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Bank 8r Quotation Section
11Zailway Earnings Section
VOL. 118.
rontrie.
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, APRIL 26 1924.
Pe Tim:mixle.
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WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor,Jacob Seibert: Business Manager, William D.Riggs. Treasurer,
WilllanuDana Seibert; Secretary, Herbert D.Seibert. Addresses of all, Office of CO
The Financial Situation.
Owing to the delay in tax reduction, soldier bonus
legislation and the consideration by Congress of
other disturbing and objectionable measures, the
recession in trade and business, which has been a
feature of the situation since the beginning of March,
is steadily becoming more pronounced. The encouraging factors the present week have been the favor
accorded the Dawes plan for the rehabilitation of
Germany and President Coolidge's speech at the annual luncheon of the Associated Press held at the
Waldorf-Astoria on Tuesday. An earnest of what
the adoption and general acceptance of the Dawes
plan in its larger aspects will mean was furnished
in the announcement late last night that a credit for
quite a considerable sum had been established in
favor of the new German Rediscount Bank, organized by Dr. Hjalmar Schacht, by a group of banking institutions in this and other cities headed
by the International Acceptance Bank, Inc., of
New York, of which Paul M. Warburg is Chairman. As this German Rediscount Bank is expected to be absorbed by the new note issuing
institution for which provision is made in the Dawes
plan, the significance of the event can readily be
judged. The event looks like the precursor of the big
German loan which forms an essential part of the
Dawes scheme and which can be confidently counted
upon as soon as the obstacles in the way of the carrying out of that scheme have been successfully overcome.
As to the President's speech, it was a most comprehensive survey of the outlook, foreign as well as
domestic, and was heartening and stimulating in
the highest degree. Commenting upon the Dawes
report, Mr. Coolidge with unerring accuracy remarked that "nothing of more importance to Europe
Electric Railway Secticg
State and City Sectieff
NO.3070.
has occurred since the armistice," and he expressed
gratification that the Allies were looking upon it
with full sympathy and that Germany had indicated
a willingness to co-operate in the execution of the
plan. He went further and referring to the fact that
"part of the plan contemplates that a considerable
loan should at once be made to Germany for immediate pressing needs, including the financing of a
bank," he took pains to add "I trust that private
American capital will be willing to participate in
advancing this loan." What the response is likely
to be, when the way has been safely paved for the undertaking, would seem to be clear from the announcement that has just come regarding the banking
credit arranged through the International Acceptance Bank.
The President was equally happy in his treatment
of domestic questions. Note this paragraph bearing
on the functions of Government: "The success of
the Government does not lie in wringing all the revenue it can from the people, but in making their burden as light and fairly distributed as possible, consistent with the proper maintenance of the necessary
public functions. The Government itself, in order
to be successful, and all those connected with it,
must put all of their energy upon what they can do
for the people, not upon what they can get out of
them." If only Congress could be induced to act in
this spirit business revival would speedily become an
•
assured fact.
The Paris and Berlin cables the present week have
indicated that considerable backing and filling and
jockeying for position over the Dawes report have
been going on between the. French and Germans.
This was to have been expected. Quite likely, also,
the facts have been exaggerated to some extent. Except for the further sharp recoveries in sterling,
French and Belgian exchange, it would have been
easy to believe that little or no change was taking
place in the European situation. Apparently the
British are eager to bring about an actual and complete settlement between Germany and France just
as soon as possible. Prime Minister MacDonald
made this plain in an address in York on April 19,
where he was the guest of the Lord Mayor. He was
quoted as saying, "Here is Europe's chance. Put it
into operation all at once and all together. Then
when that is done, go on 4nd finish the job and bring
peace and security to the Continent." In outlining
his position in greater detail the London correspondent of the New York "Times" said that the Prime
Minister declared :that "in regard to the Dawes report particularly, the Government had the whole
country behind it. The report should be taken as a
1956
THE CHRONICLE
whole. There were things in it he did not like, and
there were things in it that he did like, but if he began to raise this detail and that detail, France, Belgium and Germany would do the same and they
would be in exactly the same position and they would
be just exactly where they started. Even if they
agreed in those circumstances, they would never get
good-will behind the agreement. It was clear from
the report that if they went on for another two years
carrying out a policy that had been carried out for
two or three years, there would be no hope of relief
or hope of reparations, security or peace."
Woe. 118.
which means his policy toward Germany. There is
always the possibility, however, that the elections
will bring a weakening of his position. If it were
weakened too much he would, of course, resign, and
it would be for his successor to follow the same Ruhr
policy or another." Continuing to outline the French
position he observed that "so M.Poincare is going to
wait and see what the elections will bring forth. If
they leave him solidly in power it seems useless to
expect withdrawal of the French troops from the
Ruhr, regardless of the wishes of other countries."
On the other hand, the "Times" representative
It would seem logical to assume that, for several gave substantiation to the idea, intimated the
at
outreasons, the Germans and French would prefer that set in this article, namely that "this does not mean
less haste be exercised in dealing with the whole that no work will be done on the Dawes plan in the
matter. In fact, the Paris correspondent of the New next two weeks. When the Reparations Commission
York "Herald-Tribune" cabled on April 18 that "the meets Wednesday it will have before it letter from
a
recommendations of the Reparations Commission to M. Poincare to M. Barthou suggesting
that the Comthe Allied Governments yesterday that they confer mission forthwith undertake drafting official
acts to
immediately in regard to the political phases of the put the Dawes plan into operation
so far as the preDawes report, thus throwing on them responsibility rogatives of the Commission go,
leaving it to the
for any delays, resulted to-day in sharp criticism of Governments to express their
wishes when this work
the Commission by, French official circles." The is completed." The Paris representati
ve of the New
correspondent also asserted that "the Quai d'Orsay York "Herald-Tribune" said in
commenting upon
branded this move of the Commission as both bad Premier Poincare's letter
to President Barthou of
and embarrassing. Premier Poincare, to escape the Reparations Commission that
"Premier Poincare
from the accusation by foreign Governments that notified the Reparations
Commission to-day [April
French policy was retarding a general settlement, 21] that he has decided
to withhold answering it on
immediately broadcast general instructions to all whether the French Government
is ready to state its
French diplomatic officers abroad, which are to be willingness to abandon
revenues now being derived
used as the basis of their conversations with foreign from the Ruhr, along the
lines laid down in the exGovernments." He explained that "these embody the perts' report." He observed that
"since Premier
Premier's opinion that it is useless to talk about a MacDonald in his York speech Saturday
said Great
revision of the German debt total fixed in 1921 un- Britain is ready to adhere to the experts'
formula
less France's war obligations to Britain and the without reservations, Poincare's reply to the
ComUnited States are canceled completely. In case of mission takes on more importance. The French Presuch cancellation, France will be willing to accept a mier now contends that the reparations body must
minimum of 26,000,000,000 gold marks, it is set first round out the experts' program and present it
forth. These claims are not new, and their resur- in the form in which it will be applied definitely berection now is due to the declaration of the Repara- fore France may be called on to state what she will
tions Commission that the Allies must, with the least do."
possible delay, agree among themselves as to the
Elaborating the position and ideas of the French
course to be pursued if prompt and efficacious ap- Premier, the Paris correspondent of the New York
plication of the Dawes program is not to be jeop- "Times" said in a cable dispatch on April 22 that
ardized."
"Premier Poincare and Louis Barthou, French deleFrom Brussels came a dispatch dated April 19 gate on and President of the Reparations
Commisthat "Baron Moncheur, Belgian Ambassador to sion, held a long conference to-day on the attitude
to
Great Britain, had conferred with Premier Theunis be taken by the French delegation and the
procedure
and Foreign Minister Hymans concerning the fixing to be adopted by the Reparations Commission in exof a date for the proposed inter-Allied conference." amination and application of the experts' reparaAccording to the message, also, "it is reported the tions plan. Briefly, the French Premier's recomAmbassador informed the Premier that Prime Min- mendation is that the Reparations Commission
ister MacDonald would not be at liberty to attend a should establish all the procedure for application of
meeting of the Premiers before May 15; also that the the plan, should receive and examine the laws proBritish Premier would like to have the question of posed by Germany for putting the plan into effect
the inter-Allied debts included in the agenda, and and later the proposals of the allied Governments on
that if Belgium and France accepted he might agree the matter of penalties and the amount of the Gerin exchange to discuss the security of those nations." man debt—this being within the Commission's comThe Paris representative of the New York "Times" petence—and that with this knowledge and author•cabled the positive statement Monday evening that ity it should convert the experts' proposals into a
"
- no definite steps will be taken by the French Gov- definite program to be submitted to Germany for
ernment toward operation of the experts' plan until acceptance or rejection. It is stated this evening
after the French elections, which occur May 11. Pre- that M. Barthou was in entire agreement with the
mier Poincare is quite firm in his policy not to with- recommendations and policy of the Premier. It is
draw the troops from the Ruhr. There is not the also stated that the Premier intends to take early
slightest indication that he will change that stand." opportunity to show that his proposals for following
He added, however, that "it is the general expecta- this logical sequence of work is not intended to place
tion that the elections will result in strengthening any obstacles in the way of a prompt solution."
H. Poincare's position as regards foreign policy,
Am. 26 1924.]
THE CHRONICLE
1957
There has been considerable speculation in Berlin
Germany's position has not been made altogether
clear in the Berlin cable advices that have come to in the last few days as to the possible effect upon the
hand. It has been indicated, as might naturally Nationalist campaign against the Dawes report of
have been expected, that the Government of that the suddent death in a railroad accident near Berlin
country will pursue a cautious policy, and, as the on Wednesday of Dr. Karl Helfferich,"eminent GerFrench are reported to have decided to do, will not man financial authority." The Berlin correspondent
take specially definite and important steps until of the Associated Press cabled Thursday that, "as
after the elections. According to a wireless mes- one of the most bitter opponents of the Dawes-Mcsage under date of April 18 to the New York "Times" Kenna reports, Dr. Helfferich had launched a camfrom its correspondent, the various political factors paign. against Germany's acceptance of the terms,
in Germany have differed considerably as to what and it was on this issue that he planned his contest
should be done with the Dawes report. He asserted for re-election to the Reichstag." In a cablegram
that -the battle of the Dawes report is on in Ger- last evening the Berlin representative of the Philamany. The most ardent champions of its acceptance delphia "Public Ledger" declared that "the death of
are the Socialists, its most bitter foes the ultra-Na- Dr. Karl Helfferich in the Swiss railroad wreck on
tionalists and Communists. In its favor but with the eve of the elections removes one of the strongest
reservations are German Governmental and indus- pillars of German Nationalism and, following the
trial circles and many members of the moderate po- death of Hugo Stinnes, is regarded as ominous."
litical parties." He also declared that "the promptness with which the Reparations Commission folIt was definitely reported in Brussels on April 23
lowed the German Government's favorable answer that "Belgium's reply to the Reparations Commisregarding the report with the demand that Germany sion's communication with regard to the experts' reimmediately take steps to carry out its terms is bit- port is a full and complete acceptance of the report."
terly resented in German circles opposing accept- In a later wireless message the same day the Brussels
ance of the report, it being argued that the Repara- correspondent of the New York "Times" said that
tions Commission's promptness is due to French in- "Prime Minister Theunis and Minister of Foreign
stigation, since Premier Poincare wishes to impose Affairs Hymans will, it is understood, go to Paris
upon Germany immediately all the burdens sug- very shortly for the purpose of discussing with Pregested in the Dawes report, while nevertheless re- mier Poincare the questions raised by the experts'
serving for France complete freedom of action re- report. The Belgian Government considers that an
garding the carrying out by her of measures such as exchange of views might be helpful. It expected
Ruhr evacuation, declared by the experts necessary that the two Belgian Ministers will go on from Paris
to the successful working of their program." In a to London, where they hope to have a conference
cablegram three days later the Berlin representative with Prime Minister MacDonald." It was definitely
of the New York "Herald-Tribune" said that "Ger- stated in a special Paris dispatch to the New York
many intends to propose to the Allies the establish- "Times" yesterday morning that "it was announced
ment of a special neutral court to supervise the exe- [in Paris on Thursday] that "Premiers Poincare and
cution of the reparations settlement. According to Theunis would have a conference Monday in Paris
Government leaders with whom I discussed this pro- and that later in the week M. Theunis and Mr. Macposal to-day, the Dawes report fails to provide an Donald would discuss the situation."
agency for interpretation of possible disputes that
The Paris cable dispatches have contained several
may arise in the course of Germany's fulfillment of
her obligations." He added that "such disputes references to what is claimed to be the policy of the
might have to do with the precise meaning of some of French Government with respect to paying her war
the phraseology or provisions of the reports. The debt to the United States. In a cablegram April 22
court which Germany has in mind would be called the Paris correspondent of the New York "Heraldupon to interpret such disputed points and its de- Tribune" stated that "France, it was learned to-day,
cisions would be final. There are several other is prepared to demand a four-year moratorium in
points in the Dawes report which German leaders connection with her war debts to the United States
will seek to have cleared up."
and Great Britain if this matter comes up and is
The same correspondent made the rather surpris- pressed during the forthcoming reparations negoing and even startling statement that "so far as tiations." He added that "it is understood that the
Germany is concerned, the New York 'Herald-Trib- Government is willing to work out the debt problem
une'is enabled to say authoritatively that she is now on the basis that a percentage of the receipts from
prepared to put the experts' scheme into immediate Germany be allocated to the United States and Britoperation, without further discussion or negotia- ain. This follows the line of settlement adopted with
tions with the Reparations Commission, should this regard to payment of the costs of the American Army
body consider such discussion unnecessary. Ger- of Occupation, the agreement in that case being that
many is ready to leave settlement of all disputed Washington is to be paid in installments when Gerpoints to diplomatic negotiations with the French many makes her future payments." The Paris repreGovernment." He also claimed that "this sudden sentative of "The Sun" of this city said in a message
eagerness to waive all disputed matters and proceed to his paper the next day that "France will ask the
immediately with realization of the experts' plan as United States to accept yearly installments of the
it stands may be attributed first of all to what many railway bonds and industrial debentures to be issued
prominent Germans privately admit the decidedly by Germany as payments of France's war debt to
favorable character of the Dawes plan. Secondly, America. This is the reason behind the French deit is desired to rush this through so as not to give sire to hasten the completion of the experts' plan by
Premier Poincare an opportunity to emphasize appointments which will start the mechanism in
his own reservations and interpretations of the operation despite any quibbling over such details as
plan."
penalties and securities, which may be left for set-
1958
THE CHRONICLE
tlement at any time during the initial period of the
plan's application." He claimed also that "the plan
provides that the debentures, etc., shall be issued
'forthwith' to a trustee, who will transfer them as
called for to the special transfer committee which is
charged with the maintenance of the world's exchange equilibrium."
[voL. 118.
April 22, he was reported to have said that "there is
no revolt in the Liberal Party against the leadership
of Herbert Asquith, but there is a revolt against the
'humiliating position under which the Liberal Party
is expected to keep in power a Government that has
never concealed its hostility toward that party.'"
He was quoted as saying also that "we are told that
there is not to be an election for two or three years.
Judging from Paris cable advices there is about Meanwhile the Liberals are to be dragged like oxen
the same degree of apathy on the part of the French by Labor over the rough roads of Parliament and at
people toward the,forthcoming elections as is often the end they are to be slaughtered." According to
manifested in the United States. The Paris corre- an Associated Press dispatch, "the former Prime
spondent of "The Sun" cabled on April 24 that, Minister asserted that the MacDonald Government
"with the French elections two weeks off, voters still had dissipated the stock of good-will of those who
are showing little interest, the apathy being so had put them in office, and added: 'But no selfmarked that it is the general expectation that the respecting party can go on supporting a Government
abstentions will be quite as large as at the last elec- that has treated them in the way Labor has treated
tion, when only 32% of those qualified voted. One the Liberal Party.!" Commenting upon the speech
of the reasons attributed for this is the inconspicu- of Prime Minister MacDonald at York, the London
ous character of the candidates on most tickets, few representative of the Philadelphia "Public Ledger”
men of big affairs or of conspicuous services offer- declared that "the reaction in the ranks of his party
ing themselves in Paris, the old Parliamentary lead- after Prime Minister MacDonald stood face to face
ers, in particular, selecting the country districts with his detractors at the Labor Party's annual conwhere the campaigning is quieter. Nevertheless, the ference in York yesterday made it apparent to-day
tickets are even more numerous than at the last elec- that he had won his way through." The correspondtion, running up as high as 14 in some districts."
ent added that "some of those with whom he had
Much the same degree of uncertainty as to the out- worked for 30 years in an effort to further Socialism.
come of the German elections appears to exist. In challenged him on the point that as Prime Minister
an Associated Press dispatch dated April 24 it was he was not even a faint 'pink,' but he satisfied the
said that,"although the balloting for the new Reich- majority, at least for a time, with his statements
stag is only ten days off, the situation continues to that his work 'is hard and difficult,' that the Cabinet
be one of utter confusion, due to the fact that 23 'is terribly overburdened,' and that 'we are doing
parties are listed on the official ballot, of which our best.'" In a London dispatch Thursday evening
only ten are to be taken seriously. The Nationalists it was claimed that "Liberal dissatisfaction with the
are demanding rejection of the Dawes report, the attitude of the Laborites, of which ex-Premier Lloyd
return of prisoners taken by the French in the Ruhr George's speech on Tuesday is the latest important
and the scrapping of.the Versailles Treaty, while the expression, continues to be the chief topic in domes.Socialists, Clericals and Democrats are waging a tic politics." It was also stated that "Benjamin
fight on the question of salvaging Germany's inter- Spoor, chief Government whip, yesterday declared
nal and foreign situation with the aid of the experts' in an address that Mr. Lloyd George's charge of un.
recommendations. In this they have the negative mitigated Labor hostility to the Liberals was unsupport of Foreign Minister Stresemann's People's true." Mr. Spoor was quoted as saying also that
Party, which is inclined to support them in an effort "the fact was that the Liberal Party was hopelessly
to elect a Reichstag that will yield a working coali- divided, a much smaller section being with Mr. Lloyd
tion in favor of putting the experts' proposals into George. This might explain the former Premier's
prompt and active execution. None of the old party petulance."
leaders is willing to hazard a guess on the prospects
Former Premier Lloyd George continues to attack
in store for the respective parties, although all con- other British political parties, the Conservatives as
cede obvious gains to the Nationalists and Commu- well as the Labor Party. According to a wireleos
nists, some pre-election estimates placing the num- dispatch from the London correspondent of the New
ber of seats which will probably be captured by York "Times," dated April 24, "one of the chief reaLudendorff and the old Nationalist parties at 120. sons why the Liberal Party put the Labor Party in
Unless the new party line-up permits construction of office, Mr. Lloyd George told his constituents in a
a coalition Government comprising Socialists, Cler- speech to-day, was that the record of their Conservaicals, Democrats and Stresemann's People's Party, tive predecessors had been marred by 'that appalling
there is a strong prospect that the balloting May 4 settlement of the American debt which we incurred
will terminate in a deadlock, the sequel of which will for our Allies.' The former Premier said that after
be an early dissolution of the new Parliament and the general election the Liberals had to choose befresh elections."
tween a 'die-hard' Government, committed to the destruction of the country's fiscal system, and a SocialThe discontent within the British Liberal Party ist Government, committed to the destruction of its
with respect to the Labor Party appears to be grow- economic system. The Conservatives had, however,
ing. Reference was made to this situation last week. immensely lowered British prestige in the world,
More recent cable advices indicate clearly that for- and there was also their action with regard to the
mer Premier Lloyd George at least takes the position American debt." According to the dispatch also,
that Premier MacDonald and his party could not "Mr. Lloyd George then derided Premier Ramsay
keep in power without the support of the Liberals, MacDonald for his recent statement that Labor
and that he for one is getting tired of helping sup- would form no coalitions, but would remain in office
port a Government that he claims is not proving sat- three or four years and carry out the Labor ideas.
isfactory. Speaking in Llanfair-Fechan, Wales, on It was, he said, humbug, to assert that the Govern-
Am. 26 1924.]
THE CHRONICLE
ment would ever be able to carry out typical Labor
ideas, or that it eschewed coalitions, when its Cabinet included two Conservatives, Lord Chelmsford
and Lord Parmor, and one Liberal, Lord Haldane."
The finances of the Irish Free State have also
attracted attention. The advices relative to the
probability of loans being offered in the near future
have been rather conflicting. International bankers
in this city were reported to have heard that an internal loan for £10,000,000 would be brought out
soon. This was at variance with statements in an
Associated Press dispatch from Dublin under date
of April 21. According to the latter, because of a
proposed reduction of £13,877,026 in the budget, it
was thought that a loan this spring would be averted.
Whether of not an internal loan is offered this
spring it is expected that an external loan will be
sought next year.
A conference was held in London this week between representatives of Northern and Southern Ireland "for adjustment of the boundary between Ulster
and the Irish Free State." According to an Associated Press cablegram from the British capital Thursday evening it broke up during the afternoon "without result." The representative at the same centre
of the Philadelphia "Public Ledger".said that, "with
the present impasse unbroken, Prime Minister MacDonald may find himself grasping a nettle that he
may not be able to drop however long he remains in
power." He declared also that, "not only has nothing happened to bring Northern Ireland and the
Free State nearer since the last conference, nearly
three months ago, but events in the interirri in both
sections would seem to have the effect of further emphasizing the deadlock. If both factions are found
unyielding through personal negotiations, the responsibility for settlement will be squarely upon the
Labor Government. This means that the Irish question will be back in the midst of English politics."
In a cablegram last evening the London correspondent of the Philadelphia "Public Ledger" went so far
as to say that "the breakdown of a conference on the
Irish boundary dispute after an all day session between representatives of the Irish Free State and
the Ulster Government in all probability heralds new
troubles for Ireland. It is not pleasant to indulge
in the prophecy, but any day may see a return to
bloodshed—slaughter as wanton as it will be futile.
This development seems inevitable."
1959
of her people." In his reply Mussolini declared that
‘'you are conferring prizes on me in advance. My
work is only just beginning, and I would have preferred that Rome should accept me when my labors
are done." Referring to Senator Cremonesi's passage about "imperial Rome," Mussolini said:"Rome
is the only city in the world which has a universal
history, and we must continue her glories. Imperial
Rome must live again. Indeed, it lives already in
spirit, because we have the means Of doing it and
we do not lack genius. In Rome there are two main
classes of problems, problems of practical necessity
and problems of moral grandeur. The first consists
in lack of houses and means of communications. This
will be faced and solved immediately. The problem
of greatness consists largely in removing the other
problems, that Rome may be worthy of her history
and glory, which constantly renews itself. To do
this we must have faith and tenacity, such as the
ancient Romans had."
Denmark has a Cabinet again. The resignation of
lhe former Ministry was noted in last week's "Chronicle." In a Copenhagen dispatch dated April 23, it
was stated that "King Christian of Denmark received Premier Stauning, head of the new Labor
Government, at an audience to-day and accepted the
Premier's list of Ministers, all of whom, with the
exception of Count Moltke, Foreign Minister, are
members of the Danish Socialist Party." The correspondent observed that "Mrs. Nina Bang, a widely
known economist, is Minister of Education—the
first woman to hold a Cabinet post in Denmark."
He explained also that "the Danish Labor Cabinet
holds a position similar to that of the British Labor
Government, as the Labor Party secured Only 38%
of all votes cast at the elections."
Leon Trotzky has returned after an absence of
about six months in the Caucasus on account of ill
health. The Moscow correspondent of the Associated Press cabled on April 20 that he had addressed
"numerous political meetings" since his return. Apparently he is as radical as ever. The correspondent
said that "in the course of a long speech at Tiflis, the
text of which has just been received here, M. Trotzky
referred to the fact that the United States and
France have not yet recognized Russia. He described France as pursuing a system of willful blackmail toward Russia by encouraging Poland, Rumania and Turkey to act against the Soviet."
Trotzky was reported to have asserted that "France
possessed the largest army in the world and wielded
the iron fist of the capitalist, while the United
States commanded the greater part of the wealth of
the whole world because of Europe's imperialistic
war." Referring specifically to the United States,
he was quoted as saying that "it has become a colossal tower of Babel and is trying to digest in its stomach all the huge gains it realized from the war. It is
now keeping aloof from European affairs, but at the
same time is carefully preparing for future war. It
is placing aviation and asphyxiating gas foremost
in its equipment; it is developing these destructive
agents not only for a struggle against enfeebled
Japan, but also against Europe."
Premier Mussolini of Italy appears to be as popular and strong with his people as ever. Last Monday, on the occasion of the 2677th anniversary of the
founding of Rome, he was accorded the freedom of
the city. Senator Cremonesi, Royal Commissioner
of Rome, who made the presentation speech, declared that the honor "is reserved for the highest,
and is coveted by many, but granted to few." He
said that it "was bestowed in recognition of Signor
Mussolini's signal services in 'saving Italy from the
forces of anarchy and revolution, and preparing the
way for new conquests and new glories.'" Continuing, he said that "Rome must again become the radiant capital of the Latin world. Rome must again
conquer the imperial dignity. She must not rule by
Touching upon another feature of the greatly conforce of arms, or grow rich by the labor of subject
peoples, but she must again lead the world in virtue fused state of affairs in Russia, the Moscow correof the genius of her sons and the indomitable virtues spondent of the Philadelphia "Public Ledger" as-
1960
THE CHRONICLE
serted in a wireless message under date of April 21
that "capitalism has made such a tremendous comeback under the Soviet's new economic policy that one
of the most important topics confronting the Communist Party Congress next month will be how best
to scotch Communism's deadly foe and prevent the
necessity of doing the work of the revolution all over
again." Continuing he claimed that "private capital already has, recaptured more than 83% of the
country's retail trade, despite the establishment of
a vast net of no-operative and Government stores.
It does more than half the business from wholesaler
to retailer and steadily is making further conquests
in this field."
Official discount rates at leading European centres continue to be quoted at 10% in Berlin, the rate
fixed on Rentenmarks last December and the basis
on which nearly all transactions are now negotiated;
7% in Norway and Denmark;6% in Paris; 5/
1
2% in
Belgium and Sweden; 5% in Holland and Madrid,
and 4% in London and Switzerland. Open market
discounts in London have not been materially
changed and sho'rt bills closed at 2 15-16@3%,against
215-16@3% and three months' bills at 3 1-16@3/
1
2%,
against 3@33-16% last week. Call money at the
British centre has been strong, however, and advanced to 23
4%,but closed unchanged at 17
/%. At
Paris and Switzerland, open market discount rates
remain at 5/
1
2% and 3%,respectively, unchanged.
The Bank of England in its statement for the week
ending April 23, reported an addition to its gold
holdings of £10,823, while reserve was expanded
£632,0O0, in consequence of a further contraction of
£621,000 in note circulation. Moreover, the proportion of reserve to liabilities has risen to 18.85%,
from 18.58% last week and 18.15% for the week of
April 9. At this time a year ago the reserve ratio
was 20% and in 1922 19.35%. There was a decline
of £4,698,000 in public deposits, but "other" deposits
increased £6,310,000. The bank's tempo ary loans
to the Government increased £1,320,000. Loans on
other securities fell £350,000. Gold holdings are now
£128,122,914. This compares with £127,519,323 in
1923 and £128,872,818 a year earlier. Reserve totals
£23,015,000, against £24,490,098 last year and £26,015,763 the year before that. Loans amount to £74,493,000, in comparison with £67,605,209 and £78,461,
465 one and two years ago, respectively, while note
circulation is now £124,857,000, as compared with
£122,779,225 in 1923 and £121,307,055 the year before. Clearings through the London banks for the
week were £507,035,000, against £761,168,000 a week
ago and £768,919,000 last year. No change has been
made in the bank's official discount rate from 4%.
We append herewith comparisons of the different
items of the Bank of England returns for a series of
years:
BANK OF ENGLAND'S COMPARATIVEISTATEMENT.
1924.
1923.
1922.
1921.
1920.
April 23. April 25.
April 26. April 27. .4pr6 28.
£
£
£
£
£
Circulation
124,857,000 122,779,225 121,307,055 128,519,725 107,883,945
13,705.000 14.006.105 14,668,589 15,291.989 17,902.788
Public deposits
108,377.000 108,641.070 119,698,251 125,968,268 122,478,225
Other deposits
Governm't securities 42,237,000 48,205,684 47,534,146 54.627,043 59,804,621
Other securities_ _ _. 74.493.0110 67,605,209 78,461,465 86.041.315 75,164,428
Reserve notes & coin 23,015.000 24,490,098 26,015,763 18,288,445 23,084,366
Coln and bu11ion._ _128,122.914 127,519,323 128,872,818 128,358,165 112,518,311
Proportion of reserve
18.85%
20%
to liabilities
19.35%
12.94%
16.44%
3%
4%
Bank rate
-Ilse& 4%
6%
7%
[VOL. 118.
circulation during the week, following reductions in
the two previous weeks of 202,225,000 francs and
68,186,000, respectively. The total of notes outstanding is thus brought down to 39,824,094,000
francs, comparing, however, with 36,547,982,155
francs at the corresponding date last year and with
35,787,207,750 francs the year previous. In 1914,
just prior to the outbreak of war, the amount was
only 6,683,184,785 francs. A further small gain of
220,000 francs was shown in the gold item. The
Bank's stock of gold therefore now stands at 5,542,-353,850 francs, at which figure comparison is with
5,536,763,947 francs last year at this time and with
5,526,877,933 francs the year before; of the foregoing
amounts 1,864,320,900 francs were held abroad in
1924, 1,864,346,927 francs in 1923 and 1,948,367,056
francs in 1922. Silver also registered a small gain,
the increase in that item being 260,000 francs. On
the other hand, decreases were reported in all the
other items, viz.: bills discounted, 91,948,000 francs:
advances, 39,656,000 francs; Treasury deposits, 837,000 francs, and general deposits, 61,791,000 francs.
Comparisons of the various items in this week's
return with the statement of last week and corresponding dates in both, 1923 and 1922 are as follows:
SANK OF FRANCE'S
Changes
for Neek.
Gold Holdings—Francs,
In France '
Inc.
220,000
Abroad
No change
COMPARATIVE STATEMENT.
Status as of
April 24 1924. April 26 1923. April 27 1922,
Francs.
Francs.
Francs.
3,678,032,950 3,672,419,019 3,578,510,877
1,864,320,900 1,864,346,927 1,948,307,050
Total
Inc.
220,000 5,542,353,850 5,536,763,947 5,526,877,933
Silver
Inc.
260,000
298,603,000
292,023,828
282,732,290
Bills discounted. _ _Dec. 91,948,000 4,602,939,000 2,368,454,473
2,580,265,334
Advances
Dec. 39,656,000 2,564,704,000 2,15.5,479,149 2,295,110,592
Note circulation_Dec. 119,057,000 39,824,094,000 36,547,982,155 35,787,207,750
Treasury deposits_Dec.
837,000
17,666,000
27,177,103
53,962,318
General deposits_ _ Dec. 61,791,000 2,419,338,000 2,088,909,265 2,358,045,926.
The Federal Reserve Bank statement issued at the
close of business on Thursday afternoon showed another addition to gold stocks, but a contraction in
bill holdings. The System reported a gain in gold of
$9,000,000. Rediscounts of Government secured paper fell $2,500,000, but "all other" increased $5,700,000. Holdings of bills bought in the open market,
however, were reduced $36,000,000. The total of discounted bills is now $472,843,000, as against $636,597,000 at this time a year ago. Earning assets were
smaller by $25,000,000 and deposits fell $11,000,000.
The New York bank added no less than $50,500,000
to its gold holdings and showed a contraction in the
rediscounting of all classes of paper reaching $13,600,000. Open market purchases were reduced no
less than $26,800,000. In earning assets there was a
reduction of $38,000,000, but deposits increased
$6,300,000. The amount of Federal Reserve notes in
circulation in both the combined and the local statement was decreased--$26,000,000 in the former and
$2,000,000 in the latter. Member bank reserve accounts were reduced $5,000,000 for the group, but at
New York expanded $6,700,000. Owing to the increase in gold reserves reserve ratios were again increased, the System gaining 1.0%, to 81.6%, and the
New York bank 4.2%, to 90.8%.
Last Saturday's statement of the New York Clearing House banks and trust companies made a greatly
improved showing, the deficiency of the previous
week being entirely wiped out and a large surplus
reserve established. There was a moderate expansion in loans, viz. $26,186,000, while demand deposits
The Bank of France in its weekly statement shows were increased $80,270,000, to $3,886,695,000. This
a further contraction of 119,057,000 francs in note total is exclusive of Government deposits to the
Am. 26 1924.]
THE CHRONICLE
amount of $44,277,000, a decline in the latter item of
$7,767,000. Cash in own vaults of members of the
Federal Reserve Bank was reduced $1,748,000, to
$44,420,000, which is not counted as reserve. Reserves of State banks and trust companies in own
vaults fell $255,000, but the reserves of these institutions kept in other depositories increased $201,000.
Member banks added no less than $51,556,000 to
their reserves at the Reserve Bank, a factor which,
of course, served to counteract the heavy increase in
deposits and bring about a gain of $40,755,270 in
surplus reserves. After deducting last week's deficiency in reserve of $8,582,370 this left excess reserves of $32,172,900. The above figures for surplus
are on the basis of reserve requirements of 13% for
member banks of the Federal Reserve System but do
not include $44,420,000 held by these banks on Saturday last.
1961
that is, Monday, Tuesday and Wednesday, the call
market was dull to the point of stagnation and all
loans were negotiated at 4%, which was the only
rate quoted, and the high, low and renewal figure
on each of these days. An easier feeling developed
on Thursday, and although the ruling rate was still
4%,there was a decline to 33'% before the close; the
high was 4%. Friday the basis for renewals was
4%, the maximum quotation for the
lowered to 33
day, with the low 332%. For fixed-date maturities,
also, the trend was downward, and after opening at
43/2%, sixty-day money was reduced to 4%%, with
all periods from ninety days to six months at 434@•
432%, against 43/2% last week. Time money was in
abundant supply, but,the demand was light, and
trading was dull and lifeless. No important trades
were noted. The above figures are for mixed collateral and all-industrials without differentiation.
Mercantile paper rates have not been changed
from 43@4Y17
0 for four to six months' names of
choice character, with PA% asked on names less well
known. New England mill paper and the shorter
choice names are being dealt in the same as heretofore
at 43/2%. A fair inquiry was reported, particularly
from country banks, but the supply of prime names
continues scanty.
Banks' and bankers' acceptances have been lowered and were actively dealt in, with both city and
interior institutions among the buyers. A feature
of the week was the interest shown by individual investors, also some buying for foreign account. The
week's turnover was larger than for some little time.
For call loans against bankers' acceptances the rcsted
rate of the American Acceptance Council has been
reduced to 332%,from 4% a week ago. The Acceptance Council makes the discount rates on rrime
bankers' acceptances eligible for purchase by FeCeral
Reserve Banks 4% bid and 37
/
3% asked for bills
1
bid and 4%
running 30, 60 and 90 days, 4/%
asked for bills running 120 days, and 41
4% bid and
438% asked for bills running 150 and 180 days.
Open market quotations follow:
This week's local money market has been a continuation of that of last week,with ease the chief feature
again. There was no semblance of a flurry. The
tendency, on the contrary, was toward a still lower
level. On Thursday, for instance, after renewing at
4%,call money dropped to 3/
1
2%. Yesterday renewals were made at 334%, while loans again declined
to 31/2% on the Stock Exchange. So-called "outside"
loans of call money at 3%7
0 on both Thursday and
Friday were reported. These quotations are expected to result, as usual, in the withdrawal of outof-town funds temporarily from the New York market, and somewhat higher rates. The latter easily
may be helped along by the close approach next
week of the end of the month, and the customary
preparations for interest and dividend payments on
May 1. The ehse of the local money market was demonstrated also by the decline in the offering price of
time money from 43
/
4 to 41/
2%,and of the corresponding lowering of the bids from 4/
1
2to 41/
4%. The Federal Government was not an appreciable factor in
the New York money market. With continued short
selling and liquidation of stocks, and with the buying said to have been largely professional, the money
SPOT DELIVERY.
30 Days
60 Days.
90 Days.
requirements of the stock market continued moderPrime eligible bills
40g3%
4@354
4@334
ate. More funds may have been needed to take care
FOR DELIVERY WITHIN THIRTY DAYS.
454 bid
temporarily of the new offerings of securities, which Eligible member banks
4 bid
Eligible non-member banks
made a pretty good-sized total. The moderate recession in some lines of business continues. The inThere have been no changes this week in Federal
crease over the previous week of more than 19,000 in
Reserve Bank rates. The following is the cchedule
the latest car loadings to be made public, furnished
of rates now in effect for the various clases of paper
ground for hope that the business of the country was at the different Reserve banks:
turning upward again. Even if it does the change is
DICOUNT RATES OF FEDERAL RESERVE BANKS IN FFE T
not likely to be sufficient to affect the money market
APRIL 25 1924.
in the immediate future. There were various conPaper Maturing—
flicting reports again with respect to international
After 90 After 6
hut
Days. ha
loans, but nothing very definite came to hand until
Within 6 Within
Within 90 Days.
Months. Months.
RESERVE
last evening, when announcement was made that the FEDERAL
BANK.
A yrtcut.
Conercial Recur. by
International Acceptance Bank, Inc., of this city, in
and
and
A pricut. U. S. Bankers Trade
Accep- Asap- Livestock Livestock
Govt.
&Linen
connection with a large number of prominent local
Paper. Obliga- tances. Lances. Payer. Paper.
n.41.11.
Sons.
and out-of town American financial institutions,
434434
Boston
454
5
434
had arranged a credit for the new German Gold Re- New York
434
434
iii
434
434
634
Philadelphia
434
434
5
434
431
434
discount Bank. As, under the terms of the Dawes Cleveland
434
434
434
454
454
454
Richmond
434
434
431
434
434
434
434
434
434
434
report, it is expected that the German Gold Redis- Atlanta
434
434
434
Chicago
434
434
434
434
434
Louis
434
43.4
434
434
434
434
count Bank will be absorbed by a new note-issuing St.
Minneapolis
434
434
434
434
434
434
City
434
434
434
434
434
434
bank, naturally special significance was attached Kansas
Dallas
454
434
434
434
434
434
434
436
431
434
434
434
to the credit for the temporary German institution. Ban Francisco
•Including bankers acceptances drawn for an agricultural purpose and secured
by warehouse receipts. &c.
Dealing with specific rates for money,loans on call
/@4%. Last week the range
covered a range of 31
Movements in the sterling exchange market have
was 4@4%. During the first half of the week, been in line with the expectations of those who have
1962
THE CHRONICLE
for some time past been confidently predicting higher
levels, and the feature of the week has been an advance of nearly 5 cents in the pound, carrying demand bills up to 4 40, or the highest point touched
this year. Trading, except at stated intervals, continued relatively quiet. At the opening the Easter
Monday celebration abroad caused almost total
suspension of operations in this market. With the
resumption of regular business on Tuesday, however,
pronounced activity developed. Several large international banking houses entered the market as buyers of round amounts, while what was evidently an
accumulation of foreign orders over the triple holiday
made their appearance. As the supply of commercial
bills offering just now is comparatively light, this
flood of orders sent values up precipitately. The
spurt of activity, however, proved short-lived, and
by Wednesday afternoon the market had resumed
its wonted calm. As a result, though, prices were
firmly held, there was a tendency toward recession
and the final range was 4 37J/@4 37%.
Among the principal factors making for strength
were not only the continued and unmistakable evidences of real tangible results to accrue from acceptance of the Dawes plan for reparations settlement,
but the favorable attitude adopted by President
Coolidge toward the whole scheme, which was at
once construed as indicating that American private
interests would have a hand in the rehabilitation of
European financial affairs, and the reported agreement between France and Great Britain over certain
details of the experts' scheme, thereby removing
an element of friction.. It is argued that with
America's backing, success is virtually assured. The
belief seems pretty general that Germany is practically at the end of her resources and greatly in need
of a settlement, and that a settlement is essential also
for the best interests of France notwithstanding the
recovery of the franc. Nevertheless, operators are
still biding their time, and plainly disinclined to
enter into speculative commitments, for the present
at least.
Referring to quotations in greater detail, sterling
exchange on Saturday last was strong and appreciably higher; demand bills gained nearly 3 cents in
the pound to 4 363/
8@4 38 7-16, cable transfers
8@4 38 11-16 and sixty days to
moved up to 4 369/
4 33%©4 36 3-16; the chief cause of the strength
was light offerings and a brisk inquiry. On Monday
trading was reduced to a minimum owing to observance of the Easter holiday in London and on the Continent; rates, however, continued very firm and the
range was 4 37 1-16@.4 38 11-16 for demand,
4 37 5-16(4)4 38 15-16 for cable transfers and
4 34 13-16@.4 36 7-16 for sixty days. Almost sensational strength developed on Tuesday and sterling
3 on heavy
prices jumped another 2 cents, to 4 39%
%, while cable transfers
buying; the low was 4 383
ranged between 4 38%@4 39% and sixty days
between 4 36%@4 373/g; an accumulation of orders
over the double holiday was held responsible for the
unusual activity. Wednesday's market was narrow,
although there was a further gain of cent; demand
moved between 4 38%@4 40, cable transfers between 4 38%®4 403I and sixty days between
4; trading was quieter, and inclined to
4 363'©4 373
be spotty. Reaction set in on Thursday, which
carried sterling to lower levels; demand declined to
4 37@,4 383I, cable transfers to 4 373j@4 383A and
sixty days to 4 34%@4 36. On Friday the under-
[VOL. 118.
tone was nervous and easier; hence quoted rates receded to 4 37%@4 37% for demand,4 37%@.4 37%
for cable transfers and 4 34%@4 353/i for sixty days.
Closing quotations were 4 34 15-16 for sixty days,
4 37 3-16 for demand and 4 37 7-16 for cable transfers. Commercial sight bills finished at 4 37 1-16,
sixty days at 4 34 7-16, ninety days at 4 33 5-16,
documents for payment (sixty days), 4 34 13-16, and
seven-day grain bills 4 36 9-16. Cotton and grain
for payment closed at 4 37 1-16.
Only one small consignment of gold was received
this week, 13 boxes on the Berengaria from England,
value not given. It is learned that a shipment of
240 boxes valued at 250,000,000 gold francs were
sent from Paris to England by the destroyer Turbulent on April 8 The International Acceptance Bank
has received a shipment of $5,950,000 in gold from
Holland, on the Holland-America liner Rotterdam.
In the Continental exchanges the animation was
even more pronounced. Trading—at least after the
period set aside for Easter holiday observance had
elapsed—was brisk, excited and the trend sharply
higher. French and Belgian francs repeated their
performance of the previous week, the former shooting up with sensational rapidity to 6.82M,an advance
of 64M points, while the latter gained 44 points, to
5.82, both new high records for the current year,
although before the close nearly all of this was lost.
Large buying orders, partly representing holiday
accumulation and partly extensive covering operations on the part of European interests who are still
short, were the feature. German and Austrian
concerns were said to be heavily involved. President Coolidge's utterances regarding the Dawes
plan made a highly favorable impression, and a
general feeling of buoyancy pervaded the market.
Even the most conservative are beginning to regard
the outlook for settling the difficult reparations
problem as greatly improved. On the other hand,
French authorities, who a few weeks ago were buying
up francs in huge quantities to check the slump in
values, are now almost as concerned over the too
rapid advance. Since March 10 last, there has been
a rise of no Iess than 3.39 cents in the value of the
franc, more than doubling it, and the great appreciation is said to be having an unfavorable effect on
France's export business. A number of cancellations
of orders payable in francs is claimed to have already
occurred. Automobile, perfumery and toilet article
makers are said to be among the heaviest sufferers
in this respect. _ It is contended that despite all
attempts to halt speculation for a decline in francs,
a short interest of colossal proportions was created,
especially by operators in Central Europe who had
profited through the collapse of Germany's paper
currency and expected to do likewise with the franc.
What has happened, however, has completely upset
their calculations and the short covering which commenced with the placing of the Morgan credit has
been greatly accelerated by the rapid strides apparently being made in clearing up reparations troubles.
The developments of the past week which sent franc
values skyrocketing have been the result of frantic
attempts to cover. The movement has not been
confined to any one centre, New York, London and
Amsterdam markets being reported as swamped with
buying orders. Just what steps can or will be taken
to arrest the advance has been a subject which has
aroused keen attention here. Later in the week
APR. 261924.]
1963
THE CHRONICLE
trading quieted down somewhat and fluctuations Chilean exchange was firm and advanced to 11/,
8, but Peru was not changed from 4.00.
/
2,with against 103
/
became irregular. Francs sold down to 6.251
Eastern exchanges showed strength in all
Far
The
a
as
Antwerp following a parallel course, partly
yen, which again touched a new low
Japanese
but
Lire
claimed.
result of profit taking sales, it was
because of national politics and partly
partly
record,
changed,
essentially
ruled strong, but has not been
trade conditions created by
abnormal
of
result
a
as
sluggish;
continues
and trading in this currency
Hong Kong finished at
fall.
last
earthquake
the
is
lire
of
future
the
albeit sentiment regarding
51%@52;
against
Shanghai, 71.14@
523'@52%,
shortadvance
sizable
a
for
look
some
and
improving
ly. Notwithstanding the gyrations in neighboring 71M, against 70@703'; Yokohama, 39.30@39.40,
exchanges, Reichsmarks and kronen have remained against 40.50@40.55; Manila, 49%@49M, against.
1 @49M; Singapore, 513@513', against 50%@
relatively unchanged and the same is true of the 493.
minor currencies of Central Europe. Greek exchange 51; Bombay, 3134@319/s. against 30%@31, and
has been strong, advancing from 1.92 to 2.003', Calcutta, 31M@31%, against 307A@31.
though no specific reason has been assigned therefor.
Pursuant to the requirements of Section 522 of the
The London check rate on Paris closed at 69.60,
Act of 1922, the Vederal Reserve Bank is now
Tariff
sight
York
comparing with 69.65 last week. In New
daily to the Secretary of the Treasury the
certifying
against
6.273',
at
French
centre
finished
bills on the
for cable transfers in the different councommerrate
buying
6.27;
against
6.283,
transfers
at
6.26; cable
world. We give below a record for the
commercial
the
of
tries
and
2
6.25,
bills
6.263/
at
against
,
sight
cial
4 a week earlier. week just past:
sixty days at 6.2114, against 5.913
Antwerp francs closed the week at 5.35 for checks and FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
5.36 for cable transfers, in comparison with 5.36 and
APRIL 19 1924 TO APRIL 25 1924, INCLUSIVE.
5.37 last week. Closing rates on Berlin marks were
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
unchanged at 0.000000000022. Austrian kronen reMonetary
and
Country
Unit.
April 19 April 21.Aprit 22.April 23 April 24.April 2.5.
mained at 0.00143', the same as the previous week.
a
s
$
S
$
$
EUROPELire finished the week at 4.45 for bankers' sight bills Austria,
.000014 .000014 .000014 .000014 .000014 .000014
krone
.0536
.0572
.0543
.0571
.0541
.0542
franc
Belgium,
and 4.46 for cable remittances. Last week the close Bulgaria, ley
.007267 .007322 .007289 .007278 .007267 .007289
kron .029520 .029560 .029596 .029546 .029511 .029411
was 4.423@4.433'. Exchange on Czechoslovakia Czechoslovakia,
.1676
.1677
.1678
.1674
1664
.1666
Denmark, krone
pound sterclosed at 2.943', against 2.953; on Bucharest at England.
3731 4.3820
3896
4.3940
4.3823
.3810
ling
.025097 .025111 .025108 .025118 .025110 .025102
markka
0.523', against 0.523'; on Poland at 0.000012 (un- Finland.
.0628
.0638
.0671
.0672
.0635
.0632
France,franc
a
a
a
a
a
a
reichsmark
changed), and on Finland at 2.52 (unchanged). Germany,
019175 .019277 .019473 .020018 .019939 .019990
Greece,drachma
.3721
.3720
.3713
.3722
.3728
.3728
Holland, guilder
Greek exchange finished at 2.00 for checks and 2.003' Hungary, krone
000013 .000014 .000013 .000013 000013 .000013
.0445
.0445
.0447
.0450
.0444
0445
Ilra
for cable transfers, against 1.90 and 1.903/2• the Italy,
.1389
.1391
.1395
.1392
.1388
.1384
Norway, krone
b
b
b
b
b
b
Poland, mark
.0311
.0313
.0311
.0313
week previous.
.0316
Portungal,escud0 . .0312
.005212 .005194 .005210
As to the neutral exchanges, formerly so-called,
movements have not been commensurate with those
in the larger Continentals, though trending in similar
directions: It is noted with some interest that such
minor currencies as Scandinavian, Swiss, Spanish,
even Dutch guilders, no longer follow sterling fluctuations to the extent noticeable a few months ago.
Trading this week was comparatively quiet. Some
of the Scandinavians closed strong, as did pesetas,
but guilders and Swiss francs after early firmness
lost ground. The gains in Spanish exchange are due
to the demands which have become imperative lately
owing to severe Governmental restrictions placed
on transactions in foreign moneys.
• Bankers' sight on Amsterdam finished at 37.15,
against 37.16; cable transfers at 37.19, against 37.20;
commercial sight at 37.09, against 37.10 and commercial sixty days at 36.73, against 36.75 a week
ago. Swiss francs closed at 17.73 for bankers' sight
bills and 17.74 for cable transfers. Last week the
close was 17.59 and 17.60. Copenhagen checks
finished at 16.72 and cable transfers at 16.76, against
16.60 and 16.64. Checks on Sweden closed at 26.28
and cable remittances at 26.32, against 26.313 and
26.353, while checks on Norway finished at 13.833/
2, against 13.81 and
and cable remittances at 13.873/
13.85. Spanish pesetas after advancing to 14.13 for
checks and 14.15 for cable transfers, declined and
closed at 13.00 and 13.92. This compares with
13.81 and 13.85 the week preceding.
South American quotations remained almost stationary and the check rate on Argentina finished at
323A and cable transfers at 323', against 327A and 33
last week, while Brazilian exchange closed at 11.20
for checks and 11.25 for cable transfers (unchanged).
.005188
Rumania,leu
.1396
Spain, peseta
.2638
Sweden,krona
.1762
Switzerland, franc
Yugoslavia. dinar.- .012387
ASIAC bins.7133
Cheloo,tael
.7166
Hankow tael
.7002
Shanghaitael
.7183
Tlentsein tael
Hongkong dollar-. .5127
Mexican dollar.-- .5063
Tientsin or Peiping
.5100
dollar
.5083
Yuan dollar
.3065
India.rupee
.4040
Japan, yen
Singapore(S.S.)dollar .5065
NORTH AMER..979731
Canada, dollar
1.000547
Cuba. peso
.482708
Mexico. Pow
Newfoundland, do
.977250
SOUTH AMER.Argentina, peso (gold) .7492
1123
Brazil, milrels
Chile, peso (palter).- .1074
.7772
Uruguay,peso
.005227 .005192
.1416
.1411
.1410
.2629
.2632
.2639
.1772
.1766
.1763
.012432 .012418 .012433
.1402
.2629
.1773
.012407
.1380
.2630
.1772
.012382
.7125
.7163
.6998
.7192
.5147
.5061
.7150
.7175
.7003
.7208
.5159
.5121
.7150
.7181
.7022
.7200
.5170
.5105
.7142
.7169
.7006
.7192
.5156
.5077
.7133
.7159
.6984
.7183
.5125
.5061
.5100
.5092
.3058
.4025
.5050
.5142
.5208
.3079
.3992
.5072
.5167
.5200
.3086
.3951
.5095
.5092
.5108
.3087
.3909
.5080
3
.980996 .981777 .981943 .982042
1.000273 1.000352 1.000281 1.000094
.482292 .482708 .483125 .482708
.978500 .979250 .979563 .979688
.7522
.1123
.1072
.7768
.7507
.1131
.1080
.7806
.7444
.1127
.1092
.7788
.7335
.1124
.1119
.7771.
.5133
7
9
.5075
.982033
1.000078
.481875
.980313
.7290
.1123
1.111
.7763
a Quotations for German relchimarks have been: April 19, .000000000000221;
Apr1121,.000000000000221: April 22..000000000000221; April 23,.000000000000222
April 24, .000000000000221; April 25, .000000000000226.
b Quotations for Polish marks have been: April 19, .000000114; April 21.
.000000115: April 22. .000000112; April 23, .000000115; April 24, .000000113:
April 25, .000000113.
The New *York Clearing House banks in their
operations with interior banking institutions have
gained $4,112,830 net in cash as a result of the currency movements for the week ended April 24.
Their receipts from the interior have aggregated
$5,010,830, while the shipments have reached $898,000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week ending April 24.
Banks' Interior movement
/nto
Banks.
$5,010,830
Out of
Banks.
Gals or Loss
to Banks.
5898,000 Gain $4,112.830
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:
1964
THE CHRONICLE
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
(Vol,. 118.
contract, the protection of the business liberty of the
citizen, and the exercise .of a proper police power in
Saturday, Monday, Tuesday, Wednestry, Thursday, Friday,
Aggregate
behalf of the health of the people and the freedom of
April 19. April 21. April 22. April 23. April 24. April 25.
for Week.
the individual, there has grown up a "code" which is
5
48,000,000 68,000,000 58,000.000 59,000,000 72.000.000 74.000,000 Cr. 379,000,000
sufficient for rights and privileges. More than this,
Note.—The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of and the slight changes necessary to growth, we do
the Federal Reserve System's par collection scheme. These large credit balances,
however,reflect only a part of the Reserve Bank's operations with the Clearing House not need. Congress and the State legislatures might
institutions, as only the items payable in New York City are represented in the
daily balances. The large volume of checks on institutions located outside of take a five years' vacation and we doubt not busiNew York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve ness would go on—and make its own laws, as it has
Bank for collection for the account of the local Clearing House banks.
done in the past and will do in the future.
We will never have a stable business situation unThe following table indicates the amount of bultil we have a stable government—one free from this
lion in the principal European banks:
insistent experimentation in political theory. And
the serious aspect of the whole matter is that this
April 25 1924.
April 26 1923.
Banks of—
Gold.
Gold.
Total.
Silver.
effort at direction, control and quasi-ownership, is
Silver.
Total.
.£
subtly changing the original form of our government.
128,122,914 127,519,323
England _ 128,122,914
127,519,323
France a__ 147,120,357 11,920.000159,040,357146,896,761 11,680,000158,576,761
With the loss of individual initiative we are losing
Germany _ 23,244,150 c3,475,040 26,719,190
.110,130 3,804,440 53,914,570
Aus.-Hun _ 62,000,000
b2,000,000 62,000,000
b
our
self-reliance. When private enterprise passes
101,155,000 26,179,000127,334,000101,018,000 26,290,000127,308,000
Spain
35,322,000 3,423,000 38,745,000 35,432,000 3,033,000 38,465,000 into
Italy
the control of government it must cease to plan
Netherrds. 46,380,000
739,000 47,119,000 48,483,000
673,000 49,156.000
Nat. Belg- 10,819,000 2,785,000 13,604,000 10,757,000 2,435,000 13,192,000
and
execute.
When private ownership in the larger
Sirltserl'd. 21,451,000 3,856,000 25,307,000 21,345,000 4,185,000 25,530,000
Sweden _ _ 15,043,000
15 043,000 15,194,000
15,194,000 concerns of
commerce
and trade becomes public ownDenmark - 11,643,000
741,000 12,384,000 12,679,000
222,000 12,901,000
Norway -- 8,182,000
8,182,000 8,115,000!
8,115,000
ership of utilities we will descend from a republic to
Total week 550,482,421 53,118,040603,600,461 579,549,2141 52,322,440 31,871,654
Prey. week 550,324,79 53,334,040603,658,838 579,511,4881 51,956,128 31,467,616 a socialistic state or a Commune. These principles
o Cold holdings of the Bank of France this year are exclusive of £74,573.797 held involving the action of government must, though
abroad. b No recent figures. c It is no longer possible to tell the amount of silver
held by the Bank of Germany. On March 15 1923 the Reichsbank began including insensibly, affect its form. And our industry and
In its "Metal Reserve" not only gold and silver but aluminum, nickel and iron coin
as well. The 13ank still gives the gold holdings as a separate item, but as under the trade are already seriously damaged by political
new practice the remainder of the metal reserve can no longer be considered as being
sliver, there Is now no way of arriving at the Bank's stock of silver, and we therefore interference.
carry It along as the figure computed March 7 1923.
We have been having a deluge of farmer relief proposals. In a few years it may be the merchants or
The Stake Business Has in Good
manufacturers. Is there not enough toil, thought,
Government.
hardship and uncertainty in the conduct of private
In Secretary Mellon's letter to President Coolidge business to engage all of man's ability? When we
concerning the proposed investigation of himself, he consider the individual, battling for a lifetime in the
calls attention to the harm done to business in gen- currents of trade for sustenance, battling as he must
eral through "government by investigation." It is under 'those natural laws he did not create, cannot
an apt phrase and deserves to be remembered •and wholly control, and seldom is able to compass, is it
considered. This particular case,in which the "Gov- not enough that he be "let alone"? It is easy to beernment prosecutor" was to be paid by private funds, come pessimistic over a contemplation like this.
is so grotesque that the wonder is it should ever have There is so much envy of the rich man, so much covbeen entertained for a moment. And only the ex- ert talk of ill-gotten gains, so much appeal to the
tremely optimistic spirit of our peoples saves the cupidity of the poor, that it is difficult enough to reapeople from downright depression. And this thought son calmly on unequal conditions without this conunderlies the criticism made the present week by stant political haranguing, investigating and legisJudge Elbert H. Gary at the annual meeting of the lating. Yet we know that equality is a dream; that
United States Steel Corporation when he said, "the were it established it would make man an automaton.
worst thing we have . . . is our American Con- We know that there is personal development in inigress." There can be no doubt that in this statement tiative and enterprise, personal security in private
Judge Gary expresses the feeling of the entire com- ownership, and personal uplift in that competition
munityhowever unpalatable the truth may be to which is in essence co-operative.
the members of our legislative body.
Why do we prosper in spite of these things? Be-There seems now to be a bright light ahead in the cause there is resistless energy, dauntless courage,
possible settlement of the reparations problem. But and persistent endeavor, in the business world. Can
what further quirk will develop in certain Senators anyone imagine a social state wherein acquisitivowe dare not conjecture. The election is soon to be ness has no place? Money-mad--yes. But there are
held and an early adjournment of Congress, or at millions working and planning, daily, in industry
least recess, impends. And when we contemplate and trade who know they will never become millionseriously this question of politics vs. business, we aires. They may hope for some tens of thousands,
merely express a latent thought in many minds by some may believe their day for making a large forsaying the people will experience relief that even a tune will yet dawn, but a "living" and a competency,
few months are to intervene before the round of sen- these are the common goal. And out of these minsational investigations and futile law-making begins gled efforts comes that high material plane in which
again.
all live. Consider, then, the effect, the mental unWas it for purposes such as these that a legislative rest, in which these men of business must live when
division of our government was originally estab- there is practically nothing free from legislative inlished? States and nation grinding out laws cease- terference. Not only this, but a condition now exists
lessly, that have no relation to a "rule of right ac- wherein mere politics actually attacks business untion" in our social and economic affairs; invading the der the cloak of legislation.
Can business ever prosper in the true and comprivate affairs of the people and interfering with the
means by which we live through our individual ini- plete sense with this vulture gnawing at its vitals?
tiative and enterprise! Around the inviolability of Are these modern politicians business men that they
Mud
Are. 26
1924.]
THE CHRONICLE
should undertake with arrogance to solve the problems of business? Is the science of government that
of commerce? Is the taxing power sufficient to warrant investigations intended to attack the character
of men in high office, who must needs enter into contracts for the government, who must needs retain
their personal fortunes although they do accept
office under the Government? We believe the American people are not sufficiently aroused or there
would be more condemnation than we think exists.
It is no excuse for the business man to plead he is too
busy trying to overcome these interferences to take
an active part in politics. On a proper, reserved and
dignified plane, he must do so or lose the heritage of
a government instituted to protect him in his commercial liberties. Strike down the Treasury because
a trained and extraordinarily competent business
man is at the helm and there is no security for any
Department. And can business continue under a
Government too weak to protect either business or
its own sovereignty?
1965
the moment, the consideration of details, what are
the general assumptions upon which the committee
have proceeded? One of these assumptions, worked
into the fibre of the report and far-reaching in its
possible scope, is that the plan submitted can be expected to work only if it is put into effect as a whole,
and then only if Germany is allowed full opportunity of economic recovery. The payment of reparations in regular installments over a period of years,
to such total amount as the allied creditors may
agree in demanding, is the aim of the recommendations, and it is for the attainment of that result that
all the elaborate details of loans, taxes, payments,
banking, currency and budget or business control
are contrived. The committee make it clear, however, that the result which they have aimed at will
not be realized unless the plan is applied as a whole,
and it is as a whole, accordingly, and not in disjecta
membra chosen here or there, that the proposals
ought to be taken or left. But a careful reading of
the report also makes it clear that what is desired
will not be attained if the economic development of
The Dawes Report and the New Germany.
Germany is to be in any way hampered or its full
It is to be hoped that Mr Coolidge's commendation productive and earning power in any way restrained.
of the Dawes report, in his address before the Asso- The assumption that, economically, Germany shall
ciated Press in this city last Monday, may have some be permitted and encouraged to do its best, be that
effect in arousing a greater and more general inter- best as great as it may, is implicit in the report. It
est in the report than appears thus far, if we may would be wholly beside the mark to argue that the
judge from the trend of newspaper comment, to have elaborate machinery of supervision and control
been shown. A general disposition has indeed been which it is proposed to apply to German business
manifested to accept the report as offering a prac- and finance, while virtually putting Germany into
tical way out of the reparations tangle, and there the hands of a receiver for the benefit of its credithave been references to the proposals as matters in ors, will act as a substantial check on German rewhich bankers and investors, and possibly the Amer- covery and expansion. The supervision and control
ican Government as well, may in due time become that are to be exercised are rather a conservation of
interested, but curiously little attention appears to resources and plant and an elimination of waste.
have been given to the detailed recommendations of The debtor, now badly off because of his own acts
the experts or to the larger implications of the report and the policy of his creditors, is to be set upon his
as a whole. Doubtless the fact that the committee, feet again and enabled to do business in order that
in terms at least, confined itself strictly to the eco- he may pay his debts, but the debt payments themnomics of the reparations issue and let politics alone selves will go a-glimmering if he is not also allowed
accounts to some extent both for the initial expres- to produce, buy and sell, conserve and expand, to the
sions of approval and for a seeming neglect of the full limit of his resources and powers, unhampered
subject afterwards, for the extreme emphasis which by anything anywhere that will prevent him from
for more than two years has been laid upon the po- doing his best and keeping it up. A maximum prolitical aspects of the situation has unquestionably duction of wealth for the purpose of paying a maxileft the American public a bit weary. Moreover, the mum of reparations is the aim of the Dawes report;
report itself is long; even the summary, which is all if less than the maximum of production had been anthat as yet has been published in this country, fills ticipated, the volume of payment which the report
five and a half newspaper columns; and most per- forecasts would certainly have been reduced; while
sons do not attack forty-odd columns of argument if an uncertain or incalculable repression of Gerand exposition unless they have both interest and many's recovery had had to be counted upon, it is
leisure. Yet Mr. Coolidge was well within bounds in doubtful if the committee would have ventured to
declaring that "nothing of more importance to Eu- name any definite figures whatever of possible payrope has occurred since the armistice" than the sub- ments.
There is no need of a magnifying glass to perceive
mission of this report, and he might with equal propriety have added that nothing potentially of more that the Dawes Committee, in taking its stand upon
importance to the United States has come out of the essential unity of the proposals and the assumption of unrestricted German recovery, has struck a
Europe in the same period.
Whether or not the elaborate scheme which the blow at one of the most mischievous foundations of
committee have prepared will work cannot, of reparations politics. By itself eschewing politics it
course, be positively affirmed until the Governments has done its best to make the playing of politics by
immediately concerned shall have accepted the re- others impossible. If France, for example, notwithport in fact as well as in principle, and shall have standing a formal acceptance of the report, shall
begun, with the aid of the Reparations Commission, continue to emphasize its fear of Germany by insistto put it into effect. There are hopeful signs that ing upon guarantees of military security at the exthis indispensable first step may soon be taken, but pense of economic rehabilitation, or upon the mainwe are not likely to know certainly about it until tenance of "sanctions" in the Ruhr or elsewhere as
after the German election on May 4 And the French an added pledge of Germany's good conduct or upon
election a week later. Leaving at one side, then, for the definition of penalties for breaches of contract
1966
THE 011ROXIOLE
[voL. 118.
or good faith before there has been default, it will ing to say that our politics is largely responsible for
make the plan of the committee unworkable. If the this last invasion, yet it must be repeated for truth's
Mussolini Government, which has several times de- sake. So many promises of relief have been made,
clared that the question of the war debts must be promises unfulfilled, that voluntary efforts at colconsidered along with the question of reparations, lective control appear to be a logical sequence. That
shall insist upon mixing the two questions now, the these will fail, though certain, does not warrant the
proposals of the report will fall. It is of course open public mind in ignoring the duty of constant reiterato France, or Italy, or any other interested Govern- tion of the fact that the laws of world supply and
ment to suggest improvements in the Dawes report demand affect the individual farmer on the Nebraska
or to point out weaknesses if there be any, but the prairies in the same way they do the farmer in Ausreport as it stands is an economic document, the tralia and Argentina.
work of as able and unbiased a body of experts as
It seems so plain that we can only account for
could well be got together, and concerned only with these new organizations on the theory that certain
the question of how best to obtain from Germany the organizers, not themselves "dirt" farmers, are finanreparations payments which the Allies regard as cially interested in the promotion. If one country,
their due; and the injection into it of politics, espe- of the five or six principal wheat growing countries,
cially the politics of nationalistic discrimination or by the limitation of production cannot materially
revenge, narrowing what the committee have made affect the world's market price of wheat, how can
large and shackling what has been left free; will one farmer expect to assist in this task by signing up
wreck the scheme beyond repair. Politics has its some mythical agreement of all to do so? How can
field, and the field is always to be respected, but he individually know that all will sign? And how
there is no record of political interference with what can he expect that such a flimsy contract will be
is at bottom an economic matter that has not spelled universally kept, once it is signed? It seems much
trouble for all the parties concerned.
like calling upon the spirits of the vasty deep to save
This is why the demand of Mr. Ramsay Mac- the ship. Out in California; recently, one county
Donald for the prompt acceptance and application employed a rain-maker—no rain, no pay. And it
of the report in its entirety stands out as the demand rained! It rained the requisite number of inches
of a wise statesmanship. It would be idle to think called for. He will get his money. But whether his
that the British Government, representing a nation incantations with gases caused the downfall is anof traders and shopkeepers, as its critics are fond of other matter. And so it may be with wheat producreminding us, is under any illusion regarding the tion control. The crops may fail elsewhere; there
likelihood of obtaining reparations if German recov- may be other affecting conditions not now foreseen;
ery is impeded, or that it apprehends any grave and the price of wheat may enhance for the next
danger from such recovery under the supervision crop. But can the farmer who enters this agreement.
outlined by the committee; and it is greatly to be so unlikely to be honestly observed, say American
hoped that all the other Governments upon whose control of production did it?
We have expressed our faith in the farmer, in his
co-operation the application of the report depends
will take the same position with equal definiteness integrity and sober sense. And we know that this
and courage. What the Dawes Committee offer, in talk of signing up all the farmers in any of these imshort, is an opportunity of practical international possible schemes is "mere talk." By tens of thouco-operation on economic lines, for the settlement of sands these sturdy citizens are repudiating the poll ta controversy which ought as soon as possible to be ical demagoguery which promises but never perended—wisely, justly and as generously ended as forms. Recent primary elections confirm the opinmay be, but with mere politics left out. They have ion. Yet among many there does exist a panicky fear
which prompts to unwise deeds and vain organizarung the bell to drop manoeuvres and get to work.
tions. And the question is, when will this element
learn in the hard school of experience? To listen
A Farmers' Panic.
now to this siren song of limitation of production
News comes from the Middle West that independ- and at the same time support the measure in Conent farmers' organizations are at work lining up, gress to create a two hundred million dollar corporaand signing up, the farmers, with a view to limiting tion to buy up a surplus is inconsistent. And after
production and controlling price. Wheat, of course, all is said and done, must we not always come back
is the staple to be controlled. Mention is also made to the proposition that, upon his own farm, accordof a similar attempt to interfere with the natural ing to its resources and his own toil and thought,
growing of corn—though this is said to be more in subject to these vast commercial currents in which
the way of control of the marketing of this product. we all live, the farmer is master of his own destiny?
And again, these North Middle West and NorthIn wheat, the purpose is to pledge the farmers to
holding the crop until "cost plus a reasonable profit" western States are as much a part of our Union as
is assured. There has been so much effort put forth Maine, New York, or Louisiana, or Texas, but do
in Government channels in aid of the farmers that they contain all our farmers? Do they, in a broad
we do not wonder at the rapid spread of these move- sense, contain our most experienced farmers? Do
ments. If any other vocation or industry were in these farmers know what to do with depleted soils—
this condition we would call it a panic.
what to put in in order to take out? Verily, they
The failure of all previous efforts, and the eco- are for the most part one-crop farmers, who have
nomic futility involved in these new plans, seems not been gathering nature's bounty with prodigal hand,
to deter those engaged in promoting and furthering with the least work and the least planning. And
another wild attempt to accomplish the impossible. when these wheat lands and corn lands begin to fail
And it is greatly to be regretted that the most primal for the want of replenishing, then there will be anof all our industries should continue to be subject other story to tell—a tale of woe of another sort. All
to these periods of hysteria. It accomplishes noth- going to a}, "^t V-fre
-"--
1967
THE CHRONICLE
APR. 26 1924.]
artificial helps are at best but temporary expedients
—are uneconomic, and, because temporary, unwise.
In the rapid advance of agriculture throughout the
world, in the speeding changes in commerce and
trade, a decade will witness marvelous transformations; and before half these all-promising schemes
can be put into practice they will be useless. It is a
stern judgment—but the farmer must work out his
own salvation, despite some good, in time, that may
come from more perfected co-operative marketing associations, though we should prefer these to come
about naturally through private capital and control.
The New Capital Flotations in March and the
Three Months Since January 1
The new capital flotations in this country continue large,
though they are not of the exceptional proportions that they
were in the early months of the year. The figures this
time are for the month of'March. Our tabulations, as always,include the stock, bond and note issues by corporations
and by States and municipalities, foreign and domestic, and
also the Farm Loan issues. The grand aggregate of the
offerings of new securities under these various heads during March the present year was $365,030,818. This compares
with $535,532,594 in February and $536,082,690 in January,
with $397,403,198 in December, with $539,740,990 in November, with $390,106,577 in October, with $249,734,549 in September, with $224,867,650 in August, and with $197,467,011
In July, when the new offerings were the lightest of any
month of any year since March 1919. In January 1923 the
new issues aggregated no less than $881,211,911. This latter, though, as explained by us on many previous occasions,
stands in a class all by itself, the total having been swollen
to exceptional proportions by the bringing out of several
Issues of unusual size—the Anaconda Copper Mining Co.
alone by its financing having then added $150,000,000 to the
total and Armour & Co. $110,000,000, with the result that
January of that year broke all records for new capital flotations in the United States, the highest previous amount for
any month of any year having been $655,817,946 for April
1922.
At $365,030,818 for March the present year, the amount is
also well below the total for March last year, when the aggregate of the new flotations was $389,146,965. There is a
falling off from 1923 in each leading group, excepting only
the placing of bonds by States and municipalities. The total
of municipal awards for March 1924 was $96,036,661, against
$69,235,224 for March 1923. The aggregate of the municipal
issues was swollen by the placing of several blocks of unusual size the present year.
In analyzing the corporate offerings made in March we
find that industrial issues totaled $137,225,407, surpassing
public utility offerings, which aggregated $93,510,250, and
railroad flotations, which foot up only $35,377,500. Industrial issues show an increase over the previous months this
year, the amount for February having been $102,479,175,
and that for January $98,734,500. On the other hand, public
utility and railroad offerings both were smaller than in the
earlier months. Issues by public utilities totaled $105,997,700 for February and $133,532,000 for January, while railroad offerings totaled $57,111,200 in February and $72,432,337 in January.
The grand total of all corporate offerings in March was
$266,113,157. Of this over 65%, or $176,592,800, consisted of
long-term issues, $32,490,000 comprised short-term obligations, while the remaining $57,030,357 was in the form of
stock issues. The portion used for refunding purposes in
March amounted to only $11,529,000, or less than 5% of the
total, whereas in February, $37,285,000, or 14% of the total
of $265,588,075 for that month, was used for refunding operations. In January, however, only 9%, or $27,792,400 out of
the month's total of $304,698,837 was for refunding outstanding issues. Of the $11,529,000 devoted to refunding purposes in March $5,415,000 consisted of new long-term issues
sold to refund existing long-term issues; $3,764,000 was new
long-term issues to refund short-term securities and $2,350,-
000 consisted of stock issues sold to provide for refunding
long-term obligations.
The largest single corporate issue of the month was $35,000,000 Western Electric Co., Inc., 20-year debenture 5s,
1944, offered at 96%, yielding about 5.25%. Other important industrial flotations were: $17,955,000 par value common stock of Westinghouse Electric & Manufacturing Co.,
which was offered to shareholders of the company at $52%
per share; $8,000,000 Botany Consolidated Mills, Inc., 101
2S, 1934, offered at 96%, to yield about 7.00%,
year secured 6/
and $7,500,000 Continental Motors Corp. 1st mtge. 6%s,
1939, offered at 95%, to yield about 7.00%. Public utility
flotations worthy of special notation were as follows: $16,691,000 par value capital stock of New England Telephone &
Telegraph Co., offered to shareholders at par, $100; $14,000,000 Southern California Edison Co. ref. mtge. 6s, 1943, offered at 99, yielding about 6.08%; $11,500,000 Columbia
Gas & Electric Co. 1-year 5% notes, offered at par; $10,000,000 Duquesne Light Co. 1st mtge. & coll. trust 5/
1
2s, "B"
1949, offered at 99, to yield about 5.57%, and $6,500,000
Central Indiana Power Co. 3-year coll. 7% notes, 1927, offered at par. Three important offerings were made on behalf of railroads, namely: $12,000,000 Norfolk & Western
Ry. Co. equip. trnst 4%s, 1924-34, offered on a basis of 4.75%
to 5.05%; $10,000,000 Cleveland Union Terminals Co. 1st
mtge. 5s,"B" 1973, offered at 97, yielding about 5.15%, and
$6,600,000 Southern Railway equip. trust 5s, "Y," 1924-39,
offered on a basis of 4.75% to 5.20%.
No foreign Government loans were floated here during
March. Four separate offerings of farm loan bonds aggregating $2,200,000, were made at prices yielding from 4.75%
to 5.00%.
The following is a complete summarf of the new financing
—corporate, State and city, foreign Government, as well as
Farm Loan issues—for March and the three months ending
with March, of the current calendar year. It will be observed that in the case of the corporate offerings we subdivide the figures so as to show the long-term and the shortterm issues separately and we also separate common stock
from preferred stock.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
1924.
MONTH OF MARCH—
Corporate—Long-term bonds and notes_
Short term
Preferred stocks
Common stocks
Foreign
Total
Foreign government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States Ponessions_
Grand total
THREE MOS.ENDED MAR.31—
Corporate—Long term bonds and notes_
Short term
Preferred stocks
Common stocks
Foreign
Total
Foreign government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States Posseardons
Grand total
New Capital.
Refunding.
$
$
Total.
$
165,733,800
32,490,000
4,762,500
49,917,857
1,680,000
9,179,000
2,000,000
350,000
174,912,800
32,490,000
6,762,500
50,267,857
1,680,000
254,584,157
11,529,000
266,113,157
94,775,367
681,000
1,261,294
96,036,661
681,000
352,240,524
12,790,294
365,030,818
492,045,200
82,625,000
32,067,200
145,376,269
7,680,000
47,556,400
14,650,000
2,000.000
2,400,000
10,000,000
539,601,600
97,275,000
34,067,200
147,776,269
17,680,000
759,793,669
88,490,000
75,900,000
76,606.400
130,000,000
836,400,069
218,490,000
75,900,000
278,923,399
20,812,562
3,500,000
2,587,908
3,000,000
281,511,307
23,812,582
3,500.000
2.200.000
2,200,000
1.227.219 630
212.194.308 1.439.413.938
In the elaborate and comprehensive tables, which cover
the whole of the two succeeding pages, we compare the foregoing figures for 1924 with the corresponding figures for the
four years preceding, thus affording a five-year comparison. We also furnish a detailed analysis for the five years
of the corporate offerings, showing separately the amounts
for all the leading groups of corporations.
WIDIN011H0
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING FOR THE MONTH OF MARCH FOR FIVE YEARS.
1924.
1923.
MONTH OF MARCH.
1922.
1921.
1920.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding. I
Total.
New Capital. Refunding.
Total.
\'w.
Capital. Refunding.
Total.
Corporate—
$
$
$
S
Long term bonds and notes_ _ $
$
$
$
165,733.800
$
9,179.000 174,912,800
$
$
$
$
206,635,000 132,422,381
24
Short term
203,158,500
73.445,000
7,900,000
32,490.000
81,34507619
46.651,245
2,023,755
48.675,01623
32490,000
2.082,200
142800
2,225,000
2802900
Preferred stocks
2802920
32,664,000
4.762.500
3,500,000
36,164000 103,545.000
2,000,000
12250000 115795000
6,762.500
25,733,127
25,317.573
51,050,700
12.650.000
Common stocks
12,650,000
12.119,400
775,600
49.917.857
12,895,000
62,968.467
63.663,550
695.083
350,000
50,267,857
12,750,041
735,000
13,485,041
17,132.962
Foreign
7.980.000
25,112,962
2,526,090
1.680,000
2,526,090
59.302,380
59.302.380
1,680,000
19,900,000
19,900,000
41,975,000
41,975,000
1,500,000
16,000,000
1,500.000
16.000,000
• Total
254,584,157
11.529,000 266,113,157 242,938.068
50.357,673 293,295,741 232.209,543
Foreign Government
78,716,119 N310,925,662 122,254,490
12,175.600
134,430.090
288,467.092
14,968,838
303,435,930
Farm Loan issues
77.000,000
Wr 77,000,000 liSs 10,000,000
2,200.000
10,000,000
.2.200.000
23.500,000
23.500.000
War Finance Corporation
10.550,000
10.550,000 In
Municipal
94.775,367
1,261,294
96,036,661
67.112,964
69,235,224 113.832,622
2,122,260
Canadian
2.983,800 116.816.422 'V 50,717,797
853.000
51,570.797
681.000
58,232,986
605,880
58,838,866
681,000
3,000,000
3,000.000
9,000,000
U. S. Possessions
2.250,000
11.250,000 .11 3,500.000
3,500.000
5,000,000
5,000,000
116,000
116,000
5,000,000
5.000,000
500,000
500.000
_
Grand total
352.240.524
12.790.294 365.030.818 336.667.032
52.479.933 389.146.965 447.592.165
83.949.919 531 342 mu
IRfi 072 287
1:1 09S am 900 000 Rf17 846.700.0781 20.574.718 367.274.796
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR
THE MONTH OF MARCH FOR FIVE YEARS.
1924.
1923.
1922.
MONTH OF MARCH.
1921.
1920.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New
Capital.
Refunding.
Total.
Long Term Bonds & Notes—
S
$
$
$
$
$
$
Railroads
5
$
$
33.577,500
$
55
33.577.500
5
56,300,000
10,000.000
66.300.000
70,684,000
Public Utilities
15,383,000
86,067,000
42,805,000
18,100,000
3.200.000
18,900,000
46.005,000
63,682.700
13,132,300
76,815,000
40,902,000
Iron, steel, coal, copper, &c
5,395,000
46,297,000
15,475,000
3,500,000
2.650,000
18,975.000
3.725.000
525,000
4,250,000
2.650,000
3.300.000
3,300.000
20.350.000
Equipment manufacturers
20,350.000
1,000,000
1,000,000
4,150,000
4.150,000
Motors and accessories
3.750,000
3.750,000
7,500,000
4,500.000
4,500,000
Other industrial & manufacturing
1,V00,000
1,700,000
56.714,800
500,000
725.000
57,439,800
500,000
35,090,000
250,000
35,340,000
14,841.881
Oil
4,858,119
19.700,000
19,860.000
1,400,000
21,260,000
1.031.000
7,221,245
1,003,755
14,000
8,225,000
1,045.000
400.000
400,000
Land, buildings. &c
45.000.000
45,000,000
22.000,000
3,000.000
20.835,500
25,000,000
640.000
21.375,500
12,480,000
12.480,000
10,095.000
Rubber
10,095,000
525,000
525.000
10,350,000
10,350.000
1.335,000
665.000
2,000,000
Shipping
300,000
300,000
500,000
Miscellaneous
500,000
1,835,000
1,835,000
6.050,000
950.000
7,000,000
24,985.000
115,000
25,100,000
17,024,500
100,000
17,124,500
11,050,000
11.050.000
1,805,000
495,000
2,300,000
Total
167.413,800
9.179,000 176,592,800 202,372.700
24,162.300 226,535,000 174.397.381
70,736,119 245,133,500
Short Term Bonds & Notes—
73,445,000
7,900,000
81,345,000
46,651,245
2,023.755
48,675,000
Railroads
_
1,800,000
1,800,000
11,000,000
Public utilities
11,000,000
12,000,000
27,250,000
1,500,000
13,500,000
27,250,000
1,082,200
142.800
1.225.000
Iron, steel, coal, copper, &c
7,019,000
3,500.000
10,519,000
14.110,000
150.000
10.750,000
24,860.000
150.000
1.000,000
1,000.000
404,200
Equipment manufacturers
404,200
500.000
500,000
Motors and accessories
16,500,000
Other industrial & manufacturing
16,500.000
6,750.000
1.090,000
6.750,000
1.090,000
Oil
26,995,000
2.000,000
26,995,000
2,000,000
Land, buildings, &c
25.000.000
25,000,000
56.800.000
200.000
56,800,000
200.000
Rubber
45,000
490.000
45.000
1
1
,
i
, 490,000
Shipping
400.000
ill
400,000
125,000
Miscellaneous
125,000
1,500,000
1.500,000
2,100,000
2,100,000
Total
32,490,000
32,490,000
2,082,200
142,800
2,225,000
28.029,200
Stocks—
28,029,200
34.164,000
37,664,000 119.515,000
3,500.000
12,250,000 131,795.000
Railroads
Public utilities
20,255.250
20,255.250
23,432,800
10.926,000
34,358,800
5,450,000
5,450,000
Iron. steel, coal, copper. &e
813,090
813.090
3.515,500
3,515,500
Equipment manufacturers
2,675.000
2,675,000
10.780.850
10.780,850
2,500,000
2.500,000
Motors and accessories
860.000
860.000
3.532,000
3,532,000
Other industrial & manufacturing_ _
6,800,000
22.509.250
2,350.000
'6,800,000
24,859,250
8,553,058
13,216.883
8,133,452
21,769,941
8,133.452
Oil
10,357,400
525,600
10,883,000
65,690.092
8.000,000
579,583
66,269,675
8.000,000
1.340,310
984,690
2,325,000
12,749,510
7,980.000
20,729,510
Land, buildings, &c
29,517,005
493,357
29,517,005
493,357
200,000
200,000
Rubber
300.000
300.000
1,917,900
1.917,900
Shipping
2,525.000
75,000
2.600,000
Miscellaneous
2,562.500
2,562.500
1.625.000
925,000
2,550,000
750,000
750,000
500,000
250.000
750,000
1,524.500
40,500
1.565,000
Total
54.680.357
2.350,000
57.030,357
38,483,168
26,052,573
64,535,741
29.782,962
7,980,000
37.762,962
14,645,490
Total—
775.600
15,421,090 122,270,847
695.083 122.965.930
'Railroads
35.377.500
35.377.500
56,300,000
10.000.000
66.300,000
81,684,000
15,383,000
97,067.000
Public utilities
30,900.000
1.500,000
90,310,250
3.200,000
32.400,000
93,510.250
88,197,700
24,201.100 112.398,800
46,352,000
5,395,000
51,747,000
23,307,090
7,000,000
Iron, steel, coal, copper, &c
30,307.090
21,350,500
11.275,000
2,800.000
32.625,500
2.800.000
4,300.000
4.300;000
20.754,200
20.754,200
3,675.000
Equipment manufacturers
3.675,000
15,430,850
15.430,850
2,500.000
2,500.000
Motors and accessories
4.610,000
3.750.000
8,360.000
8,032.000
8.032.000
16,500.000
16,500.000
1,700,000
Other industrial & manufacturing.._
1.700,000
14.050,000
80.314,050
3,075,000
14,050,000
83,389,050
43,643,058
57,109.941
13,466.883
22.975,333
4,858,119
27,833,452
30,217,400
011
1,925,600
32,143,000
99,906,337
1,583,338 101,489,675
11,031,000
14,000
11,045,000
1,740,310
984.690
2,725.000
12,749.510
52,980,000
65,729,510
47,000,000
3.000,000
Land. buildings, &c
50,000,000
86,317,005
21,528,857
540.000
86,317,005
22,068,857
12,480.000
12.480,000
10,295,000
10.295.000
870,000
Rubber
870,000
12,757,900
12.757,900
1,335,000
665.000
2,000.000
Shipping
2,925,000
75,000
3,000,000
300.000
300,000
625,000
625.000
1,835,000
Miscellaneous
1.835,000
1.500.000
950.000
8.612.500
1,500,000
9.562,500
26.610,000
1,040,000
27.650,000
17.774,500
100,000
17,874.500
13.650.000
250,000
13,900.000
3,329,500
535,500
3,865.000
Total corporate securities
254.584.157
11.529.000 266.113.157 242.938.068
50.357.673 293.295.741 232.209.543 78.716.119 310.925.662 122.254.490
12.175.600 134.430.090 288.467.092
14.968.828 303.485.980
OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE THREE MONTHS ENDED MARCH 31 FOR FIVE YEARS.
THREE MONTHS ENDED
MARCH 31.
1924.
New Capital.
CorporateLong term bonds and notes___
Short term
Preferred stocks
Common stocks
Foreign
Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
U. S. Possessions
$
492,045,200
82,625.000
32,067.200
145,376,269
7.680,000
759,793,669
88,490,000
75.900.000
278,923,399
20,612,562
3.500,000
Grand total
Refunding.
1.227.219.630
Total.
$
New Capital.
$
Refunding.
$
Total.
$
New Capital.
$
1920.
1921.
1922.
1923.
Refunding.
Total.
New Capital.
$
$
$
Refunding.
Total.
New Capital.
Refunding.
$
$
$
$
Total.
$
30,055,755 223,549.014,
68507.248 212621000
19,871,933 230.844,050
9.066,500 216,853,632
19,760.000
539.601.600
97,275,000
34,067,200
147.776.269
17,680,000
644.379.386
40.748,200
123,784.247
88,343.872
19,900.000
172,769.714
16366800
62.604,839
3,051,760
57,115,000
186,389.086
91,395,632
19,900,000
349,225,846
60,881,000
45,865,000
46,469,487
43,225,000
162,251,954
11,950,000
400.000
8,255,625
1,250,000
511,477,800
72.831.000
46.265.000
54,725,112
44,475,000
312284020
. .
104 617 166
19,316,800
65,640,090
14,150.000
119,811.980
12,000.000
775,600
432,096,000
116617166
20.092,400
65,640,090
14,100,000
193,493,245
144113752
210,772,117
207,787,132
19,760,000
76,606.400 836.400,069
130,000.000 218.490.000
75.900,000
917.155,705
69,000.000
131,500,000
254.793,1131.171.948,818
6,000.000
75,000,000
131.500,000
545,866,333
188,700,000
104,690.000
184,107,579
729,773,912
188,700,000
104,690.000
516.008,076
79,000.000
132.587,580
648,595.656
79.000,000
775,926,246
50.000,000
127,501,436
903,427,682
50.000.000
245,809,808 285,395.068
29,736,000
30,094,679
5,000,000
321,000
R54 A74 nnA 1 150 157 _401
6,666.222
2,250,000
292.061.290
31,986.000
5.000,000
201,066,021
11,222,000
500.000
2,490,895
204.456,916
11,222.000
500,000
171.207,238
3.000,000
i.iii3-5-,580
7,498,000
174,073,118
10.498.000
103.023.501 1.352.211.202
808,606,097
135,078,475
47.556.400
14.650.000
2.000,000
2,400.000
10,000,000
2,587,908
3.000.000
281,511.307
23,612.562
3,500.000
239.607,048
21,153,000
321,000
212.194.308 1.439.413_035 1.273_72R 752
6,202,760
8,941.679
275 037 552 1
943,774,572 1.000.133,484
['tg6I 9g 'Hal'
SUMMARY
•
137.865.316 1.137.998,800
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE THREE MONTHS ENDED MARCH 31 FOR FIVE YEARS.
1924.
New Capital.
Long Term Bonds & NotesRailroads
Public Utilities
Iron, steel, coal, copper, &e
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total
Short Term Bonds & NotesRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing_ _
Oil
Land,-buildings, &c
Rubber
Shipping
Miscellaneous
Total
StocksRailroads
Public utilities
Iron, steel, coal, copper, &c..
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing_ _
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total
Refunding.
$
129.797,300
198,080.500
23,965,000
500.000
29,624,500
1,320.000
130.297,300
227,705,000
25.285.000
4.185,000
69.714,400
1,031,000
50,584.500
8,315.000
16.292,900
14,000
540,000
12.500,000
86,007.300
1.045.000
51,124,500
1,500,000
20,867,500
950.000
1,500,000
21,817,500
499,725,200
57.556,400
557.281.600
1,800,000
39,825,000
675,000
1.000,000
6.000.000
8.000,000
650.000
1.090,000
35,500,000
735.000
82,625.000
7,800.000
47,825,000
1.325.000
1.000.000
1,090,000
35,500.000
735,000
2,000.000
26,823.737
57.509.950
840,000
-1.962.000
46,438,100
33.083,180
1.193,357
1,600.000
New Capital.
14.650,000
200.000
4,200,000
7,993.145
Refunding.
$
Total.
$
New Capital.
$
Refunding.
$
Total.
$
New Capital.
$
$
Refunding. I
$
Total.
$
----913.000
12,394,000
------495,000
27,240,000
32,828,500
36,650.000
2,625,000
2,075,000
49,370,000
750,000
37.024,500
100,000
3,636,000
31,250,000
6,835,900
25.500.000
650,000
1,835.000
15,277,000
73,000
1,835,000
15,350,000
321,559,020
119,811,980
441.371,000
193,493.245
30,055,755
223.549,000
22,005,000
40,000,000
16,000,000
31,998,752
3,410,000
1,500,000
67,007.248
17,500,000
99,006,000
3,410,000
f.115-6-koo
37,676.881
9,400.000
20,880,000
14,85-8,119
46.250,000
1,750,000
52,535,000
55,650,000
20,880.000
53.196,420
84,509,500
9,727,000
550,000
1,700,000
71,114,100
79,850.000
3,800.000
500,000
37,356,935
3,047,565
500,000
40,404,500
664.279.386
837,049,100
392,450.846
163,501,954
555,952,800
11.950.000
31,951,800
18,500,000
404,200
66,304,580
13.948,500
6.500,000
16,253,755
3,652,200
1,000.000
6,912,800
10,565,000
1,000,000
31,951,800
6,550,000
404,200
15,046.000
9,454,000
24.500.000
16.700.000
200,000
16,700,000
200,000
1,450,000
1.450,000
2,000,000
500,000
40,000,000
3,545,000
300,000
125,000
3,500,000
125,000
3.500,000
150,000
9,517,166
400,000
150,000
9,917.166
12,000,000
118,117,166
160,113,752
68,507.248
228,621,000
5,167,490
2,925,000
13,747.940
26,000,880
350,000
14t097,940
26,000.880
38,754,775
13,480,650
192,819,046
12,372,283
87.570,465
10,191,047
15,275,000
75,000
8,178.5002..6-6-0-,566
29,781,596
52.235,425
205,191.329
87,570,465
10,191,047
15,350.000
8,178.500
32.442.096
20,750,000
20,750,000
10,405,000
40,000,000
2,000.000
300,000
97,275,000
40,748,200
16,366.800
57,115,000
60.881,000
11.950,000
72,831,000
106,117,166
26,823.737
57,509,950
840.000
76,969.086
8,004,060
10,926,000
1,066,760
37,562,150
12.406,250
2,500,111
675,625
38,237,775
12.406,250
2,500.000
5,167,490
2,925,000
2.162,000
50.638,100
33,083,180
1,193,357
1.600.000
.9,947,000
51.573,292
18,540.173
1,335,000
15.819,149
984,690
87,895,086
9.070,820
•
11.282.000
67.392,441
19.524,863
7.993,145
47,094,508
35,-525,000
82,619,508
2,925,000
'
525,600
2,000,000
500,000
40,000,000
3,545,000
2,582.000
15,383,000
56,250,000
300,000
6,750,000
35,595,000 .
58,520,000
755,000
400.000
3,935,000
2,750,000
6,750,000
35,595,000
58,520,000
755,000
400,000
3,935,000
2,750,000
18,156,577
20,729,510
2,035,000
4,000,000
2,925,000
6,250,000
250,000
6,500,000
92,334,487
8,655.625
100,990.112
88,331.890
775,600
89.107,490
422,319,249
28.938,433
451,257,682
61,826,270
49.895.625
250,000
53,196,420
100,081,990
52,652,000
550,000
6,282,000
86,471,500
176,100,000
7,645.000
66,304,580
25,548,500
6,500,000
1,985.000
31,044.166
--____--_
723,000
1,985,000
31,767,166
43,240,000
77,662,192
53,666,880
2,625,000
47,579,775
261.530.291
146,840.465
47,970,547
15,775,000
15,749,500
63,286,596
1,500,000
68,270,248
12.394,000
7.361,500
25,500,000
650,000
119,501.000
125,630,490
59,152,000
550,000
6,282,000
93,833,000
201,600,000
8,295,000
3.155,500
44,740,000
145,932.440
66,060,880
2,625.000
61,060,425
290,156,329
146,840,465
47,970,547
15,850,000
15,749,500
66,442.096
516.008.0761 132,587,580
648,595,656
775.926,246
_
127.501,438
__
903,427.682
4,400.000
181,843,469
212,128,119
65,656,599
6,500,000
37.624,500
1.970,000
164,921,037
333,039,950
27,450,000
1,000,000
14,662,000
137,735.400
69,628,180
53,052.857
1,600.000
1,500,000
31,810,645
23,903,000
139,656,500
78.659,100
258,325,586
47,633,621
168,787,199
6.000,000
12,649,000
34,383,000
23,047,702
117,849,739
984,690
40,290,173
49.530,000 - -------665,000
1.335,000
300,000-- _-100.698,508
67,25-1,000
163,559.500
336,984,686
216.420.820
6,000,000
47.032,000
140,897,441
41,274,863
49,530,000
2,000.000
300,000
167,949.508
213,286,430
113,964,550
46,510.450
2,500,000
18,450,000
56,033,458
22.149,510
24,365,000
4,000,000
625,000
43.781,935
14,858,119
54,230,000
3,047,565
275,112,700
163,860.175
46,760,450
2,500,000
18,450,000
70,891,577
76,379,510
24,365,000
4,000,000
625,000
46,829,500
Total corporate securities
759.793,669
.76,606,400 836.400.069
254703112 1.171:948.818
545.666.333
184.107.579
729.773.912
017 155 705
2.582,000
14,857,400
56,250,000
300,000
11,600,000
7,980,000
18.156,577
12,749,510
2,035,000
4,000,000
158,421.037
295,415,450
25,480,000
1,000,000
6,147,000
117,242,500
69,614,180
52,512,857
1.609.000
1,500,000
30,860.645
$
Total.
27,240,000
31,915,500
24,256,000
2,625,000
2,075.000
33,116,245
750.000
37,024,500
mc000
3,636,000
30,755,000
243,160,900
107,122,400
33,950.000
177.443,469
950,009
Refunding.
119,501,000
98,458,000
16,227,000
550,000
1,700,000
77,950,000
105,350.000
4,450,000
61.826.270
37,270,000
250.000
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing_ _
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
8.515,066
20,492,900
14.000
540,000
$
181,334.630
69,852,400
33,700,000
277.784,718
Total-
New Capital.
23,903,000 163.559.500
139,656.500
60,820,300 238,524,600
177,704.300
46,566.861 206,350.000
159.783,139
6,000,0006,000,000
11.250.000
1,890-,6015
9.390,000
73,505,000
7,228.553
66.276,447
1,000.000
1,000,000
49,530.000
49,530,000_
2,000,000
-665.0(56
1,335,000
300.000
300,000
31,726.000
53.304,000
85,030,000
172,769,714
1920.
1921.
1922.
1923.
Total.
13,480,650
28,626,038
75,000
arlDIKOUHO
THREE MONTHS ENDED
MARCH 31.
THE CHRONICLE
1970
[Vol,. 118.
DETAILS OF NEW CAPITAL FLOTATIONS DURING MARCH 1924.
LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Price.
Purpose of Issue.
Railroads192,500 new equipment
10.000,000 Acquisition of land; construction__
97
1.680,000 Additional equipment
12,000,000 New equipment
6,600,000 New equipment
3.105,000 New equipment
To Yield
About.
Company and Issue, and by Whom Offered,
5.25-5.62 Charleston & Western Carolina Ky. Co. Equip. Tr. 65 (Stamped), 1925-35. Offered by Brown
Bros. & Co.
5.15 Cleveland Union Terminals Co. 1st Mtge. 5s"B," 1973. Offered by J. I'. Morgan & Co., First
National Bank and National City Co.
6.00-7.00 Cuba Northern Rys. Equip. Tr. 6345, 1925-32. Offered by National City Co.
4.75-5.05 Norfolk 8c Western Ry. Co. Equip. Tr. 434s, 1924-34. Offered by Kean, Taylor & Co., Roosevelt
& Son, New York, and First National Corp., Boston.
4.75-5.20 Southern Railway Equip. Tr. Is. Series "Y," 1924-39. Offered by Drexel & Co.
4.75-5.30 Western Pacific RR. Co. Equip. Tr. 534s, Series "C," 1924-38. Offered by Blair & Co., Inc.,
E. II. Rollins & Sons, Equitable Trust Co. and Cassatt & Co.
33,577,500
Public Utilities2,500,000 Refunding; additions & betterni'ts_ 97
95
800,000 Improvements
100
250,000 Capital expenditures
9634
1,000,000 Extensions, betterments. &c
5.70
6.90
6.50
5.75
99
5.57
2,000,000 Additions Ac extensions
9934
6.03
1,330,000 Acquisitions
9734
6.70
95
5.35
325.000 Acquisitions
2.000.000 Extensions, additions, &c
9934
9634
6.55
5.75
5,000,000 Refunding; additions A:Pts
9834
6.10
96
6.40
9934
6.05
10,000,000 Additions, impts.& extensions_ ___
1,000.000 Refunding; corporate purposes
_
750.000 New construction; working capital_
2.500,000 General corporate purposes
880,000 Acquire predecessor company
14,000,000 Capital expenditures
9634
6.80
99
6.08
6.00-6.50
1,650.000 Capital expenditures
Allentown-Bethlehem Gas Co. 1st Mtge. 53-6s, 1954. Offered by Drexel St Co.
Central Power & Light Co. 1st Lien Az Ref.6 lis, 1952. Offered by Howe.Snow & I3ertles, Inc.
Coos & Curry Telephone Co. lot Mtge.6345. 1949. Offered by Ladd & Tilton Bank, Portland, Ore.
Dallas (Tex.) Power & Light Co. 151 Mtge. 534s, "D," 1954. Offered by Lee, Higginson & Co..
Ilarrls, Forbes & Co., New York, and Harris Trust & Savings Bank, Chicago.
Duquesne Light Co. 1st Mtge. & Coll. Tr. 534s, "B," 1949. Offered by Harris, Forbes & Co.,
First National Bank, N. Y.; Lee, Iligginson & Co., Ladenburg, Thalmann & Co., Hayden.
Stone & Co. and Union Trust Co. of Pittsburgh.
East Bay Water Co. Unit. & Ref. 6s,"C," 1944. Offered by Peirce, Fair & Co., Blyth, Witter &
Co. and American Securities Co.
Florida Public Service Co. 1st Mtge.634s"A," 1949. Offered by A. C. Allyn & Co., Inc., Harper
& Turner and Fenton, Davis & Boyle.
Harrifiburg Light & Power Co. 1st & Ref. (now 1st) 5s, 1952. Offered by Reilly, Brock & Co.
and Coffin & Burr, Inc.
Hermosa Redondo Water Co. 1st Mtge.634s"A." 1953. Offered by National City, Co.,San Fran.
Houston (Tex.) Lighting & Power Co. lot Lien & Ref. Mtge. 534s"C," 1954. offered by IlaiseY.
Stuart & Co., Inc.
Illinois Power & Light Corp. 1st & Ref. 6s "A," 1953. Offered by E. H. Rollins & Sons, Harris,
Halsey, Stuart At Co., Inc., Spencer Trask & Co., Marshall Field, Giore, Ward
Forbes &
111yth. Witter & Co.
& Co., andCo.,
Interstate Water Co.(Danville, III.) 1st Mtge. 6s "A," 1940. Offered by Chicago Trust Co. and
Peabody, HoughtelIng & Co., Chicago.
Key System Transit Co. (Oakland, Calif.) 1st Mtge. 6s "A," 1933. Offered by E. H. Rollins
& Sons, National City Co.. American Securities Co., Mercantile Securitle Co. of Calif., Blyth,
Witter & Co., The Oakland Bank, Bond & Goodwin & :fucker, Inc., Peirce, Fair & Co., Wm.
Cavalier & Co., Anglo-London, Paris Co. and Central National Bank of Oakland.
North Carolina Public Service Co., Inc. 1st Lien & Ref. 634s "A," 1944. Offered by A. C. Allyn
6,c Co., Inc., and Pynchon & Co.
Southern Calif. Edison Co. Ref. Mtge. 6s, 1943. Offered by 'Terris, Forbes & Co., E.H. Rollins
& Sons and Coffin & Burr, Inc.
Yuba River Power Co. 1st 6s, 1924-43. Offered by Anglo-London-Paris Co. and First Securities
Co., Los Angeles.
66,005.000
Iron, Steel, Coal, Copper. &c.
2,500,000 New construction
150.000 Additional capital
08
100
.
6.65 Central Coal & Coke Co. let (Closed) Mtge. 634s, 1944. Offered by A. G. Becker & Co., Helsel,
Stuart & Co., Inc., and Ames, Emerich & Co.
7.00 Hercules Foundries. Inc., 1st 75. 1926-39. Offered by Wm. R. Stoats Co., Los Angeles.
2.850.000
Motors & Accessories7,500,000 Refunding; liquidate curr. debt_ _ _
Other Industrial & Mfg.400.000 Capital expenditures, wkg. capital_
9534
100,
350,000 Construction
2.000.000 Acquisitions
96%
350.000 Additions; retire current debt
200.000 Additional capital
99%
6.339,800 General corporate purposes
100
2,260.000 Refunding; new plant
600,000 General corporate purposes
99%
100
800.000 Acquisition constituent companies_
700.000 Additional capital
97,4
100
300,000 Additional capital
300,000 Acquisitions; working capital
750,000 Construction
116,000,000 New factory; working capital
200.000
2,000,000
dditions, extensions, &c
dditional capital
98
96%
96%
100
99
Continental
7.00 Continental Motors Corp. 1st'Mtge.6tis, 1939. Offered by Halsey,Stuart Ac Co.,Inc..
& Commercial Trust Sr Savings Bank, First National Co., Detroit, and Blyth, Witter & Co.
6.50 Aiken (So. Caro.) Mills 1st (Closed) Mtge.63is, 1925-44. Offered by Mercantile Trust & Deposit
Co. and Baker. Watts & Co., Baltimore, and Wm. E. Bush & Co.. Atlanta
Offered by
6.70 Alabama By-Products Corp.(Birmingham, Ala.) Coll. Tr. lot Mtge. 6)4s. 1926-34. Sales Co.
Whitney-Central Trust & Savings Bank, Mortgage & Securities Co. and Securities
of Louisiana. Inc.
Co., Inc.,
7.00 Botany Consolidated Mills, Inc., 10-Year Secured 634e. 1934. Offered by Blair &
and Cassatt & Co.
Trust
6.50-6.75 California-Oregon Paper Mills 1st (Closed) Mtge. 634s, 1925-35. Offered by Lumbermen's
Co., Seattle.
Corp.,
Savings
&
Trust
7-6.55 Constitution Publishing Co. 1st Cons. 634e. 1925-39. Offered by First
Atlanta. Ga.
company to
8.00 General Electric Co.-Employees Securities Corp. 8% Bonds, 1973. Offered by
employees.
Co.
&
Iligginson
1st
Printing
1939.
Co.
Lee,
Mtge.
Offered
by
Hall
634s,
(W.
F.)
6.55
If..
7.00 Illinois-Pacific Glass Co.(Calif.) 1st Mtge. 7e, 1936. Offered by Schwabacher & Co.and Wm.
Situate Co., San Francisco.
Thomson.
and
Co.
&
(Closed)
Iligginson
1934.
Lee,
Mtge.
lot
by
634ti,
Co.
Offered
6.80 (The) Miller
Fenn & Co., Ilartford.
7.50 Monsanto Chemical Works Debenture 7348, 1934. Offered by Mercantile Trust Co. and Lorenzo
E. Anderson & Co., St. Louis.
Prefilter, Quail
6.00-7.00 Nichols Wire, Sheet & Hardware Co. 1st (Closed) Mtge. 7s, 1925-34. Offered by
Cundy, Inc.. Davenport, Iowa.
6.20 The Nivison-Weiskopf Co. lot Mtge. 6s, 1939. Offered by W. E. ITutton & Co. and the First
National Bank, Cincinnati.
6.33 Paraffine Cos.. Inc.. 1st Mtge.68 "B," 1942. Offered by Mercantile Securities Co. of Calif.
5.25 Western Electric Co., Inc.. Debenture 5s, 1944. Offered by J. P. Morgan & Co., Kuhn. Loeb
& Co., Kidder, Peabody & Co., First National Bank, National City Co., Bankers Trust Co.,
Guaranty Co. of New York, Harris. Forbes & Co. and Lee, Iligginson & Co.
7.50 Wolverine Tube Co.(Mich.) 1st Mtge. 734s, 1926-34. Offered by Watling, Lerchen & Co., Detroit.
6.60 P. B. Yates Machine Co. let Mtge. 634s, 1939. Offered by Continental Ac Commercial Trust AL
Savings Ilank, Chicago, and F. S. Moseley & Co., Boston.
67,439.800
011795,000 Finance lease of equipment
250,000 Refunding; working capital
5.00-6.00 Empire Tank Line Co. Equip. Trust Os, 1924-31. Offered by Halsey, Stuart A: Co., Inc.
8.00 Tiona Refining Co.(Warren, Pa.) Secured 7e, 1925-30. Offered by McCown & Co., Philadelphia.
1,045,000
Land, Buildings. &c.1,000,000 Finance construction of building.._
640.000 Refunding
9834
100
1.800,000 Finance construction of apartment 100
100
150.000 Real estate mortgage
300,000 Finance construction of apartment 100
400,000 Finance construction of apartment 97
1.000.000 Finance construction of building_ _ 100
175.000 Real estate mortgage
62,500 Acquisition of property
180,000 Real estate mortgage
1.100,000 Real estate mortgage
100
100
100
100
100
80,000 Real estate mortgage
200.000 Finance construction of apartment 100
80,000 Finance construction of apartment 100
800,000 Finance construction of building_ _
100
1,000,000 Finance construction of building_ _
100
1.750,000 Finance construction of hotel
100
68,000 Finance construction of apartment 100
200.000 Finance construction of building
100
200,000 Finance construction of apartment 100
600,000 Finance construction of apartment 100
615,000 1.111311Ce construction of apartment 100
7.20 American Furniture Mart Building Corp. (Chicago) 10-year 7s, 1933. Offered by Otis & Co.,
Cleveland; Hemphill, Noyes & Co.. and Hoagland, Ailum & Co., Chicago.
6.50 Associates Building (South Bend,Ind.)It. E. Mtge.6Sifi, 1925-35. Offered by Fletcher-American
Co., Indianapolis.
6.50 Barry Apartment Building (Chicago) 1st Mtge. 634s, 1927-42. Offered by S. W.Straus & Co.
7.00 The Harry Bayer (Columbus,0.) 1st & Leasehold R.E.7s, 1926-36. Offered by L. B.. Ballinger &
Cincinnati.
ts (Seattle) lot 7s, 1926-34. Offered by Seattle Title & Trust Co.
o.r,e
Co
7.00 Biltm
6.30 Broad-Ohio Co.(Columbus.0.) 1st Mtge.68, 1939. Offered by Ohio National Bank and Itayden,
Miller AL Co., Columbus, Ohio.
7.00 Broadway-46th Street Building (New York City) 1st (closed) Mtge. Leasehold is, 1939. Offered
by Edmund Seymour & Co., New York, and F. R.Sawyer & Co.. Inc., Boston.
7.00 Central Building Co.(Pasadena, Calif.) 1st (closed) Mtge. 7s 1938. Offered by Alvin H. Frank
& Co., and Cass, Howard & Sanford, Inc., Los Angeles.
6.50 Ethelred Macauley Stafford 1st Mtge.634s, 1926-34. Offered by Whitney-Central Trust & Savings
Bank, New Orleans.
7.00 Faille Buildings (Ontario. Calif.) let Mtge. 7e, 1925-35. Offered by Wm.R.Staats Co., Los Ang.
6.00 Garrett Building(Chicago) 1st Mtge.68, 1924-39. Offered by Union Trust Co.and Harris Truet &
Savings Bank, Chicago.
7.00 Walter Gehrke Co. Guar. lot Mtge. 7s, 1925-32. Offered by Backus, Fordon Ac Co., Detroit.
6.50 Granville Apartments (Chicago) 1st Mtge. 634s, 1926-34. Offered by Straus Bros. Co., Chicago.
7.00 Haverhill Manor Apartments (Chicago) 1st Mtge. 78, 1925-33. Offered by Cochran, McClure AL
Co., Chicago.
6.00 Independence Realty Building lot Mtge.6s."A," 1934. Offered by W.II. Newbold's Sons it Co.,
Philadelphia.
6.50 Jewelers Building (New York City) 1st Mtge. 13345. 1944. Offered by I'. W. Chapman & Co.,
Inc., Now York.
7.00 The Kentucky Hotel (Louisville, Ky.) lot (closed) Mtge. 7s, 1926-39. Offered by Caldwell & Co..
Nashville, Tenn.
7.00 Lancaster Apartment House (Seattle) 1st Mtge. 7s. 1925-34. Offered by Wm.P. Harper & Son,
Seattle.
7.00 Lavergne Store and Apartment Buildings 1st Mtge. 7s, 1926-34. Offered by George M. Forman
& Co., Chicago.
6.50 Logan Manor Apartments(Chicago) let Mtge.634s, 1926-36. Offered by S. W.Straus sic Co.,Chic.
7.00 MacGregor Arms Apartment Building (Richmond Borough, N. Y.) let Mtgo. 78, 1926-34. Offered by Commonwealth blond Corporation, New York.
7.00 Maple Terrace Apartments (Dallas, Tex.) 1st Mtge. 7s, 1926-36. Offered by G. L. Miller & Co..
New York.
Amount.
1971
THE CHRONICLE
APR. 26 1924.]
Purpose of Issue.
Price.
To Yield
About.
Land, Buildings, &c. (Cond.)
250,000 Finance construction of building_ _ 100
500,000 Finance construction of building__
100
325.000 Finance construction of hotel
3,000,000 Finance construction of building._
100
99
300.000 Real estate mortgage
Company and Issue, and by Whom Offered.
7.00 Mayfield Stores & Apartments (Chicago) lot Mtge. 78, 1925-33. Offered by Wollenberger & CO.;
Chicago.
6.50 The Ouachita National Co.(Monroe, La.) 1st Mtge,656s, 1925-36. Offered by Mortgage & Securities Co., Whitney-Central Trust & Savings Bank. Canal-Commercial Trust & Savings Bank.
Interstate Trust & Banking Co., Marine Bank & Trust Co.,and Watson, Williams & Co.. New Oil.
7.00 Wm.Penn Hotel (Miami. Fla.) 1st Mtge. 75, 1926-34. Offered by G. L. Miller & Co.. New York.
6.53 Postum Building(N.Y.City) Park & 46th Street Corp. let (closed) Mtge.634s, 1943. Offered bY
Dillon, Read & Co., New York.
6.00 St. Mary's Monastery of Richardton, N. D., 1st Mtge.6s, 1925-31. Offered by Mississippi Valle?
Trust Co., St. Louis.
6.50 1680 Broadway Corp. 1st (closed) Mtge. Leasehold 6 5ti, 1939. Offered by J. G. White & Co., N.Y.
6.50 South Broadway Building (Los Angeles) 1st Mtge.6.34s, 1926-39. Offered by S. W.Straus & Co.
7.00 South Coast Land Co. let Mtge. 7s. 1925-34. Offered by Peirce, Fair & Co.; Blyth, Witter & Co.:
Banks, Huntley & Co., Los Angeles
6.50 Stuart Construction Apartment Building (Richmond, Va.) 1st Mtge. 655s, 1926-36. Offered
by S. W.Straus .1c Co.
7.00 1085 Peachtree Apartments (Atlanta, Ga.) 1st Mtge. 7s, 1926-36. Offered by Adair Realty &
Trust Co., Atlanta, Ga.
6.50 381 Park Ave. Apartment Building (N. Y. City) let Mtge. 63s, 1926-36. Offered by Commonwealth Bond Corporation, New York.
6.50 2100 Walnut Sr. Apartment Bldg.(Phila.) 1st Mtge.6)4s, 1927-39. Offered by S. W.Straus & Co.
Offered by
6.50 Westchester Gardens Apartments (Mt. Vernon, N. Y.) let Mtge. 634s, 1926-34.
S. W. Straus & Co.
100
500.000 Finance construction of building _ 100
775,000 Finance construction of building.. 100
100
350,000 Improvements to property
450,000 Finance construction of apartment 100
360,000 Finance construction of apartment 100
360,000 Finance construction of apartment 100
1.300,000 Finance construction of apartment 100
625,000 Finance construction of apartment 100
21.375,500
Miscellaneous500,000 Working capital, Arc
3,500,000 Refunding; liquidate current debt_
99
100
3.000,000 Acquisitions; working capital
100
6.60 Bloedel Donovan Timber Co.1st (closed) Mtge.6 Sis. 1934. Offered by Lacey Securities Corp.,Chle
7.50 Los Angeles (Calif.) Lumber Products Co. let Lien & Coll. Trust 734s, 1944. Offered by Peirce.
Fair & Co.; First Securities Co.; Hunter, Dulin & Co., and Security Co.. Los Angeles.
7.00 Scriggs-Vandervoort-Barney Dry Goods Co. (St. Louis) 7s, 1925-39. Offered by MercantRa
Trust Co.; Francis Bros. & Co.; and G.EL Walker & Co., St. Louis; and Newton & Co., Denver.
7,000,000
SHORT TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCUDING FIVE YEARS.)
Amount.
Purpose of Issue.
Railroads1.800,000 Construction of terminal
Price.
To Yield
About.
5.25 Portland Terminal Co. 1-Year 515s, April 1 1925. Offered by Kidder, Peabody & Co. and Hard&
Forbes It Co., Inc., Boston.
100.24
Public Utilities100
6,500,000 Tmpts., betterments, exts., &c._
100
4,000,000 General corporate purposes
100
11.500.000 Acquisitions
4,250,000 Additions;other corporate purposes 98)4
1,000,000 Retire current debt
Company and Issue and by Whom Offered.
Central Indiana Pr. Co. 3-Year Coll. 75, March 11927. Off Ted by Halsey. Stuart & Co., Inc. "g4
Central States Electric Corp. 5-Year Secured 75, March 1 1929. Offered by Dillon. Read At CO.
Columbia Gas & Electric Co. 1-Year Is, March 1 1925. Offered by Guaranty Co. of New York.
Jersey Central Pr. & Lt. Corp.6Sis. Dec. 11926. Offered by E. H.Rollins & Sons; Blyth, Witter
& Co.; Eastman. Dillon & Co.; Federal Securities Corp., Chicago,and H. M.Byllesby & Co., Inc.
6.12 Wisconsin Securities Co. Coll. Trust 68, March 1 1929. Offered by First Wisconsin Co.,Milwaukee
7.00
7.00
5.00
7.10
993,5
27.250,000
Iron, Steel, Coal, Copper, &c.
100
150,000 General corporate purposes
Other Industrial & Mfg.250,000 Increase plant facilities
140.000 New plaster mill
100
100
700,000 New plant
100
6.00 Beck & Corbitt Iron Co. lot es. 1924-29. Offered by Wm.It. Compton Co., St. Louis, and Love.
Van Riper & Co., Los Angeles.
7.00 Detroit Reduction Co. 1st Mtge. 75, 1925-29. Offered by Bartlett & Gordon, Chicago,
7.00 Universal Gypsum Co. and Universal Gypsum Co. of Texas Joint Mtge. 75, 1925-27. Offered
by Porter, Stitt & Co., Chicago.
7.00 (Charles) Warner Co. 5-Year Cony. 7s, April 1 1929. Offered by J. S. Wilson & Co., BaltimorsS
Laird, Bissell & Meeds. Wilmington, Del., and Janney & Co., Philadelphia.
1,090,000
2,000,000
Oilonstruction; working capital__
Land, Buildings, &c.
200,000 Finance construction of hotel
5.60-7.00 Prudential 011 Corp. lot (Closed) 'Mtge. 6s, 1925-29. Offered by Dillon, Read & Co.
100
6.00
George Washington Hotel (Winchester. Va.) 1st R. E.68, 1926-29. Offered by American Truitt
Co. and American National Bank, Richmond. Va.
STOCKS.
Par or
,Vo.ofShares
Purpose of Issue.
Public Utilities643,000 Acquire stock of Montaup Co
500,000 Additions, betterments
1,000,000 General corporate purposes
1,000,000 Additions; other corporate purposes
16,691,000 Extensions
To Yield
a Amount Price
Invoiced. Per Share. About.
1,064,250 165
500,000
25 (par)
1.000.000
1,000.000
50 (par)
98
16,691.000 100 (par)
Company and Issue and by Whom Offered.
Edison Electric Ilium. Co. of Brockton, Mass. capital stock. Offered by company to
stockholders.
of Preferred
--- Hartford City Gas Light Co. Common. Offered by company to holders
and Common sock
7.50 Jamaica Water Supply Co. 714%Cumul. Pref, Offered by company.
7.14 Nebraska Pr. Co. 7% Cumul. Pref. Offered by W. C. Langley & Co.. New Tort:
and Old Colony Trust Co., Boston.
New England Telco. &Teleg.Co.Capital stock. Offered by company to stockholders.
20,255,250
Motors and Accessories200,000 Acquisitions; working capital
Other Industrial & Mfg.250,000 Development
•42.000
Acquisitions
"21.000 shs. Acquisitions
"75,000shs. Additional capital
2,000,000 Refunding
860,000
2,000,000
99.)i
4
52.'5
24.859.250
Land, Buildings, &c.
493.357 Additional capital
Miscellaneous100,000 Expansion of facilities
50,000 Expansion of facilities
1,250,000 Acquisition of additional store__ _ _
'6,250 slut. Acquisition of additional store_ _ _ _
850,000 Capital expenditures
'3,400 shs. Capital expenditures
California Glass Co.8% Cumul. Pref. Offered by Hunter-Dulin & Co., Los Angeles.
Canada Dry Ginger Ale,Inc.,Class A stock. Offered by Walker & Roberts,Inc., N.Y.
N.Y.
Canada Dry Ginger Ale,Inc.,Class B stock. Offered by Walker & Roberts, Inc.. DoraFairbanks, Morse & Co. (III.) Common. Offered by Clark, Dodge & Co. and
InIck & Dominick.
Redmond
7.03 Standard Plate Glass Corp. Prior Preference 7% Cumul. Pref. Offered by
& Co., Frazier & Co., Inc., Wells. Deane & Singer and Glover & MacGregor.
1
,
Telautograph Corp. Common. Offered by company to stockholders; underwritten.
Westinghouse Electric & Mfg. Co. Common. Offered by company to holders of Prof.
Co...and
&
Loeb
Kuhn,
and Common stock; underwritten by a syndicate headed by
Chase Securities Corp.
250.000 100
3.00
1,344,000 110 shs. Cl. AI For
5 shs. Cl. B J$320
2,062,500 27)4
"137,500 shs. Refunding
350.000
17,955.000 Capital expends.; working capital. 18.852,750
011-"2000000M] Liquidate curr. debt; working cap_
Co.
Pines Waterfront Co. (Del.) Class "A" Common. Offered by Paul II. Davis &
and Stein, Alstrin & Co., Chicago.
21 Yi
8,000,000
Transcontinental Oil Co. Common. Offered by company to stockholders; 500,00e
shares underwritten.
4
Boston Ground Rent Trust Common. Offered to stockholders.
493,357 100
Brannatirtb
8.00 Gate City Dairy & Ice Cream Co., Inc. 8% Cumul. Pref. Offered by
Beckham, Atlanta, Ga,
Gate City Dairy & Ice Cream Co., Inc., Common. Offered by Brannan At Beek ham.
Atlanta, Ga.
1,562,500 110 sh.Pref.1 For Kresge Dept. Stores, Inc., 8% Cumul, Pref. Offered by Merrill, Lynch & Co., N. Y.
5sh.Com.131,250 Kresge Dept. Stores, Inc., Common. Offered by Merrill, Lynch & Co., N
850,000 5 she. Pref.
Michigan Terminal Warehouse Co. of Detroit 7yi% Cumul. Pref. Offered by
Brasil-Hull & Co., Detroit.
For
2 shs. Com.) 8500 Michigan Term. Warehouse Co. of Detroit COMM:M. Offered by Brasil-Hull & Co
Detroit.
2,562,500
100,000 100
50,000 100
FARM LOAN ISSUES.
Amount.
Issue.
1,000,000 Atlanta (Ga.) Joint Stock Land Bank 5s,
1952
500,000 Fletcher Joint Stock Land Bank 5s, 1933-53_
500.000 Potomac Joint Stock Land Bank 5s, 1934-54.
200,000 Tennessee Joint Stock Land Bank of
Memphis 5s, 1934-54
Price,
Yield.
Offered by.
100
102
100
5.00 Bond & Goodwin. Inc.; Paine, Webber It Co., and 13lodgett It Co.. N. Y.
4.75 Fletcher Savings It Trust Co., Indianapolis.
5.00 Brooke, Stokes It Co., Philadelphia,
100
:1.00 Brooke, Stokes It Co., Philadelphia.
2,200,000
" Shares of no par value.
a Pretencd stocks are taken at par, while in the tans of common stocks the amount is based on the offering price.
1972
THE CHRONICLE
[VOL. 118.
Indications of Business Activity
THE/STATE OF TRADE—COMMERCIAL EPITOME. total was something beyond precedent. In New England
Friday Night, April 25 1924.
general trade, it is not surprising to learn, has fallen off.
Business does not improve,,although the weather of late The weather there has recently been cold. Besides, the
has been on the whole better. Iron and steel are dull and textile working population's buying power has been reduced
prices are tending downward. It is obvious that production by the stagnation in business there. Failures for April
is outrunning consumption in these industries. And the show some slight increase over those for the same month
textile industry remains depressed. A number of New Eng- last year. With trade hampered in various ways it need
land cotton mills have latterly passed their dividends. Cur- excite no surprise if collections have become a bit slower.
tailment of output in Massachusetts, Rhode Island and Shoe factories are still running on short time in some parts
Maine is increasing. In parts of the South there is a ten- of the country, including New England. And this also tends
dency in the same direction. Everywhere there is complaint to affect retail trade. At several centres of the furniture
• of the dulness of trade in cotton goods. The New England manufacturing business the output has been reduced. On
spinner in particular is between the Scylla of high costs of the Pacific Coast there has been some decrease in general
raw material and labor on the one hand and the Charybdis business at both retail and wholesale, owing largely to the
of dulness of trade and increasing foreign importations on prevalence of the foot and mouth cattle disease and the
the other. Yet even in such a situation there have been establishment of quarantine. Wool has been quiet and the
broad hints that if New England mills attempt to reduce woolen industry is not up to the normal level. At some
wages there will be a strike. No such reduction, however, Western shoe manufacturing centres a slight improvement
has been openly broached there. Meanwhile there is dis- in trade has taken 'Mace, but this seems to be the exception
tress among the cotton operatives of Fall River, Mass. It that proves the rule. It is pointed out that the Easter shoe
seems to the last degree unwise to insist upon a scale of business was disappointing. Unemployment is complained
wages which prevents the New England mills from compet- of in coal, petroleum and New England cotton centres. Raw
ing to advantage with other'mills At the South and compel- cotton has latterly advanced sharply, including a rise to-day
ling them to run on short time to the manifest disadvantage in the old crop of $4 to nearly $6 a bale, owing to trade buyof the workers. One big manufacturing company at Fall ing for both American and European account. Supplies are
River, it seems, has been operating its mills for a week or rapidly dwindling and this fact offsets the effect of gradutwo at a time recently, largely in order to assist needy ally increasing curtailment at the cotton mills North and
operatives who have been reduced to want b-cause some of South. But it is gratifying to notice that beneficial rains
the mills have been closed since last December. High costs have just fallen in Texas, where they had begun to be much
of production largely account for this state of things. But needed. The new crop months therefore have not advanced
apart from this, general trade is not in an altogether satis- so much as the old crop. The exports of cotton are not very
factory condition. Politics at Washington have had a bane- far from 740,000 bales larger than up to this time last year.
ful effect. Merchants everywhere are complaining of this Wheat prices have advanced slightly. It is feared that the
fact. Politicians in foreign countries, it is pointed out, often storms and cold weather in the American and Canadian
show some regard for business interests, although nobody Northwest may delay spring seeding. Besides, the receipts
claims that this is universally or always the case. But the at primary markets of the West have latterly been small.
passage of the Bonus bill, the passage of the Immigration American wheat prices are too high for important exports.
bill, the persistent attempts to pass the McNary-Haugen Curious as it sounds, there is a disposition among speculabill and now a new bill designed, it is claimed, to help the tors at the West to try to advance prices on the idea that
farmer, illustrate the mischievous influence of the "prac- possibly the McNary-Haugen bill may be passed with its
tical politician." Attempts at economy in the administra- provisions for the exportation of grain to foreign markets
tion of government are continually antagonized by the with the aid of a Government controlled corporation. Leadpoliticians at Washington. Meanwhile American business ing men in the grain business recognize the fallacy of such a
suffers from an undue burden of taxes, really kept at close measure. They know that it would bring reprisals, that it
to a war level, five and a half years after the armistice. would tend to prevent diversification of crops at the West,
Secretary Mellon's statesmanlike plan for tax amelioration, that coddling of this sort would simply keep up the acreage
a measure that appealed to all reflective men throughout the and keep down the price. Sugar has advanced somewhat
nation, has been a target for the attack of self-seeking poli- during the week, coincident with the breaking out of a railticians from the moment that it was broached. And the road strike in Cuba and some increase in the demand. Cofscandals at Washington, nauseating to the American people, fee has also advanced, partly owing to the artificial scarcity.
have in one way or another also militated against a restoraA hopeful circumstance in the last few days has been an
tion of trade to normal conditions. The commercial com- advance in the stock market. Say what men will about
munity of the United States is thoroughly sick of all this Wall Street, the business community of the country is apt
and at the first opportunity there will be a stern accounting to look to that quarter for guidance. And the recent adfor it. President Coolidge's speech at the Associated Press vance in stocks has been hailed ais a hopeful factor, possibly
luncheon on Tuesday was rightfully optimistic as regards presaging better things to come. The opinion, too, seems to
the fundamental facts as to the soundness of -American be growing that the Dawes plan of reparations will eventubusiness. But business wants a chance. It is not getting it. ally be carried out. France is insisting on guarantees in
It wants lower taxes and selfish politicians relegated to the case of a German default, but there ought to be some way of
rear.
meeting this matter satisfactorily. And no doubt a way will
Apart from all this, for a couple of months the weather in be found. Probably in the last resort the surest guarantee
this country was also unfavorable for business. Latterly, Is a dawning realization by Germany that the family of
as already stated, it has been better. But to-night there is a nations expects her to meet the situation squarely, pay the
heavy snowstorm in northwestern North Dakota, with indi- reparations demanded and again take her place at the councations that a cold wave will follow. In that section, as well cil board of civilizbed nations. This will ultimately inure
as in Iowa, there have been big electrical storms within the quite as much to the advantage of Germany as to anybody
last 24 hours. Here in the Eeast, however, conditions have else.
latterly been in the main more favorable for business. Yet
The Immigration Restriction bill passed the Senate on
it is true that wholesale trade, not to speak of the big indus- April 18 by a vote of 62 to 6. The Bonus bill passed that
tries, has, if anything, been slower than recently. There is body on the 23d inst. by 67 to 17.
less business in coal and lumber, although building, on the
Russia, now that Lenin is gone, is said to be making its
other hand, is still being prosecuted with vigor. There has way back to normal methods of trade. Hated "capitalism"
been a sharp demand for some building materials. Lower has, it seems, regained control of nearly 85% of Russia's
prices have been made for raw silk, with better business at retail trade in the teeth of the co-operative and Government
the decline. Car loadings have been somewhat larger, but stores and has recovered fully 50% of the wholesale busithey are smaller than a year ago. On the other hand, how- ness. Communism, it is said, is entrenched in manufacturever, it is also true that thus far this year they are some- ing industries like textiles, iron, coal and machinery, which
what larger than during the same period of 1923, when the are distributed by Government agencies. But even in these
APR. 26 1924.]
THE CHRONICLE
branches private business has regained nearly 15% of the
wholesale trade. All of which is a new illustration of the
fact that if you expel the natural by the door it will fly back
by the window.
At Fall River, the printing department of the American
Printing Co. this week resumed full time. The plant had
been running about two-thirds of its 48 printing machines.
The printing department of the company has been curtailing for several weeks, confining its output strictly to orders,
and its warehouse stocks of unsold goods are stated to be
very low. On April 24 announcement was made that the
six cotton mills of the American Printing Co.'s plant, which
have been operating practically in full for the past two
weeks, will be shut down all of next week, but will reopen
for the week of May 5. This will be the most drastic curtailment yet seen at Fall Rive. One report said that the
total sales at Fall River of print cloths for the week will
not exceed 35,000 pieces. Prices of cloth, however, have remained practically unchanged. Fall River print cloth mills
generally showed a slight increase in curtailment during
the past week, but latterly the demand for goods there has
been reported somewhat better. The Algonquin Printing
Co. has increased operations to five days a week and the
Fall River Bleachery from four to five days a week. The
Pocasset and Mechanics Mills at Fall River closed for ten
days. At Fall River two mills passed their dividends this
week. At Lawrence, Mass., the Pacific mills are working at
75%, against 65% of capacity recently. At Ludlow, Mass.,
the Ludlow mills, employing 2,800 operatives, which closed
April 12, resumed operations in all departments on April 21.
At Natick, R. I., the mills of the B. B. & R. Knight, Inc.,
which resumed work last Monday following a shutdown,
will close to-morrow, April 26, and will not reopen until
business improves. At Riverpoint, R. I., the Royal and
Valley Queen mills and at Arctic, R. I., the Arctic
mills, operated by the Knight Co., will remain closed until business
is
better. At Centreville, R. I., the Centreville mill
will work
on part time next week. Goddard & Co.'s Phenix
and Hope
mills, closed for several weeks, will not reopen
before May
19. At Manchester, N. H., the Amoskeag
mills shut down
completely from Wednesday for the rest of the week.
Thursday was a legal holiday (Fast Day) in
that State. The
Amoskeag mills have not increased curtailment,
but there
seems to be a fear that they will, owing to
the unsatisfactory
trade at most mill centres. Boston wired that
a complete
shutdown of the big Amoskeag mills is not unlikely if conditions do not greatly improve by June 1. That is some
time
ahead. At Biddeford, Me., the Pepperill mills
will close
from April 26 to May 5. At Lewiston, Me.,
on April 24 the
Bates Manufacturing Co. has started to operate
its cotton
mills on a four-day schedule until trade is better.
About
1,000 employees are affected. At Auburn, Me.,
the Barker
mill is working only three days a week, but the
looms are on
a full production basis.
In North Carolina cotton mills
curtailment, it is stated,
Is slowly increasing. The mill power
load of the Southern
Power Co., Charlotte, last week was
approximately 15%
below normal. Some small North Carolina
mills are running
full time on old orders and will for
some weeks, but there
Is little new business in sight. At
Spartanburg, S. C., the
Arcadia Mill No. 2, just completed,
began operations this
week. In the Baltimore district cotton
mills are increasing
curtailment. The Dominion Textile Co. will
lay off 1,300 of
Its 1,500 employees at St. Gregoire, Quebec,
Saturday on account of the recent tariff cut. In Lancashire,
Eng., Tattersall says that the general outlook in most sections
is brighter
than for some time past. The production is
steadily improving, with a possibility that more hours will
be worked
by the spinning mills in the American sections
at an early
date. Silk and wool goods were reported active
in Chicago.
At Huntington, Mass., on April 24 it was
announced that
the plant of the Chester Paper Co. division of the
American
Writing Paper Co. will be closed until such time as
improved
business conditions warrant operation. In order to
effect
economies of operation the grades manufactured
in the
Chester plant will be transferred to Holyoke mills
of the
company. At Haverhill, Mass., on April 23 the
Haverhill
Shoe Manufacturers' Association formally
requested the
Haverhill Shoe Board of Arbitration to allow a complete
readjustment of prices in McKay shoe factories with the
view of substantial wage reductions. Large firms
have declared that unless wages can be reduced they will have
to
remove to other cities or abandon the business altogether.
At Havana the strike of car and taxi drivers continues
and
1973
only three English language newspapers are being published. Troops were called out to keep order. The striking
100,000 shipbuilding workers in Southampton, Eng., will return to work.
Daylight saving begins here at 2 a. m. Sunday morning,
and clocks and watches should be turned ahead one hour.
It was rainy and rather cool in the East over the Easter
holidays, but pleasant on Monday though ending cool and
threatening. There was a hard rain on Tuesday. Wednesday and Thursday were clear but rather windy and cool on
Wednesday. Latterly the weather at the West has been
clear and mild. It has been up to 76 in Chicago, 82 in Cincinnati, 80 at Indianapolis, while it has been 64 at New York,
62 at Boston, 72 at Pittsburgh. To-day has been clear and
pleasant here. Very heavy rains have fallen within 24
hours in Texas and Oklahoma and rains and colder weather
are predicted for those States, with freezing in the Panhandle and a Government warning to the cattle ranges.
Floods are reported in parts of Texas to-day. To-day, too, a
snow storm occurred in North Dakota, with a cold wave
following severe electrical storms in the Northwest on
Thursday night. Duluth to-night reports storm warnings
posted on Lake Superior, with a Northeaster blowing. Des
Moines reported an electrical storm in northern Iowa.
Decline in Wholesale Prices During March.
The general trend of wholesale prices was downward in
March, according to information gathered in representative
markets by the United States Department of Labor through
the Bureau of Labor Statistics. The Bureau's weighted
index number, which includes 404 commodities or price
series, stands at 150 for March compared with 152 for the
preceding month. In its announcement of April 18 the
Bureau also says:
Large decreases from the February level of prices took place among farm
products, due to declines in cotton and cotton seed, eggs. flaxseed. packers'
hides, wheat. oats, rye, potatoes and tobacco. The decrease in the group
as a whole was over 4%. In the group of foodstuffs the decreases averaged
nearly 13,5%, while in the cloths and clothing group they averaged 2M %.
smaller decreases took place among chemicals and drugs and among
house furnishing goods. No change in the general price level was reported
for the two groups of building materials and miscellaneous commodities.
In the group of fuel and lighting materials and in that of metals and metal
products prices in March were slightly higher than in February.
Of the 404 commodities or price series for which comparable data for
February and March were collected, decreases were shown in 155 instances
and increases in 81 instances. In 168 instances no change in price was
reported.
INDEX NUMBERS OF WHOLESALE PRICES, BY GROUPS OF
COMMODITIES (1913 EQUALS 100).
March —19241923. Feb. March.
Farm products
143
143
137
Foods
143
143
141
Cloths and clothing
201
196
191
Fuel and lighting
206
180
181
Metals and metal products
149
143
144
Building materials
182
182
198
Chemicals and drugs
135
131
130
House furnishing goods
17.5
185
176
Miscellaneous
127
113
113
All commodities
150
159
152
Comparing prices in March with those of a year ago, as measured by
changes in the index number, it Is seen that the general level has declined
over .5M %. In all groups prices were lower than in the corresponding
month of last year. ranging from approximately 1 % in the case of foodstuffs to over 12% in the case of fuel and lighting materials.
Decrease in Retail Food Prices in the United States
During March.
The retail food index issued by the United States Department of Labor through the Bureau of Labor Statistics,
shows that there was a decrease of 2% in the retail cost of
food in March 1924 as compared with February 1924. This
decrease was largely due to the drop in the price of eggs. In
February the index number was 147, in March 144. The
Bureau's statement, made public April 18, continues:
During the month from Feb. 15 1924 to March 15 1924, 16 articles on
which monthly prices are secured decreased as follows: strictly fresh eggs.
30%; butter and oranges, 4%; lard. 3%; cheese and onions. 2%; bacon.
ham,fresh milk, macaroni, rice, navy beans, baked beans, and raisins. 1%;
and canned salmon and nut margarine, less than 5-10 of 1%•
Fourteen articles Increased in price as follows: Cabbage. 15%;coffee, 5%;
leg of lamb. 4%; hens and bananas, 2%; sirloin steak, rib roast, chuck
roast, pork chops,canned corn, canned peas, and granulated sugar, 1%;and
round steak and tea, less than 5-10 of 1%•
Thirteen articles showed no change in price in the month. They are as
follows: Plate beef, evaporated milk, oleomargarine, vegetable lard substitute, bread,flour,corn meal,rolled oats, corn flakes, wheat cereal, potatoes.
canned tomatoes, and prunes.
For the year period. March 15 1923 to March 15 1924, the increase in all
articles of food combined was 1%•
For the eleven-year period, March 15 1913 to March 15 1924, the increase
in all articles of food combined was 48%•
Changes in Retail Prices of Food, by Cities.
During the month from Feb. 15 1924 to March 15 1924 the average
family expenditure for food decreased in all cities as follows: Buffalo.
New York, and Rochester, 4%; Atlanta, Boston, Bridgeport, Butte,
Cleveland, Columbus, Detroit, Fall River, Indianapolis, Jacksonville.
Little Rock, Manchester, Memphis, Milwaukee, Newark, Peoria. Phila-
1974
THE CHRONICLE
delphia, Pittsburgh, Providence, Scranton, Springfield, Ill., and Washington. D. C., 3%; Baltimore, Birmingham, Charleston, S. 0.; Chicago,
Cincinnati, Denver, Kansas City, Louisville, Minneapolis, Mobile, New
Haven, New Orleans, Norfolk, Omaha, Portland, Me.; Richmond, St.
Louis, St. Paul. Salt Lake City and Savannah. 2%; Dallas, Houston,
Portland, Ore.; San Francisco and Seattle, 1%, and Los Angeles, less than
five-tenths of 1%.
For the year period, March 1923 to March 1924. 39 of the 51 cities
showed an increase: Los Angeles, 6%; San Francisco, 5%; Chicago,
Columbus, Peoria, Seattle and Springfield, III., 4%; Cincinnati, Dallas,
Louisville, Milwaukee, Norfolk and Omaha. 3%; Birmingham, Charleston,
S. C., Jacksonville. Memphis, New Orleans, Portland, Ore., and St. Louis,
2%; Atlanta. Baltimore. Buffalo. Cleveland, Denver, Detroit, Houston,
Indianapolis, Kansas City, Minneapolis, Mobile, Newark and New Haven,
1%; and Bridgeport, Butte, Pittsburgh, St. Paul. Salt Lake City, and
Washington, D. C., less than five-tenths of 1%. The following 12 cities
decreased: Fall River, Little Rock, Providence, and Scranton, 2%:
Boston, Manchester, New York, Portland, Me., Rochester, and Savannah,
1%; and Philadelphia, and Richmond. less than five-tenths of 1%.
As compared with the average cost in the year 1913, food in March 1924
was 52% higher in Chicago and Richmond; 49% In Baltimore, Charleston,
S. C.. and Washington, D. C.; 48% in Detroit and Milwaukee; 47% in
Birmingham,Buffalo, New York,Providence.and Scranton:46% in Boston;
45% in New Haven, Pittsburgh, and St. Louis; 44% in Dallas, Fall River.
Manchester, and Philadelphia; 43% in Cincinnati, Minneapolis, and
New Orleans: 42% in Cleveland, Newark, and Omaha; 41% in San Francisco;40% in Atlanta, Kansas City. and Los Angeles; 39% in Jacksonville;
38% in Indianapolis and Seattle; 37% in Memphis; 35% in Little Rock
and Louisville; 31% in Denver; 30% in Portland. Ore., and 22% in Salt
Lake City. Prices were not obtained from Bridgeport, Butte, Columbus,
Houston. Mobile, Norfolk, Peoria, Portland, Me., Rochester, St. Paul.
