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The
jinantial
INCLUDING
Bank St Quotation Section
Railway Earnings Section
VOL. 115.
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, SEPTEMBER 9, 1922
Electric Railway Section
State and City Section
NO. 2985
may be worth noting that the head of the Pere
Marquette
road puts the blame chiefly on the old "naPUBLISHED WEEKLY
tional rules" of the control term, and they have been
Terms of Subscription—Payable in Advance
For One Year
mischievous beyond question. It is his opinion that
$10
00
For Six Months
6 00
European Subscription (including postage)
13 50 there is no road which could not
European Subscription six months (including postage)
pay its shopmen
7 75
Canadian Subscription (including postage)
11 50 10% more but for these obnoxious
rules,
186 in numNOTICE—On account of the fluctuations in the rates of exchange,
remittances for European subscriptions and advertisements must
be made ber, drawn by labor representatives, with the
in New York Funds.
purpose of creating the largest possible number of
Subscription includes followinp Supplements—
jobs
BANE AND QUOTATION (monthly)
RAILWAY& INDUSTRIAL(SCMI-RIIMIally) and employing the
largest possible number of men.
RAILWAY EARNINGS (monthly)
ELECTRIC RAILWAY (semi-annually)
STATIC AND CITY (semi-annually)
RANKERS' CONVENTION (yearly)
These rules, which were discussed in the "Chron
icle"
Terms of Advertising
over a year ago, make about a dozen operations
Transient display matter per agate line
and
45 cents
Contract and Card rates
On request employ six different crafts in repairing such a
simple
CHICAGO OFFICE-19 South La Salle Street, Telephone State 5594.
thing as a broken stay-bolt on a locomotive. One
LONDON OFFICE—Edwards & Smith, 1 Drapers' Gardens. E. C.
may
WILLIAM B. DANA COMPANY, Publishers,
query the opinion that 10% more could be paid
but
Front, Pine and Depeyster Streets, New York.
for these rules, without dissenting from the
further
Published every Saturday morning by WILLIAM B. DANA COMPANY. belief that
such paternalism as expresses itself in
President, Jacob Seibert; Business Manager, William D. Riggs; Secretary, Herbert
D.Seibert; Treasurer, William Dana Seibert. Addresses
of all, Office of Company. them "is inconsistent
with the best traditions" and
that our Revolution was "largely against
industrial
CLEARING HOUSE RETURNS.
paternalism as George III understood and
applied
Returns of Bank Clearings heretofore given
it."
on this page now appear in a subsequent part
The failure of the strike is further
indicated by
of this paper. They will be found to-day on pages the
reported anxiety of the leaders to make terms,
on
1179 to 1182.
some such basis as was offered
(but at the time refused) by a group of executives on Aug. 25.
The
THE FINANCIAL SITUATION.
funds of the strikers are said
low,
despite
to
be
all
Both the bituminous and the anthracite coal min- boast
of strength, and an attache of Mr. Jewell's is
strikes
have now been definitely settled, and the quoted as
ers'
saying that "the injunction issued last Satrailroad shopmen's strike is fast approaching a ter- urday
by the Government turned a winning fight into
mination—in the natural way, by the men returning a
losing one."
to work. To be sure, there have been reports, minIt must be
gled with denials, of further conferences, presumably was belated admitted that the Daugherty injunction
in time and might better have been apby the executives who held the latest talks here with plied for
six weeks sooner. We must further admit
the strikers, but the general position was well stated that it is
unfortunately phrased and rather sweeping
by one Western executive that "we quit talking at in langua
ge, giving the strikers an opportunity,
New York and are now busy moving the trains." The which they
quickly seized, to rave over it as an attack
wilting away of the revolt can be briefly summed up, upon liberty
of assembly and of speech. As for the
as stated by Chairman Cuyler. It was not until proviso in
Section 20 of the Clayton Act, forbidding
about the middle of July that the roads set about se- injunctions
"unless necessary to prevent irreparable
riously recruiting their shop forces; to the 155,000 injury to
property or to a property right," there have
who remained 150,000 have been added, this number been many
such attacks. If tampering with rolling
far exceeding those who went out; five or six thou- stock,
burning bridges, derailing trains, and setting
sand a day have been coming in in the past week, at fire to a
frame building in which non-union workers
least half of them being of the older and more expe- were
asleep are not attacks and are not prima facie
rienced who went out. This is quite in accord with evidenc
e of a conspiracy in restraint of commerce,
human nature. As to the business moved, which
is there is no meaning in language.
the supreme test, in the two months the number of
This temporary injunction may be modified in its
cars loaded with revenue freight was more than a half
sweeping terms, or perhaps vacated, next week; but
million beyond the number in the like term
of last it is always the hit bird that flutters, and the fury of
year. This business has not been done by wireless or
denunciation--in which even Senator Borah, who is
with ruined rolling stock, and, despite all the sabot- far
from being the most impulsive member of Conage, there has been no unusual number of mishaps; gress,
has joined—for impeachment proceedings
the Pennsylvania also reports having gone through against
both the Attorney-General and the judge who
the year without the killing of a single passenger. It grante
d the temporary restraining order, shows
The
Thronirit
1130
TI-f 141 CHRONICLE
[vol.. 115.
d, would be harvested this
that the injunction bolt went home to its mark. The els of corn, it was estimate
time that the producthat
at
hoped
was
it
and
year
strikers proclaim it as an admission that the execuyield ever obtained.
highest
the
to
close
be
would
tion
tives cannot operate the roads and call for immedid was 3,081,251,000
harveste
of
corn
crop
the
1921
In
bad
of
a
volley
fly
ate seizure, incidentally letting
bushels. Only on
2,000
in 1920 3,230,53
language. As for the demand for a general la- bushels and
been in excess of
yield
the
has
s
bor strike, that mad proposition seems to have been two or three occasion
bushels.
dbandoned, otherwise it might be pertinent to ask three billion
Much interest also centred in the report on the conwhether these unionists have provisioned themselves
of white potatoes. Some deterioration was exdition
for a long siege?
to be very slight and a record
Of course, there has been no intention to interfere pected, but this proved
prospect. A month ago the indicated
with sane and law-abiding assemblage or press or crop is still in
440,000,000 bushels of white potatoes, and
speech. If the Attorney-General declared a purpose yield was
Sept. 1 condition, the yield will be
to force the open shop upon the country he spoke on the basis of the
This is based on an area of 4,bushels.
'without due restraint. He has no power granted him 438,000,000
the area was 3,815,000 acres.
year
last
acres;
to agempt such a thing, and the attempt would be a 228,000
of 103.7 bushels contrasts
year
this
acre
per
yield
A
had blunder, even if it were within the law. The way
in 1921, when the total
acre
per
bushels
90.9
with
to establish the open shop is to repress unlawful ef346,823,000 bushels. The importance of
forts to force the closed shop, and this process is yield was
white potato production as a food crop is only
steadily proLeeding. If anybody is committing what the
to that of wheat.
the hot-heads call "the crime of union smashing" second
Spring wheat this year, according to the report of
they themselves are doing it. The statement which
ent issued yesterday, will yield 277,000,Mr. Gompers is lately said to have made that "every the Departm
This is somewhat larger than the yield
bushels.
000
contest with the owners and manipulators of indusago, so that the total product of
month
a
d
indicate
try accentuates the truth that the workers have few
this year, both winter and spring, is now estioutside their own ranks who sympathize with them wheat
at 819,000,000 bushels, which contrasts with
in their determination to emancipate mankind or mated
794,893,000 bushels, the final estimate of the yield of
support them in their efforts," is true only to the exthe 1921 winter and spring wheat crops. The yield
tent that in Mr. Gompers's terminology "emanciof winter wheat this year was placed at 542,000,000
pate" means the substitution of labor tyranny for
bushels in the August report of the Department of
full freedom. There can be no doubt that public senAgriculture, 14.2 bushels per acre, and contrasted
timent is turning, not against the unions, but against
with 587,032,000 bushels, the yield of winter wheat
their reprehensible acts. This fact, too, is being recin 1921, when the production per acre was 13.7 bushognized in certain quarters. And Chief Lee of the
els, the area of winter wheat harvested last year havtrainmen, who said, nearly a year ago, that he "had
been over 4,500,000 acres larger than the indiing
never known a more unanimous feeling against us in
area this year. The spring wheat yield per
cated
the business and labor world than now exists," now
acre this year is now estimated by the Department
says that "instead of continuing a program of reat 14.8 bushels; a month ago it was placed at 14.1
prisals, both capital and labor must agree to a combushels; the yield per acre of the 1921 spring wheat
mon-sense, fair and practical adjustment of their
crop was only 10.5 bushels. The gain this year is
differences, or there will be what amounts to a conquite noteworthy. In 1921 the final estimate of the
scription of certain classes of both, in the interest of
wheat crop was placed by the Department at
spring
common welfare."
000 bushels, these figures contrasting with
207,861,
Capital is ready, and has long been trying, and
000 bushels of spring wheat now indicated
277,000,
with steadily increasing success. Against this sucfor this year's harvest.
cess by coming together (as around the common table
Practically all of the other grain crops promise a
of the U. S. Steel) the union leaders wax furious,
good yield this year. For barley the condition on
seeing in it the ending of their delightful dream of abSept. 1 is placed at 81.2%, only eight-tenths of 1%
solute and exclusive domination of industry.
under that of Aug. 1, and contrasts with 68.4% the
n on Sept. 1 1921. The crop this year will be
conditio
The September grain report of the Crop Reporting
bushels, whereas last year it was only
000
194,000,
Board of the Department of Agriculture at Washing151,181,000 bushels. Buckwheat promises a yield
ton was issued late yesterday afternoon, and while
year of 13,500,000 bushels, about 500,000 bushels
it showed some deterioration in the condition of the this
under the production of 1921. The yield of rye was
growing corn crop during the past month and indiat
placed in the August report, issued a month ago,
cated some reduction in the probable yield this year,
57,only
with
s
contrast
which
79,600,000 bushels,
both in contrast with the earlier estimates for this
bushels, the final estimate of yield for last
918,000
of
precedtwo
harvest
the
the
year's crop, and with
report issued yesterday by the DepartThe
ing years,it was,nevertheless,encouraging,for the re- year.
this year at
ment gives the farm reserves of barley
duction was hardly as great as had been anticipated.
with
13,487,000
s
contrast
7,174,000 bushels, which
The condition of corn on Sept.1 was placed at 78.6%,
Oats
promise a
1921.
for
bushels, the farm reserves
which is 7 points under the condition indicated a
the conthan
last,
year
this
yield
considerably larger
month ago, when the figure was 85.6%. On Sept. 1
con79.9%,
which
at
placed
being
1
dition on Sept.
1921 the condition of the then growing corn crop was
the
61.1%
inand
earlier,
month
a
75.6%
trasts with
placed at 85.1%, but the ten-year average for Sept. 1
1.
Sept.
on
The
crop
1921
the
of
n
conditio
dicated
is only 75%. On an area of 103,234,000 acres, 620,yield this year is now estimated at 1,255,000,000
d
in
a
harveste
and
1921,
area
the
000 acres less than
bushels, or 30 bushels to the acre, and these figures
yield of 27.8 bushels to the acre this year, as concompare with 1,060,737,000 bushels the final estitrasted with 29.7 bushels to the acre in 1921, the inmate for last year's crop, or a production of only 23.7
dicated crop this year is 2,875,000,000 bushels. A
bushels per acre. The farm reserve of oats for Augmonth ago something in excess of three billion bush-
SEPT. 91922.]
THE CHRONICLE
ust this year is placed at 73,204,000 bushels, or 6.9%
of the crop for the preceding year the farm reserves
were 161,199,000 bushels, or 10.6% of the crop.
The hay crop this year is placed at 108,700,000
tons—a year ago it was only 96,802,000 tons, the yield
per acre this year being estimated as L52 tons, as
against 1.30 tons per acre in 1921. Tobacco also
promises a very large yield, namely 1,353,000,000
lbs., as compared with 1,076,000,000 lbs. for the preceding year. Reference should also be made to the
large yield promised of sweet potatoes, 108,000,000
bushels this year in contrast with 98,700,000 bushels
in 1921.
Mercantile failures during the month of August
were more numerous than in any preceding August
since this record has been tabulated, and that covers
a great many years, and the amount of defaulted indebtedness is very close to the high record figures for
this midsummer month, when, under normal conditions both the number of such defaults and the aggregate of defaulted indebtedness are at the low point
of the year. The process of eliminating a considerable number of financially weak and unstable concerns, many of which came into existence during the
progress of the European war, has been decidedly
long drawn out and has not apparently fully spent
its force. It has been in progress now for 18 or 20
months, and during that period the aggregate of liabilities reported each month has been exceedingly
heavy, and the average amount of such liabilities to
each failure somewhat in excess of what has previously been recorded. These failures have been relatively more numerous in the trading class than in
the manufacturing division, as might have been expected, although there is some increase in failures in
manufacturing lines also, and as usual,the losses are
relatively greater in that division of trade. There
has been some decrease since the first of the year,
both in the number of mercantile defaults and in the
amount of indebtedness involved, but as noted above,
the figures continue much in excess of the corresponding period of earlier years.
Mercantile defaults last month numbered 1,714
and the amount of indebtedness involved was $40,279,718. These figures contrast with 1,753 similar
cases in July and a total of defaulted indebtedness
for that month of $40,010,313 and 1,562 failures reported in August 1921, with liabilities of $42,904,409.
In August 1914, the first month of the European
war, the liabilities of commercial failures reported
for that month exceeded $43,600,000, so that with the
exception of that month and August 1921, the liabilities in August this year are high figures for that
month. The figures used are those tabulated by R.
G. Dun & Co., the mercantile agency, and their records give the additional valuable statement of manufacturing and trading defaults. In manufacturing;
lines last month there were 420 failures with liabilities of $13,101,361. These figures contrast with 373
manufacturing failures in August 1921 with liabilities of $16,479,817. It is again noteworthy that in
the manufacturing division the clothing class shows
a considerable increase both in the number of defaults and in the amount of defaulted indebtedness.
The number of failures in the large miscellaneous
manufacturing division is also somewhat greater
than in August 1921, though the amount of defaulted
indebtedness is considerably less than one-half of the
amount reported in August 1921. In iron and steel
1131
manufacturing only one failure is reported this year
and there are fewer failures in August this year in
machinery and tools than in August 1921, although
the amount of liabilities is considerably larger this
year, probably due to the failure of one or two large
concerns in these lines.
As to trading concerns, 1,231 defaults are reported
for August this year, with an aggregate of indebtedness of $18,345,843, and these figures contrast with
1,085 similar defaults in the corresponding month of
last year, With liabilities of $20,474,508. The increase
in the number is largely among grocers, hotels and
restaurants, dealers in shoes, in furniture, drugs, and
in the numerous miscellaneous trading class, while
in most divisions of the trading class the amount of
defaulted indebtedness reported in August this year
is somewhat smaller than it was in August a year
ago. As to the class embracing agents and brokers,
the number of failures reported in August this year
was 63, and the amount of liabilities $8,832,514,
whereas in August last year there were 104 similar
defaults, but the amount of indebtedness was only
$5,950,084.
As to the larger failures, the number in August
this year was less than in August a year ago,likewise
the aggregate of defaulted indebtedness, there being
59 failures this year, where the liabilities exceeded
$100,000 for each, the aggregate of indebtedness being $20,385,557, whereas in August last year the number was 69, with a total indebtedness of $23,036,866.
There were fewer manufacturing defaults in August
this year among the larger failures, but in the trading class the 22 larger failures reported in August
this year had an aggregate of indebtedness of $4,545,363, whereas in August 1921 the 22 larger failures
included in the record for that month reported a total
indebtedness of $6,571,129, leaving $13,903,379 of liabilities for the remaining 1,063 trading defaults in
August 1921, an unusually high average of $13,079 to
each of the remaining failures. For August this year
the average of these remaining smaller failures in
the trading class is $11,413, which also is unusually
high. For August 1920 the corresponding figures
were $9,575, but in no preceding year during the past
15 years did the average in August exceed $7,500, and
in each of the 15 years it was considerably under that
amount.
The Third Assembly of the League of Nations assembled at Geneva at 11 o'clock Monday morning.
The Associated Press correspondent said that it"outdid its predecessors both in the number of delegates
and spectators present, while the animation on the
floor before the opening was greater than ever before,
even though the session gave little promise of producing dramatic interest." Augustin Edwards, a Chilean delegate, was elected President. He "received
42 votes out of the 44 States which had presented credentials to the Assembly." It was decided to "distribute the work of the Assembly among six committees,
as it did last year." Domincio da Gama, of Brazil,
as Chairman, called the Assembly to order, and in
his opening address "dwelt on the League, declaring
its mission would go on without fear of its becoming
a super-State and usurping the nations' sovereignty."
He prefaced his address with the statement that "he
was purposely making a short one, as the world was
too full of long speeches." Seemingly the most important question voted on at the first session was
that of the Council of League "to ask the Govern-
1132
THE CHRONICLE
ments of England, Australia and New Zealand to
give additional information on their monopolization
of the immense phosphate deposits on the Island of
Nauru, Southern Pacific, formerly owned by Germany and mandated to the British. The purpose of
the request is to enable the League to decide whether
the mandatory powers have not violated in spirit the
mandate and the provisions of the League covenant."
The Earl of Balfour took exception to the implied
criticism of the management of the phosphate deposits by the British. He declared that he could not accept the criticism.
Dr. Ignas Seipel, Austrian Chancellor, was on
hand to present the urgent need of foreign credits for
his country. He was quoted as saying that"I am visiting all our neighbors in an endeavor to present our
case and put some common sense into the handling
of the Austrian problem. Fortunately, we have no
enemies, which is making the task simpler. If there
is so much money for wars, surely there is some for
peace. All that is needed is $60,000,000." The next
day he was quoted as saying: "Like Dante of old, I
am knocking from door to door for bread, and like
Dante, I am finding the taste very bitter." The Geneva correspondent of the New York "Tribune" cabled that "a plan for the international control of
Austria under the direction of the League of Nations
was agreed to on this [Monday] evening by Leon
Bourgeois and the Earl of Balfour and will be presented to the Third Assembly of the League at its session to-morrow." The dispatches stated that "of the
138 places available for distinguished visitors, 62
have gone to Americans, and in addition there are 16
American newspaper correspondents. Tickets were
refused to several score of American tourists."
At the first sessiosn on Tuesday, which was held
at noon time, "the selection of a steering committee
was the main business." It was explained that "this
committee will include the presidents of the six committees chosen yesterday, together with the six vicepresidents to be selected to-day." At the afternoon
session "the Assembly took up the report of the work
of the League Council." M. Fransheri announced
that "Albania had been tranquilized since she had
come into the League, and was now on the way to economic prosperity." He thanked the League for "its
activities in Albania's behalf, and held up the experience of his country as an example of what the
League was able to accomplish." According to the
Associated Press correspondent it was necessary to
adjourn the afternoon session "for lack of speakers."
The New York "Times" correspondent cabled Wednesday morning that "there is good reason to believe
that Premier Lloyd George intends coming to Geneva in ten days to lead personally an effort to establish regional peace compacts in the world." He
added that,"taking account of criticism of Article 10
by other nations as well as America, in that it binds
the countries in the League to preserve the independence of other nations far removed, and whose interests are often remote, Lord Cecil has proposed that
there be peace compacts by continents through which
nations grouped by nature would undertake to preserve peace in their neighborhood." Continuing, he
outlined the plan as follows: "Extended, the Lloyd
George plan would make a European compact. There
would be an Asiatic compact embracing Japan,
China, India, Persia, Australia, New Zealand and
[VoL. 115.
the various colonies of the big Powers in the Pacific
Ocean, and a South American compact."
On Wednesday Dr. Seipel, Austrian Chancellor,
was given an opportunity to present the plight of his
country to the Assembly of the League of Nations.
He was reported to have declared that "Austria was
ready to accept Allied or creditors' control provided
her sovereignty was unaffected and that ample credits were assured her." Announcement was made
that "the Assembly to-day elected as its six vice-presidents the Earl of Balfour, Britain; Gabriel Hanotaux, France; Senor Gomez, Portugal; Hjalmar
Branting, Sweden; Amalio Gimeno y Cabanas,
Spain, and Dr. Momtohiloninchitch, Jugoslavia." The
Associated Press correspondent explained that, as
already noted, "the six new vice-presidents, with six
members elected by the Assembly committees, will
make up the steering committee to organize the businesss of the Assembly under the rules, along with the
president."
Lord Robert Cecil, representing South Africa, "reopened the debate on the work of the League. He
approved the work of the Council during the past
year, but expressed the fear that it was in danger of
being overwhelmed by a mass of detail, leading public opinion to underrate the really important work
of the Council." The speaker touched upon several
important problems. For instance, he asked "why
the League of Nations could not intervene between
Turkey and Greece and halt the bloodshed in Asia
Minor." He thought "something might also have
been done by the League to restore peace in Turkey
and open the door for the restoration of relations between Russia and the outside world." Continuing,
he said that "the time has come to ask how long a
situation such as that in Central Europe is going to
be allowed to exist." He also asserted that "the question was not an Austrian question, not even a European question. It was a world-wide question in
which reparations, the inter-Allied debts, and the
whole economic situation were involved. This, he
thought, was a matter the League should take up."
Lord Robert said he would not "propose any definite
action by the Assembly, but would ask his colleagues
to consider the situation seriously and discuss it
fully." He declared finally that "there was expert
opinion to the effect that Germany would soon be in
the same situation as Austria." A rumor was in circulation in London that "a group of London bankers
has agreed to offer Austria a loan of between £20,000,000 and £30,000,000." According to the report,
"the loan, which would require the approval of the
Reparations Commission, would be secured by Austria's import revenues and would be granted only on
condition that Austria be given a moratorium of five
years on her war indemnity payments."
Geneva dispatches Thursday morning showed that
Dr. Seipel's appeal bore immediate fruit. It seems
that after hearing him "the Council of the League
named a committee of five, composed of representatives of England, France, Italy, Czechoslovakia and
Austria, to work out a plan for League aid. The
plan is expected to be ready Friday or Saturday. In
a Geneva cablegram yesterday morning it was said
that the committee might report to-day. The Associated Press representative stated that "an international force to guarantee the political stability of
Austria has been abandoned, the Austrian delegation
giving assurances that, if the rest of the plans were
carried out, Austria would be able to guarantee its
SEPT.9 19221
THE CHRONICLE
own stability.. The discussion turned to-day [Thursday] on the restoration of Austrian railroads." The
cable advices Thursday evening stated that some of
the most prominent speakers among the League delegates were not inclined to take definite positions on
important questions, because of the possibility that
Premier Lloyd George may attend the Assembly. It
was realized that in that event he would assume the
leadership.
Commenting upon the apparent attitude of the
delegates toward the Assembly and its province and
scope, the New York "Times" correspondent said in
a cablegram yesterday morning: "This year's Assembly is seeing the growth of a strong demand for
an end of the prevailing system of international conferences and the assumption of their work by the
League of Nations. Leaders of liberal thought in
many countries, including France, believe the time
has come to cease running the world on the basis of
liquidation of the war,in other words, by the victors,
and for the establishment of general international
action on a peace basis. This, of course, calls for the
admission of Germany to the League. Right there is
illustrated one of the difficulties in the way of carrying out the plan. France has no serious objection
to the admission of Germany to the League as an ordinary member, but Germany demands membership
immediately on the Council and to this France objects, on the ground that the Council being charged
with carrying out parts of the Treaty of Versailles,
for instance securing the disarmament of Germany,
and its decisions being taken by unanimity, Germany
would be able to interfere with the proper execution
of the treaty clauses entrusted to the League. To the
French this is a very real objection. However, Lord
Robert Cecil, who started the movement officially in
his speech yesterday, and his lieutenants, believe the
obstacles can be got around."
According to a London dispatch yesterday morning, "Mr. Lloyd George has received a communication from the Earl of Balfour, and although it still is
uncertain whether the Prime Minister can journey to
Geneva just at present, he is anxious to respond to
the evident wish of those now in session that he
should visit the conference, and it is quite likely he
may go next week if other matters do not prevent him
from leaving England."
According to a Berlin dispatch a week ago this
morning, "the Reparations Commission's decision
took almost all of Germany completely by surprise."
He added that,"fully expecting a refusal of anything
even distantly resembling a moratorium, to be quickly followed by a French Ruhr occupation, German
public opinion at first reeled under the shock of the
sudden snapping of tension, and the wildest and most
divergent views were expressed, slowly rallying during the day to clear thinking and very general agreement." The New York "Herald" correspondent said:
"'Germany has won another breathing spell,' summarizes the attitude with which official and business
circles view the decision of the Reparations Commission. Banking circles recommend that the Government make further concessions to avert a breach with
the French. Nobody is optimistic, but there is hope
that a way will turn up, through a moratorium or
outside financial aid, to meet the deferred note payments, which the Belgian scheme would involve." In
an Associated Press cablgeram from Brussels it was
1133
said that "Government circles here to-day evinced
complete satisfaction over the decision of the Reparations Commission, and especially the unanimity
with which the Belgian plan was ratified by the delegates." The dispatch also stated that "the Belgian
Government is fully convinced that the Germans will
make every effort to meet their bills under the menace of seeing the Reparations Commission in a position to establish a charge of willful failure in the case
of default." He made special mention of the fact
that "Belgium is particularly appreciative of the
moral support of the American unofficial observer
at the session of the Reparations Commission, whose
attitude is credited here with having facilitated the
working out of the arrangement."
The Paris correspondent of the New York "Times"
cabled Sunday morning that "the way is now open
for a reduction of the German reparations total and
it is entirely probable that Germany will enter the
new year with her debt reduced by 40%." He added
that "it was Premier Poincare who first suggested a
big international conference in November to consider
reparations and inter-Allied debts. It is now agreed
that the conference will be held and it is also agreed,
though not so openly,that it will consider a reduction
of the claims on Germany." Continuing to comment
on the alleged change of French policy on the question of reparations, the correspondent said: "Until
a very short time ago French opinion would not
listen to a reduction of what Germany owed for reconstruction. The total was just and Germany must
pay. But gradually the French are coming to realize
that it may be desirable to claim less than justice in
order to get anything, and that is just why M. Poincare himself will propose in November a reduction
of the reparations total."
When money is needed for any purpose, apparently
the first consideration is the extent to which the
United States will help out. Commenting upon the
way in which the treasury notes that are to be given
by Germany are to be secured, the Paris correspondent of the Associated Press said that "the possibility
of an American bank being asked to guarantee the
payment of the six months' treasury -notes which
Germany is to give to Belgium instead of cash under
the recent reparations decision was foreseen to-night
[last Monday] coincident with the departure of the
Belgian delegation for Berlin, where negotiations are
to begin Wednesday." He added that "it is reliably
reported that adequate guarantees were promised by
Herr Schroeder, head of the German delegation, in
Paris, the day the decision was taken by the Reparations Commission, and it only remains to work out
the details."
The Paris and Berlin cable advices Wednesday
morning contained the announcement that "the
agreement under negotiation between Hugo Stinnes,
the German industrial magnate, and Senator de Lubersac, President of the Federation of Co-operative
Socities of the French Liberated Regions, under
which material delivered chiefly by Germany would
be used in the scientific working out of a plan for the
restoration of the devastated areas, has now reached
a stage where all that remains for consummation is
the final consent of the Government." The Berlin
correspondent of the New York "Times" cabled that
"Hugo Stinnes broke all his own publicity rules by
inviting the representatives of four Berlin papers to
a conference last [Monday] night which lasted into
1134
THE CHRONICLE
the early hours this morning. To them he outlined a
scheme to restore' the ravished provinces of France
at an estimated expense of 13,000,000,000 francs. He
and his industrial associates are planning to do the
business with a net profit of 6%. Commenting upon
the proposal, the correspondent said that "it is just
dawning on the German press and public opinion
that Stinnes, following, for all practical purposes,
in the footsteps of his late murdered political foe,
Rathenau, has, with a daring flash of business genius, acquired for himself a 6% commission job with
the trimmings and incidentals of Contractor-General
for the reconstruction of devastated France." Stinnes
was quoted as saying that "Poincare knows all about
this agreement and approves it."
That the Stinnes announcement made a favorable
impression was clearly indicated by the New York
"Times" correspondent at Berlin in a cablegram filed
Wednesday evening. He said that "the Belgian-German negotiations regarding the details of the six
months' Treasury notes Germany is to turn over to
Belgium in lieu of 270,000,000 gold marks began today under apparently favorable auspices. At least
no Teuton pessimism swathed the outlook in gloom
and the prospects for a speedy and satisfactory agreement looked so good to the Boerse that the mark
showed remarkable strength, rising from 1,400 to
1,200 for a dollar. MM. Delacroix and Bemelmans,
accompanied by the Belgian banker,Philipson, called
on Finance Minister Hermes this morning and
agreed on a working program. This interview was
followed by their reception at the Chancellor's palace, where the envoys had a long talk with Chancellor Wirth. Then nearly all the afternoon was spent
in the first important conference with Minister Hermes, State Secretary Schroeder and Director Bergmann of the Deutsche Bank." He added that "another factor of optimism in addition to the beginning
of Belgian-German negotiations continued to be the
great importance attached to the statement made to
the German press representatives Monday night that
Premier Poincare had known all about and approved
the agreement between Senator de Lubersac and himself by which materials are to be furnished by German industrialists for the restoration of France's
devastated provinces."
The Paris representative of the New York "Herald" cabled that "the biggest step in a practical solution of the Franco-German reparations dispute was
taken to-day [Wednesday], when the French Ministry for the Liberated Regions decided to give its full
support to Marquis de Lubersac's recent accord with
Hugo Stinnes for furnishing millions of francs in
building material. The German group is likely to
realize millions in profit, as the agreement is extended to include the several devastated regions in
France, but the Ministry believes that Stinnes's
commission to be included in the contract, means a
saving for French purchasers. Instead of their being obliged to visit Germany individually in their
quest for cheaper material, Stinnes, as the• middleman, has come forward with a plan which enables orders to be filled promptly, regardless of volume."
In a Berlin dispatch to the Associated Press
Thursday evening announcement was made that "active negotiations began to-day between the Belgian
financial delegates and German Government officials
for the flotation of the six months' Treasury notes to
be giveni to Belgium in lieu of cash under the recent
[Vol.. 115.
decision of the Reparations Commission. No prediction could be hazarded as to Germany's ability to satisfy the Belgian demands for security. The exact nature of these was not revealed at the informal conversations, but M. Bemelmans, Belgian delegate, is confident that an acceptable solution will be reached."
It was reported that the Belgians would accept a
guarantee by German industrial and commercial
bodies. The Associated Press correspondent in Berlin asserted yesterday morning that "no decisive
progress was made in the negotiations between the
Belgian financial delegates, M. Delacroix and M.
Bemelmans, and Dr. Hermes, German Minister of
Finance, and the formal discussions were only of
short duration." On the contrary, the New York
"Tribune" representative cabled that "developments
in the negotiations between the German Government
and the Belgian financial delegates over the question
of reparations guarantees indicated to-day [Thursday] that Hugo Stinnes, Germany's industrial leader, will again step in and show himself master of the
situation by taking over a large part of the guarantees demanded by Belgium. The main'point in the
discussion was the substitute guarantees which are
to be taken over partly by the German Government,
partly by England and partly by German industry."
Just a month to a day the French Government replied to the British note of Aug. 1,"asking France to
pay her debt to Great Britain in the measure that
GHat Britain was obliged to pay the United States."
The New York "Times" correspondent at Paris cabled that "the reply of the French Government is
that until France has been paid the cost of the reconstruction of her devastated regions she will not consider paying her war debts." He said also that "the
note adds that the question of the debts should be examir.ed again at a conference of all nations interested, 'without exception,' which would include
America: This step might have been taken at the
bindon Conference, the note says, had not the Balfour note prevented it." Continuing his outline of
this note, the correspondent said: "This declaration
by the French Government applies not only to
France's debt to England, but to France's debt to
America, with the exception of what she owes for war
stocks purchased after the armistice. The French
note has, in common with the Balfour note, a plea
for cancellation of war debts, including what Europe
owes America. However, M. Poincare takes pains
to say that there is this difference, that England was
fighting for self-preservation, while America was
fighting for civilization." He pointed out, furthermore, that "M. Poincare declares there is no connection between what Germany owes the Allies and
what the Allies owe each other, and that in all justice Germany should pay for the damage she did befole any other account is settled. Upon that foundation he builds France's position. Referring to the
enormous expenditures France has made for reconstruction, he says there can be no question bere of
considering paying what she borrowed in the war until Germany has covered those advances."
The reply was on the whole favorably received in
London. Newspaper criticisms were not severe. The
"Daily Mail" said: "We know France cannot pay us
unless Germany pays her—if then. Then let us remit Germany's debt to us and remit also France's
debt to us on her undertaking to remit Germany's
debt to her to the same amount. We sacrifice noth-
SEPT. 9 1922.]
THE CHRONICLE
ing whatever by doing so, for, not to put too fine a
point on it, France's debt to us is a bad debt. The
only way in which America's remission of our debt
to her can be hastened is by just this example on our
part of magnanimous common sense."
Press dispatches from Washington last Saturday
morning contained definite statements, said to have
been based on information obtained at the White
House that "President Harding believes the time is
approaching when the United States will co-operate
fully with the nations of Europe in a program for the
economic rehabilitation of the world." The New
York "Herald" representative said that "it was made
known at the White House that the President regards recent occurrences in Europe as evidence that
the Allied statesmen are taking a more practical and
scientific view of the economic situation, which will
make it possible for this country to abandon its attitude of aloofness without deserting the fundamental
principles which have governed its course thus far.
It was made clear that the President does not believe
that the time has arrived yet, but that he sees hopeful
signs." According to this correspondent also, "simultaneously it was made known at the White House
that the United States and Soviet Russia are rapidly
approaching an understanding which will result in
sending the proposed American commission from
this country to Russia to study economic conditions
there. This commission, in the opinion of the President, will lay the foundation for a resumption of official trade relations with Russia, and perhaps ultimately to recognition, at least provisionally, of the
Soviet Government,if certain conditions are met."
The Greeks have evidently suffered severe defeat
at the hands of the Turks in Asia Minor, and the
Graeco-Turkish question has suddenly again been
thrust to the forefront. Military operations have
been in progress all week between Greek and Turkish
forces. Most of the dispatches stated that the former showed only slight inclination to fight, and that
as a consequence the latter were generally victorious.
The Turks were so confident of their position that
Fevzi Pasha, Chief of the Nationalist general staff,
sent the following message to the population of Constantinople: "We have vanquished the enemy and
are hotly pursuing him. We will smash him completely within the next few days." The situation became so serious early in the week that military representatives of the Allied Powers were reported to have
decided that they must take a hand. In an Associated Press dispatch from Constantinople it was
stated that "the Allies appear to be agreed that in
view of the Greek defeat by the Turks it is necessary
for them to land naval and infantry forces in Asiatic
Turkey for the protection of their nationals and to
maintain order. The Allied generals met here this
[Tuesday] morning to consider the military situa:
tion and unanimously agreed to notify their Governments of the seriousness of the situation."
That the Greeks were offering no resistance was
indicated in an Associated Press dispatch from Paris
Wednesday evening which said the "latest advices
reaching official circles here on the Asia Minor situation declare that all that remains of the Greek Army
is 100,000 men, who are fleeing in utter rout before
the victorious Turkish Nationalists and now less
than 60 miles from the Mediterranean." It was
added that "the advices declare it probable that only
1135
half that number of Greeks will reach the sea, as organized fighting units of Turks are now within 50
miles of Smyrna and 40 miles from the Sea of Marmora. The Turkish advance since the offensive was
launched 10 days ago is stated to be more than 130
miles, which experts here say is one of the fastest
advances in all the history of wars." The report was
in circulation in Constantinople on Wednesday that
"the Turks have occupied Mazelli, Aidin and Soma
and are marching on Bergama, about 50 miles northeast of Smyrna." At the same centre the next day it
was claimed that "General Tricoupis, the new Commander-in-Chief of the Greek army in Asia Minor,
and several other Greek generals, were made prisoner by the Turks on the evening of Sept. 2." The
definite assertion was made in another cablegram
from the same centre that "Great Britain has sent
Field Marshal Lord Plumer, famous World War
Commander,to take charge of the defense of Constantinople, threatened with attack by the victorious
Turks under Mustapha Kemal." A telegram was
said to have been received in Paris from the Turkish
capital Thursday evening averring that "at 11 o'clock
this morning the Greek Government made, through
the Allied High Commissioners, a request to the Angora representative in that city for an armistice, the
Greeks to evacuate all Asia Minor." The Paris advices
yesterday morning stated that "here it is not, however, considered likely that the Turks will grant an
armistice, at least until the present offensive has
either reached its complete goal or has been checked,
as there is still a possibility it might be, on the outskirts of Smyrna." The New York "Herald" correspondent in London said that on Thursday "the Cabinet indorsed the British poliey to do the utmost to
persuade the Turks to agree to an armistice, but after
a long meeting it was officially admitted that the
Ministers were not very sanguine of the chances for
success, so long as the Greeks were retiring. The
British difficulty lies in the fact that the Government has nothing to offer the Turks, as it is acting on
purely humanitarian designs, but it does not intend
to permit this minor crisis to involve all Europe."
The Associated Press correspondent at Smyrna,
in a dispatch last evening, commented in part as follows on the extent of the Greek retreat: "Only an
eye witness can realize the extent of the disaster to
the Greek army, which is termed by many one of the
most decisive in military history. An army of 150,000 men, well organized and equipped, has been
transformed in less than two weeks practically into
a band of refugees. An official Turkish statement
says 400 Greek officers and 10,000 men have been
captured since the offensive was launched, together
with 500 motor trucks,350 guns and a million rounds
of artillery ammunition."
No change has been noted in official discount rates
at leading European centres from 5% in France,
Denmark and Norway; 5% in Madrid; 7% in
Germany; 43 2% in Belgium and Sweden; 4% in
Holland; 3
in Switzerland, and 3% in London.
The open market discount rate in London is a trifle
firmer and long and short bills have been advanced
4%, comparing with 2 7-16% a week ago.
to 25
Money on call in London, however, ruled easier, the
quotation having been lowered to 2%, as against
231% last week. Open market discounts in Paris
and Switzerland remain at 4% and 1%%,unchanged.
1136
THE CHRONICLE
The Bank of England added a small amount to its
gold reserves this week, reporting a gain of £1,541,
which contrasts with a small decline in the week preceding. Total reserve was expanded £1,041,000,
as a result of a drawing down of note circulation of
£1,039,000, while the proportion of reserve to liabilities advanced to 18.37% from 17.64% last week.
The reserve ratio at this time last year stood at
13.08% and in 1920 at 11.70%. Bankers attribute
the better showing made to a return of funds into
normal channels following the strain of meeting
month-end disbursements. Deposits moved in direct
opposition to the showing of the previous week,
public deposits declining £12,641,000, against a
heavy expansion, while "other deposits" expanded
£13,834,000, which contrasts with the recent falling
off. Temporary loans to the Government decreased
£910,000, but loans on other securities increased
£669,000. Gold holdings amount to £127,412,713.
Last year the total was £128,410,306 and in 1920
£123,077,317. Total reserve aggregates £22,982,000,
as against £20,427,771 in 1921 and £15,618,752 a
year earlier. Circulation is now £122,879,000, which
contrasts with £126,432,535 the preceding year and
£125,908,565 in 1920, while loans stand at L76,790,000, in comparison with £79,827,413 a year ago
and £76,340,750 the year before that. Clearings
through the London banks for the week totaled
£700,284,000. Last week the amount was £588,527,000 and a year ago £581,628,000. At the regular weekly meeting of the Bank Governors the official
discount rate was left unchanged at 3%. We
append herewith a statement of comparisons of
the principal items of the Bank of England's
returns:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1922.
1921.
1920.
1919.
1918.
Sept. 6.
Sept. 7.
Sept. 8.
Sept. 10.
Sept. 11.
Circulation
122,879,000
Public deposits
13,588,000
Other deposits
111,929,000
Govt. securities
43,446,000
Other securities_
76,790,000
Reserve notes & coin 22,982,000
127,412,713
Coln and bullion
Proportion of reserve
18.37%
to liabilities
3%
Bank rate
126,432,535
15,479,410
140,730,389
74,046,744
79,827,413
20,427,771
128,410,306
125,908,565
16,500,595
116,988,625
59,628,129
76,340,750
15,618,752
123,077,317
81,127,495
23,077,905
89,363,777
21.657,058
83,297,031
25,587,765
88,265,260
59,055,605
36,127,488
138,924,292
64,643,714
98,392,678
30,097,786
70,703,391
13.08%
534%
11.70%
7%
22.75%
5%
17.20%
5%
The Bank of France, in its weekly statement,
reports a further small gain of 474,000 francs in
the gold item this week. The Bank's gold holdings
therefore now aggregate 5,532,002,075 francs, comparing with 5,522,591,774 francs on the corresponding
date last year and with 5,570,665,119 francs the
year before; of these amounts 1,948,367,056 francs
were held abroad in both 1922 and 1921 and 1,978,278,416 francs in 1920. During the week, silver
gained 187,000 francs, while advances were augmented by 80,861,000 francs Bills discounted, on
the other hand, decreased 373,109,000 francs, Treasury deposits fell off 26,741,000 francs and general
deposits were reduced 73,968,000 francs. A further
large expansion of 574,121,000 francs occurred in
note circulation, bringing the total outstanding up
to 36,959,101,000 francs. This contrasts with 37,253,987,830 francs at this time last year and with
38,622,449,460 francs in 1920. In 1914, just prior
to the outbreak of war, the amount was only
6,683,184,785 francs. Comparisons of the various
items in this week's return, with the statement of
last week and corresponding dates in both 1921
and 1920 are as follows:
[VOL. 115.
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Sept. 7 1922. Sept. 8 1921. Sept. 9 1920.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
In France
Inc.
474,000 3,583,635,019 3,574,224.717 3,592,386,702
Abroad
No change 1,948,367,056 1,948,367,056 1,978,278,416
Total
Inc.
474,000 5,532,002,075 5,522,591,774 5,570,665,119
Silver
Inc.
187,000
276,832,457
286,010,495
254,823,709
Bills discounted
Dec. 373,109,000 1,816.174,000 2,330,030,044 1,937,657,431
Advances
Inc. 80,861,000 2,168,873,000 2,211,797,234 2,022,283,336
Note circulation Inc. 574,121,000 36,959,101,000 37,253,987,830 38,622,449,460
Treasury deposits_Dec. 26,741.000
38,316,663
23,279,000
39,982,708
General deposits Dec. 73,968,000 2,045,972,000 2,448,487,617 3,259,494,282
In its statement, issued as of Aug. 31, the Imperial
Bank of Germany showed changes not paralleled by
any of the previous sensational reports of this institution, and which illustrate very clearly the abnormal
conditions prevailing in Germany. The most noteworthy, as well as the most unfavorable, was an increase in note circulation of no less than 22,978,898,000 marks, bringing the total up to the huge figure of
237,562,413,000 marks. This compares with 80,072,146,000 marks in the corresponding week of
1921 and 58,401,203,000 marks a year earlier. It is
worthy of note that in July 1914, prior to the outbreak of the war, the German Bank's note circulation
stood at only slightly over one billion marks. Another spectacular advance was of 25,283,039,000
marks in discount and Treasury bills. Treasury and
loan association notes increased 2,736,755,000 marks;
bills of exchange and checks 4,976,498,000 marks
and other liabilities 1,403,913,000 marks. There
was an enormous expansion in deposits, viz.. 8,319,491,000 marks. Lesser increases and decreases were
a gain in total coin and bullion of 1,594,000 marks
and of 23,429,000 marks in advances, and a reduction
of 2,000 marks in gold, of 4,740,000 marks in notes
of other banks, of 314,000 marks in investments
and of 233,959,000 marks in other assets. Gold
holdings, which continue about stationary, are
reported as 1,004,859,000 marks, which compares
with 1,023,708,000 marks a year ago and 1,091,585,000 marks in 1920.
The Federal Reserve Bank weekly statement,
issued as usual at the close of business on Thursday,
showed a small falling off in gold reserves with an
increase in rediscounting operations. For the system
the loss in gold was $3,000,000. Bill holdings increased $17,000,000, due mainly to an increase in
open market purchases. This expansion brought
total bill holdings up to $593,448,000, which, however, compares with $1,553,407,000 at this time last
year. In the New York Federal Reserve Bank the
loss in gold as a result of the shifting of funds to
interior institutions was much larger, being $43,000,000. Total bills on hand increased $17,000,000
to $107,595,000, this comparing, however, with
$396,337,000 last year. Both locally and nationally
earning assets were increased substantially, while
deposits for the system were reduced 25 million
dollars. A notable increase was reported in Federal
Reserve notes in actual circulation, $58,000,000 for
the combined system and $8,000,000 at the local
bank. Member banks reserve account diminished
$11,000,000 to $1,796,000,000 for the twelve reporting banks, while a reduction of $12,000,000 was
shown to $698,254,000 at New York. Reserve ratios
were once more cut, 2.5%, to 83.8% at the local
bank and .9% to 78.3% for the system as a whole.
No special reason was assigned for the sharp expansion in the issue of notes, further than that of a demand for currency incidental to holiday requirements.
SEPT. 9 1922.]
THE CHRONICLE
Saturday's statement of New York Clearing House
banks and trust companies made a better showing
and reflected the return of funds to the banks. Net
demand deposits increased $16,813,000 to $3,846,871,000, which is exclusive of Government deposits
to the amount of $58,076,000, but net time deposits
were reduced $1,512,000 to $493,357,000. There
was a reduction in loans of $38,015,000. Cash in
own vaults of members of the Federal Reserve Bank
declined $2,454,000 to $52,500,000 (not counted as
reserve), while reserves of State banks and trust companies in own vaults fell $119,000. Reserves kept
in other depositories by State institutions were likewise reduced, namely $13,000. Member banks,however, increased their reserve credits at the Reserve
Bank $21,425,000, and this served to partially offset
the addition to deposits and brought about a gain in
surplus of $19,126,830, carrying the total of excess
reserves up to $26,163,190. The above figures for
surplus are based on 13% reserves above legal requirements for member banks of the Federal Reserve
System, but do not include cash in vault amounting
to $52,500,000 held by these banks on Saturday last.
1137
day and Friday there was no range, all call funds
loaning at 4%. The above figures are for mixed collateral and all-industrial loans without differentiation. In time money there has been very little
change. A further slight hardening has taken place
in the shorter maturities, so that sixty and ninety
days se now quoted at 4
against 4%@4/
2%.
Four, five and six months' funds, however, continue
to be quoted at 43/2@4%, unchanged. Business
was quiet and few if any large loans were reported.
Some thirty-day money for moderate amounts was
negotiated at 43%. The stiffening in rates is
ascribed to seasonal crop-moving demands and, to a
lesser extent, to preparations for Sept. 15 tax payments.
Commercial paper rates also moved up and sixty
and ninety days' endorsed bills receivable and six
months' names of choice character are now quoted at
as against 39@4% last week, but names
not so well known continue to require 4Y1@,4M07,c).
The volume of transactions showed a falling off, although there was a fair demand for the best names.
Offerings were scanty.
Banks' and bankers' acceptances remain at the
levels previously current. As is usual when call
rates are advancing, dealings in acceptances were
comparatively small. A slight increase in offerings
was noted, but the demand was limited. Brokers
are now looking for a broadening in activity in the
course of the next week or so. For call loans against
bankers' acceptances the posted rate of the American
Acceptance Counsil is now 33/2% against 4% a week
ago. The Acceptance Council makes the discount
rates on prime bankers' acceptances eligible for purchase by the Federal Reserve Banks 33i% bid and
3A% asked for bills running 150 days; 31
/
1% bid and
3% asked for bills running 120 days, and 3%
8% bid
and 3% asked for bills running from 30 to 90 days.
Open market quotations follow:
While call money at this centre did not reach the
3 and 332% levels of some weeks ago, the trend was
downward toward the close of the week. On Thursday,for instance, day-to-day funds were freely offered
at 4%. Time money rates continued largely nominal. There were few developments of special interest
in any department of the money market here or at
other large financial centres of the United States.
The first of the month interest and dividend disbursements having been accomplished so recently,
preparation for the mid-month payments has scarcely
begun. There were no Government operations that
could be spoken of as factors in the money market
here. The settlement of the anthracite and bituminous strikes may be expected to cause greater
activity in many lines of business, and a correSPOT DELIVERY.
spondingly larger demand for funds. So far the im80 Days.
30 Days.
90 Dors.
provement in business, from whatever cause, has Prime eligible bills
3%03
3%@3
@3
not materially affected the rates for money. There
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
3% bid
should be a substantial expansion in many lines Eligible
non-member banks
3
,
6 bid
during the rest of the year and well into the next Ineligible bank bills
3% bid
year. There is great activity in the building trade,
but although large sums have been loaned by the
There have been no changes this week in Federal
insurance companies and banks to help finance the Reserve
Bank rates. The following is the schedule
new undertakings, the withdrawals have not been of rates now
in effect for the various classes of paper
reflected in money rates. Offerings of new securities at the
different Reserve Banks:
are still on a small scale, relatively speaking. NegoDISCOUNT RATES OF THE FEDERAL RESERVE BANKS
tiations are said to be in progress with New York
IN EFFECT SEPTEMBER 8 1922.
bankers for a large South American loan. If the
Discounted bills maturing
within 90 days(ina,memGerman reparations question can be still more defiber banks 15-day collateral
Bankers'
Agriculnotes) secured by—
nitely arranged in the near future, it is not unlikely
Trade tural and
accePFederal Reserve
tances
Treasury
acceD- live-stock
that our bankers will again bring out European
Bank of—
tances
Other- disc'ted
paper
notes and Liberty
maturing maturing
for
wise
bonds
certifiGovernment securities on a rather large scale. There
within 91 to 180
cates of
secured member
and
90 days
banks
days
and
indebtVictory
was no change in either the call or time money maredness
notes unsecured
Boston
kets yesterday, the former ruling at 4% and the latter New York
4
4
4
4
4
4
4
4
4
4
4
4
Philadelphia
continuing essentially unaltered.
434
4%
4)-6
434
434
4%
Cleveland
4%
434
4%
43-4
As regards money rates in detail, loans on call
have covered a range during the week of 4@432%,
which compares with 3%@5% a week ago. Monday
was a holiday (Labor Day). On Tuesday a flat rate
of4% was quoted, this being the high, the low and
the ruling figure for the day. Wednesday renewals
were again negotiated at 4
which was also the
high, but a low rate of 4% was quoted. Further relaxation was noted later in the week and on Thurs-
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
4 36
436
436
436
4%
4
4%
431
4%
4%
434
4%
4%
4
434
434
4%
434
436
434
434
4%
434
4%
434
434
434
434
4
434
434
434
4%
434
4%
434
4
4%
4;i
4;i
43-1
4%
434
6
Sterling exchange has experienced what might be
termed an "off week" and trading much of the time
has been listless and the volume of transactions light.
Pre-holiday dulness prevailed in the initial dealings,
and with the resumption of business after Labor Day,
1138
THE CHRONICLE
[VOL. 115.
value of $250,000
very little increase in activity was noted. Never- Mauretania brought bar gold to the
ton, and
Southamp
theless, price levels have been maintained and the and $85,000 in gold ingots from
pSoutham
from
also
of
gold,
11
boxes
undertone has been firm practically throughout, so the Berengaria
and
America
South
from
amounts
Smaller
that demand bills hovered around 4 47, with the ton.
3 . Offerings of com- elsewhere comprised: $20,389 in bullion on the Calaextremes 4 45 3-16 and 4 47%
consignments on
mercial bills against grain and cotton shipments were mere from Port Limon, a few small
cases of gold on the
appreciably lighter than a week ago, and a feature of the Matura from Trinidad, 4
of gold on the
the week was the absence of selling pressure. In Paria from Paramaribo, 62 bars
2 boxes of gold on
some quarters this was attributed to a cessation of Bogota from Porto Colombia, and
62 gold bars,
the demand for dollars in London for settlement the Pan-American from Chile, and
Colombia.
from
the
on
Metapan
purposes, though others regarded it as simply the valued at $58,000,
here with
way
its
on
a
is
reported
result of a withdrawal of speculative interests from The Aquitani
.
$500,000
with
the
and
Majestic
in
gold,
$730,000
the market. There was also a lack of buying orders,
the
on
which seemed to betoken continued caution
In the Continental exchanges movements were
part of operators in the matter of commitments, and
somewhat conflicting and actual values failed to
the close was easy.
outlook to
Although sterling rates are responding only to a reflect the improvement in the general
on of this
explanati
moderate extent to international political develop- any appreciable extent. The
a reaction
that
ments,, bankers continue to give close attention to phenomenon is to be found in the fact
place at
took
that
rise
sharp
the
European affairs and a good deal of encouragement was natural after
ve
speculati
,
Moreover
week.
last
of
is felt over the turn for the better in reparation and the close
announce
following
profits
take
to
began
debt matters. General approval is expressed of the interests
and
Stinnes
Huga
t
between
agreemen
the
of
rernent
Stinnes agreement, which—if consummated—is
temporarily to
garded by not a few as likely to constitute the be- the French Senator, and this served
Belginning of a sane and practical solution of the whole depress quotations. Consequently, French and
respec7.44,
reparations problem. Other favorable factors were gian currency ruled at or near 7.86 and
2 for
the prospects of a compromise arrangement on rep- tively, with the range for the week 7.70@7.9
Reischlatter.
the
for
arations between Germany and Belgium and what the former and 7.26@7.45
quotation
appeared to be well authenticated rumors of nego- marks were only barely steady, and the
on comall
i,
0.083.
and
4
d
0.067
between
e
alternate
conferenc
tiations looking to still another financial
remain
kronen
Austrian
y
light
trading.
parativel
view
a
with
future
near
to be held in Brussels in the
that a
rumors
despite
.0015,
at
0.0014@0
y
nominal,
in
nt
indemnit
adjustme
final
to bringing about a
large
a
extend
to
matters and to arrange for far-reaching financial group of British bankers are ready
morafive-year
a
that
event
in
the
reforms. Talk is again heard of a loan to Germany, loan to Austria
can be secured.
as few if any international bankers believe that any torium from indemnity payments
d quite sharply,
fluctuate
exchange
ovakian
Czechosl
satisfactory settlement can be reached that does not
sharp advance
a
by
followed
being
weakness
early
the
e
to
include some sort of financial assistanc
is reported
It
3.30.
to
decline
a
then
3.55,
to
nt.
German Governme
disgreatly
are
Referring to the day-to-day rates, sterling exchange that these violet fluctuations
centre.
that
at
s
condition
on Saturday last was strong and higher, demand bills turbing general business
2@4 47%, cable transfers to Observance of the Labor Day holiday served to
advancing to 4 463/
5 and sixty days to 4 447
8@4 453
/
4; restrict operations in exchange at this centre.
4 46%@4 47%
the firmness was attributed to the sentimental effect Towards the latter part of the week some increase
of the respite granted Germany in the matter of in the volume of business developed, but buyers
reparation payments. Monday was a holiday (Labor were scarce, so that any increase in offerings brought
Day). Trading was quiet on Tuesday and quotations about immediate recessions in prices. While bankmoved within narrow limits, at practically the same ing opinion is unanimously favorable to the Stinneslevels as on Saturday; the range was 4 46%@4 47 de Lubersac agreement, it is generally realized that
8@4 473.1 for cable transfers and it can bring about no immediate improvement in
/
for demand, 4 467
3 for sixty days. On Wednesday sterling France's financial affairs nor in exchange conditions
4 45@4 45%
since even if
opened strong on good foreign news, but later generally—for the time being at least,
a complete
entail
will
,
it
works
smoothly
reacted under profit taking sales and demand ruled the plan
which
finances,
ent
Governm
of
ement
French
at
rearrang
4
46 9-16@
at 4 46 5-16@4 47, cable transfers
the
to
view
3
a
with
adjusted
been
along
all
44
have
4
A
45
11-16@4
%.
at
4 4731 and sixty days
meetings
The
.
payments
al
cash
of
of
s
substanti
about
receipt
quotation
Mc.
was
further lowering of
of Nations delegates now going on at
noted on Thursday, to 4 45 3-16@4 463 for de- of the League
to exercise any tangible effect on the
mand, 4 45 7-16@4 46M for cable transfers and Geneva failed
currencies, but was said
4for sixty days. Friday's market was more important European
4 45%@4 461
firmness displayed in
general
a
for
le
dull and weak; demand bills sold down fractionally, to be responsib
expectations of conto
owing
s,
exchange
minor
to 4 45%@4 45% for demand, cable transfers to the
therefrom. Finnish
result
to
ent
improvem
structive
4
45%@4 46.% and sixty days to 439i@4 443i.
of late, as a
tendency
better
a
shown
has
exchange
453/
sixty
for
days,4
Closing quotations were 4 43%
while
Finland,
in
s
condition
stable
more
of
result
cable
.
transfers Comfor demand and 4 45% for
has
been
marks
Polish
of
course
d
downwar
the
44%,
4
sixty
at
at
days
mercial sight bills finished
policy
anti-inflationist
the
8, documents for pay- temporarily checked by
4'42%, ninety days at 4 423/
seven-day grain bills adopted by the banking authorities, also increased
and
talent (sixty days) at 4 433/2
exports from Poland.
at 4 44M. Cotton and grain for payment closed
The London check rate in Paris closed at 57.00,
at 4 44%.
compared with 57.47 a week ago. In New York
The import movement of gold was again limited as
the French centre finished at 7.74,
to a few consignments of moderate amounts. The sight bills on
SEPT. 9 1922.]
THE CHRONICLE
2;
against 7.803/2; cable transfers at 7.75, against 7.813/
commercial sight at 7.72, against 7.783/2, and commercial sixty days at 7.68, against 7.7532 on Friday
of last week. Closing rates on Antwerp francs were
7.30 for checks and 7.31 for cable transfers, in
comparison with 7.40 and 7.41 a week earlier.
4, for both
Berlin marks finished the week at 0.067
checks and cable transfers, against 0.083/i the
previous week. Austrian kronen closed at 0.0015
(one rate), against 0.0015 a week ago. For lire,
which have ruled dull and heavy during the greater
part of the time, the final range was 4.3434 for
bankers' sight bills and 4.3534 for cable transfers,
as compared with 4.41 and 4.42 the week before.
Exchange on Czechoslovakia finished at 3.30, against
3.22; on Rumania at 0.71, against 0.75; on Poland
at 0.00128, against 0.00118, and on Finland at 2.17,
against 2.18 last week. Greek drachma remain
pegged at 3.20 for checks and 3.25 for cable transfers.
Movements in the exchanges on the former neutral
centres were not particularly significant. Rates for
the most part were steady, with guilders, francs and
pesetas ruling at very close to the levels prevailing
at the close of last week. Scandinavian exchange
likewise ruled without important change. Trading
was of limited proportions.
Bankers' sight on Amsterdam closed at 38.80,
against 38.88; cable transfers at 38.88, against 38.93;
commercial sight at 38.78, against 38.90, and commercial sixty days at 38.44, against 38.56 last week.
Swiss francs finished the week at 18.97 for bankers'
sight bills and 18.98 for cable transfers, against
19.02 and 19.03 the week previous. Copenhagen
checks closed at 21.36 and 21.41 for cable remittances, against 21.40 and 21.45. Checks on Sweden
finished at 26.47 and cable transfers at 26.52,
against 26.47 and 26.52, while checks on Norway
closed at 16.60 and cable transfers at 16.65, against
16.63 and 16.68 a week earlier. Spanish pesetas
finished at 15.47 for checks and 15.48 for cable
transfers. A week ago the close ws 15.51 and 15.52.
As to South American exchange a rather firmer
tone was apparent with a fractional advance for
Argentine currency, but increased ease as to Brazilian
milreis. Argentine checks finished at 36.30 and
cable transfers at 36.40, against 361
4 and 3634,
while the check rate on Brazil closed at 13.25 and
cable transfers at 13.30, against 13.35 and 13.40 last
week. Chilean exchange, after early firmness, declined sharply to 133/2, against 14.30 a week ago.
This was attributed to some special transactions the
nature of which was not disclosed. Bankers report
dealings in this market in Chilean exchange as very
narrow. Peruvian exchange was lower, at 4 04,
against 4 08 last week.
Far Eastern rates are as follows: Hong Kong,
584@59, against 5834@58%; Shanghai, 783/2@79,
against 783/g@784; Yokohama, 48@4834 (un2, against 49@4934;
changed); Manila, 49%@49/
Singapore, 52@5234, against 5234@523/2; Bombay,
293@294 (unchanged), and Calcutta, 29%@29/
3
(unchanged).
Pursuant to the requirements. of Section 403 of the
Emergency Tariff Act of May 27 1921, the Federal
Reserve Bank is now certifying daily to the Secretary
of the Treasury the buying rate for cable transfers on
the different countries of the world. We give below
the record for the week just past:
1139
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANK TO TREASURY UNDER EMERGENCY TARIFF ACT,
SEPT. 1922 TO SEPT. 8 1922, INCLUSIVE.
Country and Monetary Unit.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Sept. 2. Sept. 4. Sept. 5. Sept. 6. Sept. 7. Sept.8.
EUROPE$
$
$
$
$
$
Austria,
.000014 .000015 .000014 .000015
.000015
Belgium,krone
franc
.0740
.0741
.0730
.0744
.0730
Bulgaria, ley
.006558 .006417 .006425 .006433
.0065
Czechoslovakia,
.034900 .035078 .034306 .033428
Denmark, kronekrone__ .032356
.2146 .2147 .2144 .2139
.2146
England, pound
4.4715 4.4662 4.4592
4.4734
Finland,
markka
.021488
.021650 .021688 .02165 4.4567
.021688
France, franc
.0784
.0783 .0787 .0775 .0774
Germany, reichsmark.... .000748
.000705 .000801 .000736
.000710
Greece, drachma
.0281 .0261 .0262 .0263
.0289
Holland, guilder
.3901
.3897
.3896
.3891
.3888
Elungary,
.000515
.000467 .000449 .000435 .000464
Italy,
lire krone
.0440
.0436
.0436
.0434
.0438
Jugoslavia, krone
.002661 .003041 .003014 .002939
.002628
Norway,
krone
.1665
.1669 .1671 .1661 .1663
Poland, Polish
mark
.000120
.000116
.000120 .000122 .000/28
Portugal, amide
.0542
.0538 .0524 .0530
.0539
Rumania leu
.007181
.007188 .007116
.007131 .007078
Serbia, dinar
.010586
.010586
.012167
Spain,
.1582
.1551 .1552 .0121
.1549 .011912
.1948
Sweden,peseta
krona
.2652
.2657
.2658
.2650
.2660+
Switzeiland, franc
.1902
.1902
.1902
.1899
.189*
ASIAChina,
Chefoo tadl
.8058 HOLT- .8088 .8075 .8067 .8042
" Hankow tael
.7992
" Shanghai tadl
.7755 DAY .8021
.7777 .8008
.7773 .8000
.7770 .7975
.7723
" Tientsin tael
.8108
.8138
.8117
.8108 .8083
" Hong Kong dollar_ .5759
.5792
.5777
.5778
.5768
" Mexican dollar
.5625
.5704 .5664 .5721 .563/
" Tientsin or Peiyang
dollar
.5750
.5808 .5775 .5900 .5750
Yuan
dollar
.5717
.5738 .5725 .5738 .5729
India,
.2894
.2903 .2900
.2903 .2900
Japan,rupee
yen
.4779
.4787
.4789 .4795
Singapore.
dollar
.5200 .5142
.5142 .4806
.5142
NORTH AMERICA- .5200
Canada,
.999288
.999414
.959277
.998594
.998184
Cuba, pesodollar
.998438
.998438 .9985 .998188 .998313
Mexico, peso
.48375
.482188 .4837 .483063 .483128
Newfoundland, dollar__ .998875
.996953 .996641
.996172 .995856
SOUTH A M ERICAArgentJna, peso (gold)
.8243
.8251 .8260 .8238 .8234
Brazil,
milreals
.1322
.1323 .1326 .1323 .1318
Uruguay, peso
.7943
.7944 .7920
Chile,
peso (paper)_
.1404
.1366 .1338 .2912
.1354 .7907
.1366
The New York Clearing House banks, in
their
operations with interior banking institutions, have
gained $2,934,815 net in cash as a result of the currency movements for the week ending Sept. 7.
Their receipts from the interior have aggregated
$3,800,415, while the shipments have reached $865,600, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week ending Sept.
7.
Banks'interior movement
Into
Out of
Banks.
Banks.
$3,800,415
Gain or Lou
to Banks.
$865,600 Gain 62,934,815
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY cREDrr BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday,
Sept. 2.
Monday,
Sept.
Wednesd'Y, Thursday, Friday,
Aggregate
4. Tuesday,
Sept. 5.
Sept. 7.
Sept. 8.
Sept. 6.
for Weak.
$
$
44,000,000 Holiday 72,600,00040,300,000 47.700.000 56,400,000
C.281,000.000
foregoing heavy credits reflect the huge mass of cheeks which come
toNote.-The
New York
Reserve Bank from all parts of the country in the operation of,
thethe
Federal Reserve
These
System's
credit balance',
par collectionthescheme.
however, show nothing
Reserve Bank'slarge
as to the
of only
results
with the
Clearing
House
one side of theoperations
represent
institutions.
account,
They
as cheeks
drawn on the Reserve
itself are presented directly to the hank and
never
go through the ClearingBank
House.
The following table indicates the amount of bullion in the principal European banks:
Sept.
Banks ofGold.
7 1922.
I
Silver.
Sept.
Total.
Gold.
1
8 1921.
Silver.
Total.
I £
E
£
t
England_ 127,412,713 £ 1127,412,713
128,410,306
128,4.10.306
France _ a __ 143,345,901
142,968,989;
11.400,000164,745,901
154,008,989
Germany _ 50,111,380 987,750 51,099,130 51,185,000, 11,040,000
Aus.-Hun_ 10,944,
, 52,027,000;
; ,842,000
13,313,000 10„
2,369,000 .126,787,011
3,313,000
Spain
99,888,000, 25,187,000 125,075000
100,937,000 25,850,000
Italy
33,307,000
2,968,000
00
34%568,000
611
37
38,27'o90
3,013,
Netherl'ds 50,496,000 741,000 51,237,000 50,497,000 857,000 51.3.54,000
Nat.
Beig_ 10,664,000 1,789,000 12,453,000 10,663,0001 1,586, 12.243,000
Switzland
21,781,000, 4,421,000 26,202,000
4,609,000 25,027,000
Sweden 20,418,000
15,833,0001
15,211,000 12,646,000'
15,211,000
15,833,000
Denmark _ 12,683,000
12,901,000
206,000 12,882,000
218,000
Norway 8,183,000
'8,183,000' 8,115,0001
Sai5,000
Total week 584,973,994i 51 006 75063.5,980,744586,238,295, 49,476,000635,714,295
Prey. week 585,144,593 50:963,95
636,108,543586,186,263 49,342,400635,528,663
0
a Gold holdings of the Bank of France this year are exclusive of £77,934,182
held abroad.
1140
TuF CHRONICLE
[voL. 115.
knowing with scientific precision the annual cost of
BASIC DIFFERENCES BETWEEN BUSINESS overhead, repairs, deterioration, obsolescence, interAND GOVERNMENTAL FINANCIAL CONTROL. est on investment, and all such elements which enter
The prime consideration in any system of financial into the cost of the finished product.
control is efficiency and economy. The desired reAs we compare Governmental and private business
sult must be achieved with the least amount of effort operations we are confronted at each step with these
and for the smallest outlay of money. To a private fundamental distinctions which go to the very roots
business concern this is the sine qua non of its exist- of business operations. The Government is not put
ence. It must render service at the lowest cost or on its mettle to obtain results.
drop out of the race. The necessity for doing this enIt has often been said that it is not safe to mix
courages every variety of human ingenuity. Out of business and politics. Yet this is what the Governthis never-ceasing endeavor to widen the field of ser- ment necessarily does. The Government is a politvice and to reduce the cost there have arisen a con- ical institution. Business management, it is true,
stant stream of inventions which have decreased the must pursue a definite policy, but to business this is
necessities and increased the luxuries of man. Our constant; policy once established may continue for a
complex modern civilization is built up of innumer- generation without fundamental change, and under
able achievements of private business enterprise.
the management of an experienced and permanent
This is not to decry the individual contributions of personnel. The Government, however, may abruptly
philosophers, artists and statesmen. Their place in change its policies at any time. Policy may be dethe economy of civilization is recognized. But even termined anew after each election. At every change
their works have been borne upon the waves of busi- of administration there is a change in the higher perness management.
sonnel of the business management. Heads of deWhen we contemplate the prospect of the Govern- partments, assistant heads, commissioners, directors
ment entering into any line of business for the pub- of bureaus, and many of the lesser officials go out
lic benefit we must bear in mind the fundamental dif- with the changing fortunes of political parties. They
ferences of motive and aim. With the Government do not stay in office long enough to learn the intricathe element of competition is absent. The Govern- cies of the operations which they control and direct.
ment's motive for efficiency and economy is not based In the course of Government practice these have beupon self interest. If the Government renders the e(ade classed as political jobs—positions of personal
best service at the lowest cost—a thing which has dignity and social distinction to be enjoyed for a
never been done in the history of our Government— short period. The Government therefore has only
it is because of the patriotic impulses of the manage- the shadow of an organized personnel for business
ment. But at the present stage of human evolution management. Whatever efficiency it may attain in
—moral and intellectual—the patriotic motive, or business operations would be due to the skill and
the humanitarian motive, is not strong enough to be- faithfulness of the trained submerged employees all
come a rational substitute for the motive of sell-pres- along the line.
ervation and self-advancement. Governments everyPrivate business has attained its point of view and
where are therefore less efficient than private busi- its philosophy through that fierce fight of the cenness because there is lacking the very fundamental turies to subdue the earth, the water and the air in
elements which enter into business management.
order to add to the physical comfort and the intelA business corporation, in formulating its finan- lectual enjoyment of man and to enlarge his life. In
cial program and in setting up its system of financial its processes it has reduced common sense and ecocontrol, begins with the estimated sales. This is the nomic integrity to its lowest terms. It knows where
bed rock foundation of business. The revenue is de- it stands. Government operations in the very nature
rived from voluntary payments for the rendition of of the case cannot be substituted for private manageservice. The extent of operations, the size of the op- ment without disaster both to Government and busierating force, the orders for raw materials are all ness.
based upon the sales program.
THE COLOR OF THE NEWS.
On the other hand, the Government's revenue is
From an early discussion at the Institute of Polilimited, theoretically, only by the combined resources
of all of its citizens. Practically it can tax to the tics, Williams College, Williamstown, Mass., considlimit of human endurance. In cases of extreme emer- eration of the effect of the publication offoreign news
gency it may even command the labor of all who are has been thrown upon the screen for public attention.
able to work. This upon the theory that the public De we, as peoples, understand each other? Is the
interest is paramount. The Government therefore— mere publication of facts as to events and conditions
except during periods of retrenchment—in formulat- sufficient to create mutual understanding? Should
ing its financial program considers first, what op- not the "foreign correspondent" acquaint himself
erations it proposes to undertake, and, having ascer- with the "feeling" that lies behind the mere "news,"
tained the probable cost, proceeds to collect the nec- in order that he may more effectively convey the
essary revenues by taxation. The Government, as a meanings and motives that give rise to the attitudes
rule, does not sell its services to those who volun- of Governments and the likes and dislikes of peotarily choose to avail themselves of it. The one great ples? How may the publisher best guard against givexception is the postal service, and it has an annual ing "color" to the news?
In the first place, it seems to us that this is one of
deficit which is met from the public treasury.
It is not mandatory upon the Government, as an those big problems in idealism which we so love to
element of financial control, to maintain a system of engage in, and in which we accomplish so little. The
cost accounting. The true costs of Governmental op- large school of "Perfectionists," if we may coin the
erations are seldom known. No modern private busi- word, are undeterred by anything, and least of all by
ness enterprise could maintain itself in the struggle their own inabilities. We might drive this thought
for existence in the markets of the world without into the discussion at the outset by saying that the
SEPT. 91922.]
THE CHRONICLE
easy road to giving color to the news is by trying to
enter into the feelings of peoples far from us. It is
averred, by reason of the superiority of our "foreign
correspondents," we better understand Europe than
Europe understands America and Americans. But
even though this may be so, how is the European correspondent on this side, say in New York City or
Washington, to ascertain the feelings of our own
people when we are broken into warring classes,
when we are avid participants in shifting politics,
and when we do not yet know our own minds in economics?
The idea of complete understanding between peoples is, of course, alluring. And the ideal of the fellowship which it is thought would follow is one to
which all may subscribe. But it must be insisted
that the job is too big for the press, on either side the
water; and that there are grave doubts as to the effects of the perfected plan. Not all knowledge is
good for us, though it is still true that a little is a
dangerous thing. And when it comes to the intents
and purposes of our neighbors, whether individuals
or peoples, "where ignorance is bliss, 'tis folly to be
wise." Amid the yet uncounted and unrealized legacies of the war are the benefits of the world contacts
it brought about. Conferences, good in themselves,
precursors of knowledge, have followed each other
since the armistice to little tangible effect. A street
speaker, the night of the peace parade or "No More
War" celebration, referred to the fact that the Chamber of Deputies had adjourned without formally ratifying the Washington Conference—and confessed
to a sort of personal pleasure—because we did not
ratify their League of Nations. A dedication, we
suppose, to the spirit of peace and ultimate world
unity.
How is the correspondent to go out, and up and
down the highways to ascertain the mixed feelings
of peoples at this stage of the recovery, resumption,
restoration, reparation, and reciprocity, that are
burning for solution? Commerce? Who can explain
the feelings of a people that are zealous for foreign
trade and the mutual exchange of goods, ideas,
ideals, civilizations, and then limit immigration to
3% and tax incoming products to the limit that lies
just short of embargo? We can't explain it, yet, to
ourselves! And the pathetic outlook of the fathers
of families in the old and new States of Europe as
they contemplate the task of paying the war debts,
and the reaction from this upon politics, finance,
even common daily toil, who can tell our mid-West
farmer of this "feeling"? Why, we all know enough
now to know that only the larger aspects of things
are possible to any of us, here or there. And we
know enough that constant stirring of the "turmoil"
by suggestions, interventions, intermeddling, will
only make matters worse. We do not for a moment
disparage efforts by those to whom the lot of salvage
and salvation rightly and inevitably falls. But for
the vast majority of mankind the only way to recovery or to aid recovery is to literally cease from troubling, resolve to make the best of things, increase intensive attention to personal fortunes, and work,
work, work!
Well, then, the bare events, truthfully told, are
often enough. We think we have already said that
the microscope reveals a world as important as the
telescope—and, we may add, as near to God. Certaintly it is a beautiful and worthy sentiment to
"hitch your wagon to a star"—in fact, the stormless,
1141
constant, though unfeeling, stars are quite common
stock for our poetical exploitations; but, after all,
the cosmos, and universe, and the "handiwork" of
the heavens, are not so compelling as the "candle in
the window" that draws the tired worker home. We
need to understand ourselves if we would understand
others. We need to have right feelings toward ourselves, if we would affect others. Wisdom and
Love! But love for its own sake in our own hearts
alone will vibrate to the world!
PRESERVING THE INTELLECTUAL LIFE.
We should, as a people, be far from opposing any
special effort in the distribution of relief that seeks
to reach those who especially work with minds as
distinct from those who work mainly with hands.
And yet, we think,in the catastrophic effects that follow the cataclysmic war, they cannot rightly expect
immunity from the general downfall. Nor can their
work, the so-called "intellectual life" of the community, be set apart, for nurture and help, from the
whole. If they should not suffer more, still they cannot suffer less. Nor does the preservation of the
State depend alone on this "intellectual life."
If we take Russia as an example, it must be asked
what intellectual life should be preserved? Of course,
we do not mean that anybody should literally be left
to starve to death. But the leaders of the Bolsheviki
are "intellectuals." And this term "intellectuals"
has come to cover a multitude who call themselves
the only "progressives," the only ones fitted for life.
And it becomes a question, then, of the content of the
intellectual life that is worthy of preservation. And
this expands the inquiry, relieves it of the urgency
of mere relief to mental workers, and even brings the
matter home to us in our general life. At once the
attitude of our chief schools looms up. The arrogance of "censorship" comes under consideration.
The claims of the "intellectuals" of the various
classes in art, science, religion, whatnot, are opened
to study.
We are bound to inquire whether the intellectuals
are really intellectual. The blatant assumption of
superiority is not proof. The proud boast of the
"progressives" that theirs is the only way toward a
blessed future is not sufficient of itself. The iconoclast who breaks the image but does not actually construct another and a better one is only an obstruc•
tionist, if not destructive—for he prevents growth
and the natural evolution of things. If we might
come down to so prosaic a thing as the attitude of
the Democratic minority in Congress, granting the
reactionary policy of the Republican majority toward an outworn principle of "protection," what,
pray, are the Democrats offering instead? But this
is a mere commonplace. The "intellectuals" of whatever class or clan, are in their own estimation in
these days of redoubtable reform the only people who
have the spiritual fire to light the world—whether it
be the divine afflatus in free verse or the glorious
emancipation preached by union labor.
Those who would have us become ever and always
the slaves of "the new," who look with scorn on the
intellectual and spiritual possesssions of to-day as
decadent, who would re-form all things by the magic
of transformation, are we to preserve them with all
their intellectual vagaries as the only hope of mankind? Is there a possibility that the new is not always better than the old? Is there a possibility that
the untried may be less effectual than the tried?
1142
THE CHRONICLE
[you 115.
Must we destroy civilization to preserve it? Every- in that body, and there is no reason to question his
where in our social, political and economic life these fitness.
The Supreme Court as it is to-day consists of Mr.
so-called intellectuals are at work seeking to overthrow the established order. Of course, we speak of McKenna of California, born in 1843, and appointed
principle, and take no note of degtees. But the con- by Mr. McKinley in 1896; Mr. Holmes of Massachuservative who allows himself to become enamored of setts and Mr. Day of Ohio, born in 1841 and 1849,
the idea that everything that is, is wrong, soon be- and appointed by Mr. Roosevelt in 1902 and 1903;
comes a radical. The dream, or the poison, as you Mr. Van Devanter of Wyoming and Mr. Pitney of
choose to term it, the fever-dream of millennial con- New Jersey, born in 1859 and 1858 and appointed
ditions, soon ravages the peace of mind of the vic- by Mr. Taft in 1910 and 1912, and Messrs. McReytim, and envy follows the vision of inequality, and nolds, Brandeis and Clarke, born in 1862, 1856 and
haste destroys the slow progress of orderly growth. 1857, and appointed by Mr. Wilson in 1914 and 1916.
"Something must be done, and done quickly"—or we The head is Mr. Taft himself, born in 1857, and appointed Chief Justice by Mr. Harding in 1921.
perish.
The oldest member is 79, two others are past 70,
Truly, these self-appointed "intellectuals," who
turn their backs upon the darkened past, and who and the youngest is 60. Rather an elderly body, and
throw the searchlight of their thought into the fog of the early resignation of Justice Day, who is surthe future, unafraid, undismayed, impatient of de- passed in years only by Justice McKenna, is exlay,lack no confidence in their own theories. Saviors pected. Some comment has been made upon the
of the race, they are avid for sacrifice, but are unwill- party division. We are reminded that Mr. Taft aping to be the first to ascend the scaffold. They must pointed two Democrats among his five, and that Mr.
be "preserved"—or "progress" will perish. And so Sutherland will now make the party division seven
they ask all sorts of privileges and immunities not to two, but Mr. Harding (it is suggested) will probonly from the censure of public opinion;but from the ably name a Democrat for the next occurring vacancy. An unusual number of vacancies occurred in
halter of the law.
The remainder of the people may be willing to Mr. Taft's one term, and besides the two now on the
grant them an equality of freedom, even allow them Bench he appointed Mr. Lurton of Tennessee in 1909
free speech and press, but these would like to live on and Mr. Lamar of Georgia and Mr. Hughes of this
—pursue the even tenor of their way—even mildly State in 1910; two of these died in office and Mr.
dissent—and so pass out in peace. Not perhaps so Hughes resigned immediately after his nomination
intellectual as their brothers, they crave preservation • in 1920. But such considerations and comments ought
also in their common state of ignorance. They would to be banned by general consent. Our highest tribueven be allowed to submit to reason as found in the 'nal is composed of fallible men, not invariably conConstitution, and rhyme as found in the Victorians. sistent, and in some exceptional instances clearly
They ask only the indulgence of thought and work. erring in its rulings, on facts as well as on law and
It may be by the old way, but they know no other, on constitutional limitations. We are at full liberty
to discover them wrong, but not, like Mr. Gompers,
and are too old to learn!
By all means let the "intellectual life" be pre- to refuse to respect them, though wrong. We may
served! But the countless millions who have es- surmise, if we like (though we cannot be sure) that
sayed to think since first Rodin's "Thinker" brooded in some cases their decisions are unconsciously inalone, have their mental processes all gone for fluenced by their individual feelings, yet our highest
naught? Is nothing worth "preserving" that is old? tribunal still stands without just imputation of undue influence, either corrupt or political, and every
American should earnestly pray that it may ever so
CHANGES IN THE U. S. SUPREME COURT.
remain. Mr. Gompers's prayer that the Lord would
Justice John H. Clarke of Ohio has sent in his res- deliver labor from the courts is answered as to indiignation from the Supreme Court, to take effect on vidual judges,for they must obey the last call in their
the 15th, his 65th birthday, giving as his reason his turn; but—if the country is to endure and grow—
desire for an "otium cum dignitate" in which he can labor unions can get delivery from the courts only by
indulge his taste for reading and travel, and serve correcting their ways and no longer making occasion
his neighbors and public causes in ways impossible to come before them as defendants.
while holding office. This is a kindly wish, and the
country and the world has never so much needed THE COAL MINING CONSPIRATORS SHOULD
BE PUNISHED.
sound and helpful counsel; so all good-will must follow him into retirement. He is succeeded by former
Notwithstanding the efforts of two of the most hotSenator George Sutherland, born in England in 1862, headed extremists in the United Mine Workers to
whose nomination was unanimously confirmed on continue resistance, it may be assumed that a temTuesday without the usual reference to committee. porary peace has been reached in the anthracite war
He has served two terms in the Senate, being defeated and that mining will resume on Monday. Transin 1916 by Senator King, who rates as a Democrat, lated into practical English, the settlement means
while Mr. Sutherland rates as Republican. The that the men have won, rejecting arbitration and consound rule that no man should reach the highest tinuing the old high wage scale until September incourt without some previous experience on the bench stead of April, leaving them, of course, free to then
has not been followed in his case, as it was not in the break out anew, or, in accordance with some union
cases of Mr. Hughes and Mr. Brandeis, and, very pos- notions of right, to break out in April. The "mansibly, in other cases earlier in our history and for- date" from the public has not been furnished, and
gotten. Yet Mr. Sutherland, an intimate friend of none was expected; but the consumer will pay, beMr. Harding, was a member of the Judiciary and cause he always has to. Yet it is still best to keep
Foreign Relations committees while in the Senate, our heads cool. There may be a larger supply availwas rated as among the best constitutional lawyers able than some have feared; the railroads are evi-
SEPT. 91922.]
THE CHRONICLE
1143
dently in position to do their part; foreign sources to restrain or interfere with trade or commerce. Let
can be counted on for some relief; it is possible that us spend no space upon a proposition so plain as that
the anthracite here and there above ground has been labor unions and their leaders are "persons," that
underestimated; and it is permitted to us to hope for when they do not simply quit their jobs individually,
a mild winter. Soft and semi-soft coals are in ampler but in concert, and conspire and behave in a manner
supply, and we must learn to use them, thereby likely and intended to prevent others from working
breaking the dependence which has given the miners on those jobs, and when this conduct is intended and
their grapple hold. Meanwhile, Governor Miller has liable to hinder transportation across State lines,
found a business man who will serve without pay and they are acting "in restraint" as declared in the Act.
may be expected to keep his head cool and undertake To argue at length upon this could not make it any
the least interference necessary. His instructions plainer. But—it is said—the miners have not been
from the Governor are to this effect. There must be, conspiring to restrain trade across such lines. Have
he says, an equitable distribution, and economy and they not? To cut off the fuel necessary for moving
the use of other fuels must be taught. Mr. Woodin trains is an interference; moreover, coal is itself a
is asked to use all power necessary but "just as little material part of such trade, and is not a trade reas possible." He is told that the women and the pub- strained when its substance material is halted by a
lic generally will help. To do so is their duty and conspiracy? The indictment has still another count,
their interest.
for the Pennsylvania unions have conspired with
On Thursday the Senate, by 40 to 7, passed the unions in other States, and even if the narrow techCummins bill to prevent profiteering in coal, and as nical plea that Pennsylvania anthracite is a State
this- differs slightly from the Winslow bill which had matter only and thus not under the Sherman Act be
already passed the House, the subject goes to con- granted (and this would be open to serious question),
ference.
the fact of combining with unions elsewhere would
The most exciting incident was the sweeping tem- remain.
porary injunction obtained by Attorney-General
But the Clayton Act is the union refuge, and their
Daugherty against the railroad shopmen on last week orators denounce the Daugherty injunction as barred
Friday. This is, of course, violently denounced as by it. That Act was passed in October of 1914, just
in conflict with the Clayton Act. A reader who ex- when labor was mounting its high horse on account
presses himself intelligently and signs his own name of the war, and the Act was "to supplement existing
has written to the "Herald" to inquire why labor laws against unlawful restraints and monopolies,
trusts should be exempted under the Sherman Act, and for other purposes." In those "other purposes"
saying that this Act "expressly exempted labor lay a deliberate union plan to obtain delivery from
unions and other similar organizations." It does the courts,and particularly,to knock all the teeth out
nothing of the kind,and he is apparently confusing it of injunctions. Some sections prohibit unfair competiwith the Clayton Act. As there is much misapprehen- tion and quite broadly prohibit interlocking directorsion about both, it will be well briefly to state, once ates, but the union shields are in Sections 6, 17,
18,
more, the substance of the Anti-Trust Act of 1890, 19, 20, 21 and 24. The first of these
sections lays
comprising only eight sections. Section 1 forbids down the proposition, or rather
makes the oft-quoted
"every contract, combination in the form of a trust and barren assertion, that the labor of
a human beor otherwise," in restraint of either domestic or for- ing is not a commodity or article of commerce,
and
eign trade, and makes guilty of a misdemeanor declares that the anti-trust laws shall not
be con"every person who shall engage in any such combina- strued against organizatinos "for mutual help"
and
tion or conspiracy." Section 2 declares guilty of a not for profit, or to forbid their members from
"lawmisdemeanor "every person who shall monopolize or fully" carrying out their
"legitimate" objects, as if
attempt to monopolize, or conspire with any other anybody ever wanted to interfere with
them while
person or persons to monopolize, any part of" either they behave themselves. The others seek to
restrict
inter-State or foreign commerce. Section 3 broadly temporary injunctions to
cases where "immediate
forbids "every contract, combination in form of trust and irreparable injury or loss" shown to be
immiis
or otherwise" in any territory or in the District, in nent and also to limit proceedings for contempt. Secrestraint of trade, and re-states the drastic penalty tion 20 is the unions' main reliance now and they
asupon "every person." Sections 4 and 5 relate merely sert that the injunction violates it. But this section
to the jurisdiction of the Federal courts and the issu- refers only to actions between employer and emance of restraining orders, even before final decree, ployee, or between employees, and does not apply to
and relate to subpoenas. Section 6 makes liable to procedure on behalf of the United States. It concondemnation any property owned and in course of tains the proviso that irreparable injury to property
transportation contrary to law. Section 7 permits or a property right, for which there is no adequate
"any person" injured in his business or property "by remedy at law, must be shown, but the main reliance
any other person or corporation" by anything for- is the paragraph declaring that no restraining order
bidden or made unlawful in the Act to sue therefor, shall prevent quitting work, "whether singly or in
and gives him right of recovery in treble the damage concert," or making others do so "by peaceful
sustained, plus attorney's fees, and Section 8 brings means"; or ceasing to patronize or persuading others
under the term "person" all corporations or associa- to cease; or giving or withholding money as strike
tions existing or authorized under the laws of any benefits; or peacefully assembling "in a lawful manner and for lawful purposes"; or doing anything.lawpolitical division on the globe.
fully
to be done in the absence of any dispute. This
corporaThat this law has been invoked against
tions and "big business" is matter of record, but if is, of course, the broad "shield" under which picketits broad and reiterated terms were more generally ing, from sticking out the tongue to the Herrin
understood it would be superfluous to point out that method of peaceful persuasion, was to be covered.
they apply to every person or combination of persons
Picketing is a subject worthy of consideration sep(necessarily including labor unions) who conspire arately, and at present we merely note that the
1144
THE CHRONICLE
courts are rapidly growing stern in their view of it,
also that the acts of murderous sabotage in which the
railroad strikers have been venting their rage over
their imminent defeat need not be judged under any
anti-trust law, there being other laws sufficient.
What we have lacked, and what we are now slowly
gathering, is courage and determination.
A CENTURY OF BANKING IN NEW YORK.
Under the above title Mr. Henry W. Lanier has
given us in his new book, published by Doran, in connection with a graphic picture of old New York, the
story of the development of modern banks and banking, and their connection with the life of the community.
To-day the place and function of the bank are well
understood; how they have come to be what they are
is not so clearly known.
In 1822, when the story begins, there were ten or a
dozen banks in the city, all issuing notes. Bank
notes, which were current in China as early as 800
A.D., were introduced into Europe by the Riksbank
of Sweden in 1658. The Massachusetts Colony issued
paper money in 1690, Carolina followed in 1700, and
New York in 1709. Much paper money was needed
for the French-Canadian War; and, with the Revolution, a flood of it came, both from the Continental
Congress and the individual States. In 1776 Continental notes fell so quickly that they were advertised
for at a guinea per thousand, for papering a room.
All sorts of individual notes were issued, their value
varying everywhere. The effect was deplorable,
more so, it was said, than anywhere else in the
world. Before the Revolution "bank" meant merely
a batch of paper money issued by the Government or
a corporation. Opposition to their organization
when they appeared arose from the idea that issuing
paper money was their main business. The suspension of specie payments by the Bank of England in
1797, which lasted 20 years, gave rise to the idea
here that a continued suspension might become an
ordinary affair, and that a bank might fail without
becoming bankrupt. The United States Bank, with
8 or 10 branches in different parts of the country, issued notes dated at the branches, which, except for
taxes and dues to the Government, would not be received by other branches than the one where dated.
1822, when the story opens, was the year of the
Great Plague. In May yellow fever broke out. The
people fled, and the banks went out with them to
Greenwich Village, two or three miles away. The
Post Office and Custom House were transferred and
every effort made to carry on business in what in a
day became a boom town. Only 7,000 or 8,000 people
remained in the city, of the upwards of 135,000 population.
The next year the city was re-established, and 20,000 people came from the South to see a horse race.
Meanwhile the country had entered upon an era of
rapid advance. Europe was in great political and
economic unrest, but steam power had been made
available and in America everyone capable of running his business enlarged it and began to profit as
neveu before. Factories of all kinds arose. As early
as 1814,200,000 spindles were at work on cotton, producing some $8,000,000 worth of cotton cloth. In
1820 10,000,000 yards of woolen, linen and cotton
cloth were made by 184 mills; and the first paper
making machinery was imported from France. In
1822 the foundations of the mills in Lowell were laid.
[VoL. 115.
In this year 2,500 vessels came into the port of New
York carrying $23,000,000 worth of goods, paying
nearly $10,000,000 in duties.
With the opening of the Erie Canal in 1825 a rush
of business came to New York, and at once there
were applications to the Legislature for charters aggregating $52,000,000 for banks, insurance companies and the like. Despite constant exposures, the
craze spread, and rising prices followed the expanding paper currency. One project was to recover the
gold of the Egyptian host that was sunk in the Red
Sea when the Israelites crossed with Moses. Cotton
was "King" in New York, as it was in the South,
though without its presence; $50,000 were reported
made in a day by one dealer; and there was no scheme
too wild.
Suddenly, in the summer, prices fell in London;
large shipments of gold were drawn from New York
to London, and in December the great London panic
of that year began, and many failures followed here.
$10,000,000 were lost in cotton alone, one-half of it
in New York. Failure ceased to be a disgrace, and
there were more in the United States in one year than
in Holland for a century. Only the cool intelligence
of a small group of financiers who foresaw the inevitable result of crazy speculation saved the country
from a terrific disaster. People thought the more
money was spent the better; if it was scarce it would
be easy to print more; if the banks were in trouble
the U. S. Bank would certainly interpose. Overissue and evasion of redemption had long been common, and fraudulent enterprises of all kinds abounded. Better counsels at last found a hearing. In
1824 the sytsem began of country banks establishing
deposits in certain city banks to meet their notes.
Note issues were in 1829 restricted to,twice the paidup capital and the Safety Fund Law was enacted,
which, while it had some serious objections, rendered
good service up to 1866, when it was dropped. The
prodigious development of the country was not arrested and a new period of prosperity opened. Notwithstanding the disasters of the cholera in 1832 and
the great fire which destroyed the whole financial
section of the city, business went steadily forward,
and by 1835 the United States had paid off a national
debt of $86,000,000, had bought the Louisiana territory, and had arranged to distribute to the States a
surplus of $37,000,000. Specie in large amount
flowed in from Europe; more canals were building;
in.one year 20,000,000 acres of public land were taken
up; and in seven years 300 new banks were chartered.
But paper money was allowed to increase one-half in
18 months. Cash soon began to be demanded, the
wheat crop failed; and in April 1837 the crash came
again. 250 banks failed in three weeks, with losses
of over $100,000,000 and the New York banks had to
suspend specie payment.
Again a few strong men appeared. The banks
were pledged to help one another in accepting their
paper, and to resume in May of the next year. £1,000,000 in gold were obtained from the Bank of England,
and restoration began with a new banking law, which
was eventually remodeled into the existing National
Banking Act.
The pushing out of the railways into the West rapidly developed business and created new conditions.
The banks were gradually carried over, from absorption in issuing notes, to financing basic industries.
By 1840 their number had grown to 901 banks, with
$358,000,000 of capital, only to fall back by 1845 to
SEPT. 91922.]
THE CHRONICLE
707 and $205,000,000; which means, they had come
back to a sounder reality. In 1845 nearly 4,000 miles
of railway were in operation. During the first 50
years of railway building some $400,000,000 of foreign capital came for investment through the banks;
and the change in the banks toward building up deposits and regulatnig paper issues was marked in
1847 by deposits of $28,000,000 in the banks of New
York City, with $11,000,000 of specie and less than
$71000,000 of note circulation.
Express service beginning in 1839, and the telegraph in 1844, with five and ten-cent stamps for letter postage authorized in 1849, radically changed
methods of business and developed the field of the
banks. The discovery of gold soon poured $50,000,000 of the precious metal into the resources of the
country. By 1855 the population of New York had
risen to 650,000, doubling in 15 years, and the city
had become a great manufacturing centre, with thousands of plants, a foreign commerce of $323,000,000
and 50 banks with $60,000,000 capital. Extravagance, and worthless paper again easily floated, heralded danger; and credit had grown top-heavy.
Exchange of checks between the banks by porters
daily going back and forth and meeting to settle balances on the steps of one of the banks in Wall Street
with Friday finally the settling day, in time made a
better method necessary. In spite of much opposition for fear of "too great centralization," a Clearing
House was organized Oct. 1 1853, and was rapidly
duplicated elsewhere, until to-day they number 182
regularly organized, with many lesser ones; New
York alone clearing something like one billion dollars a day.
By 1857 the expansion of credits once more reached
a limit, and a panic of great violence began. Business in all directions went to pieces. The New York
banks had to suspend, and New England quickly followed, all to resume in December, but business was
prostrated for a long time. The same panic had occurred in Europe and only the suspension of the
Bank Act, raising the limit of note issue, saved the
Bank of England.
With the War of the Rebellion financial trouble
again became acute. Specie payment was suspended
by the country in 1862, and lasted for 16 years. Gold
reached 285 in 1864. From the beginning the leading
bankers realized their responsibility. Individuals
offered the Government in two weeks over $2,000,000,
to which 14 banks added $715,000. As the magnitude of the need appeared the Government recognized
that it must have the co-operation of the banks, and
when the appeal to New York, Boston and Philadelphia was made $150,000,000 in gold were furnished
against three-year Treasury notes. This was done
when the combined banking capital of these three
cities was only $120,000,000 with little more than
that amount of deposits, and coin reserves of $63,000,000. In 1864 the National Banking System was
introduced, with 485 banks, mounting to 1,600 at the
close of the war. The Government had eventually to
2 billion dollars of securities, and to accept
raise 21/
a loss in gold value of $860,000,000. This constituted
the National debt left for the future at the close of
the war.
The war was followed by the usual excessive inflation and expenditure. The cost of the war estimated
by the Senate in 1879 was nearly 7/
1
2billion dollars;
plus the distinct and wide-felt loss of moral fibre.
Profiteering, speculation and sudden wealth proved,
1145
as always, unwholesome influences, and drastic
housecleaning came in the early '70's.
The country realized at last the need of an elastic
currency and of a reservoir for emergencies. The
Federal Reserve System, as we now have it, came,
in time, to provide these, but not until after a long
interval. The later financial history is sufficiently
well known not to require pursuing the story further.
The individual history of the strong men who
played a great part in decisive hours is not to be forgotten. They held together the scattered and often
imperiled commercial interests of the country and
never failed the Government in its hours of need.
"Wall Street" is the name for the small area within
which the offices of most of them were found; and
is worthily accepted to-day as the distinctive title of
the men of their class,whereverin the nation they may
live. The banks they helped the nation to create are
everywhere and, despite our long and much troubled
financial history, the name their place of business
gave rise to may well be expanded to embrace and
honor them all.
Their successors will doubtless find larger opportunity and possibly may prove to be as able and as
well informed; but the fundamental truths of economics and of morals which the experience of those
early days teaches, and the best of their leaders believed, can never be superseded, and can be disregarded only with loss and often with misery and
shame.
CANADA NOT GETTING THE IMMIGRANTS
SHE NEEDS.
Ottawa, Canada, Sept. 8 1922.
In the opinion of the executive heads of Canadian
railways, banking houses and the various Governments, the Dominion's greatest need at the present
stage of her history is an influx of agricultural immigrants. The plain fact is, however, that the country is not getting them. Immigration returns indicate a steady reduction in the number of immigrant
entries at the Atlantic ports. For the four months
ending July, the total of persons entering Canada
was 32,849, or 34% fewer than during the same
months last year. It was hoped that the new regulations put into effect would discourage the flow from
certain European countries while opening the gates
wider for the Anglo-Saxon and Scandinavian. As
between 1921 and 1922 the number of immigrants
from the British Isles, however, has fallen from 26,000 to 16,000 during the four months referred to;
those from the United States have dropped off from
14,000 to 10,000, while the number from other countries has fallen from 9,000 to 6,000.
The showing from every point of view has proved
highly disappointing. During the seven years from
1908 to 1914, inclusive, the number of immigrants entering Canada was 2,110,000, or at the rate of 300,000 a year. Indeed, the number ran to 402,000 in
1913, 484,000 in 1914 and 354,000 in 1912. While it
is true that new railway construction and other
forms of commercial expansion were exceptionally
active during such years and there was the subsequent exodus of a small army of these immigrants
to United States soil, neverthelesss the Dominion
absorbed the bulk of them and they are to be found
to-day, not in the ranks of the unemployed, but in a
variety of successful enterprises.
It is not alone in the reduced supply of man power
that Canada suffers, but in the cutting off of former
1146
THE CHRONICLE
heavy importations of settlers' effects and savings
accounts. In some years these items have gone as
high as $20,000,000. Some account also must be
taken of the fact that every immigrant is officially
valued by the Canadian Government as worth $1,000
to the nation, so that during the climax of the immigrant flow into Canada the country placed upon this
form of import a value of $300,000,000 to $400,000,000 a year. The present average is not more than
one-fourth as much.
The Dominion Minister of the Interior is now engaged in working out with the governments of the
prairie provinces a co-operative scheme, by which it
is hoped to stimulate once more the procession of immigrants to the farm lands of Canada. Much excellent advice has been made available to the Government authorities by qualified experts on immigration
in which the point is stressed that bribes and bonuses
in various forms need not be resorted to and that
there are hundreds of thousands of persons of the
"peasant" type highly desirable as future Canadian
citizens who would willingly transfer to this country
if the plain facts were once put in their possession.
Business men generally discourage any system of artificial stimulation such as the payment of ocean
passage.
current punts and gitscussions
WEEKLY RETURN OF FEDERAL RESERVE BANKS.
Aggregate increases of $58,700,000 in Federal Reserve note
circulation together with net withdrawals of $9,200,000 of
reserve cash, mainly silver and legals, largely to meet the
holiday demand for additional currency, are shown in the
Federal Reserve Board's weekly bank statement issued as at
close of business on Sept.6 1922 and which deals with the results for the 12 Federal Reserve banks combined. Discount
bills on hand show a nominal increase, acceptances purchased
in open market an increase of $16,700,000 and U. S. security
holdings an increase of $10,200,000, notwithstanding the redemption of $6,500,000 of Pittman certificates reported for
the week. The reserve ratio shows a decline from 79.2 to
78.3%. After noting these facts the Federal Reserve Board
proceeds as follows:
[vol.,. 115.
are shown in the Federal Reserve Board's weekly statement
of condition on Aug.30 of 791 member banks in leading cities.
It should be noted that the figures of these member banks
are always a week behind those for the Reserve banks themselves.
Loans secured by Government obligations show an increase
of $3,000,000, loans secured by corporate obligations show
but a nominal change, while other loans and discounts,
mainly of an industrial and commercial character, decreased
by $8,000,000. For member banks In New York City an increase of $4,000,000 in loans against corporate securities and
a reduction of $11,000,000 in commercial loans are noted.
Changes in the investment account include an increase of
$8,000,000 In U. S. securities and net liquidation of $25,000,000 in corporate and other securities. Total loans and investments of all reporting banks show a decline of $22,000,000, and those of member banks in New York City a decline
of $25,000,000.
As against but slight changes in Government and other demand deposits (net) time deposits show an increase of $11,000,000. Member banks in New York City show no change
in Government deposits and only a nominal change in time
deposits, as against an increase of $9,000,000 in net demand
deposits. The ratio of net demand deposits to loans and discounts stood at 101.7%, compared with 86.7% about a year
ago.
Borrowings of the reporting institutions from the Federal
Reserve banks show a further increase from $117,000,000 to
$127,000,000, the ratio of these borrowings to total loans and
investments continuing unchanged at .8%. Borrowings of
the New York City members from the local Reserve bank declined from $28,000,000 to $21,000,000, and the ratio of these
borrowings to loans and investments from .6 to .4%.
Reserve balances, all with the Federal Reserve banks, increased about $21,000,000, of which $10,000,000 represents
the increase in New York City. Cash in vault shows a gain
of $5.000,000, mainly outside of New York City. On a subsequent page—that is, on page 1189—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
Aug.23 1922. Aug. 31 1921.
—35,000,000 —$730,000,000
Loans and discounts—total
T350:888:28
Secured by U. S. Government obligations +3,000,000
Secured by stocks and bonds
—939,000,000
—8,000,000
All other
—17,000,000 +1,264,000,000
Investments, total
+497,000,000
U. S. bonds
—117,000,000
+7,000,000
Victory notes
+596,000,000
—10,000,000
notes
Treasury
U. S.
+35,000,000
+11,000,000
Treasury certificates
+253,000,000
—25,000,000
Other stocks and bonds
+160,000,000
bks_
Reserve
+21,000.000
Federal
Reserve balances with
—16,000,000
+5.000,000
Cash in vault
+11,000,000
Government deposits
+975,000,000
+2.000,000
Net demand deposits
+674,000,000
+11,000,000
Time deposits
—829,000,000
+10,000,000
Total accommodation at F. R. banks
The week saw considerable shifting of gold through the gold settlement
fund. The movement affects primarily the New York Reserve Bank,
which reports a decrease of $43,100,000 in its gold reserves. Smaller
decreases aggregating $6,774,000 are shown for the San Francisco and
Richmond banks. The largest increase in gold reserves, viz., by $12,100,000, is reported by Chicago, Dallas with an increase of $9,700,000.
and Minneapolis with an increase of $6,400,000 following next in order.
Holdings of paper secured by Government obligations decreased during
DEBT PARLEY DELAYED UNTIL OCTOBER.
the week from $133,600,000 to $130,400,000. Of the total held, $103.- BRITISH
advices from Washington, Sept. 6, the "Journal
300,000, or 79.2%, were secured by Liberty and other U. S. bonds,
special
In
$3.500,000, or 2.7%, by Victory notes, $18,600,000 or 14.3%, by Treasury
stated:
Commerce"
of
notes, and $5,000,000, or 3.8%. by Treasury certificates, compared with
A delay in the negotiations for the refunding of the British $4,770,000,000
3108,300,000, $4,300,000, $15,300,000, and $5,700,000 reported the
has been caused by the absence from Washington
States
United
debt to the
week before.
Ohio, so that
of Secretary of State Hughes and Representative Burton of
with
comparison
in
full
in
The statement
preceding weeks conferences between the two Commissions are now tentatively scheduled
and with the corresponding date last year, will be found on for early October.
to the
The British Government had planned to send its delegation
subsequent pages, namely pages 1188 and 1189. A summary
conversations might
United States early in September so that the first
of changes in the principal assets and liabilities of the Re- start about Sept. 15. The Treasury has been advised informally that
Sept. 23, so
sorve banks on Sept. 6 1922 as compared with a week and a the British delegation will sail from the other side around
reach Washington early in October.
to
as
year ago,follows:
been announced, it
While the personnel of the Commission has not
Increase (-I-) or Decrease (—)
Treasury expert who conis expected that Sir Basil Blackett, the British
Since
Albert Rathbone
-Secretary
Aug. 30 1922
ducted the negotiations with the former Under
Sept. 71921.
—39,200,000 +3383,400,060 under which Great Britain was advanced $3,000,000,000, will be included
Total reserves
—2.600,000
Gold reserves
+404,500,000 in the party.
+27,600,000
Total earnings assets
negotiations will be lengthy,
—693,500,000
It is not anticipated that the refunding
Discounted bills, total
+700,000 —1,103,400,000
pay her first installment of interest on the
Secured by U. S. Govt. obligations_ _ —3,200,000
—408,900,000 Great Britain on Oct. 15 will
the interest, which
Other bills discounted
,900,000
—694,500,000 debt. The Treasury has been advised that most of
Purchased bills
+16,700,000
+143,400,000 falls due on Oct. 15 and Nov. 15, has already been taken care of by gold
United States securities, total
+10,200,000
+266,400,000
the British Government. These two payments amount
Bonds and notes
+13,800,000
+173,700,000 shipments from
represent interest at the rate of 4 y,% subject
—6,500,000
Pittman certificates
—134,400,000 to nearly $100,000,000 and
Other Treasury certificates
+2.900,000
readjustment.
+227,100,000 to a possible
Total deposits
—24,900,000
+138,700,000
The most liberal terms that the United States can grant Great Britain
Members' reserve deposits
—10,900,000
+163,900,000
laws is that both interest and principal payments be
Government deposits
—13,900,000
—23,000,000 under the present However, it is known that the United States will
—100,000
Other deposits
—2,200,000 deferred until 1947.
of interest, starting with the October installment.
+58,700,000
Federal Reserve notes in circulation
payment
—305,700,000 insist upon the
F. R. Bank notes in circulation, net liability —1.200,000
—55,000,000 It is believed that the British will not start payments into the sinking
fund to take care of the maturity of the principal in 1947 for several years.
Under the preliminary negotiations, it was contemplated that the sinking
WEEKLY RETURN OF THE MEMBER BANKS OF THE fund
operation should start five years hence, when 1% of the principal
FEDERAL RESERVE SYSTEM.
was to be set aside, the percentage increasing with the advancing years.
•
The World War Debt Refunding Commission is empowered to defer
Moderate liquidation of loans and discounts, totaling $5,- the interest up to twenty-five years, and while the rate must not be less
of
$17,000,000
investments, prac- than 4Y2% when spread over the quarter century, it can fix a rate of less
000,000, and reduction by
tiCally all the result of operations of the New York banks, than 4g %.
SEPT. 9 1922.]
THE CHRONICLE
The Poincare note and the declaration from Belgium of her intention
to call an international conference to consider international debts, have
no effect upon the British negotiations. The plan is unchanged to proceed
with negotiations early in October.
It is possible that Senator Smoot one of the American Commissioners,
will not be present at all meetings, as it is understood that he proposes
to take a vacation as soon as the tariff bill is out of the way.
1147
Timid and cynical observers have often wondered whether this gold
would ever be released to find its way again to France, consequently the
announcement from London that a considerable part of the deposit is
about to be surrendered is reassuring.
It is felt also that it will give somewhat greater liberty of political action
to France, which has felt some humiliation at &lying such an enormous part
of its gold held abroad.
END OF LIQUIDATION OF LONDON WAR ACCOUNT. BELGIAN-GERMAN TREASURY NOTE NEGOTIATIONS.
The Belgian-German negotiations regarding the details
A special cable to the "Journal of Commerce" from
of the six months "Treasury notes which Germany is to turn
London, Sept. 1, said:
over to Belgium in lieu of 270,000,000 marks cash began
The Stock Exchange was greatly delighted to see September 1 pass without further casualties. Looking back eight years, when the German onrush at Berlin on Sept. 6 under apparently favorable auspices,
toward Paris was at its height and ruin faced most of the members of the according to a copyright cablegram to the New York "Times,"
Exchp,pge owing to the colossal slump, it seems remarkable that the huge
which also stated:
speculative account had by 3 p. m. to-day been entirely liquidated. In
those eight years probably as many as a dozen firms found themselves
unable to meet their commitments.
Special ass'stance has been given to other firms in some cases, and undoubtedly some terrible losses have been mot, but members to-day indulged in
mutual congratulations that the Stock Exchange is at this moment in the
healthiest technical condition it has ever experienced. This fact, together
with satisfaction regarding Germany's six months grace arrangement,caused
a strong tone to develop in British Government bonds. French bonds and
speculative issues all advanced, although as a whole business was quiet
and money tight.
DENIAL OF REPORTS OF CLOSING OF AMERICAN
BANKS IN FRANCE.
The Bankers Trust Co. of this city yesterday (Sept. 8)
issued the following:
At least no Teuton pessimism swathed the outlook in gloom and the
prospects for a speedy and satisfactory agreement looked so good to the
Boerse that the mark showed remarkable strength, rising from 1,400 to
1,200 for a dollar.
MM. Delacroix and Bemelmans, accompanied by the Belgian banker
Philipson, called on Finance Minister Hermes this morning and agreed
on a working program. This interview was followed by their receiption
at the Chancellor's palace, where the envoys had a long talk with Chancellor
Wirth. Then nearly all the afternoon was spent in the first important
conference with Minister Hermes, State Secretary Schroeder and Director
Bergmann of the Deutsche Bank.
Associated Press advices the same date from Berlin said:
M. Bernelmans of the Allied Guarantees Commission said after to-day's
meeting between the Belgian finance delegates and Finance Minister Hermes
that he was hopeful an agreement would be completed by Saturday. He
added that there was no question at present of gold security.
On the 7th inst. the Associated Press stated:
The statement which appeared in one ofthe morning papers that American
banks are considering winding up their French business is in line with other
unfounded rumors which have appeared now and again in connection with
American business in France. There is not the slightest foundation for
the report. Undoubtedly, such rumors are due to bills, which have been
offered in the French Chamber of Deputies occasionally to bring before the
French people the question of the value to France of allowing branches of
foreign banks in Paris. As such banks are of tremendous value to the
French people, there never has been a time when any such bills have carried
any weight with public opinion.
The Belgian financial delegates were disappointed over to-day's meeting
with Dr. Hermes, the German Finance Minister, who did not submit to
them Germany's guarantee proposals for the flotation of the six months
Treasury notes to be given Belgium as reparations under the recent decision
of the Reparations Commission.
Dr. Hermes, German 'Finance Minister, is facing a two-fold predicament
in connection with the present negotiations. He is act only obliged to
accommodate the Belgian envoys, but also under the necessity of reconciling his colleagues in the Cabinet and Germany's financial and industrial
leaders to whatever solution is reached in an effort to furnish acceptable
One of the reports, coming from Paris Sept. 5, and printed guarantees.
Official and Reichsbank circles continue to reiterate their determination
in the New York "Commercial" yesterday (Sept. 8) said:
to maintain the national gold reserve. They have not yet indicated the
It is understood from a reliable source that several American banks,
nature of the substitute guarantees at their disposal.
including the Guaranty Trust and the Bankers Trust, intend winding up
Herr Bergmann,financial expert, returned from London. It is reported
their French business and closing their Paris offices as a result of the passing
that London financial circles are not disinclined to take over a block of the
of a law by the French Parliament discriminating against foreign banks
new treasury bills, leaving the balance to be covered by the endorsements
and corporations.
of the German Government and the Reichsbank. This adjustment was
The law provides that the directorate of all banks operating in France,
referred to to-day as one of the most available, especially as it eliminates
as well as a majority of the active direction personnel, shall be French.
the question of surrendering the Reichsbank's gold.
This would mean radical change in the method of operation and would
A Brussels cablegram, Sept. 6, said:
place the banks, to some degree, under the same political control as the
The Belgian delegates sent to Berlin have ihstructions to demand the
French banks.
Many English banks, on the other hand, have already changed their signatures of German bankers or manufacturers to drafts drawn upon the
constitutions so as to conform to the law. The decision to quit Paris has German Treasury. Should the German Government refuse this, Belgium
been taken by the American banks entirely apart from any consideration wilt insist tha*:, an amount equivalent to the drafts be taken from the gold
reserve of the Reichsbank and be deposited outside of German territory.
of economic conditions or forebodings regarding the future.
The Belgians, it is declared here, will not be satisfied with the promise
W. C. Potter, President of the Guaranty Trust Co., was of the Reichsbank
to pay.
also said to have denied reports that the company intended
to close its Paris branch.
ANTON JURGENS OMITS DIVIDEND ON PREFERRED.
The following has been received by the-foreign department
of Moody's Investors Service, which, it is stated, will doubtless explain the recent pronounced decline in the Anton
Jurgens bonds:
The pessimism which has been so prominent of late on the Amsterdam
Stock Exchange appears to have been materially accentuated by the
omission of the interim dividends on the preferred stocks of the Anton
Jurgens concern. The preferred shares, series "C" for instance, which
are entitled, in addition to the regular disbursement of6%,to participation
in the company's profits up to 9%, have declined to 37%, although a
subsequent rally carried them to 45%. The company offered recently
40,000,000 guilders worth of bonds, of which 30,000,000 were placed in
New York. The offering appears to have been a decided failure which is
not surprising in view of the present attitude of Dutch investors towards
industrial issues.
U. S. BANK MAY BE ASKED TO GUARANTEE GERMANY'S NOTES TO BE GIVEN BELGIUM
UNDER REPARATIONS DECISION.
The possibility of an American bank being asked to guarantee the payment of the six months' Treasury notes, which
Germany is to give to Belgium instead of cash under the
recent reaparations decision, was foreseen early this week,
according to Associated Press cablegrams from Paris Sept. 7,
coincident with the departure of the Belgian delegation for
Berlin, where negotiations were to begin on Sept. 6. The
cablegram referred to also had the following to say:
M. Delacroix, former Belgian Premier, and M. Bemelmans left Brussels
this evening for Germany, and the other members of the party left Paris.
There is no doubt in Belgian circles that the necessary guarantees will be
forthcoming, and it is believed that tho negotiations will be completed by
Saturday.
It is reliably reported that adequate guarantees were promised by Herr
Schroeder, head of the German delegation, in Paris, the day the decision
was taken by the Reparations Commission, and it only remains to work
the details. Belgium will not ask that 270,000,000 gold marks be
IMPERIAL JAPANESE GOVERNMENT 5% STERLING out
transferred from the reserve of the Reichbank to some foreign bank as
LOAN BOND OF 1907.
security, but will be content with the assurance by Germany that the
reserve will not be touched during the six months' period.
Notice is issued to the effect that the coupons due Sept. 12 Reichsbank
In addition Belgium will require that either a British, Dutch or American
on the above bonds will be paid on and after due date (at bank guarantee
shall be furnished by Germany, so that Belgium could
current rate of exchange on due date) at the agency of realize any part,or all, of the 270,000,000 gold marks during the six months.
The decision of Belgium not to press for the transfer of the Reichsbank
Yokahama Specie Bank, Ltd., 120 Broadway, New York gold
reserve is due to British efforts. Sir John Bradbury, British member
City.
of the Commission, has stated to the other members that it would be
unfortunate in the interest of German credits, and the ultimate interests of
reparations, if any large percentage of the guarantee had to be provided by
FRANCE TO GET BACK HALF BILLION FRANCS. this
gold reserve. In a formal statement to-night on the reparations
The Now York "Evening Post" of S.-p!,. 5 printed the fol- situation, he declared that in view of the collapse of the mark since the
sittings of the bankers' committee were suspended any progress in the direclowing Associated Press cablegram from Paris, Sept. 5:
tion of a loan in the near future could scarcely be hoped for.
It is announced that approximately 500,000,000 gold francs of the 1,948,The most pressing necessity of the moment, he continued, was to proceed
000,000 of French gold on deposit with the Bank of England since 1916, energetically with
the reform of German internallinance, with a view to
as guarantee for credits advanced to the French Government, are to be securing budget
equilibrium and the stoppage of inflation. Reparation
returned to France within a few days.
payments, both cash and merchandise, were for the moment limited to an
Considerable satisfaction is expressed in the Ministry of Finance and the amount for
which provision could be made within the budget.
to
planned
continue
Bank of France, and it is
the payments against which
He declared that without the writing down of the reparations total.
the gold was hypothecated until the entire amount is returned.
German credit could not be restored, and that unless such restoration took
French financiers have been concerned over the tying up in the Bank of place, the
German financial structure would collapse, and all hope of ever
England for six years of nearly two-fifths of the Bank of France's gold..
getting any indemnity from Germany must be given up.
-4111
1148
THE • CHRONICLE
[vol.. 115.
were included in a general plan by which this important problem could
be dealt with as a whole and settled in a satisfactory manner.
The French Government has attached all due importance to this communication, the lofty and courteous terms of which it holds in high appreciation. It is like the British Government, convinced that the problem
of reparations can have a real solution only if it is not connected in any
Introduced by Dr. Cuno, director of the Hamburg-American Line, as manner with the problem of interallied debts; it seems to it necessary"the man most responsible for the changed attitude of the English-speaking that this question be exmined before long in all its aspects in a conferworld towards Germany," John Maynard Keynes, the English economist, ence to which should be invited without exception all the interested Allied
appeared to-day for the first time before a German audience and was countries. That might have been done at the last London conference if
greeted with prolonged applause and cries of "Hoch." Twice during his the British Government had not previously by its note of Aug. 1 taken
speech he was interrupted by cheers, first when he advised the immediate the •position of asking the French Government to prepare to pay in the
withdrawal of Allied troops from the Rhineland occupation and again when measure that Great Britain was obliged to pay the United States.
he asserted that the French were bluffing.
Debts and Reparation Separate.
Declaring plans for an international loan and German deliveries in kind
"I believe I ought to observe that there cannot be established a close
were both outside reality, Mr. Keynes advocated reduction of the total
between
the
connection
war debts the Allies contracted among themslves
debt to 40,000,000,000 gold marks due in 1930. with a moratorium until
1924, thereafter a minimum payment of 1,000,000,000 gold marks annually. and the reparation debts. If the Allied governments had not given each
He also advised the abolition of payments in kind and the withdrawal of other reciprocal financial help from which the present war debts result
either the war would have ended badly for them or it would have lasted
the army of occupation.
He saw two dangers ahead. First, that of revision delayed till the dis- much longer, and in either case it would have been the lending countries
who by the work of their industries or by sending more troops would have
Mr.
to
according
integration of German life beyond recovery, but this,
Keynes, was unlikely, for "Germany cannot suffer any sudden catastrophe had to make the effort which the borrowing countries did make in their
except by her own frenzy." Second,that France might carry out her threat stead.
These debts were all contracted in the interest of a common cause. The
to renew war. "I do not believe this either," said Mr. Keynes, "for the
confidence of Frenchmen in the reparations policy is completely under- purchases which they made were all contributed to the victory. During
mined. They are unwilling to admit facts but are bluffing, knowing full the preparation of the peace treaties the victorious countries decided for the
well violence will isolate them morally and sentimentally as well as ruin first time in history not to claim from the conquered country the cost of the
war. If the payment of war debts is demanded these costs will fall upon
their finances and bring them no advantage."
The speaker said he would not be surprised if M. Poincare allowed the those Allied countries which furnished the greatest military effort and
which assumed the heaviest burden of the war.
French representatives to be out voted on the Reparations Commission.
As Lord Balfour well says, the interallied debts were contracted not for
"The majority of Englishmen," he said,"and also, I believe, of Americans
and Italians, regard acts of violence at this juncture with anger and de- individual gain of particular countries, but for the great common purpose of
and this purpose was entirely realized. From the moral point of view
all,
testation."
realization of this fact would justify the cancellation of these debts. In any
Regarding an international loan, Mr. Keynes said:
"An international loan of not less than four billion gold marks cannot be case, it cannot be denied that it gives to these debts a character different
raised on any possible terms. To believe in the possibility of a transaction from that of ordinary international debts.
On the other hand, the reparation debt of Germany is the effect of deon this scale is to make a fundamental mistake about the character of finance. The idea that a large part of it could be subscribed out of German structions which were voluntary and,for the most part, useless,and of the
payment of pensions which are owed by the Allied Governments for losses
balances abroad can only be based on a mistaken estimate."
Mr. Keynes estimated that 1,000,000,000 gold marks was the maximum inflicted by Germany.
This necessary reparation for damage done ought to be paid by Germany.
obtainable from these sources.
This necesssary reparation damage done ought naturally to have priority
His final advice to the Germans was for practical men to give their minds
to construction schemes possible of being carried out, rather than to attempt over all other settlements. France, who, of all the belligerent countries,
to placate ill-informed transitory public opinion in France and elsewhere. was most afflicted by territorial destructions, sees herself forced since
Mr. Keynes spoke in connection with Overseas Week arranged by the the payments promised by Germany have not been made to proceed herself to the restoration of her devasted provinces. It is the advances which
Hamburg Chamber of Commerce.
she has made from her resources which cause the present disequilibrium
of her budget.
She can in no case consider any settlement whatsoever of the debts she
PREMIER POINCARE'S REPLY TO LORD BALFOUR'S contracted
during the war as long as the sums which she has advanced and
WAR
ON
NOTE
DEBTS—CONFERENCE PROPOSED.
which she will have to advance for reconstruction of her devastated regions
not been covered by Germany, directly or by means of a combination
In answer to the Aug. 1 note of the Earl of Balfour, have
permitting her to mobolize in the near future a sufficient part of her debt.
Acting Foreign Secretary of Great Britain, regarding the
But once Germany shall have acquired this obligation which ought to
inter-Allied indebtedness, the proposal has been made by come before all others, the French Government would not be opposed to
consideration of a general settlement of international debts.
Poincare,
FRANCE'S THREAT IS A BLUFF, SAYS KEYNES TO
GERMANS.
The New York "Evening Post" of Aug. 29 published the
following special cable dispatch from Hamburg, Aug. 28:
Premier of France, that a conference for
Raymond
the consideration of War debts be held, "to which should be
invited without exception, all the interested Allied countries." Premier Poincare states that "as Lord Balfour well
says, the inter-Allied debts were contracted not for individual gain of particular countries, but for the great common
purpose of all, and . . . from the moral point of view
realization of this fact would justify the cancellation of these
debts." The note draws a distinction between the debt to
England and that owed to the United States. After stating
that part of the debt to the United States was incurred
after the armistice to cover the purchase of surplus war
stocks, and that "at least this part of the debt is a commercial debt," the Premier continues:
Without doubt for the rest of the American credit to France one can
use the same reasoning as for the other inter-Allied debts. One cannot
forget, nevertheless, that the United States entered the war without its
existence being directly menaced and to defend with its honor the prindples which form the basis of civilization. Whereas England. like France,
had to safeguard not only her independence and her territory, but also
lives and property and means of existence of her citizens.
Indicating that France cannot undertake consideration
of the settlement of the war debts owed by it until Germany
meets its obligations to France, Premier Poincare says:
She [Francej can in no case consider any settlement whatsoever of the
debts she contracted during the war as long as the sums which she has
advanced and which she will have to advance for reconstruction of her
or by
devastated regions have not been covered by Germany, directly,
means of a combination permitting her to mobilize in the near future a
sufficient part of her debt.
But once Germany shall have acquired this obligation, which ought
to come before all others. the French Government would not be opposed
to consideration of a general settlement of international debts.
The following is the text of the note as contained in a
copyright cablegram to the New York "Times" from Paris
Svt. 1:
Totals Should Be Revised.
In addition, when it shall be a question of the French Government
examining in particular a settlement of the British debt count should be
taken of certain considerations.
In the first place the French Government which borrowed from the
United States and from Great Britain only to cover its own purchases and
without there being any question of guarantee by a third party, must
make a distinction between war debts it contracted towards these two
countries. A part of the debt owed the United States was incurred after
the armistice to cover the purchase of American stocks delivered to the
French Government and which it resold at a profit to the French Treasury;
at least this part of the debt is a commercial debt. Without doubt for
the rest of the American credit to France one can use the same reasoning
as for the other inter-Allied debts. One cannot forget, nevertheless, that
the United States entered the war without its existence being directly
menaced and to defend with its honor the principles which form the basis
of civilization. Whereas England, like France, had to safeguard not only
her independence and her territory, but also lives and property and means
of existence of her citizens.
In the second place, the total of the debt to Great Britain, which in
reality is not yet fixed at exact figures, should in justice be the object of
revision. For example, in the deliveries of supplies and material between
the Allies the English ordnance credited itself with all deliveries made at
the top price and increased that to take count of "departmental expenses,"
which is to say overhead costs and export duties collected by the British
Government, whereas, on the contrary. the French ordnance charged its
deliveries to the British Army at the interior rate paid for French deliveries
to the French service without taking count of overhead cost cr taxes.
Thus, when the status of payments made for the reparation of devastated
regions in France shall permit of a settlement of debts among the Allies,
this settlement should be preceded by a careful study, to reduce the total
of the debts to fair figures established upon an identical basis. It should,
besides, be as general as possible. The Government of the Republic asks
in this respect to be treated as it treats our common allies. However, it
does not ask payment of sums which our adios owe it: it takes account of
the fact that, morally and materially, such a claim is indeed inadmissible,
and it does not even think of making this.
While rendering homage to the spirit in which the British Government
desires to discuss the problem of international debts, the Government of
the Republic believes it must draw its attention to the considerations mentioned above. With this reservation, it considers also that a general settlement of these, if it were acquired at the price of reciprocal sacrifices, would
be to the profit of humanity.
(Signed) RAYMOND POINOARE.
Paris, Sept. 1 1922.
Lord Balfour on Aug. I handed to the French Ambassador in London,
as well as to the representatives of the other European nations, allies
of Great Britain, a letter in which the British Government submitted
to the other Governments its views on certain aspects of the situation
Lord Balfour's note was given in our issue of Aug. 5,
debts.
created by the present status of international
591. In stating in a Paris cablegram Sept. 1 that the
His Majesty's Government consequently asked the French Govern- page
ment to take measures to handle as best it could its debts to England French Cabinet had on that day approved the text of the
while explaining that "the total of interest any payments demanded French Government's reply to the note of the Earl of Balfour
depend not so much on what France and the other Allied States owed
the Associated Press added:
Great Britain as on what Great Britain must pay to America."
No date has been set for the proposed Allied conference, but the Council
It declared finally that it was so perfectly convinced of the bad influence of the present state of things upon the world economic situation of Ministers decided it should convene "as soon as possible."
When asked as to the probable date of the conference, Premier Poincare,
that it would be disposed (with the reservation of the Just claims of other
States of the British Empire) to give up at once all right to German repara- upon leaving the Elysee Palace, said:"Probably after the American Novemcondition
that this cancellation ber elections."
tions and to repayments by her allies on
SEPT. 9 1922.]
THE CHRONICLE
HUGO STINNES'S CONTRACT FOR RECONSTRUCTION
OF FRANCE.
The practical completion of negotiations between Hugo
Stinnes, German industrial leader, and the Federation of
Co-operative Societies of the French Liberated Regions
looking to an agreement under which Germany would deliver immediately bricks, mortar and cement for the reconstruction of the devastated regions of France was announced
in the following Associated Press cablegrams from Paris,
Sept. 5:
1149
The firm then will be paid by one of several German banks which have
entered into an arrangement with the German Government.
The agreement between Hugo Stinnes of Germany and Senator de
Lubersac, President of the Federation of Co-operative Societies of the
French Liberated Regions, is an additional arrangement made by an
organization of inhabitants of the occupied regions and Stinnes himself.
French Check on Stinnes Deal.
"The Stinnes-Lubersac agreement is purely an arrangement between a
group of war sufferers and certain German merchants for direct dealings,
and the French Government is not called upon either to approve or disapprove of such an arrangement," said M. Reibel, Minister of Liberated
Regions, to-night.
"Nevertheless," M. Reibel added, "the Government felt that it could
not remain indifferent to the question of the return of coal. Premier
Poincare, Minister of Public Works Le Trocquer and myself decided
after some deliberation that the execution of the coal clause in the agreement shall be subject to the following conditions:
"Coal returned can only be taken from such quantities as remain over
after the requirements of the whole country have been satisfied. The
schedule of deliveries to France as fixed by the Reparations Commission
must be fully complied with. Any deficit reported in the course of a
month will involve a corresponding reduction in the amount returned
the followig month.
"These conditions have been fully approved by the Advisory Committee
on Payment in Goods."
The agreement under negotiation between Hugo Stinnes, the German
industrial magnate, and Senator de Lubersac, President of the Federation
of Co-Operative Societies of the French Liberated Regions, under which
material delivered chiefly by Germany would be used in the scientific
working out of a plan for the restoration of the devastated areas, has now
rea:ched a stage where all that remains for consummation is the final consent
of the Government.
The agreement will be examined to-morrow by the special governmental
committee charged with consideration of deliveries of merchandise by Germany, which it is thought may make some changes in it by way ofimprovement.
Senator de Lubersac, representing 130,000 proprietors in the devastated
We also quote the following copyright cablegram from
areas with more than 13,000,000,000 francs losses, has just concluded a
number of conferences with Herr Stinnes, the result of which has been the Berlin, Sept. 5, to the New York "Times":
cement,
&c.,
mortar,
reaching of an agreement for the delivery of bricks,
Hugo Stinnes broke all his own publicity rules by inviting the repreto the French. The negotiations were authorized under the French agreesentatives of four Berlin papers to a conference last night which lasted
ment concluded by M. Gillet, the French Controller, in Berlin, on June 3
into the early hours this morning. To them he outlined a scheme to
last. The final consent of the Government is expected soon.
restore the ravished provinces of France at an estimated expense of
Herr Stinnes has assured Senator de Lubersac that he is eager to do all
in his power for the rebuilding of the devastated regions, in the belief that 13,000,000,000 francs. He and his industrial associates are planning
to do the business with a net profit of 6%.
the effective carrying out of this accord would greatly contribute to the
The German Socialists are strongly against it and will bring an interwelfare of Franco-German relations and might one day result in bringing
pellation in the Reichstag when it re-assembles.
about a close understanding between the two nations.
Stinne's
latest coup burst bomblike on German public opinion this
"We desire at all costs to rebuild our homes," said Senator de Lubersac,
afternoon and actually steadied the mark, making that scrap of paper
"but up to now France, and France alone, has paid for the materials.
Under the agreement we shall receive made-up materials from across the go up 25 points, to 1,425 to the dollar.
The Socialist "Vorwaerts" talks of "Stinne's six per cent patriotism,"
Rhine,and Germany will thereby be helping to meet her reparations bill."
Jesting on the profit he has reserved for himself on all reconstruction
Berlin Associated Press advices had the following to say business done through him.
It is just dawning on the German press and public opinion that Stinnes,
in the matter Sept. 5:
following for all practical purposes in the footsteps of his late murdered
The opinion of the German press on the Stinnes-de Lubersac contract
political foe, Rathenau, has with a daring flash of business genius acquired
Is that it represents the first fruits of the Wiesbaden agreement for German
for himself a 6% commission job with the trimmings and incidentals of
Industry, and that it incidentally is a vindication of the reparation policy
Contractor-General for the reconstruction of devastated France.
inaugurated by the late Foreign Minister, Dr. Walther Rathenau. The
"Poincare knows all about this agreement and approves of it." Stinnes,
point is stressed that the agreement marks the first step toward overcoming
under a pledge of secrecy, told the representatives of two Democratic
French hostility in the devastated region.
and
two reactionary papers he had invited to a talk in his suite at the
Stinnes has formally notified the Government of the agreement with
Hotel Esplanade. Those present were Georg Bernhard, Chief Editor of
M. de Lubersac, and, while officials here have not yet expressed themselves
the Democratic Francophile "Vossische Zeitung"; Felix Pinner. Economic
respecting his independent action, it is generally assumed that the Governand Financial Editor of the Democratic "Tagebiatt"; the Economic and
ment will not oppose the pact. It is even hinted in some quarters that Herr
Financial Editor of the reactionary "Lokal-Anzeiger" and the representative
Stinnes's procedure will be welcome and that his initiative will materially
of Stinne's own suppressed paper, the "Deutsche Allgemeine Zeitung."
contribute to accelerating an eventual Franco-G erman understanding.
Their host particularly emphasized the "national, economic, practical
The "Vossische Zeitung" thinks the agreement shows that France has
value" of his contract with Marquis de Lubersac for the reconstruction
implicit faith in the signature of Stinnes, while the "Boersen Courier'
of devastated France. with the result that these four journalists as well
expresses belief that the French organization involved in the contract has
as their papers and through them the whole German press except the
by the conclusion of the agreement expressed lack of confidence in the
Socialist. Communist and extremist reactionary organs, are enthusiastic
ability or willingness of the Paris Government to effect reconstruction. It
about the scheme.
declares that the German Government, however, is in no wise disgraced
Stinnes as a business man is championing an idea of far-reaching political
through this "energy of a great industrialism."
The newspaper says the contract would seem to be purely a private busi- consequences summarizable as a variation of the American patriot Pinckney's saying: "Millions for reconstruction, but not one mark for tribute."
ness arrangement, but that it was preceded by the Wiesbaden agreement,
Stinnes is voicing the view of the German business man and on this specific
wnicn was negotiated by a member of the Government. It notes that the
proposition is backed by the overwhelming majority of German public
textual provisions of the contract make the duration of the agreement and
opinion.
