac 444s, 6s, 6s 5.65 6.10
Colorado 4 Southern 6s, 6s. 5.50 5.15
Delaware 4 Hudson 6s____ 5.35 5.10
Erie 444s, 5s 4 6s_________ 6.80 5.20
Great Northern 6a________ 6.35 6.10
Hocking Valley 444s. 6s 4 6s 5.50 5.15
Rlinols Central 4Ms. 6s 4 6s 5.30 5.05
___ 4 90
Equipment 7s 4 6 Ms___ 5.20
Kanawha 4 Mich 4Ms. 6s.. 6.50l 5.10
Louisville 4 Nashville 5s... 6.20 4.75
5.35 5.00
Equipment 6s 4 6 Ms___
5.3o! 6.00
Michigan Central 5s, 6s___
Minn S tP 4 S S M 4 M s4 5s 5.45 6.10
5.60 6.20
Equipment 6Ms 4 7s___
Missouri Kansas 4 Texas 6c 5.75 6.25
5.60 6.10
Missouri Pacific 5s_______
6.60 6.20
Equipment 6s 4 6 Ms___
5.80 5.20
Mobile 4 Ohio 4Ms. 6s____
New York Central 4 Mo. 6s. 5.10 4.75
5.05
5.35
Equipment 6s 4 7s_____
N Y Ontario 4 Western 4Ms 6 00 6.50
Other Oil Stock)
4
60
6.10
•91s
91
2
Norfolk * Western 4 Ms___
Atlantic Lobos Oil (no par)
Equipment 6s__________ 6.30 5.05
Preferred___________ 50 *35 40
4.90
Gulf Oil............................... 745 750 Northern Pacific 7s_______ 5.25
4.90
Humble Oil & Refining___ 234 238 Pacific Fruit Express 7s___ 6.20
4.50
Imperial Oil___________ 26 ■111 112 Pennsylvania RR 4s 4 4M*- 5.10
6.10
6.35
195
205
Equlpment6s__________
Magnolia Petroleum___ 100
5.10
5.35
914 Plttsb & Lake Erie 6s 4 6Ms
Merritt Oil Corporation. 10 *9
4 65
Mexican Eagle Oil......... 5 •13>2 15 |Reading Co4Ms_________ 6.15
6.10
5.75
15i2
15*4' St Louis Iron Mt 4 Sou 5s.. 5.59 5.10
Salt Creek Producers_____
St Louis 4 San Francisco 63Seaboard Air Line 4M* 4 6s. 5.90 5 40
Tobacco Stock)
76
79 Southern Pacific Co 4Ms__ 5.10 4.75
American Cigar common.100
5.20j 4.87
Equipment 7 s ..._______
Preferred....................100 87 91
5.051 6.25
Amer Machine * Fdry..l00 225 250 Southern Ry 4M*. 5s 4 6s.. 5.4o;
5.20
American Tobacco scrip... *164 159 Toledo 4 Ohio Central 6s—
19l2 Union Pacific 7s__________ 5.10 4.75
Britlsh-Amer Tobac ord. £1 •19
6.50 6.10
•19
1912.
Virginian
Ry
6s__________
Brit-Amer Tobac, bearer £1
Public Utilities
Conley Foil (new)..(no par) •1312 15
*169 173
Helme (Geo W) Co, com. 100 168 175 Amer Gas 4 Elec, com.. 60 *45U 46
Preferred.....................100 112 ___ ' Preferred____________ 60 138 140
•1434 15i2 Amer Light 4 Trac. com.100
Imperial Tob of G B * Ire
95 98
Preferred___________ 100 140
Johnson Tin Foil * Met. 100 85 105
146
MacAndrews & Forbes.. 100 120 123 Amer Power 4 Lt, com.. 100 88*4 91
Preferred___________ 100 15 19
Preferred___________ 100 100 103
32
34
Amer
Publlo
Util,
com..
100,
Mengel Co----------------- 100
Preferred___________ 100‘ 30 35
Porto Rlcan-Amer T ob.. 100 70 75
75
*75 85
lackstoneValG.4E.com 50 d 72l2 64
Scrip............ .............
60
•80
85
Carolina
Pow 4 Lt, com. 100 200
Reynolds (R J) Tobacco. 25 •50
202
Schulte Ret. Stores (no par) 122 54 Cltlee Service G o . com. .100 69?8 7014
125
Preferred________
100
Universal Leaf Tob com. 100
103 Colorado Power, com__ 100 23*2 2412
Preferred___________ 100 101
89 95
Preferred___________ 100 90 95
Young (J S) Go_______ 100 96
32 33
Preferred___________ 100 a n d m ic e s ) Com’w'th Pow, Ry 4 Lt.100 05
68
Preferred___________ 100
Rubber Stocks (Cleeel
74 Elec Bond 4 Share, pref. 100 97
Flreetone Tire * Rub.com .10 73
38 391*
90
Federal
Light
4
T
rac...
100
6% preferred_______ 100 85
86
Preferred___________ 100 72 75
7% preferred_______ 100
d 18i2 19U
Gen’l Tire * Rub, com.. 100 250 300 Lehigh Pow Sec. (no par.). 29 31
Mississippi
Rlv Pow .com 100
Preferred___________ 100
10
11
Preferred___________ 100 84 86
Goodyear Tire 4 R, com.100 28*4
95>4 9614
Preferred___________ 100 61 28l2 First Mtge 5s, 1961..J4J 102
104
65
S f g deb 7s 1936..-M4N
Prior preferred______ 100
12
*9
Goodyear T4R of Can pf 100 80 84 Northern Ohio Elec.(no par) 30
32
70
72
Preferred___________
100
Miller Rubber________ 100
100
l2
99
98
98U North'n States Pow.com.100
Preferred___________
95l2
Preferred___________ 100 94
Mohawk Rubber______ 100 10 20
87
84
—
22 Nor Texas Elec Co. com.100
Swlnehart Tire 4 R .com .100
Preferred___________ 100 82 84
Preferred__________
92
iciflc Gas 4 El, 1st pref 100 00>2 56
Sugar Stocks
•15
17 Puget Sound Pow 4 L t.. 100 64
Caracas Sugar_________ 60
84
79
6% preferred_______ 100 82 ____
Cent Aguirre Sugar com. 20 • z 7 7
104
7% preferred_______ 100 1041*
1'4
Central Sugar Corp. (no par)
106
1
21*1 Gen M 7Ms 1941...M 4N
Preferred___________ 100
14
12
Cupey Sugar common... 100 25 35 Republic Ry 4 Light__ 100 44
47
Preferred___________ 100 107 109
Preferred___________ 100 45 65
Fajardo Sugar............... 100 7412 76 South Calif Edison, com. 100 121 __ .
Preferred___________ 100 *20
Federal Sugar Ref, com. 100 105 110
21
Preferred___________ 100 107 110 Standard Gas 4 El (Del). 60 *48 49
14
Preferred____________ 60 14l2 15
Godchaux Sug Inc..(no par) •14
79
Tennessee
Eleo
Pow
(no
par)
83
Preferred___________ 100
35 38
2d preferred____ (no par)
Great Western Sug, com. 100 257 204
64 66
Preferred____ _____..100 108 110 United Lt 4 Rys, com—-100 76
7812
1st preferred------------- 100 40 42
Holly Sug Corp.com (no par) •19 27
Preferred____ _______100 56 62 Western Power Corp-----100 86
88
Preferred----------------100
60
100
Juncos Central Sugar... 100
National Sugar Refining. 100 140 144
r C ent
14 Short Term Securities— P e 9938 99*8
SantaCeclllaSugCorp.pf. 100 11
Am Cot Oil 6a 1924 . . M4S2 101*8 101?)
Savannah Sug, com.(no par) 45 50 Amer
Tel 4 Tel 6a 1024.F4A
Preferred___________ 100 88 92
100's
6% notes 1922-------- A 40 100
West India Sug Fin, com. 100 60 100 Am
Tob 7% notes '23.MAN 1013s IOD4
Preferred____ _______100 58 61 Anaconda
CopMln6s'29.J4J 10214 102i2
Industrial&MIscellaneoua
104
7a 1929 Series B........JAJ 10334
American Hardware___ 100 194 197
103*8 10378
Amer Typefounders,com. 100 60 64
10478 105>8
95
100
Preferred___________ 100
ICOI4 101
Atlas Powder_________ 100 145 150
Deb 6s J’ne 16 '24.JAD15 10034 101
Bliss (EW) Co, new.(no par) *30*2 32
1001* 10634
•59
65
Preferred____________ 60
101 101U
Borden Company, com. .100 115 117
101 10112
Preferred___________ 100 100 103
103 103l8
95
90
Celluloid Company____ 100
10078 101 is
Childs Co. com_______ 100 116 112
9412 95l2
107
110
Preferred___________ 100 185 210
101 lOHs
Hercules Powder______ 100
103
104
6Ms July 1931.
Preferred............
100 102 104
102 102!2
International Salt_____ 100 61 68
9312
93
•102
105
International Silver, pref 100
99 U■ 9934
*78
82
Lehigh Valley Coal Salee. 50 163
I
IOU
4
10D2
175
|
Phelps Dodge Corp------ 100
103 103is
Royal Baking Pow, com. 100 107 109 !
10712 108l2
98 |
Preferred___________ 100 97
102 , 102l2
98
101
1
Singer Manufacturing— 100
* Per share 6 Basis, d Purchaser also pays accrued dividend. e New stock.
/■Flat price. A Last sale, n Nominal. 1 Ex-dlv. y Ex-rlghts. (E -stock dlv.

________Itoistment amt fj&ilim a

i« 3

R A I L R O A D G R O S s HeA r S i N G S

—

rtan 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 tlmlast twS
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.
J
runways
Latest Gross Earnings.
Week or
Month.

Current
Year.

Previous
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

$
Alabama A Vicksb. July
193.048 258,860 1,768,148 1,857,083
Araer Ry Express May
13230860 16573250 64,968,715 86,696.253
Akron Cant & Youn July
183,942 158,695 1,255.556
814.887
Ann Arbor___ . . 2d wk Sept
‘ ■>,306 103.765 3.448.275 3 425,000
Atch Topeka & S Fe July
15767202 15482787 99,169,520 104682915
Gulf Colo & S Fe. July
1.943.272 2.738.796 l i . 937.548 16.749.990
Panhandle S F e .. July
612.122 835,921 4,113.128 4.969.485
Atlanta Birm & Atl. July
323.061 279.342 2.165.907 1.769.236
Atlanta A West P t. July
207.431 200,467 1,354,663 1,455.240
Atlantic City______July
703.465 753,214 2,578,434 2.618,447
Atlantic Coast Line July
4,494,338 4,438,129 41,589,918 41,170 164
Baltimore & O h io.. July
13914 023 16537 773 112623182 112768724
B & O C h T erm .. July
246.065 188,609 1,723,489 1.397.266
Bangor & Aroostook July
406,574 371.188 4,894.961 4.147.348
Bellefonte Central.. August
9.982
6,999
66,133
47,976
Belt Ry of Chicago. July
445,914 432,371 3,336.640 2.935.811
Bessemer & L Erie inly
1.427/197 1.488,369 6.091.746 7.416.537
Bingham A Garfield July
20.465
10,154
102,845
116.649
Boston & Maine__ July
6,519,313 6.541,142 44,368,076 43.690.952
Bklyn E D Term. .. July
121.905
99.827
919,325
760.894
Buff Roch & Pittsb. 2d wk Sept 307,143 295,888 9,828,140 10,753,415
Buffalo & Susa___ July
52,331 126.263
784.0781
...
1.161.729
Canadian Nat Rys. 2d wk Sept 2.547.982 2,688,428 74.991.010
83.426.887
Canadian Pacific__ 2d wk Sept 3,774,000 4,334,000 110761000 122023 000
Caro Clinch & Ohio July
624,292 644,954 4.487,5471 4,226,675
Central of Georgia.. July
1.935.648 2,051.273 12,683,645 13.183 955
Central RR of N J . . July
3,686,157 4,630.517 26.886.137 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
238,807 259,228 1.963.283 1.949.850
Ohes & Ohio Lines. . July!
6,174.773i7 ,990.618 50 647.632 49.873.764
Chicago & Alton__ July
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 111 July
1.783.702 2.187 604 13.691.856 15 038.422
Chicago Great West July
1.915.134 1,971.692 13,238.278 13.631,578
Chic Ind & Louisv.. July
1.210,744 1,287.482 8,968,660 8,600,671
Chicago Junction.. May
292.669 409,419 2.045.955 2.042.576
Chic Milw & St Paul July
12694329 12197540 83,851,104 79.967.120
Chic & North West. Juiy
12680808 12215106 80,341,437 79 821.464
Chic Peoria & St L . July
173.047 178,855 1,306.232 1,135,474
Chic River & In d .. Fuly
562.303
1,354.566
Chicago R I & Pac._ July
10030565 11583" 048 66,084,247 73.896,404
Chic R I & G u lf.. July
538,486 702,775 3,254,546 4,271,170
Chic St P M & Om. Tuly
2.323.272 2,260.540 15 379.723 15 307 511
Cine Ind A Western July
341,742 308.072 2,385,326 2,005,820
Colo & Southern__ 1st wk Aug
453,017 461,927 15,744,050 17.509,017
Ft W A Den City. July
769.152 1.018.467 5,131,295 6.256.721
Trin & Brazos Val July
158.098 271,330 1,738,156 1,568.613
Wichita Valley— Fuly
90.991 138,919
925,762
662,436
Cumb Val AMartins July
53,309 140,623
873.581
506,627
Delaware & Hudson Fuly
2,220,962 3,965,073 21,087.392 26.376.330
Del Lack A Western inly
5,549.408 7.494,704 41.432.216 19.774.680
Donv & Rio Grande July
2,902.572 2,738,017 17.358.7S3 16.978.783
Denver & Salt Lake July
43,758 277,950
599.581 1,439,218
Detroit & Mackinac luly
180,802 184,010
996,113 1,100.805
Detroit Tol A Iront. Fuly
823.979 701,656 5,301.90? 3,357.192
Det & Tol Shore L . July
220,335 257,077 2,029,466 1,461,265
Dul & Iron R ange.. July
1.339.057 781.085 3,515.606 2.909.344
Dul Missabe & Nor. July
2,736.716 2,068,604 6,581,450 6.565.721
Dul So Shoro & A tl. 1st wk Sept
86.425
76,098 2.920.246 3.103,531
Duluth Winn & Pac July
166.318 105,369 1,138,982 1,496.356
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 A East. July
1,732,637 1.261,147 12.239,872 11,675.447
El Paso & Sou Wes luly
1,210,875 976,986 6,420,271 6.980,003
Erie Railroad______July
7,029,170 8,503,539 51.464.476 58.100.024
Chicago & E rie.. July
824.559 715.131 6.317.333 6,040,314
N J A N Y R R .. July
134,253 135.769
863,001
855,759
Florida East Coast. July
715,519 725,385 8,780,757 9.021.050
Fonda Johns & Glov August
113,583 119,226
908,071
898,273
Ft Smith & Western July
135,313 113,744
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
105,919 128.260
771,023
819,663
Grand Trunk S yst.. 2d" wk
‘ Sept 2,130.939 2,316,356 71,642,073 71,534.043
Atl & St Lawrence July
' '
184,171 145,749 1,549,070 1,719,220
ChDetCanGTJct July
197,112 119,290 1,521,488 1,088.971
Det G H & M ilw. July
513,194 479.568 3,0-19,199 2,272,109
Grand Trk W ist. 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. July
118,420 104,625
805.115
794,923
Gulf Mobile A 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
Hocking Valley____July
894,179 1.355,653 7,244,589 7,736.526
Illinois Central------July
11869898 11565130 81,643,019 80.441,877
Illinois Central Sys. July
13237325 13068617 91,739,065 91,939,543
Internal & Grt N or. July
949.357 1,587,617 7.691.026 11,061,580
Intornat Ry o f M e .. July
132,721 147,534 1.641.225 1.747.344
K O Mex & Orient.. July
112.810 152,812
778.123
986,144
K O Mex & O of Tex July
133.573 202,562
853,809 l,2i9,100
Kansas City South. July
1.338,419 1.622,147 10,070.936 11,618.514
Texark A Ft S m .. July
167,939 170,655 1,145,799 1,261.386
Total system___ August
1,727.5704,882,143 12,944,304 14,741,549
Kan Okia & Gulf__ July
212,6891 205,466 1,554,203 1.353,338
Lake Sup & Ishpem. July
228,659'
~0.117
3
476,340
104.256
Lako Term R y ____ July
78,760
74.543
630.319
772.163
Lehigh & Ilud River July
150.057 271,269 1,350,293 1,865,975
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
1,635,502 1,626.089 11.085,506 11.590,155
Los Ang & Salt Lako July
292,9211 251,415 1.926,205 1,935,296
Louisiana & Arkan. July
266,999 316,373 1.874,990 2,162.760
Louisiana Ry A Nav July
9,576,857 9,610,560 71,626.982 67.214.699
Louisville & Nashv. July
276,139i 222,035 1,807,527
_
Louisv Hend & St L July
1.629,021
1,626.151:1,550,690 11:752:876 12,027.462
Maine Central____ IJuly
367.0411 334,7741 2,648.940 2.586.072
Midland Valley____July
Mineral Range_____1st wk Sept
6,3271
2,110
190,203
218,665
Minneap & St Louis 2d wk Sept 347,670 442,224 10,537,519 11.099.955
4,262.422 3,534,772 23,517,350 22,913,515
Minn St P & S S M . July
107.121
86.413,
846.862
599.829
Mississippi Central- July
M o & North Arkan. July
...........
54,033
1 169,295

ROADS.

Latest Gross Eami ngs.
Week or
Month.

Current
Year.

Previous
Year.

Jan. 1 to Ixitest Date.
Current
Year.

Previous
Year.

$
Missouri Kan & Tex July
2,590.094 2,836.169 17,289,059 18.840,412
M o K & T Rv of Tex July
1,567.979 2.385.009111,576.829 15.585,115
M o Kan & Tex Sys. July
4,294.125 5,601,772 29.685,622
-------------- 35.931,114
Missouri Pacific___ July
7,763,626 8!959!?60 56,288.162 61,360.215
M ob’le & Ohio------- 2d wk Sept
305.312 354 224 11,909.443 12,079,963
ColumbusA Green July
135,824
85.307
850,482
855.119
Monongahela______July
136,204 309.223 1.867.i68 2.>94.396
Monongahela Conn July
132.817
43.030
965.802
413.095
Montour__________ July
16,932 109.686
364,938
913.470
V ishv Chatt & St L .Tulv
1,844,764 1.853,173 11.988,200 11,949,311
Nevada-Cal-Oregon 2d wk Sept
7 326
12.362
200.214
258,817
Nevada N orthern.. July
62,641
15.695
248.791
223.439
Newburgh A S-m Sh inly
147,837
81,553 1.145,333
730,495
New Orl Great N or. July
218,620 217,644 1.486.069 1,478.292
N O Texas & M e x .. July
182,914 131,739 1,501,919 1,516,954
Beaum S 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
NewYorkCentr.il. July
27934312 2625.5 176 186492095 183&3468S
Ind Harbor Belt. July
790,844 675.529 5,429.666 5.078.284
Lake Erie & West June
856.005 774.517 1.588,921 4.454.359
Michigan Central July
6,716.232 6.346.834 44,153,981 40.831,059
Clev C C A St L ._ July
6,346.848 6.242,501 17,176,486 45,836,267
Cincinnati North. July
227,505 326.003 1.977,816 2,078,666
Pitts A Lake Erie July
1,952,871 1.521,252 13,753,077 13,881.397
Tol A Ohio Cent. July
419,354 929.761 4,104.275 5,924,290
xr S aJ?awha & Mich July
224,021 429,781 1,784,563 2.710,645
N
* 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
N Y N H A H a r tf- July
10476218 100.16887 68,323,915'65,101,888
at v £?nt
Western July
1,161,445 1,655,942 6.752,713 8,135.797
N Y Susq A W est.. July
333.801 347,950 2,308,8501 2,505,391
Norfolk Southern..‘July
672,139 689,400 4,872,364 4,620,807
Norfolk A Western July
* "
7,563.344 6,787,348 53.574,695 45,978,419
Northern Pacific. . . Fuly
7.986.391 7.877.354 49.908,495 48.304,575
Northwestern Pac
Tuly
794.030 958.613 4.351.415 1.649.417
Pennsylv RR A C o. July
49220147 49290805 341028437 350139407
Balt Ches A A tl.. July
207.466 201,013
874,768
920,272
Cine Leb A Nor
July
90,876 111,880
609.987
642,761
Grand Rap A Ind Juno
712,602 617,668 4,125.809 4.086,038
Long I-land____ Fuly
3,365,343 3 315,132 17,329,77? 16.082,566
M ary’d Del A Va. July
139,242 150.529
622,742
690.195
N Y Phila A Norf Fuly
864,883 600.207 4,348.268 3,672,564
Tol Peor A West. July
131,199 127.807
922,423
935,122
W Jersey A Seash July
1.695,476 1,689.8.8 7.421.416 7,233.796
Pitts C C A St L June
8.910.749 7.942.514 47.521,417 18 177.641
Pennsylvania Syst July
56020065 55911721 375098141 382376056
Peoria A Pekin Un. July
126.576 122,141 1,017,630
952,753
Pere Marquette___ luly
3,019,982 3.367,884 21,227.958 20,420.823
Perkiomen_______ July
132,493 108,036
717,951
754,333
Pirilu & Reading., July
5.158.369 6.811.224 43,418,488 19,132,949
i ! 'tsb A Shawmut. . July
49.323
559 390
74 055
691.235
Pitts Shaw A North July
61.140
86.957
585.030
683,169
Pi'tsb A West V a .. July
212,790
20.3.3
>
3
1.601.933
1.619,965
Port Reading_____ July
78,049
>29.822 1.076.889 1.336.525
Pullman Company July
5,438,777 5,617,252 36,8.89,128 38,295,918
Quincy Ora A K O " July
69,468 107.604
600.155
735,867
Rich Fred A Potom July
835,263 818.324; 6.242,898 6,215,709
Rut I in d __
July
482,092
481,3281
3.2
>3.053
3.278.970
St Jos A 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 A UioGr July
110.333 136,679
705,385
969,173
St L S F of Texas July
158,678 198.4051 939,504 1,054,172
St Louis-San Fr Sir, July
7.011,395
6
92,3,019'47.967
607
18
670.723
St Louis Southwest. July
1,326.660 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 svstem .
2d wk Sept 543.591 45 1,076,16,516.20 16,758.027
St Louis Transfer.. July
57.260
88,204
427,834
654.276
San Ant A Aran Pass July
430.591 556,763 2,914,380 3,370,101
San Ant Uv A Gulf July
97,023
718,593
99.095
611.505
Seaboard Air Line ' July
3,210.196 3,173.979 25,636.703 25.352,190
Southern Pacific *" July
16574383
99,158.214
15952
904
108541722
Southern Pacific Co July
21664974 22627508 141792194 152875873
A I mticSS Lines Tuly
884,291 809,897 6,519,819 5.959.416
Arizona Eastern July
300.453 176.424 1,794,521 1.763,422
Galv Harris A S A July
.,604,657 1.818,413 12,110,823 >4,650,265
Hous A Texas Cen July
1,072,628 1,101,335 7,976,854 7,173.207
Hous E A W T
July
282,167 258,106 1.695.480 1.611,826
Louisiana W e s t" July
278,533 379.004 2,386,726 2,476,292
Morg La A Texas July
691,958 4.392.725 4.987,305
542,509
Texas A Now Orl July
625,022 709,639 4,971,682 4.963,436
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 O A Tex P . July
1,057,519 1,378.618 10.176.771 10.205,876
Georgia Sou A Fla July
355,286
388,755 2,726.290 2.616,877
New Orl A Nor E July
271,109 485,963
‘
3,391.631 3.747,349
Northern Ala
July
58,296
133,669
762,601
503.139
Spokane In tern a l" July
92,172
105,612
633,506
738.729
Spok Port) A Seattle July
635.392 653,258 4,025,500 4,184.135
Staten Island R T
July
256,842 253,284 1,408.650 1,450,392
Tennessee Central!" July
170,1,80 178,526 1,363.911 1.356,922
Term RR Assnof StL July
354,553 346,192 2,638,408 2,522,523
St L Mer Edge T July
Texas A Pacific
" 2d wk Sept 261.410 277,296 2,042,956 2,019.880
590,913 595,487 20,412,886 24,764.392
Toledo St L A W est! July
907,968 936.597 5,814.225 5,094,485
Ulster A Delaware July
209,437
249.235
922.964
933.814
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 98,530.8171103488368
Ore-Wash RR AN July
2,274.756 2,141.709 14,973,483 15.631,698
Union RR (P enn ).. July
1.168.898 733.869 6.240.165 5,719,053
July
160,449
65,584
920,980
626,445
Vicks Shrev A~Pac" " July
256,073 323,502 2,137,389 2,370,790
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
373,415 318.372 10,543.446 11.490,767
Western Pacific
July
1.102.840 1,017.930 6,193,081! 6,573.620
Western Ry of A la !! July
216.665 208,783 1,411,3971 1,422,900
Wheel A Lako Erie July
1,182.134 1.477,255 8,005,064 8. 226,180
Wichita Falls A N W July
136,052 380,594
819,734 1,505,588
Yazoo A Miss Valiev July
1.367,427 1,503,486 10.096,046 11.497.666

AGGREGATE OF GROSS EARNIN GS— W eekly and M onthly.
Weekly Summaries.

Current
Year.

$
1st week July 18 roads)___ 13.154,413
2d week July 16 roads)___ 12,880.105
3d week July 17 roads)____ 12,354.510
4th week July 16 roads)___ 13,403,786
1st week Aug. 14 roads)____
9.800.291
2d week Aug 15 roads)___ 10,098,184
3d week Aug i >5 roads)___ 10.270,028
4th week Aug 1.3 roads)___ 13,662.580
1st week Sept i 15 roads)___ 10,103,215
2d week Sept 15 road -0 .
10.742 tin




Previous
Year.

Increase or
Decrease.

Current
Previous
Increase or
%
Monthly Summaries.
Year.
Year.
Decrease.
$
$
j!ci gcCl,rr-Yr. Prev Yr.
S
13,056,097
+98,316 0.75 M
October -----235.228 234
634 ,332,833 640.255,263 — 105922 430
13,090.802
— 210,697 1.61 N ovem ber ..236.043 234 686
.440,498 590,468,164 — 126027 666
972
12.969.484
—614.974 4.74 D e c e m b e r.. .225,619 224 ,784
,864,055 527.480,047 120,615,992
13,976,7.59
— 572,973 4.09 January ....2 3 5 ,3 9 5 234,
,892,529 469.195.808 —75,303.279
10,603.153
— 802.862 7 57 February ...2 35.6 25 234 .636
,430.580 105,203 414 —4.772,834
880
10,999,399
— 901,215 81 9
,433.886 157.371.460 + 16.0,59.426
M a rch .........234.086 234 202
10,945.368
— 675,340 6.17
.............234.955
234
338
,240.237 132.106.647 — 15,866,410
14,678,846 — 1.016,257 6.92 M a y -----------234.931 234 051
209.150 413.220.399 +4.069,7.51
11,259,917 — 1,1.56,702 10 27 1June----------- 235,310 234 568 ;1 .383,903
100 607 O^l + 12,376,822
11.032.806
— 890.300 7.65 July------------ 235.082 234 .556 442. 7.36,307 462,696,983 —
19.960.589

18.51
2 1.3 .

22.87
1 60 5

1.18
3.51
3.67
0.92
2.69
4.31

Latest Gross Earnings by W eeks.— In the table which
follows wo sum up separately the earnings for the second
week of September. The table covers 15 roads and shows
7.65% decrease in the aggregate over the same week last year.
Second week of September.

1922.

Increase. Decrease.

1921.

S
$
103,765
92,305
Ann Arbor--------------------------- - ­
295,888
307,143
Buffalo Rochester & Pittsburgh.
Canadian National Rys------------ 2,547,982 2,688,428
Canadian Pacific-------------------- 3,774,000 4,334,000
Grand Trunk of Canada--------- 1
Grand Trunk Western---------f 2,130,939 2,316,356
Detroit Gr Hav Si M ilw----Canada Atlantic— ------------ i
442,224
347.670
Minneapolis & St LouLs-----------l
Iowa Central---------------------- /
354,224
365,312
Mobile & Ohio------- - - - - -------12.362
7,316
Nevada California & O reg on ...
450,076
543,594
St Lu uib Southwestern —— - - - - - ­
595,487
590,913
Texas & Pacific-----------------------39,996
35,236
Toledo Peoria & W estern..........
Total (15 roads).. ---------------- 10,742,410 11,632.806
Net docroaso (7.65% )--------------

S
11,255
_______

$
11,460
140,446
560,000
185,417
94.554

11,088
93,518
—

"5 ‘,046
4,574
4,760

115,861 1,006,257
890,396

Net E arnings M onthly to Latest Dates.— The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies
reported this week:
-Net after Taxes—
—Gross from Railway —Net from Railway—
1922.
1921.
1922.
1921.
1922.
1921.
$
S
S
S
S
5
Bellefontc Central R K 1,202
1,731
5,506
8,131
6,909
August. . . .
9,982
10,657 — 11,762
11,018 — 10,154
47,976
From Jan 1oo.ioo
Fonda Johns & G*overavUl
43,437
38,292
49,012
44,067
119,226
Au&rust _ 11.3,000
262,253
306,853
320,981
387,181
898,273
FminJan 1. 908.071
Kansas City Southern System—
498,307
335,683
583,254
442,841
^August -- 1.727.569 1.882,143
From Jan i -12,944.304 14,741.549 3,270,504 4,021,870 2,412,828 3,347,022
Missouri & North Arkansas—
—6,750
—7,033
_____
—532
6,637
^ om Jail'll 169,296
Pullman Com pany-^^ 5 617 253 1,733,740 1,766,687 1,402,850 1,494,531
474,196 —921,512
988,307
FYom Jan i .36,889,127 38,295.918 2,373,556

ELECTRIC R A IL W A Y AND PUBLIC U T IL IT Y CO’ S.
Latest Gross Earnings.
Name of Road
or Company.

Month.

Adirondack Pow & Lt August
Alabama Power Co - A ugust
Amer Power &Light. July
>1.. rch
Amer Water Wks Elec July
Appalachian l’ow t o . August
Arkansas Lt & Powo- July
Asheville Pow & Light July
Associated Gas & Elec June
Atlantic Sluiro i y .- March
Bangor Ry & Elec Co J tine
July
^Barcelona T* Lt
Baton Rouge Elec Co July
Beaver Valley Trac. - July
Binghamton Lt 11 & P July
Blnckstone Val O &_E July
/Brazilian Tr, Lt & I - July
Bklvti Rapid Transit. July
B ^ ly n O it y R R -- . July
Bklyn Heights (Rec) May
Bklyu v o i 0 isi. -suo May
Coney Is} *
y° ‘ M ay
Coney 1*1 & Grave.- M ay
Nassau E lectric--- May
N Y Consolidated. May
May
Sou'b Brooklyn
Cape Breton Elec C o. July
July
Carolina Pow & Light
May
Central Illinois [-• . July
Central Miss Val Elec May
Chattanooga Ry « Lt August
Cities Service C o . - -- March
City Gas Co. Norfolk
Citizens True & subs. June
Cleve Paines & East. July
Colorado Power . - - - - July
Coiumbia Gas A Elec inly
Columbus Electric.. - July
Com’w’lth Pr.Ry&Lt July
Connecticut Power.. July
Oonsumers Power Co July
•■ne
Oumb <’" 1"w £ | i
Dayton Power & L t. . July
Detroit Ed..-,on Co — AUiRtst
\l arch
Detroit United Rv
Duluth-Superior Trac July
Duquesnt l.t Co subs
light and power cos July
June
East St L ouis* Sub. June
EasternShoreOas« LI
Eastern Texas Eloc July
Edison El 111 of Brock July
El Paso E le c tr ic.---- July
El Lt & P of Abington
& R ock lan d ..- - - - - July
Erie Lt Co & subsid . June
Fall River Gas Works July
Federal Lt & Trac Co June
Fort Worth Pow & Lt July
Galv-Iloustou Elec. - July
Gen G & El & Sub Cos July
Georgia Ry & Power. July
Great Western Power June
March
I K M & K k May
Haverhill Gas Light. - July
Honolulu Rap Trans. June
Houghton Elec Light. July
Hudson & Manhattan August
Huntlng’n Dev & Gas May
Hunting’n Dev & Gas June
Idaho Power C o------- July
Illinois Traction------- July
Indiana Power C o— June
Indiana Service Corp. May
Interborough Rap Tr June
Keokuk Electric.. . . - July
Kentucky Trac * Tor June
Keystone Telephone. August




Cuncnt
Year.

Jan. 1 to Laltst Date.

Previous
Year.

Current
Year.

Previous
Year.

