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financial
INCLUDING
Bank & Quotation Section
Railway Earnings Section
VOL. 118.
lirontrie
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, APRIL 5 1924.
Electric Railway Sectiai
State and City Sectiaar
NO.3067.
what is taking place. Let our legislators at Washlie
ington therefore take note of the fact that during
PUBLISHED WEEKLY
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$10.00
$6.00
In Dominion of Canada
11 50
6.75 price of Lake copper from
Other foreign countries aucl U. S. Possessi
ons
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1414 to 1358 cents, the
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7.75
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On request
Cameo° OFFICE —19 South La Salle Street.
Telephone State 5524.
LONDON OFFICE—Edwards & Smith. 1
Federal income tax on corporations is freighted
Drapers Gardens, E.O.
with
WILLIAM B. DANA COMPANY, Publishers,
such serious consequences. The Federal corpor
aFront, Pine and Depeyster Streets,
New York.
tion tax is in one sense the heaviest of all the
taxes
PubUshed every Saturday morning by WILLI
AM B. DANA COMPANY. which business intere
President and Editor,Jacob Seibert; Business
sts are called upon to bear.
Manager. William D.Riggs;Treasurer.
William .131WIL Seibert;SeerciarY.BerParft
A ddreasee of all. Office of Co
This is so because the tax is of such wide
-^
application, since the preponderating part of the
business
The Financial Situation.
of the country is conducted in corporate form.
The
It seems unbelievable, but is really a fact, the Sen- tax on corpor
ations is now exceedingly high. It is
ate Finance Committee,in its revision of the tax bill 12 %, which
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means that the Federal Government
the present week, has raised, not reduced, the rate of is applying
to its own uses one-eighth the entire net
the income tax on corporations. One would have income of corpor
ations. The Senate Finance Comthought such a thing impossible in the present state mittee has voted
to make an increase to 14%. In
of the public mind, with the need of tax relief
so addition, there is also a State tax on corporations.
urgent and trade beginning seriously to suffer
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be- This is 4 %. The two together would make 18 %.
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cause of the absence of such relief. Business had Any such tax
as this in peace times is an outrage.
begun to lag at the close of 1923 when the presenta- Even the presen
t Federal tax of 12 % added to the
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tion of the carefully thought out tax revision meas- State tax of
4 %, making 17%, is an outrage, but
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ure of Secretary Mellon in December fortuitously to enlarge it
by 1 % passes all bounds. The share/
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came in to revive it. Then industrial expansion once holders of
these corporations and their officials
more grew apace and made steady headway until ought to
rise in indignant protest all over the counthe last half of March, when the passage of the mon- try, from
one end to the other. Nothing can be said
grel compromise tax bill, so different from
what in favor of such a suggestion. It is without merit
Mr. Mellon had proposed, by the House,
together and intolerable. We know it is proposed to eliminwith the passage by the same body of a Soldier
Bonus ate the capital stock tax. But that is no fair exbill, calling for the expenditure of several billion change
, and no one should allow himself to be fooled
dollars, once more undermined confidence and
dealt by it. In some eases, no doubt, the 12 extra on in/
1
business a blow under which it is now staggering
in comes would amount to no more than the capital
a way to create genuine alarm.
stock tax, but in numerous other cases it.would run
Evidences of the setback which our industries greatly in
excess of such tax. Besides, we see it eshave suffered are multiplying on every side. No timated
that the added 1 % would yield 20 million
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Congressman or Senator can fail to see the same if dollars
more per annum than the capital stock tax.
he will keep his eyes open. Take the case of the iron Moreover,
there will be grave danger that though the
and steel trades for example. Consumption and Senate may
strike out the capital stock tax, the
production which had alike been expanding during House will
restore it and insist on keeping the 14%
January and February, are now both falling away rate in also. In conference
there will have to be conagain, and the downward movement threatens to de- cessions by
both Houses, and as the corporation is
velop into a slump. Prices of steel, which had held without friend
s that is just what is likely to happen.
up well even during the period of trade reaction in
The most unfortunate feature is that the smaller
1923 are now declining. What is going on, however, corporations
are the ones that will chiefly suffer.
in the matter of price concessions in industry does The larger
corporations will seek to recover the extra
not find full reflection in the price changes in steel, tax by raisin
g the prices of their goods and wares.
since the policy of maintaining prices is so The smaller
corporations are rarely in position to
closely adhered to in that trade. It is when we turn do this. There
is also the danger that the 14% rate
to the minor metals that we get a true inkling of may really
yield less to the Government than the
Thromcle.
1582
THE CHRONICLE
2
1
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present 12 % rate, since many of the smaller corporations, because of their inability to protect themselves, will be forced to abandon the corporate form
and do business as individuals or in partnership.
The discrimination against the corporation is too
great. Before the last tax revision the highest normal tax on the individual was 8%, and the tax on
corporations 10%. This left a difference of only 2%.
With the change in the corporation tax to 121A% the
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difference was increased to 4 %. Now it is proposed to have a normal tax on individuals of only 5
or 6% and with the corporation tax raised to 14%
that would, make the difference 8 or 9%. This is
clearly inequitable and unjust, and cannot but result
in the abandonment of the corporation form wherever possible. Corporate owners should quickly proceed to make their influence felt and kill the iniquitous proposal.
Business suspensions continue numerous and the
liabilities involved very heavy, the report for March,
as tabulated from the records of R. G. Dun & Co. for
that month, showing 1,817 such defaults, for $97,651,026 of indebtedness. These figures contrast
with 1,730 similar defaults during the short month
of February this year, for $35,942,037 of liabilities,
and with 1,682 suspensions in March 1923, for $48,393,138 of indebtedness. The liabilities for March
this year exceed indeed those of any preceding month
ever recorded. The heaviest indebtedness for a single month prior to March this year, was for December 1921, when the amount was $87,502,382, and the
next largest $79,301,741 in October last. Four large
manufacturing defaults during March of this year
account for practically 60% of the total indebtedness reported for that month, one of them a Virginia
corporation in chemical lines, with $40,000,000 of
liabilities; also, a cotton oil concern for $11,000,000.