Savannah, and Springfield, Ill., in 1913, hence no comparison for the 11year period can be given for those cities.
•
[VOL. 118.
tion at their annual meeting in this city on April 21 stated
that "the abolition of the 12-hour day is costing us about
$35,000,000 dollars a year. It adds about 10% to cost," he
said, "as I have heretofore stated publicly." He continued:
As to what the net result of that action is, no one man can precisely state,
because it involves so many things. Certainly we accomplished two things;
certainly we satisfied the President just before his death that we were endeavoring to do what he asked to be done; secondly, we met a public sentiment, however it may have been created. The Steel Corporation for
years has been in favor of abolishing the twelve-hour day, not because we
believed it was an evil, certainly not because the workmen themselves
desired it, but because it seemed apparent there was an increasing public
sentiment in favor of that action. And as you know it has never been the
policy of the corporation to intentionally antagonize public sentiment.
In his declarations against Congress, President Gary said:
The worst thing we have at the present time, which I hesitate to say
anything about, and certainly I would not say with the intention of offending any single individual in this country, is our American Congress.
I do not speak as a partisan. I speak as a single citizen. and I speak of
men not because of their political affiliations but because of what they are
doing. I do'not name anyone, because I have no disposition to deal in
personalities ever anywhere, for one reason; and also because I might not
be able to name the right person or persons. But I take them as a whole
and I apply the principles I think are proper to the action and non-action
that Congress is guilty of. There are men in Congress who are naturally
selfish and who act and vote and talk with a view of advancing personal
interests. Of course those men are unworthy of their position. There
are other men, with perhaps good minds, certainly good intentions, but
who in their actions are just as had as the first named, men of little experience in business affairs, some with poor judgment,some influenced by considerations that are unworthy, without knowing it, who by their action are
The following tables are also furnished by the Bureau:
bringing harm upon the country, men who seem to be inconsiderate of the
ow= NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES best interests of our people.
OF FOOD IN THE UNITED STATES.
I made a few remarks before a university a few years ago entitled "Investigate the Investigators." I thought it was appropriate then and I think so
Year and 8171'a Xnet Re CA'ck Plate Pork 13anow. Of course no decent man can object to investigation when it is
Birk
Mona. Steak. Steak' Roan.Roan Beef. Cho eon. Ham.Lora.Honk. Rook. ter.
properly, honestly conducted, with a worthy object in view; nobody can
1922.
object to the exposition of the truth, always if the circumstances at the time
January __ 139 136 135 119 106 137 139 164 97 173 145 118
justify it. But there are many investiations being carried on that are
February. 139 135 134 118 106 140 140 173 101 173 140 120
unworthy, unjustified: and not only that, some which•are justified calried
March ___ 141 138 136 121 107 149 144 185 109 177 92 120
to an extent that Is unreasonable and unfair and calculated to bring personal
143 141 138 122 107 157 147 188 107 177 92 118
April
injustice and reproach upon good men. And those I do not approve of.
148 146 141 124 107 164 147 191 108 177 97 117
May
151 150 142 126 107 161 150 193 109 173 99 117
June
Those, with you, I think, I denounce.
154 153 144 127 106 164 150 194 109 168 104 119
July
Now, gentlemen, will you allow me to say, still as a non-partisan, strictly
August..._ 154 153 142 125 104 167 150 189 109 164 108 115
non-partisan so far as politics are concerned, we have, as opposed to that
September 152 151 142 125 104 173 150 180 109 164 130 122
October.. 151 148 141 124 106 174 151 177 111 163 157 133
disposition of some of the members of Congress, whose actions and motives
November 147 144 139 123 105 157 151 172 111 159 187 143
are unjustified if, not unworthy,a man in the White House who Is as strong
December_ 14'5 141 138 121 105 140 149 169 111 168 193 157
and solid as the Rock of Gibraltar.
—— — — —
I happened to meet on the train, just before my departure for South
Av.for yr. 147 145 139 123 106 157 147 181 108 169 129 125
America, an ex-United States Senator who had been there a long time and
1923.
who had also been Governor of his State. and I asked him as a Democrat,
January _. 146 142 139 123 107 140 147 168 110 162 161 154
whom I had known as one of the strongest and sometimes most radical,
February.. 146 141 139 122 106 137 148 167 110 167 134 151
not in a sense of reproach. but strong in his conviction that the Democratic
147 142 139 123 106 135 145 167 110 168 112 150
Mara
149 145 140 123 105 135 145 168 111 169 100 150
April
Party was about right, whom he would vote for the coming fall. And his
May
152 148 142 124 106 143 145 169 109 170 102 156
reply, made to me of course in confidence, was this: "If the Democrats
June
168 155 145 128 104 142 144 171 109 156 103 131
nominate a man who is less conservative and honest and straight and fair
161 150 148 130 106 149 145 171 108 163 108 128
July
August__ 162 159 147 130 106 153 145 172 108 162 120 183
and independent and experienced than Calvin Coolidee I will vote for
September 162 159 148 131 108 176 146 173 113 164 141 144
Coolidge. The first time in my life it will be when I have voted anything
October___ 157 154 146 180 108 168 146 172 118 163 158 147
but the straight Democratic ticket."
November 153 148 143 128 107 138 143 169 . 120 158 192 154
Now that man spoke the sentiments of a great many Democrats. ThereDecember- 152 148 143 128 107 126 139 166 120 157 188 157
fore in discussing President Coolidge we need not speak of him as a RepubAv.for yr- 154 150 143 127 106 145 145 169 112 164 135 145
lican President nor as one who is likely to be a candidate for election as
President at the coming election; we speak of him as a man, apparently
1924.
January__ 154 149 144 129 110 130 138 166 118 162 158 161
ignoring his own personality, Just as favorable to capital as he is to labor,
February _ 152 148 143 128 110 127 136 165 114 165 144 157
and just as favorable to labor as he is to capital. without any prejudice in
March__ 153 148 144 129 110 128 134 164 111 169 101 151
favor of or against either one, and whose real purposes and efforts are to
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES benefit the whole people of this country, to the injury of no honest man.
I hold no brief for him: I am not in politics as you know. I have seen
•
OF FOOD IN UNITED STATES.
him but twice in my life. But I take him at his word in what he says, and
I
have
reason to believe from what I have heard from his Intimate associates
Year and
RH
that he has now in mind the advancement of the best interests of this counMonth. Mess.lifilk.Bread F7our Corn ROC Polo- 8soarCollho Too.
Arida...
Meal.
loos.
Corrib1no1. try, the progress of this country and the prosperity of all his people. And
that is a great asset, that is a great thing for this country.
1922.
The President is going to make a speech to-morrow I believe, in New
January__ 3 9 153 157 148 130 107. 194 113 120 125
142
February-._ 149 148 154 155 130 107 194 116 119 125
York
I think. We will be Interested of course to hear what he says. We
142
149 148 165 161_ 130 107 182 118 119 124
March
may be disappointed. but from what he has said heretofore I do not believe
139
April145 143 155 16‘". 130 108 171 122 120 124
139
we will be. Why is he for prosperity? Because that Is for the benefit of
139 140 157 161 127 109 176 120 120 125
May '
139
every citizen, rich or poor, high or low, young or old, male or female; be141 140 157 161 130 110 206 129 121 125
June..
141
143 144 157 158 130 110 212 138 121 125
Ju/y
cause
he knows that the position of this country, which is so high at the
142
149 145 155 155 130 110 153 147 121 125
August
present time throughout the world because of its own merits, de-serves to be
13.9
September._ 145 147 155 148 130 110 135 144 121 125
140
protected. And he has a clear vision. From what he has said on several
154 149 155 145 130 110 129 144 122 125
October
148
occasions we know that he believes in the ability of this country to maintain
161 151 155 146 130 110 124 147 122 126
November
145
December
188 164 154 148 183 109 124 151 123 126
this position which he proposes to protect. He knows what the wealth of
147
This country is, what its resources are, what its advantages are,and knows
Av. tor year 149 147 155 165 130 109 165 133 121 125
140
that this country freouenti3r has prospered In spite of the opposition of
unworthy people, and that it is the obligation and no less the pleasure of
1923.
169 164 156 148 133 109 124 151 124 126
January
144
the President of the United States to try to build up, to construct instead of
February—. 170 154 155 148 133 108 124 158 126 127
142
destroy; and he feels that whatever he can do and whatever he can say to
168 153 155 145 133 108 129 185 127 127
March
142
that end will be for the best interests of the people.
164 163 155 148 133 108 147 193 128 127
Apre
143
161 152 155 145 133 108 169 204 128 127
May
143
In part Judge Gary also said:
163 152 165 145 133 108 188 202 127 128
June.
144
164 153 157 142 137 108 247 191 127 128
July
Now,gentlemen,if you were to ask me what I think of the future business
147
August—__ 1134 159 155 136 137 108 218 176 126 128
146
I could not say if I would, and I would not say if I could, any word that
September._ 167 157 165 136 140 109 200 176 126 128
149
would bring embarrassment or trouble or have an influence against prosOctober
174 158 155 139 143 110 171 193 127 129
150
November_ 171 161 155 139 147 111 153 187 127 129
perity. This country is too great, too strong. our wealth is stupendous,
151
December
171 161 155 136 147 111 153 189 127 129
150
and there are opportunities better than ever before. And the business man
of intellect and judgment and study who does not see all the time that
Av.for year 167 155 155 142 137 109 168 184 127 128
146
ahead of us, nearer or farther away at times. depending upon circumstances,
1924.
the sun of prosperity is shining, Is a man of either poor judgment or poor
January—. 169 160 155 136 147 113 165 185 128 131
149
intellect, or both.
February-- 168 157 155 139 147 113 165 187 130 130
147
104reh
188 1513 155 130 147 111 185 1QO lq, /.1A
Now with respect to our own steel business, concerning which I know the
Ili
best, I can say with certainty and accuracy that at the present time we are
making a living and a little more. I have a higher opinion of a man who
Abolition of Twelve-Hour Day Costs United States talks about what he is doing or has done than about one who only talks
about what he is going to do, especially if after a few time,.I have found he
Steel Corporation $35,000,000 a Year—Worst
has been mistaken. We have a good deal of business on our books. There
has been some decline during the last month or go in the amount of orders.
Thing at Present Time Our American
Personally, I am surprised it was not more. We had been running at such a
Congress, Says Judge Gary.
high rate, our progress was so rapid. business seemed to expand to such
Judge Elbert H. Gary, in addressing, as Chairman of the an extent, that It seemed to me to he only natural that we would see a
Board, the stockholders of the United States Steel Corpora- substantial recession oven if only temporary. And when I arrived home
and found it was as good as it is, having been entirely out of touch except
APR. 26 1924.1
from Mr. Farrell's weekly cablegrams, which said in substance we aredoing
business at the old stand, I know very little about the business. But I was
surprised to find it as good as it is.
Well, gentlemen, we need not be surprised nor disappointed if there
should be some other recessions in business. It is Presidential year, and
one party or the other, if not both parties, political parties, will charge the
other with having done everything possible it could to hurt business and
with carrying on a propaganda to bring destruction. And that is what
some people will say about what I am saying in regard to some of these
individuals in Washington. All right, let them produce the figures. If a
man charges any of us with wrong motives he should know the facts and
figures. • We must remember that we have increased the productive capacity
of the Steel Corporation through its subsidiary companies 112%. 12% more
than double what it was when we started business. And we are doing all
the time, with very slight interruptions, more business now than we were
at the beginning when we were running full.
Gentlemen, have we faith in our country, with its opportunities? Have
we confidence in the majority of the people of the United States? Do we
believe that the large majority are honest and intelligent, competent to see
through the fallacies and intrigues and tricks of the demagogues, of those
who have no personal interest in prosperity, people who ate sufficiently
intelligent and advised concerning facts as to be able to see who is right
and who Is wrong in substance as to the fundamentals of this country at the
next election? If we have, then there is no trouble about prosperity being
continued. For one, I have great faith in the future. I have been charged
with being an optimist. Well,it is a charge that I generally plead guilty to.
But I am not sufficiently optimistic to refuse or neglect to consider carefully
the adverse influences and obstacles that confront us, if they can be seen by
the ordinary observer, and if so to protect ourselves against them, to take
care of the situation, whatever the circumstances may be. When an
optimist,a true optimist, makes up his mind that any harm can be unjustly
wrought, still he knows it is only a question of time, and usually a pretty
short time at that, when we will overcome that and be again on the high
road of prosperity.
Crude and Bunker Fuel Oil Prices Advance.
The rumored advance in the price of bunker fuel oil came
to pass during the week, preceded, however, by the announcement of an advance in Smackover crude oil. The Texas Co.
on April 19 advanced the price of Smackover crudes 10c. per
barrel for all grades except 24 gravity and below, which remains unchanged at 85c. per barrel. The new price schedule
follows: 24 gravity and below, 85c.; 24 to 24.9 gravity,
$1 10; 25 to 25.9 gravity, $1 12; 26 gravity and above,
$1 35 per barrel.
The Gulf Oil Co. will follow the new prices posted by the
Texas Co.
On April 21 the Standard Oil of New Jersey reduced the
price of export gasoline and naphtha ranging from X to lc.
a gallon. Navy grade gasoline is now 14c., a reduction of Xc.,
and export naphtha is now 1534c., reduced 3Ac. Naphtha
of 64 degrees was reduced lc. to 17c. per gallon.
It is reported that heavy Mexican crude oil is selling in
Tampico Harbor for about $1 10 per barrel, a new high record. Sales of Mexican light oil have recently been made at
tidewater for $1 35 per barrel.
The price of bunker fuel oil was advanced 10c. per barrel
on April 24 by the Texas Co., the price now being $1 85 at
terminals in New York, Phihdelphia and Norfolk, the highest price in years. This is exclusive of lighterage charges,
which amount to 63c. per barrel.
• Steel Output Slackens Further-Prices Fall.
Adjustment of steel output to demand has made further
progress this week, with accompanying evidence of some
contraction of activities, though by no means marked, in
consuming industries. Largely the withholding of orders is
seen to be due to an expectation of buyers that prices will
yield further, declares the "Iron Age" of April 24 in its weekly
review of market conditions. Yet with all the pains consumers are taking to keep their stocks of steel at the lowest
point, shipments from the mills appear to be nearly up to the
average of 1923 and the volume of construction work and of
railroad consumption compares favorably with that of
March, observes this trade journal, adding the following
further details:
Blast furnace shut-downs are more numerous in the Pittsburgh and Valley
districts, eight furnaces there having been banked or blown out in the past
week as against five in the week preceding, and three other Valley furnaces
are scheduled to stop by the end of the month.
Steel production in the Pittsburgh and near-by districts. including
Youndstown, is now at about 75% of capacity, whereas the average in
March was somewhat over 90%.
The recession in operations is more rapid than that which began in May
1923, since order books then had generous backlogs.
While the Steel Corporation's policy in meeting competition has applied
chiefly to plates, structural shapes and bars, the situation in other products
is now attracting more attention. On Tuesday independent makers of
automobile body sheets announced a reduction of$5 a ton, or to 5.10c. base.
The general sheet market also has felt the shutting off of shipments to
automobile plants. Black sheets, which recently were on a 3.75c. basis,
have sold as low as 3.60c., Youngstown. Sheet mill operations are now at
about 65% of capacity.
Best estimates of the rate of renewed automobile output, following May
sales, put it below the average for the first four months.
The structural steel trade is still the brightest spot. Now lettings call
for some 20,000 tons, well distributed among public work, private work and
railroad bridges, while fresh inquiries exceed 50,000 tons, one-half for commercial enterprises and one-fourth for public work, largely in New York.
There is little new in railroad equipment and the next car inquiries are
expected from Western lines. The Chesapeake & Ohio purchases of cars
total 8,115, taking over 100,000 tons of steel. The Florida East Coast has
bought 25 locomotives.
Concrete bar business Is large, but is not the expected seasonal increase
over recent months. Competition is keen and at the expense of prices,
owing to uncertainty as to how long demand will hold up to the present scale.
Concrete road building in the East should take this year 50,000 tons of bars.
Sellers of pig iron are more disposed to make concessions to get business.
but the orders thus produced have been few and tonnages small. Southern
iron has declined 50c., foundry iron at Cleveland Si. and at Pittsburgh the
reduction is 50c. on the principal grades.
Foundry pig iron output still keeps ahead of consumption and more
merchant furnaces will go out. A survey of the foundry industry shows that
apart from the curtailment in automobile castings that began in March.
the past fortnight has brought a slight falling off in railroad malleables and
in some gray iron lines. In sanitary and radiator castings production holds
up well, with strong building demand.
The declines in pig iron have brought the "Iron Age" composite price to
$21 96, compared with $22 50 last week, $30 79 one year ago and $21 93
two years ago.
The finished steel composite price now stands at 2.696c. per lb., having
fallen from 2.703c. last week. One year ago it was 2.824c., and two years
ago 2.084c. per lb. The present level is the lowest in almost fourteen
months.
Crude Oil Production Recedes Slightly.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States for
the week ended April 19 was 1,932,350 barrels, as compared
with 1,953,350 barrels for the preceding week, a decrease of
21,000 barrels. Compared with the production during the
corresponding week of 1923, the current figure is a decrease
of 13,500 barrels per day. The daily average production
east of the Rocky Mountains was 1,287,050 barrels, as cornpar3d with 1,293,850 barrels the previous week, a decrease
of 6,800 barrels. California production was 645,300 barrels, as compared with 659,500 barrels; Santa Fe Springs
is reported at 75,000 barrels against 80,000 barrels; Long
Beach, 175,000 barrels against 185,000 barrels; Huntington Beach, 53,000 barrels against 54,000 barrels; Torrance,
55,000 barrels, the same as the'previous week, and Dominguez, 6,300 barrels against 5,500 barrels. The following
are estimates of daily average gross production for the weeks
indicated:
The usual composite price table is as follows:
Composite Price, April 22 1924, Finished Steel, 2.696c. per
April 151924,
Based on prices of steel bars, beams, tank
Mar.25 1924,
plates, plain wire, open-hearth rails,
April 24 1923,
black pipe and black sheets, constitut10-yr. pre-war average,
ing 88% of thou. S.output
I.2).
2.703c.
2.731c.
2.824c.
1.689c.
Composite Price April 22 1924, Pig Iron, $21.96 per Gross Ton.
April 15 1924, $22.50
Based on average of basic and foundry
Mar. 25 1924,
22.73
irons, the basic being Valley quotation,
April 24 1923,
30.79
the foundry an average of Chicago.
let-yr. pre-war average,
15.72
Philadelphia and Birmingham
19'75
THE CHRONICLE
DAILY AVERAGE PRODUCTION.
Apr. 19 '24. Apr. 12 '24. Apr. 5'24. Apr. 21 '23
(In Barrels.)
450.000
430,000
433,000
429,950
Oklahoma
82,050
69,35069,200
89,650
Kansas
66,200
69,950
71.800
72,900
Texas
North
124,650
210,600
209.150
201.800
Central Texas
70.350
42,600
43,000
49,650
North Louisiana
110,450
121,350
137,100
137.750
Arkansas
96,050
91.300
96,800
97,700
Gulf Coast
105,000
100,000
101,000
102,000
Eastern
126,100
123,000
132.650
125.650
Wyoming and Montana_
715.000
654.000
659,500
645,300
California
Total
1,932,350
1,953,350
1,915,000
1,945,850
Coal Prices Hold Firm-Markets Remain Stagnant.
The steady decline in bituminous coal production which
began early in January has now been carried to the point
where the daily average output has dropped to a level
approximating that registered at the worst period in the
depression of 1921, observes the weekly review issued by the
"Coal Trade Journal" on April 23. Although the cessation
western
of work in the Southwest and in sections of the
Kentucky and Kanawha fields is responsible for part of the
loss in tonnage in the past two weeks, by far the major cause
is the inability of producers to find a market for their product.
How much of this inability may be attributed to an actual
decrease in consumptive demand and how much to the use
of storage reserves accumulated in the weeks preceding the
signing of the Jacksonville compact, it is impossible to
determine: both factors play an important part in the
present situation, says the "Journal", adding further facts
as follows:
The depression in the Eastern producing States is accentuated by the
backward Lake season and by the failure of export demands to come up to
expectations. Up to April 14 1923 the Lake cargo dumpings had totaled
403,507 tons; this year. the cumulative total was only 144,281 tons. Although overseas export business has been ahead of 1923 and 1922. the
movement is still far below the tonnage that could be shipped without
pinching home demand. Added to those drawbacks has been a wild
competition for certain contract business, notably railroad tonnage, that
has led to quotations that give other would-be contract buyers false ideas
or current coal values.
In the Middle West, not only has the bottom dropped out of domestic
demand, but industrial purchasers are not in the market in their accustomed
numbers. The slump In demand for household coal is no phenomenon at
1976
THE CHRONICLE
this season of the year, but the failure of the steam buyers
to support the
market is causing concern. There is, It is true, no surplus of
screenings
pressing for market, but the short supply is due to reduced
preparation,
not to heavy demand. Proof of this is found in the fact that
a transfer
of a portion of the industrial demand of the Southwest
to the central
Illinois field has been marked by only modest gains in spot
prices; Standard
screenings have reacted more sharply, but here freight rates
play a part.
And the western Kentucky strike leaves the fine coal
range in that field
untouched.
Nevertheless the general tendency of spot prices is to harden.
This is
manifested in fewer changes in day to day quotations
and a stiffening in
minimum quotations. The week past, for example, saw
no changes in the
minimum figures on pool coals in the Atlantic seaboard.
Comparing
quotations for the week ended April 19 with those
shown below for the
preceding week there were changes in only 23.5% of the prices.
Of these
changes,51.3% represented advances ranging from 5 to
45c. and averaging
17.5c. per ton. The reductions ranged from 5 to 30c. and averaged
15.50.
The straight average minimum for the week was unchanged
at 51 91;
the straight average maximum was up 3 to $2 23. A year ago
the averages
were $2 42 and $2 85, respectively.
Anthracite movement has been increasing in the past few days,
both
from the mines to the retail yards and from the yards to
the household
consumer. This increase, however, has been confined largely
to company
channels as many independent operators are down or on part time.
The
fact that Lake trade has started and the feeling that May
1 will see an
advance in company prices on domestic sizes are broadening the
demand
at this time. Pea and No. 1 buckwheat are the backward sizes.
Beehive coke production is still slipping. More mines producing coking
coal are closing down and more ovens are being blown out. This
development is offset in a large measure by increased by-product activity.
March
output from the by-product ovens was the third largest in the history
of
the industry.
[VOL. its.
January, 32,674,471 for December, 36,316,828 for November, 35,851,435 for October, and 40,408,807 for March 1923.
The average number of active spindle hours per spindle in
place for the month was 187. The total number of cotton
spinning spindles in place, the number active, the number of
active spindle hours and the average spindle hours per
spindle in place, by States, are shown in the following statement:
Spinning Spindles. Active Spindle Hours, Mch.
Active
In Place
During
March 31. March.
Total.
Average Per
Spindle
in Place.
United States
37,761,970 32,392,171 7,072,965,368
187
Cotton growing States
New England States.
All other States
16,926,488 16,184,814 4,315.892,680
18,812,628 14.514,716 2,434,290,416
2,022,854 1,692,641 322,782,272
255
129
160
1,376,705
1,284,868
2,730,785
1,146,720
11,954,340
1,448,946
446.970
1,033,362
5.741.906
209,802
2,832,946
5.185,292
459,320
691,186
1.218.822
242
187
262
166
120
113
190
151
256
135
136
273
252
161
189
Alabama
Connecticut
Georgia
Maine
Massachusetts
New Hampshire
New Jersey
New York
North Carolina
Pennsylvania
Rhode Island
South Carolina
Tennessee
Virginia
All other States
1,293,904 332,745,771
1,202,367 240,785,982
2,601,470 716,646,391
1,086,682 190,277,204
8,693,497 1,435,133,460
981,116 163,473.450
430,523 84,716,667
855,055 156,448,674
5,458.084 1,468.769,273
28,383,452
152,001
2,447,398 385,267,307
5,076,724 1,413,060,257
447,892 115,672,732
672,742 111,031,183
992,716 230,553,565
Inactivity is the prevailing condition in the coal markets
of the country declares the "Coal Age" of New York in
it's April 24 summary of conditions affecting the coal marBituminous Coal Production Declines to New Low Level
kets. The "Age" adds:
The condition of the market is rather strikingly indicated
for the Year-Anthracite Increases One-Fifth.
by the bids
received April 18 by the U. S. Shipping Board at New York
for 1,065 gross
The
production of bituminous coal during the week ended
tens of bituminous coal of either Pool 9 or 71 quality, the
quotations ranging
April 12 declined to a new low level for the year, failing to
on a f.o.b. mine basis as low as $1 03 per net ton.
Several railroads have
signed up for fuel supplies for the coming year, but
the closing of industrial reach the previous week's production by 84,000 tons. On
contracts still leaves much to be desired, these consumers
seeming to buy the other hand, the output
only for immediate requirements. There is
of anthracite increased 308,000
no demand for tonnage for
Lake movement, and every indication points
to a late start of the ship- tons over the figure for the previous week, according to staping season.
tistics furnished by the United States Geological Survey.
As the possibility of a strike of BritIsh coal
miners grows more remote Extracts from the
another possible source of business to the American
Survey's report, Issued April 19, are
coal producer is fading
like a mirage. Nevertheless one of the few
bright spots in the trade was appended:
the export activity at Baltimore last week. On
April 16 and 17 32.190
tons of cargo coal were loaded there for foreign
countries, and the total shipments during the first eighteen days of the
month were only 2,000 tons
less than those of the entire month of March.
Italy continues to be the
largest purchaser, with France second.
"Coal Age" index declined 3 points to 169 as of April 21, the corresponding Price being $2 04. This compares with $2 08 on April 14.
In the Middle West the demand for steam coal seems to increase
a little
each day, but the shortage of screenings consequent on
the lessened production has not been sufficient to force prices up. Otherwise Midwest
trade shows little perceptible change. Running time
is low in all the
Illinois fields, contracting being dull and the railroads
still well fixed with
supplies on the ground.
Demand is lacking from practically all sources in the Kentucky markets,
save for little buying b3 railroads, which are taking
some tonnage to storage
when they are not busy. Prices, however, are
fairly firm all along the
line. Northwestern markets seem to have hit the very
bottom, sales and
shipments from the docks being practically at a standstill. There
are
3.250,000 tons of coal on the docks, of which 1,700,000
tons is free coal;
the remainder is under contract but has not been
accepted. Prices apparently are unchanged, but it is rumored that there
is list cutting to obtain
orders, so that another cut is likely. Stagnation
reigns at Milwaukee.
As the deadlock in wage negotiations continues at
Kansas City, surplus
coal supplies in the South Nest are nearing exhaustion,
several large producers having ceased to quote prices. Warm
weather has caused a slump
in business in the Rocky Mountain region.
Production in all Ohio fields is falling steadily with
a continued lowering
of demand, business at Columbus and Cleveland being
lifeless. The market
for slack at Cincinnati Is better, but smokeless
prices have softened. Pittsburgh has one of the dullest periods in its history
except during a strike.
Buffalo reports a slight improvement. Business is
uniformly light throughout the New England and Atlantic seaboard
markets from Boston to
Birmingham.
Domestic sizes of anthracite have been moving in fair
volume, stove
being the most active, but demand has not been up to expectation
s. Unseasonably low temperatures have helped to hold up
the demand. Barley
and rice are the strongest of the steam sizes, but
buckwheat drags.
Activity in the Cotton Spinning Industry for
March 1924.
The Department of Commerce announced on April 22
that, according to preliminary figures compiled by the
Bureau of the Census, 37,761,970 cotton spinning spindles
were in place in the United States on March 31 1924, of
which 32,392,171 were operated at some time during the
month, compared with 32,683,786 for February, 33,339,806
for January, 34,044,870 for December, 34,101,452 for November, 34,378,662 for October and 35,498,234 for March
1923. The aggregate number of active spindle hours reported for the month was 7,072,965,368. During March
the normal time of operation was 26 days, compared with
24 2-3 days for February, 263' for January, 25 for December, 25% for November, and 263
% for October. Based on
an activity of 8.74 hours per day, the average number of
spindles operated during March was 31,125,530, or at 82.4%
capacity on a single shift basis. This number compared
with an average of 33,879,600 for February, 36,476,177 for
The production of soft coal failed to recover
in the week ended April 12.
and declined to a new low level for the year. The estimated total output,
which is based on railroad reports of cars
loaded and includes allowances
for mine fuel, local sales, and coal coked at the
mines, is placed at 6,742,000
net tons. Compared with the week before,
this was a decrease of 84,000
tons. In comparison with the output in the correspondi week last year,
ng
there was a decrease of 3,659,000 tons, or
35
From an average daily output of 1,800,000 %•
tons late in February, production has dropped to the low level of
1,124,000 tons. This was almost
exactly the sttme as in the corresponding week
of 1921, when production was
practically at the bottom of the depression
of that year.
Estimated United States Production of Bituminous
Coal (Net Tons), Including
Coal Coked.
19241923
Cal. Year
Cal. Year
Week.
to Date.
to Date.c
Week.
March 29
8,818,000 135,027,000
136,682,000
10,430,000
Daily average
1,470,000
1,777,000
1,738,000
1,793
."
April 5.0
6.826,000 141,853,000
9,629,000 146,311,000
Daily average
1,241,000
1,791,000
1,741,000
1,777,000
April 12.8
6.742,000 148,595,000
156,712,00
0
10,401,000
Daily average
1,124,000
1,788,000
1,698,000
1,734,000
a Revised since last report. b Subject
production to equalize number of days in to revision. c Minus one day's
the two years.
ANTHRACITE.
Unlike the production of soft coal, the production
of anthracite improved
In the week ended April 12. The total
output is now estimated at 1,856,000
net tons, an increase of 308,000 tons, or
20%. In comparison with the
most recent full-time week, that ended
March 29. there was a decrease of
86,000 tons. The present rate of anthracite
production is approximately
10% less than it was a year ago.
Estimated United States Production of
Anthracite (Net Tons).
1924
1923
Cal. Year
Cal. Year
Week.
to Date.
Week.
to Date.
Mar. 29
1,942,000 23,401,000
2,008,000 25,778,000
April 5
1,548,000 24,949,000
27,470,000
1,602,000
April 12
1,856,000 26,805,000
2.067,000 29.537,000
BEEHIVE COKE.
With an estimated production of
266,000 net tons in the week ended
April 12, the production of beehive
coke continued the steady decline of
recent weeks,and nearly reached the low
record for the year. Comparison
with the preceding week shows a
decrease of 21,000 tons, and with the
corresponding week of 1923 a decrease
of 155.000 tons, or 37%. The
decline was general in all the Eastern
producing districts except Virginia,
where there was a small increase.
Production in the Connellsville
region, according to the Connellsville
"Courier," decreased from 210,140
to 201,440 tons. The "Courier" states
that the same ovens were in operation
and that the curtailment was effected
by cutting down running time at some works.
Estimated Produdion of Beehive Coke (Net Tons).
Week Ended
12 Apr. 5 Apr. 14 1924.
1923.
1924.a 1924.8 1923. to Date. to Date.c
Pennsylvania and Ohio
214,000
223.000
4,406,000
3,382.000
337,000
West V irginla
13,000 15,000 27,000 231,000 335,000
Ala., Ky., Tenn. and Oa
20,000 23,000 27,000 313,000 341,000
Virginia
10,000
8,000 17,000 136,000 240,000
Colorado and New Mexico- 5.000
5,000 8,000
80,000 110,000
Washington and Utah
4,000 4,000
74.000
63.000
5,000
United States total
266,000 278,000 421,000 4,205,000 5,506,000
Daily average
44,000 46,000 70,000
61,000
47,000
a Subject to revision. b Revised from last
report. c Less one day's
production in New Year's 'week to equalize the number
of days covered for
the two years.
APR. 26 1924.]
THE CHRONICLE
The cumulative production of beehive coke during 1924 to April 12 stood
Figures for similar periods in earlier years are as
follows:
1920
6,565,000 net tons11922
2,105,000 net tons
1921
2,853.000 net tons is23
5,506.000 net tons
Thus it is seen that from the viewpoint of the production of beehive coke
the year 1924 now stands 24% behind 1923, and 36% behind 1920, years in
which the industry was active. In comparison with the two years of depression (1921 and 1922), the present year is 47% and 100% ahead, respectively.
at 4,205,000 net tons.
Cottonseed Production During March.
On April 21 the Bureau of the Census issued the following
statement, showing cottonseed received, crushed and on
hand and cottonseed products manufactured, shipped out,
on hand and exported, covering the eight months period
ending March 31 1924 and 1923:
DEPARTMENT OF COMMERCE.
Bureau of the Census.
(Preliminary Report.)
Washington, 10 a. m., April 21 1924.
Cottonseed received,crushed and on hand,and cottonseed products manufactured,
shipped out, on hand and exported covering the eight-month period ending March
31 1924 and 1923.
COTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS).
Received at Mills •
On Hand atMills
Crushed
Aug. 1 to Mar. 31. Aug. 1 to Mar. 31.
Mar. 31.
State.
1924.
Alabama
Arkansas
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other
1923.
1924.
1923.
1924.
120,325 200.859 115,402 199,984 5,375
167,594 258,192 161,704 248,067 6,336
210,339 248,094 202,602 228,578 8,657
112,469 102,475 106,324
99,895 6,149
245,124 365,719 228,400 343,906 17,222
313,345 284,254 289,926 267,246 23,715
217,600 185,775 213,265 185,193 4,534
189,809 148,206 180,940 144,281 9,508
166,709 283,420 155,813 248,488 8,952
1,302,737 945,476 1,186,658 923,721 124,210
158,321 142,358 134,557 129,903 19,463
1923.
3.895
8,624
21,191
2,056
22,107
17,694
2,207
5,133
35,084
23,899
12,213
United States
3,204,372 3,164,828 2.975,591 3,019.262 234.121 154,103
*Includes seed destroyed at mills but not 12,786 tons and 13,168 tons on hand
Aug.1, nor 107,038 tons and 166,704 tons reshipped for 1924 and 1923,respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND ON
HAND.
liens.
Season.
On Hand
Aug.l.
Produced
Aug. 1 to
Mar. 31.
Shipped Out
Aug. 110
Mar. 31.
On Hand
Mar. 31.
Crude oil(pounds)-5 1923-24 *5,103,348 876,594,668 787,776,273 *110,115,460
11922-23
6,905,409 923,057,088 887,040,388 59.328,113
Relined oil(Pounds)J 1923-24 al38,112,489 x671,530,063
a215,062,233
1922-23 163,851,360 779,068,020
__...... 239,925,080
Cake dr meal (tons)J 1923-24
49,791
1,364,610
1,241,434
172,967
1 1922-23
66,915
1,380,914
1,280,536
167.293
Hulls(tons)
11923-24
15,654
847,065
767,930
94,789
11922-23
28,617
872,502
796,559
104,560
Linters (500-1b.
11923-24
27,569
601,933
168,700
460.802
bales)
1922-23
38,929
557,310
534,386
61,853
Hull fiber (500-1b. 5 1923-24
7,265
25,936
3,794
29,407
bales)
1 1922-23
34,342
60,790
24,990
70,142
Grabbota,motco,&c.) 1923-24
1,605
21,292
15,219
7,678
(500-1b. halm) 1 1022-2R
1 420
15 952
IS RS9
9 990
*Includes 1,032,229 and 7,665,026 lbs. held by refining and manufacturing
establishments and ,170,910 and 10.731,830 lbs. In transit to refiners and consumers Aug. 1 1923 and March 311924,respectively.
a Includes 3,783,784 and 7,873,595 lbs. held by refiners, brokers, agents, and
warehousemen at places other than refineries and manufacturing establishments and
8,670,531 and 3,719,949 lbs. In transit to manufacturers of lard substitute, oleomargarine, soap, &c., Aug. 1 1923 and March 311924, respectively.
x Produced from 741,807,068 lbs. crude oil.
1
EXPORTS OF COTTONSEED PRODUCTS FOR EIGHT MONTHS ENDING
MARCH 31.
Item.
011.crude
Refined
Cake and meal
Linters
Pounds
Pounds
tons
running bales
1924.
1923.
20,658,547
10,268,241
92,007
65,041
21,733,205
31,561,242
208,810
30,288
Domestic Exports of Principal Grains-Large Falling
Off in Wheat, Corn, &c.
The Department of Commerce at Washington on April 22
made public its report of domestic exports of principal
grains, and preparations of grains, for the month of March
and the nine months ending with March 31. This shows that
the United States shipped to foreign countries only 2,957,710
bushels of wheat in March 1924, against 4,290,944 bushels
in March 1923, and for the nine months ending with March
no more than 67,260,473 bushels, against 130,782,682
bushels. The exports of wheat flour during the month
were also slightly smaller than in the same month last
year, the shipments in March 1924 having been 1,425,909
barrels, As compared with 1,429,718 barrels in March 1923;
for the nine months, however, the flour exports were considerably larger, having been 14,064,565 barrels in 1923-24
against 11,926,280 barrels in 1922-23. The exports of corn
in March 1924 were only 3,867,551 bushels, against 7,499,688
bushels in March 1923, and for the nine months 16,620,263
bushels, against 81,811,712 bushels. Similarly, we shipped
only 33,127 bushels of oats abroad in March 1924, against
369,280 bushels in March 1923 and but 1,061,813 bushels
for the nine months, against 17,480,714 bushels; only 969,010
bushels of barley, against 1,011,991 bushels for March,and
9,542,107 bushels, against 16,757,968 for the nine months,
and only 299,436 bushels of rye, against 1,360,455 bushels
1977
for the month and 9,996,201 bushels, against 40,704,012
bushels for the nine months. The following is the report
in full:
DOMESTIC EXPORTS OF PRINCIPAL GRAINS,AND PREPARATIONS OF.
Month of March.
1923.
Nine Months End. Martin.
1924.
1923.
1924. i
Total grains and preparations
of
$25,301,495 $17,342,433 $373,617,563 $200,369,548
Barley, bushels
Value
Corn, bushels
Value
Oats, bushels
Value
Rice, pounds.
Value
Rye, bushels
Value
Wheat, bushels
Value
Wheat flour, barrels
Valve
1,011,991
$840,813
7,499,688
$6,344,483
369,280
$186,342
28,821,101
$1,038,953
1,360,455
$1.310,465
4,290,944
$5,573,381
1,429,718
10 17a 52R
969,010 16,757,968
$820,914 $12,386,058
3,867,551 81 811,712
$3,629,243 $64,064,242
33,127 17,480,714
$20,401 $8,693,284
17,129,561 238,697,080
$792,990 $9,347,293
299,436 40,704,012
$244,802 $37,662,555
.2,957,710 130,782,682
$33,126,207 $161,595,968
1,425,909 11,926,280
57.8no 12a 587.085.312
9,542,147
$7,351,620
16,620,263
515,383,428
Loci,ars
. $544,496
172,485,073
$7,419,965
9.996,201
$8,020,984
67,260,473
$74,808,474
14,064,565
S72.052.381
f•
Domestic Exports of Canned and Dried Foods.
The Department of Commerce at Washington on April 23.
issued its monthly report showing the domestic exports of
canned and dried foods for March and the nine months
ending with March 31. The value of canned meats exported'
in March 1924 was $563,304, compared with $481,212 in
the corresponding month in 1923. For the nine months
ending with March 31 1924 the canned meat exports were
$3,735,949, as against $3,782,195 for the corresponding nine
months in 1922-23. The exports of dairy products were
valued at only $1,814,347 in March 1924, against $3,190,818
in March 1923, but for the nine months foot up $22,445,667,
against $16,633,804. Dried fruits exported in March 1924
were valued at $3,240,890, compared with but $730,451 in
March 1923. Canned fruits exported in March were valued
at $1,885,952, as against only $802,045 in March 1923.
The following is the report in full:
DOMESTIC EXPORTS OF CANNED AND DRIED FOODS.
Month of March.
1923.
1924.
Nine Months Ended Mar,
1923.
1924.
Total canned meats
lbs 1,407,184 2,036,650 10,865,578 12,895,231
5
Value
481,212
563,304 3,782,195 3,735,949
Total dairy products
lbs 24,101,053 13,569,145 127,617,927 181,538,336
Value
$ 3,190,818 1,814,347 16,633,804 22,445,667
Total canned vegetables
lbs. 3,104,157 2,558,662 33,784,386 36,839,450
Value
242,006 3,333,027 3,836,235
280,906
5
Total dried & evaporated frults_lbs. 6,265,78041,693,183 190,732,873 253,441,881
Value
$
730,451 3,240,890 21,666,389 21,820,616
Total canned fruits
lbs. 8,010,978 20,096,662 187,712,372 143,463,816
Value
$
802,045 1,885,952 20,532,956 14,070,932
Beef, canned
lbs.
104,438
124,380
Value
18,760
23,623
$
Sausage, canned
198,624
lbs.
339,578
Value
5
61,960
96,719
Milk, condensed,sweetened____lbs. 4,675,036 5,115,716
Value
682,191
758,655
$
Milk,evaporated, unsweetened.lbs. 15,358,908 7,396,295
Value
676,711
$ 1,450,713
Salmon, canned
lbs. 3,666,974 3,889,135
Value
456,944
550,126
$
Sardines,canned
lbs. 3,824,250 4,798,074
Value
383,605
336,727
$
Raisins
lbs. 2,825,559 5,230,014
Value
430,884
299,617
$
Apples,dried
76,461 2,058,674
lbs.
Value
398,475
10,172
$
Apricots, dried
198,928 5.727.088
lbs.
Value
697,976
43,130
$
Peaches,dried
168,036 3,888,695
lbs.
Value
306,160
22,953
$
Prunes,dried
lbs. 2,380,474 22.761.328
Value
283,072 1,227,820
$
Apricots,canned
lbs. 1,691,428 4,491.345
Value
142,211
330,240
$
Peaches, canned
lbs. 2,832,060 7,412,914
Value
629,419
243,546
$
Pears, canned
lbs. 2,149,609 3,385.973
Value
254,174
360,463
$
Pineapples,canned
197,425 3,528,439
lbs.
Value
..f
423.230
5
19.241
1,786,382 1,252,533
281,545
492,799
2,047,233 2,353,412
541,291
670,340
32,989,214 49,509,707
4,569,278 7,328,312
78,541,205 123,417,972
7,120,099 11,976,857
47,313,914 51,128,256
6,317,053 7,244.463
21,956,930 32,786,536
1,975,740 2,805,638
82,794,698 71,170,835
9,147,042 6,591,565
11,792,234 27,516,452
1,355,641 3,096,027
10,132,091 32,265,645
2,446,623 3,577,219
4,859,418 10,788,499
830,322
634,378
72,590,636 98,516,909
6,949,020 6,466,320
21,465,444
1,696,102
48,719,669 43,715,089
4,862,961 3,823,130
44,812,376 35,914,766
5,562,072 3,877,641
20,989,095 20,457,092
2.249,325 2.469.460
Domestic Exports of Meats and Fats.
On April 23 the Department of Commerce at Washington
gave out its report for the month of March and the nine
months ending with March, of the domestic exports of
meats and fats. This report shows that although there is
a substantial increase in the quantity of meats and meat
products exported for the nine months ending with March
this year as compared with the corresponding period last
year, there is only a small increase in the value of the products
exported. In quantity the shipments were 820,314,176 lbs.
for the nine months of 1923-24, against 680,814,864 lbs. for
the nine months of 1922-23, and in value $113,777,553,
against $108,957,835. In addition, the exports of animal
oils and fats are running much heavier than a year ago,
having been 1,024,587,141 lbs. for the nine months of
1923-24, against 909,974,297 lbs. in 1922-23, with the values
$127,593,664, against $107,427,717. Below is the report in
full.
1978
THE CHRONICLE
DOMESTIC EXPORTS OF MEATS AND FATS.
Month of March.
1923.
'rot.meat dc meat products,lbs.
Value
Petal animal oils and fats,lbs
Value
1924.
Nine Mos. Ending March.
1923.
1924.
82,774,533 82.063,090 680,814,864 820,314,176
512,093,284 $10,886,458 $108,957,835 $113,777,553
134,471,893 125,405,676 909,974,297 1024,587,141
$16,529,923 $14,961,131 $107,427,717 $127,593,664
Beef, fresh, lbs
365.016
172,210
3,256,224
2,317,948
Value
$34,222
$58.824
5389,500
$489,789
Beat, pickled, &c., the
2,312,125 1,630,385 18,529,540 16,375,845
Value
$260,275
$172,140 $1,717,553 $1,624,915
Fork, fresh, lbs
3,123,200 2,648,999 33.899,769 44,352,241
Value
$470,829
$329,918 $5,334,111 $6,284,765
Wiltshire sides*, lbs
2,522,133
Value
$320,446
Cumberland sIdes_a_lbs
2,289,359
Value _ r
$317,364
Hams and shoulders, lbs
25,891,696 30,170,309 224,667,776 287,895,091
Value
$4.163,584 E4,379,269 $40,570,241 $44,721,301
Bacon, lbs
40,548,895 31,712,705 310,328,081 353,736,501
Value
$5.235,705 $3,639,41. $46,485.344 $44,668,852
Pickled pork, The
3,324,946 2,760,454 32,750,693 31,179,585
Value
$4426,933
$312,929 $4,007,346 $3,593,465
oleo oil, lbs
10,648,635 8,088,681 79,700,665 67,782,881
Value
$1,257,733 $1,072,905 $8,966,161 $8,353,710
109,187,123 100,726,290 709,362,635 819,468,430
Lard,IN
Value
$13,669,011 $12,302,988 $86,771,858 $105,827,741
Neutral lard, lbs
2,953,901 2,228,714 20,041,383 16,981,418
Value
$383,491
$286,448 52,630,911 $2,335,972
672,462
Lard comp'ds,animal fats,lbs.
601,740
9,487,337
5,249,592
Value
• $93,615
$79,984 $1,163,822
$723,347
Margarine, animal fats__ _ _lbs.
276,875
1.598,814
51.770
923,250
Value
$47,457
$8,331
$256,609
2148,389
Cottonseed oil, lb.
4,399,465 3,999,820 54,919,217 32,729,978
Value
$393,366 $5,423,542 53,398,681
$4499,070
Lard comp'cla,vegetable fats,lbs 3,905.935
734,260 16.467,290
5,421,010
Value
5504.743
$105.899 $1.992.606
$769.142
•Included in "hams and shoulders" prior to Jan. 11924. a Included in "bacon"
Odor to Jan. 1 1924.
Large Exports of Cotton, but Declining Exports of
Cotton Manufactures,
On April 24 the Department of Commerce at Washington gave out its report for the month of March and the
nine months ending with March, of the exports of cotton,
cotton cloths, yarns, thread and hosiery. The exports of
raw cotton have increased, both in quantity and in value,
[Vol,. 118.
as compared with the preceding year, but proportionately
more in the latter than in the former because of the high
prices prevailing. Thus, for the nine months the exports
in quantity increased from 4,430,597 bales in 1922-23 to
4,853,826 bales in 1923-24, or less than 10%, while in
values there has been a jump from $565,274,943 to $772,316,779, or over 36%. The exports of cotton manufactures have quite generally declined, both in quantity and
in value. Below is the report in full:
DOMESTIC EXPORTS OF COTTON, COTTON CLOTHS, YARN,THREAD
AND HOSIERY.
Month of March.
1923.
Nine Months Ended March.
1924.
1923.
1924.
Raw cotton,Incl. linters, bales_
318,210
332,168
4,853,826
4,430,597
Value
$48,486.056 $50,480,457 $565,274,943 $772,316,779
Cotton manufactures,total
514,716,401 59,876,098 5109,258,733 594,553,302
Cotton cloths, total, sq. yds
Value
48,890,620 30,575,155 425,012,740 311,728,517
$8,419,740 55,546,472 565,711,007 553,716,845
Cotton duck,sq. yds
Value
Other cotton clothsUnbleached,sq. yds
Value
Bleached, sq. yds
Value
Printed, sq. yds
Value
Piece dyed,sq. yds
Value
Yard dyed,sq. yds
Value
Cotton yarn,thread,
Carded yarn, lbs
Value
Combed yarn, lbs
Value
Sewing, crochet, darning and
embroidery cotton, lbs
Value
Cotton hosiery, doz. pairs
Value
669,365
$339,514
524,058
$271,747
7.314.117
S3,142,640
6,196,907
52,889,617
8,815,492 6,059,402 114,684.916 70,343.377
$1,222,049
$891,124 813,425,435 59,598,485
8,048,660 6,155,152 68,307,441 57,953,041
51,354,340
$962,495 $10,105,387 $8,859,488
12,588,678 6,481,454 82,971,600 65,431,189
$1.849,891 81,071,596 $11,420,469 59,711,922
11,075,688 6,774,088 85,507,498 61,458,730
52.157,999 $1,395,933 $15,648,611 $12,527,065
7,692,737 4,581,001 66,137,168 50,345,273
$1,495,947
$960,677 $11,968,465 $10,130,268
410.016
5327,249
227,734
$252,030
384,328
$298,764
137,664
$162,611
3,844,974
$2,523,451
1,275,119
51,376,785
3,544,005
$2,418,764
1,178,612
81,378,610
244,866
$269,778
157,922
$186,114
1,485,587
$1,573,491
1,319,982
$1,541,886
614.273
$1.301.528
387,732
5721.219
4,037.877
87.880.305
3,122,021
$6.190.123
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on April 23 1924, made public by the Federal
Reserve Board,and which deals with the results for the twelve
Federal Reserve banks combined, shows a further reduction
of $25,400,000 in earning assets, a decline of $36,300,000 in
holdings of acceptances purchased in open market being
partly offset by increases of $7,600,000 in Government se-amities and of $3,300,000 in discounted bills. Federal Reserve note circulation declined by $25,500,000 and deposit
liabilities by $10,700,000, while cash reserves increased by
$9,500,000. After noting these facts, the Federal Reserve
Board proceeds as follows:
The Week with the Member Banks of the Federal
Reserve System.
The weekly consolidated statement of condition on
April 16 of 755 member banks in leading cities ;which submit
weekly reports to the Federal Reserve Board shows increases of $44,000,000 in loans and investments and of
$176,000,000 in net demand deposits, together with a decline
of $63,000,000 in accommodation at Federal Reserve banks.
It should be noted that the figures for these member banks
are always a week behind those for the Reserve banks themselves. Loans secured by U. S. Government obligations
declined by $9,000,000, loans on stocks and bonds increased
4r $37,000,000 and all other, largely commercial, loans and
discounts decreased by $22,000,000. An increase of $39,000,000 in the holdings otcorporate securities is partly offset
A further decrease of $13,600,000 in holdings of discounted bills is re- by a small reduction in holdings of U. S. securities.
ported by the New York Reserve Bank, Cleveland shows a decline of
Member banks in New York City report an increase of
$5,600,000, while San Francisco reports an increase of $10,000,000, Atlanta
an Increase of $7.500.000, and Richmond an increase of 54,800,000. Paper $16,000,000 in loans secured by corporate stocks and bonds
secured by United States Government obligations declined by $2,500,000 and reductions of $8,000,000 in loans on U. S. securities
to $187,900,000. Of the latter amount, $124.700,000 was secured by and of $19,000,000 in "all other" loans. Investment holdLiberty and other United States bonds,552.000.000 by Treasury notes, and ings increased by $24,000,000, increases of $1,000,000 in
$11,300,000 by certificates of indebtedness.
U.S. bonds and of $17,000,000 in corporate stooks and bonds
All Federal Reserve banks show smaller holdings of acceptances purchased being partly offset by declines of $2,000,000 each in Treasury
in,open market, except Atlanta and St. Louis, which report nominal innotes and certificates of indebtedness. Further comment
.ftses. The New York Bank shows a reduction of $26,800,000 in this
item. An increase of $7,600,000 in Government security holdings is shown regarding the changes shown by these member banks is as
for the week,all banks except those of Richmond and St. Louis participating follows:
Net demand deposits of all reporting Institutions increased by $176,000,in the increase.
000, of which
Federal Reserve note circulation declined by $25,500,000, the Philadelphia and Chicago banks reporting decreases of $9.900,000 and *8,800.090.
respectively. Gold reserves increased by 59,000,000 during the week, a
net increase of $50,600,000 being shown for the New York Reserve Bank.
Reserves other than gold increased by *500,000, and non-reserve cash by
$2,900,000.
banks located in the New York district account for $87,000,000, banks in the Chicago district for 130.000.000, banks in the Boston
district for S29.000,000 and banks in the San Francisco district for $21,000.000. Time deposits show an Increase of $10,000,000 and Government
deposits a reduction of 513.000.000.
Reserve balances of all reporting institutions maintained at the Federal
Reserve banks increased by $3,000,000, while cash in vault decreased by
$9.000.000. The New York City members report decreases of 114,000,000
and $2.000,000, respectively, under these heads.
Accommodation of all reporting banks at the Federal Reserve banks
declined from $305.000,000 to $242,000,000, and of banks in New York
City from 194,000.000 to 141.000.000.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages, namely, pages 2014 and 2015. A
On a subsequent page-that is, on page 2015-we give the
summary of changes in the principal assets and liabilities figures in full contained in this latest weekly return of the
of the Reserve banks during the week and the year ending member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
April 23 1924 follows:
Increase (+)r Decrease (-) as compared with a week and a year ago:
uring
Week.
Year.
Total reserves
+59,500,000 +135,800.000
Gold reserves
+9.000,000 +29,300,000
Total earning assets
-25,400,000 -216,900,000
Bills discounted, total
+3.300,000 -163,800,000
Secured by U.8. Government obligations -2,500,000 -152,000,000
Other bills discounted
+5,800,000 -11,800,000
Bills bought in open market
-36,300,000 -133,600,000
ff. S. Government securities, total
+7,600,000 +80,500.000
Bonds
-9.000,000
notes
Treasury
+7,800,000 +72,100.000
Certificates of indebtedness
-200,000 +17,400,000
Federal Reserve notes In circulation
-25,500,000 -281,800.000
-10,700,000 +92,300,000
Total deposits
Members' reserve deposits
-5.700,000 -1-81,200,000
Government deposits
+9.900,000
-5.100.000
Other deposits
+100,000
+1,200,000
Increase
+1 or Decrease (-)
During
Week.
Year.
Loans and discounts, total
+16,000,000 +$241,000.000
Secured by U.8. Government obligations_ -9,000.000 59,000.000
Secured by stocks and bonds
+37.000,000
+93.000,000
All other
-22.000.000 +207,000,000
Investments. total
+38,000,000 -108,000,000
U. S. bonds
+6,000,000
-8,000,000
U. S. Treasury notes
-7,000,000 -177,000,000
U. S. certificates of Indebtedness
-57,000,000
Other bonds,stocks and securities
+39.000,000 +134,000,000
Reserve balances with F. R. banks
+3,000,000
+4.000,000
Cash In vault
-9.000.000
-5,000,000
Net demand deposits
+176.000.000 +122,000,000
Time deposits
+10,000.000 +284,000,000
Government deposits
-13.000,000 -76,000,000
Total accommodation at F.R. banks
-63,000,000 -170,000,000
APR. 26 1924.]
THE CHRONICLE
1979
the United States or in world markets on a dollar basis, American acceptance facilities could not be used to finance these later processes of manufacturing and distribution. Trade acceptances given for each of the various
phases involved in the manufacturing and marketing of these cotton goode
would constitute bills which might be offered for rediscount in the United
States. Unless dollar bills should hold their own in this manner,the obvious
result would be to drive the trade into the hands of Great Britain, which,
acting as intermediary, would then conclude and finance the trade on a
sterling basis. Through such a course America would retrogress and would
again approach the pre-war (or pre-Federal Reserve) conditions when for
similar reasons America paid annual tribute to England in order to have her
finance our trade on a sterling basis instead of doing our financing ourselves,
through our own dollar acceptance cred;ts. It would be easy to cite illu5.
GOLD AND SILVER IMPORTED INTO AND EXPORTED FROM THE trations for other commodities.
UNITED STATES, BY COUNTRIES.
It is a corollary that where dollar credits are granted conversely the use
of dollar balances increases, and the freer use of dollar balances in turn, in
GOLD.
SILVER.
the long run, might act as a stimulus towards the free growth and development of our money and discount market.
Total Value.
Total Value.
Countries.
Refined Bullion.
It is learned that among the participants are the following institutions:
Imports. Exports. Imports. Exports. Imports. Exports. National City Bank of N. Y.
Irving Bank-Columbia Trust Co., N. Y.
Chase National Bank of the City of N.Y. Bank of The Manhattan
N.Y.
Dollars. Dollars Ounces. Ounces. Dollars. Dollars. Guaranty Trust Co. of N.Y.
N.Y.
Chemical National Bank,Co..
20
429
Equitable Trust Co. of N. Y.
luigaria
670
National Park Bank, N. Y.
3,433,103
1,059
J. Henry Schroder B'king Corp. of N.Y. American Exchange Nat. Bank, N. Y.
Prance
65,202 National Bank of Commerce, N. Y.
2,359,059
101,154
.lermany
Seaboard National Bank, N. Y.
367,582
Corn Exchange Bank, N. Y.
taw
Title Guarantee & Trust Co., N. Y.
19,326,794
552,248
7,228 353,698 New York Trust Co. of N. Y.
3ngland
First National Bank of Boston
5,295,630 167,209 304,279
118,627 286,222 164,004 Farmers Loan & Trust Co., N.Y.
3anada
Old Colony Trust Co., Boston
29.955
1,618
809
Bankers Trust Co., N. Y.
3osta Iii a
Illinois Merchants Trust Co., Chicago1,277
luatemala
10,517
148,207
199,384
ionduras
44,771
9,407
122
Nicaragua
Offering of City of Buenos Aires Bonds.
36,103
689
"mama
487,378 410,875 3,475,848
3,890,218 130,173
dexico
At
and interest, to yield over 6.75%, Kissel, Kinni9634
13,520
1,688
34
22
Trinidad & Tobago-385 cutt & Co. offered on April 22 an issue of $8,490,000 city
6,770
4,146
::uba
26,497
2,666
Dominican Republic_
of Buenos Aires external 31M-year 634% sinking fund gold
913
Dutch West Indies_
3,862
iayti
bonds. The bonds will bear date Jan. 1 1924, and will
1,748,785
4,860
krgentina
7,797
3,056
become due July 1 1955. They are redeemable at 100 and
3olivia
21.429
92,501
2,740
Mile
199,028
1,235 interest, as a whole or in part by lot, on Jan. 1 1925, or on
11,965
1,930
10,093
Dolombla
77,143
4,312
Ecuador
any interest date thereafter. Interest is payable Jan. I
17,163
British Guiana
1,851
5
3
Dutch Guiana
and July 1 and both principal and interest are payable in
272,071
7,632
1,717,715 192,000
Peru
New York City at the office of Kissel, Kinnicutt & Co.,
7,836
515
2,661
Uruguay
,
24,071 201,600
50 412.500
Venezuela
80
7,022,318
4,501,613 fiscal agent and registrar, or at the option of the holder at
British India
90,966
11,457 2,327,617 other places designated from time to time
3,648,635
.-.',hina
by the fiscal
205,163
Elongkong
37,690
318,463
178,589
Philippine Islands-- _
2,525
agent, in United States gold coin, of present standard of
2,261
kustralla
36
weight and fineness, without deduction for any Argentine
59,024
New Zealand
73
175,585
287
183
ggYln
national or local taxes or impositions, now or hereafter
Portuguese Africa...
7,645
13,446
1,231
Dtber Brit. West Ind_
levied, when held by other than residents or citizens of the
Gold and Silver Imported into and Exported from the
United States, by Countries, for March.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington had made public
its monthly report, showing the imports and exports of gold
and silver for the United States for the month of March
1924. It will be noted that the imports of gold were
$34,322,375 and the exports only $817,374. The statement
follows:
Total
34,322.375 817,374 4,012.167 11,763,375 6.220,934 8.355.279
International Acceptance Bank Establishes a Credit
In Favor of the New German Gold Discount Bank.
The rumors current last week to the effect that negotiations were pending between an American banking syndicate
and the new German Gold Rediscount Bank, organized by
Dr. Hjalmar Schacht, have now been confirmed. Last
evening it was announced that these negotiations had come
to a definite conclusion, and that a syndicate headed by the
International Acceptance Bank, Inc., of New York, comprising practically all the leading banks and trust companies
of New York, and some prominent institutions of Boston and
Chicago, had placed at the disposal of the new bank a credit
under which German two name trade bills, issued in dollars,
and payable in the United States, will be taken for rediscount by the American banking syndicate. A statement
issued, with reference to the matter, says in substance:
It is expected that, under the provisions of the Dawes' plan the German
Gold Rediscount Bank will, ultimately, be absorbed by a new note issuing
bank to be endowed with a capital of four hundred million gold marks. The
present Schacht Gold Rediscount Bank. which has a capital of £10,000,000
-half of which is being furnished by an advance of the Bank of Englandis organized for the purpose of buying from German banks or bankers
German trade bills issued in sterling or dollars, with a view to rediscounting
the sterling bills in England, while for the dollars rediscount similar facilities are being granted by the above described American syndicate. The new
Gold Rediscount Bank will have a note issuing power of £5,000,000-to be
secured half by dollar or sterling bills.
In addition to thus furnishing Germany with a stable currency to this
limited degree, it is the foremost aim of the Rediscount Bank to maintain,
so far as may be practicable, a fairly stable level of exchange, and to facilitate the stabilization of the Reichsmark until the final comprehensive plan,
evisaged by the Dawes' Committee, can be carried out. By the use of its
new foreign credit facilities, the operations of the Gold Rediscount Bank
will enable Germany. meanwhile, to husband her gold holdings.
As far as America is concerned, the transaction is of vast importance.
because is tends to protect the position of the dollar in world markets, which
might have been materially affected if the field had been entirely surrendered to the pound sterling. England is dealing with the present situation from a very large point of view, which is most helpful In solving the
European reconstruction tangle, and is wholly admirable. On the other
hand, It is natural that England should make every effort to reconquer the
position of unchallenged predominance which the pound sterling enjoyed
before the war. Our political situation is such that governmental or semigovernmental action, in present circumstances, is not to be counted upon.
It is all the more imperative that private initiative should do whatever lies
in its power to prevent our tremendous gold holdings from becoming a
danger to ourselves and to the rest of the world instead of being applied as a
power for good. Only thus can our trade prosper and the dollar continue to
play, all the world over, that important role to which it is entitled.
As an illustration as to how the popularization of the dollar bill in Germany would further American trade, the case was cited of American cotton.
The sale of that commodity and its transportation to Germany and its
warehousing there could be financed, it was explained, through American
dollar bankers' acceptances. But while the German manufacturer would•
want to buy the cotton on a dollar basis and sell his manufactured goods in
Argentine Republic. They are coupon bonds in denominations of $500 and $1,000, registerable as to principal only.
The proceeds of the issue will be expended for hospitals,
public lighting and power, improvements and enlargements
to parks and other public works. A cumulative sinking fund
provides for the retirement of the entire issue by maturity
by semi-annual purchases by tender under par, or, if not so
obtainable, then by call by lot at par. Information embodied
in the circulars, summarized from letters received from
Julio Bastiani, Esq., City Comptroller of the City of Buenos
Aires, and from other officials sources, has the following to
say relative to the city's finances:
'The revenues of the city from all sources, including municipally owned
properties, for the fiscal year ended Feb. 29 1924, January and February
estimated, will aggregate $30.394,755, whereas the service charges on its
entire debt, including this issue, will require but $5,389,799. Of the
total revenues about 38% are derived from the general tax which is based
on rental value of property. City has no floating debt.* The service or
all loans outstanding shall not exceed 20% of the total annual revenues Of
the city without the sanction of the National Congress.
Assessed valuation (1921)
$1.127,479.951
'Internal debt
35.450.742
External debt, including this issue
30,373,415
Total debt
Value of municipally owned real estate, buildings. &c
$65.824.157
$148.579,200
From the same source we quote the following:
Security.
These bonds are the direct obligation of the city of Buenos Aires and the
city pledges its faith and credit for punctual payments of loan service.
There has been issued under an ordinance, passed by the City Council on
Aug. 17 1923, pesos 100,000,000 paper, which, at parity of exchange
equals U. S. 242,451,200. Of this amount pesos 80,000,000 paper (U. S.
$33.960,960) have been placed internally, and the balance-pesos 20,000,000
paper (U. S. $8,490.000) is this issue-Series II B.
The external loans of the city of Buenos Aires have previously beenplaced in London and on the Continent at 4;6% and 5% face rate. Of
these the 5% loan of 1909 has since been assumed by the national Government. Although the 5s of 1913 and 1914 are secured on 30% of the Territorial tax of the city, a Federal tax collected by the national Government.
the revenues of the city proper are free from pledge.
The bonds shall always be exempt as to principal and interest from any
and all imposts, contributions or other taxes now or hereafter levied or
collected by the municipality whether they be on the bonds or on the
income derived therefrom, or on the holder thereof by reason of his ownership or possession of such bonds, or whether the latter be a citizen of a
State friendly or hostile to the Republic of Argentina. The municipality
also agrees that it will pay and discharge any and all other imposts.contributions or taxes of like nature now or hereafter levied or collected by or
within the Republic of Argentina, whether national, provincial or of}a2/
other nature whatsoever. This, however, will not afford exemption MD
such imposts and contributions to holders of bonds who may be resident.
or citizens of the Argentine Republic.
Bonds are acceptable at par for payment of taxes and duties in arrearo
and for effecting deposits, guaranties, and securities including all except
cash deposits required In connection with works to be financed by the loan.
Coupons will be accepted in payment of all taxes or municipal dues. We
are informed that for the last 30 years all obligations of the city have beenmet promptly when due. In 1891, due to the failure of Baring Brothers,
1980
THE CHRONICLE
service of the debt was suspended and in 1891 arrear coupons were funded.
Cash payments were resumed in 1893. This is the only interruption known.
In 1912 the 43,1% bonds of 1888 sold above par on the London Stock
Exchange.
Sinking Fund.
The city agrees to maintain a cumulative semi-annual Sinking
Fund of
I% per annum, to which is added the amount representing
interest on the
bonds previously acquired and cancelled by the sinking fund.
This fund
will be used to purchase bonds by tender at less than par and
if bonds are
not so purchasable, then a sufficient amount will be drawn
by lot for
redemption at par to exhaust the fund, beginning July 11924,
and semiannually thereafter. City reserves the right to increase the sinking
fund.
The operation of the sinking fund as provided will retire all
bonds at or
before maturity. The Ordinance under which the bonds are issued
provides
that the Executive Department shall deposit monthly in the
Municipal
Loan Bank the proportionate amount of service on this
issue and city
covenants to deposit semi-annually with the Fiscal agent in New
York the
entire amount required for sinking fund and interest 30
days prior to the
respective interest dates.
[VOL. 118.
that prevailed in the decade between 1905 and
1914. If the board should
find a surplus of a given product on the market
it could buy at the ratio
price and dispose of the surplus abroad.
The ratio prices would be quoted for sales in the
domestic market and to
guard against loss the board could deduct a certain
percentage from the
price it paid to the producers whose goods were
to be sold abroad. If
foreign sales should yield a profit, that profit
would be turned over to the
producer. Lees would be borne by the producer.
Proponents of the bill insist that the $200,000.000 would
be repaid to the
Treasury, and so surrounded with safeguards that
there would be no possibility of Government loss. The operation of the
plan is to be limited to
five years.
The Voight Wheat Export Corporation substitute
for the McNaryHaugen bill was rejected by a vote of 16 to 2, and
the Norris.Sinclair Export
Corporation bill by 16 to 4.
Amendments accepted would make the ratio price flexible,
instead of
being fixed on a monthly basis and would permit
the adding of carrying
charges to the ratio price.
On April 17 it was announced that the scrip provision had
Application will be made to list the bonds on the New
been
eliminated from the bill by the House Committee, and
York tock Exchange.
a modification, offered by Representative Rubey, Democrat,
Missouri, was adopted, 11 to 9. The Associated Press
cNary-Haugen Bill Proposing Agricultural Export advices said:
Association Reported to House.
As the bill stood before adoption of the Robey amendment
farmers selling
grain to the Government corporation, which would be set
The House Committee on Agriculture, by a vote of 14 to abroad,
up to sell surplus
would have received in part payment scrip which after deduction
6, voted on April 24 to favorably report to the House the of loss would have been redeemed in proportion
to the amount available as
MeNary-Hougen bill, which proposes to create an agricul- a result of foreign sales.
Under the Rubey amendment, after determining the ratio price for grain,
tural export corporation, with a capital of $200,000,000. the corporation would
be required to estimate the probable loss it would
Reference to the bill, and opposing views thereon, was made sustain in marketing and the
cost involved, deduct this amount from the
in these columns March 8, page 1088, and March 22, pages ratio price and pay the farmer cash for all of his products.
In
reporting
material modifications of the tariff provisions
1337-1338. On April 12, when a favorable report thereon
was voted by the Senate Committee on Agriculture, the of the bill by the House Committee on April 22, the press
dispatches from Washington said:
Associated Press accounts from Washington said:
The McNary-Haugen bill had been endorsed by Secretary Wallace but
opposed by other officials, including Chairman Marvin of the Tariff Commission. After Mr. Marvin's appearance before a House committee, the
Tariff Commission issued a statement saying that the Chairman had spoken
merely for himself,and to-day the Commission sent to the Ways and Means
Committee a memorandum further clarifying its position.
The memorandum said that if domestic prices of argicultural staples were
raised substantially above world prices, as a result of such legislation, the
application by foreign nations of anti-dumpting laws would
prevent the sale
In those countries of surplus American farm products.
"Without undertaking to construe foreign laws or to predict what conuterveiling measures, if any,foreign Governments would take," said the memorandum, "it should be pointed out that the position heretofore taken by
the United States Government may stop us from effective protests against
nieasures which foreign Governments may urge as necessary for the protection of their interests.
An amendment to the McNary-Haugen bill changes the definition of
"sale" in the bill to permit the interchange between farmers of commodities.
such as seed, &c., without being subject to tax. Another provides that a
surplus may be sold to any person for processing or for exportation. This
would mean that wheat could be sold to the mills and live stock to packers.
The amendment stipulates that such a sale shall not be for less than the market price.
The bill was further amended to permit the sale of notes and securities of
the United States Agricultural Export Commission, which would be created
under the bill, but for not less than their face value unless so ordered by a
majority vote of the Board of Directors of the corporation.
Action on the McNary-Haugen bill is expected to be taken by the House
before its consideration in the Senate on account of its tariff provisions,
which are required to originate in the House. The House Agricultural
Committee is now engaged in redrafting passages of the bill.
The life of the measure is limited to five years,it being framed as an emergency measure. The farm bloc plans to have the Norris-Sinclair bill
entered as permanent legislation and eventually to substitute the M.:MaryHaugen bill.
The McNary-Haugen bill provides for the creation of the "United States
Agricultural Export Commission," and the "United States Agricultural
Export Corporation." An appropriation of $200,000,000 would be aul
thorized as capital stack for the export corporation.
The Commission would be directed to determine a ratio price for basic
agricultural commodities by computing the average price of
all commodities for the period of 1905 to 1914 inclusive. When the Commission finds
that the domestic price of a farm commodity is lower than the ratio price,
it shall recommend to the Corporation the purchase of a sufficient amount
of this commodity to bring the domestic price up to the level of the ratio
price.
The Corporation's function would be to sell in the domestic market at not
less than the ratio price any commodity in its custody as the Commission
might designate.
The bill authorizes the President to direct the United States Tariff Commission or the Secretary of Agriculture to make investigations from time to
time to determine the rate of duty upon any agricultural commodity necessary to maintain the domestic price at the level of the ratio price.
A substitute was approved which would give the President authority
to
declare embargoes on any agricultural product or to increase tariff duties
when importations result in losses to the corporation
to be created under
the bill for the marketing abroad of surplus farm commodities.
The substitute, In the opinion of conunittee members, provides more
a
simple and effective method of tariff adjustment then
that proposed originally in the bill, which would have empowered the
Secretary of Agriculture
to determine what changes should be made in tariff rates on farm products
and would have authorized the President to put these changes
into effect.
McFadden Bill to Modernize National Bank Laws
Ordered Favorably Reported to House—Views of
Comptroller of the Currency Dawes and Messrs.
Crissinger and Platt of Federal
Reserve Board.
The McFadden bill, designed to modernize the national
banking laws, was ordered favorably reported yesterday
(April 25)by the House Committee on Banking and Currency.
Hearings which were had on the bill are given further below:
Regarding the committee's action on the bill on April 23
the Washington Bureau of the New York "Journal of
Commerce" said:
National banks will be permitted to engage in branch banking within
the limits of the cities in which they are located, in the event that the
population is 100,000 or more, and if in those States which permit State
banks and trust companies to operate branches under provisions of the
McFadden National Bank bill, which was adopted by the House Committee
on Banking and Currency to-day. Other provisions adopted limit the
admission of State banks having branches into the Federal Reserve System
in the future.
By a vote of 12 to 2 the committee rejected a proposal that these banks
be permitted to engage in State-wide branch banking in the States according
a similar privilege to State banks and trust companies. By a vote of 11 to
3 it rejected a provision permitting such branch banking within the confines
of the county in which the parent bank is located. The provisions as
dratted in the McFadden bill, confining the branch banking operations of
national banks to the corporate limits of a municipality or city, were
adopted by a vote of 8 to 4, the restriction as to population being added.
The committee has agreed to an amendment to Section 9 of the Federal
Reserve Act providing that on and after the approval of the McFadden bill
the board shall not permit a State bank to become a stockholder of a Federal
Reserve bahk, except upon condition that it shall relinquish any branches
which it may have established on or after the above mentioned date beyond
the corporate limits of the municipality in which the parent bank is located,
nor will any member bank be so permitted to establish new branches.
It is declared by Chairman McFadden of the committee that this legislation will solve the branch bank question. It will protect the national banks
from competition in branch banking from State institutions by putting all
on an equal footing.
Referring to the House Committee's action on April 24,
The same paper in its account of the committee's proceedthe New York "Times" had the following to say:
ings April 24 said:
As reported, the measure contains several amendments changing the
original provisions which were approved by the Department of Agriculture.
Republican leaders say the House will take up the measure on May 10.
The measure,it Is understood, does not accord with the views of President
Coolidge, but the farm bloc appears determined to enact it at this session.
Strong opposition is promised in the House, where the bill has aroused
the antagonism of Eastern and Southern members on the ground that it is
paternalistic and unworkable and is objectionable because it attempts to
regulate the law of supply and demand by statutory enactment.
Its advocates insist that the measure is practicable and that its passage
would at once add $2,000,000,000 a year to the buying power of farmers,
thus restoring the conditions of normalcy that obtained prior to the war.
A provision that has provoked attack is that which empowers the President to place an embargo on imports of farm products when an emergency
is presented in the domestic market, and to raise the tariff on such products
to a point that will shut off foreign competition when the domestic supply
threatens to reduce the prices to an unprofitable figure.
The corporation board, which would be composed of five members to be
appointed by the President, including the Secretary of Agriculture, would
fix ratio prices for all farm products, based upon the all-commodity prices
A proposal to permit loans to the extent of one-half the time deposits
was to-day rejected. The present law limits the aggregate amount of such
loans to a sum not in excess of one-third of the time deposits. The State
banks and trust companies, it was pointed out, which are in active competition with the national banks have no such limitations placed upon them.
Branch banking within certain limits was advocated on
April 18 by Edmund Platt, Vice-Governor of the Federal
Reserve Board, at a hearing before the House Committee
on the McFadden bill. On April 16 arguments for and
against the bill were presented before the committee and
as we stated in these columns April 12 (page 1733), Henry
M. Dawes, Comptroller of the Currency, indicated his
support of the bill on April 9. Further below we give
the Comptroller's statement in full. As to the views of
Messrs. Platt and Crissinger it is stated in the account of
the hearing in the New York "Journal of Commerce" that
APR. 26
1924.]
TIM
CHRONICLE
they differed only as to the extent to which they would have
branch banking permitted and advocated, leaving the
Federal Reserve Board discretionary powers over branch
banking. We quote further from this account as follows:
Both of these officials spoke in opposition to the views expressed by
Comptroller of the Currency Dawes.
Mr. Crissinger declared that conditions in New York would be unlike
those in California. Both he and Vice-Governor Edmund Platt oppose
Section 9 of the McFadden bill, under discussion at the hearing, which
amends the Federal Reserve Act as it applies to branch banking by State
banks.
Among other things Mr. Crissinger advocated removal of the restrictions
provided by the Clayton Act against interlocking directorates among
national banks, on the theory that State banks coming in competition with
national banks have that right.
Takes Issue With Dawes.
Governor Platt took issue with the statements of Comptroller of the
Currency Dawes, declaring that there is not an economist in the country
who would agree with the latter's arguments. He pointed out that some
322 independent banks failed between Jan. 1 and April 11 of this year. more
than two-thirds of them having a capital of less than $50,000 and more
than seven-eighths having a capital of less than $100,000.
"With failures still running at the rate of nearly 100 a month, an unprejudiced outsider might be pardoned for thinking that unit banking
rather than branch banking is at present in most need of defense," he said.
"The Comptroller bases his arguments on two assumptions, both demonstrably erroneous. He assumes, first, that branch bankbag in this country
is wholly a big city proposition—that the banks in the big cities will establish
branches throughout each State if allowed to do so—and, second, that
country branch banking, that is, branch banking outside of the big cities,
is 'fostered and protected' by the Federal Reserve System.
"The first of these assumptions the Comptroller partly discredits himself
in his statement that he has never yet discovered a big banker who wished
to extend his institution beyond city limits. I think that is true of the big
bankers in Chicago and in most of the great cities of the East. They
already do a national business, receiving deposits from and making loans to
large commercial and manufacturing institutions throughout the country
without branches. Furthermore they receive deposits from, make loans
to and exercise a certain amount of control over, thousands of small banks
all over the country.
Declares,Dawes Errs.
"It is doubtful if they would gain enough more to compensate them for the
added responsibility if they were to establish branches outside city limits.
But the error of the Comptroller's assumption is fully demonstrated, not
by conjectures or by the statements of big bankers, but by the facts of the
development of branch banking in the States which have permitted it.
"Although the laws of California have provided distinctly for Statewide branch banking since 1909, only one institution has really spread its
branches throughout the State, one other has branches covering about onethird of the State, and two others cover territory that is hardly more than
suburban or contiguous. The overwhelming majority of the institutions
engaging in branch banking in California are country banks, not located in
any of the larger cities.
"The restrictive amendments to the Federal Reserve Act are, it seems to
me, unfair, as they overthrow the guarantees under which the larger
California State banks and many State banks elsewhere were persuaded to
join the Reserve System. We were willing enough to invite them in and
offer them the guarantee of their charter rights when their funds were sorely
needed, but now that the seas are smooth we propose to repeal the guarantees so far as branch banking is concerned.
1981
tional Bank, Furlock, and J. S. McDonnell, of the First National Bank
and the First Trust & Savings Bank of Pasadena, Calif.
The proposal is to permit national banks to establish branches in States
where State banks are permitted this privilege and prohibiting the extension
of State-wide branch banking in the Federal Reserve System. It is believed
that it is necessary that branch banking should be permitted national banks
in the municipal limits within which they are themselves located.
Opposition to the bill was also evidenced at the hearing
on the 15th inst. by a delegation of California bankers, the
New York "Commercial's" account stating:
Those in the delegation opposing the bill included Edward Elliott, VicePresident of the Security Trust & Savings Bank, of Los Angeles; John S.
Drum. President of the Mercantile Trust Co., of San Francisco, and former
President of the American Bankers Association; J. F. Johnston, Superintendent ofBanks of California;and James Mcniver,attorney for the Superintendent of Banks; W. M. Morrish, President of the First National Bank of
Berkeley;Howard Whipple,President of the First National Bank of Turlock;
and J. S. McDonnell, President of the First National Bank of Pasadena,
favored restriction of branch banking.
Mr. Elliott and Mr. Drum declared that in view of the fact that State
banks not connected with the Federal Reserve System have the privilege
of State-wide branch banking in California, it would place other banks at a
disadvantage if they are not permitted to extend their operations in a
similar manner.
"It is unfair now to legislate by restricting branch banking privileges to
State banks," said Mr. Elliott.' 'If this bill is passed there will be four
classes of banks in California: The old national banks, which through consolidation with other banks have established a state-wide banking system;
State banks, which are members of the Federal Reserve System and have
been permitted to have branches: purely State banks, not members of the
Federal Reserve System and which have State-wide branch banking, and
national banks, which may come in under the new law and which will be
restricted to city-wide branch banking."
The McFadden bill not only limits branch banking by national banks to
the limits of a city, but also requires State banks which may become members of the Federal Reserve System hereafter to relinquish their branches.
Regarding amendments made by the committee on the
11th inst. advices from Washington to the New York
"Journal of Commerce" stated in part:
The House Committee on Banking and Currency to-day approved most
of the provisions of the McFadden National Bank Bill, Action on provisions dealing with branch banking and the amendment of Section 5200
of the Revised Statutes was postponed, the former particularly, in view
of the fact that a hearing will be held next Tuesday, which will be participated in by the Superintendent of Banks of California, his attorney
and a committee of bankers of California.
The committee to-day struck from the bill the provision which would
authorize national banks to own stock in companies owning bank buildings.
The provisions adopted contemplate the following:
Procedure of consolidation of State with national banks under national
charters will be simplified. The bill specifically permits such consolidations.
Under present law consolidation becomes possible only in a roundabout
way through mergers and dissolutions. . . .
There is considerable sentiment in the committee for the limiting of
national bank branches to the corporate limits of the city in which the
main bank is limited. It is proposed definitely to forbid outside operations. Representative Strong, Republican, of Kansas, will present an
amendment to the McFadden bill which prohibits branch banking in
cities of 25.000 and less population, the number of branches to be permitted
being graduated according to population. The amendment if adopted
will not be retroactive.
As was made known in these columns April.12, a large
part of Comptroller Dawes' statement before the committee
on April 9 dealt with the branch banking issue, and the
provisions of the bill bearing thereon. As we then pointed
out, the Comptroller stated that "the operation of the
bill would put an end to the further absorption of outlying country banks into branch systems, and it would
at the same time save the national system by giving it
equality of opportunity within city limits for the purpose
of giving its customers such facilities as they are entitled to
under their State law." He also declared, in referring to
the emergency due to the branch banking situation, that
The arguments which developed at the hearing on the there are cities "where I believe the exodus of the national
16th inst. are indicated in the following from the New York banks will be so rapid if this measure is not passed at this
session that it wIl be impossible to ever re-establish the
"Journal of Commerce":
During the course of the hearings, because of the trend of the testimony national banking system on a plane approaching the one it
of James M. Oliver, attorney for the State Superintendent of Banking of occupies to-day." "Many of the apparently technical proCalifornia, Representative Strong, Republican, of Kansas, angrily left the
visions of this bill," said the Comptroller, "will be of infinite
committee room.
The clash between Mr. Strong and the witness came when the latter relief to distressed sections and to the country in general."
criticised Comptroller of the Currency Dawes for declaring branch banking He added: "Section 14 of the bill providing that the Federal
to be "monopolistic and un-American" and not desired by the American
Reserve banks may discount all of the paper excepted from
people. Mr. Oliver said it was neither monopolistic, because it promotes
competition, nor un-American, because one-third of the people of California the loan limits of Section 5200 will be of great and immediate
want it, and they are patriotic.
benefit. This covers almost entirely paper of the same naAnnouncing his opposition to the branch banking system on a State-wide
ture
as that which is now permitted for rediscount at the
want
to
see
did
not
it
spread
to Kansas, Mr. Strong
scale, and declaring he
resented the criticism of Comptroller Dawes,and when the committee voted Federal Reserve banks, and would merely have the effect
to let the witness proceed in his own manner, he left the hearing. He is a of permitting them, if they desire, to extend further relief
prominent member of the committee and has given considerable study to
along exactly the same lines as is contemplated in the
the question involved in the McFadden bill.
"We hold the greatest need in banking is service," said Mr.Oliver. "The original Federal Reserve Act. It would obviate the necessity
people will get the best service in spite of legislation. It is idle to deny to the of the Federal Reserve banks, in many instances, going into
people by,restrictive legislation what they want. The branch banks have
open market to keep their funds occupied." In full the
over 1,600,000 depositors in California. These banks are able to meet the the
needs of co-operative marketing associations, which demand loans running Comptroller's statement follows:
Favors Branch Banking.
"It not only seems to me unfair but from every point of view unwise.
Every economist favors branch banking as affording the best and safest
means of extending banking accommodations to agricultural sections and
small communities.
"Most of the Comptrollers of the Currency have recommended branch
banking in some form,and nearly all of them have recognized its superiority
either as a general proposition or under certain conditions to unit banking.
"In conclusion, I wish to say that the Federal Reserve Board has directed
its division of analysis and research to make a complete study and survey
of branch banking in this country, and with some reference also to conditions
in other countries. The Board has also recently adopted regulations dealing
with branch banking, a copy of which I present for the record. I submit
that these regulations will take care of the matter adequately and make
unnecessary the amendments to the Federal Reserve Act contained in the
bill."
into the millions and far beyond the capacity of the country unit banker.
Mother banks feed the branches and move the money to meet local needs.
"Bankers who did not run their business properly had to go out of business
when brought into competition with branch banks, but during the past year
ended March 8 our State bank authorities had applications for 128 new unit
banks and I understand there were applications for 32 new national bank
charters."
Opposition to State-wide branch banking was voiced by W. F. Morrish,
President of the First National Bank of Berkeley and of the Commercial &
Savings Bank of that place; Howard Whipple, President of the First Na-
In compliance with the suggestion of your Chairman. I am submitting
herewith an analysis and statement which I have prepared for your subcommittee, covering all sections of bill II. R. 6855 with the exception of
changes in Section 5200 U. S. It. S., and sections dealing with branch banking.
I also attach an analysis of the changes in language as between existing
laws and the bill H. R. 6S55.
I understand it is your desire that at the present time I should express
my views as to the general aspects of the bill and the features dealing with
branch banking in particular.
1982
THE CHRONICLE
[Vol,. 118.
The proposed bill deals with certain sections of the Federal Reserve Act
I will not take up your time with any theoretical argument as to whether
and the operation of the Federal Reserve System, as well as with the oper- or not the National Banking System is increasing its influence in the
ations of the national banks. It will be my endeavor to discuss the matter country's financial structure. It may occur to you that most reports
in the broader aspects of its bearing on the general banking structure of the of the Comptroller of tho Currency contain some statement about the
country, rather than from the narrow viewpoint of the interests of the na- sound and prosperous condition of the national banks. Those statements
tional banks alone.
were true when they were made, and the same statement might be made
At the inception of the national banking system,and for about fifty years at the present time. They are, however, subject to the misconception
thereafter, the national banks were by law confined in their operations that the system as a whole is progressing to an extent commensurate
strictly to commercial banking. During the first three decades after the with the other banldng systems of the country. This emphatically is
approval of the National Bank Act the only other form of banking in vogue not the case. The national banks, so far as the integrity of the individual
to any considerable extent was that of the savings banks. Between these institution is concerned, are as strong and hold precisely the same position
and the national banks there was no competition as each rendered distinctly as they have in the past. So far as their control of the banking resources
different classes of service. During the twenty-five year period iinniedis tely of the country, is concerned their loss in position is reflected in a very
preceding the approval of the Federal Reserve Act, however, the national simple mathematical calculation. I submit the following:
banks were not so fortunately situated. There had grown up throughout
In 1870 there were 325 State banks and 1,731 national. In 1884 there
the country demands for a form of banking service not strictly commercial were 817 State banks (exlusive of savings banks) and 35 trust companies,c
in character and which was being met through the organization of State with aggregate resources of $760,000,000; and 2,664 national banks with
banks and trust companies. Under State laws there developed a new typo aggregate resources of $2,300,000,000. Twenty years later, in 1904, there
of institution which in addition to doing a regular commercial banking busi- were 6,923 State banks (exclusive of savings banks) and 585 trust comness, exercised trust powers, operated a savings department, bought and panies, with combined resources of $5,240,000,000, while there sere 5,331
sold investment securities and loaned money upon the security of real estate national banks with aggregate resources of $6,975,000,000. In the next
—all under a single charter. These new banking institutions came into twenty-year period, bringing us up to 1924, we find 18,000 State banks
direct competition with the national banks in the field of commercial bank- (exclusive of savings banks) and 1,600 trust companies, with aggregate
ing and by reason of the fact that they were in a position to render what had resources of about $23,700,000,000, while there are 8,240 national banks
become additional forms of banking service,the national banks found them- with aggregate resources of $21,700,000,000. The increase in aggregate
selves seriously handicapped.
resources of State banks and trust companies last year was $2,064,000,000.
The Federal Reserve Act, as originally approved in 1913, recognized this as against an aggregate increase for the national banks of $787,000,000.
condition by permitting national banks to exercise truet powers, to receive Forty years ago the national banks had 75% of the banking power of the
savings deposits and to lend money to a limited extent upon the security United States, whereas to-di y they have only about 48%. Since Jan. 1
of real estate. These amendments to the national banking laws were made 1918, 173 national banks,each with capital of over $100,000 have given up.
as a concession to the national banks with reference to banking practices their national charters and taken out State charters. They carried with
which had already been developed to a point of high success by State insti- them total assets of nearly two b.11ion dollars, being about 10% of the
tutions. It should be recognized, however, at this point, that the momen- total assets of the nat.onal banking systone In the past six years 47 national
tum already gathered by the State banks and trust companies in this respect banks in California were absorbed into the State system: 24 in Now York:
had by this time become of sufficient force to endanger the pre-eminent po- 19 in Ohio and 15 in Pennsylvania. You will note that these are States in
sition which the national banks had held during the first half-century of wh.ch branch banking is carried on by State banks.
their existence.
While it is very datinitely my opinion that if the present trend of branch
If the original provisions relative to the admission of State banks into the 1:lankie4 should continue for oven a brief period longer, without restrictive
Federal Reserve System had been maintained and the national banks thereby or remedial legal action, the national banking system will be destroyed, it
restored somewhat to their former advantageous position over the State Is not my intention to discuss it from this single viewpoint but rather as to
banks In the field of commercial banking, the national banking system no whether or not the poll y of branch banking is one which the people of the
doubt would have been able to hold its own. But in 1917, due to war-time United States care to adopt, and whether it best serves their interests. If
necessity, State banks were permitted to come into the Federal Reserve it does, then it would be well to pay the price of the destruction of the
System with the right to exercise all of the charter powers granted to them national banking system.
The last report of the Comptroller of the Currency develops at sonic
under State laws. This amendment enabled the State banks and trust
companies to receive the same protection and benefit from the Federal Re- length the facts and opinions which I desire to present to you to-day, and
serve System as that received by the national banks, and at the same time I will condense the arguments which have been set forth more at length
be able to perform every possible banking function under the more liberal II that report. I submit the following:
provisions of State laws. The national banks thus found themselves deFirst, as to whether the general prin ;iple of branch banking is adapted
prived of what had promised to be their chief advantage. They found to American instieutions. ers.ich bankine is necessarily operated and
by a group located within a sins]. ffice. Co-oraination and
themselves operating under the restrictions of the National Bank Act as controlled
efficiency can be secured
other way. Wits the actual final c ntroe
compulsory members of the Federal Reserve System in company with their of the operations limitediatono
this group, the c nduct of the brunches ii
competitors,the State banksand trust companies, who were voluntary mem- necessarily the delegated function of agents. These agents must operate
in accordance with general formulae. These formulae must necessarily be
bers with wider powers.
rigid and uniform, to a great ex.ent, in a business confined entirely to
The advantages brought about by the compulsory mobilization of the finance.
The power of discretion can only rest in the central bank,anti the
resources of the national banks was put at the disposal of the State banks ability of the branches to conform to the peculiar
requirements and necessities of individuals and communities must, be limited by regulations laid
who had under State laws wider powers.
down by persons who do not live in the community and are not acquainted
I presume that no one would care to have the National Bank Act amended with the individuals
served. Is is absentee control of local finances. Banks
in such a way as to impair the traditional standard of that system, but it is, are the trustees for the funds of a community. In the case of the branch
In my opinion, necessary that the handicaps and disqualifications which are banks the trustees are no residents and they are not influenced by the
desires and necessides, as is the case at the present time
put upon it by the survival of antiquated provisions, inconsistencies in the community's
where the officers and owners are residents and the product of the comlaw and legal limitations should be removed by a general revision such as is munity which they serve. This sort of an operation
runs directly counter
contemplated in your bill.
to that instinct of Cue American people which demands independence in
matters of local self government. It is a particularly aggravated and
There are doubtless many people who feel that the three primary func- offensive
form of outside interference, because the resources
the
tions of banks could best be carried on by three different types of institu- community itself creates in the form of deposits are disbursedwhich
and contions. Discussion of that question is, at the present time,entirely academic, trolled by non-residents.
There is no such thing as a super-banker. The man who knows his
since the fact is that the banking field of America is entirely dominated
and who lives in the midst of their environment is infinitely
by one typo of institution which perforn s savings, trust and commercial customers
more competent to handle their funds than the most technically proficient
functions, and the national Banks are attempting to do this in compe- banker who lives in New York, London, Montreal or San Francisco, and
tition with the State banks under severe legal limitations. It would the right of a non-resident to transfer the funds of one community to
seem that there were only two courses oopn: either modernize the law another, for whatever purpose it may be, whether for the good of the bank
represents or for the good of the community, is one which would be
to meet conditions, or, if it is desired to preserve a strictly commercial he
bitterly denied by any American community when they finally understand
system of banks on a scale that would control or at least largely influence what is being done.
Under the present system of community banks, independent local self
the banking of the country, compel all members of the Federal Reserve
System to act as strictly commercial institutions. Certainly the Federal government and co-ordination is secured through the instrumentality of
the Federal Reserve banks, and the power which is exercised to turn money
Reserve System cannot continue to operate composed of two classes of from the channels in which it would automatically
flow because of some
Institutions in competition with one another, where one class operates general public necessity,is one which should be exercised by a person occupyunder liberal modern laws and the other is handicapped at every point ing a detached position and not prejudiced and influenced- solely by the
that such action vi ill have on the dividends of his own institution.
from meeting them on a basis of equality. The more favored class, of effect
Thu question of shifting funds from Dubuque to
City should follow
course, will absorb the other. It is very doubtfulif anybody would seriously natural economic laws unless emergency arises. Sioux
This emergency should
not be met by a branch bank with only a selfish interest to serve but through
advocate this latter course.
the
brought about by the officers of a Federal Reserve bank
The Federal Reserve System, so far as the condition of its membership whoco-ordination
represent the public and not a single group. This
the position of
is concerned, is partly voluntary and partly compulsory. The national the officers of the Federal Reserve banks,and it is the one is
which the branch
banks are compelled to be members, while with the State banks it is volun- bankers who claim to accomplish so much good by the mobilization and
tary. There has been the feeling that the best interests of the System transfer of funds from one community to another would arrogate to themselves.
and of the country would be best served where the greatest possible facilI will only mention a few of the considerations which are directly corollary
ities were provided for the diffusion of the benefits of the System. It is, to the above general principles. In branch banking character loans are
I believe, generally conceded that so far as the larger centres are con- Impossible. By character loans is meant loans to people *whose collateral
is perhaps
from a technical stanapoint, but who are entitled to credit
cerned the membership of the Federal Reserve System already comprises on accountfaulty
of their constructive influence in the community and initiative.
almost all of the banks of the country which would be the most useful enterprise and character. This applies with particular force to the young,
members. As regards the banks in the smaller communities the member- aggressive type of man who has built up the W estern and pioneering sections
the country. Jim Hill, for example, at the beginning of his career, did
ship is almost entirely composed of national banks. There are approxi- of
not have the kind of collateral which would pass the scrutiny of a branch
mately 8,200 national banks and approximately 1,600 State banks in the banker. The development
of America is dependent on nothing more than
System. The average capital and surplus of the State banks is $784,- on the independent unit bankers of vision, courage and independence, whose
695 29 and of the national banks is $292,544 47. Apparently nobody first interest in the creditor is his character.
the essentially monopolistic nature of branch banking cannot
has as yet suggested any effective plan for persuading the smaller State beSecond,
successfully controverted. The mere statement of developments in
insitutitions to join in large numbers and it is exceedingly doubtful if foreign countries which have had unrestricted
branch banking is probably
anything can be done to accomplish this without making concessions to sufficient to demonstrate this. According to the figures published in the
the fundamental principles of the organization that would be very dan- "Bulletin of the American Institute of Banking" for Jury 1923, in 1842
there were in England 429 banks and In 1922 only 20 banks. Of these 20
gerous. It would appear therefore that the System must continue to look banks. 5 contrelled
practically all of the banking of the nation. There
to the national banks as the vehicle which will carry its resources to the are about 7,900 branches in operation. In Scotland there are only about
smaller communities. It is probable that where the large city tanks nine banks with about 1,400 branches, and in Ireland about nine banks with
branches. In 1885 in Canada there were 41 independent banks.
withdraw from the National Banking System they will still remain members about 800 operation
Under the
of branch banking,the number was
to 35 by the
of the Federal Reserve System. The result of their withdrawal from year 1905. I am informed that at the present timereduced
there are only 14
the National System would, however, be a very strong influence on all banks in Canada, operating about 5,000 branches. There are no indeunit banks in western Canada, in fact none west of Winnipeg.
of their country correspondents to do the same thing. As regards the pendent control
through
Banking
national banks in the smaller communities it may reasonably be said Montreal and Toronto. the branch system is concentrated in the cities of
that it on account of the handicaps under which they are laboring under
The coercive power of a branch banker bent on expansion is very great.
the National Bank Act, they convert into State banks, they will do as He is able to temporarily reduce interest rates until he gets banking control,
the cost ofthis can easily be reimbursed after he has secured a monopoly.
the other small State banks have done—not join the Federal Reserve and
The branch banker can secure the services of the employees Of the unit
System. To my mind it is essential to the maintenance of the Federal banks by higher salaries. They can have the patrons
of their own instituReserve System that the National Banking System should grow and tions influence and compel their customers and people who depend upon
prosper and that as the national banks languish or die out the Federal them for business accommodations to transfer their accounts from the
unit banks into the branch banks.
Reserve System will very largely meet the same fate.
APR. 26 1924.]
THE CHRONICLE
The third point, which is frequently of very great importance, is the
ability to take care of emergency situations. When an acute emergency
arises in a community it is Impossible to get prompt and effective assistance
where the local representative is compelled to refer back to the head office
in another city. Even if the control of the institution were disposed to
go to extreme lengths to relieve an emergency, by the time the necessary
red tape was unrolled the assistance would be too late.
I quote the following from the annual report of the Comptroller:
"In support of the general contention that the principle of branch banking has been carried to such an extent as to constitute a definite trend in
certain localities the following facts are submitted:
"Branch banking is permitted with various modifications in the following
17 States: Arizona. California, Delaware, Georgia, Louisiana, Maine.
Maryland, Massachusetts. Michigan, Mississippi, New York. North Carolina. Ohio, Rhode Island, South Carolina, Tennessee and Virginia.
"The laws of some of these States restrict the establishment of branches
to the city or county of the location of the parent bank, while others permit
branches to be established in any part of the State. In California. for
example,82 of the State banks are operating a total of about 475 branches.
In that State one bank operates 28 branches, one bank 19 branches,another
about 71 branches in 48 different cities, another about 72 branches. Four
banks in California operate a total of 190 out of the 475 branch banks in the
State. In the State of Michigan upward of 300 branches of State banks
are in operation. In the city of Detroit 14 banks are operating about 200
branches,and there are in Detroit only three national banksleft in operation.
In the State of New York about 251 State banks are operating branches.
In the United States to-day it is reported that 517 State banking institutions have in operation 1,675 branches.
"The figures used above are not intended to be authoritative or complete. and are used only for the purpose of illustration. They are, however. sufficient to indicate that this form of banking must now be dealt
with as a practical condition to be met and not ass theory."
1983
The city is the natural unit under which all concentrated districts of population naturally operate. It would be a practical abrogation of the rights
of the people of a State to say that the national banks could exercise branch
banking facilities within the limits of a municipality if the State laws forbade
such an operation. On the other hand, if it recognized this principle, as
you obviously do in this bill, it would be logical and not a violation of any
fundamental principle to permit within city limits the exercise of these
functions by national banks in the same way they are carried on by State
banks.
The practical situation at present is this: In some cities State laws have
been passed which permit State banks to establish offices and extend their
facilities to different sections of the city. The effect of this has been that
the State banks, operating under this permission, are absorbing more than
their normal proportion of the banking power, and unless the national
banks can receive some relief in the way of remedial legislation they will
very shortly convert into State banks to such an extent as to destroy the
influence and the prestige of the national banks. This situation is particularly acute in New York City, Los Angeles and San Francisco. The acute
stage has been passed in threepther cities, as the national banks have already
been relegated to secondary position in them. I refer to Cleveland and Detroit, cities of over one million population, each of which have only three
national banks, and to New Orleans, which has only one.
The national banker in the cities where State banks are permitted branches
within the municipal limits feels, and has a right to feel, that he is being
compelled by law to submit to restrictions which threaten his existence
and which are contrary to the desires of the public he serves as expressed in
unit
banks
of
system
the
which
has
been
national
form of State legislation. If he is human he must have a sense of regreat
system
forms
the
The
the bulwark against monopoly and branch banking, but the time has come sentment that, after subjecting himself to the rigid and compulsory and
when the national banks cannot carry on much longer against the destruc- sometimes arbitrary laws and rulings of the Federal authorities, he not
tive competition ofinstitutions which are fostered and protected by the very only fails to receive compensating advantages but this great and crushing
Federal Reserve System of which the national hank is the foundation. In handicap is put upon him.
The extent to which the national banks have been able to meet this
this bill you do not propose to injure these competitive institutions, but you
withdraw the facilities of the Federal Reserve System where they are being competition by the use of tellers' windows, with sharply limited facilities,
used for the promotion of a branch banking policy. The operation of the and by other methods,is not sufficient and will not longer serve the purpose.
If there is any sentiment in favor of branch banking, meaning thereby,
bill would put an end to the further absorption of outlying country banks
into branch systems, and it would, at the same time, save the national the extension of facilities to any general extent beyond the limits ot a single
system by giving it equality of opportunity within city limits for the pur- municipality, I have yet to discover it on the part of the big banker. He
pose of giving its customers such facilities as they are entitled to under their: does not want to extend his institution beyond city limits. It Is my belief,
State law. It seems to me that your bill very clearly recognizes the prin- however, that it would be utterly illogical to give this right to engage in
ciple that banking within the limits of a single municipality is distinctly a outside activities within city limits to the banks of any city on the theory
local issue, and that the people of a State have a right to determine what that it was conforming to a local demand as exprssed by State legislation
facilities they desire in the way of convenient banking locations and they and not to enforce the recognition of the principle of conformity to local
would certainly have a right to object to the introduction of a practice of- desires by forbidding the establishment of such activities where they are
fensive to them in a strictly local matter.
forbidden by State laws or regulations. This is the intent of Section 8.
If It should be the desire of Congress that the system of branch banking amending section 5190 of the existing law.
should be the eventual method of handling the banking of the United States,
Where branch banks become Statewide in their operation the problem
no additional legislation could be devised which would be more effective in assumes an entitely different aspect. They cease then to be institutions
that
than
which
it
furthering
already exists. The Federal Reserve banks operated by residents for the benefit of residents. The principle ofabsentee
offer, at the present time, all of their facilities to institutions which are en- control of finance and of the monopolistic aggregation of capital into huge
gaged in this practice. This, in spite of the fact that two-thirds of the units is involved. The balance of the Federal Reserve system is materially
assets of the Federal Reserve System are furnished by national banks, which affected. I have dilated upon the results ofsuch a developmentand nothing
are prohibited by law from meeting the competitive situation which is thus would seem to me to be more undesirable than to attempt to protect the
fostered. Your bill is evidently drawn on the assumption that the general national banking system by an unnecessary surrender to an unsound
extension of branch banking is undesirable, but it recognizes the fact that principle. This, in my opinion, would be the effect of granting Statewide
only in so far as the national banks are concerned may the Federal Govern- branch banking privileges to the national banks. The Congress of the
ment interfere with the operations of the State banks. You have addressed United States cannot, however, legislate in a way to restrict or control
yourself entirely to the operations of the national banks, and to the extent the activities of State banks. It can, however, regulate the activities of
to which State member banks of the Federal Reserve System may carry on such State banks as become members of the Federal Reserve system and
within it a practice which is prejudicial to the interests of their partners in take advantage of this membership to build up a system of banking which
the system. The Federal Reserve System is entirely a voluntary system is destructive to the other banks which compose it. So far as the State
so far as the State member banks are concerned. It is logical and reason- banks are concerned, the Federal Reserve system is a voluntary system,
able that as a condition of membership restrictions should be laid down and it is a reasonable and necessary provision of membership that they
which might be more or loss favorable to the particular institution than those should not operate either to the disadvantage of the system or of their
provided by the State laws under which it operated. It would, however, associates.
be manifestly unfair to permit an institution to enter this organization and
The requirement that there shall be no further establishment of branch
receive the benefits provided largely by the national banks, who are com- banks by member banks beyond the municipal limits under this bill is
pelled to join, and then to proceed on a course which would result in ex- merely a protectie measure for all of the members of the system not
Unction of the national banks. If it is believed that the general principle engaged in branch banking. There are,to my knowledge, no constitutional
of branch banking is to the best Interests of the country,this situation could grounds for objection to this course. It is hardly likely that many large
be very easily and quickly corrected by giving national banks the same rights State banks will consider themselves strong enough or that the public will
as the State banks have to indulge in this practice. It would mean State- patronize them if they decline to join the Federal Reserve System. The
wide branch banking in a number of States, notably California, and if the measure proposed is not, in any sense, a punitive one and if I may be perprinciple of branch banking is correct and proper from the State-wide stand- mitted to make an honest but unsupported statement it is my belief that
point, it seems to me that all the supporting arguments would justify giving many of the best bankers now engaged in State-wide branch banking
the national banks powers to indulge in nation-wide branch banking. This would be glad to discontinue the practice, except that they feel driven to
would have the effect of bringing about the universal extension of branch it by the craze for size and by the competitive instinct. Be that as it may,
banking immediately, and would do so no more certainly than would be the if branch banking is unsound and opposed to the best interests of the
case if the State-wide branch bank facilities were granted.
majority of the people of the United States it should not be allowed the use
Branch banking is centralized as distinguished from co-ordinated banking. of an institution favored by governmental assistance.
The Federal Reserve System is co-ordinated banking, recognizing the wisIt has been suggested by some who take an extreme position that it
dom and necessity of co-ordination produced by detached, independent might be wise to disintegrate the branch banks which now exist. This.
authority. It preserves the independent community spirit in the handling however, would be an
extremely radical measure and if it resulted in the
of its resources and provides mobilization and fluidity for emergency con- unscrambling of existing institutions
it would have the effect of precipitating
ditions.
a financial disturbance unnecessarily. The communities which these banks
It is my opinion that it would simplify the discussion of the specific pro- serve have, in many
instances, been deprived of other banking facilities
visions of the bill relating to branch banking if the results it is designed to and it would be extremely
difficult to substitute unit banks in time to take
accomplish should be summarized. It may forestall some obvious com- care of their necessities
without creating an emergency. The provision of
ment to say that ifs system of branch banks can better serve the ultimate the bill under discussion which
covers this point is Section 9 of the Confineeds of the public than a system of dual operation by national and State dential Committee Print.
unit banks, then the national banks would better be converted into branch
In conclusion, I feel that I would be derelict in my duties if I did not
banks than be allowed to languish under the competition with the State emphasize to the limit of my
ability the imminence and extent of the
branch banks which are now being fostered by the Federal Reserve System. injury which might be the result of unnecessary delay in the passage of
It is my assumption that such a policy would not meet with the approval remedial legislation. There are
some sections where I feel that the en
either of Congress or of the public, and I believe that your bill is drawn not croachments of the branch banks upon the unit banks in general and the
with a single idea of protecting the national banks, but for the protection of national banks in particular have been so great that their ultimate extinction
all unit banks, including the national banks, and for the best good of the is merely a matter of a very few years. There is one large city of over
Federal Reserve System.
400,000 population which may not have a single national bank within a
At the outset, it should be stated that while the question of extending year. There are other cities—notably New York—there I believe the
outside facilities in the form of offices or branches beyond the limits of the exodus of the national banks will be so rapid if this measure is not passed
parent institution, but confined to municipal limits, is one that might be at this session that it will be impossible to ever re-establish the national
properly controversial, it does not, to my mind, involve the fundamental banking system on a plane apprcaching the one it occupies to-day. The
principle of branch banking: So long as such an operation is confined critical nature of the emergency is largely due to the branch banking
strictly to municipal limits, it remains in its essence a community operation, situation. The failure to secure other remedial legislation will, in the
conducted for the benefit of residents by residents.
course of a longer period of time, result in the gradual dying out of the
I will not discuss tho necessity or develop the arguments which have national banks, and without the national banks and their compulsory
induced State Legislatures to permit this form of operation. It seems to membership your Federal Reserve
System has lost its one great element
me it is sufficient to say that these intra-city activities do not run parallel of strength.
at all to the operations which are involved in the extension of banking
Many of the apparently technical provisions of this bill will be of infinite
influence by direct control in the form of branches covering a whole State relief to distressed sections in particular and to the country in general.
or limits beyond the municipality. If the principle of local control over Section 14 of the bill providing that the Federal Reserve banks may discount
banking facilities within city limits is recognized and such an operation is all of the paper excepted from the loan
limits of Section 5200 will be of
forbidden in one and permitted in another State, it would not be a real great and immediate benefit. This covers almost entirely paper of the
concession to any branch banking principle, since lntra-city banking Is, same nature as that which is now permitted for rediscount at the Federal
after all, community banking, as distinguished from State, district or na- Reserve banks and would merely have the effect of permitting them, if
tional branch banking.
they desire, to extend further relief along exactly the same lines as is con-
1984
THE CHRONICLE
templated in the original Federal Reserve Act. It would obviate the
necessity of the Federal Reserve banks, in many instances, going into the
open market in order to keep their funds occupied.
The real estate feature, in my opinion, will not in any way impair either
the liquidity or the ultimate security of the assets of the national banks
and is a remedial measure to which they are entitled in simple justice.
No government instrumentality has rendered a finer service to a country
than have the national banks of America. This great system of independent unit institutions has furnished the model and established the
standard for all American bankir g.
No system of banks in the world has achieved such a pre-eminent record
of Accomplishment, both for its stability and for its service. Based on a
recognition of community independence in community activities, it has
been the foundation upon which has been built the greatest fiscal system
the world has ever seen. To deny that the Federal Reserve System was
organized on any other basis than the enforced co-operation of the national
banks would be absurd.
You are clearly faced with the decision as to whether or not the time
has come when you may, with impunity, permit the disintegration of this
great machine. If you are interested in the Federal Reserve System can
you ignore the rights and the interests of nine-tenths of its membership?
If Congress fails to act in this emergency, a responsibility is definitely
placed and a policy inaugurated by inaction.
Nearly all of the questions involved in this bill are matters which have
been solved by practical operation. Most of them are non-controversial.
The only issue that is controversial is the branch banking issue, and the
demand for delay in the settlement of this issue will, in its effect, result
only in the establishment of branch banking as a substitute for unit banking.
If there are any arguments to be made on this subject which have not
been made and which your Committee has not heard year after year. the
writer cannot imagine what they can be. The only difference this year,
as distinguished from the previous years, is that the issue has become acute.
It is the opinion of the writer that the people have already decided as
to what they desire in this matter, and the time when their wishes can be
effectively put into effect is rapidly slipping away. To refuse relief is to
sign the death warrant of the national banks: and, without the national
banks, the Federal Reserve System cannot survive.
HENRY M. DAWES, Comptroller.
Amendment to Constitution of New York Stock
Exchange Requiring Members to Show Books When
Concerned in Transactions of a Member of
Another Exchange Whose Affairs are
Under Investigation.
Under an amendment to the constitution of the New
York Stock Exchange adopted by the Governing Committee
on April 23, books of a member of the Exchange concerned
in a transaction of a member of another Exchange whose
affairs are under examination by authorities of the latter
are required to produce their books for inspection whenever
called upon. The following notice regarding the amendment
was issued to members by Secretary E. V. D. Cox on April 24:
NEW YORK STOCK EXCHANGE.
April 24 1924.
The following amendment to the constitution was adopted by the Governing Committee on April 23 1924, and is submitted to the Exchange In
accordance with the provisions of Article XXXIX of the constitution and
will become law if not disapproved within one week by a majority vote of
the entire membership:
Amend Article XVII by inserting therein a new section, to be known as
Section 7-A, reading as follows:
"Sec. 7-A. Whenever a member of the Exchange or his firm has been
concerned in a transaction in which a member of another Exchange is also
concerned and such transaction is under examination by the authorities of
such other Exchange, and the Committee on Business Conduct reports to
the Governing Committee that in its opinion the testimony of the member
of the Exchange, his partners or employees, or his books and papers, is or
are material to such examination, and it is to the interest and welfare of
the Exchange to facilitate such examination, the Governing Committee
may, in its discretion, direct such member to appear and to produce his
partners, employees, books and papers before the governing authorities of
such other Exchange, or any committee or special committee thereof, for
the purpose of examination concerning the transaction in question.
•
"The refusal of a member to comply with any such direction shall be an
act detrimental to the interest and welfare of the Exchange."
E. V. D. COX, Secretory.
According to the New York "Times," it is expected that
other Exchanges will adopt a similar amendment and make
the arrangement reciprocal.
Call Money to Be Used for Odd Lot Loans on Stock
Exchange.
An announcement regarding arrangements for the use of a
part of call money on the Stock Exchange for loans on odd
lots, was made as follows on April 23 by Samuel F. Streit,
President of the Stock Clearing Corporation of the Stock
Exchange:
[VOL. 118.
aggregate 1,000,000 shares, the odd lot business, if it were reported on the
ticker tape, would increase the day's business to about 1,300,000 or 1,400.000 shares.
The recent heavy increase in this class of business, according to Mr.
Streit, has made it essential to provide facilities for the day-to-day financing
of the members who handle odd lots. Heretofore, it was explained, odd lot
business was not included in regular call loans and brokers could borrow on
this class of security only by time or special loans.
Closing Hour an Aid to Foreign Exchange Dealers.
The following is from the New York "Times" of April 20:
The novel experiment of endeavoring to place an "official closing hour"
for transactions in foreign exchange bills in New York has thus far proved
a success, according to the reports of foreign exchange dealers. The new
plan has not yet faced a severe test, but the results achieved so far were said
to hold promise of success.
Considerable confusion has arisen as to just what the "closing hour"
meant to accomplish, one dealer said. Its purpose was not to shut off
foreign exchange business after a certain time, he explained, but was purely
for application to those orders received from foreign correspondents for
execution "at the close." During the decline of the franc, and its subsequent sharp rally, many orders thus received were executed at 4 or 5 o'clock.
And the customer frequently found that the price received by or paid by
him on a certain order was far out of line with quotations which were sent
abroad as the "closing rate." Particularly was this the case when business
was in heavy volume for the speculative account and transactions were
recorded as late as 7 o'clock at night, when,aided by a thin market, speculative buyers or sellers were able to exert more than an ordinary influence
on market prices.
Under the new plan, the exchange dealers have set 4 o'clock as the official
close. This means, dealers said, that all orders received by them and
marked "sell or buy at the close" would be executed at or very near to 4
o'clock. By doing this, it was explained, the price quotation of all firms
selling or buying "at the close" would be about the same and there would
thus be obviated some of the wide spreads which two months ago were
reported.
"Of course, we will take care of any business after 4 o'clock that may come
In," one foreign exchange man said. "But this business is usually for the
American commercial account and the buyers place such orders with the full
knowledge that the official closing hour rates will not apply to their orders."
There is little prospect of change in the hour already set, dealers said,
owing to the desire of a majority to keep their offices open until fairly late
in the afternoon. Some ofthe large firms suggested to the Foreign Exchange
Club that 3 o'clock would serve as an excellent hour for the "official close,"
but their recommendations were overruled by the majority.
The decision of the Foreign Exchange Club to fix 4 p. m.
as the closing hour daily (and 12 m. Saturday) for the execution of foreign exchange orders was referred to in these columns April 5, page 1610.
New York Curb Market Adopts Amendment Similar to
That of Stock Exchange Regarding Inspection of
Books of Members.
The board of governors of the New York Curb Market
yesterday adopted an amendment similar to the one proposed
by the New York Stock Exchange making available to other
exchanges records of its members in cases of disputes involving both exchanges. The Curb Market's announcement
follows:
The board of governors, of the Now York Curb Market. have adopted
the following amendments to the constitution,and unless disapproved within
one week from April 28 1924, by a majority vote of the regular membership,
shall stand as the law of the exchange.
That Article XVII shall be amended by adding thereto a new section to
be known as Section 7-A,and which shall read as follows:
"Sec. 7-A. Whenever a member of the exchange or his firm has been concerned in a transaction in which a member of another exchange is also concerned and such transaction is under examination by the authorities of such
other exchange and the Law Committee reports to the board of governors
that in its opinion the testimony,of the member of the exchange, his partners
or employees, or his books and papers, is or are material to such examination, and it is to the interest and welfare of the exchange to facilitate such
examination, the board of governors, may, in its discretion, direct such
member to appear and to produce his partners, employees, books and
papers before the governing authorities of such other exchange, or any
committee or special committee thereof, for the purpose of examination
concerning the transaction in question.
"The refusal of a member to comply with any such direction shall be an
act detrimental to the interest and welfare of the exchange."
Developments in G. F. Redmond & Co., Inc., Failure.
In the Federal Court at Boston on April 23, Judge Morton
adjudged James S. Lamont, former President of the Boston
firm of G. F. Redmond & Co., which was petitioned into
bankruptcy'on March 5, in contempt of court and committed
him to the East Cambridge Jail for an indefinite term. Lamont had failed to obey the Court's order to turn over to the
The Stock Clearing Corporation has arranged with certain lending insti- receivers of the failed firm $10,000 in bonds, together with
tutions that when placing call money on the Stock Exchange to loan they certain books and records, which the Court finds he has in
will in their discretion designate a certain proportion thereof to be loaned
on odd lots of stock at not more than one-half of one per cent above the his possession. During hearings on the issue, the defendant,
it is said, neither admitted nor denied possession of the
current rate at the time the loan is made.
On and after April 28 1924 there will be a designated loan market in odd books,
choosing to stand mute. The order under which
lots of stock maintained on the floor of the Stock Exchange at the Money
Lamont was committed states that Lamont is "wilfully,
Post.
The following is taken from the New York "Times" of deliberately and contemptuously disobeying the lawful order
of this court" and directs that he shall be imprisoned until
April 24:
The plan will be set in motion next Monday, according to Mr. Streit, but he turns over the missing property to the receivers. Shortly
negotiations are under way to have all the banking institutions that lend after the commitment the defendant was taken to the East
fundsfon the Exchange accept the proposition.
According to Mr. Streit, the virtual elimination of the so-called outside Cambridge Jail. In committing the prisoner, Judge Morton
broker, or bucket shop, has resulted in a vast increase in the volume of odd warned the other officers of the failed firm that they may
lot business transacted on the Exchange. This business, it is estimated, is expect him to take "pretty drastic means" to make them
now equal to 30 to 40% of the total business now transacted in full lots.
In other words, .f.• :s pointed out, toff./ -./es In Nil lots on the Exchanas comply with their duties to their creditors. On April 16
Am. 261924.1
THE CHRONICLE
Lawrence Curtis, as counsel for the receivers, appeared before Judge Morton in the United States District Court and.
filed a motion alleging that James S. Lamont, George F.
Redmond and Arthur H. Diggins, former officers and directors of the defunct concern, are fraudulently concealing
$3,247,257, and asking that they be cited to come into court
and show cause why an order should not be issued against
them to deliver the assets to the receivers forthwith. In the
petition the receivers stated that the company never paid
dividends and never made a distribution of corporation assts. It is alleged that between Dec. 31 1921 and Jan. 31
1924 the firm received cash to the amount of $21,435,310.
They collected, it is stated, $9,729,990 in 1922 and $10,718,151
In 1923 and in January 1924 $987,168 in addition. It is further stated in the petition that during the same period they
paid $8,665,425 to customers and for other expenses not
over $5,149,232, leaving $3,247,257 unaccounted for.
Judge Morton on April 8 in answer to a petition made a
week previously, on the ground, it is understood, that assets
of the failed firm might be in part in the hands of the alleged bankrupt individuals and might be dissipated, appointed J. Weston Allen, Bartholomew A. Brickley and
Charles F. Curtis, Jr., receivers in bankruptcy of the individual estates of George F. Redmond, James S. Lamont and
Arthur II. Diggins. These are the same receivers appointed
for the bankrupt firm. In making the appointment Judge
Morton, according to the Boston "Herald" of April 9, said
In part:
It is settled that a claim based on fraud on the part of the bankrupt, by
which he obtained property, is probable against his estate to the extent of
the unjust enrichment.
If the property obtained by fraud passed to one or more of the partners, a
dividend would be allowed frcm their estates; if it remained in the firm
assets there would be no dividend from the individual estates.
The Supreme Court assumes in the Shall case that all partners would be
liable jointly and severally; and it says in effect that the question from
which estate the dividends shall come "must depend on the essential character of the transactions." In the present proceedings that is a later matter not yet before the court.
It seems to me that the petition is prima.facie sufficient From my general knowledge of the affairs of G. F. Redmond & Co., Inc., I have no doubt
that receivers ought to be appointed as prayed for.
James S. Lamont and George F. Redmond, President and
Treasurer, respectively, of the firm of G. F. Redmond & Co.,
Inc., surrendered themselves on Tuesday, March 11, at
the Federal Building, Boston, on warrants issued the previous day for alleged using the mails to defraud. Both
pleaded "not guilty" and were held in $10,000 bail each.
With regard to the vast operations carried on by the firm,
the Boston "Herald" of March 12 said:
This company is said to have had 50,000 active accounts in its several
offices throughout the country. It became necessary for clerks to work in
shifts in order to keep up the pace. The Boston office alone is said to have
had between 8,000 and 9,000 active accounts. Twenty-four salesmen
drummed up a large portion of this business. Their earnings ran from $250
to $300 a week, and it was part of their duties to prevent customers from
running up large profits, the scheme being to have them re-invest in other
stocks being sponsored by the salesmen as suitable for profitable investment.
The liabilities of the firm, as revealed to Judge Morton in
the Federal District Court at Boston on March 17 by Bartholomew A. Brickley, one of the receivers, will total approximately $10,000,000, with assets of about $250,000.
On Monday, March 10, Judge Morton in the Federal
District Court appointed receivers for the firm of
Withington
& Co., Boston (said to have been allied with the
Redmond
concern). They are the same men named the previous
week
by Judge Morton to manage the affairs of G. F.
Redmond &
Co., Inc., namely former State Attorney-General J.
Weston
Allen, Charles P. Curtis, Jr., and Bartholomew A.
Brickley
—all of Boston. On page 1089 of the issue of the
"Chronicle" for March 1 we reported the failure of the
Redmond
Company.
Zimmermann & Forshay Offer Creditors 40% In
Cash.
Creditors of the banking and brokerage house of Zimmermann & Forshay, which failed in June last, were offered a
composition of 40% in cash and a pro rata share of remaining
assets, after liquidation, at a creditors' meeting held before
Federal Judge John C. Knox, on April 2. The New York
"Commercial" of April 3 gave the provisions of the proposed
settlement as follows:
The
offer provides that the 40% payment in cash be made within 60 days
after the entry of a court order. All of the assets subject to liquidation
and distribution on the pro rata basis are to be transferred to a new
corporation and are to be subject only to the expenses of such incorporation.
MI stocks and bonds and other securities owned outright by customers
are
to be returned to the customers. The stock of the proposed
corporation is
to be held in trust by persons nominated by Gordon Auchingloss,
receiver,
from among the creditors.
Zimmermann & Forshay agree to produce waivers of claims to securities
of an estimated value of $200,000 and to procure subordination
of additional
claims approximating $150,000.
1985
They further agree to pay to the liquidating corporation over a period of
years, sums aggregating $100.000, the first payment to begin two years
from the date of the confirmation of the composition.
Schedulesin bankruptcy filed on March5in the United States
District Court showed that the assets of I he firm amounted
to $9,353,203 and the liabilities to $8,252,099,according to the
New York "Times" of March 6. The main items, it is said,
consist of unliquidated claims in litigation to the amount of
$5,342,053; securities, $3,163,927; cash, $389,170, and
accounts, $311,053. The secured creditors, it w s further
stated, are banks and trust companies with claims aggregating approximately $6,000,000 and the claims of unsecured
creditors amount to about $1,000,000. We last referred to
the affairs of this firm in our issue of Sept. 8 1923, p. 1078.
Robert P. Marshall & Co. Liquidate Debts in Three
Months.
On March 27 the New York Stock Exchange announced
the reinstatement to membership of William S. Simonds,
formerly floor member of Robert P. Marshall & Co., which
failed on Sept. 28 last. The firm paid 100 cents on the
dollar and took less than three months to liquidate all its
indebtedness. The firm's difficulties were attributed to
the break in the market for Jones Bros. Tea Co. stock.
A reerganization, it is understood, is being planned. We
last referred to the firm's affairs in our issue of Nov. 10 last,
page 2051.
Grand Jury Indicts John Farson, Head of
Farson, Son & Co.
An indictment was returned by the grand jury on March 28
against John Farson, head of the brokerage firm of John
Farson, Son & Co., 115 Broadway, this city, for alleged
"rigging" the Curb market in the sale of Hercules Petrolleum stock in 1919. (Mr. Farson on Feb. 28 last was expelled from the New York Stock Exchange, as reported in our
issue of March 1, page 598.) The indictment of Mr. Farson
was the outcome, it is said, of an investigation made by
District Attorney Banton of a report received on March 15
last from the New York Stock Exchange in connection with
the expulsion of Mr. Farson from that body. Shortly after
the indictment had been handed up to Judge McIntyre in
the Court of General Sessions, Mr. Farson accompanied by
his attorney, former Judge Robert S. Johnstone, appeared
in the Criminal Courts Building and surrendered. He was
arraigned before Judge McIntyre and released in $2,000 bail
pending his appearance to plead later. The following with
regard to Mr. Farson's indictment appeared in the New
York "Times" of March 29:
The evidence against Parson was presented to the grand jury by Assistant District Attorneys Unger and Hastings,after an examination of a report
of the proceedings before a committee of the Stock Exchange. The indictment charged that Farson, between April 19 and July 17 1919. caused to be
published reports of fictitious transactions in stock of the oil company on
the Curb Market.
It was reported that the investigators were told that in that period
Parson, Son & Co., having obtained a controlling interest in the Class A
stock of the oil company through the purchase of about 80.000 shares.
engaged in "wash sales" and manipulated prices so that the firm made a
profit of about $1,000,000.
As Parson was leaving the Criminal Courts Building after his arraignment, Mr. Johnstone made public the following statement, which, he explained, had been dictated by William Farson, a member of the brokerage
firm:
"The indictment of John Parson is most ujnust and unfair. We are
advised by able counsel that the indictment cannot possibly stand. The
indictment relates to transactions nearly five years old, and Mr. Parson
has been sacrificed in a war between the Stock Exchange and the District
Attorney. We pleaded with the District Attorney for a preliminary hearing
before a Magistrate, which has long been the custom in this city, but
we were denied that right.
"We can assure our customers that neither John Farson nor his firm
ever participated In the rigging of any market or in any fictitious transactions, and we ask all of our customers to suspend final judgment until
there has been a full hearing.
"Our firm is abundantly solvent. It and its predecessors have been
in business for 45 years and it will continue in business."
When District Attorney Banton's attention was called to the statement
he said:
"The case of John Parson did not come to this office as the result of
any war between the Stock Exchange and the District Attorney. There
Is no war between the Stock Exchange and the District Attorney. The
Secretary of the New York Stock Exchange on Feb. 28 1924 sent a letter
to the District Attorney stating that in an examination of John Farson
transactions of a criminal character had been revealed and asking if the
evidence taken in that examination should be transmitted to the District
Attorney. Immediately I requested that evidence and received it on
March 15 1924.
"The transactions upon which the indictments were based were commenced in April 1919. It was impossible to proceed with this case, therefore, in the Magistrate's Court. A hearing could not have been had in the
Magistrate's Court until after the statute of limitations had begun to
run as to some of the items. The statute of limitations in felony cases is
five years. As the District Attorney did not have the information an
regards the crime until Feb. 28 1924 and did not have the evidence takes
before the Stock Exchange until March 15 1924. it was impossible to
proceed before that time. The cases of brokers are involved and intri.
1986
THE CHRONICLE
cate and, for that reason, are not presented in the Magistrate's Court in
the first instance and have not been in the past. No exception was made
In the case of John Farson in this regard.
"There are some crimes that brokers commit that many brokers seem
to think are no crimes. Rigging the market through wash sales is one
and, though it is a difficult crime to detect and prove, the difficulty does
not interfere with the District Attorney. It may be interesting to the
public to know that this is only the second case of this kind since the
passing of the statute forbidding the manipulation of prices of securities.
This statute was enacted in 1913, and makes it a felony for a person to
inflate, depress or cause fluctuations in the market prices of stocks, bonds
or securities by means of pretended purchases and sales thereof or by any
other fictitious transactions or device."
Imbrie & Co., Ltd., Resumes Business.
The old New York investment banking house of Imbrie &
Co. reopened its doors on Thursday, April 3, after a suspension of three years, during which time its affairs were
entirely wound up and liquidated and its creditors fully
satisfied. For more than forty years this firm played an
important part in Wall Street and many friends will welcome
its return to the financial field. The new firm occupies
quarters at 115 Broadway: James Imbrie heads the
firm, as before, and has as his associates on the board
of directors the Hon. Bainbridge Colby, former Secretary
of State; Senator E. M. Rabenold, Frank R. Warton, VicePresident of the Allied Packers Corporation; Lee C. Gunter,
President of the Southern Appalachian Coal Operators'
Association, and Judge George A. Carden, head of the
New York Stock Exchange house of Carden, Green & Co.
Difficulties of the old firm of Imbrie & Co. were brought
about primarily by the World War. It had been a large
factor in South American financing, as well as in American
industrial corporate financing. Because of conditions which
arose at the time of the war and shortly thereafter, due
mainly to slow credits, the firm was obliged to go through
equity receivership. Approximately $12,000,000 in obligations have been met and the firm has been discharged
from receivership.
Four Members of Defunct Firm of E. W. Wagner &
Co. Indicted By Grand Jury.
Thirty indictments were returned on April 3 by the New
York County Grand Jury to Judge John McIntyre in the
Court of General Sessions againsteach of thefour members of
theformer New York Stock Exchangefirm of E. W.Wagner &
Co. which failed for several million dollars on Dec. 30 1921.
The indictments charge the partners with trading as brokers
against the accounts of customers. Those indicted were
Emil W. Wagner, former head of the organization; Frank
W. Donaldson, former manager of the main office in Chicago; Charles A. Johnson, former manager of the New York
offices; and Ernest Tietjens, formerly chief financial advisor of the firm. Bench warrants were at once issued by
Judge McIntyre for the arrest of the defendants. On April
7 Mr. Wagner arrived in this city from Chicago to answer
the indictment and the following day (April 8) he, together
with the other three defendants, were surrendered by their
counsel, Max D. Steuer. They were arraigned before Judge
Rosalsky in the Court of General Sessions, where they
entered pleas of "not guilty" to each of the indictments and
later were released in $5,000 bail each. The failure of E. P.
Wagner & Co. was reported in the "Chronicle" of Jan. 7
1922, page 17, and we last referred to the affairs of the company in our issue of July 29 1922, p. 496.
Five Officials of the Failed CottoniFirmof Scott, Norris
8c Co. Indicted.
Indictments were returned by the February Grand Jury
on April 10 to Judge Collins in the Court of General Sessions
against five members of the cotton brokerage firm of Scott,
Norris & Co., of this city, which failed on Nov. 17, last.
The indictments allege "bucketing" of orders. The defendants are as follows: Carlyle Rountree, Maxwell Rountree,
L. U. Rountree, E. L. McGuigan and Herbert H. Sturgeon.
We reported the failure of the firm in our issue of Nov. 24
1923, p. 2284...
Conviction of G. H. Beazell and W. H. Chatfield Jr.,
Former Cincinnati Brokers, Upheld by
Court of Appeals.
H.Hamilton dissenting as to Chatfield
Francis
Judge
With
only, the Court of Appeals of Ohio on April 21 handed down
a decision confirming the conviction of George H. Beazell
and William H. Chatfield Jr., former partners in the defunct
brokerage house of Beazell & Chatfield of Cincinnati, who
pn Feb. 21 la0:were sentenced by Judge Thomas H. Darby
[Vox.. 118.
in the Criminal Division of the Court of Common Pleas at
Cincinnati to nine years each in the Ohio State Penitentiary
at hard labor. An appeal to the Ohio State Supreme Court
is to be taken, it is said. On Jan. 24 the brokers were found
guilty by a jury in the same court on a charge of embezzlement growing out of the failure of the brokerage house of
Beazell & Chatfield on March 8 of last year (noted in the
"Chronicle" of March 17 1923, page 1127). In reporting the
verdict the Cincinnati "Enquirer" of Jan. 25 said in part:
The brokerage firm of the two partners failed March 8 1923, after the
New York Stock Exchange had ordered the removal of the firm's stock
ticker so it could not receive market quotations. The committee's action
followed a financial statement of the firm showing "short" holdings of
almost the same volume as "long" holdings—a condition characterized by
a Stock Exchange committee as very unusual—and by the subsequent
refusal of the firm to permit accountants of the Stock Exchange to examine
its books.
Twelve indictments were returned by the Grand Jury against the partners
as a result of the failure, two others being against Beazell alone. One of
these later was quashed. These indictments were in the name of various
customers. The specific one on which the brokers have been on trial was
the embezzlement of 60 shares of stock from Theodore C. Leonard, 50 East
McMillan Street.
Leonard charged he turned the stock over to the firm with a number of
other stocks, with instructions that it be returned to him. The other stocks
were returned, but the one named in the indictment, namely, 60 shares.
were found at the trial to have been transferred to the account of Beazell &
Chatfield in New York. Letters containing this instruction were not written by either of the partners, but by employees, according to the testimony.
To show "intent" In the case—a necessary element in an embezzlement
charge—County Prosecutor Charles S. Bell introduced a mass of evidence
tending to prove "a gigantic conspiracy" on the part of the defendants "to
defraud any and all persons they could induce to trade with them."
The evidence showed that the firm dealt heavily on the New York Stock
Exchange in "short" stocks, and that these trades were conducted for a
time in more than a score of "fictitious" accounts, which later were consolidated into a single "short" account, with a heavy loss, a month before
the failure. Losses in these accounts ranged as high as $85,000.
The net losses in half of them, the only ones examined in full, approximated $417,000, after balancing off the total losses with profits of approximately $100,000 that were derived.
Approximately one-third of the profits were withdrawn by the partners.
The losses were consolidated Into the short account and allowed to stand
on the books. Meanwhile the local and syndicate end of the business
showed profits of approximately $500,000 for the firm.
Other evidence tending to Indicate forgery and use of customers'securities
for these transactions and other data was introduced by the State.
For the defense, it was conteeded that the business of the firm was legitimate and they were being prosecuted because they had failed In business.
Beason rested his case without offering any evidence in his behalf. Chatfield put up several witnesses in his defense, he himself being his principal
witness.
His contention was that he handled only the local end of the business,
which showed a large profit, and had nothing to do with the New York end
or the handling of the books.
He said he was absent from the office for a greater part of the time in
connection with an illness and his political duties, and that consequently
he knew nothing of the short selling until a few months before the failure,
and did not know anything ofits extent until the day the ticker was removed.
Beazell, he said, told him nine months before the failure that the firm
was carrying "short" securities which showed a loss, but there was no need
to worry, and he did not worry because he had confidence in Beazell's
ability to get out of any situation in which he might find himself.
Chatfield Introduced eight character witnesses, two of them former
customers who had lost in the failure, to testify they believed him to be
personally honest and of good character.
According to the above quoted paper Chatfield was
formerly a State Senator and later Republican candidate for
Lieutenant-Governor of Ohio.
Former Heads of the R. L. Dollings Company Given
Heavy Sentences.
On March 10 Judge John E. Sater in the Federal District
Court at Columbus, Ohio, imposed sentences of 20 years in
Leavenworth Prison and $5,000 fine, each, on William G.
Benham and Dwight Harrison, former President and VicePresident, respectively, of the defunct R. L. Dollings Co. of
Ohio. In addition, the costs of prosecution, estimated by
court attaches at about $20,000, were assessed on them. The
defendants were convicted on March 0 of using the United
States mails to defraud, in connection with the promotion
of stock sales of the company after a trial which lasted
seven weeks. The Jury deliberated but two hours and twenty
minutes and reached a decision on a single ballot. "The penalty is the more severe," said the "Ohio State Journal" of
March 11 because of "the fact that, once in prison, they will
be ineligible for parole. The Government holds another indictment charging conspiracy against them. By law, no
prisoner is eligible for parole with other action pending
against him. District Attorney Hough said the second
indictment will remain unprosecuted until the prison terms
expire."
In a speech which lasted half an hour, preliminary to the
imposition of the sentences, Judge Sater scathingly denounced the Dollings system. The paper quoted above reported him as saying:
The Hollings plan was criminal every hour. If the Hollings Co. simply
had loaned money to its 33 subsidiaries when it was needed for a legitimate
purpose, as a bank does, there would have been no crime.
APR. 26 1924.]
THE CHRONICLE
But when Benham and Harrison got control of the common stock and
thus controlled all of the subordinate companies, shaped their destinies, dictated their policies, for the express purpose of paying dividends that were
unearned, it is unthinkable that any honest lawyer or business man of experience could say it was in keeping with good intent. . . .
The Judge paused a moment, as if in thought.
"I don't know whether I ought to say what is in my mind," he continued
slowly. "For two or three years past there have come to me weeping women
and sobbing widows, who toiled by the day to support children in arms,
begging me to do something to regain money they had put into stocks of
companies exploited here and there—companies undergoing dissolution in
State courts. Many of these people seemed to feel the United States courts
had power over State courts."
Following the sentencing of the defendants, the court
granted a 60-day stay of execution, Cornelius J. Mattern and
Robert R. Nevin, the defense attorneys, announcing that the
case would be appealed to the United States Circuit Court
of Appeals. As stated in our issue of Jan. 9 1924, page 273
(our last reference to the affairs of the R. L. Dollings Co.),
the defendant Harrison faces a sentence'of three years in
the Ohio State Penitentiary and the payment of a fine of
$5,000 imposed in the Court of Common Pleas at Columbus
by Judge Duncan on Jan. 5.
1987
issuance of this stay, the New York "Times" of March 11
said in part:
In granting the certificate Judge Nott said there were many questions of
law involved in the case which he would like to see cleared up by the
higher court. He told Ruskay's lawyer that he would have imposed a heavy
fine on his client in addition to the sentence had it not been for the statement of the lawyer that Ruskay had lost $1,000,000 of his own money in
the failure. Assistant District Attorney Frank B. Carstarphen in requesting
that a severe penalty be imposed called the attention of the court to that
part of the evidence which shows that just before the failure the firm gave
Christmas bonuses to its employees at the same time letting it be stated that
they were cutting down overhead in order to extend their business to cities
throughout the country. He declared that "it was extreme effrontery" for
the firm to carry accounts on a 3 or 4% margin without regard for the welfare ef its customers.
In his plea for clemency for his client Frank A. Aranow, Ruskay's lawyer,
said:
"I want to remind Your Honor that from the start of this firm in 1877
up to October 1922 there was not a single house account. We have even
placed in the hands of the District Attorney records to show that the firm
was practically solvent in June 1921 and that this man was worth in his
own right more than a million dollars.
"I also say to you that this man is no more responsible for his crime than
I run. I say to you that in June and July 1921 a conspiracy was set on foot
to ruin this firm's business because it had been so successful. The first
move was to take away the tickers, the next was to cause the bank to call
in the loans. The only resource left was to sell short and try to save the
business. Ruskay hasn't got a cent now. He can never go back to the
Exchange. He is disgraced. He is the victim of a wicked system. He is
the goat of the Stock Exchange. If this man goes to jail something ought
to be done to punish the men who forced him into his present situation."
Judge Nott reminded Aranow that Ruskay still had an opportunity to lay
facts in his possession of an alleged conspiracy before District Attorney
Banton.
W. E. Wilson & Co., Boston, in Bankruptcy.
An involuntary petition in bankruptcy was filed in the
Federal District Court, Boston, on March 19 against the
stock brokerage firm of W.E. Wilson & Co., with head office
at 185 Devonshire Street, that city. Under date of March
The failure of S. S. Ruskay & Co. was noted in the
18, according to the Boston "Transcript" of the following
"Chronicle" of Feb. 25 1922, page 795.
day, the company posted on its door the following notice:
The business of W. E. Wilson & Co. has been suspended until further notice upon advice of counsel.