$
8
it
$
460,534 396.381 *5,329,608 *4,790,826
451,603 361,855 3.394.011 i.95 i il6
1984,218 1903,514 *25676670 *25389384
11
HI
t >0 * .. '
1636,065 1595.343 *19952410 *20048 652
246,794 205,26. 1,916,333 1.597,831
151.076 128,283 *1.130.134 *1.165.845
79.616 76,025 *874,950 *851,786
149.865 148,457 *1,933,605 *1.619.642
58.66.
53.673
20.259 20.715
115,958 105,226 *1.457,502 *1,366.246
370H.50:' 2844.13 26.223,72 20.914.972
47.716 45,247 *572,729 *527.775
406.479
367.397
55.029 54,214
75,128 69.227 *986,423 *867,571
291,744 276.845 *3.904,625 *3.405,021
16655000 15477000 109170000 95,676.000
3151.762 3045.950
998,729 974.260 *11687750 *10457171
30,431
36,466
6 .15U
8,218
864.644
232.157 228,558 1.067.298
269.566 251.853 1.109,733 1,046,007
29,613
9,687
30,518
10.139
466,068 413,656 2.052.439 1,877.624
2074.299 1954,490 9,733.022 9,144.559
74.213
353 627
99.299
418 470
689.264
52.712 62.128 *657,071
152,070 126,192 *1,817.590 *1,659.328
222.766 210,222 1.2.71.875 1,186 199
508.514
13.069 42,116 *536,344
125.931 111.845 *1,461.798 *1,345.769
1017,344 731,010 *14131156 *17219881
280.636
266.350
88,443
85.251
492.982
472.466
76.946 75,724
452,490
416,325
76,584 81,250
78,533 *969.007 *1.114.232
83,951
1271.22s 978,746 10,756.412 8.843.134
150.974 140.994 *1.906,355 *1,631,344
2450.610 2447,556 18,303.446 18.221.378
18.827 *1,632,863 *1.476.019
134. 77
1159,518 1061,646 8.421.298 8,197,000
2'11.61 1 275.03a *3.3.'7.nQ *3 26 1.120
311,857 295.485 2.508,362 2,380,509
2011,061 1782,532 16,760,348 15,021,093
]75S 12" 2081 |’>6 1.990 099 i o p 675
993,972 1,054.443
144.515 149,267
1274,514
251.608
43.231
148,770
96.552
185.110

1234,799
297,290
39,422
140.089
93,339
188.838

9.468,504
*3,620,221
2 3.323
*1.692.362
*1.316.158
*2,285,858

9,539.634
*4,371.085
248.091
*1,720.809
*1,241,155
*2,194.844

29,293
83.2/5
82,512
379.687
205,101
284.721
964,981
1134,167
617.327
140,450
1087.916
41,624
80.662
38.932
872.9/1
106.566
82.927
219,406
1680,205
58.632
247.986
4322.480
32,309
147.052
140,275

28.077
68.638
85,818
369,470
207,607
326,634
897.333
1078.785
580.479
144,350
1100.117
42,530
79,717
37.846
844,087
86,452
68.428
209,966
1686.191
60.590
238,617
4387.398
31.257
157.430
142.486

*359.393
553.160
*1.000.305
2,492.346
*2,481,859
*3,411,739
6,834,409
*14610329
3.660.507
410,021
5.459.542
*538,779
478.795
*551.436
7,215,187
508,168
*1,102.282
1.350,755
12,747.668
846.303
1,225.052

♦352,776
530,787
*989.090
2,431,369
*2,865,860
*3,916,555
7,562,080
*14109108
3,633,414
422,958
5,311.730
*486.763
461.808
*599.966
6.888.030
486,475
*1,242,461
1,280,572
12,617,919
763,318
1.250.030

*382,225
1.592,294
1,107.332

*367,142
1.614.871
1.153.940

Name of Road
or Company.

Latest Gross Earnings.
Week or
Month.

Key West Elec C o__ July
Lake Shore E lectric.. July
Lexington Util & Ice. July
Long Island Electric. May
Lowell Elec Corp----- July
Manhat. Bdge 3c Line May
Manhattan & Queens May
t Marker street Tty.. July
Metropolitan Edison. July
Milw Elec Ky & Light inly
Miss River Power C o. July
Munic Serv Co & subs June
Nashville Ry Sr lit. Co Tune
Nebraska Power C o .. July
Nevada Calif Electric July
New Bedford G & Lt_ July
New Eng Power Sys. July
N J Pr & Lt Sub Cos. July
N 'p’t N & Hamp R y. June
July
N Y Dock Co
New York Railways. May
^Eighth Avenue UR. May
bNinth Avenue R R -. May
N Y & Harlem.......... May
N Y & Long Island.. May
N Y & Queens County May
Nor <'i- o niiblie Serv July
Nor Ohio Elec Corp. . July
Nor <Uiio True & Lt
Nor W Ohio Ry & Pow July
Northern Texas Elec. July
May
Dee;, n Electric.
Pacific Power & Light July
Paducah Electric.. . . July
Palmetto Power & Lt July
Penn Central Lt & P.
Penn Edison & S u b .. July
Phlladelphia Co and
Natural Gas C o s.. July
Philadelphia Oil C o .. July
Phila & Western_____ August
Phila Rapid Transit- . August
tlllV
Pine Bluff Co.
Portland Gas & Coke. July
Portland R y, Lt & P.
Pugot Sd Pow & L t .. July
Puma s i Pow & Lt.
Read Tr&Lt Co&Sub July
Republic Ry & L t .. July
Richmond L> A RR
May
Rutland Ry Lt & Pr. July
Ml I, Rooky Ml & Par l une
Sandusky Gas & E l.. July
Savannah Elec & Pow July
Sayre Electric C o___ July
Second Avenue--------- May
17th St Incl Plane__ July
Sierra Pacific
. . . June
Southern Calif Edison July
City of Los Angele
Wholesale Basis. June
South Canada Power. July
(Southwestern Pr & I July •
Tampa Electric____ July
Tennessee Power Co. May
Tennessee Ry. Lt & P May
Texas Electric R v— Uilv
Texas Power & Light. July
July
lune
July
and subsid cos
Ttah Power & Light.
Jtah Securities Corp
Vermont Hy-El Cor]
i irginia Ry .8 Power
fVesfern Union Tel Ci
West Penn Co & Sub
iWnnipeg Electric R:
Yadkin River Power

July
July
July
July
March
April
July
lune
July

Current
Year.

Previous
Year.

S
S
19,710
19.251
246,178 262,858
110,482 117,327
35.854
36.821
94.653 86.926
25 560 25.093
36.973 33,337
785.112
209,288 203.951
1-190. 11: 1445.502
257,332 221,409
220.533 197,838
325 35- 3 10.s 5a
267.855 237,171
360.685 332,124
97.697
413.6-14 415.333
34.310
47.541
187.593 240,283
327.640 409,141
825.369 807,633
111.653 108,772
48,246
44.091
140.035 148.498
54.849
54,064
87 002 119.720
oq .nfi ■ qo jnr
791,304 708,899
752.12' 69' 1.635
44.106 46.817
249,940 285.998
>M7»»N
*1.2.
251.239 235,282
42.256 42.159
45,057
43.511
190.96 ’ 18.3.0 '
203.226 186.473

Jan. 1 to Latest Dale.
Current
Year.
*249.055
1,390,782
*1,092,269
145.960
*1,235,991
117.795
148.766
5,460.92!
1,584,060
■18695909
*2,872,580
1,310,176

Previous
Year.
$
*266,775
1,512,893
*1,071,898
133,341
*1,196,823
118,783
136,257

1.526,426
49572120
*2,809,528
1,217,891
2 075 ' V
3 "43.143
*3.260,888 *3,054,472
2.064.057 1,902,464
624,716
3,138.962 3,002,394
253,650
362.551
997.263 1.352,448
2,354,407 3.300,214
3,774,287 3,862,287
490,628
507,115
226,144
218.941
731.308
675 566
224.341
224,573
502.053
518.000
1,10] .irv' I ,097.914
5.250.540 5,149,478
4.405 803 4.408.531
*460.003 *495,602
*3.171.253 *3,843,525
7>.>M
04 5
*2,941,951 *2,763.322
*540.712 *511.386
*579,807 *579,075
1,159.969
1.206.27
*2.487.295 *2,543.587

916.996 446,726 8,259.070 6,618.809
717.018
576.331
74,620 55.749
532.286
533,493
70,45'!
69,541
3315.457 3276,323 27,790,059 28,170,950
435.493
418,5 h
81 D-3 75.7 *
265.997 260.461 *3,316,247 *3,271.414
836.851' 815.862 •9.908.33 ■10103 606
821.863 770.913 *10189 036 *10207414
751.87' ■I O ' 38 Os *! 0203 194
785.17
256.524 264,983 1,693,128 1,739,142
648.607 547.873 7,406,884 8,092,774
.318 471
401 6' '
6H 35*
67 'S'
48.250 44.136 *567.603 *579,355
423.63 1 277.0V 1.522.4 t ' 1,912,798
407,615
458.389
54.050 39.693
1.214.89.
131.606
103.732 "109,923
14.382 "13,439
366.176
394,36
90.365 85.017
25,352
22,077
4.508
3,685
*818,197
*887.50
73 30 i 70,8 V
9,185.975
1478,348 1529.826 9.348.91
1106,466
1S1Q.457
752,814
137,875
220.342
576.837
215.931
355,905
1240,936
793.5 2
947.536

1251.691
1814,81 '
761,617
137.213
205.272
558,256
oog 72f,
351.852
1246,179
844.890
800.080

7.238.812
r360°1471
*9.664.660
*1,755.669
1.039.27'
2.881.441
1.00.3.4 5'
*4.775.522
8,250,826
6.998.654
7.220.446

6.916.100
*34640488
*10219869
*1.632,575
1,031.378
2.861.366
2.099,821
*5,229.697
8,003,413
7.015,223
6,701.694

899,047
566.581
700.852
46,528
713 "
8091,171"
1111.752
417.751
95,838

832,654
519.226
656.532
32,097
851.7.1
8475.281
1106,143
446.200
81,348

*11303 088
3.917.152
*8,521,480
295.817
2 .ors 4 j
31,789.301
*14199985
,2753.18s
*1,174.858

*11930751
3.861.123
*8,775,552
277,789
2.578 200
34.360.958
*14617229
2,856,715
*1,009,455

lystem" the receiver^ o ft h e Brooklyn Heights RR. Co having, with the
nnroval of the Court, declined to continue payment of the rental; therefore
face Oct 18 1919 the Brooklyn City RR has been operated by its owners.
The Eighth Avenue and Ninth Avenue RR. companies were formerly
Based to the New York Railways Co., but these leases were terminated
n July 11 1919, respectively, since which dates these roads have been
iperat-ed separately. / Earnings given in milreis. Q Subsidiary coj^l^nJ®s
»nly. i Includes both subway and elevated lines, j Of Abington & Kockmd (Mass.), k Given inpesetas. I These were the earnings from operaion of theproperties of subsidiary companies. * Earnings for twelve
nonths. t Started operations April 1 1921. x Earnings for ten months.
Earnings for 11 months.

E lectric Railway and Other P ublic U tility Net
ilarnings.— Tile following table gives tlie roturns of
ELECTRIC railway and other public utility gross and not
sarnings with charges and surplus reported this week:
------ Gross Earnings-----------—Ncl.Earn}>\1^ :,,,,^
Current
Previous Current
' rJ ^ crus
Year.
Year.
Year.
xi .
$
$
$
s
187,189
225,126
361,855
Alabama Power C o------- Aug 452,603
2,282,985
2,600,185
Sept 1 ’21 to Aug 31 ’22. 5.004.222 4,503,576
Balance,
Fixed
Net after
Gross
Surplus.
Charges.
Taxes.
Earnings.
$
$
$
$
11 234
52,214
*96,448
246.794
ppalachian Pow
Aug '22
28 783
56,525
*85.308
’21
205,264
Co
"39.278
633,791
*1.373,069
12 ntos ending Aug 31 ’22 2.806,110 *1,064.531
386,ISO
678,351
’21 2,497,351
790,476
191,730
982,206
lties Service Co
Aug ’22 1,017,344
211,015
474,652
685,698
'21
731.010
2,146,752 11,552,010
13,698,762
'22
14,131,156
12 mos ending Aug 31
’21 17,219.881 16,606,200 2,075,502 14,530,698
13,685
15,065
28,750
76,584
leve Painesv &
July
13,959
18,587
32,546
’21
81.250
Eastern System
97,208
26,825
124,033
’22
416,325
7 mos ending July 31
97,218
29,765
126,983
'21
452,490
290,175
114.062
404,237
letrolt Edison Co Aug ’22 2.011,061
292,729
379,696
86,967
’ 21 1,732,532
2,370,608
4,525,842
2,155,233
’
22
16.760,348
8 mos ending Aug 31
’21 15,028,093 3.794,485 2,224,887 1,569,598
363,990
342,232
21.758
872,971
[udson & ManAug
342,937
338,267
4,670
844,087
hattan
454,443
7,245,187 3,180,591 2,726.038
8 mos ending Aug 31
6,888,030 2,827.871 2,731.756
96.115
80,181
34,284
246,178
45,897
,ake Shore Elec
July
77,995
35,167
42,828
262,857
Ry System
341,723
242,051
99,672
1,390.782
7 mos ending July 31
245,716
245,892
— 175
1,512,893
Companies.

Philadelphia &
Aug '22
Western
21
8 mos ending Aug 31
Philadelphia Rapid Aug '22 3,315,457
TVjnitiit'i
21 U|2i D|u2o
—•
8
27,790.059
27,874,442
H mM
mos ending
ending Aug
a b 31
o ^’22 2g
17Q g5Q jy
^gg^gg
x After allowing for other income received.

F IN A N C IA L R E P O R T S .
Financial R eports.— An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the “ Chronicle” in which it is
published. The latest index will be found in the issue of
Aug. 26. The next will appear in that of Sept. 29.
C incinnati New Orleans & Texas P acific Railway Co.
(Lessee o f th e C in c in n a t i S o u th e rn R a ilw a y .)

(40th Annual Report— Year ended Dec. 31 1921.)
President Fairfax Harrison, Cincinnati, O., Aug. 31 1922,
reports in substance:
Income Account.— Operating revenues declined $3,948,375, or 18 70%
below the rovenues of 1920 Expenses were cut $2,204,018, or 12 97%.
The final net income after the payment of rents and interest charges
amounted to $703,535, compared with $2,728,635 in the preceding year.
A final balance of $222,065 was carried to the credit or profit and loss.
1922 Results— The results so far in 1922 have been substantially better
than in the corresponding period of 1921, the six months of the current
year for which figures aro available as this report is written showing an
operating incomo after expenses and taxes of $1,586,003, compared with
$776 912 for the same months of the preceding year.
Dividends— The usual dividend of 5% on the Pref stock and the regular
dividend of 6% and an extra dividend of 6% on the Common stock were paid.
Settlement with the Federal Railroad Administration.— A final settlement
of accounts with the U. 8. RR. Administration arising out of Federal
operation of the property during the 26 months from Jan. 1 1918 to Feb. 29
1920 has been made, as a result of which the Administration paid to the
company $1,525,000 in cash and the slato was wiped clean on both sides.
This settlement was tho result of prolonged negotiations involving conflicting
claims, but the following statement will enable the stockholders to form some
idea of the wav the account may be stated to have been finally worked out:
Credits to the Company—
Money and other cash assets of co. delivered to Adm. Jan. 1 1918-$6.655,400
"Standard Return" for 26 months------------------------------------------- 7.857,156
Sundry items, consisting of deprcc., undcrmaintonanco, &c___ 1,845,444
$16,358,000
Credits to the Administration—
Curront liabilities of co., consisting of wages, supply bills, traffic
balances and other obligations incurred prior to Jan. 1 1918
and paid by the Administration__________ _________________ $5,896,457
Difference in value of materials delivered to & received from Adm.
307,036
Payments by Administration to or for account of co. during period
of Federal control and devoted to tho satisfaction of charges
for rentals, equipment obligations, interest, &c_____________ 4,290,325
Cost of additions and bottormonts paid for by Administration. 4.339,182
$14,833,000
Balance paid to tho company by way of reparation___________ $1,525,000
Property Investment.—T.io now double track bridge over the Ohio River
at Cincinnati has been practically completed. Operations across the river
can henceforth be conducted witnout Pampering loading restrictions from
which the traffic or tho company has suffered for many years.
Equipment— Since tho close of the year the company has ordered 25
Mikado locomotives and 6 switching locomotives.
COMBINED OPERATING STATEMENT FOR CALENDAR YEARS.
[Road operated by U. 8. RR. Administration from Jan. 1 1918 to Feb. 29
1920, but declined Government guaranty.]
Corporate. ----------- Federal and C o r p o r a t e Operations—
1921.
1920.
1919
1918
Miles operated-_______
338
338
335
335
N o passongors carried.. 1,396.708
1,762.132
1,635,023
1.671,029
Pass carriod one m ile.-.103.944,095 149,359.030 132,047,224 168,201.469
Revenue pass per mile. 2 69cts.
2 93 cts.
2 73 cts.
2 47 cts.
Tons rev freight carried 4,879,977
6.695,999
4,682.999
5,711.395
Tons froight car. 1 m ile.1039579,113 1425008,332 1094293,911 1146232.972
Rev nor ton per m ile ... 1.21 cts.
1.08 cts.
1.09 cts.
0 90 cts
\v train load (rev ) tons
443
625
601
463
Earns Dor pass, train in.
$2 77
S3 07
$2 58
$3 20
Gross earnings per mile.
$50,775
S62.450
$48,587
$46,142
Pro is h? reve rums'U*S_T1 .$12,586,859 $15,347,954 $11,871,9S4 $10,347,639
Rawnncer revenues......... 3,516.637
4.369,250
3.598,768
4,158.650
791,397
1,078.553
589,386
734,495
Irafl exnrcss & c .........
^ cid ’o n t f l & c - - - - - - - - 275,553
323,065
253,548
237,859
Total opor. revenue.-S17,170,446 S21,118,821 $16,313,686 $15,478,642
x y ^ t o n a n c eoi^ a w f& c . $2,326,988
$2,406,504
$2,610,342
Mamtouance
A Qf^a A 7 s i
^ aqcj ‘\a i
* iqq oqa $1,394,508
a
qsh
4,662,350
5,188,286
S l a i . r r f equipm
ent:;. '4.359
478
5.699.341
7,893,040
5,940,054
6,922.979
•V«.t n 2
Transportation..............
361,039
275.589
254.715
Traffic expensos.............
SXf',1??
490,794
413,699
302,313
General exponses. - - - - - 504,124
144,962
127.320
114,926
79,390
Miscellaneous operations
Cr.
2.425
Cr.26.727
Cr.
377
Cr.
29.291
Transportation for inv-„ t 1 „„„r nxnonscs $14,789,237 $16,993,255 $15,499,095 $12,604,040
T otaiopor expenses.. t ^ s i^ o g $4,125,566
$4 125 566
§814,591
$2,874,602
$814,591
--------------------- --r47
— —
------------------Net earnings-...........—
.547
595,559
652,310
500,020
Taxes accrued................
s 086
2,152
6,685
1,208
Uncollectible revenue. - a-uao
$3,527,855
$155,596 $2,373,374
Operating Income----- $1,729,5(6
CORPORATE INCOME STATEMENT FOR CALENDAR YEARS
1921.
1920.
.$17,170,446
.
14,789.237
Total operating expenses----. $2,381,209
Not
Net rovonuo from oporatiox
.
$643,5-17
com­
Taxes______________________
parable.
.
8.086
Uncollectible rovonuos............
. Cr.259,728
Hire of equipment..................
.
46,859
Joint facility rents..................
.
SI,942.444
$-1,026,759
Operating in co m e ..-Non-operating IncomcSI,485
.
54,429
$22,521
Miscollaneous rent incom e--------3,785
Income from leased rail------------1,000
1,000
Dividend income— ---------- ------,
73,333
76,646
Income from funded securities..
.
76.682
34,191
Incomo from unfunded securitit
.
66.155
Miscellaneous income--------------$4,161,117
. $2,219,314
$2,219,314
inceme........................................................
Gross




Deductions—
192'.
1920.
Rent for leased roads_________________________ $1,324,206
$1,218,954
Miscellaneous rents___________________________
32,873
32,008
Interest on equipment obligations_____________
153.645
175,040
Interest on unfunded debt_____________________
3,422
6,107
Miscellaneous income charges__________________
1.632
373
Dividends of 5% on Prof, stock_______________
122,670
122,670
Dividends on Common stock_______________ (12%)358,800(13%)388,700
Additions and betterments charged to incom e-.
--------950,000
Balance carried to credit of profit and loss—
S222.065
$1,267,265
The profit and loss account as at Dec. 31 1921 shows: Credit balance
Dec 31 1920, $11,103,887: credit balance of income for yoar 1921, $222,065;
crodit resulting from settlement of claim against U. 8. Govt., $539,023:
total, $11,864,976
Deduct: Adjustment of revenues and expenses prior to
Jan. 1 1918, $43,288; surplus appropriated for additions and bottormonts,
$186,849; net misc. debits, $97,347; credit bal. Doc. 31 1921, Sll.537,491.
GENERAL BALANCE SHEET DEC. 31.
1921.
1920.
1920.
1921.
L ia b ilit ie s —
S
S
A ssets—
S
S
Invest. in road.-. 1,300,082 1,327,971 Common stock__ 2,990,000 2,990,000
Invest, In equip. _ 5,939,554 16,235,400 Preferrod stock__ 2,453,400 2,453,400
Equipment trust
improve, on leased
obligations....... 2,613,200 3,037,000
railway propertyll.860,946 11,816,487
365,909 Traffic & car serv.
Misc. phys. prop. 409,220
482,674
balances pay... 302,244
invest. In affil.cos.
384,002 Audited arcts. and
Slocks________
384,002
wages payable.. 1,091,694 1,701,364
298,407
Bonds________
298,407
556,386
Notes...............
58,563
64,138 Misc. accts. pay.. 295,617
315
113
1,855 Int. matur. unpaid
Advances..........
60,930
16 446
294,151 Divs. matur. unp’d
Other investments 276,551
1 000
8,000
Cash____ ______ 2,428,622 1,731,555 Fd. dt. mat. unp’d
10 223
10,223
24,151 Unmat. divs. decl.
Special deposits..
21,261
56,311
Unmat. int. accr.
50 351
Traffic & car serv.
331,886
balances receiv. 258,978 1,326,240 Unmat. rents accr. 233 ,338
Oth. cur’nt Ilabll. 129 ,476
98.392
Balances due from
139,844 Deferred liabilities 267 ,685
269,956
agents & conduc.
55,080
Taxes__________
563 ,891
725,233
U.S.Govt. adjust. 525,000
232 ,069
491,857
Misc. fleets, receiv. 1,015,210 1,566,791 Oper. reserves___
Material & suppl. 1,970,247 1,777,603 Accrued deprec’n
on equipment.. 4,4441.080 4,172,054
61,165
Int Adi vs receiv.
68,335
Oth. unadj credits 4155,928
510,031
Other cur’nt assets
(Incl U 8. sec.) 2,217,015 1,979,395 Add’ns to property
thro. Inc. & sur. 12,720,980 12,531,576
Deferred assets__
16,032
14,167
'nadjusted debits 1,207,257 1,307,518 Profit & loss, bal. 11,537,491 11,103,887
Unadj Items (net)
Claim against U.S.
subj. to adjust,
Government___
_____ 6,721,988
. . . 5,899,719
with U.S. Govt.
Secur. of co. held
unpl’ged, S10.000
Total................40,369,426 47,440,600
— V. 114, p. 2578, 2468.

Total................40,369,426 47,440,600
.

Cuba R ailroad Company.
(Report for Fiscal Year ending June 30 1922.)
President H. C. Lakin, Sept. 1 1922, reports in substance:
Results.— Tho gross receipts were less than in the provious yoar, but tho
operating expenses wero reduced to a greater extent than tho receipts, so
that the net earnings wero larger than for the yoar ended June 30 1921.
The business depression noted hi the previous yoar continued during the
past year, and accounts for about half the reduction in gross earnings, the
remaining half being duo to the fact that the Cuban Congress in Doc. 1921
passed a law materially reducing rates.
The decrcaso in operating expensos took place chiefly in tho cost of trans­
portation, and can be traced directly to good management. A greater
amount of more efficient maintenance work was done during the year at
loss cost than previously, and both road and equipment aro to-day in bet­
ter condition than a year ago. The same is true of the Camaguey &
Nuevitas Ry. There was a notable decrease in expenses of operating the
terminals of both railroads, accompanied by a distinct improvement in
service.
The ratio of operating expenses to (gross earnings was 71.68%, as against
89.12% fer the previous fiscal year.
An addition o 1$809,299 was made
to the profit and loss surjilus, which now aggregates $8,622,126.
Hotel, Ac., Operations.— The stagnation in general business is illustrated
by tho statement of operations of the three hotels. In tho year ended
June 30 1921 they did a gross business of $591,858. During the past year
their total business amounted to only $342,905, a decrease of 42 % , and the
profits fell from 302,303 to $725. On the other hand, tho results of good
management are shown in the operation of the buffet, Whioh was formerly
operated under contract, and tho laundry. Under the heading “ Buffet ’
are included not only the buffet services on trams, but the station buffets
at Camaguey and Aito Ccdro. The buffet and laundry with a gross busi­
ness of $247,054 make a profit of $46,915.
. .
In spito of reduced rates, the gross earnings of the terminals at Antilla
and Pastellllo increased, duo to greater production and more rapid move­
ment of sugar from the mills.
In addition to the improvements in the quality of the wotk in the oporat'
ing departments, there was a corresponding hicreaso of efficiency in tho other
departments, notably auditing and claims.
Additions, A c.— The property investment has increased from $5/ ,139./ 52
to $58,444,574, represenicd chiefly by installation of about 50 kilometers
of permanent rock ballast, additions to side track mileage, and especially
Dy a continuance of the construction of tho new locomotive and car shops
and houses for tho officers at Camaguey. Except for lifting and ballasting
of some of the tracks in tho shop yards, the work of construction there is
now completed.
New Financing.— In order to redeem $2,000,000 2-Year notes and to
fund a portion of tho amounts recently expendod for acc >unt of road and
equipment and chargcablo to capital, the company as of Dec. 1 1921 made
its First Lien & Kefg. Mtge. under which it issued $4,000,000 bonds due
Dec. 1 1936. (V. 113, p. 2505).
,
...
..
_
,
In connection with the First Lien & Refg. Mtge., the Camaguey &
Nuevitas Ry. made its First Mortgage, under which it sold $4,000,000 of
bonds to Cuba R R ., which in turn pledged those bonds as partial security
for its own issuo of First Lien & Refg. bonds. The bonds of the Camaguey
& Nuevitas liy . aro not callable, except in case of default by Cuba Kft.
to nav interest on its own First Lien & R ef”, bonds.
During the year the company paid off $871,000 on account of equipment
trust obligations and reduced the amount of indebtedness to the Govern­
ment of Cuba from $807,856 to $437,582.
Depreciation Reserves.— An addition of $1,262,089 was made to the re­
serve for depreciation of property of the company, and a reserve of $121,822
for depreciation of property of tho Camaguey & Nuevitas Ry. The total
additions to depreciation reserves for the two companies together were
$1,383,911,
Balance Sheet.— Important changes appear in the statements of current
assets and current liabilities in the balance sheet. There is a decided in­
crease In cash on hand and a decrease of over $1,000,000 in materials and
supplies. There is an increase of about $1,700,000 in the amounts due from
individuals and companies, but of the total amount, tho sum of $2,950,693
was due from Companla Cubana for services and advances. Since June 30
this has been reduced to 1,979,000, and Companla Cubana has m the form
of raw sugar ample current assets to pay off tho entire amount beforo the
end of tho calendar year. The total current assets at June 30 1922 amounted
to $6,541,050.
Tho current liabilities at tho end of the fiscal yoar wero $2,598,850, a
normal amount. It should be stated, however, that in the previous fiscal
year there was included among tho curront liabilities an item known as
“ Sinclair Conversion Contract," which now appears as a separate item,
because, while installments are due from time to time, it is not finally paya­
ble until Dec. 31 1925
A special reserve of $300 000 has been set up for maintenance of way and
equipment during the dull period from July 1 to Dec. 31. This is a new' de­
parture for the company. A similar item of $225,000 appears in the bal­
ance sheet of the Camaguey & Nuevitas Ry.
Renting, A c., of Locomotives and Cars.— During tho last fiscal yoar tho
sugar mills on your line rented fewer locomotives and cars than usual, but
they are this year applying for more motive power and car equipment than
ever beforo, and the work of repairing locomotives and cars is progressing
speedily hi response to this demand. Simultaneously, the work of convert­
ing the locomotives for the use of fuel oil Instead of coal is lie lug advanced.

and at the present time practically all the locomotives that are in actual use
burn fuel oil. It is no longer found necessary to send any locomotives
away for overhauling, as the new shops are able to meet all requirements.
New Officers.— The directors created an additional office of Vice-Pres'dent
and elected Domingo A. Galdos, who was for many years the operating head
of tho Cuba R R „ but resigned in 1916. HLs headquarters are in Hanava
and he has charge of tho increasingly important and voluminous business
of tho company in Havana, especially with the Railroad Commission and
other departments of tho Government. There was also a shortage in the
•staff at Camaguoy, and to meet that tho office o f Assistant Vice-President
was created, subject to appointment by the operating Vice-President.
John Sesser was appointed to that office.
..................... „
„
Dividends.— In July 1922 directors declared a dividend o f 6% on tho
Preferred stock, payable half on Aug. 15 1922 and half on Feb. 15 1923.
This dividend is on account o f the surplus earnings of the fiscal year ended
June 30 1922 (V. 115, p. 307).
Construction Work.— Work on the construction of the branch line to Santa
Cruz del Sur, which was discontinued in 1920, has again been begun and is
being vigorously pressed, with the expectation that it will bo completed
as far as the new Vertientes sugar mill before the beginning of the next sugar
crop. The improvement work thus far planned for the current fiscal year
consists chiefly of the construction of the whole or a part of the branch line
to Santa Cruz del Sur, the addition of tools and machinery at the shops,
the construction of now business tracks and an extensivo amount of new
ballasting and new rails. Tho shop tools and machinery are now practically
all in place.
.
, .
.
The total amount provisionally appropriated for the improvements
and additions, other than the Santa Cruz Branch, is $700,000, on which the
cash outlay will bo only $450,000. The balance will consist of material
already on hand. The cash outlay on so much of the Santa Cruz extension
as can be built within the next few months is not likely to amount to as
much as $300,000, as the rail and much other material is already on hand
and has been paid for.
,
,. , .
.
Outlook.— Since the beginning of the new fiscal year tho business has
shown an improvement over the same period of last year, and the sugar
mills indicate that they will have increased business. All thmgs considered,
the prospects for the current year are satisfactory.
OPERATING STATEMENT FOR FISCAL YEARS ENDING JUNE 30.
Gross Earninas—
1921-22.
1920-21*
1919-20.
1918-19.
Passenger.
. . _______ $3,705,143 $5,553,672 $4,329,573 $3,215,501
M a i l . . . .......................
215,475
210,785
232,233
204.102
Express and baggage—
348.033
-694,128
SoT’ n tl
e ™ o'«on
Freight________________ 6,294,984 7,303,025
6,931,975
6,702,680
242.478
522,633
290,761
Car kilometerage_______
Hire o f equipment------197.765
887,420
1,032.920
-*.026,978
Antilla terminals---------559,781
529,101
®oo’«£a
Miscellaneous_________
159,312
243,195
184,192
2-,658
Total............................ $11,722,972 $15,853,959 $14,149,108 $12,236,246
Operating Exoenses—
Maint. o f way & struc. $2,277,558 $2,883,802 $2,465,388 $2,215,170
1,572.058
1,953.099
2,869,660
2.2-19.291
Maint. of equipment..
3,941,169
4,964.894
7,221,270
2,983,338
Conducting transport’n
400.774
400,297
639,757
615.706
General expenses--------400,371
385,181
81,714
241.603
Taxes________________
393.471
432,616
514,358
277.097
Antilla terminals--------$8,926,014
Total
.............$8,644,593 $14,210,562 $10,601,476
169.68
Ratio oper. exp. to gross
(71 -68)
i f H q l s3 I 4 7 R32 $3,310,231
156.729
$1,788,669
1,475,711

$3,701,873
1,264,705
600,000

$3,466,960
1,269,610
600,000

Gross income------- - - - $3,232,287
Int. on funded debt, fee
1.68o,84Preferred dividend (6% )
600,000
$946,444
$312,958 $1,840,168 $1,597,320
Balance, surplus------GENERAL BALANCE SHEET JUNE 301921.
1922.
1921.
1922.
Liabilities—
$
-S
S
A,SS€t3~~~
^
Preferred
stock___10,000,000
10,000,000
57,439,753
Cost rd. & e q u ip - -58,444,575
Common stock___15,800,000 15,800,000
Mar. & Ind. Co. of
111,805 1st M . bonds, 5%-13,170,000 13,170,000
Cuba stock----111,805
1st L. & ref. 7MB-- 4,000,000
Camaguey & NueImpt. A equip. 5s. 4,000,000 4.000.
vitas RR. stock
___ _ 2,692,700 2-year
6% notes..
-------- 2.000.
pledged----------- 2,69-,700
Trust equip, ctfs.. 3,990,000 4,861,000
Cama. & Nuev. 1st
Sinclair Cuba OH
Mtge. bonds__ 3,700,000
eq. conv. contr. 1,010,872
M afl & supplies-. 1,715,985 2,836,732 Traffic
21,210
balances..
30,131
150,928
r*oqh
______
560,915
Accounts
A wages
Cash to’pay int-..
27,205
2,968,409
payable_______
823,212
418,420
AgtS. & Cond----214,527
49S.633
Int. on fund. debt. 495,618
Notes & loans rec. 281,934 1,728,706 Cam.&Nuev.RR. 3,666,121
Cos. A individuals 547,317
512,2 ’4
424,180
295,469 Notes payable__
Traffic balances.. 233,473
807,856
Rep. of Cuba, adv. a437,582
Compania Cubana 2,950,693
300,000
Scrip
~ ' dlv.
” warrants
10,731
Expend. account of
52,789
532,920 Accrued taxes----- 207,520
revolution dam- 535,973
20,236
Accrued
Items----7.457
984,044
Bond A note disc t 1.171,653
4,044,844
Deprec’n,
Ac.,
res.
5,608,906
11,394
Insurance claims.51,090
1,014 Dividend reserve.. 600,000
Deferred items.-5,6JO
333,857
Deferred Items__
350,024
Profit & loss surp. 8,622,127 7.812,827
73 254 483 67,203,885
Total................ 73,254,483 67,203.885
aC uban Government advances against service! to be rendered.—
V. 115, p •307.