As in preceding months for the past year, it has been
the heavy indebtedness due to defaults of large manufacturing concerns which has occasioned the unusual losses reported during that period.
For the month just closed there were 484 failures
in manufacturing lines reporting liabilities of $72,838,426, while of trading defaults the number was
1,254 and the indebtedness $19,239,933, and those of
agents and brokers 79 for $5,572,667 of liabilities.
In March 1923 the manufacturing defaults numbered
437, with indebtedness of $25,042,509; trading, 1,179
for $20,770,025, and agents and brokers, 66, with
$2,580,604 of liabilities. An increase is shown in the
figures for March this year in practically all three
departments, except the trading liabilities, where
the figures are nearly the same for both years, but as
noted above, the very large gain is in the indebtedness reported for manufacturing defaults. There
were 29 of the larger manufacturing failures in
March this year reporting a total indebtedness of
$67,223,997, but as previously stated, four of these
defaults show an indebtedness of nearly $60,000,000.
The 455 remaining manufacturing defaults that occurred last month report liabilities of $5,714,429, an
average for each of $12,559, which is somewhat under the average for last year. In trading lines there
were only 25 of the larger failures last month, and
these had a total indebtedness of $6,537,700, while
of the 79 suspensions of agents and brokers there
were 7 reporting liabilities of $100,000 each or more,
the total indebtedness reported by these 7 failures
being $4,435,897.
[VOL. 118.
The report for March completes the first quarter
of the year and the record for each State in the
United States is given. For the first quarter of 1924
there were 5,655 mercantile defaults with total liabilities of $184,865,571, the figures for the corresponding period of 1923 being respectively 5,316 as
to the number of defaults and $138,231,574 as to indebtedness. The increase in number of failures affects all sections except the South Atlantic States
and the Far Western States. Massachusetts, New
York and New Jersey show some increase, while the
decrease in the South Atlantic States is in Maryland,
South Carolina, Georgia and Florida, though the
single large chemical default in March swells enormously the indebtedness credited to Virginia. In
the central South there is a considerable increase in
the number of defaults reported for Oklahoma and
Texas. In practically all of the leading States in
the West more failures are reported this year than in
the first quarter of 1923, while as to the Pacific
Coast, the increase is mainly in California.
Banking failures for the first three months of this
year are somewhat fewer in number and for a reduced amount of indebtedness, than during the final
quarter of 1923, but much more numerous and for a
considerably heavier indebtedness than for the first
quarter of last year. There were 265 banking defaults during the first three months of 1924, and the
liabilities reported amount to $100,275,600; for the
final quarter of 1923 the number was 365 and the indebtedness $130,693,498, and for the first quarter of
that year 65 for $12,052,023 of liabilities. During
the first quarter of 1924 78% of the banking defaults
were confined to the 15 Western States west of the
Mississippi River, omitting the three Pacific Coast
States, and 88% of the aggregate indebtedness of
banking defaults was in these same States. The
States suffering the most in this respect were the
Dakotas, Minnesota, Montana and New Mexico. In
the 15 States mentioned the number of banking defaults was 207 and the liabilities $88,354,200. In the
South 47 banking failures have occurred this year,
involving $9,013,200 of indebtedness, most of them in
Georgia, Oklahoma and Texas.
The favorable impression made by the first announcement of Premier Poincare's recast Cabinet
appears to have been increased rather than diminished with more careful consideration. Brief reference was made in last week's issue of the "Chronicle"
to the fact that, included in the new members were
several prominent and formidable political opponents of Poincare. Commenting upon this fact, the
Paris correspondent of the New Y6rk "Times" declared that,"in making up his new Cabinet M. Poincare has cut the ground from under his opponents
.
and made it practically certain the elections 411 May
11 will leave him solidly in office." He also paid
that "the surprise of the French capital over the resignation of M. Poincare was equaled to day when
Paris heard that the leader of the Nationalists, the
father of the Ruhr occupation and the preacher of a
policy of force toward Germany had brought into his
Government, Louis Loucheur, Francois-11tarsal,
Henry de Jouvenel and Daniel Vincent, all stars of
the Left." Continuing, he observed that "he thus has
formed a coalition Cabinet of great ability, and if be
,
can run it—as he probably can—he will have Is hind
him an enormously increased power when he tackles
the settlement of the reparations issue following the
APR. 5 1924.]
THE CHRONICLE
completion of the Dawes experts' reports. He keeps
with him of the old Ministry only Maginot, Minister
of War,and Le Trocquer, Minister of Public Works."
Doubt as to whether the policies of M. Poincare's
former Cabinet would be continued by the new Ministry appeared to be partially removed by statements
by individual members of the latter. The Paris correspondent of the Associated Press cabled on the
evening of March 29 that "the policies of the former
Poincare Cabinet, both foreign and domestic, will be
continued by the new Ministry, it was declared by
leading members of the Cabinet after its first formal conference with the Premier this morning." The
correspondent added that "M. Poincare officially
presented all the members of his new Cabinet to
President Millerand at the Palace of the Elysee this
noon. The President warmly congratulated the Premier on having succeeded in grouping about him 'the
most brilliant personalities composing his Cabinet.'
He added that the new Government could be assured
of the President's full collaboration on all occasions
in conformity with the nation's best interests for the
settlement of the difficult problems of the present
situation."
1583
"Public Ledger," in referring to the reconstructed
French Cabinet, declared that "it is so constituted
that if it carries on to the May elections and survives
them it will determine the general policy of Europe,
for its character is essentially that of a coalition
formed to impress the Cabinet at Westminster with
the unity of French opinion against the final efforts
of those who support Berlin in its refusal to pay
reparations."