He is all for reconstructing devastated France as quickly as
its stipulations conform with the Wiesbaden agreement. The contract
possible to get it over with and then call it quits and demand a new deal
Provides for a 6% commission to Stinnes, which, it is stated, will "be
all around.
included in the sum with which Germany will be credited for actual
Seen as Big Step Forward.
deliveries of goods in kind."
It is the view of Dr. Guggenhehner, one of Germany's greatest captains
The Majority Socialist "Vorwaerts" makes this last feature the basis of
a caption, "Patriotism for 6%" over an article in which Herr Stinnes's of industry, that the Stinnes-Lubersac contract is a great step toward
action is criticized by the Socialistic News Agency. This agency asks the practical reconstruction. Dr. Guggenheimer used to be head cf the
Government whether it is true that Herr Stinnes has given the French famous Augsburger Nuernberger Motor Works, manufacturers of Diesel
organization concerned a monopoly for the delivery of goods in kind; also motors, mostly for submarine purposes, until suppressed by the peace
whether it is true that Herr Stinnes gets 6% for doing what he fought so treaty. After the treaty he was for three years President of the German
much against in the Wiesbaden agreement. It further asks the industrial commission for restoring lost or stolen property to the Allies.
"Through the Stinnes-Lubersac agreement for the first time a new trail has
magnate how he makes his newspaper opposition to France conform with
been hit of an agreement between private purveyors and private recipients,
his business policy.
The "Lokal Anzeiger" says the French sounded Herr Stinnes on his marking an important forward step for practical reconstruction," Guggenproposition back in last November and that Premier Lloyd George was heimer meaning by that that for the first time responsible German business
personally informed of it by Herr Stinnes at the time; also that the leading men are willing to sell reconstruction material to France and pledge their
French industrialists later made an unsuccessful effort to interest August word as business men to make good on deliveries, and for the first time
Frenchmen as private individuals and business men are willing to accept
Thyssen, the iron magnate, in the proposition.
The contract stipulates that both Herr Stinnes and Senator de Lubersac reconstruction material and services through an all-German syndicate
headed
by Stinnes. Dr. Guggenheimer continued:
shall inform their respective Governments regarding the transaction.
"Much as one tried to make agreements from country to country, from
On Sept. 6 a cablegram from Paris, printed in the New Germany to Prance
as nations, still practical execution invariably encountered obstacles In the building up of.organizations."
York "Times," stated:
the
German
one
by
direct
to
Dr.
paid
Government
be
to
Guggenheirser makes the point that private business initiative is, and
The first check
of the war sufferers in the devastated areas under the terms of the Weis- will continue to prove, more efficient for the practical reconstruction of
baden and Franco-German accords was received by the Ministry of Prance than agreements between States, such as Rathenau's Wiesbaden
Libertated Regions to-day. The check covers the amount of the firth Convention and its corollary, the Bemelma,ns Convention.
"Such official organizations, supposed to give materials and services to
order for building material sent to one of the German firms designated
by Germany to make deliveries of merchandise to Frenchmen in occupied Prance,and,on the other hand,to lead to acceptance of these same materials
territory whose homes or property were destroyed during the German and services, invariably degenerated into bureaucratic affairs about which
one could say in advance that despite the great expense of operation they
Invasion,
The arrival of the check marks the beginning of the application of the would never work out In practice according to criterion of common sense
Weisbaden agreement, negotiated by the late Dr. Walter Rathenau business.
"In my opinion the present contract represents a great sacrifice on the
German Minister of Reconstruction, and Louis Loucheur, former French
Minister of Liberated Regions, and also the agreement signed in Berlin part of the German industries, which will make up their minds to participate
amplification
and
effect
an
in
make good on it only because these materials and services must be
June 3 last by Controller Gillet, which was
of the Weisbaden accord and had as its purpose the legalizing and facilitating furnished to France anyway. and having to make good it is better for Gerof the delivery of everything necessary for the reconstruction of devastated many's economy that it be done in this form of private business deals."
France.
It is anticipated that thousands of orders for materials soon will be
filed under the terms of the understanding and that the rebilding of LEAGUE OF NATIONS APPOINTS CCMMITTEE TO
homes and commercial buildings destroyed during the period of German
CONSIDER AUSTRIA'S NEEDS.
occupation will be greatly accelerated.
At
the
third
assembly of the League of Nations, which
persons
those
According to the provisions of the Weisbaden agreement,
having claims for materials will send their orders to certain German firms opened at Geneva on Tuesday of this week, Sept. 5, with
named by the Government. The German Government when notified Austria and
disarmament as the principal subjects of discusof the amount of the order will send a check to the Frenchman, who in
turn will forward the check to the Germany eomreinv which fillq thP order. sion—the former was given prime consideration this week.
1150
THE CHRONICLE
[voL. 115.
In our issue of last week, in referring to the plight of Austria
(page 1038-1041), and the conferences of Dr.Ignaz Seipel, the
Austrian Chancellor, with the Italian Foreign Minister, we
noted that Austria's petition for a loan and its problems
would be referred to the League of Nations. On Aug. 30
a copyright cablegram to the New York "Times" from
Vienna said:
the Austrian Government and permit enforcement of further internal
reforms; third, permit the discharge of the excess of civil functionaries:
fourth, improve industry and agriculture by sympathetic work through
several years, and fifth, give confidence to the people.
"We are told that neither governments nor capitalists will advance
guarantees and credits without control of our national finances. I declare
we are ready to accept control, which is inevitable, but it must be without
humiliation or the removal of nationalliberty. Also, we make no surrenders
unless credits are accorded at the same time.
"I desire to point out that the problem of Austrian independence will
On the occasion of the opening to-morrow of the session of the League
become one of supreme political importance, though based on finance. I
of Nations the Austrian League has addressed an urgent appeal to Geneva, warn you, too, that the
Austrian people, rather than die isolated, will, if
stating that Austria is no longer able to wait for help.
help is not found here, seek new ties to save themselves."
If assistance is not immediately forthcoming, says the appeal, order in
Chancellor Seipel gave a resume of Austrian prices of necessities. He
Central Europe will be seriously imperilled and complete chaos is inevitable, said that a shirt which cost
6 crowns before the war now costs 200,000
this being the last signal of a foundering ship.
crowns. Taxes were raised, he asserted, but not fast enough to keep up
On Sept. 4, with the arrival of Dr. Seipel at Geneva, the with the depreciation.
Associated Press stated that the effort would be renewed
In its cablegrams from Geneva on the 7th inst. the Assoto obtain credits for Austria, and added:
ciated Press stated:
•
The Chancellor and the Austrian financiers in Geneva have evolved
a plan which they assert, with the help of their political neighbors, will
result in industrial freedom.
Chancellor Seipel this afternoon saw M. Motta, Chief of the Swiss
Delegation to the Assembly, and asked his aid as a Swiss and also as a
member of the Assembly to induce that body to report favorably on credits.
"I am visiting all our neighbors in an endeavor to present our case and put
some common sense into the handling of the Austrian problem," he said.
"Fortunately, we have no enemies, which is making the task simpler. If
there is so much money for wars, surely there is some for peace. All that
is needed is $60,000.000."
The Vienna banker, M. Braune, one of the financiers accompanying the
Chancellor, said:
"For the formation of the Austrian bank of issue the sum of 60,000,000
Swiss francs is being underwritten by two banks. One of these is the
Anglo-Austrian and the other is the Bank of the Countries of Central
Europe. They represent Anglo-French and Swiss capital. We expect
to obtain a total of 100,000,000 Swiss francs.
"The report that Americans are not investing in Austria because of fear
of German collapse is unfounded. A German collapse werld not directly
affect Austria."
The decision of the Council of the League to act in behalf
of Austria came on the 6th inst., when it appointed a committee to begin on the 7th a study of Austria and its needs.
The Associated Press accounts from Geneva Sept. 6, of
these developments said:
Chancellor Seipel of Austria made a marked impression on the Council
of the League of Nations to-day, when he warned the members that Austria
would take measures to break the economic ties around her unless the
League was able to do something for her.
Austria, be declared, was ready to accept such control of her finances as
would not affect her sovereignty, but rather than sacrifice her sovereignty
she might prefer to merge herself into a larger economic entity.
Whether it was this frank statement by the Chancellor or realization by
the Council for other reasons of the seriousness of the situation, the Council
immediately proceeded to act. It appointed a committee composed of
members of the inter-state State exclusively, which will begin to-morrow a
study of the question, receiving statistics and other information from the
Austrian delegation here.
French and British capital,just as all arrangements were completed by the
Austrian bank of issue to prevent further depreciation of Austrian currency,
compromised the situation and prevented the Austrians themselves from
extricating their country from its financial difficulties. This was the charge
made by Chancellor Seipel of Austria in his address to-day before the Assembly. The Chancellor said:
"Two former Austrian banks, which are now controlled by French and
British capital, caused difficulties for our plan. They confused our efforts
to save ourselves by our own means on the question of obtaining for Austria
some foreign credits. This act obliged us to appeal to the London Conference and that body sent us to the League of Nations.
"The Anglo-Austrian Bank, controlled by British capitalists, and the
Banque des Pays d'Autriche, controlled by the French, began by making
new requirements of an important •nature in the statutes of the official
bank. Both the foreign banks had subscribed to our new official bank of
issue. All these negotiations were left suspended. When I left Vienna
three days ago we were then awaiting for the final decision from Paris.
"Why are we thus treated? Our best efforts to save ourselves were
thus compromised. The bank of issue was the key to our economic structure in our plans for reconstruction."
Chancellor Seipel reviewed the tragic nature of Austria's condition
and continued:
"It isn't the function of the League of Nations to provide funds for a
ruined Government, but it is the task of the League to insure peace whereever peace is possible. It is hardly necessary for me to point out the
disastrous consequences of Austria's bankruptcy. Her fall will drag
down other portions of Central Europe, in which she still plays an important part commercially."
The Austrian Chancellor declared that his country rather than submit
to the control of or the infringing on Austrian sovereignty would prefer
to merge its identity with a largo economic unit. This assertion was regarded by some members of the Assembly as an appeal for permission
to unite with Germany. He reviewed the fall of the Austrian crown
and stated that its depreciation was unparalleled in the economic history
of the world. He continued:
"How can Austria buy coal, sugar, wheat and articles which are absolutely necessary to sustain life? These commodities are now on the
market and the Allies are generously provided with them, but no Austrian
can find enough money to buy them."
"It has not yet been shown," continued the Chancellor, "that Austria
Is able to live by her own resources. According to my opinion, however,
If the promises of foreign help made in the Treaty of St. Germain are
not kept, if our difficulties are increased by foreigners, then the new Austria
cannot live by herself.
"But if Austria gets foreign help she will be able to live. It is essential
that she intensify her agriculture, re-establish ancient industries, which
now lack capital, and exploit her mines, forests and water power. Austria's
greatest riches are her central trading position and her labor loving, peaceful population. Tear aside the artificial customs boundaries and she
will be a benefit to all Central Europe.
"Now Austria asks the League to provide political guarantees which
we can offer to foreign capital. The first effect of such political guarantees
would be to halt the depreciation of our money; second, to strengthen
•
Disarmament and other old questions before the League of Nations have
been overshadowed for the moment by Austria and the economic situation
In Central Europe. Viscount Ishii, of Japan, however, brought disarmament again to the attention of the members briefly this morning, but the
others made Austria the principal theme. M. Motta and Dr. Nausea
both declare that the League must act.
An international force to guarantee the political stability of Austria has
been abandoned, the Austrian delegation giving assurances that if the rest
of the plans were carried out Austria would be able to guarantee its own
stability. The discussion turned to-day on the restoration of Austrian
railroads, which, at one time highly prosperous, are now piling up deficits,
and there was considerable optimism in both the Austrian delegation and
the League Council.
It is thought that a workable plan can be completed here and that the
Allies can improve it and put it into effect in a short time. It would be
necessary, however, for the Reparations Commission to abandon its claim
on the railroads, which thus far it has refused to do.
On Sept. 4, in a copyrighted cablegram from Geneva,
the New York "Times" said:
English and French delegates to the Assembly of the League of Nations
are in accord to push the project for placing in Austria an international
police force under the League as part of a plan to attract capital for that
needy nation.
The British Government opposed a Government loan to Austria, but Lord
Balfour beieves that if order and tranquility were assured private interests
would lend funds to Vienna. The English do not trust the quality of the
Austrian army and that is why they advocate that a League force establish
stability.
PROPOSED LOAN TO AUSTRIA BY GREAT BRITAIN.
The "Journal of Commerce" on Sept. 7 printed the following from London, Sept. 6:
A group of London bankers has agreed to offer Austria a loan of between
£20,000,000 and £30,000,000, according to the "Daily Express."
The loan, which would require the approval of the Reparations Commission, would be secured by Austria's import revenues and would be granted
only on condition that Austria be given a moratorium of five years on her
war indemnity payments.
If the proposal is found acceptable,says the newspaper, a number of leading Austrian bankers, probably accompanied by Chancellor Seipel, will come
to London to close the deal.
ITALY PLANS MONETARY ASSISTANCE TO AUSTRIA.
Under date of Sept. 6, the following Washington dispatch
was published in the "Journal of Commerce":
Impressed by the gravity of the Austrian financial crisis, the Italian
Government has taken steps to extend monetary assistance in advance of
the other Powers which are said to be considering similar action. Unofficial advices received in Washington to-day from Rome said the Italian
Government will pay to the Austrian Treasury on Sept. 8 the first quota
of the sum of 70,000,000 lire which was voted by the Italian Parliament
as a nucleus of a monetary reserve for the Austrian National Bank.
On account of Austrian financial conditions, it was said the Italian Government decided to make payments on this account more rapidly than was
originally planned, and will pay immediately one-half of the contributions
voted by the Chamber, the remainder to be paid over within less than the
six months originally allotted.
In the meantime, the dispatches said, discussions are continuing in Rome
between Austrian Finance Minister Schuller and the Italian Treasury authorities with the purpose of drafting a new Italian-Austrian treaty of commerce.
LORD ROBERT CECIL WOULD REFER REPARATIONS
TO LEAGUE OF NATIONS.
On the 6th inst. Lord Robert Cecil of Great Britain,
speaking before the Assembly of the League of Nations at
Geneva, referred to the question of reparations as one for
consideration by the League, the Associated Press indicating
as follows what he had to say:
The speaker called attention to the fact that the question of Austria
had come before the League not because of the action of the League itself
but because it was referred to the Council by the Entente. The time
had come, he said, to ask how long a situation such as that in Central
Europe was going to be allowed to exist.
The question was not an Austrian question,not even a European question,
declared Lord Robert. It was a world-wide question in which reparations,
the inter-Allied debts, and the whole economic situation were involved.
This he thought was a matter the League should take up.
Lord Robert said he would not propose any definite action by the
Assembly, but would ask his colleagues to consider the situation seriously
and discuss it fully.
There was expert opinion, he said to the effect that Germany would
soon be in the same situation as Austria.
On the armaments question Lord Robert was not confident that a reduction in armaments was possible in the near future because the necessary
preparations had not yet been made, but a beginning was possible and
the Assembly could make it.
SEPT. 91922.1
THE CHRONICLE
Sooner or later, he declared. the League must really take on all the
responsibilities placed upon it by the Covenant. It must be everything or
nothing. If the League risked nothing, it would never accomplish anything.
If material disarmament was impossible now, added Lord Robert, it
was nevertheless possible to obtain what he called "moral disarmament"
During his address Lord Robert Cecil criticized the League Council for
having imposed Dr. Hector Saarlouis as the representative of the population
of the Saar Valley on the Saar Commission without consulting the inhabitants as a whole.
1151
informally to obtain ratification. Arthur J. Balfour, when in Washington
as representative of the British Government to the armament conference,
handed a note to the State Department from the League of Nations on the
subject of ratification which he and Signor Schanzer, the Italian representative, endorsed.
The full Committea on Reduction of Armaments of the League had the
State Department's note of declination before it to-day, but took no action
on it. The communication from America was addressed to the Secretariat
of the League.
The note stated that while it was impossible to ratify the convention, the
United States was in sympathy with its objects and was ready to co-operate,
as shown by recent acts of Congress.
A commission, presided over by an American, to supervise the rights of
the religious sects in the holy places of Palestine, is proposed in the scheme
of the Earl of Balfour, which has been presented to the Council of the
League. The proposed commission would be divided into three subcommissions, Christian, Mussulmans and Jewish. The proposal, however,
does not conform to the request of the Vatican, and thus it is expected that
it will cause considerable conflict in the Council.
DR. AUGUSTIN EDWARDS BECOMES PRESIDENT
OF LEAGUE OF NATIONS.
The election of Dr. Augustin Edwards, Chilean Minister
to Great Britain, as President of the League of Nations, ocpurred on the 4th inst., with the opening at Geneva of the
sessions of the Third Assembly of the League. Regarding
his election and his remarks in assuming the Presidency,
PARTICIPATION BY U. S. IN CONFERENCE ON INTERthe Associated Press said:
There was a movement on the part of Peru favoring Dr. Eduard Benes,
Premier of Czechoslovakia,for the Presidency, but later the South American
delegations approved unanimously the candidacy of Augustin Edwards of
Chile, who received forty-two votes out of the forty-four States which had
presented credentials to the Assembly.
The Assembly distributed the labor among six committees, as it did last
year. These committees are:
First, on constitutional and juridic questions: second, on technical organizations; third, on reduction of armaments; fourth, on finances; fifth,
on social and general questions; sixth, on political questions.
The Presidents of the committees were named as follows: First, Vittorio
Scialoia of Italy; second, Witold Chodzko, Poland; third, Dr. Cosine de la
Torriente. Cuba; fourth, Herluf Zahle, Denmark; fifth, W. S. Fielding,
Canada, and sixth, Jonkheer J. Loudon, Holland.
Senor Edwards in taking the chair said: "To the first assembly fell the
great task of creating and shaping the noble means by which nations staggering under countless blows in the great war might restore their shattered
frames and reconstruct on a new basis of international life. The second
assembly continued the work of the first and added on a new basis of the
first and added to an edifice laboriously begun by giving to the world the
permanent court of international justice. The third assembly, which we
inaugurate to-day, is to consolidate and co-ordinate all the organizations
containing the germinating seed of universal co-operation.
The bureaus in which the most eminent men of the assembly have always
figured and must continue to figure, and the highly experienced staff of the
secretariat will, I trust, be swift to repair the deficiencies of the President.
But, gentlemen, it is above all your indulgence and your support, fortified
by the intimacy of relations which your choice of me has created between
us, that are essential to the full fruition of our deliberations. For that
indulgence, for that support, I earnestly appeal, confident that I do not
ask in vain."
The report of the credentials committee showed that the following member
nations were net represented at the opening: Argentina, Bolivia, Honduras,
Nicaragua, Salvador, Peru and Luxembourg.
Lord Robert Cecil, in his annual report, said that the most important
work done by the League in the last year was the Upper Silesia settlement,
which had been completed and embodied in a treaty signed by Germany
and Poland. During this period the League had been called on to settle
seven big political questions.
The League, he reported, had promoted peace by permitting minorities
of any nation to air their grievances before the assembly. He called attention to the fact that action of minorities in the past had been one of the
most prolific causes of war. Lord Robert also gave details of the fight the
League is conducting against the traffic in opium and other narcotics.
Lord Robert recommended that the fullest possible publicity be given
sessions of the assembly.
On the 6th inst. the Assembly elected as its six Vice-Presidents the Earl of Balfour, Britain; Gabriel Hanotaux,
France; Senor Gomez, Portugal; Hjalmar Branting, Sweden;
Amalio Giraeno y Cabanas, Spain, and Dr. Momtohiloninchiteh, Jugoslavia. The six new Vice-Presidents, with six
members elected by the Assembly coneittees, will make up
the Steering Committee to organize the business of the
Assembly under the rules, along with the President.
ALLIED DEBTS.
It was stated on Sept. 4 (Paris Associated Press cablegrams) that the invitations to the proposed conference for
discussion of inter-Allied debts and the German indemnity,
to which Premier Poincare referred in his reply to the note
of the Earl of Balfour, probably will be issued by the Belgian
Government instead of by the French. Premier Poincare's
note is given in another item in this issue. With regard to
participation in the conference by the United States, the
Paris cablegram of the 4th inst. said:
The conference is expected to include,if France's intensions are arried out,
all the smaller countries which owe France or are otherwise interested in a
settlement of German reparations and war debts.
It is now certain that the United States will be formally and impressively
asked to attend the meeting, which will be held in Brussels. Although the
French Government fully realizes that there has been no change in the attitude of the American Government regarding the remission of debts and
participation in European affairs, the view is expressed that. the United
States will no doubt want to be represented at least in a passive manner at
the conference, which is to discuss and, if possible settle, the eventual size
of the German indemnity, and will discuss the cancellation, wholly or partially, of the war obligations of the various na.,ions.
The middle of November is now mentioned as the probable date of the
meeting and it is hoped that by that time America will have decided to
participate actively.
As to the attitude of the United States, a special dispatch
to the New York "Times" from Washington Sept. 1 said:
A hopeful feeling that the European political and economic situation is on
the road to adjustment exists among officials of the Government. President
Harding shares this feeling, and it is apparent from information obtained
to-day that the Administration is looking forward to an opportunity to
participate in efforts to restore European countries to normalcy.
It was indicated at the White House to-day that the United States "at the
proper time" would co-operate with European nations to bring about the
economic and financial rehabilitation of Europe. President Harding is convinced, it was said,that the European situation can never be stabilized until
there is a solution of the problem of international indebtedness,including the
question of German reparations.
The President believes, the White House spokesman asserted, that there
has come a temporary suspension of the drastic policies hitherto directed
toward Germany, and there apparently is a feeling in Europe that the possibility of a readjustment of Germany's external indebtedness to an amount
which can be paid should be taken under consideration.
If the statesmen of Europe get to a place where this Government can be of
help in the work of financial and economic readjustment, this Government
will not stand aloof,it was said. It is inevitable,President Harding believes,
that there shall be a practeal and scientific study of the whole problem of
International indebtedness, and when that times comes the American Goverment will be glad to co-operate.
At the State Department it was said that nothing was known officially of
the reported proposal of the French Government to call an international
financial conference at which the United States would be represented. This
Government has received no invitation from the French Government,it was
stated, and has not been informed of the extension of such an invitation to
the British Government.
LEAGUE OF NATIONS NOT TO CONSIDER AMENDMENT TO ARTICLE X.
According to Geneva press advices Sept. 5 leaders in the SAMUEL UNTERMYER'S PROPOSALS FOR AIDING
EUROPE.
League of Nations Assembly state that as to Article X of the
Three proposals were advanced on Sept. 4 by Samuel UnCovenant of the League of Nations no amendment will be
considered this year—not even the Canadian proposal to termyer of New York for the rehabilitation of Europe. His
views were presented in London at a dinner tendered him by
eliminate Article X entire.
H. Gordon Selfridge and his plans are set forth as follows in
REJECTION BY UNITED STATES OF LEAGUE'S a cablegram (copyright) from London Sept. 4 to the New
York "Herald":
ST. GERMAIN CONVENTION.
First.—To establish a bureau of the United States Department of
In a cablegram from Geneva. Sept. 1, the Associated Press Commerce, with
branches in all indigent countries, through which American
raw
materials can be bartered for the manufactured products of those
said:
The refusal of the United States Government to ratify the St. Germain
convention for the restriction of private traffic in arms and ammunition
was the principal subject of discuiston at headquarters of the League of
Nations to-day. From the talk the view seemed to be that the convention
was regarded as dead. The news of the declination of the American
Government to adhere to the convention was received on Thursday night
In a note from the State Department, dated July 23.
China, Chile, Brazil, Finland, Guatemala. Greece, Haiti, Peru, Siam
and Venezuela already have ratified the convention, but as none of these
countries manufacture arms this fact is regarded as immaterial. Other
countries, including Great Britain, France, Italy, Japan, Poland, Canada
and Czechoslovakia, had notified the Secretariat of the League of Nations
that they would ratify the compact when the Allied and associated Powers
had signified their intention of ratifying.
The two previous Assemblies of the League of Nations have made efforts
to hasten ratification. The last Assembly requested the Allied representatives at the Washington armament conference to do all that was possible
countries in so far as they do not compete with American manufacturers.
Second.—To summon a conference of all countries having depreciated
currency and establish a new international currency to be allotted to the
various countries in proportion to their respective pre-war net resources,
plus or minus additional or severed territory; this currency not to be
issued or issuable, but held in the national treasuries as a basis for a new
national currency.
Third.—After England has funded the United States debt, England
and the United States to join in canceling other inter-Allied debts, crediting
the amount of the cancelation to the German reparation account. Then
to fund reparations upon a payable scale.
British officialdom generally believes the time will not be ripe for American
participation in European affairs before the next conference. But it has
no doubt there will be preliminary steps taken through Ambassador George
Harvey.
Meanwhile the British also are sitting tight, waiting for Premier Poincare
to develop a program for the next conference. It is the official point of
•
1152
THE CHRONICLE
[voL. 115.
view here now that it is up to him. Just as Mr. Lloyd George staked greater prominence in the pursuits of peace." The followout a settlement at Genoa and London which M. Poincare vetoed, it ing is President Harding's message:
now is M. Poincare's turn to formulate a theory which Mr. Lloyd George His Excellency, Dr. Epitacio Pessoa, President of Brazil, Rio de Janeiro:
can accept.
In addition to the assurances of friendship and good-will which I have
Mr. Untermyer, developing his theories before a group including Sir charged the American special mission to convey to you on behalf of the
Marshall
E.
Ernest Pollock, the Attorney-General; Sir Ernest Wild,
Government and people of the United States, I desire to offer to Your ExHall, K.C.; Lords Burnham and Blyth, Walter Runciman, Sir George cellency my individual congratulations and best wishes on this memorable
Younger, M. R. McCurdy and Sir Hercules Read, declared that it did occasion, and to express the great pleasure which is given to me personally
not matter so much what was the international value of the mark, the by a review of the splendid progress and achievements of Brazil during a
crown, the lira, the franc, the pound or the dollar so long as it was of century of independence.
stable value. He explained that his currency scheme would enable each
The enduring bonds of friendship and fraternal understanding which
country to issue just as much paper as it desired, but the definite knowledge have so signally characterized the relations of our two countries during
that it would be worth only such backing in the new international cur- their existence as independent nations have been reaffirmed and strengthrency as each treasury held would induce each Governranet to balance ened with the passage of years and recently have been even more closely
its budget and issue no more currency than warranted.
welded by association in a common cause for the good of humanity.
The speaker preferred pre-war national resources as the best index,
It is my earnest wish and fervent hope that under continued enlightened
because they were readily accessible and comparable through pre-war and wise statesmanship your country may attain to still greater prominence
reduction
tax returns, etc. He said that cancellation of debts and the
in the pursuits of peace, to the enjoyment by the Brazilian people of Inof reparations might work an apparent hardship to France, but that it creased prosperity and happiness.
was the only way she would get anything "without keeping the world in
I beg Your Excellency to accept my fervent good wishes for your conperpetual turmoil and breeding new wars. I hope in the end she will tinued health and well-being.
itnerests
make the necessary sacrifice in her own interests as well as the
WARREN G. HARDING.
of mankind."
At the same time Acting Secretary Phillips of the State
Mr. Untermyer was reported on the 2nd .inst. as stating
following message
that the United tates should use extreme caution in mixing Department at Washington addressed the
Ambassador
Brazilian
de
Cochrane
the
Augusto
Alencar,
to
copya
from
in European affairs at present. This Is learned
Washington:
in
right cablegram from London Sept. 2 to the New York "HerExcellency: For a period of 100 years there have existed between the
ald, which had the following to say:
United States and Brazil relations of the most amicable character, unbroken
In discussing the complicated situation to-day with the New York
"Herald's" correspondent, Mr. Untermyer took a good natured fling
at J. A. Cox, former Democratic candidate for President, and Henry
Morgenthau, former Ambassador to Turkey, calling them globe trotting
sages without specific remedies or a real knowledge of the economic ills
they expect America to doctor.
•
"I spent almost a fourth of the last thirty years of my life in central
Europe, where I have intimate social, business and professional connections," said Mr. Untermyer, "and there is frankly very little we can
do, however great may be our desire to help in preventing a debacle of
civilization.
Marvels at World's Remedies.
"When I read the columns of interviews and speeches on European conditions by prominent Americans, who, after spending a few holiday weeks
motoring through these countries regardless of speed regulations and who
do not understand the language of the people, I marvel and am mortified
at the debonair ease and confidence with which these self-appointed spokesmen tell us what America can and should do to save the stricken world.
With the best intentions in the world they are doing incalculable harm.
The harm they are doing is illustrated by what occurred a few weeks ago in
Vienna.
"A gentleman, whose life was spent and fortune made in speculating in
New York real estate, and who accidentally found himself in a diplomatic
post during the war, startled the expectant world with the announcement
from Vienna of a plan to save and rehabilitate Austria. He had spent less
than a week in Austria. His plan is impossible on the face of it, yet the
despairing statesmen of Austria seized upon it and gave it serious consideration on the assumption that this blundering, well-intentioned mischiefmaker could get the help of America to carry through his preposterous
scheme.
Entire World in Trouble.
"Everyone wants to help, of course, but the whole world is in trouble,
Including our own country. If we were to beat down the tariff walls instead
of building them up higher, in self-protection, and were to supply these
countries with raw materials in return for their manufactured goods, we
could, of course, help them, but that would mean that we would have to
finance them in order to destroy ourselves by closing our factories and
throwing out workmen into the streets.
"Never in history has there been a time when enlightened selfishness so
strongly dictated the necessity of protecting our labor from annihilation,
which will follow competition with the pauperized labor conditions of
Central and Southeast Europe."
Mr. Untermyer said it might be possible to help some if the Government
would establish a department to furnish raw material, accepting payment
in manufactured goods which either would not compete with our own or
which,after paying a sufficient protective duty, could yet be sold at a profit,
This would require branch departments in all the countries concerned. how_
ever,and would be a mere drop in the ocean on the way to recovery, he said,
No Magic Money Wand.
"But there is no magic wand that can convert bankruptcy, whether it be
national or Individual, into prosperity," continued Mr. Untermyer. "It
must be done by the painful rebuilding of capital and credit."
He says that a readjustment of th( reparations also would help, but that it
would not be a cure.all. "Great Britain," he went on,"does not need and
probably would not accept the remission of a penny of the principal or
interest of the debt she owes us—it would be an insult to suggest it—but
that there Is no reason why the United States should not Join her in canceling
the debts owing the United States from the other Allies and crediting the
amount thus remitted to the reparations bill against Germany, nor why the
balance of the reparations debt should not be funded in such a way that it
will render payment possible of which no there is not the remotest hope.
"America and Great Britain might just as well cancel them that way,for
the debts will not be paid anyway.
"It is wrong toward the United States and Europe for American visitors
to go on raising hopes, and I am hoping that now that the silly season is
over our globe-trotting sages will get safely home where we know how to
gauge them at their true value, and let the Government have a chance
to make our commitments in its own way after a proper study of these
gigantic problems."
ONE HUNDREDTH . ANNIVERSARY OF INDEPENDENCE OF BRAZIL—PRESIDENT HARDING'S
MESSAGE.
With the celebration on Sept. 7 of the one hundredth
anniversary of the independence of Brazil,PresidentHarding,
in a cablegram to Dr. Epitacio Pessoa, President of Brazil,
extolled the "splendid progress and achievements of Brazil
during a century of independence," and expressed the hope
that the South American republic "may attain to still
by a single incident to mar their cordiality. During that entire time the
steadily Increasing progress of Brazil in the pursuits of peace had been
viewed with much favor by the people of the United States, who, with genuine satisfaction, now share in sympathy in the rejoicing of the Brazilian
people over the achievements accomplished.
Therefore I am most happy on this auspicious occasion ,when the Government and people of Brazil are celebrating the first centennial of Brazilian
independence, to offer to you sincere and cordial felicitations on the high
standing among the nations of the world attained by your country through
its progress and achievements, as well as best wishes for the early realization of that still larger economic and industrial development which Brazil
is destined to reach through the energy and resourcefulness of the Brazilian
people.
Accept, Excellency, the renewed assurance of my highest consideration.
WILLIAM PHILLIPS,
Acting Secretary of State.
His Excellency, Mr. Augusto Cochrane de Alencar, Ambassador of Brazil.
An American mission to the Brazilian Centennial headed by
Secretary Hughes arrived at Rio Janeiro on the 6th inst. to
participate in the celebration. On the 8th inst. the Brazilian
Chamber of Deputies met to commemorate the anniversary.
As to its action the Associated Press said:
by 119
All the Deputies stood during the reading of a resolution, signed
Deputies, congratulating the Brazilian nation on its glorious anniversary.
Brazilians and
The resolution proclaimed peace and harmony among the
Amerifriendship on the part of Brazil for all peoples, especially those on the
growing proscan continent. It also expressed hope and confidence in the
perity and uninterrupted progress of Brazil.
for a
The termination of the reading of the resolution was the occasion
Deputies and
great demonstration on the floor, and in the galleries. The
Brazilian
visitors shouting "Long Live Brazil," and the band playing the
national anthem.
JAMES M. COX PROPOSES THAT HERBERT HOOVER
BE NAMED AS MEMBER OF REPARATIONS COMMISSION.
Wirth of Germany that "unless
Chancellor
by
warning
A
the United States interests herself in European affairs within
a very short time all in Germany is lost, and all in Central
Europe as well," is referred to in a statement made by
James M. Cox, formg Democratic candidate for President
of the United States, and given out at London on Aug. 26.
Mr. Cox states that "Germany has 20,000,000 more people
than she can sustain except under high industrial stress,"
and that "in the present circumstances the banks of Germany cannot finance the industries of that country in the
purchase of raw products and foodstuffs." "Unless relief
is granted," he said, "shops will soon be closing, millions
will be out of employment and the winter will bring the threat,
if not the certainty, of starvation. With economic collapse
the Government will go down, too. If Germany fails,
France is without reimbursement and cannot sustain the
loss involved without serious consequences." One of the
outstanding features of Mr. Cox's statement is his recommendation that Herbert Hoover be named to serve on the
Reparations Commission. The following is the statement
of Mr. Cox as contained in a copyright cablegram to the
New York "Times" from London:
Those who
The storm centre of the economic world is Central Europe.
the state of things
have visited Austria and Germany are of one opinion as to
now and the tragic point to which both countries are drifting. Austria has
reached the stage of almost complete dissolution. The approach of Gerhour.
many to the same condition is steadily marked by every passing
The nations of Europe are deadlocked on the reparations question.
There seems to be no relief on this side of the United States. No decision
The French Governby England seems likely to be accepted by France.
ment will not sanction a proposal from Germany which might approximate
French
of
minds
statesmen because
the
in
now
figures
the
of
a readjustment
that circumstance might be regarded by public opinion in France as a surrender to Germany. There the matter rests, and every hour is fraught
with danger.
It is well to summarize the contentions of both France and Germany.
Since the end of the war France has sold approximately ten billion dollars'
SEPT. 91922.]
THE CHRONICLE
1153
worth of bonds to her own people upon the representation that she would FRENCH
CRITICISM OF SUGGESTION THAT HERBERT
be reimbursed by Germany in compliance with the terms of the peace treaty,
HOOVER BE PLACED ON REPARATIONS COMMISGermany says that she has lost one-fourth of her grain lands, four-fifths of
her ore and altogether one-tenth of her territory. She issued about twentySION—FRANK A. VANDERLIP'S PROPOSED
five billion dollars' worth of bonds during the war,and a deficit of ten billions
CANCELLATION OF DEBTS.
state
fiscal
will
be
It
seen
at
a
the
glance that
remains as a floating debt.
A cablegram (copyright) from Paris, Aug. 28, to the New
of both countries, without economic stabilization, portends but one result.
Says France Is Not Militant.
York "Times;" had the following to say regarding criticisms
In the midst of this situation two false impressions obtain in Europe— brought forth by proposals of James M. Cox and
Frank A.
first, that France is aggressively militarist, and, secondly, that Germany is
making munitions and preparing for war. The military policy of France Vanderlip, both of whom are now in Europe:
It has not been without interest, though with a certain amount of couris based entirely upon the desire to protect herself against invasion. With
assurances on this point she will reduce her army. The Government in teous dissent, that the French people have heard recently from the mouths
Germany desires peace. The leaders are progressively democratic, and the of the visiting Americans, of whom two of the most prominent are Mr.
story of hidden arms, with the exception of unimportant sporadic community Vanderlip and Governor Cox, suggestions as to how Europe should run her
affairs.
instances, is purely fiction.
In the general criticism these suggestions come down to this, that they
Germany has 20,000,000 more people than she can sustain except under
high industrial stress. When the mark was 100 to 200 to the dollar there seem always to take too little account of national feeling, national life and
national
ambition. Just as America fought for Americanism, so France has
was a certain trade advantage accruing to Germany, but in the present
circumstances the banks of Germany cannot finance the industries of that fought through centuries for national freedom, and she admits at the same
country in the purchase of raw products and foodstuffs. Unless relief is time, in theory at least, the same right of nationality to Germany or any
granted the shops will soon be closing, millions will be out of employment other country.
Thus it is that when Governor Cox suggests that Mr. Hoover be called
and the winter will bring the threat, if not the certainty, of starvation.
on to come and set Europe right, French criticism—as always, expressed
Wirth's Appealfor Our Intervention.
-night's
With the economic collapse the Government will go down, too. If with the utmost courtesy—may be exemplified with this from to
Germany falls, France is without reimbursement, and she cannot sustain "Journal des Debats":
"This
idea
is
undoubtedly inspired by kindly sentiment; but whatever
the loss involved without serious consequences. Within the last week I
had a long interview with Chancellor Wirth in Berlin. He summarized confidence one might have in the great capacities of Mr. Hoover, it seems
just
a
least
bit
unlikely
that any Government would be prepared to place
by
saying
with
situation
the
deepest emotion: "Unless the United
the
States interests herself in European affairs within a very short time all in Itself entirely in his hands. The theory of the beneficent tyrant who did
good
for
his
people
was
formerly in vogue, but it does not seem likely to
Germany is lost, and all in Central Europe as well."
Recognizing that this statement broke the fetters of diplomatic usage, have much chance of success in the twentieth century, and above all in
I asked authority to repeat it in Dr. Wirth's name to the people of the this form."
Mr. Vanderlip comes in for similar gentle castigation from the same
United States. It was given without reservation. It is not too late to
prevent disaster. Our Government, taking the initiative on behalf of our journal. His schemes for the financial regeneration of Europe take no
country, can do it without any inconsistency with its existing policy. It is account, as the French see them, of the justice of France's reparations
represented on the Reparations Commission. It should designate Herbert claims, but instead, rather seem to impose a disadvantage on the victors
-s.
Hoover, now a member of the Cabinet, to serve in the reparations task. of the war who were also unprovoked
Thus when Mr. Vanderlip discusses cancellation of debts he mentions
He holds the confidence of Europe. Peoples and Governments trust him.
certain
conditions
which
the
United
States
should
place on he countries
He can analyze the economic situation of Germany. His decision as to
what Germany can pay beyond much question of doubt would be accepted whose debts are canceled.
"In
short," says the "Debats," "he declares that creditors should have
by France—and that means by all the parties interested. I believe every
Chancellery in Europe would welcome his coming. The mere announce- power to direct the policies of all their debtors. Such principle seems just
the
least
shocking when it seems to be applied to peoples who have gained
ment of his selection would stabilize things.
With reparations adjusted, Germany and France—both in need of large a common victory, some by giving a little more money, some by giving a
little
more
blood. One is tempted to believe that human lives in his
loans—would be given credit, and Austria, too. Then would come the
dawn of a new day. Mr. Hoover is not of my political party, but any one calculation count for less than metal coins.
"Perhaps
this control would be an excellent thing if Germany were the
in as close touch with Continental conditions as I have been is thoroughly
country invisaged. But in the United States not more than in England
stripped of every partisan thought.
does
there
appear to be any predilection for this course. How can any one
The question of the inter-allied debt need not be considered—it is not
necessary. Europe recognizes that its discussion in America is ill-timed now. explain such contradictions"?
will
cover
considerations
every shade of American public opinion;
Three
first, if' from a moral awakening we desire to relieve distress, the oppor- TEXT OF AGREEMENT
PROVIDING FOR ADJUSTtunity is presented; second, if our desires are purely practical, and a market
MENT OF MEXICAN DEBT.
for our products is to be gained, the necessary rehabilitation of Europe is
a guarantee; third, if our policy is to insist upon the ultimate payment of
The summary of the plan of readjustment of such of the
inter-allied debts, we must remember who the world's debtors are and realize
that if some of them are permitted to go to ruin now there is not even a obligations of the Government of the United States of Mexico
remote chance of collection later.
and of the National Railways of Mexico as are included in the
The fate of the world is in the hands of America. Days wasted in procrastination now will bring years of self-reproach later. From Europe, agreement of June 16 1922 between the Government of Mexthe base of our early ancestry, prayers go up that America will understand ico and the International Committee of Bankers on Mexico
and, understanding, will not falter.
was
made public by the latter on Tuesday of this week (Sept.
5), and at the same time the full text of hte agreement for
LONDON VIEWS REGARDING PROPOSAL THAT
the adjustment of the Mexican Government's external debt
HERBERT HOOVER RE NAMED TO REPARAwas made available. The signing of the agreement took
TIONS COMMISSION.
The following is from a copyright cnblegram to the New place in this city on June 16 last, as was reported in our issue
of June 17, page 2663. The document was made public this
York "Tribune" from London, Aug. 28:
Former Governor James M. Cox's suggestion that Secretary Hoover be week coincident with the convening of the Mexican Congress,
appointed to the position of a virtual referee in the reparations contest is to which the
agreement has been presented for ratification.
not taken seriously in official quarters here, although active American
participation in the Reparaton Commission doubtless would be welcomed. Prior to the signing of the agreement it was said that recogThe London newspapers, although they recognize Mr. Cox's position as a nition of the Obregon Administration by the United States
representative of the minority party, for the most part applaud his Hoover played no
part in the deliberations of the International Comsuggestion.
"The Times" and "Westminster Gazette" treat the plan as impractica- mittee of Bankers which met with Finance Minister de la
ble, although laudable. The former says: "It is an emergency scheme to Huerta. It is believed, however, that acceptance by the
meet an emergency, and we trust it may strengthen the wiser counsels in
Obregon Government of the terms whereby Mexico will disEurope before it is too late." "The Gazette's" view is: "We can scarcely
hope for a quick enough change in American policy to help us in our emer- charge its external obligations will have considerable weight
gency."
with the State Department. It is understood that the bankThe London press generally is of the opinion that calling in Hoover would
ers
are prepared to issue calls for the deposit of the 28 differadmission
of
bankruptcy
on
the part of European statesmanamount to an
ship, and feels that the Allied chancelleries are by no means willing to go so ent securities affected by the plan immediately upon favorfar. Thus while Hoover as an American delegate on the Reparation Com- able action by
the Mexican Congress. All of the 28 bonds,
mission with one Vote among five might be welcome, Hoover as sole arbiter
notes and other securities included in the plan of readjustIs another question entirely.
The Liberal "Daily News," in an editorial entitled "Send Hoover," says: ment are indicated in the summary of the plan, which stipu"In England Hoover's advent would be welcomed with unmixed pleasure. lates
that the Mexican Government undertakes to set aside
We mose earnestly hope the suggestion will materialize." The Unionist
"Daily Express," while warning against too great expectations, nevertheless annually toward the payment of such coupons on the bonds
would welcome Hoover's coming. The Coalition "Daily Chronicle" says: in question as
mature after Jan. 2 1923:
weight of America represented by Hoover
were thrown on the
"If the great
side of a sound reparations policy it would have the double effect of reGermany
and
in
helping
to
reconcile her creditors to
creating confidence
the only scheme which the world financiers would back."
The Conservative "Evening Standard," while applauding Cox's suggestion, doubts whether President Harding would approve. "The Star,"
which is an evening edition of "The Daily News," says sending Hoover
would be "sound statesmanlike policy," but the Conservative "Pall Mall
Gazette" thinks "For the time being Europe must grapple with its own
riddles." This evening's papers give prominence to Berlin dispatches, stating Germany would be willing to accept American supervision of her
finances. •
Colonel E. M.House, in an interview printed by "The Morning Post," is
quoted as having said he was in complete agreement with the suggestion of
James M. Cox for finding means to deal with the German situation. He
did not know whether Mr. Cox's idea was feasible and could not judge
whether it was likely to be adopted by the American Government. He
welcomed the proposal, however, as it was obvious something must be done
quickly, and Mr. Cox's plan was something tangible.
(a) The entire proceeds of the oil export tax;
(b) 10% of the gross revenues of the National Railways of Mexico;
(c) The entire net operating revenues of such railways.
"In any event," it is added,"the Government agrees to provide for such current interest not less than 30,000,000 pesos
($15,000,000 U. S. gold) during the calender year 1923, and
an additional 5,000,000 pesos each year for the ensuing four
years, bringing the fund up to 50,000,000 pesos in the fifth
year." At the end of this five-year period, according to the
agreement, full resumption in cash of the service on all these
obligations is to be resumed and all provisions of the contract under which the various bonds in question were issued
are to be restored. The agreement makes known that the external obligations of the Mexican Government held by for-
1154
THE CHRONICLE
eigners approximate, together with the National Railways
debt, and certain internal loans, the sum of 1,000,000,000
pesos, and that upon such sum, interest accumulated and unpaid since 1913 approximates the sum of 400,000,000 pesos.
The summary of the plan of readjustment follows:
[VOL. 115.
To make up the difference (during the five-year period covered by the
agreement) between the amounts of current interest actually due on such
bonds and the cash payments made, scrip or certificates are to be issued maturing in 20 years after Jan. 1 1923, and bearing interest after Jan. 1 1928,
at the rate of 3% per annum, payable semi-annually, the Government to have
the right of redemption in whole or in part at 105 and accrued interest at
any time before maturity. Any excess over the minimum fund provided for
current interest payments is to be used in buying or redeeming such current
interest scrip or certificates.
Arrears of Interest.
At or prior to the completion of the five-year period beginning Jan. 1 1923,
the interest coupons maturing on or before Jan. 2 1923, with respect to bonds
in the above list, are to be detached by the respective depositaries and lodged
with a special depositary or depositaries approved by the committee, against
the issue of receipts or certificates to an equivalent face amount. Such
receipts or certificates are to be purchased or redeemed by the Government
from a fund sufficient to retire them in full, extending over a period of 40
years, beginning Jan. 1 1928. The certificates for arrears of interest will be
of two kinds-class "A" and class "B"; class "A" to be retired completely
prior to class "B."
The respective bonds to which this plan of readjustment applies are to receive certificates for arrears of interest on the following basis: the secured
debt and the railway notes secured thereby (Nos. 1, 2, 3 and 25) are to receive 100% of arrears of interest in class "A" certificates. The balance of
the Government loans (with the exception of the internal 3% and 5% loans)
and of the railway obligations (with the exception of the notes No. 25 secured
by Government bonds) are to receive 35% of arrears of interest in "A" certificates and 65% in "B" certificates. The internal 3% and 5% bonds are
to receive 100% of arrears of interest in "B" certificates. Based on the
amounts of "A" certificates and "B" certificates to be issued, it is calculated
that the proposed annual payments will retire all the "A" certificates in a
little less than 20 years from Jan. 1 1928, assuming that retirement is effected at par.
National Railways System.
The Government is to make prompt return of the National Railways to
private management and to the control of a board of directors agreed upon
with the committee. It recognizes its obligation to restore such railways, including rolling stock, to their condition at the time the Government took over
the railway lines.
Holders of outstanding obligations of the National Railways System, listed
above, upon deposit under the plan and the adoption thereof, are to have their
bonds and notes stamped to the effect that the Government agrees to assume
the payment of principal, interest and existing sinking fund thereof, subject
to the provisions set forth as to the payments during the five-year period.
The liens created by the existing mortgages are not to be enforced unless the
Government defaults in its obligations under the plan; in which event such
liens may be enforced in favor of the respective bondholders.
Ten per cent of the annual gross receipts of the railways are to be set aside
toward the minimum fund to be provided for the payment of cash current interest. Further, as stated, until the resumption in cash of full current interest on the obligations dealt with under the plan, the net operating revenues of
the National Railways are to be added to the fund for the same purpose.
.Summary of the Plan of Readjustment of Such of the Obligations of the Government of the United States of Mexico and of the National Railways
of Mexico as Are Included in the Agreement of June 16 1922 Between the Government of Mexico and the International
Committee of Bankers on Mexico.
The following bonds, notes and other securities are included in the plan
of readjustment:
(1) United States of Mexico 5% Consolidated External Gold Loan of 1899.
(2) Republic of Mexico 4% External Gold Loan of 1910.
(3) United States of Mexico 6% 10-year Treasury Notes of 1913 (Series
A Z6,000,000).
(4) City of Mexico 5% Sterling Loan of 1889.
• (5) Institution for Encouragement of Irrigation Works and Development of
2% Sinking Fund Gold Bonds, due Nov. 1
/
Agriculture (S. A.) 35-year 41
1943 (Caja de Prestamos, etc.).
(6) United States of Mexico 4% Gold Bonds of 1904.
(7)'Republic of Mexico Consolidated 3% Internal Debt of 1886.
(8) United States of Mexico 5% Internal Redeemable Bonds of 1894.
(9) State of Vera Cruz 5% Bonds due April 1 1927.
(10) State of Tamaulipas 5% Bonds 1902 (First Series).
(11) State of Tamaulipas 5% Bonds 1906 (Second Series).
(12) State of Sinaloa 5% Bonds 1906.
(13) State of Vera Cruz 5% Bonds 1906.
(14) National Railways of Mexico Guaranteed General Mortgage 4% 70year Sinking Fund Redeemable Gold Bonds, due Oct. 1 1977.
2% Gold Bonds due
/
(15) Vera Cruz & Pacific RR. Co. 1st Mortgage 41
July 1 1934.
2% 50-year Sinking Fund
/
(16) National Railways of Mexico Prior Lien 41
Redeemable Gold Bonds due July 1 1957.
(17) National RR. Co. of Mexico Prior Lien 41
2% Gold Bonds due Oct. 1
/
1926.
(18) National ;:lt. Co. of Mexico 1st Consolidated Mortgage 4% Gold
Bonds due Oct. 11951.
2% Prior Lien Sterling Bonds
/
(19) The Mexican International RR. Co. 41
due Sept. 1 1947.
(20) The Mexican International RR. Co. 1st Consolidated Mortgage 4%
Gold Bonds due Sept. 1 1977.
(21) Pan-American RR. Co. 1st Mortgage 5% Gold Bonds due Jan. 1 1934.
(22) Pan-American RR. Co. Gen. Mtge. 5% Gold Bonds due Jan. 1 1937.
(23) Mexican Central Railway Co., Ltd., 5% Priority Bonds due July 1
1939.
(24) Mexican Central Railway Co., Ltd., Equipment Bonds, assumed by
the National Railways of Mexico, as follows:
(a) First Series dated April 1 1897.
(b) Second Series dated Oct. 2 1899.
(c) Series No. 8 dated Aug. 17 1906.
Matured Obligations.
(d) Series No. 10 dated Jan. 1 1907.
The matured notes of the National Railways of Mexico (No. 26) are to be
(e) Series No. 11 dated March 22 1907.
interest at 5% per
(25) National Railways of Mexico 6% Secured Gold Notes (secured b.
, extended for a period of 10 years from Jan. 1 1923, with
annum for the first five years and at 6% per annum thereafter. The 6%
Goverment obligations):
Railway notes,
National
the
and
3)
(No.
Mexico
(a) National Railways of Mexico Secured Gold Notes, Series "B."
notes of the Government of
(b) National Railways of Mexico 6% 3-months Secured Gold Notes.
secured by 6% Government notes (No. 25) are to be extended for the same
(c) National Railways of Mexico 6% 3-year Secured Gold Notes.
period of time with interest at the rate of 6% per annum.
(d) National Railways of Mexico 6% Secured Gold Notes, Series "C."
Sinking Funds.
(26) National Railways of Mexico 6% Secured Notes (secured by National
funds are to be postponed for a period not to exceed five years
sinking
All
Railways of Mexico bonds):
1 1923.
(a) National Railways of Mexico 2-year 6% Secured Gold Notes due from Jan.
The above mentioned committee, composed in large part of representatives
June 1 1915.
firms and institutions which have issued the greater part of the
banking
of
(b) National Railways of Mexico 6% Secured Notes, due July 1 1916.
mentioned securities unhesitatingly recommends the acceptance of this
(27) Tehuantepec National Railway 5% Gold Loan, Series "A," due June above
plan by the bondholders. The German Committee of Bankers on Mexico has
30 1953.
trendy approved the plan. Depositories for the different issues will be desa
41
Railway
2
/
%
National
Gold
(28) Tehuantepec
Loan, Series "B," due
ignated, and as promptly as possible a call will be sent out by the respective
June 30 1953.
issuing bankers inviting holders to deposit their bonds under a deposit agreeThe International Committee of Bankers on Mexico, realizing the difficulment or agreements now In course of preparation. The committee reserves
ties with which the Mexican Government has been forced to contend during
right to make such changes of detail in the plan as are necessary to carry
the
extended
negotiations with Minister cf Finance
the last tight years has, after
out the intent of the agreement, including, if necessary, modifications in the
under
of
authority
(acting
Alvarado
de
Huerta
la
Adolfo
Obregon, President percentages of cash payments to the various classes of bondholders. An anof the United States of Mexico), agreed to recommend certain concessions to
nouncement, similar to the foregoing, is being made abroad by the European
the holders of the above mentioned obligations, comprising those issues which
Sections of the International Committee.
have been made the subject of the agreement with the Government, the pur(Signed)
pose of the International Committee •beingto assist the Mexican Government
AMERICAN SECTION OF THE INTERNATIONAL COMMITTEE
In reaching a plan under which payment in cash on account of current interOF BANKERS OF MEXICO.
est on such obligations may be resumed. The arrangement with the Government, which is subject to ratification by the Mexican Congress, provides that,
Thomas W. Lamont (Chairman), (J. P. Morgan & Co., New York).
a
described,
minimum fund, increasing
in view of the concessions hereinafter
Mortimer L. Schiff (Vice-Chairman), (Kuhn, Loeb & Co., New York).
annually, will be set aside in cash by the Government for each of the five
George W. Davison (Central Union Trust Co., New York).
years beginning Jan. 2 1923. At the end of this five-year period full resumpJesse Hirschman (Speyer St co., New York).
tion in cash of the service on all these obligations is to 'be resumed and all
R. G. Hutchins, Jr. (Hallgarten & Co., New York).
the
various bonds in question were
provisions of the contracts under which
Charles E. Mitchell (National City Bank, New York).
reason,
the
any
for
proposed plan is not fully
issued are to be restored. If,
John J. Mitchell (Illinois Trust & Savings Bank, Chicago).
their
resume
to
contractual
arc
bondholders
rights
as existing
carried out, the
Walter T. Rosen (tadenburg, Thalmann & Co., New York).
prior to that time. Copies of the detailed plan in pamhlet form, now in
II. Sabin (Guaranty Trust Co. of New York).
Charles
course of preparation; will be available for distribution in due course at the
Albert H. Wiggin (Chase National Bank. New York).
York
New
City, and at such depositaoffice of the Secretary, 15 Broad Street,
Robert Winsor (Kidder, Peabody & Co., Boston).
ries as may be appointed. They will be furnished in any reasonable quantity
Stetson, Jennings Sr Russell, Counsel.
to banks and financial houses for distribution to their clients.
Jeremiah Smith, Jr., Associate Counsel.
The following is a summary of the plan,and is not intended to be a comIra H. Patchin, Secretary.
plete statement of all details. Whenever reference is made in the statement
the text of the agreement between the
is
following
The
the
to
refers
it
issues
Debt
listed above.
to Government Debt or Railway
Mexican Government and the International Committee of
Current Interest.
The Mexican Government undertakes to set aside annually toward the pay- Bankers on Mexico:
It having been made clear in the discussions between the Finance Minister
ment of such coupons on the above bonds as mature after Jan. 2 1923,
and the International Committee of Bankers on Mexico:
(a) The entire proceeds of the oil export tax;
(a) That the external obligations of the Mexican Government held by for(b) 10% of the gross revenues of the National Railways of Mexico;
eign investors approximate, together with the National Railways debt, and
(c) The entire net operating revenues of such railways.
sum of 1,000,000,000
In any event the Government agrese to provide for such current interest certain internal loans shown on the list attached, the
not less than 30,000,000 pesos ($15,000,000 U. S. gold) during the calendar pesos;
(b) That upon such sum, interest accumulated and unpaid since 1913 apyear 1923; and an additional.5,000,000 pesos each year for the ensuing four
proximates the sum of 400,000,000 pesos;
years, bringing the fund up to 50,000,000 pesos in the fifth year.
•(c) That although owing to successive revolutions since 1913, Mexico has
These cash interest payments on such coupons maturing after Jan. 2 1923
3%50% t5o10Oon
%
as yet not regained her full economic stability, yet the present Government of
will, during the first year, be made on a scale varying from
and
bonds; Mexico declares its determination to meet faithfully and promptly its finanthe external loans; at the rate of 25% on the internal
rrailway
re cial obligations to the utmost extent of its capacity;
50% on the State bonds, and, in general, from 50%to65
(d) That the International Committee, recognizing the difficulties with
loans, except that the railway notes secured by Government boonndsthae eto
which Mexico has had to contend and the limitations upon her capacity for
ceive 100%.
SEPT. 9 1922.]
TILE ClIRON1CLE
1155
the immediate payment of all her obligations, due or overdue, and earnestly
(g) During the period prior to the full resumption of the service on the
desiring to find means of safeguarding the interests of the bondholders, and at debt the Government will continue the export taxes on oil and will not diminthe same time of co-operating with the Mexican Government in the solution ish the rate of such taxes payable in cash as the same has been applied since
of its problems and in the upbuilding of its credit, is prepared to this end to Sept. 3 1921.
(h) After the expiration of the period of five years at the end of which
recommend to the holders of Mexican Government obligations certain substanthe Mexican Government will resume the full service of the debt the special
tial diminutions and adjustments of their rights;
recognize
that
the
Mexican
Government has other obli- provisions made for this period in this paragraph 4 will be at an end except
(e) That they also
gations which it is important for it to meet, such as the restitution to the for the obligation of the Mexican Government contained in the current interbanks of the specie fund, the agrarian debt and arrears of pay, which may est scrip and except that if there is then still outstanding any current interest
have to be cared for by the issue of internal bonds or in some other manner scrip the tax of 10% on the gross railway revenues will be continued and
applied through the committee, for redemption of the current interest scrip in
later to be considered;
(f) That, as to the minimum sums to be set aside by the Mexican Govern- a manner to be arranged with the committee.
5. National Railway System.-The holders of outstanding railway bonds
ment for the service of its debt for the year 1923, and for the succeeding four
years, the International Committee, after examination of the situation, be- and notes shall present their existing securities to be stamped with the agreeand
economical
prudent
management of its affairs by the ment of the Mexican Government assuming the payment of principal, interest
lieves that, under
Mexican Government, the providing of such sums and the carrying out of this and a sinking fund of the securities. For all amounts paid by the Mexican
plan is within the capacity of Mexico, taking into account the improvement Government on account of the railroads for such interest, principal and sinkwhich should result from the settlement of the debt question and the declared ing fund the Government will be a creditor of the railways in the same manintention of the Government to maintain a sound administration; and the ner as is provided in the Executive Decree and Plan of Readjustment and
fact that the plan itself, if adopted, may readily result in greatly improving Union of Mexican Central Railway Co., Ltd., and the National Railroad Co.
of Mexico with respect to payments made on account of its guarantee of the
the economic situaiton of Mexico;
(g) That the interests of the people and Government of Mexico, on the one General Mortgage 4% bonds of the National Railways of Mexico.
external
creditors,
their
upon the other, being identical in that,
The liens created on the railway properties by the present mortgages and
hand, and of
for the benefit of both, the increasing prosperity of Mexico must be assured, indentures in favor of the railway securities now outstanding are to be held
therefore, the individuals now composing the International Committee give by a trustee or trustees satisfactory to the International
Committee and are
assurance of their continued interest and desire for helpful co-operation;
not to be enforced unless the Government is in default in its obligations under
Therefore, in accordance with the foregoing, the following plan for the ad- this plan, when they may be enforced in favor of the holders of
railway sejustment of the external obligations of the Mexican Government and of the curities.
National Railway System and of certain internal obligations appearing on
The Government will make prompt return of the railways to private manthe schedule annexed has been agreed to by the Mexican Minister of Finance agement, details of which are to be arranged. (See addendum, Exhibit
C.)
and by the International Committee, which will do its utmost to arrange for
Ten per cent annually of the gross receipts of the railways is to be set
aside
its acceptance by the holders of the obligations listed in the schedule annexed. and paid over currently as herein provided towards the Government
debt
ser1. Arrears of Interest.-The payment in cash of all interest due and pay- vice including the railway debt, and proper provision is to be
made
therefor
able on or before Jan. 2 1923, on both the Government and the railway obli- in the rates by surcharge or otherwise.
gations, is to be waived by the bondholders.
Until the full cash payment of current interest on the bonds is resumed the
The payment of interest upon all arrears of interest due and payable on or net operating revenues of the railways are to be added to the
fund provided
before Jan. 2 1923, on both the Government and railway obligations is to be for the Government debt service and thereafter are to be applied
to the service
waived by the bondholders.
of the railway securities.
The coupons for interest attached to the bonds are to be detached (if perThe Mexican Government recognizes the obligation to restore the
railroads,
mitted by the various mortgages and indentures) and deposited with some trus- including rolling stock, to the same condition that
they were in when the
tee satisfactory to the International Committee, who will issue receipts or cer- Government took them over and will make every effort to
do
it
(viz,
such
tificates as to the bondholders for the face amount of coupons so detached. The restoration) as soon as possible.
Government will set aside annually, beginning on Jan. 1 1928, substantially
Railway notes that have matured or are about to mature will be
extended
equal annual sums sufficient to retire at par in proportionate annuities all for a reasonable length of time.
said receipts or certificates within a period of 40 years ending Jan. 1 1968.
6. Recognition of Obligations.-The Mexican Government
recognizes
all
The annual amounts to be paid by the Mexican Government shall be paid by obligations assumed by it, either direct or by
way of guarantee and all proviit through the financial agency of the Mexican Government in New York to sions of the contracts and pledges under which the several
bonds were issued,
the gencies that the committee may designate and the committee will deter- these provisions to be in full operation at the
end of five years and prior
mine the method of retirement. If for any reason the coupons cannot be de- thereto will be subject to the modifications
herein
provided
for.
tached from the bonds, some other, plan for effecting the above arrangement
7. Resumption of Rights.--The bondholders will resume all
their contracsatisfactory to the committee shall be adopted. If there are any bonds to tual rights if for any reason this
plan is not fully carried out during the pewhich coupons representing any back interest have never been attached the riod of five years.
Mexican Government will supply such coupons for the purposes of these bonds
8. Commission.-Any difficulties that may arise in
connection with the
so that the bondholders may be able to deposit them.
execution of this agreement will be settled by a special
commission nominated
2. Sinking Funds.-All sinking funds to be postponed for a period not to by both parties.
exceed five years, from Jan. 1 1923.
9. Ratification.-This agreement is
subject to the ratification of the Presi3. Matured Government Obligations.-All Government notes which have dent of Mexico.
matured or are about to mature will be extended for a reasonable length of
June 16 1922.
time. (See addendum, Exhibit A.)
Schedule of Obligations.
4. Current Interest.-Payment of current interest to be resumed as fol$48,635,000. Mexican Government 5s, 1899.
lows:
50,949,000. Mexican Government 4s, 1910.
(a) The Government will provide and set aside a fund which, for the first
29,100,000. (£6,000,000) Mexican Government 6s,
year, shall amount to 30,000,000 gold pesos present standard 4.nd shall be in1913.
$128,684,000.
creased each year for a period of four years by not less than 5,000,000 pesos,
Total secured debt.
payment
the
that
for
the fifth year shall be at least 50,000,000 pesos. (See
so
6,769,000. 5% Municipal Loan.
addendum, Exhibit B.)
37,037,000. Mexican Government 4s, 1904.
(b) If, during the five-year period, the funds provided for do not in any
25,000,000. Caja de Prestamos 4%s.
one year reach the guaranteed minimum amount, the Mexican Government
$68,806,000.
Total unsecured debt.
will provide out of its other sources of revenue a sum sufficient to bring the
amounts up to the guaranteed minimum and at such time and in such amounts
21,151,000. Mexican Government 3s, 1886.
as are required to meet current interest payments according to the schedule
46,455,000. Mexican Government 5s, 1894.
to be submitted to the Minister by the committee.
$67,606,000.
Total interior debt.
(c) The entire oil export taxes (which the decree of June 7 1921 provides
50,748,575. National Railways Guaranteed 4s.
for) and any increases thereof and the tax of 10% on the gross railway reve7,000,000. Vera Cruz & Pacific 4%s.
nues hereafter provided for and the net operating railway revenues, if any,
84,804,115. National Railways Prior Lien 4%s.
shall be paid as collected, in a manner to be agreed on with the International
23,000,000.
Committee, which will make arrangements for distribution of the sums so
National Railroad Prior Lien 4%s.
24,740,000. National Railroad 4s, 1951.
received among the holders of the obligations listed in the schedule attached,
5,850,000. Mexican International Prior Lien 4%s.
to which may be added such other issues as the Minister and the committee
4,206,500. Mexican International Prior Lien 4s, 1977.
may jointly agree should be included in the Government's external debt and
2,003,000. Pan-American 5s, 1984.
railway debt. Part of such fund may be used in the discretion of the commit1,484,000.
retiring
scrip for current interest. The committee may rePan-American 5s, 1937.
tee in buying or
1,374,000. Mexican Central Priority 5%.
tain and distribute the entire amounts received on account of the taxes speci1,112,456. National Railways Equipment 5s.
fied in this section (c) although they may be in excess of the guaranteed
33,662,131. National Railways Notes.
minimum annual payments.
2,000,000. Tehuantepec Second Mortgage 4%s.
(d) Any difference between the amounts of cash paid on account of current
1,750,000. Miscellaneous.
accordance
with
the
arrangements for distribution of current
interest (in
$243,734,777.
interest according to the schedule to be submitted by the committee) and the
Total railroad debt.
full amount due therefor during a period of five years, beginning Jan. 2 1923
$508,830,777.
Total of debt.
Is to be dealt with in scrip. Such scrip shall be issued by the Mexican GovNote.-In the foregoing schedule provision has not been made
ernment for the full amount of such difference and delivered through the comfor (1) such
bonds
of
holders
distribution
the
to
the
of
obligations in such form as the committee for
Huerta issues (following so-called issue "A") which are held by
mittee may determine. This scrip will become due and payable in 20 years. banks as collateral; nor (2) for the bonds of the so-called DeKay issue which
It will not bear any interest during the first five years, but, for the balance the Government does not recognize.
To the above may be
of 15 years, it will bear interest at the rate of 3%, payable half-yearly. The
added such other issues as may be agreed on by the
Government will have the option to buy this scrip in the market for cancella- Minister and the International Committee as provided in the agreement.
Amounts are stated according to latest available information and are
tion, in a manner to be arranged with the conunittee, or to call all or any
given
part thereof at 105 and interest, accrued and unpaid to date of call, at any in gold dollars.
time before maturity thereof. During the first five years any surplus of the
EXHIBIT "A."
current interest fund, after paying current interest, shall be applied towards Confidential.
the purchase and cancellation of this scrip as provided above.
June 16 1922.
(e) The payment of current interest in cash on the scale to be submitted Senior Adolfo de la'Nene, Minister of Finance of Mexico.
to the Minister by the committee will begin for interest becoming due and
Dear Mr. Minister: Referring to the agreement executed this day
between
payable after Jan. 2 1923. Full resumption in cash of the service on the debt your good
self and the International Committee, and referring particularly to
including full sinking fund payments will be resumed for payments becoming the clauses under
the heading of "National Railway System" and "Matured Govdue and payable on and after Jan. 1 1928.
ernment Obligations," it will be agreeable to the committee, as to
their rec(0 The proceeds of the oil export taxes, which since Jan. 31 1922 have ommendation
for the extension of railway notes, that the maturity dates shall
been paid or accumulated under the agreement of Sept. 3 1921, shall be paid be fixed as of Jan. 1
1933.
over to the fund forthwith and all future proceeds of such tax shall be paid
If you are in accord, kindly se signify upon the duplicate of this
letter, one
over from the date hereof; and the proceeds of the tax of 10% on the gross copy of which I am
handing you, retaining the other copy for our files.
railway revenues shall be currently paid over as soon as the tax is created.
Very truly yours,
Payments will be made in a manner to be agreed on with the Interantional
(Signed) T. W. LAMONT.
Committee.
Confirmed: (Signed) ADOLFO DE LA HUERTA.
THE CHRONICLE
1.156
EXHIBIT "B."
Confidential.
June 20 1922.
•
the Treasury,
Hon. Adolfo de la Huerta, Secretary of Broadway, New York City.
c-o Mexican Financial Agency, 120 agreement which we signed with you
the
Dear 31r. Minister: Referring to
to Paragraph 4, relating to Current Interon June 16th last, and especially as
our conversations and in order to corto
est, you will recall that, according
the various coupons have always been
respond with the currency in which
minimum sums of 30,000,000 pesos,
paid, it should have been stated that the
should be understood to mean in each
Service,
Debt
the
for
provided
as
etc..
the amount stated; that is to say, the
case American dollars equal to one-half
less than 15,000,000 American dollars
fund should in the first year be not
and so on.
that, so far as
Further, as to the remittance of these funds, it is understood
should
concerns the oil export taxes, remittances covering the full amounts
to such New York
be made under the direction of the Banco Nacional direct
agencies or depositaries as the Banco Nacional may now designate.
confirm
If the foregoing is in accordance with your understanding, kindly
on the duplicate of this letter which I hand you.
I am, my dear Mr. Minister,
Sincerely Yours,
(Signed) T. W. LAMONT, Chairman.
Confirmed: (Signed) ADOLFO DE LA HUERTA.
EXHIBIT "C."
New York, June 16 1922.
Thomas W. Lamont, Esq., Chairman, International Committee.
the
railways and the holders
of
the
Government,
Dear Sir: In the interest
of railway securities alike, it is desirable that the arrangement for the return
of the railways to private management and for their operation thereafter
should be carried out in the most effective manner and with the least possible
friction. The agreement provides for details to be arranged covering these
matters, and this is written to indicate the means by which the intention of
both parties is to be carried out.
I propose to the President of Mexico and the International Committee the
following:
In accordance with the provisions of the charter and by-laws of the National Railways of Mexico there shall be 21 directors, of whom 12 shall reside in Mexico and 9 abroad, who shall constitute the New York local board
in accordance with the present practice, which is to be continued.
The Mexican Government will nominate and the International Committee
accepts the following as the first board of directors after the transfer:
(a)
New York Board.
1. Leon Salinas,
1. Walter T. Rosen,
2. Fernando Gonzalez Boa,
2. J. J. Hanauer,
3. Jose Vasconcelos,
3. Jesse Hirschman,
4. Roberto V. Pesqueira,
4. R. G. Hutchins, Jr.,
5. A. Legorreta,
5. L. F. Loree,
6. E. Yturbide.
6. E. N. Brown,
7. Diaz Barron,
7. Sir William Wiseman,
8. Vito Allessis Robles,
8. Henry Ruhlender,
Signoret,
Jose
9.
9. Carlos Felix.
10. Joaquin Pedrero Cordova,
11. Roberto Montes.
12. Lewis Lamm.
(b) Vacancies occurring in the board shall be filled by persons to be agreed
upon between the Government and the International Committee.
(c) The Government will vote the stock owned or controlled by it for the
election of the directors nominated as above who will be continued in office
at the annual elections until the resumption of full payment of interest and
sinking fund on the railway securities.
Very truly yours,
(Signed) ADOLFO DE LA HUERTA.
Accepted in behalf of the International Committee by
Chairman.
THOMAS W. LAMONT,
The International Committee of Bankers on Mexico comprises the following:
American Section—Thomas W. Lamont, Chairman; Mortimer L. Schiff,
Vice-Chairman; George W. Davison, Jesse Hirschman, R. G. Hutchins, Jr.,
Charles E. Mitchell, John J. Mitchell, Walter T. Rosen, Charles H. Sabin,
Albert H. Wiggin, Robert Winsor ; Ira H. Patchin, Secretary; Stetson, Jennings & Russell, Counsel; Jeremiah Smith, Jr., Associate Counsel.
British Section—Vivian II. Smith, Chairman; Laurence Currie, Sir Clarenand Vincent W. Yorke.
don Hyde, E. R. Peacock, Frank 0. Tiarks
(midi.
French Section—G. Griolet, Chairman; Paul Cretenier, William
thal, George Heine, Jacques Kulp and Joseph Simon.
Switzerland—G. Pictet, Geneva.
The Netherlands—C. E. ter Meulen, Amsterdam.
Belgium—Auguste DuPont, Antwerp.
SENATOR PITTMAN ON SILVER LEGISLATION—EXPECTED INCREASED DEMAND FOR SILVER.
According to a detailed statement in explanation of the
on Aug. 26, the GovPittman Act made by Senator Pittman
Act,
up and sold 272,melted
Pittman
the
under
ernment has,
ent to about 209,000,000
000,000 of silver dollars--equival
the Government has purchased
ounces. He also stated that
under the Act for re-coinage and replacement of silver dollars 124,000,000 ounces, and that therefore there is remaining 85,000,000 ounces that must be purchased from American
to the Governsilver at $1 an ounce when presented
Act
s the sale of
the
authorize
that
ment. He points out
that there are still 80,000,000
350,000,000 of dollars. Adding
sell, he says that if it should
of dollars the Government may
of approximately 145,sell these then there would be s total
how
long this will take he
to
As
replace.
to
000,000 ounces
says:
of silver produced annually in the
The answer depends upon the amount
the Government or elsewhere. In
United States, and whether it is sold to
was 55,000,000 ounces. In 1921
silver
1920 the total production of American
be approximately 53,000,00p
will
it
1922
It WSB 58,000,000 ounces. In
continues to purchase silver under the
ounces. . . . So if the Government
replace the silver dollars alAct it will probably require about 20 months to
ready sold and a year longer if the additional.80,000,000 are sold or disposed
of.
[you 115.
Referring to the probability of silver going above a dollar
an ounce before the Government has purchased sufficient silver under the Pittman Act, Senator Pittman declared that
beyond doubt "in the near future there will be great competition in the purchase of silver." It may be within one year,
It may require two years, but in any event, it is almost certain, in his view, that the price of silver will go above a dollar an ounce before the fund for the purchase of American
produced silver under the Pittman Act is exhausted. "If this
takes place," he continued, "then the Government will cease
to buy silver when it goes above a dollar an ounce, and the
fund will remain on hand as a constant assurance and guaranty to meet any emergency at any time to protect American
produced silver at $1 an ounce." In citing facts to prove the
early competition in the purchase of silver the Senator referred to the fact that "the demand for silver in China has
always been enormous. This demand is now depressed because of the failure of crops in China and the deplorable
economic and political conditions existing there, and yet, it
is evident, in his contenton, that China is going to develop
rapidly in the next few years and with this development will
come a greatly increased demand for silver." He furthermore asserted that "the moving picture industry is to-day
one of the largest users of silver, and this silver when once
used, goes out of existence. This industry is increasing
throughout the world and will continue to be a source of
Increasing demand for silver," he added. Senator Pittman
also indicated his intention of formulating additional legislation, which, in his opinion, will "add greatly to the value
of silver and the stabilization of the market throughout the
world." Senator Pittman's statement, which was printed In
the "Congressional Record" on Aug. 26 at the instance of
Senator Heflin, follows:
The Pittman Act is responsible, if responsibility must be placed, for the
Government at this time paying $1 an ounce for American silver while silver
produced everywhere else in the world is now selling in all countries, including our own, around 70 cents an ounce.
The life of the Act is now, and for some time has been, threatened by violent efforts to have the purchasing clause repealed. It is largely through
misunderstanding of the Act and ignorance of its history that propagandists
who are inspired by selfish motives have been able to create a widespread
sentiment against the Act.
States
These propagandists attempt to create the impression that the United
difGovernment is paying the silver producer a bonus in a sum equal to the
paid by
ference between the world market price and the sum of $1 an ounce
does not
the Government to the producer of American silver. The Government
pay any bonus whatever to the producer of American silver. The Government
it rethat
ounce
an
dollar
the
silver
simply pays to the producer of American
in the Treasury
ceived from the sale, under the Pittman Act, of silver dollars
the transaction. It
of the United States. The Government loses nothing by
silver,
is simply transferring British dollars to the producer of American
United States and
the
in
industry
maintaining the production of the silver
other
obtaining preference for American silver mines over the mines of every
ow
country.let us refer to the history of the Act. In the winter of 1917 and 1918
time the
the price of silver was below 80 cents an ounce, and at the same
cost of silver mining was over 60% above normal by reason of war conditions.
Silver mines were threatened with a close-down by reason of this low price and
the extreme high cost of production. The Governors of Western States, representatives of civic bodies, committees of mine operators, and financial experts
met in Washington with the Senators and Congressmen of the silver-producing
States and conferred with the Treasury Department, the Director of the Mint,
and other Administration officers and Governmental experts, with regard to
the Government anticipating its needs for subsidiary coinage and purchasing
silver in advance of requirements for the purpose of sustaining the silver industry. These conferences continued for several weeks. The great question
at issue was the price that the Government should pay for the silver. It was
finally agreed between the representatives of the United States Government
was a
and these various other representatives in conference that $1 an ounce
reasonable price to be paid for silver, and that such price would no more
than keep the mines in operation.
the GovThen there suddenly developed a grave war condition that urged
the early
ernment to immediate action. I was sitting in my office one day in
T.
Raymond
part of 1918 when I received a telephone message from Mr.
the Treasury
Baker, the Director of the Mint. He urged me to come down to
important matDepartment immediately to confer with regard to some very
already made prepters relating to the production and price of silver. I had
within 20 minutes afarations to depart from Washington on official business
fact to Mr. Baker and told
ter I received the telephone message. I stated this
then take the matter
him that I would return in two days' time and would
the Assistant Secretary of the
up with him. He then called Mr. Leffingwell,
me that it was not only a
Treasury, to the phone, and Mr. Leffingwell told
industry but that it was much
matter that affected the welfare of the silver
to prevent disastrous connecessary
more serious; that immediate action was
of course, went immediately to the
sequences to our success in the war. I,
Mr. Leffingwell, Mr. Straus, Mr. Baker
Treasury Department. There I found
Government, the British Ambassador and
and other representatives of the
giving instant evidence by their
other representatives of foreign countries,
their thoughts.
demeanor of the grave crisis that occupied
stated the case. He informed us
The British Ambassador at once frankly
supervision, had spent years and
that the Indian Government under British
paper certificates in lieu of silver ruyears in teaching the Indians to accept
on demand; that to facilitate
silver
in
pees, which certificates were payable
Government had established many agencies of reIndian
the
development
this
demption throughout India.
confident of the power and willingness of
The Indians had finally become
redeem these certificates and a large surplus of silthe Indian Government to
was not required. Therefore, this surplus had
ver for redemption purposes
there was not near enough silver in India to reand
decrease,
to
allowed
been
The Germans, so he told us, had started a
deem the certificates if presentd.
British Government could not repropaganda in India to the effect that the
SEPT. 9 1922.]
THE CHRONICLE
deem its silver certificates, and this had started a run on the Indian redemption agencies. He frankly confessed to us that in a very few days the Indian
Government would be compelled to admit that it could not redeem these certificates unless a supply of silver could be obtained, with the result that there
would be great disturbances in India.
We all knew what a revolution in India at that time would mean. We
knew that the great German drive against the west front was about to start.
We realized that many of the depleted Allied forces would have to be withdrawn to meet the effects of an Indian revolution. We did not deceive ourselves. We knew it might change the whole course of the war.
Astounding as is the fact, it was discovered that there was no surplus supply of silver in the world except the four hundred and odd millions of silver
dollars lying in the Treasury of the United States to secure the redemption of
the silver certificates issued against them. These silver dollars were placed
there by our miners, and they were their security for their silver certificates.
Our patriotism demanded that we find the means of utilizing this silver.
It may occur to the reader that it is strange that the Indian rupee certificates were not redeemed in gold, and yet it may seem stranger still to know
that there are people in India, and the very same people who were supplying
us with the jute bagging that was so necessary in the war, who will accept
nothing but silver.
Congress, and Congress alone, had authority to authorize the melting up of
these silver dollars and the supplying of the bullion derived therefrom to the
Indian Government. Congress could be counted upon for favorable action, of
course. Western Senators and Congressmen were confronted with a dual duty,
and while it was their duty to help prevent revolution in India it was their
duty at the same time to see that their own industries and their own people
did not bear too heavily this burden.
We only required that the silver dollars be sold at a fair price and that
such dollars be recoined and replaced from American silver purchased at the
same price.
Representatives of the Government desired to fix the selling and purchase
price at the then market price, approximately 80 cents an ounce. There were
representatives of the silver-producing States who insisted that the selling
and purchase price should be $1 29 an ounce. A compromise was finally
reached on $1 an ounce, the price that had theretofore been agreed upon at
the conferences to which I have referred.
I introduced the bill in the United States Senate. It was referred to the
Committee on Banking and Currency. There were Senators and Congressmen
who feared it was another free and unlimited silver coinage wedge. There
were ardent free and unlimited silver coinage advocates who wanted to substitute a 16 to 1 bill. We knew if the debate were started no bill could be
passed. The Senators and others representing the silver States, together with
the representatives of the Government, appeared before the committee and
explained the situation. The committee unanimously approved the bill and
reported it to the Senate. There were few speeches made on the subject in
the Senate, and those speeches carefully guarded the prime purposes of the
bill, as publicity would have but increased the danger. Each Senator, however, was personally informed with regard to all the facts. Every now and
then some Senator would enter the Chamber who by some chance had not received information with regard to the bill. He would rise to his feet for the
purpose of asking questions, but his coat tail would be tugged by some other
Senator and he would silently and in amazement collapse in his seat.
The bill passed the Senate with only two dissenting votes. It went to the
House of Representatives. It was referred to the Committee on Banking and
Currency of that Body. All of us again appeared before that committee and
fully explained the facts and the necessity of the case. That committee
unanimously approved the bill and favorably reported it to the House, and
its passage through that body followed the same course that it did in the
Senate. No bill of such far-reaching importance was ever so peculiarly passed
or so rapidly acted upon.
The bill became a law under a fair compromise and by virtue of the solemn
agreement between the Government, represented by its executives, and the
Congress of the United States. That bill never could have become law over
the objections of the Senators and Congressmen from the silver-producing
States. It was within the power of such Senators to have filibustered against
the bill indefinitely and thus to have prevented its passage. It is unthinkable that the Senate and the House of Representatives, under these sacred considerations, could for one moment, after being informed of all the facts, consider the repeal of this Act, the repudiation of their contract, and the dishonoring of Congress and our Government.
And yet Congress is a changing body and composed of many men from
many different kinds of localities, and there anything is possible. It is for
this reason that the deception that is being spread broadcast throughout the
country should be exposed and the facts given to the public.
But we of the silver-producing States have an additional interest in the
preservation of this Act. Our mines could not operate with silver at less
than a dollar an ounce. Our mines would all be closed down if we could only
receive the present world market price of silver. The killing of this great
industry would mean poverty and distress in hundreds of localities throughout the West and the great diminution of the commercial power of the whole
country. I am confirmed in this statement by numerous reports from silver
mine operators throughout the country.
The next question of vital importance to those interested in the production
of silver is the length of time that this Act will be operative, or, in other
words, how long will the Government continue to pay a dollar an ounce for
American produced silver?
The Act provides that the Government shall purchase upon presentation
every ounce of American produced silver and pay therefor $1 until the silver
dollars that were melted up and sold to India have been replaced in the Treasury from the purchase of American silver.
The Government, under the Act, melted up and sold 272,000,000 of silver
dollars. This is equivalent to about 209,000,000 ounces. The Government
has purchased under the Act for re-coinage and replacement of silver dollars
124,000,000 ounces. Therefore, there is remaining 85,000,000 ounces that
must be purchased from American silver at $1 an ounce when presented to the
Government. The act authorizes the sale of 350,000,000 dollars. There are
still 80,000,000 of dollars the Government may sell. If it should sell these
80,000,000, then there would be a total of approximately 145,000,000 ounces
to replace.
How long will this take? The answer depends upon the amount of silver
produced annually in the United States, and whether it is sold to the Government or elsewhere. In 1920 the total production of American silver was 55,000,000 ounces. In 1921 it was 53,000,000 ounces. In 1922 it will be approximately 53,000,000 ounces. I am, of course, using round numbers. So,
if the Government continues to purchase American silver under the Act, it
will probably require about 20 months to replace the silver dollars already
sold and a year longer if the additional $80,000,000 are sold or disposed of.
But, there are conditions that may continue this Act in effect indefinitely;
that is, the Government may never purchase a sufficient amount of silver to
replace these dollars, in which case there would always be a fund for the
purchase of American silver if the market price dropped below $1 an ounce.
1Vhat are these conditions? When silver goes above a dollar an ounce the
1157
silver producer does not present his silver to the United States Government,
but sells it to outside purchasers in the open market. For instance, the Pittman Act became a law on the 23rd day of April 1918, and yet the Government
purchased no silver under the Act until June 1920. Why? Because silver
during that period of time was selling in the open market of the world at
above a dollar an ounce, and therefore the American silver producers did not
present their silver to the Government for purchase under the Act.
This leads us to the natural inquiry as to the probability of silver going
above a dollar an ounce before the Government has purchased sufficient silver
under the Pittman Act_
This problem is governed by the supply and demand for silver throughout
the world, and the ability of those desiring silver to find the means with
which to purchase it. There is now, and always has been, a general impression that there is an unlimited quantity of silver in the world ready for mining. The fact is just the contrary. Engineers, geologists and prospectors,
backed by unlimited capital, for a great many years have been scraping the
face of the earth in search of paying silver mines.
And yet, notwithstanding this great effort, there has been very little increase in the production of silver during the last 20 years. For instance, the
world's production in 1900 was 173,000,00 ounces, while in 1918, being the
latest authentic reports, the production was only 197,000,000 ounces. The
United States is the greatest silver-producing country in the world, Mexico
second, and Canada third. These three countries produce nearly all the silver in the world.
Let us see what has been the production of silver in the United States since
1906. In 1906 the production was 56,000,000 ounces. It steadily increased
until 1916, when it reached 74,000,000 ounces. Since that time it has decreased to 53,000,000 ounces in 1921.
So the average annual production of silver throughout the world may be
placed at 197,000,000 ounces and the average annual production in the United
States at approximately 65,000,000 ounces.
These figures clearly disclose the scarcity of silver throughout the world.
They demonstrate beyond argument the impossibility of greatly increasing
the production.
Now, let us consider what is the demand for silver. We have already considered the demand for silver in India, which came to a crisis during the war.
Economists all know that China measures all values by silver in the form
of bullion. Commerce cannot be transacted in China except through the medium of silver. The demand for silver in China has always been enormous.
This demand is now depressed because of the failure of crops in China and the
deplorable economic and political conditions existing there. And yet, it is
evident that China is going to develop rapidly in the next few years, and with
this development will come a greatly increased demand for silver.
Silver is the money of general circulation in all of the South American
Republics. As the commercial development of those countries increases the
demand for silver there must naturally increase.
It is admitted that in India and China are the largest markets for silver.
And yet, in our own country during 1920 the Director of the Mint purchased
26,000,0000 ounces of silver for subsidiary coinage, nearly half of the total
production of silver in the United States.
All of Europe uses silver for subsidiary coinage. During the war there became such a tremendous demand in Europe for silver coins with which to pay
certain of their soldiers that continental European countries were compelled
to melt up silver plate to replenish these coins, and when the armistice was
signed these countries were denuded of silver.
Did they want the silver? Did they need the silver? Witness what happened immediately after the signing of the armistice. These countries went
into the open market of the world to compete in the purchase of silver with
China and India. This natural demand and purchase carried the price of silver above a dollar an ounce, it reaching its maximum price of $1 38% an
ounce on Nov. 25 1919.
Then the price commenced to recede until the month of May 1920, when the
world's market price of silver went below $1 an ounce.
What was the cause of this sudden drop in the price of silver throughout
the world? China was racked with famine and torn to pieces with political
disturbances. Germany, being without gold or credit, was compelled to remelt the silver coins that she had laid in immediately after the armistice
and
dump such silver bullion on the market at any price she could obtain, because
it was the only thing that had a value with which she might purchase in foreign countries. Other European countries did the same thing. Even India,
for the first time in many years, melted up its silver and threw it on the markets of the world for the same reasons.
The depression, therefore, of silver was natural. And yet all of these countries must again supply themselves with silver for subsidiary coin so soon as
they have credit or products with which to buy silver. Not only that, but as
the countries of Europe become prosperous they will desire and undoubtedly
will replace their silver plate that they melted up during the war and during
the last several months.
In the United States alone during the past year there was over 25,000,000
ounces of silver used in the arts. Is it not natural that when European countries become prosperous they will use their proportion of silver in the arts?
The high price of our silver, like the high price for many of our other products, mustw whenaitupo
th
ney
the
cap
nro
sselplet
irs.
f the rest of the world. They will buy
rh
itcyo
our products
The moving picture industry is to-day one of the largest users of silver, and
this silver when once used is destroyed and goes out of existence. This inidnuesrteraysiinsgindcerm
eaasnid
fo
ngthroughout
the world and will continue to be a source of
These facts prove beyond doubt .that in the near future there will be great
competition in the purchase of silver. In the future the ruinous competition
of the sale of silver will be avoided. Such competition is bound to carry the
price of silver above a dollar an ounce. It may be within one year, it may require two years, but in any event it
is almost certain that the price of silver
will go above a dollar an ounce before the fund for the purchase of Americanproduced silver under the Pittman Act is exhausted.
If this takes place, then the Government will cease to buy silver when it
goes above a dollar an ounce,
and the fund will remain on hand as a constant
assuranceandsgu
ilvaeraant $1
guaranty
at any time to protect Ameritomeet
any
ceny
eoeutna
can-produc
ed
These conjectures are all based upon existing laws and conditions. But
there is additional legislation that I am now formulating and which will, in
my
ar oepintihorno,ugiut theadiodgrea
mkt
value of silver and the stabilization of the
world.
The outlook for the silver mining industry in the United States is brighter
than anywhere in the world, and no industry is so certain and stable.
BAR SILVER PRICE REDUCED.
The following is from the New York "Tribune" of the 2nd
inst.:
The New York quotation on bar silver of "domestic origin" yesterday Was
reduced from 99%c. to 99Y4c. per ounce .999 fine. The price reduction was
1158
THE CHRONICLE
[Von. 115.
caused by the increased cost of transportation, owing to the fact the United
States Government is now accepting delivery of silver purchased under the
Pittman Act at the Denver Mint instead of at the Philadelphia Mint,
REPAYMENTS RECEIVED BY WAR FINANCE
CORPORATION.
The repayments received by the Corporation from Jan. 1
SECRETARY OF AGRICULTURE ON RELATION OF 1922 to Aug. 31 1922, inclusive, on account of all loans
totaled $118,938,516. According to an announcement made
FEDERAL CO-OPERATIVE EXTENSION EMPLOYby the Corporation on Sept. 5. Announcement was made on
EES TO AGRICULTURAL ORGANIZATIONS.
17 that from Aug. 1 to Aug. 15, inclusive, the repayAug.
25
In a statement on the above subject made public Aug.
ments received by the Corporation had totaled $6,323,623,
says:
Wallace
Agriculture
Secretary of
as follows:
The Act Congress approved May 8 1914,and supplemental acts thereto,
of
established co-operative agricultural extension work between the Federal
2
Department of Agriculture and State agricultural colleges. Section
of that Act defines the work as follows:
conshall
"Sec. 2. That co-operative agricultural extension work in agriculsist of the giving of instruction and practical demonstrationsin
said colture and home economics to persons not attending or resident
persons informaleges in the several communities, and imparting to such
and
publications,
,
demonstrations
field
tion on said subjects through
as may be
otherwise; and this work shall be carried on in such manner
agriState
the
and
Agriculture
of
Secretary
the
by
upon
mutually agreed
cultural college or colleges receiving the benefits of this Act."
It is thus made clear that the work of the co-operative extension emgirls
ployees, whether county agents, home demonstration agents, boys and
club agents, or other co-operative extension workers, is educational. These
raised from
extension workers are public teachers paid with money largely
all of the people by taxation and are charged with giving Instruction and
Their
practical demonstrations in agriculture and home economics.
work covers the entire rural field, which includes economic production,
and
economic marketing, and the development of better home, community
social conditions.
As they are public teachers it is not a part of the official duties of extension agents to perform for individual farmers or for organizations the
acutal operations of production, marketing, or the various activities necessary to the proper conduct of business or social organizations. They may
not properly act as organizers for farmers' associations; conduct membership campaigns; solicit membership; edit organization publications; manage
co-operative business enterprises; engage in commercial activities; act
as financial or business agents, nor take part in any if the work of farmers'
organizations, or of an individual farmer, which is outside of their duties
as defined by the law and by the approved projects governing their work.
They are expected, however, to make available to organizations such
Information as will be helpful to them and contribute to the success of their
work.
The various Federal laws provide that co-operative extension work shall
be conducted in such a manner as shall be mutually agreed upon by the
Secretary of Agriculture and the State agricultural colleges. By an agreement between these agencies an extension director located in each State
is the representative of both the college and the Department. He submits projects for extension work to the Sectretary for approval.
In carrying out these projects the law provides that no Federal SmithLever money, except $10,000 per State shall be paid to the States for cooperative extension work until
" . . . an equal sum has been appropriated for that year by the
legislature of such State, or provided by State, county, college, local authority, or individual contributions from within the State, for the maintenance of the co-operative agricultural extension work provided for in this
Act."
Under a later Act provision was made that
" . . . moneys contributed from such outside sources . . •
shall be paid only through the Secretary of Agriculture or through State,
county or municipal agencies, or local farm bureaus or like organizations,
co-operating for the purpose with the Secretary of Agriculture."
This makes it very clear that the law contemplates co-operation *with
farmers' organizations willing to co-operate in the work with which the
co-operative extension agent is charged. It is the duty of the extension
agents to render such assistance whenever possible in his teaching capacity
to any agricultural organization desiring it. Furthermore, the work of
these extension agents can be the most effective where it is carried on
with organized groups of rural people. It is entirely proper for any agricultural organization desiring to co-operate financially in the work of the
extension agents to contribute funds for the support of such work, and these
funds may be accepted legally by the extension service of the agriculturral
colleges and by the Federal Government for work on approved projects.
In short, it is the business of the extension agent to co-operate with
all agricultural organizations which desire to co-operate on approved projects. If more than one organization exists in a county he must co-operate with all fairly and impartially in the educational work in which they
are mutually interested.
The Department of Agriculture must necessarily consider in its administration of Federal co-operative extension funds the laws which have been passed
by the various State legislatures in accepting these funds and under which
agreements have been made with those States for conducting this work.
If special provisions relating to the methods of co-operation 'with agricultural organizations or other agencies are contained in the State laws,
which do not conflict with the Federal laws, it is clearly the duty of the
a
Secretary of Agriculture to accept such provisions in co-operative project.
OFFERING OF KENTUCKY JOINT STOCK LAND BANK
BONDS—CORRECTION.
In our reference last week to the $1,000,000 offering of
Kentucky Joint Stock Land Bank 5% bonds (page 1034)
the maturity date of the bonds was given as May 1 1922
instead of May 11952. The bonds are dated May 1 1922.
ADVANCES BY WAR FINANCE CORPORATION ACCOUNT OF AGRICULTURAL AND LIVESTOCK PURPOSES.
Corporation announced on Aug. 17
Finance
The War
that from Aug. 1 to Aug. 15 1922, inclusive, the Corporation
had approved 39 advances, aggregating $867,000, to financial
institutions for agricultural and livestock purposes. From
Aug. 16 to Aug.31 1922,inclusive, the Corporation approved
24 advances, aggregating $808,000, to financial institutions
for agricultural and livestock purposes.
On loans made under the war powers
On export advances:
From exporters
From banking institutions
36.000
$201,843
5,493
207,336
On agricultural and live stock advances:
From banking and financing institutions
From live stock loan companies
From co-operative marketing associations
$3,984,782
1,764.406
361,099
6,110,287
$6,323,623
Total
From Aug. 16 to Aug. 31, inclusive, the repayments
received by the Corporation totaled $6,773,974, as follows:
On loans made under the war powers
On export advances—From exporters
On agricultural and live stock advances:
From banking and financing institutions
From live stock loan companies
From co-operative marketing associations
$295,075
$33,635
295.075
$4,639,307
1,537,356
268,601
6,445,264
Total
$6,773,974
PAR CHECK COLLECTION SUBMITTED TO REFERENDUM OF U. S. CHAMBER OF COMMERCE.
The question of whether the collection of checks at par
should be made a universal practice throughout the country
was submitted on Sept. 6 for a referendum vote of the 1,400
business organizations connected with the Chamber of
Commerce of the United States. The referendum is based
upon a report made to the National Chamber by a special
committee which made an exhaustive study of every phase
of this question. In the opinion of the committee, the practice of certain banks in making a charge usually N to 1-10
of 1% in remitting to their Reserve bank in payment of
checks drawn upon them by their depositors, should be discontinued and par remittance be made universal. In its
investigation the committee found that not only the 9,726
member banks in the Reserve System were remitting at par,
but also 18,792 non-member banks, whereas the number of
non-member banks not remitting at par was 1,932. The
committee points out:
If charges were actually made by all banks remitting to Reserve banks,
for the
their aggregate would be very large and a burden upon commerce;
total items handled by Reserve banks in 1920 reached $157,000,000,000.
the interest
One-tenth of 1% would be $157,000,000 on this volume. Ifonly
it is obvious
of the banks which now wish to make charges were considered,
charges
all
made
which
banks
they would not profit through a system under
for remittance; for the cost of collecting checks deposited by tneir customers would tnen be as great as the amount they would receive from
remitting against checks drawn by their customers.
The committee is of the opinion that this problem should be solved from
an economic standpoint as speedily as possible and has little fear that the
laws passed by six States in an endeavor to support non-member banks in
their charges for remittances will be pushed in legislatures of other States,
or can have considerable effect. The questions at issue are national in
character and if they cannot otherwise be solved they should be settled
through national legislation.
However, the committee does not believe that further legislation is
necessary. Its consideration of the subject from every point of view leads
it to the conclusion it has indicated above, and it recommends that without
further legislation par remittance in payment of check should be made
universal throughout tae United States. If par remittance cannot, however,
suggests, the
be made the universal practice in the way the committee
for all
committee recommends that par remittance be made compulsory
System,
banks, whether members or non-members of the Federal Reserve
by affirmative and adequate enactment of Congress.
The members of the committee who signed the report were:
Granger A. Hollister. Chairman; manufacturer and banker, of Rochester.
Hopkins
George E. Barnett, economist, of Baltimore; professor in Johns
University.
Commerce,
of
School
dean,
Ralph E. Heilman, economist, of Chicago;
Northwestern University.
J. S. McCulloch, banker, of Philadelphia.
F. H. Montgomery, manufacturer, of Brooklyn.
J. H. Scales, wholesale merchant, of Louisville.
Joseph B. Shea, merchant, of Pittsburgh.
Captain Charles H. Teal, merchant and planter, of Colfax, La.
Y.
Robert H. Treman, banker and manufacturer, of Ithaca, N.
There was one other member on the committee,James S.Peters,a banker,
from the views of the other
of Manchester, Ga. Mr. Peters dissented
members.
CHARLES A. DE SALVO & CO., NEW YORK, FAIL.
An involuntary petition in bankruptcy has been filed in
the United States District Court against Charles A. De Salvo
& Co., dealers in stocks and bonds, of 50 Broad Street, this
city. The firm consisted of Charles A. De Salvo and Sol.
Klein. The "Wall Street Journal" says the liabilities are
estimated at $10,000 and the assets at $500.
SEPT. 91922.]
THE CHRONICLE
JAMES H. FITZPATRIC de CO., BOSTON, IN
BANKRUPTCY.
On Sept. 5 an involuntary petition in bankruptcy was
filed in the Federal District Court against James H. Fitzpatric & Co., stock brokers, of 60 State Street, Boston.
Subsequently the firm notified the Boston Stock Exchange
that it was unable to meet its obligations and James H.
Fitzpa,tric, the floor member, was suspended. The members of the failed firm, besides Mr. Fitzpatric, were John F.
Dunn and Harrison L. Evans. Mr. Fitzpatric was elected
a member of the Exchange on Jan. 29 1919.
•
FEDERAL RESERVE BANK OF NEW YORK ON FOREIGN
FINANCING AND GOLD AND SILVER IMPORTS.
The following is from the Sept. 1 issue of the "Monthly
Review of Business and Credit Conditions" issued by the
*Federal Reserve Bank of New York:
The accompanying table, bringing up through July a tabulation printed
in the "Review" of May 1, shows that in recent months credits created in
this country through sales of foreign securities and net imports of gold
and silver have continued to offset this country's monthly export balance
In merchandise. The figures for July, however, indicate an important
alteration in the proportion of credits established here by these two means.
A marked reduction in the volume of foreign issues sold here was accompanied by a rise in imports of gold and silver to the highest levels since the
close of last year.
United
Total of Foreign
Net
Foreign
States
Financing and
Imports of
Financing
Export
Net Imports
Gold
in
Balance
of Gold
and
United
and Silver. (Merchandise)
States.
and Silver.
1921—
$91,000,000 $445,000,000
$62.000,000 $29,000,000
January
272,000,000
88,000,000
41,000,000
47,000,000
February
135.000,000
117,000,000
88,000,000
30,000,000
March
86,000,000
87,000,000
81,000,000
6,000,000
April
125,000,000
200,000,000
62,000,000
*139,000,000
May
151,000,000
53,000,000
8,000,000
45,000,000
June
147,000,000
102,000,000
60,000,000
42,000,000
July
172,000,000
139,000,000
88,000,000
51,000,000
August
146,000,000
185,000,000
63,000,000
September_ _ _121,000,000
155,000,000
95,000,000
42,000,000
53,000,000
October
52,000,000
83,000,000
115,000,000
November_ _ __ 63,000,000
59,000,000
28,000,000
x74,000,000
102,000,000
December
1922—
28,000,000
93,000,000
62,000,000
121.000.000
January
25,000,000
58,000,000
35,000,000
82,000,000
February
163,000,000
74,000,000
35,000,000
198,000,000
March
217,000,000
10,000,000
207,000,000
April
101,000,000
5.000.000
39,000,000
55,000,000
44,000,000
May
12,000,000
119,000,000
June
74,000,000
131,000,000
98,000,000
43,000,000
55,000,000
54,000,000
July
* Refunding May $50,000,800. x Hawaiian issue sold during year incl.
SUSPENSION OF FOREIGN MONEY ORDER EXCHANGE
BY GERMANY.
With regard to the action of Germany in suspending the
issuance of foreign money orders, referred to in these columns
Aug. 26, page 926, the Post Office Department issues the
following notice:
1159
huge enclosure are already in place. The foundation was the largest undertaking of its kind ever attempted in Manhattan, the excavation going
down ninety feet below street level.
The vault is a three-story structure with its lowest floor eighty feet below
the curb at Liberty and Nassau Streets. The entire vault is below tidewater. Its three levels will not only accommodate the vast volume of
cash and securities which the bank is now carrying in eleven scattered
vaults, but will permit the department handling securities to conduct all
Its operations inside the vault. During 1920-21 the Federal Reserve Board
conducted a series of tests of different types of vaults construction by attacking them with explosives and other modern implements, at the conclusion of which this and other Federal Reserve banks were enabled to add
greatly to the strength of their vaults, and at the same time greatly to reduce their cost. It is believed that the vault of the Federal Reserve Bank
of New York, will be not only by far the strongest, but the cheapest for
its size ever built.
The Federal Reserve Bank of New York was opened for business November 16 1914, and on Jan. 1 1915 it had five officers and thirty-six other
employees. To-day its employees, all classes, number 2,776. Its growth
has been so rapid that at one time thirteen vaults for its securities were in
use in six separate buildings, making necessary hundreds of transfers of
cash and securities each month, amounting to millions of dollars, through
the streets and corridors of office buildings at great risk.
The bank now holds about $5,000,000,000 in cash and securities, stored
in the eleven vaults, located in five separate buildings. During 1921,
on the average, $180,000,000 in cash and $1,910.000,000 in securities
were daily withdrawn and replaced in the various vaults.
The records of the growth of the banks in the United States in past years
give some indication of what may be anticipated in the future concerning
the expansion of the Federal Reserve Bank of New York. For the fifty
years from 1870 to 1920 the banking resources of the country increased
at an average rate of 7% a year or, in other words. they doubled every
ton years.
At the present time about one-third of the 30,000 banks in the United
States are members of the Federal Reserve System and the resources of
these banks amount to two-thirds of the total banking resources of the
country. The Federal Reserve Bank of New York, carries on about onethird of the entire transactions of the system.
An idea of the extent of business done is given in the seventh annual
report of the New York Bank for the year ending Dec. 31 1921. In the
paragraph referring to the collection of checks, drafts and notes, It is
stated that the average number of checks handled during 1921 was 346,100
a day, or 104,519,000 for the year, aggregating $36,100.000.000. Based
on the fact that the average check is 7 yi inches long, if these 104.519.000
checks for the year were placed end to end they would create a string
that would extend exactly 12,750 miles, or half-way around the world.
Collection of non-cash items, including drafts, notes and coupons, aggregated for the year $1,580,000,000. Service in connection with Government loans included during the year the receipt or delivery of 10,520.094
individual Liberty Bonds and Victory Notes, amounting to $2,879,500,000,
which were exchanged or converted or handled in connection with registration, and the payment of 26,125,000 individual coupons on Government
bonds, notes and certificates.
It involved also the sale and issue of $1,480,000,000 of Treasury notes
and c‘...rtificates, and the redemption of $1,461,000,000 of Treasury certificates. In addition to these operations for the Treasury, the bank performed other work for the Government connected with the currency, the
collection of checks, the custody, purchase and sale of securities and the
transfer of funds.
RESERVE BOARD SAYS BUSINESS IS
SOUND DESPITE STRIKES.
In its summary of general business and financial conditions throughout the several Federal Reserve districts
during the month of August the Federal Reserve Board
states that the outstanding feature of the month has been
the inherent soundness which the general business situation
has manifested in the face of the difficulties which have
been encountered. The Board's statement, made public
Sept. 1, continues:
FEDERAL
Announcement received indirectly by the Post Office Department that
Germany has ceased money order exchange with all nations brings negotiations between the United States and Germany for a money order convention to a halt.
Germany has ceased money order exchange with other nations on account
This has been shown by the continuance of activity at a relatively high
of the unsettled rate of exchange of the mark. Officials of the Rost Office
Department had begun work on a convention with Germany and some level despite labor disturbances, in particular those in the coal and transcorrespondence had passed between the two Governments on the question. portation industries, and despite the fact that some recession of activity
It is declared now, however, that there is no use further pursuing the matter is normally to be expected at this season of the year. Prices of important
until Germany resumes money order exchanges with countries with whom commodities continued their upward tendency during July, the index number of the Federal Reserve Board for that month being 165, or 4 points
she has already held conventions.
greater than the June figure. During August, however, conflicting tendencirs in price movements were apparent. The excellent agricultural prospects provide an encouraging outlook for the fall trade. Furthermore,
NEW YORK'S NEW FEDERAL RESERVE BANK TO BE increase
of demand for certain commodities to compensate for restricted
TO
VISITORS
TO
A.
CONVENTION.
B.
VIEW
A.
ON
output or delay in placing orders owing to uncertainty is also in prospect.
Though the new building of New York's Federal Reserve Even so, business must necessarily proceed under handicaps for some time
to come as a result of fuel shortage and transportation difficulties.
Bank, largest in the world from standpoint of resources,
Manufacturing activity in general has been maintained at a high level
volume of business transacted and size of staff, will not be during both July and August. In those industries, such as automobiles
completed until the latter part of 1923, it will be on view in and building construction, in which seasonal recession is shown, activity is
still far in excess of a year ago. Cotton manufacturing likewise shows some
process of construction to several thousand bankers from decrease, but wool machinery
on Aug. 1 showed greater activity than on
every section of the country, who will assemble in New York July 1. The output of the nonferrous metals other than copper has also
Increased, and prices have advanced, in particular in the case of zinc. The
Oct. 2 to 6 next for the forty-eighth annual convention of fuel
shortage and traffic congestion, however, have resulted in some eecrease
the American Bankers' Association—men whose interests of activity in the iron and steel industry, particularly since the opening of
increased steadily during the
are closely interwoven with the Federal Reserve System. August. Bituminous coal production has operations,
output may shortly
present month, and, with the resumption of
The American Bankers' Association in a statement regard- attain
of labor difficulties,
settlement
maximum levels. Pending the
ing the new structure says:
anthracite production continues almost negligible. Petroleum output
On May 31 of this year the cornerstone of the big structure, which will increased somewhat in July and stocks show further accumulation.
The labor situation showed considerable improvement during August.
face Nassau St. on the west, Liberty St. on the south and Maiden Lane
and the majority
on the north, was laid, and on that date also the steel work had been The bituminous coal strike has been settled in many fields
concrete
floors
laid
rough
St.
for
Nassau
of
the
ten
stories
on
and
the New England cotton mill workers have returned to the factories.
carried up
side. In view of the rapid progress that has been made in the construction Shortages are reported in various industries, in particular in the Western
since building operations were begun a few months ago, it is felt that copper mines. Reflecting this situation, wage increases have been granted
enough will have been done by October to give convention delegates an for certain classes of labor. The only important disturbances still existing
Idea of what the building's size and beauty of design will be. Every effort are those in transportation and the anthracite coal industry,in both of which
will be made to organize personally conducted parties to the site for the negotiations for settlement have been actively proceeding.
purpose of familiarizing the out-of-town visitors with the location of the
Agricultural prospects on the whole continue very satisfactory. There
was a notable improvement in the condition of the corn crop during July,
new bank and to allow them to inspect the work that has been done.
before
advanced
the
directors
and
expect will be well
the spring wheat crop promises to be unusually large. It is impossible
A particular feature that
the bankers'convention, will be the now vault, which will be the largest and as yet to estimate definitely the final yield of the cotton crop, but the weevil
most modern in the world. Rough floors, walls and part of the ceiling ofthe damage has been less than anticipated. The prospects for the tobacco crop
1160
T1TE CHRONICLE
(Vol,. 115.
It is claimed that the price of cotton, now 20 to 22 cents a pound, is
higher than It was during pre-war times. When it is taken into consideration that we produce one bale now where we produced two then,
that we are fighting the weevil, picking off the square, adding the fertilizer, and then making one bale where we made two, the cost on the
south Atlantic this year will aggregate from three to four times the cost
before the weevil occured. I predict that unless heroic measures are
adopted such as I have indicated and such as the South is now aroused
to the necessity of, that in the course of three or four years there will be
no cotton planted in the South Atlantic States for the reason that at the
prices now obtaining the producer can not fight tne weevil, buy fertilizer,
and take a gambler's chance as to what he will get for his cotton. The
current prices now are around 22 or 23 cents, while the estimated yield
has been reduced 1,000,000 bales, according to the last Government
report, to 10,500,000 bales, where the average consumption of the world
is around 13,500,000 or 14,000,000 bales, spell a shortage and famine
in cotton before next August shall arrive. The present price spells the
absolute bankruptcy of those who are attempting to make the cotton
and yet under the manipulation of our financial affairs, the price seems
to be arbitrarily controlled, by those who have no regard for the law of
STATE INSTITUTIONS ADMITTED TO FEDERAL supply and demand or the welfare of the producer. We are confronted
with a condition that is not only going to spell disaster to the cotton proRESERVE SYSTEM.
ducers of the South,
as Sir Charles NIcCara said in his letter to one
The following institutions were admitted to the Federal of the officials of thebut,
American Cotton Association, it spells disaster and
1:
Sept.
ending
weeks
three
the
in
System
ruin
the
to
Reserve
cotton industry of England and of Europe and of the Orient.
Total
Japan, Great Britain, France, Italy, Spain, Germany, all run their mills
Capital. Surplus. Resources. dependent upon the American supply.
District No. 6—
I am calling this matter to the attention of the Senate because it has
$60,000 $20,000 $191,381
Union Banking Co., Monroe, Ga
85,383 got to be met by co-operation of the United States and the States. We
5,000
25,000
Dacula Banking Co., Dacula, Ga
have got to prepare to meet it. If the report of the entomologist be true
District No. 3—
300,000 165,000 2,901,010 that cotton is the only host of this pest and that he will starve and be
York Trust Co., York, Pa
exterminated if cotton is not planted, we have got to meet the issue and
start by leaving all east of the Mississippi for one year and then the next
INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE year all west of the Mississippi without the planting of cotton. It is absolute folly to think that the planters of the South can go on making cotton
BOARD TO EXERCISE TRUST POWERS.
for the world's consumption, taking chances against the pest which, in
The Federal Reserve Board has granted permission to unusually
favorable years for him, destroys from six million to seven
the following institutions to exercise trust powers:
million bales and even in the best years cutting down the crop 30%—
it is idle to think that any sensible men are going to engage in the proThe First National Bank of Louisville, Ga.
duction of an article that is not only problematical even under the best
The First National Bank of Shelbyville, Ind.
of conditions, but absolutely bankrupting when it comes to the question
The Lebanon National Bank, Lebanon, Pa.
of the added fight by virtue of this pest.
The First National Bank, Mason City, Iowa.
In the South Atlantic States all the land, in spite of its wonderful proartificially fertilized, makes the cost of any other crop
SUSPENSION OF COTTON PLANTING FOR ONE YEAR ductivity when
prohibitive in competition with the great grain fields of the West. There
PROPOSED BY SENATOR SMITH TO EXTERMIgrows
grain
all the
without artifical fertilization. Corn is raised in all
the valleys of the West, the Middle West, and the far West, in such quanNATE BOLL WEEVIL.
tities at at such a
as to make it absolutely impossible for us to grow
The proposal that cotton planting in the United States it in competition. cost
And yet there is not a spot on the habitable globe
be suspended for one year to effect the extermination of the found that will grow a pound of cotton comparable to the American variety.
as Sir Charles McCara said, adopted the stupid policy of allowing
boll weevil has been made by Senator Smith of South Caro- We have,
Europe and America to put the price on cotton just as low as the poor,
lina. In presenting his suggestion to the Senate on Sept. 5 resourceless producers of the South can stand. For 50 years, as the
Senator from Georgia knows, we have been producing cotton in adequate
Senator Smith said:
That would put the weevil beyond our borders, and then by establishing supply for the world demand at a result to us of just a bare living for
a zone 100 miles in width east of the river [Mississippi],the flight ofthe weevil those who produced it. The purchaser of cotton in American and in
being not more than 60 miles during its migratory period, . . . we would Europe has adopted the stupid policy of trimming the price down just
as low as the producer could possibly exist—not live, but exist. So that
be rendered immune so long as we maintained the zone.
-day we are confronted with the condition of one-half of a crop atfour
to
Senator Smith also said in part:
normal times. We have two
Just a few days ago we passed a tariff bill, and one of the most important times the cost with the average price of
do not take hold of this
provisions in that bill as it pertained to America, as well as the rest of resources. If the Government and the States
in America. so far as the
cotton
of
the
it
finance
production
and
matter
the world, was that relating to cotton manufactures. It is a matter not
thing of the past. It means the exploitation
only of concern to America, where there are money investments in cotton- world supply is concerned, is a
grow any cotton
manufacturing plants of almost incalculable sums, but it is a matter of of every acre in the world outside of America that can
world-wide interest, that there has appeared and is now operating in to meet the demands of the world.
I have asked
which
entomologist
the
from
come
shall
letter
this
When
this country a destructive pest which last year spread its infestation to
specifically and indicate to us whether
practically the entire Cotton Belt. I want to read a report of the estimate him to write I hope it will state
for a year would mean the eradication of the
of loss made by the Department of Agriculture, which is nothing short the non-planting of cotton
this morning he indicated to me that he
of startling in its revelations concerning the amount of loss we are now weevil. Over the telephone
If it is true the Federal Government in
true.
be
would
believed that
sustaining. This report, in part, says:
conjunction with the State Governments must meet the matter by law
From point of loss in production through all causes, 1921 was a record
planting of cotton until such time as this national menace
year. The estimated potential production aggregates 18,666,000 bales, and prohibit the
prevented production being 10,712,000 bales, for which the boll weevil shall have been destroyed.
that the Federal Government has any constitutional
was responsible for 6,277,000 bales in one year alone.
believe
I do not
When we consider that the average export of cotton for 10 years was power whatever to say a word to a sovereign State as to what shall be
7.456,000, and our domestic consumption was 6,396,000 bales, we can planted within that State, but I do think that if a sovereign State wil
begin to appreciate the actual loss in dollars and cents yearly from the exercise its power and co-operate with the other sovereign States and
then the Federal Government will aid them in tiding over the year of
presence of this pest. The article further reads:
by a proper appropriation to help them to live and sustain
Prevented ioroduction therefore far exceeded the actual crop and the non-production
weevil caused a reduction equal to 79% of the actual crop. Had it not their credit, we will have met the situation. I do not believe the Federal
been for the weevil last year's crop could have been obtained from 66% Government has any power whatever to control the planting of any crop
of the acreage cultivated. The weevil was more destructive than all other within a given State. I do think that the emergency which now confronts
causes of damage combined, being credited with 59% of the total damage.
us in the cultivation of cotton is not only national but international in
Mr. President, I had a talk this morning over the telephone with the character. England is as much interested in the American cotton crop
of
Agriculture. The presence of as is America; Europe is as interested as is America. Heretofore it has
chief entomologist of the Department
this pest is menacing the commercial life of the South Atlantic States. had an abundant supply; but consider these figures: When the weevil
In my State alone last year practically 1,000.000 bales of cotton were had spread from the western territory across the Mississippi and had
taken from production. At 8100 a bale, or 20 cents a pound, that spelled covered all of the State, say, of North Carolina. production dropped from
a loss of $100,000,000 in that State alone.
an average of 13.000,000 bales to a production last year of 7,900,000
We have been experimenting with this terrible plague for something bales. Our exports of cotton for 10 years averaged 7.456,000 bales anlike 21 years, and have not even checked his ravages. We have came nually. So it is apparent that Our production last year only exceeded
to the point where heroic remedies must be applied if we propose to save our average exportation of cotton by about 400.000 bales.
for the mills of America, to say nothing of the mills of the world, a supply
The domestic consumption of America averaged for 10 years 6,396,000
of cotton sufficient to meet the demands of those mills.
bales. The prospects are that the average consumption in America will
It is needless for me to say to the Senate that American cotton has no increase; the probabilities are that this year our cotton crop will not exceed
competitor, and is practically the only cotton used for human consumption 9,000,000 bales. The Agricultural Department estimated that, based
the world over, and from an average of 13,000,000 bales in the last 10 upon conditions as of Aug. 25, the present crop would yield 10,500,000
years, the production during the years 1921 and 1922 will not exceed bales; but they took the precaution to say: "It may be more or it may
8.000,000 bales, and the weevil has not yet quita covered the entire cotton be less, on account of the uncertainty that attaches to the maturity of
belt.
the crop and conditions from now on."
Weil-informed men, men who know cotton, do not believe tnat the
As the chief entomologist said to me this morning, it is not a local
and
menace,
we
have
national
to meet it, present crop will exceed 9.000,000 bales. Suppose our consumption in
matter; it has now become a
there,
crops
but
of
rotation
with
or
the
only America maintains the average of 6,396,000 bales; we will have, out of a
not with experiments here
method indicated, the cessation of the planting of cotton for one year, 9.000,000-bale crop, something like two and a half million bales to meet
either in the entire belt or in the eastern half of it, with a like cessation an export demand of an average of 7,000,000 bales.
In the western half next year.
When the Agricultural Department brought out a statement showing
I asked this morning if it was the opinion of the chief entomologist a condition of 57% as compared with normal and indicated that the maxithat cotton was the only host of this pest. He replied that, so far as mum crop upon that basis would be ten and a half million bales, which,
their investigations went, he was of that opinion. I asked him to write with the carry over from last year, would lack something like two and a
me a letter setting forth whether or not, in the opinion of the entomologist, half million bales of meeting the world's demand for American cotton,
the cessation of the planting of cotton a year would put the pest beyond the cotton market broke 100 points.
the Rio Grande River, in which case we could zone a hundred miles east
In view of that condition, how long do the members of the Senate,
of the river, and forever remove the danger of this incalculable loss that who boast on this floor from time to time of the great resources of this
country and of our marvelJus trade, suppose that the balance of trade
has fallen upon the southern people.
are exceptionally good, and most ot the other crops are considerably above
the average.
Wholesale trade suffered a decline during July as compared with June
in all lines except dry goods, which was more active because of fall buying
in all districts except those most affected by labor difficulties. Recessions
in groceries, hardware, boots and shoes and drugs were largely seasonal.
Most lines were in a better position than a year ago, especially hardware.
Retail trade, however, was slightly smaller than last year, although larger
in New England and on the Pacific Coast.
Financially few new developments occurred during the month. The
Federal Reserve banks of Kansas City and Minneapolis each reduced their
%. None of the Federal Reserve banks now have
discount rate to
rates in excess of that figure. Both Federal Reserve and member bank
portfolios show little change. The rapid decline of the mark has been the
outstanding feature of the foreign exchanges, francs and lire remaining
practically constant and sterling showing some increase until recently.
In foreign trade the value of both imports and exports showed a decline from
the June figures to approximately the same level as In May.
SEPT.9 1922.]
THE CHRONICLE
will be in favor a America. It is a notorious fact that our food production
is rapidly being overtaken by consumption, so that in a few years we will
cease to oxport foodstuffs, and, according to one of the experts of the
Department, we will be importing foodstuffs. What will happen when
we will cease to export cotton and pernaps begin importing cotton to
meet the demands of the increased population and the necessities of the
people? Yet we sit here, not only paying no attention as a body to this
frightful menace but raising not a finger in protest against the manipulation
of our financial affairs that refuses credit to the man who desires to hold
his cotton until he can get enough out of it to pay expenses.
We are now just upon the eve of gathering and marketing the crop
of 1922. A small portion of the crop of 1921 is still in the hands of the
producers. At the present price of cotton, at the present cost of production and the amount of production it would take three crops produced
without cost to meet the indebtedness incurred in producing the crops
of 1920 and 1921. I believe the Senator from Georgia [Mr. Watson]
and the Senator from Alabama [Mr. Underwood] will agree with me that
with the present price of cotton, the supply in sight, the prospective
supply to be produced this year, with the carry over from last year, added
tp.an entire crop of toe same size that cost nothing to produce, if sold
at the present price would not more than liquidate the indebtedness incurred
by the drastic deflation of 1920 and 1921.
In my own case ad a cotton producer, I can specify that my carry over,
which I am fortunate enough to have, perhaps, or maybe unfortunate,
plus this crop, plus the next crop, would not more than liquidate the
indebtedness that I incurred to produce the crops of 1920 and 1921. It
is a stupid policy for us to sit idly by and allow the Old World, Liverpool,
to dictate to America the price of her world monopoly, and to impoverish
the producer, and then come here and pass a tariff that is beyond all
reason in protecting the manufacturer against the same source.
Mr. President, I hope that at least when I ieceive the report from the
entomologist Senators will give their earnest attention to this subject,
which means the balance of trade in our favor, which means the prosperity
of all America. If you take S1,000,000,000 out of the primary circulation
of this country by virtue of the failure of the cotton crop, it will affect
every manufacturing plant from Florida to Maine and from the Atlantic
Ocean to the Pacific. The untold millions that have been turned loose
in the sale of cotton and cotton seed have largely spelled the development
and progress of this country. It is coming to an end. The manufacturers of the West and Middle West and the East and the North must
find some other place to dispose of their manufactured goods rather than
in the South. It is a matter that calls for the most serious consideration
of this body. Matters of less importance have received not only the
serious c.insideration of this body but their hehrty response. When the
starving millions of Russia were menaced we poured out our largess. I
am not asking you to give the South anything. I am asking you just
to give us a fair chance under our common Government: and when I shall
have received this report from the entomologist I propose to introduce
a Joint resolution looking toward the co-operation of the Federal Government, as far as the Constitution will allow, in ceasing the planting of
cotton and bringing about a condition that means a to-morrow for the
cotton grower of the South.
1161
culture based on condition reports bring this total up to
2,677,393,000 bushels, compared with 2,697,499,000 bushels
in 1921, and with a pre-war average of 2,607,928,000
bushels. Total production in the Southern Hemisphere
for the last harvest season is estimated at 342,133,000
bushels, compared with 362,097,000 bushels in 1921, and
with 282,425,000 bushels, the 1909-13 pre-war average. The
acreage of the growing crop in Argentina is estimated to be
larger than that of the crop just harvested.
NORTHWEST WHEAT GROWERS ESTABLISH SELLING
AGENCY.
Under a Minneapolis date, Aug. 29, "Financial America"
of Aug.30 published the following:
Farmers of the West and Northwest who are members of five State
wheat growers' associations, which comprise the Northwest Wheat Growers'
Association, wili be relieved of the responsibility of selling their own wheat
under plans of the organization, which on Aug. 1 opened a sales agency here.
All matters pertaining to the sale of wheat will be handled by the several
agencies it has established in the territory, according to F. J. Adams,
Auditor of the organization.
Application for a membership in the Minneapolis Chamber of Commerce has been made,through which medium the major portion of the grain
will be said, Mi. Adams said. The Northwest Wheat Growers will not
act as a commission concern, its interest being confined to the selling end.
as no wheat will be purchased by it, he said. It also will not deal in future
options.
One of the objects of the organization is to attempt to create a more stable
market, Mr. Adams said. A normal quantity wih be sold each month, depending upon market conditions, with no set limits t3 gauge the movement.
The Northwest Wheat Growers' maintain selling agencies at Ogden,
Utah,Poztland, Ore.,and Seattle. Wheat from North Dakota, Montana,
Nebraska and Colorado will flow through the Minneapolis office, while
Washington, Oregon and Idaho grain will be disposed of at the Western
agencies.
Under the rules each of the 20,000 members, who have contracted to pool
their wheat for six years, will take his wheat to an immediate elevator and
obtain elevator receipts, according to Mr. Adams. These will be forwarded
to the Northwest Wheat Growers' office, and farmers will be paid 75%
of the full value, based on current market prices, he explained. Additional
advances will be made as the grain is sold.
Final payments will be based on average prices.
For its export business the organization has made connections with a
European house which deals only in co-operative wheat,he added. Duluth,
Seattle and Portland will act as export. ports.
As Chicago is out of its immediate territory, no trading will be done on the
Chicago Board of Trade, Mr. Adams said.
FOOD CONTROL MEASURES OF EUROPE—EUROPEAN
COTTON PROBE ORDERED BY SENATE.
FARMERS STILL SUBJECT TO MANY
The United States Senate, according to the "Wall Street
WARTIME REGULATIONS.
Journal" of yesterday (Sept. 8), has ordered an investigation
•
of the cotton industry with special attention to alleged
The Department of Commerce at Washington has issued
manipulation of the cotton market. The probe,it is stated, the following under date of Aug. 28:
That the food situation in many European countries is still a matter of
will be conducted by the Senate Agricultural Committee
importance is shown by the many wartime regulation measures that are
under a resolution passed without a record vote. Matters .first
being retained or are put into effect at the first indication of a food shortage.
relating to the supply, demand and marketing of cotton The Foodstuffs Division of the Department of Commerce reports that
France has a much shorter wheat crop than last year, though it is about
will be investigated by the Committee.
WORLD WHEAT PRODUCTION 3,019,526,000
BUSHELS.
Washington, Sept. 6.—World production of wheat this
year, excluding Russia and Mexico, is estimated by the
United States Department of Agriculture at 3,019,526,000
bushels, based on actual estimates from reporting countries
and estimates based on condition reports. Production in
1921 was 3,059,596,000 bushels, and for the pre-war 1909-13
average 2,890,353,000 bushels.
Decreases occur in nearly all European countries. Total
European production is estimated at 1,100,991,000 bushels,
compared with 1,239,256,000 bushels in 1921, and a pre-war
1909-13 average of 1,275,157,000 bushels, British India and
Japan will have 392,847,000 bushels,compared with 282,094,000 bushels last year, and 375,827,000 bushels, the pre-war
average. Both Canada and the United States show increased production over last year with a combined estimated
outturn of 1,125,968,000 bushels, compared with 1,095,751,000 bushels in 1921, and 883,810,000 bushels, the 1909-13
pre-war average.
Russia reports favorable crop conditions, and according
to advices from all sources will be able to feed herself this
year. Last year Russia imported wheat. Production
figures for Mexico are not available, but last year 5,089,000
bushels was produced, according to an unofficial estimate,
compared with the 1909-13 average of 9,995,000 bushels.
For Africa, a total production of 57,587,000 bushels is
estimated, compared with 81,398,000 bushels in 1921, and
with the pre-war 1909-13 average of 73,134,000 bushels.
Total production in the Northern Hemisphere, according
to actual estimates from reporting countries, will be 2,200,650,000 bushels, compared with 2,143,979,000 bushels in
1921, and with 2,020,276,000 bushels, the pre-war average.
Estimates made by the United States Department of Agri-
normal, and as a result they have again revived the wartime regulation
enforcing long milling of wheat on the first of September, and are contemplating again restoring the right to use wheat flour substitutes, which, of
course, would produce the old well-known war bread. The wartime restrictions which still exist in both Rumania and Germany are very well
described in a special report received by the Department of Commerce
from Mr. Alfred P. Dennis, European Representative of the Foodstuffs
Division. Mr. Dennis makes the following statements:
"The exportable surplus of coarse grains from Rumania will be a determinative factor offirst importance in the European food situation. Trade
in barley and oats has now been relieved of the burdensome export licenses
and, subject to export taxes, may be freely shipped out of the country by
private traders. The export trade in wheat and rye remains vested in the
Government, but trading in these commodities within the Kingdom is free.
The conditions under which the new corn crop may be exported are not
clearly defined. A heavy export tax is imposed on Rumanian grain sold
in European markets. Out of the proceeds of the export taxes on cereals
the Government proposes to devote 1.600.000,000 lel to the encouragement
of wheat cultivation. The situation may be summarized as follows:
"Heavy grain export duties are considered essential as a revenue producer.
"The heavy taxation tends to deprive the Rumanian farmer of the
benefits of world prices for his grain.
"Under these circumstances, the farmer shows little disposition to provide a surplus of grain for export.
"As a counter influence, the Government. having taken a heavy tax on
farm produce with one hand, partially restores it with the other by offering
a premium of 200 lei per hectare for all wheat that may be sown this autumn.
"An effort Is being made to cater to the wants of the home consumer by
fixing a maximum selling price on wheat and rye for home consumption.
"An equally interesting situation has developed In Germany as a resultant
of the stress between falling production and high-priced foreign grain and the
clamor of the consuming public for cheap bread. The German Government
has been compelled to deny the native producers of rye and wheat a free
market for their commodities. Under the recent law, which authorizes
the Government to requisition native wheat and rye at a fixed price, the
German farmer is under the necessity of disposing of his surplus grain at a
price about one-third of the world market price. The saving thus effected
on Government purchases of native grain will serve to reduce the high cost
of the 2.000.000 tons of wheat and rye which the Government proposes
to import during the next cereal year (beginning Aug. 15). It is hard to
see how German grain production in the immediate future will not suffer
a setback through regulations which compel the producer to dispose of his
product at cut-rate prices. In the case of Rumania, artificial efforts to
stimulate production are to be made through a species of subsidy to the
wheat growers. No help of this kind will be vouchsafed the German
farmer, who has enjoyed, as a result of war prices, a period of relative
prosperity, is now called upon to shoulder a heavy part of the price load
imposed on urban consumers. The German Government long ago fixed
1162
THE CHRONICLE
minimutu prices on the rental of houses for human occupation, thus artificially cutting down incomes from vested property of a large class of the
population. Similarly a large class, which formerly lived on the proceeds
from funds invested in Government bonds, has been reduced to distress by
the progressive depreciation of the mark. The application thus of minimum
prices on grain exposes an entirely new class to the effects of currency derangement and the high cost of living. The farmers are loud in their complaints, but it remains to be seen whether they will respond to the situation
by reducing the acreage sown this autumn to winter wheat and rye.
"In view of the grave food shortage in Germany, it is not surprising to
discover that bread consumption continually tends to decline. The per
capital bread consumption of a given people can never be more than an
intelligent guess, since not only are the factors of production, net imports,
and exact population at a given time to be considered, but the amount of
grain used for seed, for cattle feed, and in various industries, such as starch
and alcohol, must also be got at. There remain further variables in the
form of carryovers and invisible stocks. Grappling as best one many with
these oomph xities, it may be stated that the per capita bread grain consumption in Germany for all purposes at present is some 24% less than prewar, while the German Food Office estimates daily per capita bread consumption at about 45% less than in pre-war times. These figures, which
are at best but intelligent approximations, illustrate the extent to which the
German people are being compelled to economize in their most important
food item. Per capita meat consumption has fallen from 101.5 Pounds
In 1913 to 62.7 pounds in 1921, or a decline of about 38%. It is interesting
by way of comparison to observe that in Italy per capita bread consumption
has increased 11% as over pre-war, and that a slight increase has also taken
place in British per capita bread consumption in the same period."
SETTLEMENT OF THE ANTHRACITE COAL STRIKE.
The strike in the anthracite coal fields, after having lasted
for more than five months, was settled this week, when the
General Scale Committee of the United Mine Workers of
America on Sept. 3 ratified the agreement reached on the
preceding day at a conference of miners and operators held
in Philadelphia. The agreement was based on a compromise
plan proposed by Senators Reed and Pepper. The miners,
it is stated, will be back at the mines Monday, Sept. 11.
Under the new agreement the old wage rates will be extended
to Aug.31 1923, not April 1924,as the miners had demanded.
The operators wanted the arrangement to terminate March
31 1923. The agreement was reached by the conference of
miners and operators on Sept. 2, following a communication
from President Harding urging the disputants, "in the name
of the public welfare," to accede to the Reed-Pepper proposal.
The President's communication, written under date of Sept.
1, read as follows:
THE WHITE HOUSE.
Washington, D. C., Sept. 1 1922.
To the Representatives of the Anthracite Operators and Miners:
The public interest transcends any partisan advantage that you might
gain by further resistance. I urge you in the name of public welfare to
accede to the proposal that has been advanced by Senators Pepper and
Very truly yours,
Reed.
WARREN G. HARDING. •
The announcement of the agreement was made by Senators Pepper and Reed in the following statement!:
[VoL. 115.