The W illys-O verland Co. & Subsidiary Companies.
(Semi-annual Report 6 Months ending June 30 1922.)
The s®Yli' ^ ^ I f t e r ° ^ u m ^ t h d ° d u t i e s , made a careful and complete
Your directors, after1“ ^ ^ e e t m e n t s , commitments and inventories,
analysis o f all affillatl
’ , „ off questionable values and provide for
and found it n^
/ yflX w e d a r g “ and reserves' ln addition to any
anticipated losses by s
Your directors believe that these adjustments
earlier similar provisions.
antjcipated losses.
provide
,for.
sucf!Lkh
^
c
r
<
»
^ a
to porlo<i
deficit ending
amounting
Such adjustments have createa
a charge
a
Juneto3()$6,989,586
The adjusted operat o ^ for tde ^ m o
t
t charges show
1922, aft«r pro^dlng for depreciau ^ ^ ^ socond
t
a loss for
firet quarter anuia p ______________________ _
for; the
thefirst.quarter
163,305
or a net loss for the 6 months
o r - - ___ _______ ______________ 7,924,015
m
Deficit Dee. 31 1921-----__ —
, .

T

on ,Q99

.................. .............................. ........... $15,076,906

Deficit June 30 1"22-- - - - - zz follows:
Tho results
d«ar
Second Quarter 1922—
First Quarter 1922—
-.--q 778 Net profit April.................... $64,685
Net loss January................. 740 649 Net profit M ay.................. 431,567
Net loss February------------ 3 30 ,8 5 5 |Net profit June----------------1,171,224
Net loss March - - - - - - - - - ' .j j interest you to know that July and August
Your directors
,u at the Overland Model 4 and the WillysK h l ° M ( S i r 20 h iv e the’ approval of the public as indicated by the
following record o f shipments.
WillysOterland
Knight
Model 4.
Model 20.
Total.
,
on in oo
34,944
8,838
43,782
Jan. 1 to June 30 1922........... - ..........
21,036
6,605
27,641
July-August 192255,980
71,423
15,443
Jan. 1 to Aug. ^ T r r r (INCL. SUB. COS.) 6 MOS. END. JUNE 30.
CONSOL. INCOME .
• 30 1922 , inch deprec.
Net loss from oper. for 6 mos. enu.
.............
...........__
$163,305
and interest. _ - - nno'. inventory losses $250,000285,000
Provision for: Contingencies^ $3590 Uihii _____________________
570,909
Gold note issue— Discount & expens .
---------------L e s s - Div. stock o f empl. & others returned to company.
Total deficit for p e r i o d - - - - - - ..........................................




$992,463

ADJUSTED DEFICIT AS A T DEC. 31 1921.
Deficit Doc. 31 1921, as shown by report (V. 114, p. 1530)------$7,924,015
Book value of Wiison Foundry & Machine Co. stock at Dec. 31
1921 in excess of purchase price____________________________
597,294
$7,326,722
Add—-Provisions for: (a) Contingencies, $2,056,063; (6) In­
ventory losses & shrinkage, $2,011,602; (c) Mach. & equip.
losses & adjustment of deproc. allowances, $1,629,170; ( d ) ___ _____
Willys-Overland, Ltd., account, $1,232,847; total----------------$6,929,682
Deduct— Adjustment of: (a) Accrued & prepaid accts. & expenses,
__ ____
$90,127; lb) Allowance for doubtful accts., $81,835-----------171,962
$6,757,720
Adjusted deficit Dec. 31 1921___ _____ ______________________$14,084,442
Total deficit June 30 1922__________________________________ $15,076,906
CONSOLIDATED BALANCE SHEET (INCL. SUB. COS.).
J'ne 30'22. Dec.31’21.
J’ne 30’22. Dec.31’21.
S
S
Liabilities—
Assets—
5
S
Prof. (auth. S10,Real est., bldgs.,
000,000) stock.. 8.87S.700 8,878,700
machinery, Ac.b45,262,322 45,415,712
Good-will, pats.,Acl5,259,932 14,059,932 Conv. Pref. (auth
$15,000,000)stk 43,170,800 13,170,800
Invest’ts in affil.
companies, A c.. 1,611,568 5,495,360 Common stock__ 53,999,006 54,201,989
250,000
Subs. stk. outst’g.. 250,000
Rec.acc’t property
..........
al,618,579 Trade accept. pay.. 1,033,995
sold_________
.......... 18,479,645
Liberty bonds___
101,171
128,793 Notes payable___
Trust fund______
73,963
-------- 1st M. & Coll. Tr
- ........
7% notes, 1923..17,357,500
Inventories_____ 15,941,770 17,696,814
Due from agents..
_____
190,683 Acc’ts payable___ . 7,319,577 2,770,262
Notes receivable.. 909,191
806,221 Dealers’ initial pay­
539,509
444,534
ments________
Acc’ts receivable,
3,117
-------less reserve____ 2,933,752 1,545,505 Due to assoc, co.. .
589,649
909,576
Accrued int., &c..
Miscel.notes,accts.
-------& investments.. 1,131,844
133,170 Res. for conting... 3,083,817
1,500,000
C ash................... 8,905,212 5,128,403 Other reserves___ .
Prepaid ins., A c.. 271,160
462,319 c Deferred liabili­
. 1,252,520
..........
ties—
Deficit_________ 15,076,906 7,924,015
T otal............. 107,478.790 100605,506

T otal............. 107,478,790 100605,506

a Includes "deferred installment notes receivable and mortgages received
as consideration for sales of property."
b Buildings, $26,873,697; mach., equip., Ac., $21,894,118; total $48,­
767,815; less: allowance for depreciation, $5,839,126; estimated losses,
$1,500,000. leaving $41,428,638; plus land. $3,833,684: total:as above.
$45,262,322. c Consists of land contract, payable .July 26 1923, $30,000.
stock purchase contract, payable $153,140 annually, $1,222,520.
Note.— The company was reported contingently liablo as oudorsers on
notes, acceptances, &c., at Juno 30 1922, in tho amount of $3,212,o24.
This balance sheet is subject to any adjustment that mav bo necessary upon
final determination by the Government of the company’s Federal tax
liability. Dividends on the 7% Cum. Pref. stock of the company have been
paid to Oct. 1 1920.— V. 115, p. 771. 656.

In tern ational A gricultural C orporation.
(13th Annual Report— Year Ending June 30 1922.)
President Stephen B. Fleming reports in brief:
Total sales, while far below tho usual, wero equal in tonnage to the
preceding year. Sales were restricted, particularly in the South, duo to
credit conditio as.
Owing to tho demand for fertilizer being far below tho productive capacity
competition was very severe and prices, therefore, necessarily low.
During the year $404,000 of the outstanding bonds o f tho company were
paid and a reduction of $2,724,857 was also made in <mrront liabilities
making a total reduction in bonded debt and current liabilities o f $3,128,857
as compared with June 30 1921.
000
The not operating profits for the year wero $1,398,821. before deducting
000
interest
on bills payable and bonds outstanding aggregating $1,464,599.
The largo amount of interest paid during tho year was due to tho company s
employing an increased amount of capital, in ordor to extend to planters in
tho South additional time on their accounts, made necessary by poor crop
conditions and tho groat decline in tho price of cotton during tho past tw>
years.
With tho improvement in tho cotton market and tho prospects of a better
crop this year, the indications are that many of these past-due accounts will
be collected during this season, and this should effect a material improve­
ment in the financial position of your company.
Our inventories aro carried at cost or market, whichever is lower.
Tho special reserves of $2,743,265 shown in the statement include an
amount to cover the judgment rendered July 15 1922 in favor of tho Tennes­
see Fertilizer Co., which amounted to $529,366.
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1918-19.
1919-20.
1920-21.
1921-22.
Gross profit on operations.$2,65-1,726 $1,798,511 $5,735,652 $4,734,553
1,969,709
2,312.906
2.704,590
Operating, &c., expenses. 1,255,906
Net earnings.. ------- .$1,398,820 loss$514,395
Div. jointly owned corp’s

$3,031,062
217,650

$2,764,844
80,170

Grass incom e.. ____ .$1,398,820 loss$514,395
Bond interest--------------- 449,445
470,950

$3,248,712
491,569

$2,845,014
511,097

Balance, surplus______ $949,375 def$985.345 $2,757,143
Amortiz’n of bond dlsc’t,
207,256
organization exp., &C-.
92,841186,612
Cr.79,602
Profit on bonds purchased Cr.79,511 Cr. 109,563
500.000
---------Reserve for contingencies.
------

$2,333,917
196,059
Cr.69,547
600,000

Interest________________

1,015,154

---------

Depreciation & depletion............................... 309,255- - - - - ­
Inventory adjustment................. ..
1 170.57.,

Preferred dividends-------

--------- (3Ji)489.581

(5)652*775(6)^)815,969

Balance, surplus____ def$388,363df$2.722.550 $1,476,715
C O N S O L I D A T E D BALANCE SHEET JUNE 30, INCLUDING
C
O N S O L ID A tE u o*! e 10Q% OWNED) COMPANIES
1922.
1922.
1921.
L i a b i l it i e s —
8~
A - "rtn.
$
Reaf est.,plant,Ac.23,971,582 23.974,037 Preferred stock, .*13,055,500
Common stock__ 7,260,600
inveitm cnts-::.:: j ^ i m
First mtge. bonds. 8,638,900
accounts payable. 556,813
A Tec3 (Iras res’ v e )! 10 ,406,384 11,600.647 Loans and notes
payable_______11,887,500
Inventor^' . . . 3:049,400 3.452,896
on bonds
Due from Jointly .
3 al5i056 Interest
and loans ac­
owned corpor’ns 2,515,649
crued, &c......... 348,277
Other companies 1,037,888 1,037,888
Deferred charges.. 1,255,486 1,498,994 Special reserves__ 2,743,265
962,320
473 Surplus_________
476
Cash in sink, fund.
50,000
50,000
U. S. Liberty bds.
Overburden from
unmined phos­
764,344
phate property- 768,901
T otal________ 45,453,175 48,762,841

$791,437
AFFILI1921.
$
13,055,500
7,260,600
9,042,900
992,829
14,135,000
389,619
2,535,711
1,350,683

T otal...............45,453,175 48,762,841

* No preferred dividend paid from Jan. 1 1913 to July 15 1918, and only
5% per annum to March 31 1921, and nothing since.
Note.— There are also contingent liabilities consisting of endorsements on
notes of jointly owned corporations, $295,000, not included above.— V. 111.
p. 2020.
.

C osd en

&

C o.

(D e l.)

&

S u b s id ia r y

C o m p a n ie s .

( .T h e )

( S e m i - A n n u a l S ta te m e n t, S i x M o n t h s E n d i n g J u n e 3 0 1 9 2 2 . )
T h e o f f i c i a l a n n o u n c e m e n t i n c o n n e c t i o n w i t h t h e in c r e a s e
in t h e d iv id e n d r a te to $ 1 p e r sh a re a n d th e o ffe r to s to c k ­
h o ld e r s t o s u b s c r i b e t o a d d i t i o n a l s t o c k m a y b e f o u n d u n d e r
“ I n v e s t m e n t N e w s ” b e lo w .
C O N SO LID A T E D IN C O M E A C C O U N T FOR S I X M O S . E N D E D J U N E 30.

1922.

1921.

1920.

Income from refin., produc. & transp_$21.641,217 $18,544,069 $25,156,459
Int. on bonds of & loans to sub. c o s ._
432,592
476,021
522,565
MlsceUaneous income-------------------------171,175
193,448
497,413

$22,244,984 $19,213,538 $26,176,438

Cost o f refining, production & transp.814,256,585 $15,400,812 $17,495,410
General and administrative expense..
768,084
651,867
698,426
Interest and discount
316,114
357,314
522,472
Int. on bonds owned by and loans from
Cosden & C o ., of Delaware_______
432,592
525,565
4 76,022
Earnings............... ..........................................$6,471,610 $2 ,3 2 7 ,5 2 3
Estimated Federal taxes for 6 months
_________
__
Dividends-------------- --------- ------------- ------- $ 1 ,404,233 $ 1 ,137,698

$6,934,565
$301,978
619,701

N et earnings.................................... ......... $5,067,377 $ 1 ,1 8 9 ,8 2 5 $6,012,886
C O N SO L ID A T E D B A L A N C E S H E E T J U N E 30.
Assets—

1922.

1921.

S

S

Refining, pipelines
and miscellane­
ous equipment.. 22,217,002
Oil lands, leases,
gas plants and
mlsc. equipment45,412,627
Tank cars_______ 3,584,549
Investments in af­
filiated cos____
792,568
Advances to affili­
ated companies.
______
Cash with sinking
fund trustees__
122,514
Prepaid insurance
and deferred ex­
penses_________
992,689
Current nssets($14,671,793)—
C a s h ............... 3,931,217
Crude oil (cost). 1,763,128
Refined oil (cost) 2,747,192
Mat’l & supplies
(at cost)____ 1,770,230
Notes receivable 456,548
Ace’ts receivable 3,978,812
U. S. Governm’t
______
securities___
Adv. for crude
oil...................
24,666

18,846,391
32,862,050
3,595,342
1,951,086
11,545
201.318
273,800
1,761,053
280,984
1,836,125
2,585,728
271,133
2,476,880
24,654
..........

T o ta l.............. .87,793,741 66,978,090

1922.
Liabilities—

S

Res. for depr.. A c .11,880,071
Pref. stock (par S5)a6,993,740
Common stock._b26,388,719
Min. shares of sub.
cos. at book val.
183,977
Cosden & Co. 6%
convert, bonds.c5,264,000
Conv. 1st M . 6%
Cosden & Co.
(Oklahoma)___ d521,500
Gold Notes due
July 1 1919.................... .
25,840
Car trust notes__
Lease purch. obllg. 762,327
Items In susp.(net)
(subsidiary cos.)
--------Current liabilities
($6,331,066)—
Notes payable:
To bankers... 1,460,000
To others___
863,750
Accounts p a y .. 3,111,300
Accrued Interest,
State tax, A c.
226,708
Divs. (payable
Aug. 1 1922). 628,499
Pref. dlvs. accr.
40,809
Surplus........ ........e29,442,501

1921.

99,928
6,359,000
527,000
1,000
60,294
248,765
801,181

1,290,000
57,000
1,161,995
961,908
505,926
20,988
10,944,505

T o t a l................. 87,703,741 66.978,090

W a b a s s o C o t t o n C o ., L t d .
( A n n u a l R e p o r t— Y e a r e n d e d J u n e 3 0 1 9 2 2 . )
P r e s id e n t C . R . W h i t e h e a d , T h r e e R iv e r s , Q u e ., J u ly 2 7 ,
w r o te in b r ie f;
The results for tho year show that, after making provision for all charges,
including bond interest, and setting aside $ 100,000 for depreciation of
property and plant, tho net profit amounted to $243 ,77 4. From this
thero have beon paid during the year dividends at rate of $4 per share,
amounting to $140,000, and the balance of $103,774 has been added to
tho surplus account, which, exclusive of the general reserve account, now
amounts to $546,155.
Delivery o f machinery for tho extension to the com pany’s works can
only bo obtained in tho Spring of 1923. [For offering $750,000 2 0 -Year
7 % Sinking Fimd M tg e. & C oll. Trust Gold bonds, see V . 114, p . 2251.]
IN C O M E A C C O U N T FOR Y E A R S E N D IN G J U N E 30.
1921-22.
1920-21.
1919-20.
1918-19.
$347,550
$386,698
$443,710
$460,976
48,464
4 9,215
45,716
16,575

♦Profit for year..................
In t. on investments-------

Total income..................
$396,014
$435,913
$489,426
$477,551
Depreciation.......................
100,000
100,000
100,000
100,000
Bond interest___________
.52,240
52,810
53,410
54,010
Dividends............................. ($4)140,000 ($4)140,000 ($ 8) 1 4 0 ,0 0 0 (5 ’ *) 100,625
-------------------500,000
----------Transf. to gen. reserv e..
Balance, surplus..........
$103,774
$143,103 def$303,984
$222,916
♦After deducting all manufacturing and other charges and expenses,
also provision for income war tax, and in 1918-19, discount on bonds and
organization expenses; but before providing for depreciation and bond int.
B A L A N C E S H E E T J U N E 30
1922.
1921.

$

*

Real est., bldgs.,
pit., mach., A c. 1,723,575
Inv. in other cos._xl,551,672
65,586
Cash........................
Victory bds., A c ..
723,719
Accounts rec. (less
reserve)________
317,907
Inventories_______
358,818
Deterred charges..
30,766

1,612,302
1,584,187
16,560
666,597
„
230,108
550,277
34,514

Total.................. 4,772,042

4,594,544

1922.
Liabilities—
S
Capital stock____ y l ,750,000
Mtges. on rcsld.
property............
16,500
861,000
1st Mtge. 6s..........
Deprcc. reserve...
617,752
182,103
Accounts payable.
Oper. exp., wages,
war taxes, Ac—
252,010
Bond int., divs.
46,521
payable, A c----500,000
General reserve—
546,156
Profit A loss a cct..
T otal.................

1921.
8
1,750,000
17,500
871,500
517,752
174,911
274,269
46,230
500,000
442,382
4,594,544

x Investments in other companies includo: (1) Bonds o f St. Maurice
Valley Cotton M ills, L td ., at cost, $46,035; (2) bonds of W abasso Cotton
C o ., L td ., at cost, $9,481; (3) Bonds of Shawinlgan Cotton C o ., L td .,
at cost, $135,430; (4) Stock of Sbawinigan Cotton C o ., L td ., at cost.
$94,505; (5) sundry investments at cost, $16,220; ( 6 ) 12,500 shares of
$100 of St. M aurice Valley Cotton M ills, L td ., Com m on stock being tho
whoio issue, $ 1 ,250,000. y Capital stock, authorized and issued, 35,0()0
shares of no par value received by shareholders in exchange for former’
capital o f 17,500 sharos of $100 each, in the ratio of 2 no par value shares
for each $100 par value share.
i* N ote.— Contingent liabilities, bills under discount. $62,032: guarantee
tolhanlc for advance to Oxford Knitting C o ., L td ., $ 7 5,000 .— V . 115, p. 99 ^




S e e d in g

M a c h in e

Y e a r e n d in g

June 3 0

Co.
1 9 2 2 .)

V .

T h e u s u a l c o m p a r a t iv e in c o m e a c c o u n t t a b le w a s g iv e n in
115, p. 1323.
B A L A N C E S H E E T J U N E 30.

1922.

Assets—

1922.

1921.

s

1921.

S

Liabilities—

$

Property account-*2,740,482
Cash...................
416,697
Bills and accounts
receivable_____ 2,645,808
Inventories_______ 1,912,487
Cash advances, Ac 261.119
Liberty bonds___
232,100
Deferred Item s...
45,118

*

2,761,326 Preferred stock__ 2,500,000
344,348 Common stock__ 5,000,000
Accounts payable.
1,231
3,762,503 Bills pay tble, b’ ks
______
2,614,235 Accrued pay-rolls.
4,013
245,876 Dividends payable 100,000
232,100 Reserves.............
90,509
63,594 Surplus__________
558,057

T o t a l................ 8,253,810 10,023,981

2,500,000
5,000,000
1,859
600,000
8,980
112,500
128,360
1,672,282

T o t a l................. 8,253,810 10,023,981

* Property account, $3,4 7 0 ,0 2 3 ; additions for tho year, $50,394 ; less
depreciation, $779 ,93 6; balance as above, $2,7 4 0 ,4 8 2 .— V . 115, p. 1323.

a 7 % Cum ulative Convertible Preferred Stock (par value o f shares $100
each), authorized, $ 7 ,000,000: issued, $ 6 ,995,740; converted into common
stock, $ 2,000; balance, $ 6 ,993,740.
b Common stock au th ., 1,400,000 sharos (no par); issued, 1,160,884 2-5
shares; held for conversion of bonds, 151,930 shares; reserved for undepositod shares of Atlantic Petroleum C orp., 1,936 shares; balance outstanding,
1,007,018 2-5 shares.
c Fifteen-Year 6 % C onvert. S. F . Gold Bonds of Cosden & C o . (of D ela­
w are), Series “ A " and “ B ,” dated July 1 1917, due July 1 1932 (since July 1
1919 Series “ A ” and “ B ” are precisely alike), authorized, $11,423,500;
issued, $10,850 ,000 ; less purchased through sinking fund, $3,605 ,5 0 0 . pur­
chased and canceled through annual sinking fund paym ents, $1,912,500;
converted into stock and canceled, $ 68 ,000; balance outstanding in hands of
public, $5,264 ,0 0 0 .
d D ated O ct. 1 1916, duo O ct. 1 1926, authorized, $ 6 ,000,000; issued,
$ 5 ,753,000; loss purchased through sinking fund and canceled, $3,651,500;
and owned by Cosden & C o . (of D elaw are), $1,580 ,0 0 0 ; outstanding in
hands o f public, $521,500.
e After deducting proportion applicable to stocks o f subsidiary companies
held b y public.— V . 115, p . 1214.

Assets—

F isc a l

T r e a su re r B . J . W e s t c o t t , S e p t . 1 3 , w r o te in b r ie f:
The period reported is the worst in the history o f the industry, sales for
the major portion having been almost negligible. In addition to the result­
ing operating loss, further drastic adjustment has been made in tho item of
inventory, and it m ay be stated that this and other asset figures are reduced
to absolutely bed-rock basis.
However discouraging the report m ay appear we at least know the worst
is now behind us. Beginning in April thero has been noted a marked turn
for the better, and while present fall sales unquestionably have been ad­
versely affected by existing strikes, they still reflect substantial improve­
ment over last year. Orders now booked for next winter and spring delivery
forecast a practically normal volume.
Manufacturing facilities have been brought up to highest efficiency, and
some very important improvements in design have been developed, which
will admit of substantial economies in material and labor coupled with a
greatly improved product.
A s contrasted with the poor operating statement it will be noted that the
company remains in an exceptionally strong cash position and has no dobt.
which condition has safely permitted the continuance of regular dividend
payments with full regard for conservatism and good business prud ■nee.
Trade conditions and outlook are brighter than at any time since early
1920, and with a return of normal volume which now seems roasonably
assured in tho early future, there would appear some cause forsatisfaction
that the company has maintained its strong financial position through the
trying period it has passed, and Is in favorablo position to take fullest advan­
tage of the more favorable conditions now faofng us.

$

19,953,786
3,595,040
20,389,774

A m e r ic a n

( R eport f o r

T h e S p a n i s h R iv e r P u lp & P a p e r M ills , L t d .
( R eport f o r

F isc a l

Y e a r end ed

June 3 0

1 9 2 2 .)

P r e s . G e o . H . M e a d , T o r o n t o , A u g . 3 1 , w r ite s in s u b s ta n c e :
The operations during tho past year have been carried on in a satisfactory
manner, and the directors believe that a decided and permanent advance
has beon made in the com pany’s relations with its employees. The plants
at Sault Ste. M arie, Espanola and Sturgeon*Falls have been maintained
in a high state of efficiency.
The new hydro-power development at Smoky Falls on the Sturgeon
River has been completed and the first two units, comprising approxi­
mately 5,000 electrical horse power, were put into operation in N ov. 1921.
The other two units, o f like capacity, are available for immediate use as
m ay bo required. This development provides ample power for the Stur­
geon plant and the investment has proved to be a very valuable asset to
the com pany.
In view of the general trade depression and declining prices, for the com­
pany s product, it should bo gratifying to tho shareholders to know that the
net earnings have been sufficient to meet all fixed charges and that after
payment of lYeferred and Com m on dividends a surplus remains to be
added to the reserve.
C O M B IN E D R ESU LTS (I N C L . L A K E SUPERIOR PAP ER CO.. L T D .)
Years ended June 3 0 — 1921-22.
1929-21.
1919-20.
1918-19.
----------- $3,361,537 $4,836,001 $3,915,051 $2,757,964
N et earn ings..
Res. for d e p reciation ...
475,975
628,480
594,620
501,068
Int.on fd.debts&oth.loans
950,645
744,371
768,362
7 99,975
G ov t tax & conting.res.
150,000
500,000
350,000
160,000
Balance, surplus...........$1,78-1,917
Previous surplus------------- 2 .349,796

$2,963,150

$2,202,069

1,060,798

2 ,368.222

$1,296,921
1,071.301

T o tei - ...................... $-1,134,713
Preferred d i v i d e n d s ...( 7 % ) 603,365
Common dividend ( 7 % )
629,685
Propor. to bondholders.
137,005
Bond sinking fund--------317,766

$4,023,918
(7)603,365
629,685
137,005
301,097

$4,570,291
x 2 ,8 71,493
.............
_______
638,000

$2,368,222
.............
.............
_______
-----------

Profit and loss, surp._ $2,446,892

$2,349,796

$1,060,798

$2,368,222

x Accumulated preferred dividends to Juno 30 1920 mot by issue of Pref.
stock and includes 7 % per annum since July 1 1913 and share thereof
( 10 % ) payable to bondholders.
CONSOL. B A L A N C E S H E E T J U N E 30 (Iticl. Lake Superior Paper C o.).

1921.
1922.
1921. I
1922.
Assets—
$
s
Liabilities—
S
S
Property account.30,752,424 29,857,922' Common s to ck ... 8,995,500 8.995.500
Pulpwood.............. 5,228,098 7,663,073 Preferred s to c k ... 8,619,500 8.619.500
8,223,947
Equipment, A c .. . 1,666,063 2.824,279 1st Mtge. 6s.......... 7.917,461
Secur. of other cos. 407.000
294.500 Gen. Mtge. bonds- 3,000,000 2,500,000
2.309.500
Mill products___
523,518
699,865 6% Serial notes__ 2,114,500
Acc’ts receivable.. 2,100,490 1,681,097 Bank loans_______ 1,800,000 3,000,000
Secur’s purchased.
476,501
742,916 Acc'ts A bills pay. 1,721,761 3,076,594
Cash......................
720,102
273,544
281,326
539,990 Accru d Interest..
Deferred charges _.
481,300
485,259 Accrued dividend. a376,765 a376,765
Mlscell. reserves..
846,848 1,572,482
IJeprec'n reserve.. 2,982,863 2,541,394
942,097
Bond sk. fd. res’ve 1,259,862
P. A L. surplus__ 2,446,892 2,349,796
Tot!» l ................ 42,355,499 44,788,902

T o ta l.................42,355,499 44,788,902

a Paid July 15.— V . 115, p. 1218.

g

e

n

e

r

R A IL R O A D S ,

a

l

i n

v

e

s t m

IN C L U D IN G

e

n

t

n

e

E L E C T R IC

w

s

.

ROADS.

_ T h e fo llo w in g n e w s in b r ie f f o r m to u c h e s t h e h ig h p o in ts
in th o r a ilr o a d a n d e le c tr ic r a ilw a y w o r ld d u r in g th e w e e k
ju s t p a s t , to g e th e r w ith a s u m m a r y o f th e ite m s o f g re a te s t
in t e r e s t w h ic h w e r e p u b lis h e d in f u ll d e ta il in la s t w e e k ’ s
“ C h r o n ic le ” e ith e r u n d e r “ E d ito r ia l C o m m e n t ” o r “ C u r r e n t
E v e n t s a n d D is c u s s i o n s .”
Inter-State Commerce Comtnission to Resume Hearings on Consolidation o f
Railroads—- “ Railway A g e” Sept. 16, p. 392.
.
_
Association of Railway Executives Reports on Volume of Business.— States
railroads are moving largest volume of business since Oct. 1920.
Canadian Conciliation Board Upholds Wage Decision of U . S. RR. Labor
Board in Dispute Between Canadian Section of Pere Marquette Ry. and Its
Employees.— ' ‘Evening Post” Sept. 18, p. 3 .
„
Total loadings forw oek ended Sept. 9 were 832,744 cars, a decrease of
98,854 from previous week, duo to holiday on Labor D ay.
Principal changes compared with week ending Sept. 2 were: C oal.
139,570, decrease 9 917 cars (also a decrease o f 2,578 cars under the same
week last year, and a decrease of 40.176 cars under the same week two years
ago); merchandise and miscellaneous freight, 501,773 cars, decrease, 65,023
^ars; grain and grain products, 4 7,732 cars, decrease, 6 ,287; live stock.

29,512 cars, decrease 2,335: coke, 8,418 cars, increase, 29: ore, 53,833 cars,
decrease, 8 ,521. forest Products. 51.906 cars, decrease 6,800.
Matters Covered in “ Chronicle” Sept. 16.— (a) R R . gross and net earnings
for July, p. 1259-1261, inclusive.
( b ) Judge Wilkerson continues restraining order against shopcraft
unions, p. 1279. (c) Statement o f Attorney-Gonoral on negotiations for
settlement o f shopmen’s strike, p. 1279.
, (d) G overnm ent’s evidence in support o f sabotage and conspiracy
charges against striking shopmen, p. 1279. (e) District Supreme Court
denies union petition for injunction against Chicago restraining order,
p . 1280.
(f) American Federation o f Labor to seek impeachment o f AttorneyGeneral Daugherty and Federal Judge Wilkerson, p. 1280. (g) Freight
embargoes on Eastern railroads to permit coal carrying, p . 1281. (h) Sam­
uel Gompers again denounces injunction against rail shopmen, p. 1281.
(i) Settlements in railroad strike b y separate roads; text o f agreement, p.
i 2 8 2 . (j) Statem ent b y executive committee o f shopmen on strike settle­
m ent plan, p. 1282.
(к) S. Davies W arfield, explains how agreement was reached with shop­
m en, p. 1282. (1) Statement by B . M . Jewell on partial settlement o f shop­
m en’s strike, p. 1283. (m) Chairman Hooper’s statement on strike settle­
m ent agreement, p. 1283. (n) Secretary D avis’s statement on shopmen’s
strike settlement agreement, p. 1283.
(o) Secretary o f Commerce H oover’s statem ent on losses to country from
strikes, p. 1283. (p) M ethod o f procedure adopted by shopmen in strike
settlement, p. 1281. (q) Railroads that have accepted strike settle­
m ent plan, p. 1284. (r) Railroads that have not accepted strike settlement
plan, p. 1284. (s) C om m ent o f President F . D . Underwood o f Erie on
agreement in shopmen’s strike, p. 1284. (t) M ore shopmen working on
Southern Pacific than before the strike, says W . Sproule, President, p . 1284.
(u) Shopmen’s strike in Canada averted, p . 1285. (v) N ew York Central
reaches agreement with conductors and trainmen, p. 1285. (w) Inter­
State Commerce Commission modifies coal priority order, p . 1285. (x)
Western railroads ask for reduction o f rates, p. 1285. (y) Slason Thompson
says shopmen’s strike is striking failure: A . F . o f L . promoters o f industrial
warfare, p. 1285. (z) W ages o f employees o f Pennsylvania R R . compared
with return to stockholders, p . 1286.
(аа) Tw enty-eight striking shopmen sue railroad for losing jobs, p . 1286.
( b b ) Removal o f trainmen leaders as result o f walkout on Santa Fe system ,
p. 1286. (cc) John G . W alber, Executive Secretary of Bureau o f Informa­
tion, Eastern Railroads, comments on fallacy o f “ minimum w age,” p . 1286
B a n g o r & A r o o s t o o k R R . — P r e f e r r e d Stock S o ld .— B r o w n
B r o th e r s & C o ., a n d H a y d e n , S t o n e & C o ., h a v e s o ld a t
9 5 per sh a ro (e x -O c t. 1 d i v .) , to y ie ld a b o u t 7 . 3 6 % , $ 3 ,4 8 0 ,­
0 0 0 7 % C u m u l. P r e f. (a . & d .) s t o c k (se e a d v e r tis in g p a g e s ) .
Dividonds payablo A . & O . I t is the com pany’s intention to change the
dividend dates from semi-annual to quarterly periods, Jan ., & c. R ed. at
110 and div. at any time on 30 days’ notico as a whole or in part. H as
equal voting power with common stock.
D a ta from L e tter o f P resid en t Percy R . T o d d , B a n g o r, M e., S e p t. 19.
Property.-— Com pany owns and operates 626 miles of lino in M aine, ox­
tending from tidewater on Penobscot B ay to tho northern Canadian border
o f tho State, connecting with tho M aine Central, Canadian Pacific, Inter­
colonial and Canadian Government railroads.
The road serves tho richest lumber and agricultural districts o f N ew E n g­
land including one of the leading potato growing sections of the United
States. In addition to the latge tonnage of this com m odity, the district
furnishes a heavy traffic of lum ber, paper and other forest products.
Earnings Years Ended December 31.
1919.
1920.
1921.
x l9 2 2 .
Gross earnings.......... ........... $5,28 7 ,3 0 0 $6,675,481 $ 7 ,353,938
$8,063,392
Operating ratio------------9 4 .4 4 %
90 8 3 %
7 9 .4 5 %
6 6 .2 1 %
Balance for pref. d i v - . . $-173,589
$550,367
$379,264 $1,333,111
243.600
Preferred dividend ( 7 % ) 243.600
243,600
243,600
$306,767
$135,664 $1,089,511
Surolus........ ....................... $229,989
x Y ear ending June 30.
Dividend Record.— Dividends have been paid regularly on the preferred
stock since creation in 1917. Regular dividends of not less than 3 % have
been paid on the common stock in each o f every one of the past 18 years,
the presont rate being 4 % .
Capitalization Outstanding.
Bonded d e b t-------------------- $20,909 ,000 ] Preferred stock (authorized
$ 1 0 ,0 0 0 ,0 0 0 )________
$3,480,000
Long-term notes— U . 8 .
Governm ent___________
5 0 9 ,0 0 0 [Common stock_________
3 860 000
Equipm ent notes________
345.9981
Tonnage o f Revenue Freight Hauled, Calendar Years.
1,969 230
1913 ---------------- 1 ,6 9 7 .2 5 3 11916-----------------1 ,9 6 7 .6 0 7 11919_________
1914 ---------------- 1,868.972 1917 ---------------- 2,052.837 1920................. 2 154 229
1915 .........- - - 1 . 9 1 4 , 5 9 2 11918----------------- 2,127,61511 921_________ 2 !l3 6 ,4 8 3
Listing.— Application will bo made to list this stock on the N ew York
Stock Exchange.— V . 114, p . 2239B a r c e l o n a T r a c . , L i g h t & P o w e r C o . , L t d . — B o n d s .—
All of the outstanding 6 % 6-year bonds, dated D ec. 1 1918, have been
called for payment D ec. 1 at par and interest at the Sociedad Anonima
Arnus Gari, Paseo de Gracia, 9, Barcelona, Spain.
Over 7 5 % of tho 6 % bonds have already been exchanged, par for par,
into 7 % 30-year bonds.— V . 115, p. 641.
B r o c k t o n ( M a s s . ) & P l y m o u t h S t . R y . — S e c u r itie s A u t h .
Th e M assachussetts D ep t, o f Public Utilities has authorized the issuance
by the Plymouth & Brockton Street Ry. of capital stock and bonds in accord
ance with the reorganization plan for the old Brockton & Plymouth Street
R y . See plan in V . 116, p. 644, 1099.
B r o o k l y n R a p i d T r a n s i t C o . — M a y be R e o r g a n iz e d .—
I t is reported that the different protective committees have held several
conferences in connection with tho promuigauon o f a plan to reorganize
the B . R . T . System.
It is stated, however, that no plan m ay be expected
in the immediate future owing to tho complex situation now existing.—
V . 115, p. 987, 868 .
C h i c a g o A u r o r a & D e K a l b R R . — R ec eiv er's S a le .—
Harvey Gunsul, receiver, will sell the road and property Oct. 17 at
Geneva 111
The line of road runs from Aurora to Kanesville, M aple
Park to D e K alb, about 28 miles. The company was formerly the Aurora
D e Kalb & Rockford Electric Traction C o
sold under foreclosure in
D ec. 1908 to Joy M orton o f Chicago for about $195 ,00 0. The company has
outstanding S200 000 Com m on and S /5 0 ,0 0 0 Pref. stock and $200 ,00 0
1 st ' M tg e. g5 s due Sept. 1 1929 and $400 ,00 0 G en. M tge. 5s due 1939.
See V .|106, p. 6 0 6 .— V . 9 1 , P- 517; V . 8 9 . P- 592.
C h i c a g o & E a s t e r n I l l i n o i s R y . — D e fin itiv e B o n d s R ea d y.
T h e U S M tg e & Trust C o. announces that the definitive Gen. M tg e.
5% b
are now ready for delivery in exchange for temporary bonds.—
V . 115, p . 5 38, 542.
C h i c a g o E l e v a t e d R y s . — N e w F a r e S c h e d u le , & c . —
The new fare schedule approved Sept. 13 by tho Illinois Commerce
O n m S a J d which w e n tin to effect Sept. 18. provides for a weekly
* r 25 and also the sale o f 3 tickets for 25 cents. Tho former
g f f wTs 4 Uckets for 35 am ts. The cash fare remains at 10 cents.
(For
com id ^ e details regarding proposed fare schedule see V 115, p. 988.)
T f e onmninv has applied to the Commission for authority to purchase
100 n m 5 £ “ ?a 5s s t . cost
a p n g j t o t e V | 2£ 00 . 0005 T b »
»
is stated, will be ready for use by M arch 1 1923.
v . n o , p. 1320.
C h ic a g o I n d ia n a p o lis