Premier Poincare appears to be meeting with
about the same degree of opposition as he did before
he reconstructed his Cabinet. The Paris representative of the Associated Press cabled Thursday evening that "once again Premier Poincare has had to
use forceful measures in the Chamber of Deputies in
order to obtain decisive action. The obstructive tactics of the Opposition to-day impelled him to
threaten the resignation of the entire Cabinet unless
the discussion of the Government's foreign policy
was completed and a vote taken." He added that,
"meanwhile, the Chamber adjourned for an hour,
and after the debate had dragged on for an hour and
a half upon resumption of the session, the House by
a majority of 257 expressed confidence in the Government to carry on 'the policy of reparations, security and economy demanded by the country." The
New York "Times" said: "By 408 votes to 151 the
Chamber of Deputies gave its approval to Premier
Poincare's choice of his new Cabinet and of the Ministerial declaration. The National bloc and the
Right voted for the Cabinet. The Radical Socialists,
under Herriot, the Communists, and the Tardieu
group were in opposition. The division of the Chamber remains exactly what it was before the remaking
of the Cabinet, and the inclusion of some Ministers
from the Left groups has in no way altered the attitude of the parties."
Premier Poincare received another vote of confidence in the Chamber of Deputies yesterday. The
Paris correspondent of the Associated Press cabled
last evening that "for the second time within 24
hours Premier Poincare's Government was to-day
sustained by a vote of confidence in the Chamber of
Deputies, 327 to 201." It was explained that "the
vote came in the course of a discussion of the Pensions bill, which caused the downfall of the Premier's previous Cabinet last week."
In outlining the policies of his reconstructed Cabinet to the Chamber of Deputies on Monday, it was
evident that M.Poincare did not meet with a cordial
reception. The Paris correspondent of the Associated Press cabled Monday afternoon that "indications that Premier Poincare has lost the sympathies
of many of the majority which supported his previous Government were seen in the Chamber of Deputies to-day on the occasion of his declaration of policy for the reconstituted Cabinet." He also said that
"the Premier reaffirmed the policies of his former
Government, including the declination to withdraw
from the Ruhr except progressively, as Germany
paid up on reparations. He hoped, however, that
the report of the experts would lead to a general settlement and rapid liquidation of the reparations
claims." Continuing, he declared that "in the domestic field M.Poincare adhered strongly to the policy of his former Ministry, that all appropriations
not balanced by corresponding receipts must be
avoided, pointing out that the efforts to stabilize the
franc would be ineffective unless the decision to balance all budgets were persisted in by this and succeeding Ministries." The correspondent further asThe report of the Dawes Committee was awaited
serted that "there was lack of warmth in the Cham- with keen interest from the first of the week, both
ber's reception of the Premier's pronouncements, in this country and Europe. It was stated
definwith approval only in rare exceptions."
itely in Paris dispatches last week that it would be
delivered to the Reparations Commission on last
Commenting upon the political status of Poincare Wednesday. But there was some delay, as
might
as a result of his reconstruction of his Cabinet and have been expected. The Paris correspondent of the
his declaration of policy to the Chamber, the Paris New York "Times" cabled on the evening of March
correspondent of the New York "Times" said in a 31 that "the first draft of the experts' reparations
cablegram on the evening of March 31 that"M.Poin- report was completed to-day and turned over by the
care in reforming his Cabinet tried to get above Drafting Committee to the members of the main
party. He made one last attempt at national unity committee for study." He added that "all the quesin face of Germany for the few months which must tions of figures involved are settled and
the only
elapse before, as is hoped, the long reparations quar- matters to be regulated now are points of phrasing
rel can enter a new phase. For these few months he and similar details. These are expected to be setis expected to succeed. The criticisms which to- tled to-morrow night by the committee in plenary
morrow may be passed will be beside the main ques- session, so that the report will be in the hands of the
tion and though by his Cabinet shake-up he has lost printers by Wednesday. The decision to print the
some of his personal authority he will, it is believed, report, made to-day, will cause a delay of two or perstill be able to hold his leadership in the cause for haps three days in publication."
which he has stood during the last two years." A
Premier Poincare, in his address in the French
special Paris correspondent of the Philadelphia Chamber on March 31, declared that "France firmly
1584
THE CHRONICLE
Fol.. 118.
hopes that after the experts publish their report, the year there was the prospect of 2,000,000,000 francs."
Reparations Commission will take quick strides to- The Premier was quoted as saying that "these reward a settlement, and that prompt liquidation will sults cannot be abandoned for mere promises, and
be possible. The moment this report is published, we shall study the suggestions to be made within a
France will be ready to study its contents and search few days in a conciliatory but business-like spirit."
among its friends for the elements of a final soluThe statements in European cable advices as to
tion" Foreign Minister Stresemann, in his Hanover
was reported to have "repeated the statement when the Dawes Committee will submit its report to
speech,
made last week by Chancellor Marx that Germany the Reparations Commission have differed throughreserves the right to have a free hand regarding this out the week. The Paris correspondent of the Philareport. Germany, he said, cannot undertake to sign delphia "Public Ledger" cabled Thursday evening
an agreement which it knows in advance to be impos- that "the reparations experts have announced that
sible of execution." The Berlin correspondent of the their report 'should be out on Saturday'" (to-day).
New York "Herald-Tribune" added that "whatever He stated also that "the long awaited document is
finally written except for two or three trying phrases
the Dawes Committee's recommendations may turn .
Min- in the main part and some controversial phraseology
out to be Germany will accept them,the Foreign
ister emphasized, only insofar as it considers them in one of the annexes which follow the actual report.