Delivery by Guaranty Trust Co. of Debentures of
Federal Intermediate Credit Bank of St. Paul.
The Guaranty Trust Co. of New York announced this week
that the Federal Intermediate Credit Bank of St. Paul,
Minn., 4%% collateral trust debentures dated Feb. 1 1924
and due Feb. 11926,in definitive form, with Aug. 1 1924 and
subsequent coupons attached, would be delivered in exchange
for temporary debentures outstanding upon presentation of
The State investigation under the Martin Act showed, according to Mr.
Rosenthal, that no records of transactions were retained by the New York the latter at its trust department, 140 Broadvray, New York
office. All business was done over the telephone with the Boston headquar- City.
This notice, which was signed by the firm's attorneys,
followed the closing of the office of the company in this city
under a temporary injunction restraining it from doing business in New York State. The injunction was obtained from
Justice Erlanger of the Supreme Court by Deputy AttorneyGeneral Abraham Rosenthal. In this regard the New York
"Times" in its issue of March 20 said:
ters and all cash and checks received here were immediately transmitted to
Boston. The only receipt that the customer received was a confirmation
slip mailed from the Boston office.
Reserve Board to Fix Credit Policy at Meeting May 5—
Arlington NV. Porter, Manager of the New York office, appeared under
Rediscount Rates Will Be Discussed but No
subpoena in the Attorney-General's office on March 13 and admitted that
Change Is Expected.
he had formerly been Manager of G. F. Redmond & Co., a brokerage firm
recently closed by a Martin Act injunction. Investigators said that there
The following is from the New York "Journal of Comwas no way in which a New York investor could discover if or how his
order had been executed. Commenting on the disclosures made in the in- merce" of April 21:
Approach of the date of the spring meeting of the Governors of the Revestigation, Mr. Rosenthal said yesterday:
"This is, I believe, one of the worst forms of bucketshop and equal the serve Banks with the Federal Reserve Board revives again the possibility
of a change in the level of rediscount rates, which have remained unbroken
transactions of Fuller and McGee."
for more than a year. The Governors meet with the Board on May 5.
The New York office of the firm was at 11 Broadway.
Primarily, the purpose of the regular meetings of the heads of the twelve
Reserve banks with the Reserve Board is for the discussion of administrative matters in connection with the operation of the Reserve System, and
these discussions are not usually devoted to questions of broad policy, such
Burrill Ruskay, of the Bankrupt Firm of S. S. Ruskay as
credit problems. However, from the visiting Governors the Board ob8c Co., New York, Sentenced to Penitentiary.
tains at first hand up-to-the-minute reports of conditions in the individual
which permit of an accurate gauging of the system in the country as
Burrill Ruskay, a member of the former Consolidated districts
a whole.
Stock Exchange firm of S. S. Ruskay & Co. of this city,
which failed in February 1922 for $10,000,000, was sentenced
on March 10 to from three months to three years in the
penitentiary by Judge Nott in the Court of General Sessions
following his conviction by a jury on March 7 of trading
against a customer's account. The petitioner in the case
was one H. Brunner, who charged (according to the New
York "Commercial" of March 7) that he had ordered the
purchase of 200 shares of Mexican Petroleum, and had
received a confirmation of his order. It was the contention
of the prosecution that the firm bought the stock, but without authorization sold it, and in so doing took a position in
the market against the customer. Although the concern held
no stock, it was said it charged Mr. Brunner with it, and
made him pay interest on a supposed loan. It was shown
that although Mr. Brunper's margin with S. S. Ruskay & Co.
was only $11,000, his speculations, according to the books of
the concern amounted to more than $269,000. Mr. Brunner's
dealings with the firm covered a period of more than a year,
It was said. At the trial no witnesses were called in the
defendant's behalf nor did he himself take the stand, his
attorney, Frank A. Aranow, proceeding at once to address
the jury when Judge Nott had refused to grant his motion
for a new trial.
Following the imposition of the sentence on March 10,
Judge Nott stayed its execution by issuing a certificate of
reasonable doubt at the request of Mr. Aranow and fixed
the defendant's bail at $25,000, pending a hearing in the
Supreme Court on the lawyer's contention that his client had
not been proved guilty of the offense. In regard to the
' Survey of Conditions.
An opportunity for an analytic' survey of conditions in
the various parts of the country is particularly valuable
to the board at this time when a perceptible slowing up of
business activity has made itself apparent in some sections
and there is a question in the minds of many officials concerned with the economic welfare of the nation as to whether
a temporary recession is taking place which will be followed
with a steady recovery in all lines, or whether the slackening
is to spread into other directions. From the views of the
governors the board will be able to obtain the basis for a
credit policy to meet conditions which may develop in the
course of the next two or three months.
At the moment, it is a rather general view here that rediscount rates
will remain unchanged, at least until preparations are to be made for the
financing of the annual movement of crops. Nevertheless, there is a
feeling in some quarters that despite the reported abundance of credit
in the financial centres, a lower rate in the rural districts might react
favorably to the interests of the agricultural communities.
Except for the possibility of a rate adjustment in the nature of an experiment, the board is more likely to centre its efforts for obtaining an adequate distribution of credit upon direct pressure through the Reserve
System than upon rate changes. The board has virtually announced
that in its opinion the use of rediscount rates to control credit movement
is futile and has made clear its intention to avoid useless alterations in
the rate structure when the prospects of definite results being accomlished are practically nil.
Will Prepare Program.
Still the meeting with the governors the first week in May will -issist
the board in preparing as much of a program for the corning fiscal year,
which starts July 1, as can be formulated under the present condition
wherein the swelling stocks of gold in the country have rendered helpless
the usual factors relied upon to point out credit conditions and the course
to be followed by the Federal Reserve System.
Of the administrative matters likely to be considered by the meeting one
of the most important may be a decision as to the final disposition of the
1988
THE CHRONTCLE
Treasury saVings certificates, now in such disrepute In banking circles in
some sections of the country. Sales of these securities have been suspended
In eighteen States. but their purchase is possible in the rest of the country,
so that the Treasury is approaching the point.whereit. muht deckle"whether
It will discontinue .entirely its practice 'of Gnanetng••thrcnigh these small
denomination securities, or whether it will lift the bitri against their sale
In the Western States in which opposition to them is so'pronounced. The
advice of the Reserve banks is needed by the Treasury in making this
decision, since it is through these institutions that the major operations
of the savings certificate campaign are administered.
Supply of Currency.
Another administrative matter of importance likely to receive very
considerable attention by the meeting is the probable supply of currency
which will be needed by the Reserve System during the coming fiscal year.
As a result of the ceaseless flow of gold into the country a very marked
change has taken place during the past two years in the character of the
currency in circulation and the uncertainty as to how long the imports of
this metal are to continue at their present volume makes difficult an estimate of future currency requirements.
A study made by the Board ofthe currency situation reflects these changes
clearly. On Aug. 1 1922 there was a total of $4,337,000,000 of all forms
of currency in circulation, while on March 1 1924 the total had grown to
$4,808.000,000. This increase of $471,000,000 threw into sharp relief
the increased use of gold and gold certificates and the less.sened issuance
of Federal Reserve notes by the Reserve banks.
During the period covered the Board's study showed that gold and gold
certificates in circulation increased by $461,000,000, other currency increased by $94,000,000. while Federal Reserve notes declined by $84,000,000. Adjustment of its mechanical facilities to meet the currency requirements of the Federal Reserve System is an important problem, from the
standpoint of the Board.
Tax-Revision Bill in the Senate—Minority Report.
Debate in the Senate on the tax-revision bill was brought
under way on April 24, the bill having, the previous day,
been made the unfinished business of the Senate,following the
passage of the Soldier Bonus bill. As we have heretofore
indicated (April 19, page 1852), the bill was for1nally presented to the Senate on April 12 by Senator Smoot, Chairman of the Senate Finance Committee, and at the same time
we gave in part the majority report of Chairman Smoot.
The minority report was filed on April 22 by Senator Jones
(Democrat) of New Mexico. The report opposes the income
tax rates advocated by Secretary of the Treasury Mellon and
endorses the Simmons income tax proposals calling for a
maximum surtax of 40% applicable on incomes of $500,000,
as compared with the Mellon surtax rate of 25% on incomes
of $100,000 or more, in lieu of the present maximum surtax
of50% on incomes of $200,000 and more. The report assails
Secretary Mellon's arguments for reductions in the maximum
surtax from 50% to 25%, declaring "the minority proposes
to reduce the present maximum surtax of 50% to 38% on
incomes above $200,000, and to a maximum of 40% on incomes above $500,000, not because of any supposed deterring
effect upon large business, but because we earnestly believe
that all taxpayers are entitled to a substantial reduction
whenever the financial condition of the Government will permit."
"It may be said," the report states, "that all the burdens
of taxation, except those derived from net incomes and net
profits and inheritances, are shifted to the consumers as
consumption taxes and the only taxes imposed upon the
vast invisible wealth of ,the nation is derived from these
sources. The Democratic minority, therefore, in insisting
upon higher surtaxes than proposed by the majority is not
imbued with any desire or purpose to 'soak the rich,' but
profoundly believes that invisible wealth, the prosperous
and those with real ability to pay should bear a greater
share of the burdens of the Government." Declaring the
flat tax of 14% on corporation incomes "unjust and inequitable," the report declared this "wholly ignores the
principle of a graduated tax in proportion to real ability to
pay." The report did not indicate whether a graduated
tax would be proposed on the floor, merely pointing out
that such a proposal was defeated by the majority members
in committee. With regard to the corporation tax in the
bill as reported, it was declared that corporations by purchase of Federal bonds, $18,000,000,000 of which are now
outstanding, could escape entirely the normal tax because
the bonds are exempt. "It would seem, therefore," the
report added, "that before anyone connected with the
Administration should denounce the issuance of tax-exempt
securities by States, he should first suggest such change in
the law as would permit the Federal Government to tax
Federal securities in accordance with the intent of the law
which authorized their issuance." The minority report
submitted tables showing that the investment in tax-exempt
securities in estates amounting to $2,879,372,168 under
1922 returns was $67,042,175, or, according to the minority,
"the value of all tax-exempt securities held by these decedents was not sufficient to pay the funeral and administrative expenses." As regards the estate tax, the Demo-
http://fraser.stlouisfed.org/
Federal
Reserve Bank of St. Louis
1
[VoL. 118.
crats declared in favor of an inheritance tax, thus shifting
the tax from the estate itself before distribution of a direet
tax on the beneficiaries, after deducting all estate and inheritance taxes imposed by States. "This plan," the report
said, "would carry into this field of taxation the principle
of a graduated tax in accordance with ability to pay, while
under the present law the rate of taxation is the same whether
there be one or many beneficiaries. This is unjust."
Adjudication of tax disputes in secret as at present, the
report declared, "affords an opportunity for favoritism,
arbitrary action, fraud and coitus on." An amendment will
be proposed, it was said, providing that all tax dispute proceedings, records and evidence in connection therewith shall
be public. The undesirability of secret hearings is shown,
according to the report, "by the fact that more than 500
employees have been discharged from the Internal Revenue
Service because of their having been guilty of one or more
offenses.
Stating that "a tax bill will undoubtedly go through Congress at this session," the New York "Journal of Commerce"
in its Washington dispatch April 23 said in part:
One of the best known and most conservative Democrats stated positively his conviction that the party could not afford to prevent the passage
of a tax bill—for political reasons if for no other. Moreover, he expressed
the opinion that Secretary Mellon had made out a clear case for reform.
although he did not agree with the Mellon rate schedule.
Democratic conservatives now offer to the Mellon group a schedule of
rates which shall put back fairly high surtaxes, but shall give real relief to
the income taxpayers who are subject to the lower brackets of surtaxes.
They want to carry their point of taxing the rich in the sense that they put
the burden of taxation upon the very large incomes, while they make their
appeal to the public on the strength of the reductions which they propose
In the moderate incomes.
According to one of the advocates of this plan, "I would rather give
relief to the income tax payers with receipts running from $5.000 to $40.000
per annum than to give it to those vho report $50,000 or over." The issue
has apparently got whittled down to this relatively narrow basis, and if a
compromise can be reached that will permit both sides to claim sone credit
and go into the campaign with a straight face there is no reason why the
tax measure should not go through the Senate in short order.
With the opening of the Senate debate on the bill on the
24th, both Senator Smoot and Senator Jones voiced their
opposing views. From the New York "Commercial" we
quote the following:
Senator Smoot, besides discussing the Mellon normal and surtax rates,
dealt with the earned income provisions, explained the Increase in the tax
on corporation earnings and defended the reduction in estate tax rates
below those of the House bill and the elimination of the gift tax.
Senator Jones. of New Mexico, who presented the minority report from
the Finance Committee, advocated the Simmons surtax rates with a
maximum of40% and challenged the contention of Secretary of the Treasury
Mellon that a further reduction below this point is necessary.
Wants Complete Publicity.
Senator Norris, of Nebraska. radical Republican, introduced an amendment to provide for complete publicity of tax returns.
Senator Smoot said that the bill as reported to the Senate provides the
largest amount of tax reductidn which is possible.
Senator Smoot replied to the contention of the minority members of
the Finance Conunittee that there is a joker in the earned income section
under which, although the 25% reduction in taxes on earned income Is
limited to $10,000, the actual reduction varies according to the income
of tho taxpayer.
Disputes Earned Income Joker.
"It may be urged with reference to some of the less important provisions of the bill that they favor the wealthy taxpayer as compared with
the small taxpayer." said Senator Smoot. "For example, it may be
urged that the earned Income credit gives greater relief to the large taxpayer than to the taxpayer of moderate means. The earned income
section provides for a 25% reduction In the tax on earned incomes not
In excess of $10.000. The taxpayer whose tax on his $10,000 of earned
income is at the rate of 31% receives a credit of 25% of the tax borne by
such Income, which amount, of course, Is in excess of the credit received
by the man whose tax on his earned income is at the rate of oruy 4 or 5%."
Senator Smoot dealt with the surtax question at length.
"The higher surtaxes not only stop business transactions that would
normally go through and discourage the development of new business,
but in addition they are impossible of collection," said Senator Smoot.
"It is believed that the surtax rates contained in the bill as reported
by the Finance Committee will stimulate business and encourage investments in productive enterprises and at the same time will, in the long
run, increase the revenues from the taxes on the large incomes."
Discusses Corporation Tax.
In discussing the corporation tax Senator Smoot explained the effect of
the increase of the flat tax on corporation earnings from 123 % to 14%
In lieu of the repeal of the tax on capital stock of corporations. Ho opposed
any attempt to add a tax on undistributed earnings of corporations on
the ground that such n tax would put pressure upon corporations to distribute all of their earnings, which would retard Industrial expansion.
He also opposed any suggestion for the restoration of the excess profits tax.
Regarding the Senate's action on the bill yesterday
(April 25), we quote the following from last night's Brooklyn
"Eagle":
A proposal of Secretary Mellon designed to check capital loss deductions
was rejected by the Senate to-day without a record vote.
Another House amendment met a similar fate, the Senate rejecting a
proposal to make gains from the sale of stock dividends held for more than
two years subject to regular income rate; rather than the capital gain tax
of 1215%. This change had been made by a close vote in the House.
Consideration of the income tax schedule. the heart of the measure, was
delayed by agreement among the loaders on both sides.
Secretary Mellon had estimated $30,000,000 would be gained annually
by the Government through the capital loss provision, which was agreed
to by the House. The Senate Finance Committee opposed It because It
considered it unfair In its operation.
1
APR. 26 1924.]
THE CHRONICLE
The House amendment making gains resulting from the transfer or
stock dividends in liquidation proceedings subject to regular income tax
rates rather than the capital gain tax of 123 % was rejected in favor of the
Treasury draft making these gains taxable at 12%%•
Jewelry Tax.
Without opposition the Senate agreed also to the committee amendment
proposing to allow only articles selling for $25 or less exemption from the
5% jewelry tax. The House had voted exemption for all articles selling
for less than $40.
Exemption of produce and merchandise brokers from the $50 brokers'
tax then was agreed to and restoration of the full $10 tax on billiard and
pool tables and bowling alleys was approved. The House had cut this
tax in half.
Contributions Exempt.
Contributions to fraternal organizations used exclusively for religious,
charitable, scientific, literary or educational purposes were voted exemp•
tions from taxation.
The committee provision exempting from 10% admLssion tax all theatre
tickets selling for less than 50 cents was agreed to.
The estate, gift, automobile, radio, telephone and telegraph taxes were
passed over for future discussion.
Proposed taxes of 10% on mah Jong sets and on machines operated by
coins were agreed upon.
Provision in Tax Bill Under Which Returns Would Be
Open to Public.
Last week (pages 1852-1854), in referring to the tax
revision bill as presented to the Senate, we indicated that it
contains a provision whereby tax returns would be open to
public inspection. At the time we quoted from the New
York "Journal of Commerce," the statement that—
• 1989
While the form of the Injunction was somewhat restricted, the principle
was established that indiscriminate disclosure was forbidden.
The defendants, who included the State Tax Commission and one of the
local assessors of income, appealed from the decision, claiming the right
to make unrestricted disclosure to all persons for any purpose, public or
private. The case will be argued in the Supreme Court of the State of
Wisconsin on May 6. and as the questions raised are questions of constitutionality under the Fourteenth Amendment of the Federal Constitution.
the decision of the Supreme Court of the State of Wisconsin is not necessarily final.
The question is one which so deeply affects the personal and property
rights of every one in the United States and the practice of unrestricted
disclosure is so wholly at variance with every principle of Constitutional
rights and of common fairness, that the case is, we believe, one of first
Importance.
We reprint from our issue of March 15 (page 1220) what
Secretary Mellon had to say in the matter before the Senate
Finance Committee:
Publicity of Returns.—So far as I know in all other nations having income
tax laws the privacy of returns is respected. In every State in the United
States, privacy of returns is guaranteed by law. There is one exception—
Wisconsin—where the privacy provision of the Act has been repealed. But
I am informed that the validity of the law has been attacked, and the lower
court has ruled against the law. The provision in the present bill removes
this privacy so far as certain committees of Congress are concerned. This
would not be objectionable if the returns were submitted to the committees
only in executive session and mention of the returns on the floor of Congress
and the publication thereof in the "Congressional Record" prevented. But
there is no privacy if the returns are discussed in open committee or on the
floor and publication of such returns made under privilege.
Soldier Bonus Bill Passed byTSenate.
The soldier bonus insurance bill was passed:by the United
States Senate on April 23 by a vote of 67.to17, and is now
in conference. The bill, which was taken up:for consideration by the Senate on April 18, provides "adjusted compensation" for veterans of the World War; it had been
passed by the House of Representatives on March 18 by a
vote of 355 to 54. Details of the House bill were given in
Below we give the provision, showing in italics the new these columns March 22, page 1339. It was then stated
matter inserted by the Senate Committee:
that the basis of adjusted service credit is the same as in
Sec. 257. (a) Returns upon which the tax has been determined by the the bill which at the last session passed both Houses, namely
Commissioner shall constitute public records; but, except as hereinafter provided in this section, they shall be open to inspection only upon order of $1 per day for each day of "home service" and $1 25 per day
the President and under rules and regulations prescribed by the Secretary for "oversea" service, not to exceed, however, in any case,
and approved by the President.
t500 for "home service" or $625 for "oversea service."
(b) (1) The Secretary and any officer or employee of the Treasury Department,
upon request from the Committee on Ways and Means of the House of Repro- Under the bill veterans would receive the equivalent of a
sentatives, the Committee on Finance of the Senate. or a standing or select paid-up 20-year endowment policy for the amount which
committee of the Senate or House specially authorized to investigate returns
adjusted service credit, plus 25%, would purchase at
by a resolution of the Senate or House, or a joint committee so authorized by his
concurrent resolution, shall furnish such committee sitting in executive session his age, of such insurance computed in accordace with
with any data of any character contained in or shown by any return.
accepted actuarial principles and upon American Experience
(2) Any such committee shall have the right, acting directly as a committee,
annum comor by or through such examiners or agents as it may designate or appoint, to Tables of Mortality, with interest at 4% per
inspect any or all of the returns at such times and in such manner as it may pounded annually. The Senate bill is similar to that
determine.
passed by the House. While Senate Democrats went on
(3) Any relevant or useful information thus obtained may be submitted
by the committee obtaining it to the Senate or the House, or to both the Senate record for a cash and insurance bonus bill in a minority
and the House, as the case may be.
report made public on April 20 by Senator Walsh of Massa(c) The proper officers of any State may, upon the request of the Gover- chusetts, it had been announced the previous day that they
nor thereof, have access to the returns of any corporation, or to any abstract
thereof showing the name and income of the corporation, at such times would abandon their cash optional plan "to assure enactand in such manner as the Secretary may prescribe.
ment into law of a bonus measure." On the day the bill
(d) All bona fide shareholders of record owning one per centurn or more
(April 23) the cash option amendof the outstanding stock of any corporation shall, upon making request was passed by the Senate
of the Commissioner, be allowed to examine the annual income returns of ment, offered by Senator Copeland (Democrat) of New
such corporation and of its subsidiaries. Any shareholder who pursuant to York, and which he insisted on bringing to a vote, was
the provision of this section is allowed to examine the return of any corThe following
poration, and who makes known in any manner whatever not provided rejected by a vote of 38 yeas to 47 nays.
by law the amount or source of income, profits, losses, expenditures, or any is taken from the Washington dispatch to the New York
particular thereof, set forth or disclosed in any such return, shall be guilty "Times" April 23:
of a misdemeanor and be
The provision should have been killed in committee, but apparently It
was not understood by the Republican members. Full publicity of tax
returns is something for which several of the Democratic Senators have
been fighting, and this provision was slipped into the bill during one of the
night sessions.
If differs from existing law in that the lists will not only contain the
names and addresses of all taxpayers but the amount of taxes paid and
of refunds received by each. It is only another step toward permitting
personal Inspection by any one of any tax return so desired.
punished by a fine not exceeding $1,000 or by
In the course of the eight-hours'debate the Democrats said that the insurimprisonment not exceeding one year, or both.
(e) The Commissioner shall as soon as practicable In each year cause to ance plan was a "makeshift and a subterfuge." forced upon the Senate by
be prepared and made available to public inspection in such manner as he the threat of a Presidential veto.
Predictions were made by Senator Walsh of Massachusetts, Simmons ofs
may determine, in the office of the collector in each internal revenue district
"after a
and in such other places as he may determine, lists containing the name North Carolina, Jones of New Mexico and other Democrats that
amendment
and the post office address of each person making an income tax return in such Democratic President was elected in November" a cash option
confidently
district, together with the amount of income tax paid by and the amount of would be submitted and passed by a Congress in which, they
said, they would have a rnaiority.
refunds made to each such person.
That the Democrats had in view such a possibility was shown by an
amendment which Senator Walsh succeeded in putting through. This
altered the date for Lssuance of the adjusted compensation certificates, on
• Publicity of Tax Return—Action in Wisconsin Court. which insurance would be based, from Jan. 1 1925 to July 1, apparently
that if the next Congress was Democtatic it would have a
The proposed publicity of tax returns called for in'the tax on the theory
chance to insert the cash option after March 4.
•
revision bill now pending in the Senate, has prompted a
•
The only other amendment of importance besides the change in dates
letter to us, which we quote in part below, relative to the
made by Senator Walsh of Massachusetts was one by Senator Jones of New
action now in the Wisconsin court to test the validity of Mexico.
Under the bill as it stood, he contended, beneficiaries of veterans
such procedure. Our informant, Nelson Trottman, of who died beforc making application for the insurance would receive no policy
Trottman & Trottman, lawyers, of Milwaukee, writing us if the veterans had been receiving war risk insurance. He moved to make
it all-inclusive.
under date of April 23, says:
After a spirited debate the Senate adopted this proposal by 41 to 37. it
Iu one of your recent issues you printed Secretary Mellon's comment was said to-night that through this change the dependents of all the 138.000
on the proposal to open up income tax returns to public inspection. This ex-soldiers who had died would be entitled to insurance and that this would
radical departure was actually made in Wisconsin, and is mentioned in run up the cast by $40.0t0,000 to $60,000,000.
Secretary Mellon's statement. The validity of such disclosure has been
On motion of Senator Wadsworth of New York the Senate approved an
under attack in the Wisconsin courts.
amendment that would extend the benefits of the bill to Philippine Scouts
Thinking you might be interested in knowing the status of the situation and Porto Rican troops who guarded the Panama Canal during the war.
here, we are taking this occasion to tell you that we represent the plaintiff Senator Wadsworth's point was that these men were as much entitled to
In an action brought last spring to enjoin disclosure of infermation in tax compensation as any other veteran. During discussion of the amendment
returns. The case was argued in the trial court Sept. 12 1923, and injunc- Senator King of Utah, who is against a bonus of any kind, declared the
tion was issued by the trial court prohibiting indiscriminate disclosure of bill would cost $5,000,000,000.
such information. Exception was, however, made to cases where disclosure
An amendment by'Senator Harrison of Mississippi, relieving veterans
was called for in the course of judicial proceedings pursuant to,subpoena from paying compound interest on redemption of certificates on which they
and also to cases where an applicant bona fide satisfied the Tax Commission had been behind in paying interest on loans, was accepted by 42 to 38.
of his intent to assist in reporting undisclosed income.
Senator Jon;, of New Mexico succeeded In striking from the bill the
1990
THE CHRONICLE
[VOL. 118.
provisions that insurance payments should be made only to individuals
dependent at the time of the veteran's death.
Several Amendments Defeated.
Senator Smith of South Carollna lost by a vote of 41 to 38 a move to
limit the rediscount rate on policy loans to 2%,a step which he said would
save the ex-soldiers $30,000,000 annually.
By a vote of 43 to 35, the recommendation of Senator Brookhart to issue
all loans through the Veterans' Bureau instead of through banks was lost.
Senator Jones of New Mexico tried to have the time limits in the bill
extended, first so that men who served in Germany after the armistice
would be included, and next so that National Guardsmen who served on
the Mexican border before being called into service in July 1916, would be
entitled to rewards up to April 1917, when was was declared against Germany. He was defeated each time on viva voce votes. Senator Smoot
of Utah remarked that the men in Germany "lived like kings."
With reference to the provision in the bill that men to whom $50 or less is
due will be paid in cash, and that no cash will be paid to those receiving
Insurance, Senator Trammell of Florida sought to have the insured receive
$50 each,to be deducted from the policy value. This waslost by a viva voce
vote. When Senator McKellar of Tennessee moved to apply the suggestion
only to men who had served overseas it was defeated on a roll-call by 44 to
33.
Just before the final vote Senator King moved to recommit the bill with
instructions to return it with varying degrees of compensation based uopn
the computed loss of earning power of the veterans. Lusty "noes" refused
this plea. The Senator then moved another recommital, this time with
instructions to bring in a new bill allowing additional compensation to the
men who saw actual fighting. This, too, was beaten. He then succeeded
in having sent to conference an amendment tentatively eliminating Public
Health Service officers who were detailed to war service.
under present conditions, but with a certain and definite settlement of
German reparations firmly established. I should favor the calling of a similar conference to achieve such limitations of armaments and initiate plans
for a codification of international law, should preliminary inquiries disclose
that such a proposal would meet with a sympathetic response. But the
main hope of success lies in first securing a composed state of the public
mind in Europe.
Provision is made in the insurance feature under which the veteran, after
a period of two years from the date of the issue of his certificate, could
obtain loans from banks up to 90% of the current cash value of the certificate.
The more important amendments written into the House bill by the
Senate were:
That cash payments be made available immediately, instead of nine
months from the date of the enactment of the measure.
That the insurance certificates would issue after July 1 1925, instead
of after Jan. 1 1925.
•
That veterans should be relieved of paying compound interest to the
Treasury upon redemption of certificates which had been allowed to lapse
as security for bank loans.
Placing entire control of the administration of the Act under the Director
of the Veterans' Bureau instead of under the Secretary of War and Secretary
of the Navy.
Eliminating employees of the Public Health Service from the benefits
of the bill.
Making the legislation applicable to female yeomen of the Navy, female
marines, the Philippine scouts and the Porto Rico regiment of infantry.
Senator Walsh, Democrat, Massachusetts, author of the amendment to
defer for six months the time of issuing the certificates, explained privately
that the purpose was to hold up the certificates until the newly elected
Congress might have opportunity to amend the measure to include the cash
option.
The gathering and publication of news has a deeper significance than
is sometimes realized. No large enterprise can exist for itself alone. It
ministers to some great need, it performs some great service, not for itself
but for others, or, failing therein it ceases to be profitable and ceases to
exist. This is the case with the Associated Press. It is one of the eyes of
mankind which never slumbers. Without ceasing, it assembles each day
the events of each part of the world, and transmits them to every other
part. The fundamental reason for this lies in the fact that it is felt to be of
vital importance to each man and each community to know what other men
and other communities are doing. The news is printed and read, not for the
mere purpose of entertainment, amusement and recreation, but almost
entirely for the practical purpose of information, in order that by means of
accurate knowledge of what others are doing a course may be laid out of
accurate and successful action.
Faith in the American people means a faith in their ability to form sound
judgments, when once the facts have been presented to them clearly and
without prejudice. It is this educational work, national in its scope.
that the Associated Press performs, and upon its integrity and fairness
depends in large measure the course of public opinion 13the United States.
This work is done without any tinge of personal or political opinion. A
very practical need exists, and it is met by a very practical service. It is
individual in its nature. It is a personal service for each one of us, making its appeal entirely to the intelligence of the individual and recognizing
fully the American ideal of intellectual independence.
This conception is not exactly at variance with, but certainly supplementary to, the long cherished American ideal of the independence of the
individual and the independence of the nation. Granted that the largest
possible independence is a desirable goal, the consideration at once arises as ,
to how such independence can best be secured. The work of the Associated
Press, both necessary and logical, indicates that the true method would
appear to lie in recognizing the broad principle of our individual and national dependence, calculating the requirements which flow from that condition,and governing ourselves accordingly. Complete independence means
complete co-ordination and co-operation. From this principle arises the
oft-repeated law of service—we can help ourselves only as we help others.
A knowledge and an understanding of others become absolutely necessary.
In order to make our ideals practical. One of the pre-eminent requirements
of our country at the preset time is to re-establish and emphasize in the
public mind this law of service. The danger to America is not in the direction of the failure to maintain its economic position, but in the direction
of the failure to maintain its ideals.
The principle of service is not to be confounded with a weak and impractical sentimentalism. It does not mean that either the individual or
the nation is to assume the burdens which ought to be borne by others.
It is warranted in considering self to the extent of recognizing that it is
Justifiable to accumulate and hold the resources.which must necessarily be
used to serve ourselves, our own household, and our own nation. But
It does not stop there. It recognizes also the necessity of serving others,
and when the need arises for meeting a moral requirement, of making
individual and national sacrifices sufficient to maintain the cause of righteousness.
Senate Investigations.
Some of the recent developments in Washington have revealed the dangers to which I refer in a very dramatic way. Beginning nearly ton years ago
our country entered a period when conditions were altogether artificial and
abnormal, culminating in the strained and lurid events of our participation
in the war. The old standards of action were either suspended or entirely
cast aside. Altogether too many of those in a position to do so began to
take advantage of the necessities of the situation for their own profit.
Finally nearly all of those in responsible positions throughout the entire
civilized world had but one main object in view, which was the winning of
the war. They began to make almost every consideration and motive
subsidiary to that great effort. Totally inconceivable amounts of money
were raised and expended with a lavishness which a few months before
would have been believed impossible, and which now seems like some wild
nightmare. Notwithstanding the great wave of patriotic fervor which
swept over the land; notwithstanding the tremendous sacrifices which the
people in every walk of life made, and stood ready to make; almost unconsciously these conditions developed, which I mention not for any purpose
now to criticize, where the least scrupulous became the greatest gainers and
a considerable part of our population was thrown into a morbid financial
state of mind, which even the.best intentioned did not wholly escape. The
desire for profits and more profits kept on increasing, anl th3
The briefest sort of a reference was made by the President to the subject of the League of Nations. "Our country," he said, "refused to adhere to the covenant of the
League of Nations with a decisive rejection which I regard
as final." "As a result of American initiative," he pointed
out, "there is al eady in existence. The Hague Tribunal,
which is equipped to function wherever arbitration seems
desirable, and based in part on that, and in part on the
League, there is the International Court of Justice, which
is already functioning. A proposal was sent to the last Senate by President Harding for our adherence to the covenant
establishing this court, which I submitted to the favorable
consideration of the present Senate in my annual message.
Other. plans for a world court have been broached, but up
to the present time this has seemed to me the most practical
one."
The address was not without its reference to the developThe New York "Journal of Commerce" in its Washington ments which have transpired in Washington incident to the
Naval Reserve Teapot Dome investigation, and he said "the
dispatch April 23 said:
Provisions of Bill.
gravity of guilt of this kind is fully realized and publicly
There is no difference between the Senate and House on the main features reprehended. There is an exceedingly healthy disposition
of the bill. Each has approved the major provisions which are:
altogether, and administer punishment wherever
Cash payments to veterans whose adjusted compensations would not to uproot it
competent evidence of guilt can be produced. That I am
exceed $50.
Twenty-year endowment insurance policies based on adjusted service doing and purpose to continue." The address in full folpay at the rate of $1 a day for domestic service and $1 25 a day for overseas
lows:
service.
The Senate conferees on the bill are Senators McLean
(Connecticut), Curtis (Kansas), Watson (Indiana), Simmons
(North Carolina) and Walsh (Massachusetts); the House
conferees are Representatives Green (Iowa), Hawley (Oregon), Treadway (Massachusetts), Carner (Texas) and Collier
(Mississippi).
Address of President Coolidge at Associated Press
Luncheon—Dawes Report Commended—New
Disarmament Conference Proposed.
Commenting upon the Dawes report at the annual luncheon of the Associated Press, held at the Waldorf-Astoria
Hotel, this city, on Tuesday of this week (April 22), President Coolidge declared that "nothing of more importance to
Europe has occurred since the armistice." "It is gratifying," said the President, "to understand that the Allies are
looking upon it with full sympathy, and Germany has expressed a willingness to co-operate in the execution of the
plan. There appears to be very reason to hope that the
report offers a basis for a practical solution of the reparations problem." Referring to the fact that "part of the plan
contemplates that a considerable loan should at once be
made to Germany for immediate pressing needs, including
the financing of a bank," President Coolidge added, "I trust
that private American capital will be willing to participate
in advancing this loan. . . . It would benefit our trade
and commerce, and we especially hope that it will provide a
larger market for our agricultural production." Besides
what he had to say regarding the experts' report, the President's statement that a further conference on limitation of
armaments was planned was of equal interest. As to this
he said:
The Washington Conference did a great deal to restore harmony and good
will among the nations. Another purpose of a conference is the further
limitation of competitive armaments. Much remains to be accomplished
in that direction. It would appear to be impractical to attempt action
APR. 261924.]
THE CHRONICLE
1991
easy money became well-nigh universal. All of this meant an attempt to mate. At the end of a long period of steady accomplishments of this
appropriate the belongings of others without rendering a corresponding nature came the war with Spain, which left our country a world power with
world responsibilities. It is not too much to say that in meeting and bringservice.
This condition began to subside nearly four years ago, but it left along ing that conflict to a successful conclusion our country performed a world
its course a trail of vicious and criminal selfishness which in diminishing service.
This was followed by a period of most remarkable industrial developdegree has ever since been attempting to gratify an appetite grown all
the sharper through indulgence and a general credulity to rumors of large ment. There were great consolidations of properties, enormous investments
sums of money demanded and paid on account of every conceivable motive of capital, and a stupendous increase of production, all accompanied by a
growth of population reaching many millions. This was our condition at
and action.
From all of this sordidness the affairs of government, of course, suffered. the outbreak of the World War. For a long time we sought to avoid this
In some of it a few public officers were guilty participants. But the wonder conflict, on the assumption that it did not concern us. On that subject we
is not that this was so much or so many,rather that it has been so little and were lacking in accurate information. We found at last that while it was
few. The encouraging thing at present is the evidence of a well-nigh com- also the grave concern of others, it did concern us intimately and perilplete return to normal methods of action, and a sane public opin:on. The ously. We took our part in the war at length, in the defense of free instigravity of guilt of this kind is fully realized and publicly reprehended. tutions. We believe, while acknowledging that we were only one of the
There :s an exceedingly healthy disposition to uproot It altogether, and contributing elements, that our participation was a decisive factor. The
administer punishment wherever competent evidence of guilt can be pro- result was a demonstration of the strength of self-governing peoples and
a victory for free institutions. Our action at this time was distinctly a
duced. That I am doing and propose to continue.
world service. America made its sacrifice for what it believed was the
Extravagance Evidenced in Pending Bills.
cause of righteousness.
Another phase of lingering extravagance, from which the country has
The sacrifices made on these occasions, which resulted in a benefit to
not yet fully recovered, is revealed by a consideration of the bills which others, resulted likewise in a benefit to ourselves. Even the evil effects
era pending before the Congrer s, calling for an expenditure ofpublic money. which always arise from war and its aftermath have only tempered, not
Exceedingly great efforts have been put forth to reduce the cost of Gov- obliterated, these results. A flow of material resources set in toward our
ernment. Hundreds of thousands of public employes have been released, country, which is still going on. The general standards of living were
and every department has been thoroughly deflated and placed under raised. In the resulting plenty many of the old hardships of existence were
most competent financial supervision. The country as a whole is demanding removed. Our country came into a position where it had a greatly inwith groat vigor every possible reliet from the burden of every unnecessary creased opportunity for world leadership. In moral power it took a higher
public expenditure. Yet rotwithstand:ng this, minority groups of one kind rank.
or another, and organizations, sometimes almost nation-wide in their
Decisive Rejection of League of Nations.
ramifications, are making the most determined assaults upon the public
There can be little doubt that our presence at the treaty table softened
Treasury. I am advised by the Director of the Bureau of the Budget that
the terms and diminished the exactions of the victorious nations, where
careful computation discloses that there are bills pending that are seriously
joint covenants of defensive alliance were in part substituted for the usual
pressed for passage, not including the bonus, which would increase the
expenditures of the Federal Government for next year by about $3,600,000.- territorial transfers. Our country refused to adhere to the covenant of the
League of Nations with a decisive rejection which I regard as final. Fol000.
This would mean that outside of the Post Office Department, which is lowing this came a continuing effort to collect reparations, which the ecopractically self-sustaining, the present rate of expenditure would be more nomic chaos of Germany after a time caused to be suspended. This resulted
than doubled. Each one of those items taken by itself is not large, and in the French seizure of the Ruhr, with allied conferences, plans and disIts supporters argue that certainly the Government can afford to make cussions for renewing payment of reparations under some settled method
this small additional payment. But taken in the aggregate they make the of permanent adjustment. Although indirectly interested by reason of our
stupendous sum I have mentioned, and their assumption by the Govern- commerce, and more especially because of the debts due to us, in having
ment would mean nothing less than financial disaster to the nation. The a European settlement, our Government felt that the fundamental queslaw ot service must be applied to this situation. Our country is very rich, tions involved in all these discussions were the direct political concern of
but were its possessions Increased many told, it would not be warranted Europe. Our policy relative to the debts due to us from European counIn paying out money except for value received. Value received on the part tries was well known, and we refused to submit them to these discussions.
of the Government is estimated by a general consideration of all the attend- This never meant that America was not willing to lend its assistance to
ing conditions. At present our country does not need a greater eutlay of the solution of the European problem in any way that did not involve us in
their purely political controversies, whenever opportunity presented a plan
expense, but a greater application of constructive economy.
The same state of mind is revealed again in the determined resistance that promised to be just and effective. But we realized that all effort was
which is made to the adoption of a sound method o. taxation. The main useless until all parties came to a state of mind where they saw the need
argument of the opposition can all be reduced to the supposition that the to make concessions and accept friendly counsel.
In December of the year 1922 our Secretary of State Mr. Hughes, set
general public can be relieved by taxation and a greater proportion of taxes
laid on the rich. I shall not examine the soundness of this proposal, the out the American proposal in an address which he delivered at New Haven.
economic injury which it would inflict, or its impossibility as a working That proposal has now become historic. He recognized that settlement
principle. I mention it as another example of an attempt to minister to of the reparations question was probably impossible if approached after
a supposed desire to evade the law of service. It seems as though the the method of a political problem. It was not so much a question to be
public is assumed to desire to have the advantages of a government with- dealt with by public officers or diplomatic agencies, which must necessarily
out paying its part of the cost of maintaining it. Besides being convinced reflect to a very marked degree the political state of mind of the various
that such a result is utterly impossible of accomplishment, I am even countries, but was represented as one which could be solved by the applimore firmly of the belief that it misrepresents the general attitude of the cation of pure business talent and experienced private enterprise. To such
an effort of business men, unhampered by every unnecessary political
public mind.
Moreover, the success of the Government does not lie in wringing all the consideration, Mr. Hughes expressed the.belief that competent American
revenue it can from the people, but in making their burden as light and citizens in private life would be ready to lend their assistance. This position
fairly distributed as possible, consistent with the proper maintenance of was consistently maintained. Its correctness was finally demonstrated
the necessary public functions. The Government itself, in order to be suc- when Mr. Dawes, Mr. Young and Mr. Robinson were invited by the
cessful, and all those connected with it, must put all of their energy upon Reparation Commission for that purpose, and consented to serve.
what they can do for the people, not upon what they can get out of them.
Dawes Report.
These are some of the reasons which reveal to us why,in our domestic afThe finding of the experts, which is known as the Dawes Report, has
fairs, we must be possessed of accurate information of the doings and
recently
been
made
and
published.
It shows a great deal of research and
needs of others. in order that we may best serve oursleves by serving them
through appropriate action. We are all a part of one common country. investigation, and a broad comprehension of the requirements of the situaTo be in a healthy and successful condition economically, means a free tion. It has been favorably received by the Reparation Commission. It is
interplay of competition in service, based upon that mutual faith in each gratifying to understand that the Allies are looking upon it with full symother which we term public confidence. Notwithstanding the disturbing pathy, and Germany has expressed a willingness to cooperate in the execucharacter of recent revelations, notwithstanding the enormous pressure for tion of the plan. There appears to be every reason to hope that the report
the passage of legislation which would greatly increase the cost of maintain- offers a basis for practical solution of the reparations problem. I trust
ing the Government of the United States, notwithstanding the failure of a that it may commend itself to all the European governments interested
majority of the Congress up to the present time accurate to comprehend as a method by which, through mutual concessions, they can arrive at a
and expeditiously to minister to the need of taxation reform, I believe that stable adjustment of the intricate and vexatious problem of reparations.
the requirements of economy and reduced taxes will be met in a way not and that such an outcome will provide for the restoration of Germany and
the largest possible payments to the other countries.
Inconsistent with the great resources of our country.
If this result is secured, the credit which will be done to the Secretary of
While I have thought It desirable to point out dangerous tendencies, I
know that with few exceptions the management of our Government has State, Mr. Hughes. to President Harding for adopting it and supporting
it,
and to the three Americans and their assistants, by whose wisdom and
been and is in honest and competent hands, that its finances are sound
and well managed, and that the business interests of the nation, including discretion it was formulated and rendered so acceptable, will be sufficient
the owners, managers and employes, are representative of honorable and to warrant the lasting approbation of two continents. A-situation at once
patriotic motives, and that the present economic condition warrants a both Intricate and difficult has been met in a most masterful way. Our
continuation of confidence and prosperity. Fundamentally, America is countrymen are justified in looking at the result with great pride. Nothing
sound. It has both the power and disposition to maintain itself in a healthy of more importance to Europe has occurred since the Armistice.
economic and moral condition. But is can not do this by turning all its
Loan to Germany.
thoughts in on itself, or by making its material prosperity its supreme
Part of the plan contemplates that a considerable loan should at once be
choice. Selfishness Is only another name for suicide. A nation that is made to Germany for immediate pressing needs, including the financing
morally dead will soon be financially dead. The progress of the world of a bank. I trust that private American capital will be willing to parrests on courage, honor and faith. If America wishes to maintain its ticipate in advancing this loan. Sound business reasons exist why we should
prosperity, it must maintain its ideals.
participate un the financing of works of peace in Europe. though we have
When we turn to our foreign relations, we see the working out of the repeatedly asserted that we were not in afvor of advancing funds for any
same laws. If there is one ideal of national existence to which America military purpose. It would benefit our trade and commerce, and we espehas adhered more consistently than to any other, it has been that of peace. cially hope that it will provide a larger market for our agricultural producWhatever other faults may be charged to our country, it has never been tion. It is notorious that foreign gold has been flowing into our country in
quarrelsome, belligerent, or bent on military aggrandisement. After all, great abundance. It is altogether probable that some of it can be used
the main support of peace is understanding. It is a matter of accurate more to our financial advantage in Europe than it can be in the United
Information by one government and one people about other governments States. Besides this, there is the humanitarian requirement, which carries
and other peoples. There is likewise involved the same law of service.
such a strong appeal, and the knowledge that out of our abundance it is
If our country is to stand for anything in the world, if it is to represent our duty to help where help will be used for meeting just requirements
any forward movement in human progress, these achievements will be and the promotion of a peaceful purpose. We have determined to mainmeasured in no small degree by what it is able to do for others. Up to a tain, and can maintain, our own political independence, but our economic
little more than twenty-five years ago, America gave almost its entire at- Independence will be strengthened and increased when the economic stability
tention to self-development. In that it achieved an unequaled success. The of Europe is restored.
service which it rendered to others was to a considerable degree one of
We hope further that such a condition will be the beginning of a secure
example. It revealed the ability of the people to take charge of their own and enduring peace. Certainly it would remove many of t
ent
affairs. It demonstrated the soundness and strength of self-government sources of disagreement and misunderstanding among the European naunder free institutions, while affording a refuge for the oppressed of other tions. When this adjustment is finally made,and has had sufficient time of
lands. The great influence which the mere existence of American insti- operation to become a settled European policy, it would lay the foundation
tutions exercised upon the rest of the world would be difficult to overestL- for a further effort at disarmament in accordance with the theory_of the
1992
THE CHRONICLE
[VOL. 118.
President Coolidge's announcement of his readiness to call another world
conference to consider disarmament and modify international law meets
with the support of those London newspapers which comment on it. The
"Daily News" declares that the announcement is of "the highest importance." It notes Mr. Coolidge's offer is constituted on a definite settlement
of German reparations based on the Dawes Committee's report and proceeds:
"That report has already produced a remarkable result. It has made
Adherence to Covenant of International Court of Justice.
people really believe once again in the possibility of bringing peace to
In the event that such a condition develops, it becomes pertinent to Europe. It has stimulated the drooping
faith of millions who were beginexamine what can be done by our own country, in cooperation with others, ning to fear that the reign of force
would never end.
further to rid ourselves and the rest of the world of the menace and burden
"Throughout the civilized world only one discordant voice has been raised
of competitive armaments and more effectively insure the settlement of in the chorus of approval. It is the
voice of France, or rather it is the voice
differences between nations, not by a recourse to arms, but by a recourse of Poincare, Premier of France, speaking
directly and through his faithful
to reason: not by action leading to war, but by action leading to justice. press. We are aware that too great
significance ought not to be attached
Our past experience should warn us not to be overconfident in the face of to the utterances of a statesman seeking to
justify his record and his policy
so many failures, but it also justifies the hope that something may be on the eve of a general election. It
is impossible to say at present exactly
done where already there has been some success, and at least we can demon- what Poincare means or how much he means,
but it may safely be said that
strate that we have done all that we can.
ii a serious attempt is made by the French Government, whoever may be at
As a result of American initiative there is already in existence the Hague its head, to torpedo this new poses effort
with all the hopeful consequences
Tribunal which is equipped to function wherever arbitration seems desir- that are implied, the isolation of France
will be final and complete."
able, and based in part on that, and in part on the League, there is the
The "Chronicle" speaks of the "weighty voice" of Coolidge sounding across
International Court of Justice, which is already functioning. A proposal the Atlantic, and it suggests that one of
the subjects to be discussed at the
was sent to the last Senate by President Harding for our adherence to the proposed world conference should be th
regulation of future air warfare by
covenant establishing this court, which I submitted to the favorable con- some agreement designed to protect
civilian population. "Such an agreesideration of the present Senate in my annual message. Other plans for a ment," it says, "has been talked of
already as between France and England,
World Court have been broached, but up to the present time this has seemed but it will have to have a much wider
radius if in another war, civilization
to me the most practical one. But these proposals for abitration and courts itself is not to end."
are not put forward by those who are well informed with the idea that they
could be relied upon as an adequate means for entirely preventing war.
H. Kahn Views Dawes' Report as Encouraging
They are rather a method of securing adjustment of claims and differences, Otto
and Reassuring—Politics Disturbing Element in
and for the enforcement of treaties, when the usual channels of diplomatic
negotiation fail to resolve the difficulty.
United States Business Situation.
Proposals have also been made for the codification of international law.
In an address before the Empire Club of Canada, at
Undoubtedly something might be accomplished in this direction, although
a very large body of such law consists in undertaking to establish rules of Toronto on April 17, Otto H. Kahn, of Kuhn, Loeb & Co.,
warfare and determining the rights of neutrals. One of the difficulties
to be encountered would be the necessity of securing the consent of all the stated that "the most encouraging and reasuring thing
nations, but no doubt the agreement of the major powers would go very which has occurred in respect of the European situation
far in producing that result.
since the Armistice is the presentation of the report of the
New Conference on Limitation of Armaments Planned.
Dawes Committee and its endorsement by the Reparation
I do not claim to be able to announce any formula that will guarantee the
peace of the world. There are certain definite things, however. that I Commission." He added:
It is characteristic and significant that what governments and politicians
believe can be done, which certainly ought to be tried, that might relieve
the people of the earth of much of the burden of military armaments and were unable to achieve in well nigh five years, has been accomplished in
diminish the probability of military operations. I believe that among these barely two months under the leadership of business men.
It is an admirable document, business-like and statesmanlike, thoroughly
are frequent international conferences suited to particular needs. The
Washington Conference did a great deal to restore harmony and good will practicable and workable, I feel sure, if its provisions are. dministered in
among the nations. Another purpose of a conference is the further limita- the spirit which underlies it and if it is accepted in full good faith and lived
tion of competitive armaments. Much remains to be accomplished in that up to by Germany. It covers with exemplary foresight and comprehendirection. It would appear to be impractical to attempt action under pres- siveness any contingency which is likely to arise in the course of its operaent conditions, but with a certain and definite settlement of German repa- tion—subject only to those questions of a political nature as were not
rations firmly established, I should favor the calling of a similar conference within the terms of the reference under which the committee acted.
It is greatly to be hoped that in the determination of these questions the
to achieve such limitations of armaments and initiate plans for a codification
of international law, should preliminary inquiries disclose that such a pro- same fairness, wisdom and recognition of the realities will prevail, as charposal would meet with a sympathetic response. But the main hope of acterize the unanimous conclusions of General Dawes and his colleagues.
If so, the expectation is fully warranted that this pernicious legacy of
success lies in first securing a composed state of the public mind in Europe.
It is my firm belief that America is in a position to take the lead in this the faulty work of the treaty-makers of 1919—a legacy which has been the
direction. It is undoubtedly too mucn to suppose that we hold very much most fateful hindrance to real peace and, directly or Indirectly, the =Se
of the affectionate regard of other nations. At the mane time we do hold of vast losses and much suffering, of Ill-feeling, rancor and disputes betheir respect. Our position is such that we are trusted and our business tween those who had been comrades in arms and of grave detriment to the
trade and commerce of the world—will, at last, have been definitely liquiinstitutions and Government considered to be worthy of confidence. If
there is disappointment in some directions that we do not enter alliances dated and will finally cease to plague governments and peoples.
On the subject of the general business situation in the
with them, it is more than overbalanced by the konwledge that there is no
danger that we shall enter alliances against them. It must be known to United States Mr. Kahn observed that it "continues to bear
every people that we are seeking no acquisition of territroy, and maintaining no military establishment with unfriendly and hostile intent. Like our the indications of prosperity, with the exception of agriculpolitical institutions all ofthis Is a powerful example throughout the world. ture, especially wheat growing, and, with the further excepVery many of the nations have been the recipients of our favor, and have tion, to a varying degree, of a few other specific lines of
had the advantage of our help in some time of extremity. We have no
traditional enemies. We have come to a position of great power and great industry. On the whole," he said "I can see no intrinsic
responsibility.
reason why (though there may be a temporary halting conOur first duty is to ourselves. American standards mast be maintained; nected with a process of adjustment) the era
of prosperity
American institutions must be preserved. The freedom of the people
politically, economically, intellectually, morally and spiritually, must which started in 1922 should approach its end, if we deal
continue to be advanced. This Is not a matter of a day or a year. It may with our affairs with reaosnable care, foresight and wisdom.
be of generaJons: it may an era. It is for us here and now to keep in the
There is, however, one element distinctly discernible which
right direction, to remain constant to the right ideals. We need a faith that
is broad enough to let the people make their own mistakes. Let them come bears within it the seeds of disturbance to prosperity. It is
unto knowledge and understanding by their own experience. Little prog- not the creation of natural or economic forces, but one fashress can be made by merely attempting to repress what is evil; our great
men. Its name is politics." Stating that "the
hope lies in developing what is good. One newspaper is better than many ioned by
criminal laws. One schoolmaster is better than a legion of bailiffs. One very first essential for business is confidence," he said:
clergyman is better than an army with banners. These are our guarantees
I am not one of those who habitually berate politicians and speak sneerof internal peace and progress.
ingly of their doings. In judging results due allowance must be made for
On what nations are at home depends what they will be abroad. If various elements of fact—such as the underlying and to a certain extent
the spirit of freeijom rules in their domestic affairs, it will rule in their Inevitable shortcomings of the political system and processes, the cumberforeign affairs. The world knows that we do not seek to rule by force of someness of the machinery of government, and the contrasting and frearms, our strength is in our moral power. We increase the desire for peace quently conflicting claims and interests which those in charge of legislation
everywhere by being peaceful. We maintain a military force for our de- and administration are called upon to reconcile and get into working order.
But,just at present it happens that coincident with a fortuitous combinafense, but our offensive lies in the justice of our cuase. We are against
war because it is destructive. We are for peace because it is construc- tion of conditions which has given the balance of power in both Houses of
tive. We seek concord with all nations through mutual understanding. the American Congress to a small number of legislators of pronouncedly
We believe in treaties and covenants and international law as a permanent radical tendencies, some acute questions have arisen which lend themrecord for a reliable determination of action. All these are evidences of a selves peculiarly to the exemplification of those shortcomings and troubloua
right intention. But something more than these is required, to maintain potentialities which are inherent to a greater or lesser degree in any system
the peace of the world. In its final determination, it must come from the of popular government, and perhaps particularly so in ours, as it has deheart of the people. Unless it abide there, we cannot build for it any arti- veloped within the past two decades. The way in which these questions are
ficial lodging place. If the will of the world be evil, there is no artifice by handled and resolved will go far to make or mar confidence, and with it
which we can protect the nations from evil results. Governments can do prosperity.
much for the betterment of the world. They are the instruments through
Discussing England's position Mr. Kahn said in part:
which humanity acts in international relations. Because they cannot do
Among the many and trying problems which confront England (I am
everything, they must not neglect to do what they can. But the final using the world
England for the sake of brevity instead of the term Great
establishment of peace, the complete maintenance of good will toward men, Britain), the
most serious and immediate one is the fact—(and the causes)
will be found only in the righteousness of the people of the earth. Wars _ise the stubborn continuance of unemployment on a vast scale.
will cease when they will that they shall cease. Peace will reign when they
•
•
•
•
•
•
*
•
•
*
*
will that it shall reign.
Furthermore, being the only country among the allied nations that is
paying her debts abroad and adhering, as she does, to the sound doctrine
London Approves Disarmament Plan of President of meeting her budgetary requirements by taxation, her people, her commerce and her industry are supporting a burden of taxes heavier than exists
Coolidge—Of "Highest Importance," Says
anywhere else in Europe.
"Daily News."
I have no fear that the present Government of England will jeopardize
the position of greatness which the nation has so long maintained. To the
from
cablegram
London
April
22
the
New
special
a
In
doctrines of Socialism, professed by the party,from which this Government
is mainly recruited, I am unalterably opposed not because they are novel,
York "Times" said:
Washington Conference. Although that gathering was able to limit capital
battleships. it had to leave the question of submarines, air craft and land
farces unsolved. The main reason for this was the unsettled and almost
threatening condition that still existed in Europe. A final adjustment for
the liquidation of reparations ought to be the beginning of a new era of
peace and good-will.
APR. 26 19241
THE CHRONICLE
and subversive of the existing social conceptions, but because I believe them
to be fallacious in theory, and in practice a denial of some of the most fruitful impulses and some of the most vaulable attainments of humankind.
But I know personally and esteem greatly a number of the leading men in
the Labor Government. I consider them to be not only men of genuine
ability but men loyally attached to their country conscious of their responsibility according to their lights, and amenable to the lessons of practical experience in the affairs of government.
*
*
*
•
•
•
•
*
*
*
S
I have no doubt whatever that England, in due course. will succeed
in solving her problems and emerging once more into the sunlight of full
prosperity and potency. That she should so succeed, speedily and completely. I hold to be greatly for the best interest, moral and material, of
all the world.
In his closing words on Canada he said:
The potentialities of Canada are immense. The realization rests with
her people. Its attainment cannot fail you if you bend to the task with
a long pull and a strong pull, as is the Canadian way, and,above all, with a
pull all together.
1993
The reply of Secretary Hughes, to the above, follows:
DEPARTMENT OF STATE.
Washington, April 18 1924.
My dear Mr. Ambassador —I am gratified to receive your letter of the
17th instant with your frank and friendly explanation of the intent of
your present note in relation to the pending immigration bill. It gives
me pleasure to be able to assure you that reading the words "grave consequences" in the light of their context, and knowing the spirit of friendship
and understanding you have always manifested in our long association. I
had no doubt that these words were to be taken in the sense you have stated.
and I was quite sure that it was far from your thought to express or imply
any threat. I am happy to add that I have deeply appreciated your constant
desire to promote the most cordial relations between the peoples or the two
countries.
With high esteem. I am, my dear Mr. Hanihara, very sincerely yours,
CHARLES E. HUGHES.
An Associated Press cablegram to the daily papers from
Tokio April 19, which stated that "assurance was given today on the highest authority that the recall of Hanihara has
not even been "seriously considered" by the Japanese
Ambassador Hanihara Denies Charges of "Veiled Government, added:
Threat" in Protest Against Japanese Restrictions
Tho true history of the phrase "grave consequences" in Hanihara's letter
to Secretary Hughes is as follows, according to a high official:
in Immigration Bill—Other Protests in Japan.
Hanihara's instructions regarding the matter only approved publication
The charges in the Senate that a "veiled threat" had been of a digest of the "gentlemen's agreement," and did not mention a covering
implied in a letter of April 10 addressed by the Japanese letter, which, however, Hanihara had full authority to frame without
to Tokio.
Ambassador, Masanao Hanihara, to Secretary of State reference
The Tokio authorities did not see the letter until 48 hours after press
Hughes,in which he had asserted that "grave consequences" messages indicated that a serious situation had been created in Washington.
The official text of the letter was not received at the Foreign Office until
would follow with the enactment of the provision in the
afternoon of April 14, prior to which the Foreign Minister did not know
immigration bill designed to exclude the Japanese, has re- the
what Hanihara had said and refused to make a statement until he knew
sulted in a further communication from the Ambassador, in what the much discussed missive contained.
After the text was received, Baron Matsui issued a statement obviously
which he disclaims using the phrase in the sense attributed to
designed
counteract the impression the phrase had created. Hanihara's
him—"In using these words" says the Ambassador, "which letter wastonot
published in Tokio until April 17.
Ambassador Woods and Foreign Minister Matsui conferred for an hour
I did quite ingenuously, I had no thought of being in any
to-day.
While
way disagreeable or discourteous, and still less of conveying is reason to the results of their conversation were not divulged, there
believe Baron Matsui sought counsel concerning methods of
"veiled threat." On the contrary it was in a spirit of the approaching the situation
growing out of American legislation to exclude
most sincere respect, confidence and candor that I used these Japanese and of making it clear to Congress that Japan did not intend anything
in
the
nature
of a threat of interference in American domestic affairs.
words." In his reply Secretary Hughes states that "I had
Declaring that "it is impossible to imagine any governno doubt that these words were to be taken in the sense you
have stated, and I was quite sure that it was far from your ment or its representative addressing a threat to the American
thought to express or imply any threat." The Ambassador's Government, Viscount Ishii, Japanese Ambassador to
letter of the 10th inst. and the reply thereto made by Sec- France, was reported by the Havas Agency, at Paris, April
as adding:
retary Hughes the same date, appeared in our issue of Sat- 18That
is why no argument based on an interpretation of the Hanihara note
urday last, page 1854. The second letter of the Ambassador, as containing a threat toward the American Government
can be just or
dated April 17, was made public by Secretary Hughes on the reasonable.
only
know
I
of what is called the Hanihara note by what the newspapers
19th along with his reply. The following is the Ambassador's have
published. I can only hope sincerely that the document, prepared by
letter:
one of the wannest admirers of the American nation and in a spirit of
JAPANESE EMBASSY.
Washington, D. C.
cordial cooperation with the Government of the United States, will receive
an impartial interpretation.
In announcing the approval by the Japanese Cabinet of
April 17 1924.
My dear Secretary —In reading "The Congressional Record" of April Ambassador
Hanihara's letter of the 17th to Secretary
14 1924, I find that the letter I addressed to you on April 10, a copy of
which you sent to the Chairman of the Senate Committee on Immigration, Hughes, Associated Press advices, from Tokio April 22,
was made a subject of discussion in the Senate.
In "The Record" it is said:
reported that some of the Senators expressed the opinion, which was apThe Cabinet, which met to-day to discuss the action of the American
parently accepted by many other members of that body, that my letter Congress in passing the Japanese exclusion bill, received a long report from
contained "a veiled threat." As it appears from "The Record" that it is the Foreign Minister Matsui. It approved of Matsui's manner of handling the
phrase, "grave consequences," which I used in the concluding part of my problem and Ambassador Hanihara's second letter to Secretary Hughes.
letter that some of the Senators construed as a "veiled threat," I may be
Resolutions protesting against the proposed exclusion of Japanese from
permitted to quote here full text of the sentence which contained the words the United States and appealing to the American people not to permit enatcIn question:
ment of the immigration measure into law were passed at mass meetings at
"Replying upon the confidence you have been good enough to show me at Osaka and Nagoya to-day.
all times, I have stated, or rather repeated, all this to you very
The Yozniuri Shimbun,considered one of the mildest of Tokio newspapers,
candidly
and in a most friendly spirit, for I re Aim as I believe you do, the grave to-day professed to see a
reaction from the immigration controversy in the
conseauences which the enactment of the measure retaining that
particular progress of Russo-Japanese negotiations
at Peking, where Japanese Minisprovision would inevitably bring upon the otherwise happy and mutually adter Yoshizawa and L. M. Karakhan, Soviet representative in the Far East.
vantageous relations between our two countries."
are conferring.
Frankly. I must say I am unable to understand how the two words, read
"Since the demonstration of unfriendliness by the Un:ted States Senate,
in their context, could be construed as meaning anything like a threat. I the
impression has become rooted in every Japanese heart that America Is
simply tried to emphasize the most unfortunate and deplorable effect upon not Japan's
friend." the publication states. Whether due to this impression
our traditional friendship which might result from the adoption
or
particunot,
It is undeniable that Russo-Japanese negotiations at Peking show
of a
lar clause in the proposed measure. It would seriously
impair the good and signs of smooth development.
mutually helpful relationship and disturb the spirit of mutual regard and
The Ilochi editorially declares that the action of Congress in excluding
confidence which characterizes our intercourse of the last three-quarters of Japanese
fosters a union of the colored races. This union,it says,
a century and which was considerably strengthened by the Washington con- may takeinevitably
some time to develop, but it is absolutely necessary. It declares
ference, as well as by the most magnanimous sympathy
shown by Your that for the consequences of this union, the American Senate must take the
people in the recent calamity in my country. Whereas
there is otherwise responsibility.
every promise of hearty co-operation between Japan and the
The Nichi Nichi asserts that the Japanese-American situation illustrates
United States,
which is believed to be essential to the welfare, not only of themselves, but the
necessity of strengthening the League of Nations.
of the rest of the world, it would create, or at least tend to create,
unan
The editor of the Osaka "Mainichi" sent the following
happy atmosphere of Ill feeling and misgiving over the relations between our
message from Osaka April 22 to the daily papers here:
two countries.
As the representative of my country, where supreme duty Is to mainThe Osaka "Malnichi" and the Tokio "Nichi Mehl" consider that the
tain, and if possible to draw still closer the bond of friendship so happily passage of the anti-Japanese immigration bill by the American Congress
existing between our two peoples, I honestly believe such effects as I have will vitally affect the existing friendly relations between America and
described to be "grave consequences." In using these words, which I did Japan. Our papers have already aroused public attention in editorials
quite Ingenuously, I had no thought of being in any way disagreeable or expressing our sincere desire for a friendly solution of the question by appealdiscourteous and still less of conveying a "veiled threat." On the con- ing to the traditional American spirit of justice.
trary, it was in a spirit of the most sincere respect, confidence and candor
We are fully aware of popular American sentiment and of the legal right
that I used these words, which spirit I hope is manifest throughout
of Congress in regard to immigration. It is not our intention to interfere
my
entire letter, for it was in that spirit that I wrote you. I never suspected with an American domestic question. We only request that, in order to
that these words, used as I used them, would ever afford an occasion for solve the ISSUE, fairly and amicably, a measure be adopted that will not ofsuch comment or interpretation as has been given them.
fend the honor and dignity of the Japanese nation. Our appeal to the sense
You know, I am sure, that nothing could be further from my thought of justice of the American nation is prompted solely by this desire.
than to give cause for offense to your people or their goverzunent, and I
Our two papers are most grateful to the representative organs of American
have not the slighest doubt that you have no such misunderstanding as to public opinion which have been fighting for the traditional American spirit.
either the spirit in which I wrote the letter in question to you or the meaning We cordially ask them to keep up the good fight with us for the cause of
I intended for the phrase that I used therein.
justice and peace.
In view, however, of what has transpired in the course of the public disOSAKA "MANICHI."
cussion in the Senate I feel constrained to write you, as a matter of record.
In printing the above the Philadelphia "Ledger" said:
that I did not use the phrase in question in such a sense as has been atThe "Nichi Nichi Shimbun," of Tokio, and the"Malnichi Shimbun," of
tributed to it.
Osaka—each of them might be translated Daily News—have been conI am, my dear Mr. Secretary, yours very truly,
spicuous among Japanese newspapers for nearly fifty years and are to-day,
M. HANIHARA.
under the single ownership of IT. Motoyama, in the front rank of the "hide-
1994
THE CHRONICLE
pendent" journals of the empire. Both may be said to represent the progressive middle class in Japan. The "Nicht Nicht" was the organ of Prince
Ito, the great progressive statesman, father of the Japanese Constitution.
On April 23 resolutions calling on the American people, as
the "friends of humanity," to seek reconsideration of the
action of Congress in adopting the Japanese exclusion clause
of the immigration bill, were passed unanimously at a huge
mass meeting held at Osaka, on April 23, under the auspices
of the newspapers "Mainichi," "Asahi," "Jiji" and "Kansai
Nitto" and the Federation of Trade Associations. The
resolutions, according to press advices from Osaka, state:
The anti-Japanese legislation has passed Congress by an overwhelming
majority, but we believe that the American people as a nation will not approve such legislation, which is opposed to the traditional spirit of justice
and humanity. It can only be thought of as being the result of an overheated anti-Japanese sentiment harbored by a group of politicians.
We, the Japanese people, feel reassured to see the intellectual group cf
Americans, and also the press, standing firmly on the principles of international peace and good faith. We earnestly desire that the fundamental
causes of such unfortunate legislation be cleared away, and that the friendship between the peoples of the two hemispheres be strengthened by preventing the final enactment of this legislation through an appeal to the
sentiment of the American public.
Two million people of Osaka, at a mass meeting, have decided to appeal
to the Americans who are friends of humanity, expecting that our appeal
will provoke a desire to reconsider the question on the part of the American
Congress, which is about to destroy the basis of international peace.
Another resolution, it is stated, called upon the President
of the United States to veto the Japanese exclusion provision.
Associated Press cablegrams, from Tokio yesterday (April
25), said:
Public bodies are continuing to meet daily and pass resolutions of protest,
which are being forivarded to Washington in a volume which is burdening
the cable.
A declaration that war with America over the immigration question is impossible, but assertion that it would
take years for Japan to forget the "insult" imposed by the
United States Senate when it voted to exclude Japanese
from America, were among statements made by Admiral
County Gombei Yamamoto, former Premier of Japan, in
an interview with the correspondent of the Associated
Press at Tokio April 22. We quote as follows from the
Associated Press accounts:
"There is no possibility of war resulting from the action of Congress,"
Yamamoto asserted.
"Our sword leaps from the scabbard only when the motherland is menaced
or obligations to our allies call it forth. But the inunigration issue does
not involve the national safety. With such an affront hurled toward
Japan, our attitude must becalm, dignified and restrained.
"It is best to interpret the Senate's action, not as an expression of the
will of the American people, but as the result of skillful manipulation of
crowd psychology with politicians taking advantage of Hanihara's phraseelegy.
"This is a lesson to Japan regarding the dangers of mob psychology
which, if skillfully and unscrupulously exploited, may blaze volcanically
and get beyond human control."
Yamamoto reviewed the growth in America of the anti-Japanese movement since the Russo-Japan War. It originated, he said,through American
disappointment over Japan's control of Manchuria following that conflict.
Then he returned to effects of the movement in Japan.
"It is most regrettable that the Senate should have voted exclusion
when the same result could have been accomplished without hurting the
pride of the Japanese race," he commented.
"Such action was unnecessarily harsh. But the worst hurt was not
inflicted upon Japan, but on the cause of international peace. It will take
years for the Japanese to forget this insult and rally again to the support
of co-operative peace efforts.
"No amount of Christian preaching or missionary work can convince
us now that Christianity is an effective preventive of wars and racial
struggles.
"Japan has no remedy. The decision of Congress is unjust and the
cause of humanity suffers, but we can do nothing. Any attempt to retallate would only make matters worse. Prudence is our first duty to
our country."
Despite widespread popular indignation over American legislation to
bar Japanese, army and navy authorities of this country in charge of
the reception arranged for the United States Army around-the-world fliers
are determined that Japan shall not fail in extending courtesy to the
aviators.
Recently permission was granted crews of American destroyers anchored
In the Kurile Islands to land for hunting and exercise. It also was agreed
to change the flight landing place from Kashiwabara to Shimsu if necessary. This is improbable, however.
An inquiry was received from the Mayor of Minato as to whether the
school children of the village should be taught to sing "The Star-Spangled
Banner," indicating that Minato is planning a cordial welcome for the
aviators.
The National Christian Council of Japan, representing 40 missionaries'
groups of American and independent Japanese Christian churches, to-day
adopted a message which will be sent to Secretary Hughes, expressing
"reliance on the American spirit of justice and courtesy to effect a solution
of the immigration problem which will preserve Japanese-American friendship."
Italians Call World Parley on Immigration.
The first world conference on immigration and emigration
problems has been called by the Italian Government to
assemble at Rome on May 15, according to a Washington
dispatch to the New York "Commercial," April 18, which
says:
Peculiar significance is attached to the conclave in that both the United
States and Japan are among the Powers invited to send representatives.
This country has already accepted and will have for its spokesmen E. J.
Henning, Assistant Secretary of Labor; W. W. Husband, chief of that de-
[voL. 118.
partment's bureau of immigration; Surgeon-General Cumming of the United
States Public Health Service, and Homer M. Byington, United States
Consul-General at Naples.
Secretary Henning conferred with President Coolidge to-day, regarding
the conference. The State Department, which already has been consulted,
remains silent, but there is a common belief in official circles here that
perhaps the primary incentive for the convening of such a body is the
passage of the Johnson selective immigration bill, closing the doors of this
nation upon thousands of would-be citizens from the south and east of
Europe.
Japan Printers Vote for Boycott.
The following Associated Press advices from Tokio,
April 21, appeared in the New York "Times": •
The Japan Printing Association at a general meeting held here to-day
voted to place a boycott on all goods from the State of California.
Immigration Bill in Conference—Statement by Representative Johnson Regarding Abrogation of
"Gentlemen's Agreement."
The immigration bill, which has been in conference since
its adoption by the Senate a week ago, was said yesterday
(April 25) to be receiving final touches by the conferees. As
was reported in our issue of a week ago (page 1856), the bill
(whose restrictions designed to exclude the Japanese has
been the subject of a protest by the Japanese Ambassador)
had passed the House of Representatives on April 12 by a
vote of 323 to 71. The Senate on Friday night, April 18
(7 p. m.), passed the bill by a vote of 62 to 6. The bill
restricts immigration to 2% on the basis of the 1890 Census
as compared with the present percentage of 3% on the basis
of the 1910 Census.
In its advices from Washington
April 18 the New York "Commercial" said:
Just prior to the final vote, the Senate accepted an amendment making
Japanese exclusion immediately effective upon the final enactment of the
bill into law.
The outstanding difference between the two measures is the provision
dealing with quotas. Although both bills provide for admission on the basis
of the 1890 census, the Senate measure requires all admissions to be included
with the 2% alloted quotas, whereas the House allowed numerous additional
admissions.
In brief, the preferred classes would be chargeable against the national
quotas, under the Senate bill instead of being non-quota immigrants. Preference is given to relatives of American citizens, skilled laborers and agriculturists.
Action to-night came at the close of more than seven hours of continuous
debate upon the bill and various amendments. A last minute effort to bar
all immigration for a period of two years, was lost by a viva voce vote.
The principal debate of the day centered about an amendment by Senator Willis, Republican, of Ohio, seeking to place the countries of North,
South and Central America on the same footing as the rest of the world with
reference to quotas. The original bill excluded those nations from the operation of the quotas.
Willis directed his attack particularly on the influx of Mexicans across the
Southern border. He maintained that many of these immigrants were
"anarchists and criminals."
Preference to Agriculturists.
Senators from the Southwest attacked the Willis proposal and were
joined by others who assailed the amendment as violating the spirit of PanAmericanism.
After much discussion the amendment was lost by a vote of 12 to 60.
Upon the motion of Senator Simmons (Democrat), of North Carolina, as
modified by Senator Pittman (Democrat), of Nevada, the Senate adopted
by 46 to 30, an amendment giving preference within the quotas to agriculturists.
Senator Sterling, of South Dakota,sought the adoption of an amendment
whereby the quota from each nation would have been filled proportionately
from the various racial groups within that nation. During 1921, he poltited
out, practically the entire Polish quota of 25.800 was filled within a few
weeks by non-Poles, principally Jews. The Sterling proposal was defeated.
Students Age Reduced.
Two amendments proposed by Senator King,one dealing with the problem
created by foreign seamen entering American ports, and the other with
Americans threatened with expatriation, also were defeated by large votes.
Just before final passage, the Senate accepted an amendment reducing
from 18 to 15 the minimum age at which persons ineligible to citizenship
might be admitted as students.
The six negative votes were cast by Senators Colt, of Rhode Island, and
Weller, of Maryland, Republicans, and Senators Gerry, of Rhode Island;
Bayard, of Delaware; King, of Utah, and Walsh, of Massachusetts, Democrats.
According to the advices from Washington to the New
York "Journal of Commerce" April 18 the Senate bill was
described by its author, Senator Reed, Republican, Pennsylvania, as "even more restrictive than that passed by the
House." A maximum admittance of 150,000 a year is fixed
by the Senate bill, against an estimated "quota total" of
162,000 in the Johnson bills, exclusive of exemptions.
Senator Reed estimated the House bill actually would provide
for the legal admission of "twice the total," or 324,000.
The following is taken from the same paper:
Five points et' variance with the House bill, which will be ironed out in
conference, were pointed out to the Senate by Senator Reed. They are:
The system of vise certificates provided by the Senate instead of the
"stamped Passport" system approved by the House. The "mechanics and
objects" are the same, Senator Reed explained.
The failure of the Senate to authorize any exceptions from quota limita,
ti°T
nhe deletion by the Senate of sections providing for supervision of alien
seamen arriving at American ports.
The provision of the Senate for future operation of a national-origin system of selection based upon the entire population of the United States. if
APR. 26 1924.]
THE CHRONICLE
Congress approves a survey and report on the subject made by the Secretaries of Interior, Commerce and Labor.
The Simmons amendment, adopted by the Senate late to-day, which
authorizes immigration authorities to give preference to farm labor when
any State certifies a shortage exists in that necessity.
Senator Simmons, Democrat, North Carolina, who proposed the latter
amendment, urged its adoption as a method of assisting farmers to recover
from their present unfavorable economic situation. Their difficulties, he
said, were measurably due to tile high cost of manual labor they employed.
The bill, said the New York "Herald-Tribune," contains
these features:
Restricts immigration to 2% on the basis of the 1890 Census, thus
admitting about 160,000 aliens a year, as against 360,000 under the present
3% quota law.
Provides for selection at the source through systems of visa certificates
to be issued by American consuls.
Excludes immigration from Japan and abrogates the gentlemen's agreement with that country.
Puts burden of proofon immigrant to show that he is eligible to admission,
thus reversing present law.
Gives countries of southern and eastern Europe,including Asiatic Turkey
and Palestine, 15% of the total quota immigration, as against 44% under
the present law.
Penalizing steamship companies for illegally transporting aliens to this
country.
Provides for basing admissions on "racial groups" under the Reed amendment after July 1 1927.
• A statement by Chairman Johnson of the House Immigration Committee denying that Ambassador Hanihara's
letter prompted the abrogation by the House of the so-called
"gentlemen's agreement," referred to by us in our item
of a week ago, is taken as follows from the "Herald-Tribune"
of April 22:
There is much misunderstanding and some misstatement as to the reasons which influenced Congress in passing the measure of the immigration bill which excludes hereafter as permanent residents aliens who are
ineligible to citizenship and which thereby terminates the "gentleman
's
agreement" with Japan.
There is an impression first that the action was occasioned by resentment at the letter of Ambassador Hanihara. Long before that letter appeared the measure was assured of passage in the House, and a poll in the
Senate on the day before showed, I am told, at least fifty-four votes certain
for the exclusion feature. The Hanlhara letter forced a practically unanimous action on the part of the Senate. The House, however,
had voted
more than 4 to 1 before the letter appeared.
1995
President Coolidge was told to-day that Senate opposition to
the bill as
written was based inpart on the indicated willingness of
Japan to concede
the right of the United States to carry restriction to
any point, and to
co-operate even if restriction was carried to the point
of absolute exclusion.
In that situation it was argued, the drastic language
of the bill might be an
unnecessary affront.
Secretary Hughes has conveyed somewhat the same
views to the President, and is said to have indicated his objection to other
features of the bill.
The Senate and House conferees devoted to-day's meeting
to a comparison
of the two bills to determine the exact points at issue.
Separate meetings
were then agreed upon preliminary to a resumption
of the conference
to-morrow.
Secretary
Hoover's Advices to Senator Harris on
Reports of Cotton Statistics—Bill Calling
for
Semi-Monthly
Reports of
Cotton
Ginned
Becomes Law.
In the "Congressional Record" of April 19 two letters from
Secretary of Commerce Hoover with reference to reports on
cotton statistics were inserted. at the instance of Senator
Harris of Georgia. One of these letters dealt with the bill
of Senator Harris recently passed by Congress and signed
by President Coolidge on March 29, authorizing the Director
of the Census to collect' and publish statistics of cotton.
The text of the bill (S. 2113) which became a law April 2,
was given in our issue of March 29, page 1472; as we indicated therein, the newly enacted measure calls for semimonthly reports of cotton ginned from Aug. 1 to Jan. 16
of each year. The other letter of Secretary Hoover has
reference to the report of the committee named by him
to investigate alleged discrepancies in the cotton figures of
the Census Bureau; this report was given in these columns
March 29, page 1470. In his letter to Senator Harris,
Secretary Hoover says that the Department is, of course,
adopting the recommendations of the committee "in full
so far as they apply to the Department, and I am appointing a committee representative of all sides of cotton production and distribution interests which will review
the
methods of the service from time to time." We give herewith these letters;
Favored in Committees.
The debate on this feature of the immigration bill was brief
in both
houses, but committee hearings and reports and personal discussion
DEPARTMENT OF COMMERCE.
among
members, even more than reference in debate,showed that
Office of the Secretary.
Congress decided
the "gentlemen's agreement" should be terminated for these
reasons:
Washington, April 17 1924.
1. It has failed to accomplish the purpose for which President Roosevelt
The Hon. William J. Harris, United States Senate.
explained it was made, to wit: to prevent an increase of unassimilab
My Dear Mr. Senator:—Apropos of our discussion
le Japyesterday, I think
anese population in continental United States, as the Exclusion
Act had we can get along with the world's survey of cotton
for the preesnt under
done with the Chinese population. Roosevelt's understand
ing with Japan the bill S. 2113.
was that if the "gentlemen's agreement" in operation failed
to accomplish
Yours faithfully,
the agreed purpose, an exclusion act would be put in force.
2. Immigration is a domestic question, regulation of which is the sole
HERBERT HOOVER.
prerogative of Congress. The "gentlemen's agreement" is an invasion of
DEPARTMENT OF COMMERCE.
that prerogative by another department of the Government.
Office of the Secretary.
3. The "gentlemen's agreement" gives Japan the right to say how many
Washington, April 16 1924.
and what particular Japanese shall come into United States territory and is
The Hon. William J. Harris, United States
therefore a surrender of our sovereign right in a purely domestic question.
Senate.
My
Dear Mr. Senator:—With respect to your inquiry
4. Immigration from all other countries of the globe, except Japan, is
this morning, you
will recollect that the recommendations of the
regulated under general or special act of Congress. To continue
committee of statisticians
the present
arrangement with Japan would justify any or all other countries demand- with regard to cotton statements were as follows:
in
1. That an additional report to show the quantity
ing a similar privilege.
of cotton ginned
prior to Aug. 1 be introduced as provided in a
bill now pending.
Sees Favoritism to Japan.
2. That in sections of the country where the
entire
crop
has not been
This concession to the Japanese is a discrimination
in their favor and ginned by March 1 another ginning report be made for April 1 to asceragainst all other races ineligible to citizenship, including
the Chinese and tain the total amount of the crop.
Hindus, and is in consequence losing us the good will
3. That plans be developed to enumerate the
of those peoples.
cotton baled from samples
This further account of what Chairman Johnson had to and in pickeries, the so-called "city crops."
4. That the Department be urged to take
action to secure an enusay is taken from the New York "Times":
meration of the cotton now brought in
from Mexico but not appearing
It was said, too, that the exclusion of aliens
ineligible to citizenship is in the imports statistics.
not only a logical method of restricting unassimlla
5. That the Bureau plan to collect statistics
ble immigration and
of cotton consumption
making more space for that which is assimilable
, but it represents a policy and of cotton held in storage at various points in such manner as to diminish
followed by this country for over forty years
the
danger of overstatement or understate
whenever the influx of inment
of the supply. The
eligible aliens (members of the yellow and
brown races) called for such committee believes that this end can be secured only by substituting
protective action.
collection through paid agents in place of
the present method of collection
In 1882 further immigration of Chinese was
halted by the exclusion by correspondence.
Act. Twenty years later similar action was
6. Reports on cotton statistics are now issued
demanded against the Japby two bureaus in the
anese, but at Japan's Insistence this country entered
into the "gentlemen's Department of Commerce and by one in the Department of Agriculture.
agreement" under which the desired result of
exclusion was to be accom- They are based in part on estimates and in part on enumerations, and
plished by Japan's action. Later, wh..n the Hindu
immigration increased, the difference between them sometimes leads to serious confusion. These
the Barred Zone Act of 1917 was passed, under which
there were excluded reports should, if possible, be co-ordinated under a committee or other
practically all the remaining races ineligible to
citizenship. These measures harmonizing agency.
have proved effectiv,.. against all except the Japanese.
The Department is, of course, adopting
these recommendations in full
so far as they apply to the Department,
and I am appointing a committee
According to Associated Press dispatches
representat
ive of all sides of cotton production and distributio
last night
n interests
(April 25), President Coolidge was yesterday receiving an which will review the methods of the service from time
to time.
With respect to the form of statements
eleventh-hour resume of the situation as viewed by members
to be gotten out from time to
time as
cotton production, consumption, imports, exports,
and stocks,
of Congress opposed to Japanese exclusion. The dis- you willtorecollect
that this is appioached from several directions and
patches also said:
that they can not, from the nature
of things, be in entire agreement.
The first approach is a determinat
Senator Colt, Republican of Rhode Island, Chairman
ion of the supply through the total
of tue Senate production from the
Immigration Committee, and one of the six who voted
ginning reports and the imports of cotton. The
against the pending second is a determinat
ion of the distribution from time to time as shown
Measure to the last, laid before the President his reasons
for viewing the by the consumption
Japanese provisions as illogical, unnecessary and
from reports of the spinners, together with exports.
harmful to American The third is the
enumeration furnished to us as to existing stocks.
interests at large.
You
will
realize
that this material must be collected from upward of
While President Coolidge did not indicate his position
to callers, the 30,000 people and that
White House, the State Department and Capitol Hill
there are bound to be discrepancies; that is. between
were agreed that only on one side
taking the total production and deducting the exports
two possible avenues for altering the Japanese
and
section now exists—an consumption and
almost unprecedented action by the conferees in the
on the other side making an enumeration of the stocks
shape of a joint recom- from time to
time. I believe it is the sense of the committee's
mendation for modification and the veto.
report
that the Bureau should not introduce
The overwhelming votes in the House and Senate
an estimated item of balance. I
upon the exclusion am indeed glas
to accept this recommendation, because I wish to
provision and the continued sentiment aroused by the
note
relieve
of
the
Japanese
the
Census Bureau of the responsibil
,Embassy were regarded as obviating what small
ity.
chance there was of
IA
fa
ameliatory action by the conferees.
Yours faithfully,
HERBERT HOOVER.
1996
THE CHRONICLE
[VOL..118.
Detailed figures recently released by the Census Bureau, relating to the
1923 crop, show that the cotton growing area is gradually extending northward and westward, and many counties near the upper borders of the
bolt are gaining in importance as cotton territory.
In the more southerly sections, where the boll weevil has been present
for some time, the results last season varied greatly. In large portions of
Texas and Louisiana the totals were excellent; in some of the Eastern
States they were quite the opposite. The contest between increased acreage
and the weevil was, in many instances, only too successful for the latter.
There are 812 counties for which separate ginning returns wero given
by the Census Bureau, In 363 the 1923 crop was equal to, or above.
the average for 1920-1922 inclusive. In 209, the crop was larger than
in any one of the three years, 1920. 1921 and 1922.
Prom the last statement it appears that in about ono-fourth of the
cotton bolt production is showing at least a temporary tendency toward
gain. The 209 counties just mentioned, in which the increase appears,
are distributed very unevenly. Half of them are in Texas. In proportion
to the total number of counties growing cotton, they are most numerous
in Virginia, New Mexico, North Carolina, Texas, Missouri and Louisiana.
They are fairly numerous in Oklahoma, and very few in the remaining
States; Mississippi has none at all.
In Virginia and New Mexico, every producing county grew more cotton
than in any one of the three previous seasons.
Most of these 209 counties aro included in seven fairly well defined
districts, as follows:
1. Southwest Oklahoma and adjacent counties in the Texas Panhandle.
2. West and northwest Texas counties immediately south of the Panhandle.
3. Parts of north-central and northeast Texas.
4. Parts of south-central and extreme south Texas, including the lower
Rio Grande Valley.
5. Most of east and southeast Texas, and western Louisiana.
6. Southeastern Missouri (part).
7. North Carolina (except south and southeast) and Virginia.
In Texas the districts mentioned form roughly the boundary of an interior
section (including, In the east, most of the largest cotton producing counties) where the 1923 crop was good-sized but not of record-breaking proportions.
Some of the territory mentioned is comparatively free from the boll
weevil, and some has had the past to contend with for years. Large crops
in such regions as western Louisiana and extreme southern Texas furnish
some encouragement for .-ho future of cotton under weevil conditions.
In parts of South Carolina and Georgia there was considerable recovery
in production from the low totals of 1922. Seventeen counties in the former
State and 13 in the latter raised over twice as much cotton in 1923 as in
the season previous.
In 40 counties production exceeded 40,000 bales. Of those leaders, no
less than 26 are in Texas. North Carolina has 5, South Carolina 3, Miss2 and Arizona, Arkansas, Louisiana and Oklahoma one each. Texas
issippi
Secretary Hoover in Reply to Contention of J. S.
has the eleven largest cotton counties; first of all comes Ellis, with 112,711
Wannamaker that Two Cotton Reports Were
running bales. Williamson. with 110,480. millet second; McLennan, 101.Issued.
586. third; Collin, 92.270, fourth; Nueces, 92.250. fifth. Outside of Texas,
the leading producer is Bolivar. Mississippi,ranking 12th, with 63,804 bales.
embodying
issued
was
report
The assertion that but one
Johnston, No. Car., is 14th, with 62,145; Spartanburg, So. Car., 15th, with
the findings of the special committee named by Secretary 61,373: Sunflower. Miss., 16th. with 60,156; Robeson, No. Car., 18th, with
Maricopa, Ariz., 19th, with 58.189; Halifax, No. Car., 25th, with
of Commerce Hoover which examined into the Census' 58386:
51.812; Mississippi. Ark.. 26th, with 50,967.
by
made
Bureau's methods of reporting cotton statistics, is
The leading producers in Georgia, Oklahoma and Tennessee show totals
Mr. Hoover's Secretary, Richard S. Emmet, in a letter less than 25.000 running bales.
The 1923 statistics, taking everything into consideration, are not as ento J. S. Wannamaker, President of the American Cotton couraging
as those for the year previous, which showed a distinct tendency
Association. On March 29, page 1472, we referred to a toward recovery in output in the eastern Gulf States. It is quite possible,
future years this upward trend will
letter addressed by President Wannamaker to Senator Smith however, that over a period of several
manifest itself again in accordance with past experience in other sections.
With reference to the above Senator Harris said:
Mr. President. in one letter he states that under a bill I introduced in
the Senate recently, which is now a law, the Department of Commerce
has authority to make a world survey of the amount of cotton on hand.
and so forth, and that he would in future get this information and give it
to the public for the use of cotton producers and consumers. Last year
I introduced a bill requiring that the Department give this information
and it passed the Senate, but In the congestion of the House it was not
voted upon. I then took the matter up with Secretary Hoover and urged
him to use another appropriation available for this purpose, and he issued
a report of cotton on hand in the world, which showed a relatively small
amount, and it helped the cotton producers.
The other letter from Secretary Hoover deals with future reports of
cotton produced, consumed, and stocks on hand. He will make changes
in the reports which will greatly improve them and, in the opinion of
Southern Senators and Representatives in Congress, will prevent certain
injustice to the cotton producers in the manner of issuing these reports.
In the first place he will appoint as an advisory committee, men who
live in the South and understand cotton production and manufacture.
This committee will advise with officials of the Department of Commerce and Bureau of the Census in regard to how these reports should
be issued so as to give full information. Heretofore many of those in
Government service in charge of these reports have never lived in the
cotton-producing section and are not familiar with methods.
The most important change in the statistics will be to leave off any
attempt to balance any discrepancy in the reports as to the amount of
cotton produced as against amount consumed and stocks on hand. Last
year this amounted to 575.000 bales more on hand and consumed than
the ginners' reports showed had been produced. Secretary Hoover will
have the reports of cotton stocks made so as to be more reliatle than
In the past. This will prevent a great injustice to the ctton producers
In these reports which have been heretofore issued.
On the advice of Southern Senators the Secretary of Commerce recently
appointed several expert statisticians to go over the last reports of the
Census Bureau, which we insisted showed more cotton on hand than there
really was. These experts recommended certain changes in the census
statistics, which Secretary Hoover has adopted, and they will greatly
improve the reports. Some of these recommendations had been incorporated in the bill I introduced which is now a law. As a former Director
of the Census and living in the cotton-producing section I am naturally
very much intereste] in these reports and it gratifies me very much that
Secretary Hoover will make the improvements. I have also conferred
with Mr. Steuart, the Director of the Census, in regard to these matters
and he will make improvements in reports as provided by new law and
the recommendations of statistical exports.
of South Carolina, and other Senators, in which an explanation was sought as to why two reports were issued, showing
differing figures of carryover. According to the New York Secretary Hoover Adopts New Cotton Crop Plan—
Accepts Recommendations of Statisticians.
"Journal of Commerce" of March 31, Mr. Emmet, in his
letter to Mr. Wannamaker, said
The following from Washington March 30 appeared in
My attention has been called through the prose to a letter which you the New York "Journal of Commerce":
to Senator Smith and other Southern Senators. In this letter
have sent
Secretary Hoover has adopted the recommendation submitted to him for
you ask, among other things, why a report was issued on March 25 by
improvement of the cotton crop reporting methods of the Census Bureau
this Department as to cotton supplies and a second report thirty minutes the
committee of statisticians which recently investigated the
later giving different figures. The question rests on a false taskr. The by the special
bales under the head of "to balance distribudepartment issued no statement whatsoever on this subject on March 25. controverted item of 579,504
1923 estimate of cotton supply. In addition to
The special committee of statisticians appointed by Secretary Hoover in tion" In the Aug. 18
to a figure of 355,868 bales, the committee
item
co-operation with the Southern Senators did issue the report of its in- revising the controverted
specific recommendations designed to effect more efficient
vestigation on that day. It issued one report and only one. Where you submitted six
get your suggestions of a second report I do not know, but it has no basis methods.
These recommendations, Mr. Hoover said to-day, appear to be construcIn fact.
tive, and Director Stewart of the Census Bureau has been instructed to
World Colton Surveys.
put thorn into effect as soon as possible in the preparation of future cotton
You also evidently misunderstand the situation as to the issuance of the reports.
1
Feb.
this
of
The
by
Department.
report
cotton
raw
world surveys of
The first recommendation ofthe committee calling for an additional report
1924 was not an innovation. It was merely the carrying on of a general to show the quantity of cotton ginned prior to Aug. 1,1s provided for in the
statistical plan by which such reports are issued annually, and it follows the legislation for the improvement of the cotton crop reporting service which
precedent of one issued in Feb. 1923 a copy of which is enclosed herewith.
now awaits tho signature of President Coolidge and that report will become
Neither is it true that the statistics in the world survey as to cotton a matter of law as soon as the bill is signed.
in
consumed
include
cotton
domestically
China
and
production in India
Issuance of a supplemental ginning report for April 1 to ascertain the total
those countries, as your letter implies. You would have understood this amount of the crop in sections of the country where the entire crop has not
fact had you read the first footnote to the report in question, which reads been ginned by March 1 is planned by the Census Bureau in line with the
as follows:
committee's recommendations,such supplemental report having been issued
"The production figures represent estimated total crops, with the excep- on several occasions previously.
consurripcotton
mill
produced
the
for
only
where
China,
and
tion of India
Plans to enumerate cotton baled from samples and in pickeries, the seMon and export is considered, cotton used in household consumption not- called "city crop," are being developed by the bureau, and administrative
being included."
methods are to be devised shortly. Suggestions by the committee that the
Furthermore, the Secretary of Commerce has not "adopted the unusual bureau collect statistics of cotton consumption and of cotton held in storage
cotton
on
for
report
preparation
1924
the
publicity
a
procedure of issuing
at various points in such manner as to diminish the danger of overstatement
crop over the cotton belt." No such report has ever been issued by the or understatement of the supply are to be met by the bureau by sending
Department of Commerce. Again I am at a loss to understand how you Government agents into the storage districts to obtain this information.
can be under any such impression unless you have somehow become conAction to obtain an enumeration of the cotton now brought in from Mexico
fused by a statement on this subject issued by the Department of Agri- but not appearing in the import statistics, as urged by the committee, has
concourse,
no
this
of
has
Department
which,
with
20,
March
culture on
been taken by the bureau, and Director Klein of the Bureau of Foreign
this
nection whatever.
and Domestic Commerce has been asked to co-operate in obtaining
information at regular Intervals.
Co-ordination of the reports on cotton statistics as now issued by the
Department and by the Agricultural Department is being
Liberty Central Trust Co. of St. Louis on Increased Commerce
planned as recommended by the committee and consideration is being
Cotton Production.
given to the appointment of a co-ordinating board to harmonize the Governthe increase in those districts ment cotton figures and insure uniformity in the official Federal reports.
Cotton production is on
The full text of the report made to Secretary Hoover by
that as yet are comparatively free from the boll weevil,'
special committee of statisticians was given in these
the
Co.,
Liberty
Central
Trust
the
by
according to an analysis
March 29, page 1470. •
columns
St. Louis, which says:
APR. 26 1924.]
THE CHRONICLE
Secretary Hoover Stands Pat on Cotton Figures—
Reject's Wannamaker's Demand for Correction.
The following from Washington April 1 is taken from the
New York "Journal of Commerce" of the 2d inst.:
The Commerce Department will stand pat on the figures of cotton
supply for 1923 as revised by the special committee which investigated the
reports of the Census Bureau. It was made clear to-day by Secretary
Hoover. Despite the demands of J. S. Wannamaker, of St. Matthews,
S. C., President of the American Cotton Association, that the Department
correct its figures to eliminate 355.000 bales found unexplainable by that
committee. Mr. Hoover declared that there would be no alteration in the
committee's report.
Mr. Wannamaker, the Commerce Secretary asserted, was not satisfied
with the report of the special committee and was seeking to have it altered,
threatening a Congressional investigation if the Commerce Depar:.ment
did not accede to his wishes. The committee which revised the Census
Bureau figures, the Commerce Secretary stated, was appointed with the
aid of the Senators from the cotton States, the names of the committee
members being suggested by and to those Senators. Mr. Hoover added
that he did not believe any alteration of a statistical fact would meet with
the approval of the cotton States Senators.
Mr. Wannamaker, Mr. Hoover continued, wanted the official Government figures to agree with those of Secretary Hester of the New Orleans
Cotton Exchange. But, he contended,figures compiled statistically could
not be changed at will.
Mr. Hoover emphasized the fact that there was no one more anxious
than he that the Government's statistical report should be accurate in the
utmost degree. He explained, however, that the information on which
the Government figures were based was gathered from literally hundreds
of thousands of sources, making it certain that there would be some element
of error in the compilations.
In an effort to reduce the chances of error to a minimum, he continued.
specific recommendations for the improvement of cotton reporting methods
of the Census Bureau have been adopted and would be put into effect as
soon as possible. The suggestion for elimination of discrepancies in the
reports issued by different Governmental agencies, Mr. Haover Indicated,
Is being given especial attention and the various heads of the bureaus
concerned with cotton have been Instructed to take up the question and
arrange a system for the co-ordination of future reports.
A petition that Secretary Hoover request the Senate to
authorize him to recount the American stocks of cotton,
was contained in a letter which Mr. Wannamaker has
addressed to Secretary Hoover, in which also he asked
that Mr. Hoover submit his report of Aug. 18 and Feb. 1
to Secretary Hester of the American Cotton Supplies and
to the International Spinners on World Cotton Supplies,
agreeing to abide by their findings. In his letter, likewise,
Mr. Wannamaker stated that the figures of Secretary
Hoover's department "have caused the loss of hundreds of
million dollars to the cotton producers and have demoralized
every legitimate line of the cotton industry." Mr. Wannamkers' letter was in reply to the following from Secretary
Hoover, made public March 30:
J. S. Wannamaker. Care of American Cotton Association, St. Matthews. S. C.
I will be glad if you will correct your persistent misstatement quoted in
the press that the Department of Commerce has adopted the unusual
procedure of issuing a publicity report on preparation for the 1924 cotton
crop over the cotton belt. No such report on preparation has ever been
issued by the Department of Commerce. I am at loss to understand how
you can be under any such impression unless you have somehow become
confused by a statement on this subject issued by the Department of
Agriculture on March 20.
HERBERT HOOVER, Secretary of Commerce.
1997
legitimate line of the cotton industry. This being the case why concentrate
your efforts to remove from your brother's eye the mole while the beam
still remains in your own eye?
If you will submit your report of Aug. 18 and Feb. 1 to Secretary Hester.
recognized as one of the best authorities on American cotton crop in the
world, and submit your reports of Aug. 18 and Feb. 1 to the International
Spinners, agreeing to abide by their decision on each report both as to
supplies and consumption of American cotton and on world's commercial
cotton, you will be rendering a far greater service to the cotton producing
industry than to accuse me of a misstatement wherein I attribute one of
the various reports which have been issued on the 1924 cotton crop to
your Department.
Under no condition do I wish to do your Department or any other department an injustice in the interest of not only the cotton producing Industry
but every line of the cotton industry and the commerce of the nation
at large.
Unless necessary steps are immediately taken to verify the two reports
alluded to or to prove the incorrectness of same. It is my purpose to request
a sweeping Congressional investigation: first, why the reports of Aug. 18
and Feb. 1 on supplies and distribution of American cotton were incorrectly
issued, supplies and distribution being out of balance,and on Feb. 1 579.000
bales being added to its balance.
Why did the Department include total production of cotton of India and
China in the world supplies when a large proportion of supplies from these
countries do not enter the channels or commerce, the balance being consumed locally and being recognized as non-commercial, especially the
Indian crop?
Demands Inquiry into Report.
An order should be immediately issued requiring the proper authority to
secure an immediate recounting of commercial cotton stored in this country.
and thereby determine the exact facts why the report which you claim was
issued by the Department of Agriculture on the outlook for production of
the 1924 crop was issued, when pledge had been given Congress no such
report would be issued. It simply served the purpose of demoralizing the
cotton producing industry.
Will your request the Senate to authorize you to recount American stocks
of cotton?
Will you submit your report of Aug. 18 and Feb. 1 to Secretary Hester of
the American Cotton Supplies and to International Spinners on World
Cotton Supplies, agreeing to abide by their findings in this report and the
findings of amount of cotton in America?
Those various reports issued by the departments in Washington on the
outlook for agricultural products have done much to create a buyers' panic
that everybody wants to sell. Everybody is afraid to buy. Both the
buyer and seller dread lower prices. As a result, the law of supply and
demand is dead.
Says World Needs Cotton.
Regardless of the fact we have the most acute cotton famine since the
60s and that mills will be forced to close down on account of the exhaustion
of raw cotton, still cottan is selling below cost of production, and these
conditions have combined to reduce cotton production in 1924, when the
world will stand in desperate need of ample supplies of American cotton.
If your Department, to say nothing of the other departments, had contributed the same amount of efforts and expense that they have used in
securing and issuing reports on the outlook agricultural products on supplies
and distribution for the purpose of creating markets both domestic and
foreign, then both agriculture and business would be in far better conditions
to-day and the law of supply and demand would be functioning, and many
of the products now selling below cost of production would be in active
demand at a reasonable profit to the farmer.
It is my understanding that the Department of Commerce is a branch of
the Government, that the Government is a trust and the officials of the
Government are trustees, and both the trust and the trustees are created
for the benefit of the people.
Based upon this interpretation, I am making the above request. You
are at liberty to give this to the Senate or to the press If you desire. Please
answer.
.1. S. WANNAMAKER,
President American Cotton Association.
Mr. Wannamaker's reply, as given in the New York
Crop Control Idea Rampant—Nebraska Organizations
"Commercial," was as follows:
Get Many Members—Wheat to Be Limited to
Hon. Herbert Hoover, Department of Commerce, Washington. D. C.
Country's Consumption.
Your telegram asking my authority claiming that your Department
issued a statement of the outlook for 1924 cotton crop was duo to fact that
Under
the
'above
caption the Los Angeles "Times" pubsaid statement was carried In the public press. Note you state this should
have been credited to the Department of Agriculture. A number of reports lishes the following from Omaha under date of April 11:
on the outlook for 1924 crop have been issued by various Federal Reserve
districts and by Department of Agriculture, regardless of fact that they
agreed not to issue report on intentions of farmers: and if it was an error
in attributing one of these reports to the Department of Commerce the
error was on part of press.
However, this is of small significance when we consider the actual facts.
We are confronted with the fact that your Department did issue a report
on Aug. 18. also on Feb. 1, on supplies and distribution of American and
world cotton. We are confronted with the further fact that your report
of Aug. 18 carried an item. "579.000 bales to balance."
All efforts to get you to correct this report through the Senate and otherwise have proved unavailing, although a special committee was selected by
yourself, and after a careful study of the reports pointed out there still
remained in the report on American supplies 365,000 bales for which they
could find no source from which It had arrived: therefore showing as a
matter of common sense that these 365.000 bales should be eliminated.
In addition to the 224,000 bales which they stated they found had been
included in the report incorrectly, making a total of 579.000 bales excess
on American cotton supplkes shown in your report, this being the amount
you arbitrarily added in the report of Aug. 18 to balance, and reconfirmed
Feb. 1, why have you made this correction?
In addition to this, international spinners, who certainly cannot be
charged with being partial to the American cotton procedure,in their report
on world supplies and consumption showed a smaller amount of approximately 1,000,000 bales than shown by you.
The "control production" idea in farming is rampant in Nebraska this
spring. Half a dozen or so separate organizations are busy among the farmers in Nebraska, combining them into societies having for their object the
restriction and curtailment of production of wheat, corn and other farm
products. Each of these organizations reports the farmers are falling over
themselves to get into the societies.
The National Producers' Alliance is working in northeastern Nebraska
and says it intends to sweep entirely across the State. The Alliance says
It has already signed up 9,000 farmers and business men in Platte, Pierce,
Knox, Cedar, Madison, Antelope, Boone. Nance, Dixon, Wayne and Stanton counties, all in the northeastern section of the State. As soon as the
roads have settled and automobile traveling is good, the Alliance intends
throwing 100 organizers into the State and signing up every farmer and
business man possible, its officials say.
To Hold for Profit.
The object of the National Producers' Alliance is to regulate the price of
all farm products by simply•refusing to sell unless its members can get
"cost plus a reasonable profit." No arrangement for pooling or co-operative
marketing is made. Simply hold for a profit is the plan. The organization
Is going strong among Swedes, Danes and Norwegians, the organizers
making the explanation that similar organizations are in existence in the
Scandinavian countries to-day and the plan is already known to farmers of
those nationalities in this country.
At the little town of Newman Grove, with 850 population, fifty-four
business firms are said to have joined the organization, and the memberObjects to Indian and Chinese Figures.
ship among farmers in the community is 100%, according to the some
You included in your ref/efts cotton from India and China, which coun- authority.
tries have no statistical department on cotton, and as every reputable
Ambitious Plan.
authority on cotton realizes that only a small proportion of said cotton
Another organization that is being launched with the same object is the
is commercial you are confronted with the inevitable fact that your reports Wheat Farmers' Regulation Association.
of Aug. 18 and Feb. 1 give an excess in American cotton production of
This is a plan, its organizers explain, to get all the wheat-producing
approximately 579,000 bales and on world supplies approximately 1,000,000, farmers in the entire United States into one big organization—by townships.
and yet no correction has been made.
counties and States. Each member will be told how many bushels of wheat
These reports from your Department have caused the loss of hundreds he Is to produce and the production is to be limited to the amount of wheat
of millions of dollars to the cotton producers and have demoralized every consumed in this country. Since the yield per acre differs widely. according
1998
THE CHRONICLE
to productivity of the soil, the individual farmer will not be told how many
acres to plant, but how many bushels to raise. Each farmer is supposed to
know the yield of his acres and to plant accordingly.
After all the farmers in the United States are united in the move, Canada
is to be invaded and the wheat producers of that country will be invited to
come into the association.
This organization is not taking as rapidly as some of the others, many
farmers doubting the feasibility of getting all the wheat producers of the
United States into a single organization of any kind, or for any purpose.
Corn Growers.
Then there is the Corn Growers' Association, which is just starting
among Nebraska farmers. The Corn Growers' Association is patterned
after a similar organization which has been operating in Iowa for some
months, and which is said to have influenced the corn market for higher
prices. This is more of a marketing plan than one of producing. Its backers expect, in time, to spread into Indiana, Missouri, Kansas and other
big corn-producing States. They are already working in Illinois.
The Nebraska Farmers' Union and the Nebraska Farmers' Co-operative
Grain and Live Stock Association are two of the older farmers' organizations, both of which are on sound foundations, and neither of which is
attempting to curtail production offarm products.
The Nonpartisan League, which cut such a big figure in many Western
States, some years ago, is steadily and rapidly going down Minn Nebraska.
Very little is now heard of the league in this State, whether in politics or in
farming.
But there is an unrest among the farmers, just the same, which is driving
them into almost any organization which promises them the rainbow,
however chimerical appears the means of the organization to make good its
promise.
Senate Investigation of the Department of Justice—
Statement by Speaker Gillett Regarding Liquor
Charges—Atlantic Coast Line Denies Storck
Charges.
The Brookhart Committee of the Senate, which has been
investigating the Department of Justice during the incumbency of former Attorney-General Daugherty, resumed its
hearings this week, continuing the line of inquiry followed
last week into the enforcement of the prohibition and other
laws. As the hearings this week opened with testimony
from some of the same witnesses that appeared before the
committee the latter part of last week, it may be well, for
the purpose of clearness and continuity, to review the previous testimony. On April 18 a statement by Captain H. L.
Scaife, former Department of Justice agent, before the committee that some part of a mysterious consignment of whiskey had found its way into the office of Speaker Gillett of
the House of Representatives was blocked on April 18 by
Senator Wheeler, the so-called "prosecutor" of the committee. Senator Wheeler declared that he would not permit
"evidence that is 100% gossip" to encumber the record.
Speaker Gillett's name was mentioned by Captain Scaife in
connection with the seizure in the Union Station, Washington, D. C., more than four years ago, of a large amount of
liquor. This liquor, Captain Scaife said, subsequently disappeared from the warehouse where it was stored following
the seizure. The witness had a list of names. Regarding
the testimony on April 18, the New York "Times" said:
[voL. 118.
Mr. Greer said that he got a good start on unearthing the conspiracy in
Georgia when he was called to Washington and discharged. He was after
the crowd that was bringing liquor in from the Bahamas and Bimini through
Miami, he said.
Charles Nestle, he declared, gave him full information and he made a report naming the men involved, what boats they had and what graft was
paid. He named Ludlow Jerden as a man who was collecting graft money
at the rate of $10,000 a month.
Declares He Was Then Ousted.
After making his report, Mr. Greer said, he was sent back to Georgia to
continue his investigation and then suddenly recalled to Washington and discharged by W. J. Burns, who said he was "too old." Mr. Greer declared
that later he learned his discharge was brought about by J. L. Phillips, his
political opponent in Georgia, through Russ Holland, Assistant AttorneyGeneral. The cases he reported, he said, were never prosecuted. Two and
a half years later Mrs. Mabel Willbrandt of the Department of Justice sent
a squad of investigators to Georgia, he added, with the result that 78 men
are in Atlanta Prison.
Captain Scaife was recalled and produced various documents in the
Wright-Martin aircraft case in which it is said the Government has a $5,000,000 claim that has never been prosecuted. Senator Brookhart read from
the committee records testimony that Mr. Daugherty owned 600 shares of
the stock of this corporation in 1920 and 2,500 shares In 1922.
The charge that quantities of liquor confiscated under the
Volstead Act were "sorted out" at the Department of Justice
while Harry M. Daugherty was Attorney-General and distributed to officials and their friends was made on April 21
before the Senate investigating committee. E. M. Boucher,
a former employee of the Bureau of Investigations, who was
dropped from the payroll soon after W. J. Burns became
Director, testified that he had accompanied another employee who had delivered either four or six quarts of the
liquor at the house in H Street, where Mr. Daugherty and
the late Jess Smith lived for several months after the Harding Administration came into power. Mr. Boucher said that
the best of the liquor was placed in a safe in the office of
Director Burns after the "sorting-out" process and was distributed in packages to favored friends. The New York
"Times" account of the hearing in Washington dispatches
dated April 21 was as follows:
Another witness, Alonzo E. Bunch, a wholesale liquor dealer, asserted
that 100 cases of rye whiskey and other liquors belonging to him had been
seized and that he had been unable to recover them, although the courts
had ordered the liquor returned.
The seizure was made in the former Administration, Mr. Boucher said,
but he was certain that much of it had been given away while Mr. Daugherty was Attorney-General. He named Edward B. McLean, Washington publisher, as the man he had been told received most of it.
This witness said that he had written once to President Harding and twice
to President Coolidge about his troubles in trying to recover the liquor, and
had interviewed or appealed by letter to almost every official he could reach,
but without result. He said the liquor still was missing, and he was satisfied it had all been consumed by the officials and their friends.
Speaker Gillett Heard.
When to-day's hearing started Speaker Gillett of the House of Representatives asked the privilege of making a statement about the testimony that
a trunk containing liquor had been delivered at his offices, given on Friday
by Captain H. L. Scaife, a former Department of Justice Agent.
Mr. Gillett characterized this testimony as "outrageous" and in no way
helpful to the committee's investigation.
James Wilkins, a former Superintendent of Schools at the Atlanta Penitentiary, told of his ineffectual efforts to check the "dope" trade, and of
the special favors shown to "millionaire bootleggers" in the Federal prison.
Robert S. Glenn, now an accountant at Nashville, who was a special agent
under Senator Wheeler in 1907 when the Senator was a United States Attorney, testified that he had been approached on March 8 by C. F. Hateley,
who represented himself as a Burns agent and who sought information
about Senator Wheeler's integrity and morals. Mr. Glenn said the agent
had sent a code message to Director Burns of the Bureau of Investigation
and had traveled on a Department of Justice transportation pay check.
Hateley wanted him to "try and pull Wheeler off," the witness said.
Late in the session Huston Thompson, Chairman of the Federal Trade
Commission, was called as a witness and discussed the so-called tobacco
cases, involving the Lorillard and American Tobacco companies, in which,
he said, the Commission had sought co-operation with the Department of
Justice with a view to bringing criminal action. Communications sent to
Attorney-General Daugherty on Feb. 21 1922 and April 24 1922 in regard
to these cases, investigation of which had been directed by Congress, had
not been even acknowledged until ten months later, Mr. Thompson testified.
A conference was arranged soon after the Daugherty impeachment proceedings began in the House in December 1922, Mr. Thompson said, but
there was no definite result. The Commission had brought 30 complaints,
he said, but he knew of no criminal action taken by the Department of
Justice up to this time. Mr. Thompson's testimony to-day dealt only with
the tobacco cases, and he will be recalled.
Gillett Cross-Examines Smile.
Speaker Gillett appeared at the opening of to-day's meeting to challenge
statements made on Friday by Captain H. L. Scaife, former agent of the
Department of Justice, who had testified that "a trunk of this liquor went
to the office of Speaker Frederick II. Gillett of the House of Representatives."
"What did you mean by 'this liquor'?" Mr. Gillett asked.
"The testimony up to that time," replied Captain Scaife, "referred to the
liquor that had been seized at the Union Station by agents of the Department
of Justice and carried to the Department of Justice, and part of it, according to the report, stored there and part in the security bonded warehouse."
"Now, where did you get that information that part of it went to me?"
asked Mr. Gillett
"Well, it came from various sources," replied Captain Smite. "Most
directly I will say, it came frem Mr. Woodruff."
"Why do you mention Mr. Gillett's name?" asked Senator Wheeler.
"That is my information," Captain Scaife replied.
"Who gave you the information?"
"Well, Gaston Means, for one."
"That is not fair to Mr. Gillett," said Senator Wheeler. "You should not
inject pure second and third-hand information into this record. We don't
want any 100% gossip."
"If we could only adhere to that rule," said former Senator Chamberlain,
of counsel for ex-Attorney-General Daugherty.
"You will find it 100% true," said Captain Scaife.
Later a charge by Captain Scaife that the Department of Justice had abstracted a record from the office of Representative Woodruff of Michigan,
and his production of a document stamped "Burns" which he said had been
taken from Mr. Woodruff's office, led to severe questioning. It was asserted that Mr. Daugherty had sent Mr. Means to get this paper, and that
Captain Scaife and Mr. Meals got their heads together and fixed up a plot
on Daugherty.
"He thought he was getting something, but he did not," said Captain
Scaife.
"Was Means working for Burns then?"
"Really, Means was working for me, at least I thought so. Sometimes it
is pretty hard to tell where Means is."
"Then this was a 'plant' to catch Daugherty ?" said Senator Brookhart.
"No, not a plant," replied Captain Sadie.
"This evidence," remarked Senator Wheeler, "is of no value."
Gillett Denies Charge.
When Speaker Gillett was informed of what transpired before the committee, he declared:
• "There is not the slightest truth in the testimony that liquor from the
Department of Justice went to my office. This is doubtless a revival of a
story noticed in the papers about two years ago, based on the fact that in
the spring of 1919, before the Volstead law was passed, the trunk of a constituent of mine, going to Florida, had in it a few bottles of whiskey, one of
which broke here in Washington, and the trunk was confiscated.
"I was away, but my Secretary, on satisfying the Department of Justice
that there had been no intention to violate the law by carrying liquor through
dry territory, secured the trunk without the whiskey and sent it to its
owner. This was all explained at the time in the press, but is now revived
to give color to a false charge."
Captain Scaife also told of the Savannah, Ga., whiskey ring. He started
Officials of the Atlantic Coast Line and subsidiary comto tell of the activities of Clark Greer, a former Department of Justice
agent. Mr. Greer was in the room, and Senator Brookhart suggested that panies, the Louisville & Nashville and the Nashville ChattaMr. Greer was the man to tell the story. Thereupon Captain Scaife was nooga & St. Louis Railroads declared on April 21 that there
excused and 'Mr. Greer took the witness chair. Mr. Greer had been for
were no irregularities on the part of the railroads in•handyears prominent in Republican circles in Georgia.
APR. 26 1924.]
THE CHRONICLE
ling the business of the Old Hickory Plant during the war.
Testimony of George W. Storck before the Daugherty Investigating Committee, it was pointed out, was such as to leave
a doubt as to the manner in which the railroads conducted
the business.
W. L. Mapother, President of the Louisville & Nashville,
has written a letter to officials of the company calling attention to the fact that the United States Railroad Administration was in charge of the property at the time the overcharge was supposed to have been made, and that the business into and out of the Old Hickory plant was handled by
the Nashville Chattanooga & St. Louis road, a subsidiary.
Senate Investigation of Oil Lease Scandals—T. A.
Harman Asserts He Was Told by John Latimore
Himrod that at Republican Convention in 1920
Gen. Leonard Wood Had Refused to Enter
Into 'Deal with Senator Penrose—
Denial by Wood Campaign Manager of Any Such Proposition.
by the Senate Committee on Public
investigation
The
Lands of the naval reserve oil land leases to the Sinclair
and Doheny interests and other matters relating to the oil
leases entered its final stages this week, announcement being made by Senator Walsh before the week opened that only
two more witnesses were to be heard. Mr. Walsh said the
committee would not close its hearings, however, until the
courts had decided whether Harry Sinclair, who, on advice
of counsel, recently refused to answer questions before the
committee, could be made to appear and testify before the
committee again. Further testimony regarding "deals" at
the Republican National Convention in 1920 at Chicago was
given before the Senate Committee on April 18. The committee was told that at the Republican convention General
Leonard Wood refused to enter into a deal with Senator
Boles Penrose of Pennsylvania for the latter's support for
his nomination for President in return for three places in
the Cabinet. The witness who gave this story to the committee was T. A. Harman, a corporation tax specialist of
Indianapolis. He said the story came to him from John
Latimore Himrod, who, he understood, was associated with
General Wood in 1920 in a confidential capacity. Colonel
William Cooper Procter, General Wood's campaign manager, on the same day told the committee that he did not
communicate with Senator Penrose during the 1920 convention, that he did not see Jake Hamon there, and that he did
not confer there with Harry F. Sinclair. Salient features of
the hearing on April 18 were summarized in the Washington
accounts of the New York "Times," which had the following
to say:
1999
"Mr. Himrod told me that he answered Senator Penrose that in substance
and that the answer came back, in substance, like this: 'Very well, I am
sorry, but we intend to see that we are going to have a Republican President,
and we want the privilege of naming three Cabinet members.'
"That is all the conversation that struck me as being pertinent. The rest
of it was more or less general."
Senator Spencer asked Mr. Harman if he knew that Senator Penrose was
ill at his home in Philadelphia at the time of the 1920 convention. Mr.
Harman replied that he knew that Mr. Penrose was ill at thst time and
added that Mr. Himrod had said the message to General Wood was transmitted by telephone.
"I sin simply telling you what Mr. Himrod told me and you can take it
for whatever its value is," Mr. Harman remarked.
Senator Lodge's Justification of President's Stand on
Internal Revenue Bureau Inquiry—Views of
Senator Glass and Others.
Besides Senator Watson's defense of President Coolidge's
message to the Senate on the Internal Revenue Bureau inquiry Senator Lodge, Republican floor leader, spoke vigorously in justification of the President's position on April 16.
Mr. Lodge's speech was in the nature of a reply to Senator
Carter Glass, Democrat, of Virginia, who had attacked the
President's course the preceding day. Senator Reed of Pennsylvania also spoke in justification of the President's course.
Senator Glass, .while upholding the integrity of Secretary
Mellon of the Treasury Department, severely criticized him
for his communication, as well as Mr. Coolidge for an
"amazing imputation" upon the Senate. Mr. Glass held
that the President's protest against what he had construed
as an effort to discredit Secretary Mellon implied some uneasiness that the prohibition unit of the Treasury Department would undergo an inquiry. The Virginian Senator
drew a distinction between what he termed "a dignified,
unyielding assertion of constitutional prerogative," and Mr.
Coolidge's course in leveling at the Senate "accusations which
gravely impeach its honor, in justification of which indictments, he does not, as I am sure he can not, offer any proof
from the record." In responding to Senator Glass, Senator
Reed, of Pennsylvania, insisted that President Coolidge had
the support of the whole country in his protest against the
trend of the investigation into Secretary Mellon's conduct of
the Treasury Department. "I have just this to say," Senator
Reed asserted, "that in saying what he did the President is
speaking the best thought of the country. It will not be
admitted here in this Chamber, our friends on the other side
of the Chamber will not admit it, but you will know it and
you know it already from your mail and your correspondence
that what the President said has the support of the whole
country; that what he said met with the approval of the
whole country; that the country is sick and tired of these
investigations which you have been making." Senator Reed
said that certain of the investigations were proper, referring
particularly to that into the Veterans' Bureau. "The SenaAnother witness to-day was William B. Nichols, an intimate friend of Mr.
tor from Montana did a fine piece of work in what he unHanson, who said the latter had told him he had had the refusal of the place
earthed in the Interior Department and disclosures that he
in the President's Cabinet that was given to Mr. Fall.
Senator Walsh said he had intended to call Mr. Himrod as a witness, but secured there in showing dishonesty on the part of Mr.
Mr. Himrod was ill in Mooseheart, Ind., and could not appear.
Fall," Senator Reed added. "But since that was done there
Harman Repeat. Hintrod's Story.
has not been one single thing that was useful brought out by
The Senator then called Mr. Harman, who told of his conversation with
and the country knows it."
Mr. Himrod, who, he said, was a lecturer for the Order of the Moose. The all these investigations,
On beginning his address Senator Glass acknowledged
witness said his acquaintance with Mr. Himrod was only casual, and the
conversation occurred on or about Feb. 20, this year, in a hotel in Sycamore, President Coolidge's right to resent Senate encroachment on
Ill., where both were guests.
a tribute to Mr.
"Did Mr. Himrod talk to you about the Chicago convention?" Senator the Executive's prerogatives, and paid
Walsh inquired.
Mellon's ability and honesty. Then he contrasted the
"Yes, air," replied Mr. Harman, "that came in the conversation incirights which the President possessed with the language in
dentally."
which the President had reproved the Senate. According to
"Tell us what he told you," said Mr. Walsh.
"Mr. Himrod," Mr. Harman answered, "said that he was a close and con- press advices, Senator Glass continued:
fidential worker of General Wood, and in his headquarters at the hotel—
General Wood's hotel at Chicago—on Friday night. And he told me that he
would receive telephone messages and was practically the mouthpiece for
General Wood, largely. Around 9.30 or 10 o'clock—I suppose around
between 9 and 10, that was the impression he gave me—the telephone bell
rang and he answered it as usual, and a voice came over the phone that Senator Penrose wanted to speak to General Wood. He held his hand over the
mouthpiece and told General Wood that Senator Penrose wanted to speak to
him.
"General Wood told Himrod to tell Senator Penrose that he would not
speak himself, but Himrod was authorized to take whatever message he
might want to give.
Repeats Penrose's Proposal.
"Mr. Himrod passed that message back to Senator Penrose, and then
Senator Penrose said to Mr. Himrod, 'You say to General Wood,' or 'Will
you ask General Wood'—words to that effect—'if he were nominated tomorrow would he give us three Cabinet members?' Incidentally, I didn't
know who he meant by 'us,' but that was the expression that Mr. Himrod
gave me. He turned to General Wood and delivered the message to General
Wood. Mr. Ilimrod and General Glenn were there, they being the only persons in the room.
"Mr. Himrod said that while he was waiting for General Wood to answer,
General Glenn turned to General Wood and said, 'Now, General, one word
will make you President of the United States'
"General Wood turned to Mr. Himrod and said, 'Tell Senator Penrose that
I have made no promises and am making none,' or words to that effect. I
don't know just exactly the language. That was the substance of it.
of
Until now, sir, when has any Executive of the nation, in a mood
States
uncontrolled irritation, abruptly faced the Senate of the United
lawlessness?
with the official charge of having instituted a Government of
President of
Until now, when has it happened, if ever before, that the
avowedly
an
of
suspicions
the United States, accepting the unauthenticated
personal anpartisan Senator [Watson of Indiana], accentuated by the
pointedly imtipathies and apprehensions of a Cabinet Minister, has
with subterfuge
peached the probity of the Senate by sharply charging it
and with
citizen
and insincerity: with intrusion upon the privacy of the
the creation of a condition actually subversive of the most sacred guaranty
of the Constitution?
It Is all there, sir: and more beside.
The President intended to be vehement. The President intended to be
threatening, and no Senator should risk his displeasure by any attempted
interpretation in moderation of the plain English of it. No refinement
of definition: no misapplication of circumstances; no artifice of sophistry:
no sort of casuistry can ever take from that Presidential message, with its
attendant papers the inherent nature of its amazing arraingment of the
&nate of the United States as a menace to orderly Government in the
United States.
Quite intolerable enough it is to have individual Senators go about
broadcasting the accusations that their colleagues here are "indecent"
and engaged in "dirty business" when they bring into the light cf day
the hidden offenses of maladministration. Bad enough It is, in this incendiary fashion, to apply the fagots of misinformation and vituperation
to an already inflamed and poisoned public opinion which would stop
pursuit of the actual criminals and punish the Senate for exposing crime.
2000
THE CHRONICLE
[VOL. 118.
Bad enough, indeed, too bad, Mr.President. to have individual Senators send documents, papers or other information to the Senate,
asserting publicly their attestation of the Senate's culpability in this
if he regards sending them as incompatible with the public
respect. For one, I am totally unwilling, without protest, to have the
prestige of the Chief Magistracy put In the balance against Senators. interest, is an authority which the Executive must exercise.
sworn as they are to uphold the Constitution and constrained, equally He must have that power."
with the President. to a course of fearless and upright official conduct.
After expressing his disapproval of the employment of
Foreign Holdings of Common and Preferred Stocks of
Mr. Heney by Senator Couzens, Mr. Glass said that all this
the United States Steel Corporation Show
discussion would have been averted if President Coolidge
Slight Decline.
and Secretary Mellon had confined their comment to the
According to figures for March 31 1924, made public
Heney matter. But, he contended, "both wanted to proFriday, April 11, the foreign holdings of both common and
ject an issue." Mr. Glass charged that the communications
preferred shares of the United States Steel Corporation have
of Mr. Coolidge and Mr. Mellon were directed not against
again been slightly reduced. The holdings abroad of comthe procedure of employing Mr. Heney, but against "the
mon stock are thus brought down to 201,636 shares on March
entire business of investigation." "May I not express the
311924, comparing with 203,109 shares Dec. 31 1923 and
hope that in neither letter nor message is there the concealed
261,768 shares Dec. 31 1922. The foreign holdings of prepurpose to arouse anew the abating bitterness against the
ferred shares, which stood at 121,308 shares Dec. 31 1922,
Senate of the United States so diligently propagated and
were reduced to 113,155 shares Dec. 31 1923 and now to
nurtured among those misguided persons who persistently
112,521 shares on March 31 1924. Contrasted with the
have been taught to believe that it is not possible, even if
period before the war, the shrinkage in these foreign holdings
desirable, simultaneously to expel knaves from the high
is very striking indeed. While the foreign holdings of complaces which they have dishonored and reduce the excessive
mon, as already stated, now amount to only 201,636 shares,
tax burden which the people too long have endured ?" Senator
ten years ago, on March 31 1914, they aggregated no less
Glass continued.
than 1,285,636 shares, and the preferred holdings abroad,
Senator Brookhart of Iowa, Chairman of the Daugherty
which at present total 112,521 shares, on March 31 1914
Investigating Committee, joined in the debate to defend
stood at 312, 311 shares.
Senator Couzens' action in hiring Heney and to predict that
Below we furnish a detailed statement of the foreign holdthe average voter would approve the investigations in view
ings at various dates since Dec. 31 1914 to the latest period:
of the expected results. Senator Reed declared that there FOREIGN HOLDINGS OF SHARES
OF U.S.STEEL CORPORATION
Common
Mar.31 Dee. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec.31
was ample precedent for President Coolidge's attitude in
1911
Stock.5 1923.o
19135
22. 1921.
,16
1920. 1919. 1916.
messages by President Jackson and President Cleveland. Africa
2
89
73
Algeria
340
He said that the examination of the tax cases involving Mr. Argentina
_
78
8
87
78
19
10
1
10
90
7
10477
80
Mellon's companies had disclosed a clear record. "And then Australia
96
86
Austria
1.597
1,636 2,472 4.438 3,049 2.888
690
what happened?" he continued. "The Governor of Penn- Belgium
2,322 2,318 2,214 2,279 2,264 2,689 3,509
Bermuda
196
191
46
190
84
124
97
sylvania, Mr. Pinchot, had been engaged in a controversy Brazil
145
142
18
143
80
79
144
British India
---_ __ _
with the President and Secretary Mellon concerning prohi- Bulgaria
22,460 23,422 24,948 30.885 31,311 35,686 54,259
bition enforcement. Mr. Pinchot, a Republican Governor, Canada
Central Amer_
186
226
382
75
36
56
34
came to Washington privately, consulted Senator Couzens, Chile
213
209
8
187
174
145
118
China
153
172
76
13
73
179
119
not the Chairman of the Committee, with a view to having Colombia
1
1
1
Denmark
26
26
16
an investigation of the prohibition activities of the Bureau
16
---16
26
Ecuador
2
2
2
2
---__----of Internal Revenue, which nobody up to that time had Egypt
60
60
60
60
60
England
101,420 101.118 160,876 167.752 159.613 166,387 710,621
meant to investigate. The Republican Governor from France
11,144 11.203 10,499 13.210 13,939 28,607 64,537
Germany
291
291
1.281
1,395
1,015
959 2,664
Pennsylvania consulted the Michigan Senator, an avowed Gibraltar
100
5
s
5
wet, using a slang phrase, who is already on record for light Greece
Holland
50,754 51.054 48,827 50,741 73,861 124,558 342,645
wines and beer."
India
110
127
106
70
50
59
Ireland
265
399
353
356
256
160 2,991
In his speech in the Senate on April 16 Senator Lodge, Italy
321
317
273
274
269
281
146
66
66
the Republican floor leader, asserted that the effort of the Japan
62
56
55
55
'5
Java
15
15
41
28
16
8
special Senate committee investigating the Internal Revenue Luxembourg
1
1
21
1
1
Malta
40
40
40
40
--it
40
--it
Bureau to hire Francis J. Honey as special counsel at the Mexico
280
340
338
165
320
300
125
60
60
60
65
70
65
23
instance and at the expense of Senator Couzens, was not Norway
Peru
33
33
20
14
6
3
merely political, but was aimed at Secretary Mellon because Polann
3
Portugal
-iid
he was the author of "a great bill in which the whole country Rumania
8
8
8
8
5
Russia
6
8
14
s
--id
is interested," his reference being to the Mellon tax reduction Scotland
2,189 2,199 2.197
797
-103 -Ng 4,208
8
8
8
8
plan. Mr. Lodge defended the course of President Coolidge Serbia
8
Spain
254
232
340
330
302
-555 1,225
and Secretary Mellon in resenting the action of the special Sweden
178
178
165
31
14
70
Switzerland- 2.464 2,473 1,980 2,180 1,860
1,649 1,470
committee in agreeing that Senator Couzens, one of Mr. Turkey
197
197
197
200
200
16
Mellon's severest critics, should pay Mr. Heney to serve Uruguay
Venezuela
---as counsel for the committee. He conceded that the lan- Wales
3.33
628
39
West Indies
3,817
3.942 3,367 3.502
598 3,228 1,872
guage employed by the President in his message to the
Total
201,636 203.109 261,768 280.026 292,835 368,895 119306
Senate was strong, but contended that it was justified.
Preferred Stock89
116
47
47
67
There was an implied criticism of the Senate by Mr. Lodge Africa
58
70
Algeria
75
in the statement that that body had created a new office, Argentina
21
15
15
15
15
11
--ig
Australia
90
113
113
123
123
104
484
that of "committee prosecutor." The views of Mr. Glass Austria
34
28-, 4,770 2.566 2,463 2,086
zow
res
um
Ae
120
120
-120
120
120
120
were of great moment and called for a response, Mr. Lodge B
312
292
287
287
-697
117
314
Bermuda
376
430
declared.
430
430
21
285
343
36
36
29
23
31
20
84
Mr. Lodge began with an apology for taking time from the British India-- --__
81
Canada
27,848 277.ffli 277
.g85 29Uai 82E.ggifi aeggi 34,672
consideration of the immigration measure, which he regarded Central Amer..
195
140
127
2g
21
1tg
24
Chile
41
41
45
23
23
as of "the greatest possible importance to the people of the Ch
n
i
a
104
100
42
92
119
119
105
Colombia
but
5
States,"
explained
s
United
that the speech of Senator
5
16
55
4
Denmark
60
70
58
58
58
Glass was. of such importance that he could not allow it to Egypt
England
46.445 46-,M5 54.Mi 54-,*§§ 31 306
pass without comment. The Senator analyzed the President's France
15,492 15.644 15.675 17,036 18.
1,006
1,101
4,152 4,142 3,796 3,252
4,131
message and Secretary Mellon's letter paragraph by para- Germany
Greece
5
5
38
37
65
5
5
10,726 10,742 9,180 9,555 13,035 23,094 29,000
graph, and declared there was no possible grounds for efforts Holland
India
290
302
290
305
326
325
the
action
of Mr. Coolidge in transmitting Ireland
to find fault with
939
318 4,119
505
939 1,049
995
Italy
1,767
2,087 1,678
1,867 1,811
1.958
1,791
the protest. "Our history shows," said Senator Lodge, Japan
1
81
1
1
1
1
1
• 23
23
23
23
23
23
"that the Presidents have never hesitated under the author- Luxembourg
Malta
50
50
-iog
50
50
50
50
ity given them in the Constitution to communicate to Con- Mexico
25
66
235
96
7
25
116
Morocco
7
gress or to give their views on any subject, and especially on Norway
2
12
12
28
12
-li
27
Poland
any which they have believed affected the administration of Peru
6
8
8
6
5
---120
the Government." He reviewed the clashes between Presi- Portugal
Russia
ia
15
26
14
12
15
43
Congress
in
and
Jackson
the
Scotland
early life of the nation and
dent
408
937
78
171 19,747
1,448 1.468
paiia
n
2
Serb
220
alluded to the fact that President Wilson addressed the Sen1,065
1.160 fifo 1,00
1.065 1.148
432
79
283 1,370
74
84
84
1,137
ate on public affairs. "The recent message of the Presi- SSwwritzeernland
2,782 2,772 2.128 2.167 2,174 2,672 2,617
115
115
115
115
100
dent," the Senator continued,"relates directly to the conduct Turkey
100
100
Wales
39
33 1,068
of the public business with which the President is charged West Indies
-gii
560 1.145
-fig
893
-686
874
as Chief Executive. The right of the Executive to refuse to
Total
112,521 113,155 121.808 128.818 111.436 138.566 309,457
23g37385 It-:,1-11
425
THE CHRONICLE
APR. 26 1924.]
PREFERRED.
COMMON.
Shares. Per Cent.
Shares. Per Cent. DateDate-8.67
312,311
1,285,636 25.29 Mar. 31 1914
Mar. 31 1914
312,832 8.68
1914
30
June
1,274.247
June 30 1914
309,457 8.59
1,193,064 23.47 Dec. 31 1914
Dec. 31 1914
308.005 8.55
1,130,209 22.23 Mar. 31 1915
Mar. 31 1915
303.070 8.41
957.587 1884 June 30 1915
June 30 1915
8.26
297,691
826,833 16.27 Sept. 30 1915
Sept. 30 1915
274.588 7.62
Dec.
1915
31
13.70
696,631
Dec. 31 1915
7.27
262.091
634,469 12.48 Mar. 31 1916
Mar. 31 1916
171.096 4.75
537,809 10.58 Sept. 30 1916
Sept. 30 1916
4.34
156.412
1916
31
Dec.
9.89
502,632
Dec. 31 1916
4.21
.
Mar. 31 1917
494,338
Mar. 31 1917
142,226 3.94
481,342 9.45 June 30 1917
June 30 1917
140.039 3.59
477.109 9.39 Sept. 30 1917
Sept. 30 1917
140.077 3.88
484,190 9.52 Dec. 31 1917
Dec. 31 1917
140,198 3.90
485,706 9.56 Mar. 31 1918
Mar. 31 1918
149,032 4.13
491.464 9.66 June 30 1918
June 30 1918
147,845 4.10
495.009 9.73 Sept. 30 1918
Sept. 30 1918
148,225 4.11
491,580 9.68 Dec. 31 1918
Dec. 31 1918
149,832 4.16
493.552 9.71 Mar. 31 1919
Mar. 31 1919
146.A78 4.07
1919
30
June
9.15
465,434
June 30 1919
143,840 3.99
394.543 7.76 Sept. 30 1919
Sept. 30 1919
138,566 3.84
7.26 Dec. 31 1919
368,895
Dec. 31 1919
127,562 3.54
Mar.
1920
31
348,036 6.84
Mar. 31 1920
124.346 3.46
342,567 6.74 June 30 1920
June 30 1920
118,212 3.28
1920
30
Sept.
6.36
323,438
1920
30
Sept.
111.436 3.09
292,835 5.76 Dec. 31 1920
Dec. 31 1920
2.96
106,781
289,444 5.69 Mar. 31 1921
Mar. 31 1921
105,118 2.91
30
June
1921
288,749 5.68
June 30 1921
103,447 2.87
285,070 5.60 Sept. 30 1921
Sept. 30 1921
128,818 3.58
280,026 5.50 Dec. 31 1921
Dec. 31 1921
128.127 3.55
280,132 5.51 Mar. 31 1922
Mar. 31 1922
123,844 3.43
275.096 5.41 June 30 1922
June 30 1922
123.710 3.43
30
Sept.
1922
5.32
270.794
Sept. 30 1922
121.308 3.36
261.768 5.15 Dec. 30 1922
Dec. 30 1922
3.32
119,738
239,310 4.70 Mar. 29 1923
Mar. 29 1923
3.27
117,631
4.07 June 30 1923
207,041
June 30 1923
118,435 3.29
210.799 4.14 Sept. 30 1923
Sept. 30 1923
3.14
113.155
Dec.
1923
3.99
31
203,109
Dec. 31 1923
3.12
112,521
201,636 3.96 Mar. 31 1924
Mar. 31 1924
In the following table is shown the number of shares of
the Steel Corporation distributed as between brokers and
investors on March 31 1924 and March 29 1923:
Mar. 31 1924. Ratio. Mar. 29 1923. Ratio.
Common26.24
1,333,884
Brokers, domestic and foreign--1,048,318
Investors,domestic and foreign_4,034,707
PreferredBrokers, domestic and foreign-- 179,141
Investors, domestic and foreign-3.423,670
20.62
79.38
3,749.141
73.76
4.97
95.03
224.961
3,377,850
6.24
93.76
The following is of interest as it shows the holdings of
brokers and investors in New York State:
CommonBrokers
Investors
PreferredBrokers
Investors
Mar. 31 1924. Ratio. Mar. 29 1923.
1,153,737
17.80
905,079
1,194,450
25.33
1,287,527
191,080
4.25
153,181
1.471,971
41.83
1,507,022
Ratio.
22.69
23.49
prohibitions contained in Sections 1, 2, 3 and possibly
Section 4." Its ruling also said:
We are of opinion that Section 28 does not confer upon us any power to
review the certificates made to us by the Shipping Board, or to determine
the facts as to adequacy of shipping facilities independently, or otherwise
than as certified to us by the board.
Congress has delegated to us no power to amend or repeal Section 28,
Nor has Congress authorized us to substitute our judgment for the opiniorr
of the Shipping Board, as certified to us, in determining, when we act
under Section 28, whether American shipping facilities are in fact adequate.