&

L o u i s v i l l e R y . — E q u i p . T r u s ts

S o ld .— C l a r k , D o d g e & C o . , N e w Y o r k , a n d H a r r i s o n S m i t h
& C o ., P h i la ., h a v e s o ld a t p r ic e s to y ie ld fr o m 4 % %
to
5 . 0 5 % , a c c o r d in g to m a t u r it y , $ 7 2 5 ,0 0 0 E q u ip
T ru st 5 %
g o l d c e r t i f i c a t e s , S e r ie s “ D , ” i s s u e d u n d e i t 10 P l n l a . p l a n .
ik 1099
T o mature $ 2 4,000 sem i-ann. M . & S ., from M a r . 1
1923 m M a r 1 1935 inc'l., and $25
d e h o r n 9 * * 'W w T cV
1937 in cl. Dividends payable M . & S. in N e w \ o r k . menom. 51,000 (c ).
^ T h ^ e wrTific1 i ^ 0aro^to^(0^issued^^nSiwTt payrnentj'or ^anc^ard railro^I
equipment consisting o f 300 gondola type steel unaerirame coal cars,




3 Pacific typo locomotives, 4 M ikado type locomotives, 4 all-steel passen­
ger coaches. The total cost o f this equipment is to be upwards o f $912,050,
o f which $ 1 87 ,05 0, or approximately 2 0 % , is to be paid by tho co. in cash.
The title to the equipment is to be vosted in the trustee under loase to
the com pany at a rental sufficient to pay these certificates and tho dividend
warrants and other charges as they become due.
The company will unconditionally guarantee b y endorsement on each
certificate the prompt payment o f the principal and dividends o f those ctfs.
Tho com pany, operating the “ M on o n ” route, is jointly controlled through
ownership o f a majority o f its Com m on stock by the Louisville & Nashville
R R . and tho Southern R y ., affording these roads direct connection to
Chicago and the Northwest. Dividends have been continuously paid at
the rate o f 4 % per ann. on the Pref. stock since 1901 and on the Common
stock recent payments have been at the rate o f 1 ^ % annually for the
last three years.
Th e I .-S . C . Commission has authorized the company to assume obliga­
tion and liability in respect o f the equip, trust certificates.— V .1 1 5 ,p .l2 0 9 .
C h i c a g o R o c k I s l a n d & P a c i f i c R y . — B o n d s S o ld .—
S p e y e r & C o . a n d H a r r is , F o r b e s & C o ., h a v e s o ld , a t 8 7 %
a n d in te r e s t, to y ie ld a b o u t 5 % % , $ 5 ,0 0 0 ,0 0 0 F ir s t & R e f .
M t g e . 4 % G o l d B o n d s o f 1 9 0 4 , d u e A p r i l 1 1 9 3 4 (s e e a d v e r ­
t is in g p a g e s ) .
Interest payablo A . <fc O. in New Y o rk , without deduction for any tax or
taxes which the company m ay bo required to pav or to retain therefrom
under any presont or future law of the United States o f America, or o f any
Stato. county or municipality therein. Denom . $1,000 (c*& r*). Central
Union Trust C o ., Now York, and D avid R . Francis, trustees.
D a ta from L e tte r o f President J . E. G o rm a n , D ated S e p t. 15 1922.
Security.— Bonds are secured by a first lien (either directly or through
pledgo o f the entire issue of First M tge. bonds) on railway lines aggregating
1,171.21 miles, including the line from St. Louis to Kansas C ity, and
important mileage in Texas, Oklahoma and New Mexico; also secured by a
second lien (subject to existing mortgages') on 4 ,656.66 miles o f road. In
addition, bonds are a first lien upon the entire stock (namely, $15,827,500
Pref. and Common stock) and upon the 999-vear leasehold interest in the
entire railroad o f Choctaw, Oklahoma and G ulf R R ., aggregating 966.22
miles, making tho total mileage covered by the mortgage 6 ,794.09 miles.
The bonds are further secured by a first lien on terminal properties in
St. Paul, Minneapolis and Kansas C ity. on shops at Silvis, near East M oline,
111., and on equipment upon which this mortgage was an original first lien
at an estimated value of S10,049,000 and ecmipment originally purchased
unacr equipment trusts, or otherwise acquired, upon which tho mortgage
has bocome a lien, of an estimated value o f S5,8 99.000, making a total
estimated value of equipment now covored by the mortgage of $15,948 ,000 .
The total funded debt (including equipment trust notes) outstanding on
D ec. 31 1921 was at tho rate o f $31,427 per mile of road owned.
.
This Issue.— Bonds are part o f an issue limited to $163 ,00 0,00 0, of which
there have bee i issued $154,020,000. O f these bonds (inculding the above
$5,000,000 bonds) S100.441.000 are in the hands of the public and $53,5 7 9 ,­
000 are now held in the treasury, or aro pledgfd rs collateral for loans due
banks and tho U. S. Government. Additional bonds can bo issued to the
amount o f only $8,980,000, o f which S7,900,000 are to be used for additions
and botterments, at tho rate of $ 1 , 000,000 per annum.
Earnings.— For tho year ended Dec. 31 1921 tho company reports net
income bef re interest charges of $16,656 ,457 . Aftor deducting interest on
prior lien bonds, & c., tho income available for First & Ref. bonds and loans
secured by First & Ref. and other bonds amountod to $ 1 1,310 ,875 . After
deducting interest on First & Ref. bonds amounting to $3,797,640 and on
loans secured by First & Ref. and other bonds amounting to $1,732,976,
there remained a surplus available for dividends o f $5,780,259.
For the seven months ended July 31 1922 (the so-called loan m onths), the
total income o f the company available for interest, rentals and other fixed
charges, amounted to $ 7 ,988,354. which was $1,533,221 in excess o f fixed
chargos, and this balance over fixed charges was $831 ,74 7, or 1 1 8 .6 % more
than for the same period o f last year.
Tno I .-S . C . Commission has authorized the company to issue $1,00 0 ,0 0 0
1st & Ref. M tg e. 4 % bonds, to bo sold at not less than 8 3 H and in t., ana
tho proceeds used for paying off indebtedness, including equipment trust
obligations, for additions and betterments to its property, and for general
corporate purposes.
R e p a y s L o a n o f $ 2 , 0 0 0 , 0 0 0 to W a r F i n a n c e C o r p o r a t i o n .—
Th e com pany has repaid the W ar Finance Corp. $ 2 ,0 0 0 ,0 0 0 on account
o f its original loans aggregating $10,430 ,000 made in D ec. 1918, and in
Jan. 1919. All have now been repaid except $ 2 ,9 3 0 ,0 0 0 , and it is expected
that this will be paid soon.— V . 115, p. 1320, 644.
C h i c a g o S t . P a u l M i n n e a p o l i s & O m a h a R y . — P r e s id e n t .
W . H . Finley, President o f the Chicago & North Western Oo. has been
elected President to succeed the late James T . Clark.
A . A . Sprague has been elected a director succeeding the late M r. Clark.
— V . 115, p. 1320.
C l e v e l a n d C i n c i n n a t i C h i c a g o & S t . L o u i s R R . — T im e
to E x c h a n g e S tock f o r N . Y . C e n tr a l S tock E x t e n d e d .—
See N ew York Central R R . below.— V . 115, p. 1320, 542.
C l e v e l a n d & E r i e R y . — S er v ice D i s c o n t i n u e d .—
A dispatch from Erie, P a ., states that this com pany, operating inter­
urban cars between Conneaut and Erie, P a ., suspended operations Sept. 16.
Somo weeks ago, it Is stated, the lino was sold to the Buffalo House Wrecking
C o. for $ 7 6,000 , at receiver’s sale.— V . 114, p. 2115.
C o l u m b u s E l e c t r i c & P o w e r C o . — I n i t i a l D i v i d e n d .—
The directors have declared an initial dividend o f $2 per share on the
Com m on stock, par $100, payable Oct. 2 .— V . 115, p. 72.
C u b a R R . — A n n u a l R e p o r t— N e w D ir e c t o r .—
For annual report see under “ Financial Reports” above.
G.
H . W alker has been elected a director of both tho Cuba C o. and
Cuba R R . C o ., succeeding G . H . W igham .— V . 115, p. 307.
D e n v e r & R i o G r a n d e R R . — R e c e iv e r 's B u d g e t.
Joseph H . Young, Receiver, following the order o f tho Foderal Court
at Donver, has prepared a tentative budget of extended expenditures
for the rehabilitation of the road covering the period ending Dec. 31 1925.
also tho estimates o f revenues, expenses, taxes and other income which
places the total surplus, after allowing for interest on about $80,000,000
underlying bonds of $2,279,000 annually, at $ 1 5 ,623 ,400 . Tho require­
ments are set forth as follows:
___ __
Gross total o f budget________________________________________________$23,792,518
Less value o f material in stock and other material reclaimed as

salvage_______________________________________________________

Cash required for tho work_________________________________________
Less amount absorbed in normal maintenance-----------------------------

1,523,708

1,139,166

Am ount to be financed____________________________________________
Less incomo available_________________________________________________ 15.b23.400
N et outside money needed__________________________________________ $5,506,244
— V . 115, p. 759.
F e d era l L ig h t
&
T r a c tio n
C o . — T e n d e r s .—
Th e Columbia Trust C o ., N . Y . , trustee, will until Oct. 9 receive bids for
the salo to it of 1st Lien Sinking Fund gold bonds, due M a r. 1 1942, to an
am ount sufficient to exhaust $ 51,344 .— V . 114, p. 2011.
G r a n d R a p i d s R y . — N e w F r a n c h i s e .—
The voters of Grand Rapids, M ich ., have approved tho street railway
franchise for service at cost. The franchise runs 30 years and provido 3 for
a sliding *cale of fares. Compare V . 115, P- 183.
H o i k i n g V a l l e y R y . — E q u i p . T r u s t s O ff e r e d .— H a m b l e t o n & C o . a n d E . L o w b e r S t o k e s & C o . a r e o f f o r i n g a t p r ic e s
r a n g in g fr o m 1 0 0 .4 9 to 1 0 2 .1 9 , to y ie ld fr o m 4 % % to 5 % %
a c c o r d in g to m a t u r it y , $ 8 1 9 ,0 0 0 6 % E q u i p . T r u s t n o te s ,
(series 3 2 a n d 3 2 - A . ' S t a m p e d s u b o r d i n a t e t o $ 1 , 6 3 8 , 0 0 0
p r i o r lie n n o t e s n o w o u t s t a n d i n g .

D ated Jan. 15 1920. M aturing $63,000 annually Jan. 15 1923 to Jan.
15 1935 incl
Int payable J. & J. in Now Y o rk . D enom . $1,000 (c*).
Rod. as a whole only on any int. date on 60 days’ notice at 103 and Int.
fiuapantv Trust C o .. Now York, trustee.
,
Three notes are direct obligations o f the company and are issued under
an equipment trust agreement between the Director-General of Railroads,
th e^ om p a n y and the trustee. Through supplemental agreements, these
notes have been stamped as subordinate In li n.
, , , ,
This sories of notes was originally authorized and issued to a total of
•o g'lT non
O f this aggregate, $378,000 notes have been retired and $ 1 ,­
638 000 notes are now outstanding prior in lien to this offering of $819,000
notes which are stamped subordinate. .
.
.
.
Subiect to tho above mentioned prior lien notes, these notes are secured
on tho following equipment: 20 M allet freight locomotives and 500 50- ton
TOmnosiW gondola care. Tho original cost o f this equipment was $ 2 ,8 4 5 .150.— V . 115, p . 307.

A quarterly dividend (N o . 3) o f 1 H % (for period July-Sept. 1922) has
been doclarea payable O ct. 31 to holders o f record O ct. 16. On July 31
last the company paid a dividend o f 3 % , viz.: Quarterly dividend N o . 1, for
period Jan .-M ar. 1922, 1 1 4 % , or 75 cents per share; quarterly dividend
N o . 2 , for period April-June 1922, 1 1 4 % . or 75 cents per share. [Dividend
record is as follows (per share): O ct. l 9 l 6 . $1: 1917 to 1919 incl., $2 50 per
ann.: Jan. 1920, $1 25: July 1922, $1 50.)
. „
J
^
The city-owned Frankford Elevated lino was physically linked with the
com pany's M arket St. subway-elevated on Sept. 17. The system will not
be put into operation until N o v . 5
The system will be turned over to the
l*. It. T . by the city on Oct. 15, under tho agreement entered into between
M ayor, M oore and President M itten last spring.

K e n t u c k y S e c u r i t i e s C o r p . — D iv id e n d s — E a r n i n g s .—
President P . M . Chandler. Sept. 18, says in substance:
“ The directors on Sept. 8 declared an initial dividend o f 1 % on the
Common stock out of earned surplus, payable Oct. 2 to holders of record
q„nt on
Tho regular quarterly dividend on the Preferred stock of 1 lA %
w is also'declared, payable Oct. 15 to holders o f record Sept. 20.
‘ "A i r accumulations on the Preferred stock have been paid excepting a
balaiK?" duo of $40,274. Holders of this scrip are requested to forward
their certificates to the com pany’s office on or after Oct. 2 for payment.
“ Cross earnings of the operating companies for the year ended June JO
1 9 2 ° were S I ,549.241, and tho net surplus available for depreciation, Ken­
tucky Securities Corp. expneses and dividends was $338,012. For tho 1iscal
vear ended Juno 30 1922, $163,447 was required for the operating expenses
of tho corporation and the 6 % dividend on the $2,271,598 Preferred stock
outstanding, leaving a balance of $174,565 or equivalent to $8 50 per share
on the Common stock.” — V . 115, p. 1321.

C e r tific a te s C a lle d .—
A ll of the outstanding Equipment Trust Certificates, Series “ C ” dated
M a y 1 1913, (excepting those due N o v . 1 1922) have been called for pay­
m ent N o v . 1 at 10214 and int., at the Fidelity Trust C o ., trustee, 325
Chestnut S t., Phila.. Pa. The certificates duo N o v . 1 1922 will bo paid at
m aturity at par and int.— V . 115, p. 1211, 869.

M a n i l a R R . — P o n d s S o ld .—
Tho W ar Department, Bureau of Insular Affairs, Sept. 15, announced
that tho 7 % Sinking Fund bonds were awarded to Chase Securities Corp
and Hallgarten & ( o. on their joint bid of 107.047 and accrued int. The
other bidders were Speyer & C o. at 104.137, and F . J. Lisman & C o. at
101.63. See V . 115. D. 1210.
M a r s h a l l E i y s i a n F i e l d s & S o u t h e a s t e r n R y . — C h a rter.
A charter has been granted by tho State o f Texas to this company to
operate with a steam locomotive that part o f tho old Marshall & East Texas
R y. extending between M arshall, T e x ., and Eiysian Fields, a distance of
1 7 K miles, sold at receiver’s sale on Aug. 1 last (V . 115, p. 1100).
The
capital stock of the new company is S30.000. A request for a charter to
operate a motor car was refused. The officers fo the road are: M . Turney,
Pre6 ., M arshall, T ox.; J. B . Furrh, V .-P res., Eiysian Fields, T e x ., and \\ . L.
Berry, Sec.-Treas. Headquarters, M arshall.— V . 115, p. 1100.
M ilw a u k e e E le c . R y .
Fifty-three (553,000) 10-year
cates, dated Oct. 1 1920, have
in t., at D illon, Read & C o ., 28

&

L t . C o . — E q u i p . T r u s t C a lle d .—

8 % Sinking Fund Equip. Trust gold certifi­
been called for payment Oct. 2 at 103 and
Nassau S t., N . V . C ity.— Y . 115, p. 615.

M i n n . S t . P a u l & S a u l t S t e . M a r i e R y . — D i v i d e n d s .—
The d rectors have decided that no further dividends payable in 1922
shall be declared out of sur] ius until the appeal by two Preferred stock­
holders in a suit over the question of rights of I’ref. and Common stock­
holders is decided. The appeal will bo heard in St. Louis in the next term
of court beginning D ec. 4.
,
The company declared dividends of 2 % on both Prcf. and Common steel;,
payable April 15 1922 out of surplus accumulated during 1920 and prior
years. Payments of these dividends were enjoined by the U . S. District
Court of M innesota. See also V . 115, p. 869.
M i s s o u r i K a n s a s & T e x a s R y . — T i m e E x t e n d e d — S a le .
The time for the deposit o f assignments o f claims and guaranteed bonds
(in accordance with tho offers referred to in V . 115, p. 543), has been ex­
tended to and incl. Oct. 16 1922, according to an announcement of J .& W .
Soligman & Co. and Hallgarten & C o ., reorganization managers.
Tho sale of the property under foreclosure, which was set for Sept.
20 has been postponed for technical reasons. Another date will be set
by’ tho Court.— V . 115, p. 1321, 988.
N e w Y o r k C e n t r a l R R . — E x t e n d s T i m e o f O ffe r to B ig
F o u r S to c k h o ld e r s.— T h e c o m p a n y h a s e x t e n d e d u n t i l N o v . 1
1 9 2 2 th e o ffe r m a d e to B ig F o u r s to c k h o ld e r s to e x c h a n g e
N e w Y o r k C e n tr a l s to c k fo r B ig F o u r P r e fe r r e d a n d C o m ­
m o n o n th e b a s is o f p a r fo r p a r fo r th e P r e fe r r e d a n d o f 8 0
sh a re s o f N e w Y o r k C e n tr a l fo r 1 0 0 sh a res o f C o m m o n ,
o n o o n d i t i o n , h o w e v e r , t h a t h o ld e r s s u r r e n d e r in g B i g F o u r
C o m m o n f o r e x c h a n g e a f t e r S e p t . 2 S 1 9 2 2 s h a ll p a y S I f o r
e a c h sh a re o f C o m m o n s t o c k th u s e x c h a n g e d , in o rd e r to
e q u a l iz e t h e p o s i t i o n o f C o m m o n s t o c k h o l d e r s e x c h a n g i n g
b e fo r e a n d a f t e r th a t d a te . A m a jo r it y o f th e P r e f. s t o c k h a s
a lr e a d y b e e n e x c h a n g e d a n d th e N e w Y o r k C e n tr a l n o w
h o ld s m o r e t h a n t w o - t h i r d s o f t h e t o t a l c a p i t a l s t o c k o f
th e B ig F o il".
A Big Four Common stockholder who has already surrendered his stock
for New York Central on the basis of 10 shares of Big Four for 8 shares of
New York Central will on N o v . 1 receive a dividend o f $10, being 1 M %
on N ew Y c r ’.c Cen'ral stock declared payable on that date to stockholders
° f I % ° £ d Four11stockholder who does hot exchange until after Sept. 29 will
receive’ on 10 shares o f Big Four Common stock a $20 dividend, being 2 %
declared payable N o v . 1 to Big Four Com m on stockholders o f record
° f A°nftvment o f $1 a share b y those delaying the exchange until after the
date onJ which the right to the N o v . dividend is fixed, namely Sept. 29,
5 iii.vn t
delaying stockholder on tho samo basis as those who have
' i l o n ( ' d into Now York Central stock and who will receive on
K nv diy the New Y< rk Central dividend instead of tho Big Four dividend.
__ V." 115, P- 1210, 544.
N e w Y o r k R y s . — S a le o f R ea l E s t a t e .—
Thn sale of the biock owned by the company bounded b y 32d S t., 33d

n

- i r

f

ror —

complaint.
,,
f _
6 % annual return under a 7-cent fare; 6 H %
Tno contract Pr° ' ’ i lcf! ^ 7 % under a 5-cent faro; 7 H % under a 4-cent
return under a b-cen tiare, / / o “
.
1 3 2 1 .9 8 8 .
faro and 8 % under a 3-cent fare — V . 115. p. 1 ^ 1 . uoo
N o r t h e r n O h i o T r a c t i o n & L i g h t C o . — A p p l i c a t i o n . ——
J U O r in e r n y u i . u
p pT com m ission for authority to
Tho company lias ftske<l rp„,.
non 000 5 % 1st M tge. bonds, and
Issue $1 .OOO.O^O 7 % I ref. stock, a ’ . 1 t he issues are to cover capital
$ 10 , 843,000 6 % Gen. & R o f .M t g ]otcc| ciurjng the remainder of
additions and for extensions jo bo compieitu
* n 0 0 76Q
the year, and to cancel underlying securities.— v . n o , v- u u u ,

f S

S e r v ic e
g

o

O regon

p
&

T

C o — A c q u is itio n s .
f S

l ' . f S

C a lifo r n ia

Z

c

R R .— B o n d s

been
Trust i
.
___ .
.
have been derived 'from tho proceeds
P h ila d e lp h ia R a p id T r a n s it
te r ly B a s i s — T ra ck C o n n e c t i o n s .—




i X

C o.

Z

A

P l y m o u t h ( M a s s . ) & B r o c k t o n S t r e e t R y . — S u c c e s s o r .—
See Brockton & Plymouth Street R y . above.
P o r t l a n d R y . , L i g h t & P o w e r C o . — B o n d s S o ld .— N a ^
t i o n a l C i t y C o . a n d H a l s e y , S t u a r t & C o . , I n c . , h a v e s o ld
a t 9 6 a n d i n t ., to y ie ld o v e r 6 . 3 0 % , $ 2 ,5 0 0 ,0 0 0 1 s t L ie n &
R e f . M t g e . , S e r ie s B , 6 s . d u o 1 9 4 7 .
( S e e a d v . p a g e s .)
D ated M a y 1 1922. Due M a y 1 1947. In t. payable M . & N . at the
National C ity Bank, N ew Y o rk , trustee, without deduction fo the normal
Federal income tax up to 2 % .
Penna. 4 mills tax refunded. D enom .
$100, $500 and $ 1,000 (c*& r*), $1,0 0 0 , $ 5,000 and multiples o f $ 5 ,0 0 0 .
R ed ., ail or part, on any int. date upon 30 days’ notice at 105 to and incl.
M a v 1 1942 and at 102M thereafter but prior to m aturity.
Listing.— Serios A bonds have been listed on the N ew Y o rk Stock E x ­
change, and application will be made to list these Series B bonds.
D ata from L e tte r o f F r a n k lin T . G r if f i t h , P o r tla n d , O r e ., S e p t . 20.
Company.— Organized in 1906. Supplies electric light and power in
Portland and more than 20 other communities in western Oregon. Does
the gas business in Salem, and operates city and interurban railway lines
in Portland and adjacent territory. Population served exceeds 300,0 0 0 .
Purpose.— Proceeds will partially reimburse tho company for expendi­
tures in connection with important property additions recently completed
or now under construction, and will also reimburse the company tor the
acquisition o f underlying bonds.
Capitalization Outstanding with Public ( Upon Completion of this Financing).
l s t L ie n & R e f .7 H s ,S e r . A $5 ,1 2 0 ,5 0 0
Com m on stock_____$11,250 ,000
do Ser. B 6 s (thisiss.) 2,5 0 0 ,0 0 0
2d Pref. stock______
5 ,000,000
1st & R ef. 5s. 1942_______x l3 ,5 7 8 ,7 0 0
6 ,250,000
1st Pref. stock____
Prior Preference stock
629,300 Underlying bonds (3 is s .) y l5 ,8 15,000
Unsecured 5-yr. 8 % notes 1,116,450
x In addition, S 8 ,135,000 are pledged under tho 1st Lien & R ef. M . and
$2,72 0 ,3 0 0 are held alive in sinking fund, y S I ,3 6 1 ,000 additional are
held alive in sinking fund.
^
Earnings Years ended—
Dec 31 ’ 19. Dec. 31 ’20. D ec. 31 2 1 . A ug. 31 22
Gross earnings_______________ $8,554,043 $9,54 2 ,0 7 8 $9,90 2 ,5 2 0 $9.*)19,97J
Oper. exp ., m aint. & taxes__ 5,4 5 4 ,6 9 6 6,2 0 7 ,7 4 2 6,2 6 9 ,5 1 4 6 ,^ 7 4,89 0
N e t earnings.......... ................ S 3 .099,347 $3,33 4 ,9 3 6 $3 ,6 3 3 ,0 0 6 S3,645,089
Annual int. on $37,014 ,200 M tg e . bonds, incl. this issue----------- 1,990,823
Balance available for int. on unsecured notes, deprec., & c__ $1,654,266
Property.— Combined generating capacity o f system aggregates more than
115,000 h .p ., o f which 68,000 h .p . is in hydro-electric plants and 47,000 h .p .
in reserve steam stations. W hile all the hydro-electric plants are within
short transmission distance o f the Portland m arket, thoro are about 40J
miles o f high-tension transmission lines inter-connecting the steam ana
water plants with 19 sub-statjons. Com pany supplies more than 7 5 % pi
tho electric light and power output in Portland and operates exclusively
in the other communities served.
Com pany has under construction a largo new hydro-olectnc station on
the Upper Clackam as R iver. This development will have an ultimate
capacity o f 105,000 h .p ., o f which the first unit o f 3 5,000 h .p . is cxpecteea
to bo in operation by the summer of 1924.
.
.
Railway proporty includes about 298 miles measured as single track, or
which 186 miles comprise the city railway system in Portland and 1 1 miles are interurban lines.— V . 114, p . 1409.
R o c k fo r d

&

In te ru rb a n

R y .— T o

E x te n d

B o n d s.— A n

o f f i c i a l s t a t e m e n t S e p t . 2 0 s a v s in s u b s t a n c e :
Paym ent of the First M tg e . 5 % Gold Bonds duo O ct. 1 1922 cannot be
made at m aturity, as it is impossible to sell or secure underwriting or a now
refunding issue under existing conditions. Subject to authorization oi
Illinois Com m erce Commission, all holders are requested to deposit tneir
bonds for extension on or beforo O ct. 1, with Continental & Com m ercial
Trust & Savings Bank, Chicago.
,
..
, .
Terms of Extension.— ( 1 ) Holders to extend the maturity of bonds to
O ct. 1 1930 at the same rate of interest, i. e ., 5 % (2 ) The sinking fund
provisions to bo term inated, the bonds in the sinking fund to be canceioa oy
the trustee, and the company to be limited in taking down bonds under the
mortgage to 7 5 % of the cost of additions to the property instead or So 70 , as
presently provided, and to not exceeding $ 1 ,314,500 of bonds, o f which not
more than $740 ,50 0 shall be taken down prior to O ct. 1 192b.
_.
(3) Com pany to bo empowered to extend $498,000 Rockford &. Freeport
Electric R y . 1st M tg e . 5 % Bonds at or before their m aturity on M a y 1 1923.
(4) All other rights of tho bondholders and the lien of thoir bonds to be
fully preserved.
.
.
Security.— The bonds are socured b y an absolute firet mortgage on all
tho property o f Rockford C ity Traction C o ., consisting of 36 miles or lmo
in the C ity of Rockford (of which 8 miles are double-tracked), and[are
further secured b y lien upon all tho property of the Rockford & Interurban
R y ., which owns all the stock of tnc Rockford C ity Traction C o . Tlds
additional security consists of a first lien upon tho intorurban line coimocting
Rockford and Belvidere, 12.8 miles in length, and a general lmn on all the
remaining property o f Rockford & Intorurban R y ., comprising lntoriu-Dani
lines aggregating 66 miles of track and extending from Rockford to Janes­
ville, Al is., and from Rockford to Freeport, III.. sub j c c u r i y to c l o .N

•■*• h“ —

V n r k S t a t e R y s . — S e r v ic e -a t -C o s t C o n t r a c t .—
Vi c vv *
Commission has approved tho service-at-cost
Tho Now York P. S- ^ R o c h e s t e r and the company, which became
contract between the
) ° tinue for io years, and which had been objected
to o n t h e ^ o u n d ^ f ’p o ^ b lo injury to the city’s interests in a taxpayer’s

O h io

P h o e n ix v ille
V a lle y
F orge
&
S tra ffo rd
E l.
R y .—
Thom as E . O ’Connell, Supt., and H . Hamilton Gilkyson were appointed
receivers on Sept. 12.— V . 113, p. 2080.

I S

c

$243,626
72,000

$270,411
5 0,800

$125,103
26,000

$120 ,61 9
20 ,8 0 0

Gross incom e____
Annual interest on—
R . & I . 1 s tM .5 s
L igM i l W e r $C1o,6.8—5 ,5
V0
. 0113.
49 5 .0 0 0 R . & F . E l. R y .
1st M . 5 s_______

$171,626

$219,611

$99,103

$9 9 ,8 1 8

$84,275

$84,275

$84,275

$ 8 4 ,2 7 5

24,900

46,700

24,900
4 6.700

B alance_____________________

$15,751

$63,736

$14,828

$ 15,543

Gross i n c o m e ..................
Taxes---------------------------

934.000 R .B .& J . Ist5s

C a lle d .

D iv id e n d s

issued O ct. 1 1002. M t U te u e jras
$650 ,00 0. Since 1902 a total of $2,000,442 has been expended for additions
to tho property. Additional bonds were taken d o w n R n o ^ n n ^ n a k h ^ th e
on account of such expenditures to the extent o f S i .6 0 9 ,5 0 0 , maMng 1She
aggregate am ount of bonds issued $2,2 5 9 ,5 0 0 . Through the o r a a t o n o f
the sinking fund, there have been acquired and are now held by the trustee
$574,000 of bonds, leaving $ 1 ,685,500 outstanding at the present tim e.
Earnings Twelve Months Ended August 3 1 .
— Rockf. & Inter. Ry.—
xkocfcf d City Tr^-Co.
1921.
1922.
1921.
1922.
Gross earnings_________
$1,045,703 $1,185,751 $556 ,13 6 $596,624
431,033
47
6 ,0 0 5
915,340
802,078
Operating expenses.............. ..

on

Q u a r-

x Inasmuch as the bonds are a first mortgage on all the property o f the
Rockford C ity Traction C o ., the earnings of that com pany are o f interest.
Revenue passengers carried on both the Rockford C ity LJnes and the
Interurban Lines amounted to 8 ,683,845 in 1922 and 9 ,7 8 *j,016 in 1921.