The covering letter of General Dawes is finished. The
capable of fulfillment."
summary, which contains the report in 2,000 words,
A favorable impression was created by the report is also finished, said to have been composed by Owen
that the French Ministry would begin negotiations D. Young of New York, associate of General Dawes."
on a reparations plan promptly upon the receipt of Going into greater detail, the "Ledger" representathe Dawes Committee report. In a cablegram dated tive said that "the report itself, in two parts of about
April 2 the Paris correspondent of the New York 10,000 words each, and the annexes, of about 8,000,
"Times" asserted that "on high authority I am in- are not yet finished to date, although solemn promformed that the new French Government has de- ises of delivery have been made for this week end."
cided to begin reparations negotiations with its allies Continuing he said: "The report of the second comimmediately after it gets the experts' report, which mittee, headed by Reginald McKenna and charged
will probably be on Monday." He observed also that with finding Germany's hidden wealth, is almost
"before re-forming his Cabinet it had appeared to be ready. It is comparatively brief, inasmuch as it
the idea of Premier Poincare to wait'until after the points a scornful finger to Germany's bulging cofGerman elections on May 4 for the Governments to fers, which it found strewn in many lands, but haptake action on the Dawes plan, leaving it meanwhile pily for Germany,it lacks all power of confiscation."
for public opinion to pronounce on the experts' sys- With respect to the probable reception that would be
tem and for discussion with London of a security given to the Dawes Committee report, the correcompact between England and France." The spondent asserted that "when the finished report is
"Times" correspondent suggested, furthermore, that handed over to the Reparations Commission that
"this program has now been altered, probably be- body's troubles will really begin. Government and
cause in the first place Prime Minister MacDonald's press circles already reveal a most disquieting attispeech last Thursday in the Commons made it plain tude toward application of the experts' recommendathat he is against a treaty of military alliance, and tions to present problems. In effect almost every
secondly because Paris has concluded that it will be Frenchman says: 'Yes, the report will be accepted
well on election day for the Germans to realize that by France—but, of course, with proper modifica"
the Allies are all firmly behind the Dawes plan to tion.'
make Germany pay and that a majority for the GerThe Paris correspondent of "The Sun" of this city
man Nationalists will not at all mean any prospect
of the realization of their dream of beating the went even further in a cablegram Thursday evening.
He asserted that, "although it eventually may be acTreaty of Versailles."
cepted, the forthcoming report of the experts gives
On the other hand, it should be noted that Pre- every indication of plunging Europe into turmoil
mier Poincare made a speech in the Chamber of Dep- certain to last over several months." He further
uties on April 2 in which he reiterated that the stated that "yesterday's tumultuous session of the
French Government had not changed its attitude in French Parliament showed the tenseness of the situgeneral in dealing with Germany on the question of ation on the eve of the report. General Maginot, the
reparations. The New York "Herald-Tribune" Paris big War Secretary, was restrained with difficulty
correspondent cabled that "Premier Poincare from coming to actual blows with the Communists,
sounded a cryptic warning in the Chamber of Depu- whom he accused of working with the Germans to
ties to-night which may have an important bearing spread sedition among the troops." The correspondon inter-Allied negotiations after the Dawes and ent observed, however, that "fortunately, the presMcKenna committees publish their reparations rec- ent Parliament has only this week 'to live and the
ommendations. Reiterating his determination not new Parliament may be more amenable to the sugto evacuate the Ruhr except in proportion to pay- gestions of the experts, which this body is hardly
ments by Germany. the Premier said he was an- likely to swallow entire." He likewise suggested
nouncing intentionally, in advance of the survey's that "Poincare's remarks yesterday indicate clearly
publication, that France never would surrender its that the storm centre in the discussion Over the expresent economic revenues from the occupied region perts' report is certain to be the French position on
until given something better in return. The occupa- the Ruhr. Poincare reaffirmed his position that the
tion, he asserted, according to figures revised up to French troops must stay there until France has been
the end of last year, had yielded a net reparations entirely paid, although this means at least a generaaccount of 657,000,000 francs, and for the current tion."
APR. 5 1924.]
THE CHRONICLE
As the elections in Germany have more closely approached, the radical political elements have become
more active and aggressive. The Berlin cable dispatches have indicated that the Monarchists have
been making a well-defined effort to overthrow the
republic and to re-establish the Monarchy. According to a Berlin cablegram, under date of March 28,
to the New York "Times," considerable anti-Governmentfeeling was in evidence in Munich as the verdict
in the treason trial of General Ludendorff, Rudolph
Hitler and others was awaited. The "Times" correspondent described the situation in part as follows:
"Barbed wire, policemen everywhere on the alert,
troops held in barracks ready for sudden riot calls,
Monarchists parading the streets in defiance of police orders, meetings in beer halls cheering a German
monarchy and denouncing the German republic—
that is Munich this week-end as the turbulent Bavarian capital, its nerves strung taut with excitement
awaits the verdict in the treason trial of Ludendorff,
Hitler and others who participated in last November's revolt." The verdict was made public on Tuesday. It resulted in acquittal for General Ludendorff but conviction for Hitler and former Chief of
Police Poehner,each of whom received "a sentence of
five years' confinement in fortress and a fine of 200
gold mark's." It was added that "Dr. Weber and
Colonel Kriebel, accused of being Hitler's aids, received like sentences." The Associated Press correspondent also cabled that "Dr. Frich, former President of the Munich district; Captain Roehm, Lieutenant Henry Purnet, who is Ludendorff's step-sou,
and Lieutenants Brueckner and Wagner were given
15 months and fined 100 marks each." The correspondent said, furthermore, that "the verdict was
received with popular approval. The populace being inclined to view it as a rebuke to Dr. von Kahr,
former Bavarian Dictator; General von Lossow, former Commander of the Bavarian Reichswehr, and
General Seisser, former Chief of the Bavarian police,
who repudiated the Putsch after joining it at its inception, as they claimed, under compulsion." He
observed, however, that "from a punitive aspect the
sentences imposed on Hitler and his followers were
generally considered farcical, as Poehner and his
chief will be obliged to serve only six months of their
five-year term, after which they may be paroled on
good behavior."
In a later Berlin cable message to the Philadelphia
"Public Ledger" it was asserted that, "while the extreme nationalists are congratulating themselves on
the acquittal of General Ludendorff for the Munich
putsch, other groups of public opinion are frankly
sobered by the reception of the court's decision. All
the press representing more liberal German opinion
warns that the acquittal of Ludendorff has created
a bad impression in England and France. It is
justly pointed out that the outside world has little
opportunity to see the counter measures taken in less
loud-mouthed sections of public opinion against the
present extremist tendency."