In determining our powers and duties in the premises, we must have'
recourse to the intent of Congress as indicated in Section 28 of the Merchant Marine Act, 1920. That expressed intent we must effectuate
spirit as fully and promptly as possible. The wisdom or uneisdom of thepolicy is not for us to determine.
It is clear that Congress intended to and did prohibit the charging or
collecting by any common carrier of export or import rates lower than
domestic rates for transportation subject to the Inter-State Commerce'
Act of traffic moving to or coming from any port in a possession or dependency of the United States, or in a foreign country, by vessel not
documented under the laws of the United States, unless adequtae shit/4ns;
facilities are not afforded by vessels so documented, and then when and
evidence by the certificate of the United States Shpping Board.
The only saving feature as against the application of the prohibition
immediately upon the taking effect of the statute is that contained in the
provisions of Section 28 itself for a suspension of the prohibition by our
order, upon such certification by the Shipping Board. Such powers as
we possess as to the removal of the prohibition are exercisable only upon
certificate by the Board.
As an administrative tribunal, created by the Congress, we must exercise
our powers under Section 28 to further the intent of Congress as indicated in that section, and not to halt, delay, or defeat the intent of the
law-making body.
Our power under Section 28 extends to fixing in our order liftingithe suspension of that sebtion such a reasonable effective date as should enable the
carriers subject to the prohibitions of that section to comply with both
statutes in an orderly way, and to avoid violations of law by bringing their
tariffs into conformity with Section 28, in so far as that may be done, while
observing the mandates of the Inter-State Commerce Act.
This additional period should be utilized by the rail carriers in the endeavor to adjust their schedules so that the rates which will be put in for the
purpose of complying with the mandate of Section 28 of the Merchant Marine Act will conflict as little as possible with the outstanding provisions of
the Inter-State Commerce Act, and minimize the disturbance andlcontroversy as to the application of the respective statutes.
5.30
40.85
Inter-State Commerce Commission Postpones Until
June 20 Effective Date of Preferential Railroad
Rate Section of Shipping Act.
Announcement of the postponement, from May 20 to
June 20 of the effective date of the preferential railroad
rate section of the Merchant Marine Act was made by the
Inter-State Commerce Commission on April 19. Early in
March the Commission had issued an order fixing May 20
as the effective date of the section (28) (which had been
suspended since June 1920) and reference thereto was
made in our issue of March 15, page 1225. On April 17
hearings on the further postponement of the operation
of the section were begun before the Inter-State Commerce
Commission on the petition of representatives of a number
of shippers from various sections of the country. It was
recently pointed out by the Association of Railway Executives that under the section "it will be the obligation of the
railroad companies to apply the domestic rates on export
and import traffic unless shipped in vessels of American
registry." It was stated on April 11 that Chairman Hall
of the Inter-State Commerce Commission had that day
told the House Merchant Marine Committee that, in his
Opinion, it would be "highly desirable" to postpone enforcement of the section. The only authority by which the
Commission could defer enforcement of the section, Chairman Hall said, would be on the ground that sufficient time
should be allowed to make "for orderly operation," of its
provisions. Representatives of the shippers and railroads,
appearing before the Commission on April- 17, had sought
an extension of six months in which to readjust railroad
rates and to prepare their industries for the change. They
recited that hearings on the section had just been closed
by the Merchant Marine Committee of the House, and that
a resolution was then pending before the committee to postpone enforcement of the section until June 1 1925. Only
one of the Commissioners (Commissioner Potter) dissented from the opinion announced on April 19 postponing
the effective date to June 20. "This additional period,"
said the Commission. "should be utilized by the rail carriers
in the endeavor to adjust their schedules so that the
rates • * * will conflictjas little as possible with the
outstanding provisions of the Inter-State Commerce Act,
and minimize the disturbance and controversy as to the
applicntion of the respective statutes." "We may expect,"
said the Commission, "there will result many conflicts with
provisions of the Inter-State Commerce Act, notably the
2001
Commissioner Potter, who contended that the Commission's order of March 11 should be vacated, said:
I think our order of March 11 should not have been made and that it
should be vacated.
Section 28 of the Merchant Marine Act contemplates that the suspension
shall continue as long as shipping facilities are adequate. It was out duty
to be satisfied by competent and sufficient evidence that such facilities
existed before we lifted the suspension. Someone should have the responsibility of making a finding to that effect before the taking of such drastic
action.
In what we do wo act as a Commission under the Inter-State Commerce
Act. We should have had a hearing to establish the fact in the regular and
usual course. We were required to give to the certificate of the Shipping
Board only such weight as we thought it entitled to. The Board did not
make a finding of fact but merely expressed an opinion, which at most wasonly evidence. The legal effect was only to call upon us. to inquire. It
did not control our finding.
The statute provides that after the receipt of the certificate we form out
duty in accordance with established practice under the Inter-State Commerce Act. The provision authorizing us to fix terms and conditions indicates that we should rely upon our own judgment and discretion and that we
have the responsibility.
If, as the majority has determined, it was our duty to lift the suspension
upon being advised of the Shipping Board's opinion, we have no authority
to postpone the effective date beyond the period reasonably required to put
the machinery into effect. We have in that event no power to consider
commercial conditions. To consider them is to overrule the Shipping Boardand disregard the law as we have interpreted it. The carriers have stated
that they can take all necessary steps within the period fixed by our order.
Our power, therefore, has been exhausted and we are not authorized to ex'
tend the date.
On April 11 the Committee on Public Relations of the
Eastern railroads made public the following authorized by
the Association of Railway Executives at Washington,
D. C., regarding the interpretation and application of the
section:
The traffic executives of lines serving Eastern territory have carefully
considered the interpretation and applications of Section 28 of the Merchant
Marine Act which, by virtue of a certificate of the United States Shipping
Board and order of the Inter-State Commerce Commission in conformity
therewith, becomes effective May 20 1924.
The effect of making operative Section 28 to the extent provided in said
certificate and order in substance is to require that domestic rates (and
regulations affecting domestic rates) shall be applied on all export and
Import traffic excepting grain, unless it is exported or imported in ships
of American registry, to and from such foreign countries as are designated
by the Shipping Board and in the order of the Inter-State Commerce
Commission, which ports embrace substantially all the ports of the world
except African, Mediterranean, Spanish, Portuguese, Southern Asian
and West Indian ports.
Section 28 becomes operative upon the rates, fares and charges of any
carrier so far as it conducts "transportation subject to the Inter-State
Commerce Act." Transportation subject to the Inter-State Commerce
Act includes storage, demurrage,free time, car service, lighterage and other
incidents of transportation as to which regulations affecting the rate are
published by the carriers.
It Reduces No Rates.
Section 28 as made operative does not effect any reduction in any rate.
It will be the obligation of the railroad companies to apply the domestic
rates on export and import traffic unless shipped in vessels of American
registry.
Section 28 does not apply to traffic originating in the United States and
moving for export to Canada or through a Canadian port, nor does It
apply to traffic originating in the United States and moving through Canada
for exportation through an American port.
2002
THE CHRONICLE
Vice versa, Section 28 does not apply to traffic from the foreign ports
covered by the order moving through Canadian ports to points in the
United States nor to traffic moving through an American port to a poin
in Canada or passing through Canada to a point of destination in the
United States nor to traffic originating in Canada and moving to a point
of destination in the United States.
A Point to Note.
Certain trans-shipment rates on coal, coke. &c., which are lower than
track delivery rates on the same commodities to the port of trans-shipment
are not included within the operation of Section 28 because such rates
are not based upon contemplated exportation but on the contrary are based
primarily on the incident of coastwise transportation to other points in
the United States.
It will of course be necessary for the carriers to police the application
of export and import rates so that they may be applied only in connection
with ships of American registry. Where the shipper gives reasonable assurance that the property will be exported in a vessel of American registry,
the export rate will in the first instance be applied. If the shipper changes
the through route to provide for forwarding in a vessel of foreign registry,
correction will be made to the basis of the domestic rate and the additional
charges will be collected.
[VOL. 118.
For this.country to continue to export flour is a matter of the utmost
Importance to agriculture. Every barrel of flour we can sell abroad means
a bigger market for the farmer's wheat and more mill feed for our dairymen.
At a time when Congress is considering an possible means of helping the
agricultural sections of this country, and the Administration has declared
its policy to assist our farmers and to encourage the foreign sale of surplus
products it is difficult to understand an action by Government authority
that will increase the difficulty of exporting American flour, cotton, steel.
automobiles and farm machinery. Diverting freight to American steamers
by methods detrimental to the interests of our largest exporters will not
build up the American Merchant Marine.
Argument of T. C. Powell, Urging Postponement of
Preferential Railroad Rate Under Shipping Act.
T. C. Powell, Vice-President of the Erie RR. and ViceChairman of the Advisory Traffic Committee of the Association of Railway Executives, on April 17 urged the InterState Commerce Commission to postpone "in order to prevent a demoralization of our foreign trade and a reduction in
President Coolidge was reported on April 18 as using his foreign trade movements," the effective date of the Commisinfluence toward bringing about a postponement of the sion's order placing into effect Section 28 of the Merchant
section, should it be established that serious embarrassment Marine Act. Mr. Powell said:
The railroads of the United States have reached the conclusion that
would be caused exporters through its enforcement. This
effective date of your order as to Section 28 of the Merchant Marine
was stated in a Washington dispatch to the New York the
Act of 1920 should be postponed beyond May 20 1924 for the following
"Journal of Commerce," which also said:
reasons:
No definite steps have been taken by the President in the direction of a
postponement, White House spokesmen stated, adding that Mr. Coolidge
was doubtful whether under the law there was any authority in the Executive to take any such action with respect to Section 28. Nevertheless, it
was clearly indicated that the President was exerting himself to prevent
any embarrassing conditions arising from a premature application of the
section.
In deference to the wishes of a number of exporters, it was reported, the
President has passed on to Senator Jones of Washington, Chairman of the
Senate Commerce Committee,a request that the committee hold hearings on
the subject. It was emphasized, however, that Mr. Coolidge had only
turned the request for hearings over to the committee chairman and had not
made such a request himself. Mr. Coolidge, it was stated, has also talked
the matter over with Chairman O'Connor of the Shipping Board, with a view
to the Board seeing what can be done to relieve an embarrassing situation
if It exists.
White House spokesmen declared that the President himself did not have
enough information to be able to say whether or not an embarrassing situation from the standpoint of shippers and others did exist, but he had been
informed by those who should know that such would be the case if Section
28 was made effective on May 20.
The President has been advised, it was also reported, that there is a difference of opinion between Senator Jones and the Shipping Board as to the
Intent of Congress in drafting Section 28. The Washington Senator, Mr.
Coolidge is advised, holds that Congress intended that Section 28 should be
made operative at ports where there was sufficient American shipping and
inoperative at ports where the service was insufficient. The position of the
Board,as reported to the President, is that Section 28 if enforced at all must
be put into effect for the country as a whole.
Flour Millers' Objections to Section 28 (Preferential
Rate Section of Shipping Act).
R. F. Bausman, European Sales Manager of WashburnCrosby Co., this city, in a letter to E. J. McCormack, of
Moore ez McCormack, 5 Broadway, taking exception to a
statement attributed to Mr. McCormack, accusing shippers
of being ignorant "of the application of Section 28" and
having a "lack of understanding of where their best interests
lie," had the following to say, in part, in behalf of the flour
millers and flour exporters.
Washburn-Crosby Co. has been exporting flour for over 50 years. We
are thoroughly familiar with conditions in every market and we are firmly
of the opinion that the enforcement of Section 28 wig increase the difficulties
of selling flour in practically every foreign country and completely shut us
out of many highly competitive markets in the United Kingdom, Scandinavia, Finland and Brazil.
United States flour exporters fully appreciate the value of an American
Merchant Marine. We would be very sorry to see a single ship withdrawn from the Atlantic service; nevertheless, we firmly believe that the
enforcement of the provisions of Section 28 will be of no benefit to American
shipping. As our Merchant Marine gradually develops and establishes the
necessary services it will naturally secure its share of export trade without
the help of this unfair and arbitrary legislation.
The real seasons for the opposition of flour millers and exporters to the
enforcement of Section 28 are:
I. Wheat is exempted and therefore will be shipped to the seaboard at
a lower freight rate than flour when destined for such ports as Liverpool
Glasgow, Leith, Dundee, Aberdeen, Hamburg, Stockholm, Malmo and
Bergen. A flour exporter must use foreign ships for all or part of his shipments to these ports, and as a result will be compelled to pay a higher inland
freight rate. There are foreign mills in nearly all of these cities grinding
North American wheat and competing with American millers. The enforcement of the terms of Section 28 will give them an important price
advantage.
2. The legal department of one of our largest railroads has ruled that
Canadian flour shipped "in bond" through the United States will not be
affected by the provisions of Section 28. Therefore, Canadian millers will
be able to ship flour over American railroads to our own ports of Portland,
Boston, New York, Philadelphia and Baltimore at lower freight rates than
American millers when for export in foreign boats. This unbelievable discrimination against American flour will interfere with export sales to those
ports to which we cannot use American lines. In 1923,4,548,000 barrels of
Canadian flour were shipped "in bond" through the ports mentioned.
3. Notwithstanding the fact that there is American shipping service to
such ports as Bristol. Hull, London. Newcastle, Rotterdam and Bremen,
conditions are continually arising that make necessary the use of nearly
all of the ships—both foreign and United States—that go to the ports
mentioned. Nevertheless. American flour will have to pay a freight rate
premium of 10 to 14c. per barrel when shipped in foreign bottoms.
4. In the very important Brazil trade flour is shipped to some 15 ports
to which there is no United States service. Flour for these markets must
continue to be shipped in foreign bottoms after May 20th, but with an
added premium in price which will permit Argentine flour to come farther
north in competition with American flour.
5. The free storage time of only 48 hours which is allowed in the domestic
apply to shipments via foreign vessels will add additional
rate and which willtraffic
cannot stand
barges which the
1. The loss of revenue to the American railroads resulting from the
slowing down of the foreign traffic of the United States because of the
uncertainty as to the effect of the enforcement of Section 28.
2. The diversion of traffic from the American railroads to Canadian
railroads and the Canadian ports and to the routes through Canada which
will be available on both export and import traffic handled in foreign
vessels without penalty."
Mr. Powell said as soon as the Inter-State Commerce Commission issued
its order the railroads immediately proceeded to make the necessary revisions in the tariffs and regulations to conformthereto and made no protest
against either the order or the law.
"But shippers and authorized representatives of various ports have
protested vigorously against the immediate enforcement of Section 28."
he continued.'"knowing that confidence is as essential as credit in business
and fearing that the present dissatisfaction of a number of shippers will
slow down the traffic, the railroads urge a postponement of your order
until the dissatisfaction can be allayed and confidence restored.
"I am instructed to emphasize the earnest desire of all the railroads
of the United States to encourage and support American shipping, and this
is based not only upon patriotic hope that the American flag will be prominent in every port of the world, but upon the belief that real success in
developing 'American shipping' will result in a demand for 'American
products,' and will create and maintain a steadier market for American
labor, and this in sequence will result in a greater buying in this country."
Mr. Powell said that some difficulty has been experienced
since the Shipping Board adopted its resolution asking the
Inter-State Commerce Commission to make no further suspension of Section 28, in ascertaining exactly the service
afforded by vessels documented under the laws of the United
States. He said it is one of the duties of the railroads to
post at designated stations schedules of sailings published by
the Inter-State Commerce Commission, but that the Commission's schedule does not contain all sailings and it would
be impossible for the railroads to prepare a supplementary
list, particularly as it is not always clear whether companies
operating American documented vessels devote themselves
exclusively to such vessels. "With this uncertainty in
mind," he said, "we are apprehensive that a premature
enforcement of Section 28 of the Merchant Marine Act will
obstruct and not develop our foreign commerce, particularly
at this time when there is a very evident slackening off of
business as compared with the large volume of 1923." He
further said:
We also feel justified in asking for this postponement for another reason,
namely, the diversion to the Canadian ports and gateways of traffic now
enjoyed in part by the American railroads,and while this diversion to Canada
will not reduce the volume of such export traffic, it will reduce the volume
upon which the American railroads depend for their revenues. I think it
is idle to say that the application of Section 28 will not divert a certain
volume of traffic to Canada and will not encourage the manufacturers in
Canada at the expense of the manufacturers in the United States.
Much as it is against our interest to do so, we are forced to interpret
Section 28 as giving free movement to all traffic to,from or through Canada
and a substantial tonnage which the American railroads are now handling
wholly within the United States will under the application of the law be
diverted to Canadian routes in order that that limitation shall not apply.
No producer, or shipper, or purchaser can be criticized for availing himself of the routes via which there is no uncertainty as to service and rates,
and if the Shipping Board contends that Section 28 applies to traffic through
Canada. while others interpret the law as excluding traffic moving through
Canada, this is another indication of the uncertainty which should be dispelled before Section 28 becomes effective.
We are not protesting against the law intended to develop the American
merchant marine. We may base some doubts as to the method provided,
but we are not here to discuss the wisdom of the Act. Our appearance here
is to ask the suspension of Section 28 until the Shipping Board has convinced
the business men of the United States that the Board has provided service
in accordance with the law from all ports of the United States to the ports
named in their certificate.
Frankly, I do not think the Board has convinced the shipping public of
an immediate adequacy of service, to say nothing of the desirable assurances
of certainty, regularity and permanency contemplated in the Act.
Declaring the interest which the railroads have in this
question is in effect upon their revenues, present and prospective, Mr. Powell said a continuation of any uncertain
condition or restriction of the facilities necessary for the
APR. 26 1924.]
THE CHRONICLE
2003
The 'army of Government civilian employees numbered 544,671 at the begindevelopment of foreign commerce will tend to concentrate ning
of this year, having been reduced 373,089 since the armistice. Statisat the seaboard cities the factories producing goods for ex- tics issued to-day by the Civil Service Commission show, however, that the
Mr.
countries.
number
is still 106,614 more than on June 30 1916, before the United States
material
from
foreign
requiring
raw
port or
the war.
Powell also said that Section 28, if placed into effect, would entered
The Post Office Department employs 294,226 persons, or slightly more
tend to increase the movement of freight for export through than 54% of the total. That figure does not include 36,638 clerks at fourth
shippers
because
class offices, because they are not paid by the Government, nor 19,900 mail
the port of New York as against other ports
would naturally seek ports which afford the greatest cer- messengers.
This army of employees is scattered over the entire world, embracing
tainty and regularity of service. The request of the rail consular and diplomatic representatives. In the nation's capital there are
carriers to suspend the effective date of Section 28 is not, 65,025 Government workers, of whom 26,772 are women and 38,253 men.
42,288.
Mr. Powell said, a request to cancel the law, but to afford Outside Washington women employees number 53,413 and men total
that
belief
the
an opportunity of educating the public to
adequate shipping facilities, certified to by the Shipping 5% Wage Increases Granted to Conductors and Trainmen on Western Railroads.
Board (within the limits named) are now afforded by vessels
documented under the laws of the United States.
Negotiations on wages and working conditions, which
had been under way in Chicago, culminated in the signing
Senator Jones Advocated Postponement of Preferential of agreements on April 8 by representatives of 44 Western
railroads and nearly 50 subsidiaries, providing for a wage
Railroad Rates Under Shipping Act Where
increase of 5%, less certain concessions and compensations
Adequate Tonnage Was Not Available
to the carriers. This increase is about the same as that
May 20.
Stating that delay in the enforcement of Section 28 of the granted by several Eastern roads in recent weeks. As a
Merchant Marine Act at ports where adequate tonnage is result, the annual payrolls of the "C" railroads Will be innot available on May 20 was advocated by Senator Wesley creased about 85,000,000, less compensation accruing from
L. Jones, author of the Act, the New York "Journal of changes in schedules. The Associated Press dispatches
Chicago said:
Commerce" indicated that he had thus expressed himself, in from
All but six roads west of the Mississippi were parties to the agreement.
a letter to George Weiss, editor of the "Marine News," who and were represented by a committee of ten general managers. The
acted as toastmaster on April 16 at the semi-monthly Brotherhood of Railroad Trainmen and the Order of Railway Conductors
were represented by L. E. Shepparcrand W.N. Doak,President and Viceluncheon of the Propeller Club, in the rooms of the Railroad President
of the respective organizations, and the Joint Executive ComClub, at 30 Church St. Senator Jones in his letter also mittee.
Some
80,000
employees are affected, The gross increase is above 5%•
said: "I think I can safety assure you that Section 28 will not
Yardmens' rates are raised 32 cents a day, applicable to average rates of
be repealed by this Congress." His letter as given in the approximately 84 40 for switch
tenders, 35 87 for helpers and 86 34 for
"Journal of Commerce" follows:
foremen, according to data just compiled by the Railroad Labor Board
My personal view is that Section 28 should be put in force if the Shipping
Board is satisfied that we are in a position to furnish reasonably adequate
service to meet the needs of our commerce. I think they should take the
situation at the various important shipping ports into consideration and not
put it in force at those ports where it is not certain that reasonable service
is available or will soon become available under the needs and demands of
commerce.
Sees Trade Stimulated.
I feel that Section 28 is about the only means left for us to give direct aid
and encouragement to our shipping, and yet,from what intimations or suggestions I have, our real shipping interests do not seem to care very much
about it, aside from the Shipping Board. I appreciate the fact that an increase in our import and export trade is deemed a valuable thing for our industries. I also appreciate the fact that it is thought, at any rate, that this
preferential over the railroads increases our import and export trade.
Through these preferential rates we enable our railroads practically to pay
. a subsidy to the shipping lines that transport their freight, which have been
in the past largely foreign. The domestic shipping trade must make up
this differential so as to enable the railroads to make the profits upon their
transportation that they ought to have.
I think if the people of the country are going to have to bear this burden,
it ought to be used not only for expanding our export and import trade, but
for building up our own American carriers of that trade, at least to the extent of a very large per cent of it. Not only will this be a benefit to our national merchant marine, but it will be a further great aid in the develcpment of our import and export trade by reason of the establislunent of American agencies abroad.
I think I can safely assure you that Section 28 will not be repealed by this
Congress. What Congress will do toward postponing its enforcement, I
cannot so confidently say, but I am satisfied that it is not necessary for Congress to act, but that if the Shipping Board deems it wise that its operation
should be further postponed, it can have it done, and the adivce of this disinterested agency I think we can more safely follow than to follow the urgent
requests of those who are directly interested, and who, in many cases, very
likely are connected with foreign business and shipping interests who make
the development and support of their own merchant marine their principal
aim.
from figures of July 1923.
Trainmen and conductors in freight service received an increase of
36 cents a day. According to the figures ef the Board, which are about
to be published, the average rates of freight brakemen and flagmen in
July 1923 were $4 95 on local trains and $4 59 on through trains. The
same source quotes the local rate for freight conductors as $6 37 and
the through rate as $591.
Those in the passenger service received an increase of 30 cents a day.
The figures of the Board give average rates of passenger flagmen and
brakemen as 84 40, those of passenger baggagemen as 81 56 and those of
passenger conductors as $6 40.
While the increase amounts to about 5%, it will be offset or diminished
by certain concessions or compensations to the railroads in the form of
revision of rules eliminating certain overtime and other expenses. What
the actual increase is has not been determined.
The only roads west of the Mississippi River not included in the agreements are the Southern niche's Pacific lines, the Denver & Rio Grande,
the Northwestern Pacific, the Chicago & Alton. Chicago Great Western
and the Minneapolis & St. Louis.
Under the agreement conductors and trainmen in passenger service
will receive an increase cf about 30 cents a day, in freight service, 36 cents
a day, in yard service, including foremen, helpers and switch tenders, 32
cents a day.
The agreements provide a guarantee of $5 to $5 80 a day for passenger
service work, except conductors, who get a guarantee of $7 aday.
A wage increase of 532% to engineers, firemen and hostlers
was announced on April 8 also by officials of the Chesapeake
& Ohio RR. Co. The new scale will be effective as of April 1.
The Chesapeake & Ohio increase followed similar wage adjustments by the New York Central, the Baltimore & Ohio,
and other roads.
- Increase in Wages by Wabash Railroad.
The Wabash Railroad has made a wage agreement with
1,000 clerks which will increase the annual payroll by about
The New York Trust Co. on Enforcement of Preferential
$125,000 and provides for a continuation of the two weeks'
Rail Rates Under Shipping Act.
vacation with pay and Saturday afternoon off.
Discussing proposed enforcement of preferential rail rates
on shipments for export in American vessels, "The Index,"
New York New Haven & Hartford Railroad Raises
issued by the New York Trust Co., says:
Wages—Agreement Gives 5% Increase to Engineers
Protests by representative business interests from many parts of the
country have already made it evident that the Shipping Board's attempz,
and Firemen.
to apply Section 28 of the Merchant Marine Law is considered by many
The New Haven Railroad, on April 14, reached an agreeto be a menace to some branches of the export trade of the United States.
An important objection to this section of the Jones Act is that It may ment with the Grand Lodge officers and committees repreresult in retaliatory action by foreign countries. Several foreign countries, senting the engineers and firemen whereby the road grants a
including Holland and Japan, have already protested officially.
The advocates of Section 28 of the Jones Act claim that it will tend to 5% increase in wages and certain modifications of the workupbuild our merchant marine by giving advantage to shippers in American ing rules, based on the settlement reached on the New York
bottoms, and counteract the preferential treatment accorded by other Central road.
their ships; also, it will insure cargoes for Shipping Board vessels
nations to
and will enable American vessels to be run at a profit instead of a loss.
In the last analysis the interest of the American merchant marine, American railways and American commerce are one. The controversy which
has resulted from the order to enforce Section 28 plainly indicates the difference of opinion between the different arms of American business.
"Undoubtedly efforts will be made," concludes "The Index." "to bring
the different factions into some compromise in a way which will help the
American merchant marine wherever possible without acting as a burden
on American export trade."
Wage Increase Granted by Bessemer & Lake Erie.
A settlement was reached April 12 between the management and engineers and firemen employed by the Bessemer
& Lake Erie Railroad whereby the men will receive wage
increases similar to those granted by the New York Central.
Spring Meeting of Governors of Investment Bankers
Government's Civilian Staff Numbers 544,671—Greater
Association of America.
Than Pre-War Figures.
Upwards of 150 of the leading investment bankers of the
An Associated Press dispatch from Washington, March country, making up the Board of Governors of the Invest12, said:
ment Bankers Association of America, together with ex-
2004
[Vol.,. 118.
THE CHRONICLE
Governors and committee members, are planning to attend
the annual spring meeting of the Board, which convenes at
the Greenbrier Hotel, White Sulphur Springs, West Virginia,
next week, May 1, 2 and 3. The Eastern delegation, consisting of bankers from New York, Boston, Philadelphia,
Baltimore, Pittsburgh and Washington, will travel on special
cars attached to the regular White Sulphur Springs train,
leaving Pennsylvania Station, New York City, on April 30
at 5:45 p. m. Eastern standard time (6:45 p. m. daylight
saving time). A similar train section will leave Chicago
simultaneously, carrying the Western banking delegation to
•the meeting. The Eastern delegation is scheduled to arrive
at White Sulphur Springs the morning of May 1. During
the three-day session the Board of Governors will discuss
matters of vital interest to the investment world and will
consider much of an important character having to do with
the future policy of the association, which represents more
Than 600 of the largest investment banking houses in the
United States. Matters pertaining to working out the preliminary program of the annual convention of the association,
to be held in Cleveland, Ohio, in the fall, will also receive
the attention of the meeting.
Daylight Saving in New York and Chicago.
Daylight saving time will be observed in New York City
beginning at 2 a. m. to-morrow (Sunday) morning, April 27.
The announcement of the New York Federal Reserve Bank
in the matter was made in our issue of a week ago, page 1847.
In Chicago also the clocks will be advanced, Governor
McDougal of the Federal Reserve Bank of Chicago indicating this in the following announcement April 23:
ing its main office there, and the large space available made
it feasible. Furthermore, the new location is central with
relation to the other offices of the bank, and is favorably
placed in respect to the main arteries of travel, making it
extremely convenient not only to its other offices, but also
to its customers. The Pacific Bank is one of the old institutions of the city, established in 1850 during the gold rush
to the Pacific coast. It has taken an active part in the development of the uptown commercial field, and numbers
among its directorate some of the most substantial and best
known merchants of the city. The date of opening the new
office will be announced later.
--4--
The Guaranty Trust Co. of New York announces the following changes in its official staff: the transfer of George
L. Burr, Vice-President at its main office, to the Fifth Avenue office, where he will succeed Oscar Cooper as Vice-President in charge of the company's uptown offkes, Mr. Cooper
having resigned this position to accept a partnership in the
banking and brokerage house of Shearson Hammill & Co.;
the election of Charles A. Holder, recently President of the
Asia Banking Corporation, as a Vice-President in its Foreign Department. Mr. Holder has had a wide experience in
American-foreign banking activities and during the war
served as Foreign Trade Adviser of the State Department.
The Guaranty Trust Co. also announces the appointment
of William Van Wert, formerly Chief Clerk, as an Assistant
Vice-President. and John Kalmbacher as an Assistant Treasurer.
The death of Samuel G. Bayne, one of the organizers and
The Daylight Savings Ordinance in Chicago will again become effective
on April 27, and in compliance therewith Chicago banks will advance their for over 30 years President of the Seaboard National Bank
of this city, removes one of the leading bankers of the city.
docks one hour for the period April 27 to Sept. 28 1924.
There will be no change in banking hours, which are from 9 a. m. to 2 Mr. Bayne's death occurred on Sunday last (April
20) at
p. m. daily, except Saturday, when they are from 9 a. m. to 12 m.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
The New York Stock Exchange membership of Leopold
Zimmermann was reported posted for transfer this week to
Frank J. Foley, the consideration being stated as $82,000.
This is the same as the last preceding transaction.
Before sailing for Europe on the French Line Steamer
Paris on April 23, Elmer H. Youngman, Editor of the
"Bankers Magazine" expressed himself as greatly pleased
with the improved outlook in Europe. He believes that the
report of the Dawes committee offers a practicable and
acceptable basis for an adjustment of the long-standing
reparations tangle, and thatthe general situation in Europe
appears more promising than at any time since the armistice.
He was profoundly impressed by the interest in European
affairs displayed in the recent address of President Coolidge
in New York, particularly by the intimation it contained
for calling a conference for the codification of international
law—something which Mr. Youngman has long advocated.
This is Mr. Youngman's third annual visit to Europe. He
has just completed his thirty-first year as Editor of the
"Bankers Magazine."
his home in this city. At the time of his death he was 79
years of age. Besides his banking activities, Mr. Bayne
was also the author of several books, including "The Pith of
Astronomy," "On an Irish Jaunting Car Through Donegal
and Connemara," "Fantasy of Mediterranean Travel," and
"Quicksteps Through Scandinavia." Mr. Bayne was born in
Ulster, Ireland, and was educated in Belfast. For a time
he was a linen manufacturer in his native city, but in 1869
came to the United States, locating in the oil regions of Pennsylvania and becoming active in the oil business. In 1874
he took a trip around the world, returning a year or so later
to Bradford, Pa., where he organized the First National
Bank and became its President. Later he organized national
banks in Texas, Kansas, Mississippi, Minnesota, Ohio, New
York and Pennsylvania. With several prominent oil men,
including T. Wistar Brown, Charles Wheeler, of Philadelphia, Daniel O'Day of Buffalo, and Joseph Seep of Oil City,
Mr. Bayne in 1883 organized the Seaboard National Bank
with a capital of $500,000. The bank was located at 18
Broadway for 38 years, next door to the Petroleum Exchange. The bank had been designed to facilitate trade on
the Exchange, to advance money on warehouse receipts and
pipe line certificates. Eventually it took over the quarters
occupied by the Petroleum Exchange. The bank's first
President was W. A. Pullman, a wealthy oil man of Bradford. Mr. Bayne was at first Vice-President but succeeded
to the presidency upon the death of Mr. Pullman in 1891,
and held that position until early in 1922, when a merger of
the Seaboard National and Mercantile Trust Co. was effected, Mr. Bayne at that time becoming Chairman of the
Board, which post he occupied at the time of his death.
• New York Chapter, American Institute of Banking, announces that Chellis A. Austin, President, Seaboard National Bank; Walter E. Frew, President, Corn Exchange
Bank, and Harry A. E. Chandler, Economist, National Bank
of Comtherce, have agreed to act as judges in connection
with the Chapter's annual Cannon prize contest. The contest this year calls for essays on "Under Which Control is
it More Advantageous to Conduct Commercial Banking in
The second of the booklets gotten out by the Bank of the
New York State—Federal or State," and many requests
have already been received for copies of the winning essay. Manhattan Company of this city on subjects of importance
Chapter members are reminded that all manuscripts must and interest to everyone desirous of keeping himself inbe received by the Chapter's Secretary on or before May 15. formed on every-day topics, has recently been published under the head "The American Ways." It deals with the subThe Pacific Bank of New York has leased for a term of ject of American
Railway Transportation and represents an
63 years the banking floor in the Pershing Square Building, effort by the bank
to contribute to a wider public underdirectly opposite the main entrance to the Grand Central standing of the
fundamental economic principles involved
Station. This is said to be one of the largest banking floors In what is
popularly characterized as the "Railroad Probin the city and will make the sixth banking office of the lem." The first
volume was issued under the caption "The
Pacific Bank, all located in the mid-town commercial dis- Greatest Family
in the World," and undertook "to give a
trict of the city. The five other offices will continue to demonstration
of sound economic principles in action as
function as heretofore, but the main office departments, in shown in the
development of the institution of life insurwhich the routine work of all offices is centralized, will be ance." From the volume on "The American
Ways" we
moved to the new location, and thus the Pacific Bank will quote the following:
be the first institution to establish its main office in this
Volume II deals with another subject of vital importance to every citizen
p pular section of the city. In an interview, 0. H. Cheney, —one which few people understand, yet which may easily be understood by
all. It seeks to present a clear view of the broad outlines of a great public
President of the bank, stated that in his judgment the im- problem so that the reader may understand each phase that
comes up for
portance of the new location warranted the bank establish- discussion and thus be able to reach for himself a sound cimclusion.
APR. 26 1924.]
THE CHRONICLE
2005
31. J. Murphy, for eight years director of the Federal Reserve Bank of Philadelphia, and at present Chairman of
the executive committee of the New York and Pennsylvania
Joint Stock Land Bank at 61 Broad Street, has been appointed Vice-President and Cashier of the Federation Bank
New York, a labor institution. The appointment was anof
The preface of the booklet further says:
the
and nounced on April 20 by Peter J. Brady, President of
An American bank which is older than the earliest steam railroad
rail- Federation Bank.
which, for more than a century, has observed every development of
demand for
These little volumes are issued in response to a widespread
capable
fundamental economic information in a non-technical brm that is
form of
of being easily understood. To disseminate such information is a
banks,
American
of
public service that lies peculiarly within the province
that they are
for it is through the accumulation of economic knowledge
their
enabled to render intelligent and helpful service to their customers,
community and the country as a whole.
with
road transportation and national progress, feels that it is able to speak
some authority on the subject discussed in "The American Ways." Two of
its founders made important contributions to the early history of steam
transportation. One of these—Robert R. Livingston, who was one of the
framers and signers of the Declaration of Independence, provided the funds
which enabled Robert Fulton to develop his invention of the first steamboat.
Another founder, John Stevens, publicly urged the building of "railways"
in 1812, years before steam locomotives were known.
Volume II, illustrated and of pocket size, consists of 83
pages; there are eleven chapters, as follows: I—America
in Action; II—The Wheel and Civilization; III—What
America Was Waiting For; IV—A "Golden Age" of Progress; V—The Age of Selfishness; VI—Choosing a Scapegoat; VII—Returning to the "American Way"; VIII—A
New Approach to an Old Problem; IX—A simple Problem;
X—Who Are the Owners; XI—What of the Future?
The Equitable Trust Co. of New York reached on April 19
Its 53d birthday. Chartered in 1871 by special Act of the
New York State Legislature, it began business with an authorized capital of $50,000, of which $16,000 was paid in on
May 27 of the same year in which the company was organized. At the time it was established the institutions was
known as the Traders Deposit Co. It was not until 1902 that
the name was changed to the Equitable Trust Co. of New
York and its activities extended to every banking and trust
function. On April 2 1902 the paid-in capital stock was increased to $1,000,000. At this time the officers and employees numbered but twenty-three, every department of the
bank being housed on the main banking floor. During the
year 1903 the capital of the company was increased to
$3,000,000. Its surplus in that year was $8,500,000; its undivided profits $540,000 and its dividend rate 9% per annum.
In 1909 the Equitable, in accordance with the spirit of the
progressive institutions of that period, conducted a series of
important mergers, resulting in a tremendous growth and
the centring in this company of wide and diversified connections. During 1917 the capitalization was increased to
$6,000,000; the company's surplus at that time was $10,500,000; undivided profits were $1,843,000 and the annual dividend rate 21.45% per annum. In 1919 the capitalization
was again increased, this time to $12,000,000; the total surplus being $14,500,000. The capital was again increased to
$20,000,000 Dec. 20 1922 and on May 29 1923 was changed to
the present capitalization of $23,000,000. The company paid
annual dividends of 25% in 1918, 1919, 1920 and 1921; 20%
was paid in 1922 and 12% in 1923. In the March issue of
the "Equitable Envoy," the company, calling to mind its 53d
birthday, said in part:
Walter S. Bucklin, President of the National Shawmut
Bank of Boston, was on April 13 elected a member of the
Clearing House committee of the Boston Clearing House
Association. Mr. Bucklin succeeds Alfred L. Aiken, who retired as director and Chairman of the Board of the National Shawmut Bank, as indicated in our issue of April 12,
page 1742. Alfred Ripley, President of the Merchants National Bank, has been re-elected President of the association, and Frank H. Wright, Cashier of the Second National
Bank, has been re-elected Secretary. Besides Mr. Bucklin,
the members of the committee are Philip Stockton, President of the Old Colony Trust Co.; Daniel G. Wing, President
of the First National Bank; Herbert K. Hallett, Chairman
of the Board of the Commonwealth-Atlantic National Bank;
Charles E. Rogerson, President of the Boston Safe Deposit
& Trust Co., and Thomas P. Beal, President of the Second
National Bank.
Bradford Rhodes, well known as a banker and publisher,
died of pneumonia at his home in Mamaroneck on April 15.
Mr. Rhodes was 80 years of age. He was perhaps best known
as the publisher of the "Rhodes Banking Journal," which in
1877 had succeeded the "Safeguard," a publication started
by him in 1873; in 1895 the "Rhodes Banking Journal" was
merged with the "Bankers' Magazine." Mr. Rhodes sold his
interest in the publication in 1903. Mr. Rhodes was the
founder and first President of the First National Bank of
Mamaroneck, and the founder, trustee and for some years
President of the Union Savings Bank of Westchester. At
the time of his death he was Chairman of the Board of the
First National Bank of Mamaroneck. Mr. Rhodes was a
member of the State Assembly from 1888 to 1891 and was
Chairman of the Banking Committee which brought about
the enactment of anti-bucketshop legislation and the Savings
Bank Investment law.
Cablegrams from London on April 11 to the New York
daily papers stated that John Wesley De Kay had been arrested on April 10 on an indictment returned in Providence,
R. I., in 1913 (and growing out of the failure of the - tlantic
National Bank of Providence), upon his arrival at Southampton from Hamburg. The specific charge against Mr.
De Kay was "participation in the crime of fraud by a banker
or an officer of a company" in the United States. Mr. De
Kay, together with his brother, Henry E. De Kay, was indicted in Providence in 1913 for alleged aiding and abetting
Let us in retrospect pick up for a moment a tattered copy of a quaint
P. Metcalf,former President of the defunct Atlantic
Edward
old pamphlet which Moses Yale Beach issued 70 years ago.
National Bank of Providence, in the alleged misapplication
It was entitled "Wealthy Men of New York."
Mr. Beach's measure of wealth was the possession of $100,000; and of of more than $200,000 of the bank's funds. Metcalf and
the 1,000 New Yorkers whom he listed as "wealthy" about 900 possessed
Henry De Kay, it is stated, were brought to trial and found
not more than this amount.
There were 19 New Yorkers credited with $1,000,000 or more.
"guilty."
William B. Astor stood at the top, with $6,000,000 to his credit; Stephen
B. Whitney with $6,000,000 was second; James Lenox, third, with $3,000,000.
P. T. Barnum ranged high with $800,000 profits of his Museum; and
Peter Cooper, whose name is made memorable by the institution he founded,
had accumulated a million in the manufacture of isinglass and glue.
An interesting old record I There are three reasons that make it worth
recalling to-day.
1. We need to remind ourselves often how magnificently the prosperity
of the United States has grown. The increase in the fortunes of the wealthy
is only an indication of what has happened to all Americans. Wages are
higher, homes more comfortable, opportunities vastly greater than they have
ever been in any country in the world.
And there is every reason to believe that the record of the past will be
magnified in the years to come.
2. Many of the names on Mr. Beach's list are not found on the lists of
wealthy New Yorkers to-day. Wealth does not take care of itself; it can be
lost far faster than it can be gained. To make money and to make money
work require quite different gifts. In both capacities a sound progressive
trust company can render a valuable service.
3. Some names on Mr. Beach's list are found on the present day lists of
successful New Yorkers; some are found upon the records of the Equitable
Trust Co. These are names of men whose descendants invested wisely, but
always with a profound faith in the future of America, a conviction that any
soundly managed American enterprise must prosper, because the country
must grow.
Harry E. Pickenbach, former Assistant Secretary of the
Hoboken Bank for Savings, has become Secretary of the
institution. The new position which Mr. Pickenbach assumes was formerly held by his father, John G. Pickenbach.
The latter became Secretary in 1874 and served in the post
until his death in 1907. The office recently became vacant
with the death of Albert H. Sturken. Peter G. Verdicchio
has been elected Assistant Secretary, assuming the position
formerly held by Mr. Pickenbach.
At the annual meeting of the stockholders of the Pennsylvania Trust Co. of Pittsburgh, held April 17, the following
directors were re-elected: Taylor Allderdice, F. C. Beinhauer, Andrew B. Berger, Charles M. Brown, James J.
Campbell, James H. Duff, Frederic G. Kay, J. P. Kerr,
James B. Laughlin, Benjamin Page, E. W. Pargny, F. A.
Piekarski, J. H. Ricketson Jr., Jesse H. Sanford, W. S.
Thomas, Donald Thompson, H. B. Wheeler and C. A.
Waldschmidt.
The Bank of America, this city, held its first annual dinner
at thelHotel Commodore last night. Edward C. Delafield,
On April 10 the remodeled building of the Fort McIntosh
President of the bank, addressed over 350 members of the National Bank of. Beaver, Pa., was fomally opened. Extenstaff on the benefits to be obtained through co-operation on sive alterations which have been in progress for some time
the part of each individual.
have transformed the old building, occupied by the institu-
2006
THE CHRONTCLE
tion since its inception in 1906, into an up-to-date banking
home. Several Federal Reserve officials and bank executives from Cleveland and Pittsburgh were among those who
attended the opening ceremonies, which began at 6 o'clock
with an inspection of the building. Later a dinner was tendered the guests by the bank in the dining room of the First
Presbyterian Church, at which Judge J. Sharp Wilson, the
bank's President and one of its organizers, was toastmaster.
Speeches were made by J. B. Anderson, Assistant Manager
of the Federal Reserve Bank of the Fourth Federal Reserve
District, and others. During the evening a musical program was rendered. The officers of the Fort McIntosh National Bank in addition to President Wilson are James T.
Anderson, Vice-President; R. Patterson, Cashier, and M. C.
Marshall, Assistant Cashier. The bank's capital is $50,000
and its deposits and total resources as of March 31 last
$542,200 and $664,848, respectively.
The Union Trust Co. of Baltimore plans to increase its
capital stock from $550,000 to $750,000; a recommendation
to this effect has been made by the directors and a special
meeting of the stockholders will be held April 28 to vote on
the recommendation. The present shareholders will have
the privilege of subscribing to the new stock (par $50) at
$110 a share in the proportion of one-quarter of a share for
every share now held. In his letter to the stockholders relative to the proposed capital increase, John M. Dennis, President of the Union Trust, says:
Within the last 60 days, as you have probably read in the papers, we
have purchased 85% of the stock of the American Exchange & Savings
Bank, located at Pennsylvania and North Avenues. This corner is generally considered to be the best location on North Avenue west of Charles
Street, and we regard it as an ideal one for a branch in that section of the
city, feeling sure that at that point a bank has considerable potentialities
for growth. It is our purpose to take over that bank shortly and make it a
full-fledged branch of this institution. This purchase will add not less
than $1,200,000 to our present growing line of deposits. In view of our
continuing growth, it seems desirable to increase our capital stock so that it
may keep pace with the volume of our business, and your directors have
therefore recommended that the capital stock be raised from $550,000 to
$750,000, as stated in the notice.
[voL. 118.
John M. Moore, up to April 14 President of the Fidelity
National Bank & Trust Co. of Kansas City, Mo., died on
April 17. Mr. Moore was taken ill at the bank on April 11,
shortly after he had been asked to explain a discrepancy of
$600,000 in his accounts. Death was due to chronic diabetes.
Mr. Moore was born in Shelbyville, Ky., in 1859. He went
to Kansas City in 1903 as Vice-President and Cashier of the
Southwest National Bank of that place, which in 1912 was
merged with the Southwest National Bank of Commerce.
Subsequently he left the Southwest National Bank of Commerce and organized the National City Bank of Kansas City,
of which 11)2 became President. This latter bank was later
merged with the Fidelity Trust Co. of Kansas City to form
the Fidelity National Bank & Trust Co. and Mr. Moore became President of the new institution, the position he held
until recently. On April 8, a week after the shortage of
$600,000 had been discovered by Federal Reserve Bank examiners, but before it had been traced to Mr. Moore, he was
re-elected President of the Kansas City Clearing House Association. On April 14 the directors of the Fidelity National
Bank & Trust Co. held a meeting at which Mr. Moore was
deposed as President and Lester W. Hall, heretofore VicePresident of the institution, was elected as his successor.
At the close of the meeting a statement signed by the entire
board was issued. This statement as contained in an Associated Press dispatch from Kansas City on April 14, which
appeared in the St. Louis "Globe-Democrat" of the following
day, read:
John M. Moore, until to-day the President of the Fidelity National Bank
& Trust Co., is short in his accounts with this bank.
The bank is in possession of good securities which belonged to Mr. Moore,
the present value of which is in excess of $250,000. In addition to this,
he is bonded to the bank in the sum of $100,000. This reduces the loss to
the bank to $250,000, which has been charged out of the surplus and undivided profits of the bank. The capital of this bank is $2,000,000, and the
surplus and undivided profits are over $1,000,000.
This bank is absolutely sound. It has just had its regular semi-annual
examination by the national bank examiners and by the representatives of
the Kansas City Clearing House Association. They can and will confirm
our statement this bank, notwithstanding the shortage, is in excellent condition.
Mr. Moore has this day been removed from the presidency of the bank
and Lester W. Hall has been elected to that position. Henry C. Flower remains as Chairman of the Board and head of the bank.
In nine years, President Dennis points out, the deposits
of the Union Trust Co. have grown from $922,815 on Jan. 1
1915 to $12,693,464 on Jan. 1 1924. Payment for the new
The Kansas City "Star," in its issue of April 16 thus destock is called for by May 29. The excess over par, viz.
scribed the methods employed by Mr. Moore in obtaining the
$240,000, is to be carried to the surplus.
money:
Tile Cincinnati Clearing House Association held its annual
The trail of John 31. Moore through the books and records of the Fidelity
meeting on April 1, re-electing the following officers to serve National Bank & Trust Co. has not been difficult to follow. But scant
for the ensuing year: Robert McEvilley, Vice-President clew has been given as to what led the defaulting President to need $600,000 so badly.
First National Bank, President; Charles Bosworth, PresiMr. Moore's course not only was a fraud and theft against his bank, but'
dent Second National Bank, Vice-President. The following it was a breach of the trust placed in him by a wealthy friend and customer.
This customer did not suffer finally, but it was the confidential relationship
Committee of Arrangements was elected: George W. Wil- between
this customer and the former bank President that alone made the
liams, Vice-President Fourth & Central Trust; C. W. Dupuis, manipulation possible.
When John N. Moore left the Southwest National Bank of Commerce seven
President Citizens National Bank & Trust Co.; Charles
ago to head a bank of his own organizing, one of his biggest assets
Ziegler, Vice-President, Atlas National Bank; Charles years
was the confidence and kindly regard of B. 13. Jones, multi-millionaire
Deppe, Vice-President Union Trust Co.; G. M. Mosier, Presi- Oklahoma oil operator. The Jones Brothers' account Mr. Moore took with
dent Brighton Bank & Trust Co. Dennison Duble was re- him to the new National City Bank.
The bank deposits of Jones Brothers in various cities total many millions
elected Manager.
of dollars. Just before Mr. Moore went into his own bank the Jones
Miss Frieda Mueller has been appointed a member of the
Milwaukee Public Debt Commission by Mayor Hoan. She
succeeds W. H. Upmeyer, Chairman of the Commission and
a member of that body for the last 18 years. Miss Mueller,
who has been connected with the First Wisconsin Co. of
Milwaukee, is believed to be the first woman in the country
to be appointed to such an office. As a member of the Commission her name will be on all bonds issued by Milwaukee.
The appointment is for three years. The Debt Commission
also is in charge of the city's amortization fund, which now
exceeds $600,000. Others on the committee are I. D. Adler
and William Gearhard.
brothers had received $9,000,000 in a single sale of oil properties to the Standard Oil Co. On another occasion a Kansas City bank had bought $3,000,000
in Liberty bonds on their order.
It was a large, rather dormant account, a valuable banking asset. In
the merger between the National City Bank and the Fidelity Trust Co., five
years ago, the account went to the merged bank. Mr. Moore, who had been
given the title of President of the merged bank, was the medium of contact between the Jones brothers and the bank, their trusted and confidential
agent here. It occasioned no comment when he bought securities at their
order and drew against the account in payment.
But finally there came a time when Mr. Moore, pre,-sed for money, began
to tamper with the account, began to abuse the trust under which the other
officials knew he occasionally acted. This beginning of Mr. Moore's
fraudulent acts Is placed at three years ago.
Two Kansas City banks with which Mr. Moore had personal borrowing
relations met difficulties that eliminated them from the banking field.
With the merger, officers of the National City Bank had been told they
should conform with a Fidelity practice that forbade officers from borrow.
ing from the bank. John NI Moore had countenanced large loans carried in
the names of relative:. Ile was pressed for payment.
All this does not account for Mr. Moore's financial plight. It merely
reveals a phase of it. But in his need for money he reached into the
Jones
account, drawing against it for fictitious purchases. To all
appearances the
President of the institution was carrying out instructions from his
customers, whose confidence he enjoyed.
But there came a moment when actual and spurious withdrawals
exhausted the account which the Joneses carried in this particular almost
bank.
Where they should have had a balance of $630,000 at the
Fidelity, Mr.
Moore's fraud had reduced the account to $30,000.
This, of course, never carried possibility of loss to the Jones
account. The
less was the bank's, whenever revealed.
When the Jones interests unexpectedly drew on their account
here for
$600,000—with only $30,000 showing on the bank's
record—Mr. Moore's
position reached a crisis.
He had to make immediate restitution to the plundered
acconunhti.s I
ploc
e kdeitd
it by drawing a draft for $600,000 on a Los Angeles bank,
credited the
$600,000 to the account as a deposit—and tucked the
draft Iii
where it remained. On the Fidelity books the account
again
A new trust company was recently organized in St. Louis
under the title of the Union-Easton Trust Co., with a capital
of $200,000. The new institution will serve the large and
fast growing commercial and residential section of Northwestern St. Louis. A two-story bank and office building is
now, it is understood, in course of construction for the new
bank at 5325 Easton Avenue. It will be of classic design
and built of Bedford limestone. The new bank will conduct
commercial, savings, safe deposit, real estate, investment
and trust departments and will be a member of the Federal
Reserve System. Arthur F. C. Blase, President of the Provident Loan & Investment Institution of St. Louis and one of
the organizers of the Union-Easton Trust Co., will head the
institution as President.
right.
--•—
looked all
APR. 261924.]
2007
THE CHRONICLE
This expedient only gained Mr. Moore brief respite. In a matter of days
there had to be an accounting on the draft. The Jones account now was
restored, but in restoring it Mr. Moore had left his own bank with only a
makeshift entry of a draft that never had been mailed.
Desperate now, probably striving to raise funds by legitimate loans or
other methods, Mr. Moore gained a few more days by returning the Los
Angeles draft and by issuing In lieu for it two drafts for $300,000 each on
the Guaranty Trust Co. of New York. Neither, of course, ever left Mr.
Moore's pockets.
Then came inevitable discovery. The house of cards toppled over. An
exchange of messages with New York and Los Angeles revealed the true
situation to auditors.
general list. The tone of the market improved on Wednesday, although the recoveries were as a rule confined to the
speculative industrial issues. Pere Marquette corn. crossed
to 45. On Thursday the market made a substantial recovery
from its previous low level. The publication of the Southern
Pacific's March earnings statement had a depressing effect
on the railroad issues. Pere Marquette corn. made a new
high for the year at 463. General Electric was also prominent in the day's activities, advancing nearly 3 points to
%, but later declining to 2103. Industrial issues were
2135
again in the foreground on Friday, the chief movements
centring in General Electric, American Can and Studebaker.
As the day advanced the upward movement extended to
other issues and by midday the sharpest recovery for some
weeks was under way. In the price rebound United States
Steel common touched 100%. American Woolen advanced
2 points to 663, Baldwin Locomotive recorded an advance of
%,and Studebaker scored a gain of 1M points
3 points to 1125
to 853(. Norfolk & Western receded to 1213'. Oil issues improved, the chief feature of the group being the advance of
%. The final tone was strong.
Pacific Oil 2% points to 505
The respective directors of the Union & Planters Bank &
Trust Co. of Memphis and the Guaranty Bank & Trust Co.
of that city, at meetings held on April 19 decided to merge
the institutions, subject to ratification by the stockholders
of the two banks at meetings to be held on April 28. The
consolidated institution, which will continue the title of the
Union & Planters Bank St Trust Co., will be one of the
largest banks in the State of Tennessee, with a combined
capital and surplus of $4,250,000, deposits of more than
$37,000,000 and total resources in excess of $41,000,000. The
share basis on which the consolidation will be arranged will
be 1% shares of Union & Planters Bank & Trust Co. for each
share of Guaranty Bank & Trust Co. stock. The new bank
ENGLISH FINANCIAL MARKETS-PER CABLE.
will be headed by Frank Hayden, now President of the GuarThe
daily closing quotations for securities, &c., at London,
anty Bank & Trust Co., Frank F. Hill, the present President
the past week:
of the Union & Planters Bank & Trust Co., retiring from the as reported by cable, have been as followsApr.23.
Apr.24. Apr.25
London,
Apr.19. Apr.21. Apr.22.
The
and
of
field.
President
as
resignation
Hill
Mr.
banking
Wed. Thurs. Fri.
Week Ending Ayr. 25.
Mon. Tues.
Sat.
3334
33
33X
d. 335-16
33X
a director of the Union & Planters Bank & Trust Co. was ac- Silver, per oz
per fine ounce
94s. 2d. 936.10d. 94s. Id. 948. 3d.
948.11d
cepted with the deepest regret. Mr. Hill has been President Gold,
X
......
58
5634
5634
5674
Consols,24 per cents
of the institution for the past nine years and under his 1ead- British. 5 per cents
10254
HOLI- 10234
10234
10234
9934
DAY. 9934
9934
9951
ership the resources of the bank increased from $7,313,000 British,4X per cents_______
54.15
54
54.65
54.80
Rentes (In Paris), fr_ _ r __
to more than $36,000,000. He will devote himself to nis French
_
70.90
71.10
71.15
71
Franc))War Loan(InParis),fr.
large private interests. In addition to Mr. Hayden, other
The price of silver in New York on the same days has been:
officers chosen for the enlarged bank-all of whom will be Silver in N. Y., per oz.(cts.):
6474
6436
6454
6434
6454
645i,
Vice-Presidents-are: Gilmer Winston, L. C. Humes, C. W. Foreign
Thompson and John D. McDowell. The junior officers of
COURSE OF BANK CLEARINGS.
both Institutions will be retained.
Bank clearings the present week record a moderate inA condensed statement of the Union Bank of Switzerland crease as compared with a year ago. Preliminary figures
(Zurich) as of Dec. 31 1923 has just been received. It compiled by us, based upon telegraphic advices from the
shows total assets of 541,095,287 francs, as against 600,233,- chief cities of the country, indicate that for the week ending
698 on the same date the previous year. The principal to-day (Saturday, April 26), aggregate bank clearings for
items going to make up the 1923 resources are: Debtors, all the cities of the United States from which it is possible
277,862,804 francs; banks and bankers, 119,640,569 francs; to obtain weekly returns will register an increase of 5.9%
bills of exchange, 85,773,971 francs, and cash in hand, 18,- over the corresponding week last year. The total stands at
902,717 francs. The debit side of the statement shows time $8,153,203,664, against $7,698,667,584 for the same week
deposits and current accounts of 339,513,440; capital (fully in 1923. At this centre there is a gain of 9.1%. Our
paid), 70,000,000 and reserves, 16,000,000. A new branch comparative summary for the week is as follows:
was opened in Berne during the year, making 42 branches
Per
Cleartngs-Returns by Telegraph.
and agencies in all located in the most important commerCent.
1923.
1924.
Week ending April 26.
cial and industrial centres of Switzerland.
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
83,711,000.000
516,744,811
441,000,000
338,000.000
98,184,444
a
129.700,000
151,249.769
117,469.000
139,245,364
88,611,904
78,593.668
46,441,932
$3,402,450,043
531,188.951
383,000,000
328,000,000
116,872,012
a
134,100,000
148,592,193
102.237.000
124.932,644
87,580,135
74,078,276
49,211,016
+9.1
-2.7
+15.1
+2.4
-16.0
a
Total 12 cities, 5 days
Other cities, 5 days
35,854,240.892
940,095,495
35,482,242.270
933.314.050
+6.8
+0.7
Total all cities, 5 days
All cities, 1 day
$6,794,336,387
1,358,867.277
$6,415,556,320
1,283,111.264
+5.9
+5.9
eo leg nn, anA
e, env AA, K21
J.A 0
New York
Chicago
Philadelphia
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Except for a bad setback on Monday and Tuesday during
which many new low records for the year were established,
the stock market has shown moderate recuperative tendencies the present week. An important feature of the week
has been a further advance in exchange on European centres.
In the brief period of trading on Saturday an exceptionally
sharp decline was recorded in Chicago Yellow Cab Co.,
which receded 9 points to 503/
2. Congoleum was also in
supply and yielded 3 points to 503/
3. United States Cast
Iron Pipe & Foundry, on the other hand, was higher. The
speculative industrial issues bore the brunt of the sharp
decline that developed in the market on Monday. In the
opening hour Congoleum declined from 49 to 35, a not loss of
nearly 18 points from Saturday. This had a depressing
effect on the general list and many standard issues registered
losses of from 1 to 5 points. American Woolen made a new
low for the year at 64%. United States Steel common de3
United States Cast Iron Pipe
clined nearly 3 points to 95%.
& Foundry was a conspicuous feature in the industrial group
4, but later
and scored an advance of over 2 points to 793
reacted downward 4 points. Railroad shares were strong
in the late trading, Chesapeake & Ohio leading with an advance of three points to 75 and Pere Marquette going forward
2 points to 44. Price movements were again irregular on
Tuesday. Losses of two or three points were numerous,
particularly in the active speculative issues. Studebaker
declined 2% points to 81%, American Woolen receded over
2 points more and American Sugar preferred yielded over a
point, to 84%; Baldwin Locomotive declined two points to
108, registering a new low for the year. Railroad issues were
strong throughout the session but this had little effect on the
Boston
-3.3
+1.8
+14.9
+11.5
+1.2
+6.1
-5.6
a Will not report clearings.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In tho elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended April 19. For
that week there is a decrease of 0.9%, the 1924 aggregate
of the clearings being $7,963,424,279 and the 1923 aggregate
$8,033,037,153. But this year the week included Good
Friday, which is observed as a partial holiday in many
places. Outside of New York City, there was a falling off
of 3.0%. At this centre the bank exchanges made a gain of
1.0%. We group the cities now according to the Federal
Reserve districts in which they are located and from this it
appears that in the Boston Reserve District there was a
loss of 1.2%, in the Philadelphia Reserve District of 11.0%,
and in the Cleveland Reserve District of 5.2%. In the
New York Reserve District (including this city) there was
an improvement of 1.0% and in the Chicago Reserve District of 0.2%. For the Richmond Reserve Districtithere
is a loss of 0.4%, for the Atlanta Reserve District of 2.1%
and for the St. Louis Reserve District of 1.7%. The Minneapolis Reserve District suffered a contraction 04110.2%
and the Kansas City Reserve District of 12.0%. The
Dallas Reserve District enjoys a gain of 16.4%landlthe San
Francisco Reserve District of 7.1%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ending April 19 1924.
1924.
Inc.°,
Dec.
1923.
$
$
Federal Reserve Districts.
(1st) Boston
11 cities 421,626,440 450,654,588
(2nd) New York
10 " 4,470,282,045 4,424,731,688
472,078,741 530,635,113
(3rd) Philadelphla___ -10 "
g ..
380,044,030 400,706,668
(4th) Cleveland
6 ..
175,206,933 175,919,327
(5th) Richmond
11 "
185,495,532 189,506,718
(6th) Atlanta
907,973,996 906,542,958
20 "
(7th) Chicago
7 "
73,491,161 74,737,829
(80) St. Louis
(9th) mini:mamma_ _
y 109,923,723 122,446,7:9
224,380,505 255,040,809
11 "
(10th) Kansas CIty
s 62,248,953 53,498,272
(11th) Dallas
480,672,220 448,616,443
(12th) San Francisco-- _16 "
1922.
1921.
$
%
$
-6.4 342,668,456 295,816,633
+1.0 4,948,367,121 3,377,128,354
-11.0 491,252,680 408,415,385
-5.2 294,527,209 325,306,133
-0.4 149,538,598 140,654,916
-2.1 146,113,593 139,909,917
+0.2 735,973,354 654,915,933
-1.7 58,2E3,912 50,377,917
-10.2 104,063,608 107,025,488
-12.0 217,585,722 233,005,575
+16.4 46,445,807 45,282,351
+7.1 365,170,994 325,584,535
122 cities 7,963,424,279 8,033,037,153 -0.9 7,899,991,055 6,103,423,137
Grand total
3,575,709,294 3,687,201,042 -3.0 3,013,291,797 2,783,649,535
Outside New York City
flAnsillt
90 pith. %IR 90R 414 11F 1410 R7R -a q ogg goo 200 lee Ken 1 III
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week ending April 19.
Clearings at
1924.
First Federal
Maine-Bangor__
Portland
Mass.-Boston _ _
Fall River _ _ _
Holyoke
Lowell
Lynn
New Bedford_ _
Springfield_ _
Worcester
Conn.-Hartford
New Haven_ _ _
R.I.-Providence
Total(11 cities)
1923.
Inc. or
Dec.
1922.
$
Reserve Dist net-Boston
605,147 +6.2
e642.813
639.940
2,294 478
*2,500,000 -8.2
375,000,000 402,000,000 -6.7 302.000,000
e1,783,229
2,172,176 -17.9
1,899,958
a
a
a
a
e1,072,000
1,184,963 -9.5
1,190,216
a
a
a
a
1,335,484
1,389,829 -3.9
1,288,590
5,653,447
5,076,880 +11.4
4,179,779
e3,517,000
3,529,000 -0.3
3,429,480
11,637,180
13,392,366 -13.1
10,665,686
6,024,909
6,040,427 -0.3
5,874,807
12,665,900
12,763,800 -0.8 *11,500,000
421,626,440
450,654,588
-6.4
342,668,456
1921.
857,656
261,024,278
1,188,615
a
967,466
a
1,069.410
3,606,121
3,348,746
8,614,241
5,000,000
10,160,100
295,816,833
Second Feder al Reserve D Istrict-New York
N. Y.-Albany_ _
6,204,855
5,909,389 +5.0
5,153,724
4,500,000
Binghamton__ _
946,000
1,002,100 -5.6
820,700
966,800
d53,197,671
Buffalo
51,287,265 +3.7
38,456,725
35,702,125
Elmira
797.624
657,006 +21.4
540,034
Jamestown_ _ _ _
c1,402,584
1,186,170 +18.2
1,204,471
901,190
4,387,714,985 4,345,836,111 +1.0 4,886,699,258 3,319,773,602
New York
Rochester
11,123,025
10,387,108 +7.1
8,916,091
8,601,328
5,068,646
Syracuse
4,771,262 +8.2
3,931,962
3,737,276
Conn.-Stamford
c3,266,601
3,209,920 +1.8
2,298,702
2,537,062
N. J.-Montclair
560,154
485,357 +15.4
394,040
360,385
Total(10 cities) 4,470,282,045 4,424,731,688
+1.0 4,948,367,121 3,377,128,354
Third Federal Reserve Dist rict-Philad elphia
Pa.-Altoona..__
1,243,407
1,351,013 -8.0
1,107,201
856.835
Bethlehem._ _
3,461,022
4,428,642 -21.8
3,452,153
2,682,331
Chester
1,166,375
1,379,134 -15.4
1,038,612
1,036,598
Lancaster
2,500,000
3,320,863 -24.7
3,233,649
2,421,425
Philadelphia
446,000,000 499,000,000 -10.6 467,000,000 386,686,278
Reading
3.311,545
„282 -1.7
3,067,521
2,554,632
Scranton
5,052,247
6,134.613 -17.6
4,103,244
4,546,751
Wilkes-Barre _
d3,837,888
3,787,315 +1.3
2,610,000
2,776,552
York
1,482,980
1,582,518 -6.3
1,561,715
1,370,999
N.J.-Trenton_
4,023,297
6,283,733 -36.0
4,078,585
3,482,984
a
a
a
a
a
Total(10 cities)
472,078,741
530,635,113 -11.0 491,252,680
Fourth Feder al Reserve D 'strict-Cle
Ohio-Akron _
d8,304,000
6,318,000
5,297,926
Canton
5,046,935
71,473,502
Cincinnati _ _
77,595,802
Cleveland
d126,113,000 118,719,052
13,965,600
Columbus
15,262,300
Dayton
a
a
a
a
Lima
d2,218,200
2,010,244
Mansfield
a
Springfield _ _ _ _
a
a
Toledo
d5,334,283
Youngstown__ _
3,946,969
a
a
Pa -Erie
Pittsburgh __ _ - 147,337,519 171.807,386
380,044,030
400,706,668
408,415,385
veland
+31.4
+5.0
-7.9
+6.2
-8.5
6,085,000
6,293,000
3,251,205
3,389.674
58,521,045
57,880,695
85,125,920 101,351,673
12,567,200
13,191.500
a
a
a
a
a
+10.3
1,337.019
1,300,490
a
a
a
a
a
a
+35.1
2,739,220
3,118.179
a
a
a
-14.2 124,900,000 138,780,922
-5.2
294,527,209
325,303,133
Fifth Federal Reserve Dist rict - Rich mond
2,120,622
2,070,966 +2.4
d7,344.845
7.625,987 -3.7
Va.-Norfolk__ _
48,852.000
49.856,000 -2.0
Richmond
2.651,747 -7.2
d2,460.491
S.C.-Charleston
92,289,115 -1.4
Md.-Baltimore _
91,014,975
21,425.512 +9.3
D.C.-Washing'n d23,414,000
1,450,291
6,637,047
44,313,483
2,138,255
75,525,609
19,473,913
1,544,029
6,490,258
37,865,635
2,350,000
75,219,065
17,185,929
149,538,598
140,654,916
5,220.926
3,305,241
19,463,780
38,468,048
1,752,119
1.040,753
a
11,402,279
21,146.751
5,027,700
2,578,830
17,331,255
40,074.458
1.945,386
1,071,151
a
10,904,026
18,371,254
709.105
221,052
43,383,530
550,247
228,515
41,227,095
146,113,593
139,909,917
Total(8 cities).
Total(6 cities)-
175,206,933
175,919,327
-0.4
Sixth Federal Reserve Dist net-Atlan taTenn.-ChatVga. d6.381.660
7,092,007 -10.0
2,874,556
Knoxville
2,975,661 -3.4
19,149,393
Nashville
21,926,294 -12.7
57,860,398
53.323,338 +8.5
Ga.-Atlanta- _
1,920,270
1,969,445 -2.5
Augusta
1,368,208
1,397,439 -2.1
Macon
a
a
Savannah
a
15,947,691
15,601,737 +2.2
Fla.-Jack'nville31,699,883 -13.4
Ala.-Birming'm
27,460,140
Mobile
940.705 +47.1
1,383,782
Miss.-Jackson
284,468 +9.9
312,607
Vicksburg
52.295,741 -2.8
50,836,927
La-New Orleans
Total(11 cities)
[VOL. 118.
THE CHRONICLE
2008
185,495,532
189,506,718
-2.1
Week ending April 19.
Clearings
1924.
Inc. or
Dec.
1923.
$
$
Seventh Feder al Reserve D Istrict---Chl
Mich.-Adri in _ _
275,601
219,583
747,899
Ann Arbor
717,961
158,381,499 146,249,326
Detroit_ _
7,706,509
Grand Raigds.
7,271,543
2,930,557
2,604,759
Lansing-Ind.-Ft. Wayne
2,250,423
2,398,059
18,783,000
Indianapo Is......
20,244,000
2,640,900
South Ben8_ -2,339,620
Terre Haule...
4,766,721
5,671,930
Wb.-Milw ukee
37,926,366
35,709,565
Iowa--Ced. lap_
2,479,253
2,369,901
10.706,400
Des Moin e___
12,486,016
7,016,923
Sioux CU
7,250,336
1,535,144
Waterloo _
1.898,917
Ill.-Bloomiclg'n.
1,699,227
1,629,468
635,955,156 646,911,958
Chicago _ _
a
Danville _ _
a
1,252,505
Decatur_ ._ _ _
1,315,449
4,705,568
Peoria
4,374.938
3,002,177
Rockford_ .__
2,279,723
3,064,532
Springfield
2,747,544
1922.
1921.
8
$
%
ago200,000
300,797
+25.5
530,664
509,126
+4.2
91,723,792
+8.3 106,316,229
5,515,383
5,942,720
+6.0
1,300,000
1,948,809
+12.5
1,786,884
1,734,111
+6.6
13,849,000
15,726,000
-7.2
2,014,094
1,882,200
+12.9
-16.0
26,005,303
28,272,082
+6.2
2.078,824
1,794,565
+4.6
8,851,914
9,188,934
-14.3
5,813,887
5,116,644
-3.2
1,275,942
1,570,534
-18.2
1,303,463
1,328,315
+4.3
483,761,442
-1.7 545,680,048
a
a
a
1.109,936
887,789
-4.8
3,478,566
3,460,678
+7.6
1.715,935
1,814,943
+31.7
2.600.904
2,499,029
+11.5
1111
+0.2
735,973,354
654.915,933
Eighth Feslera 1 Reserve DIs trict-St. Lo uisInd.-Evans ale.
5,400,651
5,315,810 +1.6
Mo.-St. Lo
a
a
a
Ky.-Loulsv lle_34,221,720
33,943,784 +0.8
Owensboro
484,319
463,994 +4.4
Tenn.-Melr phis
19,333,908
21,057,920 -8.2
Ark.- Little Cock
12,288,152
12,003,277 +2.4
Ill.-Jackson villa
371,188
431,065 -13.9
1,391,223
Quincy ___
1,521,979 -8.6
4,219,611
a
26,700,711
336,024
16,399,147
9,255,425
249,725
1,123,269
3,985,284
a
23.260,909
399,442
12,909,375
8,367,868
313,988
1,141,051
Total(7 citles).
58.283,912
73,491,161
74,737,829 -1.7
Ninth F eral Reserve DI, tract-Minn eapollsMinn.-Dul th__ d66,532,000
4,110,376
7,069.652 -3.7
Minneapol B.__
65,740,494
d6,810,996
73,081,760 -9.0
St. Paul_ _ - -- 27,472,118
30,519,281
35,481,364 -14.0
No. Dak.- argo
1,944,201
2,035,328
2,045,371 -0.5
B. D.-Aber teen.
1,449,242
1,206,424
1,430,317 -15.7
Mont.-Ball 585.
521,299
442,033
472,881 -6.5
Helena ___-_
2,825,788
2,377,661
2.865,394 -17.0
50,377.917
Total(20 c ties)
907,973,996
906,542,958
6.560,860
61,232,251
32,596,984
1,727,917
1,163,828
689,819
3,054,029
Total(7 cit les). 109,923,723 122,446,739 -10.2 104,083,808 107,025,488
Tenth Federa! Reserve Dist rlet- Kansa s City678,933
Neb.-Frem nt__
288,027
d381,085
472,151 -19.3
386,072
Hastings_
411,582
511,142 -9.8
461,236
-3.233,625
Lincoln._ _ -- -- 3,212,750
4.025,931
4,149,226 -3.0
34,393.622
Omaha.
31,573,646
38.591,240
45.853,369 -15.8
2,308,830
Kan.-Topeka -_
2,575,149
3.717,014 -24.3
d2,813,083
10,571,561
Wichita__ _ .- -_
10,302,121
d7,057,674
10,106,305 -30.2
Mo.-Kan. ity_ 128.553,628 143,181,621 -10.2 131,019,990 139,432,864
St. Joseph
a
a
a
a
'
a
a
a
a
a
Okla.-Musk ogee
a
Oklahoma Dity d22,038,190
22,850,110
19,204,458
23,014,720 -4.2
a
Tulsa
a
n
a
a
863.064
Colo.-Col.Spgs.
980,260
1,273,701 -23.9
969.367
Denver
17,548.583
17.317,063
18,478,978
21,846,205 -15.4
Pueblo....
738,311
700,677
e1,010,093
915,355 +10.3
Total(11 el Iles) 224,380,505 255,040,809 -12.0 217,585,723
Eleventh ede cal Reserve District-I)alias1,255,781
Tex.-Austin
2,689,466
2,723,951 -1.3
36,551,209
Dallas
--23,871,806
29,221,788 +25.1
10,826,166
Fort Wort L... d10,520,422
10,692,624 -1.6
Galveston_ .-- 5,211,227
7,803,065
5,751,519 +35.7
a
Houston
a
a
a
5,280,827
5.108,390 -8.3
4,684,791
La.-Shreve ort _
233,005,575
1,053,978
24,264,881
10,047,972
6,394,522
a
3,520.998
46,445,807
Total(5 cit e5)_
45,282,351
53,498,272 +16.4
62,248,953
Twelfth F der al Reserve D 'strict-San, Franci ice30,792,700
Wash.-Seattle__
31,228,967
44.927,995
39,955,790 +12.4
10,388,000
9,607,622
11,805,000
Spokane _ _ - -11,364,000 +3.9
a
a
a
Tacoma
_- a
a abellil
1,490,803
1,149,975
1,501,591
Yakima__ _ 1,321,106 +13.7
32,450,213
32,311,622
42,052,473
36,408,953 +15.5
Ore.-Portlaild..
13,413,599
10.000,000
15,347,500
14,530,879 +5.6
Utah-S.L. Ity.
a
a
Nev.-Reno _ -a
a
n
a
a
a
a
a
Arlz.-PhoeflI
3,341,528
4,048,167 -17.5
4,170,199
3,806,671
Calif.-Freen
3,379,070
4,186,934
8,566,151 -5.5
8,092,085
Long Beach - -80,725,000
96,676,000
Los AngelesI... 148,502,000 135,010,000 +10.0
13,476,792
16,919,809
10,002,938
Oakland...
15,705,714 +7.7
3,118,252
3,693,729
6,368,785
5,205,828 +22.3
Pasadena..-__
Sacramento --4,717,008
6,576,024 +25.1
5,601,197
d8,228,695
4,199,800
2,637,282
3,696,494 +13.6
3,064,128
San Diego --_
San Francilsm. 163,900,000 160,000,000 +2.4 140,600,000 125,800,000
1,923,708
2,229,392 -13.7
2,048,597
San Jose.. --1,478,942
1,256,542
Santa Barb ira.
857,595
1,092,445 +15.0
817,097
Stockton_ _ ___
e2,304,900
2,905,500 -20.7
4,629,000
2,439,800
Total(16 citLea) 480,672,220 448.616,443
Grand total (122
___ 7,963,424,279 8,033,037,153
cities)
Outside N.Y..-3.575.709.294 3.687.201.042
1924.
rnts1 C=4113(20)
365,170,994
325,584,535
Week Ending April 17.
Clearings al-
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ .._ _
New Westminster
Nfedicine Hat...
Peterbormigh_
Therbrooke
Kitchener
Windsor
Prince Albert....
goncion
Kingston
+7.1
-0.9,7,899,991,055 6,103,423,137
-3.03.013.291.977 2.783.649.535
$
92,583,058
92,598,396
33,032,359
15,556.946
6,697,856
4,987,327
2.431.621
5,138,588
5,874,318
2,623,697
2,232,604
2,627,719
*3,500,000
3,015,890
464,815
499,976
1,444,711
983,487
859,990
676,949
561,419
313,586
789.325
787,556
957,525
3,321.280
313,870
811,644
810,106
1923.
Inc. or
Dec.
1922.
s
%
$
110,876,021 -16.5
95,660,785 -3.2
40,588.114 -18.6
14,226,065 +9.3
6,914.349 -3.1
5,288.238 -5.7
2,957,772 -17.8
5,735,092 -10.4
4,817,903 +21.9
2,658,654 -1.3
1.889,445 +18.2
2,739,103 -4.1
3,667,750 -4.6
3,472,159 -13.1
573,651 -19.0
504,858 -1.0
1.497,291 -3.5
1,312,709 -25.1
1,049,301 -18.1
794.045 -14.7
568,558 -0.9
333.064 -5.8
709,590 +11.2
851,468 -7.5
984,252 -2.7
3,083,486 +7.7
350.805 -10.5
1.092.048 -25.7
.625.000 -2.4
71,874.027
66,003,039
39,704,654
10,043,204
6,440,103
4,224,067
2,201,907
4,625,984
4,145,654
2,360,444
2,056,647
2,350,307
4,179,733
2,667.710
729,639
481,569
1,403,389
992,789
975,373
504,577
440,658
221,003
679,705
618,710
796,313
2,956,301
281,956
1.120,092
817,834
1921.
$
115.119,273
104.842,305
44,950,182
15,577,924
7,338,136
6,295,715
3,574.661
6,433,717
6,876,455
3,104,376
2,335.968
3.487,777
4,665,304
3,523.313
704,241
716,451
1,920,273
1.491.333
1,402,573
793,076
590,465
434,555
923,863
1.174,889
1,003,474
3,787,556
314,814
1.173,518
2641 905 815 21 A 410 878 -412 238 6115 2631 344 842 187
a No longer report Icearings. b Do not respond to requests for figures. c Week
ending April 16. d Week ending April 17. e Week ending April 18. • Estimated.
APR. 26 1924.]
THE CHRONICLE
2009
THE CURB MARKET.
gommercial ant131giscalmly:Insglews
After a period of selling pressure on the opening day of
New York City Banks and Trust Companies.
trading in the Curb Market this week, which caused a
All prizes dollars per share.
general lowering of prices, there was a turn for the better and
Bid Ask Trust Co.'. Bid Ask
Banks
Banks-N.Y. Bid Ask
substantial recoveries were made. The volume of business America
New York
•____ 214 217 Harriman.._. 355 370
180 182
was only moderate. Oils were prominent in the trading. Amer Exch._ 303 309 Manhattan •- 380
385 Bank of N Y
Mech & Met_
Bowery •____ 525
& Trust Co 490 495
Galena-Signal Oil after a decline from 583/2 to 57, recovered Broadway Cen 160 fie) Mutual.
350
Bronx Bore*. 200
Nat American 135 145 r =kers Trust 380 363
to 593
4 but to-day sold back again to 58. Humble Oil & Bronx
Nat.__ 140 150 National City 380 365 Central Union 530 540
3 to 36%, recovered to 403/ and Bryant Park • 180
New Neth •_ 150 160 Commercial__ 105 11$
Refining dropped from 394
300 310
Empire
300
Butch & Drov 140 iia Pacific •
and
131
415 420 Equitable Tr_ 201 20$
Cent Mercan_ 210 225 Park
closed to-day at 393
4. Illinois Pipe Line opened at
Farm L & Tr_ 620 62$
343 348 Port Morris_ _ 178
Chase
sold up to 136. Indiana Pipe Line fell from 91 to 88 and Chat & Phen_ 250 255 Public
350 360 Fidelity Inter 205
290 325
.15 Fulton
408
85 4
Exch. 140 150 Seaboard _moved up to 92. Magnolia Petroleum was off two points Chelsea
uamnty Tr- 240 245
Chemical _...., 558 563 Seventh Ave.
245
Hudson
200
218
225 Standard •_-- 185
& Iron
to 135 but sold back to 137. Northern Pipe Line improved Coal
350 380 Irving BankColonial.0.... 400
State.
Columbia Tr 215 219
145
four points to 100. Ohio Oil declined from 63 to 603, ad- Commerce
315 aio
rade•
235 250 Tradesmen's• 200Law Tit & Tr 214 218
vanced to 63% and closed to-day at 63. Prairie Oil & Gas Com'nwealth•
170 180 236 Ward'., 285 230 Metropolitan _ 320 328
Continental
448
Corn
Exch.__
United States* 195 205 Mutual (West
weakened from 2303/2 to 215, rose to 226 and finished to-day Cosmop'tan•_ 115 455
115 130
cheater)
125 Wash'n Hts•_ 200
N Y Trust... 384 389
at 223%. Prairie Pipe Line was off a point to 102 but re- East River_ _ 195 205 Yorkville• 1100 1500 Title
398
393
Tr
On
dr
Fifth Avenue.1300
covered to 1043,, the close to-day being at 104. Solar Fifth
IJ S Mtg & Tr 295 305
250 iio
1370 390
United
States
'
1445
Brooklyn
1455
First
Refining opened the week at 192, a loss of seven points from Garfield
280 290 Coney Island. 160 170 rWestches Tr_ 210 -395 410 I Brooklyn
185 175 First
last week's close, fell to 188 and revovered finally to 194. Gotham
Greenwich'.. 375 425 Mechanics''- 147 151[Brooklyn Tr. 495 510
800 , 815 Montauk •_ _ 180 _.- Kings County 1000
South Penn Oil after early loss of some six points to 130 Hanover
250 ___ Manufacturer 280 285
Nassau
1
advanced to 135, the final transaction being at 1333/3.
405
280
People's
People's
Standard Oil (Indiana) moved down from 59 to 55%, sold
Banks marked with (*) are State banks. (z) Ex dividend.
up to 593 and closed to-day at 58%. Standard Oil (NeNew York City Realty and Surety Companies.
braska) receded from 238 to 227 and sold finally at 233.
All prices dollars per share.
Swan & Finch, after early improvement of some seven points
Bid ALT
Bid Ask
Bid Ask
Alliance R'lty 108
Mtge Bond__ 113 117 Realty Assoc
to 603(, broke to 48 and recovered finally to 51. Gulf Oil Amer
(Bklyn)com 182 168
Surety_ 94
97 Nat Surety__ 158 160
85
let pref____ 80
of Pennsylvania declined from 59 to 573/i and recovered to Bond & M0. 300 305 NY Title &
77
81
Investing 78
2d pref.... 72
Mortgage- 209 213
60. Transactions in the industrial list were without special city
Preferred.. 98 102 US Casualty_ 180 200 Westchester
159
184
&
Tr.
228
Mtge
II
8
Title
Guar
165
175
Title
Lawyers
feature. Dubilier Condenser & Radiator, after a decline
from 32 to 3034, sold up to 3334. Durant Motors weakened
National Banks.-The following information regarding
over 234 points to 1634 sold finally at 18%. F. & W.
banks is from the office of the Comptroller of the
Grand 5-10-25-Cent Stores declined from 52 to 493
4. Hud- national
Currency, Treasury Department:
son Companies preferred was conspicuous for an advance of
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
three points to 26.
National Bank of California at Calexico, Calif.__ $100,000
15
-The
April
A complete record of Curb Market transactions for the
Correspondent: J. B. Hoffman, Calexico, Calif.
25,000
April 15-The First National Bank of Carlsbad, Calif
week will be found on page 2028.
Correspondent: Arthur Simpson, Carlsbad, Calif.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
April 9 1924:
April 17-The Brotherhood of Locomotive Engineers National
500.000.
Bank of Boston
Correspondent: Kenneth J. Ferguson, 60 Devonsnire
St., Boston. Mass.
50,000
April 18-First National Bank in Rocky Ford. Colo
Correspondent: C. B. Govreau, Rocky Ford, Colo.
25.000,
April 19-The St. Michael National Bank, St. Michael,Pa
Correspondent: John E. Fawcett, St. Michael, Pa.
APPROVED.
ORGANIZE
APPLICATIONS TO
25.000
April 17-The Pittsford National Bank. Pittsford. N. Y
Correspondent: Frank C. Leaper, 81 East Ave.,
Rochester, N. Y.
50.000
April 17-The Middleburg National Bank, Middleburg, Va
Correspondent: Daniel C. Sands, Middleburg, Va.
25,000
April 17-First National Bank of Parco. Wyo
Correspondent: P. C. Spencer, 410 First National
Bank Bldg., Cheyenne, Wyo.
25,000
April 19-The First National Bank of Cutchogue, N. Y
Correspondent: Linnaeus Allen, Cutchogue, N. Y.
25,000
April 19-National Bank of Wehrum, Pa
Correspondent: Richard El Abrams, Wehrum, Pa.
APPLICATIONS TO CONVERT RECEIVED.
April 17-Grace National Bank of New York, N. Y
• Conversion of the W.R. Grace & Co.'s Bank, New York.1,1:1003M
25,000
April 17-The First National Bank of St. Lawrence, So. Dak_.._
Conversion of the First State Bank of St. Lawrence.
CHANGE OF TITLE.
April 15-296-The Second National Bank of Oswego, N. Y., to "Second
National Bank & Trust Co. of Oswego."
Apri118-12277-The Security National Bank of Muskogee. Okla., to
"The Muskogee-Security National Bank."
VOLUNTARY LIQUIDATIONS.
Capital.
April I8-3743-The First National Bank of Monrovia, Calif.__ $100,000
Board
committee:
Liquidating
Effective April 7 1924.
of directors, First National Brum of Monrovia, Calif.
Succeeded by Security State Bank of Monrovia, Calif.
April 18-10974-The Border National Bank of El Paso, Texas_ _ 400.0001
Effective March 25 1924. Liquidating agent: C. L.
Ezell, El Paso, Texas.
Succeeded by the National Border Bank of El Paso.
Texas, No. 12487. Liability for circulation wianot
be assumed under Section 5223, U. S. R. S.
GOLD.
The Bank of England gold reserve against its note issue on.the 2d inst.
amounted to £126,284,360, as compared with $126,283,130 on the previous
Wednesday. Indian and Continental inquiry being on a small scale,
it is probable that the bulk of the moderate amount of gold this week will
be sent to the United States. The selection by Germany of sterling as the
basis of the new Gold Discount Bank-so-called-presents one advantage
at least over the adoption of gold itself as the basis, for Germany will
benefit automatically by a successful return on the part of Great Britain
to an effective gold standard. The policy of this country cannot bear
fruit without great self-denial on the part of the British people, incurred
through heavy taxation and incidental trade unemployment, and of these
sacrifices Germany will thus obtain under the new scheme a not inconsiderable benefit. That is to say, the reserves of the new German Discount Bank will gain to the extent of about 12% in gold, whenever the
efforts of this country have brought its exchange to a gold par with other
countries. It is announced in the French press that 240 boxes of gold,
worth 250,000,000 gold francs, were sent from Paris and shipped to England yesterday by the destroyer Turbulent. The consigrunent was made
by the Bank of France.
SILVER.
The market has continued to be quiet and prices have been inclined to
vacillate. A rather better undertone has been apparent. China sales
have been less in evidence. Indeed, there has been some inclination to
cover previous sales had prices eased. The Indian Bazaars have both
bought and sold, though purchases within the last few days have preponderated. America has shown lately more disposition to sell in this
market.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)Mar. 15. Mar. 22. Mar. 31.
Auction Sales.-Among other securities, the following,
Notes in circulation
18541
18555
18585 not actually dealt in at the Stock Exchange, were sold at
Silver coin and bullion in India
7956
7970
8000
auction in New York, Boston and Philadelphia o-.1 WednesSilver coin and bullion out of India
Gold coin and bullion in India
2232
2
-232
2232
- -- day of this week:
____
Gold coin and bullion out of India
_
By Messrs. Adrian H. Muller & Sons, New York:
$ per sit.
Securities (Indian Government)
5753
5753
5753 Shares. Stocks.
$ Per sh. Shares. Stocks.
Securities (British Government)
164 Metropolitan 5 to 50c. Stores AO
1400
1400
1400 498 Pheno Bromate Chemical Co.,
193-i
par
$10
cum.
pref
lot
8%
$5
Bills of exchange
1200
1200
1200
10 West India Co
$25 lot 4,200 Southern States 011 Co_ _87,000 lot
No silver coinage was reported during the week ending 31st ult. The 100 The Blickenederfer Mfg. Co_ _525 lot 150 John Boyle Co. of Baltimore
City, Maryland,corn., par 550.8500 lot
stock in Shanghai on the 5th inst. consisted of about 32,700,000 ozs. in 200 Holtyrex Gold Mines, Ltd., par
SI
87 lot
sycee, 46,000.000 dollars, and 1,600 silver bars, as compared with .32,- 1,000
Per centPhosphate Mining Co
35
Bo-ds.
400,000 ore. in sycee, 45,500,000 dollars, and 1,750 silver bars on the 21 Towne Secur. Corp., corn
,
($185 810.000 Wabash-Pittsburgh Term.
29th ult.
34 50 100 Towne Sec. Corp., pref.i lot
Ry. Co. 1st 4s, 1954, June 1908
attached.
20
Borne
Insurance
Co
coupons
subsequent
and
328%
-Bar Meet per Oz. Std.Bar Gold per
$12.50 lot
Metropolitan 5 to 50c. Stores,
Stamped bonds
2 Mos.
Cash.
QuotationsOz. Fine, 300
Clares B,cow., no par
1%
327
/id.
April 3
32 15-16d.
95s. 10d.
32 13-16d.
April 4
32'Ncl.
95.s 10d,
By Messrs. Wise, Hobbs & Arnold Boston:
April 5
33d.
$ per alt.
33 1-16d.
Shares. Stocks.
$ per sh. Shares. Stocks.
87
April 7
32 13-16d.
4 Edison El.Co.of Brockton _205,ex-div.
32 13-16d.
95s. Id. 5 Dartmouth Mfg. Co.. pref
83
Wm. Whitman Co., Inc., pref. 931i 1 Haverhill Gas Light Co
April 8
3234d.
32 15-16d.
95s. 3d. 2 Mass.
Lighting Cos., corn
Charlestown Gas & Electric Co., 4
5
33d.
April 9
33 1-16d.
95s. Od. 12 Quincy Mkt. Cold Storage & 26i 10par $50
16036
Average
32.947d.
32.8956.
Warehouse Co., corn
95s. 4.8d
1424
$ per right.
78-100 State Theatre Co., pref.... 73c. No. Rights.
IliThe silver quotations to-day for cash and two months delivery are 25 Fall River Elec. Light Co., par
48 Worcester Gas Light Co..1 1-111-13
respectively 1-16d. below those fixed a week ago.
33ii-33
$25
raillset.11ft
2010
THE CHRONICLE
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh.
'SO Natl. Shawmut Bank, Boston.-199%
5 Charlestown Gas & Elec. Co.,par
$50
160,ex-div.
5 Dennison Mfg.Co.,2d pref--103 & div
3 American Glue Co., corn
3934
16-100 State Theatre Co., pref._
75c.
10 Massachusetts Cremation Society 434
I Boston Athenaeum, par $300_ _ _ _626
2 Regal Shoe Co., pref
7134
Shares. Stocks.
10 Eastern Mfg. Co., 1st pref
IS per sh.
50,1
Bonds.
Per cent
$500 Houghton County Trac. Co.
1st cons. 5s, 1937, coupon Jan.
1923 & sub., on certif. of deposit _35 lot
$10.000 Buffalo & Lake Erie Trac.
Co. let & ref. 5s, Nov. 1936, certificate of deposit
14 flat
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
i Per sh. Shares. Stocks.
i Per sh.
3014 Berrodin Auto Supply Co__ _ _125
10 Horn & Hardart Baking Co. of
1 Second National Bank
501
Philadelphia
100
20 Third National Bank
286
20 New Jersey Wire Stitching Mae Fidelity Trust Co
514
chine Co.. par $25
8
10 Tacony Trust Co
276
50 Pere Marquette Co
SO%
25 Tacony Trust Co
275 4 Philadelphia Bourse, common__ 2134
10 Guanajuato Reduction & Mines
50 Hare & Chase, Inc., pref
135,250
Co., par 31
$2
25 Hare es Chase. Inc., common.'
lot
30 Phila. Life Ins., Co., par $10.-- 1054
8 First Natl.State Bank of Camden3001/1 No. Bights.
$ Per right
a Girard National Bank
The following rights to subscribe
51031
5 Laurel Springs National Bank,
to Pennsylvania Co. for Insur.
140
on Lives & Granting Annuities
Laurel Springs, N. J
2 West End Trust Co
201
at 550 and fraction of same:
15 East Falls Bank & Trust Co.,
7at $51 per right; 4 at 350 per right:
100
par $50
6-10 at $30; 4-10 at $20.
Bonds.
15 Logan Bank & Trust Co.,par $50 60
Per cent.
10 Chestnut Hill Title & Trust Co..
$2,000 Guanajuata Reduction &
60
Mines Co. let 65. 1924
par 550
38
20 L. H.Gilmer Co., preferred.-- 5
$100 City of Phila. reg. 3s, 1930
9031
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which have
not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Central RR. of N. J. (guar.)
*2
May 15 *Holders of rec. May 7
Elmira & Williamsport, common
2.30 May 1 Holders of rec. Apr. 210
Georgia Southern & FloridaFirst and second preferred
234 May 29 Holders of rec. May 15
Internat. Rys.of Cent. Am.. pt.(qu.) _ 131 May 15 Holders of rec. Apr. 30a
Norfolk & Western, common (quar.)_ _ *134 June 19 *Holders of rec. May 310
Pennsylvania RR.(quar.)
The. May 31 Holders of rec. May la
Utica Chenango & Susq Val
3
May 1 Holders of rec. Apr. 140
Public Utilities.
American Electric Power, pref.(quar.)_ _ 41.25 May 15 *Holders of rec. May 5
Amer. Telegraph & Cable (guar.)
'131 June 2 *Holders of rec. May 310
Appalachian Power, 1st pref. (guar.)
134 May 1 Holders of rec. Apr. 156
Bristol & Plainville Elec. (guar.)
234 May 1 Holders of rec. API% 199
June 2 Holders of rec. May 21
Brooklyn Edison Co. (quar.)
2
Brooklyn-Manhattan Tran., pref.(qu.). *um May 15 *Holders of rec. May 1
N May 15 Holders of rec. Arp. 30
Cedar Rapids Mfg.& Power(quar.)
May 15 Holders of rec. Apr. 300
Cent. Arizona Light & Pow.,coal.(qu.)- 3
2
Preferred (guar.)
May 15 Holders of rec. Apr. 30a
$2.50 May 1 Holders of rec. Apr. 180
Charlestown Gas& Electric(guar.)
Cleveland Elec. Ill.. pref.(guar.)
13.4 May 1 Holders of rec. Apr. 25a
•1350. May 15 *Holders of rec. Apr. 30
Columbia Gas & Electric (guar.)
Consolidated Gas, New York (guar.)-- •134 June 16 *Holders of rec. may 8
134 May 1 Holders of rec. Apr. 21a
Consolidated Utilities. pref. (guar.)
Consumers Power,6% pref.(quar.,.. 134.July 1 Holders of rec. June 15
Seven per cent preferred (guar.)
154 July 1 Holders of ref. June 15
Eastern Mass. St. Ry., adj. prof
•83 1-30 May 15 *Holden of rec. Apr. 30
Electrical Securities Corp., pref. (quar.) 111 May 1 Holders of rec. Apr. 180
illuminating & Power Sec., corn.(qu.)_ _ 45c. May 10 Holders of rec. Apr. 30
Preferred (quar.)
131 May 15 Holders of rec. Apr. 30
KaminIstlquia Power (guar.)
2
May 15 Holders of rec. Apr. 30
Keystone Telephone of Phila., prof.(qu.) $1
June 2 Holders of rec. May 15
Lawrence (Mass.) Gas (guar.)
2
May 1 Holders of rec. Apr. 220
'Milwaukee & Northern Ry., pref
3
Apr, 15
Montreal Light,Heat& Power (quar.).. 2
May 15 Holders of rec. Apr. 30
Montreal L., H.& Pow. Cons.(quar.)
131 May 15 Holders of rec. Apr. 30
National Power Secur. Corp. (special)._ $1.75 May 1 Holders of rec. Apr. 25
New England Company, 1st preferred_ _ 3
May 1 Holders of rec. Apr. 160
114 May 15 Holders of red. Apr. 300
Pacific Gas& Electric, preferred (guar.)_
Pacific Power & Light, preferred (guar.) 134 May 1 Holders of rec. Apr. 18
Portland Gas & Coke, preferred (guar.). 134 May 1 Holders of rec. Apr. 18
Portsmouth Power Co., pref. (quar.)_
131 May 1 Holders of rec. Apr. 23
Tampa Electric Co.(guar.)
234 May 15 Holders of rec. Apr. 240
Union Street Ry., New Bedford (guar.). 2
May 1 Holders of rec. Apr. 17a
Banks.
Bowery (guar.)
Extra
Chemical National (bi-monthly)
3
7
'4
Fire Insurance.
Pacific(extra)
$1.50 Apr. 23 Holders of rec. Apr. 220
May 1 Apr. 27 to Apr. 30
May I Apr. 27 to Apr. 30
May 1 "Holders of rec. Apr. 24
Per
When
Cent. Payable,
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Dow Chemical, corn. (guar.)
$1
May 15 Holders of rec. May 56
Preferred (guar.)
134 May 15 Holders of rec. May 5a
Durham Hosiery Mills, preferred (guar.) 134 May 1 Holders of rec. Apr. 286
Eisenlohr(Otto) & Bros., corn.(quar.)
May 15 "Holders of rec. May 5
Elsemann Magneto Corp., pref.(quar.). 134 May 1 Holders of rec. Apr. 22
Eisenstadt Mfg..common (annual)
6
May 15 Holders of rec. Apr. 10
Esmond Mills, common (guar.)
115 May 1 Apr. 25 to Apr. 30
Preferred (quar.)
134 May 1 Apr. 25 to Apr. 30
Everett Mills
4
May 1 Holders of rec. Apr. 250
Famous Players Can. Corp..1st pf.(Ott.) 2
May 31 Holders of rec. Apr. 30
General Cigar, Inc., deb. pref.(quar.)._ 131 July 1 Holders of rec. June 240
General Motors, common (guar.)
30e, June 12 Holders of rec. May 19
Seven per cent deb.stock (guar.)
111 Aug. 1 Holders of rec. July 7
Six per cent deb.stock (guar.)
1.15 Aug. 1 Holders of rec. July 7
Six per cent preferred (guar.)
134 Aug. 1 Holders of rec. July 7
General Tire & Rubber,common (guar.) 134 May 1 Holders of rec. Apr. 19
Globe Automatic Sprinkler, el. A (go.). 6216c. May I Holders of rec. Apr. 19
GoodwIns, Ltd., pref.(on pref. stock). n14034
Holders of rec. June 1
Great Lakes Dredge & Dock (quar.).
*2
May 15 *Holders of rec. May 8
Halle Bros., preferred (guar.)
134 May 1 Holders of rec. Apr. 30
Hall(C. M.)Lamp CO
50c. May 1 Holders of rec. Apr. 28
Harbison-Walker Refract., corn.(qu.)_ _ 135 June 2 Holders of rec. May 23
Preferred (guar.)
134 July 5 Holders of rec. July 9
Harmony Mills, preferred (guar.)
134 May 1 Holders of rec. Apr. 256
Hood Rubber Products, pref.(guar.). _ _ •134 June 1 'Holders of rec. May 20
Household Products (guar.)
575c. June 2 *Holders of rec. May 15
Iron Products Corp., preferred (guar.)
2
May 15 Holders of rec. May la
Johnson Educator Biscuit, pref.(guar.)_ 50e. May 1 Holders of rec.-Apr. 25
Johnson Educator Food Co., pref.(qu.) _ 2
May 1 Holders of rec. Apr. 25
Kinney (G. R.) Co., preferred (guar.).- 2
June 1 Holders of rec. May 216
Kidder Peabody Accept'ce Corp., A pf
214 May 1 Holders of rec. Apr. 156
Lancaster Mills, preferred (guar.)
151 May 1 Holders of rec. Apr. 25
Lehigh Coal & Navigation (guar.)
May 31 Holders of rec. Apr. 30
$1
Lincoln Manufacturing (guar.)
134 May 1 Holders of rec. Apr. 226
Massachusetts Cotton Mills (quar.).__. 3
May 10 Holders of rec. Apr. 22
Mechanics Mills (guar.)
1
May 1 Holders of rec. Apr. 106
Melville Shoe Corp., common (quar,).__ 50e. May 1 Holders of rec. Apr. 216
Preferred (quar.)
2
May 1 Holders of rec. Apr. 216
Mengel Company,preferred
8814 May 1 Holders of rec. Apr. 30
Merchants Manufacturing (quar,)
115 May 1 Holders of rec. Apr. 246
Merchants Refrigerating, pref.(quar.)_
154 May 1 Apr. 16 to Apr. 25
Mexican Seaboard Oil
50c. May 15 Holders of rec. May 5
Missouri-Illinois Stores, pref.(quar.)
2
May 1 Holders of rec. Apr. 20
Morris Plan Co. (Cleveland)
134 May 1 Holders of rec. Apr. 25
National Brick, Ltd.. preferred
*1
Aug. 15 *Holders of rec. July 31
National Carbon, preferred (guar.)
2
May 1 Holders of rec. Apr. 216
National Supply, common (quar.)
75e. May 15 Holders of rec. May 5
Corn.(payable in common stock) _
110 June 16 Holders of rec. June 6
National Tea. preferred (guar.)
*IN May 1 *Holders of rec. Apr. 23
New Amsterdam Casualty Mari
551 May 1 Holders of rec. Apr. 170
Newton (Geo. B.) Coal,first preferred_
315 May 1 Apr. 16 to Apr. 30
0-Cedar Corp., class A common (quar.). 134c. May 1 Holders of rec. Apr. 10
Otis Company
*2
May 1 *Holders of rec. Apr. 24
Pacific Mills (guar.)
134 May 1 Holders of rec. Apr. 236
Parish & Bingham, special
*50o. May 20 *Holders of rec. May 5
Pennsylvania Coal & Coke (guar.)
$1
May 10 Holders of rec. Maya 5
Pierce, 13utler & Pierce Mfg.,pref.(qu.)
2
May 1 Holders of rec. Apr. 19
Pullman Company (guar.)
May 15 Holders of rec. Apr. 30
2
Pure 011 Co., common (guar.)
*3734c June 1 *Holders of rec. may 10
River Raisin Paper (guar.)
15e. Apr. 26 Holders of rec. Apr. 16
Sagamon Manufacturing Co
May 1 Holders of rec. Apr. 23
5
St. Mary's Mineral Land
May 20 *Holders of rec. Apr. 22
*33
Scott Paper, preferred (guar.)
154 May I Holders of rec. Apr. 236
Securities Corporation, 1st pref.(guar.)_ $1.50 May 1 Holders of rec. Apr. 210
Shawmut Mfg., common (guar.)
'134 May 1 *Holders of rec. Apr. 23
Preferred( guar.)
'154 May 1 *Holders of rec. Apr. 23
Shove Mills (guar.)
1
May 1 Holders of rec. Apr. 186
Spring (C. G.) & Bumper, common.... Sc. May 15 Holders of rec. May 7
Preferred (guar.)
2
July 1 Holders of rec. June 23
Standard Milling, common (guar.)
111 May 31 Holders of rec. May 20
Preferred (guar.)
114 May 31 Holders of rec. May 20
Stewart-Warner Speedometer (guar.)
$2.50 May 15 Holders of rec. Apr. 306
Swift Internacional
•90c. Aug. 15 *Holders of rec. July 15
•1% May 1 *Holders of rec. Apr. 23
Union Manufacturing (guar.)
United Engineering & Fdy.. corn.(qu.). 2
Apr. 22 Apr. 18 to Apr. 22
Common (extra)
1
Apr, 22 Apr. 18 to Apr. 22
Preferred (guar.)
134 Apr. 22 Apr. 18 to Apr. 22
United States Playing Card (guar.)
•31.50 July 1 *Holders of rec. June 20
U.S. Realty & Impt.,common (quar.). *2
June 16 *Holders of rec. May 29
Preferred (guar.)
•134 Aug. 1 *Holders of rec. May 29
Van Raaite Co., Inc., 1st pref.(guar.) - •154 June 1 *Holders of rec. May 17
Vulcan Detinning, preferred (guar.)._
13.4 July 20 Holders of rec. July 9a
Preferred (acct. accumulated dive.).. 81
July 20 Holders of rec. July 96
Preferred A (guar.)
13.4 July 20 Holders of rec. July 9a
Wampanoag Mills (guar.)
134 May 1 Apr. 16 to Apr. 30
Warwick Iron & Steel (guar.)
30e. May 15 May 1 to May 15
Waypoyset Mtg., common (guar.)
13.4 May 1 Holders of rec. Apr. 246
Preferred (guar.)
134 May 1 Holders of rec. Apr. 246
Weetamoe Mills (guar.)
1
May 1 Holders of rec. Apr. 23a
Westfield Mfg., common (guar.)
'75e. May 15
Preferred (guar.)
'2
May 15
White Motor Co.(guar.)
Juno 30 *Holders of rec. June 20
White Rock Mineral Spg., 2d pref.(qu.) •114 Apr. 30 "Holders of rec. Apr. 25
Wright Aeronautical Co.(guar.)
25c. May 31 Holders of rec. May 15
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Miscellaneous.
'7Sf. June 1 *Holders of rec. May 19
American Metals, common (guar.)
*j54 Julie 1 *Holders of rec. May 20
Preferred (quar.)
3c. May 10 may I to May 10
Amparo Mining (quar.)
Archer-Daniels-Midland. pref. (guar.)._ 154 May 1 Holders of rec. Apr. 20
334 may 1 Apr. 22 to May 1
Atlantic Steel, preferred
114 May 1 Holders of rec. Apr. 210
Barnard Manufacturing (guar.)
2
May 1 Holders of rec. Apr. 19
Batchelder & Snyder Co., pref.((Mar.)
Beacon Manufacturing, pref. (guar.)--- 134 May151 may 1 to May 15
Berkey & Gay Furniture, pf., el. A (tM.)
2
June 15
Preferred, class B (guar.)
131 July 1 Holders of rec. June 20
Bethlehem Steel, common (guar.)
2
Eight per cent preferred (guar.)
July 1 Holders of rec. June 20
131 July 1 Holders of rec. June 2a
Seven per cent preferred (guar.)
Bigelow-Hartford Carpet, common (qu)*31.50 May 1 *Holders of rec. Apr. 22
134 May 1 *Holders of rec. Apr. 22
Preferred (guar.)
50c. May 1 Apr. 21 to Apr. 30
Blaw-Knox Co., common (guar.)
Preferred (guar.)
IN May 1 Apr. 21 to Apr. 30
3
May 1 Holders of rec. Apr. 16
Bourne Mills(guar.)
Brunswick-Balke-Collender, corn.
154 May 15 Holders of rec. May 5
154 May 1 Holders of rec. Apr. 10a
Budd (E. G.) Mfg., pref. (guar.)
134 May 1 Holders of rec. Apr. 25
Carleton Dry Goods, preferred (guar.)._
2
May 15 Holders of rec. Apr. 300
Celluloid Company, preferred (guar.)
/4 May 15 *Holders of rec. May 7
Chicago Mill & Lumber, common (qu.).
Chic. Wilm.& Franklin Coal, pref.(qu.) 134 May 1 Holders of rec. Apr. 250
'6235c June 30 *Holders of roe. June 2
Chill Copper (rarer.)
134 May 1 Holders of rec. Apr. 25.2
Christy (H. C.) Co.(guar.)
75c. Apr, 25 Holders of rec. Apr. 15
Cleveland-Cliffs Iron (guar.)
*2
May 26 Holders of rec. May 10
Colorado Fuel es Iron, pref.(quar.)
4
May 1 Holders of rec. Apr. 240
Columbian Manufacturing
4.134 may 1 Holders of rec. Apr. 22
Connecticut Mills. let pref. (quar.)_.
Corigrave Export Brewery, Ltd.(quer.). 134 May 15 Holders of rec. Apr. 300
*114 June 21 Holders of rec. June 7
Davis Mills(guar.)
I
May 15 Holders of rec. Apr. 3
Dominion Bridge(Qum.)
Name of Company.
[VOL. 118.
Railroads (Steam)
Atch. Top.& Santa Fe, corn. (quar.)
Atlanta & West Point
Baltimore & Ohio,common
Preferred (quar.)
One. New Orl.& Tex.Pat.,Prof.(guar.)
Preferred (guar.)
Cincinnati Sandusky & Cleveland, pref.
Great Northern Iron Ore Properties
Gulf Mobile & Northern, pref
Mahoning Coal RR., common
Morris & Essex Extension RR
New York Central RR.(guar.)
Norfolk & Western, adj. pref.(qua?.).-Northern Pacific (quar.)
Passaic & Delaware Extension RR
Pere Marquette, prior pref.(quar.)
Preferred ((Mar.)
Pittsburgh de West Virginia, pref.(guar.)
Preferred (quar.)
Preferred (guar.)
Preferred (guar.)
Reading Company,common (guar.) --Reading Company, 1st pref.(guar.).-Southern Railway, common (luar.)---Syracuse Binghamton de New York (fill.)
Utica Chenango de Susquehanna Valley..
Western Ry. of Alabama
Per
When
Cent. Payable.
Books Closed.
Days Inc-Waive.
1% June 2 Holders of rec. May 2a
33.4 June 30 June 21 to June 630
134 June 2 Holders of rec. Apr. 120
June 2 Holders of rec. Apr. 124
134 June 2 Holders of rec. May 17a
134 Sept. 2 Holders of rec. Aug. 16a
$1.50 May 1 Apr. 16 to May 1
Apr. 30 Holders of rec. Apr. 126
$2
11$ May 15 Holders of roe. May la
$10 May 1 Apr. 18 to May 7
2
May 1 Holders of rec. Apr. 250
11( May 1 Holders of rec. Alm. la
May 19 Holders of rec. Apr. 30a
h1 May 1 Mar. 15 to Apr. 8
May 1 Holders of rec. Apr. 25a
2
114 May 1 Holders of rec. Apr. 146
11$ May 1 Holders of rec. Apr. 146
114 May 31 Apr. 16 to May 4
114 Aug. 30 Holders of ref. Aug. la
114 Nov.29 Holders of ref. Nov. la
Holders of rec. Feb.2'25a
134
(s)
May 8 Holders of rec. Apr. 15a
$I
50e. June 12 Iloiders of rec. May 250
134 May 1 Holders of rec. Apr. 10a
May 1 Holders of rec. Apr. 25a
3
May 1 Holders of rec. Apr. 14a
3
311 June 30 June 21 to June 630
Public Utilities.
Amer. Dist. Teleg.of N.J.(quar.)
134
American Gas & Electric, pref.(qua?.)
1 34
American Light & Tree., corn.(guar.)-- 1
Common (Payable in common stock)
fl
114
Preferred (quar.)
Apr. 29
May 1
May 1
May I
May 1
Holders of rec. Apr. 156
Holders of rec. Apr. 12
Apr. 12 to Apr. 27
Apr. 12 to Apr. 27
Apr. 12 to Apr. 27
Name of Company.
2011
THE CHRONICLE
APR. 26 1924.]
Per
When
Cent, Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
114 Apr, 30 Holders of rec. Apr. 15
Cartier, Inc., pref. (guar.)
Casey-Hedges Co., common (quar.)
234 May 15 Holders of rec. May 10
Century Ribbon Mills.Inc.,corn.(No.1) 50c. Apr. 30 Holders of rec. Apr. 15a
134 June 1 Holders of rec. May 15a
Preferred (guar.)
May 1 Holders of rec. Apr. 170
Cerro de Pasco Copper Co. (guar.)_ _ $1
May 2 Apr. 16 to May 2
Cheeebrough Mfg.. corn.(in corn,stock) 1100
•33 1-3c May 1 *Holders of rec. Apr. 20
Chicago Yellow Cab (monthly)
Monthly
• 33 I-3c June 2 *Holders of rec. May 20
10c. May 1 Apr. 11 to Apr. 20
Chief Consolidated Mining (guar.)
May 15 Holders of rec. May 100
Cincinnati Tobacco Warehouse (quar.)_ _
2
Cities ServiceCommon (monthly, pay.in cash scrip) p34 May 1 Holders of rec. Apr. 15
Common (Payable In com,stock scrip) p134 May 1 Holders of rec. Apr. 15
% May 1 Holders of rec. AM. 15
Preferred and preferred B (monthly)._
Common (monthly, pay.In cash scrip) a% June 1 Holders of rec. May 15
Common (payable in com,stock scrip) p134 June 1 Holders of rec. May 15
% June 1 Holders of rec. May 15 . .
Preferred and preferred B (monthly)_
June 1 Holders of rec. May 20a
2
City Ice &
(Cleveland) (guar.)
20aFuel
Sept. 1 Holders of rec. Aug. 20a
2
Quarterly
Dec. 1 Holders of rec. Nov.
2
Quarterly
_
134 May 1 Holders of rec. Apr. 254
Clinchfield Coal Corp., prof. (guar.)
Cluett, Peabody & Co., corn. (guar.)... 131 May I Holders of rec. Apr. lita
May 1 Holders of rec. Apr. 184
Columbian Carbon (guar.)
$1
Commercial Investment Trust,common_ 63e. May 15 Holders of rec. Apr. 300
756. Apr. 30 Holders of rec. Apr. 15a
Congoleum Co.,common(guar.)
23$ May 1 Apr. 21 to Apr. 30
Conigas Mines, Ltd
1% Apr. 30 Holders of rec. Apr. 15a
Consolidation Coal (guar.)
$1
May 15 Holders of rec. May 5a
Continental Can,coin.(guar.)
20c. Apr. 30 Holders of rec. Apr. 25a
Continental Motors Corp
May 20 Holders of rec. Apr. 184
$1
Copper Range Co
Corn Products Refining/25 June 30 Apr. 1•13 to Apr. 9
Comm on (payable in common stock)
June 30 June 16 to June 30
Craddock-Terry Co., common (guar.).. 3
Sept.30 Sept.16 to Sept.30
3
Common (guar.)
Dec. 31 Dec. 16 to Dec. 31
3
Common (guar.)
June 30 June 15 to June 30
3
First and second preferred
Dec. 31 Dec. 15 to Dec. 31
3
First and second Preferred
334 June 30 June 15 to June 30
Class C preferred
314 Dee. 31 Dec. 15 to Dec. 31
Class C preferred
Apr, 30 Holders of rec. Apr. 154
Crucible Steel of America. corn.(quar.)_
3
May 1 Apr. 22 to May 1
Cudahy Packing Co., preferred
334 May 1 Apr. 22 to May 1
Seven per cent preferred
Decker (Alfred) & Cohn, pref. (guar.).- 134 June 1 Holders of rec. May 200
% May 1 Holders of rec. Apr. 25a
Detroit Brass &Malleable Wks.(mthly.)
2
June 16 Holders of rec. May 310
Diamond Match (guar.)
Doehler Die-Casting, common (guar.)._ 50c. May 1 Apr. 19 to May 5
50c. Oct. 1 Holders of rec. SePt.15
Dominion Stores, common
June 30 Holders of rec. June 254
Dubiller Condenser & Radio, pref.(qu.)_ $2
Sept.30 Holders of rec. Sept.25a
$2
Preferred (guar.)
Dec. 31 Holders of rec. Dec. 260
$2
Preferred (guar.)
duPont(El.) de Nem.Powd.,com.(qu.) 134 May 1 Holders of rec. Apr. 19a
134 May 1 Holders of rec. Apr. 190
Preferred (gan)
194 May 1 Holders of rec. Apr. 15
_
Electric Bond & Share, pref.(guar.)
2
May 1 Holders of rec. Apr. 156
Elgin National watch (guar.)
2
May 1 Holders of rec. Apr. 15
Eureka Pipe Line (guar.)
50c. Apr. 30 Holders of rec. Apr. 210
Exchange Buffet Corp. (quan)
134 May 1 Holders of roe. Apr. 19a
Fair (The). pref. (guar.)
$2 50 May 1 Holders of rec. Apr. 196
Fajardo Sugar (guar.)
$2 50 May 1 Holders of rec. Apr. 196.
Extra
May 1 Holders of rec. Apr. 15a
Famous Players-Lasky Corp., pref.(go.) 2
$2
May 1 Holders of rec. Apr.5f190
Federal Match, pref. (guar.)
Federal Sugar Refining, coin. (gust.)..,. 134 May 1 Holders of rec. Apr. 210
13.4 May 1 Holders of rec. Apr. 21a
Preferred (guar.)
$2.50 May 1 Holders of rec. Apr. 190
Fisher Body Corp., corn.(guar.)
75e. July 1 Holders of rec. June 15a
Fleishmann Co.. common (guar.)
756. Oct. 1 Holders of rec. Sept.I5a
Common (guar.)
75c. Jan1'25 Holders of rec. Dec. 15a
Common (guar.)
May 15 Holders of rec. May 1
Frontenac Breweries. Ltd., preferred _ _ 10
May 15 Holders of rec. May 1
dPreferred (payable in pref. stock)_ _ m25
May 1 Holders of rec. Apr. 24a
General Cigar, Inc., common (guar.).- - 2
dJtute
2 Holders of ree.dMay 24
134
Preferred (guar.)
134 July 1 Holders of rec. June 20
General Fireproofing,preferred (guar.)_
154 Oct. 1 Holders of rec. SePt.20
rider
uar.)
.)
erred(
fg
eferr
134 Jan2'25 Holders of rec. Dec. 20
Banks.
134 MaY 1 Holders of rec. Apr. Ta
General Motors,7% deb.stock (guar.)._
5
may 1 Holders of rec. Apr. 30
Corn Exchange (guar.)
13-4 May 1 Holders of rec. Apr. 7a
6% debenture stock (guar.)
2
May 1 Apr. 26 to Apr. 30
Pacific (guar.)
134 May 1 Holders of rec. Apr. 7
6% Preferred stock (guar.)
2
May 1 Apr. 26 to Apr. 30
Extra
e5
June 2 Holders of rec. May 1
Safety
Razor
(stock
dividend)_
_
Gillette
Trust Companies.
$3
June 2 Holders of rec. May 1
6
May 1 Holders of rec. Apr. 19a Hillette Safety Razor (guar.)
Farmers' Loan & Trust (guar.)
May I Holders of rec. Apr. loa
134
Brothers,
preferred
(guar.)
Gimbel
12%
Apr.
30
May 1 Apr. 26 to
Kings County (guar.)
134 July 1 Holders of rec. June 21a
Goodrich (B. F.) Co., pref. (guar.)_
Gossard (H. W.) Co.,corn. (monthly)._ 25e. May 1 Holders of rec. Apr. 19
Miscellaneous.
25e. June 2 Holders of rec. may 20
Common (monthly)
May 1 Holders of rec. Apr. 156
Allied Chem.& Dye Corp.,corn.(guar.) 81
134 May 1 Holders of err. Apr.d196
I
May 15 Holders of rec. Apr. 290 Gossard (H. W.) Co., pref.(guar.)
Allis-Chalmers mfg. Co.,coin.(guar.)._
(F.
W.)
5
Grand
-10
-25
-Cent
Stores
Apr.
16a
rec.
May 1 Holders of
Amalgamated Sugar, first preferred-- - $5
1% May 1 Holders of rec. Apr.419
Preferred (No. I)
American Bank Note, COM. (quar.)____ $1.25 May 15 Holders of rec. May la
2
May 1 Holders of rec. Apr. 230
Apr. 30 Holders of rec. Apr. 120 Gray & Davis, preferred (guar.)
American Beet Sugar, coin. (guar.).- 1
134 July 1 Holders of rec. June 14a
Common (guar.)
1
July 31 Holders of rec. July 120 Gulf States Steel, first preferred (guar.)_
134 Oct. 1 Holders of rec. sept.15a
First Preferred (guar.)
1
Oct. 31 Holders of rec. Oct. Ila
Common (guar.)
134 Jan2'25 Holders of rec. Dee. 15a
First preferred (guar.)
1 J an31'2 Holders of rec.Jan.10'25a
Common (guar.)
134 July 1 Holders of rec. June 14a
Second preferred (guar.)
American Brick, corn
150. May
Holders of rec. Apr. 21
Second preferred (guar.)
134 Oct. 1 Holders of rec. SePt.15a
Preferred (guar.)
50c. May
Holders of rec. Apr. 21
134 Jan2'25 Holders of rec. Dec. 15a
Second preferred (guar.)
Prof.(accum, dividends to date)
Holders of rec. Apr. 21
/41.50 May
134 Apr. 30 Apr. 25 to Apr. 30
American Can,common(guar.)
134 May 1 Holders of rec. Apr. 300 Halle Bros., let & 2d Prof.(guar.)
1
May 1 Apr 25 to Apr. 30
American Cigar Mfg.,corn.(guar.)
11$ May
Holders of rec. Apr. 150 Hamilton-Brown Shoe (monthly)
American Coal(guar.)
Harris Brothers (guar.)
$1
Apr. 11 to May 1
134 May 1 Holders of rec. Apr. 204
May
American Glue, preferred (guar.)
525c. June 15 *Holders of rec. May 15
Hecht Mining (guar.)
2
May
Holders of rec. Apr. 16
•1M May 1 *Holders of rec. May 5
Am.La France Fire En., Inc., coin.(qu.) 25c. May 1 Holders of rec. May la Hercules Powder, preferred (guar.)
Amer. Laundry Machinery, eem.(qu.). 50c. June ' Mar.24 to June 2
Hibbard, Spencer, Bartlett Co.(mthly.) 35e, May 29 Holders of rec. May 23
Monthly
$1
Amer. Radiator, common (guar.)
85e. JUDO 27 Holders of rec. June 20
June 30 Holders of rec. June 140
Preferred (guar.)
Extra
15c Julio 27 Holders of rec. June 20
131 May 15 Holders of rec. May la
American Sales llook, prof. (guar.)._
134 May 1 Holders of rec. Apr. 15
Holly Sugar Corp., pref. (guar.)
I% May 1 Holders of rec. Mar.15
May 1 Holders of rec. Apr. 150
2
Amer. Shipbuilding, common (quar.)
351 34 May 1 Holders of rec. Apr. 15
Preferred (account accum. dive.)
2
Common (guar.)
Aug. 1 Holders of rec. July 15a Hood Rubber. preferred (guar.)
134 May 1 Apr. 22 to May 1
134 May 1 Holders of rec. Apr. 15
Hupp Motor Car, Common (guar.)
Preferred (guar.)
250. May 1 Holders of rec. Apr. 15a
American Smelt. & Refining, corn. (qu.) 13-1 May 1 Holders of rec. Apr. Ila Indiana Pipe Line (guar.)
May 15 Holders of rec. Apr. 16
$2
1% June 1 Holders of rec. May 110 internat. Combustion Engineering (go.) 50c. Apr, 30 Holders of rec. Apr. 210
Preferred (guar.)
American Soda Fountain (guar.)
International Nickel, Prof.(guar.)
134 May 15 Holders of rec. Apr. 30
134 May 1 Holders of rec. Apr. 174
25c. May 1 Apr. 20 to May 1
American Stores, common (extra)
international Shoe. prof. (monthly)_ _
50c. May I Holders of rec. Apr. 154
Amoskeag Manufacturing,coin.(quar.) _ 75c. May 2 Holders of rec. Apr. 180 Intertype Corporation,coin.(guar.).
254. May 15 Holders of rec. May la
256. Apr. 30 Holders of rec. Apr. lb
Kaufmann Dept. SLUM, COM. (guar.).- $1
Art Metal Construction (guar.)
May 1 Holders of rec. Apr. 21
Apr. 30 Holders of rec. Apr. 23
• Associated Dry Goods,common (guar.). 134 May 1 Holders of rec. Apr. 126 Kellogg Switchboard & Supply (guar.)_ _
2
134
June
2
Holders of rec. May 30 Kelsey Wheel,preferred (guar.)
First preferred (guar.)
154 May 1 Holders of rec. Apr. 21a
I% June 2 Holders of rec. May 30 Kinney (G. R.) Co., preferred (guar.)
June 1 *Holders of rec. May 21
Second preferred (quar-)
*2
1% May 1 Holders of rec. Apr. 15
Atlantic Refining, preferred (guar.)
May I Fielders of rec. Apr. 196.
Kress (S. H.) dr Co., corn. (guar.)
1
1% May 1 Holders of rec. Apr. 190 Leasing's. Inc. (guar.)
May 1 Holders of rec. Apr. 30a
Atlas Powder, Preferred (guar.)
1% May 1 Holders of rec. Apr. 156 Loose-Wiles Biscuit-Austin. Nichols &Co.,preferred (guar.)_
134 July 1 Holders of rec. June 200
May 1 Holders of rec. Apr. 184
Second preferred (acct. accum. diva.). /37
Babcoca & Wilcox Co.(guar.)
134 Oct. 1 Holders of rec. Sept.200 Lord dr Taylor. 2d Prof.(guar.)
May 1 Holders of rec. Apr. 18
Quarterly
2
134 Jan1'25 Holders of rec. Dec. 200 Macy (R. H.) & Co.,Preferred (guar.)_
Quarterly
134 May 1 Holders of rec. Apr. 126
1% Aprl'25 Holders of roe.Mar.20'250 Menet,Sugar, common Mar.)
Quarterly
$1.25 June 1 Holders of rec. May 156
May 1 Holders of rec. Apr. 15
Common (guar.)
Bang Service Stations, Inc., prof.(guar.) 2
$1.25 Sept. 1 Holders of rec. Aug. 154
Martin-Parry Corporation (guar.)
June 1 Holders of rec. May 156
Barnhart Bros. & Spindler$1
oluar
yStoresCofp.,
First and second preferred (quar.)_ -- 134 May 1 Holders of rec. Apr. 25a MeCerforrr
May 1 Holders of rec. Apr. 21a
Prof.(guar.)_ _
81.8734 May 15 Holders of rec. May 1
Preferred
Beacon Oil (guar.)
134 Aug. 1 Holders of rec. July 21a
25c. Apr. 30 Holders of rec Apr. 15a
Preferred (guar.)
Sipa Shoes,Inc..common (guar.)
134 Nov. 1 Holders of rec. Oct. 204.
McIntyre Porcupine Mines, Ltd.(guar.) 25e. May 1 Holders of rec. Apr. la
Bond & Mortgage Guarantee (guar.) _ 4% May 15 Holders of rec. May 8
11$ June 15 Holders of roe. June 1
Mercantile Stores, Inc
May 15 Holders of rec. May 1
Borden Company, preferred (guar.) _ _ _
$3
1% May 1 Apr. 24 to
Miami Copper (guar.)
Brill (J. G.) Co.. pref. (guar.)
Apr. 30
50c. May 15 Holders of rec. May la
11$ May 1 Holders of rec. Apr. 190 Missouri Portland Cement On stock)._ _
Brown Shoe, preferred (guar.)
2-3 May dl Apr. 1 to Apr. 2
June 14 Holders of rec. Apr. 26
81
Missouri Portland Cement (guar.)
Buckeye Pipe Line (guar.)
1 34d Apr. 30 dApr. 20 to Apr. 22
1)i May 1 Apr. 26 to
Bunte Bros., preferred (guar.)
Moon Motor Car(guar.)
Apr. 30
75c. May 1 Holders of rec. Apr. 154
25
0
Ap
pr
r.. 1
$2.50
May
15
ree.. A
a
t rec
Holders
(guar.)..
oliden,
ders o
of rec. May 10 Monarch Knitting, Prof. (guar.)
Burns Bros., common, Class A
H
iro
Mayy
1
134 May
500. May 1
Holders of rec. May 10 Morris Plan Co.of New York (guar.) Common, Clam Ti (guar.)
194
Apr.
1% May 1 Holders of rec. Apr. 180 Motor Products Corp.(guar.)
rec.
Holders
of
Prior preferred (guar.)
1
May
$1
3% May 1 May 1 to May 156 Mullins Body Corp., prof.(gum'.)
Butler Bros.(guar.)
May 1 Holders of rec. Apr. 15a
2
81.50 June 18 Holders of rec. May 3I6 Nash Motors, preferred A (guar.)
California Pack. Corp.(quer.)
I% May 1 Holders of rec. Apr. 18a
Holders of rec. June 30a
Holders of rec. Apr. 300 National Biscuit, common (guar.)
1% May 1
Canada Cement, Ltd., pref. (guar.)
75c. July 1
1% May 1 Holders of rec. Apr. 306
Canadian Converters (quar.)
1% May 3 Holders of rec. May 17a
Preferred (guar.)
Apr, 3 Holders of rec. Apr. 50 National Cloak & Suit, prof.(quar.)...
2
Canadian Explosives, corn.(guar.)
154 June 1 Holders of rec. May no
Public Utilities (Concluded).
Am. Water Wks.& El.7% 1st pr.(qu.). 1% May 15 Holders of rec. May 50
Six per cent participating prof. (quar.) 1% May 15 Holders of rec. May 5a
Associated Gas Sr Electric, pref.(extra). 25c. July 1 Holders of rec. June 15a
May 1 Holders of rec. Apr. 10
I
Bangor Ry.& Elec.. common (guar.). __
June 2 Holders of rec. Apr. 30
Brazilian Trac., Lt. Sr Pow.,ord.(guar.) 1
1% Apr. 30 Holders of rec. Apr. 15a
Calliornla-Oregon Power, pref. (quar.)_ _
May 1 Holders of rec. Apr. 14
3
Cape Breton Electric Co., preferred_ _ _
Carolina Power &Light,common (guar.) 111 May 1 Holders of rec. Apr. 15
(guar.)
July
1 Holders of rec. June 15
pref.
2
Norfolk,
City Gas of
2
Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
Jan2'25 Holders of rec. Dec. 15
2
Preferred (guar.)
2
May 1 Holders of rec. Apr. 15a
Commonwealth-Edison Co.(guar.)
May 1 Holders of rec. AM. 18
Commonwealth Pow.Corp..com.(No.1) $1
May
1 Holders of rec. Apr. 18
13.4
preferred
cent
(guar.)
Six per
Connecticut fly. & Ltg., com.&pf.(qu.) 131 May 15 May 1 to May 15
Continental Gas& El. Corp.,corn.(qu.) 75c. July 1 Holders of rec. June 14a
Common (payable in common stock)- /75c. July 1 Holders of rec. June 146
13.4 July 1 Holders of rec. June 14a
Participating preferred (guar.)
M July 1 Holders of rec. June 140
Participating preferred (extra)
IX July 1 Holders of rec. June 140
Panic. pref.(payable in corn. stock)
134 July 1 Holders of rec. June 140
Preferred (guar.)
1% July I Holders of rec. June 140
Prior preferred (guar.)
134 May 1 Holders of rec. Apr. 21
' Dallas Power & Light, pref.(guar.)
1% June 2 Holders of rec. May la
Detroit United fly.(guar.)
3
May 1 Holders of rec. Apr. 100
Edison Elec. 111.01 Boston (guar.)
Edison Elec. Ilium, of Brockton (quar.)_ 2% May 1 Holders of rec. Apr. 156
common
4
May
10 Holders of rec. Apr. 30
Corp..
Electrical Utilities
3
May 1 Holders of rec. Apr. 16a
Fall River Gas Works(quar.)
134 May 1 Holders of rec. Apr. 15
Fort Worth Power & Light, pref.(qu.)_ _
May 15 Apr. 1.7 to May 15
Havana Elec.fly.. Lt.& Pow.,com.& pf. 3
76c. May 1 Holders of rec. Apr. 150
Houghton County Elec. Light, pref
(quar.j
134
May 1 Holders of rec. Apr. 17
preferred
Power,
Idaho
Illinois Northern Utilities, prof. (quar.)_ *1% May 1 *Holders of rec. Apr. 15
2M May 1 Holders of rec. Apr. 126
Lowell Electric Light (guar.)
Massachusetts Gas Cos., com.(quar.)_ _ $1.25 May 1 Holders of rec. Apr. 15
2
June 2 May 16 to June 1
Preferred
Milwaukee Elec.fly.& Light, prof.(qu.) 11$ Apr. 30 Holders of rec. Apr. 210
23$ May 1 Holders of rec. Apr. 21
Montreal Tramways, common (guar.)_ _
623$c. May 15 Holders of rec. Apr. 306
Montreal Water & Power,common
334 May 15 Holders of rec. Apr. 300
Preferred
131 May 1 Holders of rec. Apr. 150
Municipal Service, pref. (guar.)
Nevada-Calif. Elec. Corp., pref. (guar.) 131 May 1 Holders of rec. Mar.31a
Newport News Sr Hampton fly.. Gas &
$1.25 may 1 Holders of rec. Apr. 196
Electric, common (guar.)
may 1 Holders of rec. Mar.31
Northern States Power, coin. (guar.)...._ 2
Apr. 30 Holders of rec. Apr. la
Philadelphia Company, corn. (guar.)... $1
$1.50 May 1 Holders of rec. Apr. la
Six per cent preferred
756. Apr. 30 Holders of rec. Apr. 15a
Philadelphia Rapid Transit (guar.)
$1
May 1 Holders of rec. Apr. 15
Pittsburgh Utilities, common
(o) May 1 Holders of rec. Apr. 15
Common (extra)
35e
May. 1 Holders of rec. Apr. 150
Preferred
25c. May 1 Holders of rec. Apr. 15a
Preferred (extra)
Public Service Elec. Power. pref.(quar.) 134 May 1 Holders of rec. Apr. 150
May 1 Holders of rec. Apr. 15
Public Service Invest., common (quar.).
134 May 1 Holders of rec. Apr. 15
Preferred (guar.)
Public Eery. of N.III., corn.(quar.)___ *134 May 1 *Holders of rec. Apr. 15
4175 May 1 *Holders of rec. Apr. 15
Common (no par value) (guar.)
*1% May 1 *Holders of rec. Apr. 15
Preferred (quar.)
11$ May 1 Holders of rec. Apr. 12a
Sierra Pacific Electric Co..Pref.(Uttar.)
$1
May 15 Holders of rec. Apr. 30
Southern Canada Power,corn
1
June 1 Holders of rec. May 15a
Texas Electric Ay.,common (guar.)
Second preferred (gum'.)
May 1 Holders of rec. Apr. 15
Texas Power & Light, pref.(guar.)
134 May 1 Holders of rec. Apr. 16
United Gas Improvement, pref.(guar.). 8711c June 14 Holders of rec. May 31a
40e. May 1 Holders of rec. Apr. 15a
United Light & Power,A & B,corn
A dr B corn.(in Class Acorn,stock)...,_ (f) May 1 Holders of rec. Apr. 15a
2
May 1 Holders of rec. Apr. 15
United Light & Railways,corn.(guar.)
United Rys.& Elec., Bait., coin.(guar.) 50c. May 15 Holders of rec. Apr. 25a
West Penn Co..6% preferred (quar.)__. 134 May 15 Holders of rec. May 1
134 May 15 Holders of rec. May la
Seven per cent preferred (guar.)
West Penn Power Co.,7% pref.(quar.)- 134 May 1 Holders of rec. Apr. 15
6234c Apr. 30 Holders of rec. Apr. 19a
York Railways, pref. (guar.)
134
134
R
2012.
Name of Company.
TFIN CHRONICLE
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Natl. Department Stores, let pref.(qu.) 134 May 1 Holders of rec. Apr. 15a
Second preferred (guar.)
134 June 1 Holders of rec. May 15a
Nat. Enamel. & Stpg., pref.(quar.)_ _
194 June 30 Holders of rec. June 10a
Preferred (guar.)
134 Sept.30 Holders of rec. Sept.10a
Preferred (guar.)
1.94 Dec. 31 Holders of rec. Dec. its
:National Lead, pref.(guar.)
1% June 14 Holders of rec. May 23a
.National Tea, common (guar.)
35
July 1 Holders of rec. June 15
National Fireprooring, pref. (quar.)_ _
1
May 15 Holders of rec. May 1
.New Cornelia Copper
25e. May 26 Holders of rec. May 9a
New Jersey Zinc (guar.)
2
May 10 Holders of rec. Apr. 30a
-New Niquero Sugar (guar.)
2
May 1 Holders of rec. Apr. 25a
New York Air Brake, common (quar.)-- $1
May 1 Holders of rec. Apr. 8a
Class A (guar.)
$1
July 1 Holders of rec. June 10a
New York Canners, first Pref. (quar,)
311 Aug. 1 Holders of rec. July 21a
'Ontario Biscuit, preferred (guar.)
2
May 1 Holders of rec. Apr. 150
'Ontario Steel Products. corn. (guar.)
1
May 15 Holders of rec. Apr. 300
Preferred (quar.)
194 May 15 Holders of rec. Apr. 300
srileptteum Circuit, common (monthly)
12140 May 1 Holders of rec. Apr. 19u
Common (monthly)
1210 June 2 Holders of rec. May 20a
Common (monthly)
1214c July 1 Holders of rec. June 20n
Packard Motor Car, corn.(guar.)
30e. Apr. 30 Holders of rec. Apr. 15a
Penmans. Limited, common (quar.)---- 2
May 1 Holders of rec. May 5
Preferred (guar.)
134 May 5 Holders of rec. Apr. 21
PhillIps-Jones Corp., pref.(quar.
154 May 1 Holders of rec. Apr. 190
Pick (Albert) & Co..common (quar.)..- 40e. May 1 Apr. 24 to Apr. 30
Pittsburgh Plate Glass, common (qua!'.) 2
July 1 Holders of rec. June Iria
Plant(Thomas G.) Co., let pref.(guar.) 194 Apr. 30 Holders of rec. Apr. 21a
Postum Cereal,Inc.,corn.(guar.)
$1
May 1 Holders of rec. Apr. 21a
Preferred (guar.)
2
May 1 Holders of rec. Apr. 21a
Prairie 011 & Gas(quar.)
2
Apr. 30 Holders of rec. Mar.31a
Prairie Pipe Line (guar.)
2
Apr. 30 Holders of rec. Mar.310
Procter & Gamble, common (guar.)_ - _ - 5
May 15 Holders of rec. Apr. 25a
Producers & Refiners Corp., pref.(qu.)_ 87140 May 5 Holders of rec. Apr. 26a
Pyrene Manufacturing, com. (guar.) _ 250. May 1 Apr. 22 to Apr. 30
Quaker Oats, preferred (guar.)
114 May 31 Holders of rec. May la
Reynolds Spring,common (guar.)
500. May 1 Holders of rec. Apr. 15a
Reynolds Spring. pref. A & B (guar.)_ _ _
194 July 1 Holders of rec. June 16
Rockland dc Rockport Lime, corn.(qu.)_
114 May 1 Holders of rec. Apr. 15
Russell Motor Car. pref. (guar.)
134 May 1 Holders of rec. Apr. 15
St. Joseph Lead Co.(guar.)
25e. June 20 June 10 to June 20
Extra
25c. June 20 June 10 to June 20
St. Lawrence Flour Mills, corn.(guar.)- - 134 May 1 Holders of rec. Apr. 19
Preferred (guar.)
131 May 1 Holders of rec. Apr. 19
Salt Creek Producers Assn.(guar.)
200. May I Holders of rec. Apr. 150
Extra
30e. May 1 Holders of rec. Apr. 15a
Savannah Sugar Ref., corn. (quar.)$1.50 May 1 Holders of rec. Apr. 15
Pre(erred (qua!'.)
194 May 1 Holders of rec. Apr. 15
Schulte Retail Stores, common (guar.)_ _ m2
June 1 Holders of rec. May 150
Common (guar.)
m2
Sept. 1 Holders of rec. Aug. 156
Common (quar.)
m2
Dec. 1 Holders of rec. Nov. 150
Preferred (quar.)
2
July 1 Holders of rec. June 146
Scott & Williams. Inc., pref.(guar.)_ _ _ _ 2
May 1 Holders of rec. Apr. 21
Scotten. Dillon Co
3
May 14 May 7 to May 14
Scruggs-V.-B. D. G.(St.L.). corn. (qu.) 134 May 1 Holders of rec. Apr. 19
Common (extra)
34 May 1 Holders of rec. Apr. 19
Shell Union 011, pref.. Series A (quar.)_ _ $1.50 May 15 Holders of rec. Apr. 25z
Sherwin-Williams Co., common (guar.). 50e. May 15 Holders of rec. Apr. 306
Common (extra)
1214c May 15 Holders of rec. Apr. 306
First preferred Series A (guar.)
134 June 2 Holders of rec. May 15a
Simmons Co.. preferred (guar.)