In the months o f July and August 1922 the number o f passengers carried
In the C ity of Rockford showed an Increase for the first time in m any
months. This is due to the improvement In local business conditions and
to the operation of 6 modern semi-steel auto buses which aro being used
by the com pany to supplement Its street railway service in C ity of Rockford.
Fares.— The rates effective A u g. 1 1922 are: 10c. cash fare; 4 tickets for
25c.; fam ily commutation ticket, good for one m onth. 4 0 rides for 52; chil­
dren’s fares (between ages of 5 and 12), 3 c .; 30 tickets for 90c. for school
children; free transfers.— V . 112. p . 1979.
R e a d i n g C o m p a n y . — E q u i p m e n t T r u s t C e r ti f i c a t e s .—
Drexel & C o ., Philadelphia, P a ., announce that they are prepared to
deliver Reading Co. 5 % Equipment Trust Certificates, Series “ J ,” in defin­
ite form in exchange for their interim certificates. (See offering in V . 115,
p. 183.)— V . 115, p. 1321.
S a n F r a n c i s c o - S a c r a m e n t o R R . — B o n d s A u t h o r i z e d .—
The California Railroad Commission has authorized the company to issue
and sell at not less than 85 and interest $ 2 00 ,00 0 first mtgo. 6 % bonds, due
Jan. 1 1940, and to use the proceeds to finance In part estimated capital
expenditures.— V . 114, p. 2014.
S a v a n n a h & S o u t h e r n R y . — T o B e S o ld .—
It is stated that Julius M organ, of Pembroke, G a ., receiver, is making
preparations to sell the road.
It is expected that claims will be settled b y
D ec. 1 and the sale o f the road will probably take place about Dec. 15-—
V . 1 1 4 , p . 1288.
S e a b o a r d A i r L i n e R y . — E q u i p . T r u s t C e r tific a te s O ff e r e d .
— L a d e n b u r g , T h a lm a n n & C o ., R e d m o n d & C o ., K is s e l,
K i n n i c u t t & C o . a n d F r e e m a n & C o . a r e o f f e r i n g a t p r ic e s
ra n g in g fr o m 9 8 .4 9 to 1 0 0 .4 8 , to y ie ld fr o m 5 % to 5 % % , a c ­
c o r d i n g t o m a t u r i t y , $ 2 , 5 6 0 , 0 0 0 E q u i p . T r u s t , S e r ie s “ U , ”
5 H % E q u ip m e n t T r u s t C e r tific a te s .
I s s u e d u n d e r P h ila ­
d e lp h i a p l a n .
( S e e ad vertisin ia r p a s e s .)
Dated O ct. 15 1922. Payable $128,000 semi-annually A p r. 15 1923 to
O ct. 15 1932. both Incl. Denom . $1,000 (c *). R ed. on any int. date
at 105 and dlv. Principal and div. payable A . & O . without deduction of
Federal Income tax not in excess or 2 % at Chase N ational Bank, New
Y ork, trustee.
These cer iflcates are to be issued in part paym ent for standard railway
equipment consisting of: 3 new special M ikado type freight locomotives;
900 steel-underframe reinforced ends rebuilt box cars; 1,250 steel centro sill,
reinforced ends reb u lt box cars; 850 steel underframe rebuilt drop-bottom
gondola oars, and 100 all-steel rebuilt phosphate cars.
The valuo o f this equipment, taking Into consideration the cost o f the
new equipment and a minimum valuation o f the rebuilt equipment, made by
Ford, Bacon & Davis within the past 40 days, is $ 4 ,4 7 0 ,0 0 0 , giving a present
equity in this trust o f over 4 2 % .
The titl ■ to the equipment is to be vested in the trustee under lease to
the company at a rental sufficient to pay these certificates and the divi­
dend warrants and other charges as they become due.
Com pany will unconditionally guarantee by endorsement on each cer­
tificate the prompt paym ent o f the principal and dividend o f those certifi­
cates.— V . 115, p . 1101, 870.
T e n n e s s e e E l e c t r i c P o w e r C o .— I n ju n c tio n M o d ifie d .—
The temporary injunction recently obtained by the Tennessee State
officials to prevent the organization of the company from going Into effect
on the grounds that it violated the State anti-monopoly law, has been
modified to permit the company to perform its corporate business until a
final decree is rendered.— V . 115, p. 1322, 1211.
T e r m i n a l R R . A s s o c i a t i o n o f S t . L o u i s . — B o n d s .—
The I .-S . C . Commission has authorized the company to p-ocure au­
thentication and delivery to its treasurer o f not exceeding $2,4 9 9 ,0 0 0 Gen.
M tge. 4 % gold bonds, to be held In the treasury until the further order of
the Com m ission.— V . 115, p. 1211, 1101.
U t a h P o w e r & L i g h t C o . — P r e f . S tock O ff e r e d .— E l e c t r i c
B o n d & S h a r e C o . a n d H a y d e n , S to n e & C o ., N e w Y o r k , are
o ffe r in g a t 9 6 a n d d i v ., to y ie ld 7 . 2 9 % , $ 2 ,2 0 0 ,0 0 0 7 %
C u m u l. P r e f. fa . & d .) s to c k , p a r $ 1 0 0 .
D a ta from L e tte r o f V ice -P resid en t D . F. M cG ee, S e p t. 20.
Company.— Tncorp. Sept. 6 1912 in M aine. Owns and operates electric
power and light properties and also owns all the issued securities o f W est­
ern Colorado Power C o . and all the capital stock, except directors’ shares,
o f the U tah Light & Traction C o . T h e electric power and light and gas
properties o f the latter com pany are leased to tho U tah Power & Light Co.
for 99 years from Jan. 1 1915.
Franchises.— Franchise in Salt Lake C ity o f U tah Light A T r . C o . under
which the U tah Power & Light C o . operates as lessee, extends to 1955.
The electric power and light and eas franchises under which the company
operates in Ogden extend to 1965. The com pany's franchise in Provo
extends to 1940. in Logan to 1936, in Bingham to 1953. in Lehi to 1962. and
in Preston to 1956. Other franchises in the smaller cities expire on various
dates and contain no burdensome restrictions.
Capitalization—
Authorized. Outstanding.
Preferred stock, 7 % cumulative---------------------------- 1
I$ 11.957.400
Second Preferred stock___________________________ /x$25.000,000\ 3.09 9 ,0 0 0
Common stock---------------------------------------------------------3 5 ,000,000 30.00.i 000
31.847,000
Funded d e b t_____________________________ ___________
Com pany guarantees principal and interest $ 1 3,872 ,000 bonds of Utah
Light & Traction C o .
, „„„ „„„ , ,
x C om pan y’s bv-law s provide that $ 1 5,000 ,000 shall bo originally issued
as Preferred stock and $10 ,0 0 0 ,0 0 0 as 2nd Preferred stock. Tho 2d Pref.
stock, as a whole or in part, m ay cease to be subordinated to the Pref.
stock upon vote o f tho directors whenever net earnings for 12 consecutive
months within tho immediately preceding 14 months shall be in the aggre­
gate not less than 2V . times tho div. requirements on the Pref. stock, and
the amount o f 2d Pref. stock so ceasing to bo subordinated. Under those
provisions. S 4 .738 .000 2d Pref. stock out o f a total issue of $7,837,000 has
become Preferred stock.
Earnings 12 M onths Ended July 31.
(Utah Power & Light C o . and W estern Colorado Power C o.)
1919.
1920.
1921.
1922.
Gross earnings...............- 572 £Z5
$6 802.309
N et after op. exp. & t a x . $ 2 ,8 5 9 ,9 3 6 $ 2 ,876,833 $ 3 ,256,705 $3,328,596
135,487
132,021
142,067
168.291
O th erincom e____________
T otal In co m e................ $ 2 ,9 9 5 ,4 2 3
Interest on bonds_______
1,129.312
Other int. & deductions5 95.438
D ivs. on Pref. stock____
539.433

3 3 ,008,854 ~S3.39S.772 ”$3,496,887
1,190 233
1,248.261
1,414 019
473 ,5 5 6
476.532
367,650
5 91,500
606.618
723.580

B a la n c e .....................
$731 ,2 4 0
$753 ,56 5 $1,067,361
$990,738
Tim es Pref. d iv. earned.
2 -3 5
2 .2 7
2 .7 6
2.36
Power Contracts.— Am ong the large power customers under contract aro
Bamberger Electric R R ., which operates 75 miles of track; Salt l ake &
U tah R R .. which operates 93 miles o f track; U tah-Idaho Certral R R .,
which operates 151 miles of track: Salt Lake Garfield & W ester^ R y . n^eratlng a line between Salt Lake C ity and Saltair. on G reat Salt Lake; U tah
Copper C o ., Union Portland Cem ent C o ., Ogden Portland Cem ent C o .,
Portland Cem ent C o. o f U tah, Ogden Packing & Provision C o ., Cudahy
Packing C o .. U tah-Idaho Sugar C o .. Am algam ated Sugar C o ., Globe
Grain & M illing C o ., & c., &c.
Supervision.— Operation under supervision o f Electric Bond & Share C o.
— V . 115, p . 1322.
________
IN D U S T R IA L

AND

M IS C E L L A N E O U S .

T h e fo llo w in g b r ie f ite m s to u c h th e m o s t im p o r t a n t d e v e l­
o p m e n t s in t h e in d u s tr ia l w o r ld d u r in g t h e p a s t w e e k , t o ­
g e t h e r w it h a s u m m a r v o f s im ila r n e w s p u b lis h e d in f u ll
d e ta il in la s t w e e k ’ s “ C h r o n ic le ” e ith e r u n d e r “ E d ito r ia l
C o m m e n t ” o r “ C u r r e n t E v e n t s a n d D is c u s s i o n s .”




Steel and

Iron

P rod u ction , Prices,

&c.

The “ Iron A g e’ ’ Sept. 21 says in brief:
Output.— “ Further increases in output o f pig iron and steel aro reported
from all producing centres, and at the same time there is a falling o ff in the
volume o f new business done at premium prices. Both movem ents repre­
sent progress out o f the scarcity market conditions created b y the double
strike.
“ Eight additional blast furnaces, chiefly in Ohio and W estern Pennsyl­
vania districts, have been blown in. A s a whole the steel Industry is prob­
ably running at a 6 5 % rate, and there is the unusual condition o f several
large Independent companies exceeding the rate o f the Steel Corporation.
Connellsville coke output gains but slowly, and m ost o f the blast furnaces
ju st started are getting their coke elsewhere.
Railroad Orders.— “ It already appears that a large tonnage o f rails will be
booked for next year b y O ct. 1. A t Chicago orders for 100,000 tons have
been placed already, and a total o f 300,000 is expected b y the end o f the
m onth. In the E ast an initial inquiry o f 125,000 tons for the N ew Y o rk
Central has appeared, and options aro asked on 25,000 tons more up to
M arch 1 and 50,000 tons up to June 1. Other tentative tonnages are
25.000 for the N orfolk & W estern, 13,000 for the Reading and 8 ,000 for tho
Long Island. N ew locomotive orders total 189 and fresh inquiries 68 , not
including 100 expected shortly from the Santa Fe and 50 each from the
Burlington and Rock Island. Special efforts are being made to expedite
deliveries on locomotive steel.
Other Orders.— “ For the 1,000-m ile joint pipe line o f the Standard and
Sinclair companies the National Tube C o . will furnish 100,000 tons o f
8 , 10 and 12-inch pipe. September fabricated steel contracts are below
the rate o f any o f the last six m onths, but at 5 5 % o f capacity are fully up to
the average o f the last decade. A further falling o ff is indicated as fresh
projects are fewer. In reinforcing bars a water project at T u lsa, O kla., will
mean a large tonnage, prqbably 7 ,500 tons.
Priorities.— “ A n order o f the Commerce Commission, effective Sept. 21,
abolishing certain priorities on coal will result In a larger coal m ovem ent to
iron and steel plants. M ore freedom is granted also in the use o f open-top
cars. However, the transportation situation at Pittsburgh is not good and
no marked improvement is in prospect.
Prices.— “ O f first importance in the week’s developments was the decision
o f the Steel Corporation to advance its rail price to $43 on O ct. 1, and mean­
while to book orders for the first ha lf o f 1923 at $40. A t least one large
Independent company has announced a like policy.
" A t Chicago track spikes and bolts are $2 a ton higher, and light rails $3,
In line with the new price for standard sections. W ith car shortages limiting
production, coke has gone to $11 50, an advance o f 50 cents in the week
and o f $1 50 In two weeks.
“ C ast iron pipe has been advanced to a $40 base, Birmingham, for 6 -inch
pipe and larger, and business is still m oving in fair volum e.
Advances in steel castings, ranging from 15 to 2 0 % , are looked for,
effective O ct. 1.
“ The price o f Southern pig iron again has been advanced $2 , and $27,
Birmingham, Is now the usual quotation, bu t, owing to freight congestion,
very little Southern iron is being delivered. The sale o f 20,000 tons o f basic
$34, at V alley, apparently represents an advance o f $1 50, although the
transaction is understood to have some special features. Owing to reduced
freight rates on pig iron from Florence and Sheffield, A la ., by barge and
rail. Southern iron promises to be a more important factor in S t. Louis and
Chicago. Foundry iron prices show little change, and in somo centres
conditions are easier, but delays in deliveries are frequent. A t 161,000
tons on Sept. 1 merchant pig iron stocks o f regularly reporting furnaces
were the lowest In m any m o n th s."
Further Advances in Wages.— American Sheet & Tin Plate advances
wages 1 0 % , G ulf States Steel 10 % and Walworth M fg . C o . from 30 to
36 cents an hour.

Coal P rod u ction , Prices, &c.
Tho United States Geological Survey Sept. 6 reported in brief as follows:
“ The total production o f all coal, anthracite and bituminous, in the
week ended Sept. 16 is estimated at 10,200,000 to 10,500,000 tons.
"F in a l returns on soft coal production In the week ended Sept. 9 show
8 .7 5 6 .0 0 0 tons which, although less in the aggregate than for the week
before, was at a higher daily rate, tho holiday (Labor D ay) considered.
For the present wcck (Sept. 11-16), the output of bituminous coal is not
expected to exceed 9,50 0 ,0 0 0 tons. Over the three weeks period following
general resumption o f mining under the Cleveland agreement production
has been at a rato loss than 9 ,5 0 0 ,0 0 0 tons a week.
“ M ining o f anthracite under the Philadelphia agreement began on
M ond ay Sept. 11, and gained headway rapidly during tho week. Produc­
tion was between 900,000 and 950,000 not tons.
“ Transportation is the dominant and limiting factor in soft coal supply.
Restricted by transportation difficulties the rate o f soft coal production Is
seemingly fixed temporarily at 1,600.000 tons a day, or 9.60 0 ,0 0 0 tons a
week— this in spite o f a strong market and prices sustained at high levels
not only by demand for current consumption but also by the need for
rebuilding ordinary reserves and by extraordinary call for household sizes.
Estimated United States Production in N et Tons.
----------------- 1922------------------------------------- 1921----------------Cal. Year.
Cal.Year.
Bituminous—
Week.
to Date.
Week.
to Date.
6,73 6 ,0 0 0 2 2 3,560 .000 7,75 3 ,0 0 0 255,147 ,000
A u g u st2 6 ________________
7.60 6 .0 0 0 262,753 ,000
September 2 _____________
9 ,3 5 9 ,0 0 0 232,920 ,000
7.08 3 .0 0 0 269,836 ,000
8 ,7 5 6 ,0 0 0 241,676,000
September 9 _____________
Anthracite—
August 2 6 - - - ................... 35,000 23,1 6 1 ,0 0 0
1,800,000 6 1 ,408,000
September 2 - .............
38,000
23,199,000
1,800,000 63,248,000
September 9 _____________
53,000
2 3 ,252,000
1,483,000 64,731,000
Beehive Coke— ■
August 2 6 ..........................
117,000
4 ,0 9 0 ,0 0 0
57,000
3,78 1 ,0 0 0
September 2 ____________ 138,000 4,22 8 ,0 0 0
58,000
3,84 0 ,0 0 0
September 9 _____________
139,000
4,36 8 ,0 0 0
60,000
3,90 0 ,0 0 0
The “ Coal Trade Journal” under date o f Sept. 20 reported the following
regarding marketing conditions; “ Foreground developments in tho coal
trade during the past week continued to favor the consumer. Greater
success attended the campaign to speed up loadings for lake movem ent to
the Northwest, and the general price level was slightly lower.
“ In the background, however, aro developments that suggest that a
buyers’ strike, such as initiated on a large scale by Henry Ford anti prac­
ticed less openly b y m any smaller consumers, m ay not be the part of wisdom.
On tho anthracite side, the public faces a shortage of at least 2 0 ,000.000 to
2 5 ,000,000 tons that cannot be made up. On the bituminous side produc­
tion is seemingly fixed temporarily at 1,600,000 tons a day.
“ Reductions in spot prices last week outnumbered advances b y row 0
than two to one. Comparing quotations with those for the week preceding,
changes are shown in 66 2 -3 % of the list. O f these changes, 68 . 6 % repre­
sent reductions, ranging from 9 cents to $1 25 per ton and averaging 40.7
cents per ton. Tho advances reported ranged from 10 cents to $1, ana,
being fewer in number, averaged 70.7 cents per ton.
____
“ In spite of the weakening in quotations, there was no absence ot domana.
For the buyer that hold off in tho hope of further declines there was a buyer
ready to take tonnage to current offerings so that all the output available
for shipment was readily absorbed, although movem ent was badly comply
cated in some sections by railroad embargoes and terminal yard congestion.

.Oil P rod u ction , Prices, &c.
T h e American Petroleum Institute estimates daily average gross crude
oil production in tho United States as follows:
1921---------------- X
Sept. 17.
Sept. 2.
Sept. 9. „
(In Barrels)—
Sept. 16.
402,500
307,500
402,700
400 ,6 0 0
O k la h o m a _______________
86,500
95,000
86.550
K ansas___________________
86,650
50,100
52.400
65,450
54,250
N orth Texas
141,650
147,600
99,900
144,600
Central Texas____ _____
125,550
127,400
117,600
123,700
N orth L a. & Arkansas. 106,900
113,300
106,650
107,800
G u lf C oast________
117.000
113.000
113,500
113.000
Eastern_______ ________
81,400
82,850
78,100
48,300
W yom ing and M on tan a.
385.000
380.000
3 85.000
323,000
C a lifo r n ia .._____ _______
1,504,400
1,498,000
1,493,700
♦Total...........................
1,276.900
* D aily average production.
Export Kerosene Price Advances.— Standard Oil C o. o f N . J. yas advanced
price H e. agallon (second increase, the first, also H e ., on Sopt. 14). Stand­
ard white kerosene is now 6 H c . a gal. In bulk, 12c. a gal. in barrels and i 6 c.
a gal. in cases. W ater white kerosene prices aro lc . a gal. higher in each
case. “ Sun” Sept. 20, p . 26.
,
.
Atlantic Refining C o. also advances prico o f kerosene lc . a gal. to 14c
a gal. In Pennsylvania and Delaware. “ Financial America” Sept. 19 ’

Crude Oil Prices.— G ypsy Oil C o. posts notice o f 25c. a bbl. increase for
crude o f 38 degrees and above. “ Boston Financial N ews” Sept. 14, p. 7.

utno Oil C o. reduces markot price for Wooster crude 20c. a bbl.
nancial America” Sept. 23.

A c k e r , M e r r a l l & C o n d i t C o .— T o D is p o s e o f C ig a r D e p t .
The stockholders will vote Sept. 28 on approving the contract between
dated* Jifn^fi’ 7099 ^ Fa^ r ’ r" c ’ M bert EL Gregg and Sherman P . Coo.
dated Juno 6 1922, providing for tho consolidation o f the wholesale dear
business of Acker, Merrall & Condit C o. with tho business of G . W . Faber
in c., through the organization of a new corporation to bo known as Faber’
(i r.?og ' In? ' which is to acquire the Business according to the terms
S L , v saicl contract. Tho new company was recently incorporated in
New York with a capital of $ 1 ,0 0 0 ,0 0 0 .— V . I l l , p. 2043.

“ Fi­

Premium o f 15c. a bbl. is paid in Oil C ity , P a ., section for Pennsylvania
erudo. ‘ Boston Financial N ews” Sept. 15, p. 7.
Gasoline Price.— Standard Oil C o ., N ew Jersey, announced H e . a gal.
advance in wholesale gasoline for export. “ Tim es” Sept. 21, p. 27.
standard Oil Co. in Czechoslovakia.— Reports confirm ed that FrancoA m encan Standard Oil C o., subsidiary o f Standard Oil C o. N ew Jersey, is
RS-n*'e ,, concession to exploit unexplored oil lands in Czechoslovakia.
T im es” Sept. 18, p. 3.
Senate Inquiry into Gasoline Industry Postponed Until Next Session o f
Congress.— “ W all Street Journal” Sept. 19, p. 10.

Prices, Wages and Other Trade Matters.
Commodity Prices.— Wholesale cash prices in N . Y . reached the following
high points during the week ended Sept. 21: W heat, Sept. 20, 1.22: corn,
Sept 20, .83: flour. Sept. 20, 6.90: coffeo. Sept. 16, ,10M ; lard, Sept. 21,
11-40; pork (M ess), Sept. 15 and 16, 28.00: iron, Sept. 15 to 20 inclusive,
36.50: Jead, Sept. 20, 0.15: tin, Sept. 21. 32.50: cotton, Sept. 15, 21.00.
S u g a r P r ic e s . — In addition to the reductions in price of refined cited last
Jjmek, p . 1322, the following companies have reduced prices 25 conts to
6.25c. a pound: American Sugar Refining, Edgar Sugar, Franklin Sugar,
National Sugar Refining, Pennsylvania Sugar, M cC ahan Sugar, Revere
Sugar Refinery and Warner Sugar Refining.
Lead Price Advances.— American Smelting & Refining C o. advances price
lrom 6 to 6.10 cents a pound and then to 6.25 cents a pound.
Zinc Price Advances.— Spot metal brought 7.17 M in New York— highest
price in two years. Zinc touched 4 .2 5 late in 1921. “ Boston Nows
Bureau” Sept. 21, p. 1 .
M uslin Price Advances.— “ Fruit o f the Loom ” raised to 18M cents a
y ard. “ Tim es” Sept. 20. p. 25.
Shoe P r ic e s A d v a n c e . — Endicott-Johnson will advance price 45c. a pair,
spring season. A n advance of 5 to 10c. a pair was made for the fall o f this
yearFinancial America” Sept. 20, p. 7.
Wholesale Potato Price.— Lowest-in-20-years price is less than M e. per
pound wholesale. “ Sun” Sept. 19. p. 23.
Bicycle Prices Decline.— Bicycle M frs. Assn, reduces price 4 0 % . High
transit fares in m any cities caused demand to increase. “ Sun” Sept.
15, p. 19.
Automobile Price Reduced.— Willys-Overland cuts price of Overland
touring model from $595 to $525, coupe from $850 to S795, sedan from
$895 to $875.
Hudson M otor C o. reduces all Hudson models (except sedan) $105 and
all Essex models $50.
Copper Workers' Wages Increased.— Anaconda miners (about 12,000) to
receive 50c. a day increase. Coeur d ’Aletio district grades increases from
oOc. to 75c. a day, according to class r*f
c r m i i7e»iio lim it
in­
creases wages 50c. a dav. Chino Cc
sobdated and United Ve-de advanc
Fhila. News Bureau” Sept. 19, p. 3.
Silk Workers' Wages Increase.— Susquehanna Silk M ills (Sunbury, Pa.)
and Sunbury Converting W orks give 1 0 % increase to 3,7 0 0 workers.
Iinancia] America” Sept. 20, p. 7.
Tvn Plate Workers’ Wages Increased 1 0 % and 1 5 % , According to Class
°J JForfc at M cKeesport Tin Plate Co.— “ Boston Financial N e w s " Sept. 21 ,p.2.
Refractories Increase Wages.— Approximately 3 0 % increase announced
by Harbison-W alker Refractories, General Refractories and U . S. Refrac­
tories. “ Iron A g e” Sept. 14, p. 694.
Am erican Locomotive Works Strikers Return.— 1.300 on svm pathy strike
with rail shopmen return to work Sept. 18. “ Boston Financial N ew s”
Sept. 18 , p. 2 .

Union Printers Advocate Further Attempts to Force Shorter Working Day
and Week.— "T im e s ” Sept. 13, p. 10.
Pottery Workers to Strike.— 7,000 to walk out Sept. 30 in protest at present
wago scale; restoration o f last year’s wage cuts was refused by employers.
“ Tim es” Sept. 16, p. 17.
Longshoremen’s Wage Scale Renewed for a Year.— “ Tim os” Sept. 20, p. 5.
Great Lakes Seaman to Strike Oct. 1 for Eight’IIour D ay. — “ Evening P o s t"
Sept. 18, p. 1.
Teamsters Siqn New Wage Scale for a Year.— “ E v e. Post” Sept. 20, p . 2.
Textile Developments.— W hile strike in Now England against wago de­
crease is practically over, the hours o f labor remain main issue in New H am p­
shire and sections o f Rhode Island. In N ew Hampshire the Amoskeag at
Manchester is employing about 3,0 0 0 out o f 15,000; Nashua at Nashua has
“ •100, or 6 0 % capacity; Great Falls M fg . at Somersworth has 280 out of
1.800. Suncook M 'lls at Suncook and Pacific M ills at Dover remain
closed. Salmon Falls M fg . at Salmon Falls is operating at capacity on a
54-hour schedule.
In Rhode Island the Lonsdale and Crompton employees vote to return
to work. B . B . & R . Knight post notice o f 2 0 % wage increase, to old wage
scale, as did Jenckes Spinning C o . Tho latter company is standing firm for
54-hour week.
°
^^.M assachusetts, Acadia M ills at Lawrence operate with part force.
I acnic M ills at Lawrence restore old wage scale Sept. 15 instead o f waiting
i'Jl ° rC 2 ’.5 ,'? ” ncd ln rPcont striko settlement. Loom fixers o f Dwight
r G o . or Chicopee striko for 2 0 % increase, causing 800 weavers to cease
clarcd Dff nkG agamst fntem ational Cotton M ills at Lowell officially de-

A l g o m a n M i n i n g C o ., B o s t o n , M a s s .— A s s e s s m e n t.—
A n assessment o f 25 cents per share has been leviod on the capital stockduo and payable Oct. 18 by stockholders o f record Oct. 17.
, J i ; Cslrdent. Thom as s - Woods says in substance: “ In order to provide
tunds for taxes, carctaking and other general purposes, tho directors
have found it necessary to call upon stockholders for tho paym ent o f an
installment o f 25 cents per share on tho outstanding capital stock. This
assessment is tho first levy since M a y 1916.
,, ' The com pany’s holdings consist o f 480 acres o f mineral lands adjoining
f .. / 7 ako. and South Lake properties in the Michigan copper belt.
pen mgs to a depth o f a few hundred feet, made betw een 1910 and
1917, disclosed some copper in the form of black oxides and other ores
not commonly found in the native copper district o f Lake Superior. The
property has been idle since the depression o f 1917 .”
A l a b a m a P o w e r C o . — W o u l d G et G o v e r n m e n t P l a n t s .—
Representative Hull of Iowa has introduced a resolution in the House
empowering the Secretary of W ar to sell to the company the GovernmentPlant and sub-station at Gorgas, A la ., and transmission lines
at Sheffield, A la ., and to lease the nitrate plants at M uscle Shoals. Under
l o ennnS<Annl? n
Secretary o f W ar is authorized to sell for not less than
$ 3 ,000,000 to the company the property indicated at Gorga 6, tho transmissmn lino from that place to Sheffield, and the sub-station at Sheffield
with its appurtenances.— V . 115, p. 1 2 12 , 439 .
A m e r i c a n A g r i c u l t u r a l C h e m i c a l C o . — N e w O ffic e r s, A c
George B . Burton has been elected President succeeding P . B . B ra d lev
R oyall Victor becomes Vice-President and General Counsel
, ’i ? nl e5-S - Alexander. E . F . Dan el, Jr., and Samuel F. 1‘ rvor have been
elected diroctors to succeed A . Barton Hepburn and Samuel Carr, deceased
and W illiam Prescott and John F . Kehoe, retired. This reduces the number
o f directors from 18 to 17.
The company, it is stated, has opened up a new plant at K leburne- Tenn
which cost approximately $400,000.— V . 115, p. 1097.
”
A m e r i c a n G a s C o . , P h i l a . — R e s u m e s D i v i d e n d .—
A dividend o f 1 % has been declared on the outstanding cap ita)stock
Payable Get. 2 to holders of record Sept. 20. In M arch, Juno and Sent
1920, 1 % each were paid; none since.— V . 114, p. 2827.

New

A m e r ic a n L o c o m o t iv e C o .—
O r d e r s .—
During the 10 days to Sept. 21, the company is reportod to have received
locomotive orders, valued, it is stated, at approximately
$13,250 ,000 : New York Central, 40 Pacific type and 40 M ikado type;
Delaware Lackawanna & W estern, 15 M ikado type: Texas & Pacific
i,a,cinlc. *y Pe a+',d 8 six-wheel switching enginos; Norfolk & W estern,
30 M allet type; Chesapeake & Ohio, 25 M allet type; a total o f 176 loco­
m otives.— V . 115, p. 1102.
A m e r i c a n P u b l i c U t i l i t i e s C o . — B o n d s C a lle d .—
cr.nnnnn"
2P 'year Secured gold bonds, duo April 1 1936, aggregating
$600,000, have been cMled for paym ent O ct. 1 at 102M and in t., a t the
Fidelity Trust C o ., Ph ila., substituted trustoe.— V . 115, p . 1208, 1102.
A m e r ic a n R y . E x p r e s s C o .— E a r n s. 6 M o s . en d . J u n e 3 0 .
--------Six Months ended--------Increase( + ) or
.
.
June .30 1922 .June 30 1921 Decreasct— ).
fo^ transportation---------- $134,027,471 $149,695,851 — $15,668,381
Express privileges— D r . . ............. .. 5 7 ,797,249
53,079,261
+ 4 ,7 1 7 ,9 8 8
ilovenuo from transports
R ev. from oner, other than t

*$96,616,591 — $20,386,369
— 115,621
1,783,574

$77,898,175
76,202,964

$98,400 ,165 — $20,501,990
— 20,479,724
96,682,688

.iiv-v
ICVCUUO_______
Uncoil, rev. from transportation-

$1,695,211
26,377
1,122,815

$1,717,477
13,663
1,119,753

— $22,266
+ 12.915
+ 3 ,0 6 1

$545,818
964,644

$584,060
930,380

— 38,243
+ 3 4 ,2 6 5

Deductions from gross' income 111

$1,510,462
140,949

$ 1 ,514,440
122,754

— 3,978
+ 18,195

N et income___
N et profit & loss cred its!” ! " "

$1,369,513
34,884

$1,391,686
10,882

— $22,173
+ 2 4 ,0 0 2

N et income & profit & l o s s ..
- V . 115, p. 439.

$1,404,397

$1,402,568

+ $ 1 ,8 2 9

operating incom e.
Other income________

„ j £ . P onn<?c,tlcut’ general advanco o f 20 % in wages was m ade, practically
lower scale1^ wag0 scale- Brough operatives had been working under the
.
.
illc
? a W a r p M ill at W estbrook has restored old wage scale
and 1 eppcrell and \ ork M ills at Biddeford have increased wages 2 2 % .
blotters Cohered tn Chronicle** Sent. 16.— (a) Tho aftormath of tho pnal
strike (editorial). p. 1258.
(b) Republic of flaitiin vite* S s a k for pSrchase of $16,000 000 loan, p. 1266
(c) C ity o f L im a,P eru bonds offered
I n a ^ b l ^ w h i T ^ n non’ enn6 'ff (<V U ‘
-Senate adopts $ 5 ,000,000 Liberian
p a?267 W1^ $~ 0,000,000 attachment for Western reclamation projects,

c'nr' “ “ “
$76,230,222
1,667.954

New

A m e r ic a n S u r e t y C o .—
D ir e c t o r .—
* rev*\ President o f the Corn Exchange Bank, has been elected
The riirl°t suc?ced tho late W m . A . Nash.
V 113 p°42C)rS haV° declared the regular quarterly dividend o f 2 M % . —

a

m ramrl c a n T e l e p h o n e & T e l e g r a p h C o . — L i s t i n g .—
tai d n i . ! .a ' 8 tock Exchange on Sept. 16 listed $4,884,600 additional C api\886.800 in exchango for $1,886,800 C onv. 4 M % bonds
loo--,
j ln exchange for $747,100 7-Year 6 % C onv. Bonds, due
in n n n ? S h ed and stricken from the list; and $ 2 ,250,700, being part of
.;!!!!lx,,,! i 7 rt!; to he issued to employees under resolutions o f directors,
anre+nrt
J ? 2 ! ' Feb. 14 1922, and listed upon official notice o f issu­
(i)
Banks helped to finance coa strike; statement by Josenh W Harriman ance and payment In full, making tho total amount o f stock listed $594 ,71 5,o f Harriman National Bank, p. 1268. (j) Borah bill for fact-finding com­
n m iV h e re d u cin g the amount of C onv. 4 M % bonds listed to $ 7 ,5 8 0 ,8 0 0 ,
mission in coal industry passed by Senate, p. 1277. (k) M ining resumd
and tho amount of C onv. 6 % bonds listed to $ 1 5,705 ,100 .— V . 115, p . 1323.
in anthracite fields following ratification o f agreement by miners’ union’
p. 1277.
(I) M en engaged in producing necessities havo no right to strike!
nun ^ Ci ? n ^ a C ° P P e r M i n i n g C o . — P r o d u c ti o n , & c . —
says G ov. M iller (New Y o rk), p 1277.
(m) District Fuel Administrators
f.
following published statement Is understood b y the “ Chronicle”
namod, p. 1277.
(n) Secretary of Commerce Hoover says public interest is to. PA approximately correct:
aramount in coal industry, p. 1278.
(o) Samuel Gompers’s statement on
c.?mPany is producing at the rate o f slightly under 15,000,000
ard coal striko settlement, p. 12S0. (p) Executive Council of A . F o f L
3 SL C0PPer a month. It has botweon 6,000 and 7,0 0 0 miners at
denounces treason trials in W est Virginia, p. 1280.
(q) Executive Councii
. f here is little prospect o f being able to increase tho forco at the
mmes before October.
o f A . F . o f L. calls upon unions to resist injunctions, p. 1280.
(r) Postal receipts o f fifty industrial centres for July, p. 1287. (s) In­
c; 7 °u zinP oxide plants at Akron, Ohio, and East Chicago, H i., should
oo unisncd in 6 or 7 mouths. Tho Akron plant is to bo used for the purpose
crease in postal roceipts at fifty solocted post offices, p. 1287.
(t) J. Spencer
Smith on oil pollution of navigable waters, p. 1288. (u) Ohio court enjoins P I,. r,vm g ro ° rubber industry and tho East Chicago plant for tho paint
industry. Til 6 filoptfAlwiL.
of:
Foils TVfnnt.
is nnAPafino*
brewers from reducing wages in violation o f wage contract, p. 1289. (v)
xV. B . Kirschbaum C o ., Philadelphia, granted permanent injunction against at good capacil
and E lm Oriu
amalgamated clothing workers, p. 1289.
(• ) Salary increases to employees
own properties.” — V . 1 1 5 , p. 1324.
of Post Office Department since 1918, p. 1289.
(x) American Construction Council formed with F . D . Roosevelt, Presi­
A r i z o n a C o m m e r c i a l M i n i n g C o . — L i t i g a t i o n .—
dent, p. 1289.
(y)
Prerequisites to exemption from tho Federal income tax in exchanging See Iron C ap Copper C o . below.— V . 114, p. 2119.
securities, p. 1291.
c q u i s i t i o n .—
(z)
Now York Stock Exchange oxpols Ilellwig & Reutter, p. 1271. (aa) A r m o u r L e a t h e r C o . —
'f.no com pany, one o f the trustees and creditors o f Alexander Bros, o f
Chicago creditors of E . W . Wagner & C o. to receive 5 0 % paym ent, p. 1271.
t nuadelphia, it is reported has purchased the entire business o f the
(b b ) Failure o f J. C . Rabiner & C o ., 25 Broad S t., Now York C ity, p. 1271.
concern. The cash consideration o f tho purchase, it is said, will mean
(cc) Now offering o f One-Year Treasury Certificates o f Indebtedness, p.
a total and final dividend o f 4 1 % on notes held by extending creditors
1271.
(dd) Conference report on tariff bill, p. 1271.
and will aggregate approximately $806 ,00 0. The belting business of
Alexander B ros., it is stated will be continued by the Armour Leather
C o .— V . 115, p . 1103.
’
(e) Lamborn & C o .’s now German connections, p. 1267. ( ') United
Europoan Investors, L td ., formed to invest German marks n 1267
fsr)
Offering o f $1,00 0 ,0 0 0 St. Louis Joint Stock Land B an k sb on d s p 1268
((^ O ffe rin g of $ 1 ,000,000 San Antonio Joint Stock Land B a^k bonds, p!

g

A

A c a d i a M i l l s C o r p . — N o D i v i d e n d D e c la r e d .
• „ J re:lsureri Ernest N . Hood says: “ Owing to existing trade conditions,
. . . /V!ll.Ynabl° to S®H the Bill production of the m ill, and have therefore
curtailed our operations. Such sales as wo do mako are without profit,
° r at a very small profit.
v. . , °ro are indications of better business conditions in the near future,
. . u . -y :111.80
6 .foreg°m g, tho directors deemed it wise not to declare
a dividend at this tim e.” — V . 1 10 , p. 1749.