Whereas, The President of the United States has urgently requested,
In the interest and welfare of the public, that anthracite coal should be
produced, and
Whereas, Senators Pepper and Reed on Aug. 29 made a specific proposal for the settlement of all matters in controversy, which proposal
has the endorsement of the President, therefore be it
Resolved, That while we are still of the opinion that anthracite wages
should be reduced and that even the present emergency does not justify
the continuation of the old scale, we nevertheless, in conformity with
the insistent appeals of the President of the United States, the Senators
from Pennsylvania and the public, accept the proposal made by Senators
Pepper and Reed, as follows:
1. The contracts in force March 31 1922 to be extended to Aug. 31 1923.
2. The production of coal to begin at once.
3. The organization of operators and miners to join in a recommendation
to Congress that legislation be forthwith enacted creating a separate
Anthracite Coal Commission, with authority to investigate and report
promptly on every phase of the industry.
4. The continuance of production after the extension date to be upon
such terms as the parties may agree upon in the light of the report of the
Commission.
And be it further
Resolved, That the subcommittee of the General Policies Committee
of the anthracite operators be authorized to enter into an agreement with
the officials of the United Mine Workers, embodying the proposals above
quoted.
The miners' Tri-State convention began on Sept. 6 at
Wilkes-Barre. No action had been taken on the agreement up to last night (Sept. 8) but President Lewis expressed
the belief that the agreement would be ratified possibly by
to-day or Monday (Sept. 11).
The agreement was negotiated for the operators by S. D.
Warriner, President of the Lehigh Coal & Navigation
Company; W. J. Richards, President of the Philadelphia &
Reading Coal & Iron Company; W. L. Connell and W. W.
Inglin, and for the miners by John L. Lewis, International
President of the United Mine Workers; Philip Murray, VicePresident; Thomas J. Kennedy, President District No. 7;
William J. Brennan, President of District No. 1; Charles J.
Golden, President of District No. 9, and James A. Gorman,
Secretary.
Operators revealed how they had intended to seek the
public mandate on Sept. 1 by sending out telegrams to various public officials. A copy of one received by Mayor
Moore of Philadelphia, was made public at the Mayor's
office, together with the reply as follows:
Faced by miners' demand for continuation of old wages beyond next
of
April, which would mean continuation of present prices, the producers
anthracite coal are seeeking to find out whether the public approves of conof
ceding this demand as a means of bringing about the prompt resumption
coming
production necessary to secure an adequate aupply of fuel for the
to-day's
in
printed
statement
in
winter. Our attitude more fully outlined
stating whether
papers. Shall greatly appreciate telegram from you to-day
existing emeryour community favors conceding the demand in view of
gency.
Operators.
Anthracite
Chairman
WARRINER,
S. D.
The Mayor's reply read as follows:
suffiDo not believe consumers of coal in this city, who pay heavily, are
ciently informed as to wages upon the one side and profits upon the other to
now,
needed
is
Coal
you.
by
propounded
categorically answer question
and more will be needed as winter sets in. Consumers generally are hopeful
you will reach settlement that is fair to them as well as to parties in controJ. HAMPTON MOORE, Mayor.
versy.
We are glad to be able to announce that the representatives of the operators and of the United Mine Workers have responded to the request of
President Harding and have reached such an agreement on all essential
points as assures the ending of the anthracite coal strike in the immediate
future.
Under date of Aug. 29, after consultation with Secretary Hoover, with
The operators plan for obtaining a public mandate to
the approval of the President, we delivered the following communication
wages, given in the "Chronicle" Sept. 2 page 1046, was
raise
to
parties
both
the
of
controversy:
representatives
to the
"To S. D. Warriner, Esquire, Chairman Policy Committee, anthracite abandoned in view of the compromise proposal subsequently
coal operators, and Mr. John L. Lewis, President United Mine Workers of adopted.
America:
"As Senators representing the Commonweaith in which the anthracite
coal field lies, we earnestly urge your acceptance of the followign proposal: JOHN L. LEWIS SAYS HARD COAL SETTLEMENT IS
"1. The contracts in force March 31 1922 to be extended to Aug.31 1923.
"DECISIVE VICTORY" FOR MINERS.
or March 31 1924.
begin
at
once.
to
coal
the adoption of the new agreement by operators
of
Following
production
"2. The
"3. Your organizations to join in a recommendation to Congress that and miners, which brought to an end the anthracite coal
legislation be forthwith enacted creating a separate Anthracite Coal ComJohn L. Lewis, President of the United Mine Workmission, with authority to investigate and report promptly on every phase strike,
issued a statement on Sept. 3 at Philadelphia, declaring
ers,
of the industry.
"4. The continuance of production after the extension date to be upon that the terms of the contract "represent a most decisive
such terms as the parties may agree upon in the light of the report of the
victory for the United Mine Workers of America and mark
commission.
"GEORGE WHARTON PEPPER.
failure of the tremendous drive of the operators for a rethe
"DAVID A. REED."
in wages and a lowering of the standard of living of
duction
Thereupon, Secretary Hoover,Secretary Davis and Governor Sproul used
mine workers." Mr. Lewis's statement in
anthracite
all the influence which they properly could in the interest of acceptance. the
The President, at whose instance the whole negotiation had been under- full follows:
the representatives of the
following urgent demand for settlement.
The tentative agreement reached between
taken, addressed to the parties the
will be acclaimed by
United Mine Workers and the anthracite coal operators
Here follows the President's letter quoted above.)
to us their readiness to yield to the every right-thinking man throughout the anthracite coal regions. It marks
Thereupon both parties indicated
of personal sacrifice
toll
bitter
a
exacted
was
accordingly called for 9 p. m., the end of a long struggle which has
President's wish. A joint conference
participants and has resulted in acute stagSept. 2, and at the conference a memorandum of agreement was made from those who have been direct
the serious public inconvenience.
incorporating the terms of our proposal and adopting the date of Aug. 31 nation of business, in addition to
extended agreement. We understand
The terms of the contract represent a most decisive victory for the United
1923 as the expiration date of the
the failure of the tremendous drive of
mark
by the scale committee and by the Mine Workers of America, and
agreement is subject to ratification
anthracite mine workers, which will be the operators for a reduction in wages and a lowering of the standard of
Tr -District Convention of the
moment.
living of the anthracite mine workers. The forces arrayed against the
convened at the earliest possible
mine workers were strong and influential and were aided by powerful finanThe operators, after an all-day session and prior to meeting cial and political interests.
following
the
resolution:
public
As the industrial battle progressed it became manifest to the operators
the miners, made
producing companies for the last five that they would be unsuccessful in imposing lower wages upon the mine
Whereas, The anthracite coal
means in their power to secure workers, a determined effort was made to compel the workers to accept the
months have been endeavoring by every
interest of the public and the industry, theory of arbitration of future wage differences as a substitute for the cola downward revision of wages in the
lective bargaining between the representatives of both sides which prevailed
and
-production has created a situation in the past. The representatives of the mine workers set their faces against
Whereas, The enforced period of non
has now intervened in order such a proposition, easily recognizing that the acceptance of arbitration
in which the United States Government
would in the future strip the workers of their collective power and nullify
that coal may be produced and the consumer supplied, and
SHPT. 9 1922.]
THE CHRONICLE
the strength of their union. Upon this rock the recent conference split,
and the representatives of the mine workers were determined to continue
the fight to any degree rather than yield upon such a fundamental issue.
In consideration of the importance and the magnitude of these questions,
It is therefore with pardonable pride that we have participated in the negotiation of a tentative agreement which will be submitted to the anthracite
coal workers in convention assembled, which maintains the rate of wages
without change as they existed in the former agreement and which does not
contain to the least degree commitment to the arbitration theories espoused
by the anthracite coal operators.
The agreement will run until Sept. 11923,and will expire under conditions
most favorable to the anthracite workers.
The anthracite strike of 1922 will be recorded as the longest struggle in the
history of the region. The great struggle of two decades ago lasted 154 days
which the present strike is now in its 157th day. It is a remarkable demonstration of the workers' collective strength, exercised under adverse conditions and againt tremendous odds.
The tentative agreement in its complete form, together with a chronological account of the detailed negotiations involving many months, will be
reported to a tri-district convention which will be assembled as quickly as
possible, and the'agreement will become operative when it is duly ratified
by the delegates representative of the anthracite mine workers.
SECRETARY HOOVER SAYS LESSON OF COAL STRIKE
IS THAT PUBLIC SHOULD HAVE VOICE IN
LABOR CONTROVERSIES.
The fundamental lesson to be drawn from the coal strike
is that some plan should be formulated whereby the public
in the future should have a voice in negotiations relating to
nationwide industrial disputes, Herbert Hoover, Secretary
of Commerce, declared in a statement issued on Sept. 5.
The public, Secretary Hoover pointed out, is the largest
sufferer, "yet the public has no voice in the negotiations and
cannot express itself as to the right or wrong of the matter.'
The Secretary's statement in full follows:
There is one fundamental lesson that the public should absorb from the
coal situation, and tnis lesson can be derived without discussion of the
:ights and wrongs of the demands of either mine workers or mine operators,
or the incidents of negotiation in their settlement. That is, a four-month
suspension of production in the coal industry, while primarily a conflict
between employer and employee, brings the public in as the largest sufferer.
The public is the victim of infinite loss; unemployment extends from it not
only to the workers in the industry but to hundreds of thousands outside
of it; great damage is done to commerce and industry; public health is
jeopardized and a vast wave of crime and defiance of the law has ensued.
Yet the public has no voice in the negotiations and cannot express itself
as to the right or wrong of the matter. The demands of either side may
be just or unjust, but the largest sufferer concerned has no representation
In the discussion.
The working out of a plan under which the public may have a rightful
voice in aid of justice and in its own protection in one of the most vital
Issues before us.
WILLIAM H. WOODIN APPOINTED NEW YORK STATE
FUEL ADMINISTRATOR.
Under authority conferred by the State Legislature last
week, Governor Miller on Sept. 5 appointed William H.
Woodin of New York City, who is President of the American
Car & Foundry Co., State Fuel Administrator. He will
serve without salary. The law under which the appointment
was made was given in these columns on Sept.2,pages 1047
and 1048, having been passed at an extraordinary session
of the Legislature called for the purpose of dealing with the
fuel situation. In handing Mr. Woodin the commission of
Fuel Administrator Governor Miller said:
You have taken a load off my mind.
This commission authorizes you to use the public funds and gives you
extraordinary powers to perform a great public service.
There will not be enough anthracite coal to supply the demand for several
months. Profiteering by whomsoever attempted must be prevented. An
equitable distribution of the available supply must be assured. The needs
of the householder for domestic fuel, of public utility service and, first of
all, the needs of the householders of smallest means must be supplied.
To assure such a supply at a reasonable cost excessive coal prices must
be prevented. It will be necessary to stimulate economy and teach the
use of substitutes for anthracite coal.
In brief, this is your task. I trust you will use just as little power as
possible and all that may be necessary to perform it. The women of the
State will help, the public generally will help. Those who serve the public
must help and you can depend upon my unqualified support at all times.
Mr. Woodin issued a statement soon after he had received
his commission saying:
Governor Miller has appointed me Fuel Administrator. I recognize that
In accepting I have assumed a serious obligation. Coal mining has been
suspended for five months. We have reached the bottom of the bin. No
one can expect a full Winter's supply at this time. While production of
of bituminous coal has commenced, the mining of anthracite will not be
resumed until September 11. No matter how rapidly they work, there will
be a shortage of anthracite coal this winter.
The task of the Fuel Administrator is to see that there is fair distribution of
all fuel at decent prices. Following this sane policy indicated by Governor
Miller in his message to the Legislature in August, effort will be made to
have no interference with the ordinary channels of trade. Fuel will be
rationed among the regular dealers. They will be held accountable for its
distribution. Every dealer will get his share and must distribute it fairly
among his customers.
The Legislature has given the administrator drastic authority. Profiteers will be prosecuted. The wealthy or influential householders will not be
permitted to obtain coal at the expense of his less fortunate neighbor. Consumers will not be allowed to evade the law by going from one distributor to
another. The law will be justly and fairly carried out. Shortages and discomforts can be reduced only if the people of the State recognize their obligations and give to the Fuel Administrator full help and co-operation.
1163
The first actiof1StatelFue1iAdministrator William H.
Woodin, who took office Sept. 6, was to cancel the State's
order for 100,000 tons of Pocahontas and New River coal,
on which the Raleigh and Chesapeake & _Ohio companies
had increased the price. This coal was destined for the use
of small utility companies and up-State municipalities which
are unable to buy coal in barge load lots. The two companies •
received the order and later served notice that they would
increase the price over a dollar a ton and demanded in
addition brokerage fees of 8%. Transit Commissioner
Harkness made a protest last week against this increase,
but the companies insisted that the additional sums be paid.
Mr. Woodin said,that he had cancelled the order because
he believed the companies were attempting to profiteer at
the expense of the State's needs. In addition, he said that
the State was not going into the coal business until compelled to do so. He added:
Coal will be distributed through the regular channels. There is going to
be no interference with regular business, and as long as coal dealers play
the game they will be supplied with fuel. However, the Administrator
made it plain that rules, soon to be promulgated, will have to be obeyed and
no dealer who violates them`will be permitted to continue in business. Any
dealer who attempts to profiteer will find that he cannot obtain any coal.
Mr. Woodin announced on Sept. 7 that he would divide
the State into nine districts, co-ordinating them with the
judicial districts and would appoint a deputy for each district. This was followed by the announcement of the
appointment of Clarence B. Kilmer as Deputy Fuel Administrator for the fourth district. He will have charge of the
distribution of fuel in Clinton, Essex, Franklin, Fulton,
Hamilton, Montgomery, St. Lawrence, Saratoga, Schenectady, Warren and Washington counties. During the war
Mr. Kilmer, who is a lawyer, was fuel administrator for
Saratoga County. Other deputies will probably be appointed by Mr. Woodin within a week. Each man will
have full authority, it is stated, under the supervisions of
Mr. Woodin,in his district. With the idea of decentralizing
the functions of the office, Mr. Woodin will appoint only
those men on whom he can place the fullest reliance. For
that reason he is not going to hurry in the selection of his staff.
SENATE PASSES COAL CONTROL BILL.
h
The Administration's measure fiCiFelleralutioimerinn
price control of coal, introduced by Senator Cummins, was
passed by the Senate on Sept.7 by a vote of 40 to 7. A bill
similar in scope was adopted on Aug. 30 by the House
("Chronicle," Sept. 2, page 1044). As passed by the Senate it was amended slightly so that the bill must go to conference. With reference to the passage of the measure by
the Senate, Washington dispatches to the New York "Times"
had the following to say:
An amendment, offered by Senator Dial, was adopted, providing that
the laws and regulations regarding the assignment of cars shall not be
effective on coal contracts entered into prior to July 25 1922, where the
price is not more than $2 a ton f.o.b. at the mines.
Senator Borah offered several amendments to his bill on a fact-finding
commission to bring it within the terms of the agreements reached between
the anthracite operators and miners. These were adopted. One provided that the commission should make a separate report on the hard
coal industry and conditions surrounding it. The other required that
this report should be presented to Congress before July 11923.
Senator Stanley of Kentucky occupied the floor for more than an hour.
He denounced this section as flavoring of State Socialism, and predicted
dire results to the country if the commission should submit a recommendation dealing with a nationalization of the mines. He became so
severe in his language that Senator Borah took exception, asserting that
his utterances were irrelevant to the section. Then Mr. Stanley called
Senator Borah a Socialist. The latter laughed and Mr. Stanley spoke
some more.
"The only way to reach coal profiteering is through the Sherman AntiTrust Act," shouted Senator Stanley. "This bill will do nothing."
"That Act is useless," replied Senator Borah. "It has exempted labor
and the farmers. It has exempted from its provisions every class that
had a vote. It is now effective only against monopolies and because it
applies to only one class is of little merit. I do not believe that it has
much moral force. Unless we repeal the exemptions it is a dead letter.'
HERRIN MINERS STRIKE AGAINST ORDER ON PARKING THEIR AUTOMOBILES.
Six hundred miners employed by the Madison Coal Corporation at Herrin, Ill., went on strike on Sept. 2, following
refusal of company officials to allow some of the men who
ride to work in automobiles to park their cars inside of a
fence which incloses the mine.
MORE INDICTMENTS IN CONNECTION WITH
HERRIN OUTRAGES.
Thirty-eight more men were indicted on Sept. 7 in the-bills
returned in the special grand jury's partial report on the Hertin mine killings.
1164
THE CHRONICLE
Otis Clark of Goresville was the first man indicted and
arrested. Four other prisoners were taken. They were
Levi Mann, miner, of Herrin; Charles Rogers, miner, of
Herrin; Philip Fontanetta, miner, of Marion, and James
Brown, a negro deputy sheriff, of Colp, a small mining settlement northwest of Herrin.
With respect to the indictments, press dispatches of Sept.8
from Marion had the following to say:
Within fifteen minutes after the indictments had been read in open
court, Sheriff Thaxton was returning to the county jail with the first
prisoner, Fontanetta. The other three were brought in by the deputies
late in the evening. Marion residents were unaware of the issuance of indictments, as only a few were in court when the grand jury's report was
read. St. Louis papers that reached the city this morning brought the first
general information.
The first indictment made known yesterday charged six men with the
killing of Howard Hoffman of Huntington, Ind., one of the employees of
the Lester strip mine who escaped the massacre at the barbed wire in the
woods but who was overtaken and brought back to the cemetery, where
five were shot down. Levi Mann is in this group.
Nine men were named in connection with the hanging of Robert J. Anderson of Sparta, Mich.
Twenty-seven were made co-defendats in the third bill charging them
with murder in connection with the death of John Shoemaker of Charleston, Ill., Charles Rogers, Fontanetta, and James Brown, negro deputy
sheriff, and Otis Clark, are named in this bill. Shoemaker was a son
of Mayor Shoemaker of garleston, Ill., and the father of three small
children. He was a brother-in-law of W. J. Lester, owner of the ill-fated
strip mine, and was acting as assistant superintendent at the time of
the massacre.
Hubert Walker, who was also named in the third bill, is alone charged
In the fourth indictment with the killing of Shoemaker.
More indictments will be issued, it was stated by Attorney-General
E. J. P. Brundage, in charge of the Grand Jury investigation. These,
It is understood, will be issued for larceny and perjury. After the massacre at the strip mine much of the equipment was stolen, and some of
the stolen equipment has been recovered.
Indictments for perjury, it was said, will be based on the testimony
of some witnesses given befora the Grand Jury.
Assistant United States Attorney-General C. W. Middlekauf made
known yesterday that no indictments would be issued against those mehers of the mob who were not armed and who are known not to have
incited any attacks on the employees of the mine.
It is understood that every precaution has been taken to prevent actual
participants of the riot from appearing before the Grand Jury as witnesses and thereby making themselves immune from prosecution on any
charge growing out of the investigation.
The four prisoners who were brought in last night. like Clark after
his arrest, declined to make any statement.
GOVERNOR McCRAY SAYS INDIANA WILL NOT USE
HARD COAL AT PRESENT PRICES.
Governor Warren T. McCray of Indiana on Sept. 2 made
the following statement concerning the anthracite coal strike:
As long as anthracite coal is mined under the old wage scale and shipped
under present freight rates the people of Indiana will not use it, as the cost
is prohibitive. Under the present conditions there is little interest In the
hard coal situation in this State.
HERBERT HOOVER'S CONFERENCE WITH COAL
OPERATORS ON ANTHRACITE SITUATION—
COMMITTEE TO SURVEY CONDITIONS.
At the close of a conference on Sept. 7 between Herbert
Hoover, Secretary of Commerce, and several large anthracite coal operators, held in Philadelphia, it was announced
that a committee had been appointed to take immediate
steps to survey the anthracite situation from the standpoint
of distribution. "The householder," said Secretsay Hoover
at the conclusion of the meeting, "must and will be protected." With reference to the work of the conference,
Associated Press dispatches from Philadelphia had the following to say:
The question of price is yet to be decided, but Samuel D. Warriner, President of the Lehigh Coal & Navigation Company, and others who attended
the meeting, said there was no disposition among the "big operators" to
seek "unfair" profits.
The principal accomplishment of the meeting, according to W. D. B.
Ainey, Chairman of the Pennsylvania Fuel Commission, who was called in at
the request of Secretary Hoover, was the appointment of a committee that
will take immediate steps to survey the anthracite situation from the standpoint of distribution. Mr. Warriner, who heads this committee, said that
work on such a survey would begin immediately and that a report would be
made at an early date.
Mr. Warriner emphasized that his committee *would have nothing to do
with the question of price fixing. That, he said, is the work offuel administrators and fuel commissions.
The committee appointed to-day,known as the Anthracite Advisory Committee, is composed of the following: W. L. Connell, W. J. Richards, Alan
O. Dodson, W. H. Williamson, E. W. Parker. John F. Berminghame and
W. D. B. Ainev. Another member of this committee, to represent the
Government, will be appointed by Mr. Hoover.
At the earliest possible date, said Mr. Hoover before departing for Washington, an invitation will be extended to all Pennsylvania operators to meet
with the Advisory Committee for the purpose of perfecting distribution plans
and deciding prices.
Aside from admitting that the question of prices came in for "considerable
discussion," those who attended the conference refused consistently to give
definite opinions or venture predictions on what the consumer would pay for
the various grades of hard coal.
When Mr. Hoover was asked by newspaper men if he was aware that certain retailers now are getting a profit of more than a dollar above that which
Mr. Garfield established as a fair profit during the war, he replied that there
are some cases "worse than that." Whatever is done, the Secretary of
[Vol. 115.
Commerce insisted that the Government's primary concern in the anthracite
situation was to see that the householder is protected from profiteering.
"The Government," said Mr. Hoover, previous to the conference,
"through President Flarding's message to Congress and the WinslowCummins bill, now being debated in Congress. shows that it intends to
curb profiteering on anthracite." Mr. Hoover indicated that it will
be largely the work of Mr. Ainey and his colleagues on the Pennsylvania
Fuel Commission to make a report suggesting fair prices at the next
anthracite conference.
"I do not believe there is any effort on the part of the big operators
to get more than a fair price for hard coal," said Mr. Warriner. Upon
the expected ratification of the anthracite agreement at Wilkes-Barre.
Mr. Warriner expressed the opinion that it probably would be a month
afterward before all the miners would be back at work and before production would again become normal. He was not prepared to say to
what extent operators could speed up production beyond normal in an
effort to relieve the anthracite shortage, but he spoke optimistically on
that subject.
The conference to-day lasted three and one-half hours and was held
behind closed doors in a leading hotel. Official representatives of New
York, New Jersey, Delaware, Massachusetts and other New England
States were present. No formal statement was issued at the close of
the meeting.
JOHN L. LEWIS WELCOMES THREAT OF FEDERAL
SEIZURE OF THE COAL MINES.
The threat made by the Federal Government to seize
and operate the coal mines in the event operators and miners
fail to reach an agreement was hailed with satisfaction by
John L. Lewis, President of the United Mine Workers, who
issued a statement on Aug. 26 declaring it was "inconceivable
that any other course could be followed at the height of such
a grave emergency and in the light of the relentless and unyielding attitude of the small group of financiers who dictate
the policies of the operating heads in the anthracite industry.'
Ignoring entirely the miners' responsibility in the matter,
Mr. Lewis asserted that "human necessity will brook no
interference even at the expense of the profits of the anthracite monopoly. The preservation of human life is and
must be the aim and first consideration of the Government
of our country." The wage rates in the hard coal fields,
he argued, "are already as low as they can be made." Mr.
Lewis's statement, issued at Philadelphia, in full, follows:
The United Mine Workers in the anthracite coal regions are gravely
concerned over the refusal of the anthracite coal operators to give proper
consideration to the making of a new wage agreement in order that production might be resumed and the fuel needs of the people in the anthraciteconsuming territory supplied.
When Mr. Warriner, speaking for the anthracite operators, invited the
representatives of the United Mine Workers to attend the recent conference
in Philadelphia we naturally assumed that it was the intention of the
operators to co-operate in effectuating a settlement. It has now developed
that the operators had no such intention, but simply considered the occasion
as a renewed opportunity to insist upon arbitration, with the hope of lowering the wage scale and "educing the standard of living of the mine workers.
No consideration was given by them to any other matter and their intention
was manifest from the first day of the conference until its conclusion.
The wage rates In the anthracite industry are already as low as they
can be made. Approximately 66% of all the men employed in and around
the anthracite mines are paid by the day and receive compensation ranging
from the minimum of $4 20 per day to the maximum of $5 42 per day. It
will thus be seen that the wages in the anthracite industry are materially
below the wages paid in the bituminous industry, and taking into consideration the degree of skill required by the mine worker, the laboriousness
of his toil and the extreme hazard of his employment, these rates of compensation are totally inadequate.
The anthracite mines every year exact an appalling total of men killed
and maimed in the industry. An average of 500 men per year are killed
outright. More than 20,000 are mangled and maimed to such degree that
most of them are unable thereafter to follow their employment.
Notwithstanding these facts and our recognition of the supreme injustice
of the above-mentioned conditions, the mine workers have indicated a
willingness to forego their demand for material wage increases and have
suggested, with some few modifications which would not substantially increase the cost of production, a renewal of the old wage contract until 1924
or longer. We do this out of a keen appreciation of the public need and out
of a whole-hearted desire to have the industry resume operations and
protect the public welfare. In spite of our expressed attitude, the anthracite operators have stubbornly refused to meet us half way. They have
persistently kept the discussion in the academic realms of arbitration and
are apparently totally immune from any feeling of consideration for the
suffering public.
It is quite true that millions of people in the anthracite consuming territory will be seriously embarrassed by lack of fuel during the coming winter
season. The possibilities of such a situation are appalling. Epidemics of
disease will stalk among our inhabitants, striking down those who lack the
physical capacity to withstand the rigors of bad weather and exposure.
It is beyond the bounds of reason to believe that the people and the Government can, under such terrible conditions, sit idly by and permit the small
handful of men who hold the securities of the anthracite coal-producing
companies to continue their mad course and impose a condition of comparative savagery and barbarism upon our people.
With this accurate knowledge and appreciation of the impending dangers
of the immediate future, the American people will surely manifest approval
of the action of the Federal Government In threatening to seize and operate
the anthracite mines in the interest of the people. It is inconceivable that
any other course could be followed at the height of such a grave emergency
. T id ling attitude of the small group
and in the light of the relentless and to:
offinanciers who dictate the policies nf the operating heads in the anthracite
industry.
Human necessity will brook no interference even at the expense of the
profits of the anthracite monopoly. The preservation of human life is and
must be the aim and first consideration of the Government of our country.
The 155.000 anthracite mine workers, who for the last five months have
uncomplainingly endured every personal embarrassment and sacrifice, have
made every honorable effort to terminate this unhappy situation. They
SEPT. 9 1922.]
THE CHRONICLE
cannot and will not agree, however, to any arrangement designed to beat
them backward and degrade their status as citizens.
In the light of recent developments in the realms of industry and finance
the time has passed to talk of decreasing their wages below the present
mediocre standard. If, in order to save an imperiled citizenship, governmental seizure of the anthracite coal deposits and operation of the mines
become necessary, the mine workers will hold themselves in readiness to
negotiate a satisfactory wage agreement with such governmental representatives as may be charged with that responsibility.
WILLIAM JENNINGS BRYAN'S LETTER TO SENATOR
WALSH COMMENDING MEASURE PROPOSED TO
TAKE OVER RAILROADS AND MINES.
Belief that the coal strike situation could be remedied by
legislation was expressed by William Jennings Bryan in a
letter he wrote on Aug. 28 to Senator Walsh, of Massachusetts. Mr. Bryan in his letter commended the measure
introduced in Congress last week by Senator Walsh to give
the President power to take over the railroads and coal
mines if public necessity demanded. "The compulsion is
so urgent, and the reasons which support your proposition
so unanswerable," Mr. Bryan said, "that you should have
no difficulty in securing the support of both Democrats and
Republicans, and thus put an end to an intolerable situation.
A large majority of the people have no pecuniary interest
on either side of the struggle and should not be compelled
to suffer while a relatively small number fight out their
differences." Mr. Bryan's letter read as follows:
1165
"So long and to the extent that I can speak for the Government of the
United States I will use the power of the Government of the United States
within my control to prevent the labor unions of the country from destroying
the open shop. When a man in this country is not permitted to engage in
lawful toil, whether he belongs to a union or not, the death knell to liberty
will be sounded and anarchy will supersede organized government.
The Attorney-General asserted that he was not appearing
before the court "pleading any cause of the railroads as
their advocate, except as may be necessary to the welfare of
the American people." Referring to the view in Congress
that the situation calls for the taking over of the railroads
by the Government, the Attorney-General said:
I do not believe that time has yet come. The Government has not
reached the point where it will admit its inability to protect the rightful
owners of property in their right to use that property for the general welfare
of the whole people and to require the owners of the railroads to furnish
that service which is essential to the life of commerce, to the life of industry,
to human life and even to the very life of the Government itself.
The Attorney-General's statement follows:
The United States Government, through the Attorney-General, in order
to carry on the functions of the Government, has filed this bill of complaint
and now asks for a temporary restraining order against all of the defendants.
It is with great regret that I am compelled to institute this proceeding
on behalf of the Government. Considering existing conditions and the
welfare of the people of America, there is no other course, and under the
circumstances I have not the slightest fear or doubt of the Government's
position.
When the parties interested in the dispute decided by the Labor Board
found that they could not, by negotiations between themselves, agree upon
any plan by way of adjustment of their differences, at the request of both
sides an appeal was made to the President of the United States to contribute
his good offices to bring about a settlement.
President Displayed Marvelous Patience.
No man, officially or unofficially, in undertaking to bring about an
Washington, Aug .28 1922.
adjustment which would prevent the necessity of this proceeding, and
Hon. David I. Walsh. United States Senate.
part of the Government, ever
My Dear Senator —I have read with interest and approval your propo- prevent possibly more severe action on the
deep-seated interest, or
sition to empower the President to take over the railroads and the coal displayed a more marvelous patience, a more
of any people, than
mines whenever the private owners are unwilling or unable to respond to conscientious application to any task in the interest
the demands of the public, and operate them temporarily until the private the President of the United States.
The President at one time, after many conferences with the representaowners are able to discharge their duty to the public. I believe you are
believed he had assurances
entirely right. The railroad and mine owners collect their profits from tives of both sides, and when he hoped and
certain proposition would be
the public and being in charge of their several industries, are under re- from both sides involved in the dispute that a
railroads and the
sponsibility to the public to operate the roads and mines in such a way accepted, made the proposition to the executives of the
officers of the Federated Shop Crafts which was ultimately rejected in part
as to supply the needs of the public.
Whenever they fail to do this, no matter what the reason may be. the by the railroads.
That proposition was made because the President knew that two strikes;
Government must, for the protection of the public, assume temporary
in this country;
control—that control to last as long as the disability of the corporations one of which practically prevented the production of coal
and Inter-State
lasts. If the President has this power, then responsibility rests upon and the other of which materially crippled transportation
people, were in
the
to
suffering
him and public opinion will compel him to act whenever action is necessary commerce, causing hardship and loss and
and the
interest
people's
the
in
was
and
progress,
consideration
his
first
for the protection of the public.
There is only one alternative to this plan, and that alternative needs public welfare.
Crafts Reject Proposal.
only to be stated to be rejected; namely to turn the army over to private
After rejection of the first proposal,the President made a second proposiindividuals to enforce private and personal opinions. If the railroad
executives are permitted to decide what should be done regardless of the tion, acting as mediator. The Federated Shop Crafts, through its reproopinion of the President and Congress, and regardless of the welfare of senatives, the defendants, named in this bill, rejected the second proposithe public, and call for the army to enrolee their views, the army becomes tion. Negotiations for a compromise have since continued between the raila body of mercenary troops loaned to privue corporations for a private use. way executives and the officers of the shop crafts, with frequent conferences
The same objection would lie to the loaning of the army to the employees by both with the President, and all without avail.
In the meantime, the equipment of the railroad companies is so materialto enforce their views. Either attitude would be indefensible because
the army is the agency of the Government and can only be used to enforce ly affected by acts of vandalism and inattention that the service of the companies is generally seriously impaired, and, in some instances, the railroads
the decrees of the Government.
With the business of the country seriously crippled by the railroad have abandoned the running of trains altogether.
no
On Aug. 11, the President issued a proclamation calling upon the defendat
supply
Winter,
diminishing
the
approach of
situation and the coal
time should be lost. The compulsion is so urgent and the reasons which ants and their associates to return to the service, to observe the decision
Support your proposition so unanswerable that you should have no difficulty of the Labor Board, and in any event, not to interfere with the service,
in securing the support of both Democrats and Republicans, and thus and not to interfere with men who are willing to enter or continue in the
service.
put an end to an intolerable situation.
The Railroad Labor Board is an agency of the Government of the United
A large majority of the people have no pecuniary interest on either side
of the struggle and should not be compelled to suffer while a relatively small States. In this particular contest, both parties submitted the difference in
number fight out their differences. For instance, there are 600,000 coo; dispute to the regularly constituted Governmental authority to hear dismine workers out. If we count the number of stockholders in the mines at putes and render decisions thereon. The railroads were willing to comply
400,000—and they are probably very much less than that number—we with the decision which was the cause of the strike, but the defendants not
have a million men pecuniarily interested on the two sides of the strike. only repudiated the decision but repudiated the Labor Board and its authorCounting five to a family, that would give us not over 5,000,000 pecuniarily ity, and holds the Labor Board and the Government of the United States in
interested on both (sties.
contempt.
Out of a population of more than 100,000,000, why should 95% of the
Quotes President Harding.
people freeze just because 5% cannot agree as to wages? The vesting of
The President in his message to Congress on Aug. 18 1922. laying this
the
to
in
President
act when necessary would relieve the present entire matter
authority
before the Congress of the United States in connection with
emergency and we should have a permanent tribunal framed on the plan the coal strike,
very truthfully said:
of the "thirty treaties" to provide for the investigation of industrial disputes
"The Government can have no chart for its course except the law. .;
before they reach the stage of a strike or a lockout.
These conditions cannot remain in free America. If free men cannot *toil
If the treaties can stay the hand of war until after a period of investi- according to their own lawful choosing, all our constitutional guaranties
gation, why should we not be able to delay war in industry until after an born of democracy are surrendered to mobocracy and the freedom of a hundred million is surrendered to the small minority which would have no
investigation that would give the public information as to the matter in law.
to hinder inter• • • There are statutues forbidding conspiracypossible
dispute and permit the mobilization of public opinion for the settlement State commerce.
safety in
There are laws to assure the highestcivil and criminal,
peso to invoke these laws,
of differences before an innocent people is exposed to the loss that accom- railway service. It is my
against like menaces
safeguarding
against
legal
labor
all
and
capital?
between
The
pur
alike.
offenders
war
panies
in the future must be worked out when no passion sways, when no prejudice
You aro rendering a real public service when you renew your efforts influences,
the public welwhen the whole problem may be appraised, and
assumes authority
commenced months ago to protect the people from great and imminent fare may be asserted against
any and every interest which
reassert
must
the docWe
.
Very
truly
.
yours.
.
beyond that of the Government itself.
suffering.
trine that in this public the first obligation and the first allegiance of every
WILLIAM JENNINGS BRYAN.
citizen, high or low, is to his Government, and to hold that Government
to be the just and unchallenged sponsor for public welfare, and the liberty,
security, and rights of all its citizens. No matter what clouds may gather,
matter what storms may ensue, no matter what hardships may attend of
ATTORNEY-GENERAL DAUGHERTY SAYS UNDERLY- no
what sacrifice may be necessary, government by law must and will be sustained.
IS
IN
RAIL
INJUNCTION
"SURING PRINCIPLE
"Wherefore I am resolved to use all the power of the Government to
maintain transportation and sustain the right of men to work."
VIVAL AND SUPREMACY" OF GOVERNMENT.
In addressing the court on Sept. 1 in support of his application for an injunction restraining the striking railway
shopmen from interfering with the operation of the railroads
and their properties, U. S. Attorney-General Daugherty
stated that "the underlying principle involved in this situation and this action is the survival and the supremacy of the
Government of the United States." He declared that the
Government of the United States is not opposed to labor
unions if they perform such functions as can be performed
In lawful America," but added:
Representing People Alone.
I do not appear here as a representative of the railroads; I appear here by
virtue of the law requiring me to do so, representing the Government of the
United States and the people of the United States. The Government of the
United States will never lift its hand against or touch a torch to the welfare
of labor in its legitimate pursuit or to deny it what it is entitled to. The
United States could not have been developed but for labor. Without that
which labor produces the people of the United States cannot be prosperous,
and, in fact, they cannot live.
To-morrow it will be said by some persons more malicious than truthful
that this proceeding is Intended as a death blow to the unions, and inasmuch as a falsehood travels twice as fast as the truth, let me to-day start
the truth on its way in advance—that, in my judgment, this movement is
1166
THE CHRONICLE
necessary for the protection and the preservation of the unions themselves.
The Government of the United States is not opposed to labor unions if they
perform such functions as can be performed in lawful America. Never,
while the labor unions limit their activities to legitimate acts and lawful
pursuits not injurious to society, at least while I speak, and to the extent
that I can speak, for the Government of the United States, shall a blow
be struck at them. But it may be'understood that, so long, and to the
extent, that I can speak for the Government of the United States, I will
use the power of the Government of the United States within my control to
prevent the labor unions of the country from destroying the open shop.
When a man in this country is not permitted to engage in lawful toil,
whether he belongs to a union or not, with full protection and without inter-.
ruption,the death knell to liberty will be sounded and anarchy will supersede
organized government.
Deems Restraint Imperative.
There are many who believe, on account of the arrogance of certain officials of labor unions, that the unions themselves should be destroyed. I do
not think they should, but I think they should be corrected and restrained.
If the acts of violence and murder are inspired by the unions, then it is time
for the Government to call a halt. No organization or association, no matter how well organized or how powerful it may be, can hold its constitution
or its laws supreme over the Government, the Consitution and the laws of
the United States of America.
No union, or combination of unions, can, under our laws, dictate to the
American union. When the unions claim the right to dictate to the Government and to dominate the American people and deprive the American
people of the necessities of life, then the Government will destroy the
unions, for the Government of the United States is supreme and must
endure.
No labor leader, or capitalistic leader, nor organization or association of
any kind or kinds,or combination of the same, will be permitted by the Government of the United States to laugh in the frozen faces of a famishing people without prompt prosecution and proper punishment.
Ample Authority for Order.
There is ample authority in the laws of this country to support the court in
the issuance of the restraining order prayed for in this proceeding. All modern decisions support the authority of the Government laid down more exhaustively and forcefully in the Debs case, 158 U. S. 564, than probably in
any other particular case decided by any court. In that case many of the
serious offenses complained of in the case at bar were involved.
Mr. Justice Brewer soundly pronounced the law of this country to be:
"The complaint filed in this case clearly shows an existing obstruction
of artificial highways for the passage of inter-State commerce and the transmission of the mails, not only temporarily existing, but threatening to
continue, and under it the Circuit court had power to issue its process of
injunction.
"The Government of the United States has jurisdiction over every
foot of soil within its trerritory, and acts directly upon each citizen.
[Vox.. 115.
Quotes Farewell Address.
Washington in nis farewell address anticipated this cloud when he said:
"All obstruction of the laws, all combinations and associations, under
whatever plausible character, with the real design to direct, control, counteract, or awe the regular deliberation and action of the constituted authorities, are destructive of this fundamental principle and of fatal tendency.
"However, combinations or associations of the above description may
now and then answer popular ends, they are likely in the course of time
and things to become potent engines by which cunning, ambitious and
unprinciplined men will be enabled to subvert the power of the people, and
to usurp for themselves the reins of government, destroying afterwards the
very engines which have lifted them to unjust dominion."
But even though this widespread violence, this destruction of property,
this threatening of starvation, and the hazarding and taking of human
life as set forth in this complaint and situation were not present, no organization, no matter what its purpose or how powrful its plans and pursuits,
can interfere with Government and inter-State commerce.
As announced by the present Chief Justice of the Supreme Court of
the United States, in the case of Thomas v. Cincinnati Railway Co.,
62 Fed. 803, when he was a Justice of the United States Circuit Court of
Appeals:
"Certainly, the starvation of the nation can not be the lawful purpose of
a combination, and it is utterly immaterial whether the purpose is effected
by means which are lawful, or otherwise."
If the court please, the situation as set forth in this bill and as supported
by proof presented, and the condition of this country and of this service,
the acts of these defendants and those inspired by them and conspiring
with them, make this proceeding necessary and justifies and makes necessary the application of the Government for a temporary restraining order,
and such proceedings thereafter, depending upon the acts of the defendants
and those associated with them;and, upon further hearing, the Government
will present additional proof of the increased and increasing necessity
for a firm and positive stand on behalf of the Government against the
things complained of in this bill.
The underlying principle involved in this situation and this action is
the survival and the supremacy of the Government of the United States.
On Sept. 6 Attorney-General Daugherty was reported as
saying "the Government hasn't any intention of abridging
personal liberty or constitutional rights of free speech and
lawful assembly." The New York "Times" Washington dispatch also quoted him as stating:
I will be just as vigorous to oppose such a suggestion as I am to uphold
the law. Tao Government is not going any furtner in this matter than is
necessary. It is going to be reasonable, but not so reasonable as to permit
the people or their Government to be trampled on or run over.
There has been considerable talk by some people about "constitutional
liberty" being violated by the issuance of this restraining order. They are
talking about the constitution of the unions; I am talking about the Constitution of the United States. It isn't proposed to force men to work, but
Injunction Power Recognized.
"While it may be competent for the Government through the executive it has been proposed, and the Government will see to it, that men who are
branch and in the use of thc entire executive power of the nadon, forcibly free and who want to work are going to be permitted to do so.
to remove all such obstructions (obstructions placed upon highways.
So long as they do not seek to interfere with inter-State Commerce,incite
natural or artificial, to obstuct the passage of Inter-State commerce, or
the carrying of the mails),it is equally within its competency to appeal to the to riot and murder, there is no objection to union men meeting. Nor is
the
and
existence
the
to
this injunction a movement to prevent strikes. It is solely a movement to
civil courts for an inquiry and determination as
character of any of them, and if such are found to exist or threaten to occur, stamp out violation of the laws.
to invoke the powers of those courts to remove or restrain them, the jurisNo persons with any reasonable control of their faculties would charge
diction of courts to interfere in such matters by injunction being recognized
that this is an attempt to abridge personal liberty,free press and free speech,
from ancient times and by indubitable authority."
btit when they defy the Government and incite to disorder, to riot and to
The right to work in this country is as sacred as the right not to be com- murder, then it is time to take steps to prevent violations of the law. Free
to
pelled to work,ifa man is not disposed do so,and every man must be made speech must not be used to encourage riot or murder.
equally secure in his choice. I take notice of the fact that, in the legislative branch of the Government, the situation is deemed so serious that the
taking over of the railroads by the Government is considered necessary.
PROVISIONS OF INJUNCTION AGAINST STRIKING
I do not believe that time has yet come. The Government has not reach•
SHOP CRAFT UNIONS.
ed the point where it will admit its inability to protect the rightful owners
of property in their right to use that property for the general welfare of the
WilkerJudge
District
Federal
by
1
Sept.
on
issuance
The
whole people, and to require the owners of the railroads to furnish that service which is essential to the life of commerce, to the life of industry, to son at Chicago, of a temporary injunction restraining the
human life, and even to the very life of the Government itself.
six striking railroad shop crafts unions, their officials and
These defendants, considering the temperament of the people of the
United States, can do no wiser or more beneficial thing for union labor
than to consent that this temporary restraining order, if it should be
granted by the court, be made permanent.
I am not in this capacity before this honorable court pleading any cause
of the railroads as their advocate, except as may be necessary to the welfare
of the American peop.e. The railroads are built under pledge to operate
their lines. Representing the American people in this proceeding, I
demand that the operation of the railroads shall not be interrupted in
the service the Government requires them to perform.
The dispute between the employers and employees is not involved in
this proceeding. We have passed beyond that point. A governmental
body entitled to recognition and obedience has decided that dispute. I am
not taking sides between the disputants at this time as an advocate of either.
It so happens in this instance that the railroads are willing to render
the service the Government requires they shall render. They are trying
to serve the American people. They are trying to observe the law. They
are endeavoring to furni.h transportation. On the other hand, the
defendants are preventing transportation and are offending against the
law, as alleged in this bill, and by acts of violence are antagonizing and
opposing the Government of the United States.
members, from interfering with the operation of the railroads and their property was referred to in our issue of Saturday last (page 1050). The injunction, as we indicated, was
granted at the instance of U. S. Attorney-General Daugherty,
whose statement setting forth the reason for the Government's action we give to-day under another head.. The order
will remain in force until Sept. 11, pending the hearing on
the Government's application for a permanent writ of injunction. The application for the injunction specifically
named the presidents of the various union organizations involved in the present strike, which started July 1 last, following a wage decision of the U. S. Railroad Labor Board
reducing wages of certain railway employees throughout the
country. The order enjoins all railway employees, attorneys,
servants, union agents, associates and members and all persons acting in aid or in conjunction with them, primarily,
until final hearing,.and permanently thereafter, from:
Rich and Poor Amenable.
The Government lays its hands on rich and poor alike when they do
not obey the law, and if the Government fails to follow out that policy,
the Government itself fails to obey the law.
I had hoped this controversy would not come to this point. I had
hoped both parties would abide by the decision of the Labor Board.
Shall the American people suffer; shall property be destroyed; shall
commerce be destroyed; shall laws be broken; shall society be disorganized
shall prosperity and all labor cease and the poor be in want because employers and employees engaged in Inter-State commerce, obligated to
the Government and to the people of the United States by a greater
of men in the country,
obligation than that which rests upon any other set
the law? No. The
because of a dispute between them refuse to obey
not
can
agree others will be
they
if
answer is by the Government, that
this service, who will
given the privilege and protection of performing
agree with the Government and obey the laws of the Government.
I had hoped, as all men who have the welfare of the Government and
the welfare of the people at heart had hoped, that we would not come
to this. Warnings since the foundation of the Government have been
given.
In any manner interfering with, hindering or obstructing railway companies, their agents, servants or employees,'in the operation of their respective railroads and systems of transportation or the performance of their public duties and obligations in the transportation of passengers and property
in inter-State commerce and the carriage of the mails.
In any manner interfering with, hindering or obstructing the agents, servants and employees of said railway companies or any of them, engaged in
inspection, repair, operation and use of trains, locomotives, cars and other
equipment of said railway companies or any of them.
Preventing or attempting to prevent any person or persons from freely
entering into or from continuing in the employ of said railway companies for
the purpose of inspection and repairing oflocomotives and cars or otherwise.
Conspiring, combining, confederating, agreeing and arranging with each
other or with any other person or persons, organizations or associations to
interfere with or hinder said railway companies in the conduct of their lawful business of transportation of passengers, and property in inter-State
commerce and the carriage of mails,or to injure,interfere with,binder or annoy any employees of said railway companies in connection with the performance of their duties as such employees or while going to or returning from the premises of said railway companies in connection with their
Asks Uninterrupted Service.
SEPT. 9 1922.]
THE CHRONICLE
said employment, or at any time or place by displays of force or numbers.
the making of threats, intimidations, acts of violence, opprobrious epithets,
jeers, suggestions of anger, taunts, entreaties, or other unlawful acts of
conduct toward any employee or employees or officers of said railway
companies or toward any persons desirous of or contemplating entering into
such employment.
Loitering or being unnecessarily in the vicinity of the points and places
of ingress or egress of the employees of said railway companies, to and from
such premises in connection with their said employment; or aiding betting,
dircting or encouraging any person or persons, organizations or associations
by letters, telegrams, telephones, word of mouth or otherwise to do any of
the acts aforesaid.
Trespassing or entering or going upon the premises of the said railway
companies or any of them to do any acts of the aforesaid nature or for
any other purpose whatsoever at any place or in the vicinity of any place
where the employees of said companies are engaged in inspecting, overhauling or repairing locomotives,cars or other equipment,or where such employees customarily perform such duties, or at any other place on the premises of
said railway companies except where the public generally are invited to
come to transact business with said railway companies as common carriers
of passengers and property in inter-State commerce.
Inducing or attempting to induce by the use of threats, violent or abusive
language, opprobrious epithets, physical violence or threats thereof, in
timidation, display of numbers or force, jeers, entreaties, arguments,
persuasions,rewards or otherwise, any person or persons to abandon the employment of said railway companies or any of them or to refrain from entering such employment.
Engaging, directing or encouraging others to engage in the practice commonly known as picketing, that is to say, assembling, or causing to be assembled, numbers of the members of said federated shop crafts or others
in sympathy with them in proximity of said railroad companies or in the
vicinity of where the employees thereof are required to work and perform
their duties, or near the places of ingress or egress thereto or therefrom,
and by threats, persuasion, jeers, violent or abusive language, violence or
threats of violence, taunts, entreaties or arguments, or in any other way
attempt to prevent any of the employees of the said railroad companies,
or any of them, from entering upon, or c3ntinuing in their duties as such
employees, also attempting to prevent any person or persons from entering
or continuing in the employment of said railroad companies and from aiding, abetting, ordering, assisting, directing or encouraging in any way
any person or persons in the commission of any of said acts.
Congregating upon or directing, aiding or encouraging the congregation
upon or maintaining at or near any of the yards, shops, depots, terminals,
tracks, way lands, road beds, or premises of said railroad companies or
any of them any guards, pickets or persons to perform any act of guarding, picketing or patrolling any such yards, shops, depots, terminals or
other premises of said railroad companies; or in any manner threaten or
intimidate by suggestions of danger of personal violence toward any servant or employee of said companies or any of them, or toward persons contemplating the entering of such employment; or aiding, encouraging or
causing any other person or persons to do so.
Doing or causing or in any manner conspiring, combining, directing, commanding or encouraging the doing,or directing,commanding or encouraging
the doing, or causing the doing by any person or persons of any injury or
bodily harm to any of the servants, agents or employees of said railway
companies or any of them, going singly or collectively to the homes, abodes
or places of residence of any employees of the said railway companies
or any of them for the purpose of intimidating, threatening or coercing such
employees or members of his family, or in any manner by violence or
threats of violence or otherwise directed toward any said employee or
member of his family, inducing or attempting to induce such employee to
refuse to perform his duties as an employee of said railway companies or
any of them; from so attempting to prevent any person or persons from
entering the employ of either of the said railroad companies and from aiding, encouraging, directing, commanding, or causing any such person or
persons so to do.
In any manner directly or indirectly hindering, obstructing or impeding
the operation of any of the trains of said railway companies or any of the
In the movement, transportation of passengers and property in inter-State
commerce or in the carriage of the mails, or in the performance of any other
duty as common carriers, and from aiding, abetting, causing, encouraging
or directing any person or persons, association or organization to do or
cause to be done any of the matters or the things aforesaid.
In any manner by letters printed or other circulars, telegrams,telephones,
word of mouth, oral persuasion or suggestion or through interviews to be
published in newspapers, or otherwise in any manner whatsoever encouraging, directing or commanding any person, whether a member of any or
either of said labor organizations or associations, defendants herein, or
otherwise, to abandon the employment of said railway companies or any of
them or to refrain from entering the service of said railway companies or
either of them.
The defendants, Jewell, McGrath, Scott, Johnston, Noonan, Kline,
Ryan,Franklin and Hynes,and each of them, as officers and as individuals,
are restrained and enjoined from:
Issuing any instructions, requests, public statements or suggestions in
any way to any defendant herein or to any official or member of said labor
organizations constituting the said federated shop crafts, or to any official
or member of any system federation thereto with reference to their conduct
or the acts they shall perform subsequent to the abandonment of the employment of said railway companies by the members of the said federated
shop crafts, or for the purpose or to induce any such officials or members
or any person whomsoever to do or say anything for the purpose of or intended or calculated to cause any employee of said railway companies or
any of them to abandon the employment thereof or to cause any persons
to refrain from entering the employment thereof to perform duties in aid
of the movement of transportation of passengers and property in inter-State
commerce and the carriage of the mails.
Using, causing or consenting to the use of the funds or the moneys of
said labor organizations in aid of or to promote or encourage the doing of
any of the matters or things hereinbefore complained of.
That the complainant may have such other and further relief in the
premises as the nature of the case may require and to your Honor shall seem
meet.
That a writ of subpoena issue directed to the said defendants and each
of them and running to the districts of their residence or wherever they may
be found, commanding them and each of them on a certain day to appear
and answer this bill of complaint, but not under oath, answer under oath
being expressly waived, and to abide by and to perform such order and
decree as the court may take in the premises.
That a temporary restraining order be issued herein restraining the said
defendants and each of them in accordance with the prayer for a preliminary
and perpetual injunction pending a hearing on said application for a preliminary injunction, that said temporary restraining order may be served
on each of the said defendants named, and that as to those unknown and
1167
unnamed defendants such temporary restraining order may be ordered
and decreed to be and to become effective and binding upon such unknown
and unnamed defendants immediately upon the receipt of acquisition of
notice or knowledge thereof, and that for the purpose of bringing notice,
or knowledge thereof, to such unknown and unnamed defendants, the said
temporary restraining order be ordered and directed to be published and
posted in such manner and in such places and at such times as the court may
direct, and that immediately upon the posting or publishing of such temporary restraining order in any locality in any of the said lines of said railroads
where employees are accustomed to perform the work of inspection and
repair of the locomotives, cars and other equipment, all such unknown
and unnamed defendants in such localities shall be deemed to have notice
and knowledge thereof, and become bound thereby.
SAMUEL GOMPERS'S ATTACK ON RAILROAD INJUNCTION—SUPPORT PLEDGED TO STRIKERS.
Samuel Gompers has on several occasions during the week
expressed himself in opposition to the Government's action
n issuing the temporary restraining order against the striking shopmen, and has likewise given assurance to the latter
of the Federation's support in the present issue. On the
7th inst. at Atlantic City, where the Executive Council of
ithe Federation has been in annual session, Mr. Gompers
issued a statement in which he declared that President
Harding, "instead of using the big stick upon the railroad
executives, through his Attorney-General, has swung it in
the form of an injunction against the shopmen, who accepted his plan." His statement is reported as follows in a
special dispatch to the New York "Times":
So Attorney-General Daugherty has promised to put the soft pedal on
his performance; that is, that he will not press for the enforcement of that
provision of his injunction to invalidate the constitutional guarantee for
the freedom of speech. He has not said whether he will insist on flouting
the constitutional guarantee for the freedom of the press and assemblage,
nor has he expressed himself as to whether he intends to still insist on the
violation of the plain provisions of Section 20 of the Clayton Anti-Trust
law, which forbids the issuance of just such an injunction as he has secured
from Judge Wilkerson, Mr. Borah is a great expounder and advocate of
the principles of the Constitution, and his conference with Mr. Daugherty
has at least done some little good.
The arraignment of Mr. Daugherty by Senator Robinson and the protests
of the press and the people clearly demonstrate the deep resentment felt
against the unwarranted misuse of the writ of injunction.
President Harding promised the railway shopmen that if they accepted
his first plan for the adjustment of the strike he would use the big stick on
the railroad executives to compel them to accept it. The shopmen accepted
the President's plan, but the carriers rejected it, and instead of using the
big stick upon the railroad executives, he, through his Attorney-General,
has swung the big stick in the form of the injunction against the shopmen,
who accepted his plan.
I am confident that with a fair, tolerant spirit the strike can be adjusted,
and all this effort to hog-tie labor and prevent them from exercising their
normal legal and constitutional rights can be speedily effected.
Oh, for one hour of normal thinking by our Government officials.
In a Labor Day address on Sept. 4 at Philadelphia, President Gompers, according to the Philadelphia "Ledger"
assailed President Harding with the charge that while he
was a member of the Senate he voted for compulsory labor
and that now, through the Attorney-General, his Administration is trying to force free men to work in spite of the
conditions. From the "Ledger" we also take the following
relative to Mr. Gonapers's declarations:
"The party of Lincoln and the Emancipation Act,"exclaimed the speaker,
"is trying to enforce compulsory labor on whites and blacks. Yes, and
yet men wonder there is impatience, unrest and resentment. Yes, all
the high finance and all the big business are making radicalism more radical and theirs is the responsibility. Indeed, it is making a manufacturing
plant of radicalism in this country.
"We will not have the company shop. The tide has turned. If they had
thought labor had lost or was about to lose they would not have issued the
injunction. But the tide has turned and look outfor the smoke of organized
labor.
"I had invitations from various sections of the country to speak to-day.
but I decided my duty was to accept the invitation of organized labor in
Philadelphia. So I have come here to bring a message ofencouragement and
hope for continued freedom, Justice and democracy.
"This Labor Day, under the party of Lincoln is not a joyous day for we
cannot look the present and the future in the face with confidence. American citizenship must more firmly resolve to stand by the Declaration of
Independence and the constitutional guarantees of the Republic.
"This is the time that tries the souls of men and women's high ideals of
freedom under our American Republic.
"Our antagonistssay to us that our organization might have been a good
thing forty or fifty years ago—that it might have done a great deal of good,
but that it has outgrown its usefulness. They say they should treat with
us as individuals or as shop unions. We have the same type of antagonists
we had forty or fifty years ago. Organization men were threatened then
with jail, as they are now.
"If there ever was any necessity for organized labor, now ;s the time,"
thundered the speaker, and when the applause died he went on:
"They would substitute a shop or company union. It would be a company union and not a workers' union. How could the members express
their independent thought when the power would be in the head of the
company?
"We are not going to have any company unions if we can help it. and pray
God that we can help it."
Pursuing Happiness 150 Years.
"We have life and we have liberty, and if we are true to ourselves we will
maintain our liberty. As for happiness, we have been in pursuit of it 150
years and have not caught up with it yet."
The speaker continued to laud lab3r for its part in the war and said labor
would not now bend the knee "to any industrial autocracy." The drive
for the "open shop",he said, was on. He rehearsed the history ofthe strikes
1168
THE CHRONTCLE
following post-war wage reductions and praised the striking railroad shopmen, saying:
"Had they accepted the reductions, they would have had to accept still
others, but thank God for the American spirit. The tide has turned and
reduction of wages has stopped and the road leads to a better day."
Denies Any Outlawry.
Mr. Gompers denied that the men on strike stood for outlawry and declared such tactics would be against their interests. He said the organization was not in favor of strikes, but that there came times when if it did not
strike it would write itself down as "cowards and poltroons."
"Free men may stop work for any reason or for no reason," he said with
studied deliberation, and followed with "Whence comes an injunction if a
Government is for the people? Attorney-General Daugherty a few months
ago advocated compulsory labor laws. The President of the United States
as a member of the Senate in supporting the Transportation Act voted for
compulsory labor. In his special message on Aug. 18 he advocated compulsory labor. The party of Lincoln Is trying to enforce compulsory labor
on whites and blacks.
"Congress had refused to pass compulsory labor legislation. Up to the
present it refuses to pass such legi 3lation. Now, because of that failure the
Attorney-General, by direction of the President, applies for an injunction
more far-reaching than any legislation Congress was asked to pass.
"In the newspapers we see that we are told that 'the goblins will get us
if we don't watch out.' That's the way they used to frighten children and
timid men, but they have found that the bogey business is not even a good
thing for children."
At that point the Federation chief digressed to make an appeal to all labor
unionists not on strike to find the money to support the women and children
of the strikers.
"The men must fight," he said, "and take care of themselves, but you
take care of those who are suffering in the fight."
Returning to his attack on the President, the speaker said:
"When the official representatives of the shopmen called upon
the
President recently he had a plan all prepared to submit to them.
He
submitted it and the representatives of the strikers accepted it.
He
then kid the committee that if the carriers did not accept it he would
use
the 'big stick' on them. He submitted his plan, which had been
accepted
for the strikers, to the carriers and they reject it. Then the
President
used the 'big stick' on the shopmen, who had accepted his plan."
Then the speaker recalled his own sentence to jail in the
Buck Stove
and Range case and provoked laughter when he said he did not go to jail.
He recalled that the man who sentenced him with John
Mitchell, Frank
Morrison and others was no longer a judge and then called for
the reading
of Sections 6 and 20 of the Clayton Act prohibiting injunctions in
disputes
between employers and employees except where there was injury
to property rights.
"That." he said, "is the law passed by Congress bearing on
injunctions
and it forbids the issuance of an injunction in such a case as this. Yet
they issue an injunction."
[Vou 115.
paragraph be considered or held in violation of any law of the United
States."
Commenting upon this section, Mr. Gompers asked: "Has the Government of the United States a property right involved"?
Denies Any Conspiracy.
"The word 'conspiracy' used in the injunction." he continued, "is oneof
those legalistic terms injected to confuse the situation. There has been no
conspiracy on the part of the shopmen. They merely counselled to prevent
invasion of their rights and reduction of their wages. If it were not so
tragic, It would be farcical to say that 500,000 men had entered into a
conspiracy."
Mr.Gompers said that the provision in the injunction restraining labor
leaders from giving interviews to the newspapers or encouraging men to
leave employ of the railroads was "entirely new." He asserted that the
restraining of union funds was a new procedure for the Federal courts.
"The last word has not been heard from the Brotherhoods, and no one
knows what effect the injunctions will have on other railway workers,"
Mr. Gompers said, discussing the provision in the Court order forbidding
communication between the strikers.
"The Government through its Attorney-General has stirred up a hornet's
nest when it might have placated the men and found a solution to the
situation.
"I do not wish to appear facetious but I note radio is about the only
means ofcommunication restrained in the injunction. I wonder if the either
of the air is to be enjoined by the Court."
Referring to the restraining clause against taunting, Mr. Gompers
observed: "It may be a new crime to taunt. However, I never heard of
it being a violation of the law. If men cannot call the strikebreakers
'scabs,' possibly they may be permitted to call them industrial angels.
"This injunction is most outrageous and is a process for the manufacture
of radicalism and Bolshevism. It is indeed strange that in a Republic
founded on the principle of freedom and justice and a recognition of the
rights of man that the political party of Lincoln, Phillips, Beecher and
Garrison, under whose leadership slavery was abolished, should now be
engaged in a movement of restoration of compulsory labor. I belong to
no political party, and I therefore do not speak as a partisan, but the
whole procedure bears out Thomas Jefferson's warning of usurpation of
power by the courts. And in this case it has been spurred on by the
Government of the United States."
Mr. Gompers declared that President Harding would have Congress
make strikes unlawful.
Calls It Worse Than Law Asked.
"But Congress has refused to pass such a law," he said, "and now the
Attorney-General goes into the courts and asks for an injunction more farreaching than any law. You ask me what I think the attitude of the
Harding Administration is toward labor. I do not know, but I recall that
Mr. Harding has declared his intention of getting back to normalcy. Maybe
he wanted to go back several centuries."
Mr. Gompers said that on the night before the conference report on the
"Watch Labor's Smoke," He Says.
Each-Cummins Transportation Act was submitted to Congress he read at a
"Let Senator Reed, your new Senator from this State,
understand that meeting of labor leaders and members of both Houses of Congress a telegram
there are six million organized labor men in the United States.
Not sert by a railroad lobbyist to a railroad executive. This message, he said,
three, as he said in the Senate. They have families, and assuming
the rointed out the difference between an anti-strike clause then contained in
proportion of five to one holds, then there are thirty millions
of labor the bill and ae conference report. The railway executive was advised that
people. When the tide begins to turn look out for the smoke of the
advanc- the conference report was preferable from the railroad viewpoint, as the
ing army of American labor."
injunction method could be followed under it, while the anti-strike clause
1st
inst.,
the date of the issuance of the temporary called for trial by jury, and convictions of labor leaders by juries were
On the
injunction, Mr. Gompers, according to a special Washington declared to be difficult.
"Here we see it," exclaimed Mr. Gompers. "The railroad executives
dispatch to the New York "Times," in the course of a bitter required
no lawyer to bring this case. United States Attorney-General
attack pon the court order, denouncing it as illegal and Daugherty became the attorney of the railroads. Surely he Attorneyprovocative of Bolshevism, said that the matter of recom- General would not have made application for thls injunction without the
approval of the Government. I noticed in the newspapers of to-day it was
mending a general strike would be taken up Sept. 9 by the emphatically
declared that the shopmen's strike would collapse on or before
Executive Council of the Federation. "No one knows what Sept. 15. If that is so confidently predicted. why has it been necessary
the men. As a matter of fact, this injunction is a confession
may happen," Mr. Gompers declared, "but it is my duty to enjoinstrike
is to be successful in securing the rights to which the men
that the
to bring to the attention of the Executive Council the propo- are entitled. It is an injunction in which all the powers are brought into
sition of a general strike because of the widespread insistence play to coerce the men to surrender their rights and interests, when not a
move was made against the railroad carriers in 104 cases on ninety-two roads
upon such a course." The "Times" dispatch also said:
in which they violated orders of the Railroad Labor Board.
Gompers Predicts Defiance.
"If any unlawful acts have been committed by the shopmen, they can be
Mr. Gompers denounced the court action as a violation of constitutional apprehended, indicted, tried, convicted and punished. All that they have
rights and a reversion to slavery, and all but predicted outright that the done is to stop work, and nothing else. They are not interfering with the
enjoined heads of the shoperafts would defy the court's order. He said that operation of the railroads but they have declined to work under conditions
the annual convention of the American Federation of Labor for years bad offered. If they are compelled to work, then they are not free men."
Mr. Gompers struck back at what he said was General Daugherty's referpassed a resolution authorizing its members to ignore injunctions when they
ence to him as "more malicious than untruthful."
were deemed invasions of constitutional rights and liberties of labor.
"I not only consider that this injunction invades these rights, but I know
Resents Attack by Daugherty.
that it invades my constitutional rights," he said.
"That is a foul aspersion of me," Mr. Gompers exclaimed heatedly:1"i
Mr. Gompers was asked whether he would recommend the same course
will stake my reputation for veracity even against Mr. Daugherty's. He
he would pursue to the labor leaders who had been enjoined.
has declared himself to be an open-shopper, but after both he and I are dead
"I did not say that," he replied. "Every man must follow his own bent organized labor will live.
of judgment and convictions. The American Federation of Labor has no
"Mr. Daughety says that the injunction was not intended to be a blow
mandatory powers. but I think I know the calibre of the men involved. against unionism. I wonder
if It was not his guilty conscience that led him
They are intelligent. patriotic Americans, and are not likely to surrender
to say that. Up to that moment no one had accused him. Like Hamlet's
their constitutional rights at the behest of a court that undertakes to inter- mother, 'Methinks he doth
protest too much.'
fere with those rights."
"I do not know who is guilty of acts ofsabotage on the railroads but it was
The labor chief read from Sections 6,19 and 20 of the Clayton Anti-Trust most unjust and unwarranted
to accuse the strikers. The railroad comAct, passed early in the Wilson Administration, and declared the Chicago panies employ private detectives, gunmen and agents provocateurs who
court order to be in direct violaton of this law.
might be as well responsible for these acts as the strikers."
Section 20 of the Clayton Act provides that no injunction shall be granted
Mr. Gompers's statement that Attorney-General Daugherty in his adin any case between employer and employee involving or growing out or a dress to the court had referred to him personally as "more malicious than
dispute concerning conditions of employment,"unless necessary to prevent truthful" was based on a statement in a newspaper dispatch about the court
irreparable injury to property for which injury there Is no adequate remedy proceedings. A transcript of the Attorney-General's remarks obtained at
at law." It further provides that such property must be described and the Department of Justice quotes Mr. Daugherty as saying: "To-morrow
sworn to in the application for an injunction. Its final provision, and one it will be said by some persons more malicious than truthful that this prothat Mr. Gompers asserted is "most flagrantly" violated by the Chicago ceeding is intended as a death blow to the union."
restraining order, reads:
There is no mention of Mr. Gompers in this connection.
"And no such restraining order and injunction shall prohibit any person
Mr. Gompers said that be could not say at this time when conferences will
or persons, whether singly or in concert, from terminating any relation of be held with heads of the railroad brotherhoods. He denied that he had
work
or
any
labor
perform
or
from recom- been in communication during the day with Bert M. Jewell, head of the
employment or from ceasing to
mending, advising or persuading others by peaceful means so to do; or from Railway Employees' Department of the American Federation of Labor,and
attending at any place where any such person or persons may lawfully be one of the labor officials restrained under the Chicago court order.
for the purpose of peacefully obtaining or communicating information or
Strong pressure has been brought upon him to call a general strike, Mr.
from peacefully persuading any person to work or to abstain from work: or Gompers said. He explained that he has not this power, nor has the
from ceasing to patronize or employ any party to such dispute or from Executive Council of the American Federation of Labor, which will convene
alnaynp
p ocefu
o byea
delraso
wn
fuelnm
to or w rs
gaea
recommending, advising or persuading
gend
s Sept. 9 for a regular meeting called last June.
others,from
to do so; or from paying or giving
"I have been praised to the skies and damned to hell by persons on both
things
or
of
moneys
in such dispute any strike benefit or
value, or from aides of the question who believe I have the power to call a general strike.
doing any act or thing which might lawfully be done in the absence of such By letters, telegrams, resolutions of labor locals, newspaper clippings and
dispute by any party thereto; nor shall any of the acts specified in this circulars, I have been urged to take such a course."
SEPT. 9 1922.]
THE CHRONICLE
Asked what advice he had given in reply to these demands Mr. Gompers
replied:
"I would prefer to keep my replies to myself at this time. Perhaps when
the strike is over in a month or two it might be well to give them out. Never
before in my memory has there been such a demand for a general strike."
On Sept. 2 a renewed pledge of "sympathy and support
to the fullest extent within our power" was given to the
striking railway shopmen to-night by President Gompers.
Without making direct mention of the Chicago injunction
proceeding or discussing in detail its possible consequences,
the labor leader telegraphed to B. M. Jewell, head of the
Federation's Railway Employees' Department, as follows:
At the meeting of the labor legislative representatives July 21 a resolution
was 'adopted conveying to you, and through you to the striking railway
shopmen, the pledge of our sympathy and support to the fullest extent
within our power.
At the meeting of the same conference this evening it was decided to
ratify and emphasize the declaration made July 21 and pledge anew our
sympathy and support and the best wishes for the success of the striking
railway shopmen in the attainment of their just cause.
On the 3d inst. Mr. Gompers made public a Labor Day
message in which in appealing to labor to organize, he declared that "the unorganized workers, fighting single-handed
if at all, are weakened, scattered and helpless in their unequal
battle against the organized employers." The following
is his message:
1169
accepted and which the railway executives rejected. Therefore, we assume
that the right of the railway employees is acknowledged to continue a lawful
strike in a lawful manner until a satisfactory settlement is made.
At least until advised that the Constitution of the United States and the
decisions of the Supreme Court are no longer to be relied upon as the law
of the land, the officials of the organization of railway employees will
continue to perform their legitimate duties to their members, to aid them
in the lawful pursuit of their lawful purposes, and to do all in their power
in conjunction with officers of the Government to restrain and to punish
every unlawful act of those who are rightfully involved, or who, without
right, involve themselves in the operation of the railroads.
The statement was signed by order of the Executive Council of the
Railway Employees' Department of the American Federation of Labor,
John Scott, Secretary of the organization, said B. M.Jewell, the President
of the shop crafts, was not present at the meeting when the statement was
prepared. Mr. Scott said, so far as he knew, Mr. Jewell had received no
official information concerning the restraining order. He said he did not
know where Mr. Jewell was. The meeting was held at the Strike Committees' Headquarters.
SHOP CRAFTS HEADS TO MEET IN CHICAGO MONDAY
NEXT—REPORTS•OF STRIKE SETTLEMENT MOVE.
A call for meeting next week of the policy committee
of the six shoperaft unions was sent out by John Scott,
Se-retary of the Railway Employees' Department of the
Am9rican Federation of Labor,and assistant to B. M.Jewell,
director of the strike, on the 6th inst. A Chicago dispatch,
published in the "Journal of Commerce," on the 7th inst.,
and copyrighted by the Chicago "Herald and Examiner,"
had the following to say regarding the call:
"Organize! Organize! Organize in trade unions!
"This is my message to the workers of America on Labor Day, 1922.
"For four years the enemies of the workers and of humanity have waged
an incessant war against the trade union movement in particular and labor
in general.
The railroad shop crafts policy committee of ninety will meet at 10 a. in.
•'Out of this war certain facts stand forth pre-eminently.
Monday at the Sheridan Plaza Hotel to vote on peace in the rail strike.
"It is apparent that the workers who have suffered least in the anti-labor
The call for the meeting was formally issued to-day from the local office
war are the workers who are most thoroughly organized in their respective of B. M.Jewell,strikers' chief, under orders given by him over long-distance
trades.
telephone from New York. The call said:
"It is equally apparent that the workers who have suffered most—whose
"By authority vested in me as President of the Railway Employees'
wages have been cut to the bread line and below, whose hours of labor have Department, American Federation of Labor, I hereby call a meeting of the
been inordinately lengthened—are the ones who are unorganized or weakly policy committee for 10 o'clock Monday morning at the Sheridan Plaza
organized.
Hotel, Chicago, and request that you attend.
"The organized workers have weathered the war with compact forces,
"(Signed) B. M. JEWELL."
every ready to go forward and confront the enemies of labor and of humanMr. Jewell, at this meeting, will formally ask authority to negotiate sepity and to carry on to success the toilers' struggle for the elimination of
arate strike settlements with approximately sixty railroads,representing 85.wrong and the establishment of justice.
000 miles of trackage.
"The unorganized workers,fighting single-handed, if at all, are weakened
Secret Negotiations.
scattered and helpless in their unequal battle against the organized employIf this authority is granted the settlements will be made on the basis of
ers.
"The experiences of this four years' anti-labor war compel the toilers to secret negotiations which have been going on in the Eastfor ten days between
recognize how completely they are thrown upon their own resources in the Mr. Jewell and rail executives.
Preceding the policy committee meeting a conference of the executive
struggle to maintain and improve their standard of living and social status.
"Every contest with the owners and manipulators of industry accentuates council will be held secretly here. This council, composed of the heads of
the truth that the workers have but few outside their own ranks who sympa- each of the six shop crafts' unions, will formally draw up the resolution askthize with them in their determination to emancipate mankind or support ing the policy committee to give Mr. Jewell authority to negotiate separate
agreements.
them in their efforts.
Such action is assured, because a majority of the executive council mem"The uncounted victories that organized labor wins, the few temporary
bers have been in the East with Mr. Jewell and have taken part in the secret
setbacks that labor experiences, cry aloud the divine truth that justice for
negotiations.
W. H. Johnston, head of the machinists, left Washington
those who toil can only come through the workers' own efforts, their own
hurriedly to-night for a conference in New York with Mr. Jewell. and he
organization, their own persistency.
is expected to precede his chief back to Chicago and help in the preliminary
"Now is the time for the workers to rally more completely under the stand
arrangements for the meetings here.
ard of the unions.
"Now is the time for the workers to organize thoroughly and compactly,
Would End Strike.
and with the spirit of solidarity that comes from organization in a noble
Favorable action by the policy committee on Mr. Jewell's proposals would
movement for a noble purpose, present such a uaited workers' front to the mean an almost immediate end of the strike,for no vote of the strikers is
powers that prey that even the strongest battalions of labor's exploiters will necessary,and Mr.Jewell already understood to have arranged most of the
is
retreat in disorder before the serried, on-sweeping ranks of humanity's important settlement details at his offices in Washington and Baltimore.
hosts.
Tentative Settlement Plan.
"Organize! Organize! Organizer
The tentative settlement reached at the Eastern conferences contained the
following chief points:
.
e
workmenArillsthrisklliyngheldh
SHOPCRAFTS STATEMENT ON INJUNCTION ORDER.
returned
eturn to work in position of the class
are3
,
to b
1er2.
92
they originally
June
Enforcement Of the injunction obtained by Attorney2. The relative standing between the strikers, the men remaining at work
when the
estrik
as f June ewas ca
General Daugherty against lawlessness and violence in con- he
called
309
and
now at work,including general chairmen.
restored
nection with the shoperafts strike will be aided by every
3. That pensions rights be restored.
power of the shoperafts organization, according to a state- ease
4.
as sasettlement plan
thi
a special case and will in no
an
ftwill be classed
serve
precedent
ment issued by the Executive Committee of the railway
future
fT
ivha
elafro
teram
lblethm
ritters not settled through the above arrangements or
employees' department of the American 11;64itn-abion of
board of ten members, five from the unions
Labor, which Chicago Associated Press dispatches of Sept. arisingsh5drailroads,
frerr
alle
rld
o
In
addition to the above, most of the employees probably will receive
1 gave as follows:
pay advances. Daniel Willard, President of the Baltimore & Ohio and
The officials of these organizations have done everything possible since one of the leaders in
the separate peace plans, already has voluntarily
the beginning of the strike to maintain a peaceful suspension of work. Con- raised his men $1 a day
and this increase will be the basis of boosts on
sidering the difficulties of preserving perfect order in any group of 400,000 other lines.
men engaged in a struggle for a decent livelihood, It must be admitted that
The first suggestion of separate peace came more than a month ago
the strike has been a remarkable demonstration of the law-abiding character in New York when the executives of all of the nation's chief roads met
to discuss the President's peace plans. When these were rejected, Mr
of the workers involved.
It is unfortunate that in a suit for the announced purpose of preventing Willard lined up fifty-two roads which were willing to desert the "never
he
lawlessness the Attorney-General's office has prepared, and a Court, on say
'
r,roads
refuseds whichto wanted
s h. The shoperafts' chiefs.
pla fslui
thtoah
su
hc
te aafig
hasty consideration, has entered an order which, unless carefully interpreted,
listen
any
Two weeks ago, however, an intermediary appeared who volunteered
might be read as a flagrant violation of constitutional rights of American
citizens as repeatedly affirmed by the Supreme Court of the United States. to conduct preliminary negotiations between the strikers and such emApparently, either haste or failure to use the English language with ployers as were willing to come in on the individual settlements.
This intermediary went first to Mr. Jewell and explained peace conprecision has led to the drafting of an order which, read too literally, would
deny the right of free speech, or communication of any sort, or just payment ditions with all the roads, but that the shopmen should obtain settlement
cwcoird wi.hs
of debts, or mutual aid in lawful association to men engaged in the peaceful, n accord
with most of their demands by entering into negotiations with
Mr. Willard group.
legal conduct of their business.
It can hardly be assumed that the Federal Court had intended to restrain,
Meetings Arranged.
or has restrained, those lawful acts necessarily involved in carrying on the
Mr. Jewell consented, and the intermediary then went to the heads
organizations,
some
or
all
of
whose members are of certain railroads and arranged for the meetings in the East.
legitimate work of labor
engaged in a legally conducted strike to accomplish lawful purposes. Such
Preceding tnese meetings, Mr. Willard came to Chicago at the request
acts, including peaceful picketing, as has been repeatedly and recently of the intermediary and talked with shoperafts' chiefs. He then made
held to be lawful by the Supreme Court of the United States,cannot be his tour of the Baltimore & Ohio to find out how a separate settlement
assumed to come within the provisions of the restraining order entered by would appeal to his men. He found that they strongly favored it.
-41
Judge Wilkerson. If a strike of railway employees and its peaceful conduct
The day after Mr. Willard started his trip ea,st Mr. • Jewell left for
was an unlawful proceeding it cannot be assumed that the Attorney- Baltimore and the
immediately.
started
were
secret conferences
General of the United States would have waited two months to proceed
Not all of the heads of the fity-two roads originally in Mr. Willard's
against the strikers; that the President of the United States would have group attended these
meetings. Only a few of the leaders were present,
held conferences with lawbreakers and proposed that the lawbreakers whom
f tt
ere
carrrs th theinflieuential men understood virtually to hold the Proxies
they represented should return to work under terms which they afterward of the other
group.
1170
THE CHRONICLE
Many Roads Refuse.
Many of the larger roads of the nation will not enter into the separate
negotiations.
The Pennsylvania heads this group.
On the other hand, the list of carriers ready to settle includes such
great lines as the New York Central, the Northwestern, the Burlington
and the Northern Pacific.
Last night's Associated Press dispatches from Chicago
said:
Daniel Willard, President of the Baltimore & Ohio Railroad, met a few
Western rail executives in conference in the Chicago Club this afternoon,
presumably to discuss proposals for a basis of settlement of the shopmen's
strike on certain roads by individual agreements. No announcements were
made that a conference had been arranged or what it was expected to accomplish, and all parties maintained silence.
B. M. Jewell, head of the Federated Shop Crafts; William H. Johnston,
President of the International Association of Machinists, and Martin F.
Ryan, President of the International Brotherhood of Railway Carmen of
America, arrived in Chicago this morning from the East and were served
with the notice of the temporary injunction granted the Government last
Friday.
The shop craft leaders came to the city for preliminary conferences in
connection with the meeting of the union policy committee of 90 members
on Monday. The policy committee, it has been reported, was expected to
decide whether separate agreements with the railroads would be approved.
Previously union leaders have rejected individual agreements.
One executive, who *expected to attend the afternoon session, said that
separate agreements on some of the roads were still possible, but that the
time was getting short and that if a settlement on certain lines was to be
made at all it must be made quickly.
It seemed likely, according to one railroad head, who refused to be
quoted, that the question of the strikers' seniority rights still would prove
a stumbling block. He declared positively there would be no wage increase.
Mr. Jewell and the other labor leaders arriving to-day were met at the
Baltimore & Ohio Railroad station by deputy United States marshals.
After being served with the notice and a Federal subpoena to appear before Judge Wilkerson next Monday, when the Government will seek to
obtain a permanent injunction against any interference with railroad operation, the union leaders hurried away together. Mr.Jewell was expected to
be at his office this afternoon.
SAMUEL UNTERMYER IN CABLEGRAM TO SAMUEL
GOMPERS ON RAIL INJUNCTION.
Samuel Gompers, President of the American Federation
of Labor, according to a dispatch from Philadelphia, published in the New York "Times" on Sept. 6, made public a
copy of a cablegram from Samuel Untermyer, dated London,
in which the New York lawyer is reported as saying:
Amazed, incensed at railway injunction. If properly reported ludicrously unsound. Sailing to-morrow.
AMERICAN FEDERATION OF LABOR NOT TO MOVE
FOR GENERAL STRIKE.
The idea of recommending that the organized workers of
the country go on a general strike, even for twenty-four hours,
in protest against the rail strike injunction obtained by
Attorney-General Daugherty practically has been abandoned by the Executive Council of the American Federation
of Labor, according to special telegraphic advices to the
New York "Times" from Atlantic City Sept. 8, from which
we also quote the following:
This became known here to-day following a meeting of labor leaders
preliminary to the opening of the Council's session here next Saturday
morning in the Hotel Ambassador. The general strike plan, it was made
dear, was not considered feasible at this time, but it was planned to carry
the fight before Congress and bring the matter to the attention of the
public by staging nation-wide demonstrations of protest throughout the
country.
Matthew Woll, Vice-President of the Federation, said to-day that the
Council undoubtedly would take the fight to Congress by seeking legislation
prohibiting the issuance of such Injunctions as the now famous Daugherty
writ.
"I believe that the battle in Congress is not far off," said Mr. Well. "We
are not going to make it a fight in behalf of the shopmen alone, but in behalf
of the entire American people. If it is defeated in Congress we will know
Just where the representatives of the people there stand.",
Mr. Well and other labor leaders declared that the Administration's attitude reward the shopmen's strike and in obtaining injunctions would lend
force to the non-partisan labor campaign this fall. Plans for active nationwide campaigning to elect labor's friends will be considered by the Council,
It was stated.
Jewell May Attend.
B. M. Jewell, national head of the striking shopmen, or some of the
other shoperaft union heads, it was announced, are expected here next
week to appear before the council to explain the strike situation. It
Is expected, leaders said, that the council will make provision for raising
a huge fund for the striking shopmen by issuing a new appeal to organized
labor thorughout the country.
Union leaders said it was also possible that several million dollars might
be raised by levying an assessment of 1% per capita on the union membership of the Federation, as was done in 1919. when aid In this form was
contributed to the striking steel workers.
Besides proposing legislation to prohibit the use in industrial disputes
of Injunctions, it was learned that the Executive Council would start a
constitutional amendments designed
nation-wide campaign to enact Wee
to deprive the courts of their "despotic powers." The amendments
desired by labor provide as follows:
of children under the age of 16
'An amendment prohibiting the labor
actory, workshop or other industrial or merYears in any mine, mill, f
upon Congress the power to raise
cantile establishment, and conferring
not be permitted to work.
the minimum age below which children shall
of any law or the making
enactment
the
An amendment prohibiting
deny the right of the workers
of any judicial determination which would
of the United States and its territories and dependencies to organize for
e betterment of their conditions to deal collectively with employers
[VoL. 115.
and to withhold collectively their labor and patronage and induce others
to do so.
An amendment providing that if the Supreme Court of the United
States decides that an Act of Congress is unconstitutional or by interpretation asserts a public policy at variance with the statutory declaration
of Congress, then if Congress by a two-thirds majority repasses the law
It shall become the law of the land.
The council will also consider legislation, it was stated, to make amendment to the Constitution of the United States easier and make the Constitution itself "more flexible to meet the needs of the people."
Repeal of the Sherman Anti-Trust Law will also be advocated and
probably some program drafted to meet the situation, labor leaders said.
They contend that "through judicial misinterpretation and perversion"
this law has been "mainly invoked to deprive the toiling masses of their
natural and normal rights." instead of being used to prevent illegal combinations in restraint of trade.
The Executive Council of the Federation meets to-day
(Sept. 9).
CENTRAL TRADES AND LABOR COUNCIL URGES IMPEACHMENT OF ATTORNEY-GENERAL DAUGHERTY AND FEDERAL JUDGE WILKERSON.
Every trade unionist in Greater New York is called upon to
contribute one day's pay in behalf of the striking railroad
shopmen in resolutions adopted in this city on the 5th inst.
by the Executive Committee of the Central Trades and Labor Council and approved, with two dissenting votes, by the
Council on Sept. 7. The resolutions also call upon the Government of the United States "to immediately take over and
operate the railroads, and make terms with the striking
shopmen." The impeachment of Attorney-General Daugherty and Federal Judge Wilkerson is also urged by the Council, that part of the resolution, according to the New York
"Times" of the 8th inst., reading as follows:
"Whereas, The Constitution of the United States guarantees to every citizen the right of freedom of speech, the right of free press and the right of
peaceable and free assemblage, all of which rights have been abridged by the
Injunction obtained against the railroad shopmen, and
"Whereas, This injunction is not only a clear violation of the provisions of
the Clayton Act, as applying to the issuance of injunctions in labor disputes,
but is also a plain denial of the constitutional rights of our American citizens and without precedent in law and equity, and
"Whereas, Attorney-General Daugherty in applying for the injunction
against the strikers on the ailroads and Federal Judge Wilkerson in granting said injunction, b3th have shown a disregard for the fundamental and
consitutional law of our land; therefore be it
"Resolved, That we call upon the Senate of the United States, tnrough
Senator Borah, to immediately institute impeachment proceeding against
Attorney-General Daugherty and Federal Judge Wilkerson for malfeasance
Constitution and Secof office by their act in disregarding Article 1 of the
tion 20 of the Clayton Act of Congress; and be it further
"Resolved, That copies of this resolution be sent to Senator Borah, all
Senators and Congressmen from New York, the President of the United
States and to the press."
Coincident with the adoption of the resolution by the Ex.
ecutive Committee on the 5th inst., the New York "Tribune"
states, the following statement was made public by John
Sullivan, Chairman, and William F. Kehoe, Secretary of the
Central Trades and Labor Council:
The executive committee has framed this resolution to meet an overwhelming demand for action by the rank and file of our constituent unions.
The Attorney-General has made the railroad strike a live issue in every
local union in town. This strike is now a personal matter to hundreds of
thousands of workers in this district who had no real interest in it before.
They argue this way: If a court in Chicago to-day can restrain a railroad
worker from writing a letter or sending a telephone message to a non-union
friend about the strike a court in New York may do the same thing tomorrow to a compositor or a cloakmaker or a building trades mechanic.
The only thing this injunction does not enjoin a shopman from doing is
talking in his sleep.
Strike Right In Peril.
Even in war times there was no such wholesale denial of the rights of free
speech and free assemblage as there is in this injunction. If injunctions like
this are actually enforced, the right to strike will go glimmering and with
It the bargaining power of organized labor. Workers in every trade all over
the country are now back of the railroad shopmen. The shopmen's fight
has become their fight and they know it. If the railroad executives can
smash the shop unions with the help of the Government and such injunctions
as this, no union can tell when its turn will be next. Hero is a union-smashing combination that challenges the fighting spirit of every free American
worker.
It is up to the American Federation of Labor to put this spirit into action.
The shopmen must nave every resource of the labor movement at their
command. Their women and children must be fed, even though their funds
are enjoined. The strike must.go on, even though their leaders are thrown
Into jail. They must win or we will lose. Our slogan is: "One day's
pay for the striking shopmen."
According to the New York "Times" of the 8th inst., at
Thursday's meeting of the Council the injunction proceedings
were subjected to vigorous attacks, the main one coming from
Secretary Kehoe, who is reported as saying:
Mr. Daugherty's action is undoubtedly the delusion of grandeur and an
attempt to play to the galleries. He suddenly comes to the conclusion that
he should regard himself as the heroic champion of the open shop, and he
has done more to injure and muddle the entire railroad situation than
any other agency.
If it were necessary for the Government to step in and through its
Attorney-General to obtain such a sweeping injunction as was Issued a few
days ago in Chicago, then the condition would warrant the Government's
stepping in and taking control of the railroads. It would then be in a
position to give the people of the country the railway service that they
require, at the same time protecting the rights of labor and adjusting
demands according to the merits of the case.
SEPT. 9 1922.]
THE CHRONICLE
The history of men and nations proves that usurpation leads to usurpation until it gives birth to tyranny. If we permit our present Government
officials to wilfully, flagrantly and with impunity, set aside the law of the
land, the retribution will be swift and far-reaching.
Says Roads Save Counsel Fees.
In this case, also, we are confronted with the anomaly of having the Attorney-General of the United States acting as private attorney to the railroad
companies. On previous occasions the corporations were at least compelled
to pay their counsel fees. Moreover, in his desire to serve the railroad interests, the Attorney-General has misrepresented the strike situation to
the people. His explanation to the public for issuing this extraordinary
Inhibition is that the railroad shopmen are on strike against the Government.
Nothing could be farther from the truth. The railroad workers are on strike
against conditions existing on privately owned railroads.
Eighty-two per cent of 211,280 miles of the railroads in this couniry are
controlled by twenty-five men. They are operated by those men for the
purpose of making money and not for the purpose of giving service to the
people, as the Attorney-General would lead us to believe. The railroads in
this country are no more national than is the National Biscuit Company.
The twenty-five men who control these roads want to pay a wage rate as
low as $12 per week. The men working for the road reasoned that they
might just as well be idle and starve as work and starve.
The Attorney-General is making one last desperate effort to settle the
strike in the interest of the railroad owners by substituting force for justice.
He realizes that an honest and open discussion of the question would result
disastrously for the railroad owners. They cannot discuss the question of
striking against the Government without admitting that many of us have
long suspected that the Government is in Wall Street, not Washington.
They cannot discuss the question from any angle advantageous to themselves, so they do that which all politicians have done who were possessed of
an overabundance of power and *a scarcity of justice—they prohibit the
people from talking.
If the twenty-five railroad owners would give more time to running the
railroads and less time to stock manipulation, the roads could well afford
to lower the rates and increase instead of reduce wages. Calling upon the
courts to substitute force for justice will prove no permanent substitute for
migmanagement.
CENTRAL LABOR UNION OF HUDSON COUNTY, N. J.,
ASKS FOR NATIONAL STRIKE.—"CONDITIONS
BORDERING ON SLAVERY."
The Central Labor Union of Hudson County, Jersey City,
in a resolution adopted a week ago, declares that the members of the Railway Department of the American Federation
of Labor "are facing conditions bordering on slavery," and
calls upon the Executive Council of the Federation "to call
a national strike at the earliest possible date in order that
this warfare upon the American homes may cease and the
free people be permitted to live in peace." The New York
"Tribune" of Sept. 7 reports the resolution as follows, as
announced by Charles J. Jennings, Chairman of the Central
Labor Union:
11'71
NEW YORK STRIKING SHOPMEN IN TELEGRAM TO
SENATOR BORAH URGE IMPEACHMENT OF
ATTORNEY-GENERAL DAUGHERTY
AND JUDGE WILKERSON.
The impeachment of U. S. Attorney-General Daugherty
and Federal Judge Wilkerson was urged on Sept. 6 by John
J. Dowd, Chairman of the Central Strike Committee of the
Metropolitan District, in behalf of railroad shopmen on
strike in this city in a telegram addressed as follows to
Senator Borah:
Hon. William E. Borah, Chairman, Committee on Education and Labor.
the Senate, Washington, D. C.
On behalf of 25,000 railroad shopmen on strike in the New York Metropolitan District we urge upon you the immediate necessity for the impeachment of Attorney-General Harry M. Daugherty and Federal Judge Wilkerson. The injunction against the striking railroad shopmen requested by the
Attorney-General and issued by Judge Wilkerson constitutas a violation by
high Government officials of the constitutional guarantees of American
freedom and of specific Federal statutes without precedent in the history of
the nation. Soft words of interpretation spoken in "high official quarters"
after the issuance of the injunction cannot mitigate the plain language and
intent of the document. Nor can they wipe out the astounding admission
by the Attorney-General reported in the press the day the order was issued
that he would use the power of the Government to maintain the open shop.
This injunction has not only violated freedom of speech, assemblage and
the press, but has made the Department of Justice and the Federal courts
accessories to the crime of union smashing which a small group of railroad
executives are seeking to perpetrate at the expense of the nation. Such
conduct cannot and must not go unrebukod by an outraged people.
(Signed) General Strike Committee, Metropolitan District,
JOHN J. DOWD, Chairman. ill
BOSTON CENTRAL LABOR UNION DENOUNCES ATTORNEY-GENERAL'S ACTION AND URGES
SEIZURE OF ROADS.
A resolution denouncing the action of Attorney-General
Daugherty "in his effort to browbeat, bully and coerce with
judicial writ and the soldier's bayonet, in the interest of the
open shop, free American labor in their efforts to maintain
decent conditions of labor" was adopted on Sept. 3 at Boston
by the Boston Central Labor Union. The resolution also requests President Harding "to take such action by seizure or
otherwise as will bring back into the service of the railroads,
upon the terms suggested in his first recommendation, the
striking shopmen." The following is the resolution as published in part in the Boston "Herald":
"Whereas, The railroad shipmen of the country are engaged in a strike in
an effort to compel the railroad executives of the nation to agree to conditions
of labor that were recommended and urged by President Harding; and
Whereas, The members of the railway department of the American Fed"Whereas, Executives refused to accept the recommendations of Presieration of Labor are engaged in a strike as a protest against the reducdent Harding and are persisting in their efforts to destroy the unions of the
tion of the American standard of living; and,
Whereas, The President of the United States now informs us through railroad shopmen by endeavoring to operate the roads with inadequate
and
incompetent employees, with the result that the railroads are unable
his
purpose
to use the full power of the Governthe public press that it is
ment, military and judiciary, to intimidate and oppress a free people, to to properly function and are breaking down, thereby threatening the nation
bind them to his will, that the American standard of living must be re- with the double calamity of starving and freezing through the inability of
the railroads to bring to the people the crops and coal so absolutely necessary
duced; and,
to the life, health and comfort of the people; and,
Whereas, We are facing conditions bordering on slavery; threforo, be it
"Whereas, In such a situation the national Government, through its
Resolved, That we, the Central Labor Union of Hudson County, call
upon the executive council of the American Federation of Labor to immedi- Attorney-General,throws its whole weight,power and influence against the
ately set in motion the machinery which shall bring the full power of labor railroad shopmen in their struggle for decent American conditions of labor
to bear in one grand national protest against the slavery conditions that by applying for and obtaining an injunction that prohibits the railroad
are being imposed upon us, to call a national strike at the earliest possible shopmen's unions from using their own funds in supplying the necessaries
date in order that this warfare upon the American homes may cease and of life to their members, their wives and their children, that prohibits them
from peaceful picketing, that prohibits them from holding meetings, prothe free people be permitted to live in peace. And be it further
Resolved, That copies of this resolution be forwarded to the American hibits them from giving information, prohibits them from performing every
Federation of Labor and all its departments, the Brotherhood of Locomo- function necessary for humans to perform who are engaged in a struggle in
tive Engineers, Brotherhood of Locomotive Firemen, Brotherhood of Rail- maintaining decent living and working conditions; and,
way Conductors and the Brotherhood of Railway Trainmen, and to every
"Whereas. Attorney-General Daugherty, in applying for said injunction,
openly proclaimed that it was for the purpose of 'maintaining the open
other central labor union in the United States for their endorsement.
shop' and crushing the strike of the railroad shopmen, and announced that
the army of the national Government would be used to that end wheverer
needed; Therefore, be it
W. Z. FOSTER SAYS LABOR MOVEMENT IS AT STAKE
"Resolved, That we denounce the action of Attorney-General Daugherty in
his effort to browbeat, bully and coerce with judicial writ and the soldiers'
IN SHOPMEN'S STRIKE—LABOR LEADERS
bayonet,in the interest of the open shop,free American labor in their efforts
DENOUNCED.
to maintain decent conditions of labor; And be it further
Denouncing $25,000 a year labor leaders for their conduct
"Resolved, That what the railroads require in order to function and supply
the needs of the nation is skilled labor and not judicial writs and soldiers'
of the strike of railroad shopmen, William Z. Foster, cham- bayonets,
which
have and never will be a substitute for skilled labor;
pion of the one big union plan for the American labor move- hence we requestnever
President Harding, in the interests of the nation and as
of
Federation
Chicago
of
the
meeting
the
a
only way in which the present threatened calamity can be averted, to
ment, asserted at
take such action by seizure or otherwise as will bring back to the service
Labor on Sept. 3 that the shopmen's strike, if won, would of
the railroads upon the terms suggested in his first recommendation the
be won in spite of the leaders. According to the Chicago striking shopmen."
"Tribune" of Sept. 4, the New York "Times" reported
Mr. Foster's declarations as follows:
The reason the shopmen's strike is being fought so bitterly is because
the labor movement itself is at stake and if it is lost by the men it will give
an impetus to the open shop campaign.
The pitiful thing to me is that the whole struggle is due to stupid leadership. It is tragic when you remember that there are nine organizations at
work while five are on strike on the railroads.
If the rail workers were united into a solid mass instead of being divided
as they are now the railroads would never have attempted to start the
present struggle.
An army can't go into battle divided. The artillery and air service
couldn't stand aside and say let the infantry do it, it isn't our fight. But
now a similar condition exists in the shopmen's strike.
The railroads pick out certain unions to beat. In combat the other rail
unions, including the big brotherhoods, act as shock troops for the railroads
to defeat their fellow-workers.
The shopmen have the companies on the hook and they are passing injunctions nobody gives a damn about.
T. DE WITT CUYLER DECLARES COLLAPSE OF SHOPMEN'S STRIKE IS IN SIGHT.
In a statement in which he said that the railroads have
been recruiting their forces during the past week "at the rate
of some five or six thousand men per day," Thomas De Witt
Cuyler, Chairman of the Association of Railway Executives,
declared the collapse of the shopmen's strike to be in sight.
Mr. Cuyler's statement, issued on the 6th inst., follows:
The statement in some of the morning papers to the effect that a settlement of the shopmen's strike has been effected is absolutely without
foundation. There have been no conferences, either by this Association,
or by any of the executives, with Mr. Jewell or others representing the
shopmen who left the service of the companies. The statement that I
had curtailed my holiday is also entirely without foundation. On the
contrary, I stayed away longer than I eorpected.
1172
THE CHRONICLE
[vor„. 115.
I am safe in saying the average compensation of the man who tolls
The roads are standing squarely on the platform adopted by them at
their meeting on Aug. 23 1922. The executives are a unit as to this, and to-day is a within a few per cent of what It was a year ago, and some have
an increase.
received
the
by
as
conditions,
will
evidenced
be
are entirely satisfied with present
To-day we have some men in industry who protest with noisy virtue
•
facts set forth below:
On Sept. 1 the railroads had approximately 305,000 employees engaged that they favor high wages, and that they pay high wages. A little inquiry
in the maintenance of cars and locomotives, as against about 400,000 in into these deceptive averages, however, soon reveals that the high wages
are paid to specialized workers, so-called experts, who work with plat
June 1922—the best evidence that the collapse of the strike is in sight.
During the past week the railroads have been recruiting their forces at and map. This appeals to me not at all, because they as a class are able
the rate of some five or six thousand men per day. It is estimated that at to take care of themselves. I am for a saving wage for the man who
least half of these are the older and more experienced men among the works with his hands, the man who in the words of the Scripture "earns
strikers. They are voluntarily returning to work on terms which do not his bread witn the sweat of his face," the man who swings a hammer or
violate the obligations of the railroads to either their loyal employees or a pick.
to the new employees.
On Sept. 3 in a message to the workers of the country SecIn many cases it was the 10th of July, and in others the 17th of July,
pride
before the railroad companies set about seriously to recruit their forces. retary Davis stated that "we can look forward with
Prior to those dates they generally held the positions of their striking and gratitude upon the achievements of the last 12 months.
employees open for them without loss of seniority and other rights. On
During this period America has been brought to the threshJuly 10 the railroads had at work in their shops and roundhouses approximately 155,685 men. On July 20 the total number of these employees old of unexampled prosperity." He added:
was only 162,749.
We have conquered the menace of unemployment which threatened
From this it may be seen that practically the entire progress made in us, and we have prevented a wage panic in the ranks of labor. We have
recruiting new employees has been since July 20. On July 31 the rail- put between four and five million men back to work and we have put
roads had 191.440 employees of this class; on Aug. 15 237,340, on Aug. 31 them back to work with wages which leave the general wage level of the
approximately 292,000.
nation very little below the high point reached following the war.
These figures do not include returns from some fifty railroads, which it
Is estimated have at least 13,000 men at work, making a total for the
entire country of approximately 305,000.
Since the rights of the loyal men who remained at work and of new men INTERNATIONAL BROTHERHOOD OF ELECTRICAL
engaged during this difficult period have been prominent in public discusWORKERS BRINGS COUNTER SUIT PROCEEDINGS
sion. It is interesting to note that there were about 155,000 loyal employees,
AGAINST RAIL INJUNCTION.
and that about 150.000 new employees have been added. The sum total
of these two groups far exceeds the number of men who went out on strike.
proceedings against the Government's injunction
Counter
and
in
August
was
improved
materially
of
equipment
The maintenance
restraining the striking shopmen were begun on Sept. 7,
will be still further improved in September.
The car loading figures Issued weekly show that during the two months with the filing of a petition in the Supreme Court of the
of the present strike the railroads have loaded with revenue freight over
District of Columbia by attorneys for the International
500.000 more cars than they loaded during the same eight weeks of 1921,
Brotherhood of Electrical Workers, through J. P. Noonan,
when there was no strike.
For the week ending Aug. 26 bituminous coal production was increased President, and Charles P. Ford, Secretary, for a permanent
to about 6,700.000 tons, from about 4,500.000 tons the preceding week.
local Federal officials from proceeding
The probability is that the week ending Sept. 2 will show that the railroads injunction restraining
under the order of Federal Judge Wilkerson at Chicago,
loaded over 9,000.000 tons, which is more than an average weekly output.
While obviously, the commerce of the country cannot be carried with and for a temporary injunction to the same effect pending
the same speed and facility as would have been possible had no strike
Hearing on the temporary
taken place, at the same time the railroads are providing transportation for decision on the first application.
all essential purposes. Evidence of the ability of the roads to render effec- order was set for to-day (Sept. 9) before Judge Bailey of
tive transportation was furnished on Labor Day when the volume of the District Supreme Court. President, Noonan of the
business, the greatest in the history of the roads, was handled without
Electrical Workers, was quoted in the Philadelphia "Record"
friction and with only the usual delay incident to heavy travel.
The railroad companies deeply appreciate the support which has been of the 8th inst. as saying:
given them in the present strike by the public opinion of the country.
We don't particularly like government by injunction, but if the AdIf the people of the United States will continue to evidence their good will ministration desires to proceed that way, why we can do so as well. The
Just a little longer, they will see the present strike terminated in such a District Attorney and United States Marshal in Washington notified me
way as to add greatly to their protection against unwarranted attempts to and all the members of our organization through the m•wspapers that we
interrupt transportation in the future.
couldn't hold meetings or even discuss the strike. We think, as a lawabiding union, that we are entitled to do that and to conduct our organization's affairs along regular lines, and have consequently put it up to the
SECRETARY OF LABOR DAVIS DEPLORES VIOLENCE Court to determine.
I do not know what will result from our application, but if AttorneyIN STRIKES—ACCOMPLISHMENTS IN INDUSGeneral Daugherty can get a restraining order in one District Court which
TRIAL LIFE DURING LAST YEAR.
stretches out all over the entire country, perhaps we can get one against
Secretary of Labor Davis in a Labor Day address at him hero which will run to all parts of the country, too, and prevent our
constitutional rights from being abolished. This action is taken entirely
Mooseheart, Ill., Sept. 4, deplored instances of violence in independently,
to protect the electrical workers, and has not been taken
connection with strikes, declaring that "no gibbet can be up with any other railroad unions which are now on strike or with the
attempting to find out whether it is true
built too high for those who execute such dastardly deeds," strike committees. I am just
that I can't even talk to the Vice-President and Secretary of our Brotherhood
a
of
train
wrecking
recently at Gary, Ind. because some Court out at Chicago has issued an order against it.
as the "deliberate"
The Secretary also declared that "all the power of law and
The complaint filed in behalf of the Electrical Workers
order in America must be extended to the utmost to exter- says in part, according to the New York "Times":
minate the class of men who hark back to the Dark Ages in
8. Plaintiffs aver that neither before nor since the said 1st day of July 1922
their disregard of property and human life. They can have has the said association [Electrical Workers' Brotherhood) nor the plaintiffs,
no part in our America of to-day." Those who plan or coun- Noonan and Ford. Individually or in their respective official capacities as
nor, to the best of plaintiffs' knowledge and belief, have any
tenance "such horrors," he said, "were equally guilty" with aforesaid,
other of the members of said association, including the members of said
the actual perpetrators. Referring specially to the recent local unions in the District of Columbia, committed any unlawful acts
association
"slaughter" of workingmen in the State of Illinois, Mr. Davis incident to said strike or the prosecution thereof; but plaintiffs
and the plaintiffs association and the plaintiffs, Noonan and Ford, and
described it as a "revolting spectacle" which "advanced not their associate members of said association have Issued instructions and
a jot the cause in which the men fell." Secretary Davis also have taken ever other means in their power to prevent the commission,
by any member of the association, or by any other person, of any acts of
said:
person or property and of any and all other unlawful acts, and
We must and will find a way to end this fratricidal strike in industry
We must and will find means to settle these industrial disputes without
recourse to the futile arbitrament of force. American industry must
find a method that will avert these industrial disturbances and will give
to the American workman an adequate wage, a saving wage.
We must see to it that the worker is guarded against the loss of wages,
-the employer against the loss of profits and the public against the loss
of service which comes through these suspensions of work. We must
put an end to the suffering and privation, the bitterness and hatred which
-these conflicts engender and which tend to poison our whole industrial
system.
I venture to say that not one industrial dispute out of a thousand has
ever been permanently settled except in one way—by the negotiations
of reasonable men in a resonable frame of mind, who sat down to discuss
the issues in a spirit of fairness and co-operation. We must ultimately
come to the state of negotiation for settlement. Why cannot we put
the peace conference before the struggle? Why cannot we make the
appeal to reason and fairness before we make the drastic and misconceived
appeal to force?
I am a firm believer in the ultimate fairness and Justice of mankind.
I believe that no differences between employer and employee are so great
that they cannot be adjusted, no gulf so wide that it cannot be bridged,
if both sides will gather around the council table in a spirit of earnest
-co-operation. Experience backs this belief.
According to Secretary Davis, "despite the pressure of a
tremendous mass of unemployed, despite the efforts of a few
reactionary employers who selfishly sought to take advantage of the distress of labor and the nation, we have kept
the general level of wages up." He added:
violence to
have never countenanced or connived at the commission of any unlawful
acts: and if any unlawful acts have been committed by any member or
members of said association, the plaintiffs aver that they have no knowledge
acts have been
of the commission of any such acts, and that if any unlawful
committed by any members of the association, the same were committed
to the
contrary
and
association
contrary to the governing laws of said
and by the
instructions both oral and written issued by the association
to the policy and
plaintiffs, Noonan and Ford, and are and were contrary
of the plaintiffs.
without the authority, approval or ratification of any
to be read as a
pray
and
1,
No.
Exhibit
Plaintiffs attach hereto marked
copy of instructions issued by
Part of this bill as if fully set out herein, a
and Ford, to all members o
the association and by the plaintiffs, Noonan
about July 15. 1922 which
said association involved in said strike, on or
in full force and effect;
instructions are and have been since July 15 1922
that the association and its
from which instructions it will be observed
members of said association to
officers have instructed and urges all the
and orderly conduct and to
prevent disorderly acts, to preserve discipline
by their fellow-workers or by
either
disorder
act vigorously to suppress
others.
Holds Court Exceeded Powers.
on such information
9. Plaintiffs are credibly informed and believe and
first day of September 1922, the Attorneyand belief aver that on,to wit,the
in the United States
General of the United States began a suit in equity
Illinois by filing a bill of comDistrict Court for the Northern District of
certain
against
association and
injunction
an
for
praying
plaint in equity
individuals, including the plaintiff association and the plaintiff Noonan,
in equity the said United States District
and that upon the filing of said bill
immediately, and without
Court for the Northein District of Illinois
a certain order purporting to be an
issued
defendants,
notice to any of the
injunction in accordance with the prayers of said bill in equity.
11.
SEPT. 9 1922.]
THE CHRONTCLE
Plaintiffs further aver that if the said injunction order as aforesaid published in the New York "Times" and attached hereto as Exhibit 2. was
Issued by the said United States District Court for the Northern District
of Illinois said injunction order was issued without warrant or authority
of law or equity, and that it was not within the power of said United States
District Court to issue said injunction order; and that said injunction order
Is without any force or effect within the District of Columbia and is not
binding upon any of the plaintiffs herein.
10. Plaintiffs are credibly informed and believe and upon such information
and belief aver that subsequent to the issuing of said purported injunction
as set out in the preceding paragraph numbered 9 of this bill, on, to wit,
Sept. 4 1922, the said defendant Peyton Gordon as United States Attorney
and the said defendant Edgar C. Snyder as United States Marshal threatened to enforce in the District of Columbia the said purported injunction
so as aforesaid issued by the United States District Court for the Northern
District of Illinois and further threatened to enforce the same regardless
of whether or not the same or a copy thereof sin uld be served up the
plaintiffs herein or upon any other persons in the District of Columbia;
and the said defendant Snyder threatened to prevent the members of the
said association in the District of Columbia and the members of the said
association's local unions of Washington, D. C.,from holding the peaceable
and lawful meetings and assemblages which they have as aforesaid been
holding; and the said defendant Snyder further threatened that he would
prevent, so far as possible, meetings of members of the association who
were on strike.
Plaintiffs further aver on information and belief that the said defendants
intended and attempted by means of said threats to intimidate the plaintiffs
and other members of the said association in the District of Columbia and to
deter and prevent them from lawfully and peacefully holding their meetings
and from doing other acts lawfully to.e done by said association and its
members and its officiers: and that it is the intention ofthe said defendants to
carry into effect their said threats and to attempt to prevent the holding of
lawful meetings and assemblages of members of said association and the performing of other lawful acts by said association and by said officers and members. . . •
11. Plaintiffs further aver that if the said defendants should be permitted
continue publicly to make the threats afroesaid or if the said defendants
should be permitted to carry into effect or to attempt to carry into effect
their said threats or to prevent or hinder plaintiffs or said members of said
association from doing said lawful acts and things welch the plaintiffs and
the members of said association have a lawful right to do under the Constitution and laws of the United States . . . or to attempt to enforce
said purported injunction irreparable injury would be done to the plaintiffs
and to the members of the said association by preventing the said association
and the plaintiffs. Noonan and Ford, and other members of said association from effectually pursuing and carrying on the lawful functions, duties
and business of said association, which in order to be effectually performed
must be performed daily and without interruption.
12. Plaintiffs further aver that they have no plain, adequate and complete
remedy at law.
Where, the premises considered, plaintiffs pray:
1. That process may Issue against the defendants named herein commanding them and each of them to appear herein on a certain day to answer the
exigencies of this bill and that said process issued against the defendant
Snyder be served and returned by the coroner of the District of Columbia.
2. That the defendants herein and each of them as individuals and in
their respective ofrcial capacities as set forth herein may be enjoined,
temporarily during the pendency of this suit and perpetually at tho final
hearing,from doing or causing to be done any of the acts or things threatened
by them to be done as set forth in paragraph numered 10 of this bill, and
from doing or causing to be done any act or thing towards enforcing in the
District of Columbia said purported injunction order of the United States
District Court for the Northern District of Illinois.
Attached to the complaint, according to the "Times," was
a copy of strike instructions issued in the middle of July,
submitted to support the contention that no illegal acts had
been authorized. These instructions asserted that picketing
could not be restrained and warned the strikers that "trickery" injunctions might be granted which on their face
forbade peaceful picketing. This document reads (we quote
the "Times"):
Instructions issued on or about July 15 1922 by the International Brotherhood of Electrical Workers to all its members involved in the strike of railroad shopmen:
1. Every effort should he made to prevent disorderly acts, which are used
as the basis for obtaining injunctions.
2. Neither the funds nor energies of the organizations should be spent in
lawsuits.
Peaceful striking and peaceful picketing cannot be legally enjoined,
neither in State courts nor in Federal courts.
The Act of Congress known as the Clayton Act expressly provides as
follows:
order or injunction shall prohibit any person or
"And no such restrainingin
concert from terminating any relation of empersons, whe'her singly orto
perform work or labor, or from recommending,
ceasing
from
ployment, or
means so to do: or fsom attend
advising or persuading others by peaceful
where any such person or persons may lawfully be, for
ing at any Place peacefully
obtaining or
information, or
the purpose of persuading any person tocommunicating
work or to abstain from workfrom peacefully
employ any partyb
ceasing to patronize or topersuading
yty
o sucheerui
dispute
ing; or from
or
advising
others
or from recommending.
or giving to, or withholding from,
paying
from
or
do,
to
so
means
lawful
dispute. any strike
or other moneys
stir; persen engaged in suchpeacefully assemblingbenefits
in a lawful manner, and
or things of value: or from
y
anyacb
p
a
r
t
y
o
t
at
n
y
doing
hingNyhict
h
from
he
mreigtoh:t lawfully
or
purposes:
for lawful
such dispute
be done in the absence ofthis paragras?h be consideredor held nor
in
specified
to be violaacts
the
any of
States.
tions of any law of the United
Tricky blanket injunctions are being obtained by the courts, using such
language as the folio s ing:
from engaging in the practice com"It is ordered that you be restrained
say, from asesmbling numbers to
of
o
f men
monly known as picketing. that is toaccosting
employees, and by teats or
in sympathy with the said strike and force. or violence,
attempting
personal injury or intimidation, or
or continuing work.
suede said employees from entering upon
w
riet seemsutso
onl such a n inju nctlononfirst
ity
nfacthiat although
t
e
pi keo
"You willn
prohibits picketing
vges the
t
prohibit picketing.
railway
organized
The
employees have the
of violent, unlawful methods.
the law passed by Congress,
right everywhere to do those acts specified in drawn
into court proceedings
heretofore quoted. They should avoid being
representative.% toThey
Intended to waste the money and time of their
should preserve discipline and orderly conduct, and act vigorously
suppress disorder. either by their fellow-workers or by railroad agents seeking
to create Herons conditions. They should insist firmly upon the sights of
peaceful striking and peaceful picketing, established in the decisions of the
courts and statutes of the States and of the United States."
1173
RAILWAY EXECUTIVES' RI-PORT ON CONDITION OF
SHOP FORCES AND EQUIPMENT.
After a meeting of the Eastern Presidents' Conference
this week, the following statement was issued by L. F. Loree,
the Chairman:
The railroads in the Eastern district report their shop forces for the
past five weeks to have been as follows:
Per Cent
Weekly
of Normal.
Gain.
July 28
97,724
62%
August 4
103,528
64 7%
5,804
A tagnst 11
111,324
69.0%
7,796
August 16
115,745
71.5%
4,421
A ugust 25
_121,890
74.9%
6.145
About 40.000 additional men will ho required tolsring the force up to the
full roster of July 1. It is conservative to say that in four or five weeks all
the places will be filled, even were the men now on strike not to seek reemployment. With the present force working sixty hours a week, as against
the old force working forty hours a week, the roads are getting more than
a million man-hours of work more now than they were before the strike.
The constant criticism of railroad operations has had the effect of preventing their really fine performance from being recognized. Last week
they moved all the coal offered, about 54% of a normal production.
They
moved 10% more traffic than in the corresponding week in July. They had
4.918 locomotives in good order stored ready for service and 153.880 surplus
freight cars on hand in good order. This was for the whole country. The
situation in the East was better than the average.
ASSOCIATION OF RAILWAY EXECUTIVES GIVES
FACTS VS. RUMORS ABOUT ACCIDENTS,
On Aug. 31 the Association of Railway Executives issued
the following:
Since July 1 there have been five unfortunate railway accidents which
have attracted unusual attention because of the strike of the railway shopmen and the statements circulated by the leaders of the strikets that the
equipment of the railroads Is unsafe. These five wrecks were:
1. On the Missouri Pacific Ry. at Leeds, Mo., on July 12, resulting in
the death of three passengers and one employee and the injury of 91
passengers, 10 employees and 2 mail clerks.
2. On the St. Louis San Francisco Ry. at Logan, Mo., on July 22, resultng in the death of 5 passengers and 1 employee and the injury of
107 passcngers, 3 employees and 2 Pullman porters.
3. On the Cincinnati Lebanon & Northern branch of the
Pennsylvania
RR. at Lester, Ohio, on Aug. 1, resulting in the death of 4 passengers
and
2 employees and the injury of 64 passengers and 4 employees.
4. On the Missouri Pacific Ry. at Sulphur Springs, Mo., on Aug. 5,
resuiting in the death of 37 passengers and 1 employee and the injury
of more
than 100 passengers and employees.
5. On the Michigan Central at Gary, Ind., on Aug. 19, resulting
in the
death of the engineer and fireman.
The Bureau of Safety of the Inter-State Commerce
Commission, investigating the wreck of the Missouri Pacific train at Leeds,
Mo., on
July 12, fixes the blame for this accident on the
conductor and engineer
of the train, and says: "There is no excuse for
their failure to operate
their train properly."
The Bureau of Safety of the Inter-State
Commerce Commission, after
investigation of the wreck on the St. Louis, San
Francisco, said: "This
accident was caused by the failure of Engineer Ring
of train No.9 to operate
his train in accordance with signal
indications."
The report of the Bureau of Safety of the
Inter-State Commerce Commission on the wreck on the Cincinnati,
Lebanon & Northern, says: "This
accident was caused by extra No. 9111 occupying the
track at the time
of No. 11 * *
for which Conductor Morley and Engineman Meyer
are primarily responsible."
The Missouri Pacific wreck of Aug. 5 is being investigated by the
InterState Commerce Commission, but the report has not yet been
rendered.
The Coroner's Jury returned the verdict that the collision was
due to
negligence of the engineer. There is no indication or evidence that this
wreck was in any way the result of failure of equipment.
The wreck of the Michigan Central train was caused, according to local
and Federal authorities, by the removal of 27 or more spikes from the
track. The verdict of the Coroner's Jury was that the wreck was deliberately planned by a person or persons unknown, and therefore the deaths
were homicide.
JOHN J. DOWD OF STRIKE COMMITTEE ON INTERSTATE COMMERCE RAIL EQUIPMENT REPORT—
CONGRESSIONAL INQUIRY SOUGHT.
The necessity of "a sweeping investigation of the present
state of railroad car equipment" was urged on Aug. 30 by
John J. Dowd, Chairman of the Metropolitan District
Strike Committee, in a telegram addressed to Senator Cummins, Chairman of the Senate Committee on Inter-State
Commerce, Mr. Dowd in his telegram, according to the
New York "Times," said:
We urge upon you the immediate necessity of a sweeping investigation of
the present state of railroad car equipment and the ability of the railroads
to keep the same from further deterioration which will threaten life and
strangle business recovery. The public has now no means whatever of
knowing the facts. The Inter-State Commerce Commission's report of
yesterday to the Senate shows an alarming condition of locomotive equipment where the few inspections have been made, but does not. cover car
equipment at all.
At the same time Mr. Dowd sent a telegram to President
Harding, urging the appointment of 1,000 emergency equipment inspectors; in his message to the President he said, according to the New York "Evening Post":
In your address to Congress on the railroad strike you stated that the
country was in danger of a "breakdown of transportation." and gave
your pledge that the inspection and safety laws governing railroad equipment would be rigidly enforced. The Inter-State Commtrce Commission
report made to the Senate yesterday proves the imminence of this breakdown by showing that 59% of the locomotives inspected during July
were defective. This is more than double the number so reported in June,
1174
THE CHRONICLE
and shows the complete inability of the railroads to handle repair work
with the inadequate force of unskilled strikebreakers now in the shops.
The report of the Commission further shows that the enforcement of
inspection and safety laws has completely broken down in the present
emergency, due to the Commission's utter lack of proper facilities. During
the month of July, when the railroad shops began to be crippled by the
strike and when the incentives to operating defective equipment had begun
to reach their peak, the Commission was able to inspect less than 4% of
the locomotives then in use. There were and are but fifty inspectors to
take care of 70,000 locomotives.
The situation is a grave menace to the safety of passengers and train
crews, and unless immediately corrected it will constitute a violation of your
solemn pledge to the Congress and people of the United States. We urge
you to secure the immediate appointment of 1,000 emergency equipment
inspectors and to order a rigid compliance with the law henceforth. We
ask for 1,000 inspectors because the Commission reports that the railroads
are not making their own inspections as required by law. At least 900
Government inspectors will be required to make good this lack of inspection
and go over each engine even once a month.
Commenting on the report of the Inter-State Commerce
Commission on locomotive inspection, Mr. Dowd is reported
in the "Times" as saying:
[vol.. 115.
L. F. LOREE IN REPLY TO SENATOR PEPPER'S
CRITICISMS.
L. F. Loree, President of the Delaware & Hudson RR.,
in a telegram to Senator Pepper, made public on Aug. 18,
replying to the Senator's statement that "a great industrial
crisis cannot be dealt with wisely by those who allow themselves to substitute anger for judgment," said:
Replying to your letter of Aug. 17, which you have made public, I
cannot accept it that plain statements of fact or of concern for the interest
of our employees may properly be criticized as displays of anger. But
what we are dealing with is of vital importance to many people and far
above personalities. There are nearly 250,000 men on the pay rolls of
their railroads in their mechanical departments. They came into the
service in the faith of the resolution of the Labor Board of July 3, assuring
them that they were entitled to the protection of every department and
branch of the Government, State and National; in the faith of the proclamation of the President of July 11 extending protection to the men who
accepted employment under the terms of the decision of the Labor Board,
and in the faith of the promises of the railroads that their employment
was to be permanent. A determined effort is on foot to drive these men
out of their employment. I am concerned for their interests. Are their
interest of no concern to you?
The motto of the railroads is now "Safety Last" instead of "Safety
First." Safety of passengers and crews, safety of freight in transit, is
The telegram of Senator Pepper which occasioned the
apparently the last consideration of the railroad executives when it comes
above said:
to smashing unions. In detail the report proves:
1. That over half of the locomotives on the roads are now in bad order.
I have duly received your telegram of Aug. 15, as I received your preIf 2,456 out of 4,085 locomotives are out of order at 1,717 places, it is safe vious wire of July 28. The temper which appears to have inspired both
locomotives
in
the
entire
assume
that
at
least 35,000 out of the 70,000
to
of these telegrams seems to me to be most unfortunte.
country are now in need of repair.
They indicate on your part a lack of appreciation of the actual situation
2. That the proportion of locomotives in bad order has more than and of the efforts that are being made to deal with it. A great industrial
doubled since the strike began. According to the figures of the railroad crisis cannot be dealt with wisely by those who allow themselves to subthemselves, given out by the American Railway Association, the proportion stitute anger for judgment.
oflocomotives in bad order when the strike began was only 20%. Now it is
over 50%.
3. That inspection of locomotives and the enforcement of the safety laws L. F. LOREE ON REPORT OF INTER-STATE COMMERCE
have practically ceased. The Inter-State Commerce Commission is charged
COMMISSION ON RAIL EQUIPMENT.
with these duties. It now admits its utter incapacity to handle the present
Stating that the report of the Inter-State Commerce Comemergency. There are only fifty inspectors to keep track of 70,000 locomotives.
mission on the condition of locomotives was for the month
4. That the railroads are using equipment that threatenslife and property
without any adequate restraint. In July the fifty inspectors actually or- of July, L. F. Loree, Chairman of the Eastern Presidents'
dered some 200 locomotives withdrawn from service because of their Conference and President of the Delaware & Hudson RR.
menacing condition. There were probably several thousand in July, and points out that "the July picture does not reflect the conmore now, which are still running, but would have been ordered off the
ditions of to-day" and that "the real test of the situation is
road if there had been enough inspectors.
5. That the public has no idea whatever of the extreme gravity of the whether the railroads are moving the business." This he
situation. The Commission admits having inspected less than 4% of the
said they are doing, and with 4,916 locomotives and 153,880
total number of locomotives in July. If the other 96% had been inspected,
freight cars in reserve and in good condition." The following
an even more critical situation would have been revealed.
is Mr. Loree's statement, made public Aug. 30:
JOHN J. DOWD'S ALLEGATIONS THAT L. F. LOREE
ATTEMPTED TO WRECK RAILROAD
SETTLEMENT.
In a telegram which was made public August 22, John
J. Dowd, Chairman of the Central Strike Committee
of the Metropolitan District, charged L. F. Loree, President of the Delaware & Hudson RR. with "attempting to
wreck all settlement progress." The message was sent to
B. M. Jewell of the Railroad Employees Department of
the American Federation of Labor, and according to the
New York "Evening Post" said:
The report of the Inter-State Commerce Commission to the Senate on
the condition of locomotives was for the month of July and is now ancient
history.
From July 1 to Aug. 26 the railroads added 92,982 men to their shop
forces, and on Aug. 26 alone 6,499 were recruited.
The July picture does not reflect the conditions of to-day.
The force of inspectors of the Inter-State Commerce Commission are, I
think, without exception, members of the labor unions. Naturally, what
they think they see is subject to considerable discount. Like little Miss
Perkins's lion, it may turn out to be only a Newfoundland dog. It would
be of interest to know whether these inspections were made as the engines
went out on their trips or when they came back. Every automobile owner
or driver will appreciate the different results that may be secured by a
careful selection of time.
The resl test of the situation is whether the railroads are moving the
business. They are doing that and with 4,918 locomotives and 153,880
freight cars in reserve and in good condition.
The United States Government and the railroads are joined in a common
effort to maintain•the authority of the Railroad Labor Board.
The trouble with our allies is that they are such poor marksmen that
they more often shoot into our ranks than into those of the common foe.
The Loree group of the Eastern railroad executives, insignificant in
number but backed by the vast power of the Morgan-Gary open shop
interests, is making a desperate eleventh-hour attempt to scuttle the
strike settlement. Both sides in the negotiations were pledged, as you
know, by their respective mediation committees to refrain from comment
that might embarrass the conferees.
According to the New York "Times" of Aug. 31, the
Last evening Mr. Loree deliberately violated the agreement and arromajority of the Eastern executives when questioned regardgantly attempted to wreck all settlement progress. He gave a statement
to the press in which he called peace talk "bunk," and openly belittled ing their views on the Commission's report said they were
efforts of a majority of the executives to reach an agreement with the union's "satisfied to stand on the statement made by Mr. Loree."
mediators. This latest move of the diehard minority shows that they will
The "Times" added:
stop at nothing in their campaign to break the union on their roads. We
They pointed out that for the first 17 days of the strike the railroads
urge you personally to bring this matter to the immediate attention of
Government authorities in touch with the strike situation, and of the union made no concerted effort to recruit workers in the face of the notices giving
the strikers that period in wnich to return to work. In July, railroad offimediation committee of five for their information and guidance.
cials said, shop forces averaged about one-third of normal.
In August, the executives said, a steady increase in shop forces took
place, and now approaches 70% of normal in numbers, and close to 80%
SENATOR CUMMINS IN REPLY TO JOHN J. DOIVD'S of normal on a "man-hour basis." As a result of the enlarged working forces
it was asserted, the bad order condition of locomotives in July had been
REQUEST FOR CONGRESSIONAL INQUIRY
largely remedied and to an extent making the Commission's figures of
INTO RAIL EQUIPMENT.
Tuesday valueless.
Senator Cummins, in a reply to the request of John J.
Many executives declared the report "represented an element of unfairness,"
which, if not understood by the public, might lead to entirely unMetropolitan
District Strike ComDowd, Chairman of the
founded alarm as to railroad travel. Eastern roads, it was learned, intend
mittee for an investigation into the "present state of railroad to issue a series of advertisements shortly renewing their assurances that
car equipment," had the following to say, we learn from the "traveling on railroads is safe."
New York "Times" of Sept. 7:
I have your telegram of the 30th ultimo in which you urge an immediate
investigation of the present state of car equipment. I realize as fully as you
possibly can the effect of the shopmen's strike and know that, taking the
country over, the percentage of bad order cars has greatly increased. It
does not need an investigation to establish this fact, for while the degree
of disability is in dispute, the fact that the roads have not been able since
July 1 to keep their engines and cars in propel condition is admitted ay all
candid persons.
It seems to me, and I submit this to your judgment, that the immediate
problem is the repair of these bad order engines and cars so their service to
the public may be resumed. It is to that end I am bending all the energy
I have, and that is true, I think, of both the legislative and executive
branches of the Government. Every shipper and every consumer is
deeply concerned about the situation. All they want is that the disabled
engines and cars shall be put in order so that they can be used. If you
can help in that direction you will be rendering a tremendous service to
7
,
11-
F. H. ALFRED OF PERE MARQUETTE EXCORIATES
NATIONAL RAILROAD AGREEMENTS—SAYS
THEY OPERATE AGAINST HIGHER PAY.
A statement in which he expressed the belief "that there
is not a railroad in the coxintry that could not afford to pay
its shop craftsmen 10% more were it not for the obnoxious
national rules of employment" has come from Frank H. Alfred, President of the Pere Marquette RR, Mr. Alfred makes
the following further declarations dealing with the waste
and unnecessary labor entailed in the national agreements:
There are 186 of these rules, which were drawn up by the representatives
of labor during war times, and the end and aim seems to have been the
creation of the most jobs that could be made, without any regard to that
SEPT. 9 1922.]
THE CHRONICLE
safe and sane principle that enlightened Governments have adopted in the
matter of raising revenue—ability to pay.In the case of the national
shop rules, which were drawn up by a body supposedly representing the
Government—this principle of ability to pay seems to have been ignored
entirely, while the other end and aim, which is contrary to public policy—
creating of unnecessary Jobs—was stressed. The system is wasteful and
there is no economist, from the days of Aristotle to to-day, who has been
able to Justify waste. I will cite some instances of these presently.
There was a time when complaints were heard about the red tape, which
is another term for waste, charged to the railroad officers. I want to say
here and now that whatever red tape I have been able to notice around a
railroad general office is not being wound by the general officers. The
general officers are constantly trying to eliminate it or, at least, to take out
the kinks and knots, but these seem to be accumulating in greater and more
vexing number from year to year. The red tape is now altogether on the
other side, and this condition is due to the national agreements. There
Is not a supervisory officer from the local foreman to the President of a
railroad who is not constantly being kept in an uncomfortable position
through this fact.
If the Pere Marquette Railway could be placed in exactly the same
position as unfettered industry, I say we could pay 10% more to our shop
craft men by eliminating the waste and at the same time releasing some of
the unnecessary labor to other essential industries. We hear much clamorbig on the part of some of the employers of labor for relaxing of immigration
laws in order to make up for the needs for common labor. This cry would
In a measure be allayed by this simple expedient.
Let us take a few concrete instances in connection with the national shop
craft agreements and their 186 working rules. This is the way they
operate. Take the case of a locomotive which has been held in shop because
of a broken stay bolt. Under the national agreement and the rules laid
down, there are no less than eleven different operations, as follows:
1. The cab carpenter and his helper remove the running board.
2. The sheet metal worker and his helper take off the Jacket.
3. The pipemen remove the pipe.
4. The machinist and helper remove the running board bracket.
6. The ox-welder and helper burn out the staybolt.
6. The boilermaker and helper take out the staybolt.
7. The boilermaker and helper put in the staybolt.
8. The running board bracket is replaced by machinist and helper.
9. The running board is fastened on by' a cab carpenter and helper.
10. The Jacket is replaced by a sheet metal worker and helper.
11. The pipe work is replaced by a pipefitter and helper.
Now, as a matter of fact, six different crafts have been called into
this
operation where a boilermaker and his helper could have done all this
work
alone and in less time. That is specialization run wild. Adam
Smith, in
his admirable description of the benefits of specialization in
industry in
order to secure greater production, never contemplated such a condition.
Our foremen's time is being wasted in the classification of
the work.
There is a lack of co-operation, between the crafts which is
unnecessarily
costly, due to this fact. Another instance, which is typical,
is where an
injector fails. The operation in this instance is as follows:
1. The pipeman and helper are called in to uncouple the pipes.
2. The machinist and helper remove the injector.
3. The machinist and helper make repairs to injector.
4. The pipeman and helper then couple the pipes.
In this instance, each craft has its helper and the foreman
of each craft
had his time taken up to classify the work and assign the
workers to the
particular job. The standard Joke about the plumber with his
helper who
is called to a home to fix a water tap, comes to the
house, looks over the
Job, and with his helper returns to his shop to get a Stinson
wrench, is
illustrated every minute in our busy railroad shops under national
agreements.
The national agreements in theory are splendid ideas.
practice, they
In
are impractical. For instance, if there is an irritating
question that arises
on the Pere Marquette Railway in connection
with these agreements,and
another entirely different irritating question that arises
on tho Southern
Railway five hundred miles or more away,
and still another such situation
on the Santa Fe Railway perhaps a thousand
miles away, the Pere Marquette, the Southern and the Santa Fe
railroads find themselves not with
one situation each to deal with,
but with three such situations. The
troubles are cumulative. What
misunderstan
dings might be considered
as minor in this way become major
grievances.
There seems to be something
anomalous, to say the least, that the
National Government which—like all
Governments—is noted for paying
of unusually low salaries for skilled
only stipulate a higher wage for the assistance, should in this instance not
railroads to pay, but even define Just
what the duties of the men are, causing
many conflicting classifications.