114 May 1 Holders of rec. Apr. 156
Sinclair Consol.011 Corp., corn.(guar.)_ 50c. May 31 May 2 to May 21
Preferred (guar.)
2
May 15 Holders of rec. May la
Smith (A. 0.) Corp., common (quar.)_ _ 25e. May 15 Holders of rec. May 1
Preferred
131 May 15 Holders of rec. May 1
Spalding (A. G.) dr Bro. let pref.(quar.) 134 June 2 Holders of rec. May 170
Second preferred (guar.)
2
June 2 Holders of rec. May 7
Standard OH (Ohio), pref.(guar.)
134 June 2 Holders of rec. Apr. 256
Standard Plate Glass,common(No. 1)_ _ •75c. July 1
Steel Co. of Canada,corn. & pref.(qu.)_ 134 May 1 Holders of rec. Apr. 5
Sterling Products(illar.)
May 1 Holders of rec. Apr. 18
$I
Stern Brothers, common (guar.)
July 1 Holders of rec. June 200
1
Preferred (guar.)
2
June 2 Holders of rec. May 20a
Stover Mfg. ds Engine, pref. (guar.).134 May 1 Holders of rec. Apr. 20
Sugar Estates Oriente. pref. (guar.)._
2
May 1 Holders of rec. Apr. 15
SuPerior Steel Corps.,common (quar.).... 75e. May 1 Holders of rec. Apr. 150
Thompson(John R.) Co., corn.(mthly.) 250. May 1 Holders of rec. Apr. 23
Common (monthly)
250. June 1 Holders of rec. May 23
Tobacco Products Corp.. Class A (guar.) 191 May 15 Holders of rec. May la
Union 011 Associates
3.24 Apr. 28 Holders of rec. Apr. 100
Union Buffalo Mills, first Preferred
334 May 15 Holders of rec. May 8a
Second preferred
23.4 May 15 Holders of rec. May 8a
Union 011 of Calif. (guar.)
$1.80 Apr. 28 Holders of rec. Apr. 106
Union Tank Car. common (guar.)
134 June 2 Holders of rec. May 50
Preferred (guar.)
114 June 2 Holders of roe. May 5a
United Cigar Stores of Amer..corn.(qu.) 3
May 1 Holders of rec. Apr. 150
United Drug,common (guar.)
114 June 2 Holders of rec. May 150
First preferred (guar.)
8734c May 1 Holders of rec. Apr. 150
Second preferred (guar.)
134 June 1 Holders of rec. May 150
United Dyewood, preferred (clUar.)-134 July 1 Holders of rec. June 130
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 15a
Preferred (guar.)
134 an2'25 Holders of rec. Dee. 15a
United Eastern Mining (guar.)
10e. Apr. 28 Holders of rec. Apr. 100
United Fruit(guar.)
23.4 July 1 Holders of rec. June 6a
Quarterly
234 Oct. 1 Holders of roe. Sept. ria
Quarterly
214 Jan2'25 Holders of rec. Dec. ria
United Profit Sharing preferred
234 Apr. 30 Holders of rec. Aar.31
United Verde Extension Mining (guar.). 50e. May 1 Holders of rec. Apr. 30
U.S. Glass (guar.)
50c. Apr. 30 Holders of rec. Apr. 246
U.S.Cast Iron Pipe & FdY.,pref.(qu.). 134 June 16 Holders of rec. June 20
Preferred (guar.)
194 Sept.15 Holders of rec. Sept. 2a
134 Dec. 15 Holders of rec. Doe. la
Preferred (quar.)
•
U.S. Realty & Improvt..Pref.(guar.)._ 134 May 1 Holders of rec. Feb. 280
U.S. Rubber,first pref. (guar.)
2
Apr. 30 Holders of rec. Apr. 15a
Universal Pipe dr Radiator, pref.(guar.) 114 May 1 Holders of rec. Apr. 156
Vapor Car Heating,Inc., prof.(quar.)
194 June 10 June 2 to June 10
114 Sept.10 Sept. 2 to Sept. 10
Preferred (guar.)
Preferred (guar.)
154 Dec. 10 Dec. 2 to Dee. 10
Ventura Consolidated 011 Fields (guar.) 50c. May 1 Holders of rec. Apr. In
Washburn-Crosby Co.. pref.(quar.)
194 May 1 Holders of rec. Apr. 24
Webe r& Hellbroner, pref.(guar.)
194 June 1 Holders of rec. May 150
81.25 June 20 Holders of roc. May 200
Wells Fargo & Co
$1.50 Apr. 30 Mar. 29 to Apr. 8
Westinghouse Alt Brake (guar.)
Westinghouse Elec.& Mfg.,corn.(guar.) El
Apr. 30 Holders of rec. Mar. 170
May 21 Holders of rec. May 2
Common (payable in common stock). 110
May 21 Holders of rec. May 2
Preferred (payable in common stock)_ 110
2
Woolworth (F. W.)Co.(guar.)
June 2 May 3 to May 21
Will & Baumer Candle.common (guar.)_ 25e. May 15 Holders of rec. May 50
Wrigley (William) Jr. &
25e. May 1 Holders of rec. Apr. 200
Monthly
250. June 2 Holders of rec. May 200
Monthly
25e. July 1 Holders of rec. June 2150
Monthly
Yellow Cab Manufacturing (monthly)-- 41',e. May 1 Holders of roe. Apr. 210
4120. June 2 Holders of roe. May 200
Monthly
sources. t The New York Stock Exchange has ruled that stock
ir Frombeunofficial
quoted ex-dividend on this date and not until
further notice.
,will not
The
.New York Curb Market Association has ruled that stock will not be quoted oxdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable In stock.
'Payable in common stock. g Payable in scrip. h On account of accumulated
dividends. m Payable In preferred stock. a Payable in Canadian funds.
One-fortieth of a share of Class A common stock.
o Extra dividend on Pittsburgh Utilities common stock is $96,250.
to Payable Feb. 28 1925.
f Annual dividends for 1924,all payable in equal quarterly Installments on April I,
July 1 and Oct. 1 1924 and Jan. 1 1925 have been declared as follows: Oh the common stock $3 cash and $3 in common stock: on the participating preferred the regular
8% and extra dividends of 1% in cash and 1% in common stock; on the preferred
stook regular 6%; on the prior preferred stock regular 7%.
[VOL. 118.
Weekly Returns 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 April 19. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(guru'4 in thousands of dollars-that is, three ciphers (000] omitted.)
New
Capitll Profits. Loans,
Week Ending
Discount. Cash
AprIl 19 1924 Nat'l, Mar..31 Investin
State, Mar.20 ments, Vault.
(000 omitted.) Tr.Cos.,Mar.20 &c.
Members of Fed. Res. Bank.
Bank of N Y
$
Trust Co_ _ __ 4,000 12,361
Bk of Manhat'n 10,000 13,943
Mech & Met Bk 10,000 16,589
6,500 5,376
Bank of Amer
Nat City Bank- 40,000 52,027
Chem Nat Bank 4,500 18,870
500
Nat Butch & Dr
68
Amer Exch Na
5,000 7,88
Nat Bk of Com- 25,000 39,308
Pacific Bank- 1,000 1,72
Cluttdc Phen Nat 10,500 9.183
Hanover Nat Bk 6,000 22,422
Corn Exchange_ 10,000 13.082
National Park_ 10,000 23,756
East River Nat_ 1,500 1.371
First National. _ 10,000 80,124
IrvingBk-ColTr 17,500 11,477
Continental Bk_ 1,000
988
Chase National_ 20,000 24,071
500 2,735
Fifth Ave Bank
600 1.005
Commonwealth.
Garfield Nat._ 1,000 1,87
1.1681
Fifth National_ 1,20
Seaboard Nat__ 4,000 7,462
Coal & Iron Nat 1,500 1.350
Bankers Trust_ 20,000 24,912
4,543
US mtge.& Tr_ 3,00
Guaranty Trust 25,000 18,709
2,042
Fidel-I nterTrust 2.00
N Y Trust Co__ 10,000 18,407
Metropolitan Tr 2,000 4,085
Farm Loan dr Tr 5,000 16,785
Equitable 'I'rust4 23,000 10,659
Reserve
with
Net
Time Bank
Legal Demand
De- CirmsDeposi- Deposits. poets. :la-.
tortes.
Average Away Averag
$
II
$
67,411
71
6.349
136,956 2,307 18,642
151,963 4,587 18,946
81,049 1,5
11,21
538.763 3,931 57,5
117,053 1,03 13,6
4,547
674
98,561
907 11,646
309,661 1,1
34,4
27.986
90
4,061
152.15
4,172 17,
115,399
6
13.531
189,142 5,71 22.86
162,40
87 16,80
16.98
41
1,838
293,328
467 22,178
275,41
3,101 34,82
7,672
152
946
320,803 4,244 40,97
22,129
69
3,122
10,691
328 1,263
15,130
420 2.259
19,16
213 2.332
87,002
821 10,991
15,68
27
2.071
272.79
913 30,239
50,067
609 6,128
353,332 1,508 38,509
21,029
416 2,451
149,400
527 16,744
39.641
617 4.504
131,096
441 12,736
215,181 1,513 27,370
Average Average Arise.
'$
$
$
47,287 7,47
110,832 21,151
143,619 6,903 -Ek)
83,681 3,18
*558,825 67,335 2,129
100,168 8,462 1457
3,883
86,31
6,098 4,939
258,92 20,564
26,68
2,622
117,118 30.474 5,991
100,231
_ -300
168,126 28:445
127,14
7,154 8,123
13,237 3,193
50
165,171 23,689 7,434
261,952 19,396 ____ _
5,374
376
304,02 15,951 :
1 1_16
.
22,632
9,252 flisi
2 398
14,
16.992 1,44
247
83,73
2,326
63
12,449 1,131
410
*235,536 31,114
44,961 3,295
*375,959 38,400 --18,66
1,880
123,335 19,479
33,622 3,269
*94.789 24,434
*263.404 23.373
.
13
Total of average:290,800448,171 4,490,200 46,254/Z07,525c3,732,938424,49232,382
Totals, actual co ndition Apr. 194.500.692 44,420 535,413 c3,774,610425,446 32,548
Totals, actual c nditIon Apr. 124,476 127 46.168 183,857c3.695.874 417,33632,240
Totals, actual c (Mien Apr. 54.496,349 46,975483,965c3,717,313419.27832.253
State Banks Not Me mbers of Fed'I Res've Bank.
Greenwich Bank 1,000 2,3671 19,651 1,308 1,913
20,491
50
Bowery Bank__
902
250
5,600
359
348
2,932 1,976
State Bank_ _ _ 3,500 4.6611 94,803 3,811 2,085
32,665 58,158
Total of averag
7,9311 120,054
6,078
4.346
56,088 00,184
Totals, actual condition Apr. 19 120,281 6,145 4,097
Totals, actual co ndition Apr. 12, 119,522 6,093 4,009
Totals, actual condition Apr. 5 118,575 6.041 4,380
Trust Companies Not Members of Fed 'I Tea's,e BankTitle Guar dr Tr 10,000 14,378, 58,726 1,429 4,439
Lawyers Tit & T 6,000 5,701' 26.987
881 1.757
56,489 00.193
55,234 60,207
54.007 60,185
39,093
16,716
1,457
768
20,079,
85.713
2,3101-Ti96
55,809
2,225
Totals, actual condition Pr. 19,
Totals, actuate ndltion Apr. 12!
Totals, actuate ndltion Apr. 5
85,515
84,615
84.831
2,1091 6,377
2,416 6,266
2,3676,073
55,590
55,317
55.488
2,251
2,214
2,323
Total of averag
Gr'd agge., aver. 311,550476,182 4,695.967 54.647518.067 3,844.835486,901 32,362
Comparison wit h prey. week_ _1 +12,227 -1,140 +2.653 +28,299+5,853 +111
cond'n Apr. 19 4,706,488 52.674545,889 3,888,895487,89032,548
Gr'd aggr.,
Comparison wl h prey. week...1 +26.186-2,003+51757 +80.270+8,133 +308
Gr'd aggr., aa'l cond'n
Gr'd aggr., del cond'n
ds
aggr
gr:: actaa.'11 cond'n
Gr:d
cond'n
Or'd aggr..
cond'n
Or d aggr., act
Apr. 12'4.680,302 54,677494.132 3,806.425479,757 32,240
Apr. 54,699.75 65,383494.418 3.827,408481,786 32,253
Mar.294.714,105 55,070 533,708 3,847.026 489,292 31,27:
Mar.224,727,310 55,004537,942 3,964,438 464,92931,693
M ar.154,666,56 64,601519,400 3,892,723 452,707 31,810
Mar. 84.568.780 54,118523,264 3,805,689447.21831,879
Note.-1.1.B. deposits deducted from net demand deposits in the genera totals
above were as follows: Average total April 19, $48,705.000; actual totals April 19,
$44,277.000; April 12, $52,044,000; A ril 5, $52,044,000; Mar. 29 $52,044.000;
Mar. 22, 852,043,000. Bills payable, rediscounts, acceptances and other liabilities,
average for week April 19, $425,538,000; April 12, $449,975,000; April 5, 8432.125,000: Mar. 29, $422,634.000; Mar. 22, 8388,604.000. Actual totals April 19, 5419,861,000; April 12, $438,911,000; April 5, $440,165,000; Mar. 29. 8465.019,000;
Mar. 22. 3389,032,000.
• Includes deposits in foreign branches not included in total footings, as follows:
National City Bank,8135.119.000; Bankers Trust Co.,$14,904,000; Guaranty Trust
Co., 889.584,000; Farmers' Loan & Trust Co.. $233,000; Equitable Trust Co..
560,355.000. Balances carried in banks in foreign countries as reserve for such
deposits were: National City Bank, $16,094.000; Bankers Trust Co., $2,562,000:
Guaranty Trust Co.. 89.176,000; Farmers' Loan dr Trust Co., $233.000; Equitable
Trust Co., $15,920,000. c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following
two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
R4803111
in
In Vault. Depositaries
Members Federal
Reserve banks_
State banks'
Trust companies*
8.078,000
2,310,000
Total
Reserve.
•
Reserve
Required
$
507.525.000 507,525.000 498,016,700
4.346,000 10,424.000 10,095 840
6,196,000 8,506,000 8,371,350
Surplus
R480141.
9,508,300
328,160
134,650
8,388,000 518.067,000 526,455,000 518,483.890 9,971,110
8,478.000 515,414.000 523,890,000 512,553,680 11,336,320
8,040,000 522,780,000 530,820,000 518,981,930 11,838,070
7.954,000 513,704,000 521,658.000 519,132.010 2,525,990
• Not members of Federal Reserve Bank.
This
is
the
reserve required on the net demand deposits in the case o State banks
a
and trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount in reserve required on net time deposits, which was as follows:
Aprillii,312,734,760; April 12,112,558.380; April 5,$12,600,060; Mar.29,812,657.780.
Total Apr. 19_
Total Apr. 12_ _ _ _
Teta, Apr. 5_ _
Total Mar. 29_ _
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:
Actual Figures.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Members Federal
Reserve banks__
State banks.
Trust companies•_
2013
THE CHRONICLE
APR. 26 1924.]
6,145.000
2,109,000
Surplus
Reserve.
Reserve
Required.
Total
Reserve.
BOSTON CLEARING HOUSE MEMBERS.
535,413,000 535,413,000 503,462,680 31,950,320
75,980
4,099,000 10,244,000 10.168,020
146,600
6,377.000 8,486,000 8,339,400
April 23
1924.
April 16
1924.
Changesfrom
previous week.
April 9
1924.
57,400.000 57,400.000
57,400,000 Unchanged
Capital
10.000 81,024,000 80,493,000
81,014,000 Dec.
Surplus and profits
0 830,300,000
5,957,000
837.158,00
Loans, dIsc'ts & in vestments 831,201,000 Dee.
11,000 605.973,000 586.632.000
Individual deposits, incl. U.S 605,962.000 Dec.
122,165,000
123,364.000
480,000
Dee.
122,884,000
Due to banks
298,000 137.967.000 137,940,000
138,265,000 Inc.
• Not members of Federal Reserve Bank.
banks Time deposits
State
15,381,000
of
case
the
14.693,000
2,827,000
in
Dec.
deposits
net
demand
11,866,000
on
United States deposits
b This is the reserve required
of the Federal Reserve Bank Exchanges for Clearing liouse 25,323,000 Dec. 4.050,000 29.373.000 24,759,000
and trust companies, but in the case of members
63.836,000
was as follows:
72.770,000
which
3,461,000
Inc.
deposits.
time
net
on
76.231,000
required
reserve
of
banks
amount
other
from
Due
Includes also
$12,578,340: Mar. 29, $12,- Reserve In Fed. Res. Bank_ 70.569,000 Inc. 1,318,000 69,251,000 68,453.000
April 19, 512,763,380; April 12, $12,520,080; April 3,
8.811.000
Cash in bank and FM. Bank 8,576,000 Dec. 569,000 9.145,000
809,580. x Deficit.
Reserve excess in bank and
938.000
599.000
1,166,000
1,765,000 Inc.
Federal Reserve Bank _ _
Total Apr. 19._
Total Apr. 12_ ___
Total Apr. 5_ _
Total Mar.29_ _ _ _
32,172,900
8,254,000 545.889,000 554,143,000 521.970.100 x8,582,370
8,509.000 494.132,000 502,641,000 511,223.370 x11,155,490
8,408,000 494,418,000 502.556.000 513,981,490 25.057.820
8,080.000 533,708.000 541,788.000 516,730.180
g
State Banks and Trust Companies Not in Clearin
weekly
Philadelphia Banks.—The Philadelphia Clearing House
House.—The State Banking Department reports
trust comive figures
figures showing the condition of State banks and as follows: return for the week ending April 19, with comparat
for the two weeks preceding, is given below. Reserve
panies in New York City not in the Clearing House
of the Federal Reserve System
COMPANIES IN GREATER requirements for members
SUMMARY OF STATE BANKS AND TRUST
and 3% on time deposits, all
deposits
demand
NT.
on
10%
STATEME
are
HOUSE
G
CLEARIN
D
IN
INCLUDE
NEW YORK. NOT
Bank. "Cash in vaults"
Reserve
Federal
the
with
kept
be
to
.)
Department
Banking
by
State
(Figures Furnished
Differencefrom
For trust companies not memreserve.
of
legal
part
a
not
is
Previous Week.
April 19.
Reserve System the reserve required is
$834,050,700 Inc. $175.400 bers of the Federal
Loans and investments
397.300 10% on demand deposits and includes "Reserve with legal
3,858,000 Inc.
Gold
20,950,600 Dec. 1.292,300
Curren y and bank notes
659,400 depositaries" and "Cash in vaults."
77,779,100 Inc.
Deposits with Federal Reserve Bank of New York
882,309.600 Inc. 15,255,100
Total deposits
I Week ending April 19 1924. April 12
Deposits, eliminating amounts due from reserve deomand
trust
banks
other
from
and
Two Ciphers (00)
positaries
0 Inc. 13,664,500
1924.
1924.
/Members()) Trust
omitted.
panics in N. Y. City, exchange and U.S. deposits 829,513.50
2.688,600
Inc.
139,980,300
F.R.Systsm Companies Total.
Reserve on deposits
22%.
Percentage of reserve,
RESERVE.
539,875,0 55,000,0 844,875.0 844,875,0
Capital
—Trust Companies- Surplus and profits
110,129,0 16,000.0 126,129,0 126,129,0
—state Banks
371,358,900 16.19% Loans. dIsc'ts & investmle 712,289,0 42,369,0 754,858,0 750,813.0
•831,230.800 16.02%
Cash in vault
05.99% Exchanges for Clear. House 32 315 0
639,0 32,954,0 27,939,0
26,410,200
cos__
05.63%
10,982,400
trust
and
banks
Deposits in
14,0 107.488,0 96,242.0
107,474,0
Due from banks
911.0 124,734.0 123,691,0
$97,767,100 22.18% Bank deposits
123,823,0
342.213,200 21.65%
Total
547,651.0 535.900.0
24,127,0
523,524,0
deposits
Individual
which for the Time deposits
1,162,0 65,751,0 63,456,0
64,589.0
*Includes deposits with the Federal Reserve Bank of New York, 0.
723,047,0
738,136,0
26,200,0
19
was
711,938,0
$77,779.10
April
on
combined
companies
trust
deposits
and
Total
State banks
22,522,0 24,247.0
U.S. deposits(not inch)_ _
3,245,0
3,307,0
3,307,0
Res've with legal deposit's
54,858.0 54,525,0
Reserve with F.R.Bank__ 54,858,0
10,708,0
10.793,0
1,116.0
9,677,0
In vault*
Banks and Trust Companies in New York City.—The Cash
4,423,0 68,958,0 68,478.0
Total reserve and cash held 64,535,0
3,715,0 59.022,0 58,617.0
averages of the New York City Clearing House banks and ReservereqUlred in vault 55.307,0
9936.0
9.861.0
708,0
9,228.0
cash
and
&
res.
banks
State
the
for
Excess
those
with
trust companies combined
City outside of the •Cash in vault not counted as reserve for Federal Reserve members.
April 5
1924.
$44,875.0
124.249,0
750,029,0
33,298.0
97,559,0
125,422,0
539,210,0
64,157,0
728,789,0
24,269,0
3,680.0
55,524,0
9,944,0
69,148,0
58.947.0
10.201.0
trust companies in Greater New York
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week Ended—
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 28
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 1
Mar. 8
Mar. 15
Mar. 22
Mar. 29
April 5
April 12
I serve in
*Total Cash
in Vaults. D positaries
Loans and
Investments.
Demand
Deposits.
g
5,390,060,400
5,486,657,900
5,414,724.400
5,418.393,500
5,393,304,400
5,415,772.300
5,542,356,600
5,432,697,600
5,432,287,500
5,424.841,800
5,432,225,300
5,462,366.300
5,534,279,900
5,557,132,400
5.554,501.600
5,517,615.300
g
4,539,321,800
4,687,252,400
4,647,636,700
4,651,352,800
4,608,974,700
4,665.239,000
4,690.532,700
4,646,580,300
4,653,880,900
4,640,570,200
4,651,853,700
4.682,815,500
4,816,722,400
4,705,886,400
4.694.758,200
4,632,385,000
$
95,510,600
88,501,200
89.168,000
81,339,900
80.042.600
70,395,000
79,497.600
81,717,400
78,822,000
82,862.500
80,120,600
80,148.100
79.268,200
80,050,500
78.352,100
81,490,600
„
$
12.227,600
,539,300
8,171,600
3,035,300
15,261,500
19.211,100
21,032,400
3,209.400
18,208,200
15,356,000
14,521.100
24,625,700
04,938,900
21,464,100
31.029.100
27,002,100
700
„
Condition of the Federal Reserve Bank of New York.
Federal Reserve
—The following shows the condition of the April
23 1924 in
Bank of New York at the close of business
comparison with the previous week and the corresponding
date last year:
April 23 1924 Apr. 16 1924. April 25 1923
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:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Staled in thousands of dollars—that is, three ciphers (0001 omitted.) •
Loans,
! Net
Capital. Profits. DUCLEARING
counts,
NON-MEMBERS.
Nat. bks. Mar 31 InvestWeek Ending State bks. Mar.20 meats.
April 19 1924. Tr. cos. Mar. 20 tee.
Members of
Fed'I Res've Bank
W. R. Grace & Co_
Total
State Banks
Not Members of
Fed'I Res've Bank
Bank of Wash. Hts_
Colonial Bank
Total
Trust Company
Not Member of
Fed'I Res've Bank
Mech.Tr..Bayonne
Total
Cash
in
Vault.
Net
Reserve
Net
with Demand Time
Legal Deposits. Deposits.
DeposiI tortes.
I
Average Average Average Average Average
$
$
$
5
5
17j
9,134
515
2.256
5.523
$
1.639
500
1.039
9,134
17
200
1,000
401
2,275
7,132
24,600
757
2,70
51
2.256
5.523
33
6,077
1.5831 22,584
1,200
2,676
31,732
3,461
1,921
28.661
1,757
2,515
—
4,272
500
426
8,855
359
55
2,754
5,872
500
426
8,855
359
55J2754
5,782
2,200
Grand aggregate_ - Comparison with prey, week
4,742
49,721
+267
3,837
—25
2,491 a33,671
—74 +299
15,667
+257
2.200
2,000
2.000
2.000
4,742
4,742
4.724
4.724
49,454
49.020
48,943
48.871
3,865
3.560
3,665
3.732
2.565
2,415
2,465
2 409
15.410
15,158
15,278
Gr'0 aggr., April 12
Gr'0 agar., April 5
Gr'd aggr., Mar. 29
ned aacrr Mar 22
a33.372
832,781
532.636
*99 ROA
a United States deposits deducted, $50,000.
Bills payable, rediscounts, acceptances and other Bab! ides, $75.000.
Excess reserve, $186,100 decrease.
1 A 'TKO
$
585,695,000
9,187,000
3
535,747,000
5,929,000
594,882,000
207,089,000
189,603,000
541,678.000 647,303,000
213,063,000 274,636,000
186,270,000 156,954,000
638,388,000
8.915,000
991,574,000 941,009,000 1,078.893.000
12,634,000
26,570,000
26,628,000
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Bills discounted—
Secured by U. S. Govt. obligations
Other bills discounted
1,018,202,000 957,579,000 1,091,527,008
9,500,000
11,411,000
12,827,000
Total bills discounted
Bills bought In open market
U. S. Government securities—
Bonds
Treasury notes
Certificates of indebtedness
Total U.S.Government securiUes...
39,758.000
22,180,000
50,770,000
24,805,000
123,134,008
30,999.000
61,938,000
25,728.000
75,575.000
52,550,000
154,133,000
45,161,000
1,202,000
42,259,000
14,020,000
1,202,000
39,942,000
14.020,000
1,149,000
10,000,000
57.481.000
55,164.000
11.149,000
145.147.000
131,023,000
14,676,000
3,894,000
Total earning assets
Uncollected items
Bank premiums
All other resources
Total resources
50f
$
Resources—
Gold with Federal Reserve agent
Gold redemp.fund with U. S. TreasuryGold held exclusively agst.F.R. notes_
Gold settlement fund with F.R. Board
Gold and gold certificates held by bank
183.289.000 210,443,000
167,083,000 139,885.000
11,690,000
14,380,000
1,403,000
3,638,000
1 325,769,000 1,347.380.000 1,464,448,000
Liabinties—
357,566,000 359,728.000 559,220,000
Fed. Res. notes in actual circulation
0 736.330.000 682,516.000
Deposits—Member bank, reserve acc't__ 743,095,00
10,682,000
10.054,000
9,005,000
Government
10,806,000
11,321,000
11,952,000
Other deposits
0 757,705.000 704,004,000
764,053,00
deposits
Total
112.114,000 137.755,000 109,013,000
Deferred availability items
28,942,000
29.799.000
29,799,000
Capital paid In
59,800,000
59,929.000
59,929.000
Surplus
3,469,000
2,464.000
2,308,000
All other liabilities
1,464,448,000
00
1,347,380.0
0
325,769,00
1
Totalliabtlities
Ratio of total reserves to deposit and
Fed. Res, note liabilities combined _ _
Contingent liability on bills purchased
for foreign correspondents
•Includes Victory notes.
90.8%
86.6%
86.4%
4,981,000
5,048,000
9,818,000
CURRENT NOTICES.
—Spencer Trask & Co. have just prepared, and are distributing on
request, an interesting analysis of the Allied Chemical & Dye Corp. The
a
recent strong statement of this company at the end of its third year as
brings
consolidation has attracted considerable attention, and this analysis
out many points which should be of interest to the investor.
—Rutter & Co. have issued a general circular describing State. county
foreign Governand municipal bonds, railroad and public utility bonds,
ment bonds and Canadian Government. Provincial and municipal bonds,
the yields ranging from 4% to 7.55%.
2014
TUE efin"NICLE
[Vol..
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board
afternoon, Ap:il 24, and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday.Thursday
la the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks
and
with those of the corresponding week last year.
TRO second table shows the resources and liabilities separately
for
of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactioneach
s
in
Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks.
The Reserve Board's comment upon the returns for the latest
ueek appears on page 1978, being the first item in our department of "Current.
Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE
FEDERAL
RESERVE
CLOSE
BANKS AT THE
OP BUSINESS APRIL 23 1924.
April 23 1924 Apr. 16 1924. April 9 1924. April
2 1924. Afar.26 1924. Afar. 191924. Mar.12 1924. Afar.
5 1924. April 25 1923
RESOURCES.
5
Oold with Federal Reserve agents
2.047,470,000 1,997,364,000 1,984,054,000 1,974,624.000
2,082,659.000 2,098.170,000 2,046,696,000 2,050,306,000 2,007,555,000
Gold redemption fund with U. B. Treas.
55,971,000
06,715,000
57,223.000
50,533,000
56,945.1)00
52,764,000
49,101,000
48,393.000
57,562,000
Gold held exclusively sgst. F.R.notes 2,103,441,000 2,054,079.000 2,041,277,000
2,025,157,000 2,139,604,000 2,150,934,000 2,095,797,000
Gold settlement fund with F. R. Board. 623,182,000 671,222,000
2,098,699,000 2,065,117,000
Gold and gold certificates held by banks 387,267,000 379,585,000 672,888.000 709,581,000 605,918,000 606,747,000 657,175,000 644,584,000 695,630,000
389,281,000 357,029,000 377,422,000 374,164,000
377,110,000 373,480,000 323,822,000
Total gold reserves
3,113,890,000 3,104,836,000 3,103,446,000 3,091,767,000
3,122,944,000 3,131,845,000 3,130,082,000 3,116,763,000 3,034,569,000
Reserves other than gold
100,937,000 100,404,000
97,975,000
99,564,000 100,107.000 101,352.000 105,758,000
106,059,000
94,473,000
Total reserves
3,214,827,000 3,205,290,000 3,201,421,000
3,191,331,000 3,223,051,000 3,233,197.000 3,235,840,000 3,222.822,000
Ron-reserve cash
51,624,000
3,179,042,000
48,7.50,000
49,351,000
46,599,000
51,054,000
51.137,000
Bills discounted:
50,282,000
48,116,000
70,691,000
Secured by U. S. Govt. obligations_ 187,914,000 190,419,000 228,280.000
Other bills discounted
284,929,000 279,151,000 301,279,000 239,063,000 214,656,000 166.326,000 214,557,000 211,938,000 339,880,000
290,597,000 267.659,000 264,425,000 268,842;000 276.370,000
296,717,000
Total bills discounted
472,843,000 469,570,000 529,559,000 529,660,000
Bills bought In open market
140,424,000 176,680.000 197,606,000 213,772.000 482,315,000 431,251,000 483,399,000 488,308,000 636,597,000
202.458,000
194,203,000 242,616,000 259,737,000 274,041,000
U. B. Government securities:
Bonds
13,892,000
18,855,000
18,273,000
18,331,000
18,801.000
18,264,000
Treasury notes
18,282,000
18,320.000
27,939,000
201,158,000 193,327,000 187,615,000
184,887,000
176,704,000
174,577,000 155,311,000 130,247,000 •129,091,000
Certificates of Indebtedness
54,245,000
54,485,000
63,015,000
61,637,000
61,751,000 103,836,000
38,776,000
33.499.000
36,780,000
Total U 9 Govt. securities
274,295,000 266,667,000 268,903.000
264,855,000 257,256.000 296,677,000 212,369.000 182,066.000 193,810,000
All other earning assets
51,000
51,000
51,000
51,000
51,000
51.000
100,000
41,000
100.000
Total earning assets
887,613,000 912,968,000 996,119,000 1,008,338,000
942,080.000
922,182.000
6% redemp.fund ant. F. R. bank notes
938,484.000 930,211,000 1,104,489.000
28,000
28,000
28,000
28,000
28.000
28,000
Uncollected Items
28,000
191,000
011,729,000 713,559,000 577,583.000 586,085,000
28,000
557,304,000 681,527,000 638,715.000 606,204,000 622,644,000
Bank premises
56,480,000
56,164,000
55,985,000
55,876,000
55,864,000
55,466,000
All other resources
55,254,000
55,197,000
49,943,000
22,114,000
21.802,000
22,420,000
21,398.000
21,486,000
21,286.000
23,282,000
14,063,000
22,077,000
Total resources
4,844,415,000 4,958,561,000 4,902,907.000 4,909,655,000
4,850,867,000 4,964,823,000 4,941,885,000 4,884,655,000 5,041,067,000
8. R. notes In actual circulation
1,940,821,000 1,966,349,000 1,981,638,000 1,987,262,000
1.982,706.000 1,989,848,000 2,010,595,000 2,019,773,000 2,222,588,000
F. R. bank notes in circulation-net....
350,000
356,000
365,000
374.000
389.000
Deposits394.000
2,287,000
402,000
Member ba a)s-reserve account.._... 1,935,113,000 1,940,810,000
1,934,999,000 1,933.113,000 1,912,411,000 1,981.042,000 1,944,699.000
Government
1,906,729.000 1,853,935,000
44.567,000
49,711,C00
98,841.000
109,838,000
75,191,000
8,850,000
Other deposit.
54,222,000
34,692,000
59,463,000
21,176,000
21,064,000
21.227,000
19,413,000
19,514,000
22,233.09
19,929,000
19,834,000
19,916,000
Total deposits
2,000,856,000 2,011,585,000 2,055.067,000 2,062,364,000
Deferred availability items
106,051.000 634,333.000 619,305,000 513,463.000 2,007,116,000 2,012,131,000 2,018,850,000 1,986,026.000 1,908,543,000
513,762,000
816,683,000
Capital paid in
566,026,000 532,998,000 564,398,000
110,865,000 110,869,000 110,837,000 110,859,000
110,831,000 110,828,000 110.836,000 110,831,000 108,857,000
8111-18us
220,915,000 220,915,000 220,915,000 220.915,000 220,915.000
220,915,000 220,915,000 220,915,000 218,369,000
All other liabilities
14,557,000
14,154,000
14,780,000
14,418,000
15,155,000
14,029,000
14,269,0001
13,710,000
16,025,000
Total liabilities
4,844.415,000 4.908.561,0004.902,907.000 4,909.655.000
4.850,867,000 4,964,823,000 4,941,885.000 4,884,655,000 5,041,067,000
Ratio of gold reserves to deposit and
F R. note liabilities combined
79.0%
78.1%
76.0%
76.3%
78.5%
78.3%
Ratio of total res8 ryes to deposit and!
77.7% 1
77.8%
74.7%
F. R. note liabilities combined
81.6%
80.6%
70.3%
78.8%
80.8%
80.8%
80.3%,
Contingent liability on bills purchasedi
80.5%
77.0'..
for foreign correspondents
17,276,000
17.343,000
14,002,000, 11.230,000
11,033.000
9,769,000
9,785.000
10,720,000
33,085,000
DitirfSullen by Maturities8
$
1-15 days bills bought in open market.
S
69,400,000
90,964,000
07,253,000 107.651.000i 88,089,000
56,490,000
92,878,000 115.726,000
61,703,000
1-15 days bills discounted
274,219,000 282,473,000 332,846,000 328,040.000 292,787.000
244,358.000 302,284,000 304,183,000 431,439,000
1-15 days U. S. certif. of indebtedness.
1,125,000
1,040,000
58.000,000
11,187,000
948,000
20,000
1-15 days municipal warrants
41,600
16-30 days bills bought in open market.
29,108,000
35,281.000
42,871,000
39,321,000
41,161.000
50,077.000
49,880,000
40,416,000
41,600,000
16-30 days bills discounted
44,666,000
44,025,000
49,386,000
46,807,000
43,014,000
43.227,000
44.715,000
44,538.000
46,760,000
16-30 days U. S. certif. of indebtedness_
10,304,000
16-30 days municipal warrants
81-60 days bills bought in open market.
32,750,000
37,859,000
44.359,000
42,177,000
49,817,000
55,839.000
61,957,000
60,334.000
96,885,000
81-60 days bills discounted
71,919,000
63,410.000
68,009,000
69.120,000
68,572.000
68,251,000
65,702,000
68,751,000
83.264,000
31-60 days 0.1. S. certif. of Indebtedness
9,339,000
670,000
81-60 days municipal warrants
61-90 days bills bought in open market.
8,806,000
11,829,000
20,890.000
14,570,000
21,884,000
30,031.000
35,064.000
42,065.000
65,005,000
61-90 days bills discounted
49,451,000
47,872,000
50,652,000
58,382,000
51,597.000
48.726,000
45,636,000
47,876.0(10
50,585,000
61-90 days U.S.. certif. of Indebtedness.
9,547,000
9,265,000
9.269.000
9,136,000
9,216,000
3,000
157,000
61-90 days municipal warrants
51,000
51,000
51,000
51,000
Over 90 days bills boughtin open market
380,000
767,000
1,551,000
735,000
1.507.000
1.766,000
2.8370)0
1,06,000
8,848,000
Over 90 days bills discounted
32,588,000
30.890.000
28,666,000
27.311,000
28,345,000
26,689,000
25,062.000
24,900.000
24,749,000
Over 90 days certif. of Indebtedness_
44,906,000
44,938,000
51,328.000
52,625,000
52,615.000
36.620.000
27,386.000
22,090,000
36,090,000
Over 90 days municipal warrants
51,000
51.000
?sacral Reserve 51,,tesOutstanding
2,438,680,000 2,445.344,000 2,467,323,0002,473,160,000 2,489,943.000 2,507,758,000
2,521.424.000 2,537,203,000 2,601,820,000
Held by banks
497,859,000 478.995,000 485.685,000 485,898,000 507,237.000 517,910,000
510,829,001) 517.430.000 379,232,000
In actual circulation
3,390,352,000 1,966,349,000 1,981,638,000 1,987,262,000 1,982,706,000 1,989,848,000
2,010,595.000 2,019,773,000 2,222,588,000
Amount chargeable to Fed. Ras. Agent 3,390,352,000 3.409,911.000 3,426,670,000 3.448.762,000
3,452,025.000 3,464,475,0110
In bands of Federal Reserve Agent
951,672,000, 964,537,000 959,347.000 975,602,000 962,082.000 956,717,000 3,480,281.0110 3.484,4115.000 3,417,345,000
958.857,000 947,262.000 815,523,000
Issued to Federal Reserve Banks
2,438,680,0002.445,344,00.5 2,467,323,000 2,473,100.000 2,489,943,000 2,507,758,000 2,521,424.000
2.537.203,000 2,601,820,000
Flow Secured-=Br gold and gold certificates
331,939,000 329,729.000 329.729.000329,729,000 329,729,000
By eligible paper
391,210,000: 447,980,000 483,269,000 498,538,000 407,284,000 330,939,000 328,184.000 328,184,000 314,899,000
Gold redemption fund
112,153,000; 1111,157,000 124,769,000 113,724,000 119.989,000 409.588,000 474.728,000 486,897.000 594,265,000
117,558.000 115,728,000 116,702.000 119,082,000
1.603,378,00W 1.551.478.000 1,529,556,000 1,531,171,000 1,632.941.00(1
With Federal Reserve Board
1,649.673,000 1.602.784,000 1,605,420,000 1,573,574,000
Total
2.438,680,000 2,445,344,009 2,457,323,000 2,473.160.000 2,489,943,000
2,507.758,000 2,521.424.000 2.537.203,000 2,601,820,000
Eligible paper delivered to V TO Agent.
591.602.000 620.784 000 706.845.000 714.190.000 651.130,000
596.084.000 893.236,000 710.108,000 877,446,000
• 'imitates Victory notes.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACII OF THE 12 FEDERAL
RESERVE BANKS AT CLOSE OF BUSINESS APRIL 23 1924
Two ciphers(00) amine.
i
Boston. New York
Phila. Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap.
Federal Reserve Bank ofKan. CM, Dallas. San Fran.
Total.
RESOURCES.
$
$
$
5
$
S
$
$
S
5
Reserve
agen 195,367,0 585,695.0 188,382.0 204,338.0 38,130,0 113,663,0
8
$
Gold with Federal
$
300,311.0
63,762,0
58,596,0 53,449,0 26.787,0 218,990,0 2,047,470,0
7,817,0
9,187.0 6,864,0 3,303,0 5,969,0 3,307,0 6,972.0
Gold red'n fund with U.S. Trees_
3,109,0 1.478.0 3.717,0 1,876,0 2,372,0
55,971,0
Gold held excl. agst.F.R. note. 203,184,0 594,882.0 195.246,0 207,641,0 44,009,0 116,970,0 307,283.0
66,871,0 60,074,0 57,166,0 23,663,0 221,362,0 2,103,441,0
Gold settle't fund with F.R B'r 62,278,0 207,089,0 26,842,0 78,240,0 25,406,0 9,115,0
Gold & gold certifs held by bank 18,390,0 189,603,0 40,785,0 12,583,0 6,026.0 7,107,0 112.156,0 13,686.0 8.166,0 28,891,0 15,175,0 36,138,0 623,182,0
53,655,0 7,064,0 9,532,0 3,679,0 10.447,0 28,405,0
387,267,0
283,842,0 991,574.0 262,874,0 298,464.0
Total gold reserves
75,531,0 133,192,0 473,094,0
9,523,0
Reserves other than gold
26,628.0 2,617,0 5,505,0 4,954,0 10,825.0 9,600.0 87,621,0 77,772,0 89,736,0 54,285,0 285,905,0 3,113,890,0
15.063,0 1.341,0 3,997,0 6,557,0 4,327,0 1110,937.0
293,360.0 1,018,202.0 265,491,0 303,969,0 80,485,0 144,017,0
Total reserves
482,694,0
3,622,0
Ron-reserve cash
12.827,0 1,801,0 3,657,0 3,049,0 5,797,0 5.976,0 102,684,0 79,113,0 93,733,0 60,842,0 290,232,0 3,214,827,0
4,584,0 1,017,0 2,834,0 2,833,0 3,027,0
Bills discounted:
51.624.0
39,758,0 25,525.0 30,576,0 20,686,0 8,700,0 18,090,0
Sec. by U.S. Govt. obligations 10,135,0
10.425,0
Other bills discounted
22,180,0 12,566,0 21,211,0 42,453,0 37,852,0 37,405,0 11.413,0 4,947.0 2,936,0 1,362,0 31,786,0 187,914.0
23.074,0 12,343,0 22,655,0 10,798,0 31,967,0 284,929,0
20.560.01 61.038.0 38,091.0 51,787,0 63,139,0 46.552,0
Total bills discounted
55,495,0
12,652,0
bought in open market
25.728.0 9,280,0 16,550,0 1,856,0 7,3112,0 25,171,0 34,487.0 17,290,0 25,591.0 12,160.0 45,703.0 472,843,0
5,200,0 3,981,0 5,657,0 12,996,0 13,901,0 140,424.0
1
r S Government securities:
,
542,0
1,202,0
Bonds
549.0
916.0 1,191,0
139,0 4,426,0
7.252,0
892,0 1.780,0
3,0
16.153.0, 42.259,0 21,804,0 24,289,0 2,962,0
18.892,0
Treasury notes
4.0 27.309.0 5.136.0 8,359.0 13.628,0 15,825,0 23,430,0
Certificates of Indebtedness.-4,351,0, 14,020,0 1,602,0 6,996,0
72.0 8,539,0 1,830,0 4,139.0 3.910,0 3,090,0 4.724,0 2111.158,0
972,0
54,245,0
Total 17.8. Govt.securities_ __ 21 nAti 01 .07.481.0 22 ORA n 10 oft n a 10a n'
01 R A AA 975 n
a flair, In oan n 10 eon n on rum n no lao n 11,A nne rs
APR. 26 1924.]
THE CHRONICLE
RESOURCES (Concluded)Two ciphers (00) omitted.
otn
e
ok
S
All other earning assets
1
$
Total earning assets
5,5,
6% redemption fund-F.R.bank
notes
Uncollected Items
7580
flank premises
4320
All other resources
8,
Total resources
LIABILITIES.
4,4,
hl. Ceead
ihod Alna
2015
hcg. S. Lus .lnep Kn
-
iy
Dla
a
rn
os).
S
3.
10
1370 10530 7,2,
11030 5.9,
1,7,
,1,
,9,
0,
9160 5,9,
.2,
.1,
1,
9.
4190 10900 4,5,
6530 7,5,
,1,
,6,
,6,
5.
1010 4,7,
5810 8,0,
60
3820 2,2.
,1,
,9,
,5.
,6,
5480 1,4,
,9,
,2.
4,
,8,
8,1.
2,
8790 61790
,2,
6400
,4,
2140
43100 1357903837046700 27970 24910 67010 11300 13670 15770 1210047460484450
. R.notes in actual circulation_ _ 26280
F. R.Bank notes in circulationnet liability
Deposits:
Member bank-reserve acc't_
2,1,
Government
,8,
Other deposits
6.
Total deposits
Deferred avalLibility items
Capital paid in
Surplus
All other liabilities
17070
5,7,
,1,
6300
3,
37580 17490 23940 7.6,
4,9, 1,7, 5,3,
,4,
,0,
,5,
1920
270 1280
4,8,
1160 5,1,
,5.
,3.
8.
0.
9.4,
5430 6,0,
7,5,
0500
,0,
0,6, ,4,2,
5,
5.
1100 5,6, 5,8, ,3,1,
1450 2260 6280
4,6,
.1,
1160
0,
2,
3550 4,9,
2490 2000
3,
0,
74030 17370 12470 6.8,
1710 26920 7,1,
1,1,
2800 5,6,
7460 1,0, 9010 3,5,
9790 1,5.
2570 5860 4540 1.0,
.6,
5.2,
9970 2.9,
1620 8900 3,2.
0020
,0.
,2.
,5,
6.
,2,
,3,
3,
3800 4,5.
1520 7,1,
3970 3,0.
,4,
,3.
7440 9460
.2,
1,
5610 12220200860
8870 3,6.
5,5,
,4,
.8,
1,6,
7570 1,0,
2,1,
,1,
4570
,1,
Total liabilities
43100 1357903837046700 27970 24910 67010 11300
13670 15770 1210047460484450
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined. Per cent
8.
87
08
5.
8.
12
8.
24
6.
8.
6.
95
85
..7ontingent liability on bills purchased for foreign correspond'ts
.6.
.6.
.2.
4.
6.
.8.
50
54 1
1R
01 1 1 3S
726.
ST A'TENIENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS
APRIL 23 1924.
Federal Reserve Agent at-
otn
(In Thousands of Dollars)
Resources
Federal Reserve notes on hand
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
Gold redemption fund
Gold Fund-Federal Reserve Board
Eligible paper{ A mount reunited
Excess amount held
e
ok Pia
850 2200 5,2
2,5
3,7 2.9
3,0
1,6
4,0
3,8
283
:851
114
1,0
600
3,5
1,0
1,9
5.8
3,0
,9
lv. Iihtd Alna Ciao
c
.
Mn. K
085 3,6
337 1770 2,0
4,1
029 1416 3349 8,2
als Sn F.
iy
800 2,4
057 7,2
Ttl
5.7
487 8,6
124 292524860
,8
,0
,8
302
3199
981
358 285 423
666 377 154 309 236 1,0
1,5
525 1700 2365 5,0
8,0
400 5,6
450 231916338
338 5,1
043
3,0
520 1,1
284 2,5
025 3120
496 1.5
231
4,0
119 885 771
0,9
28 2,9
Total
5.3 ,7.5 1,9 6,2 3,1 9,0
0,2 0,1
140511111evNet amount of Federal Reserve notes received from
Comptroller of the Currency
3124 93852880 2851 18692743 5119 1732
Collateral received fromf Oold
1537 5565 18322438 3.3 1,6
0,1
372
Federal Reserve BanklEllgible paper
322
7,3
323 5.9
436 6,3
036 3,2
Total
5.3 ,7,6 1,9 6,2 3,1 9,0
0.2 0,1
Federal Reserve notes outstanding
2,5
3,7 2,9 4.1
029 1415 3349 8,2
Federal Reserve notes held by banks
946 2429 3,8
372 1,8
372
3,7
459
Federal Reserve notes in actual circulation
. i
7
17 VI 0
n
9
7
O 41 4 14 91
4
A 41
6,4
8,7
2,7
0,6
,2,2
8,0 0.6
611 304533032
5,9
349 2,8 1,9 ,4,7
076 3,5
475 5.6
9,0
6,4
8,7
2.7
057 - 7 -33 5,4
463 1,4
,8
A
m
R 80 4
.1
0,6
,2,2
4,5 ,3,8
656 4789
r19A
A
9
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the
the liabilities of the 755 member banks from which weekly returns are obtained. These figures are always a weekresources
behind
those for the Reserve Banks themselves. Definitions of the different items in the statement were given in the statement
of Oct. 18 1017, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the
figures
for the latest week appears in our Department of "Current Events and Discussions," on page 1978
1. Data for all reporting member banks in each Federal Reserve District at close of business
April 16, 1924. Three ciphers (000) omitted.
eea
eev
itit
otn
Nw Yr
hl.
lme frprig bns
3
10
5
on
n
icut, gos
eue
y U .Gvtolgtos
1,5
436
1,8
Scrd b tcs ad bns
5,4 ,0,3
6,1
l te on n
icut_ _ _ _ 6307 25141 3378
Cee
ih'
9
349
1.9
7020
7
hcg
tat
6
t
O.
14
3
665
914
3.0
.5
2,1
124 5939 1541
3084 3865 11181 3552
nl. Kn
6
,1
4.1
1387
ir
als Sn Fa.
- 7
2
6
,7
496
3268
Ttl
5
118
,7
2899
,6.2
9,5
6,0
2075 8421 79689
Ttl las ad dsons
I.8. pewr bns
. Lbry bns
18 rauy bns
..Tesr
oe
05 etfctso netdes
n
3hr bns tcsad scrte
885742242 6160 11378 4662 4854 17578 4050 2083
4417 2790 10145 1,6,3
1.1
144
1,7
2.2
476
818
2.3
491
901
2,5
1,2
934
7,9
829 5014
4,2
1,6
0.4
631
0,6
413
1,4
656
1,6
709 10284
.4
171
253
104
211
377
1,9
,7
8
,3
,3
7,4
350
1,0
8,3
258
5.3
,4
,3
2,5
478
2,7
7973
832
1,7
874
,0
000
696
,
473
813
2,1
.9
,4
.7
1396
788
,2
1121 8667 1646 3591
5,3
270 3680
8,4
144
5,4
22145
1359
553
oa on
ies & ivsmu ,6,7 ,9,2
3,7
,7,1
1,1
9,7
,2,1
2,7
2.8
3.2
Rsre blne wt
4.2 ,7,1 66215
.I
ak
736 6508
7,0
0,9
3,3
622
0,9
309
2,6
Ds u vut
2,6
787 14216
320
019
7,9
551
2,6
327
1,7
309
744
585
1,4
Nt dmn
2345
,7
eois
041
2,9 ,8,7
6,9
8.9 ,2.3
3,9
8,9
6,1
9,9
0.4
3,2
13972
eois
Tm
4,8
8334 9142 1218 6320 1494 118e 8632
2001
8.1
3.9
649 5325 42071
:oenet dpst.
451
6,1
674
2,5
,3
,6
032
534
570
367
il aal
2,9
831
n
2 4
eicut
ih
Fdrl Rsre Bn:
Scrd b
.S ot bian_
297
3,6
,59
1.8
,4
,7
0.7
,5
l nhr
,6
0,9
,7
.7
.9_
.”..
..
.•
- .
.-.
......
1
• ••
. •
.
•
„
2. Data of reporting member banks in
Federal Reserve Bank and branch cities and all other ie porting banks.
1
New York City.
City of Chicago. All F. R. Bank Cities. F. R. Branch Cities. Other
Seleaed
Tom!
'
,April 16.1 A pril 9. April 16.1 April 9.1 April 16.1 And/ 9.
4 pril 16 April 9. April 16. April 9. Apr.16'24,A pr.9'24. Apr.18'23
.--Number of reporting banks
67
67
481
255
255
48
200
200
300
755
777
300
mute a
.. '
7551
S
S
S
1
S
$
$ I S
Secured by U.S. Govt.obligations, 77.256
85,244
25,782
25,9441 146,908
153.522
38,832
39,712
33,189
34,408
277,638
218.9291 227.642
1 1.404,4891,388.649 412.971
Secured by stocks and bonds
433,1591 2.676,088 2,648,067' 648,788 644.313
537,277 3.486.3281 3,829,657 3,773,046
All other loans and discoUnts..._ 2,265,1082,283,723 657.578 667,205,' 4,930,721 4,957,763 1.657.004
1.850,9691,389:154 1,389,89 7,976,8791 7,998,630 7.770,227
Total loans and discounts
3 746,8533,757,616 1,126,3311,126,308 7,753.717 7,759,352 2.344,624
2,334,9941,963.795 1,961,583 12,062,138 12,055,929 11,821311
U. S. pre-war bonds
40,109
0,129
4,195
90,495
4.195
90.931
74.320
.
108,044 106,810
271,295
272.367
282,277
U. S. Liberty bonds
446.934 435.248
44,490
47.753 667.197 661,536 237.819 237.694 167,828 165,499 1,072.844 1,064,729
U. S. Treasury bonds.
1,038.38.5
14,582
14,695
4,601
4,753
35,003
34.170
16.735
17,311
19,741
19,331
70,646
U. S. Treasury notes
71,645
103.036
356,507 358.390
80,495
544,152 125,775 125.647
83.543
538.229
65.769
67.085
729,773
U. 8. Certificates of indebtedness
736,864 .907,230
' 27,919
30.000
13.839
13,364
71,435
70,345
30.989
30,089
12,632
12,533
Other bonds, stocks and securities._ 005.913 549.107 166,573 159,071 1,229.404
113,966
114,057
171.200
1.195,165 611,352 609,433 450,690 447,947
2,291.455 2,252.545 2,157.771
Total loans & disc'ts & invest'ts. 5,234,907 5,226,185 1,440,5241,439,487 10,383,99310.357,1343,44
1.6143,430,7302,786,508 2.780,768 16,612,11516,568,636 16,479,010
Reserve balance with F. R. Bank__ 611,495 625.640 145,035 138,631 1,03 ,159 1,031,038
237,706240,186' 171,321 187,853 1,442,186 1,439,107 1.438.241
Cash in vault
62,5.4 64,758
27.412
135.938
28,931
141,190 .59,411
61,352
78.076
79.675
Net demand deposits
273,425
278.631
282.217
4 368,942 4.302,294 1,002,457 994,334 7,713,325 7,590,8801,947.70
1.922.354 1,678,721 ,650,208 11.339,75211,163,44211,217.805
Time deposits
649,616 643.081 373,391 373.403 2,062,215 2.055.0501.276.9171,
270,275
911.619 912,669 4,250.7511 4,241.0001 3,966.813
Government deposit
58,754
55,125
13,343
142.905
151.393
14,018
63,217
66.906
18.176
224,2981 237,168
18,869
300.105
Bills payable and rediscounts with
F. R. Bank:
Secured by U.S. Govt. obligations
26,640
64.500
8,462
55,374
89.870
9,120
31,876
34,599
19,240
106.490
21,011
145,480
236,419
All other
29,714
14.701
3,565
59,219
75.684
3.835
37,411 37,463
39,303
135,935 160.050
175,991
46.903
Ratio of bills payable & rediscounts
with F. It, Bank to total loans
and Investments, per cent
1.8
0.8
0.8
0.9
1.1
1.6
2.0
2.1
2.1
2.4
2.5
•Includes Victory notes.
Three ciphers 0100) omitted.
[VOL. 118.
THE CHRONICLE
2016
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Oazttitt.
1
1.3anktrz'
Wall Street, Friday Night, April 25 1924.
Railroad and Miscellaneous Stocks.-See page 2007.
Sales at the Stock Exchange not represented in detailed list.
Sales
I for
STOCKS
Week ending April 25. Week
I
Raoge Sioce Jan. 1.
Raoge for Week.
.
Lowest.
Highest.
Lowest.
Highest.
Par.Shares S per share. $ per share. 5 per share $ per share.
Railroads.
Apr
Jan 91
Bangor & Aroos. pf..1001 100 90 Apr 24 90 Apr 24 80
Jan 431 Jan
Brunswick TermiflaLlOOl 1.800 2 Apr 19 2 Apr 15 1
Apr 554 Jan
Buff Roch & Pittsb_ 1001 100 48 Apr 24 48 Apr 24 48
Apr 88
Apr
100 80 Apr 21 80 Apr 21 80
100
Preferred
Jan
Mar 212
CentralRRofNJ,.l001 100 200 Apr 25200 Apr 25 199
Apr 114
Jan
CCC&StLouiS..1O0I 200 108 Apr 1910831 Apr 21 100
Jan 37
Feb
ChicStPaulM&OAO0l 100 32 Apr 22 32 Apr 22 29
1001 100 6831 Apr 22 6831 Apr 22 6834 Apr 754 Jan
Preferred
Feb
Jan 53
Colo & South, lstptioOl 100 5034 Apr 25 504 Apr 25 50
Jan
DuluthSS&Atl,pLlOOl 100 34 Apr 22 34 Apr 22 34 Apr 5
Jan
Mar 110
Illinois Central, preLiOOl 700 105 Apr 24 105 Apr 24 104
Mar 454 Apr
IntRysofCentAm,pflQOI 100 454 Apr 24 454 Apr 24 45
Lehigh Valley rights__ 15,940 264 Apr 22 29% Apr 19 2531 Apr 3331 Feb
Jan 57
Apr
ManhatEievgtd_,jOQI 100 5431 Apr 24 544 Apr 24 42
Jan
iOOl 100 334 Apr 21 3331 Apr 21 2994 Apr 46
MStP&SSM
100 .59 Apr 22 59 Apr 22 5731 Mar 6731 Jan
1
Preferred
Apr
Apr 137
50 200 137 Apr 23 137 Apr 23 137
N Y Sr Harlem
NY Cent, Read rights__ 24,564 3 Apr 21 33.1 Apr 19 231 Mar 3% Jan
Pacific Coast.26 pref.100i 100 26 Apr 23 26 Apr 23 204 Jan 40% Feb
Mar
Jan 139
26 138 Apr 23 138 Apr 23 137
Pitts Ft W & Ch,pf _ _ 101
2.300 1831 Apr 21 194 Apr 23 1531 Mar 2231 Jan
Reading rights
Mar 3731 Apr
400 37 Apr 19 37 Apr 19 36
Wise Cent eertifs_ _ _10
Indus. & Miscell.
Jan
100 9731 Apr 22 9731 Apr 22 9731 Apr 102
All America Cables_101
Jan
100 60 Apr 22 60 Apr 22 514 Feb 66
Amer Chicle, pref___111
1,400 94 Apr 22 9431 Apr 211 924 Mar 964 Jan
Am F&,25% paid
700 9331 Apr 22 9331 Apr 251 9131 Apr 9631 Jan
Full paid
Mar
Feb 98
100 96 Apr 25 96 Apr 251 95
Am La France I.' E,pf101
Jan
Jan 13
200 37 Apr 23 37 Apr 23 25
American Republics__
Jan
Apr
40
22
22
Apr
40
434
40
Mar
100
Amer Teleg & Cable_101
100 154 Apr 22 1531 Apr 22 154 Apr 1631 Jan
Art Metal Construe_ 11
Apr 5431 Feb
300 47 Apr 22 48 Apr 21 47
Atlas Powder
101
4 Apr 21
4 Mar
4 Jan
g Apr 21
100
Assets Realization_ _ __1
Feb
Jan 95
300 92 Apr 23 924 Apr 25 89
Assoc Dry G. 2d pf_ _101
Jan
25
Apr
Apr
87
25
87
Mar
100
84
i
_10
_
_
8831
preferred_
First
100 14 Apr 22 14 Apr 22 14 Jan 23/s Feb
Atl Fruit CoITCo ctf de.
Jan
Apr 93
200 80 Apr 25 83 Apr 25 80
Blumenthal, prof_ _ _ _101
Apr 4231 Jan
100 30 Apr 21 30 Apr 21 30
Booth Fish, 1st pref_100
Feb
.500 464 Apr 21 574 Apr 24 5631 Apr 60
Brooklyn Union Gas_
100 97 Apr 22 97 Apr 22 9534 Mar 9831 Apr
Burns Bros. pref_ _ _101
Apr 1204 Apr
100 119 Apr 25119 Apr 25 119
Prior preferred__ 101
Apr 1931 Jan
25 1,100 1431 Apr 25 1531 Apr 24 15
Calumet & Heels
,entury Ribbon Mills_ _• 000 2531 Apr 15 29 Apr 24 2531 Apr 3331 Jan
100 27 Apr 21 27 Apr 21 2531 Apr 3631 Jan
3ert-Teed Products_100
Apr 6131 Apr
Apr 19 50
3hicago Yellow Cab_ _ _,21,299 45 Apr 21 51
Dluett,Peab & Co.pf_ 101
10010231 Apr 2210231 Apr 22 10031 Jan 1054 Jan
Apr
100 964 Apr 24 0631 Apr 24 9631 Apr 98
...om Invest Trust pf _1 1 I
0
100 84 Apr 23 831 Apr 23 84 Apr 124 Feb
3onley Tin Foil
3.600 50 Apr 23 56 Apr 19 434 Jan 6231 Mar
3omml Solvents A_.
Feb
Jan 56
B
, 1,600 40 Apr 23 46 Apr 19 33
;ant Can Inc pre!_ _ _1 1, 100 106 Apr 22 106 Apr 2210431 Jan 108g Jan
611 8931 Apr 22 914 Apr 25 8931 Apr 9731 Jan
3ontInental Insur_ _ _25
3orn Products prat_ _ _ _... 3.400 1164 Apr 21 117 Apr 2511531 Apr 120% Jan
Feb
200 9031 Apr 21 91 Apr 25 9031 Apr 95
3osden & Co pref___111
Apr
Feb 30
140 25 Apr 21 25 Apr 21 21
3rex Carpet
10r
Daniel Boone Wool 1(1_25 21,906 2131 Apr 21 264 Apr 19 214 Apr 3231 Mar
4 Apr
4 A q.
.4 Apr 25
4 Apr 25
500
Detrolt rights
Jan
Jan 76
10( 05 Apr 21 65 Apr 21 62
100
Deere & Co pref
Apr
Apr 88
401 85 Apr 22 8631 Apr 25 85
De Pont Deb 6%_ _100
Jan
106%
Ma
102
22
Apr
22103
Apr
100 103
Duquesne Lt 1st pf_ _100
Jan
Mar 127
100 118 Apr 21 118 Apr 21 118
Fld Phen Fire Ins N Y 2
Jan
101 4614 Apr 24 47% Apr 19 464 Apr 65
Fisk Rubber 1st pref _100
Jan
7
Apr
• 800 5 Apr 25 5 Apr 25 44
3arnder Motor
Mar
Feb 96
100 95 Apr 25 95 Apr 2" 92
3 Am Tk Car 7% pf _101
Feb
Jan 110
• 40 96 Apr 22 98 Apr 21 93
3en Baking Co
3en Petroleum
25 13,611 384 Apr 23 42 Apr 25 384 Apr 4131 Apr
Jan
901 464 Apr 25 47(4 Apr 25 4631 Apr 55
1
3en Refractories
Jan 10231 Apr
-iimbel Bros ref _ _ _ _100 300100% Apr 2210031 Apr 22 99
101 90 Apr 23 90 A,r 23 894 Apr 964 Feb
3reat Western Sugar_25
Apr 10831 Jan
10010531 Apr 1910531 Apr 19 105
100
Preferred
Feb
Apr 95
limns lot pref el A100 300 88 Apr 23 8831 Apr 22 88
100 331 Apr 21 331 Apr 21 314 Apr 94 Jan
nt Agricultural new_ _ _•
Apr 9731 Feb
3,500 8531 Apr 21 8931 Apr 25 83
nt Business Machines
nternational Shoe __, 701 734 Apr 19 7331 Apr 19 7314 Apr 784 Jan
Apr 324 Mar
• 511 29 Apr 23 30 Apr 21 29
ntertype Corp
Jan
Jan 110
100 110 Apr 22 110 Apr 22 109
rones& L Steel pref _..100
Mar
* 2.711 224 Apr 22 2431 Apr 25 224 Apr 27
rordan Motor Car
Jan
1
21
Apr
4
4
21
Jan
Apr
711
4
10
4ansas & Gulf
Apr
Feb 96
K C Pr & Lt let ref _ _ _, 201 95 Apr 23 95 Apr 23 92
Apr 784 Jan
100 524 Apr 23 524 Apr 23 50
{elly Spr Tire6% 1.100
Apr
Apr 113
101 113 Apr 25113 Apr 25 113
iresge (SS) Co pref _100
Mar
Mar 54
25 1,300 504 Apr 21 5131 Apr 19 50
Aggett & Myers
Feb
1,311
53
51
25
504
19
Apr
Apr
4831
Mar
25
B
25 2,
3531 Apr 24 364 Apr 24 2431 Mar 38% Mar
-orillard Co new
Feb
Jan 117
100 200 117 Apr 21 117 Apr 21 115
Preferred
A r 19 20
• 1,111 20 Apr 24
Apr 2331 Mar
.udlum Steel
Mar 102% Apr
vIcCrory Stores pref _ 100 200 101 Apr 2512031 Apr 19 100
Apr
100 93 A r 21 93 Apr 21 8931 Mar 94
100
danlia Electric
Jan
Jan 118
day Dept St prof__ _100 200116% Apr 21116% Apr 21 115
Jan
200 79 Apr 24 79 Apr 24 79
Apr 89
4at Enam & Stpg pf _100
100103% Apr 23 103% Apr 23 100
100
Jan 105% Mar
(at SupPlYPref
Mar
100 2531 Apr 23 2531 Apr 23 224 Jan 27
*
4 Y Canners
Apr
100 108 Apr 24 108 Ain 24 108
Apr 108
_ _100
(1agara Falls pr pf.
Jan
25 200 3131 Apr 25 3131 Apr 19 3131 Apr 33
)hio Fuel Supply
100 94 Apr 22 94 Apr 22 92
Jan 9431 Jan
)rpheum are Inc p1_100
Apr 744 Mar
100 500 52 Apr 23 5634 Apr 25 52
)tis Steel pref
100 108 Apr 22108 Apr 22,108
Apr1114 Mar
)wens Bottle pref. _ .100
ya Apr 23
4 Apr
Si Apr 231
100
4 Aprl
'acifie Tel & Tel rts____
Apr
* 1,600 2831 Apr 21 2914 Apr 22 2831 AprI 30
'ark & Tliford
100 105 Apr 24 105 Apr 24 103
Jan 1064 Mar
'enney (J C)Co pfd.100
Apr 8931 Jan
.hillIpsJones Corp 01100 300 80 Apr 22 8031 Apr 22 80
100 24 Apr 23 24 Apr 23 24
Apr 324 Jan
5
'hoevlx Hosiery
100 4214 Apr 21 424 Apr 21 4234 Jan 4331 Mar
50
.hila Co6% prof
Mar 4131 Feb
.hila & Read C & I ctfs, 100 4131 Apr 24 4131 Apr 24 35
Jan
Jan 101
100 9621 Apr 22 9631 Apr 22 95
.ittsburgh Steel pref_ 100
Mar
100 124 Apr 19 1231 Apr 191 1131 Feb 13
'Ms Utilities pr etre_ _10
Apr 2631 Jan
100 22 Apr 21 22 Apr 21 22
'rod & Ref Corp etfs_50
Jan
.S Corp of NJ pf 8%100 400 9931 ArP 22 100 Apr 22 99% Apr 102
Jan
100 974 Apr 25 9734 Apr 25 9631 Mar 99
.ub Serv of NJ 7%_100
114
21
Apr
Apr
113
21
114
Feb
115%
Jan
200
pref-100
Spring
ty Steel
Apr 1631 Jan
• 300 13 Apr 22 13 Apr 22 13
Leis (Robt) & Co
First preferred_ _ _ _100 500 67 Apr 22 67 Apr 22 664 Apr 7434 Jan
Jan
Mar 90
100 86 Apr 23 86 Apr 23 86
Cussia Insurance Co_ _25
66109% Apr 23109% Apr 23 109% Apr 11531 Jan
100
tern Bros pref
Apr
tudebaker new w I __• 2,800 32% Apr 22 344 Apr 19 3234 Apr 38
% Apr
4 Apr 21
4 Feb
Si Apr 21
• 3,500
"Won Oil
Jan
Apr 43
100 38 Apr 25 38 Apr 25 38
"tilted Dyew'd Corp_100
23
Apr
23
Apr
Apr
24%
19
22
Apr
22
600
_
r S Distributors Corp_ .
Jan
100 134 Apr 21 14 Apr 21
4 Apr 7
'a-Carolina Chem B,°
100 400 19 Apr 22 20 Apr 24 1731 Apr 3331 Jan
'an Raalte
Jan
First preferred_ _ _ _100 1,000 654 Apr 22 65% Apr 22 6031 Mar 80
Jan
Apr 53
900 40 Apr 24 46 Apr 19 40
'a Iron Coal& Coke_100
25
Apr
75
Jan
Apr
74
794
23
74
Apr
200
100
Preferred
Feb
100 6534 Apr 24 6.534 Apr 24 6531 Apr 68
'ulcan DetInning Pt 100
Jan
Apr
Apr
2411131
900113
Apr115
2211331
100
Pf
Vest Elec 7% Cum
Apr
• 600 5431 Apr 22 564 Apr 21 474 Jan 59
7e80 Penn Co
90 Apr 19 874 Apr 914 Jan
19
Apr
874
500
100
Preferred 7%
Apr 7231 Jan
100 1,600 34 Apr 21 35 Apr 21 33
711son Co pref
7001worth(FW)newwl25 6,000 7731 Apr 22 80 Apr 25 724 Apr 8031 Apr
Apr
24
24
Apr
6234
5831
Jan 654 Mar
6231
100
_100
7orthington met B_
Anr 8634 Mar
1ns4 100 45 Aim 21 59 Apr 19 413
2031
•No par value.
Week ending April 25.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Stocks,
No Shares.
Railroad
&c.
Bonds,
State,
Municipal &
Foreign Bds.
323,550
1,280,140
861,416
640,802
690,752
822,600
$3,514,000
5,208,000
6.047.000
6,264,000
7,250,000
10,111.000
$1,239,000
1,351,000
1,596,000
1.211,000
1,093,000
1,073.000
el.11,1
A A0A onn
Sales at
New York Stock
Exchange.
nnn
o, c,g nnn
United
States
Bonds.
$3,052,000
4,642,000
4,701,000
2,448,000
4,193,000
5,188,000
!OA 00A
nnn
Jan. 110 April 25.
Week ending April 25.
1923.
1924.
1923.
1924.
4,624,260
4,173,820
79,486,409
82,901,734
Bonds.
Government bonds_ _ _ 524.224.000 513,360,000
7,573,000 13,658,000
State & foreign bonds_
10,111.000 29,488,000
Railroad & miscell. bds
$326,088,000
121,212,000
546,947,000
$252,165,000
166,455,000
574,788,000
541,908.000 556.506.000
$994,247,000
$993.408,000
Stocks
Total bonds
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Baltimore.
Boston.
Philadelphia
Week ending
Shares. 'Bond Sales. Shares, Bond Sales Shores. Bond Sales.
April 25 1924.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Exchange!Closed
•15.498
$75,150
28,650
14,425
•11,112
160,050
51.600
•12.076
11,132
60.000
7,049
10,701
6,806
9,691
7.118
3,188
$27,100
39.100
62.700
28,100
760,400
31,500
550
569
740
411
850
473
$6,800
12,000
13,100
37,200
12,000
33,000
5375.450
44,553
$948,900
3,593
5114,100
64,243
Prey, week revised
• In addition Rifles of lights were- Monday. 351; Wednesday, 321; Thursday. 2,594.
Daily Record of U. .5. Bond Prices. Ayr. 19 Apr. 21 Ayr. 22 Apr.23 Apr.24 Apr.25
High 99'3,
991.31 991,3, 99113, 991.,1 991133
First Liberty Loan
99113, 991131
3,
99,
99132
99131
34% bonds of 7932-47-- Low_ 99,3,
99.n 99,432
Close 99'n
99822
99.41
32
99,
(First 349)
139
454
147
130
321
230
Total sales in 01.000 units.._
____ 99,3,3
Converted 4% bonds of illigh
Low_
____
-- 4.)____
(First
99"n
1932-47
Total sales in $1,000 units__ _
Converted 44% bonds IHigh
of 1932-47 (First 44s) LowClose
Total sales in SLOW units__
Second Converted 431% High
bonds of 1932-47 (First( Low_
Close
Second 44s)
Total sales in $1,000 units_ _ _
{High
Second Liberty Loan
4% bonds of 1927-42.... Low_
Close
(Second 4s)
Total sales in $1,000 units__
Converted 431% bonds IBIgh
of 1927-42 (Second
I Low_
Close
434a)
Total sales in $1,000 units_ .. _
High
Third Liberty Loan
Low_
434% bonds of 1928
Close
(Third 4340
Total sales in $1,000 units_ _ _
High
Fourth Liberty Loan
4 kr % bonds of 1933-38_ Low(Fourth 4g0(Close
Total sales in 51.000 Units.,.
High
Treasury
Low_
434a, 1947-52
Close
_ __ _
11
99,3
99'032
991,,,
118
____
____
__
__ _ _
99,131
___
____
____
991133
991,,,
998,,,
177
100'3,
,,
100,
1001,,
868
100.00
99"32
100.00
99"32
99,133
75
99"n
99113,
99,722
550
991633
991,3,
992.22
4
100.00
991,,,
99113,
858
10013,
10013,
10013,
654
100,33
99.132
100,32 100232 100,32
99"32 100.00 100,32
100.00 100.00 100'32
51
68
148
_ _ __ _ __
_ ___
---____
____
100.00
99113,
991.3,
2,398
1001.,
100,33
100,33
1,015
100'32
100.00
100.00
-__-- 991,,,
- - - - 100.00
3
100.00 100163
991.33 99'132
993,32 100'22
177 1,743
10010,3 100.133
10013, 100,3,
10013, 100.1,2
225 1,586
100'n 100,32
100.00 100132
100.00
100',3
100.00
10023:
00"32
991,,,
992.32
..-
100,032
100'32
100'32
483
100"13
100",1
100"32
20
100.00
100.00
100.00
3
100,31
100,32
100.31
1,427
100".,
1001,33
100.43,
1,258
100"32
10042
100‘.32
100'n
147 1,478
600 1,542
1,961
1,491
101..3, 101.9,3 101..32 1011,31 101",, 1011133
101",, 101,"32 101 1.32 101,132 101,"32 101"32
10111,, 101.13, 101.73, 101.133 101,632 101"32
/01
CC
'CC
SAC
1/,
ICC
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
50
34
2
115
1st 348
1st 4146
2d 4s
26 464s
100,32 to 100",
99.32 to 99132 49 3d 434s
00'631 to 100su
991132 to 99"n 171 4th 434s
to 101.00
Treas.
S.
4648....1o1.00
U.
1
,,
991,
to
991,33
991,32 to 100,3,
Foreign Exchange.-
To-day's (Friday's) actual rates for sterling exchange were 4 34.%©
43534 for sixty days. 4 37%04 37% for checks and 4 37%04 3734 for
cables. Commercial on banks, sight, 4 3704 3731: sixty days, 4 34340
4.3494; ninety days. 4 3334 ®4 334, and documents for payment (sixty
days). 4 34%04 35. Cotton for payment, 4 3704 37%, and grain for
payment. 4 37144 3754.
To-day's (Friday's) actual rates for Paris bankers' francs were 6.193.414
6 2394 for long and 6.243406.29 for short. Germany bankers' marks are
not yet quoted for long and short bills. Amsterdam bankers' guilders
were 36.73036.75 for long and 37.09037.11 for short.
Exchanges at Faris on London, 69.60 fr.; week's range, 64.90 fr. high
and 69.60 fr. low.
The range for foreign exchange for the week follows:
Cables.
Sixty Days.
Checks.
Sterling Actual440
44034
437'%
lilghforthOWeek
433%
4 3631
43634
Low for the week
Paris Bankers' Francs6 834
67631
68234
High for the week
62634
62534
61954
Low for the week
Germany Bankers' Marks0.000000000022 0.000000000022
High for the week
0.000000000022 0.000000000022
Low for the week
Amsterdam Bankers' Guilders
37.3034
36.84
37.2634
High for the week
37.08
37.04
36.62
Low for the week
Domestic Exchange.-ChIcago, par. St. Louis, 15®25c. per $1,000
discount. Boston, par. San Francisco, par. Montreal, $17.875 per
$1,000 discount. Cincinnatti, par.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
-See page 2028.
The Curb Market.-The review of the Curb Market is
given this week on page 2009.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
BONDS (Par Value).
STOCKS (No. Shares).
Week ending April 25.
Alining.
Domestic. For'n Gag.
Oil.
Ind.&Mis.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
27.955
30.220
23,810
24.265
27,740
91.990
86,450
158,620
118.210
121,700
121,845
118,300
163,400
128,510
143,210
152,750
140,200
31,835
$243,000
473,000
488,000
509,000
375,000
393,000
$22,000
50,000
71,000
49,000
85,000
48,000
Total
231,980
725.125
759,905 52,481.000
$325.000
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
2017
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.
April 19.
Monday.
April 21.
Tuesday,
April 22.
Wednesday. Thursday.
April 23.
April 24.
Friday,
April 25.
per.share $ Per share S per share
per share $ per share $ per share
.25 6 30
*25
30
*23
27
*25
*24
*24 , 30
30
30
100 10014 100 101
10038 10034 10014 101
10038 10114 10078 10114
8712 8734 8778 8734 8778 8738 8778
*8778 8814 8734 8778 87
*2 41 218
2
2
2
2
214 214
2
214 *2
214
11612 11612 116 117 *116 118 *116 118
117 11712 117 117
533s 5312 5212 5358 5218 5278 5218 5314 53
5334
5313 53
*56141158 .
*5613 58
5612 58
*5634 5712 •5618 5712
*5618 57
1634 1714 1612 1714 15
1612 1512 16
1514 15% 1514 1512
62
6234 6138 62% 60
6112 6034 6113 6118 6118 61
61%
14734 14814 14714 149
14738 14878 148 14878 14712 14812 14712 148
7112 7212 73
7538 7414 7578 7418 74733 7378 7514 74% 75%
*102 10312 *102 10312 •102 10312 *102 10313.102 103 •102 103
312 312 *312 338
338 3313
4
3% 4
4
312 312
912 912
912 978
9 8 938 *812 914 *812 1012
912 912
3321
22 •22
23 .21
2214 *22
2234 2214 2214 *22
2214
44
*44
45
42
44
42
4112 4112 "4112 44
*4113 44
•414 412 .418 458
4% 438 *414 438
418 418
412 412
1114 1138 1114 1112 •1112 1134 1114 1112 •114 1134
*1112 12
1414 1378 14
14
1334 14
8 1412
1334 14
143
1414
14
25
2534 2434 2578 2458 2518 2434 2538 25
2538 2413 2538
5158 5012 51
5138 5138 51
5012 51
5118 5078 51
51
*9934 102
100 100
*9934 102
10018 10018 •9934 101
10013 10012
2312 23
2338 2334 23
2312 23
24
2312 2313 24
24
78
.7612 78
78
*7734 79
77% 7878 •7812 7912 *7812 7314
6738 6738 6638 6738 •66
6712 .6614 6712 •6612 6712 6712 68
*2834 2914 29
29
29
29
29
.2834 29
29
2858 283*
*10738 10812 •108 109
108 10812 10834 10834 1081g 109
10812 10812
*115 11814 114 11514 114 114% 114 11514 11458 115
11414 11512
2412 2334 2418 24
2413 24
.24
2412 245* 2558 2478 2512
3218 3214 3118 3238 31% 3134 32
32% 3218 3338 3234 3333
*2514 26
*26
28
*25
2712 .26
2712 2738 28
27
27
5578 56
5534 56,2 5538 56
5534 55% 5413 56
5514 5512
2718 2718 27
2714 27
27
27% 2712 2714 2713 2712 2712
•13
14
14
•1212 13
*13
•1212 14
.1212 14
.1212 14
5712 5712 57
57,4 5512 5612 5512 5512 "5512 5613 •5514 5612
10114 10112 *101 102
10118 1013, .10112 102
10178 10178 .10118 102
1912 2114 19% 193, 1912 2078 2113 22
22
21
21
213
•1914 197s 1834 1912 1858 191, 1912 1934 195* 20
20
20
52 .51
5212 .51
*52
52
52
*51
5212 5212 .51
52
405
8
41
41% 4012 405
411s
4034 40,
4 40
40'2 4018 4034
*9012 9113 90% 9112 9038 903s 9014 9014 •9012 91
*9013 9113
37/
1
4 377s 37% 3712 37% 3712 .3713 38
3714 3733! 37
374
734 734 •7
8
•7
734 .7
8
734
734 *7
8
"23
26
•23
26
23
23
26
3322
*20
26
•23
26
46
*4634 50
4612 "4612 50
48
•46l2 48
48
*4612 50
14
19
•14
14
•20
22
26
*14
*14
22 .14
22
238 238 *214 238
218 214
2
2
218
2
2
2
1114 1114 1034 11
1034 1078 .1034 11
1034 11
1078 1078
3112 3178 3114 3114 3038 3034 3118 3118 3138 32
32
3233
1238 1258 1212 12,
8 1214 1212 *1314 1258 1213 1258 1258 1278
3934 3978 38% 39% 37,2 39,4 *37% 387
38
39
3818 3912
.138
•15g
17
178 *138 134
158
158 .158 18
112 1%
•1174 1175 11538 1161 112 11733 115 116
115 11558 116 11612
10038 101
10014 1013 10012 101
10912 101
10012 10114 10012 10034
7514 7412 7518 7538 7512 7412 743
*75
76
7434, 75
79
•8414 85 .8414 85
8414 8414 *8414 85
85
8518 85
8514
1712 173
1718 1778 1738 1734 1712 173
1712 13
1713 1778
*1634 167
1658 163
1614 1614 1658 1658 1634 17
1634 1634
*1212 133 *1212 13
1212 1212 .1258 133
1332 1312 *1212 1334
126% 12738 12478 127% 12538 12678 123 12514 12318 12434 12138 12438
•73
78 '73
78
*73
78 .73
78
•73
*73
78
78
51533 5133 5078 513
5034 5118 5118 511
5018 52
51
5113
4334 441
43% 441
44
441
4418 44
44
4418 4414 4434
•1012 12
11
11
'1012 12
*1012 12
*1012 12
•1012 12
4214 421
42
441
4612 46
435* 4414 4338 451
45
4634
*71
73
•71
73
•7112 74
7112 721 .7112 74
.7158 73
*5913 60
.5912 61
"5912 60
*5934 601
6012 6012 61
6114
*4312 4438 4212 431
4178 43
4258 43
4212 421
4234 42%
93% 931
9318 931 .9113 9312 .9112 931 .9112 9312 93% 9318
5358 537
5234 541
5234 5314 5278 535* 53
5312
5334 53
.35% 36
35
35
•35
3512 *35
35
351 *35
3512 35
3418 343
3418 341
34
3418 3418 3412 3418 3418 3418 34
*34
36
*33
36
36
36
*32
35 .32
*33
35 "32
2038 2038 1934 201
1934 2012 2038 2012 20% 2058
1912 20
441
*43
43% 4312 43
4514
4512 4414 4514 .44
4414 *44
36
36
3512 3614 3538 3614 3514 3718 36,4 37,4 36
3634
5812 8812 •58
*59
60
6038 6038 5912 5913
5912 5913 60
878 914
9
834 878
9
9% 91
9,4 934 .914 984
19
1858 1958 1814 19
2014
191
1912 1912 1938 2014 20
90
91
89% 9134 90
91 14 9014 9078 8812 90513 8834 8912
5234 53
5238 53% 5214 5318 5234 53
5234 5378 53
5333
7158 7168 7112 7112 7138 7134 *7134 7134 7152 7134
*7158 72
2634 2734 2634 27
27% 277
2814 27
274
27
2712 27
•10
•1012 11
11
1012 1038 1038 •16
1014 1013 1012 .10
•55
59
60
*56
60 •__ __ 58 •
*58
58
5712•
13014 131
130 13072, 130 13012 12914 13012 12918 13014
130 131
7113 *7034 7138 '7034 71381 7112 7112 7114 71,4 71
71
7114
.712 8
8
8
.738 8
878 9
*758 8
733 8
2812
29
2712
3132
8
*2712
2812
2633 2734 2612 26,
29
283
4
1512 1578 1512 1578 1534 1578 1534 16
1534 16
1534 1534
4518 45% 4414 4534 4458 4618 4512 4534 45334 4614 4538 4618
31
31
31
*30
.30
3018 3018 •30
*29
31
.30
31
.87, 9
"878 918
9
9
0
9
9
9
9
9
•1512 16
16
•16
16
17
1512 1532 •1534 1613 *1512 16
1833 1712 1734
1818 18
1738 1814 1712 17% 18
•1734 18
62
62
6112 6238 •60
62
•60
•62
83
•60
*60
62
8% 9
8
814 *812 834
9
9
833 8333
8,2 834
1618 1718 16% 1712 *16
17
1732 1713 1512 1718 *16
1718
"3512 37
.3512 37
*36
37 '3512 37 .3512 3674 *3512 37
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares.
Railroads.
Par
Ann Arbor preferred
100
Atch Topeka & Santa Fe 100
Do pref
100
Atlanta Birm & AtLantic 100
Atlantic Coast Line BR....100
Baltimore & 012lo
100
Do prof
100
Bklyn Mania Tr v t c_ _No par
Pref vot tr Ws
No par
Canadian Pacific
100
Chesapeake & 01110
100
Do pref
100
Chicago & Alton
100
Do pref
100
Chic & East Ill RR
100
Do pref
100
Chicago Great Western.._100
Do pref
100
Chicago MIlw & St Paul__ _100
Do pref
100
Chicago & North Westem_100
Do pref
100
Chicago Rock Isl.& Pacific_100
7% preferred
100
6% preferred
100
Colorado & Southern
100
Delaware dr Hudson
100
Delaware Lack & Western., 50
Erie
100
Do 181 preferred
100
Do 2d preferred
100
Great Northern pref
100
Iron Ore Properties_ No par
Gulf Mob & Nor tr ctfs
100
Do pref
100
Illinois Central
100
Interboro Rap Tran
100
Kansas City Southern....100
Do pref
100
Lehigh Valley
50
Louisville dr Nashville_...100
Manh Elevated, mod guar_100
Market Street By
100
Do pref
100
Do prior pref
100
Do 2d pref
100
Minneap & St L (new)._ 100
Mo-Kan-Texas RR_._.No pa
Do pref
100
Missouri Pacific corn
100
Do pref
100
Nat RI's of Alex 2d prat
100
New On Tex & Max
100
New York Central
100
N Y C & St L new co
100
Do prof
100
N Y N II & Hartford
100
N Y Ontario & Western__ _100
Norfolk Southern
100
Norfolk dr Western
-100
Do pre
100
Northern Pacific
100
50
Pennsylvania
Peoria dr Eastern
100
Pere Marquette
100
Do prior prof
100
Do pref
100
Pittsburgh & West Va.-100
Do pref
100
.
50
Reading
Do 1st preferred
50
Do 2d preferred
50
Rutland RR pref
100
St Louis-San Fran
100
Do pref A
100
St Louis Southwestern....100
Do pref
100
Seaboard Air Line
100
Do pref
100
Southern Pacific Co
100
Southern Railway
100
Do pref
100
Texas & Pacific
100
Third Avenue
'100
Twin City Rapid Transit__100
Union Pacific
100
Do pref
100
United Railways Invest...100
Do pref
100
Wabash
100
Do pref A
100
Do pref B
100
Western Maryland
100
Do 2d preferred
100
Western Pacific
100
Do prat
100
Wheeling & Lake Erie Ry_100
Do pref
100
Wisconsin Central
100
10,100
1,900
1.100
600
7,300
12,200
10,700
5,500
41.200
100
1,600
500
100
400
400
1,900
4,300
11,700
4,000
900
7,800
300
600
700
800
2,400
17.000
8.000
800
8,400
2,900
700
1,000
9,400
4.100
100
7,100
500
1,900
300
100
600
100
2,600
2.165
3.350
4,000
9.500
300
9,300
13.000
3,800
1,100
6,600
1,050
300
61,900
7.300
6,300
200
65,900
200
400
4,300
400
8.700
700
1,700
2,800
1,600
9.600
700
1.400
5.700
69,600
31,200
900
8,600
200
6,800
1.300
1,200
3.400
12.400
22,200
100
1.200
300
2.800
300
2,200
1,300
•7512 77
*75
79
79
79
•75
•75
•75
79
79
*75
8
734 •7
714 738
734 *7
300
.712 734
7,2 712 •7
31
3112 3112
32
.30
31
*30
*3018 31
31
3134 *30
400
7112 6918 71,3 7032 7034 7113 7118 7214 7212 3,200
7134 7134 71
512 6
6
513 534 *512 534 *512 534
614 2,100
*584 6
12
18
*Is
18
14
18
*4
600
14
•ls
.
18
54
14
138
138
138
138 4,000
1,4 114
1%
1,4
114
138
138 138
69
70'4
6914
683
8
6914
6714
687
6912
67
69
s
703* 17.000
70
11214 11212 11238 1123* 11312 11334 113 11338 11313 11312 .11212 11312 1,300
43% 4314 4234 43
4234 4312 3,808
4334 4334 4278 4333 4234 43
*90
92 .90
92
92
100
92
*90
•90
9112 "90
92
91
812 874
83* 858 2,500
834 834
814 814
812 878
838 8313
233 2412 2,500
2318 23333 2312 2334 233 24
2314 24
•24
25
•103 107 *103 107 •103 107 •103 107 *103 107 .103 107
5434 *52
54% .52
100
5434 .52
5434
5334 5334 .51
*5334 57
3938 40
3912 40
3,080
39
3712 3818 38
*38
38
3912 37
2412 *23
24
24
25
600
•2313 24
231s 2312 *2212 24 '23
*77
79
79
*76
79
*7612 77
•7534 77
•7534 77 "76
600
10714 107% •108 109 •108 109 .108 109
•107 110 •107 110
9834 9912 9578 9914 9614 98
9734 99313 99 10078 99% 102 180,400
11178 11178
500
•111 11213 •111 112
11112 11134 11134 11134 .11112 112
1.100
157 157
155 15514 .156 157
•156 159
155 15712 15434 155
100
121 121 .119 125 .120 121
•12014 121 *120 121 •120 121
2212 23
23
23
2314 1.400
23
23
23
2314 2234 2234 23
17
*15
*15
17
16
100
•15
17 •15
17
144 1434 •15
.9
12
12
•8
12
•9
•9
12
*934 913 *9
12
•28
.28
_ _ _ *28
*28
•28
36
36
412 413 - 1;i4515
412 438
478 478
*434 5
47g 478
47g 478
*88
90
90
100
*88
•90
90
95 .8712 8834 •90
94
90
•8
71. 719 *714 8
812
2,400
758 8
714 7,4
838 812
5358 5334 51
7,900
54
5212 5114 5253 5318 5378 54
51
53
2114 21
2012 2012 20
10.600
22
2018 213s 21
1978 20
2014
•Bld and asked erlose
a Ex-dividend. b Hz VOA@
Industrial & Miscellaneous
Adams Exprese
100
Advance Rumely
100
Do pref
100
Air Reduction, Inc___.No par
Ajax Rubber. Inc
50
Alaska Gold Mines
10
Alaska Juneau Gold Min
10
Allied Chemical & Dye_No par
Do pref
100
Allis-Chalmers Mfg
100
Do pref
100
Amer Agricultural Chem_ _100
Do pref
100
American Bank Note
50
Do pref
50
American Beet Sugar
100
Amer Bosch Magneto_.No par
Am Brake Shoe & F..,No par
Do pref
100
American Can
100
Do pref
100
American Car & Foundry _100
Do pref
100
American Chain, el A
25
American Chicle
No par
Amer Cot Oil ctfs of dep.-100
Do pref ctfs of dep____100
Amer Druggists Syndicate_ -10
American Express
100
American Hide & Leather_100
Do pref
100
Amer International Corn _ _100
PER SHARE
Range Since Jan. 1 1924.
On basis of 100-share lots
Lowest
Highest
$ Per share
25 Mar 4
974 Jan 2
8612 Jan 2
152 Feb 23
112 Jan 23
5218 Apr 22
5614 Apr 16
134 Jan 4
4834 Jan 3
142114 Mar 10
6734 Feb 26
9912 Jan 3
314 m
Apr14
5
834 Apr 16
21:4
2
40 Mar 5
44 Jan 3
1052 Jan 4
13/
1
4 Jan 8
22 Mar 1
494 Jan 3
100 Jan 8
2112 Feb 15
7634 Feb 26
6552 Jan 2
20 Jan 2
10412Mar 5
11034 Feb 15
2034 Jan 3
2852 Feb 19
25/
1
4 Jan 3
5334 Mar 3
27 Apr 21
13 Mar 29
50 Jan 3
10014Mar 4
1234 Jan 2
174 Mar 28
5114 Mar 31
53912 Apr 10
8758 Jan 16
3012 Jan 2
$ NW share
34 Jan 8
10214 Jan 29
8912 Jan 19
234 Jan 11
12134 Apt 5
6012 Jan 9
5912 Jan 5
1772 Mar 22
6234 Apr 16
15072 Jan 9
7712 Feb 5
10372 Mar 15
512 Jan 10
1272 Feb 29
27 Jan 10
514 Jan 8
At Jan 17
134 Feb 5
1812 Jan 10
304 Apr 12
544 Feb 7
10313 Jan 19
2732 Jan 10
83 Jan 10
69/
1
4 Jan 10
314 Mar 26
11234 Feb 25
124 Mar 22
2812 Feb 4
3572 Apr 5
3072 Apr 4
5934 Feb 4
3112 Feb 4
1734 Jan 9
5872 Apr 4
10514 Mar 24
25 Mar 21
2134 Feb 4
5352 Feb 5
7214 Jan 25
93331 Apr 8
3934Mar 5
134 Jan 4
404 Jan 5
7112 Jan 4
30 Jan 4
4 Jan 28
134 Feb 4
344 Feb 4
1312 Apr 8
421: Apr 8
214 Feb 6
11772 Apr 5
10612 Feb 4
7912 Jan 9
8734 Jan 22
21 Feb 13
1972 Jan 9
1512 Feb 7
13212 Apr 8
79 Apr 7
5552 Feb 4
4612 Apr 4
1252 Jan 10
4634 Apr 25
7512 Feb 26
6232 Feb 5
4532 Jan 18
95 Apr 9
79 Jan 12
544 Jan 14
56 Jan 14
404 Feb 5
241: Feb 29
4872 Mar 24
4272 Feb 2
6314 Feb 2
1034 Feb 23
224 Feb 25
9314 Apr 3
5534 Apr 4
7314 Mar 22
30 Apr 10
124 Jan 23
68 Jan 12
13234 Feb 8
74 Feb 13
2
48
3
234
110
7F
ie
ab
r2
10
5
7
14 Mar 18
11
/
4 Jan 3
1052 Mar 25
2934 Feb 18
934 Jan 3
29 Jan 3
112 Apr 25
9312 Feb 15
9918 Feb 15
7212 Feb 18
8418 Apr 15
16
4
:
1
2
A
japnr 22
1212 Apr 22
1021
:Jan 3
7234 Feb 26
4772114ar 3
4214 Jan 3
934Mar 13
4012Mar 31
71 12Apr 23
60 Jan 4
38 Jan 4
8
52
5114
4
35
b3312
32
1914
4252
33
5772
j
Aapn
r 15
5
Apr 15
Jan 16
Jan 3
Jan 4
Jan 3
Jan 2
Jan 3
Jan
1461144
2
85121Slar 26
3
636831: Jan 2
Jan
19 Jan 3
953 Jan 3
60 Mar 25
12652Mar 3
70 Mar 20
7/
1
4 Apr 23
2612 Apr 21
1034 Jan
34 Jan
224 Jan 3
19A
512 .A
Apr
7a
P
pnr1
23
1434 Jan
58 Jan
713
Jan
3
14
414 J
16
7312 Jan 2
74 Apr 25
3012Mar 10
6714 Jan 2
54 Apr 1
12 Jan 3
/
1
4 Jan 30
65 Mar 18
110 Apr 8
4134 Apr 11
904 Mar 26
74 Apr 7
184 Apr 7
98 Jan 8
5312 Jan 26
38 Mar 21
224 Apr 1
76 Apr 14
10714 Apr 22
9572 Apr 21
109 Jan 8
15312 Apr 14
11834 Apr 9
2132Mar 21
1434 Apr 22
1012 Feb 18
334 Jan 2
414 Mar 24
88 Apr 15
74 Apr 28
504 Jan 3
1732 Mar 19
1114 J1111 5
404 Jan 4
17/
1
4Mar 20
4734 Mar 19
3234 Apr 4
11/
1
4 Jan 9
2014 Jan 10
191
:Apr 12
6614 Apr 14
10 Apr 7
2072 Feb 5
374 Jan 29
PER SHARE
Range for Previous
Year 1923.
Lowest
Highest
$ per share $ per share
21 Sept 45 Feb
94
Oct 10512 Mar
8552 Dec 9038 mar
14 Aug
314 Feb
10972 July 127 Feb
404 Jan 6034 Dee
5534 May 6078 Mar
94 Oct 1412 Dec
3412 Oct 4972 Dec
13934 Sept 180 Apr
57 June 7633 Jan
96 June 104/
1
4 Feb
2 May
432 Dec
332 Jan 1232 Dec
19 Aug 384 Feb
4812 Aug 6214 Mar
234 Oct
7 Feb
678 Oct 17 Feb
1114 Oct 2632 Mar
2053 Dec 4512 Mar
474 Dec 88 Mar
974 Dec 1184 Mar
194 Oct 3772 Mar
72 Aug 95 Feb
6072 Aug 85 Mar
17
Oct 4512 Feb
934 July 12412 Feb
10972 Oct 13012 Feb
104 May 224 Dec
Jan 3114 Dec
15
1034 May 2752 Dee
&A Oct 80 Mar
25 July 36 Mar
91
:Aug 20 Mar
44/
1
4 Jan 62/
1
4 Feb
9952 Dec 11712 Feb
91: June 2272 Mar
1558 July 2472 Mar
4852 July 5734 Mar
54 June 711
/
4 Feb
8434 Oct 155 Feb
274 Dec 4512 Apr
712 Oct 22 Mar
23
Oct 6812 Mar
5812 Oct 87 Mar
108 Oct 564 Mar
91: Feb
72 Aug
94 Oct 17 Feb
2472 Oct 4512 Feb
814 Oct 1932 Feb
2214 Oct 49 Feb
114 Nov
434 Feb
8212 Aug 105 Mar
9012 May 1074 Dec
671
:Aug 8012 Dec
86 Nov 9512 July
911 July 2212 Jan
144 June 2152 Feb
9 Sept 1832 Feb
100 July 11752 Feb
72 Sept 7812 Aug
4934 Oct 8112 Mar
4072 Nov 4772 Apr
8
Oct 17 Mar
Jan 4714 June
36
6712 Oct 7634 Mar
5712 Oct 7012 Jan
3372 Jan 504 May
85 Dec 93 Jan
6812 June 8112 Feb
44 June 5612 Feb
45 June S634 Jan
2212 Oct 39 Dec
164 Oct 27 Mar
: Jan 50 Mar
321
2512 Aug 3632 Feb
5432 June 6372 Mar
712 Feb
434 Aug
84 Aug 1534 Dec
8414 Aug 954 Feb
2434 Jan 394 Dec
83 July 7072 Mar
14 Aug 294 Mar
812 Dec 194 Feb
5814 Jan 7712 June
12412 Aug 144/
1
4 Feb
7014 Dec 7612 Jan
Oct
217
2 Mar
7/
1
4
Oct 62 Mar
26
7 Mar 12 Dec
2314 Jan 3612 Dec
1613 Jan 2334 Dec
15 Feb
8 Sep
14 Sep
2634 Mar
12 Sett) 2014 Mar
53 May 6332 Mar
6 Oct 1012 Feb
Oct 19 Feb
10
23 Aug 3872 Dec
87 Sept
8212 Feb 11
612 Oct
1212 Jan 2
24 Nov
414 Jan 4
8112 Jan 29
56 July
104 Jan 11
414 Oct
18 Aug
14 Feb 2
44 Mar 4
at Oct
5914 Aug
7452 Jan 8
11414 Feb 8 10514 Aug
3734 Jun
504 Jan 22
89 Nov
9834 Jan 17
104 July
17 Jan 2
2814 Oct
4952 Jan 9
77
10834 Jan 14
Jan
55 Mar 13
5012 Jun
494 Feb 6
25 Aug
2234 Oct
3834 Jan 7
694 Sep
82 Feb 8
110 Mar 26 102 July
12252 Feb 1
731
: Jan
11434Mar 12 106 Sep
178 Jan 26 14814 July
1224 Feb 5 117 Sep
2332 Apr 12
2038 June
534 Jan
2012 Jan 7
34 July
12/
1
4 Jan 11
14 May
3734 Jan 11
41
/
4 Sept
614 Jan 30
87 Nov
10312 Jan 7
612 Aug
1352 Feb 13
2934 Aug
65 Feb 11
16 Sept
2512 Jan 31
82 Mar
1912 Mar
5432 Jan
7238 Mar
147g Mar
as Mar
1/
1
4 Oct
80 Jan
112 Mar
5114 Feb
971: Jan
3672 Feb
68/
1
4 Feb
100 Nov
5514 Aug
4912 Feb
60 Mar
834 Feb
110
Jan
10752 Dec
115 Feb
189 Mar
12572 Jan
2512 Mar
1738 Nov
2034 Jan
1
4 Jan
38/
752 Feb
1431: Mar
1334 Mar
7434 Mar
334 Mar
2018
New York Stock Record-Continued-Page 2
For sales during the week of sto%ks usually inactive, see second page preceding
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
April 19.
Monday.
April 21.
Tuesday,
April 22.
Wednesday. Thursday.
April 23.
April 24.
Friday.
April 25.
Saks I
for
Inc
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Singe Jan. 1 1924.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for"WOW
Year 1923.
Lowest
Highest
Indus. & Miscall.(Con.) Par $ Per share $ Per share $ per share $ per chars
American Ice
100 86 Jan 14 96 Feb 7 78 Oct 1114 Apr.
Do pref
100 7912Mar 28 83 Feb 5
7734 Oct 89 .Feb
American La France F E
10 10% Jan 31 12% Jan 9
1018 July 13 Mar
American Linseed
100 14 Mar 21 2232 Jan 14
13 Oct 38 Mar
100 30 Apr 15 45 Jan 14
Do pref
2812 Oct 59 Feb
American Locom, new_No par 7018 Apr 15 76h Feb 7 6434 July 7614 Dec
Do pref
100 11614 Apr 16 120 Mar 12 11412 Sept 122 Feb
American Metals
No par 40% April 4575 Feb 14
4.314 June 5572 Mar
American Radlator
25 9414 Apr 16 10718Mar 20
76 Jan 97 Des'
American Safety Razor_ 25
5% Apr 22
712Mar 6
918 Feb
4% June
Amer Ship & Comm__ No par 1114 Apr 1 153i Feb 11
1038 July 2132 Jan •
Amer Smelting & Refining _100 5712 Jan 14 6318 Feb 14
5114 Oct 6912 Mar
Do pref
100 96 Jan 2 1004 Jan 24
93 June 10238 Mar
Am Steel Foundries__33 1-3 33% Apr 21 40 Feb 7 315 July 40% Mar
Do pref
100 10114 Apr 25 10412Mar 17
97% Aug 10514 Feb
American Sugar Refining 100 38% Apr 23 6014 Mar 14
48 Oct 85 Feb
Do pref
100 83% Apr 23 99% Feb 14
92 Dec 10834 Jan
Amer Sumatra Tobacco_ _.100 10 Mar 25 2812 Jan 9
16 July 3632 Feb
Do pref
100 4218 Mar 25 69 Jan 16
3212 July 6534 Feb
Amer Telep & Teleg
100 123 Mar 31 13078Mar 13 11913 Jun 12834 Dee
American Tobacco
100 136% Mar 25 157 Jan 28 14014 July 161h Feb
Do pref
100 101 Apr 11 104 Feb 19 1001s Nov 1057s Mar
Do common Class B..100 13514 Mar 25 153 Jan 28 140 May 15921 Feb
Am Wat Wks & El v t c__ _100 40 Feb 18 5114 Apr 10
2712 Jan 4434 Apr
Do 1st pref(7%) v t 13_100 8912 Mar 21 92% Apr 9
85% July 93 Jan
Do panic pf(8%) v t 0.100 66 Feb 19 74 Apr 8
4812 Jan gyli Dee
American Woolen
100 62 Apr 23 7872 Jan 11
65 Oct 10934 Mar
Do pref
100 9758 Apr 22 10232 Jan 19
9658 Oct 11134 Jan
112 Apr 16
Amer
r Writing
ra Paper pref_ _100
118 Dec 34 Mar
4 Jan 7
7 Mar 29 1032 Feb 14
Amer Zinc, Lead & Smelt _25
81g Oct 1914 Feb
25 2412Mar 27 3472 Jan 14
Do
2434 Dec 5814 Feb
Anaconda Copper Mining_ 50 3118Mar 29 41 Feb 15
3238 Oct 5312 Mar
Armour & Co (Del) pref
100 8634 Apr 23 934 Jan 24
8834 Oct 9414 Dee
814 Mar 20 15 Jan 9
Arnold Constle& Coy tcNopar
1012 Nov 1924 Oct
Associated Dry Goods----100 79 Jan 15 10012Mar 11
6214 Jan 89 Mar
Associated 011, new
25 2812 Jan 10 3432 Feb 5
2472 Oct 294 Dee
No par
12 Nov
14 Jan 15
---:Atlantic Fruit
312 Feb
2' Feb 20
147; -iii4 li34 556 At! Gulf & w I ss Line_ __100 10h Mar 26 19 Feb 25
;1213 Yi--ii2
---i3i4 1334
---i4
3 --li4
i ----13
T 1234
94 July 34 Mar
100 124 Jan 4 1912 Feb 25
Do prat
*1514 1534 *1538 1584 1534 1612 1684 l77s 1814 1834 2,000
634 July 27 Mar
*1514 16
995 Sep 1534 Jaw
100 104 Apr 21 14012 Jan 31
113 113
4,900 Atlantic Refining
104 106 105 10734 108 112
113 1141
11078 115
115 Apr 23 118 Feb 7 115 May 120 Jan
.11413 119 *11414 115 *114 115
Do pref
115 115 *114 115 *11414115100
100
1914 1914 1914 20
201
1,400' Austin, Nichols & Co__No par 1812Mar 28 80 Jan 9
20
17 July 3512 Jan
1912 1912 1834 1914 *19 20
79 Apr 17 8814 Jan 24
Do pref
81
300
7834 June 894 Jan
80
80 *80 82 *80
*80
81
80 80100
80
80
31
Hosiery....No
par
212
Apr
Knitter
22
Auto
212
4
3%
3%
314
2,500
658 Dec 284 Apr
812
Jan
2
4
4
*314
*33
414
*334 4
10958 112
11114 111
10814 1118* 108 1097 109 111
10912 11234 111,260 Baldwin Locomotive Wks.100 108 Apr 22 131 Feb 7 11012 Aug 14414 Mar
Do pref
100 111 Jan 4 1214 Jan 12 111 Apr 11634 Jan
100
11518 11518 •11412 11512 *11412 11512 *11412 11512 *11434 11512 *11458 1151
Barnet Leather
par 26 Jan 9 35 Feb 7
27 *20
27 *20
27 *20
2012 Dee 55 Feb
27 *20 27No
*23 27 *23
141 *15
1412 1478 14
1,300 Barrisdall Corp,Class A-- 25 14 Feb 16 1872 Feb 1
9% Aug 35 Mar
15
1512 1512 15
1512 1512 16
Do Class B
25 10 Jan 7 14/
1
4 Feb 7
12
12200
6 Oet 22 Jan
*1112 12
1114 1114 *11
*11
1178 *11
*1112 12
.12
14
*12
14
*12
14
*18
14
h Aug
*18
14
20
ls July
14 Jan 17
Is Jan 2
100 Batopilas Mining
8
8
50 June 6214 Apr
43 43 *____ 43 .36
43 *37
44 *__ _ _ 44
200 Bayuk Cigars. Ino____No par 43 Apr 21 59 Jan 5
45
45
1
4 Apr 15 5812 Jan 31
20 44/
4818 Dec 8414 Mar
46
46
47 474 4712 4712 4712 4712 48
49 *4712 4812 1,500 Beech Nut Packing
100 4768 Apr 14 62% Feb 5 4134 June 70 Mar
483* 4934 4912 5038 5012 51% 5034 52 51,600 Bethlehem Steel Corp
50% 503* 4812 401
Do cum cony 8% pref-100 10572 Feb 4 11038 Feb 14 10014 June 11114 Mar
300
10734 10784 10714 10714 *107 108 *107% 108 10712 10712 *107 108
Preferred new
87 July 974 Mar
100 9012 Jan 9 983* Mar 18
9412 94's 94
1,400
94
94
94
94 94
933* 9418 9334 937
4 Apr 15
718 Jan
No par
334 Oct
74 Jan 6
418 418 *414 434
160 Booth Fisheries
433 433 *43* 434 *43* 434 *43* 434
972 Mar
5 Feb 9
212 Apr 3
British Empire Steel
100
3 Dec
*234 314 *218 314 *278 314 *278 314 *278 4
•27s 314
524 Dec 6912 Mar
100 39 Apr 7 54 Mar 12
Do let preferred
*34
3634 *34
3634 *35
3634 *35 36
*35
3534 *35
36
Feb
3
preferred
2612
124
11
Apr
2d
100
Dec
1572
Jan
94
91
Do
*7
10
.878
*812
1014
918
*812
914
*04 1014 *94
100 110 Mar 28 116 Feb 6 10414 May 12112 Jan
1.700 Brooklyn Edison, Inc
111 111
111 111 *11012 111
1113* 11132 111 11112 11014 111
Brooklyn Union Gas
100 11914 Jan 3 12932 Jan 23 10312 May 128 Feb
415 Oct 6572 Apr
100 42 Mar 18 5312 Jan 9
Brown Shoe Inc
;4E- iili i.4412 loli -iiili -iiiii ;iiiz 47C2 :iii2 16-1-2 ---56 Bums
Brothers
100 974 Feb 26 1114 Apr 15 100 Sept 14434 Mar
10834 10912 10918 1091s 10711 10814 10714 108
10714 108
10914 10914 2.200
2112 Sept 43 Jan
Do new Class B com____ 1932 Feb 26 26 Apr 14
600
2412 2412 2358 23
*2314 2434 2334 234
• 2412 2518 *24
25
4h Mar 31
414 Oct Ilh Feb
5
64 Feb 14
51
*47
1.200 Butte Copper & Zino
5
5
*434 47
5
434 55,
5
48 47
1714
Apr
22
1314 June 22 Aug
2332 Jan 23
100
500 Butted& Co
18 •17
18
*17
18
18
18
1712 1712 1714 1712 *17
127* Oct 377 Mar
10 147s Apr 21 2032 Feb 15
1518 1514 15
1534 1512 153* •1512 1612 3,300 Butte & Superior Mining
3116
1612 1478 157
94 Feb
114 Nov
414 Jan 19
112Mar 21
•138 2
15, 13*
2
*158 2
23s 1,700 Caddo Cent OK & Ref_No par
I% 158 •158 2
77 Aug 87 Feb
600 California Packing____No par 8012 Apr 22 8714 Feb 1
81
08012 81
8138 8138 8012 81
8034 8034 81
*8138 82
May
29g
17%
Sept
2914
Feb
5
2214
Apr
21
new
25
Petroleum,
California
2414
22,600
2214 23
2234 23
2318 233* 23
2278 2318 2214 23
9012 Sept 11012 May
100 94 Apr 22 107 Jan 31
8001 Do pref
*95
*95
97
94% 9512 94 94 *95 100
98 1 *95
9712
334 Oct 12% Feb
4 Apr 15
572 Jan 9
10
41
41
4
4
4
2.300 Callahan Zinc-Lead
4
418
4
418
4
*418 414
42 Oct 66 Mar
10 4134Mar 31 494 Jan 24
447 453
441
45 *44
900 Calumet Arizona Mining
457 458 4318 437 *44
*4534 46
9% Feb
Vs Jan 22
112 Dec
1 Mar 21
1
.1
.7
72
11
*1
113
1
1
200 Carson Hill Gold
.
1 7* 1
*78
434 Feb
14 Oct
112
Jan
11
par
12Mar
26
No
I)
Plow
300,
Case
(I
*58
4
*38
78
%
%
7
5.3
*55
1%
12
12
17 Dec 42 Mar
1 Case Threshing Mach_ No par 14 Mar 19 2712 Jan 26
*1312 16
*1312 17 *1312 16 *13% 16 *1312 16 *1312 16
958 Nov 4012 Mar
972 Mar 25 17% Fen 13
100
1214 1214 1158 1178 1058 1112 1114 1112 *1118 1134 *1114 1134 5,900 Central Leather
2818 Nov 7934 Mar
100 2914Mar 5 44% Feb 13
371
37
3718 3914 3618 3784 36
3838, 38
3838 24,0001 Do pref
3914 40
3612 Oct 5014 Mar
441
4412 4514 443 45351 45
44
4314 441
45
8,000 Cerro de Pasco Copper_No par 4034Mar 31 4812 Feb 15
44
441
43
Oct 76 Mar
Jan
2
4218
Apr
14
66%
par
Car__
.No
Motor
Chandler
4318 45
1 4212 448 44
4412
45
1
4514
24,100
4414 451
448
463*
75% June 9034 Mar
*8212 83 *8212 83
824 8238, 82
8218 83
82
700 Chicago Pneumatic Tool-100 8112 Apr 15 8412 Apr 2
8212 83
24% June 3038 Mar
25 2558 Mar 29 2838 Feb 15
27% 2734 2714 27341 2712 277 13.000, Chile Copper
267 271
2672 271
2714 271
1434 Aug 31h Mar
5 15 Mar 28 20% Feb 16
1618 1612 1618 16121 163, 1612 2,8001 Chino Copper
16% 161
16
1638 *16
161
60 July 7614 Mar
100 6414 Apr 24 7512 Jan 80
4163 65
6414 6412 6412 6412
300 Cluett, Peabody & Co
68 *6314 65 *6314 65
*65
2
6514
Oct 833s June
Jan
Apr
21
7712
61
par
No
v
t
o
62
64
Cola
Co
61
644
6512
64%
Coca
64'2
65% 6534 6678 51,200
643* 6558
20 Oct 353s May
100 2478 Feb 15 354 Mar 14
3314 348 338* 3434 3334 358* 86.900 Colorado Fuel & Iron
2934 305 3018 3214 30% 323
41
Oct 511a Dee
49
4912 48
4812 49
4912 49% 4934 4934
493 348
*49
700 Columbian Carbon v t c No par 48 Apr 22 5535 Jan 18
304 June 3734 Apr
35
3412 343* 3414 3434 35
357 11,300 Col Gas & Elec, new___NO Par 33 Mar 21 38 Feb 5
3518 35
3412 3434 34
I Computing-Tab-RecordNo par 903s Feb 15 104 Feb 5 67 June 9714 Dee
No par 35 Apr 21 6634 Feb 18 C4413 Dec 1843s Nov
49
3812 41% -351.4 .7034 40
41121 4018 4118 22,000 Congoleum Co
5034 5334 35
14% Dee 393s Jan
14
14
14
1
14 I 14
134 1378 14
1,100 Consolidated Cigar---No par 1138Mar 25 224 Jan 14
14
*14
15
60 Dec 83 Feb
100 5912 Apr 24 84 Jan 15
60
60 *50 60 *55
5912 60
Do pref
*50
*55
200
*50
61
60
23
2
563
4 July 6958 Feb
Jan
Jan
67
3
4
60s
Gas
(N
Y).„100
6218
6238
Consolidated
623*
62
613
4
6234.
6214
61%
6212
6278 16,700
6212 6234
6 Oct 1412 Feb
8 Jan 5
238 Apr 22
278 338
238 312
312 378
3% 4
314 22,272 Consolidated Textile___No par
3
3141
3
42% May 573s Dec
4612 4712 47
4538 47
100 4312 Apr 14 60 Jan 8
4734 26,700 Continental Can. Inc
46
4634 4518 474 4475 46
5 Oct 1214 Jan
6 Apr 22
8 Jan 16
614 6141
6
618
6
614
614 614 5,800 Continental Motors__.No par
618 7
6% 7
166 16714 168 170
16414 16434 16514 167
16,100 Corn Product* Refining-- A00 15232 Jan 4 18772 Jan 28 11432 July 1604 Dee
•165 16634 16334 168
377
31%
3312
28
Jan
Jan
15
338
25
3314
3315
33
issued
323
4
when
3338
New
333
8
3418
23,500
3212
33
3338
- Mar
No par 2912 Apr 21 4014 Feb 5 /i11-4 Sept Ill4
3238 33% 2912 32,2 2934 3078 3038 314 3114 3218 31% 337 112.400 Coaden & Co
574 Bent 844 Mar
5114 5334 5118 5212 5134 5278 5212 53h 53
5414 20,000 Crucible Steel of America-100 50% Apr 15 7114 Feb 7
*53
54
Mar
944
8534
Aug
11
92
Feb
11
Apr
90
*87
8614
*87
pref
*87
90
90 •87
100
Do
90
90
*87
89
*87
812 Aug 20 Feb
No par 1134 Apr 22 18 Feb 6
1312 1314 13% 5,900 Cuba Cane Sugar
1312 13% 1212 1315 1134 1212 1234 1338 13
Dec
6512
Aug
334
21
717s
Feb
11
53%
Apr
prat
5412
5534
5534
5814
100
Do
59
5711
58,700
5614
587
58% 58% 534 57,2
23 Aug 375 Feb
313* 3114 328* 3138 3234 32
3212 17,300 Cuban-American Sugar___ 10 2912 Apr 21 387s Feb 11
32% 3214 2912 3112 30
July 106 Ain
92
9912
Feb
28
4
Jan
9814
100
96
*97
9814
*97
9814
9814
*97
9814
100
Do
Prof
9712
9712
*9712 9814
.524 618 *584 618 *6
3 July 1214 Mar
812 Feb 5
618 *534 618
534 Apr 15
300 Cuban Dominion Sugar No par
6
6
6
6
4512 .41
100 42 Apr 11 52 Feb 5 30 Aug 5812 Mar
47
45
46
41
Do prof
*41
400
47
4434 .
4412
IOW 724 Dee
8
5412
Jan
par
Apr
21
Fruit
No
7412
6014
6318
Cuyamel
62
615
6312
647
61
6312 65
16,500
6014 634
63 66
2055 May 814 Dec
Jan 8
4378 22
443* 433* 451 *2113
45518 45.100 Davison Chemical v t o_No par 41 Apr 14 694 Mar
4138 42% 42
444 453s 4138 44
18h
Dec 28 Mar
14
224
MinesNo
par
.2114
Jan
21
*2112
Cons
1814
2234
Beers
22381
De
*213
4
223
4
*2114
223g
13211s 2132
100 1014 Jan 30 10814 Jan 10 10014 June 111 Mar
800 Detroit Edison
10434 10478
10534 10534 *105 10612 •105 107
*10434 106 10434 106
4412 Jan
May
30
/
1
4
7
164 15% 16
1578 16
3,700 Dome Mines, Ltd_-__No par 153s Apr 11 2014 Jan
1634 1678 1614 1612 1818 1614 16
1414'June
11
34c
1034 Apr 15 1124 Jan 11
Douglas Pectin
*1034 11 •1034 11
*1034 1114
*1034 1112 *1034 1112 *1034 11
Apr
11534
Jan
4
893
Jan
8
1124
Apr
21
Kodak
Co___No
par
10612
10412
107
Eastman
106
106
10712 *10612 10713 4.000
107% 10738 10418 107 106
20 Oct 27 July
244 Jan 8
1618 1614 1634 1714 3.000 Eaton Axle & Spring. __No par 1472 Apr 1
1534 1614 1534 1534 7512 158 1558 17
Jan 14812 Apr
10614
Feb
E
14172
Apr
21
11914
1194
117
120
du
Pont
de
Nem
&
12178
I
Co-100
11814
E
121
9,200
117
122
121
1213s 12112 117
52 July 674 Mar
5534 5614 56
57
4,800 Elea Storage Battery._No par 55 Apr 10 64 Feb 7
5618 56,8 3512 56% 5514 5534 5518 56
1214 Dec 204 Jan
1312 Apr 3
so 12 Feb
1278 .12
Elk Horn Coal Corp
1278 *12
13
13 *12
12% •12
12
13 .
*12
yis Feb
38 Dec
9
Jan
312
Feb
29
1
2
Emerson-BrantIngham
C0_100
*1
2
*1
*1
2
*1
2
2
*1
2
*1
587s Oct 9414 Jan
6712 Jan 16
5912 60 604 5934 601
3,900 Endicott-Johnson Corp__ 50 571s Apr 1
.5818 59 •5718 58,2 5734 5812 59
110 Oct 118 Jan
17
Jan
115
Apr
19
pref
11014
100
*10918
Do
*110
11118
1111s
*110
11114
100
112
•110
11014 11014 •110
Jan
223* Jan 12, 1978 Dec 31
*1934 22
Exchange Buffet Corp_No par 20 Mar 1
*1934 2014 *1934 20
*1934 211
*1912 22
22
•20
52 Oat 93 Jan
6812 6978 6834 6938 69
703 28,700 Famous Players-Lasky_No par 61 Jan 29 7212 Jan 17
6735 69
998 Feb
6712 69% 6718 69
Oct
82
14
Jan
9172
Jan
28
87
7
2
100
Do
pref
*883
4
(8%)
8934
00 *8334 90
300
89
89
8934
*5912 00
89
89
5 June 13 Nov
5is Apr 21 13 Feb 20
8
*634 8
*6
54 514 *6
300 Federal Mining & Smelt-g-100
8
8
*6
*514 8
3414 June 6012 Feb
4754 Jan 24
Do prof
100 4112 Jan
4312 *4212 44
4312 43'z
600
4212 4234 4212 4212 *43
43
43
1038 Jan
714 Sep
Jan
28
133*
94
Jan
3
No par
1132 113
17,101 Fifth Avenue Bus
1112 12
1114 1238 1114 114 1114 1112 1012 1 114 210
No par 163 Jan 23 22312 Mar 21 140 July 21214 Jan
211
209 20912 2,300 Fisher Body Corp
21214
210 21412 212 215 211 212 *210
1.0232
June
July
94
1024
Mar
13
29
Jan
097
98
*9912
Body
Ohio
pref
Fisher
-100
993
4
*9914 998
600
0034 9934 9913 9934 993
*9974 100
5% Oct 1612 Feb
64 Apr 7 1034 Jan 15
No par
634 63
634 7
1,500 Fisk Rubber
63* 63s
632 63*
634 634
Vs 71a
Feb 4714 Mar
373
8
5034
Apr
23
2
Jan
par
4414
Flelmehmab
Co
No
4914
13,200
503
4914
50
4914
501
49
4872 4938 4812 49% 4814
5812 Oct 7832 July
No par 6612 Jan 21 7534 Mar II
70
70
200 Foundation Co
*6912 71
*6912 71
70 *6912 71
70
72
912 Jul
*70
22 Jan
8 Apr 11 137s Jan 7
914 914 6,200 Freeport Texas Co_
No par
84 91
84 83
812 878
812 912
91s
9
384
Oct 7178 Feb
4614
Jan
2
Apr
22
38
_No
par
Tank
Car
__
Amer
Gen
41
*39
3932 3934
800
3878 *3812 40
38
3814 39
41
•39
•Bid and asked prima; no sales on this day. e Es 300% In 11t003 s Es -dividend
$ per share $ per share $ Per share $ per share $ per share $ per share Shares.
86 .8613 89
•8612 89
86
' 600
89
90
3614 *83
8512 86
83
83 *80
83 *80
*80
83 *80
83 *80
83 *80
1034 1034 1012 1034 1012 1034 *1012 1034 1012 1012 1034 1034 1,600
1518 *1414 1512
*1412 1512 1414 1412 1418 1418 *1412 1512 15
700
*32
36
*30
*3014 3412 *3014 35
35 *3014 35 *3014 35
_
7018 71
7018 7034 7012 7112 7112 7112 7114 7134 6,200
•
200
117 117
1171-2 *116 118 *116 118 11718 11718 *116 118
.41
600
43 *41
4214 42%
43
43 *41
4278 *4212 43 *42
98% 4,800
97
9814 96 9634 9412 9512 95 97
9714 9714 98
*618 614
6
6
618 618
*534 61s 2,600
6
6
578 6
12
1212 118 1218 *1112 1134 12
12% 1238 1218 1238 1,600
*12
6012 60% 5912 6038 5912 6034 60
6114 6014 6158 11,200
61% 61
200
99
99 *98
99 *98
*9914 9912 *9812 9912 9814 9814 *98
34% 3412 3478 34% 3512 6,700
3312 3412 338 34
34
*3412 35
100
10114 10114
*101 102 *10114 102 *10114 10112 *10114 102 *10114 102
41% 4234 44,400
4312 44
3978. 4312 3834 4112 38% 41% 4034 43
5,600
87
84
8734 8734 858 88
833 8514 8314 8534 8578 86
12
900
12
12
12
12
*12
12
123* 1112 12 *1158 12
54
*42
*4214 51
*42 54
*42 54
*42
54
12634 12634 1263* 127 126% 12634 12618 12612 12438 12618 12518 12534 8,300
600
14334 14334 1403s 1403, 141 141
142 14234 141 141 *14018 14114
200
102 102 .101 102
*101 102 10218 10218 *101 102 *101 102
900
•137% 138% 137% 13712 *137 13712 139 139
137 1374 13834 13834
2,300
4612 46
46
46
47 47% 4612 47
46
46
4612 46
92
200
92 *91
92
92
*91
92 *9112 9234 9134 9134 4191
1,000
7314 72% 73
*7112 73
72
7312 72
72 *7112 7212 72
62
6414 6358 6512 6412 6614 91,100
653* 6612 648 6618 623* 66
600
973* 98
1398 100
*9712 99
98 98 *9814 9834 *9812 99%
.112 2
*112 212
*I% 2
IGO
2
*112 2
*112 21
2
.
714 784 .712 73
712 712
*71
712 71
600
8
*71z 734
27 *2614 2712
28 *26
*26 28 *26
28 *2614 28 *26
32's 323* 3314 32% 3278 10,700
32
3214 3238 3112 3214 3112 32
300
87
87 *8634 8714 867 867s 8634 863 *8634 8678 *8634 8714
912 103* 3,500
10
934 934
11
1014 1084 10
1014 10
11
93
9012 913* 92
91
*9312 94
9318 9312 9334 9334 9412 7,800
293 3034 8.900
3018 283* 2984 2812 2884 2858 2914 2912 30
30
i:6- ;fel;
New York Stock Record-Continued-Page 3
2019
For sales during the week of stocks usually Inactive, see third page preceding
HIGH AND LOW SALE PRICE-PER SHARE. NOT PER CENT.
Saturday,
April 19.
Monday.
April 21.
Tuesday.
April 22.
Wednesday. Thursday.
April 22.
April 23.
Friday.
April 24.
Sales
for
the
Week.
$ per share $ per share $ per share $ per share $ Per share
per share Shares.
34
3418 3138 34
3134 33
33
3332 33% 35% 34 ;3614 13,400
.7112 7434 7112 7112 *7112 7434 *7134 7434 *72
7434 7434 7434
300
.8512 87
*8412 85% 8534 8578 86
86 .83
1,000
85,4 8334 85
.102 106 *102 106 *102 106 .10214 106 .10214 106 .10214 106
21012 212
20414 211
20614 209
209 210
21012 213% 21034 21434 43.000
11
11
1078 11
10% 11
10% 11
2,900
14
1418 1334 14
1312 1334 1312 1334 13% 13% 13% 13% 36.500
8212 .81
*81
8212 .8112 8212 .
8134 8212
•81% 8212
400
*8112 8212 82
82
8218 8218 82% 8212 ;33
83
1,300
83
2312
4 83
9712 9712 *9612 9712 9734 98
*9612 9712 *9612 98 .9612 98
300
*4912 51
.49
51
.49
51
50
50
50% 5034 .49
51
300
•978 Id%
912 9%
9% 9%
812 9
.812 9
.812 918 1,000
31
31
.30
31
30
30
30
32
31
3214 31% 3212 1,600
14% 1512 15
1538 1518 1534 1512 15% 15341 1534 15
15
7,000
2112 20
21
2012 2018 2018 2018 21
2012 21
.2012 21,2 1,700
72 .7112 7134 7134 7134 71% 71% 72
72
7214 .7112 7212
500
41% 4112 4112 42
42
4214 42
42% 4338 *4218 4234 2.700
42
90
90
90
90
8978 90% 9018 92
9112 9112 5,000
92
92
13
13
1234 1234 1212 1234 1312 14
•I3
1378 .13
1378 1,100
*414 412
418 418
4
412
412
412 412
4% 4% 2,200
14
14 .131
. 15 .13
14
13
1312 12% 12% 1258 12%
700
.812 8%
812 812
818 812
814 8,4
84 814
818 8,8
500
6812 69
65% 6812 6534 6672 6618 6734 6712 6914 68
70% 20,300
35
3612
.
49
3138
6618
24
12
12
7,4
47
.
20
3612 3434 3512 35
35,4 354 35% 3512 3512 35% 3578
3612 3614 37
3512 36
36
3678 3914
37% 36% 37
52
*49
50
4912 50
50
*4978 51
*49% 51
50
32% 3112 3134 3112 3112 32
32
32
32
32
3214
67
61.34 65% 61
64
63
6512 6412 66
6334 63
24
2312 24
23
2312 2318 2314 2378 23% 2378 23%
12% 1134 1134 1134 1218 12
12
1238 1214 1212 .
1212
12
12
42
34
*12
•12
34
12
12
52
12
714 712
7,4
778 812
712 734
714 714
734 734
•78
478
1
.78
I
.
78
78
%
1
2012 .1934 20
*1912 20 .1912 20
.1912 20
20
2014
412
3% 414 •334 4
*334 4
3% 378
*334 4
3314
*378 34
3312 3312 34
34 .33% 34
3314 3418
33,
4
33,2
•24% 25
2412 24% 24
2458 2418 25
2434 2478 2434 2434
4.58
34
.12
78
•48
34
34
.112
1
*34
73
*4% 512
414 .512 7
5,2 534 *4
.512 7
•512 7
4112 4112 4114 41% 41
4114 4078 41
41
4034 4114 41
2212 2312 2212 2258 2253 23
2312 24
22% 23% 2314 2312
•8358 84
84
8318
83,4 8314 83
84
.8312 8414 8314 8434
•106 10714 107 107 •107 108 .107 10714 *107 10714 107 107
818 818
.84 814
814 814
838 9
9l
9
9
918
3114 3218 3012 3134 3012 3112 3112 3338 3238 333
3314 3459
1218 1214 12
1214 1214
12
12
12
1218 1214
1214 1238
*75
7814 77,4 77,4 .
75
78
•79
SO
.75
80
78
•75
3518 •3514 36
37% 3738 35
3512 3714 37
3778 3812
38
67 .
66
.
66
87
66
67 .66
68 .6612 63 .66
68
69
6618 68
68
68
6858 6859 687
6778 68 .6712 68
14
14% 13% 1418 13,8 1312 13
1314 134 1359 13
1358
44% *41
44
44 .41
43 .
41
44 .414 44 .41
44
18 .17
•17
18 .1634 1714 •17
18
*17
18 .
18
17
.
80
85 .8112 85
81
81
*8112 84
•8112 84
*8112 84
.
21
22
21% 2172 2112 21% 22
22
22
22
21
2134
*224 2312 .2214 2314 22
2218 .2138 221 *2112 23 .2112 23
95 .85
.88
90
•91
95
89
89
.88
90 .88
90
1434 15
13% 15% 14
1414 1414 153
1514 157
1512 1578
46
45
4912 •43
*43
49
48
49
50
51
.43
49
83 •82
.
81
83 .82
83
82
82
81
8112 SO
82
3734 37% 3712 3778 37% 37% 375 383
38
38%
3814 38
•178 2
2
2
134
172 *178 2
I% 2
2
15
330 330 *311 33014 •306 33014 •306 330
315 315 .306 330
*90
92
9114 93 .
92
94
9614 9614 96
93,4 95
96
1058 1038 10% 10% 1018 1012 1018 lOis
1014 1038 1014 1014
▪
117
5812 5812
1612 1714
•634 614
5314 54
448%8
5718
1612
5%
52
1-1-678
- .11W4
58
57%
1718 1614
512
534
53
50
117 .11534 117
11534 117 •115i4 11758
5834 59
587g 5938 5914 593
1634 1612 1612 1612 1678 1658 1634
512 512 .512 6 I
57 ,
558
57
51
5012 5434 54
54
54
56 1
STOCKS
NEW YORK STOCK
EXCHANGE
Indus. & Allscell.(Con.) Par
General Asphalt
100
Do pref
100
General Cigar,Inc
100
Debenture preferred _ ___100
General Electric
100
Special
10
General Motors Corp_ _NO par
Do pref
100
Do Deb stock (6%) 100
. Do Deb stock (7%) .100
Gimbel Bros
No par
Glidden Co
No par
Gold Dust Corp
No par
Goldwyn Pictures, new_No par
Goodrich Co (B F)_ _ _ _No par
Do pref
100
Goodyear T & Rub pf v t c_100
Prior preferred
100
Granby Cons Af, Sm & Pow100
Gray & Davis, Inc____No par
Greene Cananea Copper_ _100
Guantanamo Sugar_ _ _ _No par
Gulf States Steel tr ctfs_ _100
HabIrshaw Elec Cable_No par
-6,900 Hartman Corporation
_ _No par
9,800 Hayes Wheel
100
700 Homestake Alining
100
2,200 Household Prod,Inc_ _.No par
15.400 Houston 011 of Texas
100
3.100 Hudson Motor Car _ _ _ _No par
3,100 Hupp Motor Car Corp__
10
1.700 Hydraulic Steel
No par
4,200 Independent Oil & Gas_No par
400 Indiahoma Refining
5
200 Indian Motocycle_ __No Par
400 Indian Refining
10
1,600 Inland Steel
No par
4,900 Inspiration Cons Copper__ 20
100 Internat Agricul Corp
100
300
Do pref
100
2,500, International Cement_ _No par
7.2001 Inter Combus Engine_ _No par
2,700 International Harvester__100
300
Do pref
100
4,400 tot Mercantile Marine
100
43,200
Do pref
100
4,800 International Nickel (The) 25
Do pref
100
100
4,000 International Paper
100
300
Do stamped preferred_100
2,300 Internat Telep & Teleg
100
13.000 Invincible 011 Corp___ _No par
200 Iron Products Corp
'Jo par
Jewel Tea, Inc
100
Do prof
100
100
1,300 Jones Bros Tea. Inc
100
300 Kayser (J) Co. v t e___No par
Do let pref
100
No par
10,900 Kelly-Springfield Tire
25
650
100
8% preferred
1.000 Kelsey Wheel, Inc
100
30,200 Kennecott Copper
No par
2,300 Keystone Tire Sr Rubber__ 10
200 Kresge(S S) Co
100
1.300 Laclede Gas L (St Louls)_ _100
1,600 Lee Rubber & Tire___No par
Liggett& Myers Tobacco_ _100
---200 Do pref
100
2,400 Lima Lot Wks tens ctf _No par
6,300 Loew's Incorporated _ _ _No pa
1,200 Loft Incorporat
Incorporated
No pa
3,500 Loose-Wiles Biscuit
100
Lorillard (P)
100
Mackay Companies
es
100
15,200 Mack Trucks, Inc
No pa
Do 1st preferred
100
100
Do 2d preferred
100
800 Macy(R II) & Co, Inc_No pa
1.500 Magma Copper
No pa
Mallinson
2,600
(II R) & Co_No pa
300 Manati Sugar
100
Do pref
100
2,600 Manhattan Elec SupplyNo pa
1,300 Manhattan Shirt
25
18,900 Maracaibo 011 Erni_ _No par
58.200 Marland Oil
No par
600 Marlin-Rockwell
No par
2.300 Martin-Parry Corp_
No Par
200 Mathieson Alkali Works__ 50
7.700 Maxwell Motor Class A_.100
3,000 Maxwell Motor Class B.No par
4,100 May Department Stores_ _ _100
3,300 McIntyre Porcupine Mines_ _ _
38.200 Mexican Seaboard 011__No par
Voting trust certificates_ - _ 11.900
1,300 Miami Copper
5
20,900 Middle States 011 Corp_ _ _ _ 10
I Midvale Steel & Ordnance_ 50
1,100 Montana Power
100
12,800 Mont Ward & Co Ill Corp. 10
3,900 Moon Motors
No par
7.400 Mother Lode Coalition_No par
I Mullins Body Corp.__ _No par
400 Afunsingwear, Inc
No par
6,300 Nash Motors Co
No par
200, Do preferred A
100
900 National Acme
5
5,100 National Biscuit
I
Do prof
12
00
300, National Cloak & Suit_ _ _ _100
6,1001 Nat Dairy Prod tem ars_ No par
PER SHARE
Range Since Jan. 1 1924.
On basis of 100-share lots
Lowest
I
$ Per share
3138 Apr 21
7112 Apr 15
8334 Apr 25
102 Apr 14
19312 Jan 3
1034 Jan 2
1312 Apr 22
81 18 Jan 4
81 Jan 14
95 Mar 28
47% Jan 30
812 Apr 23
2812 Apr 10
818 Feb 15
19 Afar 22
7012 Aiar 22
39 Jan 4
884 Jan 2
1212 Apr 14
4 Apr 23
1258 Apr 24
6% Jan 7
6538 Apr 21
58 Jan 2
3414 Mar 25
35 Apr 14
48% Apr 17
3138 Apr 19
61 Apr 22
23 Apr 11
1112 Apr 15
12 Jan 2
612 Jan 3
34 Feb 5
19 Mar 20
334 Apr 12
3314 April
2218 Feb 28
12 Apr 15
434 Apr 1
40% Apr 24
22 Mar 31
78 Jan 3
106 Feb 26
63 Jan 2
2612 Mar 26
12 Apr 22
774 Apr 21
3412 Apr 15
6212 Mar 25
66 Feb 1
123 Feb 16
3912 Apr 2
1638 Apr 15
78 Mar 31
1812 Apr 1
205 Apr 14
89 Apr 16
1212 Apr 15
41 Apr 4
80 Apr 25
34% Jan 21
134 Apr 22
287% Jan 17
79 Jan 2
1018 Apr 22
20614 Feb 18
11538 Mar 6
57 Apr 15
1512 Mar 29
512 Apr 22
50 Mar 6
14S18Mar 14
107 Jan 2
7554 Apr 14
9512 Jan 16
87 Apr 22
6018 Mar 26
3012 Jan 2
18 Mar 28
60 Apr 14
82 Jan 14
334 Mar 21
3534 Apr 24
25% Apr 21
33 Apr 21
8 Jan
33 Feb 15
3112 Apr 14
38 Apr 11
1012 Apr 16
8212 Apr 21
1514 Mar 28
1418 Jan 3
127 Jan 3
2012 Mar 29
312 Apr 25
21 Mar 21
6112 Jan 10
2238 Apr 19
1878 Apr 22
77 Jan 2
9 Mar 22
34 Apr 21
9712 Apr 21
99 Feb 23
738 Apr 25
3
Mar
Jan 28
15
2011
4852 Apr 21
3018 Apr 11
Highest
PER SHARE
Range for Free.iota
Year 1923.