Foreign Minister Stresemann, a former Chancellor, was quoted in Berlin dispatches on March 30 as
having "come out flatly to-night for restoration of a
monarchy in Germany." The New York "HeraldTribune" correspondent in the German capital declared that "he made the pronouncement in a speech
•at the national convention of the People's Party at
Hanover. He was speaking not in his Governmental
1585
capacity as Foreign Minister, but as leader of the
People's Party. His statement, however, is taken in
all quarters to-night as deeply significant." The
next day the Berlin representative of "The Sun" of
this city cabled that "the next German Reichstag
will have a solid monarchist majority. That, by all
present indications, will be the outcome of the forthcoming elections, following yesterday's sensational
swing to Hohenzollernism on the part of Foreign
Minister Stresemann's powerful faction of the German People's Party, of which Hugo Stinnes also is a
prominent member." He also asserted that, "without a dissenting voice Stresemann's followers, assembled in convention at Hanover, approved their
leader's denunciation of the republic, constitutionally founded at Weimar. Wild applause greeted his
phrase, hold the black, white and red colors high,'
by which every German understands a restoration
of the Hohenzollern dynasty." Continuing he said:
"With the Nationalist and other parties previously
openly Royalist, and the People's Party controlling
156 seats in the last Reichstag, or 74 short of an absolute majority,it is generally believed that the Hohenzollernist coalition will win some 30 constituencies
away from the Democratic and Catholic Centre parties and the balance needed to gain the majority from
the Socialists." The New York "Times" Berlin representative declared in a dispatch the same day that
"Germany was certainly treated to a strange spectacle yesterday when Chancellor Marx at Hanover
declared that the victory of the German parties of
the extreme Right would mean the country's downfall, while also at Hanover Dr. Stresemann glorified
the old black, white and red banner of Imperial Germany and coolly remarked that he had nothing in
common with the Weimar Constitution whereon the
German republic is founded. This, in conjunction
with the announcement by Stresemann's party—the
German People's Party—that it hopes for the 'People's Kaiserdom' in Germany, is hardly calculated
to cheer Republicans like Dr. Marx, who have enough
foes to fight outside their own ranks."
As the week progressed the aggressiveness of the
extreme Nationalists appeared to increase. On April
2 the Berlin correspondent of the New York "Times"
cabled that "even most dissimilar happenings in
Germany nowadays have one point in common: they
serve as an excuse for the extreme Nationalists to
denounce the German Government and howl anathemas against the entente nations, especially France.
As May 4, the day set for the German elections,
draws near the boldness and unscrupulousness of
these extremists grow constantly more noticeable."
He asserted that "a striking expression of rampant
Nationalism came to-day when the body of Willy
Dreyer, who died in a French prison after being sent
there because of his anti-French activities in the
Ruhr, was conveyed in solemn state across Berlin
from the railway station, where it arrived from
France, to another, whence it was taken to Dreyer's
native town." Continuing he said: "The Nationalists have been most bitter about Dreyer's death, accusing the French of having practically murdered
him while he was their prisoner, so the German Government took special precautions to avoid Nationalistic demonstrations as the funeral cortege crossed
Berlin. When the police forbade numerous Nationalist organizations in attendance from carrying unfurled banners a miniature riot started, but the or-
' 1586
THE CHRONICLE
[VOL. 118,
ganizations finally yielded to the police before really be forthcoming the movement was abandoned. The
serious consequences ensued."
walkout arose through demands for higher wages."
In a later dispatch it was stated that only 70% of the
The strike of London tramway and omnibus men men returned the first day. The others were exwas settled formally and finally on March 31. The pected to do se soon.
Associated Press correspondent at that centre cabled
in the afternoon that "the London tramway men toApparently the British Labor Party is not having
day voted to accept the terms for settlement of their an easy time holding its ground against its political
strike reached between the union delegates and rep- opponents. The London correspondent of the Assoresentatives of the companies." He pointed out that ciated Press cabled on the evening of April 2 that
"this will result in the strike, which has tied up the "the Government evaded an otherwise inevitable deLondon car lines for the last ten days, being called feat in the House of Commons to-night in connection
off." It seems that "the men get 6 shillings advance with the Rents bill, which came up for its second
weekly with the other 2 shillings left for adjustment reading, by consenting to a revision of the objectionaccording to living costs." They had demanded a able clause providing for non-eviction of a tenant if
flat advance of 8 shillings.
he was unemployed." It seems that "the Liberal
In practically all the London cable advices Prime Party held a meeting during the course of the day to
Minister MacDonald was given special credit for consider what action it should take on this question
having brought about the settlement. Commenting and former Premier Asquith announced in the House
on his part in it and the effect upon his party, the to-night that unless this clause was eliminated he
London correspondent of the Philadelphia "Public would be compelled to vote against the second readLedger" cabled on April 1 that "Prime Minister ing of the bill. This ultimatum meant that both ConMacDonald, by the agreement of the London trans- servatives and Liberals would oppose the measure,
portation workers to accept his compromise strike and therefore the Ministers would be defeated."
settlement plan, has won another of those day-to-day Continuing he said: "Faced by this dilemma, John
triumphs that keep the Labor Government in power. Robert Clynes, as leader of the House, announced
The strike affected 13,000,000 weekly who travel by that the Government had no intention of receding
tramcars and 1,000,000 or so more who travel by from the aim of the bill to make secure in his home
omnibuses in London. The busmen struck in sym- the poor unemployed workman, but, since the House
pathy with the tramway workers. It was entirely a was opposed to the method suggested, the Governlocal fight but fraught with dire possibilities for the ment was prepared to substitute for the objectionLabor Government. The adjustment means for the able clause another throwing upon the public funds
moment that the political leaders of the Labor Party, the cost of maintaining these unfortunate people."
headed by Mr. MacDonald, have won another victory The New York "Herald-Tribune" stated that "the
over the short-sighted trade union antagonists within House is divided to-night on the question whether
the time has come for a final showdown. None of
their own party."