That is paternalism that is inconsistent with
the best traditions of American
government,for,after all, the Revolutionary
War
industrial paternalism as George III. understoodwasfought largely against
and applied it.
LONDON
"STATIST" ON
WORLD'S CURRENCY
PROBLEM.
In a special article dealing with "The World's Currency
Problem," published in the London "Statist's" Half-Yearl
y
Banking and Commercial Review of Aug. 19, what is termed
"A Practical Plan for the Central Bankers' Committee" is
offered. From an advance copy of the article, with which
the Editor of the "Statist" has been good enough to favor us,
it appears that the outstanding feature of the plan is a proposal for the immediate initiation of a gold standard "in
those countries under the sway of inflation." The article
refers to the "break-up of the London Conference of Premiers" which developed only an "agreement to disagree,"
and states that while no advance towards a practical solution
of the world's monetary problem has been made, "yet our
knowledge of the problem has greatly enlarged and our ideas
as to its treatment have become clarified." Among other
things, it is stated, "it is agreed that the problems of currency and exchange stabilization are essentially world-wide
in character, demanding for their solution not independent
reforms by individual nations, but concerted international
action." "Only by initiative according to some definite plan
of campaign can normalcy be restored," says the article,
1175
which adds that "our ultimate object must be the restoration
of the gold standard as the best means of regaining stability." "We now recognize," it continues, "that many nations
will have to fix new gold parities in accordance with the reduced value of their currencies, unless, already overloaded
with debt, they are to be asked to shoulder the intolerable
burden involved in writing up their debts to gold values.
This principle, inexactly termed 'devaluation,' whose acceptance was first urged by this journal, may not be adopted by
certain countries whose currencies have not diverged widely
from the pre-war parities, but is admitted to be essential in
the case of those with heavily depreciated currencies." The
article in large part follows:
The break-up of the London Conference of the Premiers, though it has produced nothing but an "agreement to disagree," thrusts temporarily into the
background the questions there discussed and allows attention to be focussed
once more on the major problems of currency and exchange stabilization.
After all, inter-Allied indebtedness and German reparations have become questions incidental to these and should properly be treated as part of the larger
issues rather than as isolated problems. We can hope that the nations will
make another bid for the solution to the world's monetary problem which
has
baffled the ingenuity of successive international conferences. The first of
these took place as long ago as September 1920, and since then the currency
fog has deepened instead of lifting. Many nations, it is true, have in the interval restored their finances to a healthy condition, but these stand out in all
the more vivid contrast with those countries where the cancer has eaten
deeper—Austria, Poland, Germany, Rumania, Turkey, Greece and the Russian
Succession States, not to mention Soviet Russia itself.
General Survey.
While no advance towards a practical solution has been made, yet our
knowledge of the problem has greatly enlarged and our ideas as to its treatment have become clarified. It will be useful here to recapitulate the leading principles on which agreement has been reached. In the first place, it
has come to be recognized that the chaotic movements in currency
values
form the main obstacle blocking the reconstruction of international trade;
that foreign exchange fluctuations are a reflection of these movements
and
are the cause and not the consequence of the dislocation of international
trade, and that, therefore, normal conditions in international trade cannot be
regained until exchange stability is restored. In the second place, it is agreed
that the problems of currency and exchange stabilization are essentially
world-wide in character, demanding for their solution not independent reforms
by individual nations but concerted international action. The malady of a
few reacts on the whole community of nations, and a cure is hardly less necessary for the healthy members than it is to the diseased. These two are only
general principles, but they are fundamental, and any scheme of reconstruction not based on them must inevitably collapse. In the third place, we have
come to see the futility of merely allowing events to take their course in a
blind hope that somehow, by some automatic process of readjustment, things
will eventually right themselves. We recognize the need for action. The present order will hold as long as the nations choose to let it. Only by initiative
according to some definite plan of campaign can normalcy be restored. In the
fourth place, we are agreed that our ultimate object must be the restoration
of the gold standard as the best means of regaining stability. Finally, by a
really satisfactory revolution of thought, we are no longer prepared to wait
until all nations achieve the hopeless task of deflating their currencies back
to pre-war values before proceeding to inaugurate the gold standard. We now
recognize that many nations will have to fix new gold parities in accordance
with the reduced value of their currencies unless, already overloaded with
debt, they are to be asked to shoulder the intolerable burden involved in
writing up their debts to gold values. This principle, inexactly termed
"devaluation," whose acceptance was first urged by this journal, may not be
adopted by certain countries whose currencies have not diverged widely from
the pre-war parities, but is admitted to be essential in the case of those with
heavily depreciated currencies. Space forbids a discussion of the question
here: it has already been dealt with exhaustively in the "Statist." "Devaluation" has been endorsed by the Genoa Conference and is now embodied
as part of the world's practical policy of reconstruction.
The Crux of the Problem.
The admission of the principle of devaluation marks about the limit to
which our ideas on the problems have advanced. Devaluation, however,
cannot of itself pretend to be a complete solution. It would stand no chance
of
success during the present kaleidoscopic shifting of price levels. Before a universal gold standard can be reimposed the main factors making for currency
instability must be brought under control and price levels must be made to
run (we cannot hope to achieve absolute stabilization) approximately parallel in all countries of commercial importance. The latter point is deal with
in a later paragraph, but it may here be remarked that a predominant
tendency towards such parallelism would be established if the major influences
towards price level changes were everywhere removed. These influences
are
Inflation and deflation. The latter may at present be dismissed from
consideration, as it now prevails nowhere in a marked form, nor is it likely to
be
adopted on a large scale by any country in the future. The remaining
factor, inflation, may be briefly defined for our immediate purposes as an
increase in the number of units of purchasing power within a country without
a corresponding increase in the amount commodities available for consumpof
tion. Its effects are seen in a fall in the purchasing power of each unit
of
currency internally and a more than proportionate fall in its purchasing
power abroad. In all countries where it prevails in a marked form at
the
present day it is due to the fact that the Governments concerned either
cannot
or will not balance their budgets. Now, budget deficit need not
a
of itself
cause inflation of the currency if it is covered by a long-term loan out of
the
savings of the community. A voluntary loan of this nature, however, is
out
of the question as regards
most of the inflationist countries, where rapidly
rising prices would quickly diminish the capital value of the loan.
A
forced loan or a capital levy, even if these could be successfully made,
might
lead to inflation, as a large part of the contributions would have to be
borrowed from the banks. In
the absence of these resources for filling the gap
between revenue and expenditure the authorities in the inflationist countries
are driven to the last resort
of penurious Governments—short-term borrowing,
causing pure creation of credit, or direct use of the printing press. These
expedients are Perfectly justifiable if resorted to in anticipation of revenue
speedily flowing in to counterbalance the purchasing power created. But
under a permanent budget deficit such methods of finance constitute an unjustifiable multiplication of the units of purchasing power. The Governments
employing them are in reality paying out titles to a wealth which they do
not possess. The first move in currency stabilization, then, must be to combat the inflation oaused through budget deficits. How to achieve this
forms
1176
THE CHRONTCLE
ideas
the crux of the whole problem at present; it marks a deadlock in our
on world reconstruction.
A Plan of Action.
We have shown in the foregoing paragraphs that the task immediately confronting us in world reconstruction is to counteract the effects of inflation
accomcaused through budget deficits. The scheme we propose in order to
internaplish this coi:sists of two main features. The first is the issue of an
tional loan amongst those nations in a sound financial position, the proceeds
their
to be lent to the needy Governments, in amounts corresponding with
budget deficits, with such time as they can equilibrate revenue and expendilater
a
in
with
will
be
dealt
ture without external aid. The second, which
paragraph, comprises the actual manner in which the loans to the inflationist countries are to be used to combat inflation. The administration of the
international mobilization of credit which we suggest should be entrusted to
an international committee, and in this connection the Committee of Central
Bankers, adumbrated at Genoa, most readily suggests itself. We shall consider first the policy of the committee in relation to the recipients of the
loan. The amount lent to the borrowing Governments would be determined
by the extent of the budget deficit in each case, and the credits should contime until revenue is made to balance expenditure. Before extending the credits each recipient would be required to furnish a program of financial reconstruction embodying such economies in expenditure and such reforms in taxation as would ensure that within from three to five years (longer, perhaps,
in some cases) from the time of granting the loan budget equilibrium would
be re-established. The chances of success of the program submitted in each
case would naturally constitute the greatest guarantee for repayment of the
loan, but specific security might also be arranged. Arrangements might be
made that when the borrowing Governments had ultimately sanified their
finances they would transfer the debt to their own nationals by the issue of
Internal loans for corresponding amounts. If, however, this should not prove
feasible ample time for repayment should be given. The needy Governments
are at present so eager to obtain external assistance that they would strain
every effort to fulfill the conditions suggested. As regards the raising of the
loan, it is apparent that it would have little chance of success of the bond of
the needy Governments were to constitute the only security. It seems essential, therefore, that in the lending countries the loans should be guaranteed as
to principle and interest by the respective Governments. Each borrowing
country would be responsible to the lending Governments not severally but
jointly, so that in case of a default the loss would be shared by all. The
Committee of Central Bankers would estimate the total amount of the loan
loan required and would allot a quota to each of the lending countries. As
the whole amount to be raised would not be required at once, and to prevent
the possibility of a portion of it—on which, of course, interest would have to
be paid—lying idle in the hands of the committee, it would be necessary,
while issuing the total amount in bulk, to call up the installments only as
required. It would be hardly possible to determine on issuing the loan the
intervals between the calls and the amount of each, but intending subscribers
notice to
should be assured of adequate notice beforehand, the length of the
convenivary according to the amount of the call to be made. As a further
sale in the
ence to subscribers the holdings should be made transferable by
of the
hands
the
stock exchanges. On transference of the subscriptions to
at the values
Central Committee they would be translated into terms of gold
and the most stable
then current, gold being at once the most convenient
terms of gold
measure of value for international purposes. It would be in
the bonds issued to
that the debt to the subscribers would be endorsed on
be expressed
also
would
Governments
them, and the loans made to the needy
In terms of gold. This provision is necessary in order to avoid the complicasubtion of handling a number of different currencies; it should not deter
scribers since the prospects are all in favor of a rise in the commodity value
The
point
of gold when it comes into general use as the monetary standard.
here raised is too large to be dealt with now. It was treated at length in one
of the present series of articles which appeared in our issue of Feb. 25 last.
Counteracting Inflation.
We now come to what is perhaps the more important feature of the scheme.
As already explained, the amounts of the loans made to the inflationist countries are to be determined by the extent of the budget deficit in each case, and
their object is to prevent the latter from causing inflation. How is this end
to be secured? Obviously, if the credits are merely placed at the disposal of
the borrowing Governnients to be drawn upon as required, inflation would
not be avoided. According as a recipient Government paid its contractors,
civil servants or rentiers, in excess of revenue, fresh local currency would
still be forced into circulation. Inflation would follow ; the depreciation of
the currency externally and internally would still continue as when no foreign
credits were available. Something more, therefore, is called for. Now, under a sound national balance sheet, expenditure, or the purchasing power
given out by the Government, is balanced by taxation, or the purchasing power
surrendered, and no disturbance is caused in the relation between the amount
of purchasing power in the country arid the amount of commodities available
for consumption: A long-term loan out of the savings of the community has
the same immediate effect, in this respect, as taxation, since, though in the
latter case consumption is foregone while in the former it is merely deferred,
in both cases purchasing power is given up. But in the case of an external
loan, which we are considering, the postponement of consumption or surrendering of purchasing power takes place not within the country itself but in
countries abroad arid consequently does affect currency values in the recipient
country. By no conceivable ingenuity can an external loan be made to impose
a surrendering of purchasing power within the borrowing country. It does,
however, provide a title to goods abroad which mere multiplication of the
currency caused by the budget deficit does not, and as regards the commodity value of the currency an increase in the supply of goods to balance the increase in the units of purchasing power has the same effect as taking, through
taxation or through an internal loan, purchasing power from one section of
the community and transferring it to another. Under the scheme we are considering the amount of the claim on commodities abroad, being determined by
the extent of the budget deficit, is the same as the amount of new purchasing
power created in order to fill the gap between revenue and expenditure. We
can now perceive the manlier in which the foreign credits are to be used.
They are to be made available for drawing commodities from abroad to offset
the creation of internal purchasing power. The only method by which this
can be done is that each borrowing Government should fix, with a certain
margin, of course, a rate at which th leocal currency will be exchanged for
the foreign credits, the rate to be determined according to existing values. At
this rate the Government should also exchange foreign currencies into the
local currency. The necessity for a fixed rate will appear on a little reflecbeing multiplied in the country the purchastion. According as currency is
In the absence of a fixed rate, therefore,
ing power of each unit declines.
constantly diminishing amount of the foreign
the unit would purchase a
Importers would in these circumstances
credits and of foreign commodities.
from the existence of the foreign credits. But
derive no appreciable advantage
in the purchasing power of the currency
under a fixed rate the potential fall
rendered inoperative. There is still no immeIn terms of foreign goods is
value, but when this actually takes place,
diate check to a fall in its internal
[VOL. 115.
that is to say, when prices rise internally, the flow of goods from other countries will quickly increase as it will then become more profitable to buy from
abroad, taking advantage of the fixed rate at which the means of payment
abroad are available. This movement would check the incipient rise in prices
internally. That is how commodities would be drawn from abroad to offset
the increase in the currency, and, it is iniportant to note, under the scheme
as outlined above, the power of increasing imports is proportioned with the
force towards inflation, whence the necessity for furnishing this power arises.
The Plan in Theory.
The operation of the fixed rate, as described in the foregoing paragraph, is
essentially the same as that of fixed rates of exchange before the war. Too
much stress is sometimes laid on bank rate manipulation as a factor in maintaining stability in pre-war days. Unquestionably, the bank rate is a powerful influence towards this end, since it can be used to allow of an expansion or force a contraction, within limits, in credit and currency, according
war was
as the one or the other is required. But the main factor before the
exchange.
the regulation of external trade operating through fixed rates of
For, whenever prices started to rise in a country, say, A, there being a limit,
to the reaction
set by the use of gold as an international monetary standard,
the higher
on the foreign exchanges, other countries would take advantage of
the
prices ruling in A to export commodities thereto, or, what amounts to
This
same thing, people in A would find it cheaper to import from abroad.
exchanges
If
the
A.
influx of commodities would check the rise in prices in
send
were not fixed they would move against A, and the extra inducement to
goods from other countries into A would thereby disappear. This is, in fact,
what is happening in the inflationist countries at the present day, only that
becomes
the depreciation of their currencies in the foreign exchange markets
being dismore than proportionate to the internal depreciation, the latter
the war
before
operating,
factor
root
The
countries.
countd ahead by outside
puras well as now, is the constant pressure of exchange rates towards the
to
chasing power parities, arising from the fact that people continually seek
buy in the cheapest markets and sell in the dearest. The major fluctuations
changes
of
constant
reflection
in the foreign exchanges at present are but a
of
in the purchasing power parities, due to price levels moving independently
country or
one another. If we could eithei stabilize prices in each separate
parities
force international price levels to run parallel, the purchasing power
would become stabilized. In this precisely lay the function of gold before
the
between
exchange
of
the war. By its use as a universal money, the rates
different currencies became fixed (within certain limits, of course), and the
fixing of exchange rates prevented, in the manner already described, international price levels from changing relatively to one another. It can be shown
statistically that before the war, allowance being made for the influence of
tariffs, or changes in freight charges, etc., or changes in taxation, the price
levels of the gold using countries did actually move in parallel lines. The
same will be found true at the present day, to a less extent, of course, if we
compare price movements in those countries where the major factors inducing price level charges are removed, or where these factors, as through the
adoption of a common financial policy, have maintained a uniform strength
as between the different countries. Now, coming back to the case of external loans to the inflationist countries, we can see that the effect of the measures we propose would be to force the price levels of these countries to move
in harmony with those of the better situated nations instead of divergently,
as is the case at present. And the extent of the force mobilized to make this
rectification—namely the foreign credits extended, is, under our scheme, the
same as the force compelling the price levels of these countries to diverge
from those abroad—namely the inflation caused through budget deficits.
It may now be remarked that the effect of the proposed scheme is to initiate a gold standard at once in those countries under the sway of inflation,
since the credits to be extended to them are gold credits, and since there is
to be a fixed rate of exchange between these and their own currencies. This
may appear to reverse existing ideas on the problem, for the plan, in effect,
proposes that, instead of starting with the better situated nations, we are to
commence by inaugurating a gold standard in the inflationist countries. This
is, however, the only logical solution to the problems. As we have shown in
the preceding paragraph, the conception of gold as a standard capable of being universally used only when stability of price levels has been achieved is
false. It is the instrument by which this stability is maintained, or, rather,
by which international price levels are to be made constant relatively to one
another, and not merely a convenience to be adopted when there is nothing
to disturb the economic tranquility of the nations. Again, we have shown
that the readoption of a gold standard, to be confined to the more stable
countries, would not achieve the main object sought, since the currents of
international trade would be constantly disturbed by those in which inflation prevails. But, it might be asked, why not adopt a universal gold standard at once? Why confine it at the commencement to the inflationist countries? If it is to succeed in these it ought to succeed in all countries simultaneously. The answer is that while the function of a universal gold standard
is essentially to stabilize purchasing power parities, these are now moving so
violently in relation to the inflationist countries that, in prurience, they must
be brought under control before making the standard universal. More important than this: the rigidity of a universal gold standard is unsuited to the
present oscillations of value ratios everywhere. Thus, during the violent international price movements of recent years the relations between wholesale
prices, retail prices and wages and the ratios between the prices of the different commodities (and services) themselves have been forced out of joint.
around the new
Some niargin must be allowed for the regrouping of values
while vioprice levels. The process of adjustment cannot proceed smoothly
of countries.
group
important
lent price movements continue to occur in an
suggest, the readjustIf once these are brought under control by the means we
at the present time
ment of values could go on undisturbed, particularly
finance, price levels
when, in those countries not dominated by unhealthy
Thug, .114
stability.
comparative
appear to have been brought to a state of
the w..1 be pak t 1 ilk Ini•
by bringing the inflationist countries into line can
the meantime thee: coin :flee
versal resumption of the gold standard. In
at a reasonable cost their necwould once more be given the power to import
more stable nations and so reessary foodstuffs and raw materials from the
new employment in the latter.
project—in particular, how
Many points of detail in connection with the
aid to the inflation-stricken counit compares with those measures of external
to the questions of reparatries which have already been tried, and its relation
postponed for later consideration.
tions and inter-Allied debts—are inevitably
NATIONAL SHAWMUT BANK ON COMPETITION FOR
SOUTH AFRICAN TRADE.
South Africa, because of its position
of
"The Union
in the British Empire, the extent of its undeveloped resources, and its steady growth as a consuming market,
is increasing in importance as a factor in world trade,"
SEPT. 91922.]
THE CHRONICLE
says the National Shawmut Bank of Boston, in its current
•"Foreign Trade Review." The "Review" also says.
This market has not. in the past, been fully appreciated by our exporters.
in addition to Its trade possibilities. it offers opportunities for investment
of capital in the development of the varied natural resources of the country,
In promoting the growth of manufacturing industries, and in filling the
need for public utilities of every kind. Previous to 1913 our trade with
South Africa had grown slowly but steadily. The disturbance of commercial relations due to the war brought about an increase in our trade
with that market, and aroused the interest of a number of our exporters
to its possibilities.
The "Review" likewise furnishes the following information.
1177
State on account of the strike. The effect of this decline upon the
total
number of persons employed in indsutries of the State was offset by increased employment in the miscellaneous metal and machinery industries,
in iron and steel mills, automobile plants, clothing factories, and in the
manufacture of building materials and food products.
The following diagram this we omit.-Ed.j shows the increase in recent
months in the number of factory workers in New York City and throughout
the State as reported by the New York State Department of Labor. The
New York City index is much influenced by conditions in the apparel trades.
That industry did not share largely in the general industrial expansion
of 1918 and 1920, and in 1921 and 1922, has been hampered by labor
disputes. In neither the city nor the State is the employment index
yet back to the 1914 level.
Employment agencies in the State report a steadily increasing demand
for workers of all types with a corresponding decline in the number of
applicants for positions. The number of applicants, however, continues
to exceed the number of positions except in the cases of common labor,
the building trades, and a few specialized occupations.
In the year ending Dec. 31 1921, the total commerce of South Africa'
amounted to approximately $600,000,000. This figure, however, because
of business depression, was consLatrably lower than the total for 1920,
which reached $900,000.000. Of this latter amount, almost $500.000,000
represented the imports into the Union. Imports of cotton manufacturers
in 1920 amounted to $48,000,000 in value while imports of hardware.
cutlery, machinery, agricultural implements, and iron and steel manufactures amounted to $70.000,000. $15.000,000 worth of boots and FEDERAL RESERVE BANKS AS BANKING
AGENTS
shoes were imported in that year; and $20.000,000 represents the value
FOR TEE GOVERNMENT.
of imports of automobile and parts. Exports of wool for 1921 amounted
to 230.000.000 pounds, an increase of 50% over 1920. About 40.000,000
Under the above head, the Federal Reserve Bank of New
pounds of hides, goat and sheep skins are now exported annually. ExYork
ill its Sept. 1 issue of its Monthly Review of Credit and
last
sugar,
year.
jumped from 32,000,000 pounds in 1920 to
ports of
138,000,000 pounds.
Business Conditions says:
It is not at all surprising that competition for a market of this character
The largest business organization in this country is the United States
should be keen. Some estimate of that competition may be obtained from Government. To meet its annual expenditures
it collects in revenue, or
review
of
the
brief
trade
of
the
Union in 1903, 1913, and 1921.
a
borrows through sale of securities, sums vastly greater than any ever apThe following table compiled by the Standard Bank of South Africa proached by a private corporation. Until recently, however,
there has been
Limited, shows i he percentage of South Africa's imports supplied by no countrywide organization
to handle these operations.
various countries in 1921. 1920, and 1913, and indicates our improved
The Independent Treasury.
position in the Routh African field:
The first and second United States banks, which represented an attempt
1921.
1920.
1913.
United Kingdom
54.7%
53.8%
54.4% to handle Government funds through one central Federal bank, succumbed
Canada
2.S%
2.9%
2.2% to opposition of the State banks and a belief that they were undemocratic.
India
3.4%
2.8%
2.8% So insecure, however, were Government deposits in the then badly managed
Australia
2.7%
4.2%
5.2% State banks that the Government in 1846 created the Sub-Treasury System,
Other British Possessions
1.4%
2.7%
1.7% or the so-called Independent Treasury, which was designed to carry on all
Holland
1.1%
0.8%
2.2% Government financial operations completely independent of the banks
Sweden
2.0%
2.2%
1 8% of the country.
Japan
During the Civil War, and afterwards, the Government found increasing
1.5%
1.5%
0.8%
Germany
2.3%
0.9%
8.8% need for closer co-operation with the banks for distributing its securities
United States
16.0%
18.2%
9.5% and other purposes. Moreover, the custom of locking up funds in the
Our greatest gains since 1903 have been made in supplying agricultural Treasury vaults for indefinite periods often resulted in a serious shortage
implements, machinery, manufactures of steel and motor cars. The of funds for the conduct of the country's business. Certain funds were
development of agr;culture and the manufacture of foodstuffs in the Union allowed to accumulate in depositary banks, but there was no satisfactory
have reduced our former sales of grain and other commodities. As a result, system of distributing the funds among the banks.
our exports are now of a character to bring them into competition with
Bankers for the Government.,
the products of Great Britain, Germany and Japan.
One of the objects of the Federal Reserve Act was to provide the GovernThe figures covering imports and exports, while suggestive, do not indi- ment with a suitable banking
agent. Under the terms of the Act on Nov.23
cate the real position attained by the United States in the South African 1915 the Federal Reserve banks
were officially appointed fiscal agents of
market. It is, of course, obvious that the depreciated value of the British the Government by the
Secretary of the Treasury, and were empowered to
pound was instrumental in cutting down our trade last year. It is also accept Government
receipts,
Government deposits and pay checks
carry
a fact that during the war many liner:of merchandise could not,as formerly, and warrants drawn by the
Treasurer of the United States, as well as coube obtained from England. During that period the depreciated value of pons on the Government
debt.
the pound was disregarded when necessity compelled the ordering of
To these types of service the Reserve banks are by the nature of their
American goods. The decline of the pound below $4 was very naturally organization
peculiarly
adapted. Any Government check, no matter
followed by a sharp contraction in new business. As the pound approaches where drawn, will be paid
at any of the 12 Reserve banks or their 23 branches
parity, however. there is every reason for us to expect that the effects of thus providing a
convenient
and prompt means of payment. The breadth
this handicap will he removed. Improvement in this respect may be of the Reserve bank
facilities are similarly convenient for the handling of
followed by an increase in our trade with South Africa.
Treasury notes and certificates of indebtedness, which may
be redeemed
Trade between South Africa and the United States should, if properly at any Reserve bank
regardless of where they were sold. The private
handled, become mere and more reciprocal in character. We need her telegraph system
maintained
by
the
Reserve
banks
funds can
which
by
products of hides, skins, wool, chrome ore, tin, corundum, and asbestos. be transferred
instantly to and from different sections of the country has
We have been taking about 50,000,000 pounds of South African wool also proved
absolutely
essential to the Government's immense operations
annually, or about one-third of her total product. The United States is during and since
the World War.
the principal market for South African exports of diamonds: although shipMeeting Government War Needs.
ments of these goods are made through England and do not appear in the
The outbreak of the war resulted not only in a vast expansion in the
figures for our trade. It is to be regretted that nearly all of our purchases
from South Africa in the past have reached us by shipments through Great operations of the Reserve banks as bankers to the Government, but in the
Britain. Consequently they do not appear in published statistics of South assumption of responsibilities, unprecedented in both character and volume,
African trade and as a result we have suffered through loss of identity as a in effecting the flotation and distribution of Government war securities,
As administrative centres of
good customer.
the Liberty Loan committees, they were the
heart of the greatest bond selling organizations ever created. They
advertised the bonds, handled the subscriptions and payments, distributed the
FEDERAL RESERVE BANK OF NEW YORK ON WAGES bonds,and kept the accounts offive bond issues aggregating $21.000,000.000
with more than 63,000,000 subscriptions. Just as currency
AND EMPLOYMENT.
requires
changing from one denomination to another, so these issues of Liberty bonds
the
from
following
is
Monthly
The
Review issued Sept. 1 and Victory notes require changing not only from one denomination to
another, but also from one issue to another, from registered to unregistered
by the Federal Reserve Bank of New York:
or vice versa, from temporary
to permanent. These operations were
Wages.
undertaken by the Reserve banks and are still being carried forward.
•
The United States Steel Corporation announced on Aug. 22 an increase Interest payments are made through the Reserve banks and Victory notes
of 20%,from 30 to 36 cents an hour, in the wages of common or uns'cilled as they mature are being redeemed.
The Reserve banks have also assumed charge of the sale and redemption
laborers, to become effi ctive on Sept. 1, and a corresponding adjustment
In wages of other workers. A majority of the independent steel companies in their respective districts of the successive issues of Treasury certificates
of indebtedness by means of which the Government supplies its current
granted similar increala s in wage rates at about the same time.
The new rate is 80% above that of 1915 and undoubtedly reflects the needs in intervals between the flotation of Liberty Loans and new maintains its floating indebtedness.
labor,
unskilled
which
for
competition
has
evident
been
in
the
greater
In all, from the first certificate issue in '
steel and other industries during the summer months. This tendency 1917 to the most recent certificate and short, note issues in the refunding
was indicated last month by an increase in the index of common labor program of the Treasury, the Reserve banks acted as agents for the distribution of $36,000.000,000 short-term Government issues, and for the
wage rates computed by this hank, and reported in the Aug. 1 ''Review."
An increase averaging 47% and affecting between 30,000 and 40,000 redemption of $32,000,000,000. To avoid disturbance to the money
non-union coal miners in Pennsylvania was announced Aug. 22 by several market, funds obtained by the Government from sales of all such issues
coal companies owned by steel companies which use the entire production are permitted to remain in the banks as Government deposits until required, secured by collateral pledged with the Reserve banks.
of these mines.
The tendency to increase wages has not been uniform among all types
Sire of Operations.
of workers. The continuation of a gradual downward wage readjustment
Some idea of the size of these operations may be gathered from the
particularly among clerical workers is reported by a number of employ- following figures
for the year 1921 for the Federal Reserve Bank of New
ment agencies in the d strict. Employers frequently are attempting to York alone:
replace at somewhat lower salaries employees who resign. This is especially Government checks
$1.638.000.000
true among clerical workers. The result is a greater difference than usual Government funds handled
$1.220.000,000
transferred by telegraph
between the salaries offered by employers and those which the applicants Government bonds
and notes handled for conversion or exexpect. There is, for example, a demand for the highest grade of stenogchange
$5,639,000.000
raphers at $25 a week, while applicants for that type of position ask $30 Certificates of
$1,481,000.000
indebtedness and short-term notes sold
and $35 a week.
Number of employees in fiscal agency departments.
264
In a number of occupations the average wage payment has been reduced
The cost of fiscal agency operations of the Reserve banks up to July 1
gradually through lowering the hiring rate for now employees and without 1921 was
reimbursed by the Government, but'since that date all expenses,
any salary cuts.
except a few incidentals, have been borne by the 1:,.serve banks. Form
Employment.
July 1 to Dec. 31 1921 the services performed for t
Government by the
The New York State Department of Labor reported for July a decline Federal Reserve
York. solely in Connection with the handling
of 60% in the number employed in railroad repair shops in New York of Government Bank of New
loans, cost $572,748.
1178
THE CHRONICLE
[VOL. 115.
of the Committee on Resolutions; Election and installaWith the continuous enlargement of the fiscal agency operations of the discussion; Report
Reserve banks, the necessity for maintaining the Sub-Treasuries was re- tion of officers.
In the evening at 7:00 p. m.,there will be a dinner of Reserve City Bankduced correspondingly. By Act of Congress, approved May 29 1920, their
of the Executive Council of the Association.
discontinuance was authorized, and early in the ensuing year the Reserve ers, and at 9:00 p. m.,a meeting
banks formally took over all their functions except the keeping of the
TUESDAY, OCTOBER 3.
metallic reserve behind gold and silver certificates and United States
Tuesday, October 3, at 9:30 a. m.,the first general association session will
notes, which was transferred to the Treasury at Washington.
to order by President Thomas B. McAdams. The program is:
The closing of the Sub-Treasuries marks the final passing of the Inde- be called
Address, Thomas W. Lamont; Address, President McAdams,
pendent Treasury and its replacement by the Reserve banks. In place Invocation;
Reports, the Administrative Committee and Executive Council; the Ameriof an expensive, cumbersome, inelastic system for handling public funds
of Banking, Retiring President Robert B. Locke; the State
almost entirely unrelated to the business life of the country, the Reserve can Institute
Andrew Smith, President State Secretaries; the Clearing
banks provide practically without cost to the Government a flexible organi- Secretaries,
John R. Washburn, President, Clearing House Section; the Trust
zation immediately related to the banking and business life of the entire Houses,
J. A. House, President, Trust Company Division; the Savings
Companies,
country.
the
Banks, Raymond R. Frazier, President, Savings Bank Division;
Division;
National Banks, John G. Lonsdale, President, National Bank
ION
CONVENT
S
TION
AMERICAN BANKER ASSOCIA
the State Banks, R. S. Hecht, President, State Bank Division; Address,
Resolutions
PROGRAM.
"Public Health Assets," Dr. George E.Vincent; Appointment of
Committee.
in
the
Plans for one of the biggest financial congresses
SecreIn the afternoon at 2:30 the Savings Bank Division and the State
history of the nation are contemplated in the arrangements taries Section meet, and at 5:00 the Association's nominating committee.
for this year's convention in New York City of the American In the evening there is a theatre party.
Bankers Association, falling as it does at a particularly
formative time in the new era of world business,it is declared
in a preliminary announcement of the program issued by
the Association on Sept. 5. The convention, which is the
forty-eigth annual meeting of the Association, will be held
at the Hotel Commodore, the week of Oct. 2,and it is expected 7,000 representatives of the 22,000 member banks
will attend. Regarding the plans, Thomas B. McAdams,
President of the Association, said on Sept 4:
Fundamentally, we are in a sound financial position and can look forward
to increasing prosperity in commerce and industry, provided carelessness
and selfishness are riot allowed to undermine the stability of our citizenship
Two understanding problems perplex us—industrial controversy and
unrest at home;and international financial difficulties abroad. In the solution of these questions the banker has a distinct community position and
obligation as counsellor and advisor to the millions of people who has
confidence in his judgment, integrity and patriotism. To these probleme
the American Bankers Association in convention will address itself with
unmistakable vigor.
The Right Honorable Regina' McKenna, formerly Chancellor of the
British Exchequer and now Chairman of the London Joint City and Midland Bank, will discuss "Reparations and International Debts." Thomas
W. Lamont of J. P. Morgan & Company, one of our foremost international
bankers and a financial and economic adviser at the Peace Conference,
will treat world finance from the American viewpoint. Henry J. Allen,
the fearless, aggressive Governor of Kansas, will discuss the responsibility
of the government for industrial justice and the relation of the Federal
Reserve System to American business. The convention will also hear
from one of America's brilliant orators, Dr. George E. Vincent, former
President of the University of Minnesota, and now head of the Rockefeller Foundation,one of the great public service foundations of this country.
He will speak on "Public Health Assets."
This great financial congress should bring the bankers of America closer
to the answer as to what they can do to most effectively help in promoting domestic as well as world prosperity. In such a conference every
bankers has his own part.
Our hosts, the bankers of the City of New York, with Mr. Seward Prosser
at their head, are doing everything possible for our comfort and pleasure.
Among the entertainment features already arranged are a fashion show,
teas and luncheons for the ladies; theatre parties; a smoker at the Astor; a
grand ball; golf tournaments; and a trip by boat to West Point to a special
drill and review of the cadets arranged through the courtesy of the Secretary of War and the Superintendent of the Military Academy.
Every indication points to this being the largest convention in the history of the association. It is hoped to make it the most potential for
broadening the influence of the American bankers and increasing the prosperity and happiness of the American people.
The general sessions of the convention will be held in the
Grand Ball room, Commodore Hotel, 42nd Street and Lexington Avenue, in the forenoons of Tuesday, Wednesday
and Thursday, October 3, 4 and 5. The sessions of the
sections and divisions of the Association will be held in the
Grand Ballroom on Monday morning and on Tuesday,
Wednesday and Thursday afternoons, morning sessions
will be called at 9:30 and afternoon sessions at 2:30. The
Executive Council will hold its meeting in the East Ballroom
of the Commodore Hotel, the Finance and Administrative
Committee in the Board Room on the Mezzanine floor. All
other committees will meet in the rooms of the New York
Chapter, American Institute of Banking,15 West 37th Street.
The detailed program of meeting is as follows:
MONDAY. OCTOBER 2.
Division, National Bank Division, State
Committees, Trust Company
Bank Division; Agricultural Commission; ComBank Division, and Savings
Economic
Policy Commission; Public Remerce and Marine Commission, ve Committee; 50th
Administrati
Anniversary Comlation Commission;
Insurance Committee; Protective Committee
mittee; Finance Committee;
on
Committee
Public Education;
Membership;
of Five; Committee on
Committee on Federal Legislation; ComCommittee on State Taxation; Special Commitee on
Taxation.
and
mittee on State Legislation,
the Clearing House Section will also be held
Sixteenth annual meeting of
Hotel
ballroom,
Commodore. The program
from 9:30 to 12:30 p. m.in the President, John R.
Washburn; Reports of
is: Invocation; Address of the
McHugh, President, Mechanics &
John
Address,
officers and committees;
York; Address, L. F. Loree, President, DelaMetals National Bank, New
"Labor Unions"; open discussion on the
ware & Hudson Company, on election and installation of officers.
clearing house examiner system;
meeting of the State Bank Division
annual
In the afternoon the sixth
Hotel Commodore,at 2 p. m. The program is:
will be held in the ballroom,
Hecht; Address, "Financing Agricuiture,,,
Address of the President, R. S.Director of the War Finance Corporation;
Managing
Jr.,
Meyer,
Eugene
State Banking," Marshall Cousins, ComAddress, "Practical Problems of
of Wisconsin; Committee reports; Open
missioner of Banking of the State
WEDNESDAY, OCTOBER 4.
Wednesday, Oct. 4, the program of the general session which opens at
9:30 a. m. is as fell)ws: Address, Governor Henry J. Allen of Kansas,
on "The Responsibility of the Government for Industrial Justice and
the Relation of the Federal Reserve System to American Business"; Address,
"Reparations and International Debts." Reginald McKenna; Report of
Nominating Committee; Election of Officers.
In tne afternoon at 2:30 the National Bank Division meets in the main
ballroom, Commodore Hotel, the program being as follows: Remarks
by President John G. Lonsdale; Appointment of Committees on Resolutions
Bank
and Nominations; Address, James S. Alexander, President National
Men
of Commerce, New York; Address, ':Some Problems for Thinking
to Think About," Frank A. Munsey, New York; Reports of Committees;
Election of officers.
In the vening at 6:30 there is a dinner of incoming American Bankers
of State
Association State Vice-Presidents, Presidents, and Secretaries
8:30 a
bankers associations; at 8:00 a theatre party for ladies, and at
smoker for men.
THURSDAY, OCTOBER 5.
the
Thursday, Oct. 5, the final general session opens at 9:30 a. m.,
program being: Reports, the Committee of Five, Charles de B. Claiborne,
ComChairman; Insurance Committee, Oscar G. Foreman, Chairman;
on
mittee on State Taxation, Ernest J. Perry, Chariman; Committee
Federal
on
Committee
Chairman;
State Legislation, Craig B. Hazlewood,
Leg!slition, A. E. Adams, Chairman; Committee on Public Education,
Francis
John H. Puelicher, Chairman; Public Relations Commission,
ChairH. Sisson, Chairman; Agricultural Commission, Joseph Hirsch
Commerce
man; Economic Policy Commission, M. A. Traylor, Chairman;
Comand Marine Commission, Fred I. Kent, Chairman; Resolutions,
mittee; Installation of Officers.
at 6:30 there
In the afternoon at 2:30 the Trust Company Division meets;
the American
is a dinner of the American Institute of Banking, and at 9:30
Bankers' Association grand ball.
FRIDAY, OCTOBER 6.
where the cadeta
Friday, Oct. 6,the closing day, boat trip to West Point,
Committee will meet
give a special parade. At 11:00 a. m. the Executive
Administrative Committee
aboard boat, and in the afternoon at 4:00 the
meets on the boat. At 7:00 p. m. golf dinner.
One hundred bankers of this city compose the committee
which has the convention details in charge. Seward Prosser,
President of the Bankers Trust Co.,is Chairman;and Walter
E. Frew, President of the Corn Exchange Bank, heads the
Executive Committee. Guy Emerson, Vice-President of
the National Bank of Commerce, is Executive Manager.
Others in charge are: Entertainment Committee, Henry J.
Cochran, Vice-President Bankers Trust Co.; Finance Committee, Gates W. McGarrah, Chairman Mechanics & Metals
National Bank; Golf Committee, Mortimer N. Buckner,
Chairman New York Trust Co.; Hotel Committee, Harvey
D. Gibson, President New York Trust Co.; Reception Committee, Thomas W. Lamont; Women's Reception Committee, Mrs. Dwight W. Morrow. Convention headquarters
will be at the Hotel Commodore, but almost one hundred
other hotels have been called upon to aid in housing the
thousands of delegates and their families. Three hundred
local bank employees and members of the Bond Club have
volunteered their services in greeting the visitors upon arrival and helping make their welcome friendly.
Arranged so as to interfere in no way with the serious
has
business of the convention, a program of entertainment
the
interest
hold
will
thought,
is
been drawn up that, it
has been given to
of every visitor, and particular attention
of the most
Thirty
women.
visiting
the
of
ment
the entertain
prominent women in New York have notified Mrs. Morrowat luncheon
that they will entertain groups of the visitors
shopping
expeditions,
show,
fashion
a
and
in their homes,
theatre parties and other features will assure the guests
amusement in plenty.
The Committee of One Hundred, in collaboration with the.
editor of Valentine's "Manual of Old New York," has in
course of publication a unique souvenir book, which will
contrast the old and new New York, and show that the
city has played an important part in the history of the nation.
The book will be profusely illustrated.
For the convenience of the visitor, huge maps of the city
ave been devised and will be hung in the convention head-
SEI'T. 9 1922.]
THE CHRONICLE
1179
quarters, showing all traffic lines, the shopping and theatrical
district, and other points of city life. In the Grand Central
and Pennsylvania stations information booths will be estabtablished, and similar booths will be placed in many of the
hotels.
was broken and by noon the frame work was set up. The
following day saw the exterior complete and by evening of
the next day, the place was ready for occupancy. George
D. Thomson, who has managed the Cold Spring branch
since its opening eighteen months ago, has been appointed
manager of the Kensington branch. Associated with him
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC. is Jacob Kercher, for several years teller at the main office.
At meetings of stockholders of the New York Life Insur- Both were chosen on account of their experience covering
ance & Trust Co. and of the Bank of New York on Sept. 7, several years in the various departments of the main office.
the proposed merger of the Bank of New York into the
New York Life Insurance & Trust Co., under the name of
The State Charter Board of Indiana has granted a charter
"Bank of New York & Trust Co.," was duly ratified. There to the
Roosevelt Avenue State Bank of Indianapolis. The
are still some legal steps to be taken in connection with this bank will
be located in the vicinity of Roosevelt, Ludlow and
merger so that it will not become effective immediately.
Commerce Avenues. It is to have $25,000 capital. Fletcher
It is expected that the actual consolidation will take place on
Savings & Trust Co. interests principally are identifed with
or about Sept. 21,and the exact date will be announced later.
the new bank. The directors of the latter include Evans
Woollen, Hugh McK. Landon, Dr. Roy Egbert, Albert E.
The control of the Chelsea Exchange Bank of this city Metzger, Dr. Lehman M. Dunning, George J. Schick, L. Alhas been acquired by a syndicate headed by Herbert DuPuy, bert Buennigal, Garvin M. Brown, Harlin W. S. Carter and
Edward S. Rothchild and Lamar Hardy. At a meeting of Louis Schwegman. The following are the officers elected:
the board of directors on Sept. 6 Mr. Rothchild, for many Evans Woollen, President; Garvin M. Brown, Vice-Presiyears President of the Public National Bank and now Chair- dent, and Edward W. Koenig, Cashier. The bank plans to
man of its board of directors, was elected President of the begin business about Oct. 1.
Chelsea Exchange Bank. In order to devote his entire
attention to his new work Mr. Rothchild is also retiring from
The fiftieth anniversary of the Northwestern National
the Chairmanship of the board of the Public National Bank.
Mr. DuPuy,for many years Chairman of the board of direc- Bank,Minneapolis,will be observed on Sept. 12from 10 o'clock
tors of the Crucible Steel Co. of Pittsburgh and now Presi- a. m. to 3 o'clock p. m. Invitations to its friends to particident of the Morewood Realty Holding Co. of this city, was pate have been extended by the officers and directors, who
chosen Chairman of the board of directors of the Chelsea will hold a reception at the main office, 411 Marquette AveExchange Bank. Lamar Hardy,former Corporation Coun- nue; at the Lincoln office, Hennepin Avenue at Eighth
sel and now at 149 Broadway, was elected a director and Street, and the South Side office, Cedar and Riverside Ave-also counsel for the bank. The Chelsea has its main office nues.
at 266 West 34th Street and branches at 48th Street and
Broadway and 135th Street and Seventh Avenue. The —The
Comptroller of the Currency on Aug. 28 announced
extension of the bank's facilities through the establishment
the issuance of a charter for the Ninth National Rank of Atof new branches is under contemplation.
lanta, Ga., with a capital of $325,000. The institution began
business on Aug. 29 as a conversion of the Fourth State Bank
George C. Van Tuyl, Jr.,formerly New York State Super- of Atlanta. It has four branches in Atlanta and one branch
intendent of Banking, is one of the incorporators of the New in Decatur, Ga. The President is W. S. Witham, Jr.. H. T.
Amsterdam Trust Co., of New York, which has just filed its Kilpatrick is Cashier.
organization certificate with the State Banking Department.
Mr. Van Tuyl will be President of the new company, which
The Florida National Bank of Gainesville, Fla., capital
will have a capital of $2,000,000. The stock (par $100) will
$200,000, was placed in voluntary liquidation Aug. 19, havbe placed at $210 per share. Mr.Van Tuyl is Vice-President
ing been succeeded by the Florida Bank & Trust Co. of
and a director of the Albany Trust Co., and is identified with
Gainesville.
a number of other organizations. The institution will probably be located at 26 Broad Street, the offices formerly
At their meeting on Sept. 2 the shareholders of the Banco
occupied by the New York Trust Co.
di Roma unanimously approved the increase of the bank's
capital from 150,000.000 lire to 200,000,000 lire.
George W. Hill, Vice-President of the American Tobacco
Co., has been elected a director of the Seaboard National
Bank of this city.
COURSE OF BANK CLEARINGS.
--•-Bank clearings continue to show moderate ratios of gain.
S. G. Bayne, Chairman of the Board of the Seaboard Preliminary figures compiled by us, based upon telegraphic
National Bank, has been elected President of the New York advices from the chief cities of the country, indicate that
Produce Exchange Safe Deposit & Storage Co., to succeed for the week ending Saturday, Sept. 9, aggregate bank
clearings for all the cities in the United States from which
the late William A. Nash.
it is possible to obtain weekly returns will show an increase
Nelson J. H.Edge has resigned as President of the Hudson of 9.7% over the corresponding week last year. The total
County National Bank of Jersey City, with which he had stands at $5,178,137,752, against $4,720,932,147 for the
been associated for the past twenty-two years. Mr. Edge same week in 1921. This is the twenty-fourth successive
is retiring from business life. He has been in active business week in which our weekly aggregates have shown an improvesince 1860, when he entered the First National Bank of this ment as contrasted with last year. Our comparative sumcity (then known as the Mechanics'and Traders' Bank). In mary for the week is as follows:
1864 he was appointed cashier's assistant in the old MerClearings—Returnz by Telegraph.
Per
Week ending Sept. 9.
chant's Bank of New York, in which he served over twenty
1921.
1922.
Cent.
years. Later he assisted in the organization of the Bank of New York
$2.435,300,000 $2,082,600,000 +16.9
Chicago
• 360,745,625
329.106.295
+9.6
New Amsterdam of New York, of which he became cashier. Philadelphia
293,000,000
237.000,000 +23.6
Boston
In 1900 he entered the Hudson County National Bank and Kansas
157,475,305 +10.5
174,000,000
City
.
118,492,632 —18.4
96.700,918
St. Louis
for the past seven years had been its President.
a
a
a
San
Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
.79,200,000
.101,100.000
72,068,241
54.283.542
37,585.366
72,000,000
92,600,000
61,488,027
43.208.719
40,000,000
+10.0
+20.0
+17.2
+25.6
—6.0
The Fidelity Trust Company of Buffalo, has opened its
third branch. It is a complete bank in itself and is known
Eleven cities, 4 days
$3,666,700,146 $3,233,970,978 +13.4
as the Kensington branch. Housed in a temporary shelter Other
cities, 4 days
475,810.056
542.774,732 —12.3
this branch will serve the banking requirements of the Kens- Total all cities, 4 days
$4,142,510,202 $3,776,745,710
+9.7
1,035,627,550
ington section until a larger building now under construction, All cities, 1 day
944,186,437
+9.7
is completed. An interesting fact in connection with the
Total all cities for wetpk
55.175.137.752 34.720.932.147
4-5)_7
a Refuses to furnish figures. .Estimated.
erection of the temporary shelter the branch now occupies
is that it was not decided to build it until four days before the
Complete and exact details for the week covered by the
branch was actually opened. The day following the decis- foregoing will appear in our issue of next week. We cannot
ion, plans were made and approved. The next day ground furnish them to-day, inasmuch as the week ends on Saturday
[VOL. 115.
THE CHRONICLE
1180
SALES OF STOCK AT THE NEW YORK STOCK EXCHANGE.
and the Saturday figures will not be available until noon
y
Accordingl
night.
Friday
late
press
1921.
to
go
we
while
1922.
to-day,
in the above the last day of the week has in all cases had
No. Shares. Par Value. No. Shares.' Par Value.
to be estimated.
Month of January
16,472,377 11.494,639,000 16.144.876 $1,327,513,760
February
18.175.095 1,413,196,925 10.189.671, 795,420,453
In the elaborate detailed statement, however, which we
March
22,820,173 2,013,907.820 18,321,1311 1,178,823.470
and
final
give
to
complete
able
are
we
present further below,
Total first quarter
55,467,645 14,921,743,745 42.635,678 13,301,757,873
results for the week previous-the week ending Sept. 2. For
April
the
22,733,531,850 15,529,709 11.044,593,548
the
30,634,358
of
of
1922
Month
17.2%,
aggregate
is
increase
the
that week
May
28,921,124 2.532.995,600 17,236,995 1,218.686.980
June
24,080,787 1,938,579,750 18,264.8711 1,369,519,481
clearings being $6,736,785,302 and the 1921 aggregate
$5,746,510,255. Outside of this city, however, the increase
Total second quarter_ _ _ _ 83,636,264 17,205.107.200 51.031.375 13.832,799,989
is only 15.0%, the bank exchanges at this centre recording Month of July
15,118,063 $1,262,258,143 9,288,0541 $731,205,604
August
17,862,553 1,443,286,500 11,117,0351 877,306,068
a gain of 18.9%. We group the cities now according to the
Federal Reserve districts in which they are located, and from
The following compilation covers the clearings by months
this it appears that in the Boston Reserve District the in- since Jan. 1 in 1922 and 1921:
crease is 19.2%, in the New York Reserve District (including
MONTHLY CLEARINGS.
this city) 18.6%, in the Philadelphia Reserve District 9.9%
The
District
RichReserve
19.5%.
Clearings Outside New York.
Clearings, Total All.
and in the Cleveland
mond Reserve District continues to make the best showing Month.
1921.
1922.
1921.
1922.
of all with an increase of 32.0%. The Atlanta Reserve Dis--8.5 12,377,729.779 13.840.863,127 -10.0
trict has a gain of 14.7%, in the Chicago Reserve District Jan...,. 29,673,793,613 32,413,901,452
Feb _ _ 26.067,849,202 25,697.138.881 +1.4 10.727.398.219 11,168,517,812 -3.9
the augmentation is 9.3% and in the St. Louis Reserve Dis- March 31.735,066,701 29.889.010,139 +6.2 13,015.493,749,13,207,021,872 -1.5
trict 13.2%. The Minneapolis Reserve District shows a 1st qu_ 87,476,709,516 88,000,050.472 --0.6 38,120.819,747138,216.402.811 -5.5
decrease, though it is small, being 1.6%; but the Kansas
April _ 31,153,956.381 27,921,712.690 +11.6 12.394,912.026'12.385.897,549 +0.1
+11.9
City Reserve District records a decrease of 13.4%. The May.. 32,398,452.931 27,634,023,687 +17.2 13.183.640.077 11,786.718.969 +11.4
June_ _ 33.732,844.399 29.076,120,832 +16.0 13.621.947.649 12.226.741.830
San
the
and
District
Francisco
Reserve
Dallas Reserve
District both enjoy gains, the increase being 12.7% for the 2d qu_ 97,285,253,711 84,631.857,209 +15.0 39,200,499.752 36,399,358.348 +7.7
6 mos. 184761983227 172631907881 +7.0 75.321,119.499 74,615.761,159 +0.9
former and 13.9% for the latter.
In the following we furnish a summary by Federal Reserve July __ 31,437,965.091 27,224.793,853 +155 13.200,521.928 11.889,564,162 +11.2
Aug.__ 30,094,941,318 28,419,647.457 +13 9 13,158,629,362 11,883,706.498 +10.9
districts:
SUMMARY OF BANK CLEARINGS.
The course of bank clearings at leading cities of the country
Inc.or
the month of August and since Jan. 1 in each of the last
for
1921.
Dec.
1922.
1920.
1919.
Week ending Aug. 26.
four years is shown in the subjoined statement:
$
$
$
%
$
Federal Reserve Districts
295 274,186 247,735,364 +24.9 344,346,633 300,209,57:
9 citi
(1st) Boston
9 " 3,963,758,219 3,340,832,747 +18.6 4,728.683,731 3,873,049,411
(2nd) New York
442,800,018 402,907,962 +9.9 522,408,303 392,056,851
9 "
(3rd) Philadelphia
323,861,254 271,113,977 +19.5 398,527,315 291,183,031
9 "
(4th) Cleveland
151,017 605 116,684,547 +32.0 188,694,586 149,766,084
6 "
(5th) Richmond
lo ..
128,623,238 112,090,294 +14.7 177,108,588 135,524,492
(6th) Atlanta
19 "
701,661,963 641,850,246 +9.3 808,320,750 685,887,726
(7th) Chicago
7..
48,378,919 42,751,769 +13.2 62,130,062 43,250,641
(8th) St. Louis
105 493,464 107,229,659 -1.6 139,551,569 78,132,861
7 "
(9th) Minneapolis
201,314,249 235,820,884 -13.4 344,081,630 344,846,792
9 "
(10th) Kansas City
5 "
46,150,541 40,913,618 +12.7 59,465,933 51,498,866
(11th) Dallas
322,349,646 283,056,188 +13.9 338,629,564 282,590,401
(12th) San Francisco._ _14 *.
113 cities 6,736,785,302 5,746,510,255 +17.2 8,111,973,664 6,627,996,739
Grand total
Outside New York City
2,822,483,889 2,453,515,436 +15.0 3,449,900,545 2,601,297,616
28 cities 243.649.793 271.637.457 -10.4 ian AKA 1 t.7 one .2.7.1 CJI1
Canada
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the eight months of 1922 and 1921 are also given:
Month of August.
1922.
1921.
Eight Months,
1922.
1921.
17.862.553
Stock f No.of shares
1Par value_ $1,443,286.000
178,492.000
_
_
Railroad bonds_
92,796,000
U.S. Govt. bonds_
47,110,000
State,for'n,/cc bds
11,117,035
183.248,993
114,072.142
$877,306,068 $15,966,621,887 $8,543,069,652
32.454.500 1,428,603,850
564.874,100
71,138,450 1,18.5,290,000 1,158,977,140
415.489.500
13,315,000
181,270,700
Total par value- 11,781,884,000
$994,214,018 218,996,005,237 $10,448,191,592
BANK CLEARINGS AT LEADING CITIES.
Jan. 1 to Aug. 31
August
1919.
1920.
1921.
1922. 1921. 1920. 1919. 1922.
(000.000s
omitted.)
$
145,913
163.457
127.027
144,717
19.527
17.887
14,556
York
16.938
New
2.288 2,149 2,547 2,584 18.175 17.284 21,903 18,896
Chicago
9,293 12.816 11,152
1,246 1,082 1,414 1,424 10,374
Boston
1,821 1,583 1,994 1.799 14,284 13,472 16.768 13,968
Philadelphia
a
a
a
a
a
a
a
a
St. Louis
4,587
5.726
4.927
587 4,446
700
732
600
Pittsburgh
4,423
5.366
4.313
4.652
629
645
530
823
San Francisco
1,997
2.410
1.871
1.927
248
286
217
238
Cincinnati
2.788
2,552 3.228
429
293
395 2.544
397
Baltimore
7.009
8,163
5,098
4,305
1,113
977
888
583
Kansas City
3,375
4,597
3,253
449 2.960
5148
340
408
Cleveland
1,896
2.268
1,414
1,463
224
267
161
178
Orleans
New
1,325
2,401
329
276
183 2,055 2,128
277
Minneapolis
841
804
794
859
121
93
68
104
Louisville
2,695
4,107
3,046
3,431
403
531
431
494
Detroit
1,009
1.161
958
1,012
115
138
119
130
Milwaukee
1,359
2,725 2.557
3,271
198
310
330
409
Los Angeles
a
a
a
a
a
a
a
a
Providence
1,988
2,229
1,297
1,279
269
226
165
165
Omaha
957
1,532
1,205
1,281
149
194
142
165
Buffalo
590
1.165
1,102
1,024
78
171
130
140
St. Paul
518
847
502
585
74
81
68
72
Indianapolis
989
1,258
815
980
137
152
118
126
Denver
1,740
1,335 2,092
1,410
238
234
154
192
Richmond
810
846
485
519
89
74
50
51
Memphis.
1,283
1,429
977
1,075
188
157
127
141
Seattle..
288
351
301
319
40
35
35
37
Hartford
489
578
419
405
84
60
48
54
City
Lake
Salt
Total
Other cities
27,977 24,443 30,584 30,219 229,442 208,474 269,947 232,459
2,118 1,977 3,160 3,752 16,953 17,802 27,423 20,551
Total all
30,095 26.420 33,744 33,971 248,395 226,276 207,370 253,010
York_13,158 11,864 15,857 14,444 101,678 98,349 133,913 107,097
The volume of transactions in share properties on the Outside New
add our detailed statement, showing last week's
now
each
month
We
Exchange
since
1
in
Jan.
New York Stock
figures for each city separately, for the four years:
1922 and 1921 is indicated in the following:
CLEARINGS FOR AUGUST,SINCE JAN.1 AND FOR WEEK ENDING SEPT. 2.
August.
Clearings 401922.
1921.
1922.
1921.
$
BostonFirst Federal Rese rye District3,3.55,545 -10.2
20,759,914
3,011,838
25,945,922
Me.-Bangor
12.021,760 +17.1
92,454,212
14.081.395
104.565,333
Portland
1,081,573,231 +15.2 10,374,000.000 9,293,101.559
1,248.000.000
Mass.-Boston
5,922.045 +17.9
48,524.835
8.983,715
60,377,002
Fall River
3,055,171 +7.4
30,287,013
3.282,521
27,710,783
Holyoke
4,334,406 +8.3
36,905,995
4.693,451
37,757,413
.
Lowell
a
a
a
a
Lynn
5.865,094 +7.0
45.230,011
6,278,103
414,373,192
New Bedford
17,217.318 +2.2
144,701.365
17,595,799
14.672,957
Springfield
13,180.914 +9.4
119,864,120
14,413.975
120,206,971
Worcester
34,648.082 +6.6
301,939.545
36,918,825
319,292,523
Conn.-Hartford _--22,642.997 +14.3
187,571,835
192,401,428
25,872.308
Haven
New
8,711,900 Not included n total
Waterbury
38,780.700 +8.0 Not included in total
41,874,000
R. I.-Providence
1,203,816.563 +14.5 11,458,360,144 10.330,340,404
1,379,131,930
Total(11 cities)- --District -NewYorkSecond Federal Re serve
149.059,444
15.658.109 +18.0
154.823,093
18,469.892
N. Y.-Albany
4,009,574 +18.7
31.988,921
34,854,512
4.760.622
Binghamton
142.006,200 +16.3 1,280,674,504 1,204,902,065
165.128,500
Buffalo
.1,899,011 +27.9
.17.191,692
18,731,703
2.428.132
Elmira
4.046,289 +20.2
31,444,930
36,011,519
5,228,930
Jamestown
18,938,311.936 14,555,940,959 +16.4 144,716,598,827 127,927,316.972
New York
32.969,791
4,100,000 +7.3
33,736.644
4.539,370
Falls
Niagara
308.200.651
31.069,279 +23.5
318,466.354
38.377,181
Rochester
+8.2
136,116,745
14.098,670
141,292,407
15,240.719
Syracuse
1,798.906 +14.8 Not included in total
2.065.249
Conn.-Stamford _ _
15,045.727
1.420.002 -3.6
14,301,532
1,369.191
N. J.-Montclair___ _
n total
included
55,123,590 Not
Newark
28.829.201
3,183.080 +18.6
33,848,434
3,778.622
Oranges
17,197,640,375 14,777,429,173 +16.4 146,783,339,129 129.883,116,139
Total(11 cities)--
Week ending Septembei
Eight Months.
Inc. or
Dec.
Inc. or
Dec.
1922.
1921.
Inc. or
Dec.
1920.
1919. SCI1
$
-1.3
+11.3
+11.6
+24.4
-8.5
+2.3
a
+9.2
+1.4
+0.3
+5.7
+2.6
3,141,185
287,000.000
1,317,573
a
913,938
a
1,242,413
3,893,853
3,045,169
8,090,973
6,629,082
a
+10.9
295,274,188
2.250,000
221,165,491
1,302,744
a
860,942
a
1,185.211
3,299,065
2,988,414
9,183,497
5,500,000
+39.6
+20.7
+1.1
a
+6.2
a
+4.8
+18.0
+1.8
-11.9
+20.5
a
247,735,384 +24.9
2,500,000
313,526.094
1.385,433
a
1,153,884
a
1,472,009
4.646,217
4,266.328
9,041.090
6,355.578
a
344,346.633
2,121,000
287,508,783
1,618,937
a
8,211,953
(
a
.0
1,630,187
3,560,954
3,176,068
7,360.248
5,017,443
a
300,209,573
4,000,000
4,200.000
3,268,566 +24.9
4,080.458
+3.9
715,900
1,079,500
696.591 +26.1
t784,361
+9.0
28,719,890
43,720,876
+11.2
29,402,401
32.708,953
+6.3
497,484 Not included in total
+9.0
1,020,579
769.512 +18.8
d860,815
+12.5
+13.1 3,914,301,413 3,292.994,819 +18.9 4.682.073,119 3,826,699,121
+1.9
11,594.438
8,966,697
7.704,523 +12.1
8.639.384
+3.3
4,544.134
3.534.7t0 -4.0
3,566,829
3,392.158
+3.8
1,798,908 +14.8
2,065,249
456,085
664,549 -52.2
380,975
317,586
-5.0
+17.2
+13.0 3,963,758,219 3,340,832,747 +18.6 4,728,688.731 3,873,049,412
SEPT. 9 19221
THE CHRONICLE
1181
CLEARINGS (Continued)
August.
Eight Months.
Clearings at1922.
Inc. or
Dec.
1921.
1922.
1921.
Week ending September 2.
Inc. or
Dec.
$
Third Federal Res erve District -Philadelphl a4.585,999
Pa.-Altoona
4.059.409 + 13.0
34,567.079
32.824,014 +5.1
13,102.344
Bethlehem
9,335,711 +14.0
101,131,977
99,032,158 +10.2
4.384.246 Not incl. In total.
Chester
16,024.877
Harrisburg
16.751,445 -4.3
131.744,773
131.907,647 -0.1
10.943,614
Lancaster
9.787,322 +11.8
89,597.686 +6.1
95,030.796
1,906,60!
Lebanon
2,399,282 -20.4
21,233,527 --18.3
17,343,099
3.179.743
Norristown
2.624.744 +21.1
24,572,755
22,189,344 +10.7
1,820,591,000 1.563,000.000 +16.5 14,284,029,000 13,472,229,473 +6.0
Philadelphia
11.141.346
Reading
8,943,751 +24.6
84,521.367 +8.4
91,654,063
17.023,330
Scranton
18,375.065 -7.4
150.695,718
159,098.962 -5.3
10.959,621
Wilkes-Barre
11,254,051 -2.6
94,382.052
87,989,219 +7.3
5,601,161
York
5,168,858 +8.4
44.367,091
45,115,286 -1.7
N.J.-Camden
a
a
a
a
a
a
Trenton*
17,518.667
15.636,055 +12.0
131,105,057
120,176,535 +9.1
Del.-Wdmington
a
a
a
a
a
Total(12citlea)1,932,581,303 1,667,335,693 +15.9 15,200,623,460 14,365,990,218 +5.8
Fourth Federal Re serve District -ClevelandOhio.-Akron
25,777,000
27,699,000
Canton
17,995,133
14.119,060
Cincinnati
237,838,030
217,276.197
Cleveland
408.018,371
339,988,639
Columbus
56,082.600
48,798,400
Dayton
a
a
Hamilton
3,941,287
3,510,571
Lima
3,675.428
3,794,123
Lorain
1.470,944
1,304.342
Mansfield
*5,000,000
5,354,399
Springfield
a
a
Toledo
a
a
Youngstown
13,402,621
12,549,721
Pa.-Beaver County.
2.761,979
2,383,476
Erie
a
a
Franklin
1,331,923
1,196,122
Greensburg
Pittsburgh
*700.000.000
600.000,000
Ky.-Lexington
5.635.766
4.995.206
W. Va.-Wheeling __ _
16.110.438
16.315,170
Total(15cities)
Fifth Federal Rese rye District- RichmondW. Va.-Huntintgon
,776,567
6,734,615
Va.-Newport News_
a
a
Norfolk
28,699,417
26,340.248
Richmond
192,365.760
154,239.698
N. C.-Asheville_ _
a
a
Raleigh
6,199.678
4,644.318
Wilmington
a
a
S. C.-Charleston. _ _
7,819.239
7,565,316
Columbia
6.614,099
6,873,143
Md.-Bal!imore
396.791,042
292.515,077
Frederick
1.579.893
1.706.815
Hagerstown
2.467 565
2.459.447
D. C.-Washington
75.871,933
66.183,867
Total(10cities)--
725,191,193
593,821,481
816,798 +19.0
2,715,301 -24.9
a
a
1,085.60.
4,630.747
a
882,817
2,285,781
1,916.016 +19.3
2,664.821
2,510,830
423,000,000
2,674.365
3.257,149
2,356,503
1,127,663
385,000,000 +9.9
2.427,087 +10.2
3,505,805 -7.1
2,179.380 +8.1
1,154,345 -2.3
500.797,694
2.469.912
3,532,549
2,284,636
1,314,766
875.760,128
2.302,181
3.876,719
2.506,264
1,355,249
5,087,473
a
3,193,230 +59.3
a
3,627,769
a
2.862,887
a
+9.9
522,408,303
392,056,855
5,633,000 -5.7
3,830.065 -6.0
46,081,649 +9.6
65,451,505 +25.9
12.320,900 +1.0
a
a
9,136,000
4,879,824
66,590,334
136,409,377
13,332,900
a
6,474,000
3,938,415
53,887348
95.134,872
12.531,500
a
+7.0
1,069,047
1,195,165
a
a
a
a
2,410,595 +31.6
a
a
3,873,464
a
a
4.604,340
442,800,018
202,276,000
118.788,971
1,926,614.206
2,959,646.907
478,441,700
a
24.240.336
26,394,638
10,447,386
*41,173,430
a
a
119,675,739
21.410,314
a
11,244,470
224.318,000 -9.8
121,686.211 -2.4
1,870,561,535 +3.0
3,252,944.132 -9.0
438.302.800 +9.2
a
a
21,411,675 +9.2
29,884,072 -11.7
11,438,674 --8.7
43,196,385 --4.7
a
a
a
a
133,207,665 -11.2
22,516,618 -4.9
a
a
11,860,943 -5.2
+16.7
+12.7
-1.3
4,406,336.000
59,409,820
158,556,005
4,927,302.491 -9.8 *160,000,000
51.362,423 +15.7
149,594,560 +6.0
3,623,988
-6.2
e5.310.000
5.480.238
50.495,963
82,382.751
12.438.600
a
a
a
e3.172,879
323,861,254
569,262.544 +27.4
5,114,659,002
4,980,978,910
+2.7
+14.6 Not included In total
-4.5
93.298,444
99,493,652
+17.8
571,591.500
558.204,578
+11.5 1,312.574.159 1,340.125,281
-10.7
55,722,802
62.288.115
-7.3
23,308.305
24,137.677
+8.5
39,201.962
39,724,018
a
a
a
+19.9
340,483,769
338,282.702
-7.4
79,594.057
79,023,824
+34.7
557,479,891
652.087.820
+19.9
58,417,849
55.421,754
+8.3
42.881.017
42.565,618
+23.2
27,663,920
22.515.220
+17.4
23.755.062
27,593,195
+0.9
10,585.677
9.703.268
+10.2 1,463,473,394 1,413,580.130
-6.2
+2.4
-2.1
-10.5
-3.4
-1.3
a
+0.7
+0.7
+17.0
+5.4
-0.7
+22.9
+16.2
+10.9
+3.5
235,047
e35,943,794
+2.8
128,623,238
4,798,162,471
4,666,686,189
Total (26 cities)._ - 3,198,835,573 2,966,145,253
Eighth Federal Re serve District -St. LouisInd.-Evansville _ _ _ _
19,005,492
17,313,265
New Albany
529,599
474,431
Mo.-St, Louis
a
a
Springfield
a
a
Ky.-Loulsville
103.763,126
92,579,472
Owensboro
1,543,528
1,386.727
Paducah
6,194.607
5.302.355
Tenn.-Memphis _ _ _
51.142.605
49,953.650
Ark -Little Rock
33.675,424
33.610,900
Ill.-Jacksonville
_
1,594.245
1,689,706
Quincy
5,593.830
4,932.697
Total(9 cities)
223,042,456
207.243,203
+7.8 24,918,558,293 23,430,288,892
+9.8
+11.6
a
a
+11.2
+11.3
+16.8
+2.4
+0.2
-5.7
+13.4
147,396,659
4,375,322
a
a
858,920.777
15,450,492
54.302.947
518.521,441
277,445.724
10,811.945
43,985,960
+7.6
1,931,211,267
-3.9
totals
+20.8
-0.1
-7.3
-5.9
-5.9
+6.1
-6.8
+5.2
a
+2.8
+2.1
-2.3
-9.1
+6.4
138,677,079 +6.3
4,168,670 +5.0
a
a
a
794,395,933 +8.1
14.771,130 +4.6
52,188.039 +4.1
464,877.135 +11.5
295.341,544 -6.1
12.250,481 -11.7
46.314.592 -5.0
1,822,984,603
1,307,655
e5,643.764
44,810,900
+5.11
894,651
a
131,000.000 +22.0
3,491,612
1919.
a
a
a
158,396,987
109,403,909
4.839,382
4,013,190
271,113,977 +19.5 398,527,316
1191.183,039
+3.8
--6.1
1.738,442
5,642,059 +0.3
30.300,232 +47.5
8,971,019
53,208.841
1,391.903
e1,445.465
1,655,336 -12.7
63,142,226 +34.3
15.992.176
1920.
a
84.817,645
7.733,877
60,730.971
2,600,00
2.550,000
106,110,326
T5,350,493
+9.9
16,075,958
13,400,739
154,017,605
116,684,547 +32.0
188,694,586
149,766,080
e4,454.066
2.645,270
16,637,425
38,528,744
3.883,444 +14.7
2.909,402 -9.1
13,898,680 +19.7
31,772,210 +21.3
6.282.520
4,124,052
21,282.505
49,529.66.
4.839.764
2.946.921
12,714,025
47,624,123
1,330.330
a
8.623,357
1,215,957 -5.9
a
a
7,461,012 +15.6
*2.000.000
a
10,524.145
*2.500,000
a
7,051,159
e19,352,000
15,898,426 +21.7
17,323,849
12,066,963
873.204
550,000 +58.8
+6.3
178,323
+17.1
519,653
+12.6 el01,827,185
+9.6
+8.6
6,193,872
+2.6
-0.7
1,750,803
+5.6
1,796.945
+63.4
+16.2
15,398,000
-16.8
2.080,008
+10.6
-9.2
402,907,962
a
59,039.801 -11.0
a
a
235,686,845 +0.1
1,339,675,608 +5.7
a
a
38,852.815 +39.0
a
a
87,338,629 -6.3
66,221,038 -1.6
2,551,674,170 -0.3
17,081,687 -1.8
22.149,328 -1.6
568,259,189 +11.9
519.734.478 +14.3
a
956,835
52,566,929
a
235,832,146
1,410,339,081
a
53,988,641
a
81,820,254
65,056,784
2,544,213.675
13.129,399
21,794,336
635,917,757
Seventh Federal R eserve Distric t-ChicagoMich.-Adrian
821,979
814,339 +0.9
7,197,606
6,771.909
Ann Arbor
3,034.761
2.756,808 +10.1
23,120,393
19.750.491
Detroit
493,659.857
431,028,206 +14.5 3.431,190.854 3,046.149,356
Flint
6,749,99q
6,875,613 -1.8
53,532.381
48.831,930
Grand Rapids
28.154.790
25.680,599 +9.6
209,770,587
193,162.953
Jackson
6.114,129
5.238,411 +16.7
43.327,003
42,245.977
Lansing
8,586,000
11,725,000 -2/6.8
59,889,123
69,332,000
7,955,835
Ind.-Ft. Wayne__
7,421,437 +7.2
64.232.837
60.797,120
10.841.608
Gary
3,762.637 +28.8
68,665,012
42.033.281
Indianapolis
72 019,000
68,491.000 +5.1
584,568,000
502.190,000
9,439,791
South Bend
8,578,335 +10.0
66,892,610
80,432,730
7,449,465 Not Included 1 n totals
Terre Haute
Wis.-Milwaukee_ 121,921,093
113.771,000 +9.4 1,012,056,756
957,622.987
2.701.462
Oshkosh
2,961,479 -8.8
21,054,371
23,182,836
5,680.213 Not Included I n totals
Green Bay
8,482,499
Madison
7.183.606 +18.1 Not included in totals
8.489.115
Ia.-Cedar Rapids__ _
8.205.810 +3.4
70.418,704
73,274,635
Davenport
40,589,001 Not included I n totals
345,557,654 Not included In
34,401,394 +14.3
39,312,008
Des Moines
365,304,137
302,485.910
2.153,889 +8.7
2,340.924
Iowa City
19,946,962
19,959,200
2,026,268 +14.1
Mason City
2.312.550
17.411,535
18.781,085
23,881,387 -5.7
Sioux City
189,175.327
22,518.268
201,012.126
Waterloo _
5.290,866 +0.3
44.620,660
5.308.172
47.413.909
Ill.-Aurora
3,730.089 +18.2
32.491,982
4,407,586
30.618,957
Bloomington
5,225.788 +0.2
44.612,938
5.233,995
47.875,483
Chicago
2,288.277,238 2,149,165,884 +6.5 18,175.598.206 17,284,270,151
Danville
a
a
a
a
a
Decatur
38,215.506
5,390,230 -1.0
5,335,047
39,298.844
Peoria
14,682.014 +19.3
132.963,818
17.521,195
130.208.699
Rockford
64.338,454
65,851,860
7,999.267
7.699.387 +3.9
Springfield
77,964.528
85.734,513
10.182,383 -4.0
11,778,907
971,743
2,039,341
a
+0.6
a
+9.0
+24.7
a
-33.5
a
+3.4
-3.7
+35.7
-7.4
+0.3
+14.6
Sixth Federal Rase rye District -AtlantaTenn.-Chattanooga.
22,523.090
10,661,548
11,427,9,2
Knoxville
11,961,808
72.832.699
Nashville
61.852.177
164.288.846
Ga.-Atlanta
147.392.568
6.221,426
Augusta
6.998,137
2.731.964
Columbus
2.952,423
5,113,943
Macon_
4,711,943
Savannah
a
a
Fla -Jacksonville ..._
39,805.257
33,207,671
7,821.363
Tampa
8.445,945
85.831.564
Ala.-oirmingbam-- 63,699,209
Mobile
7,009.870
5,921,568
Montgomery
5.143.350
4.748,408
Miss.-Jackson
3,420.693
2.775,674
Meridian
3.310.018
2,819,124
Vicksburg
1,099.298
1.087.649
La.-New Orleans.177.866.228
161.190.174
Total(15 cities).--
1921.
-6.9
+27.5
+9.5
+20.0
+14.9
a
+12.3
-3.1
+12.8
-6.6
a
a
+6.8
+15.9
a
+11.4
1,499,041.570 1,299,284,426 +15.4 10,604,655,922 11,309,588,184
Inc. or
Dec.
1922.
27,207,069
14,552,791
509,988
593,804
+4.3
+4.9
330,452
65,201,442
309,999
44,837.735
112,090.294 +14.7
177,108,683
134,524,493
145,000 +23.0
350,000 +48.5
94,063.680 +8.3
163,632
331,860
108,000.000
100,000
420,000
74,068,348
22.5,395
34.277,768
5,745.380 -22.0
6,660,093
4.419,771
2,488,642 -29.6
1,643.984 +9.3
1,538.013
2.250.346
1,362,228
1,526,438
13,649,000 +12.8
1,823,221 +14.1
17,487,000
1,700.000
15,690,000
1,140,000
23,941,380 +13.6
24,860,612
25,817,272
1,865,162
1,791,636
+4.1
2.889,435
2,399,508
8.309,023
8,023,545
+3.6
10,636,571
11,934,178
5,357,827
1,173,846
4,875.683 +9.9
964,681 +21.7
7,843,099
1,922.247
9,900.000
1,863,014
+3.9
1,964,721
+9.6 606,969.271
a
a
1,646.150
-4.5
5,500,000
+7.6
2.600.000
+5.3
3,387,710
+6.0
1.852,137
621,719,328
a
1,461,663
4,459.807
2,120,000
2,634,034
1,234,564
519.034,840
a
1,094.448
3,676,919
1,722,977
e1,242,499
1,187,897
473,788.832
a
1,141,505
3,417,649
1,636,436
1,172,095
701,663,963 641,850.246
3,864.855
a
3,599,060
a
+9.3 808.320,750 685,887,726
+7.4
a
4.523,126
a
4,243,600
a
21,823.396
304,897
19,267,645 +13.3
263,160 +15.9
28,231,303
567,486
13,548,267
577,081
el1,881,000
9,009,108
301,851
1,193,812
10,347,018 +14.8
7,841,925 +14.9
346,888 -13.0
1,086,073 +9.9
17,526,474
9,078,333
670.876
1,532,484
15,142.025
7,101,349
775,170
1,863,154
48.378,919
42,751,769 +13.2
62,130,062
43.250,646
[VoL. 115.
THE CHRONICLE
1182
CLEARINGS (Concluded).
1922.
1921.
Week ending September 2.
Eight Months.
Month of August.
Clearings at-
Inc. or
Dec.
1921.
1922.
Inc. or
Dec.
1921.
1922.
Inc.or
Dec.
1919.
1920.
,0
Ninth Federal Re serve District -Minneapoli s
28,981,571 -0.4
28,857,777
Minn.-Duluth_.
275,889,837 +0.5
277,251.205
Minneapolis
1,747,948 -8.3
1,603,698
Rochester
129.941,664 +7.4
139,606,366
St. Paul
+8.2
8,245,300
8,923,964
_
_
_
Dak
No.
.-Fargo.
5,500.262 -17.9
4,517,000
Grand Forks
989,408 +12.2
1,206,061
Minot
4,490,000 +28.8
5,781,590
So. Dak.-Aberdeen _
8,946.914 +12.1
10,850,396
Sioux Falls
2,751,773 -17.6
2,266,140
Mont.-Billings
4,424,604 --23.1
3,401,547
Great Falls
14,064,492 -9.2
12,770,462
Helena
1,624,999 -24.0
1,235,172
Lewistown
Total(13 cities) _ _ _ _
498,271,378
487,598,772
+2.2
173,655,482
2,055,630,453
14,465,422
1,024,257,988
50,667,398
35.854,000
8,947,747
39,274,345
90,503,489
20.154,115
25,613,326
100,296,813
9,818,892
204,611,507
2,127,625.199
14.432,669
1,101,568,771
65.713,752
41,099,262
8,565,741
41,079,125
78,133,548
25,997,493
37,106,223
96,481,748
15,823,473
-15.1
-3.4
+0.2
-7.0
-9.2
-12.8
+4.5
-4.4
+15.8
-22.5
-30.9
+10.4
-37.9
e6,201,697
63,229,572
6,750,894 -8.1
66,246,833 -4.6
7,547,038
83,697,495
6,809,482
45,646,362
29,637,087
1,729,213
27,192,026
1,885,445
+9.0
-8.3
40,434,434
2,800,000
17,527,639
2,976,674
1,442,044
1,441,247
1,880,426
3,658,139,470
3,858,238,511
-5.2
105,493,464
12,829,774
18,902,286
131,583,969
1,279,076.406
143,456,723
a
-27.2
-6.0
+10.0
-1.4
+3.0
a
-1.6
-2.1
+18.1
-13.8
a
a
a
a
-15.4
a
+6.5
-15.4
-9.6
+0.1
2,100,634
468,838
641,021 -26.9
1,313,404
1,248,974
2,785,013
3,072,193 -0.3
1,658,564
2,043,304
-1.6
551,569
:
139
78,132.861
e284,934
612,788
.3,000,000
35,591,893
324,667 -12.2
1,337,269 -54.9
3,012.853 --0.4
34,059,335 +4.5
814,958
922,249
5,523,654
55,727,886
1,008,202
916,399
5,650,143
61,468,993
el,907,085
e9,288,830
2,170,022 -12.1
10,728,204 -13.4
3,400.000
15,092,154
3,230,435
15,349,441
118,915,336
a
145,436,747 -18.2
a
a
209,890,885
a
223,732,158
a
a
e17,987,255
a
320,994
16,405,134
a
a
20,705,228 -13.1
a
a
527,307 --39.1
17,519,252 --6.4
a
30,275,433
a
848,759
21,585,652
a
11,738,062
a
984,917
20,768,042
344,081,630
344,846,792
107,229,659
Tenth Federal Res erve District -Kansas Cit Y-2,062,708 --25.6
1,534,966
Neb.-Fremont
2,443.172 -3.4
2,360,685
Hastings
13,335,531 +25.2
16,697,654
Lincoln
48 -0.1
52
164,935,9
164,835,4
Omaha
17,971,018 +10.7
19,891,813
Kan.-Kan.sas City_ a
a
a
Lawrence
a
a
a
Pittsburgh
12,462,100 -2.0
12,212,391
Topeka
-9.1
0
50,391,93
7
45,796,29
Wichita
3,779,000 +39.2
5,218,000
Mo.-Joplin
665,908,217 -12.4
543,002.403
Kansas City
a
a
a
St. Joseph
a
a
a
Okla.-Lawton
a
a
a
McAlester
a
a
a
Muskogee
102,638,435 -16.8
85,376,775
Oklahoma City.._ - _
a
a
a
Tulsa
4,898,797 +7.1
5,245,903
Colo.-Colorado Spgs.
118,303,071 -12.4
125,542,937
Denver
3,630,515 +0.7
3,657,581
Pueblo
94,782,549
363,046,619
41,304,000
4,394,572,755
a
a
a
a
676,019,137
a
35,064,970
979,667,457
25,791,326
17,612,526
20,106,264
119,670,488
1,297,434,429
139,347,212
a
a
96,347,739
370,832,586
34,980,000
5,097,597,954
a
a
a
a
798,927,700
a
32,933,964
815.223,064
28,536,021
-7.9
8,196,097,971
8,869,549,947
-7.6
204,314,249
235,820,884 -13.4
44,725,284
50,304,105
a
a
802,179.451
4-17.5
785,079,745
79,591,742
161,992,527
-4.7
399,222,882
---6.3 • 355,315,045
250,711,895
--29.8
202,930,050
4-9.6 Not included in totals.
13,589,618
+4.7
13,215,611
13,152,285
-3.1
13,739,331
77,421,703
--0.2
73,050,519
75.736,640
+7.5
60,029,034
128,597,087
+13.6
143.500,391
+12.5
a
--2.1
-9.8
--11.0
--19.1
1,657,973
1,300,000 +27.6
1,350,000
1,431,507
26,584.179
18,554,967 +43.3
31,036,844
25,776,61;
8,277,654
6,597,243
a
10,398,535 -20.4
7,881,944 -16.3
a
a
14,004,870
9,183,547
a
13,250,691
7,945,482
a
Total(13 citles)_ _ _ - 1,071.372,257 1,162.760,442
Eleventh Federal Reserve Distr ict-Dallas5,655,036
5,518,872
Texas-Austin
a
a
Beaumont
77,715,317
91.341,907
Dallas
19,500,277
18,503,296
El Paso
46,058,615
43,165,950
Fort Worth
37,171,209
26,097,287
Galveston
87,021,444
96,556,750
Houston
1,512,824
1,689,365
Port Arthur
1,752,372
1,598,248
Texarkana
9,031,859
9.002.329
Waco
6,590,300
7.086,000
Wichita Falls
13,881,361
15,771,195
La.-Shreveport
--2.4
218,869,170 +0.5
219,864,449
Total(10 cities)__ _ _
Twelfth Federal R eserve Distric t-San Franc iscoa
a
a
_
Wash.-Bellingham_
127,321,922 +10.5
140,752.346
Seattle
43.545,000 Not included n totals
Spokane
a
a
a
Tacoma
5,132,051 -2.6
5,001,017
Yakima
Idaho-Boise
1,187,254 +26.0
1,495,332
Ore.-Eugene
130,150,774 +4.1
135,435,776
Portland
6,087,158 -15.0
5,177.000
Utah-Ogden
47,965,376 +11.6
53,543,515
Salt Lake City
a
a
a
Nev.-Reno
5,532,686 Not included n totals
Ariz.-Phoenix
3,869,820 Not included I n totals
Calif.-Bakersfield._ _
a
a
a
Berkeley
16.070,883 +2.9
16,543,694
Fresno
15,337,419 +39.0
21.312,321
Long Beach
329,817,000 +24.2
409.480,000
Los Angeles
3.035,640
2.924,709 +3.8
Modesto
55,978,351
45,786,453 +22.3
Oakland
6
3 +28.0
15,316,38
11,964,53
Pasadena
2,239.030
1.921,325 +16.5
Riverside
27,319,927
23,737,336 +15.1
Sacramento
12.666.735
11,427,097 +10.8
San Diego
623.000,000
530,300,000 +17.5
San Francisco
8
10,649,58
7,621,621 +39.7
San Jose
3,999,057
3.355,093 +19.2
Santa Barbara
2,167,438
1,716.636 +26.3
Santa Rosa
20,343,100 -45.8
11,034,200
Stockton
1,859.156,358
1,987,928,587
-2.8
-14.9
-5.6
-20.7
+ 11.6
-6.5
a
1,074,834,636
a
a
977,473,391 +10.0
45,294,060
a
a
38,723,090 +17.0
10,052,318
1,007,970,333
42,845,502
404,615,528
a
+6.8
9,411,789
964,386,983 +4.5
57,760,553 -25.8
418,530,260 -3.3
a
a
a
115,466,227
149,042,697
3,270,596,000
22,960,817
432,911,280
129,898,505
20,449,479
196,076,850
102,384,359
4,651,800,000
70,975,629
31,417,490
14,709,093
77,605,000
a
125,439,955
116,840,678
2,725,038,000
22.025,001
347,397,048
107,346,718
17,640,508
174,364,583
91,992,843
4,313,100,000
55,533,740
28,147,755
12,837,412
164,665,900
+8.0
3,890,672
3,095,165
46,150,541
40,943,618 +12.7
59,465,933
51,498,866
31,647,812
a
a
1,146,300
27,451,972 +15.3
a
a
a
a
1,212,571 -5.5
36,106,585
a
37,484.252
a
1,466,992
1,902,735
28,416,230
28,125,446
+1.0
31,576,362
32,135,942
10,804,002
a
a
11,288,158
a
a
-4.3
a
a
14,261,696
14,637,783
a
a
3,440,144
4,176,502
85,754,000
3,352,601 +2.6
3,286,495 +27.1
66,793,000 +28.4
4,219,305
3,297,453
68,045,000
3,158,033
1,679,309
43,275,000
12,367,055
3,193,130
9.920,414 +24.7
2,442,142 +30.8
10,436,145
2,606,147
7,920,712
1,195,338
+24.2
a
+10.9
+42.1
-18.9
6,178,736
a
149,000,000
2,583,849
932,094
3,867,701
a
131,011,471
1,932,710
3,033,492
a
-7.9
+25.4
+20.0
+4.2
+24.6
+21.0
+15.9
+12.5
+11.3
+7.9
+27.8
+11.6
+14.6
-52.9
e5,643,709
a
130,900,000
2,321,863
714,999
+2.2
2,808,122
4,543,452
a
118,000,000
1,633,933
881,704
1,823,900
4,124,300 -55.8
4,918,300
2,389,415
322,349,646
283,056,188 +13.9
338,629,564
282,590,401
8.207
Total (20 cities)--- 1,553,147,353 1,340,167,740 +16.1 11,871,905,749 10,770,65
,739
+8.9 6,627,996,739 5,746,510,255 +12.6 8,111,973,664 9,329,878
226,276,348,791
Grand total(165 cities) 30,094.941,318 26,419,647,457 +13.9 246,394,869,636 98,349,031,819 +10.3 2,801,297,618 2,453,515,436 +4.1 3.449,900,545 5,503,179,618
6,498
9,382
+10.9
11,863,70
13,150,62
70,809
101,678,2
Outside New York--
G AUGUST 31.
CANADIAN CLEARINGS FOR AUGUST, SINCE JAN. 1, AND FOR WEEK ENDIN
1922.
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
Calgary
London
Victoria
Edmonton
Regina
Brandon
Saskatoon
Moose Jaw
Lethbridge
Brantford
Fort William
New Westminster---Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
1921.
Week ending August 31.
Eight Months.
August.
Clearings at-
Inc.or
Dec.
1922.
8
428,570,828 --12.8 3,356,045,091
373,747,612
371,967,490 --2.8 3,265,681,871
361,698,091
83
178,302,4
--16.5 1,374,922.041
148,869,187
61,466,583 --3.2
59,523,689
447,603.261
27,026,163 --4.4
25.839,442
244,304,589
24,803,325 ---6.9
23,085.609
181,690.473
14,727,256 4-2.9
15,160,769
107,884,501
22,745,184 4-4.6
23,796,553
184,713,224
11,851,592 +10.8
13,127,228
96,349,210
24,017,889 --32.1
16.297.864
163,102,835
11,308,351 --9.5
10.230,081
99,182,495
10,132,351 --17.3
8,482,555
70,871,012
22,719,054 --23.5
17,381,273
144,752.062
14,382,078 +0.7
14,485,716
104.261,529
3,891,453 --21.7
3,048,809
19,518,525
8,844,945 --19.2
7,150,585
53,555,290
6,125,480 --27.6
4,433,704
36,722,506
3,680,525 --37.7
2,293,660
18,058.817
4,273,167 --3.3
35,528,386
4,133.346
3,083,012 --1.6
3,133,025
25,401.785
2,539,772
4-1.9
2,588,198
17,998,429
1,594,335 --25.7
10,614,372
1,183,826
3,280,962 --17.7
24,157,485
2,699,696
5,009,051 --19.9
29.462,708
4.010.774
3,970.289 +1.2
34,592,121
4,016,366
13,692,485 4-13.2
115,338,950
15,505,739
11,370,677
1,384,049 Not included n totals
4,670,556 +19.7
38,922,652
5.589,529
3,350,429 -15.3
23,081,300
2,837,952
1921.
Inc.or
Dec.
1922.
%
$
3,822,866,368 -12.2
3,313,315,257 -1.4
1,550,706,107 -11.4
470,830,908 -4.9
269,651,804 -9.4
205,005,109 -11.4
121,443,489 -11.2
200,849,712 -8.0
97,832.048 -1.5
221.643,742 -26.4
108.507,346 -8.6
82,349,614 -13.9
164.890.367 -12.2
123,789,904 -15.8
24,448,413 -20.2
62,510,762 -14.3
46,144,983 -20.4
22,661,432 -20.4
41.235,392 -13.8
28,140,309 -9.7
20,475,928 -12,1
14,013,249 -24.3
30,123,673 -!--19.8
38.717.081 -23.9
33,530,154 +3.2
108,713,426 +6.1
in totals.
included
Not
38.270,765 +1.7
g13,670,359 +68.8
A
1921.
Inc. or
Dec.
1920.
a
%
$
$
92,894,069 -16.4 129,461,771
77,631,307
93,175,592
+0.6
79,191,761
79,698,639
41,232,949
36,718,032 -20.6
29,163,420
16,725,720
+5.8
11,261,401
11,917,540
7,060,701
5,404,480 -9.1
4.913,336
6,487,367
5,149,487 -4.6
4,910,935
4,309,040
-16.3
3,043,431
2,546,597
7,071,415
4,414,489 +8.5
4,791,699
3,097,079
2,822,812 -7.5
2,611,497
6,692,742
-25.1
4,952,767
3,710,752
3,276,961
2,348,245 -16.2
1,966,202
2,300,000
2,100,000 -21.1
1,656,364
6,064,624
4,126,752 -18.2
3,373,955
3,823,381
3,528,327 -20.3
2,810,349
682,253
747,550 -18.5
608,955
2,036,034
1,728,754 -27.6
1,252,208
1,430,320
1,240,585 -29.0
820,027
802.649
1,279,547 -59.1
522,856
1,160,540
761,127 +2.3
778,302
749,283
645,491 -11.1
573.793
750,908
529,149 +2.3
541,281
377,687
291,038 -21.9
227,183
848,749
687,887 -19.2
555,766
1,421.547
866.704 -9.1
788,194
1,023,525
749,016 +16.7
874,167
2,997,680
2,545,223 +16.7
2,970.288
273,575 Not included in total s.
797,630
972,698 -6.0
914.276
638,635 -18.6
519,905
9.12 AA0 702
971 All An7
_IA.4
RA, Or0 I.ft
1919.
$
93,706.196
69,958,562
33,279,803
11,924.964
7,821,339
5,284,534
4,107,178
5,231,615
2,617,409
6.265,635
2,940,986
2,200,000
4,291,785
3,412,271
655,673
1,770,228
1,433,138
725,732
941,704
785,061
576,832
355,010
669,386
870,523
700,000
1,798,937
....-. --. --.
--R
1.291.976.979 -9.1 IA .10A .31., enn 11 n'n .297 cal
Total(28 cities)- - 1,174,351,778
ve figures for previous years.
comparati
no
against
with
debits
accounts,
a No longer report clearings or only give ve figures of Individual
same ratio of decrease (or increase), shown by the debits.
debits; we
comparati
to last year's clearings the
b Report no clearings, but give figures. d Week ending Aug.30.apply
f Week ending Sept. 1. g Four months. .Estimated.
31.
Aug.
ending
a
week
c Do not respond to requests for
SEPT. 9 1922.]
THE CHRONICLE
NATIONAL BANK RESOURCES TOTALED $20,706,000,000 ON JUNE 30 1922.
The resources of the national banks of the country reached
$20,706,010,000 on June 30 last, this, according to Comptroller of the Currency Crissinger, amounting to 8529,362,000
more than the resources shown on May 5 1922, the date of
the preceding call, and $188,148,000 in excess of the amount
reported June 30 1921. The Comptroller also stated in an
announcement made public Sept. 5:
Between May 5 and June 30 1922, resources of national banks in each
Federal Reserve District were increased with the exception of banks in
the Sixth District which showed a reduction of $3,489,000, the amount of
Increase ranging from $828.000 in the Eleventh District to $273,162,000 in
the Secant District.
Loans and discounts, including rediscounts, June 30 1922, amounted to
$11,248,214,000. an increase since May 5 1922 of $64,098,000, but a reduction since June 30 1921 of $756,301,000.
United States Government securities were increased during the year
$265,962,000 and amounted June 30 1922 to $2,285,459,000. The increase
since May 5 1922 amounted to $160,768,000. Other bonds, stocks and
securities were held June 30 1922 to the amount of $2,277,866,000, an increase over May 5 1922 of $115,279,000, and an increase over June 30 1921
of $272,282,000.
Balances due from banks and bankers, including lawful reserve and
items in process of collection with Federal Reserve banks, aggregated
$4,256,567,000, an increase since June 30 1921 of $403,636,000, and an
increase since May 5 1922 of $73,881,000. A tendency to carry less cash in
vaults, which amounted to $326,181,000 on June 30 1922, is indicated by
decreases since May 5 1922 of $8,323,000. and since June 30 1921 of $48,168,000.
The capital stock of these banks June 30 1922 was $1,307,216,000, or
$10,996,000 more than on May 5, and $33,336,000 greater than a year ago.
Surplus and undivided profits showed a reduction since May 5 1922 of
$21,667,000, due to the declaration and payment of dividends at the close
of the six months period, but the amount June 30 1922,$1,541,240,000, was
$18,829,000 greater than on June 30 1921.
The amount of national bank circulation outstanding, $725,748,000,
June 30 1922, is the greatest of record, the returns at the date of each call
during the fifteen months ended Juno 30 1922,showing a steady increase on
account of this liability. The increase since May 5 1922 amounted to
11,764,000, and since June 30 1921, $21,601,000. In this connection it is
interesting to note that of the aggregate of United States bonds outstanding
May 311922, eligible as security for national bank circulation, amounting
to $793,116,000, over 92% were deposited with the Treasurer of the United
States by national banks on this account.
The liability to other banks and bankers on account of balances,including
certified checks and cashiers' checks outstanding June 30 1922, was $2,952,824,000, a reduction since May 5 1922 of $46,837,000, but an increase of
$465,163,000 since June 30 1921. Demand deposits including United States
deposits of $103,374,000 amounted to $9,255,789,000 June 30 1922, and
were greater than the amount reported May 5 1922 by $406,744,000 and
$296,925,000 in excess of the amount reported June 30 1921. Time deposits,
including postal savings, June 30 1922, were $4,111,951,000, an increase
over May 5 1922 of $193,669,000, and an increase over June 30 1921 of
$416,145,000. The increase in the total deposits of national banks since
May 5 1922 was $553,576,000, and since June 30 1921 the increase was
$1.178.233,000.
The decided reduction in the liability of national banks for bills payable,
representing all obligations for borrowed money, which took place in the
fifteen months preceding June 30 1922, together with similar reduction on
account of rediscounted paper, is evidence of the fact that our national
banks are "standing on their own stilts," so to speak; are in a strengthened
position, and abundantly able, and in fact are in a better position to care
for the requirements of commerce and industry made upon them, than they
have been at any time since the signing of the armistice. The amount of
bills payable June 30 1922 was only $228,481,000, while rediscounts amounted to only $280,271,000. The combined reduction in bills payable and
rediscounts since May 5 1922 was $25,869,000, and the combined reduction
since June 30 1921 was $963,227,000.
The lawful reserve of national banks with Federal Reserve banks in each
of the twelve Federal Reserve Districts, June 30 1922, was in excess of the
required amount with the exception of small deficiencies reported by banks
in the Secend and Eighth Districts, and amounted to $1,151,605,000, or
$28.261,000 more than required.
The percentage of loans and discounts to total deposits June 30 1922 was
68.92, compared with 70.93 May 5 1922 and 73.47 June 30 1921. The
number of reporting banks, 8,249, June 30 1922, was 95 more than a year
ago.
1183
-now as buyers and now as sellers of sterling-and silver orders corresponding to these movements have been sent to London. A measure of
support has come from America-bear covering and otherwise. India has
been working on a small scale both ways. The Continent has been a free
seller. Notwithstanding that the outlook is not promising, the strong
speculative influences at work render it unwise to be dogmatic as to the
future, though of course the power of speculators to maintain prices in the
long run is limited. The value of the silver mined in Mexico from the first
years of the Spanish conquest-152l-to January 1922 reached the enormous total of 6,000,000,000 pesos, or $3,000,000,000 in American currency,
according to figures made public by the Mexican Embassy. Considered by
weight, Mexico has produced somewhat more than 155,000 tons of silver.
Over the four-century period the annual production has averaged 40,000,000
pesos; since 1900 the average has been 74,000,000 pesos; this includes the
ten-year revolutionary period of 1911-21, when silver mining activities
were greatly hampered, and in some instances entirely arrested. Now
that the country is in a more peaceful state it is expected that production
will mount to new high figures. The largo increase in Indian exports of
general merchandise during July has again turned the balance of trade in
favor of India by Rs. 32 lacs from an adverse balance of Rs. 111 lacs in
June 1922.
MONTHLY BALANCE OF TRADE.
[In lacs, including bullion and paper rupee movements.]
Year 1920-21. Year 1921-22. Year 1922-23.
April
-685
+1387
+417
May
-200
+574
+348
June
-167
-82
-111
July
-314
+135
+32
August
+234
-936
September
-469
+93
October
-1032
-865
November
-922
-1107
December
-902
-255
January
-897
-712
February
-703
-59
March
+142
-486
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees.)
Jail/ 31. Aug. 7. Aug. 15.
Notes in circulation _./
1
4.
18041
18061
18165
Silver coin and bullion m India
8509
8525
8627
Silver coin and bullion out of India
Gold coin and bullion in India
2432
.
a
.4.5.
Gold coin and bullion out of India
Securities (Indian Government)
48ii
5i§
6515
6-.
Securities (British Government)
585
585
585
The silver coinage during the week ending the 15th inst. amounted to
1 lac of rupees.
The stock in Shanghai on the 19th inst. consisted of about 39,800,000
ounces in sycee, 33,000,000 dollars and 5,360 silver bars, as compared with
38,200,000 ounces in sycee, 33,500,000 dollars and 3,640 silver bars on the
12th inst. The stock on the 19th inst. is the largest reported since May 21
1921.
The Shanghai exchange is quoted at 3s. 5d. the tael.
Thar Gold per
-Bar Silver per Oz. Std.QuotationsOz. Fine.
2 Mos.
Cash.
August 18
92s. Od.
343d.
3434d.
August 19
34%d
3434cl
August 21
92s. Od.
35d.
35d.
August 22
348
%d.
34%d.
92s. Od.
August 23
343
%d.
34%d.
92s. Id.
August 24
35d.
92s. 2d.
3534d.
Average
34.854d.
34.833d.
92s.0.6d.
The silver quotations to-day for cash and forward delivery are respectively
Md.and 34d. above those fixed a week ago.
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London
as reported by cable, have been as follows the past week:
Landon,
Sat.,
Mon., Tues., Wed., Thurs., Fri.,
Week eluting Sept. 8.
Sept. 2. Sept. 4. Sept. 5. Sept. 6. Sept. 7. Sept. 8.
Silver, per oz
d 3534
3534
353i.
3534
3534
3534
Gold, per fine ounce
92s. 4d. 225. 4d. 92s. 3d. 929. 2d. 92s. 4d. 92s. 5d.
Consols, 234 per cents
5734
5634
5734 573.(ex-int. 5734
5734
British, 5 per cents
16034
9934 100
10034 10034 100
British, 434 per cents
9734
9734
9734
9734
9734
9734
French Rentes(in Paris)__fr_ --62.10 61.80 61.80 61.75
French War Loan (in
Paris)
__.
76.70 76.70 76.70 76.80
fr - -
The price of silver in New York on the same day has been
Silver in N.Y., per oz.(cts.):
Domestic
9934
Foreign
70
9934
70
9934
7034
9934
70
9934
7034
9934
6034
5,ortirmercial antlAttscatmintsgratTs
THE ENGLISH GOLD AND SILVER MARKETS.
Auction Sales.-Among other securities, the following,
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
Aug. 24 1922:
By Messrs. Adrian H. Muller & Sons, New York:
GOLD.
Price.
The Bank of England gold reserve against its note issue is £125,593,690 Shares. Stocks.
Shares. Stocks.
500 Comstock Tunnel_ _ _ $2 ea 1 Price. 1,875 Bradshaw Reduction, pref.;
as compared with £125,581,475 last week. Indian requirements again 6,600
$121ot 5,937% Bradshaw Reduc.. com.)88 lot
The Nunally Co_ $10 per
sill
on
offer was taken for the United States of 3,832 Times Sq. Auto
being small, most of the gold
$1 each
Supply,2d
America. Gold valued at $4,691,000 is reported as having arrived in New
preferred V. t. c
19 2-5 Sequoia Mills, Inc., per sh
Pcr mit.
York-$4,215,000 from London and $476,000 from France. We have
Bonds.
class "B"
$$51000,0C00omsasgtaincakwTunnel 4s
$12 lot
remarked on occasion in connection with gold currency reserves that, in
80 Every Week Corp
Valley rc.
lot
850
order to afford effective support to foreign exchanges, they must be avail200 Keystone Instant Food,
500 per sh.
1st Ni. gold bonds
310 each
able-either actually or potentially. When gold in reserve is known to
650
.
,
R
$6,200 Denver & Salt Lake R
34 Interstate Live Stock
per sh.
be held immobile as a policy it ceases to function. The situation of Ger1st Mtge bonds
300 Taylor Wharton Iron& Steel
many is an emphatic commentary upon this fact. The value of the gold
Co.,corn., no par
per
sh
$20
the
Reichsbank,
if sold in the world's market, is about £54,000,000.
held in
By Messrs. Barnes & Lofland, Philadelphia:
On the 14th inst. the notes in circulation amounted to 205,275,349,000
Stock.
$ per sh.
h. Shares. Stock.
518sx
$ per
marks. The value of currency marks in British currency sank by noon Shares.
6 Chelten Trust Co
163
1453( 20 West Phila. Title & Trust
to-day to 8,400 marks to the pound. On this valuation the entire Reichs3 Rights Chelten Trust Co
78
Merchants' Union Trust
2
1453i
1 Fidelity Trust Co
bank issue calculated in British currency (allowing for some increase sub15
% Right Chelten Trust
520
1 Fidelity Trust Co
Philadelphia Life Insurance-- - 5
10
1%
sequent to the 14th inst.) is worth only about £24,500,000. Theoretically,
15
15 Integrity Trust Co
Keystone Watch Case Co
3
-232
therefore, the Reichsbank may be said to hold the foreign value of its entire
4 Germantown Trust Co
Per cent.
note issue in gold, and to have a gold reserve of £29,500.000 to spare. As a
2 Montgomery Nat. Bank, Nor
$11,0200 Phila.& Gar. St.fly. 5s,'55 82%
ristown, Pa
fact, however, this statement is incorrect, for the value of the mark abroad
$11.500 Syracuse & Sub.fly. 1st 5s_110
First Nat. Bank, Norristown__ _ 245
Sold be the Lot.
218505
would be improved instantly and powerfully if the Reichsbank gold reserves 6
5 Philadelphia Traction Co
$5
40 Allied Oil Corporation
6834
were applied to the payment and cancellation of its notes.
2 Scott Paper Co.. pref
70
2,600 Allied On Corporation
5 Ridge Ave. Farmers' Market_ _17000
3 Amer. Pipe & Con.See. Co.321
SILVER.
18 Phila. Gtn. & Norristown RR_ _122
1
225 American Nat. Oil Co
The market has been mainly occupied with speculative business. Native
5 H.Evan Tara', Inc., pref
2 Amer.Cons.011Co.,Ine.,pf. 1
49%
operators in China exchange continue to swing to and fro in their operations
2Phila. National Bank
10 American Pot Corp., pref 11
385
1184
THE CHRONICLE
•
[VOL. 115.
$persh.
By Messrs. R. L. Day & Co., Boston:
$ per sit. Shares. Stocks,
Shares. Stocks.
2
Price.
200 Lady Washington 011
Price. Shares. Storks.
Shares. Stocks.
20 Amalgamated Copper Co__ 40
1
Mining
Coal
550
Lig-Mar
10
1 Boston Athenaeum
7
269
5 Beacon Trust Co
50 Aerial Pottery Co
15
195
100 Lackawanna Coal, Inc
3 Cambridge G. L. Co
175
State N Bank, Lawrence
B
6 Arms Rub. Co., Inc., A_ _ _ 4
10
147
011
Co
Merga
Weaving
200
Royal
10
_300
Synd__
Mills
145
7 Continental
50 American Druggist
1064
4 Metro 540-50-Cent Stores,
33 Lawrence Gas Co
205
Mfg. Co
York
5
2,000 Arizona Bel. Mining Co_ _ _ _ 3
17
Co
204
Works
Gas
Inc
River
Fall
1
1
Mills
1804
Everett
Co
Oil
48
Banks
75
705
1004
$800 Michigan RR. Co. 6s
1
12414 3 Hood Rubber Co., pref
33 Lawrence Mfg. Co
75 Bankers'011 Co
2
94
2 Midwest Engine Co
1
92-924 20 Nashawena Mills rights
90 Merrimack Mfg. Co
100 Bankers' Oil Co., pref
pref_
89
280
Corp.,
D.
&
Mortgage
T.
The
Motors
20
Greenfield
5
39
273
Co
Mfg.
Bates
1
350 Boone Oil Co
Per cent.
25 Maxim Munitions Corp_ _ _ _ 5
Bonds.
8
120
nt Mfg. Co
Po
W
2
60 Boston & Mont. Dev. Co
470 Muskegon Oil& Gasoline... 12
$2.000 Northampton & Amherst St. Ry.
160
2 Lowel Bleachery
125 British Am. Chemical Corp.
10
1,300 Mizpah Exten. of Tonopah_ 71
1st Mtge. 5s. Sept. 1 1920
10
180
16 Essex Co
of New Jersey
3,000 Mizpah Con.Cop.et G.Mln. 14
14
100 Big Ledge Copper Co
Texas Petrol. Corp_ 20
Manhat
2,800
7
Co
Mg.
Central
Bingham
1,500
10
100 Marsh Mines Cons
75
1,000 Buffalo Texas 011 Co
1 Mid-Columbia 0116c Devel_ 3
National Banks.-The following information regarding
500 Boston Wyoming 011 Co_ _ _360
3
Co_
Production
The
Mitchel
300
1
Co
30 Belmont Chemical
banks is from the office of the Comptroller of the
national
3
Corp.
Rubber
&
Tire
Mutual
100
100 Butte Detroit C.&Z. Mg.Co. 1
165 Missouri Kansas& Texas_ _ 1750
Treasury Department:
Currency,
1
5 Barnett Oil& Gas Co
10 Moody 0118c Refln. Co., pref. 1
50 Beacon Oil& GasProd.Corp. 1
APPLICATIONS TO ORGANIZE RECEIVED.
320
55 National Fire Proofing
Capital.
1,200 Big Cottonwood Con. Mg.. 6
25
4 National Leather
270
$50,000
50 Butte Copper ec Zinc
2
Aug. 28-The First National Bank of Taft, Texas Texas.
20 Natl. St.& Stat.Indicator_
6
Taft,
60 Bethlehem Motors
Mullen,
Raymond
Correspondent,
1
200 New Hoffman, pref
200,000
Ill
Chicago,
of
3,200 Cons. Arizona Smelting_ _ _ _ 37
Bank
National
1
Aug. 28-The Wilson Avenue
200 New Hoffmann
1075
70 Cities Service
Correspondent, W.C. Abbott, 1120 Otis Bldg., Chicago,
2,500 Nevada Silver Klon.Min.Co. 1
775
12 Cities Service, pref
1,000 New Porcupine Imp. Mines,
71
50,000
Va
64-100 Cities Service
25
Aug. 30-The Old Point National Bank of Phoebus,
Ltd
1
1,000 Central Oil Trans. & Dev
Correspondent, L. M. Von Schilling, Hampton, Va.
15
1,000 New Sutherland Div. Min
37
25,000
Tenn
Kingston,
8 Carlisle Tire Corp., pref
of
Bank
National
1
Sept. 1-The First
12 New York Oklahoma Oil_
5
8 Carlisle Tire Corp
Correspondent, D. H. Evans, Kingston, Tenn.
125 North Amer. Pulp & Paper_270
Pa... 25,000
Summit,
Ridge
Blue
of
246 Columbia Graphophone_ _ _ _850
Bank
National
First
e
1-Th
Sept.
$600 North Spring. Water Co.58_530
10
68-20 Columbia Graphophone
Correspondent, John Carraway, Blue Ridge Summit,Pa.
5300
20 Northwestern Trust
75
20 Chicago Nipple, A
50
600 Nevada Ophir Mining
1
APPLICATIONS TO ORGANIZE APPROVED.
2 Crow-Elkhart Motor
1,000 Charles F. Noble 0.& G._ _200
1
1-3 Chalmer Motor
400,000
N. Y
150 Okmulgee Prod.& Refining_ 70
Aug. 30-Franklin National Bank in New York,
600 Consolidated Silver Co.,Inc. 4
3
Correspondent, Messrs. Curtis, Fosdick & Belknap,
50 Osage National Oil Synd,Inc
1
100 Century Consolidated Oil
York.
6
New
Oil
Dominion
Broadway,
Old
50
233
3
100 Crown 011
25,000
20
20.500 Oklahoma Oil
6
Sept. 1-The Jordan National Bank, Jordan, N. YN. Y.
200 Cox Realization
150 Okla. Prod. & Ref. Corp. of
Correspondent, Barton L. Bush, Jordan,
$1,000 Browns Mills Elec. Lt. &
380
America
10
Power 1st 5s, 1939
APPLICATION TO CONVERT RECEIVED.
1104 Okla. Prod. & Ref. Corp.
$150 Canada Copper Corp., Ltd_ 2
140
of America
Winston$100 Canadian Coal Corp. of New
Sept. 2-The Farmers National Bank & Trust Co. of
156
Corp
011
300,000
Pure
The
5
Brunsw'k,Ltd., 1st 6s,'30 16
Salem, N. C
1 5-10 Pierce 011 Corporation_ 9
Farmers Bank & Trust Co., of Winstonof
Conversion
50 Cushing Petroleum Corp.__ 1
47
Railroad
Pennsylvania
1
Trust
&
Bank
Farmers
Correspondent,
27
_
_
500 Cash Boy Cons. Mining_
Salem, N. C.
6
4,800 Providence Coal Mining_
50 Cons.Telephone Cos. of Pa_ 90
Co., Winston-Salem, N. C.
10 Pierce-Arrow Motor Corp_ _108
3
2,000 Canadian Osage Pet., pref
7
Gasoline
Pennsylvania
3
APPLICATION TO CONVERT APPROVED.
2 Com'w'Ith Finance Corp_ 40
10
Surety
281 Pacific
45,800
4 Com'w1th Finance Corp.,pf.172
1-The First National Bank of Kenbridgo, Va
& Rubber_ _145
Tire
Sept.
Perfection
1,020
200
Motorcar
10 1-3 Chandler
Conversion of The State Bank of Konbridge, Va. Cor$1,000 Perfection Tire& Rub.rights 2
240
30 Callahan Zinc-Lead
Va.
Kenbridge,
of
Bank
State
2
respondent,
200 Rangeburnett 011
14
200 Consol. Distribution, Inc
$300 Ridley Park Realty 10-yr.6s 90
150
4 Cosden & Co., corn
CHARTERS ISSUED.
15
940 Rex Seal Productions
440 Dayton Coal & I. Ry., pref_ 11
25,000
Texas
3
10 Royal Jewelry
Aug. 28-12247-The Corrigan National Bank,Corrigan,
85
16 Donahue's, Inc., pref
Corp.
of
pref_750
Amer.,
Radio
56
Corrigan State Bank, Corrigan, Tex.
The
of
Conversion
10 W. L. Douglas Shoe, pref. 880
_265
of
_
_
Sparks.
Corp.
America_
Radio
58
T.
E.
President, J. W. Cobb; Cashier,
10 Durant Motors, Inc., pref_ _315
35,000
, Iowa
$5 Salt Creek Prod Corp., Inc.,
2
Aug. 28-12248-The First National Bank of Lorimor.
500 Divide Syndicate Mining
2
scrip
Succeeds Citizens Bank of Lorimor. President, E. T.
50 Divide Extension Mining_ 6
75
pref.
24
Pulp
&
Saguenay
Pow.,
Dufur; Cashier, M. G. Bacon.
350 Dominion Copper, Ltd_ _ _ _ 23
325,000
Ga
80 Saguenay Pulp & Power_ _ _ _ 80
Aug. 28-12249-The Ninth National Bank of Atlanta,
lb Du Pont Chemical, pref_ _ _ _ 160
13
200 Silver Pick Consol, Mines
Conversion of The Fourth State Bank of Atlanta. With
70
1 Delaware Trust
100 Sunburst Cons. Mines Corp_ 1
four branches in the city of Atlanta, Ga.,and one branch
2,900 Eureka-Croesus Mining_ _ _ _800
35
546 Stanwood Rubber
located in the town of Decatur, Ga. President, W. S.
15
1,000 Emma Silver Mines
710
7 Swift & Co
Witham, Jr.; Cashier, H. T. Kilpatrick.
15
25 Elks' Home Bldg. Ass'n
200,000
of Denver,Colo
135
20 Skelly Oil Co
Aug. 29-12250-The Broadway National Bank
425
25 Erie RR.. common
151
5
Co
Cons.
Oil
Sinclair
the Broadway Bank of Denver. President,
Succeeds
2o Eagle-Macomber Motorcar_ 2
80
Palmer.
B.
L.
4
Co.,
Inc
0.
Steel
H.
Gordon Hollis; Cashier,
4 Ex-Lak Manufacturing_ _ _ 4
20
3,000 San Pedro Gold Mining
52 Equit. Oil & Ref. of Texas_ 10
VOLUNTARY LIQUIDATION.
2
100 Swingle 011
12
1,000 Emma Consol. Mines
4
_
_
Gold
100
Mining
Spearhead
Dodge City,
4
500 Electric Standard Ry
Aug. 31-10918-The Southwest National Bank of
72
3 The South Ry
3 Excello Tire & Rubber, pref_ 2
Kan
5
84 Self-Act Gas Lighter
1922. Absorbed by the State Bank of
Sept.
1
1,000 El Salvador Silver M., Inc _140
Effective
9
pref_
16
Self-Act Gas Lighter,
5
100 Ely Cons, Copper
Dodge City, Kan.
5
1,000 Seven Metals Mining
125
3 Emerson Drug
60
26 Saxon Motorcar
CHANGE OF TITLE.
12
5 Erie Tire & Rubber, pref
3
3 Struthers Wells, cl. B pref_
5
400 Esmeralda 0118c Gas, Inc
-The Citizens National Bank of Lenapah, Okla..
440
•
-11436
Superior
70
011
22
Corn
Aug.
2 Empire Tire & Rubber, pref. 8
to "The First National Bank of Lenapah."
$1,000 Sedalia Elec. & Ry. 5%..A75
8 Empire Tire & Rubber.corn. 3
$24,300 Sherwood Cop. Co. int. ctf 2
40
780 Fertilizer & Produce Corp
Silver
1,700
Hills
Nev.
Mines_
11
2
200 Furness Creek Copper
11
500 Southwest 011
1
20 Columbus 011& Securities
DIVIDENDS.
11
16,050 Sherwood Copper
150
4 Cosden & Co., corn
6
Salt
Creek
Prod.
Assn.,
Inc.,
3
10 Empire Tube & Steel Corp
in two separate tables. In the
grouped
are
20
c
t.
s.
Dividends
43
40 Federal Oil pref
25
320 Stanton 011
11
first we bring together all the dividends announced the cur2,000 Friars Oil
16
1
pref_
Inc.,
Stevens
Duryea,
10
40 Famous Trucks, Inc
10
1 Stevens Duryea, Inc
rent week. Then we follow with a second table, in which
200 Falls Motor Corporation.- 60
7
50 Standard Motor Const
we show the dividends previously announced, but which
70 Federal Addlnk Mach.Corp.
20 Silver King of Ariz. Mining_ 7
10
pref
925
90 Transcont. 011
have not yet been paid.
Corp.
120 Federal Adding Mach.
1
1 Texas Ranger Prod. Ref
The dividends announced this week are:
10
common
29-100 Tonopah Exten. Mining_ _ _ 2
2 Fulton Motor Truck pref_ _ _ 5
1,000 Tonopah Midway Cons. M. 85
Books Closed.
When
Per
2 Fulton Motor Truck common 1
5,500 New Tuxparn Star Oil, C. t_100
85
20
Days Inclusive.
4 Freeport Texas Co
300 Tuxparn Star 011
Cent. Payable.
Name of Company.
150 fits. Texan 011 & Land Co_ 1
$1,000 Georgia Ry.& Power 55_ _ - -930
1205
220
450 Texas Oil & Land
86 General Motors Corp
Railroads (Steam).
1,310 Texas Ranger Prod. & Ref_ 30
874c Oct. 3 Holders of rec. Sept. 16a
38.40 General Motors Corp. (fracLehigh Valley, common (quar.)
10
100 Tonopah Mining of Nevada_203
tional stock warrant)
*31.25 Oct. 3 +Holders of rec. Sept. 16a
(quar.)
Preferred
100 Texealokan 011 & Gas, Inc.. 2
4 General Motors Corp. deb_.325
St.
&
Louis
New York Chicago
.
*1 4
$2 Tex. P. C. & 011 Co., scrip- 1
Sept. 30 *Holders of rec. Sept. 19
40 Goldwyn Pictures Corp...-200
Common
30-100 Texas Pac. C. & 0. Co., div 2
*14 Dec. 30 *Holders of rec. Dee. 19
5 Great Western Petrol. Corp_ 1
Common
2
$75 Tobacco Prod. Corp. div.ctf 55
_
50 Great Monster Mining
(quar.)_
114 Oct. 2 Holders of rec. Sept. 14a
N. Y. Lackawanna & Western
$5 U. S. Lt. & Heat Corp., PL. 1
70 Grape Oola Prod. Corp., pref.25
Western Pacific RR. Corp., pref. (quar.) *1% Oct. 20 *Holders of roe. Oct. 10
50
5 United Profit Sharing Corp. 25
10 Georgia Lt., Pow.& Rys_
2
20United States Steam Co....
Street and Electric Railways.
10 Gearless Motor Corp
9
1
10 United States 011 Corp ---- 5
100 Guardian Oil Co
194 Oct. 1 Holders of rec. Sept. 15
Bangor Ry.& Electric, pref. (guar.)---20
2 U.S. Automobile Corp, P1-134 Oct. 2 Holders of rec. Sept. 15
Brazilian Tr. L.& Pow., pref. (quar.)_ _ _
5 D. W.Griffith, Inc
Sept.
rec.
of
Holders
1
77
2
S.
U.
Auto
2
Oct.
Corp. "A"
Duluth-Superior Trac., pref. (quar.)_ _ _ _ m2
1 General Cigar Co,Inc
6
10 United Auto Stores
*14 Oct. 1 *Holders of rec. Sept. 15
Illinois Traction, pref. (quar.)
17 Hercules Powder, pref_ _..1700
670
100 United States Shipping Corp 6
Oct. 2 *Holders of rec. Sept. 19
*2
Manila Electric Corp.(quar.)
4 Hercules Powder
15
10
10 U. S. Oil Corp., pref
Oct. 2 *Holders of rec. Sept. 15
Ottawa Traction (quar.)
b Hock Valley Fire Clay
3
*1
95
30 *Holders of rec. Sept. 15
Sept.
U.
10
S.
Corp
011
68..
Inc.,
of
Co.,
N.
Corp.
Public
Service
J.,
com.(qu.)Statler
Hotel
$100
20
Corp_
Rubber
Sept. 30 *Holders of rec. Sept. 15
Tire
United
100
8c
25
*2
Del_
Preferred (quar.)
12 Industrial Trust Co.,
75 United 5-and-10c. Stores... 25
lq Oct. 2 Holders of rec. Sept. 15a
Springfield Ry. de Light. pref. (quar.)_ _ _
$800 Industrial Trust Co. 5s_ _ _ _310
25 Vreeland Motor Co., Inc... 2
134 Oct. 1 Holders of rec. Sept. 20
Tr -City Ry. & Light, pref. (quar.)
1,000 International Oil& Gas Corp 3
2
pref
do
Oct. 2 Holders of roe. Sept. 15
4
25 do
Twin City Rap. Tr., Minneap., pf.(qu.)51 rights Invincible 011 Corp
Victory Divide Mining Co_ 20
25
2,000
Corp
Oil
Imperial
20
_340
Corp_
Aeronautical
Wright
50
30
Corp
Banks.
Truck
8 Internat. Motor
*3
Oct. 2 *Holders of rec. Sept. 21
3 Wagamon Realty Corp_ _ 25
America, Bank of (guar.)
2 Insur. Co. of North America 77
Oct. 1 Holders of rec. Sept. 16
6
$500 Wilkes-Barre W. V. T. C.
Amer. Exch. Secur. Corp., class A WO - 2
10 Island Oil& Transport Co
55
Oct. 2 Holders of rec. Sept. 18a
4
5%
162
Chase National (quar.)
1 Illinois Pipe Line
300
$1 Oct. 2 Holders of rec. Sept. 18a
3,500 White Cape Mining Co
Chase Securities Corp. (quar.)
10 Int. Wood & Pap. Pr. Corp_ 5
700
Oct. 2 Sept. 16 to Oct. 1
4
52 Charles Warner
5
Chatham & Phenix Nat. (quar.)
r 50 Jerome Verde Develop't Co_
Oct. 2 Holders of rec. Sept. 15a
100 West End Cons. Mining....i00
Commerce, National Bank of (quar.)--. 3
1,150 Jim Butler Tenon. Mining 67
10
4
Oct. 2 Holders of rec. Sept. 16
1 Wheeling & Lake Erie Ry
_258
City
(guar.)
National
pref_
Telephone,
8 Keystone
5
Oct. 2 Holders of rec. Sept. 16
2
Fdry. & Mfg. 6% _
West
$100
7
City
Co.
National
(quar.)
1,000 Kenova Oil Co
1
Oct. 2 Holders of rec. Sept. 16
2
do Class A
10 do
Extra
900 Knox Divide Mining Co... 40
30
Inc
stock)_ 5e25 Sept. 19 *Holders of rec. Sept. 12
System,
(In
Waldorf
A.
4
B.
N.
of,
Bank
York,
New
....l00
Devel_
200 Keystone Ranger
Oct. 2 Hollers of rec. Sept. 22
135
3
do
Preferred
15
Seaboard Nat.(quar.)
9-10 Lawrence Chamberlain, Inc. 1
40
4
Oct. 2 Holders of rec. Sept. 15a
74 York Silk Mfg
State (quar.)
1
10,000 Little Kingdom Mining
461
5%
Eng.
Companies.
of
War
Bd.
£100
Nat.
Trust
6
125 Little Motor Kai, Ltd
Sept.30 Holders of rec. Sept.'15
3
Guaranty (quar.)
Arnold,
Boston:
&
Sept. 6 to Sept. 10
e50
Trust (in stock)
By Messrs. Wise, Hobbs
$ per sh. N. Y. Life Ins. &
Per cent. Shares. Stocks.
Shares. Stocks.
1484-1494 35 Boston Term. Refrig. Co., pf _1014
Miscellaneous.
13 Saco Lowell Shops
*13.,/ Oct. 16 *Holders of rec. Sept. 25
4 Allis-Chalmers Mfg., pref.(quar.)
20 Boston Pier or Long Wharf Cor1467
330 Lawrence Knitting Co.,for lot _$2625
1 Boston Belting Corp. pref____ 2414 Amer. Car & Fdy., common (quar.)_ _ _ _
Oct. 2 Holders of rec. Sept. 16
11c
100 U. S. Worsted Co
80
1 IIaverh111 Gas Light Co
191 Oct. 2 Holders of rec. Sept. 16
201
Preferred (quar.)
7 Brookside Mills
*1% Oct. 2 *Holders of rec. Sept. 15
5514
pref
Int.,
Ltd.,
Liggett's
44
(quar.)
pref.
Cigar,
1834.
American
10 Plymouth Cordage Co
Per cent. American Express (guar.)
Bonds.
Oct. 2 *Holders of rec. Sept. 14
*$2
i 5 Fisk Rubber Co., 1st prof..... 6534
Eastern Mass. St. Ry. adj. stock American Glue, common (guar.)
Sept. 15 Holders of rec. Sept. 5
1
3 Cent. Maine Power 7% pref 974 $78
37
scrip
10 PugeS Bd. P.& L. Co.6% pf 84
60,000
SEPT. 9 1922.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Miscellaneous (Concluckdl
131 Oct. 2 Holders of rec. Sept. 15
Amer. Power dr Light, pref.(quar)
.14 Oct. 2 *Holders of rec. Sept. 15
American Public Service, pref. (quar.)
American Snuff, common (quar.)
3
Oct. 2 Holders of rec. Sept. 14
1H Oct. 2 Holders of rec. Sept. 14
Preferred (quar.)
American Steel Foundries, corn.(quar.)_ *75c. Oct. 14 *Holders of rec. Oct. 2
*1( Sept. 30 *Holders of rec. Sept. 15
Preferred (quar.)
*1)4 Dec. 1 *Holders of rec. Nov. 30
American Telegraph & Cable (quar.)
*13i Oct. 25 *Holders of rec. Sept. 30
Associated Oil (quar.)
Bucyrus Co., pref. (quar.)
*1 X Oct. 2 *Holders of rec. Sept. 20
*14 Oct. 1 *Holders of rec. Sept. 20
California Petroleum, pref. (quar.)
Canada Bread, preferred (quar.)
*13( Oct. 1 *Holders of rec. Sept. 16
14 Oct. 2 Holders of rec. Sept. 15
Canadian General Electric (quar.)
Oct. 1 *Holders of rec. Sept. 20
Canadian Locomotive, common (quar.)_ *1
.14 Oct. 1 *Holders of rec. Sept. 20
Preferred (guar.)
Sept. 30 Holders of rec. Sept. 9
Central States Elec. Cori), Pref. (quar.) 1
Certain-teed Proi., lot & 2(1 pref. (qu.)_ *13 Oct. 2 *Holders of rec. Sept. 20
*$1.50 Oct. 1 *Holders of rec. Sept. 20
Chandler Motor Clr (quar.)
Oct. 2 *Holders of rec. Sept. 23
Chicago Mill & Lumber, pref.(guar.) _ _ _ *1
Cluett,Peabody & Co., preferred (quar.) P4 Oct. 2 Holders of rec. Sept. 20
Columbia Petroleum (monthly)
Oct. 1 *Holders of rec. Sept. 20
Continental Can, pref. (guar.)
*1
Oct. 1 'Holders of rec. Sept. 20
Detroit dr Cleveland Navigation (quar.)_ $1
Oct. 2 Holders of rec. Sept. 15a
Dominion Iron & Steel, preferred (quar.) 14 Oct. 1 Holders of rec. Sept. 15
Dominion Textile, common (guar.)
*3
Oct. 2 *Holders of rec. Sept. 15
Preferred (quar.)
*13j Oct. 16 *Holders of rec. Sept. 30
Dunham (James H.) & Co., corn.(guar.) *14 Oct. 2
First preferred (quar.)
.14 Oct. 2
Second preferred (quar.)
*1g Oct. 2
Elec. Stor. Battery, corn. & pref. (quar.)
75e. Oct. 2 Holders of rec. Sept. 15
Emerson Electric Mfg.. Pref.(Quar.)- - - - 14 Oct. 1 Holders of rec. Sept. 20
Elsenlohr (Otto)& Bros., pref. (quar.)_ _
131 Sept.30 Holders of rec. Sent. 20
Fisher Body Ohio Corp., pref. (quar.)
*2
Oct. 1 *Holders of rec. Sept. 21
Haverhill Gas Light (guar.)
$1.12% Oct. 2 Holders of rec. Sept. 15a
Heime (George W.) Co., corn. (quar.)
3
Oct. 2 Holders of rec. Sept. 18
Preferred (quar.)
14 Oct. 2 Holders of rec. Sept. 18
Hercules Powder,common (quar.)
Sept.25 Sept. 16 to Sept. 25
3
Homestake Mining (monthly)
25c. Sept. 25 Holders of rec. Sept.20
Hood Rubber, common (guar.)
Sept.30 *Holders of rec. Sept. 20
*$1
Internat. lin, on Hole Sew. Mach.(qu.) 1
Oct. 2 Ho)lore of re,. Sept. 15
International Cement, common (guar.), 5623.c Sept. 30 *Holders of rec. Sept. 15
Preferred (quar.)
•131 Sept.30 *Holders of rec. Sept. 15
Island Creek Coal, common (quar.)___ _ $2
Oct. 2 Holders of rec. Sept. 18
Common (extra)
Oct. 2 Holders of rec. Sept. 18
$2
Preferred (guar.)
5134 Oct. 2 Holders of rec. Sept. 18
Kelly-Springfield Tire ,pref. (quar.)___ _
14 Oct. 2 Holders of rec. Sept. 15
Kelsey Wheel Co., common (quar.)___ _ $1.50 Oct. 2 Holders of rec. Sept. 20
Kresge (S. S.) Co., preferred (quar.)--- •131 Oct. 1 *Holders of rec. Sept. 15
Kress (S. H.) & Co., Preferred (quar.)
*14 Oct. 2 *Holders of rec. Sept. 20
Lehigh Valley Coal Sales (quar.)
Oet. 2 *Holler, of rec. Sept. 14
*$2
Lorillard (P.) Co., common (quar.)
3
Oct. 2 Holders of rec. Sept. 16
Preferred (quar.)
14 Oct. 2 Holders of rec. Sept. 16
Loose-Wiles Biscuit, first pref. (quar.)
14 Oct. 1 Holders of rec. Sept. 19a
Second preferred (quar.)
14 Nov. 1 Holders of rec. Oct. 19a
Mack Trucks, Inc., 1st & 2d pref.(quar.) 14 Oct. 1 Holders of rec. Sept. 20
Manhattan Shirt, pref. (quar.)
.14 Oct. 2 *Holders of rec. Sept. 19
Manufaettirers' 1.1:ht & Heat ((pier.) _ _ _ *2
Oct. 14 *Holders of rec. Sept. 30
Mathieson Alkali Works, pref. (quar.)
.0131 Oct. 2 *Holders of rec. Sept. 20
Mexican Petroleum, common (quer.) _ .3
Oct. 10 *Holders of rec. Sept. 15
Preferred (guar.)
*2
Oct. 2 *Holders of rec. Sept. 15
Motor Wheel Corp., common (quar.)_
*2
Sept.20 *Holders of rec. Sept. 11
Mountain Producers Corporation (guar.) .20c. Oct. 2 *Holders of rec. Sept. 15
National Breweries,common (quar.)_ _ _ _ *$1
Oct. 2 *Holders of rec. Sept. 15
Preferred (nunr )
*1.,4 Oct. 2 *Holders of ere. Sept. 15
Oklahoma Gas & Electric, pref. (quar.)_ _
131 Sept. 15 Holders of rec. Aug. 31
Orpheum Circuit, Preferred (quar.)
2
Oct. 2 Holders of rec. Sept. 15
Ottawa Car \I fa.((liar.)
*1
Oct. 2 *Holders of rec. Sent 15
Paige-Detroit Motor Car, common
530c. Oct. 1 *Holders of rec. Sept. 20
Pan-Amer. Petrol. dr Transp,. Class A &
B (quar.)
.31.50 Oct. 10 *Holders of rec. Sept. 15
Penney (.f. C.) Co. pref. (quar.)
*14 Sept.30 foiders of
Sent. 20
Pennsylvania Power & Light, pref.(QUI 14 Oct. 2 Holders of rec. Sept.
15
rec.
Pond Creek Coal (guar.)
3740 Oct. 2 Holders of rec. Sept. 18
Price Bros. (quar.)
*55 Oct. 2 *Holders of rec. Sept. 23
Provincial Paper,common (quar.)
13i Oct. 2 Holders of rec. Sept. 15
Preferred (guar.)
131 Oct. 2 Holders of rec. Sept. 15
Reece Button Hole Mach.(quar.)
3
Oct. 2 Holders of roc. Sept. 15
Reece Folding Machine (guar.)
3,5 Oct. 2 Holders of rec. Sept. 15
Reynolds(R.J.) Tob.,com. A dr B (qu.).. 75c. Oct. 2 Holders of
rev. Sept. 18
Preferred (Qua!'.)