A t l a s C r u c i b l e S t e e l C o . — M e r g e r .—
The directors o f the Electric A lloy Steel C o . havo approved the plan
o f merger o f that com pany with the A tlas Crucible Steel C o . Tho stock­
holders will voto on the merger Sept. 30. Th e stockholders o f the Atlas
com pany will vote Sept. 29 on the mergor.
ih o companies will be merged into the Atlas Steel Corp. with a New
York charter. The capital structure o f the merged company will consist
o f $2 ,0 0 0 ,0 0 0 bonds (o f which $ 1 ,500,000 will be required to fund out­
standing bonds o f A tlas Crucible); $ 1 ,000,000 debenture notes; $500,000

o f 7 % Cum ulative Prior Preference stock; $ 6 ,000,000 7 % Cumulative
Preferred stock, and 100,000 shares o f no par value Com m on stock.—
V . 115, p . 1213, 7 62.
B a ld w in L o c o m o t i v e W o r k s .— N e w O rd ers.—
The company has received an order for 37 freight locomotives, M ikado
type; 30 for the Erie R K . and 7 for the Nashville Chattanooga & St. Louis
R y . An order for 12 passenger locomotives, mountain type, for the Norfolk
& "Western R y ., has also been received. Total value o f the foregoing orders
is said to be about $3 ,000 , 000.
.. _
.
__
The company also received an order from the Atlantic Coast Line R R .
for 25 Pacific type freight locomotives, valued at approximately $ 1 ,3 5 0 ,0 0 0
— V . 115, p. 1324.
B e a c o n C h o c o l a t e C o . — R e o r g a n i z a t i o n P l a n .— T h e s t o c k ­
h o ld e r s h a v e a p p r o v e d a p l a n o f r e o r g a n i z a t i o n o u t l i n e d
b r ie fly b e lo w .
A n o ffic ia l s t a t e m e n t s a y s in b r ie f:
r A t the annual meeting in January, the stockholders were advised that
severe inventory losses, following the period o f over-production in the con­
fectionery industry, and operating losses during the following period of
depression, had materially impaired working capital.
. . .
Since that time It has been impossible to operate on a profitable basis.
There has been recently a marked improvement in the prospects o f business
and there is, apparently, a good volume o f business ahead if the company
is in a position to finance it.
.
, ,
W ith the margin o f profit as slight as it is at the present time, it is neces­
sary to produce in largo volum e m order to operate profitably, and to do
this, and in fact to continue operations even without increased sales, re­
quires a partial restoration o f com pany’s working capital. I f this is not
supplied, operations cannot bo continued and in a forced sale o f its assets,
their value would be greatly depreciated^___________________________________
Balahcc~Sheet June 30 'l9 2 2 '(After Reduction o f Inventory A A c c’Is Receivable).

C a r n e g i e C o a l C o . — M e r g e r .—
_
. „
.
J. II. Ilanford. V .-P res., has announced that the merger of the following
companies is under w ay: The operating companies, with the production
of each for 1920 being given, are: The John A Boll interests, 2 ,000.000
tons; Carnegie Coai C o ., 1,350,000 tons; Vcrner Coal & Coke C o ., 34o,000
tons; Burgettstown Coal C o .. 255,000 tons: Ilenderson Coal C o ., 325,000
tons; Chartiers Creek Coal C o ., 270,000 tons; M cClano M ining C o ^ 4 7 5 B 0 0
tons; Meadowlands Coal C o ., 500,000 tons; Pittsburgh & E x te r n Coal Co
240,000 tons; Pittsburgh & Erie Coal C o ., 430,000 t” ” 8'
e
yl‘
vania mines o f the Youghiogheny & Ohio
fiQpnl
It is stated that the Union Trust C o. of Pittsburgh is acting as fiscal
agents and trustees.
C e m e n t S e c u r i t i e s C o . , D e n v e r , C o l o — E x tr a L tivr—
The directors have declared the regular quarteriy di^ d en d of 2 /o and
an extra dividend of 1 % on the outstanding $9,570,000 capital stock,
PaThe°com pany in August last made and sold 500,000 barrels of cement,
an increase of 50,000 barrels over any previous m onth.— V . 112, p. iJ S i.

$175,000
2,600
450,000
34,534
15,494
7,989

C e n t r a l M a i n e P o w e r C o . — T e n d e r s .—
The State Street Trust C o ., Boston trustee, will until Sept. 29 receive
bids for the sale to it o f sufficient 1st M tge. bonds, dated N o v . 1 1909, to
exhaust $ 4 6 ,7 7 5 .— V . 115, p. 1103.

N et assets_______________ $823,158
In liquidation, the value o f the assets

1 st M t g e . 6 % 5 - Y e a r G o ld n o te s d u e O c t . 1 1 9 2 2 , M o r t im e r
N . B u c k n e r , C h a ir m a n , h a s a d o p te d a p la n o f r e a d ju s t m e n t
w ith r e sp e c t to th e a b o v e n o te s (m e n tio n o f w h ic h w a s m a d e
in V . 1 1 5 , p . 1 3 2 4 ) .
T h e r e a r e n o w d e p o s i t e d a n d h e ld b y
t h e c o m m i t t e e n o t le s s t h a n $ 2 , 3 1 2 , 0 0 0 o f t h e n o t e s .
Holders of tho certificates o f deposit shall be deemed to have assented
to tho plan of readjustm ent unless within 20 days after S<^ j *
they shall withdraw the notes represented by their certificates. liolaOTS
of undeposited notes m ay become parties to the plan b y depositing tneir
notes, with the coupons payable April 1 1922 and O ct. 1 1922, with I\ew
York Trust C o ., the depositary, on or before O ct. 5 1922.

Fixed assets_______________ $ 1 ,095,675
C a s h _______________________
58,915
Inventory__________________
213,197
Accounts receivable_______
114,414
N otes receivable__________
20,299
6,274
Prepaid item s_____________

M tg e. on Boston plant___
M tge. on other properties.
N otes payable banks______
Merchandise acceptances.
Accounts payable------------R eserves___________________

Those figures are book values.
would be materially reduced.
► Some o f the larger bank creditors have agreed to accept $375,000 o f the
$450,000 owing to the banks in First M tge. bonds maturing in 20 years, if
the stockholders will advance the necessary money to take up the $175,000
mortgage, receiving for such advances similar First M tge. bonds, making
the total bond issue outstanding $550,000.
B rief O u tlin e o f Plan o f R e o rg a n iza tio n .
__
r N ew tionds.— It is proposed to authorize the Issuance o f $562,500 6 %
20-Year First Mortgage bonds.
. . . .
„ _ ... .
» Preferred Stock.— It is proposed to authorize the issuance o f 7.500 shares
o f new Prior Preference stock having no par value, but with preferences,
privilegee and priorities substantially as if having a par value of $100 per
share. This stock to carry a Preferred dividend of $7 per share, cumulative
after Jan. 1 1924. This stock to be convertible at any time into 10 shares
of now Common stock.
, _
. .
..
.
.
. . . ____ .
Banks to Accept Bonds.— O f the bond issue, the banks will accept $.375.­
000 Drovidod tho stockholders take at least $175,000 on the following basis:
m Terms to ls( Pref. Stockholders .— Each stockholder is expectod to pur­
chase bonds to the amount o f $2 50 for each share o f 1st Pref. stock now held.
A s a part o f this purchase he will receive in addition one share of Prior
Preference stock upon surrender for cancellation o f 10 shares o f present
1st Pref stock. A n y First Pref. stockholder not subscribing will continue
to hold his present First Prof, stock but this stock will now become junior
to tho Prior Preference stock.
__
Present 1st Pref. Stock.— Preferences, privileges and priorities of the pres­
ent 1st Pref. stock to bo changed so that in the future the rate o f dividend
will be 6 % and this dividend to be non-cumulative.
Present Pref. Stock— Offer to Common Stockholders.— Th e present Preferred
stock to be changod into Common stock without par value. Tho number
of shares o f new Com m on stock to be authorized to bo large enough to
cover an option to present Com m on stockholders to purchso at a prico
to be determined by the directors, one share o f the now no-par Common
for each 10 shares o f the present Com m on, and to cover the conversion
privilege o f Prior Preference stock.
. , .
.. „ ~
Present Common Stock Worthless.— A s tho equity represented by the Com ­
mon stocK has ceased to exist, the present outstanding Common stock is
to beextinguished. the present Com m on stockholders to havo the option
to rmrehase new Com m on stock as above.
„
, ..
N ew Business.— C om pany has already booked under contract for delivery
between now and D oc. 31 1922 sufficient business to absorb over 6 0 % o f
the Quantity of its products that can be produced with a day and night shift.
This business however, cannot bo handled without additional working cap­
ital or credit * This can be secured only by the method outlined above or
by the stockholders furnishing practically the same amount as mentioned
above in the new capital.— V . 115, p . 1103, 763, V . I l l , p. 2523, 495.
' B e l l T e l e p h o n e C o . o f P a . — P r o p o s e d A c q u i s i t i o n s .—
The com pany has asked the I .-S . C . Commission for authority to purcha.o
the p f t t .s 3 g h & Allegheny Telephone C o. (V . 113. p. 2087) for $ 2 ,5 0 0 ,0 0 0 .
and thepropertv of the Chartlcrs Telephone C o. of W ashington for $100 ,00 0.
— V . 115. p. 991, 548.
f B e t h l e h e m S t e e l C o r p .— M
f i e d . — 1T h e s t o c k h o l d e r s S e p t .
a b so r p tio n o f th e L a c k a w a n n a
p la n o f r e c a p itliz a tio n c a llin g

e r g e r W i t h L a c k a w a n n a R a ti­
1 8 r a tifie d th e p la n fo r th e
S te e l C o . a n d a u th o r iz e d th o
fo r a c h a n g e in th o c a p it a l

s t r u c t u r e , a ll a s o u t l i n e d in V . 1 1 5 , p . 8 7 2 .
The Lackawanna Steel C o . stockholders also approved the merger.
T o I n c r e a s e R a il P r i c e s .—
President E . G . Grace, Sept. 18, announced that tho company would
meet the action o f the United States Steel Corporation in marking up rails
• 3 a ton to $43 on Oct. 1 — V . 115. p . 1324, 872.
C a d i l l a c M o t o r C a r C o . — P la n s F id l P r o d u c t i o n .—
According to President II. H . Rice, the com pany’s plans o f production
include tho running o f the factories full force during the winter, with a
production greater than that o f the past 12 m onths, which, it is stated, was
the.greatest in the history o f the com pany.— V . 101, p. 133,
C a l u m e t & C h i c a g o C a n a l & D o c k C o .— N e w N a m e .—
Th e name of the company has been changed to the Calumet Trust Co.
The present charter will bo surrendered and tho title to tho holdings of the
company will be voRted in the trust company. Trustees will be O. P.
Van Sweringen, O tto M iller and Ralph Van Vechton
Certificates of interest o f the same number as those now outstanding
will be issued and each will represent the portion of the total assets which
each share now represents. Tho total number of certificates outstanding
will be 25,287. Th e certificates will be listed on the Chicago Stock E x­
change.— V . 115. p. 873, 440.
C a n a d a B r e a d C o . , L t d . — B a la n c e S h eet J u n e^ 3 0 .
Liabilities—
1922.’
1921.
1922.
Assets—

1921.
Preferred stock...$1,250,000 $1,250,000
Land, buildings,
Common stock... 2,500,000 2,500,000
equipment, good
____ . . . , , ,
will <kc
..$5,489,310 $5,345,115 First Mortgage 6s. 1,090,400 1,104,400
Acer. int. & wages.
41,324
42,092
Trade creditors... 106,856
363,466
Tickets outstand’g
11,089
12,289
21,875
Pref. div. reserve.
21,875
Deprec’n reserve..
397,500
490,072
Expenses prepaid.
8,012
General reserve.*.
123,784
139,747
322,084
Profit and loss-----478,658
Total (each slde)$6.130.021 IB .137.489 ""V ib u Sh ST h T V 115° p” 892

4SSSKS& iJSS; mgj

The comparative.^ncome account was pubiisnea in v . n o , p. 992.

P o n q d i r n G e n e r a l E l f c t r t e C o .— D e fin itiv e B o n d s —
L i . I L l K L .i
0
f -v-e.v York announces that the definitive
o J v h£ r Gfi£r lS e r l J “ A ” ™ id b o n d s (see V . 114, p. 1411) are now ready
fw dTlivefy t o S c h a n g o for trust receipts now o u ts ta n d in g .-V . 115,
p. 440, 78.




C a n a d i a n W o o l l e n s , L t d . — D e f e r s P r e fe r r e d D i v i d e n d .—
The directors on Sept. 20 voted to defer payment of the dividend on
the Cumulative Preferred stock for tho current quarter.
President A . O . Dawson says in substance;
White the .dividend
requirements havo been fully earned it has been deemed advisable in the
interests of the shareholders that the company should strengthen its
cash position by conserving and increasing its liquid respurcos. Accord­
ingly, at a meeting of directors held Sept. 20, it was decided to withhold
tho Preferred dividends for the present.
„
,
...
, .
..
“ Tho expectations expressed in the annual report with regard to tne
improvement in business have been realized in the two months or tne
current fiscal year and the directors expect that this will contmue.
V . 115, p. 1324.

C h a lm e r s

M o to r

C o r p . — P la n

of

R e a d j u s t m e n t .— T h o

p r o t e c t i v e c o m m i t t e e f o r t h e C h a l m e r s M o t o r C o . $ 3 ,L > 0 ,(XX)

The

c o m m itte e ,

in

a

n o tic e

to

th o

h o ld e r s

of

th o

n o te s

(d e p o s ite d a n d u n d e p o s ite d ), s a y s :
M axw oll M otor C orp. has made an offer which in effect provides, if
tho plan becomes operative, for the delivery and paymont at an carry
date, without awaiting the completion of the legal proceedingscontemplated b y the plan, of the same amounts of stock and cash which will
do deliverable to depositors under tho plan if it is consummated as expected.
The off or also provides in the alternative for tho paym ent of a sum in
cash in lieu of the delivery of stock, at the option of the holders of certif icatos
of deposit.
.
..
Tho com m ittee, upon organization in April, took up the question or
tho position occupied by those notes with regard to the properties or
Olialmers M otor C orp., and the relations of that company to M axw ell
M otor C orp. Negotiations were carried on for several months bororo
tho committee succeeded in obtaining tho terms embodied in this plan
and tho offer of M axw ell Corporation to purchase deposit certificates
at an early date. In tho meantime the committee caused suit to bo brougne
to foreclose the mortgage.
. .
,
. . ,.
______
In deciding the course to be recommended to tho noteholders the com­
mittee have considered that the lien of tho mortgage is limited practically
to fixed plant and does not covor good will. Inventory, receivables or
claims; that it is uncertain whether tho mortgaged assets at forced sale
will bring tho amount due on the notes: and that a deficiency judgm ent
must share pro rata with other claims, including those of M axw ell M otor
C orp., against unmortgaged assets the value of which is unknown and
can be established, if to any extent, only after costly and lengthy in­
vestigation and litigation.
, ,
. .. ..
. .
.
Rather than to incur such expense and delay, with the risk o f an un­
certain outcome, the com m ittee concluded that it was to the interest
of tho noteholders to accept immediate realization in marketable stock
or cash upon tho terms set forth in the plan and accompanying offer.
The com m ittee adopted tho plan and recommend tho acceptance of the
offer of M axw oll M otor C orp. to purchase assenting deposit certificates.
A s that offer and tho adherence o f tho Maxwoll corporation to the plan
are conditioned upon the deposit of a sufficient amount of notes, all note­
holders who have not already deposited are urged promptly to deposit
their notos with the depositary, New York Trust C o ., 100 Broadway,
N ew Y o rk . Tho offer of tho M axw oll corporation to purchase deposit
certificates requires that such certificates before surrendered to Central
Union Trust C o ., 80 Broadway, N ew Y o rk , bo stamped as assenting to
the plan and agreement. Holders o f certificates of deposit, therefore,
who desire to take advantage of tho offer should present their certificates
to tho depositary, N ow York Trust C o ., for such stamping.
D ig est o f Plan o f R ea d *u stm e n t D ated A u g . 31 1922.
Historical.— The total authorized amount of notos was originally $ 3 ,­
150 000, issued b y Chalmers C o. bearing tho guaranty o f Chalmers C orp.,
but subsequently Chalmers C orp. acquired all of tho assots and assumed
all of the obligations of Chalmers C o. and bocamo substituted for Chalmers
C o. under tho mortgage. A t about tho time o f the issue of tho notes all
of tho properties of^Chalmors C o ., including tho mortgaged assets, were
l 0\^aHous"differcnces arose between that company as lessee and Chalmers
Corn as successor of tho lessor with respect to accounting under the
terms of tho lease and other matters. Tho tease was tormina ted on or
about M a y 31 1921, and the proporty formerly covered by the leaso is
in the nossession of Chalmers C orp.
. .
. . The Chalmers claim is pending before tho special master appointed
in the M axw ell creditors’ suit but is disputed and no testimony nas been
taken or determination mado with respect to it. M axw ell C orp., as
the assign of assets o f M axw ell C o. sold pursuant to decroo in tho M axw ell
creditors^ suit, asserts a claim against Chalmers Corp. in excess of
S3The f f iw e ll-C h a lm e r s plan (V . I l l , P .1 3 7 5 ) provided for the deposit
f l w i f n f r h ' l m e r s C orp.; and M axw ell C orp. is now the owner of more
?L Si 0oCac7° o f each class o f stock of Chalmers Corp. [Amounts outstanding
about 'M 400 000 Pref?* and 399,364 shares of Com m on stock.] The
xVaxwcil Olialmers plan b y its terms loft tho notes undisturbed.
M 0^ AnHl 1 1922 Pdefault was made in the paym ent of the itnerest on
V)P U/ v i l l n 1638) and, the principal having been declared due,
T n forec osc the1 mortgage was brought by tho trustee and was coni n
1
ffraifiril creditor’s suit pending against Chalmers Corp.
S0lpurwse^o / 1Wmt^— T h ^ p u rp o se o f tho plan is to carry into effect the
I urpose oj rusn.
contemplates that all o f tho proporty of ChalK ^ o r n ^ m r t f a g ^ d ' a n d unmortgaged, including the Chalmers claim
™ C5S
nt nnhlic sale and prov dcs that tho committee will bid
^ l,1
3tff,°‘^ I f n o & v T u c h am ount as M axw ell C orp. m ay request, and,
to case such bld is successful, the com m ittee will cause the proporty so
nurohased to be sold (or the Chalmers claim to bo reteased and all otlior
o f the property to bo sold) to M axw ell C o r p .. in consideration of the shares
pf Qtnrir of M axw ell C orp. and the amount of cash required for distribution
?o Sd e n o s U o rs a ^ the rate set forth below and the additional amounts of
cash rMuired for the purposes of tho plan. The plan does not require the
M m v T c o r D toA cquest tho com m ittee to bid for tho proporty or pre­
sen t the M axw ell Corp. itself from bidding nr acquiring It from any suc­
cessful bidder other than the com m ittee. In case the property is sold
to some other purchaser, the cominitteo will collect and distribute to the
doposTtors the not proceeds of sale payable on account of tho deposited
notes after making deduction for tho expenses of the com m ittee.
^

M

&
,ss ; ‘M™ °r «
%

n w

“ * 01 M“ J i c 4 ur d T s i s

For each $1,000 of deposited notes, 10 shares o f M axw ell Corn eanital
^ n ° ,at f A k 10 sharf Pf M ^ ' Cl1 C,orp,’ capital s to c k 1 Class' B ?Pand
$60 in cash. Agreements have been made b y or on behalf of the holders
o f certificates of deposit for $1,500,000 o f the notes o f C a h n e r s M otor
C o ., wliereby such holders are to avail of the foregoing offer
The stock will bo part of certain stock heretofore issued' as fully paid
and noil-assessable and now held in the treasurv o f M axwell Corn
The Class A stock is of $100 par; the Class B stock is of no par value.
Class A stock is entitled to non-cumulative preferential dividends at the
rate o f 8 % per annum and to participate equally with Class R stock in
any year after 8 % has been paid o n , each ctaST Upon any liquidation
o f the corporate assets Class A stock is entitled to receive par in priority
to Class B stock, but no more. Both classes of stock have voting power.
Cash Requirements.— Ail cash required for the nurnoses nf * L ni->n
including the amount of the distributive shares payable o u / o f the pro­
ceeds o f sale o f the properties o f Chalmers Corp. to holders of notes who
do not become parties to the plan, are to be supplied bv Maxwell Hern
M axwell Corp. fia lso to pay (to the extent not d e O C d f r ^
all of the reasonable expenses of the committee
'

w

g

K

1"

m

?

s

X 500 .M 0: ^

o m

° haImers C o - re sp e c tifrfy a t an a m o t^ t to

x
t
M i ? n o ° ' T n f ™,ed * cla,m (termed Chalmers Claim) against
M axwell M otor C o ., In c., purporting to be for a sum not less than $6 000 000, with the special master appointed b y the U
S District Court fnr
tho Eastern District o f M ichigan, in the cause therc^ nourtiuS V i ? !
claim is disputed in whole and no procecdings have v-e “ been h a d ' before
the special master for the determination thereof. Th e clataS against
said M axwell M otor C o . In c., heretofore allowed and estab ished exceed
x?’ ,
the Proceeds of the sale of all the property of
Maxwell M otor C o ., In c., available for distribution to its creditors and
in consequence if tho Chalmers claim should be a llow ed an d estabfished
Jf
so,m c percentage o f the amount so allowed and cstab
lished could be paid out o f said proceeds o f sale
Artlclo fourth of tho agreement nrovides: For 30 days after tho first
Plan has been declared o p ta tiv e
the Maxwell C o. will accept tno delivery to Central Union Trust C o of
stock certificates o f tho Chalmers C o ., and will cause to be issued in oYRhoiirm
U ,gv for CttUTICMe. for C l a » B sto ct or Ita M a iw o S C o l t f l , " S l l S g

a . ^ rB,“. ^
B

0„r1 S r M O
. ^

US S S M

H

rS ed s ,o c t or

Com m on

D i v i d e n d .—

E ld e r s
r ^ M S e p T 30°
to IU20 a like amount was paid; none since.— V . 114, p. 1411

Jan-

C o l u m b i a G r a p h o p h o n e F a c t o r i e s C o r p . — S tock I s s u e ___

£

i u S f o K

r b ^

the bM ls o f „

l„ .

C o m e t A u t o m o b i l e C o . , D e c a t u r , 111 — R e c e i v e r s ___

C o n n e c tic u t L ig h t &

Pow er

C o.— T e n d e r s

—

1

Class

for f r a c t i o n
in anv wav re­
the commTtt™
tho h w i f o f
o f the same.

C h ile
C opper
C o . — 2 2 d Q u a r te r ly R e p o r t f o r 3 M o n t h s
e n d in g J u n e 3 0 1 9 2 2 . — P r e s i d e n t D a n i e l G u g g e n h e i m r e p o r t s During the quarter ended Juno 30 there were treated 924 450 tons o f oro
averaging 1 . 68 % copper; in the preceding quarter 620,057 tons a m a r i n e
1 .7 4 % ccpper.were^treated. Thorecovery during this quarter was 89 7 07 r*
compared with 9 3 .0 8 1 % for tho quarter ended M arch 31 in o ”
8 9 '707%
_____
Production for the quarter averaged 10,302 573 lbs nor mnnti,
with 6,856,809 lbs. per month during the first quarter o f 1 9 2 2 ° ° P
d

A

Co.— R e s u m e s

<*>•• «

g T * * t0Ck or tb°

“ rtin" “ - “
The committee is not to be deemed to be acting for or
sponsible to holders of stock o f tho Chalmers Co ; nor
in any way responsible for the foregoing provisions for
V ° n 5 ? 'p f T 3 2 4 .the Chalmers C o - or for tho carrying out

c1uT*

AC oJarrt«HV° H P mW ^ r

s s* * * * ™

' 5 ^ CN<^ : - i « 2l “ “re

T h e a g re e in e n t d a te d A u g . 3 1 1 9 2 2 , b e tw e e n th e c o m m it t e e
a n d t h e M a x w e l l M o t o r C o r p . , s t a t e s in p a r t :
The M axwell C o . was prganized per plan (in V . I l l p 13751 and is
the ownjr oi a claim against the Chalmers C o. appear ng on the books
™

m

A^°™ Hf!.l i d a £ e ^ C o p p e r m i n e s C o . — S a le .—
has
t ^ J u d ^ M c F a d d e n 5? , ^ ! ^ ^ p r o p e r t y o f the company
f u f f “f . 4 4 1 . e l o ^ f s

See plan in v ! ‘
tim o°rneS-

i

a *desd

° D committ« ° —

c “ l i f - W
& P ° W W C o- o f B aN
tb
M
C

»
S n ° j a . d " ot « * » ' L “ » “

C°"Mn’i

BaM

...............
N et profit on copper delivered.......... _ _ ........... ”
$1 351 073
Miscellaneous income_____________________
5 ’ i Vow
Interest on call loans and bank balances_________ ”
84 372

b°“ ; :
E x p en seso f Chile Copper C o . . . . . . . . . . : : ; ; : : : : :

^^O O .O IO
q H oo
85 535

$1°°

I S

78 £ f § §

12,355

Balance, deficit, both companies_________ _______ x$107,322 $1 103 105
x Tho $107,322 loss shown above is the result o f including tho sum of
$723,870 for depreciation, which is a book entry computed onSa thne b is k
regardless o f production or sale. Furthermore, while the cost o f cornier
produced during the quarter was 7.077c. per lb ., following the usual mothod
o f applying current deliveries against oldest copper in Inventory, tho income
from the copper delivered during this quarter Is based on an averagi c“ t
o f 9 .244c. per lb . The copper so delivered was produced at t h k c S t when
the output of the plant was on a greatly reduced basis
The companies had at Sept. 1 S12,475.300, representing cash on hand
and marketable securities.— V . 115. p . 1325. 186.
s
nana
C it ie s S e r v ic e C o .
M o n t h l y D iv id e n d s — A c q u i s i t i o n —
The directors have declared regular cash dividends o f U of 1 % on the
Preferred and Preference B stock and H o f 1 % in cash sdrip on t i e C om ­
mon stock, in addition to 1 M ^ s t o c k scrip on the Com m on stock, all paya­
ble N o v . 1 to holders o f record O ct. 15.
’
v
The company has just completed arrangements for taking over the plant
and f.icilities pf the Socioto Pour le Commerce et lTndustrie des Ifuiles
M inerales,
in er des, o
oif Antwerp,
Antworp, uuigium.
Belgium. The
m o plant
main, is a complete importing station
be resell
_ . Antwerp
»
nmelctlim
at
consisting nf
o f tankavn
tanka go fer
for TnhrteaMru*
lubricating nil.
oils, _____.
gasoline,
ke 6
gas oil, &c. Captfun Fernand Petit o f Antwerp will have charge o f the’
property.— V , 115, P- 1325 . 873.
C i t y I c e & F u e l C o . , C l e v e l a n d . — 3 5 % S tock D i v i d e n d .—
The com pany on Sept. 1 paid a 3 5 % stock dividend to holders o f record
Aug. 24. Th is stock distribution Increased the outstanding Capital stock
b y $2,3 6 2 ,5 0 0 to $ 9,112,500, par $100. The directors on A u g. 24 author­
ized the salo to stockholders of sufficient stock to equal an entire share on
tho basis o f par.
. ^
The company also arranged to merge the Cincinnat i com pany (same name)
with tho Cleveland company, issuing approximately $750 ,00 0 additional
stock. Com pare V . 115, p . 312.
C l i n c h f i e l d C o a l C o r p . — C o m m o n D i v i d e n d I n c r e a s e d .Tho directors have declared a dividend o f 3 % on the Common stock
payable Sept. 30 to holders o f record Sept. 25. The last distribution
made on tho Common stock was J4 of 1 % , on D ec. 15 1921.— V 115
p . 1214. 9 92.
’
C o lle g e C o a l & M i n i n g C o ., P ik e v ille , T e n n .— B o n d s.
International State Bank. Chicago, is offering at inn and Int. «oro non
trustee. Pikeville, Tenn. D enom . $ 1,000.
normal Federal income tax up to 2 % .

Com pany

agrees

D a ta fr o m L e t t e r o f P r e s . W m . S . E llio t t , P ik e v ille , T e n n .

to

pay

A u g . 24.

Company.— Incorp. April 24 1922 in Tenn. Has acquired and now
owns and operatos 2,300 acres o f coal properties located In the Sequatcliee
valley o f the Cumberland mountains at College, Bledsoe C ounty, Tenn.




l l i ^

S

M

8 ° f 85’000-000 ls t R ef-

y

a

a

s s e

bonds. Series “ E ” in V .