the parties is completely unified, even should the
No sooner was one strike settled than another was Conservatives—who are anxious to defeat Labor on
declared. The second strike was that of "the build- this particular issue, but are even more interested in
ing operatives employed on the site of the British their own preservation—keep Labor in office until
Empire Exhibition at Wembley." It "came into full the tide is flowing more in their favor." He declared
effect" on Tuesday,"and immediately took a serious also that"Labor is insistent that the interests of the
turn," according to the London correspondent of the unemployed be protected and is prepared to make a
New York "Times." The strike was said to have finish fight on this issue—especially in view of the
been "unofficial." The "Times" correspondent said strong stand the Government has taken regarding
also that "the strikers, whose action had been taken strikes. As the responsible head of the nation, Prewithout the sanction of their trade unions, numbered mier MacDonald has alienated many of his party
between 5,000 and 6,000, and after a mass meeting supporters in this connection during recent weeks."
in the early morning they marched around the exhi- Continuing he observed that "the situation must conbition grounds, forcing thousands of other workers tinue to be extremely delicate for several days, but
by intimidation and even by violence to lay down it looks to-night as if Mr. MacDonald would weather
their tools. In consequence of the violence the Home this, the worst gale he has encountered since he beOffice has made arrangements for 400 police to be on came Premier last January."
duty at Wembley to-morrow morning to protect
Great Britain, according to preliminary figures,
those workers who are prepared to resume their duout of closed its fiscal year on March 31 with a surplus of
tics;." He explained that "the dispute arises
the national demand of the building trades opera- nearly £50,000,000. The London correspondent of
tives for an advance of twopence per hour. This has the Associated Press said that "the official figures as
been under consideration for some timt, but the announced by the Exchequer are: Revenue, £837,urgency of the work at Wembley appears to be re- 169,284; expenditure, £788,840,211." This was an
garded by the men there as affording an ex- actual surplus of £48,329,073. Continuing he said:
cellent opportunity to force the hand of the "In the previous fiscal year John Bull's books showed
a surplus more than twice as large as the one reemployers."
Happily for Great Britain, the second strike was vealed with no little pride to-night. It was £101,of short duration. It was settled on Thursday and 500,000. The slump in this year's surplus is almost
the men returned to work that afternoon, "thus re- entirely attributable to the reduction in the tax on
moving fears that the exposition opening, set for the incomes of the British people. The income and
April 22 would be delayed." According to a London supertaxes imposed for the year closed to-night
cablegram that evening,"when the strikers were told yielded £269,331,000, a decrease of £49,074,000 from
by a trade union official that strike pay would not last year. Other items showed slight increases or
Atm. 5 1924.]
THE CHRONICLE
decreases, but the lighter income tax burden explains
almost by itself the 50% cut in the national surplus."
Commenting upon the results, the Associated Press
correspondent observed that "it is to be expected
that, as the Government has again effected a saving,
a campaign will begin immediately for a still further
reduction of taxes. The theatrical people have already asked that the amusement tax be lightened or
eliminated. Whiskey distillers and brewers of beer
are almost sure to ask for lighter taxes."
Official announcement was made on March 31 of a
plan "for funding part of Britain's internal war
debt." It was stated in London cable dispatches that
the "Government offered holders of 5% war loan
bonds the option of converting them into 41 2% stock,
/
redeemable in 1944, with a premium of £3." It was
further explained that "the exchange is limited to
£200,000,000 worth of stock, representing approximately one-tenth of the outstanding 5% war loan.
This was redeemable in 1929 at the earliest. It is
believed many holders will be glad to exchange their
stock into longer rated securities with the premium
payments."
There has been no change in official discount rates
at leading European centres from 10% in Berlin
(which is the rate fixed on Rentenmarks last December and the basis on which nearly all transactions
are now negotiated);
in Norway and Denmark;
6% in Paris; 51 2 in Belgium and Sweden;
/%
in
Holland and Madrid, and 4% in London and Switzerland. Open market rates in London are a shade
lower for short bills at 2/ /
54@2 8%, although three
7
months' bills range between 31 8@33-16%, as com/
pared with 2 15-16@3% for both long and short bills
a week ago. Money on call was unchanged at 2/
14%
the greater part of the week, but closed at 158%.
/
In Paris the open market discount rate has been lowered to 51 2% from 6%, but in Switzerland there has
/
been an advance to 4%, in comparison with 3%, the
previous quotation.
Another small increase in gold holdings, amounting to £8,756, was shown by the Bank of England in
its weekly statement, accompanied this time, however, by a material reduction in reserve, namely
£943,000, the result of expansion in note circulation
of £952,000. This, of course, reflected preparations
for meeting April 1 payments, as did also a drop in
the proportion of reserve to liabilities to 16.43%,
from 17.61% last week, 17.68% a week earlier and
18.70% for the week of Feb. 21. A year ago the ratio
/
stood at 1814% and in 1922 at 16%7. Public de0
posits fell no less than £10,573,000, but "other deposits" increased £13,959,000. Loans on Government
securities were reduced £385,000, although in loans
on other securities there was an expansion of £4,706,000. The bank's stock of gold now is £128,114,579,
as compared with £127,501,554 last year and £128,879,159 in 1922. Reserve totals £21,510,000. A year
ago it ambunted to £23,155,949 and a year prior to
that to £24,432,169. Loans stand at £79,851,000, as
against £73,014,620 in 1923 and £80,378,029 a year
earlier. Note circulation is now £126,355,000, which
compares with £124,095,605 and £122,896,990 one
and two years ago, respectively. Clearings through
the London banks for the week totaled £901,015,000.
This compares with £751,393,000 a week ago and
£676,851,000 last year. The minimum discount rate
remains at 4%, unchanged. We append herewith
1587
comparisons of the different items of the Bank of
England returns for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1924.
1923.
1922.
1920.
1921.
April 2.
April 4.
April 5.
April 6.
April 7.