131 Oct. 2 Holders of rec. Sept. 18
St. L. Rocky Mt.& Pac. Co., corn.(qu.) 1
Sept. 30 Holders of rec. Sept. 16a
Preferred (guar.)
131 Sept.30 Holders of rec. Sept. 16a
South Porto Rico Sugar, pref.(quar.)_ _ _ 2
Oct. 2 Holders of rec. Sept. 15
Steel & Tube of Amer., pref. (quar.)_ _ *131 Oct. 1 *Holders of rec. Sept. 20
Sterling 011 dr Development
*10c. Oct. b *Holders of rec. Sept. 30
Stromberg Carburetor
411 Oct. 2 *Holders of rec. Sept. 18
U. S. Tobacco, common (quar.)
75e. Oct. 2 Holders of rec. Sept. 18
Preferred (guar.)
14 Oct. 2 Holders of rec. Sept. 18
Utilities Securities Corp., pref. (quar.)_ _
15( Sept.27 Holders of rec. Sept. 16
Warren Brcs. Co., let pref.(qua!'.)
.75c. Oct. 2 *Holders of rec. Sept. 23
Second Tref.(quar.)
*871.6e Oct. 2 *Holders of rec. Sept. 23
Western Electric, common (quar.)
*$2.50 Sept.30 *Holders of rec. Sept. 16
Preferred (guar.)
*14 Sept.30 *Holders of rec. Sept. 16
Westinghouse Elec. & Mfg., cons.(guar.) *21
Oct. 31i*Holders of rec. Sept. 30
Preferred (quar.)
.$1
Oct. 161.1:folders of rec. Sept. 30
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends
announced this week.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusire.
Railroads (Steam).
50c. Oct. 1 Holders of rec. Sept. 150
Beech Creek (quar.)
2
Boston & Albany (quar.)
Sept.30 sHolders of rec. Aug. 31a
Buffalo & Susqlleban tor corn.(quar.)... 131 Sept.30 Sept. 16 to Oct. 1
24 Sept.30 Holders of rec. Sept. la
Canadian Pacific, common (quar.)
*2
Preferred
Sept.30 *Holders of rec. Sept. 1
3
Feb15'23 Holders of rec. July 20a
Cuba RR., preferred
2t( Sept.20 Holders of rec. Aug. 28a
Delaware & Hudson Co. (guar.)
874e Sept. 9 Holders of rec. Aug. 31a
Erie & Pittsburgh (quar.)
Sept. 15 Holders of rec. Sept. 6a
Fonda Johnstown & Gloy., pref.(quar.)..
Oct. 1
Louisiana & North West (No. 1)
New York Chicago & St. Louis.
Sept.30 Holders of rec. Sept. 19a
First preferred (quar.)
Dec. 30 Holders of rec. Dec. 19a
First preferred (quar.)
Sept.30 Holders of rec. Sept. 19a
Second preferred (quar.)
Dec. 30 Holders of rec. Dec. 190
Second preferred (guar.)
Sept.19 Holders of rec. Aug. 31a
Norfolk & Western,common (quar.)__
Oct. 1 Holders of rec. Sept. 9a
Pittsb. Ft. Wayne & Chic., corn.(quar.)
Oct. 3 Holders of rec. Sept. 9a
Preferred (quar.)
Pittsb. dr West Virginia, pref. (quar.)
Nov.29 Holders of rec. Nov. la
Reading Company, first nref.(quar.)
50c. Sept. 14 Holders of rec. Aug 29n
Sept. 15 Sept. 11 to Sept. 15
St. Joseph South Bend & Southern,corn, 1
2)4 Sept. 15 Sept. 11 to Sept. 15
Preferred
Southern Pacific Co. (quar.)
131 Oct. 2 Holders of rec. Aug. 31a
213 Oct. 2 Holders of rec. Sept. la
Union Pacific, common (quar.)
Preferred
2
Oct. 2 Holders of rec. Sept. la
131
131
14
14
1)4
15
13.1
14
131
Street and Electric Railways.
El Paso I. lectrIc Co.. com.(guar.)
24 Sept. 15 Holders of rec. Sept. la
Frankford & Southwark Pass. fly.(qu.). $4.50 Oct. 1 Sept. 2 to Sept.30
Galveston-Houston Elec. Co., pref
Sept. 15 Holders of rec. Sept. 1a
3
Market St. fly., San Fran., pr. pf.(qu.)
Oct. 1 Holders of rec. Sept. ha
Philadelphia Traction
32
Oct. 2 Holders of rec. Sept. ea
Second & 3d Ste. Pass., Phila. (quar.)
$3
Oct. 1 Holders of rec. Sept. la
United Light & Rys., partic. pref.(qu.)
134 Oct. 2 Sept. 16 to Sept. 17
First preferred (quar.)
Oct. 2 Sept. 16 to Sept. 17
West Penn Rye.. pref.(quar.)
Sept. 15 Holders of rec. Sept. 1
13.4
1)4
Banks.
Public National (guar.)
Trust Companies.
Lawyers Title & Trust Co. (quar.)
1185
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
4
Sept.30 Holders of rec. Sept.23
134
Oct. 2 Holders of rec. Sept.22a
Miscellaneous.
Advance-Rumely Co., pref. (quar.)__
Oct. 2 Holders of rec. Sept. 15a
Allied Chem. dr Dye Corp., pref. (guar.)
Oct. 2 Holders of rec. Sept. 15a
American Art Works, corn. & pref. (qu.)
Oct. 15 Holders of rec. Sept.30a
American Bank Note, pref. (quar.)
75c. Oct. 2 Holders of rec. Sept. 12a
American Beet Sugar, preferred (quar.)Oct. 3 Holders of rec. Sept. 9a
American Can, pref.(quar.)
Oct. 2 Holders of rec. Sept. 15a
American Fork & Hoe, common (quar.)_
Sept. 15 Holders of rec. Sept. d5a
American Locomotive, corn. (quar.).....
Sept.30 Holders of rec. Sept. 13a
Preferred ((Marl
Sept.30 Holders of rec. Sept.13a
American Mfg., pref. (quar.)
Oct. 1 Sept. 17 to Oct. 1
Preferred (quar.)
Dee. 31 Dee. 17 to Dec. 80
American Radiator,common (quar.)
Sept.30 Holders of rec. Sept. 15a
American Safety Razor Corp.(No. 1)_•_..
25e. Oct. 2 Holders of rec. Sept. 12a
American Shipbuilding, common (quar.) 2
Nov. 1 Holders of rec. Oct. 15
Common (quar.)
2F eb. 1'23 Holders of ree.Jan.15'23
Common (quar.)
2M ay 1'23 Holders of rec. Apr.14'23
Common (guar.)
2A ug. 1'23 Holders of rec.July 14'23
Amer. Smelters Secur., pref. A (guar.)_ _
131 Oct. 1 Sept. 16 to Sept.24
Preferred B (guar.)
14 Oct. 1 Sept. 16 to Sept.24
American Stores, common (guar.)
154 Oct. 2 Sept. 21 to Oct. 2
Amer. Sugar Refg., pref. (quar.)
13.4 Oct. 2 Holders of rec. Sept. la
American Telephone& Telegraph (quar.)
Oct. 16 Holders of rec. Sept.20a
Quarterly
24 Jan 1523 Holders of rec. Dec. 20a
Quarterly
24 Apr16'23 Hoidens of rec. Mar.16'23
Quarterly
231 J13,16'23 Holders of rec.June 20'23
American Tobacco, pref. (quar.)
131 Oct. 2 Holders of rec. Sept. 9a
Amer. Window Glass Mach., corn. (qu.) 134 Oct. 2
Holders of rec. Sept. 8
Preferred (oiler.)
131 Oet. 2 Holders of rec. Sept. 8
American Woolen, corn. and pref.(guar.) 154
Oct. 16 Sept. 16 to Sept. 26
Armour & Co., Prof.(quar.)
•1% Oct. 2 *Holders of rec. Sept. 15
Atlantic & Pacific Steamship, corn
5
Sept.15 Holders of rec. Sept. 15a
Preferred
331 Sept. 15 Holders of rec. Sept. 15a
Atlantic Refining, common (quar.)
5
Sept. 16 Holders of rec. Aug. 21a
Atlas Powder,common (quar.)
3
Sept. 11 Holders of rec. Aug. 31a
Beech-Nut Packing, Common
4e. Sept. 11 Holders of rec. Sept. 1
BeldIng-Cortice111, Ltd., pref. (quar.)..„
14 Sept. 15 Holders of rec. Sept. la
Bethlehem Steel, corn. & corn. B (quar.) 154 Oct. 2 Holders
of rec. Sept.lbu
Preferred (quar.)
14 Oct. 2 Holders of rec. ept. 16a
Eight per cent preferred (quar.)
2
Oct. 2 Holders of rec. Sept.15a
Borden Co . preferred (quar.)
131 Sept 15 Holders of rec. Sept. la
Borne Scrymser (annual)
20
Oct.d16 Sept. 17 to Oct. 14
Boston Woven Hose dr Rubber,cm.(MO $1.50 Sept. 15 Sept.
2 to Sept. 14
itrandratn Henderson 1.td common
I Holders of roe Nov la
Brit.-Amer. Tob., ordinary (interim)
4
Sept.30 Holders of coup. No. 92s
Brooklyn Union Gas (quar.)
2
Oct. 2 Holders of rec. Sept. 15a
iii..ckeye Pipe Line (guar.)
Sept. 15 Holders of rec. Aug. 21
$2
Buda Company, pref.(guar.)
14 Oct. 1 Holders of rec. Sept. 20
Burroughs Adding Machine (quar.)*2
Sept.30 'Holders of rec. Sept.21
Bush Terminal Buildings, pref. (quar.).. •1% Oct. 2
,
oift roe.Se
A ,p
urt.
.3
20
1
,'awn! nla Peking tnvpialion Pillar.). 1 ‘, ...lent
15
a
Calumet & Arizona Mining (guar.)
500. Sept.25 Holders of roe. Sept. 8a
Cambria Iron
2
Oct.
2
Holders
of
rec. Sept. 15a
Carter (William) Co., pref. (quar.)_ _
roi Sept. 15 'Holders of rec.
Sept. 9
Case (J. I.) chresh. Mach., pref. (qu.)
Oct. 1 Holders of rec Sept. ha
Celluloid oompany, corn. (guar.)
Sept.30 *Holders of rec. Sept. 15
Central Ills. Public Service, pref.(quar.)
Oct. 14 "Holders of rec. Sept.30
chesebrough Mfg., common
Sept.30 'Holders of rec. Sept. 9
(quar.)---Preferred (guar.)
Sept.30 'Holders of rce. Sept. 9
Childs Co., corn. (quar.)
2
Sept. 11 Aug. 29 to Sept. 10
Preferred (quar.)
13( Sept. 11 Aug. 29 to Sept. 10
Cities Service-Common (monthly, payable in scrip)_
Oct. 1 *Holders of rec. Sept. 15
Common (payable in cons. stk. scrip). *0% Oct.
1 *Holders of rec. Sept. 15
Pref. & pref. B (payable in
•3„i Oct. 1
"Holders of rec. Sept. 15
Coca-Cola Co., corn. (guar.) cash)
$1
Oct. 1 Holders of rec. Sept. 15a
Colonial Finance Corp., corn.(quar.)
25e. Oct. 1 Ilolders of rec. Sept. 1
Preferred (guar.)
2
Oct. 1 Holders of rec. Sept. 1
Colorado Power, pref.(quar.)
Sept. 15 Holders of rec. Aug. 31
Commercial Solvents, Class A, pref.(qu.)
Oct. 1 *Holders of rec. Sept.20
Computing-Tabulating-Recording
Connor (John T.),common (qua!'.)(qu.)- 31.50 Oct. 10 Holders of rec. Sept.2.54
25c. Oct. 2 Holders of rec. Sept.20a
Consolidated Gas of New York
(quar.)
2
Sept. 15 Holders of rec. Aug. 10a
Consol. Gas, El. Lt. & P., corn.
(qu.)
2
Oct. 2 Holders of rec. Sept. 15a
Preferred, Series A (quar.)
2
Oct. 2 Holders of rec. Sept. 15
Preferred, Series B (No. 1)
Oct.
2
iders of rec. Sept.15
Continental Oil (guar.)
Sept. 15 'Aug. 26 to Sept. 15
.2
Cramp (Wm.) dr Sons Ship
Sept.30 Sept. 16 to Oct. 1
Crane Co., common (guar.)dr E. B.(qu.) 1
Sept. 15 Holders of rec. Sept. 1
1
Preferred (quar.)
14 Sept. 15 Holders of rec. Sept. 1
Crescent Pipe Line (quar.)
75c. Sept. 15 Aug. 26 to Sept.15
Crucible Steel, preferred (guar.)
154 Sept.30 Holders of rec. Sept. 15a
Cuban-American Sugar, pref.
Sept.30 Holders of rec. Sept. 20
(guar.)Davis Mills (guar.)
Sept.23 Holders of rec. Sept. 9a
Detroit Edison (guar.)
Oct. 16 Holders of rec. Sept. 200
2
Diamond Match (quar.)
Sept. 15 Holders of rec. Aug. 310
2
pictograph Products Corp., pref.
Sept.
15 Holders of rec. Aug. 31a
2
(guar.)
Dominion Glass, common (quar.)
Oct. 2 Holders of rec. Sept. 15
Preferred (guar.)
Oct. 2 Holders of rec. Sept. 15
Dominion 011 (quar.)
Oct. 1 Holders of rec. Sept. 10
2
Draper Corporation (quar.)
Oct. 2 Holders of rec. Sept. 2
3
duPont(HI.) deNemour
& Co..cm.(111.) 2
Sept. 15 Holders of rec. Sept. ba
Debenture stock (guar.)
131 Oct. 25 Holders of rec. Oct. 10a
Eastman Kodak,common (quar.)
$1.25 Oct. 2 Holders of rec. Aug. 310
Preferred (quar.)
Oct. 2 Holders of rec. Aug. 31a
Elk Horn Coal Corp., pref.
Sept. 11 Holders of rec. Sept. la
(guar.)
Erie Lighting. preferred
50c. Oct. 2 Holders of rec. Sept. 15
(guar.)
Famous Players-Lasky Corp.,
Oct. 2 Holders of rec. Sept. 150
Federal Mining & Smelting. corn.(qu.) $2
Holders
Sept.
Galena-Signal Oil, preferred pref.(guar.) 14 Sept. 15 *Holders of rec. Aug. 260
30
*2
of rec. Aug. 31
(guar.)General Baking, corn, and Prof.
Holders
Oct.
1
2
of rec. Sept. 160
(quar.)
Oeneral cigar. Debenture
134 .wt. 2 If. I.,. 01 me. Sept. 250
General Electric (quar.) pref. (guar.).
Oct. 14 Holders of rec. Sept. 7a
2
dSpecial (payable in special
Oct. 14 Holders of rec. Sept. 7a
stock)__ -. e5
General Railway Signal,
pref.(guar.)- 14 Oct. 1 Holders of rec. Sept. 20
,ullette Safety Razor
e5
(stock
Dec
I Holders of rec. Nov. 1
div.)
Globe Soap, common (qua!'.)
Sept. lb 'Holders of roe. Aug. 31
First, second and special
pref.(guar.). •1A Sept. 15 'Holders of rec. Aug. 31
Gold & Stock Telegraph
4.1yi Oct. 2 •Hoitlers of rec. Sept.30
(guar.)
Goodrieh (R. F.) Co., pref.
14 Oct. 2 Holders of roe. Sept.22a
Grasselli Chemical, common(quar.)
Sept. 30 'Holders of rec. Sept. lb
(qua?.)
*2
Preferred (guar.)
Sept. 30 *Holders of rec. Sept. lb
'131
Great Atlantic & Pacific Tea,
*Holders of roe. Aug. 18
Sept.
Great Western Sugar. prof. corn. (qtr.) "50c. Oct. 15
2 Holders of rec. Sept. 15a
(quar.)
1,4
Guantanamo Sugar. prof.(guar.)
Holders of rec. Sept. 15a
Sept.
30
2
Gulf State Steel, first
preferred (quar.)_. 14 Oct. 2 Holders of rec. Sept. 16a
Hall (C. M.) Lamp Co
.5
Sept. 15 *Holders of rec. Sept. 8
Harbison-Wadker Refrac.,
Holders
Hart,Schaffner & Marx, pref. (quar.). •13 Oct. 20 'Holders of rec. Oct. 10a
Sept.30
of rec. Sept. 19
Inc., pref.(qu.)
Haverhill Gas Light
Oct. 2 *Holders of rec. Sept. 15
(guar.)
Hayes Wheel (quar.)
500. Sept. 15 Holders of rec. Aug. 31
Ife,da kliolog (tiller.)
*15c. S..ot.
Hollinger Consol. Gold Mines, Ltd
Sept. 9 Holders of rec. Aug. 25
1
Humphreys 011
Sept. 15 Holders of rec. Aug. 31
5
Illinois Bell Telephone
Sept.30 *Holders of rec. Sept.29
.2
(quar.)
Imperial Oil, common
234 Oct. 1 Holders of rec. Sept. 10
Preferred (quar.) (guar.)
Oct. 1 Holders of rec. Sept. 10
International Harvester, com.(quar.)
*134 Oct. 16 'Holders of rec. Sept.25
Haernailonal Salt (guar.)
Oct. 2 Holders of rec. Sept. 15a
International Silver, pref. (quar.)
144 Oct. 1 Sent 11
to
Oct. 1
Intertype Corp., corn, (in corn.
stock).- *flo Nov. 15 *Holders of rec. Nov. 1
Laclede Gas Light, common
1g Sept. 15 Holders of rec. Sept.
T,ibbey-Owens Sheet Gla.ss, corn. (guar.) .50c. Sept. 10 'Holders of rec. Sept. la
1
Liggett dz Myers Tobacco, Prof. (guar.).
Oct. 2 Holders of rec. Sept. 15
Mackay Companies. common (qua?.)...
Oct. 2 Holders of rec. Sept. 6a
Preferred (quar.)
Oct. 2 Holders of rec. Sept. 60
Manati Sugar. preferred (quar.)
134 Oct. 2 Holders of rec. Sept. 15a
134
1)4
131
14
14
131
14,
14
1)4
$1
14
*14
yi
'p13.4
'131
'El
13.4
14
1)4
134
134
13.4
14
1314
$1.1254
134
Name of Company.
Per When
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Concluded)
Oct. 2 Holders of rec. Sept. 20
Manhattan Electrical Supply (quar.)-- - $1
Sept. 30 Holdas of rec. Aug. 3ta
$1
Marland Oil(No. 1)
Dec. 1 Holders of rec. Nov. 15a
2
May Department Stores, corn. (quar.)_ _
1% Oct. 2 Holders of rec. Sept. 150
Preferred (quar.)
Sept.30 Holders of rec. Sept. 6a
2
Mergenthaler fAnotype(guar.)
30c. Oct. 1 Holders of rec. Sept.dee
Middle States Oil(mune)
Aug. 31
Middle West Utidt ies, priorlien stk.(au.) 1% Sept.15 Holders of rec.
Oct. 2 Holders of rec. Sept. 15
$1
(quar.)_
Utilities,
preferred
Middle West
Aug. 25
rec.
of
Holders
15
Sept.
2
Miller Rubber, preferred (quar.)
Sept. 15 Holders of rec. Aug. 25
Extra (account of accum. dividends)_ hl
14a
Sept.
rec.
of
Holders
1
Oct.
%
(guar.)
Montana Power, common
14 Oct. 1 Holders of rec. Sept. 14a
Preferred (quar.)
1 yi Sept.15 Holders of rec. Aug. 31
Montreal Cottons, common Mare__ _ _
19e Sept.15 Holders of rec. Aug. 31
Preferred (qtrar.)
*2% Sept. 15 *Holders of rec. Sept. 1
Mutual Oil (quar.)
15
% Oct. 14 Holders of rec. Sept. 30a
(quar.)
corn.
Biscuit,
National
35% Sept.13 Aug. 23 to Aug. 29
National Candy, 1st & 2d pref
lie Sept.30 Holders of rec. Sept. 13a
Nat. Enameling & Stpg.. pref. (quar.). _
lee Dee. 30 Holders of rec. Dee 9a
Preferred (guar.)
1 ei Sept.30 Holders of rec. Sept. 15a
National Lead, common (quar.)
15% Sept.15 Holders of rec. Aug. 25a
Preferred (quer.)
Oct. 2 Holders of rec. Sept. 11
15%
National Sugar Refining (quar.)
Oct. 2 Holders of rec. Sept.20a
3
National Surety (quar.)
*25e. Sept. 15 *Holders of rec. Aug. 31
National Transit (extra)
30 Holders of rec. Sept. 13a
Sept.
2
New England Telep. & Teleg. ((glare_ _
Oct. 14 Holders of rec. Sept. 20
4
New York Transit
2 Holders of rec. Sept. 3a
Oct.
$1.25
North American Co., corn. (quar.)
75c. Oct. 2 Holders of rec. Sept. 5a
Preferred (guar.)
*51.25 Sept.30 *Aug. 27 to Sept.21
Ohio Oil (quar.)
*The. Sept.30 *Aug. 27 to Sept.21
Extra
50e. Oct. 1 Holders of rec. Sept. 150
Owens Bottle,corn.(quar.)
Oct. 1 Holders of rec. Sept. 15a
*13%
Preferred (quar.)
les Sept. 15 Holders of rec. Aug. 310
Packard Motor Car, preferred (quar.)
Paige-Detroit Motor Car, pref. (quar.)_ 515.i 0,.t. 1 *,1 oiler: of rec. Sept. 15
Sept.30 *Holders of rec. Sept.20
*4
Parke, Davis & CO. (quar.)
Sept.30 *Holders of rec. Sept.20
*4
Extra
30 Holders of tee. Sept la
Sept.
750.
_
_
_
_
attr.)_
co
A.
Motor
Peeriese Truce
75e. Dec. 31 Holders of roe. Dee la
oso- ,onar.)
Peerleaq Truck
Oct. 2 Holders of rec. Sept. 110
Penn Central Light et Pow.,Pref. (quar.) $1
Oct. 2 Holders of roe. Sep.'s 15a
Pennsylvania Water & Power (quar.) _
Pettibone, MullIken Co.,1st& 2d pf.(qu.) 15% Oct. 2 Holders of rec. Sept. 2Ia
50c. Sept. 15 Holders of rec. Aug. 21a
Philadelphia Electric, corn. & pref. (qu.)
50c. Sept.30 Holders of rec. Sept. 15a
Phillips Petroleum (guar.)
Procter & Gamble,6% pref. (quar.)- - - - t.1 ei Sept.15 *Holders of re;,•. Aug. 25
$1.25 Oct. 1 Holders of rec. Sept. 15a
Pure 011 Co.,5% ce pref. (quar.)
Oct. 1 Holders of rec. Sept. 15
1
Six per cent, preferred (quar.)
Oct. 1 Holders of rec. Sept. 150
2
Eight per cent preferred (quar.)
Oct. 10'Holders of rec. Oct. 2a
2
Quaker Oats, common (quar.)
Preferred (reran)
15% Nov. 30 Holders of rec. Nov. la
Sept.30 Holders of rec. Sept. 160
2
Railway Steel-Spring, common (quare_ _
Sept.20 Holders of rec. Sept. 6a
1
Preferred (quar.)
Oct. 1 *Holders of rec. Sept. 10
*2
Ranger Texas Oil (quar.)
Set. 2 *Holders of rec. Sept. 15
525c
(quar.)
Reo Motor Car
1% Sept.30 Holders of rec. Sept.d18
Reynolds Spring Cu., pf. A & B (qtr.)
*$15 Sept.15 *Holders of rec. Sept. 0
Richman Bros
25c. Sept.29 Sent. 10 to Sept.20
St. Joseph Lead Co.(quar.)
15% Sept. 15 Holders of rec. Sept. 5
St. Maurice Paper (quar.)
Sept.15 Holders of rec. Aug. 31
San Joaquin Light ee Power, pref.(quar.) 1
15% Sept.15 Holders of roe. Aug. 31
Prior preferred (quar.)
Oct. 1 Holders of rec. Sept. 15a
Sears, Roebuck & Co., pref.((mare__ _ _
525e. Sept.30 *Holders of rec. Sept.20
Shell Union 011 Corporation (No. 1)
Sherwin-Williams Co.of Can.,com.(qu.) 15% Sept.30 Holders of rec. Sept.15
lee Sept.30 Hollers of rec. Seat. 15
Preferred (soar.)
*lei Sept.30 *Holders of rec. Sept. 13
South Penn Oil (guar.)
Oct. 2 Hollers of rec. Sept. 15
SI
South Weer Pa. elec. r Ines (quar.)
15% Sept. 15 Holders of rec. Aug. 31
Southern Colorado Power, pref.((mare_
20 Holders of rec. Sept. 1
Sent.
1
(monthly)
011
Southern States
Sept.20 *Holders of rec. Sept. 1
*4
Stock dividend
2
Sept. 15 Holders of rec. Aug. 31
Standard Gas A: Electric, pref Mare_ _
Sept. 15 Holders of rec. Aug. 19a
SI
Standard Oil (California) quer.)
Sept.15 Aug. 18 to Sept. 14
SI
Standard Oil (Indiana) (quar.)
*51.25 Oct. 2 *Sept. 16 to Oct. 2
Standard 011 (Kentucky)(quar.)
Standard 1)11 of New Jereey. corn.(guar.) $1.25 Sept. 15 Holders of rec. Aug. 25a
Sept. 15 Holders of rec. Aug. 25
5
Common (par 5100)(guar.)
15% Sept.15 Holders of rec. Aug. 250
Preferred (quar.)
3
Sept.15 Holders of rec. Aug. 31a
Standard 011 (Kansas)(quar.)
Sept.15 Holders of roe. Aug. 25a
4
Standard Oil of New York (guar.)
Oct. 2 Holders of rec. Aug. 25a
3
Standard Oil (Ohio) (quar.)
Oct.. 2 Holders of rec. Aug. 251
1
Extra
Oct. 1 Holders of rec. Sept. 90
2
Swift & Co. (guar.)
Sept.30
Holders of rec. Sept. 81
750.
Texas Company (quar.)
si
sent. 15 Holders of rel. Sept. 1
Texas Gulf Sulphur (liar.)
30
Sept.
of rec. Sept. fie
25c.
Holders
011
(quar.)
&
Coal
Texas Pacific
4
Oct. 2 Flowers of rec. Sept.20
Thompson-Starrett Co.. preferred
*75e. Sept.20 *Holders of rec. Sept. 11
Timken Roller Bearing (Nn. 1)
15% Oct. 2 Holders of rec. Sept. 1St
Tobacco Products Corp., pref. (quar.)_ _
15% Nov. 15 Holders of rec. Oct. 23m
Preferred A (quar.)
Sept.29 *Holders of rec. Sept. 5
552
Todd Shi wards Corp. (etear.)
Oct. 2 Sept. 16 to Sept. 21
5
Tonopah Belmont Development (quar.)_ 55c.
Oct. 2 *Holders of rec. Sept. 11
Tonopah Extension Mining (quar.)
•lc.
Sept.20
*Holders of rec. Aug. 31a
Turman Oil(monthly)
ele. Oct. 20 *Holders of rec. Sept.30a
Monthly
25% Oct. 1 Holders of rec. Sept. 2a
Underwood Typewriter, corn. (quar.)__ _
se Oct. I Holders of rec. Sept. 2,
1
Preferred (q tar.)
1% Oct. 16 Holders of rec. Oct. 6a
Union Bag & Paper (guar.)
Oct. 2 Holders of rec. Sept. fla
$1
(quar.)
Carbon
&
Union Carbide
ii Sept.15 Holders of rec. Aug. 3Ia
United Cigar Stores, pref. (quar.)
es Oct. 2 Holders of rec. Sept. 150
United Dyewood Corp., corn.(Quer.) _ _
es Oct. 02 Holders of rec. Sept. 15a
Preferred (guar.)
875%c. Sept. 15 Holders of roc. Aug. 31a
United Gas Iznpt. peel. (guar.)
150. Oct. 2 Holders of rec. Sept. Is
United Profit Sharing (quar.)
el
Sept.30 *Holders of rec. Sept. 15
U. S. Gypsum, common (quar.)
*lee Sept.30 *Holders of rec. Sept.15
Preferred (quar.)
Sept.30
*Holders of rec. Sept. 1
*51
U. S. Radiator. corn. (quar.)
Sept.30 *Holders of rec. Sept. 1
Preferred (quar.)
yi Sept.29
Aug. 30
U.S.Steel Corporation, corn.(quar.)Sept. 15 Holders of rec. Aug. 31
2
U.S. Title Guaranty (quar.)
25% Sept. 15 Holders of rec. Sept. 8a
Valvoline Oil, common Mare
Oct. 2 *Holders of rec. Sept. 15
*1
Wabasso Cotton (quar.)
50e. Oct. 1 Holders of rec. Sept. 22a
Wahl Co., common (monthly)
Oct. 1 Holders of rec. Sent 22a
Preferred (quar.)
*500. Oct. 2 *Holders of rec. Sept.20
Waldorf System, common (gnu.)
2 *Holders of rec. Sept. 20
Oct.
*20c.
__
First preferred and preferred (quar.)
•1A Sept.30 *Holders of rec. Sept. 20
Walworth Mfg., pref. (quar.)
2
Sept. 15 Holders of rec. Aug. 8
Wamstata Mills uar.)
Sept.30 Holders of rec. Sept. 20a
SI
White Motor (guar.)
1% Oct. 2 Holders of rec. Sept. 1 la
_
Woolworth (F. W.) Co.. pref. (quar.) _
1%
Oct. 2 Holders of rec. Sept. 201
(qu.)
Worthington Pump az Mach., pf. A
Oct. 2 Holders of rec. Sept. 201
134
Preferred B (quar.)
Oct. 1 Sept. 2(1 to Sept.30
50c.
-(monthly)
Wrigley (Wrn.) Co., corn.
50c. Nov. 1 Oct. 26 to Oct. 31
Common (monthly)
50e. Dec. 1 Nov. 26 to
Nov. 30
Common (monthly)
Soc. Jan. 1 Dec. 26 to Dec. 31
Common (monthly)
Co.
(Rudolph)
Wurlitzer
75c. Sept.25
Common (monthly)
Dec. 1 Holders of rec. Nov. 21
2
Eight per cent preferred (quar.)
Marl'23 Holders of rec. Feb.19'23
2
(quar.)
preferred
Eight per cent
J'nel'2:3 Holders of rec. May 22'23
2
Eight per cent preferred (quar.)
P4 Oct. 1 Holders of rec. Sept. 21
(guar.)
preferred
cent
per
Seven
15% Janr23 Holders of rec. Dee. 22
Seven per cent preferred (plat.)
1% Aprl'23 Holders of rec. Mar. 22
Seven per cent preferred (quar.)
Stock Exchange flee ruled trtat atm k
York
New
t The
,
'
• From ueofficial amerce
this date and not until urther notice. a Transfer
will not be quoted ex-dividend on
British Income tits. IS Correction
Lew
h
dividend
Payable in ecrip
books not cloeed for thls
h On
In common stock. g or
e Payable In stock. / Payable
victory Loan bonds.
Payable to Liberty
*mount of accumulated dividends.
etanadian funds
ln
PAVFOIP
find•
j Pavanes in New York
Sept. 30 1921.
en For quarters ending June30 andLondon on or before Sept. 4 will be in time for
s All transfers received In order In
payment of dividend to transferee.
of 75 cents each.
I Made up of two quarterly dividends
[VOL. 115.
TH 111 CHRONICLE
1186
Weekly Return of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Sept. 2. The
figures for the separate banks are the averages of the daily
rosults. In the Case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS
(Stated in thousands of dollars-that is, three ciphers (00()1 omitted.)
Net
Reserve
Capital. Profits. Loans,
Time Bank
Net
with
Discount, Cash
Week ending
De- CirctiLegal Demand
In
Sept. 2 1922 Nat'l, June30 InvestState, June30 mews, Vault. Deposi- Deposits. posits. lalion.
tories.
&c.
(000 omitted.) Tr.Cos, June30
Members of Fe d. Res. Bank. Average Average Average
$
$
626 3,835
40,865
13k of NY, NBA 2,000 7,642
Bk of Manhat'n 5,000 17,277 126,161 2,067 14,423
Mech &Met Nat 10,009 17,326 162,783 7,639 22,028
66,230 1,455 8,640
Bank of America 5,500 5.828
Nat'l City Bank 40,000 49.730 476,445 7,147 59,745
Chemical Nat_ _ 4,500 15,967 121,059 1,161 13,676
509
50
171
5,041
500
Nat Butch & Dr
Amer Exch Nat 5,000 7,450 100,783 1,115 12,042
930 36,316
Nat Ilk of Comm 25,000 36,405 339,858
947 3,119
23,244
Pacific Bank_ _ _ 1,000 1,712
Chat& Phen Nat 10,500 9,865 146,908 5,002 16,097
418 13,440
Hanover Nat'l_ 5,000 20,169, 111,064
Corn Exchange_ 8.250 11.147' 164,571 5,936 21,011
491 3,532
31,774
Imp & Trad Nat 1,500 8,500
745 16,107
Nat Park Bank_ 10.000 23,230 152,183
311 1,513
776
12,680
1.000
East River Net
481 25,439
First Nat Bank.. 10,000 43,695 280,341
Irving Nat Bank 12,500 11,056 190,564 3,913 24,890
144
768
6,864
832
Continental Bk_ 1,000
Chase Nat Bank 20.000 21,503 319,808 5,155 39,141
539 2,634
20,505
500 2,273
Fifth Ave Bank.
401 1,116
8,372
884
400
Commonwealth.
412 1,987
15,264
Garfield Nat Bk 1,000 1,575
221 1,825
18,030
973
Fifth Nat Bank. 1,200
75,531 1,031 9,678
Seaboard Net.. _ 4,000 6,763
562 1,603
14,126
Coal & Iron Nat 1,500 1,311
925 34,359
Bankers Tr Co_ 20,000 24,083 286,433
684 6,301
56,172
U S Mtge & Tr_ 3.000 4,110
Guaranty Tr Co 25,000 17,400 386,263 1,226 46,664
363 2,416
18,795
1,500 1,78S
Fidel-Intern Tr_
610 9,876
80,959
Columbia Tr Co 5,00(1 7,877
423 18,308
N Y Trust Co.... 10,000 17,073 152,831
541 5,107
42,149
Metropolitan Tr 2,000 3.704
518 13,006
Farm Loan & Tr 5,000 14,624 128,950
628 3,421
27,190
Columbia Bank. 2,000 1,908
23,171
1,246
164,018
15,392
Co
Tr
12.000
Equitable
Average
Average Avge.
28,696
102,122
158,282
64,952
*533,091
97,811
3,585
84,044
271,312
22,269
117,115
97,484
147,799
26,769
120,911
11,109
182,572
183,869
5,365
289,0691
20,434
8,574
14,238
13,853
71,683
11,954
*264,806
47,777
*405.240
18.339
73,836
125,176
37,256
*93,115
25,909
*193,434
1,650
3,119
17,964
4,449
2,780
41,440
14,970
5
10,160
31,680
667
23,162
1,878
340
299
4,977
22,171
658
5,525
1,913
55,039
8,328
380
30,872
3,483
50
7,471
2,533
_
140
804
1,660
609
22,602
6,564
53,494
640
7,041
21,592
3,857
27,701
1,526
17,541
_
-655
5,741
100
- -81
1,097
-390
248
66
415
33,797
Total of averages 272,350432.09 i4,377,861 56,163,517,743 c3,757,234 441,053
440,058 33,819
Totals, actual co edition ,Sept. 24,348,055 52,500 520,201 c3,748,902 441,589
33,795
Totals, actual co nditlon Aug.264,336,284 54,954 504,776 c3,732,193 457,061 33,778
Totals, actual co adition Aug. 194,422,920 53,381 550,695 c3,761,330
' Res've Bank.
State Banks Not Me tubers I of Fed.
50
17,552
17,417 1,514 1,763
Greenwich Bank 1,000 2,027
2,484 2,157
386
5,295
308
884
250
Bowery Bank__
26,390 49,421
79,054 3,172 1,738
State Bank_ _ _ _ 2,500 4,281
Total of arerages 3,750 7,193 101,766. 4,994 3,887
Totals, actual co ndition Sept. 2' 102,431 4,960 3,849
Totals. actual co edition Aug.28 101,319 5,090 3,876
Totals, actual co ndition Aug. 19 101,704 4,904 4,058
Trust Compan les Not Menthe rs of Fed 'I Res'v c Hank.
50,106 1,296 3,627
Title Guar & Tr. 7,500 13,784
852 1,945
27,348
Lawyers T & Tr 4,000 6.440
46,426 51,628
46,982 51,610
46,171 51,553
46,772 51,437
32,829
17,830
1,166
Total of averages 11,500 20,224
77,454
2,148
5,572
50,659
1,721
Totals, actual condition Sept. 2
rota's, actual condition Aug.26
Totals, actual co ndition Aug. 19
76,565
77,463
78,112
2,095
2,084
2,135
5,722
5,708
5,694
50,987
51,694
51,745
1,689
1,727
1,904
494,402 33,797
Gr'd aggr., avgee237,600 459,513 4,557,081 63,305 527,202 3,854,319--3,241 -13
+1 +9,833 --5,139
Comparison wit Is prey. week _- -24,953
493,357 33,819
Gr'd aggr., acrticond'n Sept. 24,527,052 59,555 53.5,772 3,846,871
+24
Comparison wl h prey. week.., -38,015-2,573 + 21,412 +16,813--1,512
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr., aced cond'n
aggr., act'l cond'n
aggr., act'l cond'n
aggr., acleond'n
ager., aa' cond'n
Aug.26 4,506,066
Aug. 194,602,736
Aug. 12,4.599,338
Aug. 54,651,543
July 29 4,643.594
62,128.514,360
60,420 560.447
62,656 565,044
63,299.572,444
63,666 563,804
3,830,058 494,869 33,795
3,859,847 510,402 33,778
3,886,721 505,924 33,775
3,940,715 488,350 33,845
3,957.880 497,900 33,738
1
.Vote.-U. S. deposits deducted from net demand deposits in the general tote
Sept. 2,
above were as follows: Average totals Sept. 2, 558,076.000; actual totals
553076,000; Aug. 26, $53,078,000: Aug. 19, $58,106,000: Aug. 12, $61,252,000;
liabilities,
Aug. 5, $73,449,000. Bills payable. rediscounts, acceptances and other
average for the week of Sept. 2, $323,901,000; actual totals Sept. 2, $318,953,000:
Aug. 5,
$350,346,000;
12,
Aug.
19,
Aug.
S337,409,000;
$380,515,000;
Aug. 26.
$361,419,000.
as follows:
* Includes deposits in foreign branches not included In total footing
Guaranty Trust
National City Bank, $91,433,000: Bankers Trust Co., $10,758,000:
Equitable Trust Co.,
Co.. 537.877,000; Farmers' Loan & Trust Co., $82,000:
reserve for such
as
countries
in
In
foreign
banks
carried
Balances
$26,461,000.
Co.. $1,051,000;
deposit were: National City Bank, $27,575,000; Bankers Trust
532,000; Equitable
Guaranty frost Co., $19,033,000; Farmers' Loan & Trust Co.,
included.
not
branches
foreign
in
c
Deposits
Trust Co., 52,928.000.
The reserve position of the different groups of institutions
the actual
on thn basis of both the averages for the week and
two
condition at the end of the week is shown in the following
tables:
OF CLEARING
STATEMENT OF RESERVE POSITION
AND TRUST COMPANIES.
HOUSE BANKS
Averages.
Cush
Reserve
in Vault.
Members Federal
Reserve banks
State banks*
Trust companies__ _ _
4,994,000
2,143,000
Reserve
In
Depositaries
Total
Reserve.
a
Reserve
Reitdred.
Surplus
Reserve.
517,743,000 517,743,000 501,672,010 16,070,990
524,320
3,887,000 8,831,000 8,356,680
121,150
5,572,000 7,720,000 7,598,850
7,112.090 527.202.000 534,314.000 517,627.540 16,716,460
Total Sent. 2_ _ _ _
7,207,000 517,369,000 524,570,000 518,419,810 6,156,190
Total Aug. 28_ _
Total Aug. 19.....7,171,000 525,030,000 532,201,000 520,785,210 11,415,790
7,242,000 527,780,000 535,022,000 524,019,390 11,002,610
_
12...
Aug.
Total
* Not members of Federal Reserve Bank.
on net demand deposits in the case of State banks
a This is the reserve required
of the Federal Reserve Bank inand trust companies, but in the case of members
on net time deposits, which was as follows:
required
reserve
in
amount
also
cludes
19,
$13,647,120; Aug. 12, $13,242,Aug.
Aug.
213,
$13,331,649:
Sept. 2.513,231,590;
450.
SEPT. 9 19221
THE CHRONICLE
Actual Figures.
Reserve
Cash
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks_ _
State banks*
Trust companies__ _
$
4.960,000
2,095,000
Total
Reserve.
Surplus
Reserve.
Reserve
Required.
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
$
$
526,201,000 526,201,000 500,559,000 25,642,000
3,849,000 8,809,000 8,456,760
352.240
5,722.000 7,317,000 7,648,050
168,950
7,055.001,
3,772.000 542.827,0,10 516,663,810 26,163.190
7,174,000 514,360,000 521,534.000 514,497,640 7,036,360
7,039,000 560,447,000 567,486,000 518,865,440 48,620,560
7,147,000 565,044,000 572,191,000 522,189,989 50,001,020
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes
also amount of reserve re4airel on net time deposits, which was as follows: Sept. 2,
$13,201,740: Aug. 26, 513,247,670: Aug. 19, $13,711,830; Aug. 12, $13,580,520.
Total Sept. 2_
Total Aug. 26
Total Aug. 19
Total Aug. 12
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
1187
Sept. 6
1922.
Changes from
previous week.
Aug. 30
1922.
Aug. 23
1922.
$
$
$
Capital
59.520,000
59,520,000 59,520,000
Surplus and profits
84,665,000
84,665,000 84,665,000
Loans, disc'ts & investments_ 833,087,000 Inc. 14,217,000 818,870,000 819,887,000
Individual deposits,incl. U.S. 593,359,000 Inc. 8,760,000 584,599.000 588,802,000
Due to banks
111,852,000 Inc. 3,941,000 107,911,000 107,792,000
Time deposits
118,699,000 Inc. 4,460,000 114.239,000 113,418,000
United States deposits
95,000, 11,323.000 11,328,000
11,418,000 Inc.
Exchanges for Clearing House 19,477,000 Inc. 3,082,000 16,395,000 16,453,000
Due from other banks
60,040.000 Inc. 1,172,000 58,868.000 61,369,000
Reserve in Fed. Res. Bank
69,045.000 Inc.
827,000 68,218,000 69,114,000
Cash in bank and F. R. Bank 9,956,000 Inc.
472,000 9,484.000 9,511,000
Reserve excess in bank and
Federal Reserve Bank
2,177,000 Dec.
207,000 2,384.000 3,207,000
Philadelphia Banks.-The Philadelphia Clearing House
•
return for the week ending Sept. 2, with comparative figures
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
for the two weeks preceding, is given below. Reserve
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
requirements for members of the Federal Reserve System
(Figures Furnished by State Banking Department.)
Differences from are 10% on demand deposits and 3% on time deposits, all
precious week.
Sept. 2.
to be kept with the Federal Reserve Bank. "Cash in
Loans and investments
$754,436,600 Inc. $1,498,500
Gold
5,782,600 Inc.
115,600 vaults" is not a part of legal reserve. For trust companies
Currency and bank notes
17,171,800 Dec. 350,000 not members of
the Federal Reserve System the reserve
Deposits with Federal Reserve Bank of New York
63,287,600 Inc.
590,500
Total deposits
785,166,600 Inc.
443,100 required is 10% on demand deposits and includes "Reserve
Deposits; eliminating amounts due from reserve dewith legal depositaries" and "Cash in vaults."
positaries and from other banks and trust companies in N.Y.City exchanges and U.S. deposits 741,918,500 Inc. 1,467,000
Reserve on deposits
114,872,600 Dec. 433,900
Week ending Sept. 2 1922.
Percentage of reserve, 19.3%.
Aug. 28
Aug. 19
RESERVE.
Two Ciphers (00) omitted. Membersof
Trutt
1922.
1922.
State Banks
-Trust Companies
F.R.System Companies
Total.
Cash in vault
*$61,082,200 14.02%
$25,159,800 15.85%
Deposits in banks and trust cos
21,437,000 4.92%
7,193,600 4.54% Capital
135,175,0 54,500,0 $39,675,0 39,675,0 $39,675,0
Surplus and profits
96,143,0 14,063,0 110,206,0 110.226,0 110,226,0
Total
$82,519,200 18.94%
532,533,400 20.39% Loans, disc'ts & investm'ts 634,364,0 38,679,0 673,043,0 672,597,0 672,385,0
Exchanges for Clear.House 29,453,0
838,0 30,291,0 23,535,0 24,298,0
'Includes deposits with the Federal Reserve Bank of New York, which for the Due from banks
86,627,0
23,0 86,650,0 83,215.0 88,577,0
State banks and trust companies combined on Sept. 2 were 863,287,600.
Bank deposits
116,361,0
450,0 116.811,0 114,626,0 116,107,0
Individual deposits
512,468,0 25,059,0 537,527,0 528,197,0 534,453,0
Time deposits
19,493,0
526,0 20,919,0 19,720.0 19,554,0
Total deposits
648,322,0 26,035,0 675,257,0 062.543,0 670,114,0
deposits (not incl.)_
9,118,0
Banks and Trust Companies in New York City.-The U.S.
9,118,0
9.122.0
9,075,0
Res've with legal deposit's_
3,838,0
2,953,0
3,853,0
averages of the New York City Clearing House banks and Reserve with F. R.Bank__ 55,635,0 3,838,0 55,635,0
53,537,0 54,144,0
Cash in vault*
8,863,0
trust companies combined with those for the litate banks Total
1,094,0
9,957,0
9,784,0
9,797,0
reserve and cash held 64,498,0
4,932,0 69,430,0 66.274,0 67,794,0
and trust companies in Greater New York City outside of Reserve
required
53,450,0
3,723,0 57,173,0 56,812.0 56,993,0
Excess res.& cash in vault
1 1 64.8 6
1 200 (1 12 257 0
the Clearing House are as follows:
Q4520 10.110111
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Demand
Deposits.
*Total Cash
in Varets.
Reserve in
Depositaries.
$
5,233,359,300
5,297,769,500
5,334,400,700
5,372,704,700
5,408,101.600
5,372,704,700
5,491,415,000
5,370,259,900
5,457,357,300
5,421,565,700
5,408,203,300
5,350,876,600
5,406.610,600
5,383,432,700
5,372.803.000
5,334,972,100
5.311.517.600
$
$
$
4,738,487,800 132,818,400 642,139,400
4,807,891.800
91,723,900 648,307,500
4,827.593,600
91,161,400 638,697,600
4,853,005,100
91,486,700 646,059,900
4,852,544,100
93,253,000 660,162,300
4,853,005,100
91,486,700 646,059,900
4,980,544,500
90,155,600 663,100,900
4.816.507,000
88,730,000 657,840.800
4,808,047,500
92,436,900 651,619,800
4,792,536,500
95,874,700 717,627,500
4,762,119,600
88,862,800 701,290,800
4,700,542,500
89,033,900 697,796,200
4,714,814,300
87,948,700 700,127,900
4,646,854,700
89,403,600 622,177,400
4,613,652,400
86.4 9.800 614.135.006
4,599,909,500
86,492,800 609,486,700
4,596,237.500
86.259.400 619.063.200
* This item includes gold, silver, legal tenders, national bank notes and Federal
Reserve notes.
WeekendedMay 16
May 20
May 27
June 3
June 10
June 17
June 24
July 1
July 8
July 15
July 22
July 29
Aug. 5
Aug. 12
Aug. 19
Aug. 26
spnt, 2
•Cash in vaults not counted as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Sept. 6 1922 in
comparison with the previous week and the corresponding
date last year:
ResourcesGold and gold certificates
Gold settlement fund-F.R. Board._
Total gold held by bank
Gold with Federal Reserve Agent.
Gold redemption fund
Sept.6 1922. Aug.30 1922. Sept. 7 1921.
$
173,842,910 182,289,214 341,497,000
70.655,992 104,649,123
46,052,000
244,498,902
832,391,998
5,622,241
286,938,338
832,531,998
6,196,208
387,549,000
501,848,000
15,000,000
1,082,513,142 1,12.5,666,544
39,215,447
38,146,144
904,397,000
58,090,008
Total renerves
1,121,728,589 1,163,812,689
Bills discounted: Secured by U. S. Government obligations-for members
24,693,920
26,171.363
For other F. R. banks
All other-For members
22,105,004
20,120.737
For other F. R. Banks
Bills bought in open market
59,319,569
45,809,830
962,487,000
Total gold reserves
Legal tender notes, silver, &o
123,393,000
27,645,000
211,159,000
8,230,000
25,910,000
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
Total bills on hand
107,595,966
U. S. bonds and notes
44,208,650
U. S. certificates of indebtednessOne-year certificates (Pittman Act).. 13,500,000
AU other
103,420,500
90,630,488
32,302,750
396,337,000
1,005,000
16,000,000
102,717,500
50,776,000
15,550,000
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Staled in thousands of dollars-that is, three ciphers [000) omitted.)
Total earning assets
268,725,116
Bank premises
9,297,452
5% redemp. fund asst. F.R.bank notes..
674,060
Uncollected items
127,397,968
All other resources
3,376,344
241,650,738
9,295,181
724,060
110,087,217
3,488,741
463,668,000
5,531,000
1,684,000
99,183,000
3,076,000
I
Net Loans,
Capital. Profits. DisReserve
Net
Net
CLEARING
Nat'l
counts, Cash
with Demand Time Bank
NON-MEMBERS
in
Legal
DeDe- Cir cuI Nat.bks.June30 InvestWeek ending - tatebkaune31 meats. Vault. Deposi- posits. posits. Union.
tortes.
Sept. 2 1922. Tr. cos. June 30 Rce.
Members of
Fedl Res. Bank.
Battery Park Nat_
W R Grace dr Co__
$
, ii
501
Average Average Average Average Average Average
$
$
$
$
$
$
163 1,200
7,649
355
199
1,190 9,978
495
22
1,463 8,006
1,24. 10,482
3
Total resources
1,531,199,532 1,529,058,628 1,535,629,000
LiabilitiesCapital paid In
27,675,750
Surplus
60,197,127
Deposits:
Government
14,427,781
Member banks-Reserve account.._ 698,254,053
All other
10,021,519
Total deposits
722,703,354
F. R. notes in actual circulation
615,357,425
F. R.bank notes in cirourn-net
liability 10,842,200
Deferred availability items
89,808,298
All other liabilities
4,615,376
1,695
9,112
8,361
Not Members of Fed. Res've Bank.
State Banks
269
580
31, 4,583
200
Bank of Wash. Ills
Colonial Bank._
80t 1,715 17,120 2,135 1,263
4,495
17,840
531
1,532
22,335
531
Trust Companies Not Me mbers of Fed. Res'y • Bank.
Mech.Tr.,Bayonn
187
2001
606 8,878
393
3,740
5,557
__ _. Ratio of total reserves to deposit and
F. R. note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
- - --
3,740
Total
Total
Total
2,0001
1,600
20
2,435 20,460
2,030 21,703
606
8,878
Grand aggregate_
3,2
5,072 51,041
Comparison with.
+52
P revious week_ _
Gr'd aggr. Aug.26
Gr'd aggr. Aug. 19,
• Gr'd aggr. Aug. 121
aggr. Aug. 5I
3,200 5.072
3,200 5,072
3,200 5,072
3.2015 5.072
50,989
51,335
51,564
50.725
185
2,71
Total liabWtiee
5,557
- ---
3,293 3,414 a35,187 14,449
+17 -134 -107 +626
199
-- --
13,823
13,585
13,695
14,005
199
198
199
198
39,3
3,276
3,27!
3,393
3.239
187
3,548
3,371
3,577
3,438
a58,294
a35,006
a35,948
a34,000
a U. S. deposits deducted, $276,000.
Bills payable, rediscounts, acceptances and other liabilities, 1305,000.
Excess reserve, $121,720 decrease.
199
27,663,750
60,197,127
27,069,000
59,318,000
20,900,010
710,751.559
9,669,154
16,467,000
643,657
12,841,000
741,320,724
606,993,033
11,797,200
76,214,580
4,872,213
672,965,000
647,337,000
27,541,000
77,661,000
23,738,000
_1,531,199,532 1,529,058,628 1,535,629,000
83.8%
86.3%
72.9%
10,989,195
11,006,747
12,712,644
CURRENT NOTICES.
-Barrow, Wade, Guthrie & Co., accountants and auditors, announce
the retirement from the firm as of Sept. 1 1922 of Messrs. A. R. Smart and
Edward E. Gore, and that the firm will continue its business as heretofore
at the new address in Chicago at the Westminster Building.
-Tobey & Kirk, 25 Broad St., New York, announced yesterday that
Walter D. Seymour and Frederic W.Seymour have become associated with
the firm as managers of the bond department.
[VOL. 115.
THE CHRONICLE
1188
WEEKLY RETURN OF THE FEDERAL RESERVE BOARD.
7, and showing the condition
The following is the return issued by the Federal Reserve Board Friday afternoon, Sept.
table we present the results for the system
of the twelve Reserve Banks at the close of business the previous day. In the first those
of the corresponding week last year.
as a whole in comparison with the figures for the seven preceding weeks and with
banks. The Federal Reserve Agents'
The second table shows the resources and liabilities separately for each of the twelve
notes between the Comptroller and
Accounts (third table following) gives details regarding transactions in Federal Reserve
Board's comment upon the return for the latest
Reserve Agents and between the latter and Federal Reserve banks. The ReserveEvents
and Discussions."
week appears on page 1146 being the first item in our department of "Current
BANKS AT THE CLOSE OF BUSINESS SEPT.6 1922.
RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE
COMBINED
28 1922. July 19 1922.1Sept. 7 1921.
Sept. 6 1922. Aug. 30 1922. Aug. 23 1922. Aug. 16 1922. Aug. 9 1922. Aug. 2 1922. July
RESOURCES.
Gold and gold certificates
Gold settlement, F. R. Board
285,316,000
530,135,000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
Total gold reserves
Legal tender notes, silver, ,kc
Total reserves
Bills discounted:
Secured by U. S. Govt. obligations_
All other
Bills bought in open market
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
3
317,459,000
498,309.000
317,980,000
490.620,000
430,585,000
438,590.000
815,768.000 808.600,000 369,175,000
815,451,000 828,171,000, 821,026,000 780,948.000 795,724,000 805,850,000 2,197,645,000 2,195,062,000 1,677,196,000
2,206,468,000 2,197,658,000 2,197,316,000 2,238.893,000 2,233,430,000 2,223,384,000
41,673,000 110,008,000
11.118,000
42,190.000
42,489,000
46,593,000
37,585,0001 43,420,000
38,914,000
3,045.335,000 2,656,378,000
3,060,833.000 3,063,414,00013,061,762,000 3,066,434,000 3,071,643,000 3,071,424,000 3,054,531,000
126.967,000 123,987,000 146.876,000
125,854,000 132,474,0001 130,902,000 131,424,000 130,534,000 131,260,000
3,169,322,000 2,803,254,000
3,181,498,000
3,202,684,000
3,202,177,000
3,197,858,000
13,192,664,000
3,195,888.000
3,186,687,000
176,263,000 539.333,000
130,447,000 133,651,000 125.738,000 125,440.000 117,777,000 130,293,000 115,238,000 267,205,000 969,154,000
274,636,000 270,717,000 264,189,000 257,045,000 264.384,000 269,506.000 264,743,000 148,970,000
44,920,000
156,138.000
1.50,497.000
188,365,000 171,706,000 166,488,000 149,600,000 146,803,000
Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtedness:
One-year certificates (Pittman Act)
All other
Municipal warrants
593,448,000
207.514,000
576,074,000
193,750,000
556,415,000
196,418,000
532,085,000
202,973,000
528,964,000
199,746,000
650,296,000
198,751,000
536,119,000
201,624,000
592,438,000 1,553,407,000
33,813,000
201,901,000
56,500,000
244,178,000
21,000
63,000,000
241,220,000
21,000
66,000,000
222,342,000
21,000
67,500,000
218,144,000
9,000
69,000,000
222,965,000
4,000
70,500,000
228,098,000
3,000
72,000,000
267,175,000
9,000
74,000,000
265,948,000
9,000
190,375,000
17,084,000
1
1,076.927.000 1,134,296,000 1,795,179,000
1,101,661,000 1.074,065,000 1,041,196,000 1,020,711.000 1,020,679,000 1,047,648,000
27,700,000
Total earning assets
42,417,000
42,491,000
42,569,000
42,804,000
43,296,000
43,344,000
43,456,000
43,636,000
Bank premises
9,221,000
7,496,000
7,527,000
6,769,000
6,679,000
6,640,000
6,572,000
6,567,000
4,698,000
5% redemp. fund agst. F. It. bank notes
537.883,000 592,345,000 494,667,000
542.711,000
522,392,000
593,930,000
530,240,000
576,078.000 510,807,000
18,101,000
Uncollected items
16,186,000
16,805,000
16,750,000
16,449,000
16,666,000
17,410,000
18,193,000
17,841,000
All other resources
4,962,062,000 5,148,122,000
4,930,953,000 4,848,624,000 4,831,426,000 4,879,101,000 4,811,180,000 4,859,131,000 4,863,134,000
Total resources
LIABILITIES.
Capital paid in
Surplus
Reserved for Govt. franchise tax
Deposits-Government
Member banks-reserve account
All other
106,086,000
215,398,000
106,085,000
215,398,000
106,041,000
215,398,000
105,983,000
215,398,000
105,730,000
215,398,000
105,589,000
215,398,000
105,239,000
215,398,000
105,198,000
215.398.000
103,073,000
213,824,000
60,701,000
49,376,000
46,45.5,000
27,880,000j 16,926,000
32,935,000
43,972.000
51.553,000
37.730,000
1,864,145,000 1,632,135,000
1,796,081,000 1,807,008.000 1,785,489,000 1,790,260,000 1,783,539,000 1,837.840,000 1,815,278.000
25,232,000
29,010,000
26,381,000
30,257,000
24,384,0001
23,770,000
22,390,000
23,125,000
22,986,000
965.000 1,835,803,0001 1.885.023,000 1,888,111,000 1,942,531.000 1,718,068,000
1,851,851,0001,846.
1.881,686,000
1,856,797,000
Total
2,132,848.000 2,517,563,000
.2,211,889,000 2,153,181,000 2,146.674,000 2,142,303,000 2,147,223,000 2,140,121,000 2,126,809,000
F. It. notes in actual circulation
66,053,000 107,759,000
63,622,000
60,547,600
62,046,000
56,953,000
58,130,000
53,960,000
52,793,000
F.R.bank notes in circulation-net liab.
424,691,000 429,712,000 442,713,000 479,274,0001 418,553,000
488,613,000
432,286,000
415,762,000
465,764,000
items
69,282,000
Deferred availability
20,719,0001
21,280,000
21,788,000
21,242,000
21,709,000
22.223,000
22,551,000
22,227,000
All other liabilities
4,879,101,000 4,811,180,000 4,859,131,000 1,863,134,000 4,962,062,000 5,148,122,000
4,831,426,000
4,818,624,000
4,930,953,000
Total liabilities
62.7%
Ratio of gold reserves to deposit and
74.7%
76.1%
76.3%
76.9%
78.9%
76.6%
75.2%
75.9%
F. R. note liabilities combined
66.2%
Ratio of total reserves to deposit and
77.8%
79.2%
79.6%
80.4%
80.2%
79.3%
78.3%
79.2%
F. It. note liabilities combined
Distribution by Maturities1-15 days bill bought in open market_
1-15 days bills discounted
1-15 days U. S. certif. of Indebtedness.
1-15 days municipal warrants
16-30 days bills bought in open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market_
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness_
31-60 days municipal warrants
61-90 days bills bought in open market_
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certir. nrindebtedness_
Over 90 days municipal warrants
Federal Reserve NotesOutstanding
Held by banks
In actual circulation
55,118,000
206,038,000
39,928,000
34,463,000
55,179,000
7,624,000
9,000
61,105,000
78,259,000,
38,380,000,
1
34,756,000
42.579,0001
1,498.000
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
33,228.000
44,391,000
32,559,000
6,000
53,993,000
81,740,000
34,287,000
25,201,000
39,177,000
39,018.000
3,000
50,942,000
79,993,000
39,432,000
3,000
42,925,000
52,232,000
8,084,000
3,000
3.855,000
27,739,000
200,338,000
12,000
23,083,000
42.787,000
36,169.000
2,000
46,462,000
70,655,000
14,624,000
4,000
39.178.000
56.242,000
34,284.000
3.000
4,814,000
31,434,000
198,167,000
45,646,000
183,639,000
3,911,000
1,000
23,586,000
36,515,000
1,400,000
65,841.000
200,044,000
2,749,000
52,682,000
187,036,000
23,261,000
59,016,000
247,264,000
22,959,000
23,794,000
36,069,000
2,400,000
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
29,203.000
30,536,000
4,639,000
6,000
27,978,000
58,108,000
42,965,000
3,000
31,065,000
59,744,000
41,870,000
30,883,000
33,234,000
3,900,000
6,000
27,831,000
58,007,000
38,361,000
3,638,000
33,354,000
200,317,000
4,139,000
44,590,000
206,424,000
15,210,000
44,557,000
226,390,000
6,243,000
172,739,000
23,689,000
7,804,000
275,915,000
16,063,000
21,888,000
59,402,000
47,541,000
3,000
6,352,000
45,501,000
227,187,000
3,579,000
153,695,000
15,799,000
2.639.293,000 2,603,919.000 2,601,281,000 2,590,069.000 2,581,683,000 2.572,297,000 2,571,963,000 2,583,868,000
427,404,000 450,738,000 454,607,000 447.766,000 434,360,000 432,176,000 445,154,000 451,020,000
2,852,311,000
334,748,000
2,211,889.000 2,153,181,000 2,146,674,000 2,142,303,000 2,147,223,000 2,140,121,000 2,126,809.000 2,132,848,000
2,517,563.000
36.022.000
50,962.000
10,420,000
3,000
3,405,000
26,323,000
215,845,000
12,000
2,923,000
23,028,000
213,248,000
12,000
3,373,411,000 3,350,954,000
Amount chargeable to Fed. Res. Agent 3,388,980,000 3,379,246,000 3,379,538,000 783.342,000 769,371,000
749,687,000 775,327,000 778,257,000
In hands of Federal Reserve Agent
Issued to Federal Reserve banks
$
27,294,000
878,094,000
20,430,000
28,044,000
131,978,000
3,339,569,000 3,338,365,000 3,350,935,000 3,688,605,000
767,272,000 766,402,000 767,067,000 836,294,000
2,639,293,000 2,603,919,000 2,601,281,000 2,590,969,000 2,581,583,000 2,572,297,000 2,571,963,000 2,533,868,000
2,852.311,000
402,738,000
416,522,0001 416,522.000 416,522,000 416.522,000 416,522,000 416,523,000 416,522,000 416,122,000 1,175.116,000
432,825,000 406,261,000 403,965,000 331.176.000 348,153,000 348,913,000 374,318,000 388,806,000
113.842,000
127,651,000
124.654,000 122,088.000 128,675,000 130,531,000 124,938,000 121,354,000 124,016,000 1,651,289,000 1,160,615,000
1,665.292,000 1,659.048,000 1.652,119,000 1,691,840.000 1,691,970,000 1,685,507,000 1,657,107,000
2,583,868,000 2,852,311,000
2,639,293,000 2.603,919.000 2,601,281,000 2,590.069.000 2,581,583,000 2,572,297,000 2,571,963,000
Total
585,242,000 1,507,187,000
523,804.000
512.927,000 515,411,000 533,600,000
Eligible paper delivered to F. R. Agent_ 578.210,000 563,226.000 545,215.000
SEPT. 6 1922.
BUSINESS
AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
LY STATEMENT OF RESOURCES
How SecuredBy gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
Two ciphers (00) omitted.
Federal Reserve Rank of-
Boston.
$
RESOURCE'S.
14,458.0
Gold and gold certificates
Gold settlement fund-F. R. B'd 26.904,0
Total gold held by banks
Gold with F. R. agents
Gold redemption fund
41,362,0
172,771.0
7,565.0
Total gold reserves
Legal tender notes, silver, eze
221,698,0
7,735,0
Kan.City.
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap.
$
$
$
$
3
$
$
$
$
2,717,0
173,843,0 6,810,0 13,483,0 3,666,0 5,413,0 25.337,0 4,115,0 7,400,0 30,045,0
70,666,0 44,570,0 62,924,0 34,346,0 29,755,0139,202.0 16,691,0 30,043,0
32,762,0
244.509,0 50,380,0 76.407,0 38,012,0 35,168,0164,539.0 20,806,0 37,443,0 64,471,0
832,392.0 149,408,0 169,479,0 66,610,0 95.860,0 383.453,0 63,947,0 32,885,0
1,526,0
1,898,0
888 0
1 427 0 3 342 0 1 185 0. 2 889 0 1'
5.622.0
'
' * 1 ' *
' '
l 5,931,01. '
88,759,0
72,226,0
76,641,0
550,881,0
1,082,523.0 205,719,0 247,313,0 97,964,0 132,213,0
705,0 4,550,0
39,205,0 11,147,0 8,695,0 7,761,0 4,651,0' 19,923,0 9,972,0
New York.
Phila.
1
86,613,0 72,931,0
229,433,0 1,121,728,0 216,866,0 256,008,0 105,725,0 136,864,0 570,804,0
4,713,0 1,828.0
17,663,0
1,711,0
26,171.01 28,858,0 15,933,0 9,641,0
10,235,0
34,779,0 13,489,0 24,489,0
22.105•0! 8,863.0 11.914.0 24,974,0 29,508,0 13,350,0 15,286,0
19,007,0
1,713,0
59,320.01
28,064,0
271,0
29,826,0
12,304,0
65.792,0 33,488,0 26,317,0
41,546,0 107,596.0 65.785,0 57,673,0 34,886,0 32,932,0 7,516,0 18,763,0 4,344,0
Total bills on hand
133,0
23,589,0
44,208,0
27,643,0 1,241,0
11,697,0
U. S. bonds and notes
3,571,0 3,000,0
U. S. certificates of indebtedness
13,500,0 4,500,0 3,500,0 3,460,0 4,999,0 7,667.0 6,391,0
3,250,0
2,434,0
One-year Ms. (Pittman Act)_
2,031,0 22,382,0
34,107,0 103.421,0 6,525,0 40.155,0
21,0
All other
Municipal warrants
36.116.0
62.213.0
.357.0
1(13
CI
not
AA
n
ro,
,n
((,in
195
n
Ran
Inn
n
79t
OAS?
,-,.... ,,,,,, A
.
.
-. •
Total reserves
Bills discounted: Secured
U. S. Govt. obligations
All other
Bills bought in open market
by
Dallas. San Fran.
$
3
9,116,0 19,958,0
16,508,0 28,481,0
Total.
3
286,316,0
630,135,0
25,624,0 48,439,0 815,451,0
18,990,0 186,202,0 2,206,468,0
38,914,0
1,230,0 4,411,0
45,844,0 239,052,0 3,060,833,0
6,845,0 4,665,0 125,854,0
93,309,0 62,689,0 243,717.0 3,186,687,0
1,740,0 1,616,0 10,338,0
16,217,0 34,267,0 35,024,0
805.0 27,351,0
75,0
130,447,0
274,636,0
188,365,0
18,032,0 36,688,0 72,713,0
27,882,0 2,816,0 37,682,0
593.448,0
207.514,0
1,900.0 2,832.0
1,265,0 12,463,0
56,500,0
244,178.0
21,0
4,321,0
13,004,0
63,239,0 42,669,0 125,690,0 1.101.661.0
•
SEPT. 9 1922.]
RESOURCES (Concluded)Two ciphers (00) omitted.
T H Pi CHRONICLE
Boston.
$
Bank premises
5,251,0
5% redemption fund against Federal Reserve bank notes
422,0
Uncollected items
48,904,0
All other resources
901,0
New York.
Phila.
S
9,297.0
$
1189
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas.
SanFran.
$
s
s
a
a
s
a
s
Total.
$
$
603,0 6.119,0 2,571,0 1,680,0 7,678,0
953,0
936,0 5,026,0 2,093,0 1,429,0
43,636,0
674,0
250,0
239,0
188,0
468.0
695,0
223,0
198,0
916,0
146,0
279,0
4,698,0
127,397,0 46,249,0 52,958,0 46,781,0 21,426,0 78,387,0 34,964,0
15,272.0 41,793,0 26,435,0 35,512.0 576,078.0
3,378,0
757.0 1,446,0
653,0
154,0
825,0
668,0 1,334,0
969,0 1,796,0 5,312,0
18,193,0
375.511,0 1,531,199,0 365,124,0 445,741,0 195,505,0 200,687,0 761,746,0 185,634,0
Total resources
126,787,0 205,252,0 125,828,0 411,939,0 4.930,953,0
LIABILITIES.
8,106,0
Capital paid in
27,676,0 9,194,0 11,690,0 5,620,0 4,317,0 14,734,0 4,786,0
4,573,0 4,199,0 7.612,0 106.085.0
16,483,0
Surplus
60,197,0 17,945,0 22,509,0 11,030,0 9,114,0 29,025,0 9,388,0 3,578,0
7,468,0 9,646.0 7,394,0 15,199,0 215,398,0
875.0
Deposits: Government
14,428,0
845,0 3,247,0 1,529,0 3,126,0 5,416,0
Member bank-reserve ace't 120,668.0 698,254,0 106,826,0 149,325,0 55,922,0 49,437,0 256.267.0 1,581,0 1,343,0 1,725.0 2,244,0 1,371,0
37,730.0
61,676.0 45,652.0 80,637.0 47,940,0 123,477,0 1,796,081,0
371,0
All other
10.022,0 1,673,0 1,097,0
227,0
248,0 1,301,0
750,0
298,0
478,0
197.0 6,324.0
22,986,0
121,914,0 722,704,0 109,344,0 153,669,0 57,678,0 52.811,0 262,984,0 64,007,0
Total deposits
F. It. notes in actual circulation_ 186,699,0 615,358.0 182,528,0 205,256,0 82,060,0 114,301,0 382,861,0 70,653,0 47,293,0 82,840,0 60,381,0 131,172,0 1,856,797.0
51,328,0 62,024,0 35,076,0 223,745,0 2,211,889,0
F. R. bank notes in circulation_ _
2,577,0
net liability
10.842,0 3,758,0 3,414,0 2,662.0 4,301,0 7,916,0 3,390,0
2,351,0 7,607.0 2,423,0 1,552,0
38,273,0
52.793,0
Deferred liability items
89,808,0 40,806,0 47,333,0 35,309,0 14.707,0 60,951,0 32,552,0 13,354,0
37,464,0 24,665,0 30,542,0
1,459,0
All other liabilities
4,614,0 1,549,0 1,870,0 1,146,0 1,136,0 3,275,0
858,0 1,415,0 1,098,0 1,690,0 2.117,0 465.764,0
22,227,0
375,511,0 1,531,199,0 365,124,0 445,741,0 195,505,0 200,687,0 761,746,0
Total liabilities
185,634,0 126,787,0 205,252,0 125,828,0 411,939,0
Memoranda.
4,930,953,0
Ratio of total reserves to deposit
and F. R. note liabilities com74.3
bined, per cent
83.8
74.3
75.7
71.3
81.9
88.4
64.3
74.0
64.4
61.7
68.7
Contingent liability on bills pur78.3
chased for foreign correspondt's 2,173,0
10.989.0 2.i82.0 2.441.0 1,458,0 1,098,0 3,543,0 1,399,0
804.0 1.429.0
774.0 1.389.0
29.869.
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE
OF BUSINESS SEPTEMBER
6 1922.
0
1
Cleve. Richned'Atlanta Chicago. &Louis Minn. K.City.
Dallas. San Fr. Total.
Resources-(In Thousands of Dollars)
$
$
I
$
$
$
$
Federal Reserve notes on hand
$
1
82,150 294,050 48,220 32,820 30,520 70,754
73,580 27,330 10,810 13.900 14,643 50,910
Federal Reserve notes outstanding
749.687
200,108 894,899 202,355 217,497, 87,849 118,525 418,068 86,132, 54,1661
71,108 38,090 250,496 2,639,293
Collateral security for Federal Reserve notes outstanding
1
1
1
Gold and gold certificates
1
5.300 363,184
13,275
I
I
2,400
1 11,610 13,052
7,701
Gold redemption fund
1 416,522
14,471
38,208 14,519 11,204 2,815 4,960
15,808 3.537 1,833
Gold fund-Federal Reserve Board
153,000 431,000 134,889 145,000 53.795 88,500 367,645 38,800 18,000 3,111 2,289 11,899 124,654
61.360 9,000 174,303 1,665,292
Eligible paperf Amount required
27,337
62,507 52,947 48,018 31,239 22,665
34,615 32,185 21,281 16,637 19,100 64,294
lExcess amount held
14,209
41,804 3.621 9,176 2,444 10,114
31,071 1.303 4,651 1,395 17,504 8,093 432,825
145,385
Total
496,575 2,125,652 456,551 476.990208,662317,918 940,787 200,897 123,793
157,511 108,327 559,995 6,173,658
LiabIlUlesNet amount of Federal Reserve notes received from
•
Comptroller of the Currency
1
282,258 1,188,949 250,575 250,317 118,369189,2791 491,648 113,462 64,9701 85,008
Collateral received fromfGold
52,733 301,406 3,388.980
172.771 832,392 149,408 169,479 56,610 95,860 383,453 53,947 32,885
54,471 1 18,990 186,202 2,206,468
Federal Reserve Bank'Eligible paper
41,546 104,311 56,568 57,194 33,683 32,779
65,686 33,488 25,932 18.032 36,604 72.387
578,210
Total
496,575 2,125,652 456,551 476,990 208,662 317.918 940,787 200,897 123,793
157.511 108,327 551,995 6,173,658
Federal Reserve notes outstanding
200,108 894,899 202,355 217,497 87,849 118,525 418,0118 86,132
54.166 71,108 38,090 250,496
Federal Reserve notes held by banks
13,409 279,541 19,827 12,241 5,789 4.224
35,207 15,479 2,838 9,0841 3.014 26.751 2,639,293
427.404
Federal Reserve notes in actual circulation
186,699 615,358 182,528 205,256 82,060 114,301 382,861 70,653
51,328 62,04 35,076 223,745 2,211,889
Federal Reserve Agent at-
Boston. New York! Phila.
WEEKLY RETURN FOR THE MEMBER BANKS OF THE FEDERA
L
RESERVE SYSTEM.
Following is the weekly statement issued by the Federal Reserve Board,
giving the principal items of the resources and
liabilities of the 791 member banks,from which weekly returns are obtained.
These figures are always a week behind those
for the Reserve Banks themselves. Definitions of the different items in the statement
were given in the statement of Dec. 14
1917, published in the "Chronicle" Dec. 29 1917, page 2523. The comment of the
Reserve Board upon the figures for the latest
week appear in our Department of "Current Events and Discussions" on page 1146.
1. Data for all reporting member banks in each Federal Reserve District at close
of business August 30 1922. Three
ciphers (41110) emitted.
Boston. New York Philadel. Cleveland. Richm'd. Atlanta. Chicago.
St. Louis. Minneap.Kan. City Dallas,
Sax1Fran.1 Total.
Number of reporting banks
49
105
56
42
84
79
109
37
Loans and discounts, Including bills re33
78
51
68
791
discounted with F. R. bank:
$
$
$
$
6
$
$
$
Loans sec. by U. S. Govt. obligations_
$
$
13,261
84,148
$
15,888
i
29,498
11,023
$
8,797 43,633
14,615
Loans secured by stocks and bonds__ _ 209,638 1,572,318 234,324
8,191
9,973
4,263
337,407 118,017
10,040
259.330
57,558 528,071
All other loans and discounts
38,203 67,760
559,6582,212,165 313,309 636,520 298,948 291,380 1,004,619 132,244
42,788 143,685
260,965 193.052 348.501 192.018 708,716 3,482,013
-----7,019.852
Total loans and discounts
782.5573,888,031 563,5211,003,425 427,988 357,735 1,576,323
407,824 239,447, 426,234 239,069 868,44110.761,195
U. B. bonds
97,8861 668,596
57,190 155.562
58,202
29,452 135,106
33,543, 23,7011 57,636
U. S. Victory notes
810, 21,576
33,787 116,199 1,366.860
5,197
2,534
306
541
4,972
4,1411
U. S. Treasury notes
283
26,9821 402,074
1,364
558
5,5811
47,863
26,695
39,839
6,037
3,896
75,604
8,2511
U. S. certificates of indebtedness
9,308
13,837
8,242
5,549
26,560 647.325
78,509
7,250
8,937
3,557
8,366
27,415
7.206
Other bonds, stocks and securities
5,597, 10,225
171,1711 796,436 187,445 283,683
6.263
23.709
192,583
55,683
34,711 408,320
84,359
26,573 60.866
7,899 160,572 2,277,718
Total loans, (Itself; & investments, Incl.
bills rediscounted with F. R. Bank__ _ 1,084,95515,735,8221 847,298 1,493,980 551,773
I
434,701
2,227,740
Reserve balance with F. R. Bank
545,3241 304.9091 570,162 295,818 1,201,062 15,293,544
83,849, 646,984
65,758 104,592
34,102
28,145 199.873
37,095
Cash in vault
19,178
46,407
22,480
18,389 84.718
89.119 1.377,582
15,209
27,609
13,127
9,452
50,986
6,881
Net demand deposits
6,138
12,149
782,660 4,799,790 677,443 865,298 327,243
9,308
20,823
274,189
.503 319,741
Time deposits
240,308 828,129 54,371 504,625 141,567 250,8561,440
154.211 701,687 170,386 190.986 446,858 206,793 634.06110,942,232
Government deposits
77,716 116,844 64,013 544,831 3,598,688
13,004 69,133
11,580
15,092
5,465
5,150
24,046
4,2111
,5935
5,973
Bills payable with Federal Reserve Bank:
4,460
13,631
177,680
Secured by U. S. Govt. obligations_ _ _
3,919
15,7081
8,307
3,582
3,931
1
12,832
7761
All other
5131
1,119
6,760
57,447
350
20
Bills rediscounted with F. R. Bank:
182
552
Secured by U. S. Govt. obligations
39
1
2441
55
105
98
507
5
8
1!
10,405
38
All other
112
15,684
5.565
1,212
6,370
6,415
3,041
6,828
1,156
2.365
2,381
4,222
3,794
68,226
Federal Reserve District.
2. Data of reporting member banks in Federal Reserve Bank and
branch cities and all other reporting banks.
New York City.
City of Chicago.
All F. R. Bank CitiesIF. R. Branch
Cities. AllOtherReport.Bks.
Total.
Aug. 23. 1 Aug.30 Aug 23.
Aug.30. Aug. 23. Aug.3022 Aug. 23'22 Aug. 31'21
64
64
Number of reporting banks
501
5e;
2691
2691
209
209
313791
313
7911
Loans and discounts,incl. bills redis812
counted with F. R. Bank:
i
$
$
I
$
$
oblig'ns
$
74,609
Govt.
74,310
$
34,972
Loans sec. by U. S.
32,304
170.556
167,163, 48,112
47,892
259,330 256,37
41,315
40,662
609,197
Loans secured by stocks & bonds_ 1,401.886 1,397,769 400,369 402,955 2,548.746 2.546,173 494,810
497,966 438,457 437,315 3,482,013 3,481,454 2.922,720
All other loans and discounts.-1,932.983 1,944,332 630,672 631,938 4,385,823 4,402,692
1,370,1771.364,913 1,263,852 1,260,610 7,019.852, 7,028,215 7,959,327
3,409,4783.4l6,411'1.068,13
Total loans and discounts
1,067,197, 7,105,125 7,116,028
499,674 501,756' 62,952 61,653, 798,019, 795,73711,913,099 1,910,771 1,742,971 1,739,240 10.761,195 10,766,039 11,491,244
U. S. bonds
298,980 300,607 269,861 270,987 1,366,860 1,367,331
20,311
14,5351
4,496
870.054
U. S. Victory notes
3,873;
36,178'
29,210
7,246
7,408
47.863,
4,209
4,439
40.827
384.965 387.656
165.219
51.813
U. S. Treasury notes
52,6161 522,8941 525,578
73,822
81,528
647,325' 656,857
49,751
indebtedness
50,609
certificates
74,768
68,458
of
14,069
50,861
U. S.
14,057, 126,539, 120,348
47,986
42.897
192,5831
18,054
181.299
18,058
597.435 622.599 175,726 179,234 1,236.650 1,264,037
157,738
Other bonds, stocks and securities
626,875 626,551 414.193 412,792 2,277,718 2,303,380 2.024,094
Total loans dr discla & invesets,
incl. bills rediseted with F. R. Bk.4,986,631 5.011,415 1,375.0691,378,630' 9,825,405 9,850,938 2.968,008
2,969,762
2,495,033 15,293,544 15.315,733 14,759,210
602,532 592,911 137,836 138,189 1,001,765
Reserve balance with F. R. Bank
987,986, 223,5941 214,344 2,500.131
152,223 154,668 1,377,582 1.356,998 1,217,579
72,292
71,622
28,488
Cash In vault
27,905
147,746
,333
274,189
69,974
268.863
71,653
289,714
4,316,409 4,307,708 997,652 1,000,232 7.623,462 7,611.706 1,754,790, 54,556
Net demand dePoidts
60,10711,767.741 1,558 663 1,560.22710,942.232 10,939.674 9,967,547
606.620 605,396 334,514 333.707 1,811,516 1,808,737
Time deposits
1,034.3201,0
27.811
3.598,688
751.557
752,852
3,588,105
1
2,924.701
64,430
64,430
Government deposits
16,871
17,265
133,388
133.782
26,041
26,021
177,680
18,788
178,591
18,251
167,104
13111s payable with F. R. Bank:
9,468
16,498
93
Seed by U.S. Govt. obligations
27,123
745
32,748
18,084
11,933
57,447
8,731
53,412 265,667
12,260
All other
182
191
552
191
370
671
Bills rediscounted with F. R. Bank:
244
244
376
Seed by U.S. Govt.obligations
375
756
1,212
256
36
80
667
70,409
11,370
11,076
5,2
35,593
1,677
All other
37,58
11,826
68,226
8,980
18,408
62,981
18,815
619,205
Ratio of bills payable & rediscounts
with F. R. Bank to total loans
'4
.6
.5
.2
.7
and Investments, per cent
.7
1.0
1.3
.7
1.1
.8
.8
6.5
Three ciphers (000) omitted.
Aug. 30.1 Aug.23. Aug. 30.1 Aug. 23. Aug.30.
[Vol,. 115.
THE CHRONICLE
1190
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
azettto
Vanittrs'
Philadelphia
Boston
Wall Street, Friday Night, Sept. 8 1922.
Railroad and Miscellaneous Stocks.-There were sevcircles
eral reasons for a cheerful tone in Stock Exchan.geAmong
immediately following the summer-end holiday
the most important of these was a settlement of the hardcoal
coal strike, reports showing that the movement of soft men
was steadily increasing and that striking car-shop are
were returning to work. Important as these matters
there was, however, no hysterical movement in any of the
of
various departments of the market. On a fair volume
ly
business, which was well distributed, prices were general
firm and in a considerable number of eases from 1 to 3
points were added to last week's advance in prices. On
Wednesday a drop of 9 points in Mexican Petroleum caused
a sympathetic decline of from 1 to 2 points in a long list of
active stocks. But this depression was short-lived and in
Thursday's more active market a substantial recovery was
made. To-day's market has been irregular and closing quotations are almost evenly divided between higher and lower
when compared with those of Thursday.
A report from the steel industry shows that as a result of
the coal strike the daily output was reduced from 77,600
tons in July to 58,600 tons in August, notwithstanding the
fact that orders increased during the latter month.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Week ending
Sept. 8 1922.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Shares
5,009
13.727
17,879
15,558
17,924
70.097
Bond Sales
Shares
I
Baltimore
Bond Salesi Shares
Bond Sates
1,995
510.800
1,234
OL1DAY LABOR DAY
1,141
21.500,
2.6371
42,650,
747
33.700'
4,429'
23,300!
2,081
48,200
3,639;
22,550:
867
12,100
5.0711
19,000'
$23,900
6.839
$247,900
515,350
3122,850
17.010
5128,300
61,900
43,600
47.400
71,100
Sept. 6. Sept. 7. Sept. 8.
Daily Record of Liberty Loan Prices. Sept. 2. Sept. 4. Sept. 5.
100.84 100.80 100.88 100.80
(High 100.70
First Liberty Loan
100.70 100.70 100.84 100.74
334% bonds of 1932-47_ _(Low_ 100.66
100.84 100.76 100.84 100.74
(Close 100.66
(First 3%s)
89
224
183
764
39
Total sales in 31,000 units....
100.40
__
(High
Converted 4% bonds of
100.40
1932-47 (First 42) ____i Low_
___ _
(Close
____
Total sales in $1,000 units_._
100.60 100.60 100.74
-100.65
Converted 434% bondsrifigh 100.52
100.12 109.44 100.44 100.60
01 1932-47 (First 4 q0i Low- 100.32
100.54 100.44 100.60 100.74
, (Close 100.36
37
133
120
289
Total sales in 31,000 units._. 1,712
____
____
_
High
f
Second Converted 434%
- -____
-- -- ---- -bonds 011932-47 (First( Low_
- -- ___-------._ _ HOLISecond lgs)(Close
-____ DAY
Total salw in $1,000 units_ _ 100.20
____
100.18 100.16 100.28
(High
Second Liberty Loan
100.20
100.18
100.16
____
Low_
100.18
__(
1927-42__
of
4% bonds
(Close
100.18 100.16 100.28 100.20
--(Second 4s)
2
2
4
____
28
Total sates in $1,000 units...
103.44 100.28 100.32 100.36
(High
100.20
bonds
%
Converted 434
100.22
100.12 100.16 100.20
of 1927-42 (Second ;Low_ 100.12
100.26 100.22 100.26 100.28
_Mime 100.18
434s)
422
795
201
333
188
Total sales in $1,000 units_ _ _
100.32 100.30 100.32 100.36
(High 100.28
Third Liberty Loan
100.26
100.18
100.20
100.18
100.14
Low_
i
of
1928____i
bond
454%
100.24 100.22 100.32 100.26
(Close 100.28
(Third 4'4s)
567
731
92
48334 441%
Total sales in $1,000 units__ _
1.
Jan.
since
Range
Week.
100.50 100.48 100.68 100.76
100.40
for
(High
Range
Loan
Sales!
Fourth Liberty
STOCKS.
100.64
100.36
100.32 100.36
for
434% bonds of 1933-38_ _ i Low- 100.30
Week ending Sept. 8.
Lowest. I Highest.
Highest.
100.44 100.48 100.60 100.70
(Close 100.34
Week.! Lowest.
(Fourth 4 kis)
577
743
417
1,360
406
Total sales in $1,000 units__
100.74 100.70 100.70 100.72
(High 100.70
Par Shares $ per share $ per share $ per share Spar share
Victory Liberty Loan
100.68
May
100.68
116
Jan
100.68
107
2
Sept
100.68
116
100.68
(Low_
2
of
116
Sept
1922-23_
434% notes
All America Cables.. _100 500
100.68 100.70
Mar
Sept 37
100.68 100.68
(Close 100.68
(Victory 4gs)
R10
1AR
American Chicle pref 100 200 23 Sept 7 28 Sept 8 23
ICA
.1Afk
•
12
Total sal. in Cl non Ifilife
Amer La France Fire En
Aug
7
95%
101%
May
Sept
6
Sept
10034
200 100
7% cum preferrethiOl
Sept 52% Sept
24,100 4534 Sept 5 52% Sept 8 44
Am Metal temp ctfs.
Note.-The above table includes only .sales of coupon
Au 112% Sept
Sept 611234 Sept 8 107
600 111
Am Metal tern ctf pf _10
Au: 3% Aug bonds. Transactions in registered bonds were:
33( Sept 6 3% Sept 2
86,10
Am Tel & Tel rts
100.02 to 100.26
100 10834 Sept 2 103% Sept 2 108% Sept 108% Sept
Art Metal pref
100.12 to 100.63 23 26 434s
3 1st 310
Aug 2% July
2% Sept 7
100.02 to 100.18
AtiFruitColTCoctfofdepl 2,700 134 Sept
45 38 4gs
100.34
1 1st 43
8 82 June 1404 Aug
100.16 to 100.66
4348
4th
331
to
Atlas Powder 8% cm pt-I 400 90 Sept 8 80 Sept 6
100.54
100.26
lst4gs
30
July 36% July 36
100.50 to 100.54
Beech-Nut Packing_ _ _20 1,200 3134 Sept 5 33% Sept 8 89
99.76 to 91,86 42 Victory 43(s
6 2d 4s
May 97% Sept
Brown Shoe Inc, pf_ 100, 200 9734 Sept 7 97% Sept 2
Sept
50
Jan 90
, 86c.
edness
Indebt
Buff Roch & Pitts, pf 100 600 90 Sept 2 90 Sept
of
Ctfs.
S.
U.
Treas
Feb 99% Sept Quotations for
Burns Bros. prof__ _100 20 99 Sept 5 99% Sept 6 94
In'.
Feb
Jan 116
Int.
Prior preferred_ __ _100 100 114 Sept 2 114 Sept 2 112
Asked.
Bid.
Rate.
Aug
Maturity.
41
Aug 44
Rate. Bid. Asked.
Maturity.
Case(J I) Thr Mach_ - -• 1,400 4134 Sept 6 43% Sept 8
Sept
Feb 106
100 106 Sept 6 106 Sept 6 83
C St P M & 0,pref_ _100
10111 e 101%
4%%
1928...
Sept
8
15
Mar.
Sept
103
103
43
Jan 103
100 103 Sept 8
% 102%
June 15 1924._
Cluett.Peab & Co pi_ 100
100%
Aug Sept. 15 1924._ 534% 102%
102% Mar. 15 1923 __- 4%% 100!
Jan 58
100 58 Sept 6 58 Sept 6 49
Colo& Southern 2d pf100
3%% 1001 $ 100%
Aug Dec. 15 1922... 414% 100% 100% June 15 1923
Sept 4
4,720 234 Sept 6 3% Sept 8
Cons Cigar rts
109%
100%
4%%
1925...
15
Aug Mar.15 1925
101% Dec.
434% 101%
200118% Sept 5 119 Sept 5 113% Aug 119
Cons GEL&P Balt_ 200 9634 Sept 7 97 Sept 7 93% July 97% June
pref
Cosden&
ge
exchan
sterling
Sept
5
Sept
1
for
8
Sept
1
_
market
%
34 Sept
Crucible Steel rights_ - -,20,90,
ForeignExchange.-The
Feb 44% July
Emerson-Brant pref_1001 810 40 Sept 5 40% Sept 5 23
and a trifle higher. Continental
10 14 Sept 8 14 Sept 8 14
Sept 20% Sept has ruled quiet but steady
Fairbanks Co (The)_ -26
some irGenAmTk Car7% pf 100 200 102 Sept 7 102 Sept 7 96 Jun 102% Sept exchange was also firmer, though showing at times
Gen Cigar Inc pref_ _100 200104% Sept 7104% Sept 7 100% Ma 106 June
e.
was
inactiv
g
Tradin
ity.
regular
May
7
85
Sept
Sept
100
30
8
80%
Corp
103
8434
July
Hartman
exchange were 4 43344
Hudson Motor Car_ _ _ -• 7,900 2034 Sept 7 21% Sept 8 1934 Au 23% July
To-day's (Friday's) actual rates for sterling
Sept 211334 Sept 8 104% Jan 113% Mar 4 4434 for sixty days, 4 45%44 4534 for checks and 1 459/s @44534 for
1,30 111
Illinois Central prof
sixty days 4 42%@
4534,
4
44%04
sight
5
banks,
on
Sept
5
70%
Sept
Sept
61
ial
600
_100
A__
Feb
Series
6934
70%
RR Sec
cables. Commerc
days)
500 29 Sept 6 29% Sept 2 22% July 3134 Aug 4 433-4, ninety days 4 42(4)4 4234 and documents for payment (sixty
Interboro Rap Tran w 14534, and grain for payInt & Gt No Ry w 1_ -100 1,000 2334 Sept 2 23% Sept 6 22% June 26% June 4 43%P4 4334. Cotton for payment 4 44344
8
5
Jan
Sept
Sept
5
7%
100
300
6
Feb 13%
Iowa Central
ment 4 44%44 45%.
bankers' francs were 7.65(4
Sept
Jan 209
Ligg&MyersTobser B100 30 209 Sept 8209 Sept 8 100
To-day's (Friday's) actual rates for Paris
Sept 7.72 for long and 7.68@7.75 for short. Germany bankers' marks are not
2,30 58 Sept 6 63 Sept 5 30
Au 64
Loose Wiles Biscuit
am bankers' guilders were
Amsterd
bills.
6
6534
Sept
short
Sept 8 44
July 5534 Aug yet quoted for long and
Man Ry EqTrCoofNYcd 6,20 52% Sept 8
92% Sept 8 70 June 92% Sept 38.42438.15 for long and 38.76P38.79 for short.
30 91
M St P & SS M pref..100
range, 57.40 fr. high and
week's
fr.;
57.00
',
68
68
Sept
Sept
London,
on
Sept
100
63
Paris
June
68
Exchange at
Leased line certifs_10
Aug 14% Sept 56.55 fr. low.
17,90 14 Sept 2 14% Sept 6 13
Moon Motor Car
follows:
week
the
1134
11%
for
7
Sept
5
Sept
exchange
Sept
foreign
10%
12,500
for
Aug
•
11%
range
Coal
The
Mother Lode
Cables.
Sept
Mar 102
50 97% Sept 2 102 Sept 8 81
Sixty Days. Cheques.
Nat Enam Stpg pf_100
Sterling ActualSept 7 ion Sept 2 7
4.4734
Aug
Jan 19
4.4734
4.4534
Nat Rye Mex 1st pf_100 400 10Y Sept
High for the week
7-16
5234
6
Sept
1.45
6
Aug
100
47
Jan
3-16
5234
25
4.46
53%
9-16
4.43
week
Ohio Fuel Supply
6 90 Sept 6 86% July 90% Aug Low for the
Francs
Pacific Tel & Tel pf_ _100 200, 90 Sept
Bankers'
Paris
Sept 6 100 Sept 6 90% Jan 100 June
7.93
100
200
7.92
_100
pf_
7.87
Co
C)
(J
week
Penney
for the
7.71
Mar 9731 June Highfor the week
100 SOO 97 Sept 7 97 Sept 7 85
7.70
7.65
Pittsburgh Steel
Apr Low
Jan 21
• 300 1734 Sept 2 18 Sept 2
Marks
Bankers'
Reis(Robt)& Co
Germany
0.08%
600 27 Sept 8 29 Sept 5 24% Aug 50% June
0.0834
Reynolds Spring Co_ _
for the week
Sept 5 9634 Sept
0.06%
96
Aug 96% Sept Highfor
70 96
0.06%
the week
Shell Union Oil pref
Sept 8101
Sept 2 97% Sept 101
Sept Low
97%
80
pref
011
Guilders
Bankers'
Sinclair
Amsterdam
39.02
93'
Sept
6
Sept
93
Aug
Jan
10
83%
38.97
93%
38.54
week
Standard Milling pf_ 1
38.86
Mar High for the
Jan 420
4 370 Sept 6 375 Sept 6 315
38.78
38.44
Tax Pat Land Trust_100
Sept 612734 Sept 6 109% M 137% May Low for the week
127
$1,000
200
per
100
15(4125c.
Tidewater 011
Domestic Exchange.-Chicago, par; St. Louis,
64% Sept 2 6434 Sept 2 14
Aug
Jan 70
Montreal, $12 50 per
W Series B _ _ _
Tol St
54% Sept 6 55 Sept 8 22% Jan 57% Aug discount. Boston, par. San Francisco, par.
Preferred Series 5.... 400 5434 Sept 5 145 Sept 5 125
premium. Cincinnati, par.
$1.000
May
Feb
145
100
Underwood Typew'r_
this week
Jan
100 1,0071109% Sept 5109% Sept 5 107% Jan 130
Preferred
The Curb Market.-Prices in the Curb Market
h Sept
% Sept 2
34 Sept
8,900, % Sept 2
was some
there
Union 011rights
while
7
63
and
Sept
h,
Sept
45%
strengt
Sept
60
rable
63
700
conside
MAY
*
showed
S Tobacco
was
100 2234 Sept 6 2234 Sept 6 22% Sept 25% Aug
to profit taking, a generally higher level
Va-Caro-Chem Class B_ _ 6,000i10
8% Sept 2110% Sept 8 107
Aug 112 June irregularity due
advances. Reonal
sensati
West Elec 7% cum pi 100
75
made
Sept
5
5
Sept
issues
65
75
Aug
Jan
75
Several
.
1001
reached
IVest'b E & Mfg 1st pf 50
Cigar Store,
\
1081
• No par.
YORK STOCK EXCHANGE
TRANSACTION'S AT THE NEW AND
YEARLY.
DAILY. WEEKLY
Stocks.
Week ending
Sept. 8 1922.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
7,1,11
Shares.
Par Value.
Railroad,
arc..
Bonds.
Stale, Mun.
and Foreign
Bonds,
U. S.
Bonds.
333,163 326,936,000
32,457,000
$878,650
3880,000
HOLIDAY
0
4,645,000 1,729,000 3,850,400
76,200,00
886,875
0
7,482,500
2,400,000 1,882,350
990,704 89,840.00
8,476,500 2,223,500 3,128,500
904,300 81,330,500
9,803,000 1,634,000 2,764,000
938,000 83,762,000
---eon
4._053.042 $358,068.500 532 844,000 $8.768.566 In 71n
Sales at
New York Stock
Exchange.
Week ending Sept. 8.
1922.
I
1921.
Jan. 1 to Sept. 8.
1922.
1921.
2,557,457
67
117,508,804
4,053,04215199,978,415 $1 174,223,7
Stocks-No. shares_ _ _ 5358,068,
5,305,540,889 38,820,288,307
500
Par value
Bonds.
11,713,900 31,313,100 1,199,358,200 1,263,795,160
Government bonds__ _
5,614,500
16,013,000
207,571,900
8,766,500
State, mun.,dec., bonds 32,844,000 13,511,500
652,498,000
613,0913,600
bonds
RR.and misc.
353.324.400 $50.436.100 $1,867,869.200 $2.084,463,660
Total bonds
United
vival of rumors of a possible merger withion,
caused a rise in
though later reported without foundat
subsequent reaction
a
and
65
to
39
from
Stores
Retail
Schulte
conspicuous for an adto 58. Cleveland Automobile was
finally to 303.
receded
it
though
32,
to
263
vance from %
points to 44% sold up
1M
over
of
loss
after
Motors
Durant
Durant Motors of Indiana
49 and closed to-day at 483/2.
week at 153.. Glen Alden
the
ends
and
16
to
rose from 143/i
to 633/2, dropped to 59,
61
from
e
advanc
an
after
Coal
60. Hayes Wheel made
at
finally
sold
and
62
to
ed
recover
31% to 34%, the close
from
ing
advanc
gain,
tial
substan
a
Gulf Oil jumped from
shares
oil
In
3432.
at
being
y
to-da
rd Oil (Indiana)
Standa
565.
at
finally
sold
and
575
to
530
to-day to 1183.
moved down from 115M to 113% and up
Standard Oil (Kentucky) after fluctuating between 104%
to 1089, closing at
and 106 during the week, sold up to-dayed
from 442 to 453.
advanc
Y.
N.
of
Oil
rd
Standa
.
'
1083,
Bonds were
New York Oil improved from 18 to 223.
fairly active with fractional price changes.
A complete record of Curb Market transactions for the
week will be found on page 1200.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
1191
OCCUPYING FOUR PAGES
For sales during the week of stocks usually Inactive, see preceding page.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Sept. 2.
Monday,
Sept. 4.
Tuesday,
Sept. 5.
Wednesday
Sept. 6.
Thursday.
Sept. 7.
Friday,
Sept. 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCIIANGE
S per share $ per share $ per share $ per share S per share $ per share Shares
Railroads
Par
.2133 22,
2178 2178 2134 2134 22
8
700 Ann Arbor
2234 2234 23
100
4912 4912 4812 4914 4914 51
*5014 5012
Preferred
1,200
50
50
100
103 104
104 10438
10258 10338 10318 10338 10314 10418 8,900 Atch Topeka & Santa Fe_ _100
9478 9478 *93
9414 9414
94
*9213 94
Do pref
200
*93
100
9458
3
3
*278 3
234 234
600 Atlanta Birm & Atlantic_ _100
278 278
3
3
118 11878 116 11778 117 11814 11812 11914 5,100 Atlantic Coast Line RR_ _ _100
11814 119
5818 5878 5714 59
5814 5878
5734 5814 5754 5812 16,400 Baltimore & Ohio
100
6514 6513 6512 6578 6512 6512 *65
6512 6512
Do pref
6512 1,000
100
*66
68
*66
66
66
68
*66
68
600 Buffalo Roch & Pitts
*66
68
100
2434 2538 2434 25
25
25
2434 2614 2513 26
6,900 Itrookivn Rapid Transit__ _100
2014 2014 20
*2014 2031
2013 2018 2138 21
Certificates of deposit
6,400
21
14758 14912 146 14713 14714 148
14814 149
148 14914 12,700 Canadian Pacific
100
*193 195 *193 197
*193 197
19314 19314 200 200
200 Central RR of N J
100
76
7612 755s 7658 7534 7658 761s 7714 8,500 Chesapeake & Ohio
7614 7634
100
312
378
334 4
312 33
,
378 4
4
418 7,900 Chicago & Alton
100
6
638
618 61,
578 614 *6
Preferred
618
614 614 2,700
100
3814 3918 3912 41
3814 3918
3913 4013 40
40,8 3,600 Chic & East Ill RR (new)
62
6112
6214 62
60
62
61
62
Do pref
6112 62,4 3,700
712 734
*712 8•
738 712
738 758 1,200 Chicago Great Western... _100
714 738
1814 1878 *18
1834 1918
pref
1834 *18
Do
1,200
19
19
*1878
10Q
3234 3358 3138 33
3278 34
3414 25,800 Chicago Milw & St Paul_ _100
3134 3312 33
5114 52
5012 52
5018 5138 51
Do pref
53
5214 5314 28,200
100
93
9414
9278 9412 92
94
Chicago
22,000
&
9214 9418 9378 9438
North Western_100
*121 124
124 124 *121 125 *121 125
200
Do pref
12478 12478
100
4758 4918 4714 4838 4712 4834 4734 4813 52,300 Chic Rock Isl & Pac
4711 48
100
*97
98
97
9712 9712 9812 9813 9813 98
1,700
7% preferred
98
100
8612 8653 8678 87
861s 8658
863.1 8634 8714 8714 2,000
6% preierred
100
81
*79
82
8212 83
83
*8212 83
700 Chic St P Minn & Orn_ _ _ _100
84
83
80
*78
*78
80
78
78
7712 7734 7814 7814
400 Clev Cin Chic & St Louis_ _100
*98
*98
9912
9912 9818 9818 97
Do pref
500
9734 9734 9734
100
4912 4912
49
4912 4813 4914 *49
600 Colorado & Southern
4912 49,2
50
100
*6034 6178
*6034 6178 611.1 6114 *61
Do 1st pref
63
100
*61
63
100
12818 12814
12814 12912 12912 130
130 131
13938 14112 2,900 Delaware & Iludson
100
134 13434
13312 13412 133 133
13234 13234 133 1365s 7,700 Delaware Lack & Western_ 50
*312 4
*312 4
*31.2, 414 *312 4
Duluth S S & Atlantic__..500
*312 4
*8
9
*8
9
*8
912 *8
Do pref
9
*8
9
100
1578 1638
1534 1638 1518 16
24,000 Erie
1538 157s
1578 16
100
25
2514
2534 2612 2478 2534 25
Do 1st pref
2512 2514 2578 6,800
100
1814 1814
1712 1734 1758 1814
Do 2d pref
2,600
1712 181 1
18
18
100
9418 9434
9418 9478 9278 9412 9312 9458 94
9478 17,500 Great Northern pref
100
4112 41,2
41
411
. 3934 4078 3978 40,4 4014 4038 8,600
Iron Ore properties_No par
1534 1534
*1512 16
1512 1512 *1512 16
400 Gulf Mob & Nor tr ctfs___100
*1512 16
4112
*40
*39
41
*39
4012
40
Do prof
*3813 41
*39
100
11112 11134
11114 11114 110 11078 111 111
11138 11334 3,900 IllinoLs Central
100
*112 IN
113
112
113
113
112
2,400 Interboro Cons Corp__No par
112
112
15
8
412
*414
4
438
4
4
4
pref
4
Do
4
438 3,000
100
2534 2534
2578 26
2518 2518 2518 2514 254 2512 1,300 Kansas City Southern__ _100
5812
*57
585s 5858 57
57
Do pref
5812 5813 5814 5814
400
100
*4
8
*4
8
*10
*4
Keokuk & Des Moines__ _100
8
*4
10
33
33
*33
36
*33
35
*34
36
400 Lake Erie & Western
34
34
100
*7112 73
*7112 7312 *7114 74
73
400
Do pref
73
73
73
100
6914 6978 6814 6914 6878 6912 6913 7114 22,500 Lehigh Valley
6938 7018
50
140 14014 13734 13734 138 13934 139 13934 2,100 Louisville & Nashville
13934 13934
100
*54
5434
5318 5412 5412 5412 5412 56
55
551s 1,500 Manhattan Ry guar
100
*712 814 *712 8
*7
814
Market Street RY
*7
814
*7
8
100
*35
44
*35
40
*3512 43
*36
Do pref
4312 *35
43
100
6512 63
65
6578 6578
6412 *6318 6312 6412 6512 2,400
Do prior pref
100
*22
2312 2138 2218 *2118 2318 *2114 24
2178 2178
Do 26 pref
500
100
10
10
975 1018
912 10
B.
914
914 938 1,500 Minneap & St L (new)_._ 100
71
70
70
70
70
70
*68
71
600 Minn St P & S S Marie__ _ _100
7034 7034
•1338 14
1313 1312 1312 1312 *1312 1334 *1312 14
200 Missouri Kansas & Texas_ _100
1878 19
1812 1878 1814 1834 1812 19
1812 1878 Labor Day
10,600 Mo Kan & Texas(new)
4558
4612
463
4612
8
4634 4634
4714 4712 4758 48
Do pref (new)
5,500
2218 2278 2218 2234 2234 231s 7,000 Missouri Pacific trust
2234 23
2212 2338 Holiday
etfs_190
5814 5912 5712 5813 5734 5834 5918 6038 12,800
58
5934
Do pref trust etfs
100
458 434 *412 434 *413 434 1,500 Nat Rys of Mex 26 pref _ _ _100
434 5,8
458 434
70
*7058 7112
7012 70
7012 71
7018 7018 7078 1,200 New On Tex & Mex v t c_ _ 100
98
983s 9634 98
9814 9812
97
9814 9734 9838 22,400 New York Central
100
83
85
85
84
85
85
8214 8414 8458 8538 1,500 NY Chicago & St Louis__ _100
9012 88
*88
88
*89
*88
9012
9014 *88
Do 2d pref
100
9012
100
3134 3238 3111 32
3212 3234
3134 3212 3218 33
21,300 NY NH & Hartford
100
2612 2612 2612 2612 *2612 2678 2612 27
*2614 2634
1,600 N Y Ontario & Western_ 100
*181. 20
*1812 20
*18
20
*1812 20
Norfolk Southern
*1813 20
100
11834 11934 11914 12312 12334 12478 33,100 Norfolk & Western
117 120
118 118
100
*75
*70
80
80
*75
80
*75
80
Do prof
*75
80
100
89
895s
8818 8914 8714 8858 88
17,300 Northern Pacific
89
8814 89
100
4658 4678 4612 4678 4613 4634 4614 4634 17,500 Pennsylvania
4634 47
50
22
21
22
2112 21
*22
23
22
22
1,200 Peotia & Eastern
22
100
3812 39
38
3834 39
3834 38
3834 3812 39
9,200 Pere Marquette v t c
100
81
*80
*79
8034 8034
8034 *79
8034 *79
Do prior pref v t c
100
8012
100
7412 7412 *74
74
74
7412 7414 7414
Do pref v t c
500
7414 7413
40
40
3914 40
39
40
39
4018 3914 4014 5,400 Pittsburgh & West Va
11000
0
*91
92
*91
*91
92
92
9113 9113, *91
100
Do pref
9112
100
7958 8013 78
795s S012
7912 79
7912 7938 8178 26,700 Reading
50
*5212 53
53
53
5213, 5212 *52
53
5213 53
Do
700
1st pref
50
5312 5313 53
5312 5334
53
53
53
1,600
5312 54
Do 2d pref
50
*45
471.2
*45
47
*45
47
45
45
*44
200 Rutland RR pref
47
100
30
3014 2934 30
3018 3018
2912 3018 3014 3058 4,200 St Louis-San Fran tr ctfs_ _100
56
5412 5412
56
*5334 57
55
55
400
5438 5438
Do pref A trust ctfs_..100
3414
3358 34
34
33
3312 3318 3312 3314 34
3,800 St Louis Southwestern_ _ 100
5034 5112 5034 51
5114
*51
5034 5034 501s 5114 3,700
Do pref
100
7
7
678 67
65s 634
634 634 *634 7
800 Seaboard Air Line
100
1034 1118
1012 1034 *1114 12
1112 1112
*1112 1212 1,600
Do pref
100
9312 9414 9258 9418 9318 94
9334 9418
9334 9438 16,400 Southern Pacific Co
100
2658 2678 2618 2678 2618 2714 2714 2712 10,800 Southern Railway
27
2738
6312 6412 6312 64
6314 6378 64
64
6412
6413 3,700
Do pref
180
3134
3212
3113
313
3138
3214
32
3,600 Texas & Pacific
32
3218 321s
*22
2312 *23
2314 2318 2438 *23
*2213 2312
24
1,300 Third Avenue
12
*57
58
*57
60
59
59
*57
60
59
100 Twin City Rapid Transit_ _100
14812
8
150
1507
15014
1485s
150
14978 15138 12,700 Union Pacific
14938 15113
00
*79
80
7978 7978 7912 7912 *79
7912
300
80
Do pref
•79
*1412 15
1458 15
*1458 16
15
15
400 United Railways Invest_ _ 100
1412 1412
_1
1
32
3134 3218 *3112 32
32
32
32
1,100
324 3214
Do pref
100
1214 1234
1212 1234
1238 1258 1234 1278 5,600 Wabash
1212 1234
100
33
3312 3318 3313 3312 3358 7,300
3338 34
3558 34
Do prof A
100
24
23
23
*22
*23
25
*22
25
300
24
Do pref B
*23
1434 1518 1434 1658 24,300 Western Maryland
1534 1414 15
15
15
1538
(neta) 1(0(9.1
2158 2214 2178 2214 2278 2538 5,800
*2212 23
Do 2d pref
23
23
1912 1914 1978
1918
19
1934 1934 19
1,600 Western Pacific
20
20
IgS
*61
62
613
63
62
633
4
4
4
623
64
2,400
Do
pref
6134 6134
110
00
0
1458
1312 14
1358 1378 14
14
1412 5,200 Wheeling & Lake Erie
*1434 15
Ry_
26
26
2414 2538 2434 254 26
26
1,700
Do pref
26
26
100
*30
32
29
2918 30
29
31
31
600 Wisconsin Central
*2812 30
100
PER SHARE
Range since Jan. 11922.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for previous
year 1921
Lowest
Highest
$ per share $ per share $ per share
24 Aug 30
8 Mar
1234 Feb
52 Aug 25
20 Apr 321 1 Dee
105 Aug 30
7718 June 94 Dec
9512 Aug 21
7512 Jan
88 Nov
513 Apr 17
1 Dec
712 Jan
11914 Sept 8
77 Apr 91 Nov
6014 Aug 21
3038 Mar 4238 May
6614 Aug 23
47 Mar 5638 Nov
68 May 25
4913 Dec 723j Mar
29 June 30
6 Dec 1478 Jan
2478June 30
3'2 Sept 10
Jan
15158 Aug 31 101 June 12378 Nov
200 Sept 8 186
Oct 209 Mar
79 Aug 21
46 June 6512 May
1234May 26
4 Nov
834 Jan
2078May 25
618 Dec 12
Apr
4334 Aug 21
1312 Dec
1678 Nov
641. Aug 22
3312 Dec 37 Nov
614 Dec
1034May 27
558 Jan 11
918 MO
1413 Jan 31 2412May 29
14 June 3
20
178 M
ja
q
;
1714 Jan 9 3638 Aug 22
1714 Dec
29 Jan 10 55 Aug 22
2912 Dec 4612 Jan
59 Jan 9 9412Sept 1
6018 Apr 71
Jan
100 Jan 9 125 Aug 21
95 July 110
Jab
3034 Jan 11 4918 Sept 5
2258 Mar 35 Sept
8314 Jan 10 9812June 7
6834 Mar 893
77 4 Do
Dec
5612 June
7014 Jan 9 8714 Sept 8
51 Jan 10 84 Sept 8
50 June 63
Jan
54 Jan 4 7934 Aug 23
32 June
7234 Jan 3 100 Aug 21
60 Feb 5
75
V 2 Dec
p
38 Jan 10 .5313 Apr 24
Jan
27
4678 Nov
55 Jan 16 66 Mar 23
49
Jan 59 Dec
10634 Jan 4 14113Sept 8
90 Apr 11012 Nov
108 Feb 14 13658Sept 8
93 Aug 249
412 May
258 Jan 27
6 Apr 25
158 Mar
334 Jan 7 1013 Apr 18
358 Nov
Jan
7 Jan 9 1834May 23
1514
10 Dec
1118 Jan 9 2812 Aug 21
1518 Dec 2
15
2
7334* May
ayn
71s Jan 10 2014May 23
10 Dee
1578 Jan
701 1 Jan 10 9538 Aug 22
60 June
Dec
3138 Jan 6 4558 Apr 13
3413
2558 June 3
79
414 Nov
ee
5 Jan 4 19 May 22
434 Dec
1112 MaY
16 Jan 5 4112 Aug 23
15 Dec 26 Feb
9713 Jan 3 11334 Sept 8
8512 Mar 10013 Nov
1 Jan 10
5 Apr 8
118 Dec
314June 20 1234 Apr 8
314 Dec
52
16
5
8
657
18
22 a
aoa n
yvy
1812 Feb
2218 Jan 11 3014 Apr 25
5234 Jan 5 5912 Apr 26
4513 Jan
5 Jan 17
934June 6
412 Nov
10 Feb 2 3978June 6
10 Mar
1412 Jan
2618 Feb 8 73 Aug 22
1758 Aug 6
Iae
8334
8 D
30
5658 Jan 3 7058 Aug 21
4718 June
Dee
108 Jan 9 140 Sept 1
Apr 118 July
97
35 Jan 6 58 Aug 30
32 Dec 5812 Jan
318 Jan 28 11 Mar 14
234 Dec
7 May
17 Jan 9 504 Apr 11
12 Aug
41581122
3512 Jan 7 67 Mar 14
27 Aug
May
558 Jan 9 32 Apr 10
414 Aug
May
5 Jan 6 1413 Apr 29
518 Dec 1434 May
55 June 29 7134 Feb 27
63 Aug 7413 Nov
38 Jan 16 14 May 23
1 Dec
, Nov
712 Jan 11
1934 Aug 25
8 Dec
Dec
2412 Jan 27 4834 Aug 30
2234 Dec 2638 Dec
16 Jan 10 2514 Apr 18
16 Mar 2314 May
44 Jan 10 6138 Aug 25
3312 Mar 491s Nov
3 Jan 28
714May 27
234 Dec
658 Feb
5478 Jan 10 7334 Aug 21
46 June 6
F::
77
812 S
7234 Jan 4 10038 Aug 21
6418 June 676132
5118 Jan 5 91 Aug 21
39 June
Sept
6134 Jan 5 91 Aug 21
54 June
1212 Jan 5 3514May 20
12 Nov 2313 Jan
1934 Jan 9 2913 Apr 10
16 Mar 2314 Sept
834 Jan 3 2212June 6
814 Sept
1314 May
9614 Jan 9 12434 Sept 8
885s June 10478 Feb
72 Jan 9 83 Sept 8
62 June 7434 Dec
7334June 19 9038 Aug 24
6114 Julie
Jan
3314 Jan 3 477 July 21
41
3214 June 8
Jan
1034 Jan 14 2638 Aug 23
8 Nov
12
Jan
19 Jan 10 4058 Aug 21
1534 Mar 2378 May
63 Jan 17 82 Aug 21
50 Apr 6512 Dec
23
Jan 6634 Dec
Jan
35
n 26 7434 Aug
3 j
5
2018
4138 Aug 8
23 Oct 32
Jan
76 Jan 13 9112Sept 1
70 Mar 80 Dec
7118 Jan 3 8278May 29
6034 June 8914 Jan
43 Mar 27 57 May 31
3612 June
555Feb7_3_4
e_ _
45 Jan 27 5912May 31
3818 Aug
Jan
_
1712 Feb 6 5314June 1
191s Mar 2534 Aug
2058 Jan 15 3238 Aug 21
2778 June 3912 Nov
36 Feb 1 56 Aug 21
1912 June 3012 May
2038 Jan 3 36 Aug 21
28 June 41
3238 Jan 10 .5234 Aug 21
Jan
21s Oct
258 Jan 4 10 Apr 15
7,4 May
3 Dec
1212 May
4 Jan 13 113
742 ti,
ir g m
6713 June 101
Jan
781188 Jan 10
1738 June 2478 Jan
42 June 60
Augtp9
8Se
47
614 j
Jan
Ja
an 1g 6r58
1618 Jan 2734 Dec
1212 Aug 2038 Mar
1
gr 5
1 i
6
53,3 4
1
31 t
2 ,,,0
un
e 1,1
3118 Dec 5512 Apr
A
4 Jan
1(
)
1 111 June 13178 Nov
Ak.ug:
125,4 Jan
an
n 1( 1.12,38,
624 July
7412 Dec
71
April
6 Aug
pr
1214 Mar
97
13
2A
16
6 3
712 Jan ,
17 Aug 26 Mar
2014
638 Dec
9 May
6 Jan 30 143sMaY 26
18 Mar 2412 May
19 Jan 25
1258 Ma
157s Nov
I3
i4
4j
Jan T
i2 ii
.
:
(
u F
)
5 5
.
4
3j
o
838 Dec
1112 May
1414 Dec 21 May
15 Dec 3078 May
78 Aup•27
13
.113 la
an 179 N7
5112 Dec 7012 Jan
7
ere21
A
ep
6112j
14
1 6
56
158 Feb
b 2
614 Dee
1118 May
1212 Dec
8June
7
295
1912 May
914 Jan 4
23
Oct 3712 May
25 Jan 10 3314 Mar 13
$ per share
10 Jan 3
2878 Jan 26
9134 Jan 3
8458 Jan 3
34 Jan 14
83 Jan 9
3312 Jan 27
5213 Jan 11
50 Jan 4
6 Jan 4
558 Jan 11
11918 Jan 6
184 Mar 31
54 Jan 10
138 Jan 24
318 Jan 25
1258 Jan 25
32 Jan 30
314
Industrial Sc
78
78
7838 1,600 Adams ExpressMiscellaneous
2612 Jan
Dec
100 48 Jan 12 8134Sept 1
20
2034 2118
300 Advance Rumely
1012 Dec 5
Jan
19343124
2 F
eb
3
100 107s Jan 19 23 Aug 18
58
*56
58
300
Do pref
3113 Dec
3158 Jan 12 6012 Aug 18
57
*56
57
30 Air Reduction, Inc.._.No 100
5838 Aug 18
30 June 50 Dec
par
3
Jan
4512
1238 113
:
3 131
!
1.1 10,5004
1514 Dec
50
92 July 28 1834 Apr 25
3,
38
5
Alaska Gold
14 Dec 39
78May 10
1;2
2 Feb
10
14 Jan 13
1
800 Alaska Juneau Gold Min
1
*1
112
12 Oct 5,
2 May 17
Jan 24
13 Feb
b
10
38
88
8958 8812 8978 34,500 Allied Chem & Dye...No par
34 Aug 5914 Dec
5538 Jan 3 9134 Sent 5
115 115
115 115
1,600
Do prof
83 June 10
115 Sent 8
33
934 Dee
eg
3
Jan
101
100
5858 593
5812 59
9,900 Allts-Chalmers Mfg
2814 Aug
3734 Jan 4 59345ept 7
101 101
400
101 101
Do pr .t
6712 Aug 90 Dec
100 8612 Jan 5 101 Sept 8
40
4078 3934 3978 2,800 Amer Agricultural Chem_ _110000 2934 Jan 3 4278June 1
2612 Aug 65
6512
ec
2 Jan
704 7012 70
00
0 Am
Deorican
71
prof
21
El
Aug
51
71
Aug
jJan
16
Jan
100 56
*70
73
4
10
*70
73
4612 Jan 56l Dec
ank Note
50 5812 Jan 7 7712 Apr 7
52
52
*51
300 Am Bank Note prof
52
4312 Jan 5
n
590 Dec
50 52 Jan 12 54 Mar 3
4612 4612 *4612 4713 1,100 American Beet Sugar
2412 Oct 51
Feb
loo 3134 Jan 3 49 June 9
*77
80
Do pref
*74
80
5434 Dec 7478 Jan
100 61 Jan 11 77 June 24
39
7,400 Amer Bosch Marmeto_ _No par
43
4314 45
2918 Aug 6512 May
3114 Jan 31 49 Apr 11
•818 and asked prices; no sales on this day. I Ex-rights, I Leda than 100 shared. a Ex-dividend arid rights. s Ex-dlvIdend. b Ex-rights (June 15) to subscrlba
hare fOr share to Stock of Glen Alden Coal Co. at $5 per share and ex-dividend 100% in stock (Aug. 22).
7912
*19
58
*57
1114
438
*1
8878
113
5858
*98
*41
*6912
*71
*51
*4612
*76
39
80
21
58
58
1112
'2
118
9012
11378
5878
101
4112
72
73
52
48
80
39
*7814
*2012
58
57
1138
*54
*1
8978
11418
5858
*100
4118
*7012
*71
*51
4714
*7612
3912
7912 77
79
2114 *2013 22
5812
*57
58
*5612 5712
57
1138 1114 1178
1.
*28
12
Ds
*1
118
9034
9134 88
114 11414
115
5838 5934
59
10134 *100 10138
414 4018 41
*7012 72
72
72
72
73
52
52
52
4712 *4612 4712
*77
80
80
3912 *38
39,2
78
20
*54
5612
1158
New York Stock Record-Continued--Page 2
1192
For sales during the week or stocks usually Inactive, see second page preceding
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 11922.
On basis of 100-share lots
PER SHARE
Range for previous
year 1921
Friday,
Highest
Lowest
Highest
Lowest
Sept. 8.
S per share $ per share S per share
share
Par
per
(Con.)
&
Miscell.
Indus.
Shares
per
g
per
S
share
$
per
share
share
share
3 per share $ per share. $ per
5638 Dec
Jan
42
51 Jan 4 80 Sept 8
2,600 Am Brake Shoo de F__.No par
80
7812 79
7612 78
7614 76
76
77
77
8834 Jan 100 Dec
100 9814 Jan 18 110 Sept 5
Do prof
300
110 110 *110 115 *110 115 *110 113
110 110
2312 June 3512 Dec
63%
8
Sept
5
Jan
100
3214
Can
American
18,900
8
8
6314 637
6212 6314 6118 6212 6214 637
6218 6314
7634 June 97 Dee
100 9314 Jan 3 11018 Aug 23
Do pref
500
*10934 11014 10934 10934 10834 10934 109 10934
*10934 11014
8 11514 June 15114 Dec
18712 18814 190 19134 2,200 American Car & Foundry_100 141 Jan 10 19134 Sept 17
187 183
*185 188
186 18778
May 11612 Dec
108
Aug
125
Jan
6
100
11512
prof
Do
100
12478 12478 *122 125 *122 '125
*124 125
*123 125
Jan
612 Nov 29
No par
7 Jan 27 14 May 5
400 American Chicle
9
912
*9
9
9
9
912 912
*912 10
15% June 24% Nov
31
3012May
100
10
011
Jan
1914
Cotton
American
3,200
23
28
8
2738
8
277
287
2738
2734 2834
2712 2712
Apr
67
July
3512
31
May
61
11
41
Jan
100
pref
Do
200
*5512 5712
5514 5514 5614 564 *55,2 57
*54
5514
834 Jan
4 June
678 Aug 17
412 Jan 13
614 614 2,400 Amer Druggists Syndicate_ _10
612
63
612 612
612 638
*612 634
100 126 June 23 145 Sept 1 114 July 137 Dec
300 American Express
13912 14014 *13818 140 *140 144
*140 141
*142 145
Dec
16
Apr
8
13
Apr
17%
18
12
Jan
dr
Leather_100
American Hide
1412
1414 *14
*1312 1412 *1334 1412 *14
*1334 1412
4012 Feb 6258 Dec
100 58 Jan 3 7412 Aug 25
Do pref
900
71% 718 72
72
7412
723* 7238 72
72
72
Jan 8312 Dec
42
Sept
122
12
Jan
100
78
Ice
American
9,600
11734 11912 11712 11934 11834 12114 120 122
118 118
Jan 7314 Nov
57
100 72 Jan 13 95% Aug 4
Do pref
2,300
94
9334 9334 9334 94
9478 94
94
93
93
2114 Aug 5338 May
3533 5,500 Amer International Corp_ _100 34 Aug 23 5058June 2
3418 3514 3112 3512 35
3518 36
*3514 36
11% Apr
7%
Aug
26
July
14
16
E.
10
Jan
F
9%
La
France
American
13
1318 *1278 13
13,s' 1,300
13
1318
13
*1318 1314
171 1 Aug 6212 Jan
100 2938 Jan 10 4034fune 1
35.2 3514 3512 1,800American Linseed
3614 35
345* 363* 35
. 35
*341
Jan
3978 Aug 93
1
sJune
14
607
5212
Aug
100
prof
Do
1,9001
5612
*55
5512
55
55
5534 5634 5614 5614
*50
7312 June 110 Dee
100 102 Jan 5 12478 Sept 8
122 12334 1208 12314 12112 12234 12234 12178 25,100 American Locomotive
12214 123
Dec
115
June
5
9814
Sept
1201
1
12
Jan
100
112
Do prof
100
12014 12014 *118 121 *119 121 *119 121
.120 12114
66% Jan 91 Nov
25 82 Jan 30 12078 Aug 31
117 11934 118 11812 118,2 11834 11912 1197g 2,700 American Radiator
11614 11614
Jan
10
312 Aug
8% Apr 6
25
334 Jan 31
3,600 American Safety Razor
7
67
68 7
714
*68 7
7
718
7
Jan
14
414 Aug
31
512 Jan 3 2414May
No par
1712 1914 12,800 Am Ship & Comm
161. 1634 1614 1612 1614 1758
1618 1618
29% Aug 4714 Dec
6712May
8
19
435
Jan
6
Refining_100
&
Smelting
Amer
9,800
643
645*
4
643*
6334 6514
6512
653
64
6478 65
Dec
90
25
Aug
Aug
102l
6314
4
8618
Jan
100
Do pref
300
*10112 102 *102 10214 10212 10212 *10214 103
*101 10214
Jan 88 Dec
63
Am Smelt Scour pref ser A.100 87 Feb 8 97 Aug 17
*9612 9712
97
*95
93
*9512 9712 *95
*95
98
Jan 11434 Dec
95
100 10912 Jan 3 15912Sept 6
15678 15678 2,500 American Snuff
157 15812 15614 153
15812 159
1497 15412
35 Den
Aug
21
Aug
18
4212
26
30%
Jan
1-3
tem
ctfs_33
700 Am Steel Fdry
42
4214
42
423* 4112 4218 413* 42
4218 423*
78 Aug 9514 Dec
100 91 Feb 8 10614 Sept 6
ctfs
torn
prof
Do
300
105
105
103
*M5
10614
1061
1
109
*105
"105 110
Jan
96
Oct
47%
Aug
21
8578
4
5418
Jan
.100
Refining_
Sugar
American
8312 8314 4,600
8334 8514 8334 8412 8334 84
8414 8414
6712 Oct 10714 Jan
100 84 Jan 3 112 Aug 18
Do pref
200
110 110 *110 112
11014 11014 *109 110
'109 112
Feb 14 47 May 29 . 2812 Dec 88 Mar
2314
_100
Tobacco__
Sumatra
Amer
3,300
40
37
3612
37
33
3712 3734
373* 378 *37
6434 Nov 9134 Feb
100 5212 Jan 27 71 Jan 16
Do pref
100
694
*67
68
68
69
6934 *67
*67
*67
6934
95% Jan 11912 Nov
Jan 4 12814 Aug 31
12518 12612 12512 1217* 12212 12312 30,200 Amer Telephone & Teleg_ _100 11412 Jan 5 169128ept
1261. 127
1265* 12718
11112 June 13634 Dec
1
100
12918
Tobacco
American
5,900
167
4
165 1673
16814
16412 169
16712 169
16514 167
86 Aug 9912 Dec
100 9612 Ja.n 3 10712Sept 7
Do pref (new)
700
10512 10512 106 10738 10712 10712 105 105
Jan 13112 Dec
Do common Class B__ _100 126 Jan 3 I65%Sept 5 110
4,709
16234 163
16314 16534 161 1655* 162 16312 163 161
612 Oct
4 Sept
17
7
1914
Aug
Jan
6
_100
_
c_
t
v
El
&
Wks
Wat
Am
1,505
1812 19
1814 1858 1818 1814
187 1878
183* 1878
66% Dee
Sept
48
24
8978
Aug
4
Jan
67
t
Do 1st pref (7%) v 0_100
100
89
*87
89
*86
89
*86
89
8878 8878
*87
812 Sept 20 Dec
1714 Jan 4 43 July 11
100
c
t
v
pf
(6%)
partie
Do
.
3,400
14
40
39
40
40
40
40
40
3914
4012
39
57 Feb 8312 Dec
100 7814 Jan 10 102125ept 8
9612 978 9734 10112 101 102,2 67,000 Amer Woolen
9512 98
9518 9.5%
93 Feb 10412 Dec
100 10212 Jan 11 110 Sept 8
Do prof.
800
110 110
10334 10834 109 109 *109 110
1071. 109
2012 Aug 3912 Jan
600 Amer Writing Paper prof_ _100 2212 Jan 13 3718 Apr 15
32
32
31
3112 3134 3134 3134 31
3112
.31
1438 Dec
6% Sept
1
rune
8
3
203
Jan
1218
_25
_
&
Smelt_
Lead
Zinc,
Amer
500
1712 1778 1778
*17
17
17
1812
1734
17
*18
Aug 407 Dec
228
18
48%
Aug
Jan
22
36
25
Do prof
200
47,2 4573 458
*46
46
4712 46
*46
*46
4712
311 Aug 5038 Dec
57 May 31
Jan 31
47
_50
Mining_
Copper
Anaconda
35,500
5578
5578
5514
5618
558
54%
5512 568
5518 5512
5012 Dec
Jan
21
2,300 Associated Dry Goods__..100 43 Jan 5 5914 Aug 31
58
5718 5712 5718 5714 57
58
53
5712 575*
7634 Dec
5534 Jan
Do 1st prof
100 75 Jan 6 8312 Apr 19
*8112 8212 *8112 8212
*8112 8212 *8112 83
*82
8212
78 Dec
Jan
45
May 9
17
86
Jan
Do
100
76
2d
200
86
Prof
*85
86
*85
8518
85
86
*85
*841* 86
Mar
10712
Sept
91
3
31
13512May
Jan
Oil
100
Associated
99
1,400
*115 120 *115 11812 11812 11812 119 12014
116 1191.