Lowest
Highest
$ per share $ Per share Per share
46% Feb 5
23 Aug 54 Mar
81 Feb 8
60 Sept 83 Mar
9734 Jan 10
8014 June 9712 Dee
107 Jan II 1044 Nov 110 Apr
23112 Mar 20 16758 Sept 20214 Dec
1114 Feb 7
1014 Oct 12
Jan
1614 Feb 1
1234 June 1712 Apr
8418Mar 3
79 July 39
Apr
8314 Jan 11
7834 July 90 Apr
10018 Mar 17
93% Oct 105 Apr
5234 ar 8
3912 June 5112 Apr
19% Jan 11
6 Sept 1232 Feb
37 Feb 26
1578 Mar 25
8 Nov 2212 June
2634 Jan 10
1732 Oct 411s Mar
80 Jan 17
6734 Oct 9212 Mar
49 Jan 8
Oct 6212 Apr
35
9338 Mar 12
88
Oct 99 Feb
1714 Feb 15
12
Oct 33 Mar
918 Jan 11
63 Dec 158 Mar
1634 Feb 18
1358 Dec 3418 Afar
1018 Feb 6
5 Sept 1412 Feb
8914 Feb 7
66 June 10458 Mar
1% Jan 8
14 Aug
212 Jan
44% Feb 4
7934 Nov 947 Feb
31 July 44 Apr
527s Feb 4
54 Dec 7978 Jar
5612 Jan 3
3412 Jan 2
2858 July 3938 Mai
8212 Feb 5
4034 Aug 73 Feb
29%Alar 10
20 June 3234 Mar
1518 Dec 3012 Apr
18 Jan 2
Jan
112 Jan 10
Sept
94 Jan 18
278 Jan 17
1
Oct 19 Mar
2512 Feb 4
18 Dec 1934 Dee
331%1'2 Decp)ct
613:I,
4 ap
5% Jan 17
3814 Jan 30
3114 July 4658 Apr
27% Jan 24
2314 Oct 43% Mar
214 Feb 7
12 Oct 11 Feb
41 Oct 3978 Feb
1018 Jan 8
44% Feb 11
Mar
31
J
185s June44
27% Jan 12
2712 Apr
9812
87% Feb 4
Feb
6634 Oct
103 Feb 2 106
Oct 11614 Jan
914 Feb 1
4% Aug 1158 Feb
34% Feb 1
Jan
1812 Aug 47
15 Jan 28
1038 Oct 1614 Feb
8214 Feb 20
6934 Jan 83 June
42% Feb 8
2778 Oct 58% Mar
6634 Feb 7
Oct 7518 Jan
60
704 Feb 13
Oct 7112 Apr
64
16% Jan 2
712 Nov 1914 Mar
52% Jan 10
3212 Aug 584 Mar
2314 Jan 2
15% Oct 24 Mar
6134 Jan 16
62 June 8812 Dec
2712 Jan 3
2032 Dec 63% Mar
3838 Jan 18
28 July 45% Feb
10212 Feb 11
96 July 104 Mar
35 Jan 10
2012 Oct 62% Star
88 Jan 10
78 Nov 108
Jan
101 Jan 10
75
Oct 11714 Mar
38% Feb 15
29% Oct 45 Mar
4% Jan 9
152 Oct 1112 Mar
360 Mar 24 177 Mar 300 Dee
9614 Apr 24
75 July 89% Jute
1712 Jan 11
1182 Oct 3158 Ma
245 Feb 9 19034 Alay 240 Dee
117% Jan 24 11134 Apr 118% Jan
6858 Feb 7
584 June 747 Mar
18 Jan 10
14 June 2114 Feb
8% Jan 11
6 Sept 114 Jan
6218 Jan 26
3614 July 6614 Dee
17534 Jan 5 146 June 1828g Dec
117 Jan 30 103 May 121 Feb
90% Jan 7
5818 Jan 93% Apr
9834Mar 19
87 July 994 Mar
90 Jan 8
72 June 92 Mar
6812 Jan 2
57 July 7112 Jan
364 Mar 14
2714 Oct 3814 Mar
3134 Jan 18
Jan
21 June 40
6934 Mar 24
43 July 754 Mar
87 Mar 14
Oct 90 Feb
72
42% Jan 9
Oct 66 Mar
35
44 Jan 10
40
Oct 4778 Jan
3712 Jan 26
16 Sept 2838 Dec
42 Feb 5
1712 Oct 595 Apr
1734 Mar 11
314 Nov 16 Feb
3752 Jan 17
26 July 3734 Ayr
4118 Jan 8
314 Oct 638 Mar
558g Jan 9
Oct 6314 Afar
36
16 Jan 9
Apr
104 Oct 21
95 Jan 25
6758 Jan 93 Dec
1814 Jan 7
15 Sept 2012 May
55 Aug 2334 May
2418 Feb 6
23 Feb 6
6 Aug 2314 May
24 Jan 28
2012 Oct 3012 Feb
312 Nov 1214 78D
6% Jan 2
3414 Feb 7
2112 June 3332 Apr
65 Apr 4
5412 June 75 Mar
2714 Jan 28
1814 May 2614 Nov
19h
4 Mar
1752 Jan 2
2712 Feb 7
Feb
718 June
94 Feb 15
101s Aug 29% Mar
147s Jan 9
3112 Oct 3612 Nov
.394 Jan 16
11434 Feb 9
75% Jan 11412 Jan
9614 Dec 10134 Jan
1008* Jan 16
7 Nov
1818 Feb
1018 Jan 28
Jan 527 Nov
38
5438 Jan 26
1 11812 July 125 Feb
2414 Feb 20
18
.. Feb
40 June 67_14
37 Feb 15
'108 115
115 •
115
Ili *iii§- iii" •loi- iii"
7584 77% .4087818 79
76
78
7638 7812 7812 80 1 7952 8012
9614 *95
*95
9614 *95
97 .9534 96
*9534 96
*9534 96
•87
88 .87
88
87
87 .
*8612 89
.8612 89
8612 89
.60
62 .
60
61
61
62 .61
6134 .60
6134 .60
6134
334 33,4 3314 3314 3212 3234 3212 327 *3218 33
3114 32
1814 19
1814 1838 18
1838 *1818 19
19
19
1914 1914
60
61
*85
61
.50
60
*55
65 .57
65 .55
65
.
83
87 .
83
87 .83
87 .
83
87
86 .83
.83
86
*3934 4012 39% 4058 4012 4114 .4014 4112 4034 403
4034 42
•3613 37
3612 3612 37
37
357 36
353 3614 3618 36l4
•2712 28
2538 27
2512 26% 2612 2634 2634 2718 27
2812
35
35% 3334 3512 33
3334 3312 3414 3334 341
•1012 12,2 10
11
.1012 11
.1012 118 1112 1112
15
23
1
.10
412 3
3512 3534 3518 35% 3412 3472 35
3514 35
3558 3514 3512
3212
'
112
.
3112 3212 .3112 3212 *3214 3212 3212 3212 3134 3134
395 4112 3918 40
41
41
40
4018 41
4112 4112 4218
1038 1032 1012 1012 1034 11
11
11
11
11
1038 1112
8414 85
8212 84
823 8334 8412 8512 8512 8512 8578 86
15% 1534 1512 1584 1538 158 *1538 153
1524 1574 512 15%
1814 1852 1759 1834 1738 1934 1634 2012 2018 2012
2014 2034
18
1814 1759 1838 18
1938 1914 201, 1934 2014 20
2032
*2112 22
2138 2138 •2159 2134 2174 2178 2158 2138 21% 22
4% 418
4
418
4
33
418
37
37
4%
312 4
.28
30
*2738 31
*27
31
.2758 31
.2818 31
.27
31
.1 6212 65
6212 6212 . 6212 6212 62
6214 6218. 6218 62
6214
2258 2314 225, 23
2238 2234 2278 2318 23
2318 23
2314
2012 2012 1912 2012 1873 1922 1918 1914 20
2014 2038 2012
8
818
8
8
778 8
778 8
778 8
8
8
•1112 12% *1112 123 .1112 1234 •1112 123 *1112 1284 •1112 1212
34
35
34
*34
*34
35
34
34
3178 3478 •34
35
10114 1014 9712 100
99
9912
99 10014
991 .98 100
•9912 10018 99
*9
98
84 100
99
*0
98
734
4 10
90
91' •98 100
*811
83
*73
8
734 8
84
8
734 734
758 7%
5112 5112 5112 5134 5134 5214 513 5178 52
5112 511
5212
122 124 .122 124 •122 124 .122 124 .122 124
•122 124 .
49,8 •48
4859 4912 .47
.4912 513
513 .48
5134
5134 •48
3214 3238 3118 32
31% 31 12 3134 32
313 3218 3178 3238
3914 3822 3813 3812 3812 3812 3812 •38
3938 39
039
3812
600 Nat Department Stores No par 38 Apr 14 43 Jan 9
3434 June 42% Apr
*2512 2612 2512 26
2534 2618 264 2612 2712 2712 2712 28
2.400 Nat Enarti'g & Stamping .J00 2414 Apr 17 4478 Jan 17
Oct 73 Mar
35
127 12812 12312 126% 125 12612 127 1278 128 129,4 12812 130
7,200 National Lead
July 148 Dec
108
Jan
12312
28
100
Apr
21
1558
11212 11212 .111 113 *111 113 .111 113 .111 113
*11212 113
1/ . pref
100
100 11212 Apr 21 115 Feb 28 10712 June 114 Jan
6255 6258 643 66
63
6212 .62
624 6412 61
.
6534 6634 2,500 National Supply
50 6014 Apr 16 7212 Feb 4
5412 Oct 6812 Dec
13
13
1318 1318 13
13
127 13
4.800 Nevada Consol Copper__ _ _ 5 1178 Jan
127s 13
1278 13
14% Feb 21
918 Oct 18% Mar
3712 37% 3612 3613 36,8 3612 36% 3658 3634 37
3712 3712 1,200 NY Air Brake temp etre No par 36% Apr 22 4358 Jan 19
2658 Jan 4278 Nov
493
4958 4934 493 4934 *4912 4934 1,900
4955 4938 4959 4912 49
Class A
No par 474 Jan 7 50 Jan 19
Aug 5112 Feb
4514
2512 25
•2312 2412 2518 2514 25
2518 2438 2514 23
2312 1,400 New York Dock
100 19 Jan 9 2534 Apr 15
1514 June 27 Apr
443 *44
•44
44 .42
4412 4412 44
45
4434 4434 4434
Do pref
300
8 Aug 5112 Mar
100 4118 Feb 27 498 Jan 18
37
2272 23
227s 2314 2278 2314 23
2314 .2314 2334 13,400 North American Co
2258 23
10 22 Jan 2 25 Jan 10
1712 May 2414 Apr
45
45
45
4478 4478 4412 4412 *44
45
45
*44
Do prof
600
45
4212 July 4812 Feb
50 43% Jan 2 4512 Feb 20
928 913
.
9% 10
.918 10
•834 934
812 8%
400 Nova Scotia Steel & Coal _ _100
834 85
Jan 18
Apr 2.
1358 Dec 2978 Mar
812
1412
•7
712 .7
712 •7
712 .7
712 .
7
Nunnally Co (The)
712 .
7
712
95 Feb 5
'Jo par
778 Oct 1018 Feb
7 Apr 11
•112 178 .112 178 .112 178 *112 17,t
*112 2
•11, 2
Ohio Body & Blower _._No par
1' Dec 1014 Jan
112 Apr 15
4344 Jan 14
•174 218
2
2
2
2
2
2
2
2
2
2
3,200 Okla Prod & Ref of Amer__ 5
74 Nov
318 Feb
214 Jan 22'
112 Jan •
•6
*6
•6
•6
7
7
6
7
7
6
Ontario
100
Silver Mining
•6
7
434 Mar 2
3 July
100
8 Jan 7
9,4 Dec
19
19% 19
187/1 19
1834 19
193
1834 183 .1814 1834 2.100 Orpheum Circuit, Inc
1614 June 2152 Apr
1
18 Feb 18 2014 Jan 3
•145 14612 14434 145
145 1455 14512 150
14334 14334 .14312 148
2,300 Otis Elevator
100 .13918 Jan 1 159114 Mar 13 11412 July 153 Feb
77
8
•83, 812
81a
838
77
8
S12
812 7,400 Otis Steel
8
833
7 June 14% Mar
No par
77s Apr 22 1174 Jan 26
•4312 4334 4214 4312 .4212 43
4214 4212 *4232 43
•4212 43
900 Owens Bottle
3658 Jan 5234 Apr
25 4112 Mar 27 47 Jan 10
12
•38
12
*32
22
*38
38
*33
12
3, Nov
38
200 Pacific Development
h Jan 2
%
214 Afar
114 Jan 11
15212 923s 921, 921s 9178 9178 9212 9212 .9232 9212 6232 0234
800 Pacific Gas & Electric
73 July 94% Des
100 9018 Jan 4 957 Jan 28
•1310 and aased prieee: no galas this 051 1 13:3-61111dend.
New York Stock Record-Concluded-Page 4
2020
For sales during the week of stocks usually Inactive, see fourth page preceding
HIGH AND LOW SALE PRICE-PER SHARE. NOT PER CENT.
Saturday,
April 19.
Monday,
April 21.
Friday,
Tuesday, , Wednesday. Thursday
April 22. I April 23. I April 24. ' Aprit 25.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
On basis 0!100-share lost
Lowest
Highest
share 8 per share
per share Shares. Indus.& Miscall.(Con.) Par
per share 5 per share $ per share
$ Per share $ per share
914 *8
834 *8
914
*8
10% Jan 9
100 Pacific Mall Steamship-- 5
8
8
*7
8
$4771
"
5 A pr 22
7 5854 Feb 5
4612 458 4733 4738 4838 4772 5052 132.800 Pacific Oil
4833 49% 4514 4814 45
1013 4,100 Packard Motor Car
10 10 Apr 15 1278 Jan 7
10
10
10
10
10
10
1018 10
1018 1018 10
Preferred
100 8912 Apr 24 9518 Feb 11
600
9014 9034 9014 9014 *8912 9012 891 8912 *8912 9012
*9034 91
41
4:eb
:
Feb 14 6114 Jan 2
50 4
4832 9,600 Pan-Amer Petr & Trans
45% 4633 4614 4712 46
4434 45
4814 4634 44% 46
Do Class B
30
4472 4214 4418 4214 4314 4212 4414 4438 4533 4412 4612 60,200
44
5913 Jan 2
*21
*212 314
*212 3
3
3
4% Jan 23
214 Jan 3
200 Panhandle Prod & Ref_No par
3
3
3
*3
314
No par 1318 Jan 2 18 Mar 12
500 Parbih & Bingham
*1478 1514 *1478 1514 *1438 1514 1478 1478 148 1478 1472 1514
17
17
178 Mar 6
7,900 Penn-Seaboard StI v t °No par
178
2
2
178
2
2
178 2
4/
1
4 Jan 17
18 2
9278 9278 *9278 93
600 People's0 L & C(Chic) -100 9278 Apr 23 98% Jan 2
93
*9314 9338 93% 9314 93
*9234 93
43
43% 4314 4314 43
47 Jan 30
4314 1,900 Philadelphia Co (Pittsb)-- 50
43
43
43
43% 4312 43
43
412 M
Mar
jan 28
2 4934 Jan 12
43
4134 4212 4112 4212 40,800 PhDs & Read C & I w1.No par 3
4134 4234 4038 42% 41
424 42
Phillips-Jones Corp......No par 52 Mar 16 60 Feb 5
*52
60
60
*52
60
*52
*52 60
*52
80
*52
60
1534 1614 4,100 Phillip Morris & Co Ltd--10 14% Apr 22 2334 Jan 31
15
15
*15
14% 1518 1434 1638 1534 16
16
3612 378 3714 3734 3734 3834 3832 3914 7,300 Phillips Petroleum___ _No par 3354 Jan 21 4212 Apr 5
38% 39% 3638 38
8
8
734 88
7% Apr 22 1218 Jan 17
8
8
4,400 Pierce-Arrow Mot Car-No Par
738 8
*8
8%
734 8
1132
8 A pr 23
2 30% Jan 17
21
2112 *2012 22
2112 2113 1934 21
Do pref
100 19
2,900
*2014 22
1938 20
11
112 158
113 138 7,100 Pierce 011 Corporation- 25
112 Ps
112
112 1%
112 118
4% Jan 22
22
22
100 20 Mar 4 38 Jan 21
23
23
221 23
2134 22
21
Do prof
800
2138 215
21
5712 5814 58
100 57 Apr 22 6334 Mar 12
5812 5812 3,100 Pittsburgh Coal of Pa
58
58
58
588 57
*5814 59
100 98 Jan 14 100 Apr 4
Do pref
100
*9712 99 •971 9834 *9712 9834 *9712 9834 *97% 9834 9834 9834
9% Jan 22 1314 Mar 12
1218 12
1218 1214 12
1214 1,600 Pittsburgh Utilities pre:---100
1214 12
1214 *12
1214 12
*4812 60
400 POotum Cereal Co Ino__No par 4812 Apr 22 58% Jan 8
4812 4838, *4812 501 *4812 50
5034 5034 *4812 SO
100 110 Feb 7 114 Apr 1
200
110 110
Do 8% preferred
110 110 '*110 112 *110 113
*112 113 *110 112
100 4614 Apr 15 62 Jan 26
46% 4714 4612 4612 4612 4612 4614 4612 461 4612 1,500 Pressed Steel Car
.4713 48
100 8134 Apr 23 90 Feb 6
Do pref
100
*81
83
84
8134 8134 *81
*81
83
*81
83
*81
83
2338 2434 2478 2614 2612 2712 24,400 Producers& Refiners Corp_ 50 2234 Apr 22 4312 Jan 22
2512 2634 23
2512 2234 24
4238 4214 4214 4,700 PubServ Corp ofNJ new No par 39 Mar 25 4412 Jan 7
41% 4214 42
42
4134 4238 417 4232 42
100 1131 Apr 10 128 Jan 28
4,200 Pullman Company
11434 11514 116 11634 11614 11612 11613 117
11552 116
11434 116
8812 5852 56
50 55% Apr 22 6732Mar 14
5652 5813 57% 59
5734 5838 14,285 Punta Alegre Sugar
55% 56
58
2182 2634 Feb 6
25 282114
211 2234 21/
11.500 Pure Oil (The)
1
4 2134 . 211 2134 211 2214 22
2252 23
23
9813 Mar 13
AprJan
100
Do 8% preferred
*95
96
*95
96
*95
96
96
*95
*95
96
*95
96
100 108 Jan 3 11513 Jan 25
100 Railway Steel Spring
*107 110 *108 110
108 108 *108 112 *108 110 *108 110
No par 30 Jan 17 3314 Feb 15
300 Rang Mines, Ltd
*3052 3254 *3052 3252 *3034 32% 3052 3034 *3058 3258 *3058 3238
97 10
97 10
9 Mar 27 1214 Feb 18
973 97
934 98
7.300 Ray Consolidated Copper_ 10
955 10
10
10
3712 37
3734 *34
800 Remington Typewriter----100 3214 Jan 4 49% Feb 5
38
37
387
3634 3634 *35
*37
40
91 Jan 4 9434 Feb 5
1st preferred
*91
95
95
*91 95100
*91
95
*91
95
*91
*91
95
93
814 A pr
r 15
21 102 Feb 1
2d preferred
*91 100
95
200
*91 100100
*91 100
*91
*91
95
*91
95
1552 Jan 28
No Par
812 812 *812 834
800 Replogle Steel
812 812
814 814
812 812
834 9
100 44% Mar 31 6178 Feb 11
4512 46
4534 4653 46
4753 15,200 Republic Iron dz Steel
461 47% 4452 4613 4433 46
100 86 Apr 15 95 Mar 6
Do prof
*84
88
•__
88 *___ 87 ...___ 88
No par 1334 Apr 15 22/
1
4 Jan 7
1418 1458 1443 1412 3,400 Reynolds Spring
1418 1378 14
141 14% 14
*14
15
6434 63
6234 6312 6312 6373 6313 64
63
*6313 6413 1.500 Reynolds(R J) Top Class B 25 6152 Mar 31 7472 Jan 2
64
100 11514 Mar 26 11834 Jan 8
Do 7% preferred
200
1
4 1161 *11734 ___ *117/
1
4 ___ *11734 ____
1
4 116/
*118 11814 *11772 118/
5414 5414 531
5432 5514 56
5434 5434 *5313 5434 5,000 Royal Dutch Co(NY shares).- 48 Jan 2 5912 Feb 6
/
4 5414 54
10 22 Jan 7 2732 Feb 21
2314 2314 2314 2314 2314 2312 *2318 2334 1,100 StJosepil Lead
2332 24
24
24
233 Feb 13
114 Mar 6
200 Santa Cecelia Sugar_ _No par
112 112 *112 134
*112 2
112 11
*112 2
*112 2
32% Jan 2 5434 Feb 4
48
48% 4878 4713 4812 477 477
481
4812 4912 4914 5114 3,700 Savage Arms Corporation_100
1
4 Apr 16 10934 Jan 4
2,600 Schulte Retail Stores__No par 96/
991 100
*98
9812 9712 9734 971 981s 9914 9914 99 100
100 7934 Apr 22 9713 Feb 1
7934 8184 8138 8272 83
84
8478 80% 84
8414 8313 8432 18,200 Sears, Roebuck & Co
Do pref
100 11212Mar 26 I1412Mar 13
100
*11212 11478 *112% 1148 1121 11212 *112 1147 *112 114% *112 114%
1 Apr 12
No par
11
614 Jan 11
118 4,500 Seneca Copper
1
118
1
118
114
114
118 114
1
114
4 Apr 11
6% Jan 10
200 Shattuck Arizona Copper-- 10
*5
512 *5
534 532
514 514
512 *514 512
513 *5
4014 *3834 393s 1,000 Shell Transp & Trading__ £2 33 Jan 5 4113 Feb 4
*3878 39% *3834 3932 3932 393* 3978 4012 *39
2012
Apr
22
Shell
Union
Oil
No
par
Feb 6
1614
25,700
17% 1632 17
171
1614 1612 1638 1834 1634 17
17
1638
Preferred
100 91% Jan 4 95 Jan 25
941 *9334 941
300
9334 94
*9334 94
*9334 94% *9334 9418 *94
10 1038 Jan 4 1478 Mar 24
1238 1212 123 1212 1212 1333 1312 1334 1334 1412 15,000 Simms Petroleum
13
13
No par 22 Apr 14 25% Feb 5
2212 4,100 Simmons Co
*22
22
22
22
22
22
22
22
22
2214 22
2034 2118 2012 208 197k 2014 2018 2018 2058 2118 207 21/8 46,800 Sinclair Cons Oil Corp_No par 1933 Feb 19 27% Jan 2
Preferred
100 8014 Feb 19 90 Jan 21
500
8314
8314
8414
8412
84
84
*8414
85
88
844
*83/
1
4
*8414
25 22% Mar 21 29 Feb 4
231 2312 2338 2412 24
2434 11.400 Skelly Oil Co
2334 2418 2252 2313 2234 24
8818 5612 gg
5512 6612 8512 5512 5613 55% 5732 3,700 Sloss-Sheffield Steel de Iron 100 55 Apr 22 67% Feb 7
57
57
80 Apr 10 8713 Feb 14
pref
100
Do
84
*80
84
*80
*80
84
*80
84
*80
84
*80
84
7812 4,700 South Porto Rico Sugar---100 67 Jan 3 9578 Mar 8
79
73% 748 7314 7614 7834 7834 78
7412 78
*71
11% Apr 14 13 Jan 12
No
par
Spicer
Mfg
Co
200
1212
*11
*12
1212
12
12
*12
13
*11
12
*1012 13
100 80 Apr 12 90 Jan 2
Do pref
8612 •___ 87
8612 *_ _ __ 8612
8612 *
87
100 40 Apr 8 8212 Feb 7
100 Standard Milling
*4012 4512 *4012 4512 4512 4512
*4013 48
*4013 48
*4412 48
5732 5833 5713 595* 47,700 Standard Oil of California_ 25 5513 Apr 21 68% Jan 26
5634 573
5738 5834 8813 8723 555 567
011
of
New
Jersey
25 3434 Apr 21 4214 Jan 26
Standard
3632 23,360
3534 3612 3484 3618 3434 35% 354 3512 357 3632 36
ar 23
1 118% Feb 1
14
aM
Ap
13
53
Do pref non-voting--.100 18
600
11712 11712 118 118 I 11778 11773
11734 11734 *11713 118
*11734 118
63% Jan 2
No
par
Products
*5538
Sterling
600
5538 555*
56
5513 5513
5534 5534 *5513 56
58
56
45,600 Stewart-Warn Sp Corp_No Par 67 Apr 15 10072 Jan 12
7212 73
7114 7114 73
70
7114 68% 7812 6834 7012 70
8113 6234 7,300 Stromberg Carburetor_No par 57 Apr 15 84% Jan 11
61 • 62
59
60
6132 5734 59
*59
5913 58
84/
1
4 85% 8272 8532 8112 8412 8178 837e 834 8514 8334 8514 129,600 Studebaker Corp (The)---100 8113 Apr 22 10814 Jan 8
7 Mar 29 12% Jan 2
No par
8
832 4.600 Submarine Boat
8
818
8
8% 81s
734 734
8
734 814
518 Mar 24
238 Jan 2
No par
438 412
438 412
414 412
438 434
412 478
412 45* 8,700 Superior Oil
Superior Steel
100 30 Mar 27 34% Jan 9
*2632 ____ *2632 ____ *2632 ____ *2633 3473 *2633 3473 *2632 -2-_
3 Jan 2
2 Mar 15
10
58 2,500 Sweets Co of America
212
212 212
2/
1
4 214
212 25g
212 212
212 212
9/
1
4 Jan 5
6/
1
4Mar 31
7% 2,000 Tenn Copp & C
7
7
7
7
7
7
7
Vs 7
7
7
N _2
995
r 4014 Apr 22 45% Jan 30
41%21,500 Texas Company (The)_-f
41
405a 41
4014 4058 4038 405
403s 411
4034 411
Jan 11
Apr
21
6514
5714
Sulphur
10
Texas
Gulf
2,070
577
58
583
8
5814
57/
1
4 581k 5738 58
59
*5734 59
59
9 Mar 3 1514 Feb 6
10
9
918
914 913
4,100 Texas Pacific Coal& 011
9
912
938 958
938 10
912 934
100 120 Jan 5 151 Feb 7
1,500 Tidewater Oil
126 126
125 126
124 12514 1201 12334 124 124
*126 130
41 Jan 7
34% 3412 3412 348 4,300 Timken Roller Bearing_No par
341
3334 337
33
351 3618 341 357
56% 21,900 Tobacco Products Corp......100 53 Apr 11 7034 Feb 5
55
5312 5412 5412 5538 5434 557
5534 5612 531 56
Feb 11
r
2
2
5
2
91%
3314
M
AP
a
83
Class
A
100
Do
5,600
8538 8612 8512 864
84/
1
4 8434 84/
85
85
8472 85
1
4 85
Preferred
100 113 Feb 19 11813 Apr 22
700
•118 11814 *116 11814 11814 11812 11812 11812 *116 11878 *116 11814
6% Jan 21
15
_No par
3%
Apr
Transcontinental
011_
_
28,400
37
37
41
412
418
4
414
418
418
4
414
38
1 43 Jan 9
4912 Apr 17
25 38
100 Underwood Typewriter
*38
3878
39
3812 *38
*38
38
*38
3834 38
6438 Feb 9
100 union Bag A: Paper Corp 100
*4
3813
9
5
391
*4912 53
*4913 51
*49% 52
5074 5074 •
*4913 51
100 94 Jan 7 104 Apr 3
100 100400 Union Tank Car
100 100
*9834 100
*9834 100
*9834 100
100 100
10918
Mar 21
10614
Feb
18
pref
100
Do
•
10914
•108 10914
*108 109% *108 10914 *108 10914 •109 10914 *108
No par 25 Apr 21 37 Feb 11
1
4 *2514 2512 2538 2538 1,000 United Alloy Steel
2514 25/
2512 2512 25
25
25
25
100 74% Apr 15 86 Feb 4
7512 7513 7512 77
900 United Drug
•7438 7512 *74% 7513 *7478 7512 *74% 75
50 47% Apr 14 4878 Jan 11
Do 1st preferred
*4512 47
*4512 47
4678 *4513 47
*35
*30
33
*35
47
100 182 Jan 4 20114 Jan 26
1,100 United Fruit
18934 190 *187 190
18612 187 *187 190
187 187
190 191
64 Feb 27 8513 Apr 25
Cast
Iron
Pipe
&
Fdy-100
8
U
8018 7912 8172 8114 8512 162,
7614 78% 7514 7934 7612 7814 78
100 8178 Jan 15 89 Feb 37
Do pref
600
*8734 8814 8813 8814 *8734 8814 8814 8814 *8734 8814
88
88
4% Jan 3
Fe 2208
% MarFeb
U El Food Products Corp_100 1652
2018Mar 5
300 U S Hoff% Mach Corp_No par
181
*1712 18
*1712 18
*1734 1814 18
;jail 1814 1713 18
6414 8612 6312 6434 64% 8534 6534 6674 6612 6734 16,900 U S Industrial Alcohol---100 6312 Apr 22 83% Jan 31
6612 67
100 98 Jan 3 10334 Feb 7
Do pref
*10012 103 •113012 103 •10012 103 *10012 103 •10012 103 *1001 103
2,200 U S Realty & Improv't----100 9234 Apr 21 107$4 Feb 13
951
9512 9513 *95
95
95
9534 9534 9224 0512 9314 94
1011
/
4 Apr 21 109 Feb 13
Preferred
200
10114 10112 *10012 102 *10012 102 *10012 102 *10012 102
*10112 102
100 25 Apr 15 4n Jan 12
2812 2912 8,700 United States Rubber
4 2758 2714 2814 2818 29
2712 2778 27
2734 263
73,2
Do 1st preferred
100 69 Apr 15 9434 Jan 10
7412 7412 7712 77% 77% 77% 7813 4,500
744 7472
7434 75
50 1812Mar 26 2372 Feb 15
2012 1,100 IT 8 Smelting. Ref & Min
2012 1934 20 .19
20
*19
1934 •19
1878 1978 20
50 3712Mar 22 4433 Mar 6
Do prof
*38
41
38
38
100
*377 41
*3712 3812 *3712 3812 *3772 38
9818 9834 95% 9834 95% 96% 9634 9758 9714 9812 9734.10012 193,400 United States Steel Corp 100 9513 Apr 10 109 Feb 7
100 11832 Feb 1 1201 Jan 14
Do Prof
2,900
119 119
1193$ 11912 119 119% 11914 11912 11834 119
*11912 120
10 64 Jan 18 68 Feb lb
6612 6712 6714 67/
1
4 6834 6714 3,000 Utah Copper
66
6512 6512 6512 6.513 66
100
2934 Apr 12
27% 27
2752 16,300 Utah Securities
2818 2534 2734 25% 26% 2614 2758 27
28
Corp
par
Vanadium
No
2
12
853 A
jan
pr 4
8 3313 Feb 11
23
23
2314 2314 2433 6,400
22% 2272 2234
*2234 2314 2238 23
114 Mar 22 1032 Jan 11
lee
*134 2
134 2
134 1,800 Virginia-Carolina Chem---100
218
2
2
*2
*2
214
414 Mar 20 3434 Jan 2
672 672 1,800
Do pref
100
6% 658
678 678 *612 878
67s 712
71g
718
814 Mar 22 1818 Jan 26
No par
812 878 *858 9
834 874
834 57
, 2,200 Vivaudou(V)
832 813
*834 9
No par 14% Apr 4 1534 Jan 22
600 Waldorf System
*1452 1558 *14% 1558 *1458 1558 •1458 15% 1412 1458 1438 1412
10/2Mar 15
1434 Jan 31
51512 16
16
1658 1633 1834 1.800 Weber & Hellbroner___No par
1614 *1534 16
*1534 1614 16
39% Feb 11
50
36
36
*3512 36
*3512 36
100 Wells Fargo Express
*3512 36
*3512 3634 *3512 36
Jan 30
113
Union
10
3
5
3
14
3
2
A
.
1
a
p
n
r
2
1
3
9
Western
4
Telegraph_100
106
1063
600
106
*106
1083
*106
1063
8
10578
2
10618
10618
107
•I06
89
•8712 8812 *88
*83
8834 •88
90
100 Westinghouse Air Brake -50 84 Jan 2 Nal Jan 28
90
8812 8812 *85
6033 11,700 Westinghouse Klee & Mfg_ 50 5858 Mar 1 65 Jan 22
60% 6012 59% 6038 5914 59% 5912 6038 5978 6014 60
2512 2514 2514 2518 2512 1,800 White Eagle Oil
No par 2478 Apr 21 29% Feb 6
24% 24% *25
2513 2512 24% 25
•
50 5012 Apr 11 5536 Feb 11
52
51
5134 5112 5134 52
52
52
5214 2,400 White Motor
51
52
52
112 Jan 22
No par
White 011 ctfa
5 Jan 11
24
2M
jaar
n 27
8
212 212 - -2-1.2 -13-4 5.200 Wickwire Spencer Steel__ 5
212 258
4 234
iis "15i 234 - 234 23
1414 Jan 16
812 814
7% Apr 11
818 812
838 812
81
85 11,100 Wiliya-Overland (The)____ 25
814 812
812 8%
Do pref
100 6453 Apr 14 88 Jan 15
6818 6612 6838 68
6812 16,500
6712 66
67
6814 6614 8734 66
No par
814 Apr 14 28 Jan 9
912 1034 10
10
94 912 6.900 Wilson & Co Inc
914 1014
9
12
12
1234
(F
W)
Woolworth
Co
100 280 Jan 4 345 Mar 24
312
314
315
310
700
316
318
31412
"305
*315 318 *305 312
100 22 Apr 22 3134 Jan 9
*24% 2512 25
*24
25
24
2632 1,000 Worthington P & M
24
25
*24
25
*24
9% Apr 3 1312 Jan 3
10
10
1,200 Wright Aeronatulcai__ _No par
10
10
978 10
972 10
9% 9%
10
10
No par 35 Apr 22 40 Jan 12
3,500 Wrigley(Wm Jr)
37
Mkt 36
3514 3518 3612 36
3534 3812 3514 35% 35
64
64
63
300 Youngstown Sheet de T_No par 63 Apr 25 7014 Jan 7
63
63
*61
6412 •611., 63
*64
65
*64
•Bid and asked price:no sales on Ms tbay. z Ex-dividend.
PER SHARE
Range for Previous
Year 1923.
Lowest
Highest
$ per share $ per share
7 July 1214 Mar
3114 Sept 52% Dee
9% Oct 1512 Mar
90% June 99 Feb
53 Sept 93% Feb
50% Oct 86 Feb
614 Apr
11
/
4 Oct
9 May 1513 Mar
6 Apr
113 Oct
86 Apr 9812 Dee
41 July 5014 Mar
55 Aug
1112 July
1
4 Sept
19/
614 July
1312 July
113 July
16
Oct
58 Jan
96 Oct
10 July
47 July
10813 June
4213 Oct
Oct
80
17 Nov
4112 Dec
11012 July
41% July
16/
1
4 Sept
8213 Aug
9912 Oct
2914 July
9% Sept
24 June
89 Dec
80 Jan
Oct
8
4018 June
8434 Oct
14 June
Jan
47
114 July
4012 Aug
17 June
114 Oct
1812 Jan
88 May
65% June
10612 June
4% Oct
5 Oct
29% Oct
1238 Jan
8912 Nov
812 July
2234 Dec
16 Sent
8014 Aug
952 Jan
3914 July
68 Jan
3814 Aug
11% June
88 Oct
6014 Dec
47% July
3072 July
11434 Aug
51 June
74 July
5912 July
9334 Oct
7 Jan
2 Sept
2312 Oct
1 June
8 June
3452 Nov
5314 July
513 Nov
94 July
33% Jan
4634 Aug
76% July
10434 Feb
114 Oct
35% Aug
Oct
50
81 Feb
106 Sept
29 July
7414 Oct
46/
1
4 Feb
152% Jan
20 July
64 June
21s June
1354 Oct
40 June
9514 June
881s July
97% Aug
30% Oct
7634 Oct
1838 Oct
38% Dec
8512 July
11618 Aug
5,812 Oct
Oct
14
2434 July
614 June
17 June
Oct
12
1438 June
1214 Jan
33 .Doc
10112 July
76 July
52% June
Oct
20
45 June
32 Oct
2 Dec
5 June
4212 Jan
19 June
19912 Jan
1273 Oct
814 Jan
3734 Dee
82 Oct
16"
Apr
2438 Dee
6958 Apr
1514 Jan
35% Jan
6 Feb
45 Jan
6778 Mar
Apr
100
1115 Sept
134 Feb
11414 Jan
8112 Jan
9934 Jan
5818 Mar
51% Apr
134 Mar
6914 Apr
32 Feb
100 Mar
123 Mar
348a Feb
1714 Mar
4818 Mar
104 Feb
99 Nov
3134 Feb
66% Mar
9678 Mar
2978 Apr
75 Des
118 Feb
gg% Feb
23% Dee
5 Feb
3512 Dee
11634 Dee
9232 Feb
115 Nov
1212 Mar
10% Mar
4114 Mar
1914 May
95 May
16 Feb
34% Mar
39% Mar
99% Feb
35 Mar
63 Dee
90 Mar
70 Dee
2714 Feb
97% Feb
9012 Jan
12313 Jan
4414 Mar
11814 July
6738 Mar
12413 Apr
9414 Mar
12614 Mar
15 Apr
634 Feb
34 Mar
4 Oct
1234 Feb
527g Mar
65 Jan
2414 Feb
144 Mar
45 Mar
78% Dee
92% Dee
11512 Oct
14h Jan
42 Dec
7712 Mar
99% Mar
112
Jan
3913 Mar
8534 Feb
49 July
187% Dee
6912 Dee
87 Nov
612 Mar
25 Jan
7314 Mar
101 Mar
106 Mar
108% Mar
847s Mar
Jan
105
4338 Mar
4818 Jan
109% Mar
12312 Jan
7612 Mar
2438 Feb
44% Mar
27 Feb
69 Mat
23 Mar
20 May
1688 Dec
105 Mar
11912 Feb
120 Feb
67% Feb
3038 Mar
6071 Mat
1 Nov
14 Feb
1114 Dec
83 Dee
42% Mar
290 Dec
4013 Feb
13% Nov
40% Dee
80
Jan
New York Stock Exchange--Bond Record, Friday, Weekly and Yearly
2021
Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"-except for income and defaulted bonds
BONDS.
.Y.STOCK EXCHANGE
Week ending April 25.
1:
42
Price
Friday
April 25.
Week's
Range or
Last Sale
•,1
g
04,
a
U. S. Government.
HighNo.
Bid
Ask Low
First Liberty LoanJ D 992022 Sale 99522 99202v 1431
33.% of 1932-1947
J D 100.00 --- - 992622 992022
Cony 4% of 1932-1947
1
Cony 44% of 1932-1947
J D 100222 Sale 9920:2100'32 943
57
2d cony 44% of 1932-1947.... J D 100102: Sale 9911:2100102
Second Liberty Loan9920:2100.00 10
M N 100.00 Sale
4% of 1927-1942
MN 100022 Sale 9925:210042 6780
Cony 44% of 1927-1942
Third Liberty LoanM S 10014:2 Sale 100022 10012: 5606
44% of 1928
Fourth Liberty LoanA 0 100,02:Sale 99352210111: 7219
4)4% of 1933-1938
Treasury 4;48 1947-1952
A 0 1011022 Sale 101222 101202 ,1320
d1930 Q J
29 consol registered
10312 Mar'24
d1930 Q J
Zs consol coupon
1023 Mar'24 _
1925 Q F
48 registered
104 May'23
1925 Q F
48 coupon
103 July'23
Panama Canal 10-30-yr 25.51936 Q
100 Aug'23
1961 Q M
Panama Canal 3s gold
91
03
9412 Apr'23
State and City Securities.
NY City-449 Corp stock_1960 M S 997
99% Apr'24
1964 M S 10014
_ 9978 Feb'24
4)45 Corporate stock
1966 A 0 10014 -- 997 Feb'241____
434s Corporate stock
1971 3 D 1048 ____ 10412 Apr'24
445 Corporate stock
_
414s Corporate stock _July 1967 J J 10414
10312 Apr'24
19653 D 10414
434eCorporntestoek
10412 10412
I
1963 M S 10414 1-047 1033s 10338
445 Corporate stock
1
1959 M N 9514 96
4% Corporate stock
9514
9514
1
9514 96
1958 M N
4% Corporate stock
2
9512
95%
1957 M N 9514 96
4% Corporate stock
9614 Jan'24 4% Corporate stock reg_1956 M N
- 97
943 Feb'24 - _
44% Corporate stock _ _1957 MN 11418
29
10414 1043
434% Corporate stock _ _1957 MN 1044
_ 10438 Apr'24
s 8612 _ _ 8612
314% Corporate stock _Iggl 14 N
8
8612
New York State-48
10212 June'23 Canal Improvement 4s_ _1961 .1 J
10212 June'23 _ _ _
Highway Improv't 449_1963 M S
11214 July'23
Highway Improv't 449_ 1965 M S
10412 Apr'22
1991 J .1 6414
Virginia 2-33
7114 Oct'21
Range
Since
Jan. 1
BONDS.
N. Y.STOCK EXCHANGE
Week ending April 25.
Price
Friday
April 25.
Week's
Range or
Last Sale
g1g
00(o
Range
Since
Jan, 1
Low
High
Bid
Ask Low
Low
High
11101
Atl & Birm 30-yr 1st g 4s_ __e1933 M S
7512 Apr'24
77
70
98242 992,42 Atl Knoxv & Cin Div 4s_ ___1955 MN 85
86
85
83% 87
6
8514
98n 992022 Atl Knoxv & Nor 1st g 55___1946 J o 9912 ____ 9912 Nlar'24
9914 9912
98421000n All & Chart A L 1st A 449_1944 S i 9213 94
92 Apr'24
9134 92
987522100142
1st 30-year 55 Series B_ _ _ _1944 5, 9934 Sale 9912
96
9934 67
9934
Atl Coast Line let con 48_51952 51 S 8739 Sale 8758
8612 88%
8814 16
98,32100.06
10-year secured 78
1930 MN 10714 10739 10712 10712
2 106% 10734
98,32 10042
General unified 448
1964 3D 88
8834 8814
8614 89%
8852 23
L & N coil gold 49
01952 M S 83
8314 83
833 48
81% 83%
99022100142 All dr Danv 1st g 4s
7412 75
1948 J J
7434
18
7314 77%
753
2d 49
1948 S i 62
66
6518 Mar'24
6518 6518
98421001'22 All & Yad 1st g guar 4s
1949 A0 7312 7434 74
7214 8018
Apr'24
996:2101 2032 A & N W 1st gu g 55
1941 J J 95
____ 9612 Dec'23
10312 10312
10232 10232 Bait & Ohio prior 314s
9778 Sale 9778
9818 148
9614 9812
R
IsetgAlsotlr
e ea
1c1
d,gold do
192
92:5• 3
9734 Apr'24
98
96
948
8Q
A
5
519
84% 130
8113 8512
8434 Sale 8414
Registered
81
Si Mar'24
80
10-year cony 414s
1933 M S 8734 Sale 8712
8214 8812
88
96
Refund & gen 5s Series A11195 J D 8512 Sale 8514
83
857s 96
88
9878 100
10-year 65
1929 5 J 10134 Sale 10112
102
75 10018 10338
99% 100
9512 9732
P Jet & M Div 1st g 349_1925 M N 9714 Sale 9714
1
9714
9934 9978
PLE&W Va Sys ref 49_ _1941 MN 8214 Sale 8113
821.2
79
8214 38
10412 10412
Southw Div 1st gold 349_1925 J .1 977 Sale 9734
ME 9812
977
43
10234 10334
Tol & Cin Div 1st ref 4s A_1959 J J 67
6632 6972
67
0734 6634
17
10234 10312 Battle Cr & Slur 1st gu 39_ _1989 J D 5612 63
58
60
_
58 Mar'24
103 10334 Beech Creek lot gu g 4.5
9012 9112
9012 91
1936 J J
91
Apr'24
94% 9614
Registered
1936 J J 89
____ 86 Feb'24
94% 9618
20 guar gold 5s
9614 ____ 104 May'12
1936 J J
964 9924 Beech Cr Ext 1st g 348...J21951 A 0 7514 ____ 60 July'23
_
94% 9514 Big Sandy lst 4s
1944 J D 8112 8212 8113
8112
821s
1 8O7
10318 10438 B & N Y Air Line 1st 4s__1955 F A 6414 6539 6412
06
61
66
8
102% 104% Bruns & W let gu gold 48_ 1938 .1 J 89
8812 90
90
89 Apr'24 _ _
8514 86 Buffalo It ,k P gen gold 55..1937 M S 100 101 100
100 100
Jan'24
Consol 44s
874 90
1957 M N
8939 Sale 89
8039 22
9634 9912
Burl C R & Nor lst 58
1934 A 0 957 9734 98
Apr'24
Canada Sou cons gu A 59
1962 A 0 9914 Sale 994
9732 100
99121 12
Canadian North deb s f 7s 1940 J D 11212 Sale 11212 11214
6 111 11412
25
-years f deb 649
19493 J 11214 Sale 11178 112121 70 11032 113
Foreign Government.
Canadian Pac Ry deb 49 stock__ J J 9934 Sale 7914
80 I 40
781/4 8214
1927 F A 10118 Sale 101
Argentine(Govt)75
1013 113 100% 10214 Carb & Shaw 1st gold 49___ _1932 M S 8912
90
9134
9134 Feb'24
1945 M 8 7858 80
Argentine Treasury 55
7812 84 Caro Cent tat con g 45
1
7812
7812
1949 J J
70% 72%
7078 Mar'24
_
1943 J D 90 Sale 8878
Austrian (Govt) 7s w 1
8514 9018 Caro Clinch &0 1st 3-yr 5s _ _1938 J D 94 Sale 9313
9014 261
92% 9412
94
16
Belgium 25-yr ext f 7555 g-1945 J D 10154 Sale 10118
97 101%
121
68
102
19523 D 98 Sale 97
9934
96
98
45
Jan 1925 .1 .1 994 Sale 9918
5-year 6% notes
96% 100 Cart dr Ad 1st gu g 48
9938 57
1981 J D 82
8214 82 Mar'24
81
8218
1941 F A 10178 Sale 10134 103
97 103 Cent Branch U P 1st g 4s
20-year 9185
122
19483 D 7034 71
71
71
67
Apr'24 __
Bergen (Norway) s f 89
1945 51 N 108 109 10814
12 108 10912 Cent New Eng lot go 4s___ _1961 J J
109
58
59
58
5034 60
59 1 11
1945 M N 10812 10914 109
Berne (City of) s f 85
1930 M S 9534 _ - _ _ 9334
10912 13 1084 1114 Central Ohio 4445 1930
_
Bolivia (Republic of) 85___ _1947 M N 8812 Sale 88
85
9018
Central of Ga 1st gold So.. p1945 F A 9912
8912 169
99 1-61_ _ 9912
99121
1
Bordeaux (City of) I5-yr 68_1934 MN 8178 Sale 81
7111 3118
Consol gold 58
1945 M N 9612 97
8212 253
9514 97
9612 Apr'24
9278 95
1941 J D 9434 Sale 9412
Brazil, US external 8s
9812 147
June 1929 J D 10114 Sale 10114
10-year occur 88
10112! 16 100 10134
ity)
(Central
75
1952 J D 8034 Sale 80
7713 8034
Chatt Div pur money g 49-1951 J
8118 106
74
____
748 (Coffee Security)
1952 A 0 9834 0938 9712
94
9912
Mac & Nor Div lst g 5s _ _1946 J J 9812
-9534 If
9914 69
974 Feb'24
Canada (Dominion of) g 55_ _1926 A 0 10038 Sale 10014
99% 10114
1947J J 9212
Mid Ga & Atl Div 55
1003s 73
94 July'23
58
1931 A 0 9934 Sale 9934
9912 100
1840 J J
53
Mobile Division 58
100
96 Feb'241____ -66.- -.07"
10-year 545
1929 F A 1015 Sale 10112 102
101 10034 10214 Cent RR dr B of Ga coil g 59.1937 MN 93
9334 9278
9178 90
94
12
55
9914 10014 Central of NJ gen gold 5s__ _1987 J J 104% 105 10434
1952 M N 997 Sale 9934 100
144
10434 16 103% 10614
Chile (Republic) ext s f 89_1941 F A 10312 Sale 10318
104
51987 Q J 10312 Sale 10312 10312
31 102 10412
Registered
1 102% 105
External 5-year s I 88_1926 A 0 103 Sale 103
1023
8
104
1949 F A 864 Sale 8558
Cent Pac 1st ref gu g 4s
103% 24
85
8814 207
8712
75
1942 II N 9612 Sale 96
94 100
51929J
Mtge guar gold 34s
92
91
9212
9622 60
9234
3
25-year s f Ss
1946 51 N 104 Sale 103
Through St L 1st gu 9s_ _ _1954 A 0 83% 8458 8312
104
18 102 1041/
81% 8634
8634 30
Chinese (Ilukuang Ry) 59_1051 3 1) 4012 Sale 40
4034
43 Charleston A Savannah 79_1936 J J 116
12
11514 11639
40
115% Feb'24
Christiania (City) a f 85
1945 A 0 10814 Sale 10814
goldfu 5
&
o lm pt 5s_ 1929 .1 J 9712 984 97%
9838
11 107 10912 Ches dr 0
97
10834
974
5
Colombia (Republic) 6145_1927 A 0 9514 957 953
9434 96
1939 M N 10118
101
1st consol
Apr'24. _
9512
6
094 1014
Copenhagen 25-years f 549_1944 J .1 90 Sale 8912
8714 9113
Registered
93
1939 M N
98
64
98 Apr'24I__ _ _
90
Cuba 55
9334 90
1944 M S 9434 96
1992 M S 8718 Sale 8634
General gold 445
23
95
8414 8712
95
8712 95
Exter debt 55 1914 Ser A 1949 F A 9014 Sale 90
8913 9214
Registered
1992 M S
83% 8358
8358 Jan'24 _ _
5
9014
7914 83
External loan 4149
1949 F A 8112 Sale 8112
20-year convertible 414s_ _1030 F A 92 Sale 91,2
92
204
8814 9213
8112 13
9113 9434
549
1953 J 3 9334 Sale 9312
30-year cony secured 59__ _1946 A 0 9334 Sale 934
8878 9414
94
263
9412 175
94
97%
Czechoslovak (Repub of) 88_195 A 0 9714 Sale 9612
Craig Valley let g 58
9234 9334
19403 J 934 _ _ 9334 Apr'24
_
9534 96
10612 103
Danish Con Mut:dein Is"A"_104C F A 107 10712 10634
79%
Potts Creek Branch 1st 4s_1940 J .1 7938 Sale 79%
78
79%
5
10714
Series B
194r F A 10634 10712 10658
79% 3112
R& A Div 1st con g 4s_ 1989 .1 J 8014 8112 8034
8024 10
107
?"2 10612 108
Denmark externals f 89_ _1945 A 0 10812 Sale 108
76
2d consol gold 49
10812 69 10714 10914
1989 3 J 7512 78
76
76
Jan'24 _ _ _ _
934 9524
20-year (is
1942 J J 9512 Sale 945
Warm Spring9 V 1st g 59_ _1941 M S 9214 _ _
93 Dec'23 _ _
9534 111 100
10212 Chic & Alton I111. ref g 3s_ 1949 A 0 5834 Sale 5812
Dominican Rep Con Adm 9159'58 F A 10158 10212 102
5424
Apr'24
86
5834 60
8534 90
515s
1942M S 8614 87
New York Trust Co ct19
43
8612
53 July'23
87
92% 95%
Dutch East Indies ext 69...._1947 J 3 9412 Sale 9334
5313 57
Stamped Oct 1922 interest...... 5618 58
__
5018 Apr'24
94,2 40
9234 96
40-year es
196:. M
Stamped April 1923 Interest_
9334 94
54
94
57
__
9334
5614 ____ 57
Apr'24
53
514s trust reels
864 90%
1953 M S 87 Sale 864
Railway first lien 3411----1050 3 J
3034 4034
30
3618 62
8714 72
9212 100 Chic Burl & Q-III Div 349_1949 J J 8024 8113
French Repub 25-yr ext 8s1945 M S 9978 Sale 9912 100
264
7834 8111
80% 11
804
90
9618
20-yr external loan 749_1041 .1 D 96 Sale 952
Illinois Division 4s
9618 601
1949 J J 8839 8834 88
89%
86
3
8838
Gt Brit & Irel(UK of) 549_1937 F A 10078 Sale 10038
994 101%
Nebraska Extension 42_1927 M N 97
101
232
3
9612 98
9712 9714
9714
10-year cony 5145
1929 F A 10812 Sale 108
Registered
1927 M N
96 Nov'23
1085s 154 10611 11014
Greater Prague 745
7612
86
1952 M N 85 Sale 8412
General 4s
85
1958 M S 8612 Sale 8614
34
8734 13 "85" -s731
Haiti (Republic) 68
8813 92
1952 A 0 9012 91
A
F 0
9111. 91
1st & ref 55
A 98 Sale 9712
10
9678 9914
98
74
Italy (Kingd of) Ser A 649_192r F A 9934 100
9812 10018 Chic City & Conn Rys 5s1
9958
5012 5512
192
977
1
49
51
5012 Apr'24
9934 33
Japanese Govt-f loan 445_1925 F A 9714 Sale 9714
925
8
9714
Chicago & East III 1st 69..1934 A 0 10538 Sale 10538
105%
58
1
10414
9714
1053
3
Second series 449
1925 J J 9714 Sale 9714
9734 22 • 9134 9734 CAR III RR(new co) gen 58_1951 MN 7658 Sale 764
7812
114
76
7712
Sterling loan 49
78,4 8134 Chic dr Erie let gold 523_ _ _1982 M N 95
193 J J 80 Sale 79
9178 95
80
76
33
95
97
9418
Oriental Development 68_1953 M S 8512 8612 85
84%
90 Chicago Great West 1st 48_ _1959 M S 534 Sale 5234
3
34
5518
50
8612
53
52
Lyons (City of) 15-year 68_1.934 M N 8178 Sale 8112
7218 8234
With Sept 1924 coupon on_ _ _ _ _ _ _ _
8224 131
484 5334
52 Feb'24
Marseilles (City of) 15-yr 69_1934 M
7218 8212 Chic Ind & Loulsv-Ref 68_ _1947 J .1
8178 Sale 81
8212 131
10814
105%
107
1
107
Mexican Irrigation 4145
1943 M N
2714 30
25
35
_
29 Mar'24
1947 J
Refunding gold 58
95% 97
9618 97% 9618 Apr'24
Mexico-59 of 1899
43
1945 Q J 48
5113
50
4812
4912
4
Refunding 45 Series C
1947 J J 8212 84
85 Apr'24 _ _ _ _ I 815885
Gold debt 45 of 1904
26
1054 J D 29
30
30
29
30
8112 8434
General
N
5s
1966
A
M
Apr'24
_
8314
84
84
Montevideo 79
1952 J D 80
8514 8812
8812
9612 100
8814
7
General 65 B
c1966 3 3 9712 9834 9834 Apr'24 _
Netherlands 92 (flat prices) _ _1972 M S 907 Sale 87%
9034 96%
9034
9134 17
76
45_1956
Louisville
J
Ind
1st
J
gu
&
71
Apr'24
7612
70
74
Norway external 518s
1940 A 0 11012 Sale 11014
10934 112% Chic Ind & Sou 50-year 45_1956 J J
11114
35
8212 85
Apr'24
8412
85
8339
Os
1952A 0 9414 Sale 9314
9112 944 Chic S & East 1st 4s__ _1969 .1
9412 67
D 89
4
L
8712 91
Apr'24
9112 91
68 (interim certificates)
1943 F A 9412 Sale 9312
9218
9434
9434 254
4934 6034
594 20
5912 59
59
Panama (Rep) 514s tr rect8_1953 J D
9514 9712 C M & Puget Sd 1st gu 4s_ _ -1949 J J
9512
9513
2
704 74
Ch M & St P gen g 48 Ser A-e1939 J J
48
73
73 Sale 7238
Porto Alegre (City or) 88_ _ _1961 J D 95
92
9712
96
94
95
3
61% 6412
General gold 34s Sec 11_ _e1989 J J 6412 Sale 6334
29
6412
Queensland (State) ext 9 f 7s1041 A 0 10613 Sale 10534 106
10418 107
24
12
8212
General
J
4
e1989
48
SerimC
39
78
82
Sale
8012
82
25-year Os
1947 F A 100 Sale 997
9912 10118
10018 56
4934 5812
Gen & ref Series A 4)-45_ _n2014 A 0 5514 Sale 53
5514 171
1940 A 0 95
Rlo Grande do Sul 8s
92
9712
953 94
9514
14
a2014
Set
A
Is..
55
cony
624
F
Gen
B
ref
114
59
Sale
5712
59
Rio do Janeiro 25-yr s f 8e_ _1946 A 0 93 Sale 914
87% 9434
93
42
Convertible 4148
5413 66
1932 .1
117
64
64 Sale 6212
1947A 0 921 2 Sale 92
8s
87
93
9214
12
300
45
68e 86%
192(13
Sale
8214
8239
8414
El Salvador (Rep) temp 85_1948 J .1 10014 Sale 10014
1004 50 100 1007s
25-year debenture 4s
4912 6052
1934 r
5734 146
5734 Sale 56
1952 M
San Paulo (City) 5 f Os
9512 9912
9812 9918 9812
9922
Chic dr Mo Itiv Div 59... _1926 J J
98%
6
96
Apr'24
San Paulo (State) ext 8 f 85-1936 J J
9814 9924 Chic & N'west Ext 49_ _1886-1926 F A 9814 9834 9814
9912 Sale 9914
3
37
96%
99
4
98
7
97
974
9714
1942 3 3 88 Sale 8714
Seine (France) ext 75
79
8812
8802 178
eo
rled 3
9718
GeR
ne
og
1886-1926 F A
raisltg
96
_ 87 Mar'24 _ _ _ _
Serbs, Croats & Slovenes 89_1962 M N 80 Sale 7758
63
,
4
80
80
632
1987 M N
5
5938 72%
7112
7114
71
7
-1
-13
1931 51 N 82 Sale 817s
&Moons(City)68
76
82
82
Registered
30
111987
g
'
1
2
1
4
4
34
Q
F
685
Jan
8
70
5
38
8
6
..
E.
d
o
_
_
6
8
0
8
1939 J D 10239 Sale 10212 103
Sweden 20-year 68
General 4s
37 102 10514
SO
1987 IC N 8012
15
81%
Swiss Confeder n 20-yr et So 1940 J J 11214 113 11214
1123, 43 111% 118
Stamped
49
Apr'24
1987
NI
N
79%
8012
814
8112
8014
1912 M
Tokyo City 59
6014 6358
61
62
6014
6134 10
General 55 stamped
1987 51 N 101 10812 10138 10139
4
9912 101%
Uruguay (Republic) ext 85_1946 F A 10313 Sale 1034
10418 12 102 10414
Sinking fund 69
1879-1929 A 0 10238 ____ 10238 Mar'24
99 10212
1941 A 0 110 111 11018
Zurich (City of) s I 89
112
Registered
16 110 112
1379-1929 A 0 10172 _- 1012g Feb'24
101 10212
Sinking fund 58
1879-1920 A 0 98 99
1
98
98
993:3 98
Railroad.
Registered
1879-1929 A 0 99
o
'
9
2
96
,4
8 ___3
_
96
Jan
99
6
514 98
31,
4 9
Ala Gt Sou 1st cons A 58
1943
9532 9634
952 2 - 96
Apr'24
Sinking fund deb 5s
97l2 10012
1933 M N
Ala Mid 1st guar gold 59-1928 51 N 99349834 9958
4 191- 9939 June'24
Registered
1933 M N
Dec'23
97
Alb & Saul cony 3145
1949 A 0 8018
79
8013
80
80
10-year secured 75 g
19
19303 D 115512 10578 10538 10539 16 l04'g 10639
80
Alleg & West let g 49 gu__ _1998 A 0 8012 8112 8012 Apr'24
8012
15-year secured 6SO g
1936 M S 10712 10778 107
10714 13 1051/ 10812
Alleg Vol gen guar g(la__ 1042 M S 89
8834 8978 Chic RI & P-Railway gen 491988
90
8914
8914
1
7
7814 81
8014
9
8014
797
79
Ann Arbor lot g 45
51995 Q J 58% Sale 5858
57
60
5912 18
Registered
J .1
7678 7875
7814 Apr'24 _
Ate!) Top & S Fe-Gen g 481991 A 0 87% Sale 87
86
882
4
88
Refunding
139
gold 48
1934 A 0 77 Sale 767a
137
73%
7712
78,2
Registered
79
1995 A 0
8614 Chic St L & N 0 gold 58_ _ 1951 J I) 1005
_ 80 Apr'24
_
99 10024
8 101 10024 Apr'24
Adjustment gold 4s
7911 821g
51995 Nov 8034 -8-1-12 8075
8218
3
Reglatered
D
9558 May'23 _ _
Stamped
7912
51995 Nov 81
82
81% 81
8138 47
Gold 354s
1051 .1 D
77
77
_ _ 77 Feb'24
Cony gold 45 1909
821s 8418
1955 3 D 8238 8418 8318 Apr'24
Joint 1st ref 5s Series A__ _1963 J D 7794
96,2
94
9412
- 94 Apr'24
Cony 49 1905
8112 8412
1955 J D 82% Sale 8238
8238
Memphis Div 1st g 45._ 1051 J D 81
8058 81%
Apr'24
813
4
84
Cony 4s issue of 1910
8134
1960
13 8218
8124 C St L P 1st cons g 55_
83
83
100%
1932
A
_
0
Apr'24
8
997
__
100
997
8
East Ohio Div 1st g 45_ _1928 M
9.512 9638 Chic St P
9518 Apr'24
9534
& 0 cons 65_1930 J D 10359 Sale 10312 10334 124 101% 10418
Rocky Mtn Div 1st 48._ -1965 J J 8113 8224 8112
80
8234
814
Cons 08 reduced to 38-4s.-1930 J
4
8914 89%
9034 94
8914 Mar'24 _
Trans-Con Short List 48.1958 J J
8318 8712
8412 27
8412 Sale 8412
Debenture 55
9312 98
1930 M S 9338 9412 9338
2
94
Cal-Aria let & ref 4149"A"1962 M 8 91
9018 92% Chic T
9112 91
9112 20
& So East 1st 58_ 19603
7712 8114
8012 37
7978 Sale 7924
*No price Friday: lateet bid and asked. $5-.
- L. a Due Jan. done April. e Due May. g Due June. 6 Due July. 5 Due Aug.
oDue Oct. 22Due Nov. • Due Dec. *Option sale.
iw8
New York Bond Record-Continued---Page 2
2022
Price
Friday
April 25.
BONDS
N.Y.STOCK EXCHANGE
Week ending April 25.
Week's
Range or
Last Sale
"(3
o11
za
Range
Since
Jan. 1.
BONDS.
N.Y.STOCK EXCHANGE
Week ending April 25.
'0.3
Price
Friday
April 25.
Bid
High IIIInois Central (Concluded)High
Ask Low
Ask Low
High No. Low
Bid
19,52.3 J 77
76
78
76
Purchased linos 348
9
89% 02
9058
9012 Sale 8912
Chic Un Sta'n 1st gu 4155 A.1963 J
1953 151 N 8134 Sale 8118
8134
Collateral trust gold 4s
9,31, 107
97 100
1963.3, 98 Sale 97%
58 B
N
M
1953
7914
Apr'24
.3,
Registered
114%
116
81
15
79%
Sale
115%
116
116
1963
let Series C 6159
Refunding Is
101 10114 101
105 105
1011 1
105 Apr'24
Chic & West Ind gen g 68.. e1932 Q 51 105
51 N 101% 102 10114
4 1J
55
193
15-year secured 550
102
7112 7534
74% 29
1952 J J 7438 Sale 7314
Consol 50-year 45
15.year secured 615s g_ __ _1936 J J 11012 Sale 110
11012
6 10112 10334
1935 MS 10212 10234 10234 10234
15-year s I 7155
D
1950
96
Cairo Bridge gold 4s
8458 88
94
85
Jan'24
_ 96 Feb'24
Choc Okla & Gulf cons 58_ I952 MN 9534
Litchfield Div 1st gold 384951 ./ J 70
71
70 Apr'24
7 MN _
3
26
.1933
:
s:._.k
u4sg
88 Mar'17
Ft d 6
sltdg4
10
H D
C
Citand:
J
Loulsv Div & Term g 3413 1953 J .1 75% 7612 7554
8813 0-81-2
77
8812 - _ 8812 Apr'24
F A 6914 --__ 704 Apr'24
3s....1951
gold
1st
F
Div
Q
Omaha
89
89%
_
_
_
_
4s
Jan'24
884
89%
g
1st
C
&
L
St
I
C
.1 6834 ____ 84
v Az Term g 35-1951
,,
ilsD4
Golsd
StLo
Feb'24
87 Dec'23
11936 Q F 8858
Registered
1951 J J 7712 81
86- 87
7518 Apr'24
12
1942 MN 87 Sale 8612
87
Cln Leb & Nor gu 4s g
Springfield Div 1st g 345_1951 .1 J 7712 _ _ _ _ 75% Jan'24
98% 99%
1928 J J 9858 99
9858 Apr'24
Gin S & CI cons 1st g 5s
Western Lines 1st g 48_1951 F A 84
8514 8334 Mar'24
_ _ 53 Mar'22
967
Mart& Nfah let gu g 58__ -1943
1951 F A 83
78% 8112
Registered
85
92 Mar'16
8012
8-81- 8012
804
Cleve Cm n Ch & St L gen 0_1993
9214 94% Ind BA W let pref
3
90% ---- 86 Mar'16
1931 .33 9412 94% 9412
9412
20-year deb 410
96
,
1
A 0
5J
111
5
J 8334 - _ 8334
99% Ind III & Iowa 1st g 48
98
9934 9834 Mar'24
8334
1993 J D 98
General 55 Series B
95% 9612 97 Apr'24
10378 50 10013 10378 Ind Union Ry 5s A
Ref & impt 68 Series A_ 1929.3, 10378 Sale 02%
J 45% Sale 4514
101% 104 Int & Great Nor adjust 60. _1952
1941'.3 10412 105
46%
04 . Apr'24
68 C
J 95% Sale 9514
8613 8814
1st mortgage 68 certifIcates1952
1939 J J 8712 Sale 8738
5
9512
8712
Cairo Div 1st gold 4s
D 67 Sale 6634
80 Iowa Central 1st gold 5s_ _ _1038
77
68
7818 7812 78%
78%
Cha W & M Div 1st g 4s_ _1991 J
1951 M S 18 Sale 18
7812 81
1918
Refunding gold 48
81
7912
7913
St L Div 1st coll tr g g 48-1990 _M N 79
8512 8612
1940 DA S
8612 Mar'24
Spr & Col Div 1st g 4s
D 8413 Sale 8412
James Frank & Clear 1st 454959
8412
1940 J J 8312 _ _ _ _ 923 Sept'23
W W Vol Div 1st g 4s
1035, 10610
J 1061
1934.0 _
_
0618 Apr'24
°ICC& I gen cons g 6s
1935 J J 0512 _ _ _
97% 100
Ka A & G R let go g 58
4
8-9£134
_- 9834
99
Clay Lor & W con ist g 58.._1933 A 115 98%
199() A 0 7713 79
797 Apr'24
8438 84% Kan & M 1st go g 45
1935 M N 9412
8454 Apr'24
CI & Mar Ist gu g 410
J 9814 99
1927
55
-year
20
2d
98
_1938
Apr'24
_
_
5s_
_
_
4
943
g
Vail
95
Mahon
Mar'24
&
Cleve
K C Ft S & NI cons g 6s_ _ -1928 M N 101% 102 10158
9512
J
1942
101%
91 Mar'21
Cl&Pgengu434sSerA
0
9454- -9-4-54 K C Ft S Az M Ry ref g 48_ _1936 A
7712 Sale 7634
7712
1942 A 0
_
94% ____ 9434 Apr'24
Series B
KC&MR&B 1st go 58-1929 A 0 9412 9534 9412 Apr'24
1942 A U 79% -- 7612 Feb'12
lot reduced to 310
0
A
38_1950
MN
gold
lot
68
Kansas City Sou
1948
6814 68%
6831
7018 Dee'12
Series C 3555
4793
Apr 1950 J J 90 Sale 8858
1950 F A 80 -82 67
Ref &'mat 5s
90
Series D 350
Jan'21
J 82% Sale 8278
9012 9314 Kansas City Term 1st 0_1960
9314
83
Cleve Shor Line 1st gu 450_1961 A 0 934 Sale 9314
J 321: 83% 84
84
104 Sale 10334 104
11 102% 10454 Kentucky Central gold 4s__1987 J 0
Cleve Union Term 534s ,..1972 A 0
1973 A 0 9634 9718 9634
9512 9813 Kcok & Des Moines 1st 55_1923 A
61% 87 614 Apr'24
15s(w
9714 51
J
J
6s
192.5
g
8218
J
1st
80
Knoxv & Ohio
10012 ---- 10014
10014
3
81 Sale 81
8138
Coal River Ry 1st go 48-.1945
9234 9412
1929 F A 9412 Sale 9414
9412 12
Colorado & South 1st g 4s
J 974 97% 97% Apr'24
8012 8612 Lake Erie & West 1st g .58_1937
Refunding & eaten 455s_ _1935 MN 8558 Sale 8434
8558 30
1941 J J 91
8118 8214
2d gold 55
92
92 Apr'24
8218
Col & II V 1st ext g 4s
8214 Mar'24
D 7612 80
J
1997
350
gold
83
Shore
824
Lake
77
77
4s
ext
4
let
813
Tol
1
Col &
8178
81%
N
J D
1 hi
97
193
8134 8412
58
542
995
119
1
74% 77
75 Feb'24
8312 -84
16
8414
Cuba RR 1st 50-year 5s g
8312
1928 M S 9.5% Sale 9512
tetruerde gold 4s
en
bis
iteeg
D
1936 J D 101 102 101
9578
let ref 748
1 101 10212
101
19 1 M N 93% Sale 93%
25-year gold 0
93%
924 9212
Registered
91% ____ 9134 Dec'23
Day & Mich 1st cons 450._ _1931 J J
94
94% 9212 Jan'24
J J 934 9414 934
g
go
let
450_1940
Y
835
N
8
Vssl
87%
Leh
9318
Del & Hudson 1st Az ref 48_1943 M N 86% Sale 8614
86% 72
J
J
1940
4
92%
943
_ 9313 Apr'24
Registered
1935 _A _° 9234 9312 9234
91%
20-year cony 58
9334 18
9712 10114 Lehigh Val (Pa) cons g 48.-2003 M N 7712 Sale 7712
1937 m
78
15-year 550
10034 Sale 00
1014 21
2003 M N '8654 8712 8718
General cons 450
1930 .11 D 108 Sale 08
8718
10-year secured 78
10818 21 10612 10812
Leh V Term Ry 1st gu g 0.-1941 A 0 100 10214 10134 Bpr'24
1936 F A 9112
D RR & Ildge 1st gu 4s g
89 May'22
s
mO
A
67¼ 7018
J 6958 Sale 68
9912 Jan'24
Den & R Or-lot cons g 48_1936
7014 280
Els__ n1192481
red9
Registe
7213 75
Val RR 10-yr coll
Leh
1025, Sale 102%
1936 .
103
_
JJ
Consol gold 455s
7312 Sale 734
7312
6s 5
56 e4B.. ,
11196425
7912 85
Leh & N Y 1st guar gold
1928
8213 Apr'24
Improvement gold 5s
23
Sale
84718
8414
84
9NS
A1 O 10012 10178 10012 10178
M
344 41% Lea & East hit 50-yr
1955 F A 38 Sale 35
let & refunding .58
3814 81
5
Little Miami 4s
8018 _ _ _ _ 8158 Nov'23
do Registered
_ 49
Oct'20
jj 1004 _ _ _ _
A O
QQ
344 41
Long Dock consol g 68
Farmers L&Tr rcts Aug '55_ -- _39 35
1065, 160'24
35
1
6
_
344 3814 Long 181,1 1st con gold 58_h:1999335
9812 Feb'24
971g 100
Bankers Tr ctfs of dep
32
39
3414 Mar'24
33
3714
1st comics! gold 4s
90 Dec'23
92
9312
do Stamped
36
35
6
35
40
40
1938
D 86
General gold 4s
86
Apr'24
87
Am Ex Nat Bk Feb '22 Ws_ -- -- 3418 40
3434 Apr'24
344
3812
1932
D 8658 _ _
Gold 45
8318 Jan'24
do Aug 1922 Ws
3812 Jan'24
gold 45
42% 4714
Unified
M
1949
S
Apr'24
791g
84
79%
Des M & Ft D 1st gu 48_ ___1935
4334 4612 46% Apr'24
1934 .1 D 915, 9412 92 Mar'24
Debenture gold 5.8
Des Plaines Val 1st gu 4158_1947 M
8658 _ _ _ _ 9314 Sept'23
71
1937 M N 8512 8614 85% Apr'24
20-year p m deb 5s
Det & Mack-lst lien g 48_1905 J D
_ _ _ 70
71
2 -tio
62
Guar refunding gold 45.-1949 M
60
80
80
8078 80
1995 J D 67Gold 48
62
70
62
62
8712 9012
Nor Sh B 1st con g gu 58-a1932 Q .1 9312 9512 9414 Apr'24
1961 MN 8834 Sale 8813
Det Ely Tun 450
89% 25
99% 99% Louisiana & Ark let g 515_1927 MS 964 Sale 9618
9618
Dul Missabe dc Nor gen 55_ _1941 J J 99% 10012 99% Apr'24
&Jeff Bdge Co go g 48_ -1945 M
8115 8112 81
Apr'24
Dul & Iron Range 1st 58---1937 A 0 9914 100
6 98 99% Lou
09%
99%
Louisville Az Nashville .58- - -1937 MN 10112 1937 A 0
10118
10118
957 July'23
Registered
1940 J J
Unified gold 4s
91
91
gol2 91
DUI Sou Shore & At! g 5s_ -1037 J
821g Sale 81
8218 21
1940 J J 8718 ____ 0014 May'23
Registered
8412 85
Collateral trust gold 58- 1931 MM 074
9678
9678
-1
ENIInn Nor Div 1st g 4s_1948 A 0 8434 8612 8478
84%
1030 MN 10713 10734 10712 10712
96
93
10-year secured ifl
1938M
E Tenn reorg lien g 5s
95
96
Apr'24 _ _
96
2903 AG 107 Sale 10434
9834 98%
1st refunding 510
107
1930
__
E T Va & Ga Div g 58
9818 99
99 Apr'24
2003 A0 10114 Sale 10034
97% 99
58 B (when issued)
10114
1056
Cons 1st gold 5a
9834 Sale 9858
9834
7
3 10312
'
1930
9712 1004
N 0.8 N4 1st gold as
_ 10338 Feb'24
Elgin Joliet az East 1st g 5.8 1941 51
994 _ _
1 104%
10014
1001,
19658
1930 J
2d gold 68
Apr'24
103
101
S 10612 Sale 10618
Erie 1st consol gold 78 ext_..1930
10612 17
Paducah & Mem Div 49.-1946 F A
6134 6778
8513 Mar'24
J 6.514 Sale 6478
,
1098
1st cons g 48 prior
6558 92
61
61
St Louis Div 2,1 gold 33-1980 MS 60
6012 Apr'24
61
1996 t
Registered
6038 64
61 Mar'24 _ _ _ _
Mist g 4101945 Si S 9518 _ _
5313 5713
L&N&M&M
Jan'24
95
1st consol gen lien g 4s 1996 1 1 5534 Sale 55%
56
90
53
53
81
LA N South joint M 48.-1952 J J 8038 Sale 8038
1996
Registered
53 Mar'24
_
J
Q
h1952
Registered
Jan'24
88,2 9212
_ 77
7218
A 9012 Sale 90
Penn coil trust gold 4s 1951
3
0012
MN 96%
A
Lox
gold
4484931
&
Cin
6114
Isoulsv
Apr'24
9618
4-4
5
9
A
cony
Ser
1953
4s
50-year
5838 Sale 58
5812 46
1953 s.
5412 61
do Series B
58
5812 58
5818 38
1934 .1 J 100
5934 66% Mahon Coal RR 1st 5s
9834 Feb'24
Gen cony 4s Series D1953 A
6512 Sale 65
5512 37
N .5658 58
9573 Nlatilla R It(Southern Lines) 1939
55
8912
55
1955 J,
Erie Az Jersey 1st s f gs
9:513 Sale 9.518
9512 24
3D 9612 9714 9613 Mar'24
1934
Colonization
563314 8314 Manitoba
s a 8238 _ _
,
Erie & Pitts gu g 3158
8314 Jan'24
'.3 8112 83
W
1st
N
&
34s-1941
83
B
G
Feb'24
83
82
Man
a
J
1940
J
„
823
C
Series
_ _ _ _ 83
Jan'24 _ _ _ _
_ Nlex Internat'l 1st cons g 45-1977 MS
37 Mar'13
Evans & T El 1st gen g 5s_ _ _1942 .5
102
88 Apr'23
1931 M
100
Michigan Central 5s
994 Sale 994
Sul Co Branch 1st g 5s_ I930 A
6912 Apr'23
Q M 9818
1931
Registered
Apr'24
88
1924
, ,
J
J
Fargo & Sou 6s
_
- -- 9914 Oct'23
1940 3.3 8912
8634 Jan'24
48
Fla Cent & Pen 1st ext g 56_1930 1 1 9558
_ _ 9413 Dec'23
1940 J J
Registered
9358 94%
78 Mar'24
1943 1
Consol gold 58
94 -9-5
94
1
j/,& s ist gold 345
94
1951 Si S
873s 88
7718 Apr'24
D 87% 8814 8734 Apr'24
'
1959
Florida E Coast let 44s
N 7812 80
1952
18t, gold 3 t4s
70
65
7834
7834
1952 MN 6512 6613 66
Fonda J & Glov 44s
70
6
AO 94
0
1929
debenture
84
8
-year
114
823
94
20
9412
_1941
44s_
Fort St U D Co 1st g
84 Mar'24
_ _ 10034 105
J LP 841
1941) AO 8618 88
87 Apr'23
Slid of N J 1st ext 58
10213 102
Ft W Az Den C 1st g 548_ _ _1961 .3.3 10218
25
10212
FA
841g 88
Milw L 8.8 West imp g 5s.1929
99% Mar'24
9914 100
Ft Worth Az Rio Or let g 0_1928 A 0 87% 8812 88
1 10514
88
1925 MS 10012 _ _ 100 Dec'23
10612
Ashland Div let g Os
Prom Elk & Mo V 1st Os____1933
-- 10614 Jan'24 _ _ _
1924.3, 10013
9513 99
Mich Div 1st gold 68
10012 Jan'24
09
98
GH&S A NI & P 1st 5s_ __ _1931 IVI N 106%9812 Apr'24
_
9612 9634 Milw & Nor 1st est 44*E-1934 3D 9112 Sale 9112
9112
1931
"
2d exton 55 guar
1
9634
AU 9634 Sale 9654
1934 JD 8812 _ _ _ _ 8913 Mar'24
8918 91%
Cons extended 410
9112 90
Gals,H0119 & fiend let 5s_ _ _1933 .3.3 90
9138 11
1st gu 48_1947 MS 84
W
N
96
&
3
8,
Spar
Apr'24
Mil
4
85
833
93
Genesee River 1st s f 64_1957 J J
8
933 93
20
94
844 86
NIII v & S L 1st gu 34s-4941 J J 80
82 Mar'24
83
Ga & Ala ity let con 58o1945 J J 85%
8512
8513
4
1927 3D 10118 Sale 10118
9318 95% Nlitin & St Louis 1st 7s
101 18
Ga Car & No 1st gu g Us__ _ _1929 AU 9358 9558 9558 Mar'24 _ _ _ _
MN
58
gold
1934
62
4
consol
603
1st
67
6712
1946
4
66%
673
6138 63
6118 Apr'24
Oa Midland 1st 38
_
9813 100
1st & refunding gold 48_....1949 MS 19 Sale 19
19%
1924 MN
99%
Gila V G & N lot gu g 58
100 Feb'24
_F
Q
JD
50-yr .55 Ser A.-1962
4
98
983
ext
&
Ref
17
1942
17
Sale
17
_
_
58
Oswegatch
9834 Feb'24
Goo &
__
J J
00% 9112 NI St P& SSM con g 4s int gu'38 J
86%
8614 8714 8614
9112 93- 9112 Apr'24
Gr R & I ex 1st gu g 450.-1941 AD 9512J
J
1938
113%
let cons 55
99%
_ 9734
100
113
25 110%
Grand Trunk of Can deb 79.1940 MS 113 Sale 11234
1931 MS 103 Sale 102
10-year coll trust 8 Sis
103
1916 JD 10312 Sale 10312 10378 75 10212 104%
15-yeer s 160
1946 J, 10012 102 10112
6s A
1947
10134
_ 1014 Apr'07
Grays Point Ter 55
J J 8578
4
Chicago Term s 14s._ _1941 NI N 9134 94
106
19811st
_1936
A_
Series
10713
78
Sale
gen
1075,
10731 145
Great Nor
J J
854 89% MSSM&Alstg4sintgu_1926.3, 98 Sale 98
8
-681Sat & ref 410 Series A_ _ _1961 .3.3 87% 8814 87%
883s 16
N11881881661 Central let 5s_ _ _1949.3' 8814 90
1961
8814
8814
90 June'23
Registered
.3.3
MN
D91
5s__
_
guar
1st
Okla
_1942
As
K
NI
Oil's
May'23
1952
9154
99
515s Series B
111
Feb 99 Sale 9814
5934 64
Nio Kan & Tex-Ist gold 40_1990 3D 7758 Sale 7714
7712
65
64 Apr'24
Green Bay & W deb Ws"A"_ _ _ Feb 63
1012 Mo-K-T RE-Fr 1 59 Ser A1962 J J 824 Sale 8134
7
8212
014 Sale
Debentures etts "B"
814
858 36
MN
1962 J J 67 Sale 66%
615
40-year 45 Series 11
.1040 J J 8318
Greenbrier Ry 1st gu g
8412 Oct'23 - J
J
86
81
1932
10-9'ear 6s Stales C
9914
9914 Sale 9858
-- 84% Apr'24
Gulf Az S I 1st ref st t g 5s_ _91952 MN 8318
AG 5314 Sale 5134
78
Jan.
A
Ser
58
7312
1067
adjust
Cum
45....1954
lot
Ches
5314
- 71 78 Apr'24
Harlem R & Pt
j 771s -783
83% 86% Missouri Pacific (reorg Co)
86 Sale 85
27
Hocking Val 1st cons g 4555-1999 J
86
1st Az refunding Os Ser A.4965 FA 80 Sale 7934
1999 J J 7112
81
82 Mar'24
Registered
1W -ii"
1st sk refunding 53 Ser C_ _1926 FA 98
537 99 Apr'24
1937
9812 98
9814
__
H & T C 1st g 58 int fru
J J 8514
1st & refunding 68 Ser D _ _1949 FA 94% Sale 9458
95
604 9212
9212 Apr'24
Houston Belt & Term 1st 58_1937 MN 9919 100
9514 98
5612
General 48
9112 9212 98 Mar'24
1975 MS 56% Sale 56
1933
T 1st g 58
_Hoes H &
Missouri Pacific1933 MN
9318 July'23
1st guar 58 red
__
MN
N 8212 84
8
at
-7D
8
4%
extended
._
8
1938
827
is
8278
3d
Housatonic Ry C009 g 58- - -1937 FA 88% -95
8878
2
88%
80% 8412 Mob & Bir prior lien g 58_ _ _1945 J J 9314 95
9314 Apr'24
83
95
Hud & Nlanhat 58 Series A 1957 AO 8234 Sale 8214
5814 6314
1945 .1 .1 73
73
Mortgage gold 45
75
73
1957
603
4
Sale
6014
6114
123
Adjust income 58
.3.3
t) 10231 10312 10234 10234
92 Mobile & Ohio new gold 68 1927
88
88
1
88
Illinois Central 1st gold 48_ _1951 J J 8834 __
Apr'24
let extended gold 65._ _.h1927(53 10114
1951
831
- 101
4 Sept'23 _ _ _ _
/
Registered
J J 7813
111 S 7678 7712
78 161938
48
gold
76%
7678
General
1951
81
3
4
83
7
78%
1st gold 315s
9478 95
9514
Montgomery Div 1st g 5114947 Fit 94
1051 .3.3
80
Ocr20 _ _ _ _
Registered
AU
JD
773
Vi3-4
1927
9612 Mar'24
St Louis Div 58
9612 98
7812 -g(f1-2 7734 Jan'24 _ _ _ _
Extended 1st gold 350._ _1951 A
7734
Mob & Ohio coil tr g 48._ _ _1938 MS 8114 __
7712
1951 MS
764 Sept'23 _ _ _ _
Registered
1991 MS 109 110
Oct'23
81
Mob & Mal 1st gu gs 4s
- 6F2 61
1951
8314 Mar'23
1st gold 3s sterling
MS
83 "8":;1; Mont C lot gu e 6s
1937 J J 100 101 10914
10914
84
85
84
15
85
-1952
4sgold
trust
Collateral
1937.33 99 100 13614 May'06
Registered
1952 AU
_
93% Sept'19
Registered
8413 868
1937 J J 7512 78 16012 ADr'24
let gum. gold M_ .
1955 MN 857, 8611 06
s
851.
lot refunding 48
:T1 g
-
•No price Friday; latest bld and asked tills week.
-ia-
Due Jan. 0 Due Feb. I Due Juno, D Due July. a Due Sept
Range
Since
Jan. 1.
Week's
Range or
Last Sale
o Doe Oct. a Option sale.
1110)
No Low
7512 7812
3
71178 8212
28
7914
78
99% 102
7
39 10013 10212
18 1084 11012
85
35
6973 7014
7434 77
4
/
6834 7131
4 74
/
701
754 7712
7558 7,515
8334 8334
1
448
136
7
22
4
1
49
37
88
29
1
38
9
1
18
1
47
4
-0-4.14
9712
56
96
70
26
-8554
96
4018
90%
6418
1874
834 3413
-7754
95
10012
7312
944
67
86
8114
82
6118
10014
-797-ts
98%
103
7814
97
70
90
8334
34
6318
100%
93% 97%
92
87
754 80
75
75
94% 06%
9214 94
91% 9134
02% 94
914 9113
76% 79
8.5% 89
1004 103
9912 9912
101 103
8214 83
99 10178
168
.58 1-0-658
9715 9812
1
5
2
7
5
82
27
4
3
3
4
1
84
8318 834
79
8014
9132 92
87
84
80%
79
9414 95
9578 9838
7912 8112
100% 10212
89
91
-5678 -69"
1064 1084
10454 107
974 102
103% 104
103 10313
4
1
: 87/
851
60
61%
94
95%
8112
79
77
77
96
96%
98%
55
964
82
9144
60
9734
82%
748" 100
98
88
8634 8654
774 85
9312 9312
7834 804
9314 95
9912 9012
5
8
3
5
23
7
74
2
33
3
8
10518 1661.
8858 92%
8712 3912
8358 854
82
39
100 10118
634 6812
18
2312
16
20
864 8812
0734 103
10112 103%
100 10212
9112 9112
06% 9814
88
8814
21
150
42
64
78
757
7834
65
9458
5134
7811
8313
6834
9938
5678
40
15
35
251
7518
9414
4
/
871
51
8214
9814
9614
5312
8034
9254
68
10214
10034
74
92
12
9514
76
16
8218
93i4
73
103
10113
774
9514
97%
784
10
1-69-1-4
2
1
-187,18 101
New York Bond Record-Continued--Page 3
BONDS.
N. 1'. STOCK EXCHANGE
Week ending April 25.
Price
Friday
Aprii 25.
Week's
Range or
Last Sate.
'4g:
•
11
Range
Since
Jan. 1.
BONDS.
N. Y.STOCK EXCHANGE
Week ending April 25.
r4 •
.x4
2023
Price
Friday
April 25.
Week's
Range or
Last Sate.
Range
Since
Jan. 1.
Bid
Ask Low
High No. Low
High
Ask Lois
Big
High No. Low
High
Ni & E lat go 35513
2000 J D 7512 78
6
7612 7712 Peoria dc East lot cons 4s_ _ _194() A 0 7134 7212 72
7912
7612
7213 10
7414
67
Nashy Chatt & St L 1st 58..1928 AU 100 Sale 100
10
991
/
4 101
101
Income 4s
Apr. 2912 Sale 2913
199(1
3013 81
3213
21
N Fla & S 1st gu g 58
1037 FA 98% _
Pere Marquette let Ser A 58 1956 J J 9413 Sale 9334
9614 Oct'23
9412 163
9112 941s
Nat Ry of Men pr lien 4555- -1957 J
30 Sept'23
let Serles B 48
761
/
4 7934
J J 78 Sale 7734
18
78
1956
July coupon on
4
2314 Sale 2314
2318 37 Pinta Bait & W let g 48
2314
8912 9934
8912 Apr'24
1943 St N 89% 90
do off
29 Noy'23
Philippine Ry 1st 30-yr a f 4s 1937 J J 38 Sale 3718
10
37
38
43/
1
4
General 4e (Oct on)
1977 AO
2618 July'23
PCC&StLgu455sA
A 0 9334 9434 9378
93
1940
/
1
4
4
935
8 951s
April coupon on
18
21 July'23
26
Series B 4558 guar
1942 AO 9084 01
/
4
93%
9334
93% 941
off
do
24 Dec'23
Series C 41
/
4s guar
1942 M N 9334 9434 9314 Jan'24
88
9414
Nat RR Mex prior lien 4558_1929 ▪ 3
3814 June'23
Series D 4s guar
1945 NI N 8812 884 8812 Apr'24
87
8812
July coupon on
4114 Apr'24 _-_30
37
4114
Series E 304s guar gold_ _ _1949 F A
861
/
4 8714
8714 Apr'24
8734 89
off
do
34
Oct'23 _
Series F guar Is gold
1953 .1 D 8814 89,2 8712 Mar'24
8712 87/
1
4
1st consol 40 (Oct on)_ _ _ _1951 AD
28 Apr'23 _-_Series G 48 guar
1957 MN 88
88/
1
4 03 Scpt'23
April coupon on
____
0
36-36
Jan'24
Series 1 cons guar 454s_....1003• A
9018
Apr'24
0112
off
do
10
22
1814 Apr'24
Series J 4555
9112 Apr'24
1964 MX 0118
Naugatuck lilt let 4s
1954 MN 8918
6618 May'23
General 53 Series A
39
98
1970 J 13 9713 Sale 97
New England cons .55
1945 J J 85
75 Aug'23
Pitts & L Erle 2d g 53
AO 97 100
9634 Feb'24
51928
Consol 48
1945 1 .1
76
83 Pitts NIcK & Y 1st gu Gs__ __1932 J J 106 - - 105 Dec'23
78
75
7614 Apr'24
N J June RIO. guar 1st 48___ _1086 FA
__ 80 Dec'23
2d guaranteed 135
9514 June'23
1934 32
NO&NEIstref &Imp 4558 A'52 J 3 8083
8114 i4-11; Pitts Sh & L E lot g53
7
8334 8318
83%
1940 A 0 1609914 Apr'24
-9812 -11914
New Orleans Term let 4s _1953 J J
7914 Sale 7834
7614 79/
1
4
lot consol gold 55
7914
9884
-------- 98% Feb'24
1943 J
97
NO Texas & Mexico let 68_ _1925 1 D 101 Sale 101
10118 43 10034 101% Pitts Y & Ash 1st cons 58_ _1927 NI N 9934 Sale 9914
107
99
99%
100
,
4
Non-cum Income 55
1935 AD 8613 Sale 86
8518 9112 Providence Secur deb Is_
86% 47
N 3914 ---- 3314 Dec'23
1957
N & C Bdge gen gu 44s.. ._1945 Ji 91% 92/
1
4 90 Dec'23
Providence Term lst 48
1950 111 S 751s ---- 7134 Dec'23
NYB&MB lst cone 5s._1935 AD 9538
95
95 Feb'24 _
95 Reading Cu gen gold 43
J
J
1997
87'4 9124
NY Cent RR cony deb 68 1935 MN 105 Sale 104/
1
4 10538 234 10312 105%
Certificates of deposit
3
/
4- --9-61-2
001
8714 9138
Conan' 48 Series A
1998 FA 8112 Sale 8114
8013 8314
Jersey Central coil it 43_ _1951 A 0 85
8134 44
13
853
8
83
/
1
4 8614
843
4
84
/
1
4
Ref & impt 455s "A"
2013 AO 88 Sale 8734
8
8512 8918
Gen & ref 455s Ser A
8814
1907J .1 8938 Sale 8914
89% 158
881/ 90,
4
Ref & Impt 53
2013 AO 98 Sale 97%
472
Renss & Saratoga 20-Yr6s- -- 1941 M N 109
95% 98
98
N Y Central & Hudson RiverRich & Dan 55
9814 Feb'24
1927 A 0 9812
Vsiii
191)7 3, 7534 Sale 758
Mortgage 33.55..
74
7812 Rich & Meek lst g 55
38
76
1948 NI N 70
_ _ _ _ 72 Mar'24
Registered
1997 3'
7214 75
I
75
75
Rich Ter 53
1952 .1 3 9658 9712 9812
97
8 "56
97
Debenture gold 4s
1934 MN
/
4 Illo Grande June let gu 58_ _1939 3 D 8512 86
9158 Sale 9112
8918 911
9178 45
8412 87
1
85
85
30-year debenture 48
1942 J
8712 8812 83
8912 Rio Grande Sou let gold 4s_ _1940 J J
87
2
88
314 514 518 Jan'24 _
513 52
Lake Shore cell gold 3555-1998 FA
74 Sale 7334
74
8
Guaranteed
70/
1
4 7414
1040 3 .1
1
Dec'23
314 _ _
Registered
1908 FA 70/
1
4 7213 Rio Grande West tot gold 48_1939 J J 7513 Sale 7434
1
4 75
7112 Apr'24__69/
7512 14 -i5f4 76
Mich Cent colt gold 3555_1998 F A
74% 7613 74/
73
75
2
7438
Mtge & coll trust 42 A__ _11)49 A 0 6518 66
1
4
39
65
6514
63
/
1
4
60
Registered
1998 FR
711 1
7214 7214 11 I Ark & Louis 1st 4 55a___ .1934 91
7212 Jan'24
Sale
76
76
52
755
8
7412 77%
N Y Chic & St L 1st g 4s_ _ I037 AD 8912 90
891s 9078 Rut-Canada let go g 4s
8958 Apr'24,____
1949 .1 J 70
70
75 09/
1
4 Mar'24
88
Registered
1937 AO 8818 8878 8814 Apr'24 _
881
/
4 8814 Rutland let con g 455s
11)41 J J
Apr'24
81
8013 811,
Debenture 4s
1931 ▪ N 89% 90% 90
90 St Jos & Grand 151 g 4s
90
3
88
1947 .1 3 7413 75
741
/
4 Apr'24 -7112 7414
1931 MN 10112 Sale 101
2d 68 A B C
1017si 119 1 100/
1
4 102 St Lawr & Atilt 1st g 59
1096 J J 90/
1
4 ____ 9114 Apr'24
1
4
9114 96/
N Y Connect 1st gu 445s A _ _1953 FA 8858 Sale 8738
8858
4 1 861
/
4 88%
24 gold Gs
1996 A 0 0758 98 Mar'24 -_ _
N Y & Erie 1st ext g 4e
1947 MN
8438
39 St L & Cairo guar g 48
89 Mar'24 _
1 89
1931.8
9218
92
92
92
2
89
1933 MS 9412
3d ext gold 413s
96 May'23 -------St L ir
& gen ton g 58_ _1931 A 0 97% Sale 9712
98
20
98
96
4th ext gold 58
1930 1 0 9612
96
96%
9634 Mar'24'
Untried & ref gold 45
1939 J J 8812 Sale 88
8312 887s
8812 32
1928 in 9314
5th ext gold 45
9334 Dee'23'Itiv & G Div 1st g 4s
7911 106
1933 M N
7912 Sale 7734
72
7912
1940 MN 89 Sale 86
Y & Green 1,gugss
8412 87 St 1.5! Bridge Ter gu g 5s .1930 A 0 0734 _ _
87 1
7
99
991
/
4
9912 Apr'24
N Y & Harlem it 355s
2000 MN 7612
74 Sept'23.- _ _ _
St I.& San Fran (reorg co)4819503J 6812 Sale 6734
65/
1
4 701s
7812 135
N Y Lack & Western 5s___ _1023• A
9934 June'23
Prior lien Ser B 55
1950 3 1 8214 Sale 82
76
82!
85%
8012
1st & ref 58
1073 M?
_
Prior lieu Ser C 68
1928 3 J 10014 Sale 9938 10014 147
0858 102
1st & ref 4552
1973 MN 95
96
96 Mar'24 97,2
5545
1942 J J 9214 Sale 02
9314 125
8712 9314
NYLE&W Ist 78 ext._ _1930 M S
103 June'23
Cum adjust Ser A 64
711955 A 0 7213 Sale 72
72
7738
/
1
4
26
72
Dock & Imp 54
1943 J J
9712 9814 98 Feb'24 _
'Ili" 1iIncome Series A Gs
01960 Oct
63 Sale 62
63
157
58% 65%
N Y A: Jersey let 58
1932 FA
9812 Sale 93
9612 99 St Louis & Son Fran gen 6a _ _1031 J J 103% _
9812
3
10358 Apr'24
997/ 10334
N Y & Long Br gen g 48.._ _1941 M S 8758 ____ 91 July'23 --__
General gold 53
1931 J .1 9858 100
9858
9713 99
9858
1
N Y N H & HartfordSt L &S Fl!It cons g 41_ _ _1906 J J 894 - - - - 8212 July'23
Non-cony deben 35ia
1954 AO 4458 4818 4512
3912 4912
4912
6
Southw Div 1st g 5s_ _ _1947 A 0 0613 9858 9712 Mar'24
9712
9,12
Non-cony deben 4s
1947 MS 5018 52
53 Apr'24
4413 53 St L Peo & N W 1st gu 53_ _ _1948 J .1 98% 101
9913
9912
1
98 100
Non-cony deben 355s_1947 MS 4458 53
43 Apr'24
38
46 St IAA&
gu g 45
1931 111 S
8838 Dec'23
Non-cony deben 4
1955 J , 50% 5112 4912
4418 59 St L S W 1st g 431 bond to(8_1989 SIN 77 Sale 77
13
52
73
79
29
76
Non-cony deben 45
1956 M N 5018 5178 48,2
9
4312 5214
52
24 g 4s Income bond etts_p1989 2 J
7138 7212 7114
713s 15, 6914 73
Cony debenture 355a
1956i J 45
4512 24
45% 4513
39% 4612
Consul gold 45
1932 J D 817s Sale 8112
82
8318
56
777
g
Cony debenture 6s
1948i J 6818 Sale 6818
let terminal & unifying .58_1952 J J 81 Sale 80
39
68/
701z
1
4 49
26
81
82
78
4% debentures
1957 M N 41
4213 4118
31
36
42
4412 St Paul & K C Sh L 1st 45413-1941 F A
741
/
4 Sale 7478
7514 13
73
7912
78 European Loan
1925 A 0 80% Sale 8014
70% 8212 St Paul E Gr Trunk 4 Ms__ _1947 J J 88'4
81
74
90 Mar'24 _ _
90
90
Francs
1925 A 0 79/
1
4 Sale 7812
69
81 St Paul Minn & Mau 4s_ _ ._1933 J ..1 9154 9512 0134 Mar'24
7914 236
9134 93
Cons Ry non-cony 48
1930 F A
1st consol g tis
1933 J J 10612 108 10914
10714 52 105 108
Non-cony 48
1954 J J 4912 Sale 4714
4913
461
/
4 4912
2
65 reduced to gold 455s-1933 J
97
961 1 97
Apr'24 _
9512 97
Non-cony deben 48
1955 J J 4912 Sale 4912
4912
4834 4912
1
Mont ext lot gold 48
D 8914 9012 8334
1937
8815 9014
894 10
Non-cony deben 4s_ _1956
4912
4212 4912
4912 Sale 4912
Pacific ext guar 45
_
1
1940 .1 .1
July'2385
N Y & Northern 1st g 513
1927 A 0 991
/
4
99
S A & A Pass 1st gu g 48__ _ _1943 1 .1
_ -Oct'23
31 -7134 7534
7512 Sale 755
755
IVY 0& W ref 1st g 48____61992
S 6238 Sale 62
9912 9938 Feb'24
60
Santa Fe Pro/ & Phen 58_
6212 57
11
1912
1 NAT(S
. 98
9938
General 48
1055 J 1) 58/
1
4 80
58% 62% San Fran Terml 1st 48
8012 83/
1
60
60
82% Sale 8212
82/
1
4
1
4 15
N Y Prey & Boston 4,3
1942 AU 85
Say Fla & West Os
73 Aug'23
1
4 108
1934 A 0 10712 ____ 10712 10712 12 107/
N Y & Pu 18t, cons gu g 45_1998 A 0 8038 -85
55
81
81
81
Apr'24
1934 A 0 10014 10113 10018 Mar'24
/
4
10018 1001
N Y&RBIst gold 5s
8912 8912 Scioto V & N E 1st gu g 45_ _1989 NI N 87 Sale 8614
1927 M S 97,4 _2-- 8913 Mar'24
87
5
8478 8853
NY Susq & W lot ref 58_ _ _ _1937 J J 58/
5212 6134 Seaboard Air Line It 48
1
4 Bale 5838
5918
(36
9
1950 A 0 641
3
61
/
4 ____ 6412
6412
2d gold 415s
1937 F A
43
4718 50
50
4718
Gold 484tlimped
1
471s
11150 A 0 6433 6434 6412
3612 6513
644 17
General Rotel 5s
1940 F A
5012 Sale 50
Adjus.tment 58
4014 5234
;19.10 F A
7
43)8 54%
54 Sale 5314
5034
5412 176
Terminal 1st gold fis
1943 M N 88
8614 Jan'24
R2funding 45
8614 8814
1059 A 0 5214 Sale 5134
5213 65
471
/
4 5414
Y Welles & 11 1st Ser 1 4458.'46 J J 4612 Sale 45%
3912 48
1st .14 coos Os Series A _...1,
345 SI S 78 Sale 7714
48,2 53
87% 8012
7812 145
Norfolk Sou 1st & ref A 58_ .1901 F A 6614 Sale 66
6713
6113
Seaboard & Roan let :A__ -1926 J J 9888 100
6612 13
1
985
8
973
98
/
1
4
4 9914
Norfolk & Sou lot gold Ss__ _1041 M N 9212 _ _ 9212 Apr'23
81)
9213 Sher Sh & So lot gu it s. _ _ _1943
D 08/
1
4 ____ 3812 June'23
Nonf & West gen gold 6a_ _ _ _1931 M N
9212
105% 10834 SAN Ala cons eu g 53
10612 Apr'24
11)36 F A 100,2 --__ 98/
1
4 Aug'23 Improvement & extg
A
1934 F
10614
106 1117
107
Apr'24
Gen cons guar 50-yr 55...1963 A 0 101 Sale 10034
913 102
101
23
New River 1st gold
1932 A 0 10612
106 107 So Pac Col 4s(Cent Pac cob k194
107
Apr'24
D 821g Sale 82
8135
82% 15
& W Ity lot cons g 48_ _ _1690 A 0 8712 Sale 8712
8812
86
8818 13
21)-year cony 4s
;1929 NI S 9414 Sale 94
921
. 9453
51
94%
Registered
1996 A 0
85% Oct'23
1 20-year cony 5,4
1934 .1 D 9818 99
1
4
15
9814
09
9714 99/
Div'l 181 lien & grog 48_1944 J .1 8713 88
8712
Pao
of
87/
88
1
4
So
8614
Cal-Gu g Os.....1927 NI N 101 103 101
8
101 10112
Feb'24
10-25 year cony 450...A938 NI S
- 82 Dec'23
So Par Coast lot go 48 g. _1037 J J 895s ____ 9012
04
3
9113
9012
10-year cony Os
1029 111 S 12214 Sale 12118
126/
1
4 480 101113 1-3112 So Poe RR 1st ref 4s
1955 J J 8878 Sale 8612
85
8713
87,8 105
Pocah C & C Joint 4a1041 J 0 8812 90
8858 Apr'24
761
/
4 8914 Southern-1st cons g Os _.19943 .1 984 Sale 98
9518 9833
9834 130
North Ohto lot guar g 58....1915 A 0 85
861
/
4 8634
86%
1
Develop
721
/
4 272
&
gen
48
Ser
A
7112
0
A..1056
6918 73
72
Sale
Nor Pacific prior lien 4a___ _1997
811
/
4 Sale 8114
811
/
4 102 -80/
1
4 -831-4
133 (WI)
1956 A 0 9934 Sale 9914
9978 318
9612 100
Reglatered
1907 Q
80
7834 8214
Apr'24 _
814s
1950 A 0 10414 Sale 104
10412 149 101 14 105
General lien gold Is
52047 Q F 5714 Sale 5714
571
1
4
56% 59/
/
4 26
Mein Div Ist g 4558-5a. _11190 .1 3 96
_
9318 9615
97
9558 Feb'24
Regbitered
u2047 Q F
5618 Dec'23
St Louis Div 1st g 40
1901 1 .1 8112 82/
9
/
4
1
4 8113
79% 821
8112
Ref & impt l440 Ser A -----047 J J
8078 Sale 80/
1
4
811
/
4
-753-4 83 Sc, Car & Ga 1st ext 5 414. _ _1929 81 N 10034 Sale 10014
3
8
5,
977
8 10014
1003
0
Os err B
947 J J 10358 Sale 10312 103/
1
4 79 11)134 10434 Sp,,kane Internet 1st 550. _ _1055 J
5
83
8614
8614 8613 8614
8614
55 C
2047 J J
0112 Sale 9112
92
00/
1
4 93 Sunbury & Lew 45
11
1930 J J 8938 ____ 91
Oct'23
55 D
2047 3
92 Sale 9112
8934 9312 Superior Short L let 5s g _ -41930 NI S 9414
92
7,9312 _97_93-34_ 95
St Paul-Duluth Div g 45_1996• 0 0914_ 89 Feb'24 15
87,68258: May'18
Term Agin of St I. 1st g 4955.1939 A 0
NA0i7r.8'22143., _ _ _ _ -5234 95
St Paul & Duluth let 58_1931 Q F 81
4
9914 Mar'24
1st cons gold 55
99,4 9914
1944 I" A
9714 99
9734 981. 9812 Apr'24 ____
1988 J 1)
let consol gold 4s
8414 Jan'24
Gen refund s f g 4s
1953.8 .1
5
78% 82
801g 81
81
81
Nor Pac Term Co late ea__ _1933 ./ .1 10914 16912 10934 Feb'24
10934 11-43-4 Tex & N 0con gold 513
1913 J .1 92
_
May'23
903
4
1038 A 0 l0938
No of Cal guar g Se
_ 9912 Mar'24
9912 9912 Texas & Pac lat gold 58
2090 .1 0 9514 -66- 95-1
4
9554 17 -92- -9131930 .1 3 10178
North Wisconsin lot Gs
100 June'23
97%
9733
3d gold income 58
.2000 01 or 60
80
58 Aug'20
Og & L Chain let gil 48 g.._11148 J .1 8838 7012
41
7012
69
73
3
La
Dly
13
L
let
g
Os
-91
19313
2
J
4
93
918
6812
923
9312
1041 151 S 8934 _ _ _ _ 8938 Oct'23
()btu Conn Ry 4s
Tol & 01,10 Cent 1st gu 58_1935 J J 98
1
97
9812
9818
981
/
4
1930 J
Ohto River lilt let g 5s
97%___
9714 Feb'24
V714
Western Div lot g 59
94/
1
4 96
5
1935 AC 9512 -6612 96
96
1937 A 0 9612
General gold 5s__
-3-4 9534 Apr'24
io• JO 9314 95
953
4
97%
General gold 58
9112 9311
9312 Apr'24 -.1 9934 99/
1027
Ore Ai Cal 1st guar 055
1
4 9938
9934
6
9914 100 Toledo Peoria & West 45.
3014 3014
1!117 J
22
2414 3014 Jan'24 ____
1940 ▪ I) 87 Sale 86%
Ore RR & Nay con g 4a.
8714 28
8538 88
Vol St I.& 1V pr lIens 3.48_1925 J
9612 9831
98 Sale 971
/
4
Ore Short. 1.ine-18t cone g 5s.'46 J J 10218 10212 10218
10218
50-year gold 45
6 101 103
7911
70
954 _ _ 1_10:
1950 A 0
19411 J
10212 Sale 102%
Guar eons 50
102% 19 10132 103 To) 50' VA 0eu 4558 A
1931 .1 J
9514 9514
951
/
4 Apr'24
9514
D 93/
1929
Guar refund 43......
1
4 Sale 9334
94
12
9414
Series
9214
B
4
441
114:
,
1:
4
2
4
____
1
11518
95
/
1
4
:‘,1
S
J
Feb'24
9518
9514
_9_5_7_8
Oregon-Wash lot & ref 45...1961 .1 .1
8334 Sale 8012
8114 26
7938 8134
Series C 4s
8712
Pacific Coast Co 1st g 5s . .1946 .1 1) 79
80
79 Apr'24
7512 8012 l'or liam & Buff 1st g 4s. .51940 I D 8112 S8
8
Feb'24
Sill
82
0
314
12
•
A
Pac RR of TAT, let ext g 48...1938
8714 88
97
Feb'24
1
4 8712 C7Ister & Del let cons g
86/
1) 95
192a
95% 25
95
96
95
1038 J
24 extended gold 58
9634 9812 9634 Mar'24
9614 98
let refunding 5 48
6
90
2%
12 le 62 Dec'23'__ _ _
Paducah & Ills lot 52 43.4s. - 1955 .1
9114
91 Mar'24
911
/
4
0112
Union
Pacific
let
g
45
19
152
1147
Sale 89/
.
1
A
1
4
9012 137 -8
0
.1
.84 -911i
Paris-Lyona-Nled RIO. 65._ _ .1958• A
75 Sale 7418
65
75
,
3
408
43
20-year
cony
7414
1927 1 1 9878 Sale 9612
96/
1
4 102
951
/
4 97
Paullsta Ry is ...... . .1942 MS 95
9512 9518
05%
95
5
9912
1st .1, refunding 4s
/
4 85
811
83/
1
4 Sale 83/
83% 40
1
4
Pennsylvania RR-cons g 48 1943 MN 88%
891. Jan'24
151 & ref temp 55 .
8913 8912
0
92
2:N
1'
0Z
t i
10112 Sale 10114
1011
/
4 16 100 103
1948 M N
Cowl gold 45
89 Sale 89
/
4
ti.,1
3
07
80,4
1O-year perm secured 64..1928 I
39 102% 104
104 Sale 10318
104
4s stamped
May 1 1948 NI N
8878
8878
3
NJI111& C811 gen 40
8714 8912
_1014 1111 S 8914 ____ 89/
8/3% 89/
1
4
1
4 Feb'24
1960 I" A
Consol 435s
98 Sale 9(1
08% 33
9414 9634 Utah & Nor gold 55
1920 J J 9912 99/
1
4
98% 99/
1
4
I
9912
9912
19115 J I) 92 Sale 91 18
General 4555
92
69
1st extended 48
9014 92
1933
1
____
104
9134
Dec'23
-.1
D 10012 Sale 100%
1908
General 58
10034 69
Vandalin COOS 54a Ser A .._ _1955 F A 84,3 ____ 85
99 110
85
Jan'24 __ _ _ -85
10-year secured 78
1930 A 0 108% Sale 1071
/
4 108% 66 10034 1o1434
Consol 48 Series B
87
85
87 Mar'24 _ _ __
8412 87
15-year secured 655s
1036 FR 10912 Sale 1091, 110
128 107% 110
Vera Crux & P let gu 4555
19(7
9:1
'
.1 3J
1" N
.
, 36 June'23
Pennsylvania CoJuly coupon on
- 2.588 -2-6-4
40 1 26 Apr'24
Guar 3558 roll trust Mg A.1937 Al S 8434 8014 8414 Dec'23
Verdi V I & 11V let g 55
1920 M S 9812 9913 9813 Apr'24 --__
Gnarl 558 roll trust Fier 11_1941 A A
84
8218 Dec'23
82
07
Virginia Slid Series E As__ _ .1926 M
99141
100
2
9914 ___ _1 9914
Guar 3(55 :root ct.f8 C_ ___1042
D
81%
8112 85
8158
2
General 58
98
98
98
9812. 98 Apr'24 ____
J
Guar 3145 truidt ettli D
8114 -- 8114
8114
2
6114
Va
&
Southw'n
lot
if
14
gu
Apr'241____
55_2
9214
11
5
10
3
6
:3
NU
J
N:
J
9212
,
4,
9214
911
/
4
93
Guar 15-25-year gold 45_ _1031 A 0 9212
9278 Apr'24
1st "one 50-year Os
9058 93
$213 13
1955 A 0 52
/
4
83 1 811
7814 84
Guar 4s Ser F
1052 M N
84 -8514 R414 Apr'24
5334 5512 Virginian lot Is OrIos A. _ 1962 Ai
185
0214 9512
95
9434 Sale ' 9412
•No Enloe Friday,latest bid and asked. a MN Jen. 1 Due March. Due AprIl. eDue May. ODueJune.
h Due July k Due Aug. o Due Oct. Due Deg. •OEM= gale
New York Bond Record-Continued-Page 4
2024
n •
BONDS.
N.Y.STOCK EXCHANGE
Week ending April 25.
t
Prieo
Friday
April 25.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
BONDS,
N. Y.STOCK EXCHANGE
Week ending April 25.
E
Pries
Friday
Aril 25.
Week's
Range or
Last Sale.
re 63
Range
Hines
Jan. 1.
Mob No. Low FRO
Bid
Ask Low
Ask Low
High No. Low
High
Bid
893
31
Ws 9012
9812 98% Det United Sat cons g 4325_ _1932 33 89 Sale 80
Wabash 1st gold 52
1939 M N 9834 Sale 9818
9834 28
oh 5418
Distill Sec Corp cony 1st g 58 1927 A0 4014 4012 4872 Mar'24
2d gold 58
9012 12 874
1939 F A 8934 9038 90
40 5478
40 Sale 40
72%
Trust certificates of deposit._ _ _
41
20
1st lien 50-yr g term 45_ _1954 J J 7158 741a 7234 Feb'24
70
7914
1
97 9814 Dominion Iron & Steel 58.__1939 33 724 7212 72
4
Det & Ch ext 1st g 5s___ _1941 J J 9758 9812 9814
9814
72,4
864 92
1942.3.5 86
8612 8612
Des Moines Div let g 4s_1939 J J 75
78 Donner Steel 7s
78
76 78 Jan'24
8612
91
91
3
Om Div lst g 330
6734 7134 du Pont(E I) Powder 00.1936• D 89 _ _ _ 91 Feb'24
1941 A 0 6958 7038 7014
7014
7734 79 duPont de Nemours& Co 734,'31 MN 1073* Sale 10712 10733 92 10878 10812
1941M S 7734
79 Apr'24
Tol&ChDlvg4s
Duquesne Lt 1st 65 cell 65._.1949 Ii 10418 Sale 104
Warren 1st ref gu g 3Ms__ _2000 F A
10434 60 10314 10514
74% May'23
Wash Cent let gold 95
WI; East Cuba Bug 15-yr a f g 732s'37 MS 105 Sale 104 105 51 10413 111
W/8 7818 Feb'24
1948 Q 111
8912 9014
W 0& W lst cy gu 4s
9918 99% Ed El Ill Ilkn let con g 48_1939 ii 8912 90 9014 Mar'24
1924 F A
-- 9932 Jan'24
9812 100
99% Mar'24
8012 8112 Ed Elec III let cons g 5a
1995 J J 991a 101
1945 F A 8078
Wash Term let gu 3;is
8034 Apr'24
9612
96
1925 3D 9612 98 9612 Feb'24
let 40-year guar 4s
85% 85% Elk Horn Coal cony 65
1995 F A 8578 _
8578 Apr'24
9312
90
_
9114 67
Empire Gas & Fuel 7Hs___ _1937 MN 9114 Sale 9034
W Min W & N W lat gu 5s _ _1930 F A 834 90 86 Aug'23
9334 90
1932 M
73
58 13-i" Equit Gas Light 55
West Maryland 1st g 4s_._1952 A 0 61% Sale 6078
62
9512 Mar'24
94%
2
93 96
94 10923112
1-04
2 97% 99 Federal Light & Trac Os_ _1942 M
West N Y & Pa lst g 5s_ _ _ _1937 J
11
9758 Sale 97%
9758
9934 10712
1953 M
2
929s
10
Gen gold 4s
94
10
75
234
1943 A 0 7718 7878 7712 Apr'24
7612 7814
2
991e 1047e
1941 M S 10013 Sale 100
75
7912 854 Fisk Rubber let a f 8s
Western Pat lot Ser A 5s_ _ _1946 M S 85 Sale 84%
10012 47
85
7734 7734
_1936 M
92% 9834 Ft Smith Lt & Tr 1st g
6
B as
1946M S 97 Sale 9678
7712 80 7734 Mar'24
9718
8432 9212
9012 18
West Shore 1st 48 guar
78% 8414 Framerie Ind & Day 20-yr 7)0'42 J J 9014 Sale 8934
8034 31
2361
3 8012 Sale 8014
7714 81 Francisco Sugar 73is
1942 MN 10312 Sale 10312 10334 23 1008 103%
8
2361 .1 J 7812 Sale 78
Registered
7812
94 94
94 Jan'24
1
98% 100 Gas& El of Berg Co cons g 5s 1949 3D
Wheeling & L E 1st g 5s_ _ _ _1926 A 0 9918 993 99%
9918
_
102
1
102
98 General Baking 1st 25-yr 60_1936 3D
98
98
Wheeling Div 1st gold 5s_1928 .1 J 98 Sale 98
4 101 102
80 82
8014 sf 8014
94 94 Gen Electric deb g 3;-213._ _1942 FA 1028058
Exten & inapt gold 58.. _1930 F A
24
94 Mar'24
1952 MS 10014 Bale 100
5313 63%
Debenture 58
Refunding 4343 Series A..1966 M S 6114 Sale 6114
10012 95 100 103%
8214 25
0814 10014
100
RR let comet 48
. 65% 26 60 67% Gen Refr lat s f g 65 Ser A 1952 P A 9914 100 99
1949 M S 6414 6512 64
19
Ii
9338 10012
1947
4
Sale
9512
9414
57
49
19423 63 55-58 Sale 55%
Goodrich
Wilk & East Ist gu g 5s
Co
83
955
tHis
5614
99 100 Goodyear Tire & Rub 1st sf85'41 MN 11512 Sale 115
11512 47 1144 118
100 Mar'24
19883 D
& S F 1st gold 58
e1931 FA 10314 Sale 1003* 10314 851 100 104
10-years!deb g 88
82
81
_ _ 82 Mar'24
Winston-Salem S B let 92__ _1960 J J 8012
-_ 89 Dec'23
Wls Cent 50-yr let gen 42._ _1949 J
78% 8112 Granby Cons M &Peon Os A'28 MN
79% Sale 79%
7958 18
"90- 4621
1928 MN 8929
9014 9412 90 Apr'24
Stamped
77 83
82
Sup & Dul city & term let 4a'36 M N 81 Sale 80
1925 MN 90 Sale 891,2
90
Cony debenture 88
INDUSTRIALS
6 89 93
8514 90
1932 FA __-- 90 86 Apr'24
8034 Gray dc Davis 78
80
80 Sale 80
Adams Express coil tr g 45_ -1948 M
8014 10
98 9934
78% 95 Great Falls Power 1st s 58_1940 MN 994 ---- 9934
9934
1936 J D 8112 Sale 78%
Ajax Rubber 88
6
8614 34
Ii
4 8071
791
57
57
1952
57
712
5%
4s
Water
793
Hackensack
Apr'24
M
1925
Alaska Gold M deb 68 A
Sale
8134 86
57
- 8154
7914-8234
8214
1926 M S
578 Sale
Cony deb 6s series B
6
534 712 Havana El Ry L P gen frs A 1954 M S 81%
58
20 94 98 Havana Elee consol g 5.1_ _1952 F A 9234 Sale 9234
Am Agri° Chem let 55
96
96
9514
1928 A 0 95
5 92 93%
9234
1942 M N 10214 Sale 10134 102,4 55 101 103
1941F A 8734 Sale 8734
lat ref s f 752a g
90 126 82 101 Hershey Choc Ist s f g 6s
8412
78
7812 12
9312 18 9113 981a Holland-Amer Line 65 0150-1947 MN 78 Sale 78
1933 A 0 921 Sale 9214
American Chain 66
MN 954 Sale 947
9514
_1949
_
5a__
g
let
12
Gas
Co
82
Hudson
Am Cot 011 debenture 58..._1931 M N 8778 8878 88
9014
6 9414
9514
8812
J 9734 Sale 9734
9614 99
10613 107 Humble Oil& Refining 5145_1932
Am Dock & Impt gu 82
19363 J 10714 ___ 107 Apr'24
9812 98
9312 957e
21
8733 9213 Illinois Bell Telephone 5s.„1956 D 9412 Sale 9414
1937 A 0 903 911s 9034
Amer Republics 65
91
943 139
9114 234
1940 A 0 927 Sale 921
9314 IIIInobs Steel deb 4;38
9278
92
Am OM& R lst 30-yr 58 see A1947 A 0 92 Sale 92
8
9234 65
82 82
1938 M N 8234
_ 82 Apr'24
40 10134 104% Ind Nat & 0 52
61B
1947 A 0 10338 Sale 10314 104
10114 Sale 1003
J 98 Sale 9658 100,8 395 96% 102% Indiana Steel let 53
Amer Sugar Refining 8s___ 1937.5_
10134 65 100 101%
J 97
MN
32 1
985
19
V1
96 Nov'23
9212 94% Ingersoll-Rand 1st 53
Am Telep & Teleg coil tr 42_1929 I J 9418 Sale 937
9414 221
"idi "if"
87 91 Interboro Metrop coil 4;94_1956 A 0 1034 Sale 1034
1938 M 8 8834
Convertible 441
1034
91 Apr'24
6224 308
5834 81313
9 10412 109 Interboro Rap 'Tran 1st 5s_ _19613 1 J 6134 Sale 6012
1933M S 105 100 10412 19412
20-year cony 4Ms
5834 8539
60% Bale 60
Stamped
6212 832
9718 994
1948 J D 98 Sale 98
30-year coil tr 58
9812 110
5418 704
9714 10034
1932 A 0 6412 Sale 637
66
10-year 613
1943 MN 10012 Sale 10013 10012 394
191
20-years f 5345
8318 89%
S 86,4 Sale 8514
5 N
19321
12 11214 123
Ts
1st 20_yr 53..1
7-year convertible Os ....1925 F A 11812 Sale 11812 120
8711 148
58% 70%
5711 59 58
58
Am Wat Wks & Elee 56_ _ _1934 A 0 8634 Sale 8612
1
8734 129 844 88 Int Agrie Corp
79% 85
85 299
4833 Inter Merean Marines 1 62_1941 A 0 844 Sale 83
36
Am Writ Paper 8 1 7-6....._..1939.5 J 39 40 3914 Apr'24
.7 J 8313 Sale 8333
83 85
1947 .1
Anaconda Copper 62
8414 39
1953 F A 96 Sale 9534
96 262 9512 9873 International Paper 52
8318 85
9534 10114
let & ref Is B
93
8334 8414 84 Mar'24 - 78
1938 F A 9634 Sale 953
97
7313 80
7712 43
Armour & Co 1st real eat4%51939 J D 8413 Sale 894
8533 74 83% 87 Jurgens Works 88 War price).1947J .1 7712 Sale 754
89 92
913s 47
9214 Kansas City Pow & Lt 58_1952 M S 91 Sale 905
79 89
Armour & Co of Del 5MB_ _ _1943 J J 89 Sale 8812
90
98%
9
M
93
613...._1952
Electric
&
Gas
Sale
Kansas
95%
4
953
96
9634 98%
72
Associated 011 temp tia
1935 M S 9838 Sale 98%
9834 51
A 101 Sale 10012 101
F N
M
40 Kayser & CO 713
29
10 100121 0512
Atlantic Fruit conv deb 75 A _1034 J D 305 31
35 Mar'24
94%
85
Tire
10414
1
2
3
4
9
9
1
Sale
Kelly-Springfield
95%
9612
40
305
2834
23
974
52
Trust certificates of deposit-32
3058 Sale
1935 J J 7614 80 80 Feb'24
73% 80
3912 Keystone Telep Co let 5s
29
do
28
stamped
35 Apr'24
36
1237 A 0 9834 Sale 9834
9834 100
99
9878 9812 Kings Co El & P g 58
10
30
Atlantic Refg deb 5.5
98
19373J 98 Sale 9712
s
O
A
M
11212
112
11078
Sale
Os
101%
money
10018
Purchase
11212
11212
12
6
Baldw Loco Works let 52_1940 M N 100 10014 0018 10018
7
25
199
_
077s SepV23
Convertible debenture 65_1
72
9514 10038
Barnsdall Corp s f cony 8% A1931
.1 97 Sale 9612
97
A 7033 -71-72 7014
F
1949
78
4
"fof
45
it
1s9
99
El
9712
County
King,
7014
1
88
Bell Telephone of Pa 5s__1948 J .3 984 Sale 9772
9833
7014
i 701s 72 7014
F lk
7
704 7354
Stamped guar 42
1
997
99 10014
5
Beth Steel 1st ext s f 52
J 9973 Sale 997
1926
49
954
19
8014 81
7714 81
06
79
2
30 93% 9678 Kings County Lighting 58_1
let & ref 5s guar A
1942 M N 95 Sale 93
95
95 10054
100
100 10034 00
1
652s
9134
20-yr p m & imp s f 52._1930 J J 8912 8918 8912
8934 26 89
j 101% 103 102
3 D
4 .7
56
193
102
1 101% 104
82 A
1948 F A 9832 Sale 9734
983* 87 97 100 Kinney Co 732s
S
M
9013
88 93
1950
91
907
9132
A
52
Steel
Lackawanna
92
24
SS%
82
5342
1953 F A 89 Sale 8812
90
9434
7 91% 95
80 8334 Lae Gas L of St L ref dr ext 58 1934 A 0 94,4 Sale 9414
Booth Fisheries deb 5!6s_1926 A 0 7712 80
41 J
91 93
9114 Feb'24
53
Braden Cop M coil tr s 6s_ _1931 F A 10212 Sale 0118 10278 30 10012 10314 Lehigh C & Nav 2 I 9548 A 193
9913
91
1933 1 J 9732 -9813 9758 Apr'24
32 93 96 Lehigh Valley Coal 52
Brier Hill Steel 1st 552s_ _1942 A 0 95 Sale 95%
951
87% 8712
8933 ____ 8713 Apr'24
45
6 60% 69
B•way dr 7th Av 1st c g 5s_1943 J D 65
65
66 644
S 3112 3434 324 Mar'24
82% 37
5714
2 87 8812 Lex Av & P F lst gu g 58_ _ _1993 M 0
Brooklyn City RR 58
1941 J J 8714 - _
8714
11512 Bale 11514 11512
3 11434 118
33 97% 9934 Liggett & Myers Tobac 78_ _1944 A
Bklyn Edison Inc gen 58 A_ _1949 J J 9878 Sale 9712
987
957g 577g
96% Sale 96
9872 48
fas
1 10212 106
General 6s Series B
19303 J 10318 Sale 0318 10318
11514
11514
11413 11712
11512
11518
t
'
F
MI
:
75
(P)
Co
10518
Lorillard
109
6
General 7s Series C
1930 J
107 Sale 0612 107
1951F A 96 Sale 957
95 97%
98
19
55
37 108 109%
General 78 Series D
1940 J D 10812 Sale 108
109
8012 79 88% 9114
7234 7734 Louisville Gas & Electric 58-1952 M N 8912 Sale 8834
Bklyn Man R Tr See(tem)65 19083 J 77% Sale 7612
777 1844
D
J
11212
117%
11112
78-1932
Bale
11511
11212
g
cony
62
10-yr
Cop
Magma
66
65
1
Bklyn Qu Co & Sub con gtd 59'41 MN
63%
63%
98% 101%
42 A 0 10018 Sale 997
990
10014 115
80 80 Manat1Sugar 7348coma g 411.19
let 56
19411 J
838018 3an:22:
5712
Sale
80%
56
573
5812
Ry
40
(NY)
Manhat
83%
7814
Brooklyn Rapid Trans g 56_ _1945 A 0
Mar'24
47 63
4734 5014 50 Apr'24
2d 4s
Trust certificates
7334 Nov'23 _
9914 20 944 100
1942 M N 9914 Sale 98
-6478 6478 Manila Electric 75
let refund cony gold 48..2002 J .1
7418 Jan'24
S 82 83 84 Apr'24
8312 88
il D
53 M
91
19
2712 105 Manila Elm Ry dr Lt s f 55_2
2
3-yr 7;,14 secured notes__ -1921 J J
102
---_ 02
100 Apr'24
9458 10012
1924 M S
2612 10734 Market St fly 1st cons .5s
2
Certificates of deposit
10734
07
0
101
A
1
3
100
24
,
974
19
nta
Mar'24
notes
6%
-year
102
5
9234
Cue of deposit stamped_ _ _ _
02 Apr'24
120
120
135
140
war'
iiois
Apr'24
with
85
Oils
f
Marland
8013 8934
Bklyn Un El 1st g 4-5a
_1950 FA
8112 Sale 8112
8258 17
10312 29 100 10514
Without warrant attached._ A 0 100 Sale 100
8412
1950 F A 815 8258 82%
Stamped guar 4-5s
8 81
8258
120 139
11212 123 120 Mar'24
7A s Serles B
9 96% 99
Bklyn tin Gas let cons g 58_1945 M N 9818 Sale 978
984
9913 10014 100
100
98% 102
do without warrants
1
1932 M N 114 115% 114
5 114 121
75
114,4
F- 11
10473 Nov'23
31 .1
1942
let lien dr ref 66 Series A 1947 M N 105 Sale 105
10512 23 10312 10512 Merchants & Mfrs Exch 7s_ _1
10014 24 Ws; foil',
1929 M N 114 11512 114
75
10 114 12012 Mete Ed 1st & ref g (Is Ser B.1952 F A 1015 tilae loo
114
97
1953 3 D 97 Sale 9034
12 944 97
90% 9112 Metr Power 133
19323 D 904 9334 911 Apr'24
Buff lc Susq Iron 2 f 52
10214
2 10114 10412
83% Mexican Petroleum a f 88_ _1936 M N 102 10232 102
1952 A 0 827 ____ 8234
Bush Terminal 1st 48
19 81
83
99
99
3 99% 99%
.3 841s 85% 844
1955
3 8334 84% Mich State Telep 1st 5s_--.1924 F A
Consul 55
8414
193651 S 8812 Sale 88
0
&
85% 9012
Steel
5.4
f
s
Midvale
cony
8834
109
94
91
Building 52 guar tax ex1900 A 0 9312 Sale 93
46
9312
93 Feb'24
89% 95%
Certificates of deposit_ __ _1936
1937 M N 9734 9814 9714
Cal & E Corp 53
9 9714 98%
973
9978
96 100
9
83 95 98 Milw Elee fly & Lt cone g 52 1928 IA 997g Sale 997
Cal Petroleum 6343(w 1)._1933 A 0 97 Sale 9614
97
.1
J
_1931
9212
9132
exten
&
9172
90% 92%
Refunding
032_
Apr'24
4
973
51
0
A
95
_1942
78_
g
lot
Bug
Camaguey
97 Sale 964
9718 35
1951 J 0 9414 95 94
95
92 95
General 52 A
95
39
945
91
Canada SS Lines 1st coll s f 75'42 MN 93 94
6
9312
8212
8312 84 8312
8 8018 85
Maeda Gen Elec Co 6s_ _1942 F A 1043s 10434 104
10434 31 10258 10512
Lt
Gas
98
1st
N
D
M
3
1
7
9534
94% 9638
2
6
9
19
9814
42_1
Milwaukee
98
99
8
9734
Cent Dist Tel 1st 30-yr 58-1943 J
9814 9812 9814 Apr'24
9712
95
0614 50
90 93 Montana Power 1st 55 A...1943 3 i 9512 Sale 9534
Cent Foundry 1st s f 6s_ _1931 F A 9018 91% 90 Apr'24
J
1
52_1941
ref
as
1st
96%
8658 90
8914
Tram
Sale
Montreal
8012
894
9218
14
0
A
_1925
5s_
g
-year
20
944
03
Sale 9412
Cent Leather
95
1 7834 Sale 7734
At 00
9J
3,2
9936
1119
77% 824
7834 49
194 MN 10734 Sale 10734 108
20 10733 1081s Morris & Co lets!4Sis
Central Steel 85
74 ____ 6412 Deo'23
1931 J .1 132
22 127 144% Mortgage Bond 48
132
Cerro de Paseo Cop 85
135
92 94
93 Sale 93
9314
52
4
2 93% 96
9512 95
Ch G L & Coke 1st gu g 56..1937 J .1 95
95
1947 MN 9334 ---- 94
Mu Fuel Gas let cu g 5s
3 92 931i
95%
81
1927 F A 7534 Sale 7412
74
48
Chicago Rye 1st `,9
76
MN
bonds
04
gtd
_
5%
ext
94
_1041
Un
Mut
101
0
A
1932
99
10038
Sale
A
10014 10012 95
Chile Copper Os Ser
5334 683a
5632 13
95% 9812 Nassau Elee guar gold 4s_ les' .1 .1 5614 Sale 56%
9814
Cincin Gas & Elee lot & ref 5s'56 A 0 9814 Sale 97
94
00
9012 Sale 90
9012 48
99 National Acme 71-48
Oa
3
97%
534e Ser B due Jan 1._ 1061 A 0 9712 977 97%
D
J
j
1
&
964 99
0
3
9
92
1
6
Exam
53.1
1st
9914
9914
Stampg
99
___Nat
90
A
F
88
1
58_ _ _1943
8958
9058 89%
Colo F & Co gen
90
_ _ 93 Oct'23
81 Nat Starch 20-year deb 56_1930 3 J
75
30
80
1934 F A 7912 Sale 7912
Col Indus let & coil 5s gu
faisi
1952 M N 100
- 9934 1004 15
10138
97964 98% National Tube 151 58
1027 J J 9834 Sale 9838
Columbia G & E 1st 58
98,2 48
93•5 95
9614 2824 Newark Con Cm 58
9312 0434 043 Apr'24
19273 J 9833 9812 9834
Stamped
98% 25
9714 99%
2 .31 D 9812 Sale 9814
48
195
98% 79
7 New England Tel & Tel 5[1_1
7
6
1712 7 Apr'24
Col & 9th Av 1st gu g .5s _ _ _1993 M S
1011g 10214
234 9514 NY Air Brake 1st cony fs_ _1928 MN 101% 1024 102 Apr'24
Columbus Gas 1st gold 58_1932 J .1 9314 - - -. 94 Apr'24
77
78
25
78
7612 75%
73 N Y Dock 50-yr lat g 4s_ _1951 F A 76
7118 72 7134
70
5
Commercial Cable lot g 4s_ _2397 Q
7134
1097g 1113*
23
11112
111
&
lat
Edison
Sale
ref
0
A
A.1941
-is
63
11114
Y
N
8
N
M
907
1947
9012
87
Sale
90
58
6s
Power
Commonwealth
9034
7
100
984
0
j
13
99
99
99%
58_1948
g
Pow
&
Lt
El
Gas
99
10284 19 100 10334 N Y
1937 J J 102 Sale 102
Comp Azu Bara 7143
821g 86
8512 20
Purchase money g 48
1949 F A 8418 Sale 84
98 10114
55
Computing-Tab-ltee s f Os_ _1941 J J 9912 Sale 9914 100
8 8112
80,
- - 8112 Apr'24
N Y Munic Ry 1st s I 58 A._1966 J J 801
7714 Sept'23
Conn Ry & L 1st & ref g 414.is 1951.5 J 8234
98
0934
2-9912 09 Apr'24
8412 N y Q ID L & P let g 55_ _1930 F A 99%
1951 1 J 8414 _ _ _ 8414
Stamped guar 434s
8414 12 "ii
4012
33%
13
4
373
37
Sale
3733
E
R
1st
!Ws
ref
&
.3
J
_1942
V
4s.
N
9012
D
J
86
Sale
87
1950
52
ref
86
&
8714 68
Cons Coal of Md 1st
3
40%
32
98
37
3618
37
3573
Certificates of deposit
9312 9514
9312
9
Con Co of Ch 1st gu g 58..1936 J J 9312 9412 93%
112 212
218
7
2
30-year ad1 Inc 58
2 Sale
51942 A 0
8878 45
87 9012
1952 M N 8834 Sale 88
Consumers Power
1% 2%
2
9
2% 2
2
Certificates of deposit
100% 1004
Corn Prod Refg s f g 5s._ _1931 MN 99 100 108 Feb'24
594 27
58% 85
5812 58
9814 100% NY State Rya Sat cons 4%5 1962 MN 58
1934 M N 9834 9012 98% Apr'24
Sat 25-year s f 53
85 96
85
85
Sale
85
Sis
0
85
A
F
1943
72
Sale
78
7612
6s
78
Crown Cork & Seal
9212 9612
5
96
N 9533 9534 9534
MN
7M
942
9112 95 N Y Steam 1st 25-yr SaSer A 1198
144
95
Cuba Cane Sugar cony 7s_ _1930 J J 95 Sale 93
933
9332 96
9414 70
997 359
99% N Y Tabu/ ist & gen 8 I 450_1939 MN 94% Sale
96
Cony deben stamped 814_1930 J J 9978 Sale 98
10612
105
10638
31
108
Sale
10612
A
F
-year
30
1
s
deben
1949
_Feb
(is...
S
10712 54 11)7 10814
10714 Sale 107
Cuban Am Sugar 1st coll 8s.1931 M
4
1
20-year refunding gold 82.1941 A 0 10514 Sale 1044 10512 5(I 104 106/
J 943 _ _ 9414
9414 96%
9412
7
Cumb T & T 1st & gen 5s_ _ _1937
33 99 10114
Sale 997
10014
10014
J
J
Falls
52..1932
Niagara
189
Power
N
4
8
871s
NI
Sale
8634
8414
'51
8612
58
30
g
sr
86
Den Gas & E Ist&ref
105
12
104
10412
10434
10512
10412
N
O
A
M
62
gen
&
Ref
75
7434 82
1942 M S 74 Sale 74
4
Dery Corp (D G) is
11
9912 103
102 Sale 10134 102
2
34
95
9934 100% Niag Lock &0 Pow let 5a_ a_ 119
100 Sale 9934 100
9
Detroit Edison 153 colt tr 58_1933
9114 9334
9234 90
1952 M S 9238 Sale 9214
98 No Amer Edison 65
21940151 S 9712 Sale 971s
9712 23 95
1st & ref 5a Series A
19
98
9634
Sale
97
9718
977g
Secured s f g 61-is Ser11_1948 M S
10512 34 104 10614
21910 M S 10512 Sale 105
let dr ref 6s Series 13
Option
a
Dec.
Due
gale.
r
Nov.
Due
p
Oct.
Due
o
Aug.
Due
5
.
,
.11113
Due
8
a
0
June.
Jan.
Due
Feb
asked
Due
Due
and
•570 price FrIdarlatest bld
APR. 26 1924.]
THE CHRONICLE
New York Bond Record-Concluded-Page 5
BONDS.
N.Y.
STOCK EXCHANGE
Week ending
April 25.
Price
Friday
April 25.