£
Circulation
126,355,000 124,095,605 122,896,990 129,215.415 106,810,610
Public deposits
16,411,000 22,612,335 24,162,905 21,495,402 24,978,473
Other deposits
114,466,000 104.476,032 122,365,328 124,211,808 133,708,245
Govt. securities
47,782,000 48,594,200 59,399,059 31,698,221 59,049,103
Other securities
79,851,000 73,014,620 80,378,029 114,146,552 93,550.299
Reserve notes & coin 21,510,000 23,155,949 24,432,169 17.582,933 23,784,273
Coin and bullion_128,114,579 127,501,554 128,879,159 128.348,348 112,144,883
Proportion of reserve
to liabilities
16.43%
18X%
160%
12.13%
15%
Bank rate
4%
3%
49%
6%
7%
The Bank of France in its statement this week
reports a further expansion of 263,982,000 francs in
note circulation, which brings the total outstanding
very close to the high record of 40,265,994,000 francs
reached on March 7 last, the total now being 40,213,562,000 francs. This contrasts with 37,824,852,265
francs at the same time last year and with 36,153,385,175 francs the year previous. In 1914, just
prior to the outbreak of war, the amount was only
6,683,184,785 francs. Bills discounted again showed
striking expansion, a further increase of 584,931,000
francs being registered during the week; this item
now aggregates no less than 5,945,053,000 francs.
The Bank's gold holdings were augmented to the
extent of 104,575 francs, the gold reserve being thus
brought up to 5,541,900,475 francs, which compares
with 5,536,335,117 francs at the corresponding date
last year and with 5,526,224,931 francs the year
before; these amounts include 1,864,320,900 francs
held abroad in 1924, 1,864,344,927 francs in 1923 and
1,948,367,056 francs in 1922. Other changes in the
statement this week were as follows: Silver increased
120,000 francs and Treasury deposits rose 8,577,000
francs; while, on the other hand, advances fell off
9,452,000 francs and general deposits were reduced
335,733,000 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:
BANK OF FRANCE'S
Changes
for Week.
Cold Holdings—
Francs.
France
Inc.
104,575
Abroad
No change
COMPARATIVE STATEMENT.
Status as of
Apra 4 1924. April 51023. April6 1922.
Francs.
Francs.
Francs.
3,677,579.575 3,671,990,190 3.577,857,875
1,864,320,900. 1,864,344,927 1,048,367,056
Total
104,575 5,541,900,475, 5,538,335,117
Inc.
Silver
291,707,502
298,087,000
120,000
Inc.
Bills discounted_ __ _Inc.584,931.000 5,945,053,000 3,125,968,983
2,099,340,544
Advances
Dec. 9,452,000 2,470,743,000
Note circulation_. Inc.263,982,000 40,213,562,000 37,824,852,265
Treasury deposits.,.Inc. 8,577,000
18,164,166
27,372,000
General deposita
Dec335,733,000 2.889,459,000 2,171,910,127
5,526,224,931
282.154,102
2,65.5,124.950
2,415,787,641
36,153,385,175
19,741,844
2,091,372,502
The Imperial Bank of Germany's statement,
issued as of date of March 22, was remarkable chiefly
by reason of a cut in note circulation of more than
63/2 quintillion marks—the first in five weeks. Rentenbank notes increased 46,165,386,000,000,000,000
mks,bills of exchange and checks 33,095,177,000,000,000,000 mks., Rentenbank bills and checks 109,769,404,000:000,000,000 mks., and Rentenbank loans
50,000,000,000,000,000,000 mks. Deposits were also
heavily expanded, namely, 74,730,865,000,000,000,000 mks. Other increases included 5,748,000,000,000,000 mks.in notes of other banks and 12,239,000,000,000,000 mks. in investments. Among the declines were 29,170000,000,000,000,000 mks. in
Treasury and Loan Association notes, 17,336,615,000,000,000,000 mks. in Advances, Rentenbank
discounts and advances 42,950,170,000,000,000,000
mks., other assets 4,886,796,000,000,000,000 mks.
and other liabilities 41,086,293,000,000,000,000 mks.
1588
THE CHRONICLE
Total coin and bullion, which now includes aluminum,
iron and nickel coins, fell 30,819,000 marks; but
gold holdings remain unchanged at 464,807,000
marks. Note circulation outstanding now aggregates 606,512,927,761,871,000,000 marks, a shrinkage for the week of 6,665,200,000,000,000,000 marks.
A year ago the total was 4,955,634,000,000 marks
and in 1922 121,521,000,000 marks.
[VoL. 118.
sources. In fact, the requirements for the first of
these sources very probably may have increased. On
the other hand, weather conditions quite generally
were not favorable to speeding up agricultural activities. Those conditions interfered also with the delivery of agricultural and other freight to the railroads. The local money market was decidedly easier
in spite of considerably larger offerings of new securities and a somewhat more active speculative
stock market. Brokers' demands for money are still
relatively light. The $30,000,000 Government of
Switzerland loan brought out by a syndicate headed
by J. P. Morgan & Co., was quickly taken. There
were rumors during the latter half of the week that
a good-sized loan in some form would be made to Belgium. Little or nothing has been said in local banking circles this week about an international loan to
Germany. International bankers were disposed to
await the official publication of the reports of the
Dawes and McKenna committees. They were expected to-day. New business in both the steel and
automotive industries seems to have fallen off somewhat during the last ten days of March though not
seriously. If the tone and trend of the Washington
news continues more favorable the effect upon business is likely to be noticeable soon. There was an
upturn to 5% in call money quotations yesterday, but
this was regarded as reflecting only the usual end-ofthe-week requirements. Time money continued to
be quoted at 414@4 %,according to maturities.
/ /
1
2
An analysis of the weekly statement of the Federal
Reserve banks issued Thursday afternoon, revealed
the same general tendencies as in the week preceding; that is further decline in gold holdings and continued expansion in rediscounting operations. The
figures for the System show a decline in gold of $31,000,000; increases in re-discounts of Government secured paper and "all other" of $24,400,000 and $22,.
900,000, respectively, and expansion in the volume
of bills bought in the open market of $11,000,000.