Jan
9
Oct
4
13
17
Apr
512
214 Jan 3
No par
303 Atlantic Fruit
212 212 *214 214
234
234
234
*2
212 212
Jan
18 June 76
29
W
4314May
de
I
3212
2
Mar
SS
Gulf
2312
Atl
Line_
_100
6,900
30
30
29
31
2934
3212
*3112
32
*31
Jan
4412
June
4
153
29
14May
prof
6
31
Do
Mar
1812
100
100
1
1
2314 22 4 22 4
2312 *22
*21
*2111 24
24
.20
13 Atlantic Refining
100 900 Mar 7 1145 May 1 a820 June a1125 May
*1070 1100 *1070 1100 1100 1100 *1080 1120
1095
1095
Do prof
100 113 Jan 9 1187aJune 30 10338 July 11312 Nov
100
11712 11712 *121 123 *11714 118
*116 118
Apr
116 118
125* Dec 20
Tack
Atlas
No
par
1312 Feb 28 2212May 4
*1612 1712 *1612 1712 *1612 1712 1712 1712
*1612 1712
1314 Jan
818 June
914 Jan 5 3378.fune 8
14 9,003 Austin Nichols & Co__.No par
31
4
3014
3114
303
8
317
4
303
32
304
505 Aug 7(1
Jan
3014
30
1
June
pref
9
Do
Jan
90
68
100
403
1
8512
2
85%
8
85
857
8
857
8512 8512 858
*8412 86
514 Dec
212 Sept
7 Mar 17
50
Auto Sales Corp
4
312 Jan 3
*27
*214 4
4
*214
*212 4
*212 4
Jan
15
Apr
10
Do prof
50 1012July 27 1.513 Mar 16
12
*9
12
*9
12
*912
12
*912
6214 June 1005* Dec
*91:: 12
49,400 Baldwin Locomotive Wks_ 100 9312 Jan 13 13234Sept 5
12912 13234 1285* 13178 12934 13178 13134 134
Dec
x105
129 130
June
95
I
Sept
13
115
prof
Jan
100
104
Do
200
11114 111 12
113 115
41 Aug
11312 115 Labor Day 11312 11312 *113 115
Jan
29
No par 40 Jan 19 6614Sept 8
1,700 Barnet Leather
6512, 6614
6314 65
6212 6212 6234 63
6214 6214
Jan 86 Dee
70
100 89 Apr 12 9618June 23
Do prof
9712
9712 *95
9712 *95
9712 *95
, *95
9712 Honda)
*95
20 Dec 27 May
Class A__..25 19% Jan 16 5614 Apr 28
3534 3738 3514 3714 3612 378 3718 3758 22,100 Barnsdall Corp,
373
36
Jan
1434 June 35
25 1914 Jan 9 39 Apr 27
Do Class B
2,200
*2614 27
27
27
28
2711 2714 *24
Jan
•2714 2754
Aug
1% Mar 23
12 Jan 14
20
1
1
2
*2
2
*2
1
Batolallas
*78
Mining
1
*%
1
*78
b
271'June 291 June
27
557
8
Aug
par
7
Apr28
33
No
Bros
Bayuk
5112
400
5113
5212
52
52
5412 *50
*52
50
50
6212
May
June
3912
12
May
10
79
Jan
51
100
209 Bethlehem Stool Corp
77
*76
75
75
77
*75
77
77
*7512 77
4112 June 65 May
Jan 3 82141qay 12
5512
_100
B
Class
common__
Do
1,200
4
783
78
785*
7914
78
4
7834 7934 773
7734 77%
87 June 9314 Jan
100 9078 Mar 7 105 Aug 31
Do prof
103
*101 10478 103 103 *10178 105 *10158 105
10112 10324
90 June 112 Sept
Do cum cony 8% pref_100 104 Jan 4 11658June 14
400
113 114 *11418 11412 114,2 115 *11512 116
113 114
712 Dec
3 Aug
434 Jan 10 1012 Aug 30
par
No
Fisheries
Booth
1,600
912 922
914
918
*912 1014
912
918
10
10
9 Dec
814 Dec
812 Jan 9 1411.1une 6
100
British Empire Steel
14
*12
14
*1134 13
141* *11
*12
13
*II
55 Dec 585* Dec
100 58 Mar 2 7634 Apr 15
Do 1st prof
*72
75
76
76
*72
*73
75
*67
75
*72
22 Dec 235* Dec
100 1918 Mar 17 37 Aug 23
Do 2d prof
200
35
35
35
36
*35
3518 35
*35
35
Dec
*34
Jan 101
88
100 100 Jan 3 1245* Aug 33
2,400 Brooklyn Edison, Inc
12078 12178 12112 122
120 12012 1205* 122
119 121
Jan 7612 Nov
51
Jan 31 12272 Aug 30
70
100
Gas
Union
Brooklyn
1,600
120
121
12034
12012
120
121
12114
119
11912 12112
46% Nov
Feb
8
6.118Sept
33
16
Jan
42
100
Inc
Shoe
Brown
6334 6314 6418 3,500
6212 62
62
63
63
6334 634
212 Aug
514 Jan
538June 6
218 Mar 3
312
324 *3
312 *3
328 *3
318
100 Brunswick Term & Ry Sec 100
312
*3
8114 Jan 12212 Dec
100 11312 Jan 10 13912June 5
136 1381 1 1355* 13734 137 13312 13612 13714 7,100 Burns Bros
137 13734
18 Dec 3334 Dec
31
18
19
5114
Aug
Jan
28%
corn
B
Class
Do new
48
4834 4,500
4812 49% 4658 4834 4712 48
4914 497
Bush Term Bldgs, pref._ _ _100 8714 Jan 3 9758May 1 x8734 Dec 99 Nov
*9214 98
*9214 98
*9214 93
*9214 98
.9214 98
614 Dee
314 Aug
814June 7
514 Mar 1
800 Butte Copper & Zinc v t c_ _ _5
68 678
*63, 7
6% 7
634 634
*678 7
1412 Jan 333 Dec
100 18 July 27 34 Feb 3
Butterick
1,4011
1918
21
20
2012
1918
1912
2012
2012
21
.2012
101 1 June 22 Dee
4 3334May 18
Jan
20%
..10
Mining_
Superior
&
Butte
7
2,100
8
30%
3014
303
30
30
3014 30
3024
3018 3034
73 Aug
1938 Apr
1518 Apr 15
10,8 Aug 30
11
1,400 Caddo Central 011&Ref No par
1112 11
11
1012 1012 *1012 11
*1012 11
No par 68 .Jan II 8312 Aug 10
535* July 74 Nov
8058 8038 8012 8012 8012 8012 8114 8212 1,400 California Packing
8012 8012
Jan 5058 Doe
25
100 4318 Jan 10 71%June 2
6312 65
64
62
6334 6534 18,100 California 1 etroleum
65
64
645* 6538
ja
812 Dec
Jan 87
3 ‘
6814
100 83 Jan 3 9812 Apr 17
Do prof
95
9512 95
500
95
*94
97
95
95
9612
"93
Aug
10
514 Feb 14 I138May 27
85* 834
83* 834
838
85
814
95* 14,800 Callahan Zinc-Load
814 814
4112 Jan 60 Dec
1
5
Apr
6612June
4
573
Arizona
lqining___10
Calumet
633
6312
4
6314
628
*63
1
03 4
62% 6278
63
'61
1512 Nov
11 Dec
10 Aug 29 1638 Mar 29
Carson Hill Gold
912 *-914
914 *-- - 924 *
*___ _
10
1014 Apr
Nov
912June 6
3 Mar 8
No par
Case (J 1) Plow
7
*614
7
*614 7
*6
7
*6
7
Feb
*6
23
9314
Aug
M,
pf
ctf
68
Feb
21
Thrash
100
I)
(J
Case
*90
95
93
*90
600
*90
93
95
*90
94
Ja
'90
: Jan
513
43
Dielge 8
318 A
2
23
6
100 29% Jan 10 42% Sept 8
4034 4134 4038 408 4038 407* 4078 4214 6,800 Central Leather
Jan
4034 4112
8728 Aug 96
100 63% Jan 6 7934 Aug 28
pref
Do
7712
7712
3,500
7812
768
82
78
783*
7712
Dee
7712 78
14Sept
41
7
par
4
Jab
Copper_No
4
Pasco
323
de
41
Cerro
4118
4114 403,3 41
6,700
4018 4114 4014
Jan
4014 4014
362'
Aug44
Mar
2
2
Certain-Teed Prod_ _ _ _No par 34 Feb 14 5318June 7
4812 *47
4812 *48
4914 *47
*47
4814
49
Apr
'47
3814
3824 Oct 86
62
1,600 Chandler Motor Car__.No par 4734 Jan 5 7914 Apr 6
6018 6112 61
6214 6434
63
62
Jan
7014
6212 6314
Aug
47
8
8912Sept
14
Jan
Tool.
60
100
88
86
8514 8912 19,900 Chicago Pneumatic
8134 8412 8114 86
1678 Dec
8212
77
25 1518 Jan 5 2518alay 29
2333 2378 2334 2428 0,700 Chile Copper
2314 234 2338 237
212 Dec
29
2314 2338
M12 arr 6
9 lk.a
19
5 2512 Feb 21 3338June 1
5,400 Chino Copper
3114 3112 307 315* 3034 3118 3058 31
3118 3138
June
31
Aug
*61
65
65
*61
*64
700 Cluett, Peabody & Co__ _ _100 43 Jan 11 6814
6512
6414 65
6414 6434
31961s
No par 41 Jan 5 7412July 5
6912 7018 70
705
15,700 Coca Cola
71
704 69
70
708
323 May
70
6222238
100 21 Jan 10 3678May 19
3214 3134 3214 3134 325*
1,109 Colorado Fuel & Iron
3212 3212 32
33
32
Auy 6734 Don
June
j
64% Jan 4 106 Sept 8
10112 106
Gas
_100
de
10414
Electric_
Columbia
103
10518
4
9,909
1013
106
10334
1234 Jan
0312 10414
Aug
5
33
3
33
5%June
26
35
Jan
par
7
14
1
No
Graphophone
Columbia
334
3,300
334
378
3
334
35* 33*
812 Dec 621 1 Feb
5 Feb 9 2014June 2
100
*1414 15
*1412 15
Do prof
1414 1414
16
100
*14
Dec
4312 1412
58%
ec
e
e
e
n
3
u
JiD
%4
3
8
13
5
2
7414 7534 7438 7514 6,600 Computing-Tab-RecordNo par 5514 Jan 3 7934 Apr 26
7378 7614 7314 74
7458 75
59,4 Jan
18% Feb 10 39% Aug 24
par
3412
3312
4
373
3614
3618
Cigar____No
33
36,8
Consolidated
4,200
36
3638
36
80 Feb
100 47 Feb 27 78 Aug 29
8034 *75
80
Do pref
7812 *75
*75
*74
80
7812
74
12 Sept 10 Mar
214 Mar 16
14 Feb 17
38
38
12
"ti
12
12
12
700 Consol Distributors,Inc No par
*38
as
3,3
7712 Jan 95 Nov
8 Sept 8
1447
30
Jan
8512
_100
Y)
4
141
14178
13818
1403
13628
(N
14478
Gas
14234
Consolidated
7
14478
1,100
3614 13712
3 AAuugg 21% Jan
5
8:
12
5
9 July 25 1538 Apr 19
11
1078 1118
11
1114 4,200 Consolidated Textile_ __No par
113* 1078 1114
107 11
Jan
3438 Aug 66
100 4534 Jan 4 9118Sept 8
8814 9034 90
8512 8612 8514 88
91 18 3,700 Continental Can, Inc
8634 87
73 Dec
22
Aug
4
933
66
Jan
20
25
*89
90
90
91
Insurance
91
*89
Continental
*9012
91
300
91
90
Dec
9914
June
23
AM;
59
4
12018
Jan
9114
_100
11612 1187 117 11918 118 12014 . 3,100 Corn Products Refining__
119 119
1834 119
Doe
96 June 112
100 111 Jan 10 1195* Aug 23
Do prof
*118 11912 *118 121 *118 120 *118 121
_
18 11912
Japnr
142 A
73
43
422,12 A g 10
No par 3138 Jan 10 531 1.1one 7
4914 4634 4378 4714 50
48
4924 5014 1( 1,900 Cosden & Co
4814 4834
Aug
5
Feb
27
93%
Sept
5234
100
9811 9614 9778 9818 977
9512 9338 96
5,100 Crucible Steel of America_
Jan
96
95
91
t
unce
7% Jo
76
100 80 Jan 17 100 Sept 61
.99 100
Do prof
100 IOU
99 100
9912 9912
900
98$4 9854
26 Feb
818 Jan 11
No par
19% Mar 15
15
1418 1412 14% 1414 3,200 Cuba Cane Sugar
1538
1418 15
1538 1.512
1318 Feb
68,2 Dec
100 1514 Jan 3 4178July 27
prof
4014 39
Do
3912
3918
39
39
408
3912
3
6,300
39
39
108% Oct33% Feb
6
1412 Jan 3 28 Aug 4
..10
Sugar_
-American
267
Cuban
26
26
2612
2518
27
2618
8,400
2678
Feb
2612 2718
95
Oct
8
Jan
17
78%
9712Sept
100
95
94
95
Do pref
98
600
*9314 9512 94
9712
13,3 Mar 595* Nov
23
3312 9512
No par 43 June 13 65% Apr 6
5018 *4914 51
5,700 Davison Chemical v t c_
5218 5214 *5112 5212 49
Jan
Juno 21
5218 5218
3
par
283
1512
Jan
2
8May
Mlnes....No
Cons
Beers
237
2434
255
De
2418
2378 2118 3,600
2418 2412
Oct
23% 24
9312 Nov 100
100 1005* Jan 11 1 1812 Aug 3,)
11678 116 11612 116 11638 2,500 Detroit Edison
116
11714
116
Ayr
2154
115
Jan
15
10,8
1812 Jan 4 39 18 Aug 31
10
39
3938 39
3812 38
33
2,200 Dome Mines. Ltd
3878 39
_--3 8814 Aug 28
July
70
par
.No
384 387
_
_
Co_
Kodak
Eastman
3,800
8312 8434 837 8412 8414 85
847 85
-115 May 27 15634Sept 8 ---3412 848
153 15634 8,125 E 1 du Pont de Nem de Co_ _100 80 June 12 9012Sept
14734 14912 145 14718 14812 151
- -1712 14812
8
6% cumul Preferred_ _ _ _100
391, 2301, 2,200
89
89
89
*88
39
537
831* 381,
• 0.1-(11*IlltfUll. • Par Value Stu per 4nare.
dal. 3 Ks-dividend and rime. • Adeelellneln paid. s HZ-figral .
• Isid sod salted Lulea*: no esJos on .016
Saturday,
Sept. 2.
Monday,
Sept. 4.
•
Tuesday,
Sept. 5.
Wednesday. Thursday
Sept. 7.
Sept. 6.
New York Stock Record-Continued-Page 3
1193
For sales during the week of stocks usually Inactive, see third page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT
Sites
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SNARE
Range since Jan. 11922.
On basis of 100-share tots
PER SHARE
Range for previous
year 1921
'Wednesday. Thursday,
Friday,
Sept. 6.
Sept. 7.
Sept. 8.
Lowest
Highest
Lowest
Highest
--share Shares Indus.& Miscall.(Con.) Par $ Per share $ per shire $ per share $ per share
$ per share $ per share 8 per shire -$ perElectric
5
Storage
BatteryNo
12,500
par 4012June 17 4918 Aug 17
4612 47
46
468 4612 4812 47
43
-- -- _-_- _2...34
a
.i
_ 7,Ni..
2114 2112 *2112 22
1,200 Elk Horn Coal Corp
2134 22
50 1414 Jan 25 2314June 14
22
22
Jan
16
5
*812 914 *812 10
Emerson-Brantingham _ _ _100
*812 10
97 May
*8
834
2,
212 Dec
8 Jan 4
1118 Tune 5
88
89
87
8734 *8618 88
Endicott-Johnso
8912
4,800
n
8818
50 7614 Jan 10 8912Sept 1
52
Jan
81
Dee
Do prof
*11318 11414 *11318 11514 *11318 11514 *11318 115
100 101 Jan 5 115 July 31
Jan 10612 Deo
87
1023s 107
7518 Jan 10 107 Sept 5
100 103
10012 10438 10214 10414 46,500 Famous Players-LaskY-No par
4458 July 8212 Apr
10534
104 10412 10338 1047
Do preferred (8%)
3,000
105 10738 10314
100 9112 Jan 28 10738Sept 5
7134 July 97 Dec
400 Federal Mining & Smelting 100
1512 1534 1534 1412 141.2 *14
15
1534
9 Jan 3 1612 MaY 17
518 June
1334 Dec
Do pref
59
5712 59% 5712 5814 5634 59
5912 6,200
_100 3712 Mar 14 5912Sept 8
21 Sept 4312 Dec
800 Fisher Body Corp
115 116
11434 11434 *112 115 *113 115
No par 75 Jan 5 12712 Apr 20
75 June 90
Jan
9612 2,900 Fisher Body Ohio, pref__ _ _100 7612 Jan 5 10314June 14
91
91
95
92
9434 95
96
57 Sept 84 Dec
1,900 Fisk Rubber
1214 123 *1218 1212 12
1218 12
1214
25 1138 Jan 10
1912 Apr 25
834 Aug
1938 May
2234 2358 13,700 Freeport Texas Co
2314 2412 2234 2312 2278 2334
No par
1214 Jan 24 2678-tune 3
912 Aug 2012 Jan
6618 67
6612 6712 6612 6778 2,700 Gen Am Tank Car
658 68
No Par 4534 Jan 14 68 Sept 5
398 Oct 5912 Dec
7014 6634 6918 67
69
638 6318 6934 29,200 General Asphalt
100 5518 Jan 26 7334J41y 20
3918 Aug 7838 May
*10312 106 *102 10512 *101 105 *102 105 I
Do pref
100
100 90 Jan 10 111 July 20
77 Aug 11712 May
7,100 General Cigar, Inc
8212 80
8112 80
82
8138 8118 82
100 65 Mar 3 82125ept 5
Jan
54
7018 Deo
10412 10412 *103 105
Debenture pref
*103 108 *103 103
100
100 94 Jan 4 10412 Sept 7
8018 Apr 9512 Dec
18512 186
1,220 General Electric
185 186
185 185
178 178
100 136 Jan 9 188 Aug 22 10912 Aug 14334 Dec
1414 1412 14
1412 14
14% 1414 14341 122,400 General Motors Corp__No par
814 Jan 5 1514 July 15
9% Aug
1614 Jan
*8412 8534 *81
8514 *84
Do pref
85
*84
500
85 1
100 69 Jan 24 86 Sept 2
63 June
7.5
Dec
8512 8512 84
85
8412 8112 8478 85
2,400
Do Deb stock (6%)_100 6734 Mar 6 86 Sept 1
60 Aug
7312 Dec
9912 9912 99
Do Deb stock (7%)___100 7914 Mar 8 100 Sept 1
900
9912 9912 9912 99% 997
69 Aug 85 Dec
*1478 1538 *1434 15
Glidden
*1434
Co
No par
1514
1338.141y 1
1814Juue 2
- - - ---- - - - - -- - 3538 3514 3438 3534 3412 3578 3514 3513 2,800 Goodrich Co (B F)__ No par 3218 Aug 7 4478May 31 -265
8 June 4418 Jan
*8514 87
*8512 87
8512
600
*8512 87
Do pref
85
100 8334 Aug 7 91 Apr 22
6212 June 86 Dec
3218 3212 32
3214 32
3212 3178 32 i 1,400 Granby COII3 M.Stn & Pow100 26 Apr 3 35 May 21
3.413 Nov
15 Aug
• 14
1414 14
14
1414 1434
1414 14141 1,100 Gray & Davis Inc
No par
12 Jan 3 1978May 31
1634 Mar
912 Jan
3334 3334 *32
100 Greene Cananea Copper_100 2534 Feb 27 31,
3312 3212 3312 *3212 33141
8May 29
19 July 2912 Dee
1212 1278 *1214 13
1218 1218 1218 1218
700 Guantanamo Sugar_ _ _No par
7 Feb 16
512 Dec 167 Jan
1418 Mar 15
8414 8534 8134 8314 8212 83
8312 84 1 11,900 Gulf States Steel tr ctfs__ _100 44% Jan 9 9012 fan 20
25 June 507 Dec
218
218
218 1,030 Harbishaw Eleo Cab_No par
218
214
2
214
2
34 Jan 20
12 Nov
1318 Jan
38 Mar 16
22
22
2112 2112 *21
22
21
22 I
600 Hendee Manufacturing__ _100 15 Jan 12 2612June 1
13 June 25% Apr
73
*7012 74
73
*7034 74
*72
74
100 Elomestake Mining
100 55 Jan 14 75 Apr 11
4912 Mar 61 May
80
81
7818 8018 787 8212 8258 8434 19,500 Houston Oil of Texas
10
70 Jan 9 85 June 3
4012 Aug 86 May
1812 19
1838 1834 1812 1914 19
1912 6,400 1111DP Motor Car Corp_ _
10 1018 Jan 6 2114May 17
1012 June
1634 May
8
834
8
814
8
814
8
814 9,100 Hydraulic Steel
312 Feb 9 14 June 2
Vo par
6 Dec 2034 Jan
37
318 358
4
4
I
334 37
33
8,600
Indlahorna
4
5
314 Jan 27
Refining
558May 26
2 June
7% Jan
*738 838 *8
858
838 8%
878 9,2 2,300, Indian Refining
10
5 Jan 20 1158June 7
612 Dec
1534 Jan
42
4278 418 4258 418 4238 4134 42%
300 Inspiration Cons Copper
20 3712 Feb 11 45 June 1
2918 Mar 4214 Dee
*912 11
*9
1038 *9
10
*9
_
_ _ Intornat Agricul Corp__ 100
738 Jan 6 1134M5y 4
6 Aug
1334 Jan
3812 3812 *38
38
*39 -307-'
3912 38
8 ---300
Do pref
100 33 Jan 16 43 Mar 151 31 Dec 57
Jan
3312 3312 *3212 3414 *3212 34
3414
34
3312 3312
600 International Cement_No par 26 Jan 23 3834May 8
21 June 29 Nov
27
'2738
2714 2714 2818 27% _1___
23 *12
27
18
9,
14
8 2914 31,000 Inter Combus Eng
No par 2134 July 22 2914 Sept 8
111 11134 10912 11114 11012 11012 11114 11414 6,880 Internat lIarvester (new)_ 100 79% Jan 3 11578 Aug 14 -6ir;-t11034 112
Aug1001, -i- 3
*11834 ____ *119
_ _ _ _ *119
*119 ---Do pref (new)
100 10512 Feb 14 11714 Aug 23
9914 June 110
Jan
14
1414 14
14
14
14
1414 1438 1,700 Int Mercantile Marine__ _100 1318 Aug 9 2712May 3
*1334 14
71,s Aug
1714 Jan
5634 5812 5514 5838 5514 5758 57
5614 5634
5814 14,800
Do prof
100 5514 Sept 7 8738May 3
38 Aug 6734 Dec
1734 18
1712 1778 1712 1738 1712 1734 4,300 International Nickel (The) 25 1114 Jan 9
1734 1734
1934 Apr 21
1112 Aug
17 May
82
82
*81
8214 *81
8112
*81
8214 82
82
Preferred
200
100 60 Jan 4 85 Jan 20
60 Dec 85 May
57
5778 58
6034 5814 6034 5914 6014 5938 6034 32,200 International Paper
100 4312 Mar 8 6034 Sept 8
38313 Aug 7334 May
7514 7678 77
7518 7518
7712 7714 77,4
7712 7712 1,700
Do stamped pref
100 59 Mar 9 7712Sept 8
67 Aug 75% Nov
1414 1434 1418 1412 14
1412 1414 1438 9,300 Invincible 011 Corp
1434 1434
50 1218 July 24 2014 Apr 17
512 Aug 26
Jan
3312 3378 :3178 33
32
3378 34
32
32
3538 9,500 Iron Products Corp__ _ No par 24 Jan 19 3578July 6
2212 Sept 40
Jan
58
58
kt
34
58
34
58
4,000 Island 011 & Transp v t c
34
58
3*
10
Apr
5
8
6
Sept
Jan
3
25
2
43
4
Jan
*1612 1712 *16
1612 16
*1634 1712
16
1634 1634
400 Jewel Tea, Inc
100 10 Jan 4 2212May 2
1212 Dec
Jan
4
64
61% 63
*60
62 1
*62
5912 60
60
0
6012
800
Do prof 0
3812 Jan 4 7312MaY 26
41334 Nov
812 Jan
4534 46
4618 4614
46
4638 4512 4614 4614 50% 12,300 Jones Bros Tea, Inc
100 3412 Feb 11 5018 Sept 8
1412 Jan 3834 Dec
414
412
414 4%
413 14,100 Kansas & Gulf
43* 434
414 434
414
10
3% Aug 9
712 Jan 3
412 Oct
9 Nov
4614 4714 4414 4534 4438 4514 4412 46
4634 4634
5,000 Kayser (J) Co. (new). _No par
34 May 1
4818 Aug 3 - - _ - ---- -- - -- -*104 105 *104 105 *104 105 *104 105
.104 105
1st preferred (new) __No pir
91
May
1
10612June
9
4318
43
4238 4314 4212 4318 4214 4314 4234 4412 7,000 Kelly-Springfield Tire
3414
25
Jan
4
5334May 5 -321-2 Aug -5I-78 Ivirii
10212 10212 Labor Day *102 105 *105 110 *102 10214 *102 10334
100
Temporary 8% prat_
100 9012 Jan 4 10734May 9
7014 May 94
Jan
6
*858*85
86
*85
86 7
.85
86
*85
861
6% preferred
12 Jan 3 86 June 5
70 May 80 June
5941. 9912 *9412 9912 95
*9412 9912 Holiday
95
94% 101
1,500 Kelsey Wheel, Inc
103 61 Feb 9 111 Apr 6
35 Mar 69 Nov
3738 3734
3738 38
37
3734 37
373* 37
3758 16,400 Kennecott Copper
No par 2512 .Tan 4 3938May 31
16 Mar 2778 Dee
833 812
858 858
812 834
8
812
8
838 8,200 Keystone Tire & Rubber__ 10
8 Sept 8 2438May 4
814 Jan
177 May
165 16534 165 165
*165 1678
16412 165
167 169
900 Kresge (SS) Co
100 110 Jan 10 17234June 2 130
Jan 177 Dec
80
7934 8018
8034 *7912 798 7812 80
7812 7914 7,000 Lackawanna Steel
100 4412 Jan 4 8158May 16
32
June
Jan
5812
89
90
89
907
9034 9034 9012 9012 9012 91
1,600 Laclede Gas (St Louis)___ _100 43 Jan 13 9412 Aug 2S
40
Jan 5712 May
2612
26
267
*26
2512 2512 2434 2512 2518 2534
1,600 Lee Rubber & Tire_ __ _No par 24348ept 7 3518 Mar 16
1712 Jan 30 Dec
.20112 208
*20214 209
205 205 *200 20934 210 210
200 Liggett & Myers Tobacco 100 15314 Feb 18 210 Sept 8 13814 Jan
164 Dec
.112 120
*115 122 .115 122 *115 120 *115 122
Do prof
100 108 Jan 10 118 July 18
9758 Jan 110 Nov
6314 653
62,
8 6458 627 64
63
648 31,500 Lirna LocoWkstenapctisNo par 5334 Aug 3 6538Sept 1
*127
'
5127
63s -6-4-1____ 126 126 *125
2
____ *125
100
Preferred
100 93 Jan 30 12518 Aug 30
-871-2 Aug 1-0014 Dec
1934 2018
1978 2012 1914 20
1914 20
1912 20 - 31,700 Loew's Incorporated_ _ _No par
1114 Jan 26 2012Sept 5
10 June 2112 Mar
1218 1218
*1218 1212
1214 1214
121s 1214 *1214 1212
700 Loft Incorporated
No par
9 Jan 9 1414May 3
73 Aug
1234
Jan
178 17834 175% 17712 *177 179
.177 179
179 180
1,400 Lorillard (P)
100 14714 Jan 6 180 Sept 8 136
Feb 16418 Feb
*110 130 *110 130 *112
.112 ---*112
Preferred
100 109 Jan 13 117 Aug 23 100
Jan 111
Dec
10112 103
*10314 10614
100 100
100 100
100 100
600 Mackay Companies
100 72 'Jan 5 107 Aug 30
5912 Jan 72 Dec
*69
*69
6914
6914 *6838 6912 6838 6838 688 688
200
Do pref
100 57 Jan 13 69 June 1
55 June 62 Dec
5612 567
5614 57
5718 5914 58
5878 5814 5938 14,900 Mack Trucks, Inc
No par 2512 Jan 13 60 July 22
2512 Oct 42 May
9014 9012 9034 9112 9114 923* 92% 923* 2,400
*90
9014
Do lot prof
100 6812 Feb 27 923s Sept 8
6318 Oct 76
Jan
*8212 83
*31
83
8314 84
85
85
85
Do 2d pref
85
800
100 54 Jan 6 85 Sept 8
54
Oct 6412 Apr
38
387
3818 3812
37
3812 3612 3714 37
3814 16,500 Mallinson(H R)& Co_ _No par
1512 Jan 16 40 Aug 28
10
Jan
18
Sept
45
*4412 45
45
4514 4512 *4412 4478 43
4412
600 Manatl Sugar
100 3014 Jan 3 52 Mar 13
21
Oct 8912 Feb
83
82
83
82
8312 8312 8314 8314 *8314 85
500
Preferred
100 7314 Apr 3 8312Sept 6
92
Jan 93
Jan
5414 57% 59
56
*53
59% 59
59
5712 5834 1,600 Manhattan Elec Supply No par 41 Mar 13 6934 Apr 24
3934 40%
4114 4134 4012 41
4034 4114
4114 42
7,300 Manhattan Shirt
25 32 Mar 6 4218 Feb 6
18
June
Dec
363
4
3
391.
4012
3918 40
40
4012
3812 40
393* 4114 20,300 Mariand Oil
No par 2258 Jan 6 4638June 19
1218 Aug 30714 Nov
*13
151. *13
16
15
.13
*13
15
*13
Marlin-Rockwell
14
No par
512 Mar 4 2638 Mar 27
5
Oct
1912 Jar
3114 3134 3018 3118 3012 31
*30
3012
3012 3034 3,000 Martin-Parry Corp_ ___No par 2014 Jan 4 3614.1rine 3
13 Sep
22 Dec
4612
46
4514 46
47
4634 4634 48
*45
5013 3,300 Mathieson Alkali Works__ 50 22 Jan 11 5012Sept 8
1112 Aug 24 Nov
5812 59
5634 58
59
*57
58
*57
59
900 Maxwell Mot Class A
58
100 48 Mar 17 7434MaY 17
38 Jun
4512 Dec
19% 1912 1812 1912 187 19
1938 1938
4,700 Maxwell Mot Class B_ _No par
1814 19
11 Feb
257/4.11ine 8
8 Jun
15% Dee
130 130
130 130 *127 130
130 13334 2,400 May Department Stores_100 101 Jan 15
130% 13112
3 133345ept 8
6512 Jan 114 Dec
1912 19%
1814 1918 1818 1838
1914 1912
1814 1838 4,100 McIntyre Por Mines
Jan
1038
10
Mar
21%
23
19112
19712
18812
19312
18712
19112 190 19412 160,700 Mexican Petroleum
191 195
100 10634 Jan 10 20412June 26
8412 Aug i6/14 Jan
9834 99
98
98
9712 98
9712 9712 2,100
98
Preferred
9834
100
1912 2178
1812 20% 19
20
1912 2014 67,400 Mexican Seaboard 011__No par 7914 Jan 12 99 Sept 5
2234
22
3412July
1812Sept
6
13
- -- 1712
1618
203
18
1658 1738 1714 1734 9,400
8
Voting trust ctfs
20% 2012
16
Juiy
27
32'8 July13
30
30
30
3014 30
30
2958 30
1,400 Miami Copper
30
30
5 2534 Feb 15 3138May 31
1534 Jan 28 Dec
13% 1334 1312 14
1334 137
133 1334 22,700 Middle States 011 Corp
1312 1334
16 Apr 17
10 July
1612 Nov
3512 34
34
3512 3414 3514 3414 3518 21,200 Midvale Steel & Ordnance_ 10 115 Jan 11
3418 3412
50
2612 Jan 6 4514MaY 17
22 June 3312 Jan
7318 75
72% 7312 73
73
*7212 73'2 1,300 Montana Power
*73
75
100 63 Jan 4 7638Sept 1
43
6438
Aug
Dec
2234
23
223
2234
4
23%
2318
23
10,700
2238
225s 2234
MontWard&CollIsCorpNo par
12 Feb 11 2534 Aug 11
12% Dec 25 May
*2012 23
*2018 22
2318 *21
22
24
400 Mullins Body
*2018 22
No par
1912 Jan 7 34 Mar 31
1734 July 2878 Jan
*15
16
15
1518 1514 1514
1434 16
1,700 National Acme
16
*15
50 103 Jan 9
10% Dec 30
157 159
*157 159
157 158 *157 158
Jan
800 National Biscuit
15812 158,2
100 12314 Jan 4 12
Au
l'gr 3
11132 A
25
1 102
59
Jan 12812 Dee
121 121 •121 123 *121 123 *121 123
100
Do prof
*118 123
100 11312 Jan 4 125 July 7 105 Aug 120
Jan
571
*5712
5912
2
5612
5612
5612
58%
59
800
National Cloak & Suit
*55
5612
100 26 Jan 17 59 Sept 8
15 Sept 35% Jan
212 212 *238 238 *23*
23
238
238
300 Nat Conduit & Cable_ ..No
2% 238
par
118 Jan 16
418 Apr 13
% Sep
593 63
5
Jan
58
60
6312 21,800 Nat Enlaces & Stamp'g
5814 5312
595918 106
100 3034 Jan 11 63125e9t 8
26 Aug 65 Feb
94
' 10712
108 109
63
10714 10814 5,300 National Lead
10512 1061
10658 10834
_100
July 87 Dec
85
67%
12
Jan
11014Aug
29
*112
117
*112
*11112
117
117
115
115
100
Do
1
*112 117
prof
7
%
I
10
0
5
1
i,
10
138
e
,4
p
1
Feb.ri
Jan10
100
Su
,
53
6
June
,
0
4
11
108 May
1718 1738
1718 1718 17
17
1718
2,500 Nevada Consol Copper.....
1738 173
9 Ma
15,
8 Dee
•7434 75
75
75
76
713
76
78'8 1,000 New York Air Brake
*7434 753
100 58 Jan 3 822 July 19
37
4712 Aug 89 Feb
37
*35
37
36
*35
38
400 New York Dock
373*
*35
3773
100
28
June
46
Mar
20%
9
10
Feb 39 May
*5834 60
5834 5834 *57
5834 *55
5834
100
*5834 60
Do prof
45
Jan 5712 May
.14
15 *
13 *
15 *
15
N Y Shipbuilding
15
.14
No 1
p,5
0
a;
0
C '
13 Dec 33 Feb
uu
enbe 26
..1a
4
73
an 14
4:: j
8
g
'
1.u:
3
7 (
6
2"
8
5
.i.
:
42.12
9234 94% 9312 95% 9418 95
9012 9538 24,800 North American Co
9134
94
32,4 Aug 46 Dec
46
47
46
4678 4612 4612 4612 4612 2,000
4634 46%
Do pref
31% Aug 4112 Nov
50 318 Lan
n 17
26
27
26
2614
1,800
2618 --------26
26%
Rights
26
18 Dec
15 Dec
*3614 3712 *33
*35
512 37
38
Nova Scotia Steel & Coal_ _100
36
3612
.35
pg
r3
12
9
Au
Feb 23
2018 Nov 39 Mar
714 A
8 3
28
1018 1018 10
500 Nunnally Co (The).., No par 204
1018 1018 1012 1012
10
July 14 1234 Mar 30
8
812
Mar
8 Jan
127
*5
1,000 Ohio Body & Blow____No par
7
63
614 67
*5
*6
638
6,2
7
714 Nov
8 Aug 5 1414 Apr 17
1158 Dec
234 278
318 25,600 Oklahoma Prod & Ref of Am 5
234 234
218
278
234 234
278
438June 2
1% May
Jan
4
218 Sept 8
*612 712 *612 712
*61., 7%
6,2 6,2 *612 7,2 1,100 Ontario Sliver Mining____100
93 Mar 25
412 Jan 6
312 Aug
6 May
2178 23
9,900 Orpheurn Circuit, Inc
2214 227
2214 23% 2312 24
21% 22
14 Dec 30% Apr
8 Jan 6 24 Sept 8
12,
1
15812 160
1,100 Otis Elevator
153 158
158 158 *154 158
15812 15812
87 Aug 148 May
100 116 Jan 4 161 Aug 30
11
900 Otis Steel
11
11
Ills 11
1134
118
1078 11
*11
Jan
16
8 Nov
No par 277
38 Jan 27 1612 Apr 11
37
37% 3618 3734 3612 3834 3834 4038 21,600 Owens Bottle
37
37
7 403 Sept 8
24% Nov 54% Jan
2,500Pacific
45
458
8
4
413
412
45
412 412
8
412 45s
Development
4 Dec 19% Jan
4 Sept 8 1418 Apr 27
5,900 Pacific Gas & Electric
8234 83
84
8134 8412 83
8112 83
83
83
4614 Jan 68 Dec
100 60 Jan 30 84% Aug 31
• Bid and asked Dries,: no sales on this day. • Less than 100 shares. a Ex-dividend and rights. s Ex-d1v1dend. •• Ex-rights.
Saturday,
Monday,
Sept. 2.
Sept. 4.
---3 per share $ per share
4678 47
*2112 22
*312 914
88
88
.11318 11414
99 10112
*10414 105
*13
1478
55
5638
.11312 115
911* 9134
1214 12,4
24
2438
*6414 6612
6912 7038
10412 10412
7934 83
*103 108
185 185
'
14
1414
8512 86
8534 8578
99
9958
•1478 1538
353
35
8512 86
3214 3214
*14
1434
*3112 34
*1212 13
3334 8334
*218
214
23
*22
*72
73
8014 8014
1812 1812
8
812
*353 334
*738 818
41% 4212
*912 1038
*39
397
*10
Tuesday,
Sept. 5.
11
1514 *1478
New York Stock Record-Concluded--Page 4
1194
Por sales during the week of stocks usually Inactive, see fourth page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT
Saturday,
Sept. 2.
Monday,
Sept. 4.
Tuesday,
Sept. 5.
Wednesday. Thursday,
Sept. 7.
Sept. 6.
Friday.
Sept. 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 11922.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for previous
year 1921
Lowest
Highest
per share $ Per share $ per share $ Per share $ per share S per share Shares Indus.& Miscell.(Con.) Par $ per share $ per share $ per share $ per share
Pacific Mail SS
5 11 Jan 18 19 June 3
8 Aug 1714 Jan
13
*1114 13
*12
*11
13
14
*11
14
*11
2712 Mar 5038 Dec
443* Jan 10 693gMay 4
5718 5778 5638 5712 563 5778 5734 5912 45,900 Pacific 011
5718 5778
26
3818
Pan-Am
Pet
&
Trans
8612June
Aug 793 Feb
84,500
50
487
11
7912
813
4
8034
823
3
3
Jan
8438
838
8214
8058
82%
8114
Do Class 11
344 Aug 7134 Jan
7612 7514 25,400
50 44 Jan 10 8212June 26
7714 7912 7618 788 7412 77
7634 7834
6 Aug 134 Dec
300 Panhandle Prod & Rel_No par
512Ju1y 25 1212 Jan 4
653 834
*618 7
*614 634 *614 634 *614 68
97 June 1512 Apr
100 Parish & Bingham
No par 1013 Aug 10 17 Apr 12
*958 14
1214 1214 *12
1414
*114 13
*1112 15
73
658 June 17 Jan
738
7
714 714 12,700 Penn-Seaboard St'l v to No par
633 Feb 27 1338May 24
73
7
7
712
7
335 Jan 6438 Dec
1,900 People's G. L & C (Chic)_ _100 5934 Jan 4 9412 Aug 28
9312 94
94
94
9214 93
*9212 94
9212 9212
2612 Aug 354 Jan
5,900 Philadelphia Co (Pittsb)__ 50 3112 Jan 4 4518Sept 1
4434 447
4412 44% 4373 4453 4412 447
4412 4473
Phillip-Jones Corp
78
3712 Apr 10518 Dee
*73
No par 75 Aug 3 10513 Jan 3
*73
77
*7314 79
*7314 79
*7314 79
5214
16 June 3414 Dec
5312 5533 51,600 Phillips Petroleum
54
No par 2814 Jan 11 5914June 7
5238 51
5178 5212 50
5"
914 Aug 4214 May
2,400 Pierce-Arrow M Car__.No par
12
12
12
8 July 24 245 Apr 25
1218 1234 *1112 1212 12
12
12
Do pref
2,100
21
Oct 88 Mar
30
31
100 18% July 24 49 Apr 15
31
31
3212 31
31
31
30
304
73
8
712
Pierce
4,000
12
514
Aug 144 Nov
011
Jan
Corporation_
_
_
_
25
12
73*
7
Feb
23
74
74
714
78
74
*714 712
Do pref
1,100
3012 Aug 78 Jan
46
100 39 Mar 2 71 Jan 3
*43
45
4838 4833 44
44
44
*43
45
600 Plgg Wigg Stores Inc_ No par 3978July 14 4912June 1
*407 4114 4134 4312
*41
4112 *4012 42
4053 40%
52 tfu-li 16- -fie;
7134 17,800 Pittsburgh Coal of Pa
100 5878 Jan 30 717s Sept 6
7038 7173 7012 7134 71
6912 71
6938 6978
Do pref
8273 Jan 93 Dea
350
100 9013 Feb 3 100 Aug 31
9978 997
99
998 998
99% 99% 99
*99 100
1218 Mar 1612 May
10 144 Feb 2 2434June 22
2134 2112 2112 2153 218 2,400 Pond Creek Coal
2118 21,2 21
2214 2214
No par 6558 Apr 19 99 Sept 8
14,000 Postum Cereal
9312 9212 99
9312 92
9273 9412 92
9278
92
preferred
29
11118June
2
8%
100
1054
Apr
2,300
110
*10912
110
110
11014
110
110
10934
109 10934
48 Aug
Jan
100 63 Jan 12 8914 Sept 8
8678 8634 87
87
8412 8612 86
894 1,800 Pressed Steel Car
85
85
Do pref
96
4
Jan
n
83 June 10
100 91 Feb 16 101 Aug 24
200
100 100
10012 10012 *100 103 *100 103
*100 104
2038 Oct 3412 Dec
4812 86,500 Producers & Refiners Corp_ 50 244 Jan 10 50 June 2
*46
4678 468 4934 4758 484 47
4412 4658
54 Jan 7014 May
7,700 Public Service Corp of N J_100 66 Jan 7 9818 Aug 30
9373 9514 9412 9512 95
95
95
97
9414 9514
100 10512 Jan 6 13634 Sept 8
894 Aug 11414 Nov
13514 13634 49,800 Pullman Company
13014 13114 12912 132
1308 135
12858 130
49
a() 2938July 14 5314June 9
4913 493* 1,200 Punta Alegre Sugar
248 Oct 5113 Jan
5018 50% 4918 504 49
51
*50
25 2634July 21 3853 Jan 3
2114 Aug 4038 Dec
3358 323* 3312 3278 3312 331 3312 21,000 Pure 011 (The)
33
3238 33
8%
preferred
94
July
20
1023
Apr
25
100
250
10034
101
1007
*100
1003
4
1003
4
*100
10073
*100 10034
67 July 9912
100 94 Jan 10 11912Sept 5
1,720 Railway Steel Spring
119 11912 11812 11812 11612 11612 11734 119
11812 11812
19 Apr 2634 Sept
No par 1912 Jan 26 3512Sept 7
4,800 Rand Mines Ltd
3612 36
36
3412 3538 3512 3614 36
34
3414
11 Mar 16 May
1638
1638
1614
163
8
1653
1653
1633 1633 2,800 Ray Consolidated Copper_ 10 1334 Feb 11 19 May 31
1658 1653
1718 June 383i May
41
4012 41,4 3814 4012 39
5,600 Remington Typewriter v t 0100 24 Jan 6 42 Mar 14
393 41
41
4133
Jan
4714 Nov 80
1st preferred v t c
100 55 Jan 12 99 Aug 26
94
*90
93
*91
94
*88
*88
94
*8812 94
4734 Nov 75 May
26 preferred
100 5012 Feb 23 80 Sept 7
7412 75
400
78
80
*74
84
*74
77
*7112
No par 2512 Jan 3 3812May 18
18 June 3912 Jan
3234 3312 3273 3334 33
33
32,2 3278 3,700 Replogle Steel
33 -33-34
4118 June 7314 Jan
100 4614 Feb 25 7812May 29
7073 7414 7134 7318 71
724 694 723* 14,500 Republic Iron ac Steel
6934 7014
Do pref
7514 Oct 964 Mar
100 74 Feb 24 9512June 2
9312 94
800
93
9378
9334 9334 *9312 94
*9314 9334
314
212 Aug 7 1438June 2
5 Dec 2412 Jan
*338 3%
33* 334
34 33* *314 312 2,000 Republic Motor Truck_No par
3
25 43 Mar 27 55 Sept 8 - - - Tob CI B
24,300 Reynolds(R
5412 55
5313 53% 5212 5314 5234 55
5314 5358
--- - - - 7% preferred
100 11113 Apr 11 118 Sept 8
200
118 118
118 118
*117 118 *117 118
-*117 118
5712
5912 58
; May
4012 Oct -697
58
57
593* 5714 583* 5818 5938 39,100 Royal Dutch Co(N Y shares). 4712 Feb 1 6638May 3
1012 Aug 1413 De
10 1253 Jan 9 157gMay 4
200 St Jo3eph Lead
*1513 15% *1538 1558 1514 1514 *15
4.1518 15%
1514
114 Oct
512 Feb
900 San Cecilia Sugar v t c_No par
112 Jan 10
614 Mar 21
318 318 *318 312
3
318
27
3
312
*3
8% Oct 233* Jan
500 Savage Arms Corp
100 10 Aug 26 2473 Apr 1
1378 1373 1414 1414 *1334 1414 138 138
1234 1234
634 Apr
*334 4
500 Saxon Motor Car Corp_No par
Vs Feb 23
54June 2
24 Oct
353 334
334 334
*334 4
38 37
5414 Dec 9834 Jan
88% 8914 8814 89
100 6053 Jan 27 9478 Aug 14
8814 8914 89
9158 8,300 Sears, Roebuck & Co
8912 90%
85 Nov 104 June
Preferred
*108 11112 *108 11113 *108 11112 *108 11112
100 91 Jan 5 112 Aug 22
*108 11112
1212 1212 1214 1212 *1218 1212 121s 124
128 Mar 2512 Nov
par 107 Feb 20 2314 Jan 3
600 Seneca Copper
*1214 1212
47 Jan
73g Feb 28 12 June 2
834 918 *834 9
93* Dec
300 Shattuck Arizona Copper_o
N
*834 94 *834 9
834 834
3
Shell
Transp
Oct 49 May
dz
4014
4018
4012
Jan
30
4812May
30%
1,500
Tiading_
£2
404
404
3
_
_
4018
3553
*40
38%
40
38%
ng
e 18
9
164 Aug 2853 May
3212 334 3253 34
3314 34
13
0 3
18
11384,1Auo
3334 3438 45,500 Sinclair Cons Oil Corp_No par 1034
334 33%
10
10% 1012 1014 1038 1018 1012 1038 1034 10,500 SkullY Oil Co
Aug
1012 1012
4912 51
321 .Kice 16- -31-ii;
50
51
*49
51
50
1,200 Sloss-Sheffleld Steel & Iron 100 344 Mar 7 5112May 13
50
*5012 51
6814 June 75 Nov
*77
80
80
De pref
*75
*77
82
100 66 Mar 21 80 Aug 29
*77
100
85
7712 7712
Jan
Oct 103
*47
26
51
50
51
50
400 So Porto Rico Sugar
100 43 Jan 9 5714 Mar 3
50
*47
50
51
*48
1912 1958 1912 1914 197 2058 3,400 Spicer Mfg Co
20
No par
----20
17 Apr 27 24 June 5 - - - 20
20
Preferred
91
*8912 91
*8913 91
-100 84 Apr 28 0212June 10
*89
*894 91
*8912 91
127 127
128 128 *128 140
100 11012 Jan 26 128 Sept 7 -88 Aug 119 - -D-eo
*127 128
400 Standard Milling
12718 12718
11118 1137 11212 11514 11438 11612 49,9501 Standatd Oil of Cal
6734 Juno 9812 Dec
25 9134 Jan 10 121 May 3
11278 114
11134 11278
18212 185
25 16914 Jan 5 19834June 6 12412 June 19214 Dec
184 18412 182 183
185 18614 4,100 Standard 01101 NJ
185 18514
100 11338 Jan 7 11814 Aug 23 10518 Jan 11412 Dec
*11714 11734 11713 11714 11718 11712 11712 11713 1,700; Do pref non voting
*117 11712
66 Sept 854 Dec
85
85
8518 85
85
1,000; Steel & Tube of Am pref_ _100 68 Mar 10 90 May 25
85
85
84 Labor Day 85
84
No par 4518May 4 5512July 7
5312 5334 *5312 5334 *5312 5334 5312 5312
3001 Sterling Products
.5312 54
Oct 119 Au
May
4
106
81
(8%)
Jan
3
*95
100
Bros
pref
100
81
I
*95
Stern
*95
100
100
1
Holiday
*95
100
*95 100
21 June 37 Jan
47% 4812 4633 47% 4712 4712 473* 4812 3,000 Stewart-Warn Sp Corp_No pa! 2412 Jan 5 487 Aug 29
4753 4734
46 Apr
Aug
254
5534 5234 5512 5514 5614 5634 58
55
8,700 Stromberg Carburetor_No par 3514 Jan 5 5958 Apr 12
5518 5512
4238 Jan 9314 Apr
100 794 Jan 5 13912 July 18
13234 13438 130 13334 1303* 13233 13233 13334 137,400 Studebaker Corp (The)
13178 13338
Dec
83
Jan
10334
June
21
118
100
100
Feb
17
pref
*115
*115
116
118
Do
*115
118
*115 118
*115 116
312 Jan 31
3 Oct 1038 Jan
834June
618 512 2,8001 Submarine BoatNo par
6
6
612 613
6
633
618 64
Aug
1314
Jan
334
20
1014June
7
Feb
No
par
5
011
Superior
,000
7
73
4
7
712
5
67
8
7
612
7
7,4 712
26 June 48 Jan
100 26 Jan 3 3912 Apr 7
34
Superior Steel
*32
34 .32
*32
34
*32
34
34
*32
5 Mar 14
10
2 Aug 3
25
23*
212 234
234 34
*258 2%
3
314 9,700 Sweets Co of America
2 Dec 2534 Jan
1 Aug 21
514 Feb 1
114
114
114 13*
14 114
2
*1
13* 112 1,200 Temtor C & F P. CIA._No par
653 Aug 11 Dec
934 Jan 13 1234May 1
*1012 1034
*1058 1034 1018 1012 *1018 1012 *1014 1034
300 Tenn Copp & C tr ctfs_No par
29 June 48 Dec
25 4214 Jan 10 5012May 4
483s 4878 4812 4914 483* 4914 38,900 Texas Company (The)
48% 49
48% 4918
10 3812 Jan 4 52 June 5 x3253 Dec 424 Dec
514 4912 50
5038 5118 51
50
4912
514 7,800 Texas Gulf Sulphur
49
1534 Aug 367a Jan
2514 26
25% 2612 *2512 26
2573 2634 6,300 Texas Pacific Coal & Oil_ 10 23 Jan 9 32341une 3
26% 2678
- - - -- _ _
Corp_
_
_100
k5234 Aug 2 5834Sept 8 ____
Pioducts
Tobacco
56
58
5618
55
583
4
58%
17,700
573
4
573*
57% 5838
7
8-_
July
15)
100
76
Aug
2
877
8
Sept
(since
CI
A
Do
843
4 • 8618 8513 8678 863* 8773 36,500
85% 86%
8534 8612
100 88 Mar 2 10912June 9
7612
_- June
_--- -if - -j-an
Do pref
3,100
10734 10734 *10612 10734 1078 108
10814 115
10734 10734
712 Mar 3 2018May 22
6 Aug 13 Apr
1412 1434 1414 1453 1438 15
1478 1538 13,900 Transcontinental Oil_ _.No par
1434 15
28 June 4412 Apr
Transue do Williams St_No par 33 Jan 16 4518 Apr 4
38 • __ 38 *__ 38 *____ 38
*36
38
*36
Jan
57 Sept 75
7334 7534 74
7614 7638 77
6,400 Union Bag dr Paper Corp_ _100 55 Mar 25 77 Sept 8
7314 75
7212 73
No par 1714 Mar 4 25 June 3
1518 Aug 254 May
1912 1878 1912 1834 1913 1834 19
6,000 Union 011
19
1913 1912
100 96 Jan 13 110 Aug 31
Union Tank Car
8712 Sept 107 Mar
*109 113 *110 115 *11012 115 *110 114
*108 113
100 102 Feb 9 113 Sept 8
112 112
92 Oct 104 Nov
11212 113
*108 11112 110 110
*109 11112
37
No par 25 Jan 11 41I4May 13
37
Jan
19 June 34
*361 37
Unit
reeClerArgcy Steel
38
P
3734 3734
38
3714 3714
Drug
100
6078 Mar 3 8312Sept 8
80
8014 7934 80
46 Sept 106 Jan
*8112 83
80
8312 2,500 United
*80
82
365 July 47 Feb
50 4113 Feb 18 50 Aug 5
1st preferred
100
*4834 49% *484 498 *4834 4912 4834 4834
*48
49%
100 11934 Jan 4 1554 Aug 23 x95% June 207 Jam
t
proupie
15234 15312 *15234 155
Unitedn ted F
__ U
153 153
600
154 154
15434 15434
rboard Co_ _ _ _100 143* Apr 21 2014 Aug 14
4
4 11-1-3
If7-8
46 Aug -621-3-9-,300 United Retail Storea__ _No par 4312 Feb 28 8538Sept 8
88
804 11-1-4
1112 Jan 19 May
3412 3312 3334 3314 3378 3314 3338 4,100 U S Cast Iron Pipe & Fdy-100 1618 Jan 13 39 Aug 29
33
3412
34
100 50 Jan 11 78 Aug 29
38 Aug 5713 Nov
*70
*72
75
74
Do pref
72
200
75
72
*70
*7112 7334
n
y
538 June 74711
ess
778
77g
8 Aug 14
*714 8
*714 8
.5 Feb 1
00
100
*714
*714 8
634 7
84 Sept 2714 Jan
234 Feb 8 1018 Jan 3
612 6523
6% 634
3,100 U g Voxi:Ci Products Corp 100
*653 634
- - --21
2012 21
21
400 USHoffmanMachCorp No par 1913 Aug 23 2578May 27
*2014 22
2014
612 203
64
4
21
*20
3514 Nov
May
6512 66% 6453 6578 6434 658 6538 67
13,500 U S Industrial Alcohol - _ _100 37 Jan 6 6734 Aug 17
654 65%
100 90 Jan 9 97 May 27
8
102 Mar
9634 9634 *95
Do pref
100
97
*9412 9634 *9434 963
*9412 9612
Mar 6312 Dec
4118
8
79
Sept
8112
81
Realty
&
Improvement
100
56
8218
8212
Jan
3
S
7718
82
12,000
U
80
8218
77
77
4012 Aug 795 Apr
100 5153 Jan 9 6712 Apr 17
56
57% 5512 5634 5434 5614 5514 56% 27,200 United States Rubber
5612 5634
74 Aug 04
43178
2 J
10412 105
100 99 Feb 7 107 July 11
Do 1st pref
1,800
10234 104
10412 10412 *10412 105
104 104
26 Apr 3818 Dec
29
*42
44
*42
4May
44
453
Smelting,
Ref
&
M
50
33
Feb
27
US
49
43
200
43
*43
4234 4234
Jan.
37 Aug
.4518 4812 *4618 4812 *4734 4812 *4734 4812
Do pref
50 4214 Feb 9 49 Aug 16
*4518 4812
704 June 8612 May
104% 10533 10353 10434 1037 10412 10413 10514 85,000 United States Steel Corp_ _100 82 Jan 6 10512 Aug 25
10434 105%
July 8 105 June 115 Dec
7 12134 12134 12112 12134 3,200
3
122
Jan
1213
4
121
100
pref
11414
Do
1213
4
12112
121 12114
4118 Aug 6638 Dec
7114 704 71
10 605 Jan 5 7112Sept 5
18,500 Utah Copper
7014 7112 6912 708 70
6912 7012
7 Aug 12% Mar
100
9% Jan 18 2012Sept 5
2012 1914 204 *1953 1934 1914 1914 8,100 Utah Securities v t
20
19
20
June 41
2518
Jan
30
Aug
533
4
514
Jan
10
527
8
5134
3014
504
par
51
Vanadium
Corp
No
52
18,300
5134 5318
5214 5234
72 Mar 8812 Dec
*92
97
97
*92
100 92 Jan 17 96I2June 7
1st
pref
*92
Raalte
Van
97
97
*92
*92
9534
7
Jan
July
4213
2034
2914 294 2913 2853 29
1,900 Virginia-Carolina Chem_ _100 2612 July 29 36 Mar 13
2813 2953 29
*29
2934
5734 July 10234 Jan
6612 6578 6514 0.-4
100 58 July 28 82 Apr 10
69
*68
Do pref
69
700
*68
*68
69%
59 Aug 95 Jan
58
57
100 43 Mar 27 9412 Jan 18
57
*55
.55
58
*55
400 Virginia Iron, C & C
58
*55
58
100 66 Mar 13 82 Sept 8
85
*80
82
*80
Preferred
82
100
82
82
*80
914 May
.80
82
64 Jan 6 14 May 8558 Mar
1258 1278 123* 1234 3,600 Vivaudou(V)No
1273 1314 1234 13
13
1314
812 Jan 134 Oct
*12
parr 1034 Jan 16 17 Apr 24
12
1212 *1212 1212
1212 12
300 Weber & Helibroner__N Pa
*12
*1214 1212
4913 Jan 72 Jan
Jan 4 8578 Feb 15
6614
100
Express
Fargo
Wells
7914
794
100
8112
*79
8112
81
*79
*7914
8112
*79
76 Aug 94 Apr
11878 1204 11712 11978 4,300 Western Union Telegraph_100 89 Feb 8 12114 Aug 29
117 117
1198 120
118% 11978
814 Sept 967 Jan
50 80 Mar 16 10134 Aug 22
*99 100
800 Westinghouse Air Brake_
99 100
100 10112
*9912 101
*9912 100
.
3 Aug 5213 Dec
Jan 4 6518 Aug 22 _3_8_7
491s
Mfg_
50
&
63
Westinghouse
Elec
634
6412
3
6378
627
638
11,000
6412
6353
627s 6234
No par 2514May 4 30 Sept 8
6,700 White Eagle 011
2714 2713 2712 273* 2812 2812 30
27
2673 26%
2914 June 44 May
50 3518 Jan 6 5134June 2
Motor
49
49
49
4914
50
White
49
4,000
49
4812
4812 4834
7 July 1753 Jan
712 Jan 20 12 May 5
8
818
8
818
818 512 2,600 White 011 Corporation_No par
.518 812
8
818
812 Nov 1834 Dec
1514 1512 144 1434 15
15
*1434 15
2,100 Wickwire Spencer Steel- 5 1338 Mar 22 2173May 12
1514
15
453 Nov 1012 May
734 778 13,400 Willys-Overland (The).... 25
412 Feb 17 10 May 29
73* 778
712 8
8
7%
634 738
23 Aug 42 May
100 24 Feb 17 4912 July 19
4334 42
4212 44
Do Preferred (new)
42
10,100
45
46
42
3814 42
2713 Nov 47 Jan
4714 4812 4612 4833 8,200 Wilson dr Co,Inc, v t c-No par 2714 Jan 4 493* Apr 26
49
46
46
44
4314 4334
97
65 Oct 8978 Feb.
.57
100 66 Jan 10 90 Aug 11
9014 91
90
*87
90
*87
90
*87
100 137 Jan 6 194 Aug 7 105 Aug 13934 Dec
187 *180 188
100
18978 189% *185 187 *182
*185 190
3012 AugAugu
Worthington P&Mvt c_100 4113 Aug 23 5578June 2
5
1514
1 M
113.2
aeov
ai
44
4334 443* 4334 44
44
2,400
4412
44
44
444
100
of
*89
90
91
Bo
o rre
90
100
*89
90
92
*89
92
*89
; t)
7
5112
100 g134 laanr
ig Ile
a
*73,4 74
*73
79
76
7612 *72
.72
*72
76
6 Jan 27 11 Aug 22
95 Nov
612 June
914
914 1033 105
104 1033 1,300 Wright Aeronautical__ _No par
*934 1012
1014
10
II Lees ',earl
shares. I Ex-rights, a Ex-dividend and rights. s Ex-diVidend. •Reduced to basil of g25 pay,
•Bid and asked prices; no sales on Oils day Retail Stores 100
Corp.
United
with
Range since merger (July 16)
Dec
118
zorrwfeorrrgco
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jas. 1 1909 the Exchange method of Quoting bonds was changed and prices are now-"and interest"-except for income and defaulted bonds.
r,
BONDS
N. Y.STOCK EXCHANGE
Week ending Sept 8
'4k
Price
Friday
Sept 5
Week's
Range or
Last Sale
Range
Since
Jan. 1
ca
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept 8
Price
Friday
Sept 8
1195
Week's
St%
Range or
12 I
Last Sale '
Rang.
Since
Jan. 1
High No. Low High
Ask Low
Bid
Ask Low
High No. Low High
Bid
U. S. Government.
Buffalo R & P gen gold 5s_ _ __1937 MS 10214 10414 10214 Aug '22 ----1 98% 10214
First Liberty LoanConsol 43s
1957 MN 945 9712 9412 Aug'221 ____I 8812 96
J D 100.74 Sale_ 100.66 100.88 1299 94.84 101.28
3% of 1932-1947
2 95.70 101.68
Alleg & West 1st g 48 gu
1998 A0 8438 --- 824 Mar'22 --I 8218 8218
100.44 100.41
J D
Cony 4% of 1932-1947
Cleanf & Mah 1st gu g 53..1913 J .1 9614 ___. 9012 Jait'22 --- -I 9012 938$
J D I615:7-4 Eire 100.12 100.74 596 96.04 10178
Cony 44% of 1932-1947
P D 10118 - - - - 10014 Aug'22 --.. 9978 100,2
&
Pitts
Roch
Con
1st
6s_1922
102.00
10110
Aug'22
96.82
a
J
D
2d cony 44% of 1932-1947
101
4 93 102
Canada Sou cons gu A 58___ _1962 A0 101 Sale 10038
Second Liberty Loan115 __3_8_, 1789
04
8.
58
12 1
115
80 115814
11 N 100.14 Sale 100.16 100.28 36 95.76 100.80 Canadian North deb 5 f 7s__ _1940 P D 115 Sale 11418
4% of 1927-1942
11412 Sale 113
11412 39 10712 114
25-year
s
f
deb
1939
650
1946
P
p
101.50
100.12
100.28
Sale
95.32
100.44
MN
Cony 44% of 1927-1942
Canadian Pee Ry deb 45 stock-4
_6
_ J J 8278 Sale 82
Third Liberty Loan9112
92
11 83 94
92
MS 100.26 Sale 100.14 100.36 2314 96.74 101.98 Car Clinch & Ohio 1st 3-yr 5s 1938 ID 91
44% of 1928
1 9
3
122 °18
18
0,
75
7% 10
82
318
19
0
,
012 Aug
Central of Ga 1st gold 5s___p1945 FA
Fourth Liberty LoanConsol gold 58
MN 156— iCiiii8
AO 100.70 Sale 100.30 100.78 3503 95.86 101.86
43% of 1933-193S
101 100
100
5 93
1
19
0
6
112
10034
10
-year
temp
9
68_June
1
92
4
9
5
secur
in
Victory Liberty LoanChatt Div pur money g 42_1951 P D
J D 100.70 Sale 100.68 100.74 1044 100.02 101.00
4°
4% Notes of 1922-1923
96
1.12 -_-_:: 9
76
84j
M
uiliire:2
22
Mac & Nor Div 1st g 5s..1946
99.96 100.30
99.93 June'22
'P 8
J D
34% Notes of 1922-1923
512
2J
Auunge:2
22 _ _ 95
-8
- 9
96
9512
Mid Ga & Atl Div 5s
1947
10212 Apr'22
'
P 9612 .9
10214 10334
2s consol registered
51930 Q J
8813 9618
10314 Mar'22
10314 10314 Cent RR & B of Ga coil g 53_1937 MN
38 consol coupon
51930 Q J
110
21 10378 1107s
Central of N J gen gold 5s
1987
10518 Mar'22
105 105
'
P 110 Sale 10812
•
4s registered
1925 Q F
Registered
h1987 Q J 10812 Sale 10714 Aug'22 --- 105 110
1051 Feb'22
104 10512
4s coupon
1925 Q F
01
N Y & Long Br gen g 4s___1941 MS 90 ____ 91 July'22 ---- 91
100 July'21
Panama Canal 10-30-yr 2s__/1936 Q F
Ches & Ohio fund & impt 5s_ _1929
83 Dec'21
'
P 9512 9712 97 Aug'22 ---- 9012 98
Pananla Canal 3s gold
1961 QM
791
1113%
11
9412
10318
10312
103%
1st
10312
consol
79
gold
58
1939
MN
Feb'22
79
Registered
1961 Q M
41
22 -8, May
9
'
0
Regis
Registered
1939 MN _i„.1_2 -g,-7-2 100
Foreign Government.
199
8238 19
90
934
10214 301 99 10214
General gold 430
MS
Argentine (Govt) 7s
1927 FA 102 Sale 102
-2
8
_9
_
9
'2
8
12
1
86
Nov
.
83
84
Registered
6
77
19
992 MS
8714
MS 83 ---Argentine Internat 5s of 1909_
2 -9218
91
131 -821.
4 i. l-e- 9018
20-year convertible 430__ _1930 FA -6(13
Belgium 25-yr ext s f 750 g--1945 J D 106 Sale 10434 10614 159 10334 10913
844 998$
30-year cony secured 5s
100
35 9412 1043*
1946 AO 9814 dale 98
5-year 6% notes
'P 99% 10018 9978
Jan 1925
- 7
Big Sandy 1st 45
78
6,2 84
8714
P D 8314 88 84 July'22 __-5
83 1034 108%
20-year s 1 8s
1941 FA 10434 Sale 10312 105
87
87
10978 14 105 112
Coal River Ry 1st gu 45._ _1
44 P D 8612 87
1945
Bergen (Norway)s f 88
1945 MN 109 Sale 109
June'22
---88%
9334
--88%
887
113
11213
Craig
11412
11414
1940
J
J
7
Valley
106
1st
g
Berne (City of) s 1 8s
115
5e
1945 MN
8178
84
79
June'22
---71
79
Potts Creek Branch 1st 48_1946 P.8
99
121 97 10112
Bolivia (Republic of) 8s
1947 MN 8878 Sale 9812
8418
1 8214 84%
83
157 7612 90
R & A Div 1st con g 4s__ _1989 P P 8418 85 8418
Bordeaux (City of) 15-yr 6s 1934 MN 8234 Sale 8112
174 997 108
102
2d consol gold 4s
1989 J J 80 ---- 80
Brazil, U S external 8s
1941 J D 10112 Sale 10114
9112
54
63
142 s
21 ---! 75% 8812
-a
-l-e- 6
'
80
9218 77 90 96%
59
4 ADr
Greenbrier Ry 1st gu g 4s 1 98
49
0 MN 8
78;
1952 P D 9112 Sale
60
8712
843
4
88
Warm
8814
1941 M
88
Sale
,
4
Springs
V
1st
g
Us_
730
AO
1952
'if 67
1
10018
10014
23
96
1949
Chic
&
A0
101
Alton RR ref g 3s
4
Canada (Dominion of) g 5s 1926 AO 10018 Sale
3312 .52
10012 32 9434 101
Railway 1st lien 330
1950 P p
do
do
do
5s..1931 AO 100 10614 100
-4511
13
9
721414.
1
8
3
93
5
4
:
88
47
4
e34
8
39
9
5
5
::
Dee8
8
3
.8
5
7714 85
10213
1023
4
1033
2
Chic
Burl
&
350_1949
158
881
8
P
p
dale
0-I11
Div
102%
10-year 551s
1929 FA
2
913
8'
9212
913
8
913
4
8712 93
9912
99%
562
973
8
10612
Illinois Division 4s
J J
5s
1952 MN 9978 Sale
9652
Nebraska Extension 4s
1927
949 MN 9634 ---- 968$ Aug'22 ---- 93
40 10018 108
Chile (Republic) ext s f 8s
1941 FA 10334 Sale 1034 104
Oet'19;--9014
.
--10212
24
10214
pips
103%
Registered
MN
Sale
10214
External 5-year s f 8s
1926 AO
92 I 17 -Ws 13
104
General 48
28
7 MS 9218 9214 92
10412 30 100 10812
195
25-year 318s
1946 MN 10414 Sa
5412 16 44
57
1st & ref 5s
1971 FA 10114 Sale 10114 101% 87 9638 1017s
Chinese (Hukuang Ry) 53 of 1911 J D 5312 Sale 5312
I
7 106 11212 Chic & E IllChristiania (City) s f 8s
1945 A0 10978 Sale 10912 10934
10
584
9
812 Aug'221.... 102 10912
9534 124 8512 9534
1st consol gold 6s
1934 A 0 %05i78358:42
Copenhagen 25
-years f 55is_ _1944 P.8 9312 Sale 9314
96 July'22
933
3 8412 99
General consol 1st So
1937 M N
Cuba-External debt 53 of 1904 MS 93 Sale 93
86 . 270
893* June'22 ____ 77 9034 C & E Ill RR (new co) gen 58_1951 MN
Exter debt of .5s 1914 Ser A.1949 FA ____ 90
dale 58
6934 103 6
5
8
98
712 64
823*
5 76 82
9
988
514
2
Chicago Great West 1st 4s__ _1959 M S
External loan 430
1949 FA 82 - - 823*
10812
112
115
115
,
2 101 115
9514
06
209
96
Sale
935
Chic
Ind
&
Louisv-Ref
8E1_1947
J
1003
4
J
Czechoslovak (Repub of) 8s_ _1951 AO
714 _8_4_1-2 9812 Aug'22 --__
92
16 1054 114
Refunding gold 58
1947 J J 8
Danish Con Municipal 8s "A"1946 FA 110 Sale 10912 110
77 July'22
75
8112
4 105 113
Refunding 48 Series C._ _ _1946 J J
Series B
1946 FA 10912 110 10912 111
77 Aug'22 --52 1074 11212
Ind & Louisville 1st gu 4s 1956 J J 7758 79
Denmark external s f 83
1945 A0 811012 Sale 11012 1117
86
7512 9
76
714
99
93 NIA 998 Chic Ind & Sou 50-year 4s _1958 J J 864 ---- 8514 Aug'22
20-year 6s
1942 J J 9934 Sale 9912
913
148 9
78
134 9
70%
8 Aug'22 ____ 88 903s
97
49 8512 97,2 Chic L S & East 1st 450_ _ _1969 J D 7
Dominican Rep Cons Adm 51 5s'58 FA 9712 Sale 9513
78
23 7112 80
9612 716 94 97
Dutch East Indies ext 6s_ _ _ 1947 J J 9678 dale 9.5
Ch
& St P gen g 4s Ser A _e1989 J J
6912 Aug'22
84 89%
9578 1051 934 97
40-year 6s
General gold 330 Ser Be1989 J J 6918 71
1962 MS 9634 Sale 95
8914
712
894' 47 79
88
38
1 6
69
814 82
10214 330 994 10834
General 4345 Series C
e1989 J J 8
French Republic 25-yr ext 8s..1945 M S 10934 dale 10114
6812 123 5412 697s
993* 913 94 106
20-year external loan 730_1941 JD 9834 Sale 9814
Gen & ref Series A 430 a2014 A 0
Sale 77
78 I 57 62 80
Great Brit & Ireland (UK onGen ref cony Ser B 5s_
a2014 F A
77
76
344 60
77
4%
10538 64 96 108%
20-year gold bond 530_....1937 F A 105 Sale 105
Convertible 45.6s
1932 J D 775812
8514 109 8912 57
87
412
14 9
,
7
95
7142 81
10818 183 9524 111
10734 Sale 10734
Permanent 4s
10-year cons' 5363
5,7i
.1 D 8
19
,3
24
Sale
69
54
I
26
668$
67
100
68%
1007
8
2
100
108
110%
10734
25
-year
debenture 4s
3-year cony 530
/Z
923 '
p
aP
97
5 89 97
9212 9634
Chic Mo Riv Div 59_ _...1926 J J
9612 9612 Aug'22
Italy (Kingdom of) Ser A 63i
25• A 96
Sale 74
7412 38 6318 77
95
21 86% 9512
C M & Puget Sd 1st gu 48_ _1949 J J
Japanese Govt-£ loan 40_1925 F A 94% Sale 94%
97414
1
9
844 91%
7
0
4
Aug'22
____
94
94
77
Sale
9412
94
Milw & Nor 1st ext 430._ _1934 J D
Second series 430
863*
88%
- 88% July'22 .._-- 85
8918
8214 350 72% 82
8134 Sale 8114
Cons extended 430
Sterling loan 48
83
25 7614 90
Chic & N'west Ext 4s_ _ _1886-1193
26
4j
FA
D 968$ ---- 9313 Aug'22'___ 9214 9612
Lyons (City of) 15-year 68_..1934 M N 82 83 8113
98
2%
14 -7878 9
79
3,4 Apr'22 ---- 9314 9314
8314 65 7614 90
Registered
A 7
1886-1926 F
mc N
Marseilles (City of) 15-yr 63_1934 M N 8234 Sale 82
.
921 _12_ 1 72
81
5812 98 54 7012
General gold 334s
1987
Mexico-Extern loan £ 5s of 1899 Q J 1' 56 Sale 66
,1 sale 8
70
9 Dec
7
453 143 3954 62
Registered
p1987 Q
Gold debt 4s of 1904
1954 J D 42 4312 43
91
81
-919338 39 93 9414
General 4s
1987 M N
Montevideo 7s
D 93 Sale 93
1952
8112 88
9534 Sale 9412
Stamped 45
96
348 94 98,4
1987 M N 87 8534 88 Aug'22
Netherlands s f 6s
10814 22 9978 10814
General 55 stamped
11212 58 107% 115
1987 M N 10814 Sale 107
11214 Sale 112
Norway externals f 8s
Sinking fund 6s
1879-1929 A 0 10214 1064 103 July'22 ____ 102 103
10014 101 100 Aug'22 ____ 99 105
Porto Alegre (City of) 8s
101% Apr'22 --- 101 10172
Registered
12
114
2 1103
234 23 10578 11214
,
1879-1929 A 0 _ _ _
11134 Sale 1
Queensland (State) ext 5! 7s_ 171
10012 Aug'22
9612 104
42 99 103%
Sinking fund 5s
1879-1929 A 0 9718
25-year 6s
1947 F A 10312 Sale
Registered
10138 14 99 10514
1879-1929 A 0 97 ---- 100 Aug'22;____ 9518 100
Rio Grande Do Sul 8s
1001
.Sale 10014
12 m
Aa
ug
y'2
01%2
14
08
0.
221
21;;;; 96
8,2 100
Sinking fund deb 58
1933 M N 12_07!
99% Sale 5918 10018 28 9812 10512
Rio de Janeiro 25-year s f 8s_ _
Registered
10112 Sale 1004 10112 51 9812 104%
1933 M N
116 Sale 109%
110
0
06 115
2
7 105
10-year secured 7s g
San Paulo (City) s f 83
1011. Sale 10034 102 I 18 99 108%
11212
I5-year secured 630 g.._1936
102 I 20 100 106
939 j
MS
D 11114 11212 11114
San Paulo (State) ext s 1 8s__1936 J P 10114 Sale 101
Des Plaines Val 1st gu 450 1947 M S 9318 ---- 10112 Oct'19
9034 318 8414 98
Seine (France) ext is
9014 Sale 89%
From Elk & Mo V 1st 6s_ _1933 A 0 1113* ---- 11034 Aug'22
761 94 107
Sweden 20-year (3s
IN :I
I 11 106 Sale 105% 107
Man GB&NW 1st 3;0_ _1941 J J 80 ---- 70 Mar'21
Swiss Conferer'n 20-yr s I 8s 1940 J i 121 Sale 12034 121 I 41 11212 121
72,4
Milw & S L 1st gu 330
7212
4; 67
1941 J J 80 ---- 661s Aug'21
7612
Tokyo City 53 loan of 1912
73
M S 72
108
8%
Milw L S & West imp g 53_1929 F A 10018 --- 99% Aug'22
15
g
0
1
Uruguay Republic ext 8s_._ _1946 F A 105 106 106
0212
11
1
06
32
115
114
Ashland Div 1st g 6s__..1925 M S IOU% ---- 99 Mar'2I -.... ___ -- - Zurich (City of) s f 8s
1945 A 0 115 115
Mich Div 1st gold
_1924 J .1 10078 .--- 10114 Mar'22 -- 10114 10114
(These are prices on the basis of $5 to £)
3 854 913*
91
Mil Spar & N W 1st gu 4s_ _1947 M S 91 Bale 91
State and City Securities.
1
4
St L Peo & N W 1st gu 5s_ _1948 J J 1044 105,4 1044 Aug'22 _-__ 95 104/
N Y City-44s Corp stock_ _1960 M S 101,8 10112 101% Aug'22'_ _ 98 10312
1033
85
18 79 8814
8513 843*
104 I 10 9712 104
44s Corporate stock
Chic R I & P-Railway gen 48 1988 J J 85
1964•S 104 Sale
8312
8218 84,8 8312 Aug'22 _-__ 78
gg 10334
Registered
43.1s Corporate stock
1966 AO 104 -- 10334 Aug'22
2
8512 246 754 85
Refunding gold 4s
43is Corporate stock
NI
A O
s 85 Sale 1 8438
1971 J D 10814 108% 10814 Aug'22 -- 103% 10824
8414 Sale I 8334
8414 19 764 8684
R I Ark & Louis 1st 430_1119
450 Corporate stock_ _July 1987 J J 10818 108% 1118 Aug'22:.... 10312 108
983
384
48 j
119% 997
1 90 100
997
Burl C R & Nor lat 5s_ _ 1934 A 0 99
430 Corporate stock
1965 J D 10818 10858 1073* Aug'221____ 103 108
108 I
1 103 10818
Choc Okla & Gulf cons 5s_ _1952 M N 9772 9912 97 Aug'22 ---. 89 98
430 Corporate stock
1963 MS 10834 Sale 108
9312
94
.
93%
1 72 9412
100
9312
9355
100
10012
2
100
Keok
&
Des
100%
4% Corporate stock
MN
Moines
1st
5s_1923
A
0
1959
85
271 76
85
StPaul&KCShL lst 4501941 F A 8412 8478 84%
4% Corporate stock
1958 MN 100 10034 10012 10012, 10 9384 10012
100%
012 Au
10814
934 100% Chic St P 11 &0cons 6s
ag
g:2
2j1-_-_
6. 10412 10814
1084 --,- 11)814
4% Corporate stock
1957 MN 100
87
100%
92
1111
2
92
9212
100
Cons
6s
92
reduced
94
MN
to 350_ _ _1
JD
D
4% Corporate stock reg
19
93
39
0j
1956
9718 978$ 97
Aug'221__ _ _ 10312 10734
25 9114 97
97
Debenture 5s
New 430
1957 MN 107% 108 107%
North Wisconsin 1st 6s
....- ---OM
J 8
J 10514 ---- 1118 Nov'16
43i% Corporate stock
1957 MN 107% 10734 1(1734 10734. 12 10314 10,34
1939
93,2
3 82 9312
Superior Short L 1st 5s g._e1930 M S 9614 -,-- 95 May'18
938$
33i% Corporate stock___ _1954 MN • 9134 94 90
84 Aug'22
Dee'20
Chic T H & So East 1st 58__ _1960 J D 8312 84
4gifs
-7
.35New York State-4s
1961 MS
102 June'22 -- 102 102
1 874 9418
Un Sta'n ist gu 430 A 1963 J .3 92 9214 92
92
Chic
.1
J
Canal Improvement 4s__ _ _1961
1st Ser C 650 (ctfs)
tom, 110
11712
71 11138 1178$
116 117 1117
---- 10912 Apr'22
Highway Improv't 40_1963 M S
1042 Apr'22
m418 16412 Chic & West Ind gen g 6s e119632Q
3 3 NI 10518 - -,-'105 Aug'22 ---I 103 105
Highway Improv't 4)s.__ 1965 MS ____
7714 7634
Consol 50-year 4s
774 16 6712 7712
1952 J .1 77
Railroad.
71
7118
4 5814 80
16-year s 750
10214
2 99% 10278
1935
M S 10212 1023 10214
Ann Arbor 1st g 43
/1995 Q J 71 Sale 9212
9312 196 85
91
9518 Cin H & D 2d gold 450
88 ---- 91 Aug'22 ----1 85
Atch Top & S Fe-Gen g 4s__1995 AO 9314 Sale 9113
9112
,,..
____
9212
__
mar'171--3
C
Find
88
& Ft \V 1st gu 4s g_1
874 9212
19
92
33
73
11 N
j ___ .-•
1995 A0
Registered
84%
85
8 7712 56,
8 ---- 9234 Aug'22,---- -9014
- -95.
Day & Mich 1st cons 430_1931 .1 J 931/1995 Nov 84% 8614 8512
Adjustment gold 4s
7612 8414
7812 8
.,6,2 Cleve Chi Ch & St L gen 4s 1993 J D 8312 85
8512
Aug'22
1
8312
85
85%
Nov
11995
Stamped
84
84
11 76 .
20-year deb 450
33
1931 J J 92% 9412 92 Aug'22 ---Cony gold 4s
1955 J D
7 9114 104
102%
101 Aug'22
86
514 10
92
11,8
s
General 5s Series B
8 15E- 102%
1993 J D 1(08
Cony 43 issue of 1910
1960 in i6i3914
951
1
9514
9514
3
10134 13 95 10234
Ref
&
impt
8s
Series A_
1929 J J 10114 102 101
East Okla Div 1st g 43.-1928 MS 9434 -8514 Aug'22
6 78 854
1 7954 92
8912
89% 8912
Cairo Div 1st gold 4s
1939 J J 87
Rocky Mtn Div lot 4s...._ 1985• J 8234 8438 88
7934 90
82%
8214 Aug'22--.... 76
Cin W & M Div Ist g 43._ _1991 J .1 8212 Trans-Con Short L 1st 48_ _1958 ii 8818 88,3 94% 88
7712 8418
84 Aug'22'
g5
Aug'22 -- 864 9458
St L Div 1st toil tr g 4s__ _1990 M N 84
Cal-Ariz 1st & ref 450"A" 1962 MS 9314 94%
9112 26 85 93,
i;1:
:
-.-:.: 2
12
22
uy
g.
812 8;
}34 :
91)78
Auti
3 ti
Spr & Col Div lot g 43
834
j3.31,1z2
58
8
,
532
Atl Coast Line let gold 42_11952 M S 9138 92
1940 NI S 9
10738 108
5 10412 108.8
854 ---- 85,4 Aug'22,--__ 8314 85,4
W W Val Div 1st g 4s
10-year secured 7s
1930 MN 10738 108
91
9114 37 8312 9114
C I St L & C 1st g 4s
1946 3
193
Q F
3
General unified 430
1964 J D 9012 9112 100 Aug'22
9884 100
Registered
Ala Mid 1st guar gold 5s_ _ _1928 MN 10014 - 99 Aug'22,__-- 94 99
Si; 101
Cin S & Ci cons 1st g 5s 1
9214 9114 Aug'22
86 9114
_11921 °
JP
F
Bruns & W let gu gold 4s_ _1938 ii 91
Meany
e:2
22
21;;;; 10
05
01s
90
4 10
54 j
19
00
8614 38 78 8614
CCC&I gen cons g 6s_ _1934 J J 1(
3
81:4
L & N coil gold 43
a1952 MN 54% 8518 8412
25
Ind
96
B
&
W
9514
1st
pref
9512
4s
883
4
96
Sale
Salt & Ohio prior 350
1926 P.8
9278
92
92
Peoria & East 1st eons 48_1
5 91
949 A 0 8014 gi 8112 „Aug'22 -- 70% 84
1940
Registered
11925 Q
.184 21 2278 3912
384 Sale 3818
56 764 8818
88
Income 40
1st 50-year gold 4s
11948 AO 87 Sale 87
99
I 90
99 I
99
75 84
Cleve Shor Line 1st gu 430_199
84
961 APO
r. 99
8414 - - - - 84
Registered
11948 Q
I5E7s 10512 10578' 51 10018 10578
8634 70 74 8734 Cleve Union Term
10-year cony 450
A O
F
A
1933 MS 8613 Sale 88
19
0
3
5
%
5
8
94
93%
Aug'22,
84
,
4
9
4
Colorado
9112
62
&
9012
South
lot
g
4s_
Sale
5509
_
_1
1
92
7
9
77
93
Refund & gen 5s Series A_ _1995 .1 0 91
90 I - 10 3118 92
3
44, 128
Refunding & eaten 430_ _ _193' M N 90 Sale 8934
1
,
02
11
,4
8
04
Temporary 10-year 68
1929 ii 102 Sale 19
8
94 8
Ft W & Den C 1st g 530_1961 J D 105 10534 105,2 Aug'22 - 1011s 10612
P June &NI Div lot g 3 51
9313
9234
MN
5
25
84
Cuba RR 1st 50-year 53 g
P I. E & W Va Sys ref 4s. _3-192
1952 J .1
_1941 MN 84 Sale 8312
8 100 10612
10612
1st ref 730
10612 Sale 106,8
9355 112
Southw Div 1st gold 350_1925 J J 9212 Sale 9314
89
5%
12 80
5
:
s
2 8
78
7:42 Aug'22
774 87
112
9914 Aug'22
9
8792
6247412 19
980ii D L & W-M & E 1st gu 330 2
Cloy Lor & W con 1st g 58D 17
J D
9914
36 j
10
900
10012
A
0
1933
10014
Aug'22
' 9812 1037
N
Y
Lack
&
100%
OS%
Aug'22 -- 96% 98%
Ohio River RR 1st g 6s
Western 5s_..1l123 F A
1936 ID 98% 99,2
9912
8 97 (4412
Terminal & improve't 4s_1923 M N 9918 150 1 9912
- 90 98
General gold 5s
1937 A 0 96% 9712 98 July'22
Warren 1st ref gu g 3 14 ,̀ --200° F A 7612 --__ 78 Aug'22 ____ 7414 78
Tol & Cin Div let ref 4s A ie5e J J 7j12 Sale 7112
7112
7 6278 72
.
*No price Friday; latest bid cud asked. a Due Jan. dDue April. .Due may. pDue June, bDue July. kDue Auk. oDue Oct. PLue Nov. sDue Dia. 8 01;84011
Igt?
8.
NE
'A'. .4 3
----
----
-.
-.
New York Bond Record—Continued—Page 3
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept 8
Price
Friday
Sept 8
Week's
Range or
Last Sale
Range
Since
Jan. 1
Bi-d
Ask Low
High
Low High
N Y Cent & U R RR (Con)—
8212 Jan'22
/
4 87
8212 8212
Mob & Mal 1st gu g 4s____1991 M S 851
96 10212
1934 J J 10018 --__ 10212 Aug'22
Mahon CI RR 1st 5s
1
4 ____ 91/18 June'21
1931 M S 99/
Michigan Central 5s
9812 Nov'18
1931 Q M
Registered
8214 882
194(i
J 8814 ____ 8812 May'22
4s
92
7414 Sept'20
1940 .1 J 89
Registered
1951 MS 7918 ____ 6618 Mar'20
JL & S ist gold 33is
8134 Aug'22
1942 MN 8134 85
1st gold 31i8
-9
g4
114
1929 A 0 9334 ____ 94 Aug'22
20-year debenture 4s
8018 ____ 7034 Apr'21
N J June RR guar 1s1 48__ _1986 F A
78% May'22
2000 MN 8014 82
N Y& Harlem g 33is
1
4 ___ 95
Dec'21
N Y & Northern 1st g 58_ _1927 A 0 99/
86
8312 Aug'22
84
N Y & Pu 1st CODS gu g 48_1998 A 0 835s
8 ____ 7834 Apr'22
1941 J J 813
12 83
Rutland 1st con g 455s
735 80
75 Aug'21.
66
75,2
Og & L Charn 1st gu 4s g_1948 J J
71118 75
7314 Aug'22
J
Rut-Canada lstgu g 48_1949
911
/
8
7'
4 96
8914 May'22
9
312 8
79
31
1
St Lawr & Adir 1st g 5s__ _1996 J J
97
,
4
103
---_
Nov
.1.0
1996 A 0
2d gold 65
Apr'22
Pitts & L Erie 2d g 5s__a1928 A 0 9834 ____ 97
109 11012
Pitts McK & Y 1st gu 6s 1932 J J 11034 11034 11034 Aug'22
1939 .1 J 10012 ____ 9514 Juue'20
2d guaranteed 68
85
2361 J J 8434 8478 8478
West Shore 1st 4s guar
8334 8212
8234 10 765s 8234
2361 J J 83
Registered
9912 Feb.19
N Y C Lines eq tr 55.._ _1920-22 M N
6712 June'20
Equip trust 4 As__ _1920-1925 J J
9012
9012 10 823
11137 A 0 9() 92
N Y Chic & St L 1st g 4s
8612 June'22
8
80
612 8
1
4
8,
6/
Registered
1937 A 0
89 Aug'22
Debenture 45
1931 M N 875s 89
N Y Connect 1st gu 41is A1953 F A 9158 ____ 92 Aug'22 ---- 8112 9214
NY N H& Hartford—
6314 Aug'22 ---- 45
63,4
Non-cony deben 48
1947 M
53 July 22__-- 44
36
1947 M S 5114
Non-cony deben 3!
,5s
52
25 3814 5512
Sale 5114
Non-cony deben 330
1954 A 0
5712
5712
/
4
2 4012 601
Non-cony deben 45
1955 J J
Aug'22
5812
__-_ 41
60
Non-cony deben 45
1956 M N ./71s 5812
3 3738 5318
52
Cony debenture 33-is
1956 .1 J 55 Sale 5114
8512 593 57
8112
Cony debenture 6s
1948 .1 J 8412 8478 8412
Oct:I
Cons Ry non-cony 4s
1930 F A
-- 50
57
__ 31
8 is
'
3178
5
Non-cony deben 4s
1955 J J 5012 55% 60 July
5212 53 June'22
Non-cony deben 4s
1956 J J 50
55% 53
4% debentures
1957 M N 52
1
4 8414 7918 Aug'22
71
80
Harlem It-Pr Claes 1st 4s__1954 1W N 80/
75 ____ 75 Aug'22
59
B & N Y Air Line 1st 45_ _ _1955 I, A
73
68 67 Aug'22
5114 6812
Cent New Eng 1st gu 48__ _1901 J J 60
Housatonic Ry cons g 5s__1937 M N 8813 ____I 80 4Jee'21
Naugatuck RR 1st 45
1954 M N 6818 __--1 87 July'14
_- 83 Aug'13
N Y Prov & Boston 4s
1942 A 0 72 8
5712 63 j
5912
NY W'ches& B 1st Ser I 4;i8'46 J J 5714 Sale 56%
_
New England cons 5s
1945 J .1 9012
7014
70
dept'17
Conso198
1945 J .1
52
52
2 26
50
Providence Secur deb 4s_.._1957 M N 49 _
Providence Term 1st 48_1956 M S 7614 ---- 8858 Feb'18
73
,
W & Con East 1st 410
1943 J J 6434 _ _ _ _ 65 May'22
0 6
69
7712 7712 Aug'22
NY O&W ref 1st g 48_ _g1992
S 75
5912 iNtry'2U
Registered $5,000 only. g1992 M S
69
70
"6"51; -f1112
General 4s
1955 .1 D
70 Sept'22
Norfolk Sou 1st & ref A 5s_1961 F A 683s 70
50
71
95 Aug'22
Norfolk & Sou 1st gold 5s_ _1941 M N 9434 100
7914 95
.
,
2
05,
Norf & West gen gold Os_ _.._1931 M N 10838
077
- 104 Aug'22
034 10
004
4
10
Improvement & extg
1934 F A 10918 11312 109 Aug 22
New River 1st gold
1932 A 0 1119% - - 10434 Mar 22
9418 24 8478 9412
N & W Ry 1st cons g 4s__ _1996 A 0 9418 Sale_ 9312
74
001.'20
Registered
1996 A 0
8914
2 8312 90
8914
Div'l 1st lien & gen g 48_1944 J .1 -9-012 -15318
10-25 year cony 4
_ _1938 M S 101.8
811
10-year cony 68
1329 M S 124 Sale
8912
Pocah C & C joint 98_1941 J D 8812 8912
84
9012
2 8314 91
9012
Selo V & NE lst gu g 4s 1989 MN 9012 91
Northern Pacific prior lien rail9014 44 804
34
s
9,,87
8807
way & land grant g 48
884
1997 Q .1 9014 Salo 8912
87/
1
4 Aug'22
Registered
1997 Q .1 87 _ _
6412
5
General lien gold 3s
a2047 Q F 6414 Sale 6414
02 June'22
go
6,
Registered
a2047 Q F
1093s
11014 4141 105,14 1104
Ref & impt 6s sec B
2047 J J 110
9034
93
15 86
93
Ref & imp 4s SerA
2047 J J
9938
100
77 9658 100
58
2047J J
8412 May'22
7914 5412
St Paul-Duluth Div g 48_1996 J D
10338 July'22 ---_ 1932, 109
N P-Gt Nor joint 8s1936 J J
10014 June'22
10014 101
St P & N P gen gold 68___ _1923 F A
100 May'21
Registered certificates. 1923 Q A
100 June'22 ___- 9912 100
St Paul & Duluth 1st 58_1931 Q F
86 May'22 ---- 82/
1st consol gold 4s
1968 J D 8538 _
1
4 88
0__ :
107
1 180
Wash Cent 1st gold 4s_ _ 1948 Q M 8312 8512 84 May'22
848
5583144
June'22
108%
Nor Pac Term Co 1st g 6s
1083
8
1933 J J
85
Oregon-Wash 1s1 & ref 481901 J J 8514 Sale 84
Pacific Coast Co 1st g 58
5 75
83,5
8378
1946 J D
- - - - 83
Paducah & Ills tat a f 4
_1955 J .1 93'8._. 93 Aug'22 ---- 90 93
Paris-Lyons-Med ItR 6s
77
184 7024 85
7614 76% 7514
1958 F A 7014
Pennsylvania RR 1st g 48_ _ _1923 M N 9918 _
9938 Aug'22
9634 091
/
4
Consol gold 45
22
90
9i2 Au
lg'
o0
1943 M N 0218 95
8712 92'8
Consol gold 4s
9258
9312 9212
1948 M N 93
851s 9334
Consol 435s
12 93
9934 100
12
33
00
1960 F A
2811
2:3
General 43-2s
9412
1965J D 9412 Sale 94
9012 95
10312 59
General 5s
1968 J D 102% 103 102%
10-year secured 78
113,4 92 05212 111314
1930 A 0 113 Sale 11038
2
111
37 11032
15-year secured 6548
1936 F A 111 Sale 110
Alleg Val gen guar g 4s
9434 94 Aug'22 109 86
1942 M S 92
94
DJIRR&Bdgolstgu4sg.1930 F A 9038 ___. 87 May'22
87
87
Pennsylvania Co—
_ _ 81/
1
4 July'22
Guar 3s coll trust reg A_1937 M S 8458
/
4 8134
811
84
8412 8412 Aug'22
Guar 334s coil trust Ser B.1941 F' A
88
2 1
75
872;4
83 July'22
85
1942 J D 80
Guar 33is trust Ws C
_ 82 Aug'22
1944 J D 8112
Guar 330 trust ctfs D
917
8
•
917
8
91%
9214
48_1931
A 0
Guar 15-25-year gold
9 845s 9234
87 July'22
86
87
80
012 8
40-year guar 48 ctfs Ser E 1952 M N
8,
8712
4
8678 May'22
1942 M N 8558 88
Cm Leb & Nor gu 42 g
Dee'21
8812
941s
_
_
1935 M N
Ci & Mar 1st gu g 4
/
4 91 Nov.21
Ci & P gen gu 4 As Ser A 1042 J J 9814 991
/
4 104 Deo'1.5
1942 A 0 9814 991
Series B
Int reduced to 33.s_.1942 A 0 - - - -- 9614 Feb.12
9018 Deo'12
7758
1948 M N
Series C 3318
67
Jan'21
1950 F A 801s
Series D 33-i8
Apr'20
85
88
Erie & Pitts gu g 358 B___1940 J J 85
7914 M
88
1940 J J 85
Series C
Or It & I ex let gu g 4%11-1941 J J 9214 9.) 9214 Aug'22
Pitts Y & Ash 1st cons 58 1927 51 N 9834 _ _ _ _ 98 June-22
98
98
9614
_ 94 May'22
1931 J J
Tol W V & 0 gu 4iis A
0258 94
_ 82 Dee'211
Series 13 43is
1933 J .1 9712 _
_ _ 77 Sept'21
Series C 4s
1042 M S 833s
98 Aug'22
1940 A 0 9612 98
A
-E(-11C C & St L gu 4
2 98 Series B 43is guar
1942 A 0 9012 _ _ _ _ 9512 Aug'22
8838 98
5912 9114
Series C 4888 guar
_ 9158 Apr 22
1942 M N 9612 _
8812
Apr'22
Series D 4s guar
89,4
_
1945 M N
---- 8414 9112
01 Aug'22
Series E 3As guar gold 1949 F A
91
8912 91
Series F guar 4s gold
8914 June'22 --. 84
1953 J D 8618 _
021
/
4
Series G 4s guar
87
1957 M N
_ _ 80 May'21
9512 _ _
Aug'22 --8912
Series I cons guar 430_1963 F A
96
-General 5s Series A
1001
16
/
4
100
1970 .1 1) 10012 10034
90 10034
100 May'22
C St L & P Ist cons g 58__ _1932 A 0 10(112 99 10034
Mita Bait & W 1st g 48__ _1943 M N
89/
1
4 June'22
91,4
1
4 92
89/
N J RR & Can gen 48
1944 M S 8912 _ _ _ _ 8012 Juuc.21
"881-2 10112
10014
Pere Marquette 1st Ser A 55 1956 J J 100,4 101 100
85 Aug'22
_ 75
8418 85
1st Series B 4s
1956 J J
85
52%
Philippine Ry 1st 30-yr s f 4s 1927 J .1
8 4118 59
5212 Sale 5214
Pitts Sh & L E Ist g 58
1940 A 0 9918 _
100 Mar'22 — 9534 100
9918
1st consol gold 5$1
1943 J .1
9714 Deo'17
Reading Co gen gold 4s
8714
1997 J J 86 Sale 8534
808 123
Registered
1997 .1 J 83
84/
1
82
4 Aug'22
85
8434
Jersey Central coil g 48___ _1951 A 0 88
5 8112 8812
8812 8734
88,2
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept 8
1197
Price
Friday
Sept S
Week's
Range or
Last Sale
Range
Since
Jan, 1
High No, Low 111g1
Ask Low
Bid
St Jos & Grand lel 1st g 4s__ _1947 J J
76 Aug'22 ---- 6578 76
St Louis & San Fran (reorg Co)—
Prior lien Ser A 4s
7534 Sale 7334
68
75/
1
4
1950 J J
757
Prior lien Ser B 5s
1950 J J 897s Sal( 88
8978
891
/
4 211 82
53.6s
174 93
97
97
1942 J J 97 Sale 9512
Prior lien Ser C 68
1928 J J 10012 Sale 10014
100% 53 9458 10114
Cum adjust Ser A 6s
8978
h1955 AO 845 Sale 8334
8434 168 71
Income Series A 6s
104 54
Bale
79
79
h1960 Oct
St Louis & San Fran gen 68..1931 J
10
79
412
104
77 Aug'22 ---- 10114 104
J
General gold 5s
9912
1931 h i 100 10014 99 Aug'22 ---- 95
St L& S F RR cons g 4s- - -1996 h i 74 ___. 6714 Oct'2(
Southw Div 1st g 5s_ _ _ _1947
9134 ____ 90
Feb'22 ---- 90
90
K C Ft S & M cons g 68_..1928 A0 10358 104 10314
10315
5 101 104
N
KC Ft S& 5.1 Ry ref g 4s_ _1936
46 7234 8312
A0
K C&
R & 13 1st gu 5s_ _1929
8814 92
St L S W 1st g 4s bond ctfs_ _ _1989 A0 93
823480 -8
70
50
9
6
212%
-12 .,Aug'22
14 98
t
Au
t'g
7234 8C1
8'.
/
4
SIN
88031122 ---- 6412 72
2d g 4s income bond ctfs_p1989
88
712
1: 7312
830
013
122
2 ss:
7
J J 8
4 6812 82/
Consol gold 4s
1
4
1932 J D
1st terminal & unifying 58.__1952 J
84
31 71
8114
A & A Pass 1st gu g 4s
7 70
797
1943 J J 79 Sale 78
Seaboard Air Line g 4s
73%
1950 AO 65 -___ 55 Aug'22 --, 50
Gold 4s stamped
/
4 Sale 5918
62
13 48
60
1950 AO 591
29 Sale 28
Adjustment 55
2912 151 1312 3312
01949 FA
Refunding 4s
4614 120 3118 48/
1
4
1959 A0 46 Sale 4512
1st & cons 6s Series A
1
4
7334
68% 308 41
1945 M S 6912 Sale 67/
5 5912 7512
ALI & Birm 30-yr tat g 4s_e1933 M5 69
69
70
69
Caro Cent 1st con g 4s_ ....1949 J J
63
63
Fla Cent & Pen 1st ext 6s 1923 h i 9
77
112 9
72
96
1 96
3 F
96
b.
'2
22 ---- 98
.1:13
1st land grant ext g 5s 1930 J J 9418 ____ 9312 Aug'22 ---- 89
9312
Consol gold 58
1943 J J 9018 ___- 90 July'22 -- 8212 90
Ga & Ala Ry 1st con 58_ _ _o1945 J J 821s ___. 83/
1
4 Aug'22
71
8312
Ga Car & No 1st gu g 5s__ _1929 j j 905 ____ 90 Aug'22 --_- 84
01
Seaboard & Roan 1st 58
8434 95
1926 hi 9212 ____ 91% July'22
Southern Pacific Co—
Gold 48 (Cent Pac coll)___11949 J D 8834 Sale 8834
91
145 78
9412
20-year cony 4s
1
4
93/
1
4 90, 86
01929 Al S 9214 9312 33/
931
/
4
20-year cony 5s
104%
1934 J D 104 10412 10414
11 951
/
4 10414
82
942 90
Cent Pac 1st ref gu g 4s_ _ _1949 FA ,
312
75 8114 917
Mort guar gold 33.68___k1921 J D
-9
99
2/
4
1 Aug992128
Through St L 1st gu 4s_ _1954 AO 8614 8612 85,4
8514
97
76
814 8
2'8
14
I 8
G H& SA AI & P 1st 5s.1931 MN 99 10018 98,14 Aug'22 --- -I 9414 9918
9534 100
9414 Aug'22 ..-. 92
2d exten Os guar
98
1931 J J
Gila V G & N 1st gu g 58_ _1924 M N
9914 ---- 99's Aug'22 ---- 97
991
/
4
Hous E & W T 1st g 58.._ _1933
9412
N 9718 ____ 9412 May'22 ---- 94
lot guar 5s red
Lie Mar'21 -1933 M N 9718 IOU
9814 ____ 9334 Apr'22
II & T C 1st g 58 int gu
-9i34 -5314
1037IJ J
96 ____ 98 May'22 A & N W 1st gu g 5s
---- 8634 98
1941
96 10312
No of Cal mi.^ g 5s
Apr'22
1938 A0 9914 ____ 101
33 9514 101
Ore & Cal 1st guar g 5s_ _ 1927 h i 10012 101 10012
101
92% ___ 1031
/
4 July'22 ____ 10012 10312
So Pac of Cal—Gu g Os_ _ _1937 St N
94
90 May'22 - --- 8812 92,s
So I'ac Coast 1st gu 4s g_1937 J J 91
Tex & N 0 con gold 5s___ _1943 h i 9414 ____ 9414 Aug'22 ---- 89
664
31 8358 9212
91
So Pac RR 1st ref 4s
1955 J J 91 Sale 9014
4
85
San Fran Terml let 4's....1950 AO
3
;
8 8151e 9
99
89
34 100
149 8
80
713 18
Southern—lst cons g 55
053
01k
s
1994 J J 8
90 Apr'22 _„-.
Registered
1994 J J
79
2
71
88
1:4 9
7112 144 6
Develop & gen 4s Ser A
1956 AO
10414 346 9414 10414
Temporary 6!8s
1956 AO 104 Sale 10234
Aug'22 __-- 6614 761
/
4
Mob & Ohio coil tr g 48
1038 1\1 S 77 ____ 7614
9814 __ _ - 9755 Aug'22 __-- 89
9714
Stem Div 1st g 430-5s
1996 J J
8212 78 Aug'22 __-- 73
89
St Louis div 1st g 4s
1951 h i 79
Ala Gt Sou let cons A 5s 1943 J D
6414
77182 99
4
9
93
8 Au
Atl & Cheri A L 1st A 4s.1944 J J 92
ug
g:2
22
2 -_-_--- 87
214
,-__ 100
1st 30-year 5s Ser B
100
10 91 100
1944 h i
All & Deny 1st g 4s
77'8 Aug'22
1948 J J -:1;12 -80
/
4 67 Aug'22 -.___
26 4s
7
7
61813
--- 80
1948 J J 6038 711
At! & Tad 1st g guar 4s
1949 AO 8114 ____ 7914 Aug'22 __-- 7534 82
E T Va & Ga Div g its
9912 101
97'4 June'22 __-- 9334 9712
1930 .1
Cons 1st gold 58
9912 Aug'22 --__ 03
99,2
1956 M N 9934
1
E Tenn reorg lien g 5s
1938 MS 9512 ____ 95 2 July'22 ---- 935s 934
Ga Midland 1st 3s
66
63 Aug'22 _—. 58
63
1946 AO 64
Knoxv & Ohio 1st gt3.
1925 J J 10058 10134 10014 July'22 ---- 98% 10034
Mob & Bit prior lien g 58 1995 h i 9418 ___ 7558 Aug '21 -____I 7414 May'22 __-- -51Mortgage gold 4..s
2 75
1945 h i 82
7435 ----.! 78 Aug 22, ___. 86
Rich & Meek 1st g 5s
78
1998 MN
So Car & Ga 1st ext 58 1929 MN 9912 101 100 Aug 22 ___- 94 101
Virginia Mid Ser E its
99,4
_1926 MS 9914 100 I 9914 Aug'22__-- 97
Geaeral 58
312
Aurz'22 ____ 9512 9958
1936
N 102 ____ 99
Va & So'w'n 'St gu 5s
97
2003 J J 92%July'22 ____ 80
1st cons 50-year 5s
8712
8712 10 74
1958 AO 8712 Sale 1 85%
W 0 & W 1st cy gu
97 ____ 97,4 Aug'22 ---- 9412 9714
_ _1924 FA
Spokane Internet 1st g its _ _ _1955 h i 83 ____, 8214 Aug'22 -_-- 7718 8214
Term Assn of,
95 1
5 92
t L 1st g 4%8_1939 A0 9414 ____• 95
9778
1st cons gold its
99 ___- 95,8 Aug'22 ____ 8838 9912
1944 FA
Gen refunds f g 4s
Sale
82
82
1953 J J
1
St L M Bridge Ter gu g 5s_1930 A0 9812 99
96 2 Aug
8
'
2
221 ___2
_ 7
46
34
2 89371%
2
Texas & Pee st gold 5s
4 8712 8100
9812
2000 J D 98 Sale 98
2d gold income 58
50 Feb'22 ___ 50
50
02000 Mar
5
La Div B L 1st g 58
92
88
90 Aug'22 __-- 791
. 90
1931 J J
W Min W & NW 1st gu 58_1930
7614 81318 8612 Aug'22 ____ 8612 90
F A
Tol dc Ohio Cent let gu its.. _ _1935 h i 99 100
97 Aug'22 ---- 91
97
Western Div 1st g 58
95
1935 A 0 9518 _ _ __ 9278 May'22 ____ 90
General gold 58
7 8138 901:
92
1935 J D 9012 Sale 9012
Kan & 131 1st gu g 4s
1
Aug'22
8114
5312 80/
1
4
---- 75 2 83
1990 AO
2d 20-year 5s
97
-- -- 91
1927 hi 9714 9912 97 Aug'22
Tol St L & W or lien g 3 Fl1925 hi 9314 Sale 93
9314
935
371 84
50-year gold 4s
75
73
19, 58
73
195 AO 73 Sale
Coll trust 48 g Ser A
1917 F A ---_ ___- 15,4 June'21 ____'
Trust co Ws of deposit
31% Feb'22 ____
_
Tor Ham & Buff let g 4s_
74
712 -i83ii4
__k1946 3D -214-3-4 -g61-4 8434 Aug'22 ____ i
Ulster & Del 1st cons g its..
92
_1928 J I) 9212 ____ 9112 July'22 ____ 89
1st refunding g 4s
70 Aug'22
65
70
5 A0 6718 70
Union Pacific 1st g 4s
95
53 88
9634
1947 J J 9534 Sale 9434
June'22
Registered
02
/
1
4
88
90
1947 J J
20-year cony 48
-l-e- 9512
9534 102, 89 96
1927 hi -5E1;§a
1st & refunding 4s
90
43 8112 100
02008 M S
10-year perm secured
8
10512
%
7
8
19 102 106
10
Vil
9
4
e
,
6s
J J
Ore RR & Nay con g 4s_ 1928 J D 9018 917s 93'8
3 8314 9318
9318
I946
Ore Short Line1
1st consol g 58
34' 9612 10512
105
/
4 105
J J 10518 1061
1946
Guar con 5s
1946 J J 10534 1067 105 Aug'22 ____I 97 106
Guar refund 48
9312
9312 93
9412
1 8812 951g
1929 3D 99
____ 99 Aug 22 ____ 9618 99,4
Utah & Nor gold 58
1926 J J
let extended 48
9138 -- 861z Feb'22 -- 8612 86
J J
1933
Vandalla cons g 48 Ser A_ _ _
Apr'22,____ 7814 8611
8514 __-- 86
_1955 F A
Consol 4s Series B
8534 ---- 7212 Jan'21 ____
SI N
Vera Cruz & P 1st gu 41.48_ 1957 J
.
3712
2 28
371
3712
3612
9714
J
Virginian 1st Us Series A._ _193
49 8814 100
N 100 Sale 9812 100
._1962
Wabash 1st gold 58
46 9378 101
101
100 10012 9914
N
1939
2d gold 5s
9134 9212 91
92
13 8112 93
1939 FA
let lien 50-yr g term
7114 --- 6712 July 22 -___ 6712 67/
1
4
J J
48_
Det & Ch Ext 1st g 5s_ __ _1954 hi
9618 __ _ _ 96 Nlay'22 ____ 91
9614
_1991
Des Moines Div 1st
74 May'22 ____ 74
751
/
74
4 79
J J 71
____
69
Om Div lst g 33,58 g 48—.1939
Aug'22
---.1 6638 70
1941 AO
Tol & Ch Div g 4s
7914
7975
3 69
80
1941 MS 7912 82
Wash Term 1st gu 3s
1945 FA 8158 8212 8212 Aug'22 ____ 7258 8212
1st 40-year guar 43
Feb'22 ____ 85
8.5
FA 8812 ___ 85
1945
,est Maryla d 1st g 48
6838 56 58/
Sale 6712
1
4 69
1952 AO 6812
9812 9912 9912 Aug'22 ___ 95 IOU
est N Y & Pa lst g Us
1937 J J
Gen gold 43
7912
7912
1 7213 801g
1943 A 0 7912 80
Western Pee 1st Ser A 5s,._.1946
87 I 29, 841s 8812
87 Sale 8614
Wheeling & L E 1st g its
1926 A 0 98 ___- 10178 Aug'22 ____ 9212 1017
Wheeling Div 1st gold 5s..1928 3
9418 _--- 93 Aug'22 --__ 8934 9712
J
9458 ____ 92 June'22 ____ 89
Exten & Impt gold 58
92
1930 F A
7012 Aug'22 .— .., 52
Refunding 485.8 Series A__ _1966 M 5 70
71
7278
RR 1st consol 4s
7634
7634
78
3 62
7634
1949,M S 75
Winston-Salem S 13 1st 4s__ _1960 J
8114 ---- 8112 July'22,____1 77
80
WM Cent 50-yr 1st gen 4s__1949 J J 8
3 8312
83 I 15' 7412 84
83
212 84
Sup & Dul div & term 1st 4s '36 M N
8312
8 7514 84
•No price Friday: latest bid and a k..ld this w.k. a Due J•n b Dug Feb. 0 Due June. k Due July, Due Aug. ()Due Oct. ',Due Nov. Due
g
L.O. lOptlon sale
-81' 6
64
38
-71
"if-
-gr;
665.8
.5218
-if-
-ig1-3 "ES
-WI -776
10912 July'22
11712 12412
8912 b912
-if- Kie"
9212 .1L2..4
01,
10514
Sale
9219312
9934 10014
8052
i(557-2
-66-
-i6-
10112
1198
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept 8
New York Bond Record—Concluded—Page 4
Price
Friday
Sept 8
Week's
Range or
Last Sale
Range
Since
Jan. 1
Bid
Ask Low
High No. Low High
Street Railway
12 31
64
60
65
65
Brooklyn Rapid Tran g 55......1945 A 0 61
22 354 64
59
1st refund cony gold 4s____2002 J J 59 Sale 58
51 58
8934 Sale 85
91
91
3-yr 7% secured notes....._1c1921
89 Sale 8412
87
59 584 87
Certificates of deposit_______________
81
8512 Sale 8812
166 54
2
80
9
8378
Certfs of deposit stamped____
90 Sale
8 75
9014
Bklyn Un El 1st g 4-5s____1950
90 Aug'22
8818 90
754 9014
1956 F A
Stamped guar 4-5s
80
Kings County E 1st g 4s_ A949 F A 79 ____ 7912 Aug'22 -- -- 64
7712 ____ 78 Aug'22 __ __ 66
82
1949 F A
Stamped guar 45
5738 5112
58
28 27
58
Nassau Elec guar gold 4s_1951 .1 J 56
8212 Sale 8212
8278 26 67
85
1927 F A
Chicago Rys 1st 5s
7612 June'22 - - -- 75
7612
Conn Ry & L 1st & ref g 430 1951.1 J 814 85
73 Apr'22 — -- 7034 73
1951 J J 8118 85
Stamped guar 430
8478
85
3, 634 8612
Det United 1st cons g 43.0_ _1932 J J 8412 85
Jan'20 - — -1
1936 M S 56 ____ 58
Ft Smith Lt & Tr 1st g 5s
151.1 49 .14 if"
Interboro Nletrop coil 430_1956 A 0 1512 Sale 15
15 15 34 15
1538 1411 734 1834
Certificates of deposit
679. 54
74
753R
lnterboro Rap Tran 1st 5s___1966 J J 73 Sale 7278
8
803
8212
80
16' 7614 8312
80%
10-year Os
9612 9712 9634
9718 106: 9312 98
7s
1932 1 5712 7212
69
Nlanhat Ry(N Y)cons g 4s 1990 A 0 6978 7112 69
6758 Nlay'22
s712 67%
Stamped tax exempt
1990 A 0
Er 60 Aug'22
4834 60
2013J D 4778"
2d 4s
84 Aug'22
6412 84
Manila Elec Ry & Lt s f 5s_ A953 M S
8 Wife- 8812
8934 32 81
92
Market St Ry 1st cons 5s
1924 M S -8-85171 9034 97
9418
5-year 6% notes
1924 A 0 94 Sale 94
Metropolitan Street Ry—
5 50
78
78
78 ____1
78
B'way & 7th Av 1st c g 58_1943 J D 77
23
23 Aug'22
1712 25
Col & 9th Av 1st gu g 58_1992 M S 22
5478 55 Aug'22
55
39
Lex Av & P F 1st gu g 5s1993 MS 53
9714 July'22
98
99
974 974
Milw Elec Ry & Lt cons g 5s_1926 F A
7914 90
Refunding & eaten 4 As A931 J J 88% __ 8912 Aug'22
01
9212 13 83
92
9212
Montreal Tram 1st & ref 5s 194I J J 91
50 Feb'24
New Orl Ry & Lt gen 4 As1935 J J
34
Dec'21
-- - NY Munk: Ry 1st s f 5s A_1966 J J
-6, 2512 4412
38
N Y Rys 1st R E & ref 4s_ _1942 .1 J 38 Sale 38
20' 24
38
38
38/
4 38
1
44
Certificates of deposit
1012 10
9
1034 121 54 15
30-year adj Inc 53
a1942 A 0
8,8 978 8% Aug'22 _ —_
434 1312
Certificates of deposit
84, 6112 7218
72
7312 7112
N Y State Rys 1st cons 430_1962 MN 72
9712 49: 95
9713
Nor Ohio Trac & Light Es__ _1947 M S 97 Sale 9658
91
3 81
91
91
91
Portland Ry 1st & ref 5s__ _1930 M N 90
61 784 90
8038 8712 86
86
Portland Ry Lt & P 1st ref 55 1942 F A
8 102 10712
107
1st & refund 730 Ser A1946 M N 10,i ____ 106
8812 8812
Portland Gen Elec 1st 5s__1935 J J 9412 ____ 8812 June'22 12, 73
90
9014
Pub Serv Corp of NJ gen 58_1959 A 0 8912 Sale 89
5618 68
Third Ave 1st ref 43
1960 J J 67 Sale 66
211 4412 6814
: 92
67
681
Ad)Income 5s
a1960 A 0 68 Sale 6712
98
97 Aug'22
97
88
Third Ave Ry 1st g 55
1937 J J 97
3 96 10034
100
Tri City Ry & Lt 1st s f 5s__ _1923 A 0 100 10014 100
87 -__- 73
Jan'22
73
73
Undergr of London 430_ _1933 J
78 ---- 7012
7012 ---i 60
7012
1948 J
Income 68
3 75
9112 91
91
91
United Rys Inv 5s Pitts issue 1926 M N 91
647
8
5
6612
64
65
5112 05
United Rys St L 1st g 4s_ _ _ _1934 J .1
58
St Louis Transit gu 5s_ _ 1924 A 0 5814 6912 58 May'22 ____ 56
8334 85
8234 Aug'22 ---- 72
83
Va Ry Pow 1st & ref 5s
1934 J
Gas and Electric Light
8158 19 70
1934 A 0 8112 Sale 81
8234
Am Wat Wks & Flee 58
6
9912 Sale 9834
100
, 8978 1004
Bklyn Edison Inc gen Is A 1949 J
103,4 Sale 10314
10378 ,1 100 10410
1930 J
General 68 series B
106
102 10712
1930 J J 10512 10534 10518
General 7s series C
10834 32 10612 108%
1940 J D 10818 10812 108
General 7s series D
9814 9934 9834 Aug'22 --41 8712 99
Bklyn Un Gas 1st cons g 5s 1945 M N
10412 105 194
195
22 1oi 105
Canada Gen Elec Co 6s
974 9934 9812 Aug'22
92 100
Cincin Gas & Elec 1st & ref 58.—
9678 964
11 8814 97
9614
1927 .1 J 96
Columbia G & E 1st 5s
9612 15 88
1927.1 J 9612 Sale 96
97
Stamped
9112
___75
Sept'24
Columbus Gas 1st gold 5s_ _ _1932 J .1
12412 Aug'22
1925 Q F
Consol Gas 5-yr cony 78
103 lig 8
1003
1, 93 100%
10038
Detroit City Gas gold 55_ _ _ _1923 .1 J 10009978 9834
99
5 93 100
Detroit Edison 1st coil tr 58_1933 .1 J 9834 __9734 21 8914 99
1c1940 M S 9734 Sale 9711
1st & ref 55 ser
105
20 9912 106
k1940 M S 1041s 10414 104
1st & ref Os series B
10558 204 moo 1o558
Duquesne Lt 1st & coil (is_ _ _1949 2 .1 105 10.138 104
10716
10712
107
10711
J
J
1936
730
Debenture
8 10434 10734
„
975 "
Empire Gas & Fuel 730_ _ 1937 M N 9714 Sale 9714
0, 974 9834
100
Great Falls Power 1st s f 5s 1940 M N 100 ____ 100
9412 100
91
9112
9112
9112
A
F
1952
1.1 7714 92
Havana Elec consol g 58_
9114
--_- 90 Aug'22 ---- 8512 90
1949 M N
Hudson Co Gas 1st g 58
1937 A 0 99_ 9758 Aug'22 ----, 9112 98
Kings Co El L & P g Is
110
1997 A 0 110 iii12 110
Purchase money Os
9, 10612 11112
10514 Apr'22
1925 M S 114 _
Convertible deb 6s
----I 98 107
88
89
90
J
J
Aug'22
48_1939
8118 90
g
Ed El Ill Bkn 1st con
954
96
9518
954
9518
11 86
Lac Gas L of St L ref & ext .5s 1934 A 0 9314 94
9312
9312
1927 M
1! 8712 9312
Milwaukee Gas L 1st 48
99 Sale 9878
994 571 93
9914
Montana Power 1st 58 A__ _ _1943 J J 11234 Sale 112
11234 4
„ 10534 11234
,8
N Y Edison 1st & ref 6 As A_1941 A 0 9934 100
9934
100
iu 9258 MO
1948J D
NYGEL&Pg 5s
8414
8412
841
1
8434
A
1949,F
2 76
8434
Purchase money g 48
1995 J J 191 ____ 10112 Aug'22 ---- 10012 101%
Ed Elec III 1st cons g Is
10014
101 Aug'22 ---- 94 101
Niagara Falls Power 1st 5s_ _1932 J J 1.0418 ---10434
10412
Aug'22
---- 10012 10434
a1932 A 0
Ref & gen 6s
9714 --95.4 June'22
9534
7, 95
Niag Lock & 0 Pow 1st 5s 1954M N 64
9438 94
95
U 8812 95
Nor States Power 2.5-yr 5s A _19411 A 0 96 Sale 9414
962,
9638 190 go
1952 M S
No Amer Edison 6s
9712 98
9712
98
99
1043 F A
2 90
Ontario Power N F 1st 5s
914 --- 9112 July'22
9112
---- 79
Ontario Transmission 5s_ _ _ _1945 M N
E—
&
G
Co—Cal
E
&
G
Pacific
9678 9712 9678
97
, 93
,„2
1937 MN
9778
Corp unifying & ref 5s
94
9312
Sale
94
97
87
el
Pacific G & El gen & ref 5s_ ..,1942 J J 9358 94
94
9412
6 8734 9413
Pac Pow & Lt 1st & ref 20-yr 5s'30• A 107 198 108 Aug'22
---- 10114 10914
Peop Gas & C 1st cons g 6s 1943 AO 96
9614 90
96
AO
1947 M S 97
2 85
Refunding gold Is
99
98 Aug'22
Ch G L & Coke 1st gu g 55-1937 J J 97 ____ 99 Aug'22 ----1 89 99
99
Con G Co of Ch 1st gu g 5s-1936 J J 93- 7812 June'22 ----, 92
----I 7812 7812
Mu Fuel Gas 1st Cu g 58-1947 MN 10158 1152 loos
102
23 9612 102
1944 FA 97
Philadelphia Co es A
Sale 97
97
924 97
Stand Gas & El cony s 16s__ _1926 J D 9458
9412
9458 15 85
D
9458
J
__1951
5s_
Syracuse Lighting 1st g
4 10714 10
___98
314 ir:5:.
15 10412 10812
1941 M S 107% 1073
Toledo Edison 7s
90
__-73
June'24
S
M
1949
Trenton G & El 1st g 59
96 __ - 9612 Aug'22 -___ 9012 9612
1932 M S 98 Sale 9712
Union Elec Lt & P 1st g 5s
ti838 24, 9314 9834
J
United Fuel Gas 1st s I 6s__ _1936 FA
9318 Sale 93
8712 9384
1944
5s
Utah Power & Lt 1st
____ 91 June'22
9114
J
J
8434 91
1957
Utica Gas & Elec ref 55
95
J J 994 9912 9918 Aug'22
9918
1939
58
f
s
Power
Wash Wt
S 9434 9612 9514 Aug'22 ---- 89
West Penn Power Ser A 58_ _1946 F A 10512 106 106 Aug'22 ____ 10318 9514
10512
c1946
1st series D 78
Manufacturing & Industrial J D 9978 100
9778 27 9712 10314
9734
1936
9912 100
Ajax Rubber 8s
09 Aug'22
9 814 10012
1928 AO
Am Agric Chem 1st Is _ _ _
105
52 100 195
FA 10434 105 10412
1941
1st ref s f 730 g
91
9112 91
91
3 81
N
93
1931
Am Cot 011 debenture 5s_
108 --- - 107 Mar 22 ___
107 107
1936 2.1
Am Dock & Impt gu 68
104 10412 10412 105
137 9712 1047s
J
•
1937
854 86
American Sugar Refining Cs
86
8612 31 804 88
1939 J J
Am Writ Paper s f 7-68
92
66 8612 94
▪ D 9178 Sale 9114
Armour & Co 1st real est 4 As 1939 J D 38
3812 38
3812 20 2312 504
Atlantic Fruit cony deb 7s A.1934 FA
--- 10418 Aug'22 -- 102 10978
1936
g
s
Atlas Powder cony 7A
1E1-2 10314 10212 10212
1 9918 10312
1940 MN 828____I 827s July'22
Baidw Loco Works 1st 5s_
-7714 8518
1952 AO
Bush Terminal 1st 4s
92
i5 8214 94
9134 92
92
.12
1955
944 sale 9414
Consol 5s
9412 18 8614 95
AO
857s 84
Building 5s guar tax ex ,,1960
85
84
31 76
88
1931 AO 98
2 934 99,,
9834
984 9778
Cent Foundry lets f 6s
1925 AO 98 Sale1 9710
Cent Leather 20-year g 58_
98
5 89
98
Computing-Tab-Rec s f 6s__ _1941 J J 99 ___ 9914
Aug'22 __-- 05
9914
1931 M N
Corn Prod Refg 5 f g 55
10114 July'22
0
5 98 10138
N
M
1934
1st 25-year s I 5s
8 89
9
8938 89710134__2 60
91
Cuba Cane Sugar cony 7s_ _1930 J J 9234 93 I 9212
94
41 544 95
Cony deben stamped 8% ______
aDue Jan. 41Due Apr11. cDue Mar. eDue
•No price Friday; latest bld and asked.
BONDS
N. Y STOCK EXCHANGE
Week ending Sept 8
Cuban Am Sugar 1st coll 8s__1931 M S
Diamond Match s f deb 730_1936 51 N
Distill Sec Cor cony 1st g Is_1927 A 0
E I du Pont Powder 430_ __ _1936 .1 D
du Pout de Nemours & Co 730'31 M N
1941 M S
Fisk Rubber 1st s 1 88
Frametic Ind & Dev 20-yr 730'42 .1 J
General Baking 1st 25-yr 6s 1936 .1 D
1942 F A
Gen Electric deb g 330
1952 M S
Debenture 5s
Feb 1940 F A
20-year deb 6s
1957 J J
Goodrich Co 630
Goodyear Tire & Rub 1st s I 82 '41 M N
e1931 F A
10-years I deb g 8s
Holland-American Line 6s_ _ _1947 MN
Int Agric Corp 1st 20-yr Is. _1932 M N
_1926 J D
Internat Cement cony 89
Inter Mercan Marine s I Os_ _1941 A 0
19471 J
International Paper Is
1947 .1 J
1st & ref Is B
1947 J
Jurgens Works 6s
1942 F A
Kayser & Co is
1931 M N
Kelly-Springfield Tire 8s
1936 J D
Kinney Co 730
Liggett & Myers Tobac 7s..1944 A 0
1951 F A
.
5
1944 A 0
Lorillard Co (P) 7s
1951 F A
Is
1942 A 0
Manati Sugar 794s
1939 J J
Morris & Co 1st s f 43:15
Nat Enam & Statnpg 1st 58_ _1929 .1 D
_1930 J J
Nat Starch 20-year deb Is..
N Y Air Brake 1st cony Os__ _1928 M N
1951 F A
N Y Dock 50-yr 1st g 4s
Packard Motor Car 10-yr 8s_ _1931 A 0
1931 M N
Porto Rican Am Tob 8s
1937 J .1
Punta Alegre sugar 7s
1937 M N
Remington Arms 6s
1942 M S
Saks Co 78
South Porto Rico Sugar is. 1941 J D
1930 NI N
Standard Milling 1st Is
1931 J D
Tobacco Products s f 7s
1930 J .1
Union Bag & Paper 1st 5s
1942 M N
6s
1930 F A
Union Tank Car equip 7s
D
1941
United Drug cony 8s
U S Realty & I cony deb g 5s_1924 J J
U S Rubber 5-year sec 7s_ _ _1923 J D
1st & ref 5s series A
1947 .1 J
10-year 734e
1930 F A
Va-Caro Chem 1st 15-yr 5s_ _1923 J D
Cony deb Os
e1924 A 0
7s
19472 D
12-year s f 730
1932 M N
Warner Sugar 78
1941 J D
West Electric 1st 5s_ _ _ _Dec 1922 J J
Westinghouse E & M 7s
1931 51 N
Wilson & Co 1st 25-yr s f 6s 1941 A 0
10-year cony s 165
1928 J D
Temporary 730
1931 F A
Oils
Atlantic Refg deb 634s
1931 M S
Humble Oil& Refining 530 _1932 J J
Invincible 0118s
1931 M S
Marland Oils 18s with war nts '31 A 0
1930 M N
Mexican Petroleum s I 88_
Pan-Amer P & T 1st 10-yr 7s_1930 F A
1931 J D
Pierce Oil s f 8s
Prod ..tc Rots I 8s(wIth warnts)'31 J D
Sinclair Con Oil cony 730_1925 M N
1937 M S
15-year 78
1925 A 0
Sinclair Crude Oil 530
a1931 F A
Standard 011 of Cal 79
1931 F A
Tide Water Oil 630
Price
Friday
Sept 8
Week's
Range or
Last Sale
.g4
Range
Since
Jan. 1
High' No. Low High
Ask Low
Bid
4 10112 1074
107 1
10634 107 105234
8 107 11012
10812
10778 Sale 1077s
7 33
46
5312
46
46
45
8858 ____ 95 Aug'22 -_-- 8712 95
10818 Sale 10712 1084 53 10318 1084
10714 33 9974 10812
10612 107 107
9612 45 9112 103
9512 9612 9434
Apr'22 ____ 9312 97
10018 ____, 97
8018 _ _ __ I 8012 Aug'22 --.. 7034 81
10234 12 95 103
10234 103 101
18. 103 109
10818
108 10812 107
10214 77 9778 104
10214 Sale 10134
116 I 46 11014 117
11512 Sale ,11412
10010 233 9734 1034
10012 Sale 997s
8834
11 88
9414
8814 Sale 88
82 1 10 7212 82
82 Sale 81
3 102 11634
110
110 Sale 110
9912
9312 156 89
9278 Sale 9258
9012
8934' 53 86
8834
-g61-8 Sale 8834 8938; 64 8314 90
96
8034! 49 80
80 Sale 80
12 ,102 108
105
10414 10512 10414
108
9 '1017. 110
108 10812 10712
96
974 9738 Aug'22,- _ _ _1 9634 9834
1 112 120
119341
11834 120 11912
190 j
3. 9131 10012
9834
9858 100
11658 ____ 11658
116581
11112 11635
99
100 j
91 9218 100
9913 9958 9912
99341 43 9718 10031
8834
89 1 47 78
904
8812 89
9611 9714 9634 July'22 ---- 9212 97
95
Aug'22,____ 05
9612 97 • 95
1 97 102
10134'
10134 102 110134
8112
814 ___ _, 8112 Aug'22 ---- 76
10714 Sale '1074
10734' 21 98 1084
1034 104 10312 Aug'221 --__ 99 104
47 10114 11134
110
110 Sale 109
95
591 934 95
9412 9434 9412
71 98 10114
10058 Sale 100
10031
10212! 171 94 103
102 10212 10214
99
90, 96
99
99 Sale 9812
10512 106 10512
106
15 9714 108
102 ____ 10434 June'22 -_-_ 8811 1047s
4 100
/
9978 31 961
9912 9978 9934
104 10414 10378
105 I 69 10154 105
20 104 113
113
112 Sale 111
9712
5' 92
9812
98 Sale 9712
10212 10258 10212
10212 12 10012 1044
91
9012 25711 86
96% Sale 9014
110121 541104 11013
10934 Sale 10938
1003s 30 93 10113
10012 10034 99%
100 -- - -I 92 102
100 10014 100
9878 152, 98
9978
9858 sale 984
10538 59' 904 10678
10538 10512 1051s
438
10314
8 1 00
13 99,132
102 10212 10212
10018 21 99 10013
100 10014 100
109
105
47
108
4
10734 10814 1073
46 93 10214
102
7 102 101
1018
9612
9012 9658 9534
9613 521 84
2111 941, 10712
10714 107% 10512
9912 Sale 103
9978 100
9934
97
97
96
12012 121 120
10612 Sale 106
102 10214 10114
985
9812 99
113 Sale 112
10512 Sale 104
101 Sale 100
9938 Sale 9914
10578 10618 10578
103% 10334 10334
10312
0718
100
1
97
122
107
10112
99
11314
105
10012
9935
10614
1037s!
39 1027s 105
0
64I 99
8! 90
9858
10', 8434 126
20 99 10712
7 9412 103
6 9412 10258
15, 99 11578
495! 98 10638
320 90 10012
312' 98
9934
29 10514 10713
1 100 10435
1
9
9
1212
934 9
9
is A._ _ A925 M S
in in
Mlde
Alaska Gold 5
1078
6
878 612 Aug'22 ---7
1926 M S
Cony deb Os series 11
864 96
89
1
9412
95
95
Sale
Am.Sm & R let 30-yr 5s ser A 1947 A 0
9914 9912 9914
9934 29 93 1004
Braden Cop M coil tr s 0_1931 F A
129 Sale 128
129 I 39 110 129
1931 J
Cerro de Pasco Cop 8s
472 56 99 107
06
,
1
534
03
Chile Copper 10-yr cony 7s 1923 M N 1,0453344 Sale 19
131 84
9512
Sale
1932 A 0
Coll tr & cony Os ser A_
90
86
93
---- 87
90
July'22
Granby Cons 51 S & Peon 6s A '28 M N
99
94 June'22 ---- 87
1928 M N 9012 94
Stamped
102
99
99
1925 M N 98
Cony deben 8s
4
192.5 M N 993 10018 100 Aug'22'_-- 9212 101
Tennessee Cop 1st cony 6s
2,s
86 103
3 9512
99 I 13
U S Smelt Ref & M cony Os_ _1926 F A 10012 101 10012 101
9
Coal. Iron and Steel
954 100
9914
9914
1926 J .1 9878 99
Beth Steel 1st eats f 55
97
6 8912 100
1942 M N 9714 Sale3 9612
1st & ref 5s guar A
9434
941g 31 86
19361 J 9334 Sale 9312
20-yr p m & imp s I 5s
00
,
034 Sale 1708012
1005'214 _5_3_ 9_8 _10_124
1948 F A 1
6s A
Aug
f
s
Iron
55
Susq
D
J
1932
Buff &
100 - 100 100
Apr'22 --__ a1928 M S
Debenture 55
9112
90
91 '--__ 82
91
1943 F A 89
Colo F & I Co gen s 1 5s
8212
71
20
7812
8
783
8
797
77
Col Indus 1st & coil 5s gu___ _1934 F A
92
9135
92 I 21 86
Cons Coal of Md 1st & ref Is 1950 J D 9134 92
3 9612 10214
1925 J D 9712 ____ 9778 Aug'22
Elk Horn Coal cony 6s
92
9214 12 8612 9378
1940 A 0 9214 93
Illinois Steel deb 430
1952 IV! N 10038 10112 100 Aug'22 ____ 9614 10112
Indiana Steel 1st 53
I
1 9334 10012
190
100
10012
100
Lackawanna Steel 1st g Is
1923 A 0
93
3 82
93
1st cons 5s series A
1950 M S 9278 Sale 9212
94
90
Lehigh C & Nav s f 430 A_ _ _1954 J J 9312 ____ 94 June'22,--- 83
9234
81
9012,
89's
9014
90
Midvale Steel &0 cony s I 58_1936 M S
101 I 43 945R 101
National Tube 1st Is
1952 M N 10035 101 10035
24 9012 103
1
101
1001s
10034
10011
83
A
Steel
F
1941
Otis
90
8
24
714 1;7
5212
'
,
14 Aug
238
95
13 ..9_5d 0
0 38
Pocah Con Colliers 1st s f 5s_1957 J J 1
215
Repub I & S 10-30-yr 5s s 1_1940 A 0
78 10
7s
7
0
8
____
Aug'22
5
84
9
14
8
6
8
9
12
8
5
7
8:
St L Rock Mt & P 5s strnpd_ _1955 J J
6 9311
9814
Sharon Steel Hoop 1st 8s ser A1941 M S
4 97 102 I
10012
100
Steel & Tube gen s 178 ser C_1951 J J 10012 101
100 1 12 9011 100
199 100
Tenn Coal I & RR gen Is. _ _ _1951 J J 99 Sale 103
60 9911 10412
104
81963 MN 103
U S Steel Corpf coup
1 911 10334
10334
10334
10334
_
_
N
M
81963
581reg
10-60-yr
sf
334
90
8
75
87
_-__
Aug'22
93
9478
9118
Va Iron Coal & Coke 1st g 5s_1949 M S 96
8 97 10114
9912
9878 994
Wickwire Spen Steel 1st 78_, _1935
Telephone
Telegraph and
3141 15124 804 9378
,
80
80
80
Adams Express coil tr g 4s _1948 M S 78
112
93
,3 4 9
93 Sale
Am Telep & Teleg coil tr 4s__1929 J J
9134
4 8014 9134
S
M
1936
Convertible 4s
10414
18 9534 10412
1933 M S 103 10412 104
20-year cony 430
110 9112 100
100
Sale 9934
30-year temp coil tr 5s__ _1946 J D 109 119 117
120
179 108 120
A 118
1925 F o
7-year convertible (Is
109
39 107 112
108 10814 10838
Bell Teleph of Pas I 7s A _ _ _ _1945 A
100
9073
3 9718 100
100
9934
D
J
1943
5s
-year
30
1st
Tel
Dist
Cent
76
75
Aug'22
Sale
78
-.1 72
Commercial Cable 1st g 4s__ _2397 Q J
94 I
1 8812 96
95 I 94
1937 .1 J 94
Cumb T & T 1st 4tz gen 5s
4
943
9912
8
993
993
9912
8
997
8
A
F
_1924
__
5s_
1st
Mich State Teleph
9934 170 9712 9934
Sale, 9914
New England Tel & Tel 58 _ _1952 J D 9958 Sale 1 9512
96 1 98 8814 95
9534
N Y Telep 1st & gen 51 434s_1939 M N
Sale
107
10712
9 10134 10878
1075s
A.