Week's
Range or
Last Sale
33,
2
Range
Sines
Jan, 1
Bid
Ask Low
High No. Low
High
Nor Ohio Trao & Light65.-1947 M
90
9012 90
9112 23 8818 93
Nor States Pow 25-yr 58 A_ _1941 AO 92 Sale
44
91%
9218
92%
8914
& ref 25-yr (is Ser B--1941 A0 10212
10214 10234 31 101 103%
Northwest'n Bell T let 78 A 1941 FA 10734 Sale
10734 78 10713 1084
North W T ist fd g 448 gtd_1934 ii 9288 Sale 10738
92 Feb'24 _ - _92 92
Ohio Public Service 748_1946 AO 10412 Sale 10412
10512
3 10378 10513
73
1947 P A 102 10214 102
10212
103%
6
10014
Ontario Power N F let 50_1943 FA 9514
9534
9534 95
7 94% 97%
Ontario Transmission 55_._j945 MN
9434 Apr'24
94
9513
Otis Steel 85
1941 FA 98
9838 98
9838
8
98 10112
1st 25-yr 5 I g 74s Ser B 1947 P A 9312 937
8 9312
9412 22 93 95
Pacific 0 az El ego & ref 53_ _1942 J J 9112 Sale 9114
74
92
9034 9314
Pao Pow&Lt lat&ref 20-Yr 68'30 P A 9414 943
9514 10 924 95%
4 9412
Pacific Tel & Tel let 55
1397 J J 97 Sale 9634
96
9714 14
9778
58
1952 MN 9114 Sale 9114
9058 92,2
9134 54
Pan-Amer P de T let 10-yr 751930 FA 101
Sale 10034 101
14
99% 102%
63-45(WI)
1935 MN
9614 Mar'24
93 97
Park-Lea (MD) 6348
1953 J J
Sale 9534
95% 100
9614 19
Pat er Passaic0 dr El cons 58 1949 MS -15584
9518 ____ 9514 Mar'24 _ _
93% 9514
Poop Gas & C let cons g 65_1943 A0 105 107
105
105
5 10414 10634
Refunding gold 58
1947 M S 914 Sale 9118
9134 39
8714 9134
Philadelphia C (is A
1944 FA 10114 Sale 10118 10112 49 99% 102%
548
1938 MS 91 Sale 9034
90
94
27
91'2
Phila & Reading C& I ref 58_1973 J J 9312 Sale 93
937
82 9318 94
Plerce-Arrow 88
1943 ▪ B 7234 Sale 7012
70
73
85
82
Pierce Oils Ss
1931 J D 93 Sale 9213
93
25 8478 102
Pillsbury Fl Mills 65 (rots)._1943 AO
9612 16
9478 9712
9639 Sale 9639
Pleasant Val Coal let ge f 581928 ii 9218
97
93
93 93
Mar'24
Pocall Con Collieries let of 531957 J J 92
9118
9214 94
92
4
Portland Gen Elec let 5s.._ _1935 J J 97 Sale
9712
9718
95
9718
1
9734
Portland Ry let & ref 541_ _1930 MN 8714 8734
8738
8738
3 86 88
Portland Ry Lt az P let ref 551942 FA 8334 84 8334
8414 10 80% 88
68 B
1947 MN 9134 9212 91
93
26
89% 93%
let & refund 748 Ser A...1946 MN 103 104
103
104
2 103 10484
Porto Rican Am Tob 8..
l931 MN 105 ____ 105 Apr'24
10418
10518
Pressed Steel Car 63
1933 J J 9012
901
91
9 8918 95
Prod az Ref e f 8s(with waents)'31 J D 109 Sale
114 Feb'24
114 1164
Without warrants attached._ J D 109 131
Pub Serv Corp of NJ eon 55_1959 AO 934 10934 10914 10911 39 10612 110
9012
Sale 90
77
901 127
Punta Alegre Sugar 73
1937 S i 11134 Sale 10934 11212 17 109 122
Remington Arms Os
1937 M
924 Sale 92
92
931
334
9512
Repub I az S 10-30-yr 68 s f _ _1940 AO 9534 Sale 9338
93
96
9634
68
634e
1953 J J 8912 Sale 8912
9084
38
87%
91%
Robbins & Myers f a
1952 J D 81 Sale 81
82
5
7512 91%
Roch dc Pitts Coal & Iron 544_1946 MN
91
91
Jan'2 _
91
Rogers-Brown Iron Co 73._ _1942 MN 80 Sale 80
82
6 80 90
St Joe Ry Lt Ht & Pr 53_1937 MN
8114
Sale 8114
1
76% 8114
St L Rock Mt de P58 stmpd_19555, 8114
76
7812 77
78
2 77 80
St Louls Transit 53
1924 AO 55 Sale 55
55
2 52% 58
St Paul City Cable 58
'
3 9134
1937
9112 Mar'24
9113 91%
St Paul Union Depot 5s___ -1972
'
3 9739 Sale 97
97%
44
95% 9734
Saks Co 7s
_1942 MS 10414 10412 10414 1047
9 102 10478
Ban Antonio Pub Ser 63___ _1952• J 96 Sale
14 9334 96
96
Sharon Steel Hoop let Meer A '41 MS 10012 10034 95
10012 101
12 100 10234
Sheffield Fermat:1/5s
1942 AO 10178
101 Apr'24
1004 10232
Sierra & San Fran Power 50_1949 FA 85 103
8512 8378 Apr'24
83% 87
Sinclair Cons Oil 15-year 78_1937 MS 91 Sale
92
9039
98 8914 97
63441B(w I)
1938 J D 8634 Sale 863i
157 85 9014
871
Sinclair Crude 011 54s
1925 AO 9817 Sale 9832
9838 105
97
99
es
1926 FA 98 Sale 98
981
41
9578 98%
Sinclair Pipe Line 58
• 1942 AO 8212 Sale 8212
831
8138
88
74
South Porte Rico Sugar 78_ _1941 J D 104 Sale 194
1041
59 100% 10412
South Bell Tel & Tel let f 551941
'
3 9512 Sale 95
94
9538 30
9612
S'west Bell Tel let az ref 50- _1954 FA 9314 Sale 9238
931 269 934 93%
Southern Colo Power (38._ _ _1947 J J 9034 91
874 9034
9034
903
2
Stand Gas ,k El cony s f 68..1926 J D 10438 10434 104
1 100 104%
10439
Cony dob g 640serica_ _ 1933
S 9412 Sale 9412
9412 9812
9532 14
Standard Milling let 5s
1930 MN 9718 9778 9718
971
6
9534 98
Steel dr Tube gene f 75 Ser C 1951 J J 10414 Sale 104
103
10434
24
1041
Sugar Estates (Orienti) 75_1942 M S 97 Sale 97
9534 9712
97
56
Syracuse Lighting let g 53_ _1951 J D 9514 _
3 92 9514
951
954
Light az Pow Co coil tr ef 519'64 J J 10478 105 10478 Apr'2
8418 105
-Tenn Coal Iron & RR gen 581951 J J 9914 101
9914 10212
9912
10
991
Tennessee Cop let cony 65_1925 MN 9914 10112 9912 Apr'2
9834 102
Tennessee Elec Power 6s _ _1947 J D 96 Sale 9534
58 93% 97
96
Third Ave let ref 48
1960 J J 5514 Sale 543
23 53% 56%
561
Adjustment Income 58_81960 AO 42 Sale 42
431
46 4113 494
Third Ave Ry 1st g 58
1937 Ji 03
9312 934
931
2 98 9312
Tide Water 011 63-44
1931 FA 10238 Sale 10238 1027
8 102 low:
Tobacco Products a f 75._ _ _1931 J o
10778 Dee'23
Toledo Edison 70
1941 MS 10714 Sale 10714 1073
19 106 108
Toledo Trao. Lt dz Pr 65
1925 FA 9934 9978 9934
981, 100
997
13
Trenton GI & El let g 55_ _ _1949 M
..-2-92
3
4
937
Nov'2
Undergr'd of London 445..1933 J J 8514 -9112 87 Dec'2
....
Income 4%
1948 J J 8268 8812 8914 Oct'2
Ualon Bag az Paper (is
MN
1942
96 Sale 954
954 9814
21
963
Union Elec Lt & Pr 1st g 58-1932 M S 98 Sale
9738
974 984
98
4
60
1933 MN 9538
9538
96
27 92 9713
Union Elev (Chicago) 55_1945 AO 67 Bale
74
____ 74 Apr'24
70
_
Union 011 55
1931 J J 97 __-- 97
954 974
97
10
68
c1942 P A 101 Sale 10034 10114 32 994 102
Union Tank Car equip 75_1930 AA 10414 Sale 104
10414 10 103 10412
United Drug cony 85
1941 in 11314
1134 11334 27 1114 11414
United Fuel Can let o f Os__ _1936 ii 9532 114
953
4
9514
9212 9713
9534
6
United Rya Inv 58 Pitts belle 1926 MN 95 Sale 95
9612
9512
3 91
United Rye St L let g 4e._.1934 5' 6614 6678 6632
6638
2 61% 67
United f3.9 Co int rcts 65_ _._1937 MN 8712 Sale 87
88
86
8712
7
United Storm 65
1942 AO 9978 Sale 9978 10014 22
9814 10118
U S Hoffman Mach 88
1932 33 10618 Sale
107
7 103 107
US Realty & I cony deb if 51 1924 3, 9978 Sale 10618
9978
9978
99% 100
1
'
US Rubber let & ref 55 ear A 1947
3 80 Sale 7938
8114 190
7978 87%
In-year 7301
1930 FA 102 Sale 101
102
87 1004 10612
U13 Smelt Ref az M cony 65.1926 P A 10039 Sale 10014
8 9934 10012
10039
U El Steel Corpfcoupon - -d1963 MN 103 Sale 10218 103
102 1034
f 10-60-yr 531registeced _41963 MN - - - - - - - - 10134 Apr'24 209 101%
102%
Utah Light & Traction 53_ 1944 A 0 897
Sale 8078
80
81
8635
7
A
Utah Power & Lt let 85....1944
895* Sale 89
8934 56
87%
91,3
Utica Elec L dr Pow lets f55 1950
9612 - - - - 954 Sept'23
1957
Utica Gas & Elec ref 55
9212 Sale 9212
9314
5 "oars
Va-Caro Chem let 15-yr 53..1923
_ 9834 Nov'23
1947
75
6111 fitile 61
6312 78 -66i2 8512
1937
12-year e f 7/50
3114 Sale 31
31
32
7314
65
Without warrants attached.
3134 Sale 3114
3154 14
3114 76
Va Iron Coal & Coke 1st g 5a 1949
88
90 88
88
88 91
2
Va Ry Pow let St ref 52..... 1934
90 Sale 8978
91
88 91
1942
Vertlentes Sugar 7s
96 Sale 96
9614 13
8914 9738
1941
Warner Sugar 78
10214 Sale 10112 102% 36 10112 10314
1939
First& ref 75 Ser A
95 Sale 95
95 9638
95% 22
Wash Wilt Power 8 f 58._ _1939
9912 100 9912
suss 101%
99% 58
Weatches Ltg g Matmod gt-d 1950
98 Sale 98
98
96% 98
2
S 91 Sale 91
West Penn Power Series A 55 1946
91
8912 91
14
3D
lot 40-year 65 Series C. _ _1958
102
_ 102
10218 14 101 10214
1st serie0 Die
41046 P A 10538 10511 10538 10512
7 10414 10734
58 E
1963 MS 8712 Sale 8714
8712
9 864 8914
Western Union coil tr cur 53_1938 J J 9712 98 98
2 96% 9934
98%
Fund & real estate g 448-1960 MN 9214 Sale 9218
9038 94
9213 13
15-year 648 g
1936 P A 110 11014 110
110
108118
5
4
Westinghouse E & M 7s_ _1931 MN 10738 Sale 10712 107% 65 10634 1113
108
Wickwire Spen Steel lot 7s_ _1935"3 63 Sale 63
66
5838 7978
32
Wilson de Co 1st 25-yr sf 68_1941 AO 84 Sale 84
8934 211
83 98%
10-year cony of 68
1928 J o 60 Sale 60
7012 99 60 9234
7148
1931 P A 63 Sale 62
72 214
60 100
Winchester Arms 735/1
1941 A0 10112 Sale 10139 102
49 10034 10234
Young'n Sheet & T 65(w 1) 1943 3, 9538 Sale 9512
044 97
9534 66
price
•No
Friday;latest bid and asked. a Due Jan. cl Due Apr. c Due Mar. or Due
May. g.Due June. h Due July k Due Aug. o Due Oct. pDueoec. s Option sale.
2025
Quotations of Sundry Securities
All bond prices are "and interest" except where marked 'F'
Standard 011 Stocks Par Bid. Ask.
Railroad Equipments Per CY. Basis
AngleAmerican Oil new_ £1 *1612 17 I Atlantic Coast Line (is
5.55 5.25
Atlantic Refining
100 114 11434
Equipment643
5.30 5.10
Preferred
100 114 115 Baltimore t Ohio fis
5.55 5.35
Borne Scrymaer Co
100 215 223
Equipment 4348 & 5e..._ 5.25 5.05
Buckeye Pipe Line Co__50 *63 65 Buff Roch & Pitts equip 6e
5.40 5.10
Chesebrough Mfg new
25 *5013 51 CanadianPacific 4348 & 63_ 5.35 5.10
Preferred
100 112 117 Central RR of N J 68
5.50 5.25
Continental 011 new
25 *43 45 Cheeapeake & Ohio 68
5.55 5.30
Crescent Pipe Line Co 50 *13
15
Equipment6345
5.50 5.15
Cumberland Pipe Line_ _100 131 133
Equipment58
5.35 5.10
Eureka Pipe Line Co
100 95 9612 Chicago Burl & Quincy 60
5.50 5.25
Galena Signal Oil com
100 67'I 59 Chicago & Eastern ni 545- 6.25 5.50
Preferred old
100 110 115 Chicago & North West 130
5.60 5.30
Preferred new
100 100 103
5.45 515
Equipment634s
Humble Oil & Ref new
25 *40
4033 Chic R I & Pac 440& 50
5.45 5.20
Illinois Pipe Line
100 135 137
Equipment6s
5.75 5.40
Imperial 011
1094612 Colorado & Southern Gs
5.70 5.35
Indiana Pipe Line Co
2
50
5 *151
592
5.50 5.30
Delaware & Hudson 03
International Petroleum_(5) .19
5.80 5.55
1914 Erie 448 & 50
Magnolia Petroleum_ __ _100 138 140
5.80 5.55
Equipment65
2114 Great Northern fls
National Transit Co_-12.50 *21
5.55 5.30
New York Transit Co
100 75 80
5.3,5 5.15
Equipment 55
Northern Pipe Line Co 100 98 99 Hocking Valley 68
5.65 5.36
Ohio 011 new
25 *621 64
5.35 5.15
Equipment 55
Penn Mex Fuel Co
3512 Illinois Central 448& 5a
25 *33
5.20 5.05
Prairie Oil& Gas new_ _100 22312 224
5.50 5.25
Equipment65
Prairie Pipe Line now__ _100 10312 104
Equipment 78 & 6348-. 5.40 5.10
Solar Refining
100 192 198 Kanawha & Michigan 68- 5.70 5.40
Southern Pipe Line Co 100 96 99
5.35 5.15
Equipment440
South Penn OD
100 134 136 Kansas City Southern 5411- 5.50 5.20
Southwest PaPipe Lines-100 83 85 Loulaville & Nashville 6e
5.55 5.25
Standard Oil(California) 25 *59
5.40 5.15
5912
EquipmentOil,
Standard Oil andlans)- 25 *598k 5912 Michigan Central 541 &
5.45 5.10
Standard Oil(Kan)
25 *4114 413 Minn St P&St3M 4340 & 53 5.45 5.15
Standard Oil(Kentucky) 25 .105 10512
5.60 5.30
Equipment 64s & 7s
Standard Oil(Nebraska)100 233 235 Missouri Kansas & Texas 6s 5.85 5.50
Standard 0110!New Jer- 25 •361e 3614 Missouri Pacific 6e & 6%e
5.75 5.45
Preferred
100 11738 118 Mobile& Ohio 4335 & 58- 5.45 5.16
Standard Oil of New York 25 *3953 40 New York Central 4348 & 58 5.20 5.05
Standard 011(0131o)
100 295 298
5.50 5.25
Equipment60
Preferred
100 116 120
5.35 5.10
Equipment 75
Swan et Finch
100 52
58 Norfolk & Western 4348
5.20 5.00
Union Tank Car Co.-_100 10038 111 Northern Pacific 78
5.40 5.10
Preferred
100 10812 10914 Pacific Fruit Express 744__ _ - 5.40 5.10
Vacuum 011 new
25 *6034 6114 Pennsylvania RR eq 50 & 65 5.50 5.05
Washington 011
10 .28 30 Pitts & Lake Erie 6340
5.45 5.20
Other Oil Stocks
5.65 5.30
Equipment644
Atlantic Lobes 011
(2) *312 334 Reading Co 448 & 53
5.20 5.00
Preferred_
50 *8
16 St Louis & San Francisco be. 5.50 5.20
Gulf 011 new
25 *5934 60 SeaboardAir Line 4340 & 65 6.10 5.75
Mexican Eagle 011
5 *4
45* Southern Pacific Co 448- 5.30 5.05
Mutual OH
6 *1078 11
5.35 5.10
Equipment70
National Fuel Gaa
100 86 88 Southern By 440 & 58
5.30 5.10
Salt Crock Producers_ 10 *25 254
5.60 5.35
Equipment
65
Sapulpa Refining
5
24 2514 Toledo & Ohba Central68
5.75 5.35
5.30 5.10
Union Pacific Ts
Public Utilities
Tobacco
S
Amer Gas & Elec new_m
__&
(IN
) *6
944 6412 American Clgar common 100 76 78
Preferred
50 *42 43
100 84 87
Preferred
95
& Fdr1-100 140 150
peerbEth
t 2514
& Trao com_100 124 126 Amer Machine
Amer
2212 2312
£1 .
ord.
Tobac
British-Amer
Preferred
100 92 94
2212 23'£1 .
Bearer
Amer Powerefrreed & Lt com 100 236 239 Helme
(Geo W)Co, new 25 .58 60
Preferred
1043 84 86
100 111 113
Preferred
Deb 60 2016
M&S 9234 9334 Imperial Tob of GB & Irei'd •15 1514
Amer Public URI oom__1
100
00 8
40
3 46 Int Cigar Machinery--100 55 60
7% prior pref
83 Johnson Tin Foil & Met-100 75
4% partio pref
100 57 60
Forba0-100 *136 139
Blackstone Val G azEcom 50 *73 75 MacAndrews &
100 97 99
Preferred
Carolina Pow & Lt com_1
100 17
26
234 130 Mengel Co
100 32 34
Cities
es Service Co own- 100 141 143
100 50 60
Tob
Rican-Amer
Porto
Preferred
7312 Universal Leaf Tob coM-100 36 40
CttfeeServioeBankers'Share0
100 9
1412
10
4
100 84 87
Preferred
Colorado Power com_ 100 33,2 3412
100 114 117
(3 fi) Co
Preferred
94 Young
100 104 106
Preferred
Com'w'th Pow Corp corn(
0
2)
76
4 78
0 *7
Rubber stes&s(Clesetand) prices)
Preferred
7512 Firestone Tire & Rub corn 10
68
Consumers Power pref_ _100 86 89
100 8312 86
Elm Bond & Share pref _100 97,8 9812 6% preferred
86 87
100
preferred
7%
Elec Ry Securities
007
*2
1, 13
50 165 180
Federal Light & Tractiona) 4478 80 General Tire & Rub eere100
98 100
Preferred
Preferred
100
78 Goodyear Tire & B com_100 10
1012
Lehigh
erriePo
ed
wer Securities_(5) *564 58
075 77
Mississippi Riv Pow corn 100 24 25 Goody% T&R of Can pf _100
100 70
com
Rub
India
Tire
&
Preferred
100 go 82
100 75
Preferred
First mtge 53, 1951 J&J Ea
•1
94
114
5 F g deb 75 1935_ _M&N 102 103 Mason Tire & Rub am-(Z) 15
17
100
Preferred
Nat Power & Lt oom (2) *105 107
65
100
Miller Rubber
Preferred
(I) *89 90%
100 97 9712
Preferred
Income 73 1972
.I&J 9412 95,2 Mohawk Rubber
10
5
100
Northern Ohio Electric_(3) •8
10
45 55
Preferred
Preferred
100 26 29 Beiberling Tire & Rubbera) *312 4
North States Pow com_100 *98 101
100 38 45
Preferred
Preferred
100 92 94
8
15
Nor Texas Elec Co com-I00 61 64 Swinehart Tire & R com_100
40
100
Preferred
Preferred
100 70
73
Sugar Stock.
Pacific Can az El lot pref 100 8914 9012
50 •17 20
Power Securitlee corn _(I) •1112 13 Caracas' Sugar
Cent Aguirre Sugar oom_ 20 *80 82
Second preferred
(5) .36 39 Faiardo Sugar
107 109
100
Coll trust 68 1949_ __J&D 86 90
Federal Sugar Ref coin_ _100 60 62
Incomes June 1949F1
&
00
A dioa
73
170
100 90 99
Preferred
Puget Bound Pow & Lt 100 46
6
48 Godchaux Sugar, Inc -(4) .4
100 78
83
100 38 43
Preferred
90 94
10312 Great Western Sugar new 25 .
3
71
67 m
pprere
tgfie
eerredrm
73:2 1941_ Mdr
100
N 14
0
com...(r) .27 30
,
43 1054
Republic Ry & Light_ 100 23 4 25 Holly Sugar Corp
100 83 88
Preferred
P
Preferred
5012 Juncos Central Sugar _ _ _100 110 120
South Calif Edison com100 10
10
8 101 National Sugar RefMing _100 88 90
8% preferren
117
Niquero Sugar_ __ _100 97 100
Standard Gas & El (Del) 50 *32,4 33 New Cecilia Bug Corp pf 100
4
8
Santa
Preferred
4812 Savannah Sugar corn_(I) •70
75
50
Tennessee Elec Power- (t) *4712
100 84 87
3212
*31
Preferred
Second preferred
61 Sugar Estates Oriente pref.. 84 87
Western Power Corp__ ("
100
00 *2
5
76
8
217 28 West India Sug Fla com-100 12
Preferred
100 35
80
Preferred
Short Term Securities
Industrial&Miscol
Am Cot 0116s 1924.M&52 100 1001
2 American Hardware._..l00 6112 6312
Anaconda Cop Min65'29 Jaz-1 101% 1015e
Typcfounders corn 100 97 99
Anglo-Amer 011745'25 A&O 10178 10218 Amer
Preferred
100 99 101
Federal Sug Ref 62'33_22,22N 9738
16
(:) .14
9734 Bliss (E W) Co new
Rocking Valley 58 1926 M&S 9912 997
2
60 •58 61
Preferred
nterboro R T 851922_ M&S
- - - - Borden Company com 100 121 123
K C Term By 66'23 M60415
100 10212 10413
Preferred
4145July 1931
J&J 103 10334 Celluloid Company
77
100 74
610
1926 10078 1014
100 107 110
preferred
Lehigh Pow Seo 65'27.F&A 9914 100 Childs Company corn newa) .33 35
Sloes-Shoff 138z1 65 '29.F&A 9912 100
100 110 112
Preferred__
U 13 Rubber 74s 1930_ F&A 101 10112 Hercules Powder
100 90 94
Joint Stk Land Bk Bonds
100 102 104
Preferred
CbiojtStk Land Bk 58_1951 100 10112 International Salt
100 75 81
63 1952 opt 1932
100 10112 International Silver pref 100 104 108
65 1963 opt 1933
78
10012 10134 Lehigh Valley Coal Sales 50 76
Mis 1951 opt 1931
100 120 130
102 103 Phelps Dodge Corp
Ws 1952 opt 1932
9914 10O Royal Baking Pow com-100 134 139
4345 1952 opt 1932
100 98 100
Preferred
96 97
45is 1963 opt 1933
9914 10O Singer M &nilfactoring_100 131 133
• Per share. I No par value. 4, Basis. d Purchaser also pays accrued dividend
New stock. I Flat price. k Last sale n Nominal. x Ex-dividend. p Ex-righel
Ex-stock dividend. S Sale price. a Canadian quotation.
so
ss
BOSTON STOCK EXCHANGE-Stock Record4
2026
HIGH AND LOW SALE PRICE-PER SHARE. NOT PER CENT.
Salurgay.
April 19.
Monday,
April 21.
Tuesday.
April 22.
Wednesday. Thursday.
April 24.
April 23.
Friday.
April 25.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
BONDS
Range Singe Jan. 1 1924.
Lowest
Highest
PER SHARE
Range for Previous
Year 1923.
Lowest
Highest
Railroads
Shares.
100 14573Mar 27 151 Apr 24 143 Apr 151 June.
15012 151
14912 15014 15014 15014 15014 15014 15014 151
538 Boeton & Albany
100 75 Mar 20 80 Jan 8
75 June 84 Jan
7614 *78
784 76
7614
130 Boston Elevated
7614 7614 7834 7684 76
100 92 Feb 7 96 Apr 7
9112 Aug 100 Mar
75 Do pref
95 *94 95 *94 944 9412 9412
*94
4 Jan 24 11113 Aug 125 June.
/
100 11112 Feb 5 1161
113 114
52 Do let pref
113 113 113 11314 *113 115
100 9534 Jan 2 100 Feb 27
95 Nov 106 Mar
Do 2d pref
97 2/9812 984 9712 98
91
98 98
98 98
2 1514Mar 31
100
812 Jan
734 Dec
Mar
2
1214 1214 1214 1112 13
& Maine
88 Boston pre
1214 1214 12
.1213 13
f01
100 12 Jan 10 15 Feb 4
7 DecDeo 27 Feb.
Do
*1212 ___ *1212 ____ •1213
*1212
4
/
124 Oct 3212 Mar
1512 1512 *151
---4 *1518 ____
/
22 Do Series A let pref-100 1312 Jan 2 19 Jan 10
1418 151
100 1712 Jan 2 2412Mar 1
154 Dec 48 Feb.
21
20 *20
34 Do Series 11 1st pref
---*2012 ____ 204 2012 20
100 18 Feb 27 23 Apr 5
1513 Dec 42 Mar
20
15 Do Series C lot pref
1912 1912 1912 1912 *19
---*19
100 23 Jan 3 34 Apr 5
20 Dec 59 Feb
25 Do Series D jet pref
---*2712 _ _
2712 2712 *2712 _-__ *2712 100 143 Jan 4 148 Feb 27 135 July 18012 Jan
__
1 Boston Ss Providence
146 146 *146 ____ *146 ____
18 Feb 35 Mar
2012 *146-2012
16 East Mass Street Ry Co-- _100 19 Jan 7 24 Feb 9
•____ 2012 20 20 *20
100 5812 Jan 8 644 Feb 13
58 Dec
6212
25 Do 181 pref
6212 60 60 *60
60 60 *80
jan
72 Mar
100 4934 Apr 7 58 Jan 25
5034 Dec 65
4 51
/
17 Do pref B
5014 5014 *501
53
5014 5014
53
*51
53
100 32 Jan 2 3912 Feb 14
31 Dec 46 Mar
33
50 Do adjustment
32
32
3213 3212 3212 3212 33
4 Feb 11
1
31 Nov 45 Mar
105 East Mass St Ry (tr ctfs) 100 3134 Apr 23 39/
3134 3134
3234 3134 32
4*
-3-2-3•
100 31 Apr 25 3712 Apr 9
4 Dec 43 Jan.
1
22/
32
32
140 Maine Central
31
32 32 *30
27 32
33
33 .
4 Jan 10
1
934 July 224 Jan
100 14 Jan 3 20/
4 1712 1734 17/
1
4 18
1
4 17/
1
1,567 N TN II & Hartford
4 1734 17/
1
1712 1752 17/
82 Dec 84 Feb
10 Northern New Hampshire_100 62 Jan 14 8712 Apr 21
•66 ____ *66
6712 6712 •66
75 Dec 100 Jan.
92 92
23 Norwich dr Worcester pref._100 80 Jan 2 95 mar 10
92 9212 92 92 •____ 92
8412 Oct 81 Feb.
100 7212 Jan 4 81 Apr 4
79
79
80
79
37 Old Colony
80
7812 79 *79 ____ 79
4 Jan 14
1
4 Dec
1
2112 Aug 38/
100 34 Mar 3 41/
Rutland pref
70 Nov 98 Jan
Vermont & Massachusetts _100 70 Jan 22 85 Mar 13
;i45- 83
84
80
Miscellaneous
1 Sept
2 Jan 18
4 Apr 11
/
11
34 Jan.
4 *112 134 *112 134 *112 134 _ii_ _a_
/
*113 11
Amer Pneumatic Service__ 25
12 Dec 20 Jan
50 12 Jan 3 1413 Feb 28
27 Do pref
4 1312 *1312 1312
/
4 .1312 1312 *131
1
4 13/
/
131
12
31
Mar
1284
4
119
1
Mar
/
130
Dee
12314
June
12614
_100
Teleg_
&
Telephone
12412
125 12512 2,331 Amer
4 12612 12672 126 1283a
1
4 126/
1
126/
par 67 Apr 25 83 Jan 14
6713 Oct 112 Jan.
68
8914 68 88 I 68
378 Amoskeag Mfg
67 6712
4 6912 89
/
691
6
Jan
88
72
Mar
7712
72
19
Jan
Oct
Par
o
N
No
74
pref
Do
15
79 *74 _ _ _ 1 74
*74
---- ---1434 Nov 1612 Mar
17
17 •z14
Art Metal Construe,Inc_._ 10 18 Feb 15 16 Feb 15
17 •z14
*z14
17 •±14
7 Mar 3 1014 Jan 8
8 Dec 204 Feb.
No par
Atlas Tack Corp
712 *6
713, *6
7
*6
*6
712
65 Boston Cons Gas Co pref _ _100 104 Jan 18 107 Jan 8 104 Oct 10813 Feb
106 106 •106 10812, 106 108 .*106
*.07
*.07
Boston Mex Pet Tens_ _No par .07 Mar 29 .20 Jan 10 .05 Dec .30 Jan
*.07
19 July 27 Mar
10 24 Jan 2 281sMar 5
4 *26
1
26/
26
-230 Connor (John T)
2634 - 6- 16
2634 *26
2612 26
2512 Doe 2614 Dec
4 Feb 14
1
25 Feb 3 30/
26
26
26
26
26
26
150 Dominion Stores. Ltd
'.2413 26
- - -- - - -100 84 Jan 15 85 Jan 5
Preferred A
*85
90 I
90
90 *85 90 *85
8.5
4Mar 5
1
2/
3 Feb 25
4 Jan
10
2 Dec
East Boston Land
145 E
62 _ _6:
_.
*234 3
*234 3
*234 3
4 3
1
*2/
614 Feb 23
5
5 Dec 141s Mar
812 Feb 6
Eastern Manufacturing
*814 7
614 614
*614 7
*814 7
25 38 Jan 3 5514Mar 8
31 Nov 1274 Mar
4813 *48
50
275 Eastern SS Lines. Inc
50
*4812 50
48
*48
51
50
No par 35 Jan 25 40 Feb 7
35 Oct 40 Oct
36
3613 36
37 *36
36
36
305 Preferred
36
36
36
85 Aug 88 Oct
100 854 Jan 8 93 Mar 8
*88
89
89
95 lot preferred
89 *88 89 *88
8812 89
89
2
Jan
177
26
18312
4 Nov 172 Jan
1
Jan
/
100
152
Ilium
Electric
Edison
17034 17114 17014 1707s 168 17013
847
17012 17134 171 171
4 Apr 81
1
4/
No pa
24 Jan 17
14 Dec 1012 Jan.
Elder Corporation
.234 414 *234 414 *2/
4 3
1
•2/
4 414 ---- ----I ____
1
13 Jan 11 20 Apr 23
5 July 2912 Feb.
ia Galveston-Houston Elec_100
20
20
•18
21
20 •18
20 *18
84 Jan 8
No pa
5 Jan 2
514 Dec 1553 Mar
Gardner Motor
25 1234Mar 31 15/
4 Jan 7 .1434 Nov 24 Feb
1
14
180 Greenfield Tap dc Die
I3lg 14
.;i5i2 14 ;i5" 14
50 Dec 6318 Mar
No par 46 Mar 25 52 Jan 8
60 Hood Rubber
48
47 48
48 *461
4 48
/
*4618 49
4 Apr 23 44/
/
4 Feb 13
1
32 July 44 Mar
4134 4114 4114 *41
10 Internet Cement Corp_No par 411
42
42 *41
*41
3 Mar
____I ______ International Products_No par .10 Feb 18 .75 Feb 28 .10 Dec
•.25 .50 •.25 .50 •.25 .50 *.25 .50
8 Mar
.25
14
Feb
14
2
Dec
Jan
100
.60
_
pref
4114
Do
•114
•114
*114 - Kidder. Peabody Acceptance
100 80 Jan 3 8334Mar 22
80 May 8312 Feb.
40 Corp Class A pref
____
82 1r82_ _ *282
82
82 82
414 Apr 25
44 Dec
84 Jan 4
812 Aug
101 Libby,McNeill & Libby _- 10
4
1
/(,4 *432 - 434
4 4/
1
4 434
1
4/
4 4,
1
*4/
4/
412 412
Lincoln Fire Insurance__ 20 70 Jan 9 70 Jan 9
*70
_
*70
170•70
"Ail.
21
If"
Mar
1012
9
9
Jan
25
Theatres
Loew's
34
10
10
1012 10
10 •101
4 -1012 •10 10-13 10
/
7313 Dec 874 Jan
132 Massachusetts Gas Cos--100 7434 Apr 21 81 Feb 20
4 7434 7434 7514 7514 7514 7514
/
7434 7514 7434 751
62 Dec 73 Jab
100 64 Jan 2 70 Jan 31
Do pref
231
6412 6414 6412 6413 65
6412 64
8414 8412 64
26 Mergenthaler Linotype-100 150 Apr 22 180 Jan 12 147 June 179 Jan
155 155
154 156
150 150
150 150
•152 154
3 Dec 1434 Feb.
4 Feb 21
1
612 Jan 2 17/
295 Mexican Investment, Inc..- 10
13
13
1334 14
1334 1334 1312 1312 1334 14
Patriot's
18 Nov 2814 Jan
Mississippi River Power.._100 19 Feb 18 2412 Apr 25
1,635
2413
23
4 2214 2214 2214 2218 2212 2214 23
/
221
80 Jan 84 Feb
100 80 Jan 4 8212 Mar 24
24 Do stamped pref
82
*80
Day
*81
*8013 82
82
8112 82
1% Dec
2 Apt 24
834 Feb
433 Jan 28
10
286 National Leather
4 --212 -21;
1
2/
2
4
1
4
1
4 2/
1
213 2/
2/
3
3
44 Sept
2 Oct
2 Jan 2
534 Apr 8
4
510 New England 011 Corp tr etre_
4
412 4/
5
4 *4
1
*414 5
*4
5
Exchange
4 Dec 113 Oct
/
121
100 17 Jan 10 3114 Mar 20
60 Preferred (tr ctfs)
28
25 •20
25
28
26
*26
26
107 10812 10512 108/
4 10312 10534 10512 IOC 1,585 New England Telephone 100 10312 Apr 24 11512 Jan 31 110 Dec 122 Jan
1
Closed
10812 109
1634 July 214 Apr
1 14 Jan 16 2013 Jan 2
Orpheum Circuit, Inc
1934 sz1812 1914 *21834 1912 *x1812 1912
*49
84 Dec 190 Jan
80 Mar 13 87 Feb14
241 Pacific Mills
81 ; ____ _ _ _ _
8012
82 8234 8112 82
Dec 18 Mar
s1434
1534
2
5
Apr
Jan
1434
10
Hole
Button
Reece
210
-------1553
1553
1553
1558
1538
4
1
4 15/
1
4 15/
1
15/
4 Mar
1
3/
2 Jan
3 Jan 2
214 Feb 1
20 Reece Folding Machine.- 10
3
.212 3
3
*212 3
*213 3
5 .16 Apr 14 .40 Feb 15 .10 Dec 2 Feb
Simms Magneto_
•.15 .50 •.15 .50 •.15 .50 *.15 .50
Jan
1094
6
June
984
10512Mar
4
Jan
101
100
Co
&
Swift
692
4 102 14 10-/
112
4 102 10214 102 10212 1011
1
102 102/
4 Dec 50 Mar
1
39/
4 Jan 11
1
25 3534 Apr 22 42/
191 Torrington
36
36
36
3534 3534 3534 3534 36
38
38
6 Dec 11 Mar
Feb 18
10
7
2
Feb
5
Drill
Twist
Union
9
*8
10
*8
10
*6
10
*6
3212 Nov 5534 Mar
25 34 Jan 3 3712 Jan 8
4 3414 3414 -341-4 24-4 2.576 United Shoe Mach Corp
1
34/
3418 3434 3414 3412 34
4 June 2814 Jan
1
24/
4 Feb 29 27 Jan 7
1
25 24/
Do pref
206
25
2514 2514
2513 2534 2513 2558 2514 2512 25
29
4 Aug 30 Jan
1
Jan
19/
27
28
Mar
24
5
011
Fields_
Consol
Ventura
3,480
4 24/
1
4 2434 2412 25
1
4 2514 2412 2453 244 24/
1
24/
15
9
Dec 42218 Mar
Jan
14
11
par
Apr
1714
No
sb
new
610 Waldorf Sys,Inc,
1413 1412 .1412 15
1412 15
14
1412
*1412 15
6 Feb 13 Mar
par
4 Feb 1
1
10/
11
Jan
No
4
/
_
81
com
B
Cl
Watch
Walth
94
71
*814
*814
9
912
814 814 *814
Dec 2912 Mar
Feb13
15
2312
5
Jan
4
1
/
15
100
etre
trust
Preferred
114
17
-11- 17
1814 1814 *1713 1812 *1713 1813 17
Feb 11
1114 Jan 18 Dec
18
897 Walworth Manufacturing_ 20 1612 Jan 5 2114 Mar
17/
1734 18
4 1778 1734 18
1
1714 1734 17
Jan 3413 Mar
4
1
/
25
383k
12
3
Jan
4
1
/
29
50
Bros
3
Warren
357
30
3534
2,517;
3434
35
4 3413
1
3414 34/
4 3414 34/
1
3013 Dec 3912 Mar
50 3434 Apr 25 41 Jan 25
202' Do 1s1 pref
37
36 •35
4 3512 3434 36
1
3513 313
*34/
36
33 July 42 Mar
50 38 Mar 5 42 Jan 18
4112
Do 2d pref
41
42 *39
*39
42 *38
*38
3 Dec 1212 Feb
513 Jan 14
3 Jan 10
Wickwire Spencer Steel_.... 5
Mining
1
1 Feb
.20
8
.20
Nov
8
Apr
Apr
.10
25
Consolidated._
Adventure
*.20
•.20
*.20
.50 •.20 .50
.30
.50
*.20 .50
25 .15 Jan 15 .20 Mar 20 .10 July .50 Mar
Algomah Mining
•.10 .20 •.10 .30 *JO .20 *JO .20 *AO .20
214 Jan 8 .70 July
1 Apr 11
414 Mar
4
/
11
335 Arcadian Consolidated.- 25
1 ' 118
11
4 114
/
1
*I
114
114 *1
5 8 Jan 2 944 Jan 7 7 Dec 1412 Mar
*813 834 *812 9 I *812 814
9
9
985 Arizona Commercial
9
144 Oct 19 Feb
10 15 Jan 10 187s Jan 15
Bingham Mines
17
*15
17
17
17 *15
17 •15
*15
•15
4 Jan 7
1
25 15 Apr 11 19/
17 Oct 49 June
153g 1532 1512 15
4 15
/
151
1512 1,878 Calumet & Heels
15
1514 15
1
8
1
1
31
4 Dec
/
Feb
11
932 Feb
Mar
Gold
Hill
Carson
112
114
114 •1
160
112
114 114 *1
113 *I
25 21 Apr 23 2072 Feb 15
2218 Oct 4684 Mar
861 Copper Range Co
4 21
/
2234 2214 2213 2112 2214
2212 2112 211
22
Jan
Jan
434
4
1
/
3
23
3
June
10
5 Feb
214
Copper
-Daly
Davis
______
---- ---512 Jan 24
414 Feb 14
4 Nov 1113 Mar
/
41
-1.21
4 .4
516 East Butte Copper Mining_ 1(1
"i5-8
715
23t
-44
.25 :4
1 Jan 8 .30 May
4 Mar
1
2/
25 44 Feb 17
10 Franklin
.75 .75 •.75 .95 •.75
*.75 1
25
Jan 22
2 Jan 28
1
4 Mar
Oct
Hancock Consolldated
112' *1
112 .1
112 *1
112
*1
4 *I
/
11
1 2212 Mar 28 284 Jun 7
2434 Mar 3353 June
25 Hardy Coal Co
24 *2214 2414 .2312 24 I *2312 2414 52312 2414
24
25 .40 Jan 2 .75 Jan 8 .10 Sept
114 Feb
.551 *.41 .55 ....41 .55
50 Helvetia
.40 .40 •.41
•.40 .55
I 9414 Apr 2 10034 Jan 8
934 Nov 11512 Apr
530 Island Creek Coal
96
3 96
4 96
1
96
411:
614 .9
93
9
4 9514 9534 95/
/
981
96
I 902 Jan 8 95 Mar 24
9014 Nov 1004 Mae
18 Do Pre
93
*9212 94
93 93
94
*93
25 1312 Mar 29 20 Jan 3
18 Oct 3314 Mar
144 15 •1412 1512
14
14
83.Isle Royal Copper
14
14
4 15
1
14/
112hlar 5
5
4 Dec
/
353 Jan
11
•15, 11
4 Feb 13
1
2/
'Kerr Lake
4 •138 l7
/
4 11
/
4 *11
/
4 172
/
4 •11
/
•132 11
214 Mar
Sept
25
.80
1
Copper
19
.50
7
Feb
Jan
Keweenaw
.50
_
.50
105
...90
____
.95 .95
54 Mar
Oct
1
25 .90 Apr 3
4 Jan 28
/
11
4 *114
/
11
25 Lake Copper Co
14 *
4
**1910
113814
114 114 •114
4 114
/
11
314 Mar
25 .75 Apr 23
114 Feb 8 .50 Dec
.75 1
95 La Salle Copper
*.90
113 •.75 1
1
its *113 112
252 Mar
2 Mar 7
112 Mar 11
5
l's Nov
3 .....161,3 .1735
113 .1715
150 Mason Valley Mine
4
•14 134 *113 134 •14 154
414 Mar
25 50 Jan 8
I Jan 5 .50 Dec
.50 .50 •.60
*.50 .75 *.50 .75
7 Feb
Oct
112
11
Jan
ted
C
2
9
25
Apr
d
ria
l
1i
:0
er
.80
"
olony„-°
w
C
vflo
114
ss
a
hle
112
7
134
1,615
4
/
11
34
1
28
2
4
1
3
4
1
11
27
14
114
22
1
Mar
71
Oct
27
15
Feb
25
Mar
3512
26
31
260 Mohawk
4 2814 2813 2812 2852
1
26/
*2812 30
1414 Oct 244 Mar
1612 Jan 2 1973 Jan 7
18
1714 1814 1734 1734
928 New Cornelia Copper
1814 18
1818 18
18
4 Apr
/
41
212 Aug
4 Apr 71
1
2/
4 Feb 6
1
2/
253 2/
4
1
253 258
212 2.2 1,000, New Dominion Copper
4
1
238 2/
4
1
238 2/
35 Apr 40 Apr
100 37 Apr 8 40 Mar 11
40
*37
' New River Company
38
38
40 *37
*37
*37
40
*37
72 Nov 84 Mar
100 85 Feb 5 75 Mar II
9. Do pref
70 *
69
70
89
70
70
614 Feb
434 July
534 Jan 10 811,4Feb I
5
475 NipissIng Mines
4 5/
1
5/
534 6
4
1
514 534 *534 6 I
4
1
534 5/
5 Nov 1234 Mar
1%
312 Jan 24
2 Jan 16
15
4
1
5851 North Butte
24 234 *212 234 *213 234 '.213 2/
252 234
.50 Nov
218 Mar
3
Jan
.90
Mining
11
Feb
50
25
10.11bway
*.60
*.60
1
1
1
*.60
•.60
.95
1.80 1
134 Oat 824 Mar
25 15 Jail 30 18 Mar 28
•171, 19
20 •19
20 . *19
1734 18 •19
70,Old Dominion Co
20
44 Nov
214 Aug
513 Feb 1
34 Jan 3
I Park City Mining dr Smelt_ 5
414 *4
414
*414 453 *414 458 *414 452 *4
1214 Dec 1614 Mae
11
Jan
1212
11
21
par
Apr
No
CO_
Pocatuantaa
Crk
I
Pd
12
12
410;
•11
*1118
1112
1112
11
11
Mar
50
Oct
18
15
Feb
2312
23
25 1753 Apr
1812 1753 18 I •18
19
150 Quincy
18
•1812 19
27 Oct 5312 Mar
150,St Mary's hfineral Land_ 25 28 Mar 28 35 Feb20
3012 3012 3013 3012 2812 29
29
33 z28
33
Dec
Mae
112
.30
14
Feb
.70
2
Apr
30
10
Shannon
.36 .36 •.35 .45 •.35 .45
100
•.32 .45 *.31 .45
1 Aug
.10 June
25
:South Lake
0.15 .75 •.15 .50 •.15 .75 *.15 .75 0.15 .30
Dec
Mar
4
1
/
I
3
18
Jan
112
15
Jan
.90
25
Superior
8
11
4
/
lls
.11
134
25
4
/
*11 134
*Ps 134 *Ds 134
334 Feb
1 Jan 11 .65 Dec
.40 .50
.50 .50 •.45 .60
630 Superior & Boston Copper- 10 .40 Apr 23
.85 .65
*.45 .50
14 Feb
5 .30 Feb 18 85 Jan 28 .20 Oct
;Trinity Copper Corp
153 Aug
10 .10 Jan 24 .60 Feb 7 .30 Dec
Tuolumne Copper
_
24 Oct
8 Apr
314Mar 8
4Mar 5
1
2/
5
Utah-Apex Mining
-;21-2 214
258 258
*222 -176 •212
3 Mar
1 .01 Jan 3 .01 Jan 3 .01 Dec
. Utah Consolidated
Ills Feb
I .30 Feb 21 .45 Jan 4 .25 Dec
100, Utah Metal & Tunnel
- -.3-8 .38 O.30 .38 *.30 .38 •.30 .38 •.30 .38
4 Feb
1
2/
25 .15 Apr 24 .75 Jan 3 .60 Aug
.15 .15 •.60 .65
.65
162; Victoria
•.(1.5 .69 *.85 .90
Dec
Mar
134
.10
10
Mar
.35
6
Feb
.13
25
15. Winona
.20 .20 •.15 .30 •.15 .30
•.12 .30 •.15 .30
1 Mar
.20 Mar 4 .20 Mar 4 .10 Dec
25
Wyandot
I
•____25
.25
.25
•
.25
.25
Ex- div and tights. s Ex-dlv. Ex-stock div. a Assessment paid e Price on new basis.
SEX-tight,
•Bid and asked prices; no sales on this day
5001
APR. 26 1924.]
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange April 19 to April 25, both inclusive:
Prida5
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Bonds-
Range since Jan. 1.
Low.
High.
Amer Tel & Tel 45_ _ _1943
100% 100% 82,000 10055 Apr 10055 Apr
55
1943
9955 99%
500 99% Apr 9955 Apr
AtIG&W 1 SSL 5s__1959 52
50
52
79,500 42
Jan 53
Feb
Chic J Ry & US Yd 581940
93
94
4,000 924 Jan 95% Feb
E MassSt RR ser A 445'48
61% 61% 4,000 59
Feb 63
Mar
SerB 55
1948
66
67
250 60
Jan 674 Apr
Hood Rubber 75
1936 100
100 100% 12.000 100
Jan 102
Feb
Houston Lt & Pr 58_ _1953
88
88
Apr 88% Mar
2,00
88
K C Sou ref & Impt 55_1950 92% 924 92% 6,00
9255 Apr 9235 Apr
K C din & Spfld 1st Ss '25
93
93
4,00
85
Jan 93
Apr
K C Mem & 114s
1934
88
1,00
88
Jan 90
87
Mar
Mass Gas 44s
1929 96% 96% 97
9455 Jan 97
6,00
Apr
4558
1931
93% 9455 11,000 91
Jan 9454 Apr
Miss River Power 58_ _1951 9355 93
9335 12,000 92
Jan
9355
Mar
New England Tel 5s_ _1932 984 9855 9855 3,000 97
Jan 9855 Jan
Pere Marq ser A 5.9._ _1956 94
94
94
3,000 94
Apr 94
Apr
-Silver Dyke 78
1928 99
99
99
1,000 9835 AP
99
Apr
Swift & Co 55
1944 9534 9555 96
15,500 95
Apr 9755 Feb
Warren Bros 7355---1937
114 116
6,000 106
Jan 1244 Mar
Western Tel 58
1932
9755 9854 17,000 953.5 Jan 08% Apr
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange April 19 to April 25, both inclusive, compiled from official lists:
Stocks-
Friday
Sales
Last Week's Range for
Safe
of Prices.
Week.
Par. Price. Low. High. Shares.
.
,
w=V000N.VVO..V
00n== Or-Nn0
r-CONC .4,
0C4,1000DA W
==.0 .0W=N
.
NMN=
m
.
.
88
46
784
26
1734
-
--
--
50
38%
72
98%
22
164
145
555
22
50
98%
91
101%
106
9755
894
954
90
95
93
9755
0734
68%
4955
624
96
964
68
I
I
I
1
1
1
1
1
)
D
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Feb
Mar
Air
Mar
Jan
Apr
High.
5535
37
7355
274
112
82
3155
2536
2655
114
101
110
119
814
Apr
Feb
Feb
Apr
Feb
Feb
Feb
Jan
Mar
Jan
Apr
Apr
Mar
Jan
Mar
Jan 106
Feb 48
Apr
Apr 82
Jan
Mar 27
Jan
Apr 1855 Feb
87
Jan 934 Feb
23% Mar 25
Feb
76
Jan
Jan 83
104
Jan 1064 Apr
19% Feb 21
Mar
0.0.00=00V
000..WM...
.M
-
BondsAtlan Coast L (Conn)
Cart 5-20 45
1925
98% 98%
Consol G E L & P 4451935
9334 93%
Series A 65
1949 103
103 103%
Series C 78
1931
107% 107%
Series E 5555
1952 994 9954 994
Consol Coal ref 44s_ _1934
93
93
Elkhorn Coal Corp 68_1925 97
97
Fair & Clarks Trac 55_1938 91% 91% 97%
91%
Fairmont Coal 55_ _ _1931
96% 96%
Md Elec Ry 1st 55_ _1931 95
95
95
North Ball Trite 58_._1942
9755 9734
Penna Vat & Pow 55.1940
United Ry & El 45_ _ _1949 69% 9855 984
694 70
Income 45
1949 4955 4955 50
Funding 5s
1936 714 71% 72
65
1927
96
96
65
1349
964 903-i
Wash Balt & Annan 551941 70%
70
7035
Low.
46
21
53
26
109%
7334
26
2455
2455
2108
101
r10434
11555
8934
00.3
8006'66g1663gg
0000=00000
0.0
.t.0..Vm..W.V.
0.=.
0
S .
.
.
Arundel Sand & Gravel_100 54
54
54
Ba 1 more Tube
100
25
25
Preferred
100
65
55
Beuesch (1), pref
25
2635 265-4
Ches & Pot Tel of 13alt_100 110% 11034 11034
Commercial Credit
25
81
81
Common2655 27
Preferred
2
.
5
2434 244
Preferred B
25 2555 25% 2555
Congo'Gas E L & Pow.100
111% 112%
655,% pref w I
101 101
7% preferred
100 108
107 108%
8% preferred
100 118% 118 119
Consolidation Coal__ _ _100 71
70
71
Eastern Rolling Mill8% preferred
100
99 100
Equitable Trust Co_ _ _25 48
48
48
Fidelity & Deposit
50 753.4
7855 7854
Finance Co of Am pref _ _25
26
26%
Finance Service Class A.10
17% 18
Houston OilPreferred trust ctfs_ _100
87
87
Mfrs Finance 1st pref-25 244 244 24%
Maryland Casualty Co--25 80
7934 80
March dr Min Tr Co._ -100 105
105 10655
Monon Vali Tree pref __25
19% 20
Mt Vernon Woodb MillsPreferred v t r
100
60
51
New Amst'd'm Gas Co-100 38% 38% 3855
Northern Central
50 72% 72% 73
Penna Water & Power-100
10954 110
Silica Gel Corp v t coin-,
2355 24
United Ry & Electric._ _50
16% 17
U S Fidel & Guar
50
145 145
Wash Bait & Annan_.- -50
5%
555 5%
Preferred
50
22
22
West Md Dairy Inc pref 50 50
50
50
Range since Jan. 1.
Feb 60%
Apr 40
Apr 74
Jan 111
Apr 30%
Jan 18
Apr 155%
Apr
7
Apr 28
Feb 50%
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Apr
Jan
Jan
Apr 98% Apr
Jan 94
Apr
Jan 1034 Feb
Jan 108% Feb
Jan 99% Apr
Jan 93
Apr
Jan 97% Apr
Jan 92
Jan
Mar
Jan 97
Jan 9555 Mar
Apr 974 Apr
Feb 984 Apr
Mar 724 Jan
Apr 52% Jan
Jan 75
Jan
Apr 97
Jan
Apr 9934 Jan
Mar 71% Jan
Philadelphia Stock Exchange.-Record
of transactions
at Philadelphia Stock Exchange April
19 to April 25, both
inclusive, compiled from official sales lists:
Stocks
Friday
•
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Alliance Insurance
10 3334
American Elec Power--50 29% 3334
27%
Preferred
100
83
Amer Gas of NJ
100 80
79
American Milling
10
10
American Stores
• 28% 28
Brill(JO)Co
100 99% 99
Cambria Iron
SO 3855 3855
Congoleum Co Inc
• 4055 3955
Como'Trac of N J__100 43
3355
Elsonlohr (Otto)
100
35
Preferred
100
85
Eleo Storage Battery_ _100
553.4
•
Erie Lighting Co
2434
General Asphalt
100
33
General Refractories
• 47
47
Giant Portland Cement_50
8
Insurance Co of N A_ _ _ _10 53
5234
Keystone Telephone_
50
635
Preferred
50
26
Lake Superior Corp_ _100
3
Lehigh Navigation
50
6734
Lehigh Valley
50
40%
Warrants
2635
Lehigh Val Coal stock ctfs_
284
Lit Brothers
10
224
Little Schuylkill
3955
ao
Penn Cent Light & Pow_ •
594
Pennsylvania Salt Mfg_ _50 83
82
Pennsylvania RR
44
50
Phila Co (Pitta)
50
43
Preferred fetsmul R./..1 An ------42
3334
29%
84%
80
10
2934
103
39
4135
43
40
86
583.4
2555
3394
47
84
53
634
27
355
68
41
29%
2855
23
394
5955
83
4455
43
424
5
9,110
232
49
15
6,864
945
165
815
554
1,171
95
689
168
400
330
193
154
100
181
220
265
408
875
61
SOO
29
124
2.960
30
50
Range since Jan. 1.
Low.
32
22%
7755
7755
8
28
85%
38%
• 3935
31
35
85
5555
234
33
46
3
4834
635
26
3
64%
3955
2534
284
2255
39
57
82
424
43
42
Jan
Apr
Mar
Apr
Feb
Apr
Jan
Apr
Apr
Feb
Apr
Apr
Apr
Jan
Apr
Apr
Mar
Jan
Jan
Apr
Apr
Jan
Apr
Apr
Apr
Apr
Mar
Jan
Apr
Jan
Apr
f..
High.
35
29%
8494
86
10
32
123
41
88%
43
614
98
63%
2534
4535
534
93-5
56
7%
30
455
70
72
3234
284
2334
40
60
89
4634
46%
AA
Feb
Apr
Apr
Jan
Feb
Mar
Jan
Mar
Feb
Apr
Jar
Jar
Feb
Apr
Feb
Feb
Mar
Feb
Feb
Jar
Jar
Jar
Jar
Fet
API
Aim
Jar
Jar
Fel
Jar
Fob
11Aft,
2027
Friday
Sales
Last Week's Range for
ofPrises.
Sate
Week.
Stocks (Concluded) Par. Pries. Low. High Shares.
Phila Electric of Pa__ _25
Warrants w
Preferred
25
Phila Germ & Norris__ _ _ 50
Mina Rapid Transit_
50
Phila Traction
50
Reading Company
50
Warrants
T000-Belmont Havel__ _ _1
Tonopah Mining
1
Union Traction
50
United Cog of NJ
100
United Gag Impt
50
Preferred
50
Warwick Iron & Steel_ _ _10
BondsAmer Gas & El 55_ _ _ _2007
ConsolTrac NJ let 551932
Elec & Peon tr ctfs 4s_1945
General Refrac 68._ _1952
Inter State Rys coil 451943
Keystone Tel 1st Ss_ _ 1935
Leh Val gen cons 45..2003
Nor Cent 2d ser A 55_1926
Pennsy consol 45
1943
Congol 4558
1960
Peoples Pass tr ctfs 45 1943
Phila Co cons & stpd 55 '51
Phila. Elea 1st 5s
1966
53551947
5558
1953
68
1941
Reading general 48_._1997
Spanish Am Iron 6s_ _1927
Unitei Rys g tr ctfs 451949
R 1,8 in et 58_1926
30
30%
3% 335
30% 31
119 119
35
35%
5935 59%
53% 54
3755 38
4
34
1% 155
1%
38% 39
19235 193
64% 63% 6455
55% 56
56
84 835
835
88
63
7055
100
100%
100%
10555
84
89
66% 68
64Si
63
100 100
44
44
77
77%
78
78
9934 9955
90
90
9655 96%
7055 7055
91% 9135
98 100
1003-4100%
10055 10155
1053-410534
90% 9055
100 100
54
54
954 954
Range Once Jan. 1.
Low.
High.
4,023 2955 Mar 33% Jan
3
3,863
Mar
355 Mar
136 2935 Mar 33
Jan
5 11854 Apr 119
Apr
1,397 35
Jan 39
Jan
55 5955 Apr 64
Jan
250 53% Mar 7834 Jan
15 32
Mar 44% Jan
3.100 7-16 Apr 11-16 Feb
450
155 Jan
1% Feb
335 3855 Apr 43
Jan
85 18754 Jan 193
Jan
1.480 5855 Jan 6655 Mar
237 5555 Jan 5734 Feb
205
8
Jan
855 Jan
$9,200 84
Mar
22.000 61% Jan
7,700 6255 Jan
1,000 100
Feb
13,000 44
Feb
6,000 75
Jan
3,000 7654 Jan
3,000 994 Apr
5,000 8855 Jan
3,000 9655 Apr
2,00
6955 Jan
5,000 8855 Jan
42,60
97
Feb
20,000 993-4 Jan
49.500 98% Jan
15,000 103% Jan
1,000 8754 Jan
1,000
2,000 54
Mar
1,000 93 I Jan
89%
69
66
100
45
82
78
99%
90
96%
7035
92
101
102
102
105%
91%
10155
55
96
Apr
Jan
Mar
Feb
Feb
Feb
Jan
Apr
Apr
*pr
Ayr
Mar
Mar
Mar
Mar
Feb
Jan
Jan
Mar
Mar
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange April 19 to April 25, both inclusive,
compiled from official sales lists:
Stocks-
Frlaay
Sales
Last Week's Ra ge for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares
Amer Pub Serv prof _ _ _100 8694 8555 8755
532
American Radiator
25
96
96
50
Armour &Co(Del) pfd _100 87
864 8755
415
Armour & Co prof
100 76
69
76
2,339
Armour Leather
15
4
4
5
290
Preferred
100 73
76
76
24
Balaban & Katz v t a_._ _25 43% 38
43% 7,921
Preferred
100
8534 89
195
Fassick-Alemite Corp_ _ _ _• 3054 2934 30%
4.275
Beaver Board pfd ctis_ _100
1% 14
60
Borg & Beck
* 24
2255 24
1,053
Bridgeport Mach Co com_•
8
8
10
Central III Pub Serv pfd _ _• 85
85
85
242
Chic Motor Coach com_ .5
129 135
750
Preferred
100 88
84
88
5,460
Chic Nipple Mfg Co"A"50 38
36
3955
150
Class "II"
50
16
1755
225
Com Chem of Tenn"B" •
12
12
100
Commonwealth Edison 100 127% 12634 12755 1,295
Rights
5%
5% 555 16,450
Consumers Co pref ___ _100
60
60
10
Continental Motors_ _ _ _10
6%
6
6% 3.555
Crane Co pref
100
10834 109%
65
Daniel Boone Wool MI11825 2434 2134 2654 22,895
Decker (Alf) & Cohn Inc.•
17
18
60
Deere & Co pref
100
64
65
110
Diamond Match
100 118% 11734 11835
265
Eddy Paper Corp (The)--•
1734 19
35
Fair Corp(The) pref __ _100
1013.41013-4
15
G111 Mfg Co
•
634 7
175
Godchaux Sugar com_ _•
5
5
594
310
Go8sard, H W,prof
_100
2434 25
195
Great Lakes D & D_ __ _100 8355 81
8355
320
Hart,Schaff & Marx= 100
126 126
60
Holland American Sugar 10
4
4
100
Hupp Motor
10 1235 11
4,080
1234
Hurley Machine Co
• 4834 48
4934
559
Illinois Nor Utll pfd_ _100
84
85
180
Independent Pneum Tool _•
70
7535
65
Internal Lamp Corp_ _25
1
675
134
Kellogg Switchboard_ _ _ _25 37
37
39
391)
Libby, McNeill & Libby _10
4%
435 474 1,100
Lyon & H ealy, Inc, pfd.100
9734 9735
10
McCord Rad Mfg Co"A"• 31
30
31
720
McQuay-Norris Mfg
•
15
15
200
Middle West Util com _ _ _• 5155 5155 5154
773
Preferred
100 8534 8555 8655
472
Prior lien preferred_ _100 9734 9655 98
582
National Leather
10
2%
23.4 255
400
Philipsborn's Inc tr certif.1
134 135
400
Pick (Albert) & Co
10 1835 1755 1835 1,730
Pines Winterfront A
5 2055 194 2155 1,425
Pub Serv of Nor III com _• 10055 10055 101
210
Pub Serv of Nor III com.100 10055 10055 101
185
Preferred
917-5 9134 92
245
Quaker Oats Co
100
250 260
155
Preferred
100
100 100%
495
Real Silk Hos Mills
10 31
625
293.4 31
Reo Motor
10
. 1834 16%
975
Sears-Roebuck corn_ _ _100
8035 8035
100
Standard Gas& Electric_ _• 3235
1,285
3234 3234
Preferred
50 48
1,710
Stewart-Warn Speed com.• 7255 4734 4834
37,044
6834 73
Swift & Co
100 102
10155 1023-4
1,912
Swift International
15 2035
19
21
7,840
Thompson (J II) com_ _25 44
4255 44
995
Union Carb & Carbon_ _ _10 57
5.5% 5735 5,450
United Iron Works v t c-50
3
3
10
United Lt& Pr corn A W la• 2934
2935 30
130
Common CI B WI a_ _• 32
32
324
160
Preferred CI A w 1 a_ _ _* 78
7535 793.4
310
Preferred CI B w i a_ _ _• 44
44
4455
78
United Lt & Pr 1st pf.
..100 77
76
77
35
U S Gypsum
20 84
79
84
1,350
Preferred
100 107
107 107
35
Wahl Co
• 36
3534 36% 1,904
Wanner Mall Castings._ _•
22
100
Ward. Mont & Cow 1..20 2334 22
2234 23% 2,740
Class A
•
660
Western Hnitt, Mills Inc_ _• 10634 106 107
35
50
34
Wolff Mfg Corp
•
5
5
740
Wrigley Jr corn
• 36% 3534 3654 11,495
Yellow Cab Mfg CI B-- -10 5635 4535 57
60,901
Yellow Cab Co Inc(Chic)
* 4835 45% 5334 41,255
BondsChic C & Con Rye 5s._1927
50
50
$5,000
Chicago Rye 53
1927 75
75
75
4,000
53, Series A
1927
6155
5,000
6134
Commonw Edison Ss. _1943
Swift & Co 1st 5 f g 55_1944 9855 9854 98% 5,000
9555 98
8,000
Yellow Cab Mfg Accept
6555. w I a
1934 9934 9935 9935 62,000
• No par value.
Range since Jan. 1.
Low.
High.
8555 Apr
96
Jan
86
Mar
69
Apr
4
Apr
76
Apr
38
Apr
8534 Apr
28
Apr
14 Feb
2254 Apr
8
Apr
85
Jan
129
Apr
84
Apr
35
Apr
16
Apr
12
Apr
1264 Apr
54 Mar
60
Apr
6
AP
1073.4 Mar
2155 Apr
17
Apr
64
Apr
117
Apr
1794 Apr
10155 Apr
63.4 Mar
5
Apr
2334 Apr
7955 Apr
118
Jan
4
Ma
11
Apr
48
Apr
84
Jan
70
Apr
1
Mar
37
Apr
435 Apr
9734 Jan
30
Apr
15
Apr
43
Jan
8355 Mar
94
Jan
234 Jan
134 Feb
1755 Apr
1955 Apr
9955 Jan
100
Jan
9155 Apr
250
Apr
9955 Jan
2935 Apr
1535 Mar
8035 Apr
3034 Jan
47
Jan
67
Apr
10155 Apr
19
Jan
4235 Apr
5534 Apr
3
Jan
2934 Apr
Apr
32
7534 Apr
4335 Apr
7554 Apr
78
Apr
10255 Jan
3555 Mar
2034 Mar
2235 Apr
106
Apr
h Jan
5
Apr
3534 Apr
4535 Apr
45% Apr
90
Jan
102
Jan
9355 Jan
84
Feb
755 Mar
7855 Mar
51% Jan
Mar
100
3834 Jan
155 Feb
Jan
31
123.5 Mar
89
Jan
195
Feb
95
Jan
483-4 Mar
2234 Jan
1435 Jan
136
Jan
53' Apr
65
Jan
8% Jan
11234 Jan
38
Jan
19
Jan
75
Jan
12094 Jan
3534 Jan
103% Jan
18
Jan
8
Jan
30
Jan
89% Jan
126
Mar
4% Mar
1734 Jan
5334 Jan
8634 Jan
8035 Jan
Jan
9
47
Feb
634 Jan
100
Feb
373.4 Feb
203-4 Jan
5734 Mar
89
Jan
9934 Jan
4% Jan
234 Jan
2134 Jan
22% Mar
Apr
103
Apr
103
9955 Jan
295
Feb
101% Jan
3335 Feb
19% Jan
9535 Feb
3434 Mar
4835 Jan
101
Jan
10555 Mar
2255 Jan
5034 Jan
8334 Feb
434 Jan
3234 mar
3455 Apr
80
Mar
46
Mar
81
Jan
99
Jan
107
Apr
42
Jan
2534 Feb
3034 Mar
112
Jan
1
Jan
8% Jan
40
Jan
96
Jan
6435 Jan
Apr
50
743.4 Jan
5855 Jan
95
Jan
9555 Apr
5534
7935
6235
99
97%
Jan
Jan
Feb
Mar
Feb
9934 Feb9955 Jan
THE CHEONTCLE
2028
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange April 19 to April 25, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.' Week.
Sale
Par. Price. Low. High. Shares.
a
..V.O.
W004 ,
.-1
-.C4
C. ,
00mo.no4ow
.4oc,r4gNgouloovg0
-,4C4
NO.N.m.MNVt..004 ,
.
00
N...-4 ,
OnerM02
..CONCI,
.7
.0
1-a...0..4m:
9%
9
Am Vitrified Prod, com_50
Am Wind Glass Mach_ _100 8834 8834 8834
107 107
Am Wind Glass Co, pf _100
54
5
Arkansas Nat Gas, com_10
133% 133%
Bank of Pittsburgh, N A.60
Carnegie Lead & Zinc_ _ _ -5
544
511 5%
50
2834 3034
Citizens Traction
221 221
Dollar Savings & Trust _100
9
8
Indep Brewing, pref_ _50
109% 110
Jones-Laugh Steel, pref.100
26% 27
25 27
Lone Star Gas
514
50 514 51
Mfrs Light & Heat
934
9
9%
Nat Fireproofing, com_ -50
50 234 22% 233.(
Preferred
25 31% 31% 31%
Ohio Fuel Supply
23%
23
Oklahoma Natural Gas_ _25
3
2
3
Pittsburgh Brew,com_ _ _50
50
714 734
716
Preferred
99
98
Pittsburgh Coal, prat_ _100
Se
Sc
Pittsb & Mt Shasta Cop _ _1
74 74
74
5
Pittsburgh 011,E Gas
226 240
Pittsburgh Plate Glass_100 226
7% 8%
Salt Creek Consol Oil_ 10
31
26
Standard Plate Glass_ _ _ _• 27
99 100
Stand San Mfg,com_ _ _100 99
11
11
10
Tidal Osage 011
25 27% 27% 28
Union Natural Gas
23
23
25
U S Glass
West'house Air Brake_ _ _50 89% 88% 90
Range since Jan. 1.
Low.
9
8834
107
5
132%
2%
28%
218
614
104
2634
51%
7%
20%
31%
22%
134
474
94%
Sc
734
209
7%
25
98%
10
244
23
84
Apr
Apr
Apr
Apr
Jan
Apr
Apr
Mar
Apr
Mar
Jan
Apr
Jan
Jan
Apr
Jan
Jan
Jan
Mar
Mar
Apr
Jan
Apr
Jan
Jan
Jan
Feb
Apr
Feb
High.
13
9634
112
7
133%
5%
3934
221
3
110%
28%
5434
94
24%
3334
25%
8
7%
100
11c
9%
265
104
39
110
18
29%
25
96%
Jan
Feb
Feb
Jan
Apr
Apr
Apr
Apr
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Mar
Jan
Feb
Apr
Jan
Feb
Mar
Jan
Mar
Jan
Jan
Jan
Feb
Jan
St. Louis Stock Exchange.-Record of transactions at
St. Louis Stock Exchange April 19 to April 25, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Tast Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares
First National Bank
Merchants-Laclede Nat._ 265
Nat Bank of Commerce.... 142
396
Mercantile Trust
Mississippi Valley Trust_ ..- ..___
11%
United RYs com
Carleton Dry Goods pref_ ______
Chicago fly Equip pref__- - __ __ __
ELY & Walker Dry Gds com 21
1st preferred
81
2d preferred
Fulton Iron Works corn- 34
Hydraulic Press Brick pref.
International Shoe corn-- _ -__
116
Preferred
Kennard Carnet pref
Laclede Gas Light pref_ _ _
96%
Mo Portland Cement
Nat Candy corn
Rice-Stix Dry Gds 2d pref.
Scruggs-V-B D G 1st prof__
St L Rky Mt & Pac Vt_ _ _ ___
Southwestern Bell Tel prat- 105
Wagner Electric corn
5334
Johnson-Stephen Shoe_ __ _
BondsSt Louis & Subur fly 55United Rys 4s
Stamped
66%
199 199
265 265
142 143%
396 396
260 260
11% 11%
100 100
26
26
21
21
1024 10234
81
81
34
34
684 68%
7434
73
116 116%
102 102
72% 724
96% 96%
82
82
102 102
844 84%
20
20
104% 105%
27
26
5334
53
Range since Jan. 1.
Low.
15
16
44
1
3
310
40
24
100
11
30
105
45
273
150
3
35
57
20
1
5
100
52
65
98
199
Apr
Feb
280
Apr
139
396
Apr
Apr
256
9% Mar
100
Apr
25
Feb
Apr
21
101 . Mar
Apr
81
Apr
34
614 Jan
Apr
73
1154 Jan
Apr
102
70% Mar
Apr
94
80
Apr
102
Apr
84% Apr
Apr
20
103
Mar
Apr
26
Jan
35
99
99
83,000
66% 66% 5,000
63
63
1,000
98% Feb
Mar
61
61
Jan
IVI
AR
0 AAA
A012
X...
High.
201
265
147
398
265
114
108
26
24
103
83
3534
69%
7944
118
102
74
1104
92
102
86
20
1054
344
5714
Feb
Apr
Feb
Feb
Jan
Jan
Jan
Apr
Jan
Feb
Jan
Mar
Mar
Jan
Feb
Apr
Apr
Mar
Jan
Apr
Mar
Apr
Apr
Jan
Mar
09
67
63
Apr
Apr
Apr
ze A
in ...
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from April 19 to
April 25, 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.
Friday
Sales
Last Week's Range for
of Prices
Sale
Week.
Par. Price. Low. High. Shares.
Week ending April 25.
Stocks-
Indus. & Miscellaneous.
10
Acme Coal Mining
Amalgam Leather, prof 100
Amer Cotton Fab,pre/-100
Amer Cyanamid.com _ _100
Amer Gas & Elec, com___*
50
Preferred
American-HawallanSS__10
Amer Lt & Trac, com__100
100
Preferred
Amer Multlgraph com •
Amer-Pow & Lt,com_-100
Armour & Co of 111, pf__100
Armour Leather, pref_ _100
Atlantic Fruit& SUS W I -0
Blyn Shoes,Inc.,com _10
Borden Co,common_ 100
100
Preferred
Bridgeport Machine Co- •
Bet-Amer Tob ord bear_S1
Ordinary registered_ _il
10
Brooklyn City RR
Candy Products Corp____2
Car Ltg & Power,com_25
Centrifugal Cast Iron Pipe*
Chic Nipple Mfg Cl A..50
50
Class B
Childs Co, new stock---•
Cities Service, com----100
100
Preferred
Stock scrip
Cash scrip
•
Bankers shares
Cleve Automobile, corn..'
com-_100
Power,
Colorado
•
Com'wealth Pr Corp
100
Preferred
•
Continental Tobacco
•
Cuba Company
100
Cudahy Packing
Curtiss Aeropl ctfs of int__
Doehler Die Casting wl - •
Dubiller Condenser & Rad•
Dunhill International_- •
•
...,.
• No par value.
94
64%
914
125
75
1111,
37
1844
34
14234
7334
1434
34
77
20
3334
1 itu
1% 1%
100
50
50
250
9734
97
800
94
93
20
61% 64% 2,200
4145 424
400
9% 934 1,700
122% 128
385
93
93
10
22
22
100
20
235 235
75
72
210
30
7314 74
134 134
400
1034 10% 1,000
120% 122%
105
104 104
25
8
8%
400
22% 2234
700
22% 22%
100
12
12%
800
114 lull 12,800
111 134
300
2534 28
1,000
37
38
200
18% 18%
100
3334 34
500
440
14134 143
7234 7334 1.100
87 810,000
87
71
71
34,000
1434 1,800
14
18
18
200
3234 3414
680
77
80
73
20
7634 77
2114' 2234
900
36
3734
400
10
57
57
20
100
20
2134 2234 2,200
3034 3334 10,900
23% 24% 2,300
1644 1914 6.100
Range since Jan. 1.
Low.
High.
Jan
3
134 Jan
50
Apr 60% Jan
Mar
Jan 98
95
Atn•
93
Apr 94
4334 Jan 6834 Apr
41% Apr 43% Feb
Jan
8
Apr 14
11834 Jan 135% Mar
91
Mar 9344 Apr
Mar
21
Jan 25
Apr
Jan 250
202
Mar
72
Apr 83
Feb
7334 Apr 76
134 Apr
214 Feb
934 Feb 1334 Feb
Jan
11734 Mar 126
Mar 104
Ain
100
8
Apr 1234 Mar
2014 Jan 2234 Feb
2134 Feb 2244 Apr
Jail
1034 Jan 14
11,, Apr
234 Feb
134 Apr
2% Jan
2534 Apr am Jan
35
Apr 4034 Jan
1834 Apr 22% Jan
Jan
3334 Apr 37
141
Apr 155
Feb
674 Jan 7834 Mar
77
Jan 98
Feb
Jan
71
Mar 74
13% Apr 18
Jan
18
Apr 2334 Jan
2234 Feb 344 Max
56
Feb 8044 Apr
75
Apr
Mar 77
2134 Apr 2634 Jan
854 Jan 4034 Feb
Mar
57
Apr 59
Apr
Apr 20
20
2I34 Apr 2234 Mar
1034 Jan 3314 Apr
23% Apr 28341 Jan
1113,4 An, Stall .T.r.
[Vol,. 118.
Friday
Safes
Last Week's Range for
Sale
of Prices
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Elec Bond & Sh, prof_ _100
Electric fly Securities
•
Fairbanks Morse & Cow l•
Gillette Safety Razor__ --•
Glen Alden Coal
•
Goodyear Tire 6; R,com100
Grand 5-10-25c. Stores--•
Griffiths(D W),class A_ •
Havana Tob,pf ctf dep 100
•
Hazeltine Corp, w
•
Hayden Chemical
100
Hudson Cos. pref
Hudson & Manh.com 100
100
Preferred
Imperial Tob of GB & I El
Intercontinental Rubb.100
Internat Concrete Indus 10
Kresge Dept Stores, com_•
Landover Hold Corp,el A 1
Lehigh Power Securities_.•
Lehigh Val Coal Sales_ _ _50
Leh Vail Coal ctfs, new, w 1
Libby. McNeill& Libby_10
McCrory Stores warrants_
loo
Mengel Co
Mercurbank(Vienna)Am sh
Mesabi Iron Co
Middle West Utilities- _100
Midvale Co
Miss River Pow com- _ _100
Motor Products, pref_ _ _ _•
•
National Tea corn
New Mex & Ariz Land1
N Y Teiep 6%% Pref-100
Otis Elev-new common.50
Paige-Detroit Mot Car__10
Peerless Truck & Motor.50
Pyrene Manufacturing_ _10
Radio Corp of Amer.coin..
5
Preferred
10
Reo Motor Car
6
Repetti. Inc
Republic fly & L, Pref_100
Rosenb'm Grain Corp,pf50
Safety Car Heat & Ltg_100
Silica Gel Corp com v t c..•
Singeralanufacturing-100
Southern Coal & Iron..__5
Standard Motor Constr_10
Standard Plate Glass. •
Stutz Motor Car
100
Swift & CO
15
Swift International
Tenn Elec Power. cora-*
•
Second preferred
Timken-Detroit Axle___10
Tob Prod Exports Corp._'
Todd Shipyards Corp_ _ _•
Union Carbide & Carbon.'
Unit Bakeries Corp, coin.*
100
Preferred
United Profit Sharing__ -1
Unit Retail Stores Candy-'
United Shoe Mach,com_25
rU S Cities Corp, el A_ _10
US Light & Heat,com10
10
Preferred
Univ Pipe & Rad coin_ •
Ward Corp Cora ci B___ .*
•
Class A
100
7% preferred
Waring Hat Mfg
Warner Bros Pictures
5
Wayne Coal
Woodward Iron, com__100
Yel Taxi Corp. NY.new'
Former Standard 011
Subsidiaries
Anglo-American 011_--£1
Borne Scrymser Co_ _100
50
Buckeye Pipe Line
Chesebrough Mfg.new_ _25
Blair & Co.Interim rcts_
25
Continental 011
Cumberland Pipe Line_100
100
Eureka Pipe Line
omena-Signal 011, com-100
Humble Oil & Refining-25
100
Illinois Pipe Line
Imperial Oil(Can) coup.25
50
Indiana Pipe Line
Magnolia Petroleum__ _100
National Transit.._ _12.50
New York Transit_ -100
Northern Pipe Line__ -100
25
Ohio Oil
25
Penn Mex Fuel
100
Prairie Oil& Gas
100
Prairie Pipe Line
100
Solar Refining
100
South Penn 011
Southern Pipe Line--100
So West Pa Pipe Lines.100
Standard 011(Indiana)._25
Standard Oil (Kansas) _25
25
Standard 011(KY)
Standard Oil(Neb). -100
Standard 011 of N Y----25
Stand Oil (Ohio) com--I00
100
Swan & Finch
25
Vacuum 011
10
Washington 011
98%
280
92
10
49%
1544
26
14%
1514
9
4844
57
774
29
34
25
356
7
110
74%
1314
11
3%
4,ns
1734
23%
9c
21
32
54
444
46
56%
4%
3434
76c
1
17%
80
8
2144
Range since Jan. 1.
Low.
97% 984i
220 97
11
11
10 11
26% 27 .
200 26%
279 282%
530 269%
88% 9234 2,300 76%
9% 10
8%
800
49% 52
1,000 35
14 1%
1%
100
44 444
4
300
14% 15% 2,300 13
1% 1%
1%
300
23
26
5,300 17%
14
1514 5,000
9%
53
53
100 47%
1514 154
100 15
2% 3% 1,000
2%
1114
9
9
400
47
48% 1,200 41
9
9
9
100
54% 57
1,400 33
76
78
275 75
28
304 12,800 26%
414
4%
200
27
2744
300 27
32
34
200 25
1134 11%
300 11%
5
5
4%
600
51% 5154
20 51.44
22
224
800 18
25
25
10 19
4734 48
700 46
352 363
370 322
6% 7% 6,200
334
109% 110
650 109
74% 75
300 7214
13
13% 1.000 13
20
20%
400 18%
11
114
400 1034
314 3% 8,200
344
4% 43.4 3.600
4
164 1734
900 16
60c 80c
300 50o
52% 52%
10 44
48% 48%
200 48
101 101
10 101
2234 24
500 2044
130% 13034
20 125
7c 100 31,000
6o
234 214
234
600
27
31
600 27
8
8
200
7
101 103
100 101
1944 21
600 1844
31% 33%
800 174(
60
6034
ao 49%
5% 54 2,500
4%
4% 4% 2.800
3%
46
500 43%
473.4
5614 56%
100 56%
52% 54
1,300 43
88
88
100 85
300
6
644 634
434 4%
4
600
34% 34%
200 34%
23
23
200 18%
76c 80c
800 70o
1
990
700 990
1244 13%
300 12
16% 18% 4,800 14%
225 52%
67
70%
80% 4,500 79%
80
7
100
6
6
8
8
900
814
45c 460
2,000 43c
72
200 72
78
17
8,500 17
23
Jan
Mar
Apr
Mar
Jan
Jan
Feb
Apr
Mar
Feb
Jan
Feb
Mar
Mar
Jan
Apr
Apr
Jan
Apr
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Feb
Jan
Apr
Jan
Mar
Apr
Apr
Apr
Mar
Apr
Jan
Mar
Mar
Jan
Feb
Apr
Feb
Jan
Apr
Jan
Apr
Apr
Jan
Mar
Jan
Jan
Apr
Feb
Jan
Apr
Feb
Jan
Apr
Mar
Apr
Jan
Mar
Apr
Apr
Apr
Jan
Jan
Apr
Apr
Apr
Apr
Als
High.
Mar
100
12% Mar
Mar
28
282% Apr
Apr
93
11;4 Jan
Apr
52
Apr
3
434 Mar
1751 Mar
214 Jan
Apr
26
1544 Apr
Apr
53
15% Jan
Feb
5
124 Jan
5344 Mar
Feb
13
6141 Apr
89% Feb
3544 Jan
Jan
6
Feb
33
Apr
34
Jan
14
834 Jan
51% Apr
25% Mar
Apr
25
49% Apr
Apr
370
Apr
10
Jan
112
Apr
78
Feb
18
28% Jan
13% Feb
4% Jan
4% Jan
18% Jan
134 Jan
52% Apr
Jan
50
Apr
101
Jan
35
Jan
148
Jan
17o
2% Mar
38% Feb
15% Jan
Feb
105
Jan
22
Apr
34
6334 Apr
7Si Jan
5% Feb
Jan
55
63% Feb
Jan
62
Jan
89
7% Feb
534 Jan
36% Feb
24% Feb
13.4 Jan
144 Jan
17
Jan
22% Jan
81% Feb
85
Feb
8% Jan
12% Jan
Jan
93
83
Apr
39% Jan
Feb
3,600 15% Jan 18
16% 15% 17
Jan 265 mar
ao 155
220 222
Apr 85% Jan
360 80
z6314 z63% 66
50% 5034 54% 1,600 50% Apr 52% Mar
Apr 52% Apr
52
52
1,100 52
42% 42%
300 42% Apr 54;4 Jan
40 11044 Jan 144
Feb
130 130
Feb 105
Jan
80 95
96
9534 96
Mar 6944 Jan
150 57
57
58
6944
394 36% 40% 3,300 85% Jan 43% Mar
131 136
Apr 161
Jan
138
60 130
Apr 119
Jan
103
99 104% 4,120 09
Feb 100
320 88
Jan
92
88
Apr 162
Jan
185 135
135 137
137
2114 21% 1,480 2114 Apr 2744 Feb
75
Apr 97
Jan
77
60 73
Jan 107% Jan
240 94
96 100
63
6034 6374 2,300 60% Apr 7934 Jan
Apr 43
Jan
36
35
200 82
223% 215 229% 8,465 215
Apr 269
Jan
102 104% 1,445 100
Feb 111
Jan
104
Jan
186 194
Jan 230
180 183
Apr 171
Jan
420 130
130 136
Jae
170 90% Feb 100
9534 94
9514
Jan
Feb 89
84
20 80
83% 84
58% 56% 69% 119,200 55% Apr 6844' Jan
6044 Jan
41% 40
42
3,500 3944 Ma
Jan
105
102% 10834 7.000 102% AP 120
227 238
Jan 256% Jan
380 199
Jan
40
38% 40% 10,700 384 Apr 48
Jan
299
280% 299
280 280% Apr 335
Jan
Jan 81
51
48
6014 6,430 36
61% 58
61% 20,300 56 Si Jan 6934 Feb
Feb
Jan 29
20 25
28
28
Other Oil Stocks
___ 1
Allen 011
Arkansas Nat Gas, COM-I0
Atlantic Lobos Oil, corn_ _•
3%
Carib Syndicate
a
Creole Syndicate
5%
Engineers Petroleum Co- _I lie
5
Federal 011
Gilliland Oil v t c
10
Glenrock 011
25 60
Gulf Oil Corp of Pa
Gulf States 011,1; Ref_ ---5 77c
1
Hudson Oil
4e
International Petroleum.' 19
•
Kirby Petroleum
Lago Petroleum Corp...
314
1
Latin-Amer 011
Livingston Petroleum___'
1%
Lynne Petroleum
•
margay 011 Corp
1%
1
Marland 011 of Mex
Mexican Panuco 0i1 - _10
Mexico 011 Corporation-10
1
Mountain & Gulf 011
Mountain Producers----10 18%
Mutual 011 vol trust &A.& 10%
5%
New Bradford Oil
10c
5%
3%
4%
4%
10o
20e
2%
35c
57%
77c
4c
17%
1%
3%
150
1
27c
I
244
134
120
14
17)4
104(
5
10c
5%
34
4%
644
120
27c
2%
35e
60
1
4c
19%
134
3%
22e
1%
270
1%
244
1%
14e
1%
1911
11
514
1,000 100
544
700
3
300
434
1,600
234
56,600
3o
92,000
8,000 20o
144
300
1,000 300
6,500 5744
1,300 770
So
2,000
24,200 17%
1%
200
2%
17,500
2,000 15o
7.700 600
1,000 260
1,300 85c
2%
100
300 700
8,000 12o
2,200
134
29,800 16
98,800 10%
414
4.900
Apr
Mar
Mar
Apr
Jan
Mar
Apr
Jan
Jan
Apr
Apr
Jan
Apr
AP
Jan
AP
Mar
Feb
Jan
Apr
Jan
Mar
Jan
Feb
Apr
Feb
350
7
6%
5%
13o
600
5%
60e
65
2%
70
223i
2%
444
134
45c
1%
4%
144
800
144
19%
1344
61(
Jan
Jan
Jan
Jan
Apr
Apr
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Apr
Jan
Apr
Jan
Apr
Jan
Mar
Jan
Jan
Jan
APR. 26 1924.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
Other 011 Stocks.
Sate
ofPrices.
Week.
(Concluded) Par, Price. Low. High. Shares
New England Fuel Oil_-5
New York 011
25
Noble(Chas F)O&G,com_l
Ohio Ranger
1
Oklahoma Natural Gas_ -25
Omar 011 & Gas
10 68c
Peer 011 Corporation- •
Pennsylvania Beaver 011_1 44c
Pennok Oil
10 15
Red Bank 011
25 23%
Royal Can 011 Syndicate.*
4
Ryan Congo' Petrol
•
434
Salt Creek Cons Oil
10
Salt Creek Producers- -10 2534
Sapulpa Refining
5
Seaboard 011 & Gas
5 600
Sunstar Oil
20c
TidalOsage Oil non-vot stk*
Turman 011
10
Western States 011 & Gas_ I 20c
Wilcox Oil& Gas
1
Woodly Petroleum CO....
9%
22
11%
8c
40
22
68c
1%
40c
14%
22
3
4%
8%
23%
22
12%
8c
130
2254
700
155
44c
lb%
25%
4%
4%
8%
25%
2%
59c 70c
170 20c
10% 10%
5
554
190 22c
535 6
935
200
500
2,000
12,000
200
1,200
400
9,000
4,600
6,600
16,500
100
2,700
27,900
11,800
31.800
26,000
100
200
16,00
15,300
4,400
Low.
20
934
70
20
22
bbe
38c
12%
555
234
355
8
19%
82e
59e
150
4%
lbe
7
Jan
Jan
Jan
Jan
Apr
Feb
Apr
Apr
Jan
Jan
Apr
Jan
Feb
Feb
Jan
Apr
Apr
Feb
Jan
Apr
Ayr
Apr
High.
29
14
16c
60
25
800
6
62c
15%
2534
455
5%
10%
25%
255
2
20e
14
8%
30c
8%
10
Feb
Feb
Feb
Apr
Feb
Jan
Jan
Feb
Jan
Apr
Jan
Mar
Jan
Apr
Mar
Jan
Apr
Jan
Jan
Jan
Feb
Apr
MiningStocks
Alamo Gold Mining
Black Oak Mines Co
630
Butte & Western Min'g....1 lbc
Calumet & Jerome Copp_l
Canarlo Copper
10
234
Candalaria Silver
1
Central Amer Mines. Inc.1
Comstock Tunnel
Comet Copper Mines- _1
Consol Nevada Utah
Cortez Sliver
1 37c
Crackerjack Mining
Cresson Con Gold M & N.!
1
Crown Reserve
Davis-Daly Min stpd
69c
Diamondf 111 Butte (reorg) 13c
1
Divide Extension
1
Emma Silver
Engineer Gold Mines Ltd-5 14%
1
Eureka Croesus
5c
First National Copper_ _ 5
Goldfield Deep Mines__ _5c
Goldfield Development_
1
Goldfield Florence
Gold Zone Divide
Great Bend Mining
40
Hard Shell Mining
1
Hamill Divide
10c
Sc
Hada Mining
250
8%
Hilltop-Nevada Mining..!
20
Hollinger Cons Gold Mhz.5 12%
Howe Sound Co
1
Independence Lead Min- _1
Iron Blossom Con'Min_ _ _1
Jib Consol Mining
Jim Butler TonoPab
2c
Jumbo Extension Mlning_l
Kay Copper Co
1
1%
Kelly Extension Mining_ _ _
10c
Kerr Lake
Lone Star Consolidated-1
Mammoth Divide
Marsh Mining
1
Sc
Mason valley Mines
5
Metals Production Co__
2
National Tin Corp
50e
Nevada Hills
Nevada 01ifilr
New Cornelia
New Dominion Copper._ _5
2%
New Jersey Zinc
100
New Sutherland Divide_
Nipissing Mines
5
6
Ohio Copper
1 70c
Plymouth Lead Mines_ _ _1 459
Premier Gold
1%
Ray Hercules, Inc
Red Warrior
30e
Reorg Div Ann M
110
Rex Consol Min-See Note below
Rocky Mt Smelt de Ref
jli
Preferred
Silver Horn M de D
Silver King Coalition
Silver King Consolidated_
Silver King Div (Roorg) _ _
4c
South Amer Gold & Plata
3%
Spearhead
1
40
Standard Sliver-Loath _ A
Took-Hughes
1
Temiskaming
Tintic Standard Mining_ _1
Tonopah Belmont DeveLl 550
Tonopah Divide
1 27c
Tonopah Extension
1
2%
Tonopah Mining
1
United Eastern M1111132_1
United Verde Extension 50o
U S Continental Mines_
-----Unity Gold Mines
Utah Apex
5
Walker Mining
Wenden Copper Mining- _
West End Consol
5 55e
West End Extension Min _
40
Western Utah Copper_....1 25c
5
Yukon Gold Co
750
570
150
8c
75c
100 69e Feb 78c Apr
630 14.700 37e Jan 63e Apr
150 1,000 10c Mar 550 Jan
10c 5,000
70 Feb 100 Jan
25,e 3,900
2% Mar
Jan
2
lc
lc 7,800
lo Feb
30 Jan
155
134 Mar
200 87e Jan
220
24c 3,000 18e Jan 24c Apr
Wee Feb
3,300
1% Jan
5c
50 1,000
Sc Feb
be Apr
50c 133,100 330 Apr 700 Mar
33c
it
lc 2,000
Sc Jan
lc Apr
311, 3%
4% Jan
Jan
40
550
550
10
bbc Apr 7be Jan
69c
69c
100 69c Apr 69c Apr
12c
140 143,00
4o Jan 14c Apr
3c
3c 3,000
Sc Feb
2c Mar
it
lc 4,000
lc Jan
lc Jan
13% 14% 2,300
Mar 1455 Apr
c
.30 14,000
be Apr lbe Jan
200
250 1,00
20c Mar 300 Jan
3c
3c 11,00
3c Mar
80 Jan
4c
Sc 3.00
4c Apr 100 Jan
15c
18e 6.000 11c Mar 42c Jan
60 7,000
(ic
40 Mar 120 Jan
4c
4c 2,000
4c Apr
40 Apr
lc
lc 13,000
lc Feb
5c Jan
4c
7c 71.000
2o Jan
70 Apr
8% 8% 2,100
9% Mar
8% Jan
2c
2c 1.000
10 Feb
7c Mar
12% 12% 1,30
11% Mar 12% Apr
254 2%
255 Mar
200
3
Jan
Sc
12c 34,000
80 Apr 18e Feb
280
280 1,00
280 Apr 32c Jan
240 19,000 150 Mar 50c Feb
19c
20
2c 4,00
2c Apr
3c Jan
20 1,00
2c
2,) Apr
30 Jan
13to 151 80,30
Apr
1
1511 Apr
400 13,500 10o Apr 75e Mar
tOe
1% 1%
50
1% Mar
255 Jan
4c
40 11,000
2o Mar
70 Jan
40
40 1,000
40 Apr 110 Mar
8c 1,000
Sc
8c Apr 13c Jan
1% 1%
100
Feb
1% Jan
1% 2
5,200
2
1% Feb
Apr
70 2,000
7c
7c Apr 14c Feb
21c
24c 10.000
Sc Jan 25e Apr
bc
Sc 5,000
50 Mar 14o Feb
17% 18%
400 15% Jan 18% Feb
2% 2% 6,600
3
Mar
134 Jan
13555 140
20 135% Apr 151% Jan
1,000
Sc Ayr 11c AP'
,
5% 635 1,400
6% Mar
534 Jan
68c
700 16,600 800 Mar 86e Jan
400 3,000 30e Jan 46c Apr
45c
100
131 1%
1% Apr
2% Jan
13c
lbc 3,000 10o Mar 33e Feb
200
350 17.000 210 Jan 48e Feb
10c
tic 8,000
6c Mar 15c Mar
1
1
lc
50c
4c
355
3c
10e
155
23c
4in
52c
27c
62c
24%
11c
155
2
3
155
530
40
200
66c
155 9,200
155 2,800
lc 8,000
2%
500
63c 1,700
4c 2,000
900
335
Sc 11,000
lie 4,000
1316 5.200
25c 5,000
45to
200
550 2,300
280 7,000
2,1e 3,300
400
64c 1,600
25
200
13c 3,000
1%
500
2%
500
355 1,100
Pie 6.700
550 6,800
be 10,000
300 6,000
660
400
1
1
lc
2%
50c
20
Apr
14
Ayr
1%
Feb
Sc
Apr
3%
Feb 60c
Jan
5c
Jan
4
20 Jan
80
100 Jan 160
Apr
1%
23c Apr 310
47 a
4
Mar
50e Jan 750
27c
Apr 40c
134 Jan
Tee
1% Jan
11516
610 Apr
1 is
2334 Feb 29
Ilc Apr 20o
1
Jan
234
2
Ayr
355
2
Apr
834
1
Apr
1%
530 Apr 86e
30 Jan
Sc
260
Apr 40c
600 Feb 80o
Apr
Apr
Jan
Feb
Jan
Apr
Feb
Feb
Jan
Jan
Jan
Apr
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Bonds
Allied Pack 89 Ser B-_1939 71% 71
72% $22,000 70
Jan 84
Convertible deb 6s-1939
60
60
10,000 60
Apr 7034
Aluminum Coot Am 78233
106% 107
5.000 105% Max 10734
1925
7s
102% 102% 17,000 101% Jan 103%
Amer G & E deb 69-2014 9435 04
94% 70,000 94
Feb 9534
Amer Light & Trac 69.1925
104% 104% 3,000
Jan 106
Amer Rolling Mill 69.1938 99% 99% 99% 21,000 103%
98% Apr 100
Am Sumatra Tob 750 1925 94% 91% 944 43,000 78
Mar 99
American Thread 69_1928
102% 102% 1,000 101% Jan 102%
Anaconda Cop Mln 69-1929 101% 10155 101% 5,000 101
Feb 102%
Anglo-Amer 011 7559-1925
101% 101% 19,000 101% Mar 102%
Assoc Simmons Harlin,6%
1933 90
90
90% 154,000 89
Mar 9334
Atl Gulf& WISS L be 1959 51% 5055 51% 43,000 42
Jan 53
Beaver Board Co 88...1933 72% 72% 73
11,000 70
Jan 79%
Beth Steel equip 7s... _1935 1034 103% 10354 21,000 102% Feb
103%
Canadian Nat Rya 711_1935 108% 108% 108% 29,000 106% Jan 108%
be
1925
100 100
2,000 9955 Jan 1004
Charcoal Iron of Am 89.'31
87
87% 2,000 85
Apr (51
Chic RI & Pao 5%9..1926
99% 99% 6,000 97% Jan 9955
Cities Service 78 Ser B 1966
12155 12354 8,000 11835 Feb 124
79 Series C
1966 9455 94
94% 32,000 89
Jan 95%
7s Series D
1986
91
014 30,000 87% Jan 9134
78. Series E
1966
101 101% 8,000 101
Apr 102%
Columbia Graphop 89_1926
Y Tr Co panic certits_
18
18.000 15
18
Feb 19
2029
P rtaay
Last Week's Range Sales
Sale.
ofPrices.
for
Price. Low. High. Week.
Range since Jan. 1.
Jan
Jan
Jan
Mar
Jan
Mar
Feb
Feb
Jan
Jan
Mar
Feb
Feb
Jan
Max
Apr
Mar
Feb
Jan
Mar
Mar
Mar
Mar
Jan
Bonds (Concluded)-
Range slue Jan. 1.
Low.
High.
Cons G E L & P Balt 69 49
102% 103% $28,000 1013,4 Jan 104
Feb
79
1931
1074 10755 17.000 1053.4 Jan 10834 AM
5558
1952 995
9934 9934 6,000 93
Jan 9935 Jan
Consol Textile 8s
1941 79
79
8534 31,000 7535 Apr 97
Jan
Coat Pap do Bag M 6%s'44
9234 9234 36,000 9234 Apr 95
Feb
Cuban Tel 7559
1941
106% 106% 6,000 106% Jan 107
Feb
Cudahy Pk. deb. 53.591937 84
84
8534 23,000 84
Apr 8855 Jan
Deere & Co 7559
1931 99% 9934 100
27.000 9935 Apr 101% Feb
Detroit City Gas 69_1947 100% 10034 101
16,000 9934 Jan 101% Feb
Detroit Edison 69_ _ _1932 10334 10334 104
45,000 10234 Jan 104% Mar
Dunlop T&R of Am 7s-1942 91
90
91
46,000 90
Apr 94
Feb
Duquesne Light 5558 _1949 9954 9934 9955 163,000
9951 Mar 100
Mar
Federal Sugar 69
1933 9755 9734 98
35.000 9734 Jan 10054 Jan
Fisher Body Os
1925
10034 100% 1,000 100
3dar 101
Feb
6s
1926
10034 100% 1,000 9934 Jan 101
Feb
8s
1927
10034 100% 6,000 9834 Jan 10054 Apr
68
1929
9934 10055 57,000 9754 Jan 10635 Feb
Galr (Robert) Co 7,5_1937 9655 9655 9735 10,000 9534
Jan 100
Alid
Galena-Signal Oil 79-1930
104% 1054 25,000 10434 Jan 10534 Feb
General Asphalt 8s_ --1930 104% 104 10434 14,000 10234 Mar
Jan
General Petroleum 69-1928 9634 9634 9634 24,000 9434 Jan 10534
Jan
97
Grand Trunk Ry 6556-1936 1064 106% 106% 3,000 10534 Jan 10731
Apr
Gulf Oil of Pa be
1937
94% 9535 17,000 94
Jan 96
Jan
Hood Rubber 713
1936 100
100 100
11,000 100
Apr 102
Feb
Internat Match(334s.-1943
93
933.5 25,000 9235 Jan 94
Jan
Kan City Term Ry 5559'26
100% 11055 2,000 1003,4 Jan 101% Mar
Kennecott Copper 79_1930 104% 10435 105
23,000 103
Jan 105
Jan
Lehigh Power Secur 69 1927
Jan 9974 Apr
9934 9934 31,000 96
Lehigh Val Barb Term 59'54
19,000 9534 Jan 9834 Mar
9734 98
Libby,McNellktel1bby79'31 100
100 1004 16,000 9834 Jan 101
Feb
Manitoba Power 7s_ --1941
9755 9734 1,000 9534 Jan 9834 Jan
Market St Ry 79
1940
99% 100
24,000 98
10054 Feb
Feb
AI St P de S S NI 555s_ _1949 85
85
85
2,000 85
Feb
Apr 88
Morris& Co 7%s
1930 9635 9634 9935 19,000 9634 Apr 10034 Feb
National Leather 8s-1925 9655 96
9634 37,000 92% Apr 101
Mar
Nat Rys of Mex 6% notes_
49
49
.1000 49
Apr 49
Apr
New Orl Pub San,be_ _1952 8434 8454 84% 33.000 8134 Jan
8534 Jac
Nor States Pow 6349 w 1'33 99
9855 9934 202,000 98
Mar
Jan 100
Ohio Power bs
1952 8755 86% 88
5,1,000 8435 Jan ea% Feb
Park & Tllford 6s
1936 91
8934 01
51,000 84
Apr
Feb 91
Penn Pow & Light bs B252 8935 89
8934 27,000 8734 Jan 9035 Apr
Phila Electric 5%9_1953 100% 10034 10035 9,000 9835 Jan 101
Mar
1947
5348
100% 100% 4,000 98% Jan 101
Feb
Phillips Petrol 754,,__ _1931
Without warrants
100
100 10255 3,000 100
Mar
Apr 103
Public Service Corp 78 1941 10634 106% 10634 71,000 101
Jan 10754 Mar
Pure Oil Co 6559
1933 95
9431 954
9234 Jan 9634 Mar
Shawsheen Mills 79-1931 10234 10254 10334 78,000
20,000
Jan 10434 Mar
Sloss Sheffield S & I 69 1929 9935 995.5 9935 12.000 102
97
Jan 10035 Mar
Solvay & Cle (is
1934 99
99
9935 22,000 99
Apr 994 Apr
South Calif Edison 58_1944 9074 9034 9055 2,000 89% Jan 91
Max
Stand 011 of N Y 6%9_1933 10655 10634 1064 19,000 105% Jan lom Jan
7% serial gold deb_1925 101% 101% 10134 15,000 10134 Mar 102
Jan
7% serial gold deb-I926
104 104
8,000 104
Apr 105
Jan
7% serial gold deb_ _1927
105% 105% 1,000 105
Feb 106
Jan
7% serial gold deb--1926
10534105% 24,000 105
Jan
1063,4
Feb
serial
7%
gold deb-1929
106 10634 11,000 105% Mar 106% MM
7% serial gold deb-1930 106
106 1064 8,000 105
Feb 10734 Mar
7% serial gold deb_1931
10634 106% 4,000 106
Mar 109
Feb
Sun Co 78
1931 10135 10135 102
17,000 10134 Jan 10234 Apr
1929
6s
9936 99% 5.000 98
Feb 993,4 Jan
Swift & Co 5a__Oct 15 1932 9155 9134 92
64,000 91
Jan 9334 Jan
Tidal-Osage Oil 7s__ _ _1931 104
10334 104
16,000 10155 Jan 104
Jan
Union El L&P of I115559'54 95
94% 9534 95,000 94% Apr 96% Jan
Union 0116s,Ser B_ 1925 100% 100% 100% 32,000 100
Jan 100% Jan
Serial 6s, Series B..1928
100% 100% 1,000 10054 Mar 100% Apr
United 011 Produc 89-1931 633,4 63
71
39,000 63
Apr 79% Feb
Unit Rys of Havana 7346'36
107 107
22,000 105% Jan 10734 Apr
Vacuum 011 78
1936 10634 1063' 106% 25,000 106
Jan 10734 Jan
Valvoline 01165
1937
101% 101% 1,000 10155 Apr 103
Feb
WebsterM1119655%notes'33 100% 100% 101% 26,000 10034 Jan 102
Jan
Foreign Government
and Municipalities
Mexican Govt 4s
1945
Certificates of deposit_
tls 10-year Ser A elf dep.
Netherlands(Kingd)69/3'72
Peru (Republic of) 88_1932
Russian Govt 6559-1919
Certificates
5345
1921
Switzerland Govt 5555 1929
90%
99
1334
13
12
32
5435
90
99
1334
13
12
97%
1
32%
5455
9134
994
1534
1454
12
98
24,000
10,000
30,000
6,000
52,000
17,000
10,000
65,000
2834
5034
91
973,4
9
10
955
9755
Jan 34
Mar 5534
Mar 963.4
Jan 99%
Jan 2034
Jan 2055
Jan 19
Apr 100
Feb
Feb
Jan
Apt
Feb
Feb
Feb
Jam
• No par value. k Correction. in Dollars per 1.000 lire flat. I Listed on the
Stock Exchange this week, where additional transactions will be found. o New
stock. s Option sale. w When issued. x Ex-dividend. y Ex-rights. s Ex-stock
dividend.
r Sold last week and not reported,300 shares U.S.Cities Corp., el. A.at23+23%
Note.- Sales of Rex Consol Mining reported last week was an error. There were
no transactions last week.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Rate.
June 15 1924Sept.15 1924._
Mar.15 1925._
Mar. 15 1926.-Deo. 151925...
Sept.15 1920...
June 161925...
534%
63,4%
431%
434%
444%
434%
454%
Bid.
Asked.
100ho 10no
1001rio 100181,
100,111
101h. 101,14
100% 100%
100% 100%
100% 100%
Maturity.
Int.
Rate.
Dee. 15 1927-Mar.15 1927-.lune 15. 1924...
Dec. 15)924...
Mar.15 1925.--
434%
434%
4%
434%
4%
Bid. Asked.
10134
101%
10M
100%
100,11
101%
102
100%
10034
100ho
CURRENT NOTICES.
-Samuel McCreery & Co., Philadelphia, announce that their private
New York telephone has been so arranged that they may be reached by
calling Canal 2042-3-4.
-L. D. Stanton & Co., members of the New York Stock Exchange.
announce that Albert V. Fischer has been admitted to the firm as a general
partner.
-Bortle & Co.,investment bankers,announce that Harry S. Ronaldson•
formerly manager of the bond department of the National Bank of Commerce, has joined the firm.
-Morgan, Livermore & Co. announce the removal of their uptown office
to 41 East 42d St.
-Stroud & Company, Inc., announce that Edward B. Robinette has
been elected President of that firm.
-The Hibernia Securities Company, Inc., announces the removal of it"
New York office to 150 Broadway.
-The Seaboard National Bank has been appointed transfer agent of
the capital stock of Botany Consolidated Mills, Inc.
-Daniel ICiely of Maly & Horton has returned from a Mediterranean
tour.
Investment antl
2030
gallium' Intelligente.
RAILROAD GROSS EARNINGS
roads from which regular weekly or monthly returns
The following table shows the gross earnings of various STEAM
the latest week or month, and the last two
earnings
gross
the
give
of
figures
columns
son be obtained. The first two from Jan. 1 to and including the latest for
or month. The ref urn i of eleetrie railways
week
°damns the earnings for the period
page.
subsequent
in brought together separately on a
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Jan. 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
393.460
446,536
240,119 203.917
Akron Canton & Y. February
568,217
564,141
282,834 249.306
Ma & Vicksburg__ February
980 13363589 147060467 138570323
Amer By Express_ _ November 13788
2d wk Apt 114.041 108.357 , .
Ann Arbor
14386032 14170447 28,912,397 30.619,347
Atch Topeka & S Fe February
. .
Gulf Colo & S Fe., February 2,111.186 1.624.530
767.037 517.732 1.573.701 1.141,040
February
Panhandle & S Fe
777,591
772.183
397.271 374.665
Atlanta Birm & Atl_ February
463.931
498.350
250.580 223,255
Atlanta & West Pt_ February
468,729
454,195
225,343
227,607
February
Atlantic City
15.577,671 14,382,207
Atlantic Coast Line_.Feoruary 8,210.779 7.266.476
393 36,947,728 39,249,363
Baltimore & Ohio., 1FebruarY 18497 990 18692
556.518
567.416
286.127 262.787
B &0Chic Term., February
987,067
706,808 490,118 1.344.732
Bangor & Aroostook February
22,290
16,454
12,471
9,121
Bellefonte Central February
566,427 552,255 1,123.868 1,173,070
Belt Ry of Chicago.. February
2.101.927
1.561.665
920,607
765.901
February
Erie
Bessemer tsc L
65.182
73.336
32.994
36,851
Bingham & Garfield February
12,617,574 12.244,159
Boston & Maine... February 6,301.900 5,931,100
268,023
234.550
129,790
121,684
Bklvn E D Terminal February
Buff Roch & Pitts 2d wk Apr 292,025 439.404 5.365,805 7,683,219
509.413
424.909
206,266 237,179
Buffalo & Susqueh_ February
Canadian Nat Rys_ 2d wk Apr 4,472,235 4,828.980 65,598.643 63,555,599
626.676
457,739
217,801 277.746
Atl & St Lawrence February
478,392
500.420
241,467 252,035
Ch Det Can G T J February
862.662
509.313 429.374 1.031.756
Det G H & Milw_ February
Canadian Pacific... 2d wk Apr 3,005.000 3,120,000 46,290,000 42,995.000
712.174 652.784 1,393.350 1,380,368
Caro Clinch St Ohio_ February
Central of Georgia February 2,250,892 2,157,738 4,341,057 4,317.485
4.055,034 8,503,854 8.419,606
4,151.766
February
Central RR of NJ.. _
658.847 511.986 1.317,990 1,032,625
Cent New England_ February
813.328 1,311.045 1.219.122
657.777
Vermont_
Central
617,456
623,028
329,489 306,420
Charles & W Caro_ _ February
Ches & Ohio Lines_ _ February 8,516,847 6.819,789 16,554,365 14,462,470
8,205,705
7,554.287
2,842,685
2,522.326
March
Chicago & Alton_ _ _
Chic Burl & Quincy_ February 13232456 13126287 26,259,122 28,310.324
Chicago & East Ill_ _ February 2.400,183 2.230,408 4.971,615 4,878,540
2,050,167 2,198,254 5,853,183 6,204.442
Chic Great Western March
2,762,911
Chic Ind & Louisa'..., February 1.428,042 1.332.156 2,779,095 26,816,921
12932916 12346682 25,327.749
February
Chic Milw & St Paul
Chic & North West_ February 1200544.1 11448293 23,521,736 23.978,873
261.871
220,318
111,589 101.180
Chic Peoria & St L_ February
628.832 567.099 1,249,838 1.207,306
Chic River & Ind__ _ February
Chic R I & Pacific_ _ February 9,674,590 8,563,837 19,053,526 18,930.248
832,960
494,176 354.456 1.009,505
Chic R I & Gulf.._ February
Chic St Paul M & 0February 2,324.856 2,066.761 4.560,017 4.487,681
794,840
730.374
373.850 367,913
Chic Ind & Western February
Colo & Southern_ _ _ February 1,022,372 906,624 2.136,734 2,014,836
806.681 646.819 1,688,831 1.379,471
Ft W& Den City_ February
293.953
344,795
166,854 128,329
Trin & Brazos Val February
201,656
354,876
92,553
175.133
Wichita Valley_ _ _ February
246,089
256,214
130,762 105.524
Colum & Greenville February
10,040,306
11,151,053
3,836,136
3,933,538
Delaware & Hudson March
7,402,00017,533,389 21.164.000 20,438.431
Del Lack & Western March
Deny & Rio Grande February 2.273.536'2,377.163 4,825,291 5,027,566
303,003
416.725
232.156 160,045
Denver & Salt Lake February
247,100
252.959
125,372 121,969
Detroit & Mackinac February
1.450,626
1.951,803
680,955
962,574
Detroit Tol & Iront_ February
646,136
666,125
356,368 275.582
Det St Tol Sh Line.... February
374.805
355,110
206,893 199.653
Dul & Iron Range_ _ February
279,195
256,754
137.598 146.192
Dul Missabe & Nor_ February
Dul So Shore & Atl_ 2d wk Apr 124,432 101,641 1,637.886 1,446,023
443,357
466,077
229,824
254.818
Dul Winn & Pacific_ February
408,413
430,919
205,586 205.448
East St L Connect'g February
4.296,146
4,148.721
88
2.183.391,2,016.4
February
Elgin Joliet & East
2,033.224 1,975,737
El Paso & South W February 1,002.6961 939,120 16,984,940
18,968,634
February 8,719.2699,316,309
Erie Railroad
2,425,802 1,967,666
611
946,194
Chicago & Erie_ _ February1,307,
242.330
245.445
120.028 117,438
NJ &NY RR_ _ _ February
298,858
353,403
170,201 137.179
Evan Ind & Terre H February
3,222,390
Florida East Coast_ February 2,238.839 1.724.118 4,042,983
263,114
238,561
122.704 128.153
Fonda johns & Glov February
260,861
254.885
118.293 119.065
Ft Smith & Western February
232.597
224.218
96,119 106.263
Galveston Wharf_ _ February
912,028
967.312
492.655 439.099
February
Georgia RR
507,952
527.377
wk
31,600
Apr
31,900
Georgia St Florida.... 2d
2.691,342
Grand Trunk West_ February 1,671,042 1,291.600 3,086,627 28.802,565
51
1,967,01824,729,9
.Apr
wk
1,769.337
26
System
Great North
195,202
249,280
88.245
124,237
Green Bay & West_ February
948,197
969,174
481.192 441,306
Gulf Mobile & Nor_ February
487,218
594,847
228,915
305,685
Gulf & Ship Island_ February
Hocking Valley_ __ _ February 1,254.825 1.124.374 2,487.6032.431.833
Illinois Central Syst February 14815335 14748987 29,926,562 31.344,108
,479
Illinois Central Co February 13083412 13334620 26,421,75527,968
Yazoo & Miss Val February 1,731,923 1,414.367 3,504,807 3,377,62.
2.253,277
2,626,985
1,025,829
1,309,300
February
Internal Gt North_ _
646.722
630.138
308.767 311.959
Intern By Co of Me February
209.572
294.215
146.893 106.205
K C Mex & Orient February
233,034
328,535
154,203 108.630
KG M & Or of Tex_ February
Kansas City South_ February 1,512,374 1,477,488 3,014,086 3,262.571
412,594
451,711
226.467
191.593
February
Texark & Ft Smith
1.751.9001,863,613 5.218.596 5,538,779
Total system_ _ _ _ March
490,869
387,973
227,701;
195.491
February
Gulf
&
Olda
Kansas
164,758
151,988
80.423
76,893
Lake Superior &Ishp February
157.818
151,009
79,571
75.379
Lake Terminal Ry February
428,716
515,426
261,970
February
208.728
R
Lehigh & Hudson
786,507
806,749
380.385 325,109
Lehigh St New Engl_ February
8,723,5286,198,228 18.534,379 16.027,545
March
Lehigh Valley
Los Ang & Salt Lake February 1.959,916 1.543.542 3,979,608 3,273.952
665,292
296.746 334,9491 614,306
February
Arkansas
&
La
643,649
287,814 289.684, 585.667
La Ry & Navig Co_ February
! 215,775
101,954
Louis Ry & N of T February
20.814,617
22.128.140
9.781,490
11415611
February
Nashville_
Louisv &
539,583
319.746 254,296
611,498
LouLsv Hend & St L February 1,801.721
1.406.849 3,409,840 2,923.398
February
Maine Central
732,214
339,684
723,998
347,165
February
Midland Valley....
Jan. 1 to Latest Date.
Previous
Previous Current
Year.
Year.
Year.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
a.836
S
134,633
153,895
12,735
2d wk Apr
Mineral Range
Minneap & St Louis 2d wk Apr 293,621 339,311 4,353,691! 4.939.249
1.875,753 2,068,288 5,356,660' 6,498,145
Mimi St P & S S M_ March
1,688,245 1,746.405 4,676,965! 4,709,486
Wisconsin Central March
3.563,9983,814.694 10,033,62511,207.631
Total system.......,March
307,7421 310.541
152,454 152,325
Mississippi Central_ February
5,493,976
Missouri-Kan-Texas February 2,587.525 2,526,002 5.199.276 3,238,839
M K Tex Ry of T February 1,569,840 1..517,917 3.256,728i 8,732,815
8,456,004
18
_
_
4.157,3654.043.9
_;February
Total system_
216,792
239,179
116,615 101,785
Mo & No Arkansas_ .February
Missouri Pacific_ _ _ _!February 9.376,227 7,601,442 18,915,835 16,373.470
6.192,825
5,833,326
2d wk Apr 392,339 405,243
Mobile & Ohio
390.3541 396.738
197.410 191,615
Monongahela Conn_ February
367,283' 443,632
March
108.558 182,841
Montour
Nashv Chart & St L February 1.997.142 1,820,018 3,889.752 3,749.141
69,330
63,6631
4,326
26 wk Apr
4.079
Nevada-Calif-Ore
167,8141 109.126
58.621
88.411
Nevada Northern February
321.843
325,143
171,602 162,020
Newburgh & So Sh_ February
479,7211 448.250
247,291 213.044
New Orl Gt North February
533.982
490,428
226,150 258,750
N 0 Tex & Mexico_ February
401,746, 375.731
209,982, 191,304
Beaum Sour L & W February
826.121
1,139.280'
M
609.272 393,347
February
St L Browns &
890,591
4 Central_ _ February 29920312 29294 708 9,655,908 63
/
New Yor1
934.907 845.510 1,765,032 1.842,946
Ind Harbor Belt_ February
14,622,371
Michigan Central. February 7,560,150 6.747,799 4,652,819
C C C & St Louis_ February 7,402.398 7.091.158 4,522,547 15,466,970
820,433. 846,801
464.375 411,629
Cincinnati North_ February
Pitts & Lake Erie February 3,039.999 3,324.913 6.048,560 6.861,797
NY Chic & St Louis February 4,620,541 4,097,185 8,900,445 8,801,466
537.067
483,779
255.456 441.681
N Y Connecting_ _ _ February
NYNH& Hartrd_ February 9,690,100 9,278.493 9,711.274 19.190.049
1,807,968
1,805,600
&
915,688 846,129
NY Ontario West,February
755,8891 760,368
379,054 372,994
N Y Susq & Western February
765.726 696,651 1,500,398 1,380,288
Norfolk Southern February
Norfolk & Western_ March
8,708.092 7.776.122 23.838.785 21,273,785
Northern Pacific
February 7,264.439 6,534,900 13,870.587 14,422,913
968.287 1.043.504
_
Pac_
February
493.650 509.200
Northwestern
Pennsylvania Syst_ _ February 56219577 52702591 110297725 111071 907
Penn RR & Co..„ February 52778147 49476813 103445540 105125743
158,988
169,811
Ball Ches & Atl February..
Long Island
February 2,283:300
2,082,771 4,582,615 4,404,127
787,782
964,445
Monongahela,,.,.,., February
484,173 347,023
307.881
293.605
Tol Peoria & West February
150,552 151,899
W Jersey & Seash February
825,915 839,239 1,599,652 1,791,246
299,046
Peoria & Pekin Un_ February
172.579 135,281
Pere Marquette_
3,849,961 3,838,932 10,479,6921 10,348.036
March
188,304
194,637
83.658
February
92.059
Perklomen
270.775
188,171
91.679 120,005
Pitts & Shawmut__ _ February
293,975
203,246
110,950 130.973
Pitts Shaw & North February
509,728
633,195
329,644 244,155
February
Pitts & West Va
579.883
334,908
February
157,047 255.063
Port Reading
Pullman Co
5,981,746 5,572.223 5.981,746 5,572.223
January
214.031
183,537
86.363
87.374
Quincy Om & K 0_ _ February
February 7,789,064 8,244,951 15,421.683 17,562,171
Reading Co
1,840.687
1.976,758
876.991
983,214
Rich Fred & Potom_ February
956.082
500.172 457,884 1.002,834
February
Rutland
St Louis-San Fran 2d wk Apr 1.619.376 1,784,860 23,956,854 24,520.480
241,413
283,384
134,684 105,055
St L-San F of Tex February
210,198
242,755
91,101
103.362
Ft Worth dr Rio G February
5,556,461
4.644,000
1,939,911
1,567,000
March
St Louis Southwest_
637,888 558,372 1,360,693 1.274,123
St L S W of Tex_ February
Total system_ _ _ _ 26 wk Apr 484,383 564.914 7,489,343 8.584,415
148,288
159,307
76,074
72,238
St Louis Transfer— February
773,261
960,258
490,727 359.718
San Ant & Aran Pas February
157,264
245,749
76.236
131.069
San Ant Uvalde & G February
Seaboard Air Line February 4,826,860 4.542,476 9,578,697 9,030,207
22505532 22922088 64,584,846 63,371,345
South'n Pac System_ March
Southern Pac Co_ February 14619904 13245017 28.865,589 27,475,969
Atlantic SS Lines_ February 1,002.360 1,078.638 1.978,158 2,201.663
578.667
280,638 279.103
Arizona Eastern_ February
Gal Harris & S A_ February 1,973.315 1,676,989 4,033,723 3.568,315
Hous & Tex Cent_ February 1,107.049975,807 2,284 652 2,203,194
437,816
499,370
247.823 193.535
House E Sc W Tex February
759,503
742,
350,543 326,272
Louisiana West— February
665,316 690,845 1,374.254 1,585,869
Morg La & Texas February
714.518 628,789 1.466.166 1,378.393
Texas & New Orl_ February
Southern By System 2d wk Apr 3,598,377 3.971.688 53,518.396 56,109.011
Southern By Co February 11413351 11116966 22,755,544 23.169,380
804,247 819,191 1,611.609 1,710,714
Ala Great South_ February
Cin NO & Tex P_ February 1,796,276 1,741.934' 3,565,942 3,615.943
827.165
823,846
403,075 390.093
Georgia Sou & Fla February
990,348 1,146,151
487,088 537,848
New On & No E_ February
267.703
272,734
140.041 117.926
North Alabama February
192,337
91,048
90,2(1(1
178.836
Spokane Internat.'. February
656,337 534,162 1,316.740 1,154,844
Spok Port & Seattle February
330,623
199,711 152,889
397,724
Staten Island R T February
208.630 234.885
474,848
419,515
Tennessee Central_ _ February
767,112
400.624 364.416
827.283
Term R R Assn ofStL February
864.571
861,891
411,547 410,297
St L Mer Bdge T_ February
Texas & Pacific.... 26 wk Apr 577,585 572,841 9,078.134 8,917,783
204,133
99,478
78.157
Ulster & Delaware February
February 8,228,161 7.489,782 16,145:662 15.734,789
Union Pacific
Total System.,....., March . 15975677 16109459 46,335,881 45.139.154
Oregon Short Line February 2.720,281 2,628,899 5.536,533 5,707,097
Ore-Wash RR Sr N February 2,379,365 1,933,861 4,698,400 4,313.856
505,698
553,546
St Jos & Grand IsI February
288,554 239,327
814,532 770,825 1,640,046 1,716,075
Union RR (Penn) February
277,948
299,572
February
Utah
114,273 127,621
686,173
Vicks Shreve & Pac_ February
340,513 325,531
Virginian RR
February 1,726,535 1.511,968 3,263,684 3.120.147
Wabash RR
February 5,476,157 4.610.494 10.478,520 9,481.732
Western Maryland_ 2d wk Apr 342,717 477,099 5,735,007 6,401,921
Western Pacific_ _ February
859,519 795,070 1,792.11)0 1,6.57,672
466,686
526,103
Western Ry of Ala February
267,158 228,320
Wheel & Lake Erie_ February 1.567.753 1,039,119 3,064,674 2,127,860
AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Monthly Summaries.
Current
Year.
I Previous I Increase or
Decrease.
Year.
%
$
Mileage. Cur. Yr. Prey. Yr.
S
1S
235.186 235.472 545.583,898 447.983,8441+97.510.054 21.77
+393.178 2.46 Mai
18,359.3671 15,986.189
14.14
473.150.664'
+66.903.501
1st week Feb (10 roads)- — 540.054.165
June
236,883
236,739
8.37
16.095,412
+1.348,408
roads)---- 17,443.820
2d week Feb (15 roads)._
235.477 235.813 534.634.552 442,955,873 +91.678.679 20.70
_ 17.019.999 16,200.371
+819.628 5.06 July
3d week Feb 116
473.110.1381-90.181,967 19.00
563.292,105
August
235,696
235.357
6.91
+1.209.761
17,507.078
18.716,839
--roads)
499.720,5751+44.549.658 8.91
4th week Feb 15 roads)
—237,208 1.24 September - _235,611 236.526544,270.233 549,080.662,
---- 18,029.645 18.266.853
6.78
1st week Mar 16
—140,731 .78 October ....„235,608 236,015 586,328.886 522.458.2081 +37,248.224
... _ 17.950,789. 18.091.520
+7.648.500 1.46
530.106.708
2d week Mar 16 roads).
253.593
November
—253.589
2.47
+385,480
roads)._ 16,033,432! 15,647.952
3d week Mar (15 roads)— -- 15,605,021; 16.854.273 —1,249.252 7.31 December---235,379 235.555 493,099.550 512,312,354 —19.212,804 3.75
235,886467,887,013 501.497.837-33,610.824 6.70
4th week Mar (14
16.921.295' 18,682.807 —1,761,512 9.38 January —238.698
23...506 235.876 477.609.944 445.870.232 +31.939,712 7.16
1st week April (16 roads)---- 17.134.182' 18,727.128 —1.592,946 8.41 February
2d week April(16 roads)---and Pitts. Gin. Chic. & St. Louis included in Pennsylvania RR, Lake Erie & Western included in New York Central.
Note.—Grand Rapids & Indiana
in New York Chicago & St. Louis.
Toledo St. Louis di Western included
APR. 26 1924.]
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the second week
of April. The table covers 16 roads and shows 8.41% decrease from the same week last year.
2031
Gross
Earnings.
Net after
Taxes.
Fixed
Charges.
$
Balance.
Surplus.
East'n Shore G & E Co & Subs
Feb '24
49,391
19,363
10,687
8,676
'23
43,283
16,848
8,545
8,303
12 mos end Feb 29 '24
574,571
213,887
110.155
103,732
28 '23
508,876
Second Week of April.
169.431
70.961
98,470
Increase. Decrease.
1923.
1924.
Kansas City Power Mar '24
812,490
381.729
93,814
287,915
& Light
$
'23
$
787.113
$
$
374,607
297,439
77,168
12 mos ended Mar 31 '24 9,020,919 4,386.254 1,000,581
Ann Arbor
114,041
108,367
5,684
3,385,673
Buffalo Rochester & Pittsburgh
147,379
'23 8,243,065 3,820,348 1,020,957 2.799,391
292.025
439,404
Canadian National
4,472,235 4,828,980
356,745 Lake Shore Elec By Feb :24
238,205
46,490
11,251
35.239
Canadian Pacific
115,000
3,005,000 3,120,000
.328
35,988
456
35.532
Duluth South Short & Atlantic_
124,432
22,791
101,641
2 mos ended Feb 29 '24
480,799
97.211
70,759
26,452
Georgia & Florida
31,900
300
31,600
2 mos ended Feb 28 '23
415,050
78,059
71,061
6,998
Great Northern
197,681 Municipal Serv Co Feb '24
1,769.337 1,967.018
457.857
184,897
579
184.318
Mineral Range
9,836
12,735
2,899
'23
437,000
178,646
557
178,089
Minneapolis & St Louis
293,621
45,690
339,311
12
mos
ended
Feb
29
'24
4,854.484
1,846,554
6,865 1,839,689
Mobile & Ohio
392,339
12,904
405,243
mos
12
ended
Feb
28 '23 4,112,529 1.551.843
6,275 1,545,568
Nevada-California-Oregon
4,079
257
4,336
St Louis-San Francisco
863,479
1,619,376 1,784,860
165.484 Philadelphia It T Co Mar'24 3,855,366 *1,135,533
272,054
'23 3,903,356 *1.102,791
St Louis Southwestern
830.835
484,383
80,531
271.956
564,914
3 mos end Mar 31 '24 11,211,264 *3,240,178 2,594,856
Southern
373,311
3,598,377 3,971,688
645,322
'23 10,945,444 *3,145.902 2,501.727
Texas & Pacific
572,841
577,585
644.175
4,744
Western Maryland
342,717
134.382 Filth & Western
477,099
Mar '24
70,333
28,935
z15,917
13,018
Railway Co
'23
69,128
27,736
:15,564
12,172
Total (16 roads)
3 mos ended Mar 31 '24
17,134.182 18,727,128
36.4181,629.364
204,402
84,180
z47,523
36,657
Net decrease (8.41%)
1.592.946
197.738
79.075
33.560
:45,515
Washington Water Mar '24
433,255
52.552
252,165
199,613
Net Earnings Monthly to Latest Dates.-The table
Power Co
'23
407,006
52,231
232.165
179.934
3 mos ended Mar 31 '24 1.340,341
777,288
622.861
154,427
following shows the gross and net earnings for STEAM
'23 1.256,260
711,806
154,631
557,175
railroads reported this week:
* After allowing for other income.
-GrossfromRatImay- -Net from Ratluny- -Net after Taxes
z Includes taxes.
1924.
1923.
1924.
1923.
1924.
1923.
New York City Street Railways.
s
$
$
$
$
Chicago & AltonGross
*Net
Fixed
Net Corp.
2,522,326 2,842,685
CompaniesMarch
:522,456 :494,142
Revenue. Revenue. Charges.
Income.
FromJan 1_ 7,554,287 8,205,705
:1,105,749 z1,058,901
$
$
$
Brooklyn City
Pan '24
995,547
198,432
43,787
Chicago Great Western154.645
1
'23
987,924
248,411
2,050,167 2,198,254
53,072
195,339
March
:224,622 x190,126
From Jan 1_ 5,853,183 6,204,442
6,670
z438,379 x460 461 Brooklyn Heights (Jan '24
8,151
58,215 -50,064
(receiver)
1
7,222
'23
7,639
68,204 -60,565
Delaware & Hudson3,933,538 3,838,136
March
207.974
:415,248 x211,470 Bklyn Queens Co (Jan '24
55,306
50,419
4,887
& Suburban
1
'23
From Jan 1_11,151,053 10,040,306
217.896
z944,501 z-508,631
28,917
52,029 -80,946
Coney Island &
fJan '24
Delaware Lackawanna & Western220,427
45,979
27,615
18,364
Bklyn (roe)
7,402,000 7,533,389
March
1
'23
218.250
x1,354,000 :908,716
56,367
26,542
29.825
From Jan 1_21,164,000 20,438,431
z3,218,000 z1,247,875 Coney Island &
(Jan '24
5.482
-254
13,544 -13,798
Gravesend
Kansas City Southern System1
'23
5,506
917
13.523 -12,606
1,751,900 1,863,613
March
478,716
472,941
373,262 Nassau Electric
369,703
Wan '24
461,990
106,626
15,969
90,657
From Jan 1_ 5,218,596 5,538,779 1,518,847 1,528,413 1,191,787 1,232,168
1
'23
437,605
103,725
10,478
93,247
Lehigh ValleySouth Brooklyn
(Jan '24
87,664
23.464
23,957
-493
6,723,528 6,196,228
March
x1,264,425 2144,309
1
'23
100,513
2,924
33,662 -30,738
From Jan 1_18,534,379 16,027,545
z2,222,356-1738 144 Manhattan Bridge Pan '24
22,956
1,439
1,108
331
Minn St Paul & S S M System3c Line
1
'23
22,857
69
-157
226
March
3,563,998 3,814,694
z217,133 z118,735 Interboro R T SystemFrom Jan E10,033,625 11,207,631
:388,970 x980,134
Subway Division (Jan '24 3.476,650 1,514.855 1.060,645
454,210
Minn St Paul & S S M Co1
'23 3,317.938 1,273,889 1.033.552
240.337
March
1,875,753 2,068,288
z196,620 x102,131
Elevated Division(Jan '24 1,617,099
452,092
-172,403
624,495
From Jan 1- 5,356,660 6,498,145
x421,712 z809,041
1
'23 1,622,216
474,603
574,715 -100,112
Wisconsin CentralNew York Rapid /Jan '24 2,343,896
587,479
481,636
105,843
March
1,688,245 1,746,405
x343,247 x293,421
Transit
1
'23 2.067,205
584,567
44,482
540,085
From Jan 1- 4,676,965 4,709,486
z807,636 x779,463 Third Avenue By
(Jan
'24
1,211,708
199,619
226.391 --26.772
MontourSystem
1
'23 1,171.610
217,346
222,905
--5,559
March
108,558
182,841
-7,608
59,788 -11,400
48,819 New
York Rail(Jan '24
735,831
From Jan 1_ 367,283
51,561
226,388 --174.827
443,632
19,115
114,096
87,389
2,523
ways (roe)
1
'23
748,262
34,590
234.734 --200,144
Norfolk & WesternEighth
Avenue
(Jan '24
98,582 -11,886
March
11,783 --23,669
8,708,092 7,776,122
:1,836,350 :1,823,831
RR
1
'23
98,113 -20,400
11,039 --31,439
FromJan 1-23,838,785 21,273,785
z3,788,371 x3,517,071
Ninth Avenue RR (Jan '24
41,907
Pere Marquette-8,373
--9,974
1,601
1
'23
March
43,183 -12,341
1,694 --14,035
3,849,961 3,838,932
z694,862 x664,405
From Jan E10,479,692 10,348,036
(Jan '24
134,122
x1,542,954 z1,379.499 New York &
130,073
49.719
80,354
Harlem
1
'23
131,486
St Louis Southwestern126,136
76,576
49,560
March
1,567,000 1,939,911
(Jan '24
90,270
:324,000 x563,449 Second Avenue
5.403
18,324 --12,921
From Jan 1. 4,644,000 5,556,461
(receiver)
1,
x1,071,000 :1,570,417
'23
-4,753
79,740
16,770 --21.523
Southern Pacific SystemN Y & Queens
(Jan '24
53,996
7,348
25,454 --18.106
March
22,505,532 22,922,088 4,603,056 5,983,492 x2,789,068 x4,182,975
(receiver)
'23
57,534
1
-7,085
15,374 --22,459
From Jan 1_64,584,846 63,371,345 12,121,528 14,121,723 z6,935,142 x8,692,733 Steinway Railways (Jan '24
62,363
--225
4,276
4,051
,
Union Pacific System(receiver)
'1
'23
66,601
--4,577
3.627
-950
March
15,975,677 16,109,459 4,629,468 4,236,091 3,391,874 3,138,717 Long Island Elec.- (Jan '24
30.552
--9,309
3,540
-5.769
From Jan E46,335,881 45,139,154 13,093,489 10,557,642 9,386,303 7,267,642
tric
1
'23
25.879 -18.564
3.784 --22,348
x Net after rents.
N Y & Long Island fJan '24
39,283
7.922 --13.752
-5,836
(receiver)
1
'23
37.347 -19.794
8,466 -28.260
Electric Railway and Other Public Utility Net
Ocean
Electric
(Jan
'24
3.820
-246
17,984
--4,066
Earnings.-The following table gives the returns of
1
'23
15.423
--5.493
-1,187
4.306
ELECTRIC railway and other public utility gross and net Manhat'n & Queens(Jan '24
--4,822
32,129
10.327
5.505
(receiver)
1
'23
6.223
31.207
--4.563
10,786
earnings with charges and surplus reported this week:
Richmond Light & (Jan '24
04,180
--3.745
4,543
8,288
-GrossEarnings--NetEarnings
RR
1
'23
71,287
65,428
57.338
13,949
Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
* Includes other income.
-Deficit.
Alabama Power Co
Mar 721,366
608,615
331.458
264,210 ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S.
12 mos ended Mar. 31-- 8,429,320 6,176,145 3,887,977
2,820,353
AG& WI SS Lines Feb '24 2.152,592 *458.129
206,831
251,298
2 mos ended Feb 29 '24 4,290,409 *918,945
Latest Gross Earnings.
Jan. 1 to Latest Date.
418.599
500,346
Name of Road.
Bkln-Manh Transit Sys.Mar 3,472,376 :3,173,820
943,586
:1.017,560
or
Company.
Previous
Current
Previous
Current
mos
ending
9
Mar 31-_ -29,463.304z27,016,021 7,741,510 :7,273.533
Month.
Year.
Year.
Year.
Year.
Colorado Power Co__March
96,996
88,250
*49,532
*42,915
12 mos ending Mar 31_ -,. 1,283,858 1.049.049 *704.702 *549,818
$
$
$
$
Georgia By & Pow Co_ _Mar 1,381,703 1,324.377
Pow
Adirondack
&
Lt February
628,781 570,531 *7,000,300 *6.039.823
440,089
402,370
3 mos ended Mar 31_
4,206.227 4,080.281 1.358,760 1,159,399 Alabama Power Co.... March
721,366 608,615 *8,429,320 *6.176,145
Amer Elec Power Co_ January
Manila Electric Corp.. Mar 306,505
1822.404 1846,420 1.822,404 1,846,420
287,568
160,070
143,198 American Tel &. Tel__ January
636:4,877 5992,693 6,363,877 5,992.693
12 mos ended Mar 31__ 3,621,733 3,587,565 1,802,807 1,683,122
Appalachian
Pow Co.. February
312,483 271.700 *3,501,028 *3,030.884
Niagara Lockport & Ontario
Gas
Associated
&
Elec
February
300,333 244,446 *3,377,327 *2,661,056
March
Power Co
509,774
446,614 *269,551 *212,238 Atl Gulf& WI SS L__ February 2152,592
4,290.409
ending
Mar 31_ _ 1.541,842 1,371,862 *814.325 *633.398 kEtarcelona 'Fr, L & P
3 mos
February 4937,626 4495,111 9,936,722 9,350.575
Virginia By & PowCo March
885,438
875,421 *343,524 *342,962 Baton Rouge Electric February
*645.967 *597,114
53,143
59.136
3 mos ending Mar 31.... 2,678.552 2,619,639 *1.051,463 *1,056,800 Beaver Valley Trac__ January
60.379
58.790
58,790 60,379
Blackstone Val G & E January
* Includes other income
427,033
427,033 408,355
408,355
Boston "L" Railway_ January
z Earnings for Brooklyn Rapid Transit System.
3047,705 2998,297 3,047,705 2,998,297
Brazilian Tr Lt & P__ January
2128,1852025.480 2,128.185 2,025,480
Gross
Net after
Bklyn Heights (Rec)_ January
Fixed
Balance.
6,670
7,222
7.222
6,670
Earnings.
Taxes.
13-M-T System
Charges.
Surplus.
March
3472,376 3173,820:29463,304:27016,021
BklynQCo&Sub(Rec) January
217,896
207,974
207,974 217,896
lirklyn City RR_ _ _ _Mar'24 1,029,413
230,087
42,291
220,427
220,427 218,250
218,250
187,796 Con I & Bklyn (Rec)_ January
'23 1,043,446
275,633
53,802
5,482
5,506
5,482
5,506
221.831 Coney Island & Grave January
9 mos end Mar 31 '24 9,103,211 1,919,946
January
440,117 1,479,829 Nassau Electric
461,990 437,605
461,990
437,605
'23 9,021,187 2,011.406
January
470,908 1,540,498 South Brooklyn
87,664 100,513
87,664
100,513
Brooklyn
City
RR_
_
_
March
Citizens Trac Co
Feb '24
90,752
1029,413 1043,446 :9,103,211 :9,021,187
45.535
11,000
34.535 vN Y Rap'Fran Corp_ January
81,169
2343,896 2067,205 2.343,896 2.067,205
'23
39.880
9,824
30.056 CapeBretonElCo,Ltd
February
444,490
12 mos ended Feb 29'24- 989,214
53,942 55,498 *705,356 *645,901
124,703
319,787 Carolina Power & Lt.. February
12 mos ended Feb 28 '23
352,967
852,479
218,024 180,595 *2,364,997 *2,042,099
118.145
234,822 Cent Miss Val El Co_
February
50.954 47,577 *583,513 *554,620
Cleve Painesv &
50,497
10,987
Feb '24
8,507
2,480 Cities Service Co.__. January
1397,676 1,400,611 '1,397,676
Eastern
8.522
'23
52,078
13,675
--5,153 Citizens Tr Co & Sub_ February 1400,611
90,752 81,169 *989.214 *852,479
2 mos ended Feb 29 '24
21,863
105,680
. 16,965
4,698 Cleve Painesv & East February
50,497 52,078
109,741
105,680
2 mos ended Feb 28 '23
16,840
109.741
27,350 -10,510 Colorado Power Co_. March
96,996 88,250 *1,283,858 *1.049,049
Columbia Gas itc
Mar '24 2,967,784 *1.535,136
587,096
947,230 pColumbla Gas & EL March
6.003,384
8,979,319
2967,784
1994,281
Elm Co & Subs
'23 1,994.281 *1,237.302
476,098
761,204 Columbus Eke & Pow February
202,046 179.659 *2,268.322 *2,034,192
3 mos ended Mar 31 '24 8,979.319 *4,661,031 1,752,164 2.908,867 Com'w'Ith Pow Corp_ February
2515,723 f'30884807 *26285637
'23 6,083,384 *3.805,179 1.428.880 2,376,299 Cumberland Co P & L February 2913,444
340,649 310,378 *3.827,613 *3,554,409
Detroit
Edison
East Penn Elec Co Mar '24
Co......
87,921
February 3123,9:37 2760,054 6.48S.7705,638,416
261,444
38,948
48,973 Duquesne Lt Co
Subs January
83,802
'23
252,799
1903,559 1753,350 1,903,559 1,753.359
24,156
59,646
12 mos ended Mar 31 '24 3,039,251
986,444
880,551
880.551 978,104
970,194
305,435
621,009 Eastern Mass St By.... January
2614:: 2527011 *3.039.251 *2.401.776
'23 2,481.779
697,791
292,663
405,128 East Penn Elec Co....- March
2032
THE CHRONICLE
[vol. 118.
Elearie Roads—
Page. Industrials (Cootinued)—
Page.
Belt By. of Chicago
1909 (Robert) Gair Co., Brooklyn, N. Y_1526
Berkshire Street By
1770 Gen. Amer. Tank Car Corp__1779, 1917
Binghamton By
1906
1770 General Asphalt Co
Month.
Buffalo & Lake Erie Traction Co....1770 General Electric Co_ _ _ _1661, 1671, 1907
Calumet
&
South
Chicago
Ry.