C o n s o l i d a t e d S t e e l C o r p . — T o L iq u id a t e —
o f ^ e ac o ^ ^ . 0
^ % 0 t e ^ > t . \5^ it was decided that the affairs
panies, should be liquidated eTMa^«w^an^?at oii
Independent com present low s t a t e o r e x M r t b ’u s f f l a n d r e
to the
mergers o f the B
e t h
l e h
t0 col? pli cation arising out o f the
companies.
tm enem -Lacka wanna and Inland-R epublic-M id vale
w h ^ t h ^ c L n fr a c t'u n d e ? 'w h tc h th o ^ n 1^6 ef/ f ctive untn the close o f 1923.
is considered possible th at th e tnSL2SS?°rat,on was 9 r6anized expires. It
a smaller scale to handle the exnn^ m f 1}4 comP any wiu be reorganized on
are not affected b y the m e r g e r s ^ V . ^ i T l )0 59^ SmalIor comanPles 'which
A ^ e x ^ v iln fo ®
in addition to the regular
to holders o f record Oct 2 q
since Jan. 1920.—V l l 5%

^ o . - U s u a l E x tr a D i v i d e n d . dec,ared on the Common stock,
I ^ i Iy, dlvld,;rld o f 1 % . both payable O ct. 20
° f A ° f 1 % has been paid quarterly

C o r o n a T y p e w r i t e r C o .— R en ort —
e comparative Income account was published in V . 115, p . 1104.
a ™ *,
r
Balance Sheet.
Liabilities—
June30 ‘22. Dec.31 '21
lst Pref. s to ck ... $403,400
$404,900
513,276 2d Pref. stock-----985.700
965,700
o !'t o ‘S i r o” ',. " K;
182,862 Common s to ck ... 1,332,615 1,332,015
121,171 Subscription_____
133
133
Llbertybonda
100.142
379 Reserves_________
28.896
____
Notes receivable..'
104"624
98,997 Deferred income..
647
Accts. receivable..
708 491
509.458 Minority interest.
9.602
11.248
Inventories...........
874,506 Notes payable____
456,500
445.000
Pat’s & good-will.
618 221
634,919 Accounts payable.
49.370
77,581
109,927 Accrued accounts.
13,542
20,893
- V ° ^ K * l ^ S3-967;099 $3,878,144 Surplus___________
707.941
619.427
R e d c 7 m eA l l
« i p .„ n ,^
th e

n , ,C4° ’ j ^D e l - ) A d d i t i o n a l Stock O ffe r e d — T o
O u t s ta n d in g B o n d s — D iv id e n d R a te I n c r e a s e d to
c o m p a n y h a s d e te r m in e d to r e d e e m a ll

s i d i a r v tSr v . c J n g e b^ n d c d d e b t o f t h e c o m p a n y a n d i t s s u b t o o f f i r i S 7 d/ m c & 9 ? . - ’. o f O k l a h o m a .
I t h a s a ls o d e te r m in e d
v „ i , 1Qf r, i y 7 > 4 0 6 a d d i t i o n a l s h a r e s o f C o m m o n s t o c k ( n o p a r
T h i ypr S R b s c rJ P tio n b y t h e s t o c k h o l d e r s a t $ 4 1 p e r s h a r e .
n f « i n i i lr t C to rs b a v e d e c la r e d a r e g u la r q u a r t e r l y d i v i d e n d
(niwi o ^ - S •j r e ? n s b a r e s o f C o m m o n s t o c k w i t h o u t p a r v a l u e
M V id e n ti o f 2 0 c e n t s p e r s h a r e o n s h a r e s o f C o m m o n
o f reon rH n J a o V a lV ° o f $ 5 e a e h ) - P a y a b l e N o v . 1 t o h o ld e r s
fn rtB ^ T a * x
.
A n o ffic ia l a n n o u n c e m e n t d a te d S e p t . 1 9
f Th 7 ouzbS^ t e s

in

su b sta n c e :

r e d o m n t i m V ^ ofi t^lese shares will be used to retire upon the earliest
Fund G old b o n d V ^ tlrCAOUtSta^ ding.f 5^ 5 1 '50,0 15' Year C o^
Sinkhfg
ls t M te e qirOH^ l ? crios A and B ) , and the entire outstanding $432 000
b lL n c o ?i'0f s o u s e d * G,°,l d bonda
Cosden & C o. and
such r e d e m n t ? r ,^ ^ m be add®d ,t? the com pany’s general funds. After
mortgage
com Pany will havo retired the ontire $ 1 1 ,4 2 3 ,5 0 0 o f
mortgage indebtedness outstanding at the time o f its organization in

1917, upon which annual interest and sinking fund paym ents, aggregating
$ 8 ,0 1 1 ,0 2 7 , havo been as follows:
Total.
Interest.
S%nk. Fund.
$740,195
$410,930
1917 (5 m onths)________________________
$329 ,26 5
1,683,930
1,022,150
661,780
1 9 1 8 ._________ _________________________
1,576.680
9 02,490
1919
_____________________________
674,190
2,146.121
1,514,231
1920
_____________________________
631,890
1,150.895
575,300
1921
______________________ ______
575,595
713,205
431,475
1922 (to September 3 0 ) ----------------------281,730
B y the redemption o f the above mortgage debt the financial structure
o f the com pany will be materially strengthened. There will be eliminated
an average annual charge against earnings, for interest and sinking fund
requirements, amounting to approximately $ 1,550,000. This will increase
the balance o f earnings available for distribution to the stockholders.
The combined net earnings o f tho company and its subsidiaries for the
6 months ending June 30 1922 were $ 6 ,753,340 before deducting deprecia­
tion and depletion, and int. ($281,730) on the bonds to be redeemed. These
earnings were over $5 40 per share (no par value) on the Com m on stock,
including the shares now being offered, after allowing for Pref. divs. at
tho rate o f 7 % per annum on the entire outstanding Pref. stock, or sub­
stantially in excess o f the total annual div. requirements on the Common
stock, including the shares now being offered, at the new rate of $4 per
share (no par value). [A consolidated balance sheet as o f June 30 1922
and a statem ent o f earnings for the 6 months ending on that date m ay
be found under “ Financial Reports” above.]
Terms o f Subscription to New Stock.— Both Pref. and Com m on stock­
holders o f record O ct. 3 1922 will be entitled to subscribe on or before
O ct. 20 at $41 per share for the above shares, either at office o f U . S. M tg e.
& Trust C o ., 55 Cedar S t., N ew Y o rk , in N ew York funds, or at Equitable
Trust C o ., Baltim ore, in Baltimore funds.
Stockholders will be entitled to subscribe to the number o f additional
shares indicated b y the following percentages o f the number of shares held
b y them respectively: (a) Holders o f Common stock without par value,
1 7 % ; (b) Holders o f Com m on stock with par value of $5, 3 .4 % ; (c) Holders
of Preferred stock with par value o f $5, 1.1 1 -3 % : (d) Holders of Preferred
stock with par value o f $100, 22 2 - 3 % .
Tho subscription privilege has been adjusted so as to produce equality
of subscription rights as between shares of Common stock with and without
value (a Common share without par value being exchangeable for 5 Com m on
shares with par valued, and similarly as between shares of Preferred stock
o f different parities, 20 Pref. shares of $5 par being exchangeable for one
Preferred share of $100 par. The subscription privilege is allocated as
between the Preferred and Common stock on the basis of the number of
sharos of Com m on stock into which the outstanding Preferred stock is
convertible.
The offering has been underwritten b y a syndicate headed by Hallgarten
& C o. and Cassatt & C o.
[The merger of Cosden & C o. into Royal Dutch-Shell Group, possibility
of which was discussed in oil circles recently, has definitely been abandoned,
it is reported.]— V . 115, p. 1214.
C osgrave
C o . ( o f C x n v l a ) . — In itia l.
The company has declared an initial quarterly dividend o f 1 H % on the
outstanding $1,6 0 0 ,0 0 0 Capital stock, par $100, payable O ct. 16 to holders
___
.
o f record Sept. 30.
President James F. Cosgrave says: “ W hile our earnings m ay warrant a
more generous distribution o f profits to the shareholders, the directors, in
conformity with their usual conservative policy, decided that at present
tho stock should be placed on a dividend basis o f 6 ^ , and later on, this rate
o f dividend m ay be increased as earnings warrant. '
C r a n e C o . , C h i c a g o . — B o n d R e d e m p t i o n .—
Tho company has called for redemption at 103 and in t., D ec. 1 next, all
o f tho outstanding 5 H % gold bonds dated June 1 1914. Payment will
be made at tho Central Union Trust C o ., 80 Broadway, N . Y . C ity .—
V . 114, p . 2584.
C r o s b y T r a n s p o r t a t i o n C o . , M i l w a u k e e . — P r e f . S tock .
The com pany is offering at 100 and div. $90,000 7 % Cumul. Participating
Pref. (a. & d .) stock, participating with Common up to 1 0 % .
Sinking
fund reservation 5 % o f issue each year after retirement o f outstanding
bonds. R ed. on any div. day at $110 and div. upon 30 days notice. D ivs.
payable ,T. & J.
Capitalization after this
financing—
Authorized. Outstanding.
C o m m o n ............. ........................
$255,000
$255,000
Preferred----------------------------------------------------------------------250,000
90.000
Issuance.— Passed b y t ho Wisconsin R R . Commission but without recom­
mendation as to value.
Company.— Owns and operates a passenger and freight steamship line
on Bake Michigan between M ilwaukee, W is ., and Muskegon, M ich ., and
is also engaged in the general cargo business on the Great Lakes. Line
was organized in 1840 by the D etroit, Grand Haven & Milwaukee R y.
mow the Grand Trunk R y. System) connecting Milwaukee and Muskegon
and other points on the cast shore o f Lake Michigan, which was acquired
by the C rosby Transportation C o. in 1890 and has been in successful
operation ever since.
Purpose.— T o acquire the property of the Havana-American Steamship
Corp. (a passenger and freight line operating between M iam i, Fla. and
Havana, Cuba) and to provide adequate working capital for tho further
expansion and development.
Statement o f Net Earnings Calendar Years.
Y ea r—
Gross Earns. O per.Exp.
Net Earns.
1914
$302,782
$247,947
~
$54,835
323,556
96,548
m e : : : : : : — - ...........- ............................
420.104
306,576
57,536
1918________________________
364-112
iqiQ
491,346
420,500
70,846
iQ90---------1 ! ____________________________
428,108
344,388
83,720
192 l "(10 m onth s)-------------------------------------270,682
229,962
40.719
.
Balance Sheet (.After This Financing).
Assets—

C ask

______________________

, , n77

Liabilities—

8 4 ,0 7 7 Accts. pay. & accrued wages $41,299

.
03 070
§ 2 ,6 4 6 Notes payable________
N o t e s r e c e i v a b l e --------------- - 7 9 ,7 0 8 1st M tge. 8s, 1932_____ I I ' 115 000
1st, Pref. M . S3. “ C ity of
Life insur.— Cash surrender
-------------------- 250,000
M iam i” .
value less loan------------------Common stock__________
2.54 000
Prepaid expensos
- ---------- i Q ’Vir
""
90 000
Vessels & equip. -le s s deprec ,5 8 ,1 1 ., Preferred stock________
Total (each sid e)---------------$ 953 .b b / Surplus........ .................. ............. 139i396
-----------Directors.— Fred G . Crosby, Pros. & Gen. M gr ; LeRoy W oodland,
V .-P res.; C . A . K eidel, Sec. & Treas.— V . 88, p. 1132.

Accounts' receivable-------------

C
T . C . S a f e D e p o s i t C o — P r e fe r r e d Stock O ff e r e d .—
Chicago Trust C o. is offering at 100 and div. $600,000 7 % Cum ul. Pref.
stock
D iv s. payable Q .-J . Rod. at 105 on 30 days notice. Chicago

i o 2 2 t o x 9 28 —
I 0/ C um ulative Preferred stock (par $ 1 0 0 ) - - - - - - C o W S S tock(M l owned by Chirago Trust C o .) .

i s

a

n

600,000
600,000

s

a

600,000
600,000

D a ta from L e tte r o f P re s id e n t L u c iu s T e te r.
Comnanu — Organized in Illinois to own and operate the building to be
k n o ^ a s ^ t h e Chicago Trust Build ng (formerly the Rector Building),
to u te d at thesoutheast corner o f Clark and Mom-oe Sts., Chicago. Chicago
Trust Co will permanently occupy the second, third, and fourth floors
o f the entir^building and the remaining space will be rented. The C . T . C .

? t ^ ^ S n ^ ? h e 1n^w1ad^i’t iorfewin' l^*abou^ $2?400?0M .anTO^fea°eholdsCrim
fram W o 99
allowing for tne $1,200,000 1st M tge. bonds
& e w i l l r e ^ a C f n equity in the property for the Pref. stock o f about
$ 1 ,2 0 0 ,0 0 0 . or twice the am ount o f tho issue.
Puhn

D a n a S u g a r C o r p . — M o l a s s e s C o n tr a c t. —

r t W
ou tpSl

T h l contract

B S ffi

it Ps stated, ln w lv e s o n l^ a b o u t $125 ,0 0 0 , but

d
<
fo°rf t he y S S r ^ e d Sept 3 0 ^
totaled^ $429,739, com­
pared with $ 4 9 ,1 1 6 ,5 7 9 sugar sales.— V. 115, p. 132b, 1104.




C u c h a r a s L a n d & W a t e r C o . — S a l e .—
Th e land and water rights o f the company have been sold to J. W ill
Johnson o f Pueblo for $400,000. The sale was made to satisfy a foreclosure
judgment issued out o f District Court for the Bankers Trust C o ., N ew i ork,
representing bondholders.— V . 115, p. 873.
C u d a h y P a c k i n g C o . — B o n d s S o ld .— H a l s e y , S t u a r t &
C o ., I n c .; C o n tin e n ta l & C o m m e r c ia l T r u s t & S a v in g s B a n k ;
G e o r g e H . B u r r & C o .: a n d F . S . M o s e l e y & C o ., h a v e s o ld
a t 1 0 0 a n d in t. $ 1 5 ,0 0 0 ,0 0 0 S in k in g F u n d b V 2 %

G o ld D e b s .

( S e e a d v e r t i s i n g p a g e s .)
D ated O ct. 2 1922. Duo O ct. 1 1937. Interest payablo A . & O. in N ew
York or Chicago without deduction for the normal Federal income tax not
in excess o f 2 % .
D enom . $1,000. $500 and $100 (c*& r).
Redeemable as
a whole or in part, except for sinking fund purposes, at any ttmo upon 60
days’ notice, at tho following prices and interest: T o Oct. 1 1927 at 107 H ;
after Oct. 1 1927 to Oct. 1 1932 at 105: and thereafter at 102}£ except
during the last six m onths they will be redeemable at par. Penn. 4-m m
tax. Conn. 4-m ill tax, and M ass, income tax on the interest not exceeding
6 % per annum refunded.

D a ta fro m L e tte r o f P re s id e n t E. A . C u d a h y , C h ic a g o , S e p t. 19.
Company.— Incorp. in Oct. 1915 in M aine to acquire tho property and
business o f its predecessor companies, originally organized in 1887. Is one
o f the largest packing-house concerns in the country, having plants in
South Omaha, Kansas C ity, Sioux C ity , W ichita, Salt Lake City- and Los
Angeles, and 110 distributing branch houses in the principal cities o f the
U Capitalization after this Financing

Authorized.Outstanding
$2,000,000
7 % Preferred stock--------------------------------------------------------------------------- 6 ,550,500 6 ,550,500
Com m on stock______________________________________________________ 2 6 ,449.500 17,249,500
First M ortgage 5s, 1946______
12,000,000 * 10,649,500
Sinking Fund 5>£s (this issue)____________________________________ 15,000,000 15,000,000

6 % Preferred stock-------------------------------------------------------$ 2 ,000,000

x Closed issue, the remaining $1,350,500 1st M tge. bonds having been
retp w -n o s e P r o c e e d s will be used to retire on or before Jan. 15 1923 the
present outstanding $4,000,000 5-Year 7 % Sinking Fund Gold Notes, due
Tulv 15 1923 to reduce present loans and for other corporate purposes.
Sinking Fund.— Sinking fund beginning April 1 1924, with semi-annual
payments amounting to $ 200,000 each, to bo mado to trustee in cash, or
in the debentures at par. Cash so deposited with the trustee shall be
applied to the purchase or redemption of these debentures at not exceeding
10Etornings.— Atpresent company is operating on a profitable basis and will
earn during the current year more than sufficient to pay dividends on its
Pref. stock. Profits since incorporation of present company, being for tne
six years ended Oct. 29 1921 after all charges, including depreciation, all
taxes, and inventory adjustments, but before interest charges, have averaged
^ T h o annual interest charges on the funded and short-term debt, as based
upon the balance sheet as o f O ct. 29 1921, to bo outstanding after this
financing, and figuring interest on the current loans at 5 % , will be $ 1 ,7 3 2 ,Balance Sheet October 29 1921.
[Adjusted to give effect to the application o f proceeds from sale of $15,000 ,­
000 debentures and recent sale o f $ 3 ,000,000 First M ortgage Bonds.]
Liabilities—
_
_____ _
Assets—
C ash _________ _______ — - $6,213,712 Notes payable______________$ /,5 0 0 ,0 0 0
1,686,565
Accounts receivable______ 10,602,601 Accounts payable------------268,694
N otes receivable............... 1,355.417 Bond & note int. accrued
Advances on pu rchases..
1.017,333 First M ortgage 5s----------Gold D ebentures. _ 15.000,000
Inventories----------------------- 17,177,705
Unexpired insurance------76,183 Preferred 6 % Cum . stock 2 ,000,000
Prepaid interest_________
208,278 Preferred 7 % C um . stock 6,55 0 ,5 0 0
Investm ents......... .............
1.356,084 Common stock----------------- 17,249,500
3,55 2 ,7 5 0
Fixed assets................. ......... x24,336,579 Surplus___________________
750,600
O. D . C . advertising in v .
Total (each side)_____ $64,457 ,508
Bond disc, (being amort.)
1,363,617

“ x Packing and other manufacturing plants, real < « ta ^ . .buildings, m a­
chinery) & c „ $20,810 ,211 : sales branches: real
m ent $4 639,451: car and refrigerator line,
tap ro vlm en ts $ (4 7 ,4 6 1 : total, $27 645,074 ;
$3,3 0 8 ,4 9 5 ; balance, $24,3 3 6 ,5 7 8 .— V . 115, p.
D ia m o n d M a tc h C
June 30'22.
Assets
$
Property acc't
*18,774,207
Patents, r ig h ts ,
trade-marks, &c.
1
Inventory................ 10,458.860
Notes receivable-.
101,841
Acc’tsrec. (less res) 2,578,485
C a s h .............. — 2,167,229
Deferred charges. .
467,894

estate, buildings and equip­
$ 2,047,952; farm land and
L bss: deprecation reserve.
79.

o . — B a la n c e S h e e t .—
June 30 ’22
Dec. 31'21
Liabilities—
$
S
18,636,154 Capital stock_____ 16,965,100
15-yr. 7)4% debs. 6.000,000
22,500
* Notes payablo____
461,916
12,767,490 Accounts payable639,936
129,857
1Acer, taxes (est.).
°
105,238
1,799,249 Accrued payrolls. .
75,000
1,191,043 Accrued deb. in t..
953,659
435,946 Purch. money obl.
Adv. agst. export
910,888
shipments______
Other acc’ts pay’lo
149,511
Reserves_________ 4,637,3 '8
Surplus___________ 3,627,392

T o ta l_________ 34,548.516 31,959,741

Dec. 31’21
$
16,965,100
6,000,000
1,483,203
498,608
526,367
44,462
75,000
1,035,366
920,059
230,457
3,811,035
3,370,081

T o ta l--------------- 34,548,516 34,959,741

x Consists of: (a) Plants, real estate, &c. (exclusive of pine lands, stumpage and plants employed in C. lifornia and other Western lu m b e r opera­
tions), $14,0 2 5 ,7 8 9 , less reserve for depreciation and amortization,
973: balance, $11.309 .816 .
b;California pine lands, stunmage plants. & c..
$ 3 ,2 8 0 ,9 2 2 ; less reserve for depreciation and amortization, $896,774, balance,
$ 2 ,3 9 0 ,1 4 8 . c Other W estern pine lands, & c ., $3.51 0 .2 3 7 : less reserve for
depreciation and amortization, $681 ,12 9; balance, $ 2 ,8 2 9 ,1 0 8 . d Nm\
Eiigland and Southern timber lands, &c , $234,644- e 1'oreign and domes
tic investments, $ 2 ,0 1 0 ,4 9 2 ; total, $18,774 ,207 The

in c o m e a c c o u n t fo r

th e

s ix m o n t h s e n d i n g J u n e 3 0

1 9 2 2 w a s p u b lis h e d in V . 1 1 5 , p . 1 3 2 6 .
an dtho
Th e com pany, it is stated, has purchased the Colusa dumber C o. and the
stock o f H . H . Hicok & Son. both o f Colusa. C alif.— V . 115. P- 132b. 187.
( J a c o b E .)

D ecker &

Son s, M ason

C it y , I o w a .— B onds

O ff e r e d .— W h i t a k e r & C o . , S t . L o u i s , a n d W m
C o ., I n c ., C h ic a g o , aro o ffe r in g a t 10 0 a n d m t ., $ 6 0 0 ,0 0 0
F ir s t (c lo s e d ) M t g e . 7 % S in k in g F u n d G o ld B o n d s .
N a U o ^ l g , M ason c | ^ ^ ™ o o ? | h s t T r u j U Suvtags B^nk. Chi­
cago • Denom $ 1 , 000 . $o 00 ana $ iu u ^ ; Redeomab]0i an or part. on any
not in excess o f a s s u m e d by^om p any.
^
^ o r'bcfor(, July j 1930i
K E t 1 % '"e ^ fo r e a c h y e a ? or fraction h e r e o f thereafter until maturity
n , f , from I e tte r o f P resid en t Jay E. D ecker. M ason C ity , l a .. S e p t. 14
D a ta from L e tte r oi ,rresi
c l t y IoWa, in 1899. and incorp. in
1901
MT u “ c e e d ^ t t o la ^buLiness^tarted by M r . decker in Chicago in 1872.
19UJ, succeeaea to a uu
Qf th(J succassf ui American pork packers.
B ^ ^ is^conftaed ^hnostoxcluslvo to pork products, its brands of ham,
bacon lard and other pork products being well and favorably known in
m any seel ions o f the United States. Com pany operates 42 refrigerator cars.
$ w V c h i t owns 22. Branch houses are operated In Minneapolis and
S u l W
« k a n a , A r k ., and in Dallas and Tyler, T exas., with
selling agen ci^'in the principal cities o f the United States.
S° T o t a f ^n u m b erof hogs killed in 1901, 4 ,6 9 2 , and for the nine months
ending July 1 9 2 2 °3 3 7 .0 8 9 ; gross sales having increased during this period
^ P u r lo s e 1— ^rro 4 ds3 wdil7 be'iw «P to provide additional working capital.
Sinking"Fund.— Mortgage provides an annual sinking fund beginning
ju iv 1 1924 of 2 5 % o f net earnings of the last preceding fiscal yoar, with a
minimum o f $40,000 , which should retire tho entire issue by or before ma­
turity.

Number o f Hogs Killed, and Gross Sales Year Ended N ov. 1.
Year— .
Hogs Killed.
Sales.
Year—
Hogs Killed.
Sales.
1901 .............
4 ,692
$96,168! 1 9 1 8 ____________ 292,461 $14,808 ,039
‘109 XSS Hi 791 969
248,784L1 Q1 Q
1904 ____________ 16,238
11,527,111
1909 ____________ 70,467
1,358,66811920 ____________ 237,626
8 ,590,089
1 9 1 5 _____________ 190,816
4,381,571 1921 ................. ..2 5 7 ,6 5 2
9,39 6 ,7 2 9
1917 .................. -.2 2 5 ,4 6 0
8.424,825i 1922 (9 m onth s)337,089
C apitalization Outstanding A fte r the Present F in a n cin g .

First Mtge. 7% Sinking Fund Gold Bonds duo July 1 1937----- ^$600,000
Common Stock______________________________________________

719,900

E arnings Available fo r Interest Charges, D ep recia tio n and Federal Taxes.

[After writing off all inventory losses in the readjustment period and also
without any credit for claim of $123,823 against the English Government.]
Year end. Oct. 31 1914___ $126,320 Year end. Nov. 1 1919 loss$390,084
Year end. Oct. 31 1915____ 128,111 Year end. Oct. 30 1920___ 104,559
Year end. Oct. 28 1916___ 228,805 Year end. Oct. 29 1921 loss 202,000
Year end. Nov. 3 1917___ 359,267 9 mos. end. July 28 1922___ 162,902
Year end. Nov. 2 1918__ 330,148
In addition to the English claim, company has a claim o f $39,341 for
refund of Federal income taxes.
Net earnings o f $162,901 for the nine months ending July 28 1922 were
equal to 3.88 times the annual maximum bond interest rqeuirements. For
the period from Nov 1 1913 to July 28 1922, net earnings averaged $96,917,
being equal to over 2.25 times this requirement, after allowing for inventory
losses sustained during the readjustment period.
Balance Sheet as at July 28 1922 (A fte r T h is F in a n cin g ). .
A ssets —
l L iabilities —
Cash_____________
$60,315 Notes payable........... ........ $278,969
A cc’tsrecelv., less reserve.
211,857 Accounts payable________
38,952
Notes receivable_________
4,178 Accruals________________
88.263
Inventories_____________
988,987 First Mtge. 7s, 1937____
600,000
39,341 Class A pref. stock 7% cum 705,660
Claim for ref. o f Fed. taxes
Due from sub. to cap. stk.
12,231 Class B pref. stock 7% cum 464,000
Life insurance policies___
14,907 Common stock__________
719,900
Sundry investments______
4,300 Surplus_________________
140,970
Deferred charges-----------82,823.
----- - •■ Plant and equipment_____ 1,567,7651 Total (each side)______ $2,986,705

Excess of Receipts Over Expenditures, Quarter Ending.
April 30 1922.
July 31 1921.
July 31 1922.
February . . $27,109 M a y . . . ............. $ 7 3 ,0 8 0
M a y . _____ .$ 1 1 3 ,3 0 9
56,176
J u n e _________
88,486 M arch
_____
67,536 J u n e ___ _______
46,7 7 8
July------------------- 106,228 A p ril........ ...........
80,613 July......................
T o t a l ...........y$308,023

x$175,257

$ 1 76 ,03 4

x Before deducting $ 6,109, construction and equipment, and $12,796
deferred development.
y Before deducting $17,702 construction and equipment, and $21,407
deferred development.
N o account is taken o f either ore depletion or deproc’n .— Y . 115, p . 188F e d e r a l T e l e g r a p h C o . o f C a h f . — I n t . i n N e w C o .—
See Federal Telegraph C o . o f Delaware below.— V . 112, p . 376.
F e d e r a l T e l e g r a p h C o . o f D e l a w a r e .— N e w C o r p o r a tio n
F o r m e d to T a k e O ver C h i n e s e C o n t r a c t s .—
Announcement was made Sept. 22 that a new corporation under the above
name is to be formed to take over tho $ 1 3,000 ,000 contract recently closed
by the Federal Telegraph C o . o f C alif, with the Chinese Government calling
for the construction or 4 wireless stations in China.
Owen Young, President General Electric C o ., will be Chairman o f the
directors and R . P . Schwerin, President o f Federal Telegraph C o . o f C a lif.,
will be President o f the new com pany.
_
_____ ____ ___
The capitalization o f the new company will be $ 3 ,500,000 Pref. stock
and $ 6 ,000,000 Com m on stock. The Radio Corp. o f America will buy all
the Pref. stock and the Federal Telegraph C o . o f C alif, will own 4 0 % and
the Radio C orp. o f America 6 0 % o f the Com m on stock.
It is asserted that the profits from tho Chinese contract will amount
approximately to $ 6 ,5 0 0 ,0 0 0 , and in addition a percentage o f the net earn­
ings o f the stations for a long term o f years will go to tho two co’s mentioned.
F o r d M o t o r C o . o f D e t r o i t , M i c h .— T o R esu m e O p era tio n .
It is announced that the com pany’s plants reopened Sept. 22 at tho same
rate of operation as when they closed down Sept. 16, which action was due
to acute coal shortage. This gives work to about 70,000 in Detroit at once
and later to additional thousands throughout the cou ntry..— V . 115, p. 1215.

G e n e r a l A m e r i c a n T a n k C a r C o . — E q u i p m e n t T r u s t s .—
E a s t o n ( M d .) G a s C o . — R e c e i v e r .—
Notice is given that the Harris Trust & Savings Bank o f Chicago, as
T.
Hughlett Henry has been appointed receiver by Circuit Court Judgetrustee,
calls for redemption on N o v . 1 at 100)4 and int., $400,000 Equip.
Lewis W . Wickes.
N ote C ollat. 7 % gold trust certificates. Scries 2, dated N o v . 1 1920 and
maturing
N o v . 1 1923.— V . 115, p. 765.
E l e c t r i c .A llo y S t e e l C o . — M e r g e r .—
The stockholders will vote Sept. 30 on merging with the Atlas Crucible
G e n e r a l F i r e p r o o f i n g C o . — L a r g e r C o m m o n D i v i d e n d s .—
Steel Co. under the name o f Atlas Steel Corp. (see Atlas Crucible Steel
A quarterly dividend o f 1 ) 4 % has been declared on the Com m on stock,
Co. above).— Y . 115, p. 1215, 764.
payable O ct. 2 to holders o f record Sept. 20. This issue has been on a

E m p i r e G a s & F u e l C o . ( D e l . ) . — B o n d s O f f e r e d . — H a ls e y , 4 % per annum basis from July 1921 to July 1922 incl.— V . 114, p . 1896.
S tu a r t & C o . , I n c .,H a l l g a r t e n & C o . , G o ld m a n , S a c h s &
G e n e r a l G a s & E l e c t r i c C o . — T e n d e r s .—
The New York Trust C o ., trustee, will until Sept. 29 receive bids for the
C o . , a n d L e h m a n B r o s , a re o ffe r in g , a t 9 7 ^ 6 a n d i n t ., t o
sale to it of 6 % 10-year gold bonds, due Sept. 1 1929. to an amount suffici­
y ie ld a b o u t 7 .8 0 % , $ 5 ,0 0 0 ,0 0 0 F ir s t & R e f . C o n v . 1 5 -Y e a r ent to exhaust $41,226 and at a price not exceeding par & Int.— V . 114.
p. 2723.
7X
A % G o l d B o n d s , S eries “ A . ”
A c ir c u la r s h o w s :
Total authorized issue, $150,000,000. Authorized Series " A , ” $50,000,­
G o o d y e a r T i r e & R u b b e r C o . f A k r o h , O h i o . — B o n d s .—
000: outstanding. Series‘ ‘ A ,” $44,550,000. Bonds are dated May 1 1922
Six hundred and ninety-nine 1st M tge. 20-year 8 % S. F gold bonds
and duo May 1 1937. For original offering o f $40,000,000 o f this issue see
dated M a y 1 1921. of $1,000 each. 87 bonds of $500 each’and 75 o f $100
V. 114, p. 1895.
each (total $750 ,00 0), have been called for payment N o v . 1 at 120 and
C apitalization (as o f A u g . 15 1922)—
A u th orized . Outstanding.
at the Central Union Trust Co. o f N . \ . or at the Union Trust C o .,
First & Ref. Conv. 7 Hs, Series “ A ” ...........................
a x$44,550,000 int.
Divisional Bonds, duo 1926 and 1927......................... (Closed)
10,334,000 Cleveland. Ohio.— V . 115. p. 755. 766.
Preferred 8% Cumulative stock___________________
b
22,854,100
G r e a t W e s t e r n S u g a r C o . — P a r o f Stock R e d u c e d .—
Common stock____________________________
$75,000,00075,000.000 T h e stockholders Sept. 21 voted to reduce the par value o f the Com m on
Guarantees: (1) Empire Tank Line Co. 10-year 8% Equip. Trust Certifs., stock from $100 to $25 and to exchange 4 shares o f $25 par for each share
$2,250,000. (2) Empire Oil Purchasing Co. 7% Partic. Notes, $568,300.
a Issuance o f additional bonds restricted by provisions or the trust inden­ o f $100 par.— V . 115, p . 1105.
ture. b Authorized to be issued according to definito provisions and certain
G u lf
O il
C o r p . — R e c a p ita liz a tio n
P l a n .— 'T h e
o f f i c ia l
restrictions up co $500,000 000. x Reduced to this amount through oper \■
tion of quarterly sinking fund of $450,000 Aug. 1 1922, but not taking s t a t e m e n t t o t h o s t o c k h o l d e r s d a t e d S e p t . 1 2 i n c o n n e c t i o n
into account $18,500 o f bonds deposited for conversion into the 8% w i t h t h e r e c a p i t a l i z a t i o n p l a n s a y s i n s u b s t a n c e :
cumul. pref. stock.
The G ulf Oil C orp. o f Pennsylvania has been Incorporated in Pennsyl­
E a rn in g s .— Earnings for the six months ended May 31 1922 directly
vania with an authorized capital stock o f $120 ,00 0,00 0 (par $25). The
applicable to bond interest, are officially reported as $5,710,790.
holders
o f more than 9 5 % o f the stock o f the G ulf Oil C orp. (New Jersey)
For the year ended Nov. 30 1921 gross earnings were $38,453,751. and
agreed to exchange their shares in the G ulf Oil Corp. for shares in the
earnings directly applicable to bond interest (after deducting all taxes, have
ulf Oil Corp. o f Pehnsylvanla, at the ratio of 12 shares o f Pennsylvania
$2,100,000 o f extraordinary maintenance and over $1,000,000 for inventory G
corporation stock for each one share o f G ulf Oil Corp. stock.
adjustment) amounted to $6,341,691.
was made one o f the conditions o f the exchange that the same terms
Gross earnings for the four years ended Nov. 30 1921 were in excess of o f It
exchange should be offered by the G ulf Oil Corp. of Pennsylvania to
$227,000,000, or an annual averago of over $56,700,000. The earnings for overy
shareholder o f the G u lf Oil C orp., and that this opportunity for ex­
the same period directly applicable to bond interest, after deducting all
should remain open until N o v . 1 1922.
, .. . .
. ,
taxes and further deductions previously mentioned, were $72,110,392, or change
Th
e
exchange o f stock suggested is equivalent to a stock dividend oi
an annual average f $18 027,598. The annual interest on bonds out­ 2 0 0 % on
the outstanding stock o f the G ulf Oil C orp., and it is lielieved that
standing requires $3,961,290.
a reduction in par value from $100 per share to $25 per share will place tne
P u rp ose .— Procoods have been applied to tho payment o f debt and to
stock in more convenient form for the stockholder.
.
J
.
, ...
increasing working capital.
Stockholders o f tho G ulf Oil Corp. who desire to take advantage or tnis
Current A s s e ts .— Company reports that as o f Juno 30 1922 (after giving
effect to the issuance o f Series “ A ” bonds then outstanding), current assets opportunity for exchange, should deposit their certificates o f stock, betore
wero about $28,265,000 as compared with current liabilities o f approxi­ N o v . 1 1922, with either Union Trust C o ., Pittsburgh, or Bankers Trust
C o ., N ew Y o rk , which companies have been designated m agonts for the
mately $5,010,000.
new corporation, and which will deliver certificates o f stock in the new cor­
M anagem ent and C ontrol .— Management is under direction o f nenry L.
.
Doherty & Co. All o f the Common stock (except directors’ qualifying poration in exchange therefor at the ratio specified above.
N o stock will be transferred until after Oct. 2. Stock m ay. however, bo
shares) is owned by Cities Sorvice Co. T h i company has invited a repre­
sentative o f each o f the banking houses mentioned above to servo on the deposited for exchange at once, and certificates for the new stock win oe
available promptly after O ct. 3.
„ . .
.
board of directors.— V. 115, p. 1327. 1104.
E x c h a n g e B u f f e t C o r p . — S t o c k h o l d e r s R i g h t s .—
The directors Sept. 14 1922, voted to issue and sell an amount of the
authorized by unissued shares o f tho capital stuck equal to 6)4% o f the
capital stock outstanding Sept. 23 1922.
The stockholders o f record Sept. 23 will be given the right to subscribe
to the stock at $28 per share. There will be no right to subscribe for
fractions o f a share, cxcopt that by arrangement with the bankers the
holders o f 15 or less than 15 shares o f stock will be allowed to subscribe
for 1 share, and the holders o f 16 or more than 16 shares will be allowed
to subscribe for 1 share on account o f any fraction existing over the even
number o f shares shown by computing 6)4% on their holdings. T o
illustrate: a holder o f 25 shares would be entitlod, if fractional sub­
scriptions were accepted, to 1 625-1000 shares, but under the above ar­
rangement such holder will be entitled to 2 full shares.
Subscriptions expire Oct. 6 1922 and the subscription price is payable
in fuli in cash on or before that date at the office o f the corporation, 52
William St., New York. The offering has been underwritten by the
C°T h e^ h 1Scctsno f This issue are: (1) T o provide funds for the redemption
o f *270 000 8% Serial Gold notes [called for payment Oct. 16 at 102)4
at Mechanics & Metals National Bank, New York] and (2) to provide
additional working capital. The corporation has recently closed an
important lease hiKthe fow ling Green Building. 11 Broadway, New York,
and is considering other extensions. V. 115, p. 1327, 79.
( G . ) F a b e r , C o e & G r e g g , I n c . — O r g a n i z e d .—
Seo Acker, Merrall & Conduit Co. abovo.
F a i r b a n k s , M o r s e & C o . — D i v i d e n d s R e s u m e d .—
\ ouarterlv dividend of 75 cents has been declared on the Common
stock**payable Sept 30 to holders o f record Sept. 20. In Jan. 1921 a
diviciendyo f $l 2 5 was paid on the Common stock: none since.— V. 115,
p. 550.
, .
F e d e r a U A d d i n g M a c h i n e C o r p . — R e c e i v e r s h i v .—
Judge Mack in the U. S. District Court Sept. 18 appofnted John B.
Johnston and Melville Boyd receivers, on the petition o f Louis D . Bailey,
trading as Bailey Electrical Co.— V. 114, p. 632.
F e d e r a l M i n i n g & S m e l t i n g C o . — Q u a r t e r l y R e p o r t .—
T on s Shipped Q uarter E n din g.
A p r il 30 1922.
I
July 31 1921.
Ju/|/!31 1922.
M a y ____ ____
8,133 February________5,788 M a y ------------------- 5,916
6,072
J u n e _______________ 7.985 March___________ 6,877 Ju n e-----------

July__________7,857 April____________ 6,756
T o ta l___________23.975




19,421]

July------------------- 5.418
17.406

[Signed W . L . M ellon , P res., and W . J. Guthrie, Sec y.l— V . 115, p .
1 3 2 7 .1 2 1 5 ,8 7 4 .