F
1949
_Feb
30-year deben s f Os..
10734 67;!1017s 10734
20-year refunding gold 68..1941 A 01 10738 10712 10634
108 j 98 10512 109
10734 Sale 107%
Northwest'n Bell T 1st 7s A_1941 F
99
48 917, 99
1937 J .1' 9834 09 1 9834
Pacific Tel & Tel 1st Is
9414 180' 91
M
937s Sale I 9334
I
1952
95
5sN
99
Aug'22
9934
8 93
J1
12
J
5s_1941
Sale
sf
9914
1st
T
South Bell Tel &
03
,
011 AUS'2
4
)58
0(18
34 _9_3_1_4 1
00
2 19
93121
881
9034
Western Union coil tr cur 5s_ _1938 J J, 19
Fund & real estate g 430 1950 M N,
11312
1936 F A 11338 11335 113
9 10012 114
15-year 634s g
May. oDuo June. ADue July. kDue Aug. oDue Oct. e Due Dee. a Option sgle.
BOSTON STOCK EXCHANGE-Stock Record serenage
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CEN
TRa
Sfacces
STOCKS ngesince Jan. 1.
BOSTON STOCK
Tuesday,
Monday,
W ednesday, Thursday,
Friday,
the
EXCHANGE
Week.High
Sept. 4. •
Sept. 6.
Sept. 5.
Sept. 7.
Sept. 8.
Lowestest
Saturday,
Sept. 2.
_
Shares
Railroads
218 Boston & Albany
100 13014 Jan 4 152 May 22
337 Boston Elevated
100 73 Feb 20 8458May 2
Do pref
42
100 9414 Mar 1 104 June 14
Do 1st pref
42
100 116 June 22 122 Aug 28
6
Do 2d pref
100 102 June 10 107 Sept 1
Boston & Maine
100 14 Jan 10 3112May 20
Do pref
100 20 Jan 9 37 Apr 8
;5313 -i6-1-2 -5812 -3P4 -51-334 -383-4 2
*3912 391i
39
Do Series A 1st pref__ _100 22 Jan 5 4412 Apr 26
- -*57
*56
*57
Do Series II 1st pref
_
53
__
100 36 Jan 17 62 May 20
5312 *51
_ _ _ 5312
Do
Series
5312 *51
C
1st pref_ _ _100 30 Jan 9 54 May 25
53
---*74
74
*74 -_ *74
74
10
Do Series D 1st pref_ _ _ 100 40 Jan 12 7712May
'75
1
*160
__-- *160 ---- *1661
*160
____
Boston &Providence
100 125 Jan 12 163 July 17
2412 2434 24
24
24
25 458 East Mass Street Ry Co 100 18 July 13 26NJuly 31
-24- 2-412
*71
73
*70
*70
73
-71- -if 73
58
Do 1st pref
72
72
100 66 Aug 14 77 July 14
55
*54
--------------Do pref B
56
*55
*54
56
56
100 51 July 13 57 Aug 1
*40
43
*39
43
40
Do adjustment
40
28
100 28 July 14 47 Aug 17
45
45
45
45
89 Maine Central
45
45
100 2712 Jan 30 48 Apr 15
3212 3134 32
32
-52i8 -3-23-521-2 -32-1-2
8 --------572 N 1" N H & Hartford
100 1214 Jan 3 3478May 22
*81
75
-_ _ _
*81
75
82
81
81
30 Northern New Hampshire _100 69 Jan 10 96 July 19
8212 8234
____ ___ _ *97 100
•_ _ _ _ 98
Norwich & Worcester pref_100 58 Jan 17 100 June 1
*97
9734 -- -91
91
*91
*92
9334
93:2
18 Old Colony
100 57 Jan 6 9814May 23
*45
46
*45
47
_
4712 --*4512 9312____
Rutland
pref
3
100 15 Jan 20 5278June 5
*9814 99
99 -9-9 - *9314 99
9814 9814
99 --93 11 Vermont & Massachusetts 100 78 Jan 23 9912 Aug 10
Miscellaneous
*313 328 *312 334
*312 334
312 312
333 Amer Pneumatic Service
334 334
25
234 Feb 4
414 Jan 27
*1812 1912 ___
*18
1912
-_ *18
Do pref
19
19
19
50 13 Feb 20 2014 Aug 10
12658 12714
12612 12714 12518 1-2-65s 12512 12634 12612 127
5,772 Amer Telephone & Teleg 100 11453 Jan 3 12814 Aug 31
312 338
312 3/1*
34
42,215
Rights (w 1)
.
6 358
3,4 312
2N Aug 24 334 Aug 29
110 111
110 110
11078 111
---111 111
182 Amoskeag Mfg
111 III
- -No par 101 Jan 10 117 Jan 24
*90 ---*90
93
*90
90
90
Do pref
300
No par z8012 Jan 17 91 Aug 24
*1512 1712
*1512 1712 *1512 1712 *1512 1712 ---- ---_ Art Metal Construe Inc__ 10 1412 Feb 20 2012May
19
*1612 18
16
16
*1612 18
*1612 18
____ 59 Atlas Tack Corp
No par
13 Jan 7 22 May 4
103 Beacon Chocolate
- i..i
- - "ig 10
.15 Jan 30
.75
21
Feb
-;:1-6 --.5O -;.-2-0 --.:-35 -;.-2-o --.5o
-;.-2-o --.55
____ ______ Boston Hex Pet Trus_ _No par
.15 Aug 30
.50May 4
_
Century Steel of Amer Inc_ 10
.05 Jan 20
.20 July 17
2 -iS,?,
2812 29
29
2914 29
2918 - 5T4 -2-61-8 _ .2-,860 Connor (John T)
10 1534 Jan 4 293s Sept 8
*314 4
*314 4
*314 4
East Boston Land
*314 4
---10
3 Jan 4
ci Apr 21
*812 9
93
914 912
914 93
958
93
10
410 Eastern Manufacturing_ _ _ 5
7i July28 1414 Feb 10
7134 74
7414 7514 7412 75
2 79
7412
----- ----2,860 Eastern SS Lines Inc
25 3812 Jan 4 737a Aug 22
*47 ---*48
____ *48
____ *48
Do pref
____ -50 42 Jan 7 48 Sept 1
184 184
18312 184
18112 183
182 183
18112 183
151 Edison Electric Ilium
100 156 Mar 2 185 Sept I
12
12
1214
1214 *1112 12
12
12
Elder Corporation.
___
No par
3 Mar 14
13 Mil, 17
38
38
33
38
*37
3712 37
37
-..3f-3T2 -Si 95 Galveston-Houston Elec 100 33 July 11 39 Aug 15
10
*10
10
11
10
1114
11
1112
113 113
1220 Gardner Motor
par
No
934
Aug
21
1614 Apr 6
1912 2012
2012 205s 20
20
*1912 2014 ----- -----303 Greenfield Tap &Die
25
18 Aug 30 2714 Feb 27
4812 4812
48
48
*4778 481s 48
48
48
15 Hood Rubber
No par
43 Mar 9 5314 Mar 20
*33
34
3412 *33
*33
3412 3312 33,9 3234 3234
41 Internat Cement Corp_No par
26
Jan 20 3712MaY 13
*____ 26
* _ _ 28 *__
28
__
33 Internat Cotton Mills
50 26 Aug 29 32 Jan 27
*76
78
*76
78
*76
28*
78
-'7.§- 7S
____ ____10
Do pref
100 60 Aug 5 79 Aug 22
*212 5
*212 5
2
3
*2
318 ---120 International Products_No par
314 Jan 9
612 Mar 25
*914 15
*914 15
*914 15
*912 15
Do pref
_- _- - -_100
7 Jan 5 17 Apr 1
____
._ _
Island Oil & Transp Corp__ 10
__7T2
.62 Apr 15
-- -712 .
3 Jan 24
712 712
712
--9
71r2 1-0
7712S Libby, McNeill & Libby__ 10
8
734 8
15 Apr 24 1112June 3
912 912
912 912
912 910
255 LOCW'S Theatres
912 912
25
8 July 1
13 Jan
88
8812 8834
8834 87
88
8714 8734 86,2 87
601 Massachusetts Gas Cos_ I00 63 Jan 3 89125ept 16
1
69
71
71
69
71
71
71
7112 70
e
rg
o
mD
.5s
71
1
16
100 62 Jan 3 7112 Aug 29
15212 15212 154 154
*15412 15512
154 151
15312 15312
enthe
afler Linotype.
130 Jan 3 156 May 10
*1612 19
18
18
18
1834
18
1834 18
730 Mexican Investment Inc
1818
10 1612 Aug 29 2738June 26
3334 3334
33
34
3312 34
*3212 3312 3312 3312
275 Mississippi River Power__ _100 13 Jan 6 34
Aug 31
84
84
84
84
84
84
84
81
85
Do stamped pref
235
85
100 7212 Jan 9 8412 Aug 30
734 734
734 734
734 734
734 734
370 National Leather
',2 77
10
712June 28 1158 Jan 21
212 212 *212 234
234 233
213 212 ---- ----_
233 New England 011 Corp
1 July 17
5 Jan 28
121 121 *121 122
12012 121
122 122
25 New England Telephone.
*6
7
*6
7
7 Labor Day *6
*6
7..............Ohio Body & Blower, No 100 109 Jan 4 121 Sept 1
par
11 May 18 14 Mir 16
2214 2278 22,4 2234 2212 2334
*2218 2212
6,) Orpheum Circuit Inc
1.1
1
13 Jan 10 24 Sept 8
Holiday
159 159
*157 159
159 159 *157 159
____ ____ ______ Pacific Mills
159 Aug 29 17412 Mar 11
*14
15
1512 1512 *1512 _ _ _ _
1512 1512
47 Reece Button Hole
1534
10 1212 Apr 18 16 July 17
*3
4
*3
4
*3
4
5 Simms Magneto
3'4 314 .:::, ,,,,
5
3 Feb 20
718 Apr 5
106 10634
10614 107
10612 107
10612 108
10t105131
1534-00-4 2,408 Swift & Co
100 9214 Tan 3 10878 Feb 23
44
44
4312 44
4334 44
4312 44
4334 4334
529 Torrington
25 r39 July 3 8112June 5
*1012 11
51612 11
11:
*1012 11
*1012
35 Union Twist Drill
5
8 Mar 29 1414 Feb 3
4014 4034
4012 4078 40
41
4014 4034 -ibis -4218 2,289 United Shoe Mach Corp
25 34 Mar 3 45 Mar 24
*2658 27
*2658 27
2678 2378 265s 27
234
Do pref
2638 2658
25 25 Jan 3 2712July 15
2934 31
2912 2978 2914 30
2914 2934 29
1,739 Ventura Consol Oil Fields_ 5
295
217.8 Jan 27 3312June 2
3012 30,
4
3012 3034 3034 31
*31
32
317s 32
1370 Waldorf System Inc
10 2612 Jan 4 33 Aug 23
8
8
*8
814
818 814
814 834 --------363 Waltham Watch
100
7 Jan 3 1434 Apr 26
31
31
30
30
*31
3212
__
79
Do pref
100
*1112 12
- Hit li12
12
1134 12
-12- -1-i110 Walworth Manufacturing_ 20 2612 Aug 14 49 Apr 25
712 Feb 7 123June 15
*3212 3312
3234 3234 3234 3278 3234 3234 33
331
320 Warren Bros
50 1712 Jan 3 35 May 29
37
*36
*36
37
*36
37
36
3612 -------75
Do 1st prof
_
50 3012 Jan 4 3734June 14
43
*39
*40
43
*39
42
*39
42
Do 2d pref
____
July
*1434 1514
*1514 1534 *15
1512 *15
Wickwire Spencer Steel_ _ _ 55
1512 ____
0 3
13
3314
3 1\
Mar
F
feab 27
18 44
2134
13
2
Wollaston Lsaininding
5
.80June 16
134 Jan 4
*.50
1
*.50
1
*.50
1
*.50
1
*.50
Adventure Consolidated_ _ _ 25
1
.50 Jan 31
*63
1 Apr 15
6412
6312 6412 *64
6412 *64
6412 6438 6434
ee,ikh ,..\iwing
95 Ah
igna
em
25 59 May 11 66 May 29
*.5 .20
*.5 .20
*.5 .20
*.5 .20
*.5 .20
25
.20 Jan 13
*25
26
.50 Apr 17
25
25
*25
26
*25
26
251* 2512
57 Allouz
25
22 Jan 9 3212 Jan 26
*234 3
234 234
234 234
258 234
730 Arcadian Consolidated
258 234
25
2 Mar 10
458NIay 23
.834 9
814 81 1
*834 914
834 834
160 Arizona Commercial
9
3
5
814 Feb 20 1012June 5
1514 16
1614 1678
1638 1714
1714 181. 1814 1834 3,949 Bingham Mines
10
13
Jan 5 1614June 6
298 298
300 30312 305 305 *298 301 *296 303
97 Calumet & Recta
25 265 Jan 5 301 Aug 25
878 9
9
9
878 9
834 834
895 Carson Hill Gold
834 9
1
812 Aug 31
1634 Mar 29
*9
*9
10
10
9
9
*9
10
*9
10 Centennial
10
25
9 Aug 18
1312 Feb 1
4338 4358 43
4312 4312
4334 43
4312 4334 4334
318 Copper Range Co
25
4634May
3712
Jan
31
3
634
7
614 634
634 634
614 612
338 614 6,535 Davis-Daly Copper
10
612 Jan 3
*1012 1034 1012 10s 10
914 Jan 26
1012 1034
1034 *1014 1012
312 East Butte Conner :Mining_ 10 10 mar 27
/214 Jan 26
*2
238
*2
214 214
23
*218
238 *2
515 Franklin
233
1113 AAupgr 1 8
1
*214 234
212 212
*214 234
234 234
208 Hancock Consolidated
2255
7
5
a
pr 16
2
4 M:P
3
2
37118
*1
114 *1
*1
114 *I
112
112 *1
Helvetia
112
25
.99July 13
108 108
105 109
108 108
10758 108N 10812 109
1,077 Island Creek Coal
1
8June
21
8112
1165
Jan
10
95
95
*94
95
*91.2 95
*94
95
95
Do
Reyparleef
95
21 Ieie
1 88 Feb 14 96 June 15
*23
24
*23
24
*23
24
*23
24
*23
2312
Copper
25 22 Aug 9 2634May 31
*312 4
312 312 *312 4
*312 4
*312 4
Ke
erwreL
2
1.5
5 K
en
aa
ke
w
5
3 Feb 6
478 Apr 17
212 212
212 212 *214
*2/
1
4 234
234 *21
/
4 212
Copper
25
1 Feb 24
57sMaY .5
*4
412
*4
412
4
*4
4
412
3 Lake Copper Co
*4
412
25
214
Feb
53
4MaY 31
18
112
112
*114
*112
13
4
1
.114
134 *1 2
134
65 La Salle Copper
134
2'
214 Apr 17
112 Feb 6
2l4
*134
2,4 *134 214
*134
*134
214 *134
Mason Valley Mine
218
38
*258 3
2N
25s
25s
*212 3
258
258 28
30 Mass Consolidated
25
434 Apr 13
2 Mar 24
412
4
4
418 *4
4
4
334 4
4
715 Mayflower-Old Colony
2
1:: j
5
25
12
9
::2
6
2h
an 20
Ja
4
*3
314 *3
*3
314
234 3
314
551 Michigan
238
238
2'
.75 July 10
7 Apr 13
6212 5312 6213 6212 *60
*6212 64
63
63
621.
49 Mohawk
25 5312 Jan 7 68 June 5
*1812 19
*1812 1912 1858 19
1812 1834 1838 1834
535 New Cornelia Copper
.10
.10
.10 .10
.10 .10
1,416 New Idrla Quicksilver_ _ _ _ 5 17 Feb 21 2012June 2
.10 .10 *
5
218 Mar 23
.10July 7
*3534 _ _ _ _ *3534
New River Company ----100
*3534 --- - - *3534 - - - - 100 37 Jan C 40 Feb 9
140
Do pref
*7614 -7712 7712 7712 7712 7712
100 73 Jan 7 7812 Apr 7
*52„ 614
20 Nipissing Mines
6
6
*6
614 *6
*578 -.614
6,4
5
.5 July 8
7 Jan 4
922 North Butte
*1212 1234
1214 1212 12
1258 1278
1258 1212 1212
15
11 Feb 15 15 May 29
212
*212 258
670 Ojibway Mining
21
/
4 214 *218
218
*212 3
238
25
418 Apr 15
218 Jan 20
*2412 2512
*2412 26
20 Old Dominion Co
*2212 26
*2412 25
2434 2434
25 23 Jan 4 27 Jan 25
42 Osceola
36
*2412 25
3712 36
3612 3612 37
*37
38
Jan
Quincy
Q
1L5 s
tu nicayr
43
43
43
43
4334 4334 431
/
4 44
*4312 44
25 42 Feb 20 50 May 31
48
4712 *46
47
4612 4612 *46
47
's Mineral Land_ _ 25 458
47
47
A
lug 3
81‘ay
23
39
1
12
Jan
1
3:2
38
9
5 4
Slauatnhnoitake
135 se
.85 .90
.85 .95 *.80 .90 *.80 .95
*.85 .95
134May 18
10
.25 Mar 10
*.75
1
*.75
1
114 *.75
118 *.75
*.75
114
25
.50 Jan 31
114MaY 18
3
Superior
0
5
2
,
10
412 412
*412 434
*414 434 *414 4 4
*4
414
434July 13
2 Mar 29
Superior & Boston Copper_ 2
IN
11
118
118
*114
1 3-16 11.
1,4
114
112.
15
2 Apr 15
.90 Mar 31
618 Trinity Copper Corp
112
IN
2
134
178
134
178
2
134
138
31.11%,fikapyr A
.
114June
,
9
5
350 Toulumne Copper
*.69 .73
.69 .69 ,.70 .70 - - -- - - - .69 .6
0
.49 Mar 7
9
420 Utah-Apex Mining
*278 318
*278 3
234 278
27s
27s
238
238
4 Mar 22
212 Jan 19
5
Utah
35
*212 3
Consolidated
3
3
*212 3
212 212 *212 3
312June 5
5
1
1 Feb 2
15
1
710 Utah Metal & Tunnel
114
1118
138
138 *114
114
114
114,
13
13
212 Apr 13
25 Victoria
*134 2
*134
2
*112 134
1,4
112
212 Jan 30
21
1'A Jan 5
*114
150 Winona
134
IN -158 -13-8
1N
134
1,6
'5 1 6X6 *114
,,
pyr:13?
,
25
Jan 16 12341k/11
.25
100 Wolverine
*1014 1010
•1014 1012 *1014 1012 1014 1014 *1014 11
25 10 Feb 10
6
•131d and asked prices, no sales on tale day, s Er-rights. 0 Ex-dividend and rights, s Ex-dividend. s Ex-stock dividend. 'Ex-dividends.
150
84
*10014
27
*32
150
84
10012
27
3414
149
146 150
8312
8312 84
*10014 10012 10014
27
;:i - -iil-4 32
71
---71
149
149
8378 8312
10014 100
27
26
32
32
---- ___-
150
84
100
26
32
____
14934
8334
100
27
____
----
14934
86
10014
27
____
1199
Range for previous
year 1921
Lowest
Highest
119
Apr 133
6178 Jan
79
78
Jan 100
Nov
Nov
Dec
1314 Dec 2534
1612 Nov 30
19 Aug 33
27 Nov 47
24 Nov 40
36 Nov 58
110 June 133
Feb
Jan
Jan
Feb
Jan
Jan
Jan
-- -30
12
60
51
-131.-c
Dec
Apr
Nov
50
15
69
Oct
Apr
Nov
131; Feb
2314 Jan
75 Feb
76
Jan
75
Jan
21
Jan
78 Dee
Jan
2
534 Dec
812 Jan
1538 Nov
9518 Jan 11912 Nov
74
Jan 1-6678 Feb
8414 Dec
Jan
12
16 Sept
1234 Dec 20 Apr
.15 Dec
4
Jan
.15 July
.95 Jan
.0812 Oct
118 Jan
9,2 July
1778 Dec
Oct
3
412 Feb
918 Oct 23
Jan
16
Jan
42 Dec
42 Nov 45 Dec
1421
/
4 Oct 16512 Dec
3 Nov
17
Jan
958 Sept
1914 Dec
2314 Apr
29 Nov
19 July 287 Dec
32 Dec 4112 Feb
74 Dec 36 Mar
2 Sept 13
Jan
5 Nov 32
Jan
2 Sept
478 Mar
518 Dec
13
Jan
18 June
V814 Dec
5334 Sept 85
Jan
5312 Oct 64 May
117 Sept 136 Nov
1:312 Sept 3518 Apr
11 Sept 1412 Mar
60 June 84
Apr
214 Dec
914 Jan
4 Aug
6 Aug
9512 Jan 11234 Dec
7 July 1134 Dec
1412 Dec 3914 Apr
146
Jan 171 Dec
1212 Apr 14
Jan
3 Dec
914 May
8812 July 1053.4 Jan
47 June 61
Feb
10 Dec 22
Jan
33 Sept 3914 Jan
2214 Apr 2512 Dec
1614 July 2412 Dec
1678 Jan 2978 Dec
6 Dec 17
Jan
36 Sept 75
Jan
8 Sept 17 Feb
11
Apr 2212 Apr
17 Aug 3312 Dec
16
Oct 3534 Dec
8 July 1814 Jan
.35 Oct
134 Dec
.4 Mar
40 Aug
.15 July
Apr
16
118 Sept
.75
63
.50
2412
334
10
14
280
1618
10
40;
712
1134
314
Mar
Dec
Apr
Nov
Jan
Apr
Oct
Dee
Jan
Jan
Dec
Jan
Dec
07s Jan
8 Mar
210 Apr
11 Dec
7 Jan
27
Jan
514 Mar
7 Aug
138 Apr
Jan
112 Sept
3,2 Jan
1 June
278 Nov
48
Jan 8812 Dec
75
Jan 9012 Dec
1614 Jan 2412 Dec
23 Mar
4 Sept
.98 Sept
2 Dec
Jan
2
312 Dec
11
/
4 Jan
214 Feb
114 Jan
2 Sept
35 Jan
.55 Apr
238 Aug
514 Jan
114 Aug
312, May
4312 Jan 59 Dec
1214 Sept 1834 Dee
.40 Nov
2 Dec
40 Feb 57 May
74 Dec 95 Mar
4 July
812 Jan
8 Mar 1414 Dec
1 Aug
212 Dec
1538 Jan
2534 Nov
21 Aug 3512 Dee
3312 Aug 46 Dec
Jan 45 Dee
28
.75 Jan 1% Dec
.35 Nov
Jan
2
2 Sept
412 Feb
1 June
214 Feb
1 a/,, July
412 Nov
.34 Aug
.83 Dec
134 Aug
312 Oct
112 Nov
5
Jan
.95 Jan 2'% Jan
.40 May
214 Feb
.35 Jan
.80 Mar
812 July
14 Feb
[Vol,. 115.
THE CHRONICLE
1200
Outside Stock Exchanges
Chicago Stock Exchange.-The complete record of
transactions at the Chicago Stock Exchange from Sept. 2
to Sept. 8, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks--
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Armour & Co, prof. _ _ _100
15
Armour Leather
100
Preferred
Beaver Board
Booth Fisheries, pref_ _ _100
*
Cent ILI Pub Serv, pref
Chicago City & Con KYPart ah common
Preferred
Chicago El Ry, pref_ _ _100
Commonwealth Edison 100
Continental Motors_ _ _ _ 10
Crane Co, prof
Cudahy Packing, corn_ _100
100
Deere & Co, prof
Earl Motors
Godchaux Sugar, corn....5
Gossard,11W, pref__ _ _100
100
Great Lakes D & D
Hart, Schaf & M, corn. 100
100
Preferred
10
Hupp Motor
100
Inland Steel
Libby, McNeill & Libby 10
10
Lindsay Light
Mid West Util, com _ _ _100
100
Preferred
Prior preferred
Mitchell Motor Co
National Leather
10
Phtliipsborne
100
Preferred '
Pick (Albert) & Co
Pigg Wigg Stores Inc. A._ *
Pub Ser of Nor HL com_100
Quaker Oats Co, pref 100
Boo Motor
10
Sears-Roebuck, corn__ _100
Standard Gas & Electrie_50
50
Preferred
Ste Warner Speed,corn..100
100
Swift & Co
15
Swift International
Temtor Prod C & F "A".*
Thompson (J R), com_ _25
Union Carb & Carbon_ _10
United Light & Rys
Preferred
Wahl Co
20
Ward, M & Co, w 1
Weste n Knitting Mills- -*
25
Wrigley J , coin
10
Yellow Mfg
Yellow Taxi
Bonds
Beaver Prod 1st ref 734s'30
Chicago City Ry 5s_ ...1927
Chicago C & C Rys 58_1927
Chicago Railways 5s_1927
Commonw Edison 5s_.1943
Peo G L & C 1st ref g 5s '27
Swift & Co 1st s g 5s_1944
101
123.6
483.4
8451
534
13074
911
1083(
62
265%
7715
109
1934
50
55%
51
82
4
7/5
4014
2615
435%
100
1374
895%
4814
48
10715
2134
1
5314
60%
aoy,
59
23
714
10514
164
75
9951
125%
8734
515
48
8431
101
1234
875%
5%
4834
8411
1,530
289
100
500
90
100
Range since Jan. 1.
Low.
91
12
83
5
34
8434
175
%
4%
550
534 534
1%
1,275
6% 7
200 114%
13034 131
5
934 911 22,500
210 85
10814 10915
25 55
62
62
95 60
7514 7634
2
1,250
2%
2
100 10
1534 1534
1,670 25
26
27
50 81%
87
87
350 73
7734 78
100 102
109 109
1811 1934 2,650 1051
200 48%
51
50
7%
175
7% 7%
640
534 61.4
354
2,285 27
4634 5134
53
321
80
82
191 82
9674 9734
334
415
500
4
714
350
774
75%
1,500 40%
4034 413.4
035 100%
1005% 101
260 19
2615 265%
4034 4334 8,275 23%
175 80%
100 100
165 93%
99
99
1,710 12%
1334 1374
150 59%
895% 9034
55 13
20% 20%
400 42
48
4814
4635 4834 18,600 24
3,665 91%
106 10734
2,825 17
2115
21
475
1
1%
1
3,310 40
54
53
5914 6134 11,750 43
450 29
5931 6034
50 70
7734 7731
2,340 50
5954
58
1,705 12%
22'4 2334
190
7y,
5
1
74
115 97
1045% 10534
2,315 132
155 165
7,255 50
7415 76
5,000
100 100
5,000
805% 81
4734 4734 2,000
3,000
825% 825%
9934 9934 2,000
1,000
9614 965% 96%
100 100
28,000
100
100
4751
High.
Jan 101
Feb 12%
May 102%
Apr
7%
May 50
Sept 84%
Jan
Jan
Jan
Feb
Feb
May
Jan
Feb
Aug
Feb
July
Jan
Jan
Apr
Jan
Mar
Aug
Mar
Jan
Jan
Jan
Feb
Aug
Aug
Aug
Jan
Mar
Jan
Mar
July
Feb
Jan
Jan
Jan
Jan
Apr
May
Jan
Jan
Jan
Mar
Jan
Jan
Jan
May
May
Jan
99%
67
46%
67
9315
87%
80%
Sept
Feb
May
May
Aug
Sept
2% Feb
9% Feb
May
12
132% Feb
934 Sept
July
110
Feb
68
79% June
Jan
6
May
18
2834 May
Feb
106
Jan
85
Sept
109
2134 May
58% May
8% July
615 Sept
5354 May
Sept
82
Apr
99
7% June
11% July
42
Aug
101% Aug
28% Apr
54% May
Mar
101
99% Aug
28% July
94.4 Aug
20% June
49% July
48% Sept
108% Feb
23% Feb
5% Feb
5515 Aug
62
Aug
69% May
81% May
7115 Apr
25% May
10% May
11015 Feb
Feb
246
80% Aug
July 100
Jan 84
Aug 53%
Jan 84%
Jan 99%
Apr 96%
Feb 100
July
Apr
Apr
Apr
Sept
Sept
Aug
• No pa value.
Philadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stock Exchange from
Sept. 2 to Sept. 8, both inclusive, compiled from the official
sales lists, is given below. Prices for stocks are all dollars
per share, not per cent. For bonds the quotations are per
cent of par value.
Sales
Friday
Last 'reek's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Stocks-46
24% 25
10 25
Alliance Insurance
24
13
13
50
American Railways
395
149
148
par
149
7L0
_
_
_
Stores_
American
25
53
53
Buf & Sus Corp vtc pf 100
70
40% 41
50 41
Cambria Iron
125
48
46%
48
Erie Light preferred
136
26
25
100 26
General Asphalt
195
4014 41%
10
Insurance Co of N A.
400
53
50
52
100
J G Brill Co
105
1614 18
Kentucky Secur Corp _ _ 100 18
150
60
60
100 60
Preferred
65
7%
7
Keystone Telephone ...10
050
754 9
8%
Lake Superior Ccrp _ _ _100
79
345
78%
7811
50
Lehigh Navigation
310
6215 62%
50
Lehigh Valley
16
80
80
50 80
Pennsyl Salt Mfg
35
47
4614
50
Pennsylvania
1,229
53
51
Penn Cent Light & Power. 53
100
:1274 34
Phila Co(Pitts). pf(5%)-50 3254 43% 44
265
50 43%
Fret (cumul 6%)
1,216
31% 31%
_25
31%
_
_
Pa_
of
Electric
Phila
555
31% 31% 32
do preferred
do
32% 33% 4,230
50 33%
Piffle Rap Transit
270
1,5,fe 1%
1IN
_
Devel_
Tono-Belmont
200
2
2
1
Tonopah Mining
1,285
42
41
50 42 Union Traction
2,266
54% 65
54%
50
United Gas Impt
125
5554 5411 55%
do
do
110
38% 39
West Jersey & Sea Shore.50
70
73
73
50
Westmoreland Coal
10
27
27
50
York RaIlways
16
35.4 35%
Preferred
Range since Jan. 1.
Low.
19
4
83
47%
37%
37%
25
30
36
16%
60
7
6%
6611
57
69%
33%
4814
2915
36
23
27%
17%
1 54
114
34
38
38
27%
67
9
311.4
High.
.an 25
July
Jan
June
17
Jan 155% Aug
Feb 55
Apr
Apr 41% Sept
Mar 4915 Aug
July 27
May
Jan 41% Sept
Mar 59
Aug
Sept
Sept
18
Sept 60
Sept
Jan
12% Mar
Jan 12% May
Feb 79% Aug
Jan 70% Aug
Jan 81
Aug
Jan 47% July
Jan 55
May
Apr 34
Sept
Jan 4431 Aug
Feb 32% Aug
Jan 32% Aug
Jan 35% June
July
June
Jan
4 Aug
28
Jan 43
May
Jan 55% Aug
Jan 55% Aug
Jan 39% Aug
Jan 74
June
Jan 29
June
Jan 37>, May
Bonds1,400 81
Jan 92%
8915 90
130
Amer Gas & Elec 5s_ _ _2007
10854 10811 10854 2,000 108% Sept 10814
Bell Telephone of Pa
400 95
95
Sept 95
95
Balt City 3%s 1934 reg713.4 6,565 64
Jan 72
66
Elee & Peoples tr ctfs 4s'45
5,000 7334 Aug 74
78
76
Hunt& Ild Top 5s
80
6,000 72% Jan 81
79
80
5s_1935
Keystone Telep 1st
35
4,000 30
Jan 39%
35
35
Lake Superior Corp 58.1924
1,000 122
Sept 122
122 122
Lehigh Valley annuity 65_ _
2,000 98% Feb 10015
100%
100%
16131,
Lehigh Val Coal 1st 5s.1933
Jan 101
9914 woy, 5.100 93
1949
PhIla Co 1st 58
5,000 85
91
July 93
90
Cons&colltr5sstpsf&rd'51
93
11,800
100%
Jan 101
100
Phlia Electric 1st 5s_ _ _1966 100
1,700 9914 Sept 9911
9951
Registered...1966 99% 9934
do
5,000 98
Sept 98
98
98
Traylor Eng & Mfg 88_1936
1,000 6914 Jan 79
79
79
West N Y & Pa gen 48_1948
Aug
Sept
Sept
Apr
Aug
May
June
Sept
Sept
July
May
July
Sept
Sept
Sept
Pittsburgh Stock Exchange.-The complete record of
transactions at the Pittsburgh Stock Exchange from Sept. 2
to Sept. 8, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Sales
Friday
Last Week's Range for
TVeek.
of Prices.
Sale.
Par. Price. Low. High. Shares.
76
80
78
80
High.
Low.
410 6414
814
2,030
10 300
100
134
65%
60
890 20
755 45
634
60
180 15
245 1334
220 44%
845 19
115
150
5
158
100 60
65 9034
8,700 19c
6
50
811
750
315 11
226 8015
252 4915
8211
82
Am Wind Glass Mach_ 100
936 1034
Arkansas Nat Gas, com_10 10%
315 315
Fidelity Title & Trust _ _ 100
3% 3%
3%
Indep Brewing, com _ _ 50
1354 1331
50 13%
Preferred
28%
25 28% 28
Lone Star Gas
57%
57
Mfrs Light & Heat_ _ _ _ 100 57
!pm 8%
8%
Nat Fireproofing, com_ _50
2011
20
50 2034
Preferred
17
1
17%
17
Ohio Fuel Oil
52% 53
25 03
Ohio Fuel Supply
22% 23
25 23
Oklahoma Nat GaR
3
3
Pittsburgh Brew, com 50
8% 10
50 10
Preferred
7111 7134
Pittsburgh Coal, com_ _ 100
100 99% 99% 99%
Preferred
28s
26c 30c
Pittsb & Mt Shasta Cop _ _ 1
9% 9%
Pittsburgh 011 dr Gas_.100
11
11
Salt Creek Cons Oil__ _ _10 11
133-4 1334
13%
Tidal Osage 011
973, 10115
West'house air Brake_ _50 161%
64%
64
W'house El & Mfg,com_50 64
West Pen Trot & W P34% 35
100 34%
Common
BondsIndep Brewing 6s_ _ _ 1955
Pittsburgh Brew 6s_ _ 1949
Range since Jan. 1.
Jan 90
Mar
1234
Jan 315
Jan
35%
1351
Feb
Jan 3134
Jan 58
Jan
931
Jan
215%
Sept 23
Jan 55
Jan 2634
3
Jan
10
Feb
79
Jan
May 9974
May 31c
1155
Feb
Jan
1434
1436
Jan
Mar 10135
Jan 6934
285
18
Jan
$12,000
1,000
57
80
June
Sept
May
Apr
Sept
Aug
Sept
June
Aug
Apr
Aug
June
May
Apr
Mar
Sept
Sept
Sept
Mar
June
May
Apr
Aug
Apr
36
Aug
Sept
78
9214 July
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from Sept. 2 to
Sept. 8, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Week ending Sept. 8.
Stocks-
Industrial & Miscell.
1 80c
Acme Coal Mining
_10
Acme Packing
Aluminum Mfrs, pref_ _ 100 100
9%
Amalgam Leather, corn._ *
100
Preferred
Atlantic Fruit. when lss'd _*
215
Bethlehem Steel new w 1_ _ _
--9834
New preferred w
Brit-Amer Tob ord bear.£1
19%
£1
Ordinary
1931
10
13rooklyn City RR
834
Buddy-Buds,Inc
115
Car Lighting & Power..25
New preferred w 1
6%
•
Carlisle Tire
Preferred
Cent Teresa Sugar, corn .10
Ches & Ohio Ry CIA pref_ _ 105%
4%
Chic Nipple Mfg, Cl A __10
10
Class B
Cities Service, corn_ _ _ _100 199
100 7031
Preferred
10
Preferred B
Cities Serv, Bankers' sh_ *
Cleveland Automobile .* 30%
90c
Colombian Emerald Synd _
Com'i Solvents Corp CI A.* 49
13%
Conley Tin Foil
9%
Continental Motors_ _ _ _ 10
6%
Cosgrave Breweries
Cuban-Dominican Sug w I
Curtiss Aeropl& Mot,com.*
11
-*
Daniels Motor, coin
Davies(Wm A) Co. Inc.* 32%
Delatour Beverage Corp _10
Denver & Rio Gr pref_ _100 55c
o
Dubber Condenser&Radi*
..* 48%
Durant Motors, Inc_
Durant Motors of Ind__ .10 1514
5
Federal Tel & Tel
Gardner Motor Co
Gibson-Howell Co. corn _10 15
* 228
Gillette Safety Razor
Gimbel Bros, corn, w I...* 44%
100 102
Preferred
60
Glen Alden Coal
6%
Goldwyn Pictures
Goodyear T & It, corn_ _100
100
Preferred
.10
Grant Motor Car
Hayes Wheel when issued .• 3415
•
Heyden Chemical
100 - - Hudson Cos, prof
12
Hud & Manh RR,corn .100
25 50
Inland Steel.
Intercontinental Rubb.100
1135
International Carbon_ _ _ _*
17
Lehigh Power Securities_ _*
Lehigh Valley Coal Sales.50 78
Libby McNeil & Libby_ _10
7%
10
New stock
Liggett International_ _100
214
Lincoln Motor. Class A .50
MacAnd & Forbes, corn 100
531.1
macy(1111)& Co,Inc,com
100 10715
Preferred
2
•
Mercer Motors
Voting trust certifs.....
12
Mesabi Iron Co
211
Milliken Tractor Co
Morris(Phillp)Co, Ltd_ _10 1815
9
National Tee & Coal
10
Nat Leather new
1
Nex Mex & Arizona Land _I
N Y Air Brake new ci A w 1 56
NYTeI634%pfWI..100 109%
75c 85c
3Cc 380
100 101
8% 9%
3414 34%
214
2%
77
75
97% 98%
19% 20
19% 20
815 8%
114
115
80c 90c
015 7
84c 900
614 6%
1% 2
105 105%
4% 4%
3% 354
194
199
69% 7014
6% 615
20
20
28% 32
1
72e
4834 49
13
13%
914
9
631 7
8%
8
316
1054 1115
32% 3234
4
3
50c 60e
6% 7%
44% 49
14% 16
615 614
1011 11%
16%
15
218 230
40% 44%
102 102
6334
59
6% 6%
9% 1034
28% 29%
450 500
31/4 34%
114
1%
15% 16%
12
12
50
50
515
414
1131
11
MU 17
80
77
2!6i
2
774 8
84
84
2% 2/5
120 120
5311 .5434
107 107%
2%
2
2%
2
11% 12
2%
2%
18% 19%
9
9
7% 7%
1%
1%
56
53
108% 110
24,600
6,000
200
1,000
100
1,700
200
1,100
3,500
200
2,1300
10,200
1,000
1,300
300
300
700
1,100
5,000
800
450
2,400
500
200
4,800
42,800
1,300
1,600
18,600
300
1,000
200
1,300
100
1,000
900
1,300
20,400
1,100
100
400
500
690
2,900
1,400
1,000
5.300
200
200
1,700
8.900
800
300
200
100
4,200
2,000
700
80
600
300
10
800
5
2,300
1,700
1,100
2,500
1,400
2,200
4,500
100
200
100
1,500
1,500
Range since Jan. 1.
Lou'.
50c
20c
85
7%
33
1%
75
9434
12%
1251
4%
45c
500
50c
5
134
105
154
151
158
51
4%
17
20
50c
4415
10
55%
6%
8
254
1015
25
75c
38o
6%
22%
834
5%
9%
15
169
4014
102
42
4
714
24
45c
27%
80c
711
314
49
314
91.1
15%
66
2
7%
65
750
105
5331
105%
1%
2
1151
2%
514
9
7%
1%
52
106
Aug
Mar
Mar
Feb
Mar
AuR
Aug
Aug
Feb
June
Jan
Jan
July
Sept
Aug
Aug
Aug
Sent
Apr
May
Jan
Jan
Jan
Jan
Jan
Apr
June
Feb
Feb
Sept
May
Jan
May
Jan
Mar
Jan
Sept
Jan
Mar
Aug
Sept
Jan
Sept
Aug
Jan
Jan
Aug
Jan
Sept
Aug
Feb
Feb
Feb
Mar
Aug
Aug
Aug
Feb
July
Aug
Feb
Feb
Aug
Sept
Aug
Apr
Feb
Aug
Sept
Jan
Sept
July
Feb
Sept
July
High.
Apr
Mar
July
Apr
May
June
Aug
Aug
Aug
Aug
May
Apr
May
Sept
7
Jan
10% July
3% Feb
105% Aug
6% July
5% July
May
242
72 June
6% June
24% Apr
June
35
1% May
Aug
49
Mar
15
9,1 Sep
811 Aug
12% May
Apr
7
14% June
Feb
34
Apr
5
Apr
75e
915 May
49
Sept
1611 Apr
7% Aug
16% Apr
Aug
22
Sep;
230
4615 Aug
10214 Aug
6315 Sept
951 May
1514 May
40
June
1% June
3415 Sept
114 Jan
21
May
15% May
58
Ma)'
11% Feb
13% July
isq May
82
June
711 Mar
10
May
84
Sept
8% Jan
120
Sept
61% Aug
Aug
108
514 May
4% May
13% Aug
214 Sept
2314 July
9
Sept
11% Jan
3% May
56
Sept
110
Aug
134
751
102
14%
43
3
82
100%
20%
20
914
2%3
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
9634
Northern States Pow. pref _
North Am Pulp & Paper_ *
Packard Motor Car,com.10
100 91
Preferred
Peerless Trk & Mot Corp50 5831
Philllpsborn's, Inc., com_. 40%
100 10034
Preferred
134
Prima Radio Corp
Pub Serv Corp of NJ, pf100 10631
Pyrene Manufacturing_ _ 10
5
Radio Corp of America__ .*
334
5
Preferred
10 13%
Reo Motor Car
Saguenay Pulp dt Power..5
St Lawrence Feldspar_ _ _ 10 10%
Schulte Retail Stores__ _ .* 58
Sou Calif Edison,com_ _100
Southern Coal & Iron__ _.5 380
21
Stutz Motor Car
100 104
Swift & Co
574
Technical Prod Corp
Tenn Elec Pow, corn, w I..* 14%
Second preferred
Tenn Ry,L & Pow,com100
2934
Timken Roller Bearing w
631
Tob Prod Exports Corp..t
Todd Shipyards Corp_ _ _ _* 67
Torbenso:. Axle, corn..
631
United Profit Shar'g, new.1
634
Un Retail Stores Candy--*
U S Distrib Corp, corn_ _50
1%
US Light & Heat,coin..10
10
Preferred
5
33-1
Wayne Coal.
.1 70c
West End Chemical
Willys Corp. 1st pref __l00
20
First pref ctfs of deposit_
RightsChesapeake & Ohio Ry._ _ _1
New York Air Brake w L.__
'Former Standard Oil
Subsidiaries
Anglo-American Oil__ __£1
50
Buckeye Pipe Line
50
Crescent Pipe Line
100
Eureka Pipe Line
Galena-Signal Oil, corn .t00
100
Illinois Pipe Line
50
Indiana Pipe Line
12.50
National Transit
25
Ohio 011
25
Penn Mex Fuel
100
Prairie Pipe Line
Southern Pipe Line_ _ _ _100
South West Pa Pipe L _100
Standard Oil (Indiana)_ _ 25
.100
Stand 011(Ky) no v
- .100
Standard Oil of N
Vacuum Oil__. _ _100
114
2
2034
_
57
171
--
_
2831
-95
65
11831
108%
453
470
96% 9634
1% 1%
14%
14
91%
86
58% 58%
40% 4094
1004 10035
1% 1%
104% 10631
94 931
4% 5
3
334
13% 13%
1
1
nu 1031
40
65
106% 10734
35e 45e
20% 21%
104 105
5% 5%
144
14
36
36%
2% 234
294 30%
634
731
67
69
24
24
6% 7
6% 7
20
20%
1%
1%
1%
1%
2% 334
67c 72e
21
2334
20
21
90c
2
Range since Jan. 1.
Elligh.
Low.
Apr 9634 Sept
300 92
Aug
1
100
3,1 Jan
16% June
5% Feb
2,200
445 63% Mar 91% Sept
200 33% Feb 60% Aug
Aug
1,300 4034 Sept 42
Aug 100% Aug
600 100
11/(6 Aug
134 Sept
107,200
Mar 107% June
2,500 99
100
84 July 14% May
2% Jan
631 Apr
11,600
3g May
Jan
2
16.200
July
Aug 29
2,200 al3
334 Jan
Sept
1
100
1034 Sept
84 Aug
4,200
Apr 65
13,700 33
Sept
100 10634 Sept 107% Sept
2% Jan
186,000 30e July
June
July 45
1,600 11
Feb
Jan 109
30 95
6% Aug
Aug
5
900
June 1431 June
400 10
June 40% June
100 36
3% June
1
Feb
100
18,000 294 Aug 30% Aug
10/
8 May
3
Jan
1,500
290 64% Aug 80% Feb
Aug
Aug 30
100 23
May
Mar
9
5
1,500
4% Jan
834 May
7,100
500 12% Feb 20% Feb
23346 Apr
Jan
5,000 750
Apr
Feb
100 96c
3y, Sept
20,900 85e Mar
Jan
5,000 50e July 87c
July
Mar 31
6
400
July
Apr 30
200 13
136 39,800
1,500
2%
90c Sept
2
Sept
20
2034 4,100 16%
20 84%
57
98
25 28
35% 3534
50 7934
96
96
140 40
52% 58
130 160
170 170
225 84
97
99
200 26
26% 2634
30 257
283 284
100 17
2831 28%
280 224
262 267
15 77
95
95
20 52
65
65
11314 1184 81,100 83%
104% 10831 15,800 76
350 341
442 453
150 299
468 471
Jan
Jan
Jan
Jan
Jan
Aug
Jan
July
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
14 Aug
Sept
3
25
100
36%
103%
62
198
106
31%
332
44%
270
104
66
12431
108%
457
482
June
Apr
May
May
May
Apr
Mar
Apr
May
July
June
May
Feb
May
Sept
Aug
Aug
Other Oil Stocks
1
June
1.000
3
Aug
234
231
231
Aetna Consol Oil...
2,200
1% Aug 15% July
1%
131
131
Mean Oil Corp_-- _____ 5
Jan
1
5c
July
2c
3c
3c
2,000
011
Allied
100
Jan
1
June
14 1%
10
3
Amer Fuel Oil pref
13
Apr
831 Feb
750
10
10%
Arkansas Nat Gas, corn _10 10%
1,700
794 July
1231 May
931 109.4
Atlantic Lobos Oil, coin...
5 13c
8c May 29c
12c
Jan
14c 30,000
Boone 011
77c
80c 4,100 57c Mar 990 June
77c
Boston-Wyoming Oil.- _ _1
25
Jan 35
31
100 29
June
31
Brit-Amer Oil Ltd
2
131
800
29,1"
234 June
1% Aug
Brit Consol 011 Fields__ _25
6% 7
1,600
6%
9% June
331 Jan
Carib Syndicate
1
1
June
1
900
24 Mar
Columbia Petroleum......
1
1% 231 3,400
4
Mar
Aug
Continental Refining ____ _
_5
44 4%
Mar
4
500
5,4 July
Cosden & Co old pref
_ ____
19.4 Jan
2,800
3% Apr
27-1
231
Creole Syndicate
5_
3c
3c
3c 1,000
Jan
12c Mar
Cushing Petroleum ____ _5
20c
18c
Jan
25c 71,,000 18c Sept 720
Engineers Petrol Co__ __ _1
1431 143.1
900 12% June
1434 Sept
1434
Equity Petrol Corp, pref. _
5
1%
1
1316 131 8.900
Jan
21/(6 May
Federal 011
9
Mar 19% June
1,800
16%
Fenslancl Oil
1631
15
44 5
336 June
200
9% Apr
Gilliland 011, corn
_10
Feb
6,200 83c
131
131 June
Glenrock Oil
19i
1%
1%
200
391 Apr
134 July
1%
Granada MCorp class A 10
80 455
July 575
530 575
Sept
Gulf Oil Co
13c
7c
Jan
18c 72,000
50c Mar
Hudson Oil....1 170
114
990 97% Mar 127% May
Imperial 011 (Canada) coup 112% 111
Mar 2731 May
International Petroleum..5 22% 2131 2234 19,600 14
48e
Aug
48c
1346 Jan
75c 122,500 320
Keystone Ranger Devel_ A
4
5%
5% 6
800
Aug
2631 Feb
Kirby Petroleum
1
Sc Aug
12c
12c
12c 1,000
27c Mar
Livingston Oil Corp
1
July
1
I% Mar
1
1%
1.800
Livingston Petroleum_ _ _ _*
65c
Jan
65c
67c 4,500 580
Lyons Petroleum
135 June
50 175
June 190
175 175
June
Magnolia Petroleum _ _ .100 175
1,500 15% Aug 27% Mar
2031 22
Maracaibo Oil Explor____* 21
1
1
1
Feb
2
May
1
400
Marine Oil
1
10
June
Jan
6%
43-1 631 6.500
Marland 011
2c July
_10
20c Mar
30
4e 7,000
Meridian Petroleum
8
July
1434 May
10
8% 9
2,000
8%
Merritt Oil Corp
1,
4 Jan
4% Mar
5,000
10
Mexico Oil Corp
9% Jan
1836 May
1,600
Mountain Producers__ _AO 14% 144 1431
54 Jan
12
June
10% 104 103-1 23,900
Mutual Oil
May 80
Sent
7734 7934 2.700 40
78
New England Fuel 011_ _ _ _
11%
Mar
38
June
800
22%
18
22%
New York Oil
Jan
35c Mar
19c
21e 17,000 13c
1
19c
Noble Oil & Gas
Mar
1% Apr
5
400
234 234
Noco Petroleum, coin....10
2
3% May
100
Aug
2
2
10
Preferred
Jan
35c May
23e 2,000 15c
200
1
Northwest Oil
3 June
194 28,300 67c Mar
131
10
1?16
Omar Oil & Gas
4% Jan
736 June
1,300
6% 7
10
7
Pennock 011
35e
Jan
240 76,000 Ilc July
220
240
Red Bank Oil
4
Feb
June
8%
8,100
831
734
Ryan Consolidated
15
Apr
May
300 10
1031 1031
10%
Salt Creek Consol Oil
1,500 12% Jan 20% May
154 1531
Salt Creek Producers__ _10 15%
June
5
2% Feb
3% 3A
600
5
Sapulpa Refining
1% May
100 80c Mar
1
1
1
5
Seaboard Oil& Gas
Aug
13%
Sept
12%
2,200
1334
1291
13
Shell Union Oil, corn, w I..
434 June
1231 Jan
99-1 16,400
834
934
Simms Petroleum
Jan
5
60 Aug
14c 31,000
be
South Petrol & Refining -. 13c
Aug
5.800 124 Jan 20
1731 19
18%
Southern States 011
Apr
le
Feb
3c
2e 1,000
20
1
Southwest 011
Ally
7
200 750 Feb
2% 234
Spencer Petrol Corp__ _ _10
231
7c May
lc Mar
1,000
lc
lc
5
Texas Ranger
May
1
Jan
65c 56,700 40c
60e
1 640
Texon Oil & Land
5c Sept
3c Aug
Sc 1.000
5c
Texon Oil& Ref
14% June
Jan
100 10
1331 1331
Tidal Osage 011
May
14
Apr
10
100
13
13
Non voting stock
In/f6 Apr
July
1
19-6 3,000
134
Turman 011
1
131
July
7
294 Jan
9,700
531 531
Wilcox Oil & Gas
5
531
Jan
38c
7c Aug
15e 9,000
13c
"Y" 011 & Gas
1
13c
194
731
Mining Stocks
Alaska Brit-Col Metals_ _10
Amer Corn M & M
American Explorations .1
Anglo Amer Corp of So Afr
Belcher Divide
10e
Belcher Extension
.10c
1201
THE CHRONICLE
SEPT. 9 1922.]
331
1%
24
2e
6c
3% 334 4,700
40
Se 2,000
3,800
131
131
1,800
244
20
1,000
20
20
50
70 "1.000
1%
30
14
11%
lc
2c
Jan
July
Aug
Apr
Jan
Mar
5%
10c
3%
2434
3c
9c
May
Apr
Apr
Mar
July
Aug
Stocks (Concluded)-
Sales
Friday
Last Week's Range for
1Veek.
of Prices.
Sale.
Price. Low. High. Shares.
Big Ledge Copper Co_ _ _ _ 5
Boston & Montana Corp.25
Boston & Montana Dev _ _ 5
Calumet & Jerome Cop_ _1
Canada Copper Co
5
Camillo Copper
10
Candalaria Silver.____ 1
Cash Boy Consolidated_ _1
Combination Fraction_ _ _ _
Consol Copper ctf of dep..
Cork Province Mines ....1
Cortez Silver
1
Cresson Con Gold M & 51.1
Crown Reserve
1
Davis-Daly Mining
10
Dean Consolidated Corp_ 1
Diamondfield Blk But reorg
Divide Extension
1
Dolores Esperanza,
5
Dome Lake 51 & St
El Salvador Silver Mines_ 1
Emma Silver
1
Eureka Croesus
1
First Nat Copper
5
Florence Silver _
Fortuna Cons Mining
Gadsden Copper_
Goldfield Bluebell
Goldfield Deep
Goldfield Development
Goldfield Florence
- ._1
Goldfield Oro Mining
Gold Zone Divide_
1
Hard Shell Mining
1
IIarmill Divide
10c
Hecht Mining
.25c
Henrietta Silver
Hilltop-Nevada Mining...
Hollinger Cons Gold Min _5
Howe Sound Co
Independence Lead Mining
Iron Blossom Cons Min 10c
Jerome Verde Devel
1
1
Jim Butler Tonopah
Jumbo Extension
1
5
Kerr Lake
Knox Divide
10c
1
Lone Star Consol
MacNamara Mining
1
Magma Copper
5
Marsh Nlining
1
Mason Valley Mines__ __ _5
N1cKinley-Darragh-Sav ..1
Mohican Copper
Montana Tonopah
Morington Min _
Nabob Cons 511n
National Tin Corp____50c
Nevada Ophir
1
New Cornelia
New Dominion Copper__ _ _
New Jersey Zinc
100
Nipissing Mines_
5
Nixon Nevada
Ohio Copper
10
Park Utah Mining
Pittsb-Mt Shas G 51 & M.1
Ray Hercules, Inc
Red Hills Florence
Rex Consolidated Mining .1
Rochester Silver Corp
Sandstorm Kendall
Silver King Divide
Silver Mines of Amer
South Amer Gold & Plat_ I
Spearhead
Standard Silver-Lead
1
Stewart Mining
1
Success Mining
1
Superstition Cons
Sutherland Divide
Teck Hughes
Temiskaming Mining
Tonopah Belmont Dev_ _1
Tonopah Divide
1
Tonopah Extension
1
Tonopah Gypsy
Tonopah Mining
1
Tonopah North Star
Tri-Bullton S & D ___ _ _ 5
Trinity Copper
Tuolumne Copper
1
United Eastern Mining__ _1
United Verde Exten_ .50c
United Zinc Smelt
U S Cont Mines, new
Unity Gold Mines
5
Victory Divide Mining_ 10c
West Dome Cons
West End Consolidated..
Western Utah Copper_ __ _1
White Caps Mining
10c
White Caps Extension 10c
Yerrington Cons
Yukon Gold Co
5
9c
83c
13c
4c
24
45e
10c
2e
Sc
10c 33,000
c
e
82c
101
5:5
59
53
c 4
112
18c 1,000
6c 19,000
24 2,400
45e 182.000
10c 24,000
2e 6,000
2 v, 2,900
20c 14,000
15.j 13,400
2114 3,100
200
c 2,0
25
y,
6
4
1%
37e
2
Sc
c
12
0c
200
134
2%
5
50e
lc
14c
234
12c
2e
29c
14c
3c.
4e
54e
21c
20
8e
9c
734
670
990
13%
3%
50c
6c
3%
Sc
9c
32
131
25c
6c
9c
1
5c
2291
44
5c
lc
14c
2
18c
12e
2c
25e
59c
33c
/lc
52e
20
240
3
5c
ec
0
000
1:00
100
1c
e 32
50
15c 8,000
236
18c 1,000
16c 52,000
3c 55,100
33c 124,000
1,900
59e
33c 1.000
14c 77,000
100
82c
3c 8,000
4
51ccc 13.000
100
3:0
108
20
2c 28,000
Sc
10c 19,000
9c 4,000
8c
7e
8e 6,000
7
7%
600
43c
67c 16,400
99e
13-16 4,800
3,300
1231 1331
900
334
334
50e
Mc 50,800
29e
29e 1,000
3e36 3% 4,300
6
00
8c
c 1:000
6
Sc
900
6
3c
% 3%
Cc
9
9 71,00 00
7c
0
5:0 00
i 50
218
29: 33194
1%
22c
lie
Sc
9
c
500
5,500
I%
25c 2,000
16e 3,000
Sc1,000
12c 50,000
6c 1,000
6c
27c
000
00
19c
9:
3
22c 20
0
2000
500
15
13
9
4q
3
15
1
2%
3%
15434
1,900
6%
6-c3.1 6%
30c
21c
Sic
5%
27c
2
60
10c
17c
2c
14e
60
70
48c
7e
20
87c
79c
21,
4
20
2146
Sc
8e
1%
72c
14c
134
3c
111'
53-1
22
151
4c
ce
10c
4c
12c
4%
4c
18c
7e
47e
3c
2e
SOc
43c
77
1C4
770
2s 6
2
2c
7
8c
000
°9
10
5
16
4
5c 49
226
7%c
e
1 lc
17c
3e
Sc
14c
5
Sc
18c
8c
520
7e
2e
87c
45e
18
18,,g
5:0002
0
03
,0
1371
8:
6
4,000
1,00
41000
4,000
15,000
2,000
16,000
1,000
10,000
16,300
13.000
2,000
33,400
6,000
37,00
400
0
234
2c
0
50
90
9
4
7;7
Sc
4,000
3'2
000
9
1%
2
2,800
2
78
1:i 2;
2
0
71
00
0
4 1% 10,50
19
400
000
0
3,09
000
134
4%
c
13
134
14c
4
18
2
ic
e
i%
13335,,ce
.000
1 1'
I34,
0
3c
e 29
2
00
20
8:0
105,
c 15
13c
3c
25,000
3,000
1.
.000
2
92e
Range since Jan. 1.
Low.
High.
8c July
73c July
13c July
Jan
13c
4c Sept
1% July
Jan
19c
4c
Feb
be July
i% Aug
18c Aug
Jan
84c
234 June
Jan
lie
Sept
5
360 Aug
lc Sept
10c
Aug
82c Feb
Jan
2e
2e Mar
lc Mar
Jan
18c
50c July
15e
Feb
10c July
59c Mar
be Aug
be
Jan
3e June
9c July
be June
7c May
6e July
6c
4%
30c Aug
75c June
7% Jan
2% Jan
6c
Jan
16c Mar
2% Jan
4c July
2e
Jan
3
Mar
3e
Jan
lc
Jan
Sc
Jan
26% Jan
40
Jan
131 Jan
Sc June
15c Mar
4c June
9c Sept
Apr
5c
270 Mar
120 Aug
174 Jan
Jan
2
141
June
54 July
2e July
6e
Aug
54 July
21c June
1
Feb
lc July
50
Jan
12c June
be Aug
Apr
lo
100 Aug
44 Apr
lc May
10c
Jan
20
Jan
lc Mar
Apr
3c
2c Sept
20e
Jan
27c July
l',16 Jan
46c Mar
154 Feb
20 Aug
17,(6 Jan
Feb
2e
5c Mar
134 July
45e Star
b% Apr
Mar
27
75e June
lie Aug
2% Mar
be Mar
lie June
700 Feb
Sc May
3c
Feb
be June
Apr
2c
80e June
Jan
Jan
Jan
Feb
Apr
July
Sept
Aug
Aug
Aug
Aug
June
Jan
25c Sept
834 June
50c Sept
be Sept
21c
Jan
2% May
18e Sept
22c
Aug
Sc Aug
41c July
SI
Apr
35e July
26c Aug
1.33 Apr
3c Aug
50 Aug
600 Sept
30c
Apr
4c July
15c
Apr
48c Mar
18c June
8
Aug
67c Sept
1% July
13% Sept
3% May
76c May
38e
Aug
5
Feb
10c Feb
9c Aug
4% Apr
70
Aug
120
Aug
14c Mar
3331 Sept
31c Slay
334 May
40c
Apr
47c
Jan
6c Sept
16c June
lie June
670 May
52c Mar
20 June
3% Sept
154% Sept
6% Mar
18c Mar
19e Aug
5% July
Jan
29c
231 June
8c
Aug
12c May
Jan
21e
5c
Aug
5c Sept
20e Mar
5% Jan
lie June
24c May
Apr
16c
530 Aug
10c June
2c Sept
87e Sept
45c Sept
1% June
94e Aug
23.4 Sept
3c Aug
231 Aug
12c June
26c May
Jan
3
I
May
234 Jan
3034 Jan
131 May
55c
Jan
54 Feb
Feb
2e
21c Aug
11,
,fe Mar
17c
Jan
18c Aug
4c Aug
Sc Slay
131 June
59
50%
76
100%
102%
96
100
99%
99%
10034
96%
102%
101%
574
10034
1004
104
109
94
104%
98%
99%
98
92%
9934
87
85
22%
88
102%
994
94
90
67
99%
105
107
109
101%
101
101%
104%
102%
104%
105%
664
106%
105
106%
120
96%
112
99%
101%
108
99%
102%
9734
91%
49
90%
108N
103%
10031
29e
5
94c
30c
650
3%
45c
10c
Sc
234
22e
11/(6
Bonds
Allied Pack cony deb (is '39
Certificates of deposit _ _
Allied Pack 8s Ser B w '30.
Aluminum Mfrs 7s__ _1925
7s
1933
Amer Light & Trac 6s.1925
Without warrants
Amer Tel & Tel 6s.._ .1922
Os
1924
Anaconda Cop Min 7s.1929
6% noteS Series A._1929
Anglo-Amer 011734s. _1925
Armour & C07% notes1930
Atl Gulf & W I SS L 5s 1959
Bethlehem Steel 7*.. _1923
Equipment 78
1935
Bklyn Union Gas 6s w 11_9
'4
27
9
Convertible 78
Canada SS Lines 78w 11947
Canadian Nat RY8 78.1935
5s when issued
1925
Canadian Pac Ry 6s_ _1924
Central Steel 8s
1941
Charcoal Iron of Am 881931
Chic Un Stat 5s Ser 13.1963
Cities Serv deb 7s ser C '66
Debenture 7s ser D _ 1966
Colum Graphophone 8s '25
Com w'tti Pow Corp 681947
Cons G EL&P Bait 7s'31
68 Series A w 1_
1949
Consol Textile 8s
1941
5.4,000
8134 82
6534 6534 6634 13,000
93% 93% 9431 27,000
2,000
104% 104% 1049-1
106% 106 10636 25,000
31,000
10S 109
108
4,000
101 101
100
100 10031 42,000
22,000
101%
101% 101%
17,000
103% 103% 104
102% 102 102% 25,000
10334 1034 103% 49,000
104% 1017-1 10531 31.000
58% 5834 5931 3,000
10631 10634 106% 24,000
22,000
103% 103% 104
10634 105% 106% 203,000
5,0 0
116 116
116
73,000
95% 9534 96
16,000
111 112
111
5,000
no% 9931
99%
10131 10134 10131 13,000
16,000
10631 1064 108
94% 95% 14,000
.10031 100% 101' 44,000
96% 12.000
95
90% 9031 2,000
374 3,000
37
23.000
89
90
90
16,000
108
1074
107%
10231 10234 102% 27,000
9934 11,000
99
Jan
Jan
Feb
Jan
Feb
Jan
Slay
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
June
June
July
Feb
June
Jan
Feb
Mar
June
Feb
Mar
Jan
July
Jan
June
Feb
Apr
Sept
May
Aug
Aug
Sept
Aug
Mar
Apr
Aug
Aug
Aug
July
May
Aug
Aug
Sept
Aug
May
Aug
Aug
Jan
Sept
Apr
Aug
June
June
Mar
May
Sept
Aug
June
THE CHRONICLE
1202
Sales
Friday
Last Week's Range for
Week.
of Prices
Sale.
Bonds (Concluded) Par. Price. Low. High. Shares.
Copper Export Ass'n 8s'24
8% notes__ _Feb 15 1925
Cuban Tel 1st 7%s _1941
Cudahy Packing 7s_ _ _1933
1931
Deere & Co 7%8
Dery(D G) Corp 7s w 1'42
Detroit City Gas 6s_ _ _ 1947
East Cuba Sugflis w 1 '37
Empire Gas & Fuel 63_1924
1926
Os
Fed Land Bk 4345w 1_1942
Freeport Texas Co 78_1937
Gait'(Robert) Co 7s_ _1937
Galena-Signal 011 7s_ _1930
General Asphalt 8s_ _ .1930
Goodrich (13 F) Co 78_1925
Grand Trunk Ry 61,1s _1936
1932
Gray dr Davis 7s
Gulf Oil Corp 7s_ _ _1933
Hershey Chocolate 7%s'30
Hocking Valley Ry 68_1924
Hood Rubber 7% notes '313
Humble Oil& Ref 7s_ _1923
recta _
Interb R T 88 J P
Certificates of deposit
7% notes
1921
Kansas Gas& El 6s_ _ _ 1925
Kennecott Copper 78.1930
Kings County Ltg 6%s w 1_
Laclede Gas Light 7s_ _
Libby McNeill& Libby7s'31
Liggett-Winchester 7s _1942
Magma Copper 78w 1_1932
Manitoba Power 7s__ _1941
Morris & Co 7%s_ ___1930
Nat Acme Co 710._ _1931
Nat Cloak & Suit 8s_ _1930
National Leather 8s_ _1925
NYN
d: II 7s w 1_ _1925
Phila Electric 53-4s w 1_1947
1st lien Os
1941
Phillips Petrol 7148-1931
Without warrants
Public Serv Corp 7s w 11941
Sears, Roebuck & Co 7s'22
7% serial notes Oct 15'23
Shawsheen Mills 7s_ _ A931
Sloss-Sheffield S & I 6s 1929
Solvay & Cie Ss
1927
Southw Bell Telep 78_1925
Stand Oil of NY deb 63.i6'33
7% serial gold deb_ _1925
7% serial gold deb_.A926
7% serial gold deb_ _1927
7% serial gold deb_ _1928
7% serial gold deb_. 1929
7% serial gold deb_ _ 1930
7% serial gold deb_ _1931
1931
Sun Co 7s
1925
Swift & Co 7s
75
Aug 15 1931
Tidal-Osage Oil 75_ _ ..1931
Union Oil of Calif 6s_ A942
United 011 Produe 8s_ _1931
United Rys of Hay 7%s'36
U S Itubber 1st ref 5s_1947
P1313
Vacuum Oil 75_
Valvoline 0116s,scr A wi'37
1937
Wayne Coal es
Western Elec cony 78_1925
Foreign Government
and Municipalities
Argentine Nation 7s.1923
;Berlin 4s
1945
Mexico 4s
3s
5s
6s 10-year series B
Netheriands(Kingd)(38 B'72
Peru (Republic)8s w 1_1932
Russian Govt 5545 _ .1921
1919
6%8
Certificates
Serbs, Croats and Slovenes
(Kingdom of)83 w 1_1926
Stuttgart 4s
Switzerland Govt 514s 1929
102 102
1033-4 103%
10631 106%
10134 1013-4
10234 103
100 100
1013-i 10134
10034 10034
100 100
100 100
10134
101
120 120
99%
99
105 105
10534 10534
10334 10334
10734 108
100 100
10434 10434
10434 10434
101
101
10134 10134
100% 10034
953-4
95
95
94
3,000
15,000
2,000
12,000
9,000
10,000
47,000
14,000
2,000
5,000
15,000
1,000
17,000
6,000
3,000
30,000
12,000
9,000
42,000
5,000
2,000
29,000
10,000
182,000
65,000
7
97
7
98%
°
105 105
9934 10034
10234 103
10234
101
104 10434
109 119
98% 100
1051.1 1064
9834 0734 9834
105 10534
9934 9931 993-4
86% 8634 8634
10134 101%
10534 10434 10534
9
90
90
5,0
19
2
9,000
6,000
40.000
17,000
5,000
57,000
24,000
3,000
84,000
7,000
23,000
14,300
8,000
5,000
102 1023-4
102
10434 10334 105
100% 10034
102
10134 101
106 106%
106
9934 993-4
993-4
1063-i 10634
102% 103
103
109 109%
109
105% 106%
10634 10634 10634
10634 106% 106%
10734 108
103 108
108% 10834 10834
109% 109% 10934
102 102
101% 10134 102%
103% 103% 103%
102% 103
103
10134 101 101%
100 101%
100
105% 105%
0034 9034 9034
108% 103% 109%
99
99%
9934
7434
70
1083-4 10734 108%
12,00G
100,000
10334
1063-1
100
101%
100%
100
100
101%
993-4
10534
10334
10734
100
104%
101%
10034
95
943-i
98%
10.5
100
102%
10234
104
110
100
1003-4
4134
11%
56
96
100
100%
90c
3911
11%
18%
52%
95%
100
13%
13%
11%
Range since Jan. 1.
Low.
102
May
103% Aug
102% j1111
100% Jan
Feb
95
Sept
100
101% Sept
100% Sept
92% May
98% Apr
100
May
100% Apr
95
Feb
100% Jan
102
Jan
96% Jun
Jan
102
100
Aug
102% Jan
100% Feb
100% Apr
95
Jan
99% Jan
Jan
72
89% July
76
Jan
95 June
101% Jan
96% Mar
94% Feb
98% Apr
98% Mar
106
May
89
Jan
102% Jan
Mar
92
95
Jan
95% Jan
77
Mar
99 June
100% Jan
96%
105
98%
106%
100%
103
102%
104%
119
100
107
98%
105
101
9254
102
105%
Apr
Mar
June
July
Aug
Sept
Sept
Aug
July
July
Aug
June
May
Aug
Apr
July
Aug
Aug
May
Sept
Sept
Aug
May
Aug
Aug
Sept
Sept
Jan
Sept
Aug
Sept
Sept
Sept
May
May
Sept
Aug
Apr
May
Aug
Sept
Apr
Feb
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Feb
Feb
Mar
Apr
Mar
Jan
Jan
Jan
Jan
June
Feb
Jan
Aug
Jan
July
Jan
Jan
104%
105
101%
102
106%
99%
107%
104%
109%
108
106%
107
108
109
109
111
102
102%
103%
104%
102
110
108
90%
109%
100%
74%
10911
May
Sept
Apr
Apr
Sept
Sept
July
Aug
July
Aug
July
May
Sept
Aug
June
July
Aug
July
Apr
Apr
May
Apr
Apr
Aug
Aug
May
Sept
Mar
28,000
4,000
1,000
3,000
36,000
68,000
8,000
1,000
23,000
3,000
3.000
7,000
9,000
5,000
127,000
43,000
8,000
31,000
34,000
2,000
36,000
20,000
21,000
19,000
424,000
99
96%
98%
97
101
9334
102%
100%
105%
104
104
104%
105
105%
106
107%
98%
100%
101
99%
10011
90
100
90%
106
98%
50
103%
100% 5340,000
95c- 885,000
42 425,000
12% 27,000
7,000
18%
56% 220,000
9611 159,000
100
22,000
13%
2,000
14
13.000
13% 30,000
97
75c
37%
11%
17%
50
95
99%
13%
13
10%
1,000
High.
103%
105
107%
102
103
100
101%
105%
10111
101%
101%
156
100
10634
107
103%
108%
100 3-4
104%
104%
101
102
101%
0,734
Jan 101% Aug
Aug
534 Jan
Aug 5211 Apr
Sept
Aug
13
July 23 June
July 56% Sept
Sept 96% July
Aug 100% July
Apr
Jan 28
Aug 30% Apr
Aug 26% Apr
95% 95% 95% 70,000 95
July 96
Aug
90c
90c 10,000 60c Aug 90c Sept
105% 1054 105% 21.000 95% Jan 107% Mar
t Odd lots. * No par va ue. 1 Dollar per 1,000 marks. a Ex-100% stock dividend. g Marks. k Correction. 1 Dollars per 1.000 lire flat. I Listed on the Stock
Exchange this week, where additional transactions will be found. o New stock.
w When issued: z Ex-dividend. u Ex-rights. z Ex-stock dividend.
New York City Banks and Trust Companies.
An prices dollars per share.
I 8)4
Ask ' Trust Co.', Bid
Winks
Ask
Ask
Banks-N.Y. Bid
New York
218 Imp& Trad_.: 580 590
214
America
155 American..
Amer Exch. 282 286 Industrial* _ _ 150
Bankers Trust idf 372
145 Irving Nat of
Battery Park. 135
208 212 ; Central Union 414 418
NY
Bowery._ _ _ _ 430 450
150 Manhattan •_ 260 270 Columbia _ _ _ _ 325 330
Broad way Cen 140
Mech & Met_ 400 405 Commercial
110
130
Bronx Boro•. 100
500
Empire
295 305
170 Mutual.
160
Bronx Nat.
150
American
Equitable
294
Tr_
290
Nat
155
145
Bryant Park•
556333
City
Farm
L
&
National
Tr_ 483 488
138
Butch & Drov 130
Fidelity Inter. 208 213
_- New Nair._ 125
Cent Mercan. 210
245 255
340 345 New York __ _ 552 558 Fulton
Chase
300
Guaranty Tr. 238 244
270 Pacific •
Chat & l'hen. 266
4.50 455 frudson. _ 170
Park
110
90
Chelsea Ezell*
305 320 Law Tit ,,,, Ti 185
193
Chemical_ _ _ 505 515 Pub110
205 Seaboard _ _ _ - 310 320 Metropolitan 295
Coal & Iron _ 195
260
230
_
*__
,Mutual
Standard
(West
--325
Colonial
285 295
cheater) _
130
115
--- - State*
Columbia._ _ 212
-_ _ N Y Life Ins
279 282 Tradesmen's. 200
Commerce_ _
&
260'
_
Ward._
Trust... 660 670
23d
Com'nwealth• 220 235
170
Y
N
Trust... 353 356
140 United States• 160
130
Continental _
_ _ _ _ Title Cu & Tr 400 405
418 423 Wash'n II'ts • 325
Corn Exch
420 -_ U S Mtg & Tr 310
85 Yorkville
Cosmop'tan •. 70
United States 1110 ifig
170
East River_ _
Brooklyn
Fifth Avenue* 1025
165
Brooklyn
170 Coney Island' 155
160
Fifth
___ _ f3rooklyn Tr_ 450 470
300
190 1225 First
First
-___
Kings
110
County 750
Alech
240 250
Garfield
_ _ _ _ Mannfaeturer 234
125
184 Montauk
178
Gotham
240 People's
225
340 355
_
Nassau
-_ 265
Greenwich
-- 160
620 630 People's
Hanover
_ 375 385
Harriman
hanks. I New stock. x Ex-dividend y Ex-rights.
•Banks marked with (.1 are State
and Surety Companies.
New York City Realty
prices dollars per share.
All
Alliance R'Ity
Amer Surety.
Bond & M 0_
City Investing
Preferred
Bid
90
77
255
59
88
Ask
95 Lawyers Mtge
79 Mtge Bond..
262 Nat Surety..
62 N Y Title de
91 1 Mortgage__
Bid
182
113
212
Ask
186
118
218
160
165
Realty As:we
(Brooklyn)_
U S Casualty_
US Title Guar
West Chester
Title& M
Bid
152
170
105
Ask
15S
180
200
[VoL. 115.
Quotations for Sundry Securities
All bonds prices are "and interest" except where marked "f.'
Ask
Standard 011 Stocks Par Bid
2014
Anglo-American Oil new. E1 .20
Atlantic Refining
100 1080 1120
11714 118
Preferred
1
Borne Scrymser Co
100 445 465
98
Buckeye Pipe Line Co... 50 *97
_100 xl05 205
Chesebrough Mfg new..
Preferred new
100 x110 113
Continental 011
100 144 146
37
Crescent Pipe Line Co
50 535
Cumberland Pipe Line_ 100 150 155
98
Eureka Pipe Line Co...100 05
59
Galena Signal 011corn_ _ _100 55
Preferred old
100 108 112
100 100 103
Preferred new
100 170 172
Illinois Pipe Line
98
Indiana Pipe Line Co... 50'
96
International Petrol.(no par) 82212 2258
27
26
National Transit Co..12.50'
New York Transit C.o. _100 175 178
Northern Pipe Lice Co_ _100 107 110
285 290
'
25
Ohio Oil Co
25 .28
30
Penn Alex Fuel Co
100 605 615
Prairie Oil& Gas
100 265 26S
Prairie Pipe Line
100 345 355
Solar Refining
97
Southern Pipe Line Co__100 95
205 210
100
South Penn 011
66
Southwest Pa Pipe Lines.100 63
Standard Oil (California) 25 .115 11512
Standard Oil (Indiana)._ 25 *118 11814
Standard Oil (Kansas)..l00 530 540
Standard Oil (Kentucky) 25 *108 109
Standard Oil (Nebraska)100 180 18.5
Standard 01101 New Jer_ 25 •184 18512
100 117 11712
Preferred
Standard Oil of New Y'k.100 449 452
Standard 011 (Ohio)- -100 450 460
100 118 119
Preferred
35
100 32
Swan & Finch
Union Tank Car Co_ __ _100 110 114
100 110 112
Preferred
100 469 472
Vacuum 011
25
10 *21
Washington 011
Other 011 Stocks
Atlantic Lobos Oil (no par) *912 10
45
50 *35
Preferred
560 570
Gulf 011
Humble 011 & Refining_ _ _ _ 225 235
Imperial Oil
25 •112 113
Magnolia Petroleum_ _..100 175 178
Merritt 011 Corporation_ 10 *834 9
Mexican Eagle Oil
5 •1412 1512
1512 1534
Salt Creek Producers
Tobacco Stocks
81
American Cigar common.100 77
00
100 85
Preferred
225
250
Amer Mbehlne & Fdry_ _100
American Tobacco scrip.... .157 161
Britlah-Amer Tobac ord_ El •1912 20,4
Brit-Amer Tobac, bearer el •1912 20,4
Conley Foil (new)__(no par) *1212 14
Helms(Geo W)Co,com.100 165 175
100 111 115
Preferred
Imperial Tob of G B & Ire.. •1512 1614
100 85 • ,05
Met.
&
Foil
Johnson Tin
MacAndrews & Forbes_ _100 118 121
100 99 102
Preferred
32
100 29
Mengel Co
68
74
Porto Rican-Amer Tob_ _100 .80
Scrip
*80
90
Reynolds(R J) Tobacco_ 25 .57
5
20
Schulte Ret. Stores(no par) 121 16
Universal Leaf Tob com _100
100 101 103
Preferred
88
100 85
Young (J 5) Go
100 95 100
Preferred
pr (ces)
Rubber Stocks (Meet axe
70
73
Firestone Tire& Rub,com_ 10 90
92
100
6% preferred
100 82 8212
7% preferred
250
Gen'l Tire & Rub,corn..100 95 300
100
02
-1--1Preferred
934
Goodyear Tire & R.com.100 2918
30
100
Preferred
66
70
100
Prior preferred
3
70
8
Goodyear T&R of Can p1100 80
100 68
Miller Rubber
9712 98
Preferred
25
100 10
Mohawk Rubber
29
Swinehart Tire& R,com_100 22
- -- Preferred
Sugar Stocks
60 *1512 17
Caracas Sugar
8212
Cent Aguirre Sugar corn_ 20 *80
,,
412 .
•2
Central Sugar Corp.(no par)
3
1
100
Preferred
65
25
50
Cupey Sugar common__ _100
45
100
Preferred
77
100 75 ____
Fajardo Sugar
Federal Sugar Ref. corn_100 104
100 104 ---dohauxs g
Preferred
17
Inc__(no par) •15
Go
82
100 78
Preferred
Great Western Bug,com_100 252 262
100 108 110
Preferred
25
Holly Bug Corp,com(no par) *20
100
Preferred
Juncos Central Sugar- -100 50 100
5 146S4
58
National Sugar Refining _100 14
BantaCecillaSugCorp,pf.100
9
4
12
5
Savannah Bug.com,(no par) _48
97
100 93
Preferred
West Indla Sug Fin.com.100 50 100
63
100 58
Preferred
Industrial&Miscclianeous
American Hardware.._ _100 191 193
60
Amer Typefounders,com.100 55
100 95 100
Preferred
100 135 140
Atlas Powder
32
Blisa(EW)Co. new_(no par) 53012
5
65
50 .9
Preferred
109 112
Borden Company,corn. 100
1001 100 103
Preferred
98
100 92
Celluloid Company
100 108 112
Childs Co. corn
109
too
Preferred
5
)6
17
1g8 (
Hercules Powder
100 102 104
Preferred
68
International Salt
1 104
•102
6
11
International Silver, pref 0
81
Lehigh Valley Coal Sales. 50 .79
170
Phelps Dodge Corp
7 109
69
10
Royal Baking Pow,com.100 107
98
100 97
Preferred
Singer Manufacturing_ _ _100 98 100
Joint Stk. Land Bk. Bonds
Chien Stk Lund 13k 55_1939 993411001r
10238 103
Ss 1951 opt 1931
10212110314
55 1952 opt 1932
10512 106
511s 1951 opt 1931
RR. Equipments-Per Cl Basis,
A tch Topeka & Santa Fe 6s_ 5.30 5.00
Allan Coast Line 6s St 6146 5.40 5.10
Baltimore & Ohio 4%s & Os.. 5.50 4 75
Buff Koch & Pitts 4s & 4341 5.10 4.50
5.30 5.00
Equipment es
5 30 5.00
Canadian Pacific 4 n &(is
Caro Clinchfleld & Ohio he... 6.00 5.50
Central of Georgia 4343- -- - 5.50 5.00
5.30 5.00
Central RR of N J es
Chesapeake & Ohio(ia & 6345 5.50 5.00
5.50 5 10
Equipment 5a
6.50 5.70
Chicago & Alton as
Chicago Burl & Quincy 6e_ _ 5.30 5.00
Chleago & Eastern III 5%s_ _ 5.90 5.40
Chicago Ind & Louisv 434s. 5.50 5.10
5.35 5.00
Chicago St Louis & N 0
5.25 5.00
Chicago & NW
Equipment Be & 6%e_ _ _ _ 5.40 5.10
Chic R I & Pac 434e, Cs, Os 5.65 5.00
Colorado & Southern 5s, es_ 5.50 5.15
5.35 5.00
Delaware & Hudson 65
5.80 5.20
Erie 4%6.58 & 65
5.35 5.10
Great Northern Cs
Hocking Valley 4%8.58 & (is 5.60 5.20
Illinois Central 4%o,5* dt 63 5.30 5.00
5.25 5.05
Equipment 7s & 61,56_
Kanawha.& Mich 4%e,6s_. 5.50 5.10
5.20 4.75
Louisville & Nashville 56_ _
5.35 5.10
Equipment (is & 6
5.30 5.00
Michigan Central 5s, tits_ _
Minn St P&SSM 4%s& he 5.45 5.10
Equipment 610 & 7a_ _ _ _ 5.60 5.20
Missouri Kansas & Texas 51 5.75 5.25
5.60 5.10
Missouri Pacific 5s
5.60 5.20
Equipment 6a & 6;1s _ _
5.80 5.20
Mobile & Ohio 434s,53
4.85
5.20
New York Central 410, 5s.
5.35 3.00
Equipment 6s & 7s
NY Ontario & Western 43-4s 6 00 5.50
Norfolk At Western 4343.... _ _ 5.10 4.60
5.30 5.00
Equipment 66
5.30 5.10
Northern Pacific 76
5.30 5.10
Pacific Fruit Express 7s..
Pennsylvania RR is & 4341_ 5.10 4.50
5.25 5.00
Equipment Os
Pittab & Lake Erie Os At elis 5.40 5.10
5.15 4.65
Reading Co 410
St Louts Iron Mt & Sou Cs.. 5.75 5.10
St Louis At San Franc:re° 51_ 5.70 5.20
Seaboard Air Line 4141s & 5*. 5.90 5 40
5.10 4.75
SouthernPacific Co 4:4ff
5.25 5.00
Equipment 7s
5.55 5.25
Southern Ry 434*. 53 O. 6
-.
Toledo & Ohio Central Gs_ _ 5.40 5.20
5.10 4.80
Union Pacific is
5.60 5.20
Virginian Ity 6s
Public Utilities
*160 163
Amer Gas & Elec, corn.. 50
50 .f1412 4512
Preferred
141
Amer Light & Tree, com.100 138
97
100 95
Preferred
150
148
Amer Power & Lt. corn_ _100
100 8512 88
Preferred
19
Amer Public Util. corn_ 100 15
, 35
32
100 _7
Preferred
7212
BlackstoneVa10.&E.com 50 if85
Carolina Pow At Lt, cona_100 °4
255d Co, com_ _ 100 196 7
aptires revice
7012
Preferred
100 70
243
4
2534
Colorado Power, cora__ _100
100 90 I 93
Preferred
Com'w'th Pow.By & Lt_100 3012 32
100 6012 6212
Preferred
Elec Bond & Share, pref.100 96 I 98
Federal Light & Trao__ _ 100 3812 4012
Preferred
100 72 I 75
Lehigh Pow Sec. (no Par.). d1714! 1734
Mississippi R1y Pow,com100 3212 3312
Preferred
100 84 I 85
First Mtge 5s, 1951_ _J&J 95 I 9534
S f g deb 73 1935_ __M&N 10112 103
12
pr rneOhlo Elee.(no par) *9
Northern
37
100 33
97
North'n States Pow,com.100 94
95
Preferred
100 92
86
Nor Texas Eleo Co. Corn-100 83
,,,,
Preferred
._,, 84
_100 82
Pacific Gas & El, lit pest 100 .._.„:4 IL',
Puget Sound pow dr Lt..100 a't,3 Diti•3
10
6% preferred
4
8
10(1 100
2121 ,
,
8,4
106
7% preferred
7%s 1941_ _ _M&N
rrea
GreenfeM
P
Republic Ry & Light...J00 1312 1512
100 44 I 47
10434 106
South Calif Edisou. con:1_100 121
100
Preferred
I 21
Standard Gas & El(Del). 50 .20
49
50 *48
Preferred
14
1434
par)
Tennessee Elec Pow (no
38
(no par) 35
2d preferred
50
_100
com__
Rya,
&
Lt
United
100 76
1st preferred
40
dwer Corp.._ _100 38
eo
esteefrenaP
Wpr
85
100 82
Short Term Securitien-Pe r Cent
Am Cot 011 Os 1924_ _M&S2 9914 9912
Amer Tel& Tel (is 1.924_F&A 10158 10178
A&O 100 10014
6% notes 1922
Am Tob 7% notes '23.M&N 102 10212
AnacondaCopMin6s'29_J&J 10178 10212
76 1929 Series B__ _ _J&J 10334 104
Anglo-Amer 0117346'25 A&O 10;i14 10312
Arm'r&Co7sJuty15'30J&J15 10478 10518
_
Deb 6s J ne 15'23 J&1315 1(.014
1)eb (is J'ne 15'24 _J&D15 10034
Beth St 7% July 15'23J&J15 10613 10634
Canadian Pao (ie 1922.M&S2 101 110114
Federal Bug Ref 6s'24_M&N .10114 10134
Goodrich(13F)Co 713'.3.A&O 103 10314
Hocking Valley 661924.M&B 101 10114
9512
Interboro R T Si 1922 _M&S 95
K C Terru Ity '23.M&N16 10138 10158
j&J 103 104
6%6July 1931
Laclede Gas is Jan '29_F&A 10212 103
Lehigh Pow Sec Os '27.F&A 92
9212
Blom Shelf S & I 66 '29..F&A 9914 9934
Swift & Co 7% 1925.A&015 1017 10234
7% notes Aug 15 RM.__ 1031s 10312
13 S Rubber 734a 1930_F&A 1093s 10934
West Elec conv761925.A&O 10758 108,8
* Per share. b Basis. d Purchaser also pays accrued dividend. e New stock.
f Flat price. k Last sale. n Nominal. z Ex-div. y Ex-rights. 1 Ex-stock div.
Investment an gailirrati
1203
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Jan.1 to Latest Date.
ROADS.
Previous
Year.
Current
Year.
Previous
Year.
Latest Gross Earnings.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Daly.
Current
Year.
Previous
Year.
193.048 258,860 1.768,148 1,857,083 Mo & North Arkan_ June
Alabama & Vicksb_ July
7,6,953
115,262
13230860 16573250 64.968,715 86,696,253 Missouri Kan & Tex July
Amer Ry Express_ _ May
2,590,094 2,836,169 17,289,059 18,840,412
Akron Cant & Youn July
183,942 158,695 1,255.556
814,887 Mo K & T Rv of Tex July
2,385,009
1,567,979
11,576,829
15.585,115
2d wk Aug
Ann Arbor
3.009,620 2,925,528 Mo Kan & Tex Sys_ July
4,294,125 5,601,772 29,685,622 35,931,114
1576i
202 1548i787 99,169,520 104682915 Missouri
Atch Tppeka & S Fe July
_
July
7.763,626
8.959.260
56,288.162
61.360.215
Gulf Colo & 8 Fe.. July
1,943,272 2,738,796 11,937,548 16,749.990 Mobile & Ohio
4th wk Aug 417,355 363,420 11,216,518 11,977,019
Panhandle S Fe July
612.122 835,921 4,113,128 4,969,485
Columbus& Green July
85,307
135,824
850,482
y
855,119
Atlanta Birm dr Atl_ July
323,061 279,342 2,165,907 1,769,236 Monongahela
July
136,204 309,223 1,867.168 2,194.396
Atlanta & West Pt._ July
207,431 200,467 1,354,663 1,455,240 Monongahela Conn_ July
43,030
132.817
965,802
413.095
July
Atlantic City
703,465 753,214 2,578,434 2,618,447 Montour
16.932 109.686
364,938
913,470
Atlantic Coast Line July
4.494,338 4,438,129 41,589,918 41,170,164 Nashv Chatt & St L July
1,844,764 1,853,173 11,988,200 11,949,311
Baltimore & Ohio July
13944023 16537 773 112623 182 112768724 Nevada- Cal- Oregon 3d wk Aug
9,897
5,326
162,489
219,953
B &0 Ch Term July
246,065 188,609 1,723,489 1.397,266 Nevada Northern July
15,695
62,641
248,791
223,439
Bangor & Aroostook July
406,574 371,188 4,894,961 4,147,348 Newburgh & Sou Sh July
147,837
81,553 1,145,333
730,495
Bellefonte Central July
9,259
40.976 New Or! Great Nor.. July
4,573
56,155
218,620 217,644 1.486.069 1,478.292
Belt Ry of Chicago.. July
445.914 432,371 3,336,640 2,935.811 N 0 Texas & Mex July
182,914 131,739 1.501,919 1,516,954
Bessemer & L Erie_ July
1,427,097 1,488,369 6,091,746 7.416,537
Beaum S L & W._ July
175,770
187,544
1,190,946
1,298,578
Bingham & Garfield July
102,845116,649
20.465
St L Brownsv & M July
10.154
378,516 428.793 2.981,191 3,421,526
Boston & Maine... July
6,519,313 6,541,142 44,368,076 43,690,952 New York Central.... July
27934312 26255176 186492095 183834688
Bklyn E D Term_ _ _ July
121,905
Ind Harbor Belt_ July
760.894
99,827
919,325
790,844
675,529
5,429.666 5,078.284
Buff Roch & Pittsb_ 4th wk Aug 392,918 130,632 9,197,839 10,161,639
Lake Erie & West June
856.905 774.517 4.588.921 4.454.359
July
Buffalo & Susg
52.331 126.263
Michigan Central July
784,078 1.161.729
6,716,232 6,346,83444,153.981 40,831,059
Canadian Nat Rys_ 4th wk Aug 3,058,892 3,405,73.. 70,087,891 78,050.029
Cloy
C
C
&
St
L
July
6,346,848 6,242,501 47,176,486 45,836,267
Canadian Pacffic_ 4th wk Aug 5,328,000 5,735.000 103532000 113738000
Cincinnati North_ July
227,505 326,003 1,977,816 2,078,666
Caro Clinch & Ohio.. July
624,2924,487.547 4,226,675
Pitts Sr Lake Erie July
1,952,871 1,521,252 13,753.077 13,881.397
Central of Georgia July
1,935,648 2,051,273 12,683,645 13,183.955
Tol
Ohio
&
Cent_
July
419,354 929,761 4,104,275 5.924,290
Central RR of N J July
3,686,157 4,630,517 26,888,137 29,780,353
Kanawha & Mich July
224,021 429,781 1,784,563 2,710,645
Cent New England_ July
408,261 693,315 3,919,511 4,802,982 N Y Chic & St Louis July
3.145.617 2,832.563 17,368.187 15.952.869
Central Vermont_ _ _ July
560,874 582,544 3,952.223 3.907,210 N Y Connecting__ _ July
222,137 277,589 1.613,262 2,061,322
Charleston & W Car July
238,807 259,228 1.963,283 1,949.850 NYNH & Hartf July
10476 218 1004688768.323,945 65,101,888
Ches & Ohio Lines July
6,474,773 1,990,618 50,647,632 49,873.764 N Y Ont Sr Western July
1,161,445 1,655,942 6,752.713 8,135.797
Chicago & Alton... July
1,861,110 2,630,677 15,993,782 17,097,760 N Y Susq Sr West July
333,801 347,950 2,308,850 2,505,391
Chic Burl & Quincy_ July
12608638 14028678;87,244,590 92,426,593 Norfolk Southern... July
672,139 689,400 4,872.364 4,620,807
Chicago & East 111_ _ July
1,788,702 2,187,604113,691,856 15,038,422 Norfolk & Western_ July
7,563,344 6,787,348 53,574,695 45,978,419
Chicago Great West July
1.915.134 1,971,692 13,238.278 13,631,578 Northern Pacific..... July
7.986,391 7,877,354 49.908,49548,304,575
Chic Ind & Louisv July
1,210,744 1,2 7,482 8,968,660 8,600,671 Northwestern Pac July
794.030 958.643 4.351.415 4,649.417
Chicago Junction May
292,669 409,419 2,045,955 2,042,576 Pennsylv RR & Co_ July
49220147 49290805 341028437 350139407
Chic Milw & St Paul July
12694329 12197 540 83,851,10479,967,120
Bait Ches & Atl July
207,466
201,013
874,768
920,272
Chic & North West_ July
12680808 12215106 80,341,437 79,821,464
Clue Lob & Nor July
90,876 111,880
609,987
642,761
Chic Peoria & St L_ July
173.047 178,855 1,306,232 1,135,474
Grand Rap Sr Ind June
712,602
617,668
4,125.809
4,086,038
Chic River & Ind July
562.303
Long Island
1,354,566
July
3,365,343 3,315,432 17,329,772 16,082.566
Chicago R I & Pac July
10030565 11583048 66,084,247 73,896,404
Mary'd Del & Va.. July
139,242 150,529
622,742
690.195
Chic R I & Gulf July
538,486 702,775 3,254,546 4,271,170
N Y Phila & Norf July
864,883 600,207 4,348,268 3,672,564
Chic St P M & Om_ July
2,323,272 2,260.540 15,379,723 15.307,511
Tol Peor & West_ July
131,199 127,807
922.423
935.122
Cinc Ind & Western July
341,742 308.072 2,385,326 2,005,820
W Jersey & Seash July
1.695,476 1,689,8.8 7,421,416 7,233,796
Colo & Southern__ _ 3d wk Aug 479,099 568,461 14,512,351 16,260,686
Pitts 00 & St L..
8.910.749 7,942.514 47.521.417 48.177.641
Ft W & Den City_ July
769.152 1,018,467 5,131,295 6,256,721 Pennsylvania Syst June
July
56020065 55911721 375098141 382376056
Trin & Brazos Val July
158,098 271.330 1,738,156 1,568,613 Peoria & Pekin Un_ July
,
,
1,017.630
952,753
Wichita Valley_ _ _ July
90.991 138,919
925,762 Pere Marquette
662,436
July
3.019,982;3,367,884 21,227.958 20,420.823
Cumb Val &Martins July
53,309 140,623
Perkiomen
873.581
506,627
July
132,493 108,036
717,951
754,333
Delaware & Hudson July
2,220,962 3,965,073 21,087.392 26,376,330 Phila & Reading__ _ July
5,158,369 6,811,224 43,418,488 49,132,949
Del Lack & Western July
5,549,408 7,494,704 41.432,216 49,774,689 Pittsb & Shawmut_ _ July
49,323
74.055
559.390
Deny & Rio Grande July
691,235
2,902,572 2,738,017 17,358.783 16,978,783 Pitts Shaw & North July
61,140
86,957
586,030
Denver & Salt Lake July
683,169
43,758 277.950
599.581 1,439,218 Pittsb & West Va July
212,790
MackinaclJuly
203.303 1.603.933 1.619.965
Detroit &
180,802 184,010
Port
Reading
1,100,805
996,113
July
78,049 129.822 1.076.889 1.336.525
Detroit Tol & Iront_ July
823,979 701,656 5,301,902 3,357,192 Quincy Om & K C July
69,468 107,604
600,155
Det & Tol Shore L_,July
735.867
220,335 257,077 2,029,466 1,461,265 Rich .Fred & Potom_ July
835,263 818,324 6,242,898 6,215,709
Dul & Iron Range.._ July
1,339.057 781,085 3,515,606 2,909,344 Rutland
July
482,092 484,328 3.223.053 3.278,970
Dul Missabe & Nor_'July
2,736,716 2,068,604 6,581,450 6.565,721 St Jos & Grand Isl'd July
233,676 303.956 1.739.296 1,814,079
Dul Soh Shore & Atl4th wk Aug 168,003 158,669 2.833,823 3,027,433 St Louis San Fran
July
6,747,227 6,568,501 46,167,64646,518.888
Duluth Winn & Pac July
166.318 105,369 1,138,982 1,496,356
Ft Worth & RioGr July
110,333 136,679
East St Louis Conn._ 'July
705,385
160,552 123,363 1,171.718
969,173
931.850
St L S F of
July
158,678 198.405
Eastern SS Lines.._ _1May
939,504 1,054,172
480,300 418.136 1 585.195 1.259,123 St Louis-San Texas_
Fr Sys July
7,041,395 6.923,019 47.967.607 48.670.723
Elgin Joliet & East._;July
1,732,637 1,261,147 12,239,872 11,675.447 St Louis Southwest_
July
1,326,660 1,332.032 9,677,898 9.627,020
El Paso & Sou West,July
1,210,875 976,986 6,420,271 6.980,003
St L S W of Texas July
;July
601,677 641.942 4,039,877 4,255.635
Erie Railroad
7,029,170 8,503,539 51,464,476 58,100,024
Total system_
wk Aug 740,597 615,326 12.795.705 12,683.788
Chicago & Erie...1July
824,559 715,131 6,317,333 6,040,314 St Louis Transfer 4th
July
57.260
NJ &NY RR !July
88.204' 427.834
134.253 135,769
654.276
855,759 San Ant &
863.001
July
Florida Bast Coast..'July
430,591 556,763 2.914,380 3,370,101
715,519 725.385 8,780,757 9.021,050 San Ant UvAranPass
& Gulf_ July
97,023
Fonda Johns & Glov July
611.505
99,095
110,479 111,633
718,593
794,487
779.047 Seaboard Air Line July
Ft Smith & Western1July
3,173,979
3.210,196
25,636.703
25.352,190
135,343 113,744
865,951 1,027,656 Southern Pacific_ July
Galveston Wharf__ _.July
15952
99,158.214
16574383
904
108541
722
86,561 285,724
1.530,885
793,415
Southern
Pacific Co July
July
Georgia Railroad
21664974 22627508 141792194 152875873
420,476 417.192 2,788,210 3,053.458
Atlantic SS Lines_ July
Georgia & Florida July
884.291 809,897 6,519,819 5.959.416
105,919 128,260
771,023
819,663
Arizona
Eastern..
July
Grand Trunk Syst 4th wk Aug 3,118,8193,490,363 67,363,389 66,800,952
300.463 176.424 1,794,521 1.763.422"
Galv Harris & S A July
At!& St Lawrence July
.,604,657 1,818,413 12,110,823 14,650,265
184,171 145,749 1,549,070 1,719,220
Hous & Texas Cen July
ChDetCan G T.Ict July
1,101,335 7,976,854 7,173,207
1,072,628
197,112 119,290 1,521,488 1.088.971
Hous
E
&
W
T_
July
Det G H & Milw_ July
282.467 258,1g6 1.695.480 1,611.826
613,194 479,568 3,049,199 2.272,109
Louisiana West July
Grand Trk West.. July
278,533 379,004 2,386,726 2,476,292
1,622,368 1,266.646 8,966,001 8.115,974
Morg
La
&
Texas
July
Great North System July
542,509 691.958 4,392.725 4.987.305
9,015,381 8,142.962 51,745,576 50,046,749
Texas & New Or!. July
Green Bay & 8Vest.. July
625,022 709,639 4,971.682 4.963,436
118,420 104,625
794,923 Southern Railway July
805.115
Gulf Mobile & Nor.. July
9,920,458 10387466 71,915,912 72,804.252
333,352 319.441 2,592,363 2,368,767
Ala
Great
South_
July
Gulf & Ship Island.. July
252.429 233,981 1,690,213 1,625,455
484,920 751,734 5,196.387 5,456,175
Cin N 0& Tex P_ July
Hocking Valley_ _ _ _ July
1,057,519 1,378,618 10,176,771 10,205,876
894.179 1,355.653 7,244,589 7,736.526
Georgia Sou & Fla July
July
Illinois Central_
388,755 2,726,290 2.616.877
11869898 11565130 81,643,019 8(1.441,877
355,286
New
Orl
&
Nor E July
Illinois Central Sys_ July
271,109 485,963 3,391,631 3,747,349
13237325 13068617 91,739,06591,939.543
Northern Ala_ _ _ _ July
Internet & Girt Nor_ July
762,601
58,296
949,357 1,587,617 7,691,026 11,061,580 Spokane
133,669
503,139
Internat..
July
Internet Ry of Me July
633,506
92,172 105,612
132.721 147.534 1,641.225 1,747,344 Spok Portl &
738.729
Seattle
July
4,025,500
653,258
635.392
112.810 152,812
K C Mex & Orient July
4,184,135
778,123
986,144 Staten Island R T.
_
July
July
Tex
of
133,573 202,562
256,842 253,284 1,408.650 1,450,392
K0 Mex &0
853,809 1,2a9,100
Central July
170,180 178,526 1,363,911 1,356,922
1,338,419 1,622,147 10.070,936 11,618.514 Tennessee
Kansas City South_ July
RR Assn ofSt L July
167,939 170,655 1,145,799 1,261,386 Term
Texark & Ft Sm July
354,553 346,192 2,638,408 2,522.523
St
L
Mer
Bdge
T
July
July
1,506.357 1,803,086 11,216,734 12,859.406 Texas &
261,410 277,296 2,042,956 2,019,880
Total system_
- 3d wk
212,589 205,465 1,554,203 1,353,338 Toledo StPacific....
588,394 674.567 18,349,738 22.587,082
Kan Okla & Gulf__ _ July
L & West July Aug 907,968
228,659
936,597 5,814.225 5,094.485
Lake Sup & Ishpem_ July
30,117
476,340
104,256 Ulster &
July
922,964
209,437 249,235
July
78,760
933.814
Lake Term Ry
74.543
630.319
772,163
Union
Pacific
Delaware... July
53,498.209 58.023,239
9,317,262
150,057 271,269 1,350,293 1.865,975
8,096,096
Lehigh & Hud River July
Oregon Short Line July
2,592,961 2,590,599 18,973,550 18,243.276
230,268 399,970 2,217,6332,610,705
Lehigh & New Eng. July
Total
system........
July
July
4,452,269 6,260,657 35.393,490 43,102,024
14599313 15675657 98,530.817 103488 368
Lehigh Valley
Ore-Wash RR &N July
1,635.502 1,626,089 11,085,506 11,590,155 Union
2,274,756 2,141,709 14,973,483 15,631,698
Los Ang & Salt Lake July
292,921 251,415 1.926,205 1,935,296 Utah RR (Penn)... July
1,168,898 733,869 6,240.165 5,719,053
Louisiana & Arkan_July
920,980
65,584
266,999 316,373 1.874,990 2,162.760 Vicks Slimy &
160,449
626,445
Louisiana Ry & NaviJuly
Pae July
y
256,073 323,502 2,137,389 2,370,790
9,576,857 9,610,560 71,626,982 67,214,699 Virginian
Louisville & Nashy_IJuly
Railroad_ July
1,415,114 1,549,529 11,900,312 11,146,174
276,139 222,035 1,807,5271 1,629,021 Wabash RR
Louisv Hand & St L July
July
4,643,216 4,862.653 33.273.800 33.694.921
1July
1,626,151 1,550,690 11,752.876 12,027.462 Western
Maine Central
373,415 318.372 10,543.446 11.490,767
367,041 334,774 2,648,940 2.586.072 Western Maryland_
Midland Valley_ _ _ _ IJuly
Pacific_ _ July Aug 1.102.840 1.017,930 6,193,081 6,573,620
5,326
14th wk Aug
Mineral Range
9,897
162,489
219.955
Western
216,665 208,783 1,411,397 1,422,900
Minneap & St Louis 4th wkAug 327.419 375,388 9,898,732 10,321.602 Wheel &Ry of Ala July
Lake Erie_ July
1,182.134 1,477,255 8,005.064 8, 226.180
4,262,422 3,534,772 23,517,350 22,913,515 Wichita Falls
Minn St P & S S M_ 1July
& N W July
819,734 1,505,588
136,052 380.594
Mississippi Central._ July
107,121
86.413
846.862
599.829 Yazoo & Miss Valley July
1,367.427 1.503.486 10.096.046 11.497.666
AGGREGATE OF GROSS EARNINGS-Weekly
and Monthly.
Weekly Summaries.
3d
4th
let
2d
3d
4th
let
2d
3d
4th
week June (13 roads)-___
week June (16 roads)_--_
week July (18 roads)._
week July (16 roads)____
week July (17 roads)-..-week July 16 roads1 ____
week Aug. 14 roads ____
week Aug 15 roads ____
week Aug 15 roads ____
week Aug 13 roads)--..-
Current
Year.
$
12,085,740
17,624,246
13.154,413
12,880.105
12,354.510
13,403.786
9,800.291
10,098,184
10,270,028
13,862,589
Previous
Year,
Increase or
Decrease.
12,798,352
+187,388
16,810,702
+813,544
13.056.097
+98,316
13,090,802
-210,697
12.969,484 -614.974
13.976,759 -572,973
10.603,153
-802.862
10,999.399
-901,215
10,945,368
-675,340
14,678.846 -1.016,257
1.46
4.84
0.75
1.61
4.74
4.09
7.57
8.19
6.17
6.92
Previous
Increase or
Current
Monthly Summaries,
Year.
Decrease.
Year.
Mileage.
Cum Yr. Pres.Yr.1
$
September -_235,155 234.559 496,784,097 617,537.676 -120,753,579 19.68
October __ _ _235.228 234,686 534.332.833 640.255.263 -105922430 15.54
November __236.043 234,972 464,440,498 590,468,164-126027666
December,.....225.619 224,784 406,864,055 527.480.047 -120.615.992 22.87
January _---235.395 234.636
393.892.529 469.196.808 -75,303.279 16.05
February __-235,625 234,880 400,430.580 405,203,414 -4,772.834 1.18
March
234.986 234,202 473,433.886 457,374,460 +16,059.426 3.51
April
234,955 234.338416,240.237 432.106.647-15,866.410 3.67
Dilay
234.931 234,051 447,299.150 443.229,399 +4,069,751 0.92
June
235,310 234.568 472.383.903 460.007.081 +12.376.822 2.69
EvoL. 115.
THE CHRONICLE
1204
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth
week of August. The table covers 13 roads and shows 6.92%
decrease in the aggregate over the same week last year.
Fourth Week of August.
I
1922.
1921.
430,632
392,918
Buffalo Rochester & Pittsburgh_
Canadian National Railways-- 3,058,892 3,405,732
5.328,000 5,735,000
Canadian Pacific
158,669
168,003
Duluth South Shore & Atlantic..
Grand Trunk of Canada
3,118,819 3,490,363
Grand Trunk Western
Detroit Grand Hay & MIlw_
Canada Atlantic
4.318
10,588
Mineral Range
375,388
327,419
Minneapolis & St Louis
Iowa Central
463,418
517,353
Mobile & Ohio
615,326
740,597
St Louis Southwestern
13,662,589 14,678,846
Total (13 roads)
Net decrease (6.92%)
Increase. Decrease.
37,714
346,840
407,000
9,334
371,544
6.270
47,969
53,935
125,271
194,810 1,211,067
1,016,257
-Grossfrom Railway- -Net from Railway- -Net after Tazes1922.
1921.
1921.
1922.
1922.
1921.
$
$
$
Spokane International18,575
23,429
28,202
28,913
92,172
105,612
July
201,353
172,249
738,729
From Jan 1_ 633,506
Spokane Portland & Seattle238,827
254,843
635,392
653,258
July
From Jan 1_ 4,025,500 4,184,135 1,422,984 1,200,537
Tennessee Central
-7,288
27,568
170,180
178,526
July
88,448 -109,296
From Jan 1, 1,383,911 1,356,922
Ulster & Delaware91,604
55,583
209,437
249,235
July
23,564
94,960
933,814
From Jan 1- 922,964
Utah59,111 -17,409
160,449
65,584
July
37,685
292,842
628,445
From Jan 1_ 920,980
Vicksb Shrevep & Pacific88,717
29,296
256,073
323,502
July
313,487
380,197
From Jan 1_ 2,137,389 2,370,790
Weston Pacific159,108
249,404
1,102,840 1,017,930
July
644,973
884,354
From Jan 1_ 6,193,081 6,573,620
Wichita Falls & Northwestern199,245
33,820
380,594
130,052
July
395,464
65.698
From Jan 1_ 819,734 1,505,588
133,792
150,361
170,506
833,341
143,572
598,037
22,309 -12,118
.57,482 -143,044
49,580
52,691
84,867
-25,576
52,968
247,844
-25,456
-19,957
11,947
243,559
72,308
205,642
173,155
289,378
64,343
105,205
22,960
-18,299
188,345
319,136
Net Earnings Monthly to Latest Dates.-The table
UTILITY CO'S.
Y
, following shows the gross and net earnings with charges and ELECTRIC RAILWA AND PUBLIC
s
l
companie
and
industria
railroad
STEAM
of
surplus
Jan. 1 to Lat6st Date.
Latest Gross Earnings.
reported this week:
Name of Road
Previous
-Grossfrom Railway- -Net from Railway- -Net after Tares
1922.
1921.
1922.
1921.
$
American Ry Express160,693
280,364
13,230,860 16,573,250
May
From Jan 1_64.968,715 86,696,253 1,419,621 1,744,939
Chesapeake & Ohio Ry-
1922.
75,174
484,293
1921.
$
-16,252
854,015
6,474,773 7,990,618 1,966,241 2,108,685 1,697,987 1,877,622
July
From Jan 1 50,647,632 49,873,764 12,885,708 9,451,826 10,986,269 7,833,869
Chicago Peoria & St Louis4,727
16,264
15,373
25,794
178,855
173,047
July
From Jan 1_ 1.306,232 1,135,474 -30.996 -295,227 -97,623 -362,873
Colorado & SouthernTrinity & Brazos Valley57,387
16,213
64,587
23,222
271,330
158,098
July
59,946
160,572
108,986
209,716
From Jan 1_ 1,738,156 1,568,613
Wichita Valley57,896
21,970
63,723
29,424
138,919
90,991
July
222,885
129,025
262,826
171,046
925,762
From Jan 1_ 862,438
Martinsburg
&
Cumberland Valley
86,987
94,049 -12,564
-6,986
140,623
53,309
July
330,494
366,100
52,787
80,914
873,581
From Jan 1_ 503,627
Duluth South Shore & Atl8,778
35,778
105,428
138,428
384,380
435,227
July
85,296 -207,266 -133,974 -418,387
From Jan 1_ 2,400,008 2,638,448
Pacific
&
Duluth Winn
105,369 -20,529 -38,820 -28,334 -43,921
166,318
July
68,855
-8,001
-1,267
60,779
From Jan 1_ 1,138,982 1,496,358
Green Bay & Western9,733
17,533
21,568
29,568
104,625
118,420
July
90,959
141,787. 138,032
194,032
794,923
From Jan 1_ 805,115
System
Illinois Central
13,237,325 13,068,616 2,390,615 2,396,907 1,550,403 1,592,558
July
From Jan 1_91,739,065 91,939,543 20,186,156 15,538,812 12.715,036 10,105,252
Internat'l & Great Northern118,305
233,809
194,795
83,962
949,357 1,587,617
July
787,310
528,867
957,547
From Jan 1_ 7.691,026 11,081,580 1,195,276
Maine
in
Ry
International
147,534 -17,762 -31,014 -33,782 -40,014
132,721
July
148,218
242,876
43,218
130,876
From Jan 1_ 1,641,225 1,747,344
Kansas City SouthernSmith
Ft
&
Texarkana
52,867
58,040
50,631
170,655
42,004
187,939
July
399,468
407,110
355,531
327,007
From Jan 1_ 1,145.799 1,261,386
Lake Superior & Ishpeming 30,117
162,921
-7,287
156,244 -12,645
228,659
July
141,785 -241,216
104,256
101,971 -279,663
From Jan 1.. 476,340
River
Lehigh & Hudson
23,409
97,674
85,523
8,571
271,269
150,057
July
283.646
490.980
1,865,975
189,440
405,920
From Jan 1_ 1,350,293
Louisiana Ry & Naviagtion316,373
73,568
103,518
92,463
57,482
266,999
July
217,315
333,946
102,976
221,161,
2,162,760
From Jan 1. _ 1,874,990
Texas
Missouri Kansas &
800,401
644,531
802,487
2,590,094 2.836,169 1,000,895
July
18,840,412 6,149,797 3,084,832 4,919,644 2,150,862
From Jan 1_17,289,659
Mo Kan & Tex Ry of Tex 2,385,009
812,811' 305,954
358,164
762,832
1,567,979
July
15,585,115 2,742,617 3,069,155 2,378,800 2,729,408
From Jan 1_11,576,829
Mobile & Ohio78,016
304,555
250,493
1,330,495 1,298,751 • 2,235,501
July
6
75
20
2:6
692,018 1,834,922
286
10,538,313
From Jan 1.. 9,853,360
Northwestern Pacific450,917
348,172
299,014
404,323
958,643
794,030
July
864,215
879,714
4,649,419 1,983,873 1,109,649
From Jan 1_ 4,351.415
Pennsylvania RR & Co-49,220,805 6.663,864 8,318,903 3,876,392 .5,641,397
49,220,147
July
350139.407 64,519,340 38.668,108 49,959,192 22,682,987
From Jan 1 341028,437
Norfolk&
N Y Phila
51,777
241,181
19,803
209,251
600,207
884,883
July
493,108 -280,537
369,340 -404,536
3,672,5(34
From Jan!. 4,348,268
Toledo Peoria & Western-127,807
-4,639 -15,369 -15,695 -25,369
131,199
July
111,827 -352,488
935,122 -34,171 -282,298
From Jan 1_ 922,423
Southern Pacific61,264
Houston E & W Texas- 258,196
59,649
52,862
81,236
282,467
183,248
July
226,356
185,735
183,248
1,611,826
From Jan 1_ 1.695,480
46,317 -99.637
Texas & New Orleans25,723
709,639 -77,888
625,022
July
415,770 -172,729
255,477 -315,146
4,963,436
From Jan 1_ 4,971,682
2,035,204 1,818,882 1,538,150 1,412,633
Southern Railway9,920,459 10,387,467 15,751,568 8,417,788 12,450,909 5,877,409
July
72,804,252
From Jan 1_71,915,915
Pac261,741
140,150
61,176
210,315
Cinc New Orl & Tex
1,057,519 1,378,618 2,290,803 1,327,710 1,781,468
July
979,689
0 10,205,876
1_10,176,77
From Jan
Northeastern31,423 -100,418 -47,763
New Orleans &
485,063 -64,057
271,108
258,587
434,419
164,642 -52,073
July
3,747,350
From Jan 1_ 3,391,932
-1,645
49,210
53.204
Northern Alabama58,296
133.669
46,143
22,505
278,863
250,507
July
503,139
762,601
From Jan 1_
Gulf
&
Uvalde
34,283
28,211
31,105
31,666
Antonio
San
99,095
97,023
154,858
128,194
107,285
134,970
July
718,593
From Jan 1_ 811,505
723,069
Seaboard Air Line3,210,196 3,173,979 5,420,750
July
From Jan 1 25,636,703 25,352,190
Southern ByGeorgia Southern& Fla- 388,756
48,018
355,287
July
466,916
From Jan 1_ 2,726,291 2,616,878
or Company.
Month.
Adirondack Pow & Lt July
Alabama Power Co__ July
Amer Power & Light_ June
March
American Rys co
Amer Water Wks Elec July
Appalachian Pow Co_ July
Arkansas Lt & Power July
Asheville Pow & Light July
Associated Gas & Elec June
Atlantic Shore Ry___ March
Bangor Ry & Elec Co June
kBarcelona Tr Lt & P July
Baton Rouge Elec Co July
Beaver Valley Trac__ July
Binghamton Lt H & P July
Blackstone Val G & E July
!Brazilian Tr,Lt & P_ July
Bklyn Rapid Transit_ July
Bklyn City RR...._ July
Bklyn Heights(Rec) May
Bklyn Qu Co & Sub May
Coney Isl & Bklyn_ May
Coney Isl & Graves May
Nassau Electric_ _ _ May
N Y Consolidated_ May
South Brooklyn_ _ May
Cape Breton Elec Co.. July
Carolina Pow & Light July
Central Illinois Lt.... May
Central Miss Val Elec July
Chattanooga Ry & Lt May
Cities Service Co_ _ _ _ July
City Gas Co. Norfolk March
Citizens Trac & subs_ June
Cleve Paines & East_ June
July
Colorado Power
Columbia Gas & Elec July
Columbus Electric.. _ _ July
Com'w'lth Pr,Ry&Lt July
Connecticut Power July
Consumers Power Co July
Cumb Co Pow & Lt.._ June
Dayton Power & Lt.,_ June
July
Detroit Edison Co
Detroit United !iv . March
Duluth-Superior Trac July
Duquesne Lt Co subs
light and power cos July
East St Louis & Sub June
Eastern Shore Gas&El June
Eastern Texas Elec._ July
Edison El Ill of Brock July
July
El Paso Electric
El Lt & P of Abington
July
& Rockland
Erie It Co & suhsid June
Fall River Gas Works July
Federal Lt & Trac Co June
Ft Worth Pow & Lt_ _ June
July
Galv-Houston Elec
Gen G & El & Sub Cos July
Georgia Ry & Power_ July
Great Western Power June
Harrisburg Railway March
Fla van:, El Ry.Lt&Pr May
Haverhill Gas Light July
Honolulu Rap Trans.. June
Houghton Elec Light_ July
Hudson & Manhattan May
Hunting'n Dev & Gas May
Hunting'n Dev & Gas June
July
Idaho Power Co
July
Illinois Traction
June
Indiana Power Co
Indiana Service Corp_ May
Interbereugh Rap Tr June
July
Keokuk Electric
Kentucky Trac & Ter June
Keystone Telephone_ July
Key West Elm Co...... July
Lake Shore Electric June
Lexington Util & Ice._ July
Long Island Electric_ May
Lowell Elec Corp_ __ _ July
Manhat Mtge 3c Line May
Manhattan & Queens May
Manila Electric Corp_ March
t Market Street Ry__ July
Metropolitan Edison.. July
alilw Mee Ry & Light July
Miss River Power Co.. July
Munic Serv Co & subs June
Nashville Ry & Lt Co June
Nebraska Power Co.._ June
Nevada Calif Electric July
New Eng Power Sys_ June
July
NJ Pr.& Lt Sub Cos_ June
N'p't N & Hamp Ry_ July
N Y Dock Co
New York Railways_ May
bEighth Avenue RR_ May
May
Avenue RR
bNinth
255,425
547,205
104,379
May
Harlem
2,773,842 4,212,238 1,714,809 N Y & Long
Island May
N Y&
May
N Y & Queens County July
Nor Caro Public Sera-1,853
28,856 -19,006 Nor Ohio Elec Corp July
-259,114
343,732 -379,312
Curs eat Previous
Year.
Year.
Current
Year.
Year.
$
$
438,488 358,925 *5,265,455 *4,782.001
438,097 .355,970 2,944.408 2,594,561
1935.950 1866,662 24527686 *24142158
1587 888 1598,785 4.717.101 1.832.092
1636,065 1595,343 *19952410 *20048652
241,290 199,610 1,669,539 1,392,567
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
53,673
58.667
20,259 20.715
115,958 105,226 *1,457,502 *1,366.246
3708,509 2844.13 26.223,72s 20,944,972
47,716 45,247 *572,729 *527,775
367,397
406,479
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
6,150
8,218
864,644
232,157 228,558 1,067.298
269,566 251,853 1,109,733 1,046,007
29,613
30,518
9,687
10,139
466.068 413,656 2,052,439 1,877,624
2074.299 1954,490 9,733,022 9,144.559
418.470
353.627
99.299 74.213
689,264
52,712 62,128 *657,071
152,070 126,192 *1,817,590 *1,659.328
222.766 210,222 1,274.875 1.186.199
508,514
43.969 42,116 *536,344
11.345.769
'
125.931 111,845 *1.461,798
1060,862 698,671 *13849852 *18503004
266.350
280,636
85.251 88,443
472,466
492,982
76,946 75,724
339,741
371,240
67.811 72,188
83,951 78,533 *969,007 *1.114.232
1271.22s 978.746 10.756,412 8.843,434
150.974 140.994 *1,906.355 *1.631,344
2450.6102447,556 18,303.446 18,221.378
134, 77 18,827 *1,632,863 *1,476,019
1159,518 1061,646 8,421,298 8,197.000
280,611 275,034 *3,377,098 *3.264,120
320.212 299,181 2.198,505 2.085.024
1872,542 1671,161 14,749,287 13,295,561
1758.129 2084.196 4,990.009 5.917,675
993,972 1.054,443
144.515 149,267
1274,514 1234,799 9,468,504 9,539,634
251,608 297,290 *3,620,221 *4,371,085
273.323
248.094
43.231 39,422
148,770 140.089 *1,692,362 *1,720,809
96.552 93,339 *1.316,158 *1,241,155
185,110 188,838 *2,285,858 *2,194,844
29,293 28,077 *359,393 *352,776
530.787
553,160
83,275 68.638
82,512 85,818 *1,000,305 *989,090
379,687 369.470 2.492,346 2,431.389
193,458 192,836 1,206,594 1.282,865
284.721 326,634 *3.411.739 *3.916,555
964,981 897,333 6,834,409 7,562.080
1134,167 1078,785 *14610329 *14109108
617,327 580.479 3,660.507 3,633,414
422.958
410,021
140.450 144,350
1087.916 1100.117 5,459.542 5.341,730
41,624 42,530 *538,779 *486,763
461,808
478.795
80,662 79,717
38,932 37,846 *551,436 *599,966
928.071 881.451 4,618,889 4,343.186
486,475
508,168
106.568 86,452
82,927 68.428 *1.102,282 *1,242,461
219,406 209,966 1.350,755 1,280,572
1680,205 1686,191 12,747,668 12,617,919
763.318
846.303
58,632 60.590
247.986 238,617 1,225,052 1,250,030
4322.480 4387.398
32.309 31,257 *382,225 *367,142
147.052 157.430 1.592.294 1.614.871
967,058 1.011.454
140,920 143,177
19.251 19,710 *249,055 *268,775
205,629 213,149 1,144,604 1,250,035
110,482 117,327 *1,092,269 *1,071,898
145.960
133,341
38,824 35.854
94,653 86,926 *1,235,991 *1,196,823
117,795
118,783
25.560 25,093
148,766
136,257
36,973 33,337
284.315 298,158
5,460.922
05
1
28
7
9;284
203,951 1.584,060 1,526,4it
1490.447 1445,502 *18695909 *19572120
257,332 221,409 *2,872,580 *2,809,528
7:4
89
40
1
220,533 197,838 1,310,176 1:L43
325.355 310,854 *3,975,128 *3,743,143
280.540 213.149 1,680,855
3:65
52
0
464
360.685 332,124 2,064.057 1.7
1:3
55
82
7:44
068
1
441.563 427,406 2.725.31s 2
362,551
47,541 34.310
997,263
187,593 240.283
327,640 409,141 2,354,407 3,300,214
825.369 807,633 3,774,287 3,862,287
507,115
111,653 108,772
490,628
218,941
44.091 48,246
226,144
140,035 148.498
875.566
731,308
54,064 54.849
224.573
224,341
87,002 119,720
518.000
502.053
99,264 89.195 1,191,102 1,097,944
791,304 708,899 5,250,540 5,149,478
SEPT. 9 1922.]
THE CHRONICLE
Latest Gross Earnings.
Name of Road
or Company.
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
1205
Mobile & Ohio Railroad Co.
(74th Annual Report-Year Ended Dec. 31 1921.)
President Fairfax Harrison, Aug. 31, wrote in substance:
Income Account-Claims Against U. S. Government.-The income account
$
$
$
690.635 4,405.803 4.408,531 shows a balance of$201,705 remaining after the payment of interest charges.
46.817 *460,003 *495,602 This compares with a deficit of$1,127,127 in the year 1920(V. 113, p. 1882)•
285,998 *3,171,253 *3,843,525 This marked improvement is apparent rather than real, for the reason that
23,231
72.224 in the income for 1921 there has been accrued the sum of $705.556 on
94,525
235.187 1,426.278 1.366 704 account of the company's claim against the Government under the pro42,159 *540,712 *511,386 vision of the Transportation Act which guaranteed an operating income
43,511 *579,807 *579,076 for the 6 months from March to August 1920, equivalent to one-half of the
183,078 1,206,222 1,159.969 annual standard return provided for by the Federal Control Act. While
186,473 *2,487,295 *2,543,587 no payments on account of this claim have actually been received by the
company since 1920, the negotiations for adjustment have proceeded suf916,996 446,726 8,259,070 6,618.809 ficiently far to justify the inclusion in the income account of the item of
74,620 55,749
717,018 $705,556 as representing the minimum figure which reasonably may be
576,331
73,043 71,651
461,832 expected on a final settlement.
463,957
The operating results reflect a highly gratifying performance. With a
3355,818 3340,592 24,474,601 24,894,626
81,183 75,776
435.493 gross revenue in 1921 only $605,973 below the gross in 1920, operating
448,549
268,611 262,337 1.710.519 1,871.640 expenses were reduced $3,748,266, the cost to earn a dollar being cut from
836,856 815,862 *9.908,387 *10103606 105.73c. to 88.64c. Even this striking comparison does not tell the whole
821,863 770,913 *10189036 *10207414 story of economical operation, for the reason that the decrease in gross
785.174 751,871 *10138086 *10203 194 resulted from the loss of passenger train business for which arbitrary service
256,524 264,983 1,693,128 1,739,142 had to be maintained notwithstanding the falling off in volume.
The usual dividend of 4% on the capital stock was declared in Dec. 1921
648,607 547,873 7,406,884 8,092,774
67.388 68.350
318 471 and charged against the profit and loss account.
301,669
Results for First Six Mos. of 1922.-The results so far in 1922 have been
48,250 44,136 *567,603 *579,355
423,634 277.037 1.522,444 1,912,798 substantially better than in the corresponding period of 1921, the six months
54,050 39,693
407,615 of the current year showing an operating income after expenses and taxes
458,389
of $1,269,650 compared with $252.321 for same months of preceding year.
131,606
1,214.897
Property Investment Account.-No improvements of importance were
14,382 13,439
109,923
103,732
90,365 85,017
366.176 undertaken during the year and there were no significant changes in the
394,366
capital
accounts.
3,685
25,352
4,508
22,077
Since the close of the year there have been ordered and received 10 new
73.304 79,821 *887,504 *818,497
1478,348 1529,826 9,348,917 9,185,975 Mikado type freight locomotives, the purchase price of which will be paid
in 10 annual installments.
1406,466 1251,691 7,238.812 6,916.100
TRAFFIC AND TRANSPORTATOIN FOR CALENDAR YEARS.
1819,457 1814,814 x36021471 x34640488
1921.
743.914 754,828 *9,665,730 *10172236
1920.
1919.
1918.
137,875 137,213 *1,755,669 *1,632,575 Average miles operated..
1,165
1,128
997
1,097
Operations220.342 205.272 1,039,277 1,031.378
Passengers carried
A7/1 297 can Ogll 9 9521 4.4.1 9 RAI REM
1,597,601
2,310,935 2,242,094 2,006,904
Pass. carried 1 mile
55,138,654 79,410,414 78.577,198 81,330,989.
a The Brooklyn City RR.is no longer part of the Brooklyn Rapid Transit Avgo. rate per pass. p.m. 3.386 cts. 3.028 cts.
cts. 2.582 cts.
System, the receiver of the Brooklyn Heights RR. Co. having, with the Revenue tons moved- _ 6,083.674 7,199,292 2.833
6,150.826 6,793,728
approval of the Court,declined to continue payment of the rental; therefore Tons moved 1 mile (000) 1,565.272
1,774,969
1,492,380
1,539,343Avge. rate p. ton p. m_ 0.980 cts. 0.850 cts. 0.839 cts. 0.'773
since Oct. 18 1919 the Brooklyn City RR. has been operated by its owners
cts.
b The Eighth Avenue and Ninth Avenue RR. companies were formerly Avge. rev. tr.-load(tons)
490.92
458.19
407.61
387.70
leased to the New York Railways Co., but these leases were terminated Gross earnings per mile_
$15,274
$16,221
$15,691
$13.533
on July 11 1919, respectively, since which dates these roads have been
OPERATING STATEMENT FOR CALENDAR YEARS.
operated separately. ./' Earnings given in milreis. g Subsidiary companies
only. i Includes both subway and elevated lines. j Of Abington & Rock- [Road operated by U. S. RR. Administration from Jan. 1 1918 to Feb. 29
land (Mass.). k Given in pesetas. 1 These were the earnings from opera1920, with guaranty to Aug. 31 1920.]
tion of the properties of subsidiary companies. * Earnings for twelve
Operating Revenues1921.
1920.
1919.
1918.
months. t Started operations April 1 1921. z Earnings for ten months. Passenger
$1,866,841 $2,404,393 $2,226,122 $2,099,882
y Earnings for 11 months.
Miscell. pass. tr. revenue
63,676
69,234
60,764
45,430
Freight
15,345,284 15,088,362 12,527,835 11,903,288
Electric Railway and Other Public Utility Net Other transportat'n rev.. 155,741
158,285
130,028
113,429
Mail and express
522,504
424,360
737,617
Earnings.-The following table gives the returns of Incidental,
398,299
&c
236,135
338,263
267,606
280,574
ELECTRIC railway and other public utility gross and net
Total oper. revenue_ _$18,190,180 $18,796,153 $15,636,715 $14,840,901
Maint. of way, Sue
earnings with charges and surplus reported this week:
$2,487,323
$2,815,764 $1,916,624
Maint. of equipment.... _ 4,906,173 $3,673,004
-Gross Earnings- -Net Earnings
6,025,990 5,041,699 4,728,755
- Traffic expenses
540,060
Current
422,868
295,419
Previous
Previous
362,044
Current
Transportation expenses 7,548,454 . 9,127,377
Companies.
Year.
Year.
7,372.567 6,697,083
Year.
Year.
General expenses
628,924
'
012,148
507,413
438,226
$
$
Miscellaneous
operations
13,900
Barcelona Tract Lt & Pow
11,523
10,504
4,022
July x3,708.509 x2,844,138 x2,127.200 x1,693.681 Transport. for invest.. _ _
Cr.304
Ltd
Cr.113
Cr.321
Cr.15,581
x26223728x20,944,972x15,814,212x13,340,813
Total oper. expenses_$16.124,530 $19,872,796 $16,043,045
Jan 1 to July 31
$14.131,172
Net earnings
Louisville Gas & Electric$2,065,650df$1,076,643 def$406,331
$709,729
Aug 1 1921 to July 31 1922 5,202,982 4,815,062 2,438,122 2,186,200 Taxes accrued
737,627
654,150
588,022
525.234
Uncollectibles
2,040
342
Electric
Co1,558
Mobile
2,249
Operating income.._ _ _ $1,325,983df$1,731,135
738,231
Aug 1 1921 to July 31 1922 806,433
235,898
272,090
def$995.911
$182,246
Mountain States Power CoCorporate Income Account-Calendar Years.