Co
General
1519
Gas
&
1779
Electric
Corp
$
$
1864 General Motors Corp _ ..-151a, 1550, 1779
East Sh G & ECo&Sub February
49,391 43,283 *574,571 *508,876 Chicago Aurora & Elgin AFL
Chicago Rya. Co
1771 General Refractories Co
1528
East St Louis & Sub.. Jaruary
386.169 419.167
386.169
419.167 Cleveland
(Electric)
Ry
1771 Glidden Co., Cleveland
1871
East Texas Elec Co.._ February
172.915 154.847 *2,106,767 *1,830.728
Edis El Ill of Brock__ February
147.521 144.375 *1.591,437 *1.430,676 Columbus Delaware & Marion El.Co1910 GoocB ear Tire Sc Rubber Co. of
Calif
1526
El Paso Electric Co__ February
210,210 192,970 *2,423,084 *2.309.257 Columbus By. Pr. & Lt. Co__1771, 1910
Connecdcut Co
1772 Gould Mfg. Co
1779
Elec Lt & Pow Co of
Abington & Rockl'd February
36,874 36,874 *455,289 *394.068 Consolldated Power it Light Co__ 1684 Granby Consol. Mining, Smelting
Dominion
Power
&Transmission
Co.,
it Power Co
1780
River
Gas
Works
February
Fall
79,296 78.185 *1,038,165 *1,009,618
Ltd
1910 (F. it W.) Grand 5-10-25 Cent
Federal Lt & 'Frac Co February
509.710 491,399 1,042.581
997,797
1519 Stores, Inc
o Ft Worth Pow & Lt February
275.587 249,990 *3,054,839 *2.659.310 East Penn Electric Co
1772 (W.T.) Grant Co
1780
Galv-Houston El Co.. February
266,735 245,733 *3,346,099 *3,317.968 East St. Louis& Suburban Co
1864 Craton it Knight Mfg. Co
1779
Georgia By & Power_ March
1381.703 1324,377 4,206,227 4,080,281 Eastern Wisconsin Electric Co
Illinois
Power
Co
1519
Gray & Davis, Inc
1528
Great West Pow Syst February
632.467 626,129 1,283,207 1,270.678
Illinois
Power
& Light Corp
1664 Great Lakes Transit Corp
1917
Havana El Ry, L & P,February 1168.5411086.417 2.377,193 2.214.251
1773 (M. A.) Hanna Co
1526, 1671
Haverhill Gas Light....1February
48,226 46,376 *569,323 *550,588 London (Ont.) Street By
1911 Harbison-Walker Refractories Co..1526
Houghton Co Electric February
48,063 50.478 *525,981 *550.145 Market Street RY
1773 Harrisburg Light it Power Co
1527
Hunting'n Dev & Gas February
115,876 119.260 *1,351,996 *1.240.169 Michigan (Electric) RR
Interboro Rap Transit'January
093,749 4940,155 5,093,749 4,940,155 Milwaukee Elec. Ry. & Light Co....1685 Hartford & N. Y. Transporta. Co_ _1018
1773 Hartmann Corp., Chicago___1527, 1780
Subway Division.. _ January
476,650 3317.938 3,476,650 3,317,938 New York & Stamford By
1671
Elevated Division_ January
617.099 1622.217 1,617.099 1.622,217 New York Westchester & Boston Ry.1774 Havana Tobacco Co
February
Idaho Power Co
211,624 190.277 *2,555,037 *2,474,781 Northern Ohio Traction & Light 00.1912 Heywood Wakefield Co., Mass.,
1521, 1660. 1686
and Subsidiaries
1918
Kens City Pow & Lt_ March
812,490 787.113 *9.020,919 *8,243,065 Philadelphia Co
1774 Homestake Mining Co
1780
dlian Gas & Elec Co_ February
537,749 531.604 *5,590,328 *5,178,731 Porto Rico Rys. Co., Ltd
Keokuk Electric Co..- February
35,376 33.577 *418.784 *393,029 Public Service Corp. of N. J__ 1517, 1541 Hoopes it Townsend Steel Co.,
1918
Philadelphia
Keystone Toler, Co Ja onary
1.'4.':47 144.111
154.°37
144111 Puget Sound Power & Light Co__ _ _1521
Hotel Sherman Co., Chicago
1780
February
20.687 22.002 *243.094 *250.054 Quebec By.. Light, Heat & Power
Hey West Electric
Co., Ltd
1688 Houston (Tex.) Ltg.& Pr.Co_1527, 1871
238.205 199.328
Lake Shore Electric February
480,799
415.050
1912 Houston 011 Co
1527, 1918
Long Island Electric.. January
30.552 25.879
30.552
25,879 Republic Rall.vay & Light Co
1666 Howe Sound Co
1527
142,488 141.168 *1,607,593 *1.437,703 San Francisco-Sacramento RR
Lowell El & Lt Corp.. February
1912 Humble Oil it Refining Co.......167i, 1780
Manhat Bdge 3c Line January
22.956 22,857
22.956
22,857 United Light Sc Power Co
1662 Huntington Development it Gas 00-1918
Manh & Queens(Rec) January
32,129 31,207
32,129
31.207 United Rys. Co. of St. Louis
1871, 1918
Manila Ebctric C rp March
306,505 287,568 *3,621,733 *3.587,565 United Rys.& Elec. Co.(of Balt.)_ _1775 Hupp Motor Car Co
1671
2094,678 1973.210 2,094.678 1.973.210 United Railways Investment Co.... _1775 Illinois-Pacific Glass Co
Milw Elec Rv & Li flit Janu.ry
1671
247.033 216.381 *3,057,390 *2,907.989 Wash. Ball.& Annapolis Elea. RR 1775 Indianapolis Light it Heat Co
Miss River Power Co_ February
1775 Ingalls Stone Co., Bedford, Ind........1918
Munic Ser Co & Subs_ February
457,857 437.000 *4,854,484 *4.112,529 Westchester Street RR
1775 International Business Machines CordNebraska Power Co_ February
346,117 335,000 *3,844.467 *3,614,260 West Penn Co
1517, 1555
1775
poration
Nevada-Calif Electric February
382.760 299,230 *4,261,529 *3.694.381 West Penn Railways
1527
International Cement Corp
New Eng Power Spat_ February
589,246 595,238 *7,459,677 *6,108,839
Industrials—
International General Electric Co__ -1780
Newp News &
1780, 1919
Ry,Gas & Elec Co_ January
165.374 169,635
165,374
169.635 Adirondack Pow.& Lt.corp__1667. 1778 International Paper Co
1667, 1778 International Salt Co
1527
New York Dock Co.... February
254.933 273,067
550,123 Advance Rumely Co
517.595
1667 'Wenn* Corp., Brooklyn, N. Y.-_1919
New York Railways.. January
735.831 748,262
748,262 Ajax Rubber Co.. Inc
735,831
1913 Iowa Southern Util. Co.(of Del.)--.1919
Eighth Avenue...... January
98,582 98.113
98,582
98,113 Alabama Power Co
1776 Iron Products Corporation
January
Ninth Avenue
1672
41.907 43.183
41,907
43,18.3 Alaska Juneau Gold Mining Co
1522 Island Creek Coal Co
1527
53,996 57,534
N Y & Queens (Rec)_ January
53,996
57.534 Alionto wn-13ethiehem Gas Co
Chemical
&
January
Allied
Dye
1769
134,122 131,486
Jefferson it Clearfield Coal & Iron Co1780
Coro
'N Y & Harlem
131,486
134,122
NY & Long 181 (Rec) January
Jersey Central Power & Light Corp 1781
39,283 37,347
39,283
37,347 Allis-Chalmers Mfg.Co.,Milwaukee,
Wis
1906, 1935 Jones Bros. Tea Co
1672
Niagara Lockport &
1687 Jordan Motor Car Co., Inc
1528
Ont Pow Co & Subs March
509.774 446,614 1,541,842 1,371,862 American Bank Note Co
881,089 811.537
1522, 168$ Jurgen's (Anton) United Works— 1919
Nor Ohio Elec Coen _ Fnuary
881.08‘
813.537 American Chain Co
North Texas Elec Co.. February
1528
222,639 225,220 *2.896.724 *3,034.799 American District Telegraph Co.__ 1777 Kansas Gas & Electric Co
January
Ocean Electric
17.984 15,423
15,423 American Gas Co., Philadelphia_ _ _1663 Kellogg Switchboard it supply Co.
17,984
dPacific Pow & Light_ February
1668
1528, 1672
260,739 233,292 *3,186.550 *3.001.641 American Glue Co
1777 Kelsey Wheel Co
Paducah Electric.... February
1628
55.404 52,477 *618.305 *575,308 American Hide & Leather Co
American Linseed Co
1777, 1913 Keystone Telephone Co. of Phila.-1919
Phila Co & Suusidtao
393,379 American Machine & Foundry Co__1688 Keystone Tire Sc Rubber Co
378,163
378,163 393,379
Natural Gas Co.__ January
1781
Philadelphia 011 Co.._ January
38.892 American Pneumatic Service Co— _1777 King Edward Hotel Co.. Ltd
27.171 38,892
1919
27.171
1913 Kirby Lumber Co
Philadelphia & West_ March
1919
197,738 American Railway Express Co
70.333 69,128
204,402
1913 (8.8.) Kresge Co
3855.3116 3903,356 11,211.264 10.945,444 American Road Machinery Co
Phila Rapid Transit.. _ March
1072
1777 Kresge Department Stores, Inc
dPortland Gas & Coke February
1528
288.777 304.211 *3,451.1873.384,456 American Rolling Mill Co
Portland Ry, Lt & Pr February
1013 (S. H.) Kress & Co
1781
927,759 860.941 10916983 *10242 129 American Telep. & Teleg. Co
1668 Lanston monotypc Machine Co..._.1781
Puget Sound Pr & Lt_ February 1072.348 1053.299 12513586 *10792072 American Tobacco Co
Republic Ry & Lt Co.. March
938,309 834,274 2,842.630 2.494.271 American Water Works & Elec. Co_1907 Lee Tire & Rubber Corporation_ _1528
65.428 American Zinc, Lead & Smelting C0_1522 Lewiston (Me.) Gas Light Co
Riclun Lt & RR (Rec) January
1781
64,180 65,428
64,180
1781
Savannah Elec & Pow February
158.875 128.678 1,837.684 *1,601.603 Armour Leather Co.& Adied Cos.._.1914 Libby, McNeill it Libby
1914 Loew s. Incorporated
79,740 Arnold, Consteble & Co
Second Avenue (Rec) January
1672
90,270 79.740
90,270
Art Metal Construction Co
1914 Loft, Inc., New York
1781
17th St Incl Phne Co Tanu try
2,754
2 844
2.754
1522 Lone Star Gas Co
589
44 Asbestos Corp. of Canada. Ltd
1920
2;
Sierra Pacific Elec Co February
84,400 83,674 *1,026,097 *928
pSouthwes1'n Pr & Lt feet, noer 1040.069 961.9118 11,161,374 9.974,106 Atlantic Guar & West Indies SS. L..1522 Liggett's International, Ltd., Inc._ .1528
Lone Star Gas Co., Ft. Worth, Tex_1781
Staten Isld Ed Corp February
229.247 204,476 *2,546,092 *2.341.744 Atlantic Tar & Chem. Works, Ltd.,
Elizabeth, N. J
1888 Long-Bell Lumber Co
66,601
1528
Steinway Rys(Rec) _ January
62.363 66.601
62,363
1777 Ludlow Mfg. Associates
1672
Tampa Electric Co.... February
206.542 186.462 *2,183,286 *1.867.475 Austin-Nichols & Co
1777 McCrory Stores
1781
Tennessee Elec Pr Co February
802.562 731.177 *9 236 053 8.184,782 Auto Body Co
1522 McIntyre Porcupine Mines, Ltd_ _ _ _1672
February
Texas Electric By
217.360 201,954 *3.023.228 *2,715.677 Babcock & Wilcox Co
1523 (R. H.) maey it Co.,Inc
1528
542,301 469,164 '5.728.323 '5.038.604 Beigo Canadian Paper Co
oTexas Power & Light February
1668 Magnolia Petroleum Corp.__ _1528, 1872
1211,708 1171.611 1,211,7118 1.111,610 Belvedere Water Corporation
Third Avenue Ry Co January
1914 Mahoning Investment Co
United Gas & El Corp January
1361,222 1241.861 1.361.222 1,241,861 Benjamin Electric & Mfg. Co
1781
Maracaibo 011 Exploration Corp
1920
Utah Power & Light. January
818,953 705.706
705.708 Berkey & Gay Furniture Co., Grand
848,953
1914
1528, 1782
Rapids. Mich
pUtah Securities Corp January
980,773 848,293 *10268435 *8.934,909
1520
Virginia Ry 8z Pow Co March
885,437 875.421 2,678.552 2.619,634 Borden Co. and Subsidiaries_ _1516, 1558 Marlin-Rockwell Corp
1523 Martin-Parry Corp
1520
Botany Consolidated Mills
Wash Water Pow Co.. March
433.255 407,006 1,340.341 1,256,2
Winnipeg Electric Ry January
1781, 1920
509.194 511.432
511.432 Bway.40th St. Bldg., N. Y. City_ 1523 Massachusetts Gas Co
509,194
1915 May Department stores co
nYadkin River Pr Co January
1529
173.409 158.637
158.637 Buda Co.(Harvey, III.)
173,409
1523 Melville Shoe Corpl, N. Y
York Utilities Co.....January
21.060 19.182
1920
19 1s2 Bunte Bros., Chicago
20,060
Co., New York
1523 Memphis Power it Light Co
Butterick
1672
a The Brooklyn City HR. is LIU longer part of the Brooklyn Rapid Tranen California-Oregon Paper Mills
1915 Mengel Co., Louisville, Ky
1920
System, the receiver of tee Brooklyn Heights RR. Co. having, with the
Petroleum Corp., Los
Mercantile Stores Co.. Inc
1920
approval of the Court, declined to continue payment of the rental: therefore California
1908 Merchants Heat it Light Co
Angeles,
Calif
1672
since Oct. 18 1919 the ,,rooklyn City RR. has been operated by its owners
Callahan Zinc Lead Co
1523 Metropolitan Edison Co.(Pa.)
178
b The Eighth Avenue and Ninth Avenue RR. companies were formerly Calumet & Arizona Mining Co
1669 Metropolitan 5 to 50-Cent Stores,1110.782
leased to the New York Railways Co.. but these leases were terminated Calumet & Heels Consol. Cop. Co-1778 Miami
Copper Co
1920
on July 111919.since which date these roads have been operated separately
Canadian Canners, Ltd
1778 Michigan State Telephone Co
1529
c Includes Pine Bluff Co. d Subsidiary of American Power & Light Co. Canadian Gen. Elec. Co.,Ltd
1523
Midland
Steel
Prod,
Co_1529,
1782,
1920
e Includes York Haven Water & Power Co. g Subsidiary companies. Canadian Westinghouse Co., Ltd_ —1523 Midvale Co
1873
k Given in pesetas. m Includes West Penn Co. n Includes Palmetto Power Central Illinois Light Co
1523
Mohawk
Mining
Co
1529
Subsidiary
of
Southwestern Power & Light Co. p Includes Central Steel Co., Massillon, Ohio_ _1778 Moon Motor Car
& Light Co. o
Co
1673
for the first time the earnings of the Columbus Gas & Fuel Co., the Federal Channon Co., Chicago
1524 Monitor Furnace Co.,Cincinnati,0_1921
Gas & Fuel Co.. the Springfield Gas Co. and the Dayton Gas Co. s Earn- Charcoal Iron Co. of America
1778 Monsanto Chem. Works, St. Louis...1921
ings for 9 months ending Mar. 31. o On June 15 1923 the New York Con- Chicago Fuse Mfg.
Co
1669 Montana Power Co
1529
solidated was reorganized under the name of the New York Rapid Transit Chicago
Yellow
Cab
Co
1915
Montgomery Ward it Co., Chicago...1673
Earnings
for
6
Corporation. s
months ending Dec. 31. * Earnings for Chief Consol. Mining Co
1669, 1915 Morgan Engineering Co
1529
12 months.
Citizens Gas Co., IndlanapolLs
1689 Mt. Vernon-Woodberry Mills, Inc_1782
Colt's Patent Fire Arms Mfg. Co.. —1778 (J. W.) Murray mg.Co
1921
Columbia Gas dc Electric Co
1524 Nash MotorsCo
1673
Columbla Steel Corp.,San Fran_ _ ...1524 National Acme Co., Cleveland, 0_152.
Commercial Investment Trust Corp.1778 National Biscuit Co
192Annual, &a., Reports.—The following is an index to all Conley Tin Foil Co
1778 National Dairy Products Corp
1673
Connecticut
Mills
Co
1915
187
National
Stores
Department
reports
of
steam
other
annual and
railroads, street railways (John T.) Connor Co
1673
National Leather Co
3
and miscellaneous companies published since and including Consol. Gas Elec. Lt. & Power Co.1870 National
1782, 192,
Supply Co
of
Baltimore
192'
1915
Chicago
National
Tea Co.,
March 29 1924.
Consolidated Ice Co., Pittsburgb....1870 Natomas Co. of California
1521
This index, which is given monthly, does not include Consumers Power
1929
Co.(of Maine)...1778 Nevada Consol. Copper Co
1
Continental
"Chronicle."
Motors Corp
1524 Nevada-California Electric Corp...._192,,
reports in to-day's
Contoocook
Mills
187'
Co
Corp.,
Hillsboro,
New
Cornelia
copper
Bold face figures indicate reports published at length.
N. II
1539
1870 New England Southern Mills
Page.
Ream Roads (Concluded)—
Page. Corn Products Refining Co
1789
Steam Roads—
1918 New England Steamship Co
1765 International Rys of Cent. America_1864 Crane Co., Chicago
1672
Alabama & Vicksburg RV
1525, 1916 New York Shipbuilding Corp
_
_1770
Atlantic
Ry—
Kansas
City Southern Ry
Chesapeake
&
1659 Crocker-McElwain Co., Holyoke,
1523
Halt.
New York Steam Corporation
1768 Lehigh Valley RR. Co
Mass
1904
1672
Bangor & Aroostook RR. Co
1918 Ni w York Transportation Co
1659, 1765 Long Island RR
192"
Boston & Maine RR
1918 Niagara Falls Power Co
1767. 1905 Cunard Steamship Co., Ltd
1516, 1556 Louisville & Nashville RR_ _1520,
Dayton Power & Light Co
Canadian Pacific By
1779 Niagara Lockport & Ont. Pow. Co...192'
1771
167„
4
Central New England By
1656, 1681 Detroit Edison Co
1916 Northern Indiana Gas Co
1670
Chicago Great Western RR_ _1771, 1903 Maine Central RR
• 1767 Diamond Match Co
1126," Northern States Power Co
1518 Dominion Canners, Ltd
1783
Chicago Indianapolis & Louisville Ry1771 Michigan Centro, RR
1779 Norton Co., Worcester, mass
Chicago & Western Indiana RR_ _1909 Nashville Chattanooga & St. L. Ry.1903 Dubiller Condenser & Radio Corp._i779 Oulchita National Co., Monroe, La_1872
,
1773 Duquesne Light Co.. Pittsburgh_ _ _1525 Ohio Body it Blower Corp
187'
Cave. Cincin. Chic.& St. Louis Ry_1518 New York Connecting RR
1534
1519 N.Y. N.H.& Hartford RR.Co_ __ _1658 Durant Motors, Inc., New York___1779 Ohio Copper Co
Cleveland union Terminals Co
1670 Ohio Fuel 011 Co
1922
Del. Lack.& Western R11.... _1902, 1932 New York Ontario & Western Ry-1773 Durham Duplex Razor Co
Northern Pacific fly Co
1764 East Bay Water Co., Oakland, Cal_1525 Ohio 011 Co
1674
Denver & Rio Grande Western
1769, 1905 Pennsylvania flit Ca
1656 East Butte Copper Mining Co
1779 Ohmer Fare Register Co.,Dayton,0.1924
RR. System
1532
1910 Peoria & Pekin Union Ry. Co
1774 Eastern Mfg, Co
1525 Oklahoma Natural Gas Co
Detroit Toledo & Ironton RR
1684. 1764, 1793 Pittsburgh & Lake Lliff RR
1518 Eastman Kodak Co
1660 Ontario Silver Mining Co.(Del.).„1530
Erie RR
igiO
1910 St. Louis-San Franu.aco By
1686 Elgin National Watch Co
1916 Onyx Hosiery, Inc
Hocking Valley By
Union Pacific RR
1764, 1788 Elk Horn Coal Co
1525 Otis Elevator Co., New York
1662
_
Huntington & Broad Top Mtn RR.
1772
Vicksburg
Shrevp.
&
Co_1768
Tail
Power
Co
Fairbanks,
Otter
Morse
1916
Pacific
192!
&
1870,
By.
Co_1525,
& Coal Co
1902, 1927 Virginian Ry
1521 Federal Mining co
1526 Overman Cushion Tire Co
167‘
Iltinois Central RR. Co
1902 Federal Mining & Smelting Co
1916 Owens Bottle Co., Toledo,0
1514
Interborough Rapld Transit Co—_ _1685 Wabash RR.Co
Wisconsin Central By
1776 (H.H.)Franklin Mfg.Co
1526 Pacific Gas it Electric Co
19221
Latest Gross Earnings.
•
•
Name of Road.
or Company.
Jan. 1 to Latest Date.
Current Previous
Year.
Year.
FINANCIAL REPORTS
Current
Year.
Previous
Year.
AYR. 26 1924.]
THE CHRONICLE
2033
Industrials (Concluded)Page.
Page.
Industrials (Continued)GENERAL BALANCE SHEET DECEMBER 31
1674 Spiegel. May, Stern Co., Chicago_ -1678
Packard Motor Car Co
1923.
1922.
1923.
1922.
1674 Standard Gas & Electric Co..1531. 1785
Paige-Detrolt Motor Car Co
AssetsLiabilities1531 Coal lands dr real
Panhandle Producing & Refining Co_1923 Standard Oil Co. of Kentucky
Capital
stock...
42,503,000
42,503,000
1678
Paragon Refining Co., Toledo.0-1674 Standard Oil Co.(Ohio)
estate
7,041,069
7,084,442 Funded
1674 Standard Plate Glass Corp
1531 Inv.in RR.&eq't. 75,862,682 74,357.220 Loans debt-- 70,339,800 70,605,200
Paraffine Cos., Inc
and bills
1530, 1783 Standard Screw Co
1531 ImpLonleas.lines 10,123,099
Park & TiHord,Inc
9,568,023
payable
3,340,000
1,883,034
Parkway-Webster Hotels, Chicago...1783 Standard Textile Products Cc.(incl.
Deposits in lieu
Traffic, &c.,bal.
708,624
1,002,678
1923
Mobile Cotton Mills)
1678
Penick & Ford,Ltd.,Inc
of mtged.prop.
292.679
acc'ts
&
292,200
Audited
1783, 1923 Steel Co. of Canada, Ltd
1531 Misc.phys.prop. 1,666,633
. C.) Penney Co
1,818,735
wages payable 9,368,253 9,131,469
1678 Inv.in atilt. yes. 52,660,389
Pennsylvania Coal & Coke Corp_ _ _ _1783 Submarine Signal Corp
1783 Superior Steel Corp
1532 Other investm'ts 4,774,723 53,354,509 Miscell.accounts
Pennsylvania Electric Corp
4,918,247
payable
402,431
256,803
Pennsylvania Power & Light Co_ _ _ _1784 Taxes Pacific Coal & MCorp
1678 Cash
3,128,258
2,127,208 Int., dirs., &c.,
1674 Tide Water 011 Co
1662 Dem'd loans. &c
Peoria Water Works
4,000
&accrued.
4,000
994,212
due
1,069,611
1784, 1923 Timken-Detroit Axle Co
1925 Special depositsPhelps-Dodge Corp
757,245
232,310 Other liabilities695,438
801.572
1784 Toledo Factories Co
1925 Loans & bills rec.
Philadelphia Electric Co
426 Due to U.S.RR.
1784 Tonopah Belmont Develop. Co-- _ _1925 Traffic & car bal.
Philadelphia Insulated Wire Co
1,680,822
982,793
Administrat'n
1923 Toronto Carpet Mfg. Co
1532 Agents' balances
Philipsborn's, Inc
226,114
192,065 Deferred 'Ishii's.
565,069
590.630
1661 Transcontinental 011 Co
1532 Misc.accts. rec_ 3.289,154
Pierce Oil Corp
3,895,256 Tax liability__
212.125
550,578
1670 'Fri-State Teiep. & Teleg. Co
1678 Mat'is & suppl_ 4,128,001
Pierce Petroleum Corp
2,908,703 Ins.& casualses.
915,629
843,082
1530 Union Carbide & Carbon Corp.1678, 1786 int.& dive. rec.
Pillsbury Hour Mills Co
169,253
163,702 Oper. reserves__
617.183
569.074
1784 Union Eke. Lt. & Pr. Co.(Mo.)__ _1532 Rents receivable
Pittsburgh Utilities Corp
74,552
91,767 Accrued deprec..
1784 Union 011 Co. of Calif
1786 0th. curr. assets.
Portland Gold Mining Co
23,443
13,539
equipment... 7.751,787 7.074.918
1784 Union Tank Car Co
Prairie Oil & Gas Co.(Kan.)
1678 Due from U. S.
992,211
Unadj. credits.. 1.188,847
1676 United Bakeries Corp
1532
Prairie Pipe Line Co. (Kan.)
RR.Admin.
710,385
710,385 Add'ne to prop'y
1923 United Cigar Stores Co of America_1786 Work,fund adv.
Postum Cereal Co., Inc
11,315
18,065
through inc. Jr
1544 United Dyewood Corp
1925 Ins.& other fds_
Public Service Electric Co
959.709
879,357
6.923,974 6,904.201
surplus
1532 Other def. assets
Public Service Electric Power Co.__1531 U.S. Industrial Alcohol
24,867
23,689 Profit and loss.. 22.314,208 21,330,029
1545 U. S. Distributing Corp
1786 UnadJust.debits 1.596.205
Public Service Gas Co
2,107,434
Co
1531 U.S. Hoffman Machinery Corp__ _1679
Public Service Production
1906 U.S. Realty & Impt. Co
1532
Pullman Co., Chicago
Total
169,204,599 165,744,076
Total
169,204,599 165,744,076
1923 U.S. Smelt. Ref. & Mining Co.- _ _1532
Pyrene Mfg. Co
-V. 117. p. 2211.
1676 U.S. Steel Corp
1517, 1534
Quebec Power Co
1786
Reece Button-Hole Machine Co._ --1784 U. S. Stores Corp
Chicago Rock Island & Pacific Railway Co.
1923 U. S. Worsted Corp
1679
Regal Shoe Co
1785 Utah-Idaho Sugar Co
1926
(Robt.) Reis & Co. & Subs
(Report for Fiscal Year Ending Dec. 31 1923.)
1676 Vacuum Oil Co
1679
Reliance Bldg., Chien°
1785 Vanadium corp. of America
Remington Arms Co., Inc
1786
The remarks of President J. E. Gorman, together with the
1786
Remington Typewriter Co___.1531, 1660 Van Raalte Co., Inc
1923 Virginian Power Co
1926 comparative balance sheet and income account, will be found
Republic Iron & Steel Co
Rochester & Pittsburgh Coal & Iron1785 Vulcan Detinning Co
1679 under "Reports and Documents" on a subsequent page of
Wagner Electric Corp
1532
Co
1785 Waldorf System,Inc
St. Lawrence Paper Mills, Ltd
1787 this issue. The usual comparative tables were published in
Safety Car Heating & Lighting Co 1531 (Chas.) Warner Co., Wilmington,
V. 118, p. 1129.
1676
Del
1532
Saguenay Pulp & Power Co
•
GENERAL STATISTICS FOR CALENDAR YEARS.
1924 Warner Sugar Corp
Scranton Pump Co
1679, 1787
Sears, Roebuck & Co.. Chicago.-..1676 Warren Bros. Co., Boston
Revenue Freight Traffic- 1923.
1679
1922.
1920.
1921.
1676 Weber & Helibroner
Sharon (Pa.) Steel Hoop Co
1679 Average miles operated_
8,096
8.116 '
8,102
8,123
1677 Western Electric Co., Inc
Sheffield Farms Co., Inc
1533 Tons carried
29,668,929 25,939.134 25,924.576 29,867,233
1924 Western Power Corp
Sherman Clay & Co
1926 Revenuefor tons carried.$93.109,327 $87,718.340 $98,830,547 $94,451,558
1531 Western Union Telegraph Co., Inc..
Simms Petroleum Co
Av rate per ton per mile. 1.25 cts.
1.32 cts.
1.44 cts.
1.20 cts.
Sloss-Sheffield Steel & Iron Co.1676, 1785
1518, 1560. 1926 Aver.load in tons p. mile
412.76
402.12
400.41
430.78
(Howard) Smith Paper Mills, Ltd 1677 Westinghouse Air Brake Co
1663
Revenue Pass. Traffic1677, 1785 Westinghouse Elec. & Mfg Co
South Penn 011 Co
1533 No.of passengers carried 17,190,914 17,662.942 18,772,514 22.475.
.350
1677 Wheeling Steel Corp...1679, 1749, 1806 Rev,for pass. carried
South Pittsburgh Water Co
$27.458,813 $27,650.131 530.584,933 $35.472,937
Whitaker Paper Co
Southern Bldg. Co., Inc., Washing3.09 cts.
1679 Aver.rate p. m.per pass.
3.17 cts.
3.20 cts.
2.87 cts.
1677 White Eagle 011 & Refining Co
ton,D.C
1926 _..v. 118, p. 1519.
Wichita (Kan.) Water Co
Southern California Edison Co_1677,
1679
1769, 1797 Winchester Repeating Arms Co__..1787
Atchison Topeka & Santa Fe Railway Co.
Southern California Gas Co
1677 Wisconsin Electric Power Co
1926
1531 (Alan) Wood Iron & Steel Co
(29th Annual Report-Year Ended Dec. 31 1923.)
Southern Phosphates Co
1787
1785 Woods Mfg. Co., Ltd
Southern Utilities Co
1787
The remarks of President W.B. Storey, together with the
Southwestern Pr. & Lt. Co_ _ _1677, 1924 (F. W.) Woolworth Co
1680
1925 Wright Aeronautical Corp
1680 income account for 1923, will be found on subsequent pages.
(A. G.) Spalding & Bros
Sparks-Withington Co
1678 Yellow Cab Mfg. Co_ _ _1769, 1802. 1926
TRAFFIC STATISTICS FOR CALENDAR YEARS.
Spicer Mfg. Co
1531. 1678 Youngstown Sheet & Tube Co
1533
Delaware & Hudson Company.
(94th Annual Report-Year Ended Dec. 311923.)
The remarks of President L. F. Loree, together with a
comparative income account for years 1923 and 1922, are
given on subsequent pages of this issue.
1923.
1922.
1921.
1920.
Tons of rev. fr't carried_ 39,683,682 33,812.696 29,059.538 36,850.553
xTons rev, freight car12323632260 1117722368810375037870 12806128501
ried 1 mile
$4.19
$4.67
$5.51
$4.57
Aver.revenue per ton__ _
Av. rev, per ton per mile 1.350 cts. 1.414 cts. 1.544 cts. 1.316 cts.
9,239.343 9,680,251 11.165.960 15,656,333
No. pass. carried
1614122904 1473294820 1547073702 2189232615
Pass. carried 1 mile
$5.73
$5.03
$4.71
$4.05
Aver, revenue per pass
Av.rev, per pass. p. mile 3.278 cts. 3.302 cts. 3.400 cis. 2.899 cts.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
x Number of tons of freight carried one mile shown above includeswate
Corporate
Combined.
ton miles, San Francisco and Galveston bays.
1923.
1922.
*1920.
1921.
No. tons carr.(rev. fgt.) 25,341,021 17,559,253 23.304.775 27,260,813
INCOME ACCOUNT YEARS ENDED DEC. 31.
No.tons carr. 1 mile.-3,856,099.930 2844618.549 3203759,305 4265731.874
1922.
1923.
1921.
Av.rev. per ton per mile.
$.01052
$.01084
$ 5.00918
5.0123
RevenuesOperating
Fgt.rev. per mile rd.op_ $44,610 46 $33.963 25 $43,584 866 43.079 58 Freight
166,332,196 158,026,370 160,217.450
Train loads in tons (rev.
52.918,570 48,644,529 52,594,551
Passenger
freight)
834 94
756 367
752 74
841 59
express & miscell
19.432.970 18,453.645 16,113.069
No. passengers carried__ 4,267.746 4,044,408 4,626,877 5,129,314 Mail,
equip-credit balance
1.760,908
892,713 1.165,608
of
Hire
No. pass. carried 1 mile_122,597,816 115.901,530 119,696.843 130,971.551 Joint facility rent income
596.363
590,104
618,732
Av. amt. per pass. mile_
5.0328
$.0328
$.0337
$.0288
Pass rev per mile ofroad. $4,748 85 $4,530 59 $4.802.06 $4,502.88
revenue
226,613,621
230.680,782
Total
241,063,376
Av. no. pass. per tr. mile
51.13
48.99
50.96
55.02
Operating Expensesot way & structures_ __ _ 33,621,546 36,183,241 31,734.122
* Including two months Federal control, six months guaranty period and Maintenance
Maintenance
of equipment
57,605.367 51.069,933 52,472.941
four months private operation.
4.216,341
3,900,057 3.748.700
Traffic
Transportation-rail line
73,590,674 71.122.570 80,283.618
INCOME STATEMENT FOR CALENDAR YEARS.
Miscellaneous operations
77,472
180.004
63.053
Corporate
Combined
General expenses
5.036,334 5.003.918 5,425,602
1923.
1922.
1921.
1920.
510,120
555,345
1,071,467
Transportation of mdse316,220,200 $15,557,222 $14,709,859 $17,489.467 Transportation for investment-Cr
Transportation of coal__ 24.329,812 15.276.651 24,876,088 21,674.176
Total expenses
173.076,268 166,904,378 173,217.915
Passengers
4,999,972 4,723,005 4.729.852 4,747.364
67,987,108 59,709.244 57,462,867
Net railway operating revenue
Miscellaneous
1,770,467 2,266,379
1.461,059
1,443.292 Taxes
20.316,491 18,395,512 14,836.268
77.318
112,187
68,693
Total oper. revenue-447,320,452 $37.823,256 $45.776.859 $45.354,299 Uncollectible railway revenues
1,196.159 1.241,637 1.280,973
Maintenance of way,&c. $4,414,384 $5,140,223 $5.509,990 $5,114,909 Joint facility rents
Maintenance of equip't_ 13,114.203 11,590,317 12,801,190 12,736,974
Net railway operating income
46,362,271 40,003.402 41,268,307
Traffic
486,676
526,017
493,625
386,448
Non-Operating IncomeTransportation
19,366,915 16,085.687 17,880.423
Credit
canceling equalization reserve
General, &c., expenses... 1,970,062 2.272,809 2,140,301 21,669,667
2.218.331
2,612.564
set up during 4 mos.end. Dec.31'20
3,175.147
Total oper. expenses_ 339,352,240 $35,615.053 $38,825,529 $42,126,330 Adj.of comp.under Fed.controi contr't
208.742
179.386
189.809
Net earnings before taxes $7,968,212 $2,208,203 $6,951,330 $3.227.969 Income from lease of road
459.797
368.531
Miscellaneous rent income
440,126
Other Income138.873
non-oper. physical property119.280
Miscell.
141,703
Dr.5282,635 Dr $65,052
Hire offreight cars
$915,595
Dividend income
2,507,733 3,141.733 1.291,646
Rent freight equipment_
164,454
224.380
184.243
1,762.726 2.284,131
$201,323 Income from funded securities
2,631,532
Joint facility rents
180,133
122,804
634.919
167.056
136,502 Inc. fr. unfund. securities & accts..._ 1,449,137 1.002,448
81.343
77,577
Inc. fr. sink. & other reserve funds_ _ _
45
Gross ry.open income. $8.050.1(T5 $2,490,334 58,218,225 53.565.793 Miscellaneous income credits
194,438
71.706
144.183
Railway rax accruals... $1,119,358
$932,416
$993,974 $1,186,054
11,095
Uncollectible railway rev
11,361
16,732
Gross income
939
53,866,541 46,726,789 52,349.909
85,656
Rent for equipment.-76.784
83.912
Deductions132,175
384,029
Joint facility rents
356,923
364,489
14.984
14,929
428,059 Rent for leased roads
13.073
158,098
Miscellaneous rents
172.226
166,403
Net ry.oper. income.- $6.450.026 $1,112,850 $6,759,117 $1,818,566 Miscellaneous tax accruals
225,828
46,508
54.480
V. S. Govt. comp
11,323,743 11.871,255 11,953,002
6,621.164 Interest on funded debt
Interest on unfunded debt
421.977
92.694
Non-Oper. Income115.992
244,412
$91,389
$101,832
146,751
Income from leased road
105.047
$88,124
$88,933 Miscellaneous income debits
dividends
Preferred
6.208,685
Misc, rent income
68,151
108,520
6,208.685
6,208,685
49.410
85.198
10,673
62,038
Misc. non-op. phys. prop.
13,909,245 13,605.660 13,518,420
12,149
23,468 Common dividends
for fuel reserve fund_
77.480
1,282,295
Dividend income
1,412,606
73,118
1,327.617
1,038,041 Appropriation
Calif.-Arizona Lines bonds sink. fund
16.862
Inc.from fund secs. and17.371
17.896
336,559
25,200
285.300
unfund. secs. & accts.
22,174
311,436
26,897
358.846 S. F. & S. J. V. Ry. Co. bonds sk.fd_
1,981,245 1,644,050
Miscellaneous income_
1,835,248
1.306,801
Balance, surplus
21.925,078 14,455.363 19,485,014
Gross income
$10,245,127 $4,893,606 510.191,904 510,431,017
PROFIT AND LOSS ACCOUNT DEC. 31 1923.
DeductionsCredits-Balance brought forward from Dec. 31 1922
5141.534.082
Rent for leased roads...$1,843,810 $1,836,949 $1,771.929 $1,944,167
Surplus for 1923
21,925,078
Int.on funded debt
3,479,592 3,427,066 3,284.580 3,228,948
Adj. of sects in connection with final settlement with
Int. on unfunded debt
70,602
178,272
160,718
U. S. RR. Administration
2,329,373
303.585
Misc, tax accruals
14,202
21,231
Miscellaneous
20.788
28.076
19,670
Total credits
$165.788,534
21,164
Debils--Surplus appropriated for investment in physical prop$253.700
Net income
$4,711,699Loss$476.000 $4.937.452 54.933.163
Sundry adjustments
385.654
Dividends at rate of 9% per annum M3.825,270] have been paid regularly
since 1907.
Profit and loss. surplus
5165.149.178
THF CHRONICLE
2034
[-VOL. 118.
GENERAL BALANCE SHEET DEC. 31.
Missouri Pacific Railroad Co.
[Comprisinif Atchison Topeka & Santa Fe Ry. Gulf Colorado & Santa Fe
(7th Annual Report-For Year Ended Dec. 311923.)
y., Panhandle & Santa Fe By., Grand Canyon Ry.]
1922.
1923.
The remarks of President L. W.Baldwin, together with the
$
AssetsS
824.018,724 799,025.297 income account and balance sheet, will be found on a subseInvestment in road and equipment
quent page.
Expenditures for additions & betterments & road
extensions during current fiscal year
50,508,413 24,993.427
COMPARATIVE INCOME ACCOUNT FOR CALENDAR YEARS.
Investments in terminal & Collateral companies 23,336,351 22,659,943
303
788
Sinking funds
1923.
1920.
1922.
1921.
4,978,867 4,679,709 Average mileage operated 7,235.72
Miscellaneous physical property
7,299.86
7,300.36
7,261.78
Operating Revenues.-34.172,382 44,838,738
Other investments
$
Freight
41,421.264
27,813,786
Cash
85,961,414 73,918,551 81,64,401 86,538,825
Passenger
223,000
Time deposits
„
16,898,650 19,240,495 21,948,499
268,059 Mail
260,706
Special deposits
2,854,093 2,631,406 3,342,350 3,965,922
1,164,657 Express
Loans and bills receivable
73,035
2,882,702 3,174,580 2,124,735 2,822,557
Traffic and car service balances
3,948,466 4,724,546 Miscellaneous
1,698,815
2,006,868 1,917,157 1,807,729
1,689,851 Incidental
l342,261
Agents and conductors
1,707,280 1,182,925
1,257,275 1,649,034
Miscellaneous accounts receivable
8,308,928 8,163,196 Joint facility
97,777
312,087
225,196
198,061
32,519,609 30,491,659
Material and supplies
Total rail'y oper. revs_114,607,948 99,921,331 109,745,072 118,721,428
135,337
790,072
Interest and divioiends receivable
339,507
Operating Expenses251,391
Other current assets
599,779 2,990,999 MaInt.of way and struc_ 16,464,182 17,282,957 18.130,665 24,748,467
Deferred assets
2,220,899 2,405,106 Maintenance of equip't_ 30,324,816 20,996,699 22,938,189 29,765,655
Unadjusted debits
1,500,000 Traffic
1,500,000
13. S. guaranty under Transportatio nAct, 1920
2.019,098 1,841,419
1,924,433 1,865,360
Transportat'n-Rail line 45,101,683 41,152,481 45,317,689 53,176,076
1,016,867,461 991,491,600 Miscall. operations
Total
653,449
873,278
547,397
532,175
LiabilitiesGeneral
3,385,243 3,085,979 3,385,981 3,244,029
124,173,700 124,173,700 Transp'n for Inv't-credit 228,335
Preferred stock
133,096
201,899
232,797
232,418,500 227,052,500
Common stock
Total ry. oper. exps 97,939,966 84,658,915 92,042,456 113,319,939
275,958,984 287,722,594
Funded debt
1,547,185 2,093,607 Net rev. from ry. oper
Traffic and car service balances
16,667,982 15,262,416 17,702,616 5,401.488
17,996,788 16,420.706
Audited accounts and wages payable
Miscellaneous accounts payable
777,025
743,324 Railway tax accruals_ _ _ 4,430,589 4,015,318 4,279,882 6,059,242
815,459 Uncollect.rallway revs_ _
Interest matured, unpaid
784,375
47,618
51,975
57,857
40,665
Dividends matured, unpaid
205,681
218,305
Unmatured dividends declared
6,590,620 6,511,840
Total oper. income.... 12,185,417 11,206,433 13,364,877 Def.705,371
Unmatured interest accrued
3.126.232 3,319,710 Non-Operating IncomeUnmaturec. rents accrued
60,585
81,097 Rentfrom locomotives
147,326
244,678
152,534
132,819
Other current liabilities
873.682 Rentfrom pass. train cars
556,514
150,601
190,603
204,425
178,508
Deferred liabilities
1,060,956
537,298 Rentfrom float'g equip_
1,647
73
1,352
323
Tax liability
14,588,085 11,996,104 Rent from work equip
46,442
63,366
60,550
38,862
Operating reserves
3,266,482 3,271,455 Jointfacility rentincome
413,096
361,098
390,876
473,069
Accrued depreciation
76,903,239 69,662,714 Inc. from lease of road
17,374
17,040
Other unadjusted credits
3,948,5844,703,045 Miscell. rent income_ _ _ _
75
1
162,754
1'14?,F;()
118:ga
175,699
Additions to property through income & surplus 87,430,265 87,176,565 Misc.non-oper.phys.prop.
126,505
113,120
122,980
119,468
85,994 Dividend income
Funded debt retired through income and surplus
107,554
77,330
1,082,247
1,807,325
566,632
Sinking fund, &c.,reserves
204,303 2,510,443 Inc.from funded sec_ _ _ _ 1,039,768
432,808
883,574
986,554
Profit and loss-balance
165,149,178 141,534,082 Income from unfund.sec.
655,662
493,802
259,988
596,058
Incomefrom sinking, &c.,
Total
reserve
1.016,867,461 991,491,600
funds
382
2,034
-V. 118, p. 1663.
Miscellaneous income_ _ _
805
296 2,386,368 15,699,849
Gross income
Central of Georgia Railway.
16,332,478 14,493,800 19,300,143 19,191,438
(29th Annual Report-Year Ended Dec. 311923.)
The remarks of Chairman Charles H. Markham, together
with the income account for 1922 and 1923 and comparative
balance sheet as at Dec. 31 1923, will be found under "Reports and Documents" on a subsequent page.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1920.
1923.
1921.
1922.
1,913
Average miles operated_
1,921
1,913
1,919
Rev. fgt. carried (tons)_ 8,420,264 6.684,481
5,933,386 7,517,302
Rev. fgt. carried 1 mile_1622744453 1264422,162 1112683,441 1283298,476
Avge.rev. per ton per m. 1.11 cts.
1.31 cts. . 1.21 cts.
1.25 cts.
$5.20
Rev, per fgt. train mile..
$4.92
85.31
$5.46
487.43
497.96
468.80
Av.rev,train load (tons)
478.26
Passengers carried
3,797,968 3.660,560 4,065,368 6,064,494
Pass.carried one mile_ ....180,028,985 164.053.274 175,065,207 241.047,880
2.82 cts.
3.15 cts.
3.13 cts.
Av.rev, per pass. per in
3.13 cts.
$1.75
$1.39
$1.40
Earn. per pass.train mile
$1.29
$13,107
$13,641
$12,134
$11,527
Op.rev. per mile ofroad.
INCOME ACCOUNT FOR CALENDAR YEARS.
Combined,
Corporate
1920.
1923.
1922.
1921.
Rg. Oper. Revenues818,040.942 815,893,822 $14,565.644 $15,485,718
Freight
Passenger
5.675,132 5.132.171
5.483,676 6,794,338
2,107,031
1,952.580
Mail, express, &c
1,783,357
1,403,996
650,235
Incidental
486.784
570,205
433,436
44,966
43.407
Joint facility
43,951
33,977
Total ry. oper. revs_ _$26,198,846 $23.286,737 $22.057,499 $25,082,288
fly. Oper. ExpensesMaint. of way & struc_ _ $3.414,982 $2.983,857 $3,449,358 $4,942,898
Maint. of equipment _ _ _ 5,605,847 4,389,661
4,711,702 6,163,736
673,247
Traffic
835.118
777,176
778.476
Transportation
10,197,285 8,824,396 10,052,517 12,908,739
Miscellaneous operations
64,427
113.187
88,777
87,678
General
996,165
990,234
895,264
950,019
Transp. for invest.-Cr_
24.514
9.913
17,736
8,907
Total ry. oper. exp.-121.138,070 817,941,396 $20,020,843 $25,733,367
Net rev,from ry. oper $5,060,776 $5,345,341 $2,036,656 ders651079
Railway tax accruals.__ 1.177,929
925,199
1,222.280
899,875
Uncollectible ry. revs...._
35.910
10,736
21.745
46.588
Railway oper.income_ $3,846,937 $4,101.316 $1,090,192df$1,587,014
income
8.935
Other
97,434
290.768
130,463
Net ry. oper. income_ $33,944,371 84,392,084 $1.220.655df$1,578,078
Non-Gper. Income$2,430.789
Dividend income
$431,872
$432,639
180,630
Income from funded sec_
128.740
127,656 5,130,851
106,154
Misc. rent income
108,676
107,062
150,015
Misc. non-oper. income_
138,472
251.066
Total non-oper.inc.__ $2,867,590
$807,761
$918,424 $5,130,851
$6,811,961 85.199.846 $2,139,079 53,552,772
Gross income
DeductionsInt. on funded debt _- - - $2,403,650 $2,355,393 82.329,2901
Int. on non-negot'le debt
117,948
3,187.677
187,146
to affiliated companies
143,441
372,710
370,766
Rent for leased roads.-371,422
261,296
Miscellaneous
220.728
274,740
$3.656.354 52.065,812 def$979,814
$365,096
Net income
$900,000
$900,000
Preferred divs. (6%)--- $900,000
$900,000
250,000
250,000
250,000
Common divs. (5%)_ -250,000
$2,506,354
Balance, surplus
$915,812df$2,129,814 def$784,904
-V. 118, p. 1771.
Chicago Burlington & Quincy RR.
(Results for Year Ended Dec. 31 1923.)
COMPARATIVE INCOME STATEMENT FOR CAL. YEARS.
1923.
1921.
1922.
Operating revenue
$171.270.661 $164,916,471 $168,712,268
Operating expenses
134,290,379 126,777,704 128,216,289
9,743,625
9,325,511
10,921,345
Taxes, &c
Operating income
Other income
$27,654,771. $27,217,422 $30,752,354
3,670,841
4,009,423
4,447,400
Gross income
Interest, rents, &c
$31,325,612 $31,664,822 $34,761,777
12,035,083
9.151,804
11,403,334
Net income
Sinking funds
Dividends
$19,290,529 820,261,488 825,609,973
289,409
294,643
294,251
17,083,735
19,300,382
17,083,700
Surplus
-V. 118. p. 1771.
81,917,385
82,883,537
86,014.948
Deduatons--
Hire offgt. cars-debt bal. 1,893,376 1,652,236 2,189,594 2,664,672
Rent for locomotives_ _ _
123,809
245,038
144,391
70,138
Rentfor pass. train ears_
148,989
304,422
195,867
212,194
Rentfor floating equip
3,475
255
667
919
Rentfor work equipment
66,741
52,739
52,064
28,342
Joint facility rents
1,541,884
1,819,153 1,707,653 1.717,841
Rent for leased roads....
2,004,840
163,469
139,491
145.352
Miscellaneous rents..._
48,343
42,944
68,197
57,737
Miscell. tax accruals._ _ _
19,516
26,495
20,396
23,913
Separately oper. prop .-loss 62,696
21,885
35,563
88,655
Int. on funded debt_ _
11,815,499 11,667,276 11,152,933 10,541,851
Int. on unfunded debt
240,460
19,039
190,622
31,315
Maintenance of investment organization..
32,605
Miscell. income charges_
49,372
110,282 2,416,681 15,753,208
Total deductions from
gross income
16,211,132 15,907,512 18,320,220 33,388,237
Net income
121,346Df1,413,712
979,923D/14,196,799
-V. 118, p. 1666.
International Cement Corporation.
(5th Annual Report-Year Ended Dec.31 1923.)
The report of President Holger Struekmann, together
with the comparative income account and balance sheet, will
be found on subsequent pages.-V. 118, p. 1527.
The Hocking Valley Railway Company.
(5th Annual Report-Year Ended Dec.31 1923.)
On subsequent pages will be found the text of the annual
report, signed by President W. J. Harahan, together with
balance sheet as of Dec. 31 and the results for the calendar
year 1923.
GENERAL STATISTICS FOR CALENDAR YEARS.
1923.
1922.
1921.
1920.
Revenue coal and coke
carried (tons)
13,546,468 9,694,416 10,798,493 11,690,123
Other rev .frt.car.(tons) 3,884,980 2,975,941
1,994,682 3,595,739
Av.rev. per ton per mile. 0.618 cts. 0.663 cts. 0.645 cts. 0.673 cts.
do other per mile... 1.291 cts. 1.306 cts. 1.738 cts. 1.048 cts.
Passengers carried
648,485
701,319
1,022,177 1,382,134
Pass. carried 1 mile
32,305,564 31,107,670 37,370,739 47,643,637
Rev,per pass. per mile_
3.448 cts. 3.460 cts. 3.398 cts. 2.853 cts.
Rev,freight tons carried: 17.431,448 12,670,357 12.793,175 15,285,862
Rev,tons carried 1 mile_2043870,203 1484625,674 1570395,171 1974051.120
Rev. per ton per mile
0.742 cts. 0.784 cts. 0.769 cts. 0.740 cts.
Oper. rev, per mile
$48,833
$50,387
$40,254
$39,723
INCOME ACCOUNT FOR CALENDAR YEARS.
Combined
Corporate
Revenues1923.
1920.
1921.
1922.
Freight
$15,156,748 811,637,209 811,924,979 $14,616,676
1,359,410
1,270,021
Passenger..1,113,924 '1,076,466
Mail
87,588
109,597
81.790
78,762
120,195
82,575
Express
176,312
129,018
895,614
727,839
Miscellaneous
934,009
1,034,628
Total
$17,563,402 $13,855,464 $14,093,001 $17,101,493
ExpensesMaint. of way & struc $1,734,736 $1,381,538 $1,686,611 $2,028,221
4,366,047 6,627,604
Maint.of equipment..... 6,476,072 4,157,351
118,303
131,599
139,802
Traffic159443
Transportation
5,219:253 4,706,930 4,972,440 6,692,759
415,697
361,512
474,547
General
437,684
Total
114,027,133 $10,747,133 $11,572,394 $15,941,431
Not revenue
83.536,213 $3,108,331 $2,520,607 $1,160,059
812.062
971,259
979,718
1,075,383
Taxes,&c
$188,7T9
Operating income_ _ _ _ $2,460,830 $2,128,613 $1.708.545
Equipment rents (net)_ _Dr.$95,699 Cr.$31,541 Dr.$215,494 $1,349,363
67,691
39,800
84.914
88.936
Joint facility rents(net)_
253,261
256,089
251,175
289,558
Other income
deb.81,309 deb.75,348 deb.79.201 deb.61,447
Less rents, &a
$2,662,317 $2,422,980 $1,737,620 $1,767,690
Gross income
$1,739,476 $1,737,018 $1,723,323 $10577,769
Interest on debt
(4)439,980 (4)439,980 (2)219.990 (4)439,980
Dividends
$245,982 def$205,684 def$250,059
$482,861
Balance, surplus
The income account for 1923,1922, 1921 and 1920 contains no payment or
Govt. for
accrual, in either year, on account of the guaranty by the U.
S.
209 of
the 6 months' operation from Mar. 1 to Aug. 31 1920 under Section
the Transportation Act, 1920, as the amount Is not yet ascertainable.
APR. 26 1924.]
2035
THE CHRONICLE
BALANCE SHEET DEC. 31.
New York Chicago & St. Louis RR.
1922.
1923.
1923.
1922.
(First Annual Report-Year ended Dec. 31 1923.)
Assets11,000,000 11,000,000
Road & equipm't_55,315,448 53,976,049 Capital stock
This company was formed in 1923 as a consolidation of the
1st Cons. M.4)is_ 16,C22.000 16.022,000
Securities of affil.,
1st M.C.& H.V.4s. 1,401,000 1,401,000 New York Chicago & St. Louis RR. Chicago & State Line
&c., cos.:
To1.4s
2,441,000
2,441,000
108,089 let M.Col.&
Stocks pledged. 108,089
Lake Erie & Western
300,000 Five-year notes_ _ _ 7,500,000 7,500,000 RR., Toledo St. Louis & Western RR.,
Bonds pledged_ _ 300,000
198,653 10-year coll. notes- 1,665,000 1.665,000 RR. and Fort Wayne Cincinnati & Louisville RR. The
Misc. unpledged 196,653
210.000 Gen. M.6% bonds
Oth.inv.(pledged) 175,000
results for 1922 and 1921 are the consolidated statements of
Gen. M.6% bds_ _11,820,000 11,820,000 not out(contra).11,820,000 11,820,000
Time drafts & dep. 1,620,000 2,312,000 Equip, trust oblig. 6,368,000 2,717,000 these roads, restated so as to make a comparison with 1923.
143,843
Dem'd loans & dep. 200,000
- Mlscel. acc'ts pay_ 170,126
RESULTS FOR CALENDAR YEARS.
471,881
Traffic balances
Special deposits_ _ 3,159,289
360,169
500,000 Vouchers& wages_ 1,022,523 1,063.944
Loans & bills rec.
1921.
1922.
1923.
35,432 Railway operating revenues
1,683,482 1,210.074 Miscellaneous..-- 1,801,224
Cash
357,477,379 $50.948,425 345,596.128
371,340 Railway operating expenses
1.752,498 1,528,393 Matur.int.,dly.,&c. 377,882
Inventories
43,938,162 39.060.667 36.070.390
470.970 Unmatur. interest,
Traffic balances_ _ 547,463
277,344
45,237
77,139 dividends, &c__ 315,488
Agents' balances
Net revenue from railway oper_._.$13,539.217 $11,887,758 $9,525,738
783,740 Railway tax accruals
381,186 Taxes accrued_ ___ 899,740
Misc. acc'ts reedy. 370,732
2,852,483 2,604,454 2,520,516
34,837
Miscellaneous _ 35,122 Insur.& casual.res. 71,804
3,451
5,891
Uncollectible railway revenue
7,690
Securities in treas.
Accrued deprec'n_ 4,142,841 4,399,541
173,084
1,206.500
(unpledged)
326.500 Operating reserves. 155,261
Railway operating income
$10,679,044 $9,277,413 37,001,771
Adv. to proprlet'Y
Deferred hens_ _ -- 420,768 1,142,914 Equipment rents (net)
483.566
815,956
1.305.171
57,668 IL S. Govt. def'd
& con. cos_
57,791
202,342
87.612
Joint facility rents (net)
175,019
700,423 8,144,987
Special depos. with
liabilities
570,714
209,779 Approp. surplus
x540,609
trustee (mtg.fd.) 335,692
Net railway operating income
$9.198,854 38,373.845 $6.315.863
Deferred items__ _ 837,700
876,280 Profit and loss_ _10,459,243 9,682,518 Non-operating income
769,455
564,757
1,243,510
IL S. stand, return
1,841,805
and int.accrued.
Gross income
$10,442,364 $8,938,602 $7,085,319
422 5,277,884
D'.S.Gov.def.assets.
Deductions
4,111.022 3,598,639 3,361,261
79,766,812 81,715,569 Total
79,766,812 81,715,569
Total
Net income
$6,331,342 $5.339.963 $3,724,058
$98,891
$98.226
$98.482
x Includes in 1923 additions to property through income since June 30 Income applied to skg.& oth. res.fds_
1.499,365
1.499.365
3,556,648
1907, 6279.360; funded debt retired through income and surplus, $131,332: Dividend appropriations
appropriated surplus against contingent liability for freight claims,$13,405:
Income bal. transf. to profit & loss_ $2,676,211 $33,742,372 $2.125,802
and other reserves, $116,511.-V. 118, p. 1910.
Previous balance
17,421,930 12,114,477 11,671,257
Balance
transferred from income acct.
487,131
Cities Service Co., New York.
34,798
Profit on road and equipment sold,,..
20,340
10.517
33,801
Unrefundable overcharges
(14th Annual Report-Year Ended Dec. 31 1923.)
18,506
4,496
Donations
6.973
20,442
9,310
subsequent
pages
will
President
be found the remarks of
On
Miscellaneous credits and adj
188.798
16,637,422 2.211,854
Henry L. Doherty, in addition to the 31-year comparative
income account of Cities Service Co., the consolidated income account, including all subsidiary companies, for 1923,
and the consolidated balance sheet,, including subsidiary
companies, as of Dec. 31 1923.
Total surplus
$37,247.019 318,127.992 $14,061,429
Dividend appropriations
1.774,360
798.110
Surp. approp. for inv. in phys. prop_
7,248
20,442
9.310
Debt disc. eating. through surplus _
244
228,604
85,692
Loss on retired road and equipment
138,766
141,797
134,478
Premium on equip. trust certificates_
1,370
Miscellaneous debits
26.335
191,454
458,314
GENERAL STATISTICS DECEMBER 31.
1923.
Electric Properties1920.
1921.
1922.
Profit and loss balance
$35,883,692 617.421,747 $12.114,477
Kilowatt hours sold_ _ _ _993,913,613 862,066,092 647,751,497 703,729,856 -V. 118, p. 1773.
K. W.installed capacity
410,204
390,390
387,260
387,105
K. W.connected load_ ...
770,428
627,794
711.453
607,201
Customers
289,628
247,961
231.114.
Seaboard Air Line Railway Company.
Population served
1,450,000 1,450,000 1.450,000 1,450,000
Electric Railways(Report
for Fiscal Year Ended Dec. 31 1923.)
Passengers
97,199,484 93,492.405 95,274,280 112,964.771
Miles of track
372
308
306
308
COMPARATIVE INCOME ACCOUNT FOR CALENDAR YEARS.
Number of cars
822
776
748
725
1923.
1922.
1921.
Population served
650,000
650,000
600,000
600,000
Artificial Gas352,249,110 $45,679,048 642,844,933
Railway operating revenues
expenses
36,222,884
37.024.801
Bales (1,000 cu. ft.)
operating
40,342,259
6,908,051
5,957,787 5,849,050 7,271,382 Railway
24-hour capacity (cu.ft.) 27,093,000 24,495,000 23,568,000 22,603,000
Customers
311,906.851 39,456,164 55,820.132
111,203
103,537
112,426
113,332 Net revenue from ry. operations
1,862,057
2,204,054 2,124,235
Mains(miles)3-1n. basis.
1,776
1.721
1,776 Railway tax accruals
1,794
3,776
36,014
12,314
Population served
1,100,000 1,100,000
1,100,000 1,100,000 Uncollectible railway revenues
Natural Gas39.690.482 37,328,152 $3,922,061
Railway operating income
Gas sold (1,000 Cu.ft.)_ _ 40.491,897 38,606.628 36,133,082 39,841,693
1,735,730
1,644,548 2,991,975
Oil produced (bbls.)
11,286,253 10,044,648 11,565,993 14,898,228 Equipment rents-Dr
123,959
105,609
87,971
Wells owned
2,199
2,158
3,807
1,995 Joint facility rents-Dr
Gas mains owned (miles)
4,570
5,604
5,678
5,564
$2,062,372
$4,230,569
operating
income
$7,957,963
Net
railway
Population served
1,700,000
1,650,000 1.500,000 1,000,000
489,074 2,926,969
516,757
Other income
-V. 118, p. 1915.
$8,474,720 $4,719,643 $4;989,340
Gross income
Standard Gas & Electric Co.
81,410
105,973
107.095
Rents and other charges
(Report for Fiscal Year Ended Dec. 31 1923.)
6,095,245 5,616,287 5,201.299
Fixed interest charges
139,171
155,613
of
disct.
on
sec..._
252,939
Annual
allotment
The remarks of President H. M. Byllesby, together with
cr.208,207
625,000
Int. adjustment mtge. bonds
the income account, balance sheet and various statistical
tables, will be found on subsequent pages of this issue.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1923.
1922.
1923.
1922.
AssetsLiabilities$
$
Securities owned_ _61.688,135 50,403,406 Preferred stock. x16,324,900 15,070,750
Sinking funds_ _ _ 100,707
174,073 Common stock... See a
10,600,000
Cash
647,935
316,244 Cony.6% s.f. bds. 4.756,000 5,605,500
Secure. held under
20-year 6% gold
contract for renotes
15,000,000 15,000,000
sale, &c
910,237 Cony 634s, 1933._ 5,875.000
Notes receivable_ _ 152,183 1,632,371 See.7 yi% gold bds 2,682,600 3,133,000
Accts. receivable:
Cony.7% bds.sec. 1,962,400 2,663,500
Subsidiary cos 1,160,985 2,198,556 7% gold notes....2.500,000 2,072,500
Sundry debtors_ 175,845
108,088 Notes payable.... 1.564,000
940,500
Accr. int.& dive_ _ 441,450
350,690 Accounts payable_ 1,611,019
23,647
Office turn. tic fixt.
1
1 Accrued int., &c.. 558,578
465,971
Deferred charges_ _
14,188 4,692,025 Divs.accr. pref.stk la,832
100,512
Divs.accr.com.stk 132,500
-Capital reserve_ _ _24,923,337
Miscel. reserves..
31,934
Surplus
6,350,328 5,104,711
Total
84,381.428 60.786,592 Total
64,381,428 60,788,592
a Capital reserve arising from exchange of 212.000 shares of Common
stock without par value, for 212,000 shares of $50 par value. $10,600,000;
leas imamortized discount and expense on bonds, notes and capital stock,
$5,676,662. x Not including $175,100 stock in treasury.
Note.-The company was contingently liable at Dec.31 1923 as guarantor
of the principal and interest of the 1st Mtge. Cony.6% Sinking Fund Gold
bonds of Shaffer 011 & Ref. Co., of which $8,295,200 par value were then
outstanding and on account of surety bond and notes endorsed guaranteed
or discounted for various subsidiary and affiliated companies in the amount
of $1,362,000.-V. 118, p. 1924.
International-Great Northern Railroad.
(2d Annual Report-Year Ended Dec. 31 1923.)
Net income
-V. 118. p. 1774.
$1,394,441 Dr$1158,230
Norfolk Southern Railroad.
(14th Annual Report-Year Ended Dec. 31 1923.)
President G. R. Loyall, Norfolk, Va., April 15, writes in
substance:
Results.-Net income, after Interest, rents, &c., for 1923 was $374,350.
as compared with $109.051 in 1922.
There was a marked improvement in business conditions in the territory
served by the road. Crops generally were large and brought good prices
and there was renewed activity in nearly all lines of industry.
Freight revenue for the year exceeded that of the previous year by
3884,501 88. or 13.7%. The number of tons of freight handled increased
595,512, or 19%. The number of tons of freight carried one mile increased
85.366.970, or 26%. Passenger revenue increased $2,771 62.
The increase in total operating revenues amounted to 3973.696. or 11.6%.
while operating expenses increased $530,209, or 8%, Included in which
was an increase of $238,009 for maintenance.
Taxes.-Railway tax accruals for the year equaled 4.89% of operating
revenues.
Additions & Betterments amounting to $1,226,658 were made to the
property during the year for heavier rail, ballast, strengthening trestles.
reconstructing cars, purchase of new engines, construction of additional
facilities, &c.
The property of the company was well maintained and a substantial
Improvement was made in the condition of its equipment.
Funded Debt.-The following changes were made in the funded debt and
equipment trust obligations: Notes issued amounted to $546,621; bonds
and notes retired amounted to $416.502, leaving a net increase of $130.119:
total funded debt outstanding Dec. 31 1923 amounted to $17,167,419.
OPERATING STATISTICS AND REVENUES FOR CALENDAR YEARS.
Combined.
1920.
1921.
$5,946.352 $5,216,819
1,632,955 2,024,370
355,461
249,975
219,823
227.513
Corporate
CONDENSED SUMMARY OF INCOME ACCOUNT FOR CAL. YEARS.
All Lines (incl.Electric) 1923.
1922.
Calendar Years1923.
1922.
Freight revenue
37.354,159 $6,469,657
Operating revenues
$15,806,608 $14,674,116 Passenger revenue
1,479,625
1,476,853
Operating expenses
12,542,633 12,280,299 Mail and express
289,858
302,730
176,589
All other transportation_
250.139
Net operating revenue
$3,263,975 52,393,816
Taxes
485,295
392.817
Total oper. revenue.. $9,386.653 38,412,957
Other operating charges
602.754
682,611 Maint.of way & struct__ 1.216,135
1,182.652
Maint. of equipment _ - _ 1.501.127
1,296,602
Total
$1,088.049 $1,075,428 Traffic
285,639
262.024
2,175,926
Operating income
1,318,388 Transportation
3.749,064 3.498,665
Non-operating income
160,453
133,967 Miscellaneous
355.493
373,679
$2,336,379 61.452,356
Gross income
Total oper. expenses_ _ $7,125,645 $6,595,435
41,133
Deductions from income
24,071 Net rev. from ry. oper.. $2,261,008 $1,817,522
Interest on fixed charge obligations
1.183,734
1,180,767 Tax accruals, &c
462.965
403,849
x680,000
Interest on Adjust. Mtge. 4s
Total oper. Income... 31,798,043 31.413.673
•
Balance of income
$431,511
3247.518 Deduct-Misc. °peens_
Equipment rents
x The adjustment mortgage provides that the Adjust, bonds did not
$4404,897
281.496
$49,596
rank for interest until Jan. 1 1923. In accordance with the terms of the Joint facility rents
23.802
25,618
adjustment mortgage, interest for the year 1923, at the rate of 4%, was
r
Net open income_--- $1.367.528NS1,058.779
declared by the directors to be payable on April 1 1924.-V. 118, p. 1910.
$224,207
$8,056,795 37.816,473
1.593,252
1,228,318
1,213.132 1,687.142
195,992
265,325
3.653.783 4,200.728
376,950
391,951
$6,752.509 38.054,063
$1,304,286 det$237,590
252,287
366,434
$937,852 def$489,877
tia
tit
24.597
372.123
8,725
3747,801 de13570.725
•
2036
THE CHRONICLE
INCOME ACCOUNT-YEARS ENDED DEC. 31.
1923
1922.
Steam.
Electric.
Total.
Total.
37.149,744
3204.415 37.354.159 $6.469,657
1.269,290
210,335
1.476.853
1,479,625
489,289
459,458
56,677
545,966
Operating RevenueFreight trains
Passenger trains
Miscellaneous
Incidental
Joint facility
Total oper. revenue
Operating ExpensesMaint.of way & struct
Maint. of equipment...,.
Traffic expense
Transportation expense_
Miscellaneous operat'ns_
General expense
6.902
6.902
6,988
$8,915,226
$471,427 $9,386,653 $8,412,957
$1,159,090
1,451.933
270,886
3,527,821
$57.045 31.216.135 $1,182.652
1,296,602
49.194
1.501,127
262.024
14,753
285.639
221,242 3,749,064 3,498,664
6.145
7,765
7.765
349,349
19,222
365,914
346,691
Total operating exp.. $6,756,422
Net rev, from oper
82.158.804
Less-Ry.tax accruals
$438.767
Uncollectible ry. rev_ _ _ _
3,743
Miscellaneous revenue_
$369,223 37,125,645 $6,595,435
$102.204 32.261,008 $1.817,522
3402.837
$20,400
$459,167
1,012
3,798
55
Dr.49,371
Net operating income- 31.716.293
$81.749 $1,798,043 $1,364,302
x Including $80,519 applicable to 1920.
COMPARATIVE INCOME ACCOUNT FOR CALENDAR YEARS.
1920.
1921.
1922.
1923.
Net operating income_ __ 41,798,043 31.364,302
$913,379 def$569,079
Other IncomeHire ofequipment
Cr.3697,440 Cr.3548.766 Cr.3567,187 Cr.$841.585
Joint facility rent income_
13,270
12.014
11,466
12,770
Miscellaneous rent income
22,306
11,734
7,976
12,669
Misc. non-oper. phys.prop
7,959
10.108
7.772
9,405
Dividend income
10.532
60.800
12,145
9,846
Income from funded secs_
13,640
5,110
14,380
3,758
Income from unfunded securities and accounts
24,847
25,562
35,130
12,293
Income from sinking and
other reserve funds._
19,329
14,570
13,492
18,339
Miscellaneous income..
49,459
211,145
21.401
Income from lease of road
1.312,540
Total non-oper. income $783,769. $685,299
$674,069 82,539.602
Gross income
$2.581.812 82,049.601 31.587,447 $1,970,523
Deductionsfrom IncomeHire ofequipment
$1,102,338
$900,282
$708,167
$830.264
Joint fac lity rents
37.084
35,815
19,880
37,367
Rent for leased roads_ _ _ _
158,116
159,054
160.366
126,648
Miscellaneous rents
1,375
1,389
1,377
Interest on funded debt_ _ 874,614
894,436
873.499
884,400
Interest on unfunded debt
10,590
7.466
20,494
37,027
Amortization of discount
on funded debt
20.281
28,619
24,237
24.720
Misc. income charges_
3.
33,725
8.825
57.697
Total deductions
$2,207,642 $1.940,549 31,911,120 $2,024,084
Net income year ended
Dec.31
$374,350
$109.051 def$323.674 def$53,561
BALANCE SHEET DECEMBER 31.
1923.
1922.
1922.
1923.
Assets-$
LiabilitiesRoad & equipl_a32,010,812 31.026,673 Capital stock
16,006,000 16,000,000
Real est, not used
Funded debt (see
In operation__ _ _ 116,071
133,549 "Ry. .4 Indus."
Impts. on leased
Section)
19,573,418 19,443,300
property
171,974
130,915 Traffic, &c., bats. 292,943
250,178
Leased rail, &c _ _ 104,918
729,779
112,982 Vouchers & wages_ 742,425
Securities of under221,199
Notes payable... _
88,401
lying & other cos 5,398,461 5,423,521 Misc. sects. pay'le
3,670
19,177
Invest.In atfll. cos. .
202,104 Coupons, &c., due
Cash
61,145
615;2
1 0
526,900 and unpaid_ _ _
80,150
Depos. with trust_
18,392
79,575
60,570 Agents' drafts__ _ _
57,094
Sinking funds __
327,911
347,615 Accrued interest,
Notes receivable...
294,856
78,857
rents, &c
419,571
294,592
Misc.accts.reeeiv. 376,649
169,456
466,913 Taxes accrued,&c.
4,674
Balance from acts88,237
96.606 Deterred & unadMaterials, &c____ 542,713
22,113
501,454 justed accounts_
22,113
Unexting'd disc't_ 734,957
23,121
776,015 Reserves
61,868
174,864
Accrued Income...
10,760
25.983 Unadjus. ercdits
187,681
Other deferred,&c.,
I.J. S. Government
Items
431.949
678,254 deferred Habit's_
11,616
46.216
1.003,531 3,411,636
Surplus
Total
41.439,711 40.869.926
41.419.714 40,869,9:6
Total
a Includes road, $26.445,866, and equipment, 36.112,027, less depreciation reserve, $1,035,044: balance, $5,076,984, and $487.962 general expenditures.-V. 118. p. 664.
Nashville Chattanooga 8r St. Louis Ry.
(73d Annual Report-Year Ended Dec. 31 1923.)
President W. R. Cole reports in substance:
Results.-The annual report for 1923 shows the gross revenue from
operations as 324.801,787, the largest of any year in the history of the
company. This is due to the heaviest tonnage of freight ever handled.
The number of passengers handled, and the revenue therefrom have been
larger in some years than for the year 1923.
The net corporate income,after interest and fixed charges, was $1,268,806.
as comnared with $1.680.522 for the preceding year. The ratio of operating
expenses to gross revenue for the year was 86.50%, as compared with
85.93% for 1922. With the exception of maintenance of way and structures, the ratio of each group of operating expenses to the gross revenue
was less in the year 1923 than in the pre eding year. This was noticeably
true in the transportation expense, which was 38.16% for 1923 as compared with 39.46% for the preceding year. A mare efficient operation
is reflected thereby. The ratio of expenses under maintenance of way
and structures to gross revenue was 2.82% greater in 1923 than in the
preceding year, and represents an increased expenditure of more than
81,000,000.
Valuation.-The tentative valuation of the 1.-S. C. Commission has
not yet been served, although all work in connection therewith was concluded during 1922.
Funded Debt.-Jasper Branch bonds amounting to $371,000 and Centreville Branch bonds amounting to $376,000 matured Jan. 1 1923. Against
these two issues $747,000 1st Consol. Mtge. 5% Gold Coupon bonds
were issued, and on March 20 1923 were sold for $757,064, which included
interest amounting to $17,534.
Additions & Beiterments.-Expenditures for improvements were made
during the year, as follows: Roadway,81,044.292; equipment, $1,942,312;
total. $2,986,603.
OPERATING STATISTICS FOR CALENDAR YEARS.
•
1923.
x1920.
1922.
1921.
Average miles operated..
1,258
1.247
1,258
1,258
Revenue tons carried_ _ _ 7.336,264 5.994.427 5,277.759 7,254.047
Tons rev. frt. car. 1 m_ _1377145.903 1197443,204 975.446,834 1327761.005
Tons carried 1 mile per
mile of road (density)_ 1,190,752 1,029,238
1.166,449
836,294
Aver,rev, per rev. ton__
$2.46
$2.68
$2.33
$2.71
$14,326
Av.rev. per mile of road
$13,531
$12,757
$11,381
No.ofrev. pass. carried_ 2,916,708 2.859,270 3.103,723 4,385,630
No. of rev, passengers
carried one mile
145,194,797 134,651,804 146.999,164 188,096,216
No. of rev. pass. carried
115,293
1 mile per mile of road
106,990
150.835
116,805
Aver. amount received
$1.74
from each passenger...
$1.64
$1.29
$1.65
3.49 cts.
3.47 cts.
Av.rev. per pass. mile_ _
3.01 cts.
3.48 eta.
$4,021
33.717
$4,540
Av.rev. per mlle of road
$44.065
x Figures include both corporate and Federal accounts.
[VoL. 118.
The usual comparative income account was given in
V. 118, p. 1903.
GENERAL BALANCE SHEET DEC. 31.
1923.
1922.
1922.
1923.
Assets$
$
Liabilities
-S
i
Road & ectuip't_ _ _46.957,777 44,177,112 Capital stock
16,000,000 16,000,000
Impts. on leased
Prem,on cap. stk.
10,480
10,480
railway property 2,120,084 1,914,145 Fund.debt unmat-18,893,000 19,111,000
Sinking funds_ _ _ 16,000
638,528
Traffic, &c., bale- 320,475
Deposits in lieu of
Vouch. & wages__ 2,000,975 1,771,099
mtged.prop.sold
2,486
Misc, accts. pay__
59,142
78,572
Misc. phys. prop__ 537,331
511,884 Interest matured_
38.105
17,850
Inv, in affil. cos__ 1,028,534 1,021,833 Divs. matured__ __
3.724
3.906
Other Investments 1,372,540 1,361,408 Funded debt maCash
1,684.002 2,542,342 tured, unpaid16,000
Dem.Fns& depos_
10,000
246,574
10,000 Unmat, int. acer'd 251,695
Time drafts& dep. 1,050,000 1.000,000 Other curt',liabil__
61,876
40,895
Loans & bills roe..
6,178
3,362 Def'd liabilities.9,371
8,842
Trot.,&c., bal.rec. 273,625
660,553 Tax liability
469,087
965,379
Bal. from agents_ _ 289,547
450,482 Prem.on fund.dt,' 101,395
Special deposits__
33,226 1,510,460 Accr, depr. equip_ 6,294,141 6,141,297
Misc. accts. rec._ 1,032,644
954,308 Accr. deprec., ral8.
Mat'is & supplies_ 3.059,809 2,468.158
9973
4
98
29
4:0
8
96
.pered
rop•itty
s 85
35
1;063
Other curt'. assets_
28,409
40,784 Otplah
.yusnia
cadlj
Work. fund adv...
32.6,)6
38,426 Addns,to property
Other def. assets__
87.451
360,382
66,479 thru.inc. & stir_ 361,540
Oth, unadj. debits 796,969
999,529 Profit and loss_ _ _14,185,960 13,675,707
Total
60,419,312 59,731,265 Total
60,419.312 59,731,265
Note.-Contingent liabilities* (a) L.& N. Terminal Co. 50-Year 4% Gold
bonds outstanding endorsed by N.0 & St. L. Ry. and L. & N. RR. Co.,
$2,601,000:(b) Memphis Union Station Co. 1st M.5% Gold bonds guar. by
N. C. & St. L. Ry. and other interested railroad cos., $2,500.000: (c) Paducah & Illinois RR. Co. let M.4%% Gold bonds endorsed by N. C. &
St. L. Ry. and C. B.& Q. RR.Co.. 14.571,000:(d) Fruit Growers' Express
Co.'s obligations for purchase of facilities and lease of cars, 6 annual installments of $20,374 with interest at 6% guar. by N. C. & St. L.(maximum
principal liability). $121,642: grand total. $9,793,642.-V. 118, p. 1903.
Buffalo & Susquehanna RR. Corporation.
(10th Annual Report-Year Ended Dec. 31 1923.)
President E.R.Darlow, Buffalo, March 31, wrote in brier
The net income of the year was $852,866. The prescribed rate of 4%
was paid on the Preferred stock, regular dividends at the rate of 7% on
the Common stock, and extra dividends aggregating 10% on the Common
stock, a total of $670,000.
During the year the principal of mortgages owned by the corporation
and pledged under the mortgage securing the corporation's bonds were
reduced by payments as follows: Powhatan Coal & Coke Co., $48,475:
Buffalo & Susquehanna Coal & Coke Co., $300,000. Those amounts
together with the interest accrued on the bonds in the sinking fund were
applied to the nurchase for that fund of $496.500 of 1st Mtge. bonds.
On Dec. 31 1923, of an original issue of $6.959,000 1st Mtge. bonds. $5,091.100 were outstanding,$1,499,400 were in the sinking fund and $368,500
had been reacquired and were being held in the treasury.
The great changes in the figures exhibiting the operating results as
compared with the corresponding figures of the previous year are explained
by the strikes of miners and shop men continuing for several months of
that year, and by the normal traffic and operating conditions of the year
covered by this report.
Of the S308,909 shown as dividend income, the sum of $298,909 was
dividends from the Buffalo & Susquehanna Coal & Coke Co. and $10,000
dividends Prong the Keystone Store Co.
Expenditures for additions and betterments were 3661,429, and the
book value of property retired was $192,064. a net increase in the property
accounts of $469,361.
The voting trust instituted at organization Dec. 30 1913 and renewed
for a second period of five years, expired Dec. 311923. Edward B. Smith
& Co.. New York, have been appointed transfer agents, and the Equitable
Trust Co., New York, registrar of the Preferred and Common stocks.
At the close of the year there had not been reached an agreement with
the I.-S. 0. Commission in adjustment of the claim for the guaranty
period, and in the balance sheet there is shown the sum of 348,685 due
the corporation.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1923.
1922.
1920.
1921.
No. of rev, tons carried_ 2.231,391
1,223,722 1,399,982 2,661,930
No.rev. tons carried 1 m239,686,000 111.522,000 151,285,000 302,413.500
Avge. revenue per ton.. 119.71 cts. 127.73 cts. 137.55 cts. 111.76 eta.
Avge. rev, per ton per m. 1.114 cts. 1.402 cts.
1.273 cts.
.984 eta.
No.ofrev. pass. carried_
101,084
116.098
146.304
182,156
No,rev. pass. carried 1 m 1.754,000
1.779,000 2,182,000 2,780,000
Avge. rev, per passenger 60.57 cts. 55.73 cts. 54.47 cts. 48.05 ass.
Avgest.v.p:r pass.per m 3.491 cts. 3.637 cts. 3.653 cts. 3.149 cts.
COMPARATIVE INCOME STATEMENT CALENDAR YEARS.
Operating Revenues1923.
1922.
1921.
x1920.
Freight
$2,671,292 31.563,094 $1,925,639 32,569,321
Passenger
61,230
64,702
79,699
74,477
Mail, express, &c
36,288
38.811
36,773
26,003
Incidental
12,065
9.435
10,671
13,623
Total
82.780,876 81,676,044 82,052,782 $2,683,424
Operating ExpensesMaInt. of way St struc
$582.967
$384.298
$525,757
$459,217
Maiot, of equipment_ _ _ 1,060,429
546,460
1,140,579
985,760
Traffic
26,721
25,623
25,331
31.338
Transportation
861,768
607,387
951,654
750,598
General
120,159
112,321
111,535
125,013
Total
32.652,044 81,676.088 $2,351,927 $2.754,856
Net operating revenue $128,832
def.$45 def$209,144 def$71,431
Tax accruals, &c
147.991
83,805
74,005
33,672
Operating Income..... _ def$19,159 der$74.050 def$332.817 def$155,237
Non-Operating IncomeIfire of equipment
$512,860
$610,376
$428,427
346,938
Jointfacility rentincome
3,544
45
50
270
Incomefrom lease of road
97.361
Miscell. rent income... _ _
53
950
514
559
Dividend income
99,973
172,448
524,840
308,909
Inc. fr. fund. & unfund.
securities & accounts..
188,171
192,153
191,561
207.823
Miscellaneous income._.
871
253
219
210
U. S. Govt. guaranty.
148,685
Grass income
$1,108,762
Deductions*Corp. exp. (incl. ins'ce)
*Taxes
Rent for equipment_ _ _
69
Joint facility rents
26.494
Miscellaneous rents......
25
Int. on 1st Mtge. bonds..
218.683
Miscell. income charges_
10,627
$990,294
$461,465
$896,281
37
25.567
25
225.548
9.764
214
25.409
25
229.946
8,714
$5,728
6,700
105
51,717
26
234,825
9,282
Total
Net income
Inc. applied to sinking &
other reserve funds_ _ _
8255.899
$852,865
3260.942
$729,352
$264,308
$197,157
$308,383
$587,898
44,947
38.091
33,727
28,896
Transf'd to prof. & loss_
3691,261
$163,430
$559,002
3807,919
Divs. pd.fr. sqr..Pf.(4%) 160,000
160,000
160,000
160,000
Common (17%)
520,000 (17) 520,000 (7) 210,000(10)300.000
* During Federal control. x Income of 1920 restated to conform to
the revised claim filed for the guaranty period. Statementfor 1920 includes
corporate income for two months and operation results for ten months.
TH
APR. 26 1924.]
PROFIT AND LOSS ACCOUNT FOR YEAR ENDED DEC. 31 1923.
$1,508,996
Of:edits-Balance-Surplus Jan. 1 1923
807,919
Netincome for year ended Dec.31 1923 per income statement
129
Profit on road & equipment sold
209
Surplus appropriated for investment in physical property
112,707
Adj.for difference between cost & parval. of secur. reacquired
215
Miscellaneous credits
Total credits
Debits-Dividend appropriations of surplus
Miscellaneous debits
Balance, surplus
GENERAL
1923.
AssetsInv.in rd.& elute. 9,468,399
Impts. on leased
ry. property- 8,571
176
Cashin sink.fund_
1st M. bonds in
s. 1.(per contra) 1,499,400
Deposits in lieu of
4.109
mtged. property
Securities pledged 2,238,973
Securities unpledg. 1,858,012
323,733
Cash
Demand loans and
300,000
deposits
Matured interest_ 102,582
1.500
Loans & bills recite
Traffic and car service balance__ -- 150.710
12,787
Agts. & cond. bal.
29,939
Misc. accts. reciteMat'is & supplies_ 322,194
37,266
Int. & dive. recite_
340
Other cuff. assets_
13,389
Deferred assets_ _Unac11. debits (incl.
U. S. Govt.) - 170,130
2037
CHRONICLE
$2.430,176
670,000
734
$1.759,442
BALANCE SHEET DEC. 31.
1922.
1922.
1923.
$
LtaStitttes9,055,792 Common stock_ _ _ 3,000,000 3,000,000
Preferred stock_ _ 4,000,000 4,000,000
7,173 First Mtge. bonds:
477
Outstanding ___ 5,091,100 5,587,600
In s.f.(p.contra) 1,499,400 1,002,900
1,002,900
In treasury (per
368,500
contra)
368,500
688 Non-nego. debt to
27
2,587.448
29
affiliated cos_ _
1,853,228 Traffic & car serv.
53,742
48,850
483,907
balances payable
Audited accts. and
174,751
400,000
wages payable__ 198,631
113,792
113,358 Int. matured unpid 102,926
23,689
1,000 Other current liab _
19,073
9,781
7,358
Other def. Habil__ _
63,611
126,143 Tax liability
132,616
11,867
9.390 Operating reserves
11,825
00,595
33,792 Other unadi. ered_
71,186
217,910 Adding to property
5,111
50,380
4,902
through surplus_
176,534
743 Sinking fund resive 221,481
13,176 Prof. & loss. ball 1,759.442 1,508,996
229,102
to a greater number of consuming markets than any other pipe line in
existence. 50% of the capital stock of the Sinclair Pipe Line Co. is owned
by Sinclair Consolidated Oil Corp.
Tank Fleet.-The tanker fleet of the Sincalir Navigation Co was not
increased during the year 1923, but it was kept in continuous and profitable
operation
Exploration -No significant change occurred during the year with
respect to our exploration for oil in foreign countries, with the exception
that our interest in the Angola enterprise was increased so that we now
own a majority of both Preferred and Common shares of the holding
company Geological work covering the 70,000 square miles included
in the concession has been carefully conducted and the new information
obtained is of encouraging character Three wells are being drilled, a
fourth well has just been started, and one well has been abandoned.
Mammoth Oil Co. Investigation -On March 3 1924 the Chairman of
the board of directors issued a statement to stockholders summarizing
all of the Investments and obligations of Sinclair Consolidated Oil Corp.
and of its subsidiary and affiliated companies in connection with, or arising
out of, the contract between the Mammoth Oil Co. and the United States.
Since that statement was issued wuit was brought on March 13 1924 by
the U.S. Government in the Federal Court in Wyoming for the cancellation
of the contract made by the Government with the Mammoth 011 Co.
We await the result of this suit with entire confidence. [Compare statement
also under Mammoth Oil Co. under "Investment News" below.)
Outlook -Granted reasonable conditions in the oil industry during the
balance of 1924, the directors anticipate a satisfactory year in the affairs
of the corporation and an adeqote profit from its operation.
CONSOL. STATEMENT OF INCOME FOR YEARS ENDED DEC. 31.
(Sinclair Consolidated Oil Corp. and Subsidiaries.)
1920.
1921.
1923.
1922.
$
$
Gross earnings & misc.
Income excl. of intercompany sales & chgs.
for transportation_ __ _107,592,665 131,016,745 122,529,188 166.648.931
Purchases, oper. & gen.
exp. maint., insur.,
ordinary taxes,
94.156,161 100,072.951 111.743,875 131.068,516
Net earnings
13,436.504 30,943.794 10.785.313 35.580,415
Deduct-Interest & disc- 3,435,880
4.435,809 a5.633.756 a5.192,198
16,542,211 16,186,605
Total
16,542,211 16,186,605
Total
Note.-The accaunts with the U. S. Govt. and the profit and loss balance
have been restated to conform to revised return for guaranty period filed
with Inter-State Commerce Commission.-V. 118. p. 1391.
Income available for
surplus and reserves 10,000,624 26,507,984
5.151.557 30,388.217
Previous surplus
30,904.178 27.114.190 34.624.229 16,857.798
Adjustments prior years. Cr.276,838bDr6381,764 Cr.189,932 Dr.28.675
Sinclair Consolidated Oil Corp.
(Annual Report-Year Ended Dec. 31 1923.)
Chairman H. F. Sinclair, April 15, reports in substance:
Total surplus
41.181,640 47,240,411 39.965,719 47.217,341
DeductReserve for depreciation
and depletion, &c_ _ _ _ 11,289,673 11,746.242 12,038.335 11,829,637
Pref. div.(8% cash)- - 1,571,172
204.382
21,232 . 4,812
Common divs. in cash_($2)8,970.999(31)4329.094
do in stock (2%)_
758.661
x787,836
Appropriated for redemption of pref. stock
56.516
4,127
General.-The directors were faced with serious and difficult problems
during the year due to the extraordinary conditions that prevailed in the
oil industry in general. After careful consideration it was felt justifiable
to continue regular dividend payments on the Common stock. Large
expenditures for increased refining and marketing facilities made in 1922
and 1923. but not effective for profit in those years, offer promise of profit
during 1924. At the date of this report the disturbance in the industry
has not yet entirely subsided, but much more favorable conditions exist
and present indications are for continuing improvement. Notwithstanding
the unprecedented conditions encountered by the oil industry, resulting
in generally demoralized markets and other serious osbacles to satisfactory progress, company sold a larger volume of products than in the
preceding year. Selling prices were, however, at levels so much below
1922 that gross earnings and miscellaneous income amounted to $107,592,665. as compared with $131,016,645 in the previous year.
Increased in Fixed Assets.-During the uear the fixed assets of the company increased $37,957,970. The funded debt was increased $25,000,000
by the sale of 6 % 15-Year Gold bonds, Series "B," but was reduced
by retirement of other obligations amounting to 31.368,000, leaving a
net increase of the funded debt of $23,632,000. The increase in the fixed
assets of the corporation excoeded, therefore, by more than 314,325.970
the increase in the funded debt. The Increase of $37,957,970 in the fixed
assets resulted largely from expenditures made for the extensions of refining and marketing facilities which were foreshadowed in the last annual
report.
New Construction, &c.-New construction necessary to more than
double the gasoline output at Sinclair refineries is now substantially completed. and, with reasonable marketing conditions prevailing, earnings in
1924 and following years should reflect our greatly improved capacity to
meet the constantly growing demand for motor fuel. Work on the Sinclair
refinery at Marcus Hook, Pa., is still In progress and is scheduled for
completion by the end of 1924. With the completion of this refinery the
broad program of refinery expansion adopted by the company will have
been brought to final fulfillment. Marketing facilities have been extended
with the increase of our refining capacity in conformity with our policy
to distribute the bulk of our products direct to consumers.
Current ass3's included in the balance sheet of Dec. 31 1923 amounted
to $47,159,756, as against current liabilities of $20,397,019. Current
assets, in statements made by oil companiesk usually include investments
made in crude oil inventories. In the case of this corporation this is true
only to a minor extent, as crude oil in which the company is interested
is purchased, stored and sold mainly by the Sinclair Crude Oil Purchasing
Co., 50% of the capital stock of which is owned by the company.
Investment in Crude Oil Purchashing Co.-Company had invested to
Dec. 31 1923 $30.000.000 in the stock of Sinclair Crude Oil Purchasing
Co.. $13.503,000 of which amount was invested during 1923.
Crude Oil Stored.-Crude oil stored by the Sinclair Crude 011 Purchasing
Co. amounted at Dec. 31 1923 to over 41,500,000 barrels the market value
of which has increased since Dec. 31 1923 by more than $30,000,000.
In addition to its interest in the crude oil accumulated by the Sinclair
Crude Oil Purchasing Co., the Sinclair Consolidated Oil Corp. owned in
the United States through subsidiaries 3,400,000 barrels of crude oil on
Dec. 31 1923, the m rket value of which has increased since that date
by more than $2.500,000.
During the year 1923 the Sinclair Crude 011 Purchasing Co. purchased
24,268.000 barrels of oil and made deliveries of 12,381,000 barrels of oil.
The existence of the foregoing supplies of raw material upon which Sinclair
refineries may draw for future needs provides a reserve of incalculable
value in view of the steady reduction of crude oil production. which is
occurring not only in the United States but outside the United States as
well.
Reserves.-The sum of $11,289,673 was set aside as an addition to reserves for depletion, depreciation and amortization. Reserves at Dec. 31
1923 amounted to $70,690,881, or nearly 25% of the value at which producing properties, refineries, marketing facilities, ships, &c., were carried
on the books.
Curtailment in Activities.-In view of the abnormal crude oil situation
that developed during the year 1923. the activities of our subsidiary crude
oil producing companies in the United States were curtailed during the
greater portion of the year. The crude oil produced by these subsidiaries
during 1923 amounted to 9,291,000 barrels, as compared with 10,305,000
barrels in 1922, a reduction of 10%•
Mexican Operations.-In Mexico the company has continued its operations In the heavy oil districts and during 1923 produced 6.556,000 barrels
of Mexican oil as compared with 2,893,000 barrels in 1922, an increase of
over 125%. Beginning early in 1924 production operations were resumed
more actively by Sinclair subsidiaries and these operations will be extended
as the needs of our business may require.
Extensions & Additions to Pipe Line System.-During 1923 large extensions and additions were made to the main line of the Sinclair Pipe
Line Co. system. The line was doubled from the Mid-Continent field
to Chicago; it was extended from the Mid-Continent field to thb Gulf of
Mexico; and another extension reaching from a point near Kansas City
to Wyoming, a distance of more than 700 miles, was brought to such a
state of completion during 1923 that Wyoming crude oil was delivered
to Freeman Station near Kansas City on April 10 1924 and is available
for delivery to Sinclair and other refineries at Chicago and Houston and
points between.
The Wyoming line has a capacity of 40,000 barrels daily, bringing the
total delivery capacity of the system to approximately 100,000 barrels
daily. This system of pipe lines, now completed as to its main units,
sollects crude oil from more producing fields and delivers this oil direct
Surplus
19,349,795 30,904,178 27.114,190 34,624,229
a Includes Federal taxes. b Adjustments applicable to prior years and
unamortized discount and premium paid on ni% gold notes, due May 15
1925. called for payment prior to maturity.
x In May 1920 there being outstanding 3.757.593 shares of no par value
Common stock, there were declared payable in Common stock, four quarterly dividends of 2% each, payable on the Common stock July 15 and
Oct. 15 1920 and Jan. 15 and April 15 1921 to holders of record at the end
of the preceding quarters, respectively. There are included in 1920 two of
these dividends aggregating 151.732 shares, and in 1921 two of these dividends aggregating 157,567 shares, which are rated at the arbitrary "stated"
or "declared" value of $5 a share used in the balance sheet.-Ed.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
(Sinclair Conaolidated Oil Corp. and Subsidiaries.)
1921.
1922.
1923.
AssetsReal estate, oil and gas leases, oil wells
& equip., pipe lines, steamships &
steamship charters, tank cars, terminals, refineries, distributing sta291.052,553 253,094,583 243,555,676.
tions and facilities, &c
Investments In & adv. to affil. cos_ _ _ 63.737,573 48,457,539 30,637,745
220.855
2,036.307
2,235,050
Insurance funds, cash & securities__
Cash in banks and on hand
7,999,608 29,458,558 6,232.640
Acc'ts & notes receiv., less reserves_ - 9,585,387 11.925.775 28,738.362
Inventories
23,564,717 25,382,957 22,244.868
Marketable secure., at cost (incl.. in
1921, deb. bonds of Mexican Sea8,759,149
3,608,045
board 011 Co.)
2,586,397
Def'd chgs. to oper. & other items in
2,034.258
suspense
8,180.869 5,265,694
979,951
Employees'stock subscriptions
Advance payments, oil, &c
810.514
Bonds & stocks of company at cost
1,633.182
Total
412,365,801
LiabilitiesCommon stock
a204,052,441
Surplus
19.349,795
Preferred 8% cumulative stock
19,278,600
Minority stockholders' int. in sub.cos.
109.990
Res've for depr. depletion & amort_ _ 70,690,881
Res've for misc. (incl. specific funds)_
15-year 7% 1st lien coll. bonds, Ser.
".A." 1937
48.973,000
15 year 6Si% 1st lien coll. bonds. Ser.
13," 1938
25,000.000
5 year 7Si% cony, gold notes
Equip. trust notes & pur. mon. oblig- 4.514.074
Oil and gas certificates
Notes payable
11.600,000
Accounts payable
6.522,924
Accruals and miscellaneous
2.274,095
Suspended earns.& unadjusted credits
Total
379.229,458 342.423,553
204,052,441 193,018,441
30.904.178 27,114.190
322,400
20,000,000
110,090
110,090
60,578,466 49.276,193
1.190,689
50,000,000
45.441.600
4,736,952
1.114.139
11,075,000
5.801,455
6,740,970
2,286,908
1,988.239
935.496
4,855,073
412,365.801 379.229,458 342.423,553
a Common stock represented by 4,491,892 shares of no par value.-V.
118, p. 1147.
West Jersey & Seashore Railroad.
(28th Annual Report-Year Ended Dec. 31 1923.)
President Samuel Rea reports in substance:
Federal Control Settlement.-Final settlement was effected during the year
between the United States and the Pennsylvania RR. and its affiliated
lines, including those of this company, covering all claims arising out of
the possession, use and operation of their properties by the United States
during the period of Federal control, from Jan. 1 1918 to Feb. 29 1920.
through the payment by this company of $562,987, which included the
reimbursement of the Government for road and equipment expenditures
made by it during that period, for this company, aggregating $1,349,704.
It was a net settlement and covered balances due this company on account
of its standard return, for the possession and use of its property: for assets
collected, depreciation, retirement of property and equipment not replaced.
interest and undermaintenance of property and equipment. It likewise
included balances due to the United States for road and equipment expenditures, liabilities paid and for the excess in materials and supplies returned
to the company. As far as it was possible to do so, all of these items have
been reflected in the accounts for preceding years, but, as a result of making
final settlement, the income statement for the present year includes net
credits of $132,424, and the profit and loss account $296,720.
Proposed Lease to Pennsylrania RR.-In accordance with action of the
stockholders of the company on April 13 1922, a committee was appointed
2038
THE eHRONICLE
• [vol.. us.
to consider a proposed lease of the railroad and franchises to the PennDuring the year the Arizona 011 Co. produced 374,640 barrels of oil,
sylvania RR. and report whether the same could be made upon a basis and on Dec. 27 1923 paid a dividend from
reserve to its stocksatisfactory to this company. After giving the matter full consideration, holders, amounting to $16 per share. Fromdepletion
this dividend your company
the committee reported to the board to the effect that railroad operating realized $130,560.
on
conditions
the West Jersey & Seashore RR., as well as other railroads.
INCOME ACCOUNT FOR CALENDAR YEARS.
had not been normal for several years largely because of the effects of the
European War and the subsequent readjustments of industrial and financial
1923.
1922.
1921.
1920.
conditions, which had not so far reached a normal basis-In fact, that Copper produced (lbs.)- 88,881.012 69,834,115 15,174,768 79,453,740
1923 was the closest approach to a normal year since 1916-so that a lease Sales of copper
$10,779,320 $10,236.894 $8,636,498 $10,033,707
could scarcely be negotiated on satisfactory terms. The committee. Min. exp. (incl. devel.)- $3,589,940 $3,025,064
$728,919 $3,701,140
therefore, recommended that negotiations be deferred until a later date, Reduction expenses (incl.
in which recommendation your board concurred.
transp. of ore)
4,426,137 3,377,612
4,385,210
850,720
Ref. & sell. exp. (mnel.
INCOME ACCOUNT YEAR ENDED DEC. 31.
transp. of metals)
1.674,739
1,548,781
2,151,796
492,628
Operating Revenues1923.
1922.
1921.
Admin.exp.& Fed.taxes
289,262
399,941
166,224
809,189
Freight
$5.015.380 $5,125,703 $3,813,298 Copper on hand Jan. 1
1,520,481
2,799,021
9,746,476
6,118,332
Passenger
8,059.190 7,798,919 '8.179.099 Copper on hand Dec.31_Cr3,008,272 cr1.520,481 Cr2,799,021 Cr9,746,477
Mail
84.043
85.402105,075 Depreciation
399,965
314,254
648,719
166,593
Express
157,476
86.715 Interest paid
192,114
37,794
97,415
All other transportation
403,741
458,303
435,642
Incidental
343,984
357,959
Balance
328.906
$1.887.067
$254,938 def$813,456 $1,965,797
Joint facility-Credit
24,142
22,352
12,873 Interest received
66,235
1,770
Income from investment
130,710
309
326,709
112,101
Total
$14,142,520 $14,018,092 $12,929,708
Operating ExpensesNet income
$2,084,012
$255,247 def$701,355 $2,294,276 •
Maintenance o'way and structures
$2.369,870 $2,039,717 $1,997,624 Dividends paid
2,363,934
4,136,884
Maintenance of equipment
2,632,669 2,487,917
2,486,110 Dividends paid (rate)(10%)
(173,5%)
Traffic
203,483
168,346 Suspension expenditures
195,338
229.081
1,089,066
Transportation
6,601.461
6,306.870
6,367,693
Miscellaneous operations
116,761
148,125
150,362
Balance, deficit
$279,922 sur$26,166 $1,790,421 $1,842,608
General
313,346
331,549
335,384
BALANCE SHEET DEC. 31.
Total
$11,992,566 $11,576,412 $11,683,649
1923.
1922.
1923,
1922.
Net revenue from railway operations_ $2,149,954 2,441,670
Assets1,246,058
5
Liabilities$
Railway tax accruals
711,611 Mines, mm.claims
860,036
900,324
Capital stock_ _..x23,839,340 23,639,340
Uncollectible railway revenues
971
17,424.556 16,632,435 Rea. for deprec__ _ 4,128,163 3,728,199
782
668
& lands
fildgs. & equip__ _12,554,503 10,570,772 Accts.& wages pay 1,614,897 y1,165,180
Railway operating income
$1,288,947 $1,540,574
$533,779 Inv.In sundry cos_ 972,521
913,070 Divs. pay. Jan. 7
equipment
-Dr.
balance..
Hire of
$123,918
$89.426 Sunni.& prep. exp 1,682,148 1.987,580
$96,206
1924
590,984
Joint facility rents-Dr. balance_ _ - _
174.203
157.717 Copper In process
164,666
Surplus
5,992,473 6,272,395
& on hand (at
/Vet railway operating income
$990,825 $1,279,702
$286,636
cost)
3,008,272 1,520,481
Non-Operating IncomeAccts.receivable.. 238,810
682,032
Income from lease of road
$192,303
$191,753 Cash & cash assets
$180,435
85,047 2,518,745
Tot.(each side).35,985,857 34,805,114
Miscellaneous rent income
24,503
59,007
41,445
x Capital stock, authorized, 1,500,000 shares of $20 each; issued,
Miscellaneous non-oper. physical prop
9,354
9,927 1,181,967 shares. y Incl. taxes accrued.
4,710
-V. 118. p. 1919, 1019.
Dividend income
5,661
Incomefrom funded securities
2,019
135
Utah
Copper
Company.
Incomefrom unfund.sec.&
296.735
48,552
31.403
Miscellaneous income
Dr.729
36,023
Dr.3,845
(19th Annual Report-Year Ended Dec. 31 1923.)
Gross income
DeductionsRent for leased ferries
Miscellaneous rents
Miscellaneous tax accruals
Interest on funded debt
Interest on unfunded debt
Miscellaneous income charges
Net income
Appropriations to sinking fund
Dividends
$1,547,494 $1,533,986
Cr.$44,560
6,678
8,640
224,822
190,842
35.764
$605,075
Cr.30,761
15.980
8,814
228,388
128,376
15.399
$8,076
5,762
10,964
231,501
143,896
14,337
$1,125,308 $1,167,788
08,060
$67,980
(4%)463.450 (2)231,725
$190,528
$103,045
Balance to credit of profit & loss__ $553,798
$868,083
GENERAL BALANCE SHEET DEC. 31.
1923.
1922.
LiabilUies1923.
'AssetsSpecial guar. stock
90,100
Road
24,147,820 23,556,593 Common stock__ _11,586,250
Equipment
5,541,402 5,583,833 Stock liability for
Gen. expenditures.
58,338
67,876
cony,of outatdg.
Miscall. phys.prop 255,361
173,136
securities
15,605
by. in afM. cos.:
Mtge., bonded &
164,665 secured debt_
Stocks
48,766
5,582,911
Advances
136,130 Traffic & car serv.
Other investments.
1,066
1,066
balances payable 771,002
357,982
740,731 Audited accts. &
Cash
5,113
8,251
Special deposits_ _.
wages payable._ 316,231
Traffic & car eery.
Miseell. accts. pay 953,753
614,581 Int, matured unpd 107,961
balance receiv_ - 572,100
Divs. mat'd unpd_
Net balance rec.fr.
2,244
agts. & conduc's 221,826
207,808 Funded debt mat'd
Miscell. accts. rec._ 197,853
97,875
unpaid
46,300
Material dr suppl_ _ 557,404
567,989 Unmat'd int. accr.
1,196
46
Other curr. assets_
Deferred liabilities
22,075
81,343
TJnadjusted debits.
43,160 Tax liability
125,925
Accr.deprec.,road 1,524,983
Accr. dep., equip_ 2,704,131
Other depreciation
Other unadl.cred's
35,135
Add'ns to prop.thr.
Inc. & surplus 5,385,141
Fund, debt retired
thr. Inc. & sur 1,335,555
Sinking fund res._ 108,895
Dividend payable. 231,725
Total(each side)32,046,418 31,953,695 Profit and loss__
1,099,320
117, p. 1557.
$87,483
1922.
88,400
11,586,250
17,305
5,700,816
675,952
308,378
989,305
110,534
2,485
48,300
1,249
937,968
218,170
1,278,101
2,573,456
20,662
7,915
5,372,399
1,231,495
104,895
231,725
451,936
Inspiration Consolidated Copper Co.
(Annual Report-Year Ended Dec. 31 1923.)
President Louis D. Ricketts, New York, March 31, wrote
in substance:
Operations.-Operations were continuous throughout the year with an
average monthly production of 7,406,751 lbs. of copper. The grade of
ore mined during the year averaged 1.192%. This average grade should
be improved during the present year. as the Live Oak section having
higher grade ore should be producing by July 1924. The extensive program for the development of this ore body, the sinking and prepatation
of the Porphyry shaft, the surface eouipment and extension of the railroad
to handle this ore, as well as the construction of a townsite to house employees, in all calling for an expenditure of over $5,000,000, will be completed in July 1924.
Sales of Metal During the year the sales of metal were somewhat
less than the production, with a consequent increased inventory. The
average price realized for sales of the metal during the year was unsatisfactory. Copper is practically the only basic commodity now selling
in the world's markets at less than pre-war prices.
Consumption of Copper by Domestic Consumers.-In 1923 was even
greater than in 1922 and shows continued strength. Shipments of copper
for export trade also showed improvement in the past year.
Mining Department.-Operations continued throughout the year, the
total ore mined amounting to 5,135,115 tons. The .ore was mined at
the rate of 16 tons per man shift for all labor chargeable to mining ore,
as compared with 14.5 tons for the preceding year.
Copper Production.-The production ofcopper for the year was 88,881,012
lbs., compared with 69,834,115 lbs. in 1922.
Cost.-The cost of fine copper produced during the year, including
depreciation, but excluding depletion and Federal taxes, amounted to
11.6158 cents per pound of copper.
Power Plant.-The addition to the power plant, authorized in 1919,
was completed in 1923. and the new 9,375-k.v.a. turbo-generator and
auxiliaries, including a cooling tower, are in successful operation.
The maximum capacity of the present turbine plant with one unit in
reserve is 22,500 k. w.
Investments.-An additional ranch property on Pinal Creek, consisting
of 70 acres of land, was purchased during the year. Final payment of
$250,000 on purchase price on property of Porphyry Copper Co. and
Porphyry Consolidated Copper Co. was made in May.
Operations of the Apache Powder Co., in which the company owns
an interest, were entirely satisfactory, the Powder company continuing
to supply the explosives needed for your company's operations. Dividends from the investment in the Powder company will be available in 1924.
President D.C.Jackling, N.Y., April 1, wrote in subst.:
Operations.--Productive operations were continuous throughout 1923.
although for the major portion of it they were limited as to milling capacity
on account of Magna plant Improvements, which were in progress constantly
during the year and were nearly complete at the end of it. The average
daily tonnage milled for the period was close to 75% of what will be the
regular capacity when this mill is complete and both mills in full commission.
The cost of producing copper was 8.74 cents per lb., as compared with a
cost of 8.71 cents per lb. for the previous year. These costs in both cases
are exclusive of depletion. but include charges for depreciation, all fixed
and general overhead expenses and credits for precious metal values and
miscellaneous earnings pertaining to operations.
Dividends.-Four quarterly distributions to stockholders, aggregating
$6,497,960, were made during the year at the rate of $4 per share per
annum. The total of all distributions to stockholders up to Dec. 31 1923
was $125,317,827.
Bingham ct Garfield R11.-The company reports as of Dec. 31 1923,
total assets of $11,338,209, including investment in road and equipment,
$7,068.756: current assets, S2.590,144, and unadjusted debits of $1.679,309,
and offsetting the same, capital stock. $7,500,000: accounts payable, $188.669;reserve for taxes, accident insurance,&c.,$286.977;reserve for depreciation. $1,495,917; profit and loss, surplus, $1.866,647.
As a result of the year's operations in its Common carrier capacity, the
Bingham & Garfield By. realized a total net income of $343,732. Dividend
appropriations of $300,000, and debits for loss on retired road and equipment and other minor charges, resulted in a net increase of $27,031 in
the profit and loss balance. The surplus balance at Dec. 31 1923 includes
the amount of claims filed for recovery of deficit sustained during the war
time period of Federal control of railroads and for the guaranty period
income under Sections 204 and 209. respectively, of the Transportation
Act, 1920. These claims, as yet uncollected, are carried as U. S. Government unadjusted debits. •
Nevada Consolidated Copper Co.-The results for the year 1923 was given
In V. 118, p. 1921.
Extracts from Report of L. S. Cates, V.-Pres. & Gen. Mgr., Salt Lake
City, March 1 1924.
Development & Ore Reserves.-The development work in the northwesterly
portion of the property continued during the year and two churn drill holes,
with a combined depth of 1,912 feet, were completed. The churn drilling
campaign of the past two years has proven the existence of a very material
tonnage of commercial concentrating ore, with every indication that further
tonnage will be developed as this program continues. However, until
this area has been more thoroughly prospected its tonnage will not be
calculated for addition to the fully developed reserves.
There was mined during the year 11,167,800 tons of concentrating ore.
leaving, of the reserves previously reported, 347,378,049 tons, averaging
approximately 1.35% copper.
Operations.-Mining operations gradually increased from 635,000 tons
In January to 1,145.000 tons per month the latter part of the year.
The total amount of concentrating ore mined by steam shovels and
shipped to the mills was 11,167.800 tons. In addition to this there was
shipped by leasers 770 tons of crude ore. There was also produced 548.610
lbs. of copper from the precipitating plants at the mine. There has been
extracted from the entire property up to Dec. 31 1923, 107.229,651 tons
of concentrating ore, averaging 1.34% copper.
The average cost of mining concentrating ore,including a proper apportionment of fixed and general charges (Federal taxes and depreciation
excluded) was 34.88 cents per ton, of which 12.5 cents represented charge
for stripping. The actual direct cost of mining all ore was 22.38 cents
per ton; 19.18 cents per ton representing all charges at the mine and 3.20
cents all fixed and general charges except as above noted.
During the year there was milled at the Arthur plant 6,508,900 tons of
ore, an average of 17.833 tons per day, and at the Magna plant 4,658.900
tons, an average of 12,764 tons per day, or a total of 11,167,800 tons, being
equivalent to a daily average of 30.597 tons. The Arthur mill is rated,
for best metallurgical results, at 16,000 tons per day. This plant treated
considerably in excess of its rating during the year, but upon completion
of improvements of the Magna mill the Arthur plant will be operated at
Its economical capacity.
The reconstruction of the Magna plant, which commenced in July 1922,
progressed so that by Jan. 1923 it was treating a daily average of 4.200 tons
of ore, and the improvements installed during the year brought its capacity
up to 17,250 tons per day for December. With the early completion of the
betterments now in progress this plant will have a daily capacity of 24,000
tons.
The average grade of ore was 1.12% copper, as compared with 1.26%
for the year 1922. The average recovery was 80.96% corresponding to
18.18 lbs. of copper per ton of ore treated, as compared with 80% recovery
or 20.13 lbs. of copper per ton of ore treated for the year 1922.
On account of treating excess tonnage at the Arthur plant the average
recoveries for the year were lower than it is expected will be made when all
improvements are complete. It is believed that on present headings an
average Mill extraction of 85% will be attained.
The average milling cost was 61 cents per ton-a decrease of 23 cents per
ton as compared with the previous year.
The improvements at the Arthur plant were of a minor nature and were
for the purpose of effecting reductions in costs.
The Magna mill was shut down on Feb. 26 1919 and remained idle until
reconstruction work was commenced in July 1922. When last operated
it was essentially a gravity mill having only limited flotation apparatus.
The total gross production of copper contained in concentrates was
202.986.306 lbs.. from a concentrate averaging 18.631% copper, as compared with 87,844.058 lbs. and 23.49% for the year 1922.
APR. 26 1924.]
THE CHRONICLE
2039
There was an additional gross production of 561,678 lbs. of copper con- the City on the purchase price of the property. These payments amounted
to $500.000 semi-annually, with the right upon the part of the city to pay
tained in precipitates from mine water, shipped direct to the smelter.
all or any part of the balance on 30 days' notice. In the beginning, under
Production of Copper from All Sources-Gross Pounds.
Mayor Couzens' direction of affairs, payments on the city purchase price
In PreIn Conwere anticipated; that is, were made before the time fixed for the semiTotal.
cipitates.
centrates.
annual
payments of $500,000; and we found it necessary to accumulate
1923
203,562,376
561.678
202,986,306
to be ready to take down money that would be paid by the city,
1922
189,295 88.033,353 bonds
87,844,058
we had to tender each time the city made a payment, in order to take
The average cost per net pound of copper produced from all sources during as
the money down, an equal amount of the bonds of the company that were
the year, including depreciation of plant and equipment and all fixed and secured
by lien against the property contracted to be sold.
general expense, and after crediting gold, silver and miscellaneous earnings,
This item of $2,402,750 does not in any sense represent borrowings for
was 8.735 cents, as compared with 8.707 cents for the preceding year. the
operations
of the company, but mainly fixed obligations that were
computed on the same basis. The value of the gold and silver recovered outstanding at the
time the contract was made with the city.
and the miscellaneous earnings amounted to 1.313 cents per bound of
Accounts Payable.-The largest item of these accounts is 81.000.693.
copper, as compared with 1.454 cents for the previous year.
owing to.the city of Detroit for track rentals, &c., for the use by the interPer Ton Operating Costs on Concentrating Ore, Incl. All Fixed, General & urban cars of the tracks sold to the city. There is an amount due the
company from the city for similar claims, amounting to $583,441, leaving
Miscellaneous Charges.
a net balance on this account of $417,252. On the asset side there is an item
Ore
YearTonnages.
Total.
Milling.
of $725,000, which is owing by the city to the company for material and
Mining.
Delivery.
1910
4.340,245
50.4663
Siiligl supplies that were on hand at the time the contract of sale was entered into.
$0.4097
50.2978
1915
8.494,300
andy was adjusted at $1,375,000, of which amount $650,000 has been paid
.3402
.2441
.2781
1920
1.9886 by the city. The item $583,441 is in part in controversy and has been
5,556,800
1.2472
.2591
.4823
1921
1.8598
1,220,700
1.1679
submitted
to arbitration.
.4998
.1921
1922
1.3862
4,364,251
.1612
.8417
.3833
Claims for Inujries & Damages.-When the "city system" was sold to
1923
1.0692 the city, there
11.167.800
.6116
.1088
.3488
were outstanding an accumulation of claims for injuries
and damages to passengers and others-by cars operating in the city over
INCOME ACCOUNT YEARS ENDING DEC. 31.
a period of years. It was roughly estimated that $750,000 would be
Sales of1920.
1921.
1923.
1922.
required to adjust these claims. From the date of this sale and up to
Copper, The
195,142.919 84,777,712 24,511,593 101.897,758 Dec. 31 1923 there has been $699,321 paid, including the expenses, salaries.
Average price
14.376 cts. 13.584 eta. 12.929 eta. 17.737 cts. &c. of the Claim Department in adjusting same. There were no funds
OW,ozs. (at $20)
7,041
27,410 available to pay these claims at the time of the sale. They had to be paid
72,549
28,284
Silver, ozs
257.515 out of the general income
65,928
630.940
257,145
and resources of the company.
Average price
3.99646
51.09165
5.75910
5.99502
Under a law enacted at the 1921 session of the Legislature of the State of
Operating RevenueMichigan,
it
was
provided
that
the P. U. Commission of the State should
Bales of copper
$28.053.733 $11,516,125 $3,169,057 $18,073,591 by engineers to be selected by it, "make survey studies and valuations"
Sales of gold
548,217 of all public utility properties for the purpose of enabling it to fix. in our
140,815
565,675
1,450,975
Sales ofsilver
281,116 case, rates of fares for the transportation of passengers and fixed the basis
65,695
478,945
255,864
for making such rates of fares, viz "sufficient to cover operating expenses,
Total income
$29,983,653 $12,337,665 $3,375,568 $18,902.925 Including maintenance and depreciation and a fair return on investmentExpensesmeasured by the value of property employed in the public service-this
Mining & milling exp...x$10.760,941 x$4,674.615 x$2,052,915 $9,256,739 fair
return has been fixed at 7%." ThIs law became effective Aug. 1922.
Ore delivery
1,214,803
234,455
651,096
The
work of me engineers was completed about July 1923. The expense,
Ore stripping, &c
694.600 under the law, had
(x)
(x)
(x)
to be paid by each public utility and we have paid down
Selling expense
151,764 to Dec. 31 1923 $380,725.
300,632
23,954
148,573
was a cash disbursement, which will be
Treatment & refining_ _ _ 6,198,656
806,341
5,423.168 amortized and charged over This
2,384,704
a period of ten years into operating expenses
by
direction
of
the
P.
U.
Commission.
Total expenses
$18.475,032 $7,858,988 $3,117,666 $15,526,271
Rental of Tracks.-The agreement under which the city system was
Net operating revenue_ _$11,508,621 $4,478,677
S257,902 $3,376,654 turned over to the city in 1922 provided that the company should have
Other Incomethe
right to operate its cars over the tracks, sold at a price to be fixed by
Miscellaneous income..
1,302.704 agreement, or,
631,641
524,187
411,573
failing in that, by arbitration. The city made a claim that
Cap. distrib. Nev.Cons_
750,375 the company should
pay, for the use of these tracks and the power used in
Adjustments
Dr.505,234 operating our cars over
them,36 cents per car mile; that is, 36 cents for each
for each mile of track over which the car was operated. We regarded
car
Total income
$12,140,262 $4,890,250
$782,098 $4,924,498 this as wholly unreasonable and, in consequence, the arbitration provided
Depreciation
1,132,169
1,011.002
1,019.758
for resulted. It continued over several months and was only completed
Shut-down exps., &c_..
1,896,146
1,124,726
near the end of last year. As we were using the tracks, &c., of the city.
Miscellaneous
535,2s4
295,103
695,713
we included in our
of operation 15 cents per car mile. instead of 36
Dividends (earnings)_
2,342,943 Cents as claimed bycost
the city, and when the arbitration award was made,
Divs. (cap. distribution) 6,497,960
3.248,980
4,061.225
7.403 997 it resulted in our being required
to pay between 16 and 17 cents per car
Total rate per cent_ _ _
(20%)
(40%)
(25%)
(66%) mile, instead of the 36 claimed by the city and of the 15 that we had included in our operating costs.
Balance, surplus
$3.974,839q.$1.560.9801.$6,119,334q.$4,822,442
The expense attending this arbitration was.considerable, and together
x Stripping expense in 1921, 1922 and 1923 is included in mining and with special engineering reports and other extraordinary items, disbursements to the amount of $79,417 were made during the year 1923.
milling expenses.
Funded Debt.-In the matter of outstanding bonded indebtedness as
at Dec. 31 1921 and Dec. 31 1923 there was a reduction of $4,696,000
BALANCE SHEET OF UTAH COPPER CO. DEC. 31.
which the first payment made by the city on the sale contract of
toward
1923.
1922.
1923.
1922.
the "city system," $2,770,000 was applied; in addition, $50,000, out of the
Assets$
$
$2,297,277
paid for the day-to-day lines in Dec. 1921; the balance. $1,426.Min. & mill. prop.
Capital stock
16,244,900 16,244,900 000, came out of the general resources of the company, not including
& equipment_ _x24,817,130 22,929,683 Accts. payable
2,347,744 2,012,384 any borrowings.
Investments
13,437,475 13,337,860 Res.for tax.,accld
From the same source we disbursed, on account of capital expenditures
Deferred charges_y9,928,914 9,721,795 Insurance, &c 1,852,020 1,968,266
upon the property of the company for the yea: 1922, $477,306-$345.004
Copper Exp. Ass'n,
Treatment, ref. &
which was recouped .py receipts from the sale of real estate, leaving a
of
Inc. (suspense)756,295 deity.chges-not
net amount for 1922 of $131,906, and we disbursed from the same source,
Bond deposit acct _ • 545,000
270,000
yet duo
999,237 during 1923. on capital account. $576,942, making a net total for the two
1,819,875
Mat'ls & supplies_ 2,401,193 2,677,505 Surplus from sale
years, on this account, of $708,849. There were no borrowings on either
Accts. recelv., &c_ 623,084
of securities 8,290,620 8,290,620 secured or unsecured loans to cover these disbursements.
381,230
Copper in transtt_12,080,865 5,824,462
Operations
40,471,947 36,497,108
New Loan Expected Shortly.-As to the item of $1,000,000 included in
Marketable secur's 4,959,380 6,281,918
"notes 'payable" at Dec. 31 1923 ($2,402,750), representing the same
Cash
534,944 2,846,233
amount
($1.000,000) of 7% notes outstanding prior to 1922, it is the plan
Duefor cope.deity 1,699,120
Total(each side)71,027,106 66,012,515 of the directors to retire that out of a new loan that it is intended to make
985,534
will also retire the entire bonded
x After deducting $7,172,986 for reserve for depreciation. y Includes at a comparatively early date. This loan
outstanding covering the Interurban properties, which are
$9,447.629 for stripping ore, dumping rights, &c., and $481,285 for other indebtedness
directly
owned
by
the
company, approximating $3,500,000. The only
deferred expenses.-V. 118, p. 1149.
bonds which will then be outstanding on your Interurban lines will be
those of your subsidiary companies. A decree of the Court, recently
affirmed by the Michigan Supreme Court, has allocated the securities as
Detroit United Railway Co.
between the city property and the Interurban, so that the above-named
amounts, approximating $4,500,000. will. as stated, clear the bonded
(Annual Report-Year Ended Dec. 31 1923.)
indebtedness of the Interurban properties directly owned by the company,
President Elliott G. Stevenson, Highland Park, Mich., and as well cover the $1,000,000 item carried in "notes payable" on account
of the 7% note issue.
March 18, wrote in substance:
It is intended to make a new bond issue of $7.000.000 or $7,500,000 to
Sale to City of "City System" & Resultant Effects.-The sale of the com- cover these items and leave a balance of
over $2,500,000 for improvements
pany's "city system' of railways was forced upon the company in May and extensions-principally
extensions.
1922. The sale price of the "city system" was $19,850,000, but the city
Dividends.-During the past two years, and especially during the past
had taken over, under the so-called day-to-day agreements, the provisions year, iv was reported that the company was not earning its dividend; that
of which gave it the right so to do at an arbitrated price-30 miles of track is,
the 6% dividend that the stockholders have been receiving since Sept.
and considerable equipment. The price fixed by arbitration for this 1922.
I confess it occasions surprise to me, in view of the extraordinary
property was $2,297,277, which amount was paid to the company in financial
burdens that had to be met for other purposes, that we have
Dec. 1921.
been
able
to pay these dividends-not because ofinadequate current earnings
The company's current accounts and bills payable for items such as but because
of the extraordinary disbursements we were called upon to
material, supplies, coal, power bills, &c., had been partially deferred over
for and pay. The earnings statement of the company for the
a considerable period of time and they had accumulated to an amount that provide
payment of diviabsorbed all but $500,000 of the 'Payment of $2,297,277 received for the year 1923 shows, net earnings of $863,646, applicable to
amount of which aggregated $921,000.
day-to-day lines referred to, and still left at the end of the year 1921 unpaid dends-the
to have been
seem
bonds
Some
of
the stockholders who are dealers in
current accounts and bills amounting to $1,098,336.
in a
pessimistic or critical, as the case may be. and to have,
The task that confronted the directors when they assumed direction somewhat
which required
dividend
veiled
way,
criticized
the
paying
a
management
for
of the affairs of the company in Feb. 1922 was to gather together and the use of some
city.
'being
the
sale to
strengthen the remnants of a great railway system, urban and interurban, the difference $220,000 of profits on the contract of
that
between 6% on the purchase price remaining unpaid. were
that had been dismembered, and, through an efficient operating organiza- the city has been
required to pay us ,and the amount that we,in turn,
tion, which we have had, in a measure, create and cause a railway system required to pay as
property.
city
the interest on the bonds allocated to the
to function successfully under new conditions.
This, with the $78,784 (refe:red to as profits on the purchase of bonds to
Balance Sheet.-The balance sheet for 1923 is based upon the valuation take over cash payments from the city) approximates $300,000.
of the company's physical property made as of Dec. 31 1922 under the
The critics have asserted that the confident prediction that the writer
direction of the Michigan P. U. Commission by engineers selected by them. has made-that these dividends can be continued-was not warranted
Explained.
-Upon
examination
of
the new balance sheet for the reason that there is a possibility that if the city may pay off the
Notes Payable
(below), which shows a surplus of $4,434,787. after providing for all liabili- entire amount of the balance remaining unpaid on our contract, then the
ties, including capital stock liability, the attention of the stockholders will profits referred to would cease. Standing by itself, this is a criticism that
naturally be directed by an inquiry in their own minds as to why the might be warranted if there were not at hand or in certain prospect some
company carries so large an amount in "notes payable," namely,$2.402,750, other income that would make up for the possible loss referred to in such
and that there may be an understanding about this, the following explanation a contingency.
My statement as to the ability of the company to continue to pay the
Is made:
to m
When the "city system" of the company's property was contracted to dividends
now
to
owbweianrgrapnat
isebfas
ored
ecan
se
tt upon speculation but upon fact that
be sold to the city there was outstanding a class of securities of the company seems
the
It must be borne in mind that during the past year 1923 there was a
commonly referred to as the "7% note issue" amounting to 84,400,000.
The security for this note issue was treasury assets of the company, a large increase in the rates of wages of platform men and other employees.
This increase in the labor cost became effective by agreement Aug. 1 1923.
considerable item being $2,500,000 43.% Consol. bonds of the company.
When the first payment was made under the "city purchase agreement" but the increases were made retroactive to May 1 1923. These increases
of $2,700,000, $2,000,000 of this amount was used to call an equal amount aanredrallgrecetzltein. atp
hv
ero
ox
piema
ratte
inlgy.crp
000
0
foo
the company during the year 1923
of the 7% notes outstanding, and later, out of the balance of the city cash
It was not until nearly the end of 1923 that we got any relief by waylof
payment and other resources of the company, $1,400,000 more of these
notes were called (in two calls-one for $500,000, and later, one for $900,- increase in rates of fare to compensate for this increased expense. Indeed,
000), leaving outstanding, when the notes matured. $1,000,000 thereof. as to the Rapid Ity., one of our principal properties, that rate has not yet
When the $2,000,000 of these notes were called, there was surrendered become effective.
From experience to date, as to passenger traffic carried and revenues
$2,500,000 of the 4H% Consol. bends, which were canceled. This balance
of the note issue referred to-$1,000,000-matured April 1 1923. There received therefor, the indication is that the increase in the passenger revenue
were no funds available to retire them, and, consequently, company from the increased rates offare will amount to about$600,000--considerably
borrowed from banks $1,000,000 for this purpose. This is a part of the more than double the amount of the profits that are being realized under
item of $2,402,750, above referred to as "notes payable," outstanding the city purchase contract above referred to.
Dec. 31 1923.
In addition to the foregoing, we have formulated plans to alter, in some
The balance of these notes outstanding represent for the most part the important respects, our present methods of operation that will save us from
purchase of bonds, which were a charge against the "city system • of the Sa
efr
ect
.000
to tto
hes
5
tM
pla,On(Wi
s. per year. It will take frominto 6 months to give
company, that we are compelled to retire out of the moneys to be paid by
2040
THE CHRONICLE
[vol.. us.
Motor Bus Competition.-We have had difficulties to contend with on
Locomotives placed in service from Jan. 1 to April 1 totaled 661. of which
account of motor bus and truck competition. I do not in any way wish 176 were placed in service during the month of March. The railroads on
to minimize this competition, but with an experience now extending over April 1 had 520 locomotives on order.
nearly two years in dealing with this competition. I feel that it is not going
These figures, both as to freight cars and locomotives, include new, reto defeat our expectations of a profitable operation of our properties.
built and leased equipment.
Express & Freight Revenue.-The troubles that have presented themselves
Matters Covered in "Chronicle" April 19.-(a) Loading of revenue freight
by the competition referred to, have resulted in our developing another diminishing, p. 1842. (b) New high records established by railroads in
source of revenue that promises to be almost, if not quite, as important February freight movement, p. 1842. (c) Unfilled orders for railroad locoas the passenger revenue, namely, the revenue from the carriage of express motives again increasing, but far below a year ago. p. 1844 (d) Inter-State
and freight. During 1923 revenuefrom thissource amounted to $1,548.388. Commerce Commission calls for payment by railroads of excess earnings
When the financing above herein referred to Is completed and we have and interest on same-reports called for by May 1, p. 1888. (.0 New
available in the neighborhood of$2.500.000 to provide for needed extensions, Haven grants wage increases to conductors, yardmen and trainmen. p. 1869.
filling in gaps, &c., I am confident that the traffic referred to-freight and (f) S. Davies Warfield presents protest of banks, life insurance and trust
express revenues-will be doubled within a year.
companies against repeal of Section 15a of Transportation Act, p. 1869.
(g) Howard Elliott (Chairman Northern Pacific RR.) says repeal of rateThe usual comparative income account was given in making section
of Transportation Act would shake confidence of investing
public in railroads, p. 1870. 00 Repeal of rate-making section of TransV. 118, p. 1392.
portation Act opposed by Daniel Willard-Government ownership and
CONSOLIDATED BALANCE SHEET DEC. 31 (INCL. SUB. COS.). operation also opposed, p. 1871.
1922.
1923.
1923.
1922.
Alabama & Vicksburg Ry.-Bonds Sold.-Spencer
Assets$
Liabilities$
$
$
Land.bidgs.,plant,
Capital stock _ _ _ _615,375,000 15,375.000 Trask & Co., White, Weld & Co., New York, and Canalequipment,&c.a33,893,069 32,996,942 Funded debt
27,091,500c14,372,500 Commercial Trust &
Savings Bank, New Orleans, have
inv.In Flydro-Elec
Def. mtg. paym'ts
418,972 sold at 97 and int., to yield over 5.15%, $2,500,000
Pow.Comm.bds.
189,000
on real est. par- 361,796
Misc.investments.
9,050 Notes payable__
2:402,750 1,609,949 1st Mtge. Gold bonds, Series "A,"
8.250
5%. (See adv. p ges.)
639,658
199.979
Insurance reserve
Accrued interest
Dated-May 11924. Due May 1 1974. Int. payable M. & N. at the
fund and cash_
187,238
344,898 Accrued payroll_
682,090 Canal-Commercial Trust & Savings Bank, New Orleans, La.trustee, or
Materials & supp- 794,302 2,266,537 Accounts payable- 1,057,823
34,154 National Park Bank, New York. Denom. $1,000c5. Series'"A" bonds
36,034
Sinking fund
423,285
234,964 Unred'd tickets,fee
159,335 are redeemable as an entirety on any int. date upon 90 days' notice at
58,147
Accr. int. receiv-- 120,089
82,526 Taxes accrued,&c
1
200,000 107% and int. on or prior to May 1 1929, at 105 and int. after May
200,000
Deferred pay'ts on
Federal taxes
1929, and on or prior to May 1 1964, and at % of 1% less than 105 and
5,000
property sales..
1,935.700 Unredeemed bonds
1,716,735 int. for each succeeding year. Legal investment for savings banks in
Accts.receivable__ 835.580
121,449 Conting. liabilities
805,799 1,367,520 New Jersey, Michigan, Minnesota and Wisconsin.
Notes receivable__
96,417
Reserves
Data from Letter of Pres. Larz A. Jones, New Orleans, April 23.
Cash
148,167
663,597 Profit and loss_ - -_ 4.434,787 2,428,805
Cash for red'n bds_
25,950
Property.-The railway owned extends across the State of Mississippi
Prepaid taxes, dre. 117,545
160,053
from Meridian, near the Alabama border, to Vicksburg, on the Mississippi
Other def'd charges
88,200
River, a distance of 141 miles. In connection with the Vicksburg ShreveLand sales,contr'ts
85,000
port & Pacific Ry., this road forms the main line of the "Vicksburg Route"
Bal. owing by city
(formerly part of what was known as the "Queen and Crescent Route")
with respect to
between Meridian. Miss.. and Shreveport, La. This is a natural trade
sale of properties15.580,000
route, forming as it does a part of the shortest line between central Texas
points, such as Fort Worth and Dallas, and points in the southeastern
Savannah.
Total
52,215,853 39,004,717 Total
52,215,853 39,004,717 States,such as Birmingham,Atlanta,Augusta, Montgomery
The strong strategic position of the Alabama & Vicksburg Ry. has enabled
a Land, buildings, plant, equipment and other permanent investments that road to obtain a large portion of the constantly increasing traffic
as appraised by the Michigan P. U. Commission as at Dec. 311922. $33,- pass'ng between these points.
980.613. Deduct value of properties destroyed by fire during 1923, $130.Security.-An absolute direct first mortgage upon the entire railway
661; add net expenditures on capital account during 1923, 2576,942; less property and all real estate (except land grant lands not used for railreserve for depreciation, &c., 2533.826.
road purposes), railroad equipment, rights, privileges and franchisee, used
b Capital stock authorized, 250,000 shares of $100 each; issued, 153.576 in connection therewith, whether now or hereafter owned, but excepting
shares at $100 each, 6,960 fractional stock warrants of $250 each, 217,400. extensions or branches not acquired or constructed by the use of the
c Includes bonded and debenture debt in hands of public, $28,797,500: bonds or other funds obtained under this mortgage, and will be outstanding
less proportion of balance owing by city of Detroit on account purchase at $17,730 per mile.
price of"one fare zone" properties sufficient to offset bonds secured by these
Purpo-e.-Of the present issue of $2,500,000 1st Mtge. Gold bonds,
properties. $14.425,000; leaving, 214,372,500.-V. 118, p. 1519, 1392.
Series "A." $1.936,900 are being issued to retire a like amount of 6%
Gold notes which were issued to take up maturing bonds in 1921, and
the proceeds from the remaining $563,100 of bonds will be used to reimburse
the treasury for expenditures made prior to May 1 1924 for additions and
betterments.
Earnings.-During the 30% years ended Dec. 31 1923, the earnings
available for interest averaged $334,512, a sum equal to 2 2-3 times the
annual interest requirements of the present issue of $2,500,000 let Mtge.
RAILROADS, INCLUDING ELECTRIC ROADS.
Gold bonds, Series "A, 5%. In no one of these years were earnings
The following news in brief form touches the high points available for interest less than 2125,000, the annual interest charges upon
of this financing and in every year since 1901 these earnings
in the railroad and electric railway world during the week completion
have been in excess of twice such charges.
Just past, together with a summary of the items of greatest
The earnings available for interest for the year 1923 amounted to $589,148,
sum equal to more than 4 2-3 times the annuli interest requirements of
interest which were published in full details in last week's athis
issue. See report for 1923 in V. 118, p. 1765, 1909.
GENERAL INVESTMENT NEWS
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
Lenq Island RR. Commuters Protest Against Proposed Curtailment of Service
on IV iteskrne firanch.-Residents of Melba, Whitestone, College Point.
Beechhurst and Flushing protested before the Transit Commission against
the proposal of the Long Island RR. to withdraw.twelve through trains to
and from Manhattan from its Whitestone branch on May 14. The railroad
declares that the change is necessary because of the tremendous increase in
traffic, and the resulting congestion in the Pennsylvania Terminal, New
York "Times" April 25, p. 19.
Federal Court Upholds 1Vine-Hour Day Ruling of I. C. C.for Yardmasters.Between 8,000 and 9,000 yardmasters on roads in all parts of the United
States will work 9 instead of 12 hours per day, according to decision rendered by Chicago District Court. Test suit was brought by Atchison
Topeka & Santa Fe RR. "Wall St. Journal" April 21, p. 12.
Railroads Claim I. C. C. Has Omitted Many Items in Valuation ofProperties.
-Railroad officials declare that in valuing their property the I. C. C. has
omitted many valuable elements, and that excessive reductions for depreciation have been made. New York "Times" April 20, p. 9.
Roads Join to Fight Bill Proposing Abolition of Railway Labor Board.
Barkley-Howell Bill provides for elimination of the Board, substitution of a
series of committees on arbitration and meditaion to consist of members
of unions and railroad officials. Chief objection by railroads is to portion
of bill providing that boards shall consist of members of unions and officials.
They declare the "company unions" would be automatically eliminated.
New York "Times" April 23, p. 32.
Wage Adjustments,-Detroit Street Ry. demand 14% wage increase.
Present wages run from 62 to 80c. an hour: increase would bring wages to
72 to $1 an hour. Officials say increase in fare will be necessary if demands
are met. "Daily Financial America" April 22, p. 2.
Havana Railway Strike.-Street railway work.rs strike in sympath- with
dock workers who walked out two weeks ago. An anouneement was
made that all unions in city would join the strike, including taxicab drivers,
32.rette workers. New York "Times" April 21.
printers and cigar and ciga
p. 19. and April 23, p.
Authorized Statistics.-The Car Service Division of the American Railway
Association reports the following:
Surplus Cars.-Surplus freight cars in good repair and immediately available for service totaled 278,724 on April 7, an increase of 30,423 over the
number reported on March 31. Of the total number. 159,438 were surplus
coal cars. an Increase within a week of 23,462, while there also was an
increase of 6,036 during the same period in the number of surplus box cars
which brought the total for that class of equipment to 87,378. Surplus
stock cars on April 7 totaled 18,643, an increase of 712 compared with the
number on March 31. while there were also 7.451 surplus refrigerator cars.
an increase of 190 within the same period.
Car Shortage -The total car shortage for the entire country amounted
only to 551 cars on April 7, compared with 364 on March 31.
Freight Car Repairs.-Freight cars in need of repair on April 1 totaled
172,747, or 7.6% of the number on line, an increase of 6.833 over the
number reported on March 15, at which time there were 165,914, or 7.3%.
Freight cars In need of heavy repairs totaled 125,932, or 5.5%, an increase
of 4,552 compared with the number in need of such repair on March 15.
Freight cars in need of lixt repairs totaled 46.815, or 2.1%, compared
with 44,534, or 1.9% on March 15, an increase of 2,281.
Repair of Locomotives.-Locomotivas in need of repair on April 1 totaled
11,558 or 17.9% of the number on line, a decrease of 752 compared with
the number in need of such repair on March 15, at which time there were
12,310 or 19.1%. Locomotives in need of classified repairs totaled 6,128
or 9.5% of the number on line. This was a decrease of 321 compared with
the number in need of such repair on March 15, while locomotives in need
of running repairs totaled 5,430 or 8.4%, a decrease of 431 since the same
previous date. The railroads on April 1 had 4,648 serviceable locomotives
In storage ready for service whenever traffic conditions warranted. Compared with the number of such locomotives in
@FedFRASER