G u l f S t a t e s S t e e l C o . — M e r g e r D e n i e d .—
Officials o f the company have denied that any merger bet ween the com ­
pany and Iron Products C orp. is under negotiation. The denUl w asp ro bably occasioned b y Baltim ore dispatches which stated that the iron Product,
Corp. had granted an option on the properties o f one o i its su l^ d m ries.
Central Iron & Coal C o ., to the same interests which recently secured an
option on Alabam a C o .— V . 115, p . 442.
H a l l e r C a r & L o c o m o t i v e C o r p . — B a n k r u p t c y .—
An involuntary petition in bankruptcy was filed Sept. 18 lu tne c . s .
D istrict C ourt against this company with offices at 25 Broadway. Liabilities are said to be in excess o f $ 1 ,000,000 and the assets are not mentioned.
H i l l M a n u f a c t u r i n g C o .— E a r n i n g s —
oaQ - _ .
The report for the year ended M a y 31 1922 shows net sales o f $1.8 8 9 ,6 3 4 .
and net profits o f $205 ,2 9 2 .— V . 113. P- 76.
I m p e r i a l O i l , L t d . ( C a n a d a ) . — N e w O il R e f i n e r y . —
The Calgary (Alberta) tax payers rec^ntly ratified tho agreement with
the company under which an oil refinery, said to cost about $ 2 ,5 0 0 ,0 0 0 ,
will be built in C algary.— V . 115, P 1216.
I n d i a h o m a R e f i n i n g C o .— T o Change P ar
..
The directors have determined to change tho par value <
of . ^ 9 ? “ h tY ? d 'i?h
S5,(K)0,000 capital stock from $5 to $25. The present stockhoMors wiU
receive one share o f new stock, par $25, for each
par $5, now held
The net operating income for August was $177,000, ana ior tne nrst
8 months o f the yea?, after deducting interest chargis but ^ o r e dopreciaand depletion, is at the annual rate o f ab°u t 2 _ % on the outstanding
$5,0 0 0 ,0 0 0 capital stock. Compare V . 115, P- 1328. 1216.
I n d u s t r i a l F i n a n c e C o r p ., N . Y . — B o n d I s s u e .—
The N ew York TVno, nr. h is been appointed trustee under Indenture
dated M arch 1 1922 to secure an authorized issue o f $2,500,000 Collateral
Trust 6 % gold bonds, due M arch 1 1932 .— V . 110. p. 2080.
I n l a n d S t e e l C o . — H e a r i n g o n M e r g e r .—
See M idvale Steel & Ordnance C o. below.— V . 115. p. 1216, 110o.
Iro n

C ap

C opper

C o . — L i t i g a t i o n .— A n

o ffic e r

of

th e

The decision^n thoA rizona Commercial-Iron Cap liti^ U o n was handed
down b y Judge Pattee o f the Superior Court in Gila C ounty. A m . , in
an action brbught b y the Iron Cap C o. against Arizona Commercial to
quiet title to the form er’s ore bodies.

The litigation was started in Feb. 1919, when Arizona Commercial
M ining C o. brought two bills in equ ity in Massachusetts against Iron
Cap Copper C o ., one alleging illegal extraction of ore, the other claiming
damages on account of water alleged to have flowed underground from
the defendant’s to the plaintiff’s mine.
These bills were dismissed in Sept. 1919. Suits at law on the same
grounds were brought in Massachusetts and two similar bills in equity
riled hi M aine. On the ground that the Eastern courts had no jurisdiction
all these actions were dismissed excepting the M aine apex case, pro­
ceedings in which were stayed upon the filing of a suit in Arizona by Iron
Cap Copper Co. in Oct. 1920, to determine the title to the veins in question.
'1 his is the case just decided.
Production—
July ’ 22 June ’ 22
Earnings—
July ’2 2 June ’22
Receipts______________ 561,221 $62,794 Copper (lb s.)________535,756 549.457
6,722
Expenses_____________ 50,088 50,068 Silver (oz.) — ............ 6 ,856
68
76
Profit________________ 11,132 12,726 Gold ( o z . ) _ . ..............
— V . 115, p . 442.
I r o n P r o d u c t s C o r p .— M e r g e r D e n ie d .—
See G u lf States Steel C o. above.— % . 114, p . 1897, 1 7 7 1 .
I r o q u o i s N a t u r a l G a s Co. — M e r g e r . —
See Niagara G as C orp. below.
J o n e s B r o s . T e a C o . , I n c . — D i v i d e n d s R e s u m e d .—
The directors on Sept. 21 resumed dividend payments on the Com m on
stock par $100, by declaring a distribution of $1 a share, payable Oct.
16 to holders o f record Oct. 2. This is the first dividend paid by the
company on the junior Issue since Oct. 1920, when a distribution o f 50
cents a share was m ade.
The regular quarterly dividend of 1 % % on the Preferred stock has
also lieen declared payable Oct. 2 to holders o f record Sept. 21.
President II. L . Jones stated that “ the conditions brought a b o u t b y the
war period and tho succeeding deflation had ceased to exist an d that the
company was again operating on a normal basis and had been for some
time past. In spite of those conditions which had previously existod,
every year had showed earned profits and all except one showed additions
to surplus aftor all payments of dividends. Since 1915 the total number
of stores operated has practically doubled, annual gross sales have increased
from $ 1 1 , 000,000 to $ 22 , 000, 000 , and this progress has been accomplished
by the reinvestment o f surplus earnings and without any increase o f capital
obligations.
“ Capital liabilities at present are $160,000 less than in 1916 and surplus
approximately $ 1 , 000,000 greater.”
M r. Jones further recommended that “ futuro earnings, after Preferred
dividend and sinking fund requirements had been covered, should be
divided about equally, one part being used for the expansion and im­
provem ent of the business and earnings of the com pany and the other
distributed in the form o f dividends on tho Com m on stock.”
The directors on Sept. 12 also considered plans for the extension of
the com pany’s business b y the acquisition of new stores.
Sales for the Month and 8 Months ending A ug. 31.
1922— A u g.— 1921.
Decrease.( 1922— 8 M o s .— 1921.
Increase.
$1,395,001
$ 1 ,402,834
$7,833 |S11,416,730
$ 1 1 ,3 7 7 ,6 8 6
$39,044
The above does not include wholesale or jobbing sales and as average
prices aro approximately .12
below 1921 a substantial increase in unit
voiumo is indicated.— V . ’ 115, p . 8 75. 443.
K a n s a s G a s & E l e c t r i c C o . — B o n d O f f e r i n g .— B o n b r i g h t
& C o ., I n c ., are o ffe r in g a t 9 0
a n d i n t ., to y ie ld o v e r 6 . 6 0 % ,
$ 3 ,0 0 0 ,0 0 0
6%
G o ld
D e b e n t u r e b o n d s , S e r ie s A . N o n ­
C a lla b le fo r 2 5 y e a r s .
( S e e a d v e r t i s i n g p a g e s .)
D ated Sept. 1 1922, due Sept. 1 2022 . Red. on and after Sept. 1 1947,
nd prior to Bent. 1 2017, all or part at any time upon 30 days’ notice at
110 and in t.; thereafter at par and int.
Int. payable M . & S. in New
York without deduction of the normal Federal income tax up to 2 % .
Penn. 4 mills tax refunded. Central Union Trust C o. New Y o rk , trustee.
D enom . $1,0 0 0 , $500 and $100 (c* & r * ), $1,000 and $5.000.
Issuance.— Subject to authorization by Kansas P. U . Commission.

D a ta fr o m L e tte r o f V .-P re s . A . S. G r e n ie r , N ew Y o r k S e p t. 20
Company.— Incorp. in D ec. 1909 in W est Virginia. Supplies, without
com petition, electric power and light and natural gas service in W ichita,
Pittsburgh and N ew ton, K a n ., and electric power and light service in
Independence, Arkansas C ity, Chcrryvale, El Dorado and 15 other com ­
munities in Kansas. Also supplies at wholesale electric power and light
ervico in Parsons and 10 other communities. Natural gas only is served
n Hutchinson. Gas distributed is supplied, under contract, b y pipe line
companies. Total population served estimated 200,000 .
Control.— Controlled by American Power & Light C o. and operations
under supervision o f Electric Bond & Share C o.
Capitalization Outstanding with Public Upon Completion o f Present Financing.
-------$10,000 ,000
ATigo. 6s 1952__________________________ __________ _—
6 % G old debentures, 2022 (this issue)------------------------------------------- 3 ,000,000
Preferred tock, 7 % Cum ulative---------------------------------------------------nn nnn nn
P u rvose__ Proceeds will provide funds for the retirement o f all the Gen.
M te e 8 % bonds and for other corporate purposes.
.
F r a n c h is e s — Com pany has recently been granted new 35-year franchises
n W ich ita and in most o f tho remaining cities in which it operates.
Earninas 12 Months Ended Julu 31—
1921.
1922.
O r W earnings, including other Income-------------------$4,610,922
$ 4,959,214
Onerating expenses, maintenance and taxes--------3,519,601
3 ,2 8 5 ,4 0 8
780.000
Annual interest on total funded debt, including this issue--------B a la n c e ___________________________________________________________
$893,806
Property — Properties now owned include electric generating plants at
W ichita independence, Newton Cherryvale, Pittsburgh and Arkansas
C itv K an
with a total installed generating capacity of 3 3 ,7 4 0 k.w . and
about 595 miles o f electric distributing lines, 363 miles o f high voltage
transmission lines and 294 miles o f gas mains. Principal electric generating
nlant at W ichita.
Has a present installed capacity o f 28,000 k. w ., including
2 10,000 k.w units, one o f which was placed in operation in 1918 and the
°*O w n s the^entlre gas distributing systems in W ichita, Pittsburgh, Hutchin­
son and Newton and distributes natural gas in these cities under franchises
that permit the substitution o f artificial gas should the supply o f natural
gas bocomo Impaired.
,
Contracts — Com pany has contracts for supplying tho power requirements
o f the Arkansas Valley Interurban R y ., Joplin & Pittsburgh R y . and the
W ichita R y . & Light C o ., the last named company operating the entire
street railway lines In W ichita.
_
. ■
, ,
,
The com pany also has important contracts for supplying power for
Dumping oil in the extensive oil fields in the E l Dorado district and con­
tiguous districts.— V . 115, p. 1105.
( J u l i u s ) K a y s e r & C o .- — N e w S u b s i d i a r y C o m p a n y .—
Tho com pany has formed the Kayser Textile Gesellschaft in Saxony,
nerm anv to handle all the export business of tho company in that country.
Distributing corporations will also be formed in England and other European
countries, it is stated.— V . 115, p . 80.
K e n t u c k y U t i l i t i e s C o — E a rn in g s —
Ended—
JulU 31 ’22. D ec. 31 ’ 21.
G ^ S S S ^ t o d u d i n g merchandise sales-----------$ 2,144,697 $ 2,109,947
Operating expenses, taxes— ------------- ------------------------ 1 .3 4 3 ,5b0
1,381,387
N e t incom e--------------Miscellaneous incom e.
B on d ! n o te Interest, & c--------------------- ------------------------

$801,137
10,501

$728,560
8,408

$811,638

$736,968
368,153

406,119

$368,815
B a la n c e ............................................. - .................................
* 405’519
— V . 113, p . 2622.
.
K p v s t n n e T i r e & R u b b e r C o — N e w F i n a n c i n g .—
^
L S t ? , ^ i H ^ wlll vnte Oct 11 on authorizing an issue of 150.000
The stockholders will vote
price not yet determined. The
additional shares of s t o c k y
o f which 303.919 shares M e outstandauthorized c a p it a l* ^ ; 0 0 0 £ a r e e . o f w ^ ^ from $1Q ^ uo par value.
— V . 115. p . 1329.




L a c k a w a n n a S t e e l C o . — S tock h old ers R a t i fy M e r g e r . —
The stockholders Sept. 18 voted to accept the proposition of the Beth­
lehem Steel Corp. to purchase the property and assets of the Lackawanna
com pany. The Lackawanna company will be dissolved. For terms o f
merger 6eo V . 115, p. 875, 1329.
L i n c o l n M o t o r C o . , D e t r o i t . — R e c e iv e r 's R e p o r t . —
A Detroit dispatch states that the receiver has filed a report o f operations
from N o v . 4 1921 to Feb. 4 1922, and a statement of balances on hand.
Operating loss during the period was $76,584
Cash on hand Aug. 1 1922
was $5,176,119. filed claims $8,737,272, verified claims $ 5,835,717, claims
reduced $1,385,317 and claims still to be adjudicated $1,516,337.
The status o f the old Lincoln M otor C o. is unchanged. It is stated that
the Government accountants are still at work on the investigation of old
Liberty motor tax accounts. Despite strenuous efforts of the receiver
to bring the matter to a close, there is no present prospect of getting the mat­
ter into court for some time. Meanwhile, the funds derived from the sale
of the plant to Henry Ford are tied up, except paym ent o f the mortgage,
awaiting filing and hearing o f Governm ent’s tax claim.— V . 114, p. 744.
L i n d s a y L i g h t C o . — M e e t i n g P o s t p o n e d .—
The stockholders’ meeting scheduled for Sept. 20 to increase the Pref.
stock from $400,000 to $600,000 has been postponed to O ct. 3.
Pres. Jos. M . Sherburne, Chicago, Sept. 9, said in brief:
The reason why it is desired to Increase the capital stock is as follows:
Tho real estate and buildings carried at $146 ,95 6 have recently been ap­
praised at over $200 ,00 0. Tho officers have realized that this property
is far too valuable for manufacturing gas m antles. The lease on the
monazite refinery which we occupy on Illinois St. expires April 30 1923.
W o feel that arrangements should be m ade to get into a location where
the entire operations o f this business m ight be concentrated and operated
with greater economy. Because o f tho above reasons we have concluded
that our interests would be best served by completing negotiations which
have been carried on for some time. This $200,000 increase in Pref. stock
is to be used toward acquiring the manufacturing property o f the Block
Gas M antle C o. o f Youngstow n, O .. if the deal can be consummated, which
consists o f approximately 3 acres o f land. I f for any reason the deal can­
not bo consummated as now planned, the capital stock will not be increased
or the stock will not be issued at this time.
The officers aro o f the opinion that tho property to be acquired is reason­
ably worth considerably in excess o f the par value o f the Pref. stock to be
issued in exchange therefor.— V . 115, p . 1329.
L i q u i d C a r b o n i c C o . , C h i c a g o . — N o t e s C a lle d .—
Certain 8 % 10-year Sinking Fund gold notes, dated Oct. 1 1920. aggregat­
ing $561 ,00 0, have been called for paym ent O ct. 1 at 104 and Int. at the
First Trust & Savings Bank, Chicago.— V . I l l , p. 1666.
M c C a l l C o r p . , N . Y . — R e s u m e s P r e fe r r e d D i v i d e n d —
The directors have resumed dividends on the 1st Prof, stock b y the
declaration of a regular quarterly dividend o f
payable Oct. 1, to
holders o f record Sept. 15. This is the first distribution on the 1st Pref.
stock since Oct. 1 1916.
, .
It is officially estimated that the net profits for the first 7 months o f this
year exceeded the $566,054 net for the entire year o f 1921.— V . 104, p. 1143.
M c C r o r y S t o r e s C o r p . — A u g u s t S a l e s .—
1922— A ug.— 1921.
Increase. I 1922— 8 M o s .— 1921.
$1,368,761
$1,121,940
$ 2 4 6 ,8 2 1 1$ 9 ,749,148 $ 8 ,2 6 0 ,0 8 5
— V . 114, p . 2724.

Increase.
$ 1 ,4 8 9 ,0 6 3

M c I n t y r e P o r c u p i n e M i n e s , L t d . — R e p o r t.—
The comparative income account was published in V . 115, p . 1329.
Balance Sheet June 30.
1922.
1921.
1922.
1921.
Assets—
s
$
Liabilities—
*
*
Plant, equip., & c .. . 5,413,836 5,065,003 Capital stock...........x3,640,283 3,640,283
24,002
27,736
51,048 Pay-rolls payable...
Cash.............................
66,307
61,713
173,126 Accounts payable—
72,784
Bullion In transit... 188,026
70,379
53,976
475,000 Taxes______________
Victory bonds______ 300,000
147,736
Demand loans______
3,600
15,373 Bank loans_________ . ______
Accts., &c., recelv..
53,632
19,806 General reserve_____ 148,987
Supplies...................... 104,932
118,641 Depreciation reserve 1,183,190 1,075,986
39,000
2,035
Investments............... 644,994
740,734 Contingent reserve..
31,051
9,609 Surplus..................... y l ,638,422 1,646,208
Deferred charges____
Total........................ 6,804,379 6,668,340

Total........................ 6,804.379 6,668,340

x Capital stock, authorized, 800,000 shares, par $5, $4,000,000; issued,
$ 3,640,283, as above, y Surplus as of July 1 1921, $ 1,646,208; less 3 divs.
of 5 % each, $546,042; prior year tax and sundry adjustm ents, $19,729;
add: workmen’s compensation insurance rebate, $3,270; sales of sundry
investments, $1,969; net profit current year, $552,747; total surplus,
$1,63 8 ,4 2 2 .— V . 115, p. 1329, 551.
M c L a u r in -J q n e s
C o .,
B r o o k fie ld ,
M a s s .— B o n d s O f­
f e r e d .— P e a b o d y , H o u g h t e l i n g & C o . , I n c . , N e w Y o r k a n d
C h ic a g o , a re o ffe r in g a t p a r a n d in t . $ 4 0 0 ,0 0 0 1 s t M t g e . 7 %
S e r ia l g o l d b o n d s .
A c i r c u la r s h o w s :
D ated Sept. 1 1922. D ue in annual series Sept. 1 1923 to 1934. Int.
payable M . & S. at Chase National Bank, New York, trustee, and First
National B ank, Chicago, without deduction for Federal income tax, but
not in excess of 2 % .
Red. in reverse ordor of maturities at 107H and int.
during the first year, and at a premium o f H o f 1 % less each year following.
D enom . $1,000 and $500 (c*).
Company.— Formed in 1921 in M ass, for the purpose o f consolidating tho
business of the Ideal Coated Paper C o ., Brookfield, M a ss., W are (M ass.)
Coated Paper C o. and Samuel Jones C o ., N ew ark, N . J. Com pany is one
o f the largest producers o f gummed paper in the world. Over 9 0 % o f the
gummed paper sold by paper jobbers o f the country comes from its mills.
Com pany does not manufacture paper, but coats and gums paper obtained
from outside sources. In addition to the standard lines o f flatgummod
papers, which are handled through jobbers, company sells direct large
quantities o f white gummed paper to the drug label printors and rolls of
gummed wrapping tape, printed or unprinted, to largo shippers like the
American Tobacco C o ., Columbia Graphophone C o ., &c. It is also a largo
manufacturer of gummed stay tapes and cotton cloth for box making and
tho manufacture o f veneers, and a special coated docalcamania paper for
advertising purposes.
Net Sales and Earnings (3 Plants) Available for I n t ., Deprec. and Fed. Taxes.
Year—
N et Sales.
Earnings.
Year—
Net Sales.
Earnings.
1920 __________$3,676,153
$379 ,01 0
1916
___ $1,060,700
$192,327
____ 1,213,109 loss 2 2 ,3 5 0
1921
1917 . I _______ 1,355,842
121.074
1922 (6 m o s .).
891,576
46,876
1918
___ 2 ,066,834
128,114
1919
___ 2 ,127,142
265,660 , „
A
, ,
Purpose . — Proceeds o f this issue are to be used to liquidate bank loans
and increase working capital.
M a g n a O i l & R e f i n i n g C o . — B a s i s o f E x c h a n g e o f Stock
f o r T id a l O sa g e O il C o . N o n - v o t i n g C o m m o n S to c k .—
Tidal Osage Oil C o. offers to exchange Tidal Osage non-voting Common
stock for M agna Com pany stock on the basis of 7 shares of M agna stock for
one share of Tidal Osage non-voting stock. N o fractional shares o f Tidal
Osage stock will bo issued.
. . . . . . . . . .
,
Stockholders o f M agna should present thoir stock in that com pany, in
multiples o f 7 shares, at the office of the Tide W ater Oil C o ., 11 Broadway,
New Y ork, where tho exchango o f stock will be made.
T o facilitate holders of M agna stock, Tidal Osage Oil C o. will purchase
odd shares of M agna stock at the rate o f $1 75 per share. This offer will
expire by limitation O ct. 18.
__, , „
„
An official statement Sept. 16 says: Tidal Osage Oil C o. . after acqulrin g
the m aiority stock o f Magna Oil & Refining C o. by exchange o f one snare
of Tidal Osage non-voting Com m on stock for 7 shares o f the Magna stock,
offered the same opportunity to each stockholder o f the Magna early this
year. There wero some stockholders of the Magna company who did not
then take advantage o f the opportunity to make such exchango. Tidal
Osage Oil C o. has now consented to afford a new opportunity to the stock­
holders of the M agna company for exchange of their stock.— V . 114, p . 635.
M a g n o l i a P e t r o l e u m C o . — S tock M a y B e A c q u i r e d . —
See Standard Oil C o ., N . Y . . below.— V . 114, p. 1404.

Marathon Paper Mills Co., Rothschild, Wis.—

Bonds
O ff e r e d .— F i r s t W i s c o n s i n C o . , M i l w a u k e e , is o f f e r i n g a t
1 0 0 a n d i n t ., S I . 4 5 0 ,0 0 0 1 st & R o f. M t v e . G % b o n d s .
D ated M a v 1 1922. Due serially N ov. 1 1930 to 1937. Int. payable
M . & N . at First Wisconsin Trust C o ., Milwaukee, without deduction for
Federal income tax not. in oxcess of 2 % .
Douom. $1,000, $500 and $100 c*.
Red. on 30 days’ notice on any int. dato at 100 and int. plus
of 1 % for
each 12 months or fraction thereof from the call date to one year and one
day prior to the fixed maturity of the said bonds but at not more than 105.
First Wisconsin Trust C o. and Geo. B . Luhm an, trustees.
D ata from L e tter o f C. C. Y a w k ey, R o th s c h ild , W is ., S e p t. 12.
Company.— Organized in 1909 in Wisconsin. Plant at Rothschild, near
W ausau, W is ., inlcudes three groups of buildings: (1) the power plant and
wood-preparing room; (2 ) the acid-making plant and the power house: (31
the sulphite mill, bleaching plant and paper mills. Has daily capacity of
105 tons of sulphite puip, 15 tons of ground wood pulp, bleaching equipment
to balance, and 115 tons of paper.
Owns 58,234 acres of timber lands in Iron C ounty, W is ., and Gogebic
C ounty, M ich. Also has favorable contracts for the purchase of pulp wood.
Capitalization after This Financing—
Authorized. Outstanding
Preferred stock-------------------------------------------------------------- $600,000
.$587,900
Common stock-------------------------------------------------------------- 3,40 0 ,0 0 0
3,32 5 ,6 5 0
First & Ref. M tge. 6s (this issue)---------------------------- 3 ,0 0 0 ,0 0 0 x l , 450,000
First (closed) M tge. 5 % bonds due Dec. 1 1 9 2 3 -2 5 .200,000
50,000
x A n additional $50,000 is resorved to refund outstanding First M tge.
Earnings.— After deducting all taxes, interest and liberal depreciation
upon the properties o f the company from net earnings available for interest
charges, average annual net profits from Jan. 1 1916 to June 30 1922 were
$470,413. In t. on $ 1,500,000 of First & R ef. M tge. bonds will be $90,000 a
year.
Purpose.— Proceeds will be used to retire floating debt'and bank loans
and for additional working capital.
Balance Sheet June 30 1922 (A fter This Financing).
Assets—
i Liabilities—
Cash__________________________________ $123 ,80 6 Accounts payable- $148,245
Receivables------------------------330 ,8 2 2 Acer, wages, int. & res. for
Inventories-------------------------- 1,280,926
prop. & income taxes—
446,782
Deferred charges---------------129,762 First mtgo. bonds, 1922—
62,500
Miscellaneous assets76,437 First & Ref. M tge. 6s
1,450,000
300,000
Plant and equipment---------- 5 ,0 5 9 ,6 0 0 Loans from stockholders..
M ich. & W ise, timber
|Preferred stock____________
587,900
lands, & c_____________________________ 1,977,634 Com m on stock_ 3,32 5 ,6 5 0
----------------- Surplus--------------------------------- 2 ,657,910
T otal (each side)..............$8,978.9871

Maxwell Motor Corp.—

O ffe r to C h a lm e r s N o t e h o l d e r s .—
See Chalmers M otor Corp. above and V . 115, p. 1330, 1106.
M i d v a l e S t e e l & O r d n a n c e C o . — H e a r in g o n M e r g e r .—
The Federal Trade Commission’s hearing on the complaint against the
Midvalo-Republic-Tnland merger has been set for Oct. 20, according to
reports, there is strong belief in quarters usually well informed that if the
Commission finds the merger guilty o f Its complaint tho matter will not be
taken to the court but merger negotiations will be dropped.— V . 115. p. 1216,
1106, 654. 5 5 2 ,4 4 4 .
M i s s i s s i p p i V a l l e y P o w e r C o . — P e r m a n e n t B o n d s .—
Permanent 1st M tg e. 6 % gold bonds, Series " A , ” duo M a y 1 1947, ar
now ready for delivery at the Continental & Commercial Trust & Saving
Bank, Chicago, in exchange for outstanding interim receipts. See offer
ing in V . 114, p. 2366, 2831.
M i s s o u r i P o r t l a n d C e m e n t C o . — B o n d s C a lle d .—
A ll o f the outstanding Union Sand & M aterial C o. 1st M tge. & R ef.

6 % Sorial Gold bonds, dated M ay 1 1915, have been called for payment
N o v . 1 at 1 0 2 'A and Int., at the St. Louis Union Trust C o ., St. Louis,
trustee.— V . 114, p. 2831.
M o o n M o t o r C a r C o . — O u t p u t — S a les—
The company in August last, it is stated, produced 1,018 cars, a record.
It is stated that the volume o f closed car sales is showing marked gain.
— V . 115, p. 994.
(J . W .) M u r r a y M f g . C o .— L ea se—
The company has leased a portion o f the plant o f the Durant M otors, Inc.
Elizabeth, N . J ., for a branch plant. The works will be devoted to the
manufacture o f bodies and fenders for the Star automobile and other
Durant cars, it is said. See offering of stock in V . 115, p. 1106.
M u t u a l O i l C o . — R a t i fi e s Stock I n c r e a s e .—
The stockholders on Sept. 18 voted to increase the authorized Capital
stock from 3,000,0C 0 to 6,000,000 shares, par $5 .— V . 115, p. 1330, 1216.
N a r r a g a n s e t t E l e c t r i c L i g h t i n g C o . — S tock O ff e r e d .—
The company is offering Capital stock, par $50, to its customers and
those o f its subsidiary companies, at $67 per share, payablo in cash or
equal quarterly installments, beginning Oct. 1 1922. N o application will
be accepted for more than 5 shares. The stock being offered is not part of
a new issue, but has been bought in the open market.
The company has paid dividends o f 8 % regularly each year since in­
corporation in 1884.— V . 115, p. 768.
N e w I d r i a & Q u i c k s i l v e r M i n i n g C o . — T o V o te o n P la n .
The stockholders will vote Oct. 10 on the reorganization plan and on
ratifying the sale of the property to a now company to be organized in
Massachusetts. See plan in V . 114, p. 2724; V . 115, p. 654.
N e w Y o r k S t a t e R e a l t y & T e r m i n a l C o . — B o n d s .—
On Sept. 18 the company executed to the Guaranty Trust C o. o f N .Y
as trustee, an indenture of mortgage dated Aug. 1 1922, affecting premises
at 299 Park A v e ., N . Y . C ity, and securing an authorized issue of $2,000,000
5 % gold bonds dated Sopt. 1 1922 and maturing serially Sept. 1 1927 to
Sept. 1 1936, inclusive.— V . 115, p. 654.
N e w Y o r k S t e a m C o . — I n i t i a l P r e f e r r e d D i v i d e n d , e t c .—
A n initial quarterly dividend of 1 34% has been declared on the out­
standing 7 % Preferred stock, payable Oct. 2 to holders o f record Sept. 15.
For offering see V . 115, p. 654. 768.
Sealed tenders will be received by the National C ity Bank until Sept.. 2 7
for the sale to It as fiscal agent o f a sufficient amount o f Preferred stock at a
price not exceeding 105 to exhaust $10,000 .— V . 115, p. 768, 654.

Niagara G a s

C o r p . — M e r g e r .—
Tho Now York P S Commission has ordered the plants and system of
the Iroquois Natural Gas Co. and the Niagara Gas Corp. consolidated and
ruled that tho price of gas should not exceed 65c. per 1,000 cu. ft. [Both
companies are subsidiaries of the National Fuel G a , C o.j— V . 113, p. 1582.

Northwestern Yeast C o . —

U s u a l E x tr a D i v i d e n d .—
An extra dividend o f 3 % on the outstanding Capital stock and the
regular quarterly dividend o f 3 % were both paid Sept. 15 to holders o f
record Sent. 12. A n extra dividend o f 3 % has been paid quarterly since
Sept. 1914.— V. 114, p. 2725.
O g i l v i e F l o u r M i l l s C o . — C a sh B o n u s o f 1 0 % . —
The directors have declared a cash bonus o f 10 % on the outstanding
$2 500.000 Com m on stock, par $100, togethor with the usual quarterly
dividend o f 3 % . both payable O ct. 2 to holders of record Sept. 22. Extra
disbursements paid on the Common stock since O ct. 2 1916 have been:
y car_
1916.
1917 to 1919.
1920.
Oct. 1922.
Bonus (in cash )________ 4 %
15 % per annum.
10%
10%
— V . 113. P- 1770; V . I l l , p . 1658.
O h i o B r a s s C o . , M a n s f i e l d , O .— P u r c h a s e .—
The company is reported to have purchased a tract o f property at Niagara
Falls, O n t., comprising about 16 acres of land, as a site for the erection of
a large plant for Canadian trade.— V . 115, P- 190, 82.
O h i o F u e l S u p p l y C o . — E x tr a D iv id e n d .
An extra dividond of 2 % in Victory bonds has b ^ n declared on the
capital stock, in addition to the regular quarterly dividend o f 2 H % in




cash, both payable O ct. 15 to holders o f record Sept. 30- In Jan. April
and July last the com pany paid extras o f 2 % each in Victory bonds.—
v • l l o , p . y95, 768.
O k l a h o m a G a s & E l e c t r i c C o . — N e w F r a n c h i s e , & c .—
The citizens o f Glenn Pool, O kla., have voted an electric franchise to
the com pany.
The citizens of Pawnee, O kla., have voted to discontinue use o f the munici­
pal lighting plant and the city has made a contract with the compan v for electrict service at wholesale rates, to be delivered over tho com pany’s new
transmission line, Drumright Division.— V . 115, p . 552.

General Power Co.

O k la h o m a
— P erm a n en t B o n d s —
Permanent 1st M tg e. gold bonds 6 % Series " A ” 1952 issue, are ready
tor delivery and will be exchanged for outstanding interim receipts at the
j J rustj j Savings Bank, Chicago.
(See offering

Orpheum Circuit, Inc.

— E a r n i n g s , & c .—
The company and subsidiaries for tho 6 'months ended June 3 0 1922
rePort net profits, before providing for Federal taxes, of $71.866 .— V . 114,
p. 955.
O s g o o d B r a d l e y C a r C o . — O r d e r .—
The company has received an order for 15 trackless trolley cars from the
C ity o f New York for use in the Borough of Richmond. The cars com ­
plete it is stated, will cost about $12,000 each. This is the first large
order for trackless trolleys to be placed in America.— V. 115, p. 316.

Otis Steel Co.

— S to c k h o ld er s ’ R ig h t s .—
Tho_ Common stockholders o f record Sept. 20 will be given tho right to
siib scn b eon or before Oct. 5 at $11 per share to an additional am ount of
429,334 shares of the Common stock without par value, at the rate o f 4-5
share o f such new stock for each one share o f Common stock held
Subscriptions for new stock will be nayable in full in cash in N ew Y ork
funds on or before Oct. 5 at office of Blair & C o ., In c., N ew York.
S e c re ta ry H . B . M ille r , S e p t. 1 8 , s a y s:
Since July 24 1922 conditions have improved in the industry sufficiently
to enable us to increase production In several departments. Our sheet
mills are operating at full capacity and at a satisfactory profit, with a
normal volume of unfilled orders on hand. Our jobbing mills are running
full time, and prices have shown an improving tendency. The steel castings
foundry is operating at about 7 5 % o f normal capacity.
The plate mills at the Riverside works are still shut down, but demand for
wider sizes and plates o f special qualities is such that our Lakeside plate
mills are in full operation with some improvement in prices. The market
for pig iron has advanced, and at the present t