964,429
Aug 1 1921 to July 31 1922 1,051,188
282,417
338,284
1921.
1920.
Total operating revenues
Puget Sound Gas Co$18,190,180
Not
169,384
Aug 1 1921 to July 31 1922 167,604
35,527
25,457 Total operating expenses
16,124,530
comSantiago Cons Gas & Elecparable.
Net
revenue
from
operations
Aug 1 1921 to July 31 1922 3,870,553 3,405,122 1,234,926
983,555 Taxes
$2.065,650
68,896
737,627
So Can Pr Co, Ltd_July'22
61,976
36,335
29,269 Uncollectible revenues
2,040
615,813
Oct 1 1921 to July 31 1922_ 701,659
391,837
303,447 Hire of equipment
Cr.140,891
Southern Colorado Power CoJoint facility rents
291.900
1,819,457
1922
Aug 1 1921 to July 31
1,814,814
574,994
670,828
Operating income
$1,174,974 def$730,449
Standard Gas & ElectricNon-Operating
Aug 1 1921 to July 31 1922 36,021,471 34,640,488 13,169,174 11,693,883 From U. S. Govt.Income
account 6 months'guaranty_ __ _ $705,556 $1,325,000
Western States Gas & ElectricMiscellaneous rent income
43.589
40,216
Aug 1 1921 to July 31 1922 2,608,338 2,432,105
822,503 Income from unfunded securities and accounts.... _
850,114
36,532
37,372
Miscell. income, net (incl. div. inc., $1,720
Gross
Net after
992
Fixed
yriY.)Balance,
12,161
Gross income
Earnings.
Taxes.
Charges.
Surplus.
$1,961,644
$684,300
DeductionsRent for leased roads
151,076
Arkansas Light & July '22
Cr.8.627 Cr.$29.194
x60,548
39,510 Miscellaneous
21,038
rents and tax accruals
128,283
'21
Power
7,912
x53,507
39,204 Separately
14,303
10,773
operated properties
274,455
12 mos ending July 31 '22 1,130,134 x4,405,579
188,7.39 Interest
216,840
279,586
on unfunded debt
'21 1,165,845 x264,910
35,836
165,945
98,965 Miscellaneous
89,369
income charges
11,396
83,951
5,019
Colorado Power Co July '22
*45.656
Interest on funded debt
1,354,215
78,533
'21
1,359.090
*29,136
Interest on equipment obligations
84,751
969,007 *489.721
96,784
166.677
323.044
12 mos ending July 31 '22
Balance carried to profit and loss
'21 1.114,232 *520,271
182,866
237.405
$201.705df$1.127,127
The profit and loss account Dec.
31 1921 shows: Credit balance Dec. 31
370,144
116,734 1920, $7,979,374;
253,410
Georgia Ry & Power July '22 1,134,167
add credit balance of income for the year 1921 (as above),
'21 1,078,785
367,612
134,565 $201,705; credit resulting
233,047
from
settlement of claim against U. S. Govt.,
12 mos ending July 31 '22 14,610,329 4,944,676 3,112,569 1,832,107 $712,335; net miscellaneous credits,
$33,494; total, $8,926,908. Deduct:
'21 14,109,108 4,788,899 2,774,546 2,014,353 Dividend on stock
(4%), $240,672; accounts written off, $225.617; adjust110,482
55,170
12,124
43,036 ment of revenues and expenses
Lexington Utilities July '22
puler to Jan. 1 1918, $146,191; adjustment
117,327
61,410
12,124
49,276
'21
tax
of
liability, $206,182; credit
& Ice Co
541,948
145,490
396,338 sheet Dec. 31 1921), $8,108,246. balance Dec. 31 1921 (as per balance
12 mos ending July 31 '22 1,092.269
370,888
145,490
225,278
'21 1,071,898
GENERAL BALANCE SHEET DEC. 31.
14,351
26,418
11,887
95,393
No Caro Pub Serv_June '22
1921.
13,995
27,003
13,008
90,206
1920.
1921.
'21
1920.
Assets169,301
324,986
155.685
i
Liabilities-$
$
12 mos ending June 30'22 1,181,033
165,661
299,368
133,706 Road & equip't__ _48,473,848 48,561,349 Common stock__ .. 6,016,800 6,016,800
'21 1,091,668
Sinking
funcLs___
_
6,031
Funded
debt
6,031
28,171,000
12,045 Cash dep.in lieu of
14,633
28,231,000
26,678
99,264
No Caro Pub Serv_July '22
Equip, trust oblig_ 1,452,000 1,768,000
9,925
13,995
23,920
89,195
'21
mortgaged prop..
250
250 Govt. grants
347,435
347,435
157,804 Physical
169,939
327,743
12 mos ending July 31 '22 1,191,102
property_ 375,950
372,526 Loans & bills pay_ 1,503,616 2,101,066
134,681 Inv. in affil.
166,447
301,128
'21 1,097,944
co's:
Traffic, &c., bals_ 152,020
230,124
Stocks
197,753
Pacific Gas & Electric197,753 Accts. & wages__ _ 2,418,187 3,926,926
Bonds
603,000
mos ending July 31 '22 22,725,894 8,876,926 3,233,006 5,643,920
603,000 Miscell. accts. pay. 336,121
249,854
Notes
178,172
178,172 Int. matured unp'd 145,960
'21 21,954,527 7,796,304 3,064,024 4,732,280
150,540
Advances
611,528
42,951
314.687
926,215
43,775 Divs. matur. unp'd 595,579
Southern California July(22 1,478,348
354,995
Other
investments
377
670,155
310,497
980,652
377 Funded debt mat..
5,800
Edison
'21 1.592,826
5,800
961,398 1,512,180 Interest accrued.... 350,593
12 mos ending July 31 '22 16.808.625 9,872,901 4,064,222 5,808.679 Cash
388,965
Special
_ 804,597
749,023 Other current liab_ 142,195
430,338
'21 16,214,456 9,480.157 3,469,538 6.010,619 Loans &deposits....
rec....
bills
6,347
7,433 Deferred liabilities 114,433
104,603
x Given in pesetas. * After allowing for other income received.
Traffic, &c., bals_ 395,569
923,392 Taxes
258,890
266,632
Balances due from
Operating reserves 256,931
633,551
agents & conduc.
50,342
161,702 Accr. depr. on eq.. 4,854,969
Miscell. accts. rec.. 705,377 1,309,463 Other unadj. cred_ 973,318 4,664,694
1,048,263
Material & supp__ 1,254,335 1,996,484 Additions to pron.
Other assets
62,819
104,152 thro. inc. & surp. 336,902
320,722
Deferred
assets..
_
_
30,982
34,865
Profit
and
loss
Financial Reports.-An index to annual reports of stem Unadjusted debits 735,342 809,585 U. S. Government 8,108,246 7,979,374
railroads, street railway and miscellaneous companies which Claim agst. U.S.G. 1,655,556 7,016,338 unadjusted cred
a5,368,168
Nor Ohio Trac & Lt__ June
NorWOhio Ry &PowJ uly
Northern Texas Elec_ July
Ocean Electric
May
June
Pacific Pow & Lt
Paducah Electric_ _ _ _ July
Palmetto Power & Lt July
Penn Central Lt & P_ June
Penn Edison & Sub July
Philadelphia Co and
Natural Gas Cos.._ July
Philadelphia Oil Co July
July
Phila & Western
Phila. Rapid Transit July
July
Pine Bluff Co
Portland Gas & Coke_ June
Portland Ry,Lt & P.. June
Puget Sd Pow & Lt July
Puget Sd Pow Pi Lt June
Read Tr&Lt Co&Sub July
Republic By & Lt_ July
. May
Ritllmond Lt &
Rutland Ry Lt & Pr_ July
St L Rocky Mt & Pac June
Sandusky Gas & EL._ July
Savannah Elec & Pow July
Sayre Electric Co.._ _ _ July
May
Second Avenue
July
17th St 1nel Plane
Sierra Pacific
June
Southern Calif Edison July
City of Los Angeles
Wholesale Basis_ June
South Canada Power._ July
1Southwest P & Lt Co June
Tampa Electric
July
Tennessee Power Co_ May
Tarrnaccac. in, TA. A, P Agstv
$
752,120
44,106
249,940
29,793
249,259
42,256
45,057
190.960
203,226
RR_
1
FINANCIAL REPORTS.
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.
Total
56,540,996 64,587,849
Total
56,540,996 64,587,849
a Unadjusted items (net) subject to settlement of claim with U. S.
Government (see contra).
Note.-Securities of the company held by it: Unpledged, $1,715,200
pledged, $500,000; total, $2,2l5200.-V. 114, p. 2580.
1206
THE CHRONICLE
New Orleans & Northeastern RR.
(38th Annual Report-Year Ended Dec. 311921.)
President Fairfax Harrison, New Orleans, La., Aug. 31,
wrote in brief:
Income Account.-The income account shows that operating expenses
and taxes were $259.591 in excess of the gross revenues from operations,
compared with an operating income of $624,993 in 1920. This unsatisfactory remit was due to a severe decline in gross revenues amounting to
41.413.905. or 18.26%. Expenses were cut $824,003. or 12.34%. The
dividend of6% paid in 1921.requiring $360,000, was charged to profit & loss.
Results for 1922.-Results for 1922 so far have been substantially better
than in the corresponding period of 1921, the six months of the current year
showing an estimated net income of $292,446 after interest charges, compared with a deficit of $49,619 for same months of 1921.
Settlement with U. S. Govt.-No settlement has as yet been arrived at.
COMBINED OPERATING STATEMENT(208 MILES)CALENDAR YRS.
[Road operated by U. S. RR. Admin. from Jan. 1 1918 to Feb. 29 1920.
Company declined the Six Months' Guaranty.]
1918.
1920.
1919.
1921.
Operations836,066
1.099,974
583,487 1,028,580
Passengers carried
31,422,525 44.450,159 55,605,312 57,309,442
Pass. carried 1 mile
2.60 cts.
2.66 cts.
3.00 cts.
3.37 cts.
Rev,per pass. per mile
2.710,209 3.611.520 3,248.178 3,405,119
Revenue tons carried__
Rev, tons carried 1 m_:381,312.907 545.249,253 462,900,258 549.855,121
1.02 cts.
0.78 cts.
0.90 cts.
1.23 cts.
Rev, per ton per mile_
$2.64
$2.81
$2.76
$2.15
Earns, per pass. tr. mile_
$6.68
$5.38
$4.10
$6.13
Earns, per frt. train mile
$34.998
$28,632
$28,355
$27.975
Gross earns, per mile__ _
Earnings$1,058.116 $1,333,771 $1,481,530 $1,491,582
Passenger
4,677,467 5,587.059 4,181,370 4,292,393
Freight
690,743
822,660
783,902
594,003
Mail. express, &c
Total over.revenues $6,329,586 $7,743.490 $6,446,802 $6,474,718
Over. Exp. c% Taxes$716,836
Maintenance of way. &c $1.013.151 $1,263,015 $1,189.612
1,416,892
1.457,821
Maint. of equipment_ _ _ 1,268.433 1,608.488
92,429
98.137
148,541
150,202
Traffic expenses
Transportation expenses 3,153,313 3,379.776 2,984,737 2,749.654
137.788
175,749
214,486
216.490
General expenses
61.623
38,496
65,903
62,027
Miscellaneous operations
309,591
483,753
451,983
573,862
Taxes
Total op. exp. & taxes 86.437,482 $7,132,191 $6,410.502 $5,502 616
972,102
36.299
611.299
def107,483
Net earnings
CORPORATE INCOME STATEMENT-CALENDAR YEARS.
1920.
1921.
86.329.586 Figures
Total operating revenues
not
5,854,466
Total operating expenses
comparable.
$475,120
Net revenue from operations
573,862
Taxes
9,155
Uncellectible revenues
267,553
Hire of equipment
Cr.115.859
Joint facility rents
[You 115.
OPERATING STATEMENT FOR CALENDAR YEARS.
[Road operated by U. S. RR. Adm.from Jan. 1 1918 to Feb. 29 1920.1
1918.
1919.
1920.
1921.
Operating Revenues$6,910,461 $8,345,701 87,470.847 86,371,191
Freight
Passenger
2,035,374 2,507,382 2,476,753 2,356,194
523,080
517.956
807,785
543,092
Mail, express, &c
51,294
59,059
42,564
53,297
Incidentals, &c
Total oper. revenues__ $9,542,225 $11,703,432 $10,529,739 $9,296,635
Operating Expenses$734,759
Maint. way & structures $1,177,062 $1,325,738 $1,513,344
Maint. of equipment _ _ _ 1,933,307 2,675,990 2,587,465 2,323,722
147,681
160,372
252,359
272,162
Traffic expenses
Transportation expenses 4,426,152 4,655,846 3,906,049 3,679,411
172,742
223,988
305,706
308,048
General expenses
52,965
88,849
98,336
79,587
Miscall, operations
Cr.7,767
Cr.553 Cr.16,292
Cr.2
Transport. for invest_
Total oper. expenses..- $8,196,320 $9,313,423 $8,463,777 $7,103,515
Net operating revenue.... $1,345,905 $2,390,010 $2,065,963 $2,193,120
267,707
286.432
333,046
328,422
Taxes accrued,&c
Operating income____ $1,017,483 $2,056,964 81.779,530 81.925,413
CORPORATE INCOME STATEMENT-CALENDAR YEARS.
1920.
1921.
$9,542,225 Figures
Total operating revenues
not
8,196,320
Total operating expenses
comparable.
$1,345,905
operations
from
revenue
Net
$325,691
Taxes
2,731
17ncollectible revenues
Dr.161,693
Hire of equipment
158,390
Joint facility rents
Operating income
Non-operating Income-Income from lease of road
Miscellaneous rent income
Income from rail leased
Dividend income
Income from funded & unfunded securs. & acc'ts
Miscellaneous income
$1,020,786 $2,177.783
Gross income
DeductionsRent for leased roads
Miscellaneous rents
Separately operated properties
Interest on unfunded debt
Miscellaneous income charges
Interest on funded debt
Interest on equipment obligations
Preferred dividends
Ordinary dividends
Additions and betterments charged to income
$1,448,483 $2,413,976
$3,710
15,604
5,990
127,607
103,109
171,678
$174,751
131
222,214
820
4,689
475,945
34,843
z
z
$7.790
3,228
137,358
45,245
42,572
$18,216
78
224,972
3,259
3,032
465,239
40,013
236,625
548,100
1,093
$873,350
$535,090
Balance carried to credit of profit and loss
to prof. & loss.
z Divs. of63 % each on Pref. and Ordinary stock chargedbalance
Dec. 31
The profit and loss account Dec. 31 1921 shows: Credit
(as above),
def$259 591 $ 624 993 1920, $6,535,147; add, credit balance of income for year 1921U.
Operating income
Govt.,
S.
against
claim
of
$20.600
$22,781 $535,090; credit resulting from settlement
Miscenaneous rent income
$7,289,671. Deduct,
7,990
5,686 $213,676; net miscellaneous credits, $5,758; total,on
Income from rail leased
stock,
6%,
Ord.
divs.
6%
%,
$219,723;
stock,
on
Pref.
dividends
800
800
Dividend Income
balance
16,661
21,621 $508,950; adj. of rev. & exps. prior to Jan. 1 1918, $69,241; credit
Income from funded & unfunded securs. & acc'ts
614,452
651,712 Dec. 31 1921, $6,491,757.
Contributions from other companies
980
7
Miscellaneous income
GENERAL BALANCE SHEET DEC. 31.
1920.
1921.
1920.
1921.
$401,893 $1,327,600
Gross income
$
$
Liabilities$
$
AWLS
2,914
2.246
7,830,000
Miscellaneous rents
7,830,000
stock__
Ordinary
66,752
57,586 Inv. in road and25,673,116 25,498,695 Preferred stock.... _ 3,380,350 3,380,350
Separately operated properties
equipment
debt
29,492
26,440
Interest on unfunded
9,518,890 9,518,890
32.217 Funded debt
56,057
3,976
1,660 Misc.PhYs.Prop770,000
Miscellaneous income charges
Equip. trust oblig_ 649,000
392,325
392,325 Affiliated cos.- 1,548,558 1,548,557 Govt. grants
1,500
Interest on funded debt
1,500
Stocks
13,313
16.418
Interest on equipment obligations
1,071,782
490,786
wages_
and
Accts.
481
481
Bonds
x
360,000
173,630
Dividends
157,383
mat'd_
divs.
dr
Int.
299,807
299,807
Notes
821
Additions and betterments charged to income__ _ _
30,307
34,027
60,179 Deferred liabilities
86,421
Advances
156,819
43,846
50 Traffic & car bal....
50
$470,104 Other investments 472,381
Balance carried to credit of profit and loss
521,834
def$106,878
710,507 Miscel. accounts__ 502,507
Cash
82,568
18,468
165,959 Accrued accountsx Dividend of $360,000 charged to profit and loss.
Special deposits_ _ _ 144,118
50,493
49,193
22,955 Accr. int. & rents..
The profit and loss account Dec. 31 1921 shows: Credit balance. Dec. Agts.&conduc.bal.
10,339
118,312
118,312
$4.975,885; deduct income deficit for year 1921, $106.878; Materials & suppl. 550,135
992,682 Declared div
31
248,959
98,196
604,217 Taxes
1920. on stock, 6%, $360.000; adjustment of tax liability $166,410: Traffic, &c., bal_ - 428,066
dividend
218,982
102,921
738,914 Oper. reserve
ajustment of revenues and expenses prior to Jan. 1 1918. $22.241; loss Misc. accts. receiv. 652,198
848,362 Accrued deprec__ _ 1,966,702 1,899,616
on sale of U. S. 2d Liberty Loan 4h % bonds. $19,984; net miscellaneous Other curr. assets.a1,713,823
471,388
447,673
credits
unadj.
0th.
4,254
2,864
debits, $8,134; credit balance Dec. 31 1921, $4.292,238.
Deferred assets___
U. S. Govt.-UnClaim against U.S.
GENERAL BALANCE SHEET DEC. 31.
1,930,108
2,976,979 adjust. credits_
Government
1920.
1921.
1921.
1920.
to prop. through
Add
544,515
301,898
Unadjusted debs__
Liabilities$
$
38,650
Inc. & surplus__ b38,898
Assetsstock_ _ _ 6,000,000 6,000,000
Profit and loss____ 6,491,757 6,535,147
Road dr equipm't_17,979,360 17,999,556 Common
79,615 Funded debt
78,851
8,566,000 8,566,000
Misc. phys. prop_
Equip,
trust
20,800
oblig_
20,800
260,000
329,000
31,940,410 35,049,334
Total
Affil. cos. stocks.. _
31,940,410 35,049,334
Total
1 Loans & bill. pay- 447,077
1
447,077
Other investments
664,325 Traffic, &c., bat
470,638
146,482
371,371
a Including U. S. Liberty bonds and U. S. Treasury certificates of
Cash
76.
Miscell.
accts.
P.
163,277
1280,
pay. 505,822
163,338
293,437 Indebtedness. b Since June 30 1907.-V. 114,
Special deposits_
211,989 Inn&divs.matured 177,447
156,590
176,454
Traffic, &c., bal
dr
rents
Int.
12,633
accr'd
7,374
14,992
15,915
Loans es bills rec
Virginia-Carolina Chemical Co., Richmond, Va.
10,247 Acct.& wages pay. 1,092,706 1,180,018
7,949
Ag'ts & cond. bal.
1,121,370 Other curr.liabil
63,632
45,596
Material & suppl_ 1,162,180 1,284,250
(Report for Fiscal Year ending May 31 1922.)
Deferred
liabilities
5,287
23,153
Misc.accts. rec_ _ _ 706,524
340,981 Taxes
150,512
177,755
tables were given in "Chronicle" of Aug. 12,
annual
The
x Other curr.assets 102,137
2.188 Operating reserves
48,016
1,627
163,291
7% Gold
Deferred assets_ _ _
509,347 Accrued deprec'n_ 1,486,245 1,407,964 p. 756. For offering of $25,000,000 1st Mtge.
Unadjusted debits 398,603
Unadjusted credits 248,859
368,161 bonds and $12,500,000 15-Year 732% Sinking Fund ConClaim,U.S.Govt. 2,742,851 2,642,959 U.
S.
unadGovt.
and V. 115, p. 554.
U. S. Govt. unad017,507 lusted credits_.y1,279,430 1,311,492 vertible Gold bonds, see V. 114, P. 2251
justed debits__ _ 917,507
A dd'ns to property 131,583
128,476 President C. G. Wilson, at the annual meeting Sept. 1, said
Profit and loss__ -- 4,292,238 4,975,885
in substance:
and including
Total
25,981,046
Results.-The financial results for the year, after charges,
24,916,329
24,916,329 25,981,046
Total
with a loss of $15,depreciation, show a loss of $1,952,567, contrastedending
31 1922,
May
y Subject to settlement of claim with U. S. Govt.-V. 114, p. 1280.
year
for the
634,356 for 1921. The net earnings compared
with a loss of $13,152,876
before charges, amount to $1,684,781,
Alabama Great Southern Railroad.
for the previous year.
and charged to operating
In the item of $1,952.567 there was included
(45th Annual Report-Year ended Dec. 31 1921.)
for replacement and maintenance
costs and expenses for the year $1,237,598
for depreciation.
$200,000
of
sum
the
to
Harrison,
m,
Birmingha Ala., Aug. 31, of plants and properties in addition
President Fairfax
or absorbed directly in tho profit
There was charged against reserves,
notes and accounts.
doubtful
of
$1,306,180
says in brief:
year
the
during
and loss account
revenues declined $2,161,208, or 18.47%• In
there was set up an additional reserve of
Income Account.-Operating or
the interest of conservatism
which was charged to surplus
11.99%. The final net, after the pay- $500,000
against doubtful receivables, out
Expenses were cut $1,117,103,
of previous years' operations.
to
amounted
charges,
growing
Interest
$535,090,
and
against
and
with
compared
accruing
as
ment of rents
account
sales by the company and
were
%
from
6%
Dividends of
Paid on each
Turnover from Sales.-The turnover
$1,659,168 in the preceding year.
for the year aggregated
subsidiaries
1920.
in
7%
operated
with
compared
and
stock,
controlled
of
directly
class
Its
year. The decline
previous
the
so
-The
for
results
1922.
far
of
in
$87,058,972
Months
1922
have been 873,577,475, as against
Results for First 6
done is the result, first, of
period of 1921, the six months in
dollar and cent turnover of business
substantially better than in the corresponding
the
lessened volume of
materially
the
income
operating
after
second,
an
showing
and
expenses
and
taxes
prices;
year
selling
current
reduced
of the
$244,666 for the same months of the preceding export business done by Southern Cotton Oil Co. The tonnage volume
of $990,615, compared with the
earnings and prospects appeared to justify of domestic business transacted by Southern Cotton Oil Co. during the
year. When in May 1922 semi-annual
dividend
of
3%
%
on
a
in excess of that done for the preceding one.
each
of
declared
class
year was somewhat-The
it, the directors
short cotton crop of 1921 meant a correspondingly
Cotton Seed & Oil.
stock.
10
new
year
Mikado
the
of cotton seed, and similarly a lessened production
of
close
engines
been
have
production
the
-Since
shortened
Equipment.
United States, which, with the effect upon the
the
in
of cotton seed oil
acquired.
way of exports of that comdomestic price, acted as an obstacle in theforeign
ARS.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
consumers of American
that the principal
result
net
the
with
modity,
1920.
1921.
1918.
ly provide themselves
to
part
advantageous
in
able
Operations
seed oil wore
313
313
312 cotton
313
of the American product. This
expense
the
at
substitutes
oil
Average miles operated..
edible
with
1,173,303
1,235,036
804,477
1,156,105
situation,
temporary
incident to the
a
only
be
to
however,
Passengers carried
81,387,423 93,468,232 101,699,083 Is thought,
conditions recently prevailing, and that with an approximately
Passengers carried 1 mile 59,291,274
3.08 eta.
2.65 cts.
2.31 cts. particular
3.43 cts.
to this country, business with
oil
available
seed
cotton
of
supply
Rate per pass. per mile
normal
5,702,772 5,463,638 5,302,003
4,227,156
line will assume ordinary proportions.
Revenue tons carried......
838,745,409 807,423,366 Europe in that
1 mile_ _ _684,172,644 928,543,723
do
Southern Oil Co. Operations.-The high quality of Southern Cotton
do
0.90 cts.
518.92 cts.
0.68796c.ts81
0.79
1.01 cts.
of oil is recognized by the buyers in foreign countries,
grades
Rate per ton per mile
659.92
011 Co.'s
547.71
its full share of all such business done from
Av. train load rev. tons_
$37,346
$33,601
$29,771 and the company will receive
$30,449
Gross earns, per mile_ --
SEPT. 9 1922.]
WIT CHRONICLE
time to time. The operations of Southern Cotton Oil Co. for the fiscal year
show a moderate profit. By reason of the short supply of seed ,the crude
mill proprietors engaged in spirited competition for seed, with the result
that the crude mills, as a rule, operated without any profit or at an actual
loss.
Fertilizer Business.-The fertilizer side of the company's business was
conducted at a loss. Taking the fertilizer consuming territory of the
country as a whole, there was a definite increase in the consumption of
fertilizers for the year 1921-22 as compared with that of the year preceding, of which company enjoyed its fair proportion. However, the
fertilizer consumption for the country at large for the year ending May
31 1922 was still below normal to the extent roundly of one-third.
The forces of industrial deflation in their relation to the fertilizer business
that went forward in 1920-21, unavoidably injected some of their influences
Into the fiscal year just closed. The momentum of overproduction from
previous years had not entirely spent its force: many companies carried
large inventories from the previous year; the desire to convert those Inventories into cash or ready receivables for purposes of liquidation induced
a contest for business equally unprofitable and unbusinesslike; there
being an insufficient market for the producing capacity of the industry,
company found it necessary to keep a considerable number of factories
Idle practically throughout the year; the extending of credit was attended
with extraordinary scrutiny; with the consequent inability of many willing
users to supply their needs. Some of these factors are entirely removed,
and such as remain are of lessened importance.
At Athe end of the previous fiscal year company, in common with the
fertilizer industry as a whole, carried above normal inventories. Those
inventories have now been disposed of. Company closed the past fiscal
year with a fertilizer inventory account well below the average of the
last ten years.
Indebtedness to Company Reduced.-Those indebted to the company for
previous years' obligations materially reduced their liabilities during the
year, but still have an indebtedness well above ordinary. As a result
company found it necessary during the year to maintain a larger amount
of current bills payable, with its incidental interest charges, than would
have been the case under a state of normal collections.
Farmers Adjusting Themselves.-The farmers of the country, while still
operating under certain disadvantages, incident to the unbalanced economics of the time, have made marked progress in adjusting themselves to
the changed order of things through the observation of economies and
a resolute facing of practical conditions as they exist.
Cotton Production & Boll Weevil.-The present cotton crop has been
and is being produced at an exceptionally low cost basis. All but a fraction
of the cotton belt of the country is now dealing with the infestation of
the boll weevil, which means an added burden to the cultivation of the
cotton crop, but the growers as a class are meeting the situation effectively
through the employment of superior methods of cultivation and husbandry and the application of approved and demonstrated methods for
the successful combating of the depredation of the weevil.
In this connection your own companies, in conjunction with several
public-spirited associates, have assumed the task and responsibility of
conducting, principally at their own expense, between forty and fifty
demonstration stations, embracing approximately 300 farms, located in
different sections, for the combating of the weevil, and with the faith
that cotton can be successfully grown under boll weevil conditions through
the employment of what seems to be preventives of proven worth, with
the promise at present that the undertaking will be adundantly justified
by results.
Operating Economies, &c.-Company has succeeded in effecting many
desirable operating economies. The labor situation, upon the whole, is
satisfactory. For the most part the necessary cost and expense incident
to the conduct of the business have now assumed something of a proper
relationship to the rational processes of business. There are, however,
certain items-such as increased local taxation-all but general in the
sections in which we do business, which the management cannot control
and which exert a sensible influence upon any profit and loss account.
Outlook.-Every branch of business in which your company is engaged is
basic in character and is either actually so or the equivalent of a necessity,
and while the basic industries of the country for the most part have.not
enjoyed im.munity from the forces of the industrial reactions and revulsions
of the last two years, all the primary factors of production must surely
strike their natural balance, and without indulging in prophecy, we believe
that company, and the industries of which it constitutes a part, have
measurably attained that position, and from the present forward, and
especially from a fertilizer standpoint, it is a matter of the buying power
of the farmer and the maintaining of an intelligent equation between
supply and demand.
New Financing.-The program of now financing has been carried to
a conclusion. Funds have been deposited with the respective trustees
for the retirement at or before maturity of the 311,100.000 1st Mtge. 5%
bonds due Dec. 1 1923, $2,551,000 6% Convertible debentures due Nov.
15 1924, and $11,750.000
% debentures due Nov.
1932, heretofore
outstanding, in lieu and in place of which there have been15
issued $25,000,000
7% 25-Year 1st Mtge. bonds (V. 114, ID. 2251) and $12,500,000 73' %
15-Year Convertible bonds (V. 115, p. 554).
From the net proceeds of the new securities the company
been able
to bring about a very satisfactory reduction in the amount has
of its current
indentedness as compared with May 31 1922.-V. 115, p. 879, 770, 756.
General Petroleum Corporation.
(Report for Fiscal Year ending June 30 1922.)
The report will be cited more fully another week.
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDED JUNE
30.
1921-22.
1920-21.
1919-20.
1918-19.
Gross profit (oil and
$
transportation)
10,502.963 14,280.260
7,669,305
7,864,827
Depletion of oil lands &
leases, based on cost
a860.093
1,129,561
Selling & market'g exp
363,649
284,369
289,891
318,068
General expenses & taxes
(not incl. Federal)_ _ _ 1.998.718
1.474.523
1,046.968
872,614
Net earnings
$7,280.503 $11.391,807 $6,332,446 $6,674,145
Other income
502,031
1.015,230
326,225
172,602
$7,782,534 $12,407,037 36,658,672 $6,846,748
Gross income
$669,296
Int. on funded debt_ _ _
$280,064
$186,639
$211,245
Depreciation of equipt_ _ 2,399,293
1,637.817
996,570
Exhaustion of oil lands_
2,229,080
1.192,248
793,996
Drilling oil wells
1,218,850
808,457
872,372
113,788
Amort. bond discount.. _
512,728
78,641
78.641
213,142
Loss on aband. leases.. _ _
2,918,187
Unproductive drilling.._ _
445,606
1.013.627
264,715
Other deductions
381.930
542.849
397,950
Common dividends-(8%) 1,959,667(12)2,709.143(12)2,180,852(11%)1650497
224,854
Pref. dividends (7%)....
224,854
224.854
224,854
115,000
Federal taxes
258.286
363.768
649,146
215,138
Prior period adjustments
Total deductions
Balance. surplus
Profit and loss surplus
7,111138 11gtOg 6.64R:All 9B1R
6,085,547
5,717,510
4.465,961
8,585,108
a Deducted from income in accordance with U. S. Treasury regulations.
-V. 115, p. 1105, 874.
Todd Shipyards Corporation, New York.
(Report for Fiscal Year ending March 311922.)
This company, embracing Robins Dry Dock & Repair Co.,
Clinton Dry Docks, Inc., and Tebo Yacht Basin Co., in
Brooklyn, N. Y.; Tietjen & Lang Dry Dock Co., Hoboken,
N. J.; Todd Dry Docks, Inc., Seattle, Wash.; Todd Dry
Dock & Construction Corp., Tacoma, Wash.; White Fuel
Oil Engineering Corp., and Erie Basin Towing & Hoisting
Co., New York, N. y., and Todd Shipbuilding & Dry Dock
Co., Mobile, Ala. (successor to Mobile Shipbuilding Co.,
V. 114, p. 956), reports (without text):
1207
CONSOLIDATED INCOME STATEMENT YEARS ENDING MARCH
31.
(Including Subsidiary Companies.)
1921-22.
1920-21.
1919-20.
1918-19.
Net earnings from oper_ $1,446,640 $7,359,444 $15,224,630
$12,292.767
Deduct-Int. charges..__
118,571
120,041
227,164
394,997
Has, for depreciation_
1,311,779
907,682
1,087,366
890,807
Res.for Fed. taxes, &c
2,791,594 6,690,382 8,784,605
Res. for contingencies__
6E6,
0
00
Res. against accts. rec
478,889
Loss on sale of securities
41,703
123,692
804,131
Adj. on over aceruals_.._ Cr.602,165
Prov.for sink. fd. res___
283,645
Dividends and amountl 1,649,129
1,540,502
x794,198
677,673
per share
($8)
J
($11)
($8I)
($73)
Bal. to corn. stk. eqt_df$1,176,577 $1,553,825 $5,822,940
$456,909
x Includes approximately $50,000 paid to stockholders of the Todd Dry
Dock & Construction Corporation.
CONSOL. BAL. SHEET MARCH 31 FOR CORP. AND ITS SUBSID'S.
Assets1922.
1921.
Real estate, buildings, machinery & equipment,
$18,927,388; patents, patterns & drawings,
$113,629; less res. for deprec., $7,723,628
$11,317,388 $11,970,050
Cash
1,248,189
2,990,479
Accounts receivable, less reserves
4,853,153
7,513,479
Notes receivable
510,675
Mortgages receivable
49.100
Work in progress, less received on account
917.407
1,860,471
Material and supplies
1,629,714
3,159,106
Marketable securities, incl. Liberty bonds
8,295,872 5,612,047
Deferred charges
226,362
233,389
Total
$29,047.860 $33,339,020
LiabilitiesStated capital and equity beginning year
$19,897,314 317,327,164
Deduct-Net deduction from equity for year after
paving dividends of 31,649,129
1,176,577
2,570,150
Capital stock, total equity at end of year, against
209,552 outstanding shares in 1922 and 208,823
in 1921_b
$18,720,736
Funded Debt Robins D.D.& Repair Co. lst5s,'61 1,000,000 $19,897,314
1,000,000
Tietjen & Lang Dry Dock Co. 1st 5s, 1936_ _ - 802.000
838,000
White Fuel Oil Eng. Corp. real estate mortgages
12,000
12,000
Todd Shipyards Corp. real estate mortgages
340,000
340,000
Accounts payable and accruals
1,064,441
1,558,046
Reserves for Federal taxes, &c
7,108,682
9,693,660
Total
$29,047,860 $33,339,020
b Stock authorized and issued, 232,000 shares; in treasury, 22,448 shares;
outstanding, 209.552 shares.
Contingent Liability March 31 1922.-Notes receivable discounted.
3270,764.-V. 114, p. 1899.
American Chicle Co.
(Results for Six Months Ending June 30 1922.)
In connection with the plan for the readjustment of the
debt of the company, President,Thomas H. Blodget, in a
letter to the 6% Serial Noteholders' Committee, under date
of Aug. 28, reported in substance:
On Feb. 20 1922, in my letter to the stockholders to accompany our 1921
annual report (V. 115, p. 986), mention was made of contributing causes
to the unprofitable operation for 1921, and corrective measures were cited
that were to be effected to improve the company's affairs.
With the co-operation of the bank creditors in extending their debt as it
became due, the company has been able to wage an aggressive campaign to
re-establish its business on a profitable basis, with encouraging results.
Although the sales at the end of 1921 were less than 20% of the average
volume for the years 1920 and 1919, business has recovered during the
first six months of 1922 to a point which permits a favorable comparison
between the orders booked in June of this year and those of the corresponding month of 1921.
This recent increase in sales, and economies in operation, are reflected in
the following condensed profit and loss statement of the company and
subsidiaries for the six months ending June 30 1922, as compared with the
corresponding period of 1921.
CONSOL.INCOME ACCOUNT [YEAR 1921 INSERTED BY EDITOR].
-6 Mos.end. June 30- Cal.Year
1922.
1921.
1921.
Gross profit from sales after deducting
cost of material,labor, and manufacturing expenses
$899,383 $1,245,142 $1,930,935
Other income
52,339
95,174
54,735
Total income
$951,723 $1,340,316 $1.985,670
Selling, adv., admin. exp., taxes, &c
$912,625 $1,660,031 $2,897,047
Profit on operations before int. chges. $39,097 loss$319,715 loss$911,377
Interest charges
223,077
233,965
466,639
Preferred dividends paid
(1%)45,000 (13045,000
Loss charged to surplus account_ _ _ _ $183,980
$598,680 $1.423,016
Included in operations for 1922 is the cost of special or extra advertising
and promotional work totaling 3274,198.
An examination of the above discloses the fact that the company showed
an operating profit of $39,097 before interest charges for the
months ending June 30 1922. This compares with a loss of $319,714six
for the corresponding period of 1921.
Notwithstanding the improvement, the operating profits must continue
to improve if it is to fully meet the interest requirements of its bank
and
funded debt, but evidence available from operation permits
the hope that
the company will be able to meet these payments, and if given
time,
to
so
rehabilitate its affairs as to enable it to reduce its bank and funded obligations as contemplated in the plan of readjustment.
however,in addition
to its interest charges, the company is obliged toIf,
meet the payment of
principal required under the original terms of the Serial
Notes, the management's margin of safety for operation and development is narrowed
to a
point which would seriously affect its recovery.
Under present competitive conditions, it is unreasonable to expect that
the company can expand its business
from the low point while paying yearly
out of earnings the sum of
for the retirement of notes in addition
to paying interest on all $300,000
obligations.
CONDENSED BALANCE SHEET MAY 31 1922.
[This balance sheet was annexed to the Readjustment Plan.]
AssetsLiabilitiesLand
$220,942 Preferred stock
$3,000,000
Buildings
3,276,953 Common stock (155,963
Machinery & equipment_ 1,566,816 shares outstanding)_ _ _ 10,395,166
Fun.& equip.-offices_ _
payable
272,55g
63,606 Accounts
Goodwill, patents and
Notes payable
2,288.000
trade-marks
Accruals
65,151
Cash in banks & on hand.. 8,799,824
753,388 Deferred debentures_ _ _ _
275,500
Government securities_
550 Seri Sen Chiclet Co. bonds
Acc'ts & notes receivable_
1.900,000
408,830 1929
Inventories
1,900,000
1,93S:338 Serial notes
Adv.Chicle season '21-'22
087 Reserves forInvestments in mortgages
Contingencies
557,352
115,000
Invested in affiliated cornBad debts
41,280
company stock
425,00015,738
Deferred charges
reciation
Eexies
561,339
446,391 '
Deficit
3,199,362
Total
$18,072,723 Total
$18,072,723
-V. 115, p. 986.
1208
THE CHRONICLE
American Public Utilities Co., Grand Rapids, Mich.
(Report for Fiscal Year ending June 30 1922.)
President Joseph H. Brewer writes in substance:
[Vora. 115.
Merchants' Heat & Light Co. of Indianapolis increased its outstanding.
Common stock by $278.000 to $2,000,000 and its Refunding Mortgage 5%
gold bonds by $114,000 to $6,000,000. Its outstanding 15-Year
%
old bonds remain at $700,000. (Since the close ofthe fiscal year these issues
have been changed.)
&
Utah Gas Coke Co. of Salt Lake City has retired 896,000 1st Mtge. 58
Results.-The results of the operations of the company's subsidiaries through sinking fund and has issued $507.000 1st Mtge. 5s with additional
for the fiscal year ended June 30 1922 were as follows: Gross earnings of 3% interest coupons, making a total of $2,330,000 1st Mtge. bonds outthe
previous
for
as
against
$7,467,991
$7,523,239,
were
companies
all
standing. Preferred and Common stock issues remain unchanged.
year, showing an increase for the fiscal year of $55,249. Operating exWisconsin-Minnesota Light & Power Co. has issued $570,500 5% 1st &
penses were $4.720,604, as against $5,225,394 for the previous year, show- Ref. Mtge. bonds with additional 3% coupons, making a total of $10.549.comthe
ratio
of
The
year
fiscal
of
$504,790.
last
the
for
reduction
ing a
000, and has issued $1,930,000 7% 25-Year Gen. Mtge. bonds. $1,000,000
bined operating expenses of all the subsidiary companies to their combined 1-Year Gold Notes have been retired, as have been $16,000 of 0. I. Newton
gross earnings for the year ended June 30 1922 was 62.75%. The ratio of Sons Co. bonds of Sparta, Wisc. Stock issues remain unchanged.
operating expenses to earnings for the previous 12 months was 69.97%.
INCOME ACCOUNT FOR YEARS ENDED JUNE 30.
In these figures are to be found the promise of return to approximations
1918-19.
of the conditions of profit making which prevailed prior to the beginning of
1919-20.
1920-21.
1921-22.
the World War in the field of public utilities, conditions which have not been Gross earn, from oper__ $7,523,240 $7,467,991 $6,051,136 $4,643,318
apparent for several years either to this company and its subsidiaries or to Operating expenses
3.052.717
4,182,461
5.225.394
4,720.604
any others engaged in the same lines of activity. Since the year beginning
Net earnings
July 1 1914, there has been a constant increase in the ratio of operating ex$1.590,601
$1,868,676
82,802,636
$2,242,597
penses to gross income, the range between the fiscal year ended June 30 Miscellaneous income_ _ _
76,429
70.597
62.759
55,655
1914 and the year ended June 30 1921 having been between 55.19 and
69.97%. The fall in this ratio during the year now being reported, to
Gross income
$1,667,030
$1,939,273
$2.865.394
$2,298,252
62.75%, has been due, as the figures indicate, not nearly so much to en- Expenses and taxes
124,307
130,298
166,369
209,736
hancement of revenue as to decreases in the cost of rendering service to Int. on underl
1,389.653
secur_ 1,831.686
1,623,408
1,694.417
the patrons of the various subsidiaries. Whether a further decrease in this Int. on Coll. .bonds
172,815
172.815
172,815
172,815
ratio will ensue in the future depends upon so many conditions that it would Miscellaneous interest..85,072
136,268
177.373
194.750
be idle to speculate upon the results until they are realized.
Remainder for deprec.
Financial.-During the fiscal year just closed there has been a better
A
better
previous
years.
and dividends
financial condition than prevailed for several
$473.784
$69.900 loss$123,517 loss$104.816
supply of new money has existed, thus making possible readjustments and
BALANCE SHEET JUNE 30.
refinancing of subsidiary companies. While the rates for money supply
1921.
1921.
have settled down quite below those prevailing 18 months ago, they have1922.
$
Assets-.
$
$
$ esn
Liabilitiesnot returned to their old bases, nor are they likely to for some time, in view
2 00 2,933,500
of the very great demand for new capital presented by new issues and re- Stocks owned... _ _10,829,578 9,978,857 Common stock__ 2,179722,0
Bonds dep.a.s coll. 891,300
891,300 Preferred stock__ 4,290,400 4,268,200
organizations of financial structures.
Collat. trust bonds 2,956,300 2,958,300
Rates.-The attitude of the regulatory bodies toward rates in the various Real estate, dce___ 141,952
77,878
1 Accr. bdsknote int.
92,222
communities has continued unchanged, and the income of the subsidiaries Furniture & fist's_
1.
assets_ _ _ _
6,37r3
830 Aofts pay. & res.
for the year has been based upon revisions accomplished during the previous Miscell.
32,113
&
rec.
acc'ts
Cash
_
38,886
dept.)._
(Maur.
Wisconsinof
12 months. Legal proceedings initiated in the territory
310,040
32,113 Pref. stk. div.serip 310,040
38,666
(Insur. dePt.)--Minnesota Light & Power Company relative to rates involve questions
Notes & stets pay. 1,452,730 1,633,281
of their distribution between communities rather than their gross results. Ace'ts & notes rec.
603,149 Surplus
(due from subs.) 289,849
102,788 def507,643
Some of these questions are still before the courts. Some reductions and
readjustments of rates have been made where conditions warranted such Miscellaneous cash
selvt-_
actsreeco
31,621
17,405
action.
ald
dleir
165,797
Reorganization of Indiana Properties.-The most important development
of the company's interests in its subsidiaries which has occurred during the
12,015,126 11,703,668
Total
Total
,015,126 11,703,868
year centred about the City of Indianapolis. The demand upon the operV. 115, p. 11021.2
ating capacity of the Merchants' Heat & Light Co. had quite caught up
with supply and certain engineering conditions made additions to operating
'
Radio Corporation of America.
capacity impracticable within the City of Indianapolis. In addition
thereto some very excellent opportunities were offered the company to
(Report for Fiscal Year ending Dec. 31 1921.)
increase the scope of its operations and its gross revenue by association with
other existing organizations in adjoining territory.
The annual report dated March 20 and signed by Owen
This condition was met by having the Central Indiana Power Co. (formerly Merchants' Public Utilities Co.), which owned a majority of the D.Young and Edward J. Nally says in substance:
stock of the Merchants' Heat & Light Co., acquire the remaining stock of
Scope of Business.-Corporation covers radio telegraphy both for domestic
the latter company and $7,205,000 bonds of that company, recently au- and overseas business, and radio telephony, both overseas and ship business
thorized by the P. S. Commission for refunding purposes, and also acquire and radio telegraphy and radio telephony for amateur and certain private
the stocks and provide funds for the acquisition of the bonds of the Wabash uses. Corporation is not engaged in carrying on commercial radio teleValley Electric Co. Putnam Electric Co. and Cayuga Electric Co. Through phony in the United States.
this means maturing obligations of the Merchants' Heat & Light Co. will
Why Company Was Formed.-The company was formed as the result of
ructure formed which will make possible the an appeal to the General Electric Co. by representatives of the U. S. Navy
be retired and a financial structure
expansion of the facilities of the subsidiary companies serving a territory Department to the ends of (1) establishing an American-owned, operated
which includes Indianapolis and the coal fields of Indiana (compare V. 115, and controlled radio communications company, powerful enough to meet
p. 440,649).
the competition of the radio interests of other nations; (2) establishing such
This transaction brings into unified ownership with Merchants' Heat & an international communications system that the U. S. would not lse deCo. other electric companies serving the cities and villages of Clinton, pendent u
upon foreign-owned cables: and (3) providing for the construction
Greencastle. Sullivan, Jasonville, Shelburn. Farmersburg, Hymera, Clay and operation of radio stations at home and abroad under such terms and
City, Dana, Cayuga, Eugene, Rosedale, Cloverdale, Newport, Coalmont conditions as would best serve the needs of the American people and their
and suburbs of these places, with a developed business of 10,000 customers Government.
additional to those already served by Merchants' Heat & Light Co. The
The problem was not only to establish America in the international corncombined gross earnings of the group, including Merchants' Heat & Light Inunications field, but to do it as quickly as possible.
into
Co., amounted to $3,210,518 for the year ending May 31 1922, and the conAcquisition of Radio Patents.-In Aug. 1921 the company entered
and the Westsolidated net earnings for the same period were $1,019,271.
an agreement with the International Radio Telegraph Co.
for
the
and
these
the
acquired
for
of
radio
communities
supply
needs
growing
company
provide
this
which
by
To
inghouse Electric & Mfg. Co.
Indianapolis and vicinity, the Central Indiana Power Co. through one of inventions of the International company and those of the Westinghouse
its subsidiaries, will in due time proceed to the erection of a power station company, the development of which had begun during the war. These
coal
properties
where
have
Ind.,
been
and
Haute,
acquired
near Terre
patents, including the Heterodyne and others of Messrs. Fessenden, Armwhere power will be produced at the point of coal production, thereby elimi- strong and Pupin. &c., and the results of the research and development
ese proper- work of the Westinghouse company following the war experience, particunating costly coal freights. Transmission lines connecting sll these
er this organization a larly as to receiving apparatus, synchronizing with your corporation's in.
ties are planned for immediate construction. Under
most satisfactory and economical operating condition will be produced. ventions along other lines, particularly as to transmitting apparatus, were
the normal demands of the territory will be supplied from a central necessary to the successful operation of a complete and well rounded radio
station situated at the coal mines, and where an ample supply of water for communication system.
condensing purposes is also available, leaving existing steam plants for
Now it is possible for the company to develop, free from the previously
stand-by and peak load service.
existing patent restrictions, both receiving and sending apparatus essential
Development of Wisconsin Properties.-The Wisconsin interests of the to the furtherance of the art.
of much development during the year,
company have been the subject
The Westinghouse Electric & Manufacturing Co. purchased a substanby Wisconsin-Minnesota Light& Power Co.
through operations conducted the
interest in the company.
Chippewa River,8 miles up-stream from tial minority stock
on
The power site at Jim Falls acquired
Associated Companies.-Corporation now enjoys the benefits of the highly
by other interests, provision has been
and research organizations of the General ElecWissota dam, having been
manufacturing
developed
the
as
Chippewa
Power Co., for the conTel. & Tel. Co.. Western Electric Co., United Fruit
made by these interests, organized
station on this site which, when completed, will tric Co., American
Co. and the Westinghouse Electric &
Apparatus
struction of a dam and powerkilowatts.
(Compare V. 114, p. 2721.) This Co., Wireless Specialty
Radio Telegraph
have a capacity of 18,000 and operated
by Wisconsin-Minnesota Light & Mfg. Co., together with its subsidiary, the International
to
property will be leased containing
a favorable option of purchase which Co.
Power Co., the lease
International Radio Telegraph Co. also owned and operated a chain
The
such
when
course
company
seems
desirable.
on the Atlantic Coast. These stations have now
may be exercised by the
the Wisconsin-Minnesota Light & Power of marine radio stations
In addition to this operation,
your corporation's system of marine radio stations which
construction and development of the Chippewa been added tofacilities
for
carrying on its increasing shore-to-ship traffic.
Co. is engaged in the
added
it
gives
is
of
Chippewa
the
River,
purpose
the
which
reservoir, in the head waters ofand regulate its flow. This conservation
Contract With Polish Government.-On Aug. 1 1921 the final contract was
of
supply
water
the
of Poland for a super-power station to be
to conserve
the dams in flood time, against the period executed with the Government
and priwater which now passes over
at Warsaw,for communication with the rest of the world,radio
enhas been undertaken by Wisconsin-Minnesota Light erected
Corporation now has a corps of
of low water supply,benefit
States.
United
the
with
madly
and
other
itself
power
users
of
and
producers
of the
One-half
the
for
station.
& Power Co.
in Poland supervising the erection of the
It creates a reservoir capacity of twelve billion gineers
stations has been forreceiving
and
on the Chippewa River. square
the
transmitting
for
equipment
radio
miles (17,000 acres) of land, equalizing the
cubic feet, submerging 27
is completed it will have two Alexand converting a large amount of dump warded to Poland. When the station
by 10 towers which can be
flow of water throughout the year
Power, thus increasing the revenues anderson alternators and an antenna supportedstation
will thus be capable
or surplus power into firm or constant
The
halves.
a
as
or
two
whole
in
either
used
and operating costs will be proinvestment
on
Interest
company.
alternators and the whole
both
with
of the
River in proportion to bens_ of operating as a super-power station
rated among the power users on the Chippewa
high-power stations operating simultaneously,
normal
two
as
or
antenna,
fits derived by them. undertakings, the Wisconsin-Minnesota Light & using one alternator on each half of the antenna.
receiving antenna
Coupled with thesecompleted asditions to its transmission system (now
The station will be provided with a long directional
of the latest type, and will
Power Co. has almost
elecsss high-tension lines), which in addition and three complete sets of receiving apparatus
The
simultaneously.
stations
sending
comprising over 630 miles of
stations
of new ,erriturY,insures continuity of service to be capable of receiving from three
of both transmitting and receiving
to providing for the service
in the event of break-down of any particular section actual telegraph manipulation
which will be connected
Warsaw,
in
office
all points in its system,
central
a
at
lines. This insurance against break-clown has always will be performed
by ordinary land wires in acof the transmission
plan of the company and is now nearing corn- with the transmitting and receiving stations
been a part of the distribution
cordance with the latest American practice.
satisfactory traffic agreemutually
a
into
pletion.
entered
The corporation also
.-Coditions which lessened the earnterms for the
Improvement ofthe Jackson Property
Government which provides favorable
of the company's subsidiary in Mississippi, the ment with the Polishtelegraph
between the two countries.
traffic
ing power of the property
wireless
of
have been eliminated and this property has exchange
Radio Corp.
Co.,
American
South
Service
the
of
formation
Public
Jackson
South America.-After the
during
1ly the year. The street railway property
Corp. of Am. and Marconi's Wireless
made an improved showing
rebuilt, rolling stock improved and cars which was owned jointly by Radio
of the owners of the South
attention
the
to
came
in Jackson has been practically
it
,
Ltd.
gas-producing property of the company have Telegraph Co.,
French and the German companies were each
added. Replacements in the
Renewals and additions to the electric plant American company that the
in the principal republics
improved its efficiency. addition to these, a new steam turbine of 2,500 contemplating the erection of high-power stations
of individual stations by different nationals
erection
The
have been extensive. In ordered and will be installed at an early date.
South America.
of
where the prospective
countries
been
in
capital
has
kilowatts capacity-Maintenance and extensions of the other properties in would have meant duplication of
proceeded
meagre to warrant such duplication. To have
Other Properties.
has been provided to the necessary extent business was toocompetitive
highly wasteful and
been
interested
have
would
is
stations
company
which the
h.with individual
involved ineac
uneconomic.
gas
(Mich.)
in
property,
this
which
Holland
met, in Paris, the rcApreHolland Gas Works.-The
With these factors in mind, our representatives
represented by a bond investment of $298,000,
Generale de Telecompany has an interest, has been operated as the Holland Gas Works, sentatives of the Marconi's company, the Compagnie
Telegrafle, m. b. H.
and which since foreclosure of net earnings.
Sans Fils, and the Gesellschaft fur Drahtlose
graphie
months and resulted In an artwo
over
for
on
carried
were
has again become productive
of subsidiaries at the close of the fls- Negotiations
of radio communications between the South
Finances.-Details of existing issues
details at the end of the previous fiscal rangement for the development
eal year, compared with similar
American Continent and other continents.
external wireless communication rights in
their
all
follows:
grant
year. are as
Preferred stock and Common stock are
All four parties
to trustees, to be held for the four parties
Albion Gas Light Co. issues of
oeearg.
g
FY
Ist Mtge. 20the South American Republics
nine in number,two being appointed by
are
trustees
The
unchanged. An issue of $160,000 7%
shares.
1-Year
1
$150,00000
In equal
has been made, the proceeds retiring
two by the British, two by the French and two by the
-3(1 rMtge. Serial
$161, (1
g your corporation,additional
been designated as Chairman (Thomas
has
Jackson Public Service Co. has issued
one
an
and
coupons,
Germans,
a
making
total of
your corporation. It is proFund s% bonds, with additional 1% interest
Nelson Perkins, a prominent American) by
$1.216,000 outstanding.
SEPT. 9 1922.]
THE CHRONICLE
posed that under the trusteeship, national companies will be formed in each
of the South American Republics for the conducting of intercontinental communication services. Each station erected is to be under the direct control
of an operating committee. Such operating committees will function under
a managing director. The purpose of this operating committee is to insure
gainst discrimination between nationals in the freedom of communication.
Acting under this program, a station is now being erected in the.Argentine and a concession has been obtained and financial commitments made
in Brazil. Provision has been made for taking under the trusteeship the
station which the British are erecting at Bogota, in Colombia, and also the
German station at Cartagena, in Colombia.
The South American Radio Corp. has been kept in existence, all of its
stock now being owned by your corporation, and it will foster the rights
which your corporation has in South America and which are not within the
scope of the trusteeship, namely, the development of continental and internal radio communications and the merchandising of amateur, experimental and commercial apparatus.
Classification of Company's Business.-(1) Traffic Department, responsible for both the International Commercial Radio Telegraph and the shipto shore communication business of corporation. Corporation has now in
operation 6 direct international radio communication circuits, as follows:
(a).Great Britain; service opened Mar. 1 1920. (b) Norway;service opened
May 17 1920. (c & d) Germany; two distinct circuits, now working, the
first opened Aug. 1 1920, the second May 19 1921. (e) France; service
opened Dec. 14 1920. (f) Hawaii and Japan; service opened Mar. 1 1920.
(2) Sales Department, merchandising of radio apparatus.
(3) Marine Department, responsible for the leasing and selling Of radio
apparatus to steamship companies.
(4) Engineering Department, concerned with the furtherance of technical developments and their practical application to commercial, amateur
and experimental apparatus as well as high-power radio equipment for
transoceanic communications.
Opening of Radio Central.-The station, to be erected at Rocky Point,
Long Island, known as Radio Central, when completed, will be a multiple
station of 12 units, each consisting of a complete transmitter and an antenna nearly one and a half miles long, supported by 6 steel towers, each
400 feet in height.
On Nov. 5 1921 the first unit of Radio Central was formally opened by
President Harding, who started the automatic transmission of his own
broadcasted message from the White House (see V. 113, p. 2087).
Centralization of Control by the R. C. A. System.-The company's latest
methods of operation have concentrated into its Central Radio Office, at
64 Broad St. N. Y. City, the bulk of its international radio services, and
have resulted'in a marked economy in the cost of operation and a great improvement in the quality of service rendered. Similar improvements are
now being made on the transpacific circuits.
Briefly, the new scheme of operation consists of connecting all of the
corporation's Atlantic transmitting stations with the Central Radio Office
in New York by direct wires, so that the actual controlling keys are in one
room. A new receiving station, equipped with the latest receiving devices,
has been erected on Loud Island and all messages from European transmitting stations are picked up at the Long Island station. Such radio signals are automatically forwarded over wire circuits to the Central Radio
Office in New York, where all transmission and reception work is now concentrated. Radiograms travel at the speed of light, and from the moment
of transmission in Europe to direct typewriter reception in New York City
no hand relaying is involved. This new method of operation has resulted
in great economies as well as increased speed and accuracy.
Marine Radio Stations.-At the beginning of the year corporation operated 2 marine radio stations, one at Chatham, Mass., and the other at
Belmar, N. J. Corporation now owns and operates such stations located
at the following points: Chatham, Mass.; Siasconset, Mass.; New London,
Conn.; New York, N. Y.; Cape May, N. J., and San Francisco, Calif.
Corporation has recently established Marine Radio Information Bureaus
at New York and San Francisco, for the purpose of furnishing the general
public and steamship officials correct information as to how vessels in any
part of the world may be reached by radio. These bureaus are important
factors in rendering efficient and prompt marine radio service.
Sales of Broadcasting Devices Increase.-Late in 1921, as a result of the
erecting of broadcasting radio telephonic stations in various parts of the
United States, the demand for wireless telephone receiving apparatus was
very great. It is natural that broadcasting, carrying news, music, lectures,concerts,crop reports, weather reports and grand opera into the homes
of all classes of American people should have created a concerted and impatient demand for the popular wireless telephone receiving sets. The demand came up very much over night and no apparatus had been developed
which lent itself to quantity production.
Radio as an art is advancing very rapidly. Due to the continuous research that has been carried on, apparatus embodying the latest improvements and of a character suited for general use, has now been developed for
manufacture in large quantities and it is believed that the demand, large
though it may be, will soon be filled.
Patents.-Hundreds of new inventions and patents have been studied
and tested, and attention has been given to almost every one of the parts
making up the complex stations to see how they might be improved, with
the result that an unusually large number of improvements have been introduced into the transmission and receiving stations, into the wire connections, and other apparatus, all resulting in substantial economies in the
operation, maintenance and construction of the stations and plant.
Financial.-Capital stock consists of 3,955,974 shares of 7% Pref. stock,
par $5, and 5,732,000 shares of Common stock of no par value, against
which there is shown an equity of $12,039,607, which is about $2 11 per
share, for each share of Common stock. No dividend was paid during 1921
on either the Preferred or the Common stock.
Current liabilities have been reduced by about $930,000. Current assets
exceed current liabilities by nearly $4,000,000. Company has no bonded
debt.
Plant Investment, etc.-Corporation has expended during the year $3,000,000 in extending its plant and equipment and now has invested in plant
and equipment $12,702,086. Reserves for depreciation and obsolescence
of plant and amortization of patents at the end of the year amount to $2,318,135.
Operations.-After charging depreciation reserves, operations for the year
resulted in a net profit of $426,799, which amount has been applied against
"reserve for patents," and is inadequate to cover the depreciation in the life
of patents which corporation owns.
The gross revenue from transoceanic communications showed an increase
of 137% over the previous year, and sales increased 184%, while gross revenue from marine department operations remained about the same.
The income account for the calendar year 1921 was given
in V. 114, p. 1661.
BALANCE SHEET DECEMBER 31.
1921.
1920.
1920.
1921.
LiabilitiesPlant & equipm4.:12,702,087 8,901,875 Preferred stock _19,779,870 13,525,870
Patent, pat.rgbts.,
Common stock.._•12,039,808 9,811,392
contracts, goodCurrent liabilities_ 954,471 1,883,227
will,&e
18,584,848 10,107,982 Deferred liabllity_ 820,000
Stocks of subsid.&
Reservesassociated cos
For deer. of pat_ 1,391,0841
550,385
598,000
Cash
92,458
550,4581 881,507 For depr.ds obsoAcc'ts receivable 2,987,4981
lesc. of plant_ 818,3291
Mdse. inventories_ 895,233
889,517 Other reserves__ 108,722J
Invest'ts (at cost). 7497,737
Inv. in Gov't, &e.,
bonds
3,375,210
Deferred charges__ z918,229
808,889
AddetS--
1209
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
Details about the Strike.-See "Current Events" in this issue and in the
daily papers.
Union Pacific System Agreement with Shop Employees.-Recognition of
individual ability, detailed segregation of work and a sliding scale of wages,
running in some instances from 2 to 15 cents an hour higher than that recommended by the Railroad Labor Board, together with provision for a progressive line of promotion, are embodied in an agreement signed by representatives of the newly organized Shop Employees' Association, Union
Pacific System, and the managers of the various lines therein included.
"Boston Financial News" Aug. 31, p. 3.
New Haven Equipment.-N.Y. N. H.& H. RR. has 334 locomotives out
of service compared with 100 on July 1 (when strike started), and 11 581
freight cars against 11,407 at start of strike. During April, May and June
there was an average of 174 locomotives out of order. "Boston News
Bureau" Sept. 7, p. 3.
Canaaian Railway Shopmen's Wage Conference.-Board of Conciliation
makes a majority report recommending that the 35,000 shopmen on strike
accept temporarily the wage cut of 5 to 9 cents an hour.
Car Loadings.-Loading of revenue freight totaled 890,838 cars during
the week ended Aug. 26, exceeding the previous week by 34,619 cars. It
was the largest number of cars loaded during any one week since Oct. 1 1921,
and exceed the corresponding week last year by 61,955 cars, but was a
decrease of 110,470 cars compared with the corresponding week in 1020.
Principal changes compared with week ended Aug. 19 were: Coal, 111,030
cars, increase, 29,071 cars (the largest number of cars loaded with
coal
since the miners' strike began on April 1 last; compared with the same week
last year, it was a decrease of 48,483, and with the same week two years
ago, a decrease of 100,736 cars); merchandise and miscellaneous freight
(including manufactured products), 559,303 cars, increase 4,028; live stock,
32,046 cars, increase 2,290; forest products, 60,466 cars, increase 2,532:
grain and grain products, 54,562 cars, decrease 1,331; coke, 8,390 cars, increase 189; ore loadings, 65.041 cars, decrease 2,160.
Matte;s Covered in "Chronicle" Sept. 2.-(a) The railroad strike-Question
of seniority (editorial). p. 1029. (b) House rejects oroposal to empower
President o seize coat mines and railroads. p. 1445. (c) Injunc-ion against
striking shop craft unions. p. 1050. (d)
S. RR. Labor Board declines
to rule on living wage-Hearing on wage increase of maintenance of way
men, p. 1050.
(e) Reply of Inter-State Commerce Commission to Senate
regarding locomotive inspection. p. 1052. (f) Labor situation onresolution
Southern
Ry.. P. 1053. (g) Inter-State Commerce Commission amends service
orders, p. 1054. (h) Inter-State Commerce Commission extends priority
orders to lines west of Mississippi River, p. 1054. (I) Daniel Willard.
Pres.
of Baltimore & Ohio RR.. on executives' stand in shopmen's strike. p. 1055.
(j) Seniority status of former shop crafts men on Buffalo & Susquehanna
RR. unaffected. p. 1055. (k) Denial by W. W. Atterbury of
statements
credited to B. M. Jewell regarding strike situation of Pennsylvania
RR.,
p. 1056. (e) Pennsylvania RR.'s standards of efficiency in train operation.
unimpaired. p. 1056. (m) B. M. Jewell on "living wage" decision
of
U. S
RR. Labor Board, p. 1056.
Asheville & East Tennessee Ry.-Sale.-
The Supreme Court at Asheville, N. C., has set October 23 as the
date
of sale of this road.-V. 115, p. 1099.
Birmingham & Northwestern RR.-Purchase of Road.-
See Gulf Mobile & Northern RR. below.-V.
115. 1), 182.
Boston Elevated Ry.-Declares 3M% on 2nd
Preferred.A semi-annual dividend of3%% has been declared on
the 2nd Pref.stock
in addition to a quarterly dividend of $1 50 per share on
the Common stock,
both payable Oct. 2 to holders of record Sept.
par $100, was issued in exchange for the old West16. The 2nd Pref. stock
Street By. Co. Common (par $50) on basis of 2 shares for each shareEnd
of Boston Elevated 2nd
Themm
Preferred.
Common dividend of$1 50 is an increase of
12% cents over that paid
July 1 1922.-V. 115, p. 987, 759.
Boston Revere Beach & Lynn RR.
The Massachusetts Dept. of Public Utilities -Fares.
has denied the company's
petition for a 5-cent fare between
stations.
The
present
fare is 10 cents
between stations, with a 5-cent fare
school children within the city and
town limits. The Department in itsto
said that it would be impracticable at this time to differentiate fordecision
the local and the through riders.-V.the purpose of fare collection between
112, p. 1398.
Boston & Worcester St. Ry.-Strike Settled.
Settlement of the strike which began
Sept. 2, was made Sept 5, when
representatives of the striking union,
in
conference
company
with
agreed to order the men back to work this Sept. 6 and to submit officials,
the question of a new wage scale to an arbitration board. The strike was
called
when the company announced that at the expiration
of the old agreement
Sept. 2 1922, under which the men were receiving 54 cents
an hour, a new
scale of 52 cents would go into effect.-V. 114,
p. 530.
Buffalo & Lake Erie Traction
-Ferry
Service.Co.
The company has discontinued for the
time being the "automobile ferry"
service on the Lake Shore highway
Whitehouse, N. Y., through
Ripley to a point east of the Twentybetween
Mile Creek hill, total distance about
6 miles.-V. 114, p. 1532.
Carolina & Yadkin River
-Sale.
RR.
A petition asking Guilford
C.) County Superior Court to order the
sale of this road, operating a(N.
line 40 miles in length from High Point to
High Rock, has been filed with
the clerk of the court by the Equitable
Trust Co. New York. The company
has defaulted in payment of int.
on the $1:288,600 ist Mtge. 5s
due 1962.-V. 114, p. 1764.
Chesapeake & Ohio Ry.-Stock Application.
The company has applied to the
I.-S. C. Commission for authority to
issue $12,558,500
stock,
plus an
cumulative
preferred
convertible
amount equal to 20% ofpar ofany
stock of the company
Issued prior to Sept. 2 1922, in additional common
outstanding
convertible
conversion
of
the
bonds and the issue from time to
time in conversion of any preferred stock,
share for share of common
of the company. See V. 115, p. 987, 1099.
Chicago Indianapolis & Louisville Ry.-Equip. Trusts.
The company has applied to the
I.-S. C. Commission for authority to
assume obligation and
liability in respect of $725,000 of equipment trust
certificates issued by the
New York Trust Co.-V. 114, p. 2716.
Detroit Toledo & Ironton RR.-Employees' Certificates.
The company has made application to the Ohio P. U. Commission for
authority to issue to employees
investment certificates of $100, $500 and
oramin
Oette
1,0
n0d
bee
tot
$
ea
d1am
voulnIt4ofp$11,53
,e rate of interest has not yet
0.000.A.Th
002.
Duluth & Northern Minnesota -Eq.-Sale Reported.-
It is reported that this company's line extending from Knife River.
Lake County, Minn., in a northeasterly
direction through Lake and St.
Louis counties, to Cascade, Cook County, Minn., a distance of 99.25 miles,
has been purchased by the Duluth & Ontario RR.• a $25,000 check having
been filed with John W. Bayly, Receiver, as the first payment for the purchase. Reports state that the line will be used as a nucleus for the Duluth
& Ontario road, running from Duluth to Fort William, Ont., a distance of
. t.T
jun
MieielSas
._
%
216
.
ro
la
in
d
5 wa
l,
p.s7
o
3.
rdered abandoned by the I.-S. 0. Commission
Total
35,712,085 25,112,945
35,712,085 25,112,945
Total
x Comprising high-power stations in operation with the necessary equipment thereto, together with ship stations and sundry machinery, tools and
furniture.
y Investments at cost (market value Dec. 31 1921, $494,040).
z Deferred charges include organization expenses and part of the cost of
re-establishment of the transoceanic business.
Duluth (Mimi.) Street Ry.-Fares.•7% Preferred stock outstanding, 3,955,974 shares of $5 par; common
The company has been ordered by the Federal Court, effective Sept. 7.
stock (of no par value) outstanding, 5,732,000 shares.-V. 115.
996.
to issue a rebate coupon for 5 cents with each 6 tickets purchased by
THE CHRONICLE
1210
[VoL. 115.
Minneapolis & St. Louis RR.—Denial on Receivership
Rumors.—In connection with the rumors that the road was
in imminent danger of receivership, due to the same condi— Duluth-Superior Traction—Co.—Resumes Dividends.—
tions of large strike expenses, &c. that caused the Chicago &
Two dividends of 1% each have been declared on the 4% Cumul. Pref.
Newman Erb issued the
Alton receivership, Chairman '
stock for the quarters ending June 30 1921 and Sept. 30 1921, payable
of
dividend
a
April
In
1921
15
1922.
Sept.
record
Oct. 2 1922 to holders of
following statement:
Preferred stock; none since.—V. 11303. 70.
the
patron. The coupons are to be redeemable only in the event that the
U. S. Supreme Court reverses the U. S. District Court's order granting
company a straight 6-cent fare. See V. 115, p. 759, 543.
1% was paid on the
The denial cannot be put too emphatically. Not only is the Minneapoll
& St. Louis not in danger of receivership, but it is in the best position of the
last two years. The best proof of this is the earnings statement, which for
June shows that the deficit is just about half what it was the previous year.
For the 7 months ended with July our net income increased by more than
Gulf Mobile & Northern RR.—Would Acquire Road.— to $800,000
and before the end of the year I fully expect that the year's deficit
for
authority
-S.
C.
I.
Commission
the
to
applied
has
company
The
be fully wiped out.
will
proposed
The
company
RR.
purchase the Birmingham & Northwestern
is in excellent condition also as to its current liabilities. The
road
Our
to complete the transaction by the issuance of $300,000 of stock. The only current debt we have is a bank loan of $100,000. Our balance sheet
company has also asked for authority to issue $750,000 4 % 1st mtge. for June 30 last shows an item of $4,540,000 bills payable, but this is our
r.04 -4 •
bonds to meet eiristing debt.—V. 115, p. 988, 43G.
debt to the Federal Government, which has since been adjusted and put
Now
under funded debt by the issuance of our notes to the Government. These
in Bridge.— t.`:1:
Illinois'Central RR.—Buys Interest
notes run from five to ten years.
According to dispatches from Paducah, Ky., the company has acquired
During the current year we have repaired hundreds of cars and many
Metropolis,
at
the
Ohio
that
River
spans
bridge
railroad
an interest in the
which were returned to us in bad condition, and this expense
locomotives
been
has
Ill. The line from Paducah to the bridge, a distance of 12 miles,
been charged to operating costs. This matter of getting the road in
has
and
purchased by the company,it is said. The other interests in the bridge
operating
condition was largely responsible for the deficit last year.
better
the
and
Q.
by
are
&
the
owned
C.
B.
bridge
the
line from Paducah to
This year crop conditions in the territory served by our roads are excellent.
Nashville Chattanooga. & St. Louis RR.—V. 115, p._759,_645.
We have wiped out more than half the deficit in the first half of the year,
and we still have the best traffic months to go. Before the end of the year
-Co.—Valuation.—
-Indiana Railway 8i-Light
the petition of the City of we expect to be out of the woods.
The Indiana P. S. Commission has denied
I had thought there might be rumors about the Minneapolis & St. Louis
fixed
in
the
which
case
Commission
the
of
reopening
a
for
Ind.,
Kokomo,
with
113, following the receivership of the Chicago & Alton, but the conditions
a valuation on the company's property for rate-making purposes (V.
to the two roads are not the same. I say again, it cannot be said
regard
D. 2185). Attorneys for the city contended that the valuation was too too emphatically that there is absolutely no danger of a receivership for the
high.---V. 114, p. 626.
road.—V. 114, P. 2718; V. 115, p. 869.
East St. Louis & Suburban Co.—New Control.—
See North American Co.under "Industrials" below.—V.114,p.1650,1407.
Kansas City Mexico & Orient RR.—
Dispatches from Chihuahua, Mexico, state that British interests which
own the Mexico Northwestern RR. are negotiating for the purchase of the
company's concessional mileage in Mexico. The transaction, it is stated,
is expected to be a merger rather than an outright purchase.—V. 115, p.
868, 183.
Leetonia Ry.—Abandonment.—
National Rys. of Mexico.—Details of Mexican Plan to
Resume Debt Payments.—Call for Deposit of Securities to
Follow Ratification Immediately.—
See under "Current Events" this issue.—V. 115, p. 983.
New Orleans Texas & Mexico RR.—Purchase.—
The I.-S. C. Commission has issued a certificate authorizing the company
to abandon as to inter-State and foreign commerce its line ofrailroad situated
on Tioga County Pa.. and extending from a connection with the New York
Central RR. at Tiadaghton in a southwesterly direction a distance of 8.7
miles.
It is expected that the Dayton & Goose Creek By., from Dayton to
Baytown, 25 miles, will soon pass into the hands of the company by the
acceptance of the latter's offer of $925,000 for the property.—V. 115, P•
760, 183.
Louisiana & Northwest RR.—Fiscal Agent.—
agent for the pay-
The Guaranty Trust Co. of N. Y., announces that definitive Series "C'
Ref. & Improve't. Mtge. 5% bonds due Oct. 1 2013, are now ready for
delivery in exchange for the outstanding temporary bonds. See offering
in V. 115, p. 308, 436, 544.
The Metropolitan Trust Co. has been appointed fiscal
ment of the coupons of the 1st mtge. 5% bonds, due Oct. 1.—V. 115, P.
543, 436.
Acquire Texas Line.—
New York Central RR.—Definitive Bonds Ready.—
N. Y. Chicago & St. Louis RR.—Common Dividends.—
Louisiana Ry. & Nay. Co.—To
The company has declared two dividends of 131% each on the Common
to charter the Louisiana
Application has been made at Austin, Texas,
record Sept. 19 and
take over and operate that part of the stock, payable Sept. 30 and Dec. 30 to holders ofof
Railway & Navigation Co., of Texas, to Tex.,
2%% was paid on
Dec. 19, respectively. On June 30 last a dividend
185
La.,
about
and
Shreveport,
McKinney,
M. K. & T. Ry. between
V.
the
114,
p.
Common
stock.
(Compare
2580.)
the Louisiana Railway & Navimiles, and to operate it in connection with
that
is
stated
It
Orleans.
New
to
Shreveport
from
railroad
Equipment
Trusts.—
gation Co.'s
Pres. of the Louisiana line, will purchase
The
has applied to the I.-S. C. Commission for authority to
'Wm. Edenborn, of New Orleans, sale
on Sept. 21a t Greenville, Tex., hav- assumecompany
for
obligation and liability in respect of $3,200,000 of equipment trust
the property when it is put up most
of the first mortgage bonds on the line certificates
acquired
associates,
to be issued by the Union Trust Co., Pittsburgh.—V. 115, IL
ing with
acquired
Ry.
&
The
Southern
Shreveport
which is known as the Merman
or Fort Worth.—V. 114, 869, 308.
line, it is stated, will be extended either to Dallas
New York & North Shore Traction Co.—Sale.—
p. 1286.
The property of this company will be offered for sale at public auction on
Car Ordinance.—
Louisville (Ky.) Ry.—Street
24 at Nassau County Court House at Mineola, L. I., by Arthur 0.
Sept.
signed the street car contract ordinance, Huhn, Special
Master. The property was bid in for $15,000 at auction on
Mayor Huston Quin on Aug. 25
fare and a 6-cent ticket fare. The stock- July 24 by Michael Schiarone,
Jersey City, but the sale was not confirmed
which provides for a 7-cent cash
the ordinance, and it is expected by the Court. The road as aof
whole was first put up for sale on Sept. 21
holders will vote Sept. 11 on accepting
effective around Sept. 15. 1921 and has been up for sale several
times since, but there have been no
that the 6-cent ticket fare provision will become
bidders. The line went into receivership Jan. 19 1921. On Jan. 28 1921
—V.115, p. 436.
the company's franchise was revoked by New York City, the company
to
Be
ids
Philippine
Islands.—B
the
of
Co.
RR.
Manila
having suspended operations on May 3 1920. For a time the city authoriwere negotiating with the receivers for municipal operation of the line,
Opened Sept. 15 1922for $1,485,000 7% Sinking Fund Bonds. ties
but the parties did not come to any understanding in the matter. The
Governof
the
authority
and
under
War
of
Secretary
the
of
By direction
comprises about 38 miles of track with equipment including 19
property
of
the
the
comdirectors
of
resolution
and
ment of the Philippine Islands
other cars besides a power station at Little Neck Bay and
Affairs of the War Department invites bids for motor and 3at
pany, the Bureau of Insular
Roslyn and Flushing.—V. 112, p. 745.
repair shops
1
May
are
due
dated
1922,
Bonds
company.
the
of
$1,485,000 bonds
are
but
reserved.
$15,000
$1.500,000,
York
New
Westchester 8z Boston RR.—Fare Increase.—
May 11937. Total issue authorized,
Description.—Denom. $1,000 (c*). Int. M. & N., payable at the office
Court Justice Edward McGoldrick on Sept. 1 granted a writ
in gold coin of the United States of the present ofSupreme
the Transit Commission to certify to the Supreme
of the company. New York,
requiring
certiorari
without deduction for any tax or taxes
standard of weight and fineness,
Court its reason for authorizing the company to increase the fare within
or by any State, county or municipality there- the
imposed by the United States
city limits from 5 to 7 cents. The Transit Commmission granted the
to
be
may
the
company
which
required
Islands,
in or by the Philippinetherefrom or by resaon of any present or future law increase in May last.—V. 115, p. 309.
pay thereon or to retain
any State, county or municipality thereof, or
Northern Pacific Ry.—Equipment Trusts Authorized.—
of the United States, or of
The I.-S. C. Commission has authorized the company to assume obliof the Philippine Islands.
Security.—There have been deposited with Chase National Bank, New
and liability in respect of 84,500,000 of equipment trust certificates
gation
of
the
and
of
interest
payment
the
principal
for
First National Bank, New York, under an equipment
York. trustee, as security
RR. (Southern Lines) 1st Mtge. 4% gold to be issued by the
this issue, $2,811,000 Manila
trust agreement dated Aug. 15 1922, and sold at not less than 97%% in
by
to
the
interest
as
Govt.
Philippine
guaranteed
1939,
bonds, due May 1 Government of the Philippine Islands guarantees the connection with the procurement of the following equipment:
Guaranty.—The
No. Units. Unit Price. Approx. Cost.
Description—
and interest of the 7% Sinking Fund bonds.
payment of the principal
1,000
$2,000
32,000,000
company has agreed to create and maintain a sink- Automobile box cars
Sinking Fund.—The
376,250
,50
of the bonds at maturity, paying annual in- Stock cars
redemption
the
for
fund
ing
398,750
Gondola cars
250
1,595
retire
York,
New
to
trustee,
Bank,
sufficient
National
Chase
stallments to
cars
545,000
steel
convertible
Hart
2,180
250
entire issue by maturity.
504,000
70
7,200
contracted for raising funds to pay Passenger train refrigerator cars
Purpose.—To pay debt of $1,000,000
cars
train
2,371,000
Freight
2,371
refrigerator
1,000
provide
the
for
fonds
the
of
to
completion
and
supplies,
for equipment and
between Los Banos and San Pablo.
construction of a new line
$6,195,000
Total
received in the Bureau of Insular Affairs, War
Bids.—All bids must. be D. C., not later than 2 o'clock p. in. Sept. 15
The Northwestern Improvement Co. proposes to procure this equipment
Department, Washington,accompanied
by a bank draft or certified check from the builders, to enter into an agreement with the First National Bank,
be
must
bid
Each
1922.
Pacific By. equipment
of the bonds bid for, said bank draft or check to be as trustee, and the company, creating the Northern
for 2% of the par value
of Insular Affairs. in New York City funds. trust of 1922, and to sell and deliver the equipment to the trustee.—
payable to the Chief, Bureau
plainly marked "Subscription for V. 115, p. 437, 309.
envelopes
in
inclosed
be
Bids must
Fund Bonds," and addressed to the "Chief,
Manila Railroad Co. SinkingRoom 3042, Munitions Building, WashingNorthwestern Elevated RR., Chicago.—Tenders.—
Bureau of Insular Affairs,
The Central Union Trust Co., 80 B'way, N. Y. City, will until Sept. 22
will be payable on Sept. 20 1922 at
subscriptions
Accepted
ton, D. C."
bids for the sale to it a 1st Mtge. 5% bonds dated Sept. 1 1911
receive
the
bank
and
the
will
of
delivery
York,
make
Chase National Bank, New
to an amount sufficient to exhaust $158,016, and at a price not exceeding
bonds.—V. 114, P. 1533.
102 and int.—V. 107, P. 1288.
Memphis Dallas & Gulf RR.—Successor Company.—
RR.—Abandonment.—
Ocala & Southwestern
the Federal Court at Texarkana, Tex., Aug. 28,
the company
Judge Youmans inthe
The I.-S. C. Commission has issued a certificate authorizing
road recently made at Nashville. Ark..to a syndiof
confirmed the sale
as to inter-State and foreign commerce its line of railroad exabandon
headed by Charles M. Conway, of Texarkana, to
capitalists
miles.
6
of
Arkansas
distance
a
Fla.,
Ray.
to
cate of
purchase Price being given as $215,000. The new owner tending from Ocala. Fla.,
the amount of the
will at once reorganize the road, which hereafter will be
Ry.—Advised to Scrap Road.—
announce they,
Pacific Great Eastern Government
& Nashville, and will spend about $250.000
Ashdown
ezarkana
of British Columbia advises
own as the
known
J. B. Sullivan in a report to the
The road is 61 miles long and runs from Ashunless the people of British Columbia
in rehabilitating the line. Texarkana,
system
whole
the
of
abandonment
to
Shawmut.
The part of the line
of
north
to $2,500,000 a year for
$2,000,000
from
miles
paying
continue
20
to
down,
Springs has not been in use for some time and was are prepared the
investment already made. The report strongly advises
from Shawmut to Hot
10 years on
to the syndicate (Dallas "News").
of the section from.
urges
abadonment
and
line
the
of
extension
not included in the sale
against
Texarkana,.Ark., is named President; Hamilton Moses,
The report also states that under no circumC. M. Conway,of
J. G. SaM, of Quesnel to Prince George.
Treas.. both of Little Rock, Ark. and 1109,
built to the Grand Trunk Pacific at Prince George,
be
line
the
759.
should
Sec.; George Bell,
stances
p.
115,
'
new
company.—V.
the
Nashville, Ark., attorney of
nor should the line be built from Squanish, its present terminus, to Vancouver. It also recommends the abandonment of the line from Clinton
Ry.—Petition Filed.—
Memphis Street
to Squamish, a stretch of 166 miles, and using the salvage money to build
a
filed
Ross
petition
with
J.
W.
Judge
have
The company's employees
a link between Clinton and Ashcroft. The possibility of selling the southern
have the recent wage award set aside and the former section
to lumber operators, however, is suggested.—V. 112, p. 1144.
at Jackson, Tenn., to See V. 115, p. 988.
wage scale restored.
s of Mexican Plan to RePan American RR.—Details of Mexican Plan to Resume
Mexican Central RR.—Detail
for Deposits of Securities to Follow Debt Paymends.—Call for Deposit of Securities to Follow Ratiall
Payments—C
Debt
sume
fication Immediately.—
Ratification Immediately.—
See under "Current Events" this issue.—V. 98, p. 1000.
Events" this Issue.—V. 107, p. 2008.
"Current
under
See
Paulista Ry.—Bonds Called.—
nal RR.—Details of Mexican
Internatio
Mexican
(The)
Certain 1st & Ref. Mtge. 7% Sinking Fund gold bonds dated Mar. 15
allfor Deposits of Securities
Payments.—C
Debt
Resume
1922, aggregating $49,000, have been called for payment Sept. 15 at 102
Plan to
Immediately.—
and int. at the office of Ladenburg, Thalmann & Co., fiscal agents, 25
to Follow Ratifi,cation
Broad St., N. Y. City.—V. 114, p. 1891.
this issue.—V. 91, p. 1456.
See under "Current Events"
SEPT. 9 1922.]
THE CHRONICLE
1211
Pennsylvania RR.-Not One Passenger Killed in a Year.- open pas.senger cars, 98 pre-payment cars, and 103 various cars. Also
The Pennsylvania Railroad System operated throughout the year ended owns valuable real estate centrally located in Springfield on which it
May 31 without a passenger being killed in a train accident, according to a maintains the operating headquarters , machine shops, and a modern
operating car shop.
statement issued Sept. 3, which says:
Purpose.-To retire $1,700,000 1st Gold 4s, due April 1 next and to
"In that period 1,400,000 passenger trains were operated over more than
11,000 miles of road, while the number of passengers carried totaled 152,- provide funds for capital purposes already approved by the Department
..4...; ._.....-JJ ....,..‘ .. •• A. ... ,s. - 's "4
000,000, which represented approximately one-seventh of the passenger of Public Utilitis.
business of the railroads of the United States.
Authorized. Outstandini
I.
Capitalization After This Financing"A single defect in track or equipment or the violation of a safety rule Capital stock
$4,654,700
may cause a fatal train wreck. The record cited of immunity from fatal Premium paid in on capital stock
x279,174
injury to passengers in train accident will therefore be better appreciated Ref. & Gen. Mtge. 6s, due 1940 (this issue)
}$5,000,000 12,134,000
when it is understood that the Pennsylvania System embraces 27,000 miles
7s
do
1 226,300
of track, owns 271,000 freight cars, 8,000 passenger cars and 8,000 locomo- Western Mass. St. By. 1st 5s, 1926
Closed
200,000
tives, and has in its service approximately 200,000 employees.
Springfield & Eastern St. Ry. 1st 5s(now 7s), 1927_
Closed
330,000
"The management of the Pennsylvania System realizes certain accidents
are beyond its control and that these may happen at any time, but it assures
x This is the amount which has been set up and appears on the company's
the traveling public it will continue to do its utmost to maintain the record balance sheet. The actual amount of premium paid in on the stock
for safety it has established in the past.
subsequent to July 9 1894 is $883,750
"The following tabulation shows the record of accidents at grade crossings
Earnings-Year ended July 311922.
in the United States during the last five years:
Gross income
$3,384,161
YearInjured. Operating expenses & taxes
Killed.
2,925,973
1917
4,764
1,969
1918
4,683
1,852
Net income
$458,188
1919
4,616 Annual bond interest charges
1,784
176,981
1920
5,077
1,791
1921
4,868
1,705
Balance
3281.207
-V. 115, p. 760.
Total
24,008
9,101
-Y.,115, p. 988, 869.
Syracuse Northern Electric Ry., Inc.-Wages.-It is announced that wages have been reduced to 48 cents an hour, retroPhiladelphia Rapid Transit Co.-Ordinances.-active
to May 1, as against 55 cents previously paid. A wage of 45 cents
Mayor Moore on Aug. 30 announced that eight ordinances passed by
the Philadelphia City Council, authorizing the company to remove unused has been paid pending settlement of the controversy.-V.109, p. 777.
tracks and wires from portions of the city streets, will become effective
Tehuantepec National Ry.-Details of Mexican Plan
without his signature. Mayor Moore objects to the ordinances because
they permit the company to retain control of the streets and no other trans- to Resume Debt Payments.-Call for Deposit of Securities to
portation lines could use them. The thoroughfares are Callowhill, Green, Follow Ratification Immediately.
Laurel, Newmarket, Richmond, Brown, Front and Susquehanna.-V.
See under "Current Events"this issue.-V.105, p.2543; V. 107, P. 803;
115, p. 869, 760.
V. 111, p. 692. 897.
Pittsburgh Cincinnati Chicago 86 St. Louis RR.-
The Farmers' Loan & Trust Co., trustee, N. Y. City, will until Sept. 29
receive bids for the sale to it of Consolidated Mtge. bonds to an amount
sufficient to exhaust $1,155,686, and at a price not exceeding par and int.
-V. 115, p. 989.
Point Loma RR. (Calif.).-Sale.-
The company has been authorized by the California RR. Commission
to transfer its properties to the San Diego Electric Ry. for $30,000 in cash
and $100,000 in stock of the purchasing company. Both
companies are
controlled through stock ownership by the J. D. & A. B. Spreckels Securities Co.-V. 115, p. 870.
Public Service Corp. of N. J.-Stricken Off List.-
The Philadelphia Stock Exchange on Sept. 1 struck off the regular list
$264,000 Gen. Mtge. 5% bonds, due 1959. reported purchased for account
of the sinking fund, leaving the amount of said bonds listed $34,039,000,
and making a total of $3,461,000 of said bonds acquired for the sinking fund
to Aug. 30 1922.-V. 115, p. 760.
St. Louis El Reno & Western RR.-To Junk Line.-
Application has been made to the Oklahoma Corporation Commission
to junk this road which runs from Guthrie to El Reno, a distance of about
42 miles. Efforts to save that part of the line between Piedmont and El
Reno, 15 miles, are being made by the residents of El Reno, Richland and
Piedmont. The plan, it is said, is to have this part of the line electrified
and taken over by the Oklahoma Ry. and make it a branch of the El
Reno Interurban Line.-V. 115, P• 645.
St. Louis-San Francisco Ry.-Equip. Trusts Sold.Seyer & Co., J.. & W. Seligman & Co., Lee Higginson & Co.
and Guaranty Co. of New York, have sold at prices ranging from 100 and div. to 97.53 and div. to yield from 5% to
5.30% according to maturity, $6,000,000 Equip. Trust 5s
to be issued under the Phila. Plan. (See advt. pages.)
Tennessee Electric Power Co.-Listing, &c.The Boston Stock Exchange has placed on the list temporary certificates
for 156,000 shares Common Capital stock of no par value.
Earnings(Entire System) Years end. Dec. 31 '20 Dec. 31 '21 Apr.30'22
$7,422.826 $7,525.900 $7,571,671
Gross earnings
4,102,510
4,517,058
Oper. exp., incl. maint. and taxes....
4,042,573
Net earnings
$2,905,768 $3,422,580 $3,529,098
Consolidated Balance Sheet April 30 1922 (After Giving Effect to Refinancing).
[Tennessee Electric Power Co. and Subsidiary Companies.]
LiabilitiesAssets$48,532,389 First Preferred 7% stock_ $6,000,000
Property and plant
Investments
9,200 First Preferred 6% stock_ 3,238,400
Special deposits
292,652 2d Pref.(no par, 50,000sh) 5,000.000
Com.(no par.156.000 shs.) 1,404.000
Bond disc. & exp. in process of amortization_ _ _
268,494 Nashv. Ry.& Lt. Co.stk. 1.465,800
Deferred charges & preBonds in hands of public
paid accounts
29,955,600
95,527 (see below)
Cash
274,813
x1,035,588 Matured bond interest__
Working funds
176,877
14,400 Accounts payable
Customers' acc'ts reedy282,649
Accrued interest
able, less reserve
295,931
393,256 Accrued taxes
Loans & notes receivable..
24,811
12,488 Customers' deposits
Materials and supplies--569.898 Sundry notes payable__ _
26,897
Sundry accounts
43.142
3,735 E. W. Clark & Co
33,047
Sundry liabilities
Res'ves for injuries & dam
145,101
Depreciation reserve_ ___ 1,833,069
Total (each side)
1,027,490
$51,227,629 Surplus of sub. cos
x Does not give effect to cash payments to be made for incorporation fees
and expenses, legal fees, and other expenses in connection with organization.
Bonds Outstanding, Pledged and in Hands of Public July 22 1922 (After
Completion of Refinancing.)
OutIn Hands.
Particularsstanding.
of Public.
xPledged.
Tennessee Power Co. 1st 5s, 1962_ _ _ _$12,261,000 $10,005,000 $2,256,000
Chatt. Ry.& Lt. 1st & ref. 5s, 1956_ _ 4,307,000
3,660.000
647.000
Chattanooga Rys. 1st Cons. 5s, 1956_ 2,165.000
157,000. 2,008,000
Lookout Mountain
389,000
389.000
Nashv. By.& Lt. Ref.& Ext.5s, 1958 4,694,500
2,833,500
1,861,000
First Consolidated 5s, 1953
3,789,000
3,789,000
Nashville Street Ry. 5s, 1925
907,000
907,000
McGavock & Mt. Vernon Horse RR.:
1st 6s, 1926
65,000
65,000
1st 65, 1937
485,000
485,000
Dated Sept. 11922. Due $400,000 each Sept. 1 1923 to 1937,incl. Div.
payable M. & S. in New York City. Denom. $1,000 (c*). Guaranty
Trust Co., New York, Trustee.
Security.-Certificates are to be issued against not to exceed 75% of the
cost of standard railroad equipment consisting of: 15 heavy passenger
locomotives, 35 heavy Mikado locomotives, 6 Boosters, 1,500 steel hopper
coal cars, 1,200 single sheathed box cars and 300 stock cars. The total
purchase price of this equipment is to be not less than $8,000,000 of which
not less than 25% is to be paid by the company in cash.
Earnings.-Tho total income available for fixed interest, rentals, sinking
fund and other fixed charges for the calendar year 1921 was $17,932.723.
Total underlying issues
$29,062,500 $16,072,000 $12,990,500
or $7,728,950 in excess of such charges. For the 7 months ended July 31 Tennessee Elec. Power
Co. 1st & Ref.
1922, total income amounted to $9,673,506 which was $3,754.114 in excess
Series A, due 1947
6s,
16,965,100
of fixed charges and $795,162 more than in the same period of last year.
Issuance.-Subject to approval of I.-S- C Comm.-V. 115, p.989, 437.
Total bonds in hands of public
$29,955,600
x Pledged under 1st & Ref. Mtge., Series A. 6s.-V. 115, p. 989, 870.
San Diego Electric Ry.-Acquisition.-See Point Loma RR. above.-V. 115, p. 870.
Terminal Railroad Association of St. Louis.-Capital.
The stockholders will vote Oct. 9 on increasing the authorized capital
Scranton & Wilkes-Barre Traction Corp.-Increase.- stock
from
to $100,000.000, and on increasing bonded indebtedPennsylvania
The
Corporation Commission has authorized an amend- ness from $50,000,000
$50,000,000 to $100,000,000.-V. 115, p. 1101, 546.
ment to the company's charter increasing the authorized capital stock
from $2,500,000 to $5,000,000.-V. 105, p. 910.
Texarkana Ashdown & Nashville RR.-New Company.
Sherman Shreveport & Southern Ry.-Sale of Road.- See Memphis Dallas & Gulf RR. above.
See Louisiana Ry. & Navigation Co. above.-V. 115, p. 646, 437.
Tide Water Power Co., Wilmington, N. C.-Agent.
The company has notified its stockholders that the firm of A. E. Fitkin
Sioux City Terminal Ry.-Stock Authorized.141
transfer
&
Co.,
agent
for
appointed
Broadway,
New
been
York,
had
The I.-S. C. Commission has authorized the company to issue, at par, the Common and
stock. All stock issued hereafter for transfer should
not to exceed $100,000 Common stock, par $100, for the purpose of par- be forwarded to Pref.
York City.
New
Broadway,
A.
E.
Fitkin
&
Co.,
141
City
Stock
Sioux
the
Yards Co. for advances made for -V. 114, p. 2117,
tially reimbursing
1892.
additions and betterments and other purposes.
During Federal control certain improvements were made to company's
Union
Traction
Co. of Indiana.-Fares Reduced.
property by the Railroad Administration, the value of which was in excess
The company has announced a reduction in fares between Noblesville
of amounts due the company,including compensation. In final settlement, and Indianapolis (round
trip from $1 44 to 90 cents) and Carmel and Inmeet
and
to
$60,000,
payment
it
at
fixed
was
nexessary
to dianapolis (round trip from
this excess was
90 cents to 50 cents).. The fares on the intersecure the entire sum from the Sioux City Stock Yards Co., which owns the urban are now the same as those
charged by the bus lines.-V. 115, p. 989,
outstanding $200,000 stock of the company. In addition, it is stated that 310.
sums
from
further
has
advanced
time
to time, to
the proprietary company
the amount of $132,000, for materials and supplies. The company is
United RRs. of Yucatan.-Oct. 1 1920 Interest.therefore indebted to the Sioux City Stock Yards Co. to the extent of
Coupon due Oct. 1 1920 on the 5% 1st Mtge. Redeemable gold bonds
$192,000.-V. 110, P. 971.
will be paid on and after Oct. 2 1922, together with interest thereon at 5%,
a. from Oct. 1 1920 to Oct. 1 1922, at the office of Ladenburg. ThalSpringfield (Mass.) Street Ry.-Bonds Offered.-Harris, p.
mann & Co., 25 Broad St., N. Y. City.---V. 111, p. 2042.
Forbes & Co. are offering at 96M and int. yielding about
6.30%, $2,134,000 Ref. & Gen. Mtge. 20-Year Gold 6s.
Vera Cruz & Pacific RE.-Details of Mexican Plan to
Securities
to FolResume Debt Payments.-Call for Deposit of
Dated Sept. 1 1920. Due Sept. 1 1940. Interest payable M. & S.
at Old Colony Trust Co., Boston, trustee. Denom. $1,0100 and $500 (0). low Ratification Immediately.
See under "Current Events" this issue.-V.87, p. 616.
Redeemable on any interest date on 30 days' notice at 105 and interest.
Data from Letter of Pres. Clark V. Wood, Springfield, Aug. 29.
Washington Ry. & Electric Co.-Franchise Taxes.Company.-Incorp. in March 1868, as a horse-car company to operate
Under protest, the company has paid franchise taxes amounting to $247,street railway properties in Springfield and vicinity. In 1890, company 808 for the year ended Dec. 31 1921. The Corporation Counsel and the
started to electrify its system. In 1909 absorbed by exchange of securities, company have not been able to agree on what constitutes the gross earnThe Western Massachusetts Street Ry.and in 1910, the Springfield ings of the company. ("Electric By. Journal".)-V. 115, p. 546.
& Eastern Street Ry. All but 55 shares 'of the capital stock of the company is owned by the Springfiled Railway Companies, the entire Common
Wichita.Falls 86 Southern Ry.-New Secretary.stock of which is owned, in turn, by the New England Investment &
C. W. Snider has been elected Secretary, succeeding L. F. Linney.-V.
Security Co.
114, p. 2581.
Owns and operates 199 miles of single track equivalent, including city
lines in Springfield, West Springfield, Westfield and suburbs, and lines
to West Springfield, Westfield, Woronoco, Russell, Huntington AgaINDUSTRIAL AND MISCELLANEOUS.
wam, Chicopee, Chicopee Falls, Longmeadow, East Longnaeadow, Indian
The following brief items touch the most important develOrchard, Ludlow, Palmer, Ware, Monson, Brimfield, East Brimfield
and Wilbraham. Company also connects at various points with other opments in the industrial world during the past week, tostreet railways. Population served, 244,805. Property also includes
rolling equipment of 499 cars, including 150 closed passenger cars, 148 gether with a summary of similar news published in full
1212
THE CHRONICLE
[VOL. 115.
delphia and Pacific Coast ports. Current c. I. f. quotations on the New
York market range from 33s.for Scotch coal up to 44s. for Welsh Admiralty.
Many factors in the trade look for a steady movement for several weeks to
come.
Steel and Iron Production, Prices, &c.
"In the Central West and in the South retail demand is running a race with
The "Iron Age," Sept. 7, says in brief:
railroad buying for trade interest. As before remarked, at Chicago, steam
Output.-"Steel works are now gaining in output, after touching low point buying is the feature, while retail trade is more backward because of conpromises
increase
is
not
large
as
yet,
but
it
The
in the last week of August.
sumer indifference. The Northwest is setting great store by the pooling
to be greater next week. The betterment in the railroad situation is not arrangements that have been made."
marked, and after being down below 50%, the industry is satisfied for the
Prices, Wages & Other Trade Matters.
present to aim at a 60% operation.
Commodity Prices.-Wholesale cash prices in New York reached the
"Pig iron output went down rapidly for most of the second half of August. following
high
points
during the week ended Sept. 7: Wheat, Sept. 1
against
tons
a
day.
tons,
or
58,586
1.816,170
was
total
the
For the month
2,405.365 tons in July, or 77,592 tons a day. The net loss in active furnaces to 5, $1 15; coffee, Sept. 6, 10 3-16c.; lard, Sept. 1 and 7, $11 20; beef,
in the month was 28 and the daily capacity of the 144 furnaces in blast Sept. 1 to 5, $16; iron, Sept. 7, $36 50; steel billets, Sept. 6, $38; lead,
7, $6; tin, Sept. 5, $32 50.
Sept. 1 was 54.645 tons, against 70.605 tons a day for 172 furnaces on Aug. 1. Sept.
Sugar Prices Reduced.-The following companies have each reduced
"A gain, but not a large one, has been made in Connellsville coke output.
as the non-union men are still holding out, but for some time increase in refined sugar 25 points to 6.50c, a pound: American Sugar Refining Co.,
Arbuckle Bros., Edgar Sugar Co., Federal Sugar Refining Co., Penn
steel production will come faster than that in pig iron production.
Movement.-"Steel companies are unable to get sufficient box cars for the Sugar Co., National Sugar Refining Co., Rivere Sugar Refinery, and
movement of products like wire and tin plate and this shortage promises Warner Sugar Refining Co.
Variable Price of Milk.-U. S. Dept. of Agriculture shows price of fresh
to be worse. The use of open top cars for coal movement is also curtailing
the supply of such cars for steel mills. Still overhanging the industry is milk delivered at consumer's door varies considerably throughout the
country,
highest rate being in Florida (20 to 25 cents a quart) and lowest
equipment
respect
to
railroad
shortage.
In
labor
common
the cloud of
in Wisconsin (6 cents a quart). "Boston News Bureau" Sept. 7, 1). 3.
what has been called a car shortage is more truly motive power trouble.
Ship Freight Rates Reduced.-Eastern Steamship Lines announced 5%
"Consumers of steel in a number of lines are showing more concern over
their ability to secure continuous supplies from the mills. However. the rate reduction between Portland and New York effective Sept. 5. "Boston
strike factor in the higher prices the mills are now asking prevents any large Financial News" Aug. 30. p. 3.
German Pig Iron Price Advanced Approximately 100%, Effective Sept. 1.business on this basis, and the general belief is that deliveries will grow
"Wall St. Journal" Sept. 2, p. 3.
easier even though progress in that direction be but slow.
Lumber Prices Firm.-Price changes slight-demand heightened for
Railroad Orders.-"The Chicago district as the largest railroad buying
centre, gives more definite promises than any other in respect to future Eastern and Northern woods-hardwood at premium. "Lumber" Sept. 2.
American Brass Advances Prices 1 Cent on seamless copper tubes bronze,
demand. It reports that orders for 300,000 tons of rails for next year await
only the naming of the 1923 price; also that there is new interest in railroad tubes and nickel silver, and 34 cent on brass tubing. "Boston News
Bureau"
Sept. 2, p. 5.
There
is
increased
buying
of
track
fastenings
at
Chicago,
bridge material.
Platinum Price Advances $10.-Soft now quoted at $118, medium $125,
one order calling for 15,000 tons of tie plates.
"Locomotive buying continues on a large scale, orders for 238 being and hard $135. "Times" Sept. 8, P 25.
Camillus Cutlery Co. Advances Wages 10%.-Adolph Kastor, President,
entered in the week, including 100 for the Pennsylvania and 50 each for the
Chicago & North Western and the Missouri Pacific. Car orders are not said increase was decided before new tariff passed and proved no extreme
numerous, but there are inquiries for about 5.000 new cars and repairs for protection is needed in the industry. "Post" Sept. 6. 13. 1.
Metal Workers Get Wage Increase.-Five cents an hour increase for
1,500 to 2,000.
Prices.-"Independent sheet companies still average a better operation employees of Chase Metal Co., Chase Rolling Mills, Scovill Mfg. and
than the Steel Corporation, the figures being 80% and 60%. Generally American Brass Co. "Financial America" Sept. 9.
Copper Workers Wages Increased.-Utah Copper Co. increases unskilled
they are asking $2 to 43 a ton more than the corporation's prices. There is
practically no suspension of shipments of automobile sheets. In tin plates laborers 40c. a day and skilled 50c. a day.
Executives of all copper companies in Globe Camp (Arizona) have
there have been intimations of an advance beyond $4 75 in view of increased
agreed on voluntary increase in wages of 10%.
steel costs.
Singer Sewing Machine Co. Increases Hours.-Schedule increased 5
"The price of Southern pig iron has advanced $2. and $25 Birmingham is
now the prevailing quotation, but the shipment of iron to the North has hours to 45 hours a week for 6,000 employees. Company to use oil for
almost entirely ceased on account of the railroad congestion. In the North coal as fuel. "Philadelphia News Bureau" Sept. 1, p. 3.
Shipbuilding in U. S. Increases 35% Since July 1.-Latest figures of
shipments show improvement in most centres. Prices at Chicago and in
the East have advanced $2 on most grades. Foreign iron is being sold in American Bureau of Shipping.
Automobile Production.-August 1922, 265,000, against 180,795 in 1921.
moderate tonnages with a tendency of prices to advance.
"Finished steel remains at 2.412c. per lb., as for the last two weeks. This Total for year to August 1922, 1,395,066, against entire year of 1921,
1,668,550.-National Automobile Chamber of Commerce.
compares with 2.279c. one year ago and 2.062c. on Jan. 1.
Automotive Exports Decline (Except Motor Boats and Airplanes).-De"Pig iron has advanced.'The Iron Age' composite price having risen from
$29 52 to $30 52, the highest since Jan. 25 1921. The price one year ago creases were: Passenger cars, 28% in number, 24% in value; motor
trucks, 27% in number, 7% in value; motorcycles, 57% in number, 47%
was $19 64: on Jan. 1 it was $18 68."
More Independents Raise Wages.-In addition to those already mentioned in value.-Drpartment of Commerce figures.
Textile Strike.-(a) Connecticut workers all back, at work-25,000
in these columns the following companies have raised the wages of their
employees about 20%: Andrews Steel Co., British Empire Steel Corp., employed in State. (b) At Lawrence. Mass., last 2 mills holding out
Dominion Steel Corp., Lukens Steel Co., Newport Rolling Mill Co., and against strikers, Pemberton and Methuen, agree to restore old wage scale
Sept. 5. (c) Amoskeag (Manchester, N. II.) still troubled. At least
Sloss-Sheffield Steel & Iron Co.
Iron Workers Strike.-A bout 1,200 men of U.S. Cast Iron Pipe & Foundry 2 months will pass before deliveries can be made. (d) Rhode Island
Co. at Scottsdale, Pa., walked out because company refused wage increase. mills still resist wage increases. Fuel situation troubling some of small
coal-burning mills. Jenckes Spinning Co. at Central Falls shuts down
"Boston Financial News" Aug. 31, p.3.
indefinitely; "poor business" cause.
Oil Production, Prices, &c.
It is estimated a yardage of 325,068,000 has been lost through the strike
The American Petroleum Institute estimates daily average gross crude in cotton mills of New England,
Shoe Situation.-.I. H. Winchell & Co. (Haverhill, Mass.) announce
oi lproduction in the United States as follows:
restoration of wages in effect before reduction and subsequent strike on
1922
1921.
July 31 last. Lasting machine operators in Lynn (Mass.) strike on account
Sept. 2.
Aug. 26.
(In Barrels)Aug. 19.
Sept. 3.
board.
402.500
Oklahoma
399,800
309,400 of wage cut of 10%.to 15% announced by local arbitration
400,500
Matters Covered an "Chronicle" Sept. 2.-(a) Coal control (editorial).
Kansas
86,500
86,500
96,000
86,800
passed
by House,
bill
control
price
Coal
distribution
and
p.
1028.
(b)
50,100
49,850
North Texas
65,950
49,850
outrages, p. 1044. (dI) House
141,650
Central Texas
146,100
102.500 p. 1044. (c) Grand jury inquiry into Herrin
144,100
President to seize coal mines and railroads.
125.550
North La. & Arkansas_ _
124,800
120,750 rejects proposal to empower
123.550
soft coal strike, p. 1045. (f) Coal
113,300
113,700
Gulf Coast
107,970 p. 1045. (e) Further settlementp.in1045.
108.800
(g) Federal Fuel Distributer
117.000
122.000
Eastern
114.500 strikes settled in Nova Scotia,
121,500
shipments
to States and control of prices,
coal
policy
of
directing
abandons
81,400
82,170
Wyoming and Montana_
45,200
82.350
p.
1054.
380,000
375.000
California
330,000
375,000
(h) Telegram.sent by Fuel Administrator Potter of Michigan to members
on coal situation; renews attack on Federal agency, 13. 1046.
1.498.000
1.499.920
Total
1,292,270 of Congress
1,492,450
(i) Prospects of settlement in anthracite strike; operators will not continue
Coal Production, Prices, &c.
war wages to 1924 without "public mandate, p. 1046. (j) Governor
The United States Geological Survey, Sept. 2 1922, reported in brief as MWer's (N. Y.) message to Legislature on the coal situation, p. 1046.
(k) N. Y. State Legislature passes measure recommended by Governor
follows:
"Soft coal production shot upward almost as suddenly as five months ago Miller to deal with fuel situation; text of message, p. 1047. (1) Governor's
it had plunged odwnward, when district after district accepted the Cleve- Advisory Committee asks Inter-State Commerce Commission for revision
land wage agreement and resumed work. Lake returns for last week of coal priority orders; other developments in the situation, p. 1049.
(Aug. 21-26) indicate an output of 6,700.000 to of bituminous coal, and (m) Suggestions made by State Fuel Administration to consuming public
the present week (Aug.28-Sept. 2) will show 9,200.000, or possibly 9,700,000 to meet coal shortage, p. 1049. (n) Henry Ford to close plants Sept. 16,
due to coal shortage, p. 1049.
tons. The anthracite mines, however, are still idle.
(o) Offering of $1,000,000 5% bonds of Kentucky Joint Stock Land
"From the detailed statistics of shipments, it is seen that this increase
from mines opening under the Cleveland Bank, p. 1034. (p) Financing of cotton through North Carolina Cotton
has come almost exclusively
districts
Co-operative Association, p. 1034.
of
the
Growers'
non-union
Middle
and
Southern
AppalachiThe
agreement.
(q) Soldier Bonus Bill passed by Senate, p. 1041. Cr) Frank A. Munsey
ans are still limited by railroad disability, and in spite of a slight increase in
car supply are producing only 65% of the rate attained before the shop- and attitude of N. Y."Herald" on Soldier Bonus, p. 1041.
(s) Federal Trade Commission says proposed Republic-Midvale-Inland
men's strike.
cars have already been received from the steel merger would viloate law, p. 1042. (t) Steel merger to be consum"In fact complaints of lack of
and
Northern
mated
Ohio
notwithstanding Federal Trade Commission complaint, p. 1044.
West
Eastern
Virginia.
limiting
The
of
districts
union
coal has thus changed overnight. A week
factor in production of bituminous
Alabama Power Co.-Hydro-Electric Project.to-day it is transportation. The first
ago it was the supply of mine labor;
The company has made application to the Federal Water Power Commisresponse of the railroads to the demand for more service has been favorable, sion for authority to develop
a new hydro-electric project on the Tallapoosa
partly because they had a surplus of 112,000 empty cars coal when the River to supply 140,000 h. p. for
distribution among the cotton factories in
roads can maintain the present
union mines resumed work. Whether the
eastern
section
the
of
Alabama.
Four dams are to be constructed at an
of
surplus
cars
is
the
when
exhausted remains to be
rate of coal movement
estimated cost of $12,000,000, and in addition a 90-mile high-power transseen.
mission line to connect with the Mitchell Dam and Opelika and Janett.
mines,
the
strike
is
bituminous
not
yet
over.
entirely
the
"Even in
Mitchell Dam power will be available early next year. This dam will
in the non-union fields of Pennsylvania
Some thousands of men are still outregion,
in the Georges creek field, and produce approximately 120.000 h.p. of electrical energy. See "Manufaccoke
particularly the Connellsville Virginia."
turers
Record" of Aug. 31, page 55.-V. 115. p. 439.
West
of
districts
in the union
All America Cables, Inc.-Benefitsfrom Cable Alliance.Estimated United States Production __in Net Tomi.
Pres. John L. Merrill says: A long step forward has been taken in the
Week, Cal.Yr.to Date. development of American communication as a result of the alliance between
C2a21. Yr. to Date.
Week. 19
Bituminous- -the
All America Cables, Inc., and the Postal Telegraph-Commercial Cable
4,606,000
212,216,0001,771,000
230,686,000
August 12
serves the three Americas,
216,824,000
4,609.000
7,708,000
247,394,000 system. The All America Cables system
August 19
223,521,000
e.,
South America, Central America and North America, with a duplicate
6,696,000
7,753,000
255,147,000
August 26
known efficiency, comhighest
of
system
triplicate
and, in many cases, a
Anthracite23,087,000
of cables and land lines. It is possible to give
29,000
1,772,000
58,079,000 prising some 26,000 milesworld-wide
August 12
system of the highest
communication
23,126,000
to
the
three
Americas
a
39,000
1,529,000
59,608,000
August 19
communications throughout
23,161,000
1,800,000
35,000
61,408,000 efficiency and is a safeguard to American cable
August 26
world.
the
Beehive Coke3,851,000
The advent of All America Cables in Brazil in June 1920, when we opened
50,000
112,000
3,667,000
August 12
Rio de Janeiro, was hailed with delight by the
3,973,000
57,000
122,000
3,724,000 our offices in Santos and
August 19
public, not only because of a reduction in rates, but because of our
cabling
4,090.000
57,000
117,000
3,781,000
August 26
system which enabled us to place Brazil in almost instant
developed
highly
said in
"Notwithstanding the touch with the United States and the world, and now that the All America
The "Coal Trade Journal" Sept. 6 price brief:
control scheme, the general Cables has been guaranteed equal rights ih South America we are enabled
abandonment of the voluntary Federal
lower than for the preceding week. to
was
week
last
quotations
make the improvements and extensions which we have dreamed of for so
level of spot
Comparing figures with those for the week long a time.-V. 115, p. 1102, 76.
Advances were the exception.
of
87.21%
the
in
shown
were
quotations.
Of
these
changes
26,
ended Aug.
ranging from ten cents to $2 25
American Chicle Co.-Plan for Readjustment of Debt.changes, 86.20% represented reductions
ton. Advances ranged from nine cents to
and averaging 77.25 cents per
The noteholders' protective committee, B. A. Tomkins,
cents.
42.81
$1 50 and averaged
of industrial consumers in Illinois and Chairman, has announced a plan for readjustment of debt of
"While the general buyer, outside
demand was sufficient to absorb all the
circular to the holders of 6% Serial Notes
Indiana, shows no over--eagerness,
the end of the textile strikes quick- the comppny. A
England
New
production offered. In
in substance:
the fear that railroad service will not saysecompanyatthe
ened interest already intensified byYork
prices were lower,but demand was
time the committee was formed in March 1922 was
stand up under the strain. At New active. With the
greater part of the in default under the terms of the agreement securing these notes, and it
steady. The Baltimore market was Philadelphia
already apparent that it would be unable to meet the Oct. 1 maturities
central Pennsylvania field working, at the piers supplies were larger. was
approximate vessel re- of principal and interest on these notes and provide for upwards of $2,000,For the first time in six weeks stocks
000 of bank debt which would mature shortly before that date.
quirements.
to draw upon Great Britain
For approximately five months the committee has been studying the
"New York, Boston and Baltimore continue
tonnage
is
also
affairs and business prospects of the company on behalf of the noteregistered
financial
some
for
Phila.and
for a part of their coal supply
detail in last week's "Chronicle" either under "Editorial
Comment" or "Current Events and Discussions."
SEPT. 91922.]
THE CHRONICLE
holders, a majority of whom have already deposited with the committee.
As a result of this study the committee has formulated and adopted a plan
of readjustment of the indebtedness. This plan does not call for any scaling
down of principal or interest rate on the debt of the company evidenced by
Its6% notes. On the contrary,the plan contemplates that 10% of the principal of each note will be paid and that the remaining 90% will be represented by new 6% notes, maturing Oct. 1 1927, but subject to earlier
payment at the call of the company.
The holders of bank debt, the amount of which is larger than that of the
6% notes, have already consented to extension at a like interest rate, on
the condition that the plan becomes operative.
It is further provided that the company will reduce the bank debt only
apportIonately with reduction of the note debt, and the plan provides for a
committee representing the noteholders which, with the concurrence of the
bank creditors, will have power to require the company to reduce, proportionately, the note and bank debt as rapidly as the committee shall deem
to be consistent with the best interests of the noteholders.
The committee has also arranged that the interest coupons due Oct. 1
1922 on the present 6% notes will, as soon as the plan is declared operative,
be paid upon such notes as will have been deposited with the committee so
as to entitle them to the benefits of the plan.
Noteholders who have already deposited with the committee will be
deemed to have assented to the plan unless they withdraw their notes
on or before Sept. 26. Noteholders who have not yet deposited with the
committee may do so by forwarding their notes. with Oct. 1 1922 and
subsequent coupons attached, to Bankers Trust Co., depositary, 16 Wall
Street, New York. on or before Oct. 2.
Although a majority of the notes have already been deposited, the plan
will not be declared operative until it appears that it is accepted with substantial unanimity by the noteholders.
Plan for Readjustment of Debt, Dated Aug. 30 1922.
Liabilities.—The liabilities (exclusive of reserves and capital stock) of
the company and its subsidiary companies as of May 311922, as shown by
a consolidated balance sheet, totaled $6,701,210 (see under "Annual Reports" above).
Not Able to Meet October Obligations.—There are maturities, on or before
Oct. 1 1922, of upwards of $2,000,000 of bank indebtedness, $300,000 of
principal of6% serial notes and semi-annual interest upon all of those notes.
The company advises it will be unable to meet these maturities.
Arrangement with Banks.—During May last an arrangement was entered
Into between the company and the bank creditors whereby the company
reduced the amounts due the banks by 20%, using for this purpose moneys
then on deposit with the banks. This arrangement was acquiesced in by
the committee for the 6% Serial Notes.
As part of the arrangement, the banks agreed to waive all rights to set
off the balance of any moneys then or thereafter on deposit with them against
the remainder of the existing debt of the company to them or any renewals
of such indebtedness. The bank creditors further agreed to a 10% reduction in the amount of indebtedness evidenced by the company's 6% Serial
Notes, without their participating in the moneys applied to this purpose.
It was further agreed that subject to the contemplated 10% distribution in
favor of the 6% Serial Notes, the banks and the holders of the 6% Serial
Notes should, as to any other future distributions, participate proportionately and without priority of one class over any other.
As a result of the reduction of the bank debt as made, the principal
amount thereof as of May 31 1922 was $2,288,000. This item, together
with the $1,900,000 evidenced by 6% Serial Notes embraces the important
Items of current debt, and it is believed that treatment of this debt, in
accordance with the plan, will give the company the requisite opportunity
to re-establish its business and discharge this debt.
Treatment of Note and Bank Indebtedness.
Note Indebtedness.—It is proposed that the company will create an
authorized issue of $1,710,000 5-Year 6% Notes, dated Oct. 1 1922, due
Oct. 1 1927,subject to call on 60 days' notice, all or part,at par and interest.
The Notes will be issued to the holders of the 6% Serial Notes in an
amount equal to 90% of the principal amount of indebtedness evidenced by
such Serial Notes.
The remaining 10% of the principal amount of the 6% Serial Notes will
be paid in cash to each depositing noteholder and the amount of the coupon
which will have come due Oct. 1 1922 will also at the same time be paid m
cash to each depositor.
The company's 6% Serial Notes, against which the new Notes are issued
and cash paid, shall be surrendered, together with the Oct. 1 1922 and
subsequent coupons.
Bank Indebtednes .—A committee has been formed to represent the
present bank debt, consisting of five members, representing the National
City Bank, Chatham & Phenix National Bank, Guaranty Trust Co.,
Equitable Trust Co., and Bankers Trust Co. New York City.
The banks which are the holders of bank indebtedness of a principal
amount of $2,288,000, and maturing on Sept. 15 1922, will agree to extend
such indebtedness for a period of one year from Oct. 1 1922, the interest
thereon to be at the rate of 6% per annum.
The bank creditors will also agree that by a four-fifths vote of their
committee this indebtedness may be further renewed for four additional
periods of one year each. The note indebtedness, as well as the bank indebtedness, may, however, be matured at any time in the event of the
bankruptcy of the company or the appointment of a receiver of its property.
The indenture securing the new 5-Year Notes will provide that such Notes
willimmediately become due in the event of any failure of the banks to renew
the bank indebtedness for each of such additional periods.
Agreements by Company, &c.—The company will agree to pay no dividends
on its preferred or common stock until all the Notes are retired and the
bank indebtedness discharged, and will further agree to retire such Notes
and reduce such indebtedness as rapidly as possible consistent with maintaining a cash position sufficient for the operation of its business.
The company will agree that as the Notes are retired by call or otherwise,
a like proportion of the bank indebtedness will be discharged, and that the
bank indebtedness will not be discharged more rapidly proportionately than
the indebtedness is discharged. Failure to retire the notes proportionately
with the discharge of bank indebtedness will cause the notes to mature
Immediately, and failure on the part of the company to discharge the bank
Indebtedness proportionately with the retirement of notes will cause the
bank indebtedness to mature immediately at the option of the respective
banks.
A committee representing the noteholders will also have authority, if in
Its judgment it is in the interest of the noteholders. and if such step is
concurred in by the bank committee, to require the company to retire notes
by call or otherwise to such extent as such committee shall deem advisable
and irrespective of the fact that the company may not be in default and
may be complying with the obligation above referred to, and provided that
a like proportion of bank indebtedness is simultaneously discharged by the
company.
The banks will agree that in no event will bank balances of the company
held by them be set off against the bank indebtedness of the company to
them and any renewal thereof other than upon the condition that the
noteholders share proportionately with the banks in the moneys so set off
or otherwise secure a proportionate benefit.
Management.—Arrangements have already been effected for giving
representatives of the company's creditors an effective voice in the management, and a member of the noteholders committee will be made a director.
Carrying Out of the Plan.—The carrying out of this plan shall be under the
supervision of the noteholders'committee, which will act in consultation
with the committee representing the bank creditors. The noteholders'committee shall have power to determine when a sufficient number of noteholders have a.ssented to the plan and when other conditions are such as to
make it advisable to declare the plan operative. Any expenses incurred in
consummating the plan shall be paid by the company.
Non-Participating Creditors.—The plan makes no provision for holders of
the company's 6% Serial Notes who do not become parties to the plan, and
none of its provisions shall be deemed to be for the benefit of noteholders
other than such as adhere to the plan.
For letter of President Thomas H. Blodget to the noteholders'committee, giving the results for the first six months
of 1922, and also a balance sheet as of May 31 1922, see
under "Financial Reports" above.—V. 115, p. 986.
American Glue Co.—Common Dividend Decreased.—
has
1213
occasioned by an apparent over-production of stocks in the trade generally
and excessive competition. The directors do not feel warranted in
voting
to pay a dividend from the surplus account and believe it is to the best
interest of Common stockholders to declare a 1% dividend at this time
instead of 2% as heretofore, future action depending upon trade
conditions
and their effect upon the earnings of the company."—V. 115, p. 762,
433.
American Pneumatic Service Co.—Bid Accepted.—
The Post Office Department, Sept. 7, accepted the bid of the New
York
Pneumatic Tube Service Co. for the installation and operation of
the
necessary tubes for the transmission of mail between Manhattan and
Brooklyn, New York City. The New York Pneumatic Tube Service Co.
has informed the Post Office Department that it expects to have 75% of
the tube service in operation by Oct. 1 and the remainder soon after
the
beginning of 1923.—V. 115, p. 439.
American Seedless Raisin Co.—Bonds Called.—
All of the outstanding 1st Mtge. 6% gold bonds due Oct. 1929,
have
been called for payment Oct. 1 at 102 and int. at the Savings 1Union
Bank
& Trust Co.. San Francisco. Calif.—V. 109, p. 1893.
American Telephone & Telegraph Co.—Tenders,
&c.—
The Old Colony Trust Co., trustee, 17 Court St., Boston, Mass.,
will
until Sept. 18 receive bids for the sale to it of 30-year 5% Collateral
Trust
gold bonds, due Dec. 11946, to an amount sufficient to absorb
$799,656.
Interest on accepted bonds will cease Sept. 20.
The Phila. Stock Exchange on Sept. 2listed $2,297,800 additional
stock—$8,700 in exchange for $8,700 Cony. 4 % bonds due 1933, Capital
$1.661,800 in exchange for $1,661,800 7-Year 69' Cony, bonds due 1925,
canceled
and stricken from the list, and $627,300 being part of 100,000 shares
to
be issued to employees under resolutions of directors, adopted May 10
Feb. 14 1922, and listed upon official notice of issuance of payment in1921.
full,
making the total amount of stock listed $586,218,800, and reducing
the
amount of Cony. 43 % bonds listed to $9,840,500, and the
amount of
Cony. 6s listed to $18,100.200.—V. 115, p. 991, 871.
American Tube & Stamping Co.—Bonds Called.—
Ten ($10,000) 1st Mtge. 5% 30-year gold bonds, dated Oct. 1
1902,
have been called for redemption Oct. 1 at 105 and int.
at the
Trust Co., trustee, 37 Wall St., N. Y. City.—V. 111, p. 1280. Equitable
Ames, Holden, McCready, Ltd.—Reorganization Plan.—
The plan of reorganization has been adopted by the shareholders.
See
plan in V. 115, p. 1102, 762.
Appalachian Power Co.—Tenders.—
The Continental & Commercial Trust & Savings Bank,
Chicago,
Ill., will until Sept. 25 receive bids for the sale to it of 1sttrustee,
Mtge. 5% Sinking Fund gold bonds to an amount sufficient to exhaust $147,435,
and at a
price not exceeding 105 and int.—V. 115, p. 991.
Armour & Co.—Granted Extension.—
The District of Columbia Supreme Court has granted the request
of
the company'for another extension of the time, until May 1 1923,
to dispose of the interest in firms and corporations not allied to the meat industry.
A previous extension expired on Aug. 27.—V. 115, p. 872.
Art Metal Construction Co.—Voting Trust Expires.—
The voting trust agreement, under which stock of the company was
by Charles Hayden, H. K. Smith and S. L. Powers as voting trustees,held
terminated on Aug. 1. All holders of the voting trust certificates are required
to exchange them for stock certificates through the Beacon Trust Co..
Boston.—V. 115, p. 762, 648.
Associated Oil Co., San Francisco, Calif.—SemiAnnual Report.—President Paul Shoup, Aug. 30, says:
The decrease in balance carried to profit and loss of $315,306 compared
with the first six months of 1921 is chiefly due to
less demand for fuel oil
and lower prices for both fuel oil and refined
products.
gg
The refined oil sales have increased 18% in quantity over the same
period last year.
During the period covered by this statement there was expended for
the purchase of property, drilling and other development
$1,949,658,
of which $483,200 covering labor and incidental
drilling expenses was
charged to operations and $1,466,458 to investments.
The current assets on June 30 1922 exceeded
current liabilities by $8.
461,676.
During the period the company acquired in fee 160
acres and under
lease 1,223 acres of proven and prospective oil
lands.
44,1
The company has 20 strings of tools in operation
in California, Wyoming
and Texas.
Outstanding capital stock June 30 1922
$39,755,768
Funded debt outstanding
7.277.000
Result :fo Six Months ending June 30, Including Proprietary Companies
1922.
1919.
1920.
1921.
Earns, after open, maint.
& transport'n exp.. &c $4,857,039 $5,589,535 $6.540,781 $5,397.408
Taxes. prop. & miscell__
289.095
302.619
144,202
301.552
Interest on bonds
185,261
234,755
259.143
211.225
Reserved for current income & profits taxes_ _
1,151.805
307,537
650,907
773,004
Reserved for depreciation
1.189,024
1,198.651
1,381.650
Res. for amortization of 1.348,941
discount on
27,136
21,756
24,447
29,826
Dividends
bonds..-(3%)1,192.673(3)1,192,671 (3)1.192,681(23)993,908
Balance, surplus
$1,511,776 $1,827,083 $2.442,761 $1.998,674
—V. 115. p. 303.
Atlantic Refining Co.—Semi-Annual Statement.—
The consolidated profit
loss statement for the six months ending
June 30 1922 will be found and
in the advertising columns of last week's issue
(page xxiii).
Six Months ending June 30-1921.
1922.
1920.
Gross income
$54,753,224 $60,160,170
Raw material, operating, &c., exp_ $52,509,915
_ _ 45,051.280 M,709,808 55,249.142
Net income
$7,458,635
$43,416 $4.911,028
Other income
325,233
563,075
385,243
Total income
$368,649 $5,296,271
$8,021,710
Interest
338,000
493,030
Insurance and other reserves
309,907
572.348
431,585
Depreciation and depletion
3,353,936
3,820,857
Federal taxes
1,082,132
(est
.)185,0U0
Inventory adjustment
4,484,008
Dividends
1,205,100
1,177,589
1,200,350
Balance, surplus
Previous surplus (adj.)
$1,750,124l0ss$9319,301 $2,604,965
61,398,247 67,994.785 56.324,454
Profit and loss surplus
—V. 115, p. 1103, 548. June 30_ - 463,148,371 $58,675,483 $58,929,418
Atlas Crucible Steel Co.—Merger.--
See Electric Alloy Steel
Co. below.—V. 115. p. 762.
Autocar Co., Ardmore, Pa.—Pref. Stock Offered.—The
company is offering at 102 per share $1,000,000 (new) 8%
Cumul. Prof. stock. Callable at $115. (See adv. pages.)
Stock certificates will be issued on Sept. 15 1922. All subscriptions must
be accompanied by checks
and will be given preference in order received.
Temporary receipts will be issued bearing interest at rate of6% per annum
until Sept. 15 1922. Subscrip ions should be addressed and checks drawn
to the order of W. T. Savoye, Treasurer.
.Ardmore, Pa.
The Equitable Trust Co., trustee, 37 Wall St., N. Y. Cit3r. will until
Sept. 15 receive bids for the
sale to it of 1st Mtge. Sinking Fund 7% Cony.
gold bonds to an amount
sufficient to exhaust the moneys held in the
sinking fund and at prices not exceeding 107% and int.—V. 115, p. 440.
been declared on the Common stock, payable Sept.
A dividend of 1%
15 to holders of record Sept. 5. This compares with 2% paid on the ComAutomatic Refrigerating Co., Inc., Hartford.—Stock.
mon stock in March and June last.
An official statement says: "The reduction of 1% in the quarterly diviI. H. Hamilton, Jr. Pres. & Treas., in a notice to stockholders says in
dend was due to the narrow margin of profit on sales the past six months, subst: On
May 1 1922 you were advised that the directors on April 27
THE CHRONICLE
1214
1922 voted to issue at par ($100) 2,500 additional of the authorized Capital
stock as follows: (1) Stockholders of record May 1 to have the right to
subscribe for one share of new stock for each four shares then held, such
new stock to be paid for in full on or before June 2 and to be issued as of
tha. date.
And (2) stockholders of record Sept. 1 1922 to have the right to subscribe for one share of new stock for each five shares of stock then held,
such new stock to be paid for In full on or before Oct. 2 1922 and 'to be
Issued as of that date.
All of the stock provided to be issued as of June 2 1922 was subscribed
and paid for in full.
To provide for the second allotment of new stock in accordance with the
above vote: Books for subscription have been opened at the office of
Putnam & Co., 6 Central Row, Hartford, Conn., and all subscriptions to
this second allotment of the new stock in the ratio of one share of new stock
for each five shares of record on Sept. 1 1922 must be filed and payment
in full made at their office on or before Oct. 2 1922. All fractional rights
will be adjusted between stockholders at the office of Putnam & Co.-V.
114, p. 2119.
Baldwin Locomotive Works.-Business Ahead of a Year
Ago.-The following statement from the Philadelphia "News
Bureau" of Sept. 6 is understood to be correct:
[VOL. 115.
committee believes that by Sept. 15 when the time to deposit or subscribe
expires, the full amount of stock of the new company as contemplated under
the reorganization plan will have been subscribed. The committee urges
all first mortgage holders who have not deposited their bonds to do so immediately; and also urges debenture holders and stockholders who have not
subscribed, to do likewise.-V. 115, p. 763.
Canadian Locomotive Co., Ltd.-Smaller Div.-Earns.
A quarterly dividend of 1% has been declared on the Common stock,
together with the regular quarterly dividend of 1Y,% on the Pref. stock,
both payable Oct. 1 to holders of record Sept. 20. From April 1920 to
July 1922,inclusive, the company paid 2% quarterly on the Common stock.
Resultsfor Fiscal Years Ending June 30.
1919-20.
1918-19.
1920-21.
1921-22.
Profits, after charging
profits war tax and all
special charges, allow$848,684
$278,554
$767,892
ances, &c
def$191,351
89,416
44,293
59.200
115,051
Interest from invest _ _ _
$367,969
$892,976
$827,092
Total income
def$76,299
$90,000
$90,000
$90,000
$90,000
Deduct-Bond interest
599
22,780
Lossinv. bds.sold,&c_
100,000
100.000
125,000
Depreciation reserve_ _
15,000
21,000
15,000 • 15,000
Sinking fund
25,000
25,000
Special replace. res
Prov. to reduce invest.
6,800
to market val
105,000
105,000
105,000
105,000
Pref.divs. (7%)
Common dividends___ (8%)160,000 (8)160,000(73.1.)145,000 (6)120,000
For the eight months from Jan. 1 to Aug. 31 1922 the company has
booked $30,389,611 in business, being substantially double the $15,654,390
which was booked during the corresponding period of 1921.
Business taken on during August alone was $12.292,342, or more than
was booked in the first six months of the year, which aggregated $11,824.687.
The rising tide of busin
@FedFRASER