Total earning asssets increased $66,000,000 and deposits $55,000,000. At New York gold stocks were
drawn down $26,400,000, while rediscounting of all
classes of paper increased $17,500,000. Bill buying
in the open market registered an increase of $15,900,000. The gain in total earning assets here was
$35,900,000, and in. deposits $13,600,000. In both
local and national reports, small increases occurred
in the amount of Federal Reserve notes in circulation. In member bank reserve accounts there was
an expansion of $20,700,000 for the banks as a group
and of $12,900,000 at New York. As a result of the
shrinkage in gold reserves and enlargement of deAs to money rates in detail, call loans this week
posits, reserve ratios declined, that of the System covered a range of 4@5%,as against 3@5Y% last
2.0%, to 78.8%, and locally 3.6%, to 83.9%.
week. On Monday 532% was the high and 5% the
low, with renewals at the latter figure. Tuesday no
Last Saturday's statement of New York Clearing loans were negotiated above 5% and a low rate of
House banks and trust companies reflected heavy 43/2% was quoted; the renewal basis, however, rewithdrawals of funds by interior institutions, partly mained at 5%. Increased ease developed on Wednesin consequence of the lowering in money rates at this day and the range was lowered to 4@432%, with
centre, and partly in preparation for month-end dis- 41 % the basis for renewals. On Thursday the highA
bursements, besides heavy payments to the Govern- est was 434%;the low was again 4%,while 4h% was
ment, and showed an unusually large contraction in the ruling quotation for the day. Call funds renewed
deposits. Net demand deposits fell $117,412,000, to at 4% on Friday and this was the low; a maximum of
$3,847,026,000. This is exclusive of $52,044,000 in 5% was touched just before the close. The figures
Government deposits. Time deposits, on the other here given are for both mixed collateral and all-indushand, increased $24,363,000, to $489,292,000. Loans trials without differentiation. In time money firmwere reduced $13,205,000. Cash in own vaults of ness was noted in the early part of the week with an
members of the Federal Reserve Bank declined $39,- advance to 43/2@4h% for the longer maturities;later
000, to $46,990,000, but this is not counted as 2eserve. on, however,the tension relaxed and sixty-day money
Reserves of State banks and trust companies in own was quoted at 43..%, with 432% the rate for all pervaults increased $105,000, but the reserves of these iods from ninety days tosix months, the same as last
institutions kept in other depositories fell off $151,- week. Offerings were abundant, but the inquiry
000. Member banks drew down their reserves with was light and trading was quiet, with the volume of
the Reserve Bank $4,083,000. The effect of this, transactions of moderate proportions.
however, was more than offset by the material reCommercial paper was in fairly good demand, with
duction in deposits, hence suntIns reserve showed a both local and out-of-town institutions among the
gain of $10,394,290, which brought the total of ex- buyers. Here also the undertone was easier and in
cess reserves up to $25,057,820, as against $14,663,- the last half of the week four to six months' names of
530 a week ago. The figures here given for surplus choice character ranged between 43'@4%%, with
are on the basis of 13% reserves for members of the considerable of the business passing at the lower figFederal Reserve System, but not including $46,990, ure. New England mill paper and the shOrter choice
000 cash in own vaults held by these institutions on names are being dealt in at 43%.
Saturday last.
Banks' and bankers' acceptances remained at the
levels previously current with the supply of prime
The rates for call money at this centre receded names about equal to the demand. A moderate
even more rapidly than expected, following the large degree of activity was noted, but the aggregate turnApril 1 disbursements. The drop to 4% was attrib- over was not large. For call loans against bankers'
uted to the return of these funds to regular chan- acceptances, the posted rate of the American Acnels, rather than to a material lessening in the de- ceptance Council is now 3%%, against 4% a week
mand from agricultural, industrial and mercantile ago. The Acceptance Council makes the discount
THE CHRONICLE
APR. 5 1924.]
rates on prime bankers' acceptances eligible for purchase by the Federal Reserve banks 4% bid and3%%
asked for bills running 30 days, 4A% bid and 4%
/
%
asked for 60 and 90 days, 43% bid and 41 8 asked
%
8
for bills running 120 days, and 4/ bid and 43t%
asked for bills running 150 and 180 days. Open market quotations are as follows:
Prime eligible bills
SPOT DELIVERY.
90 Days.
414+4
60 Days.
4+3%
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
30 Days.
4+3%
4% bid
4% bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
APRIL 4 1924.
Paper Maturing—
Within 90 Days.
FEDER A L RESERVE
BANK.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
After 90 After 6
but
Days, but
Within 6 WUhtn 41
Months. Mona:
A gricut.• A gricul.
Cottercial &cur. by
and
and
. U. S. Bankers' nude
A pricy,
A ccep- Livestock Livestock
A ccepttLisest'k Govt.
Paper. Obligor Lances. lances. Payer. Paper.
ttoru.
n.f.s.
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4144%
4%
:ii;
4%
4%
4%
4%
4%
4%
4%
414
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
414
4%
4%
414
414
4%
4%
5
4%
6
4%
4%
4%
4%
4%
4%
4%
4%
4%
• Including bankers' acceptances drawn for an agricultural purpose and secured
by warehouse receipts, &c.
Sterling exchange values have been well maintained
and although the market has been comparatively
narrow and lifeless, there has been a furthcr gain for
the week of 1 cent in the pound. In the early dealings, demand bills sold at 4 29 9-16. During the
greater part of the time, quoted rates moved alternately above and below 4 30. The latter half of the
week a high point of 4 3134 was reached, all on a
small volume of trading, with the close at the best
for the week. As might readily be surmised,
the spectacular advance in French francs was the
chief factor in sustaining prices and the movement in
fact exercised a beneficial influence on market sentiment in all branches of exchange.
So far as the immediate future is concerned, however, the outlook for sterling is still regarded as uncertain and operators are adhering strictly to a
"hands off" policy until a definite decision of some
sort shall have been reached with regard to reparations matters. Rumors of dissension among the
members of the Dawes Committee caused uneasiness
fOr a time, but later on advices were more encouraging in tone and a general feeling of optimism prevailed. Belief is apparently spreading that after
some preliminary playing for position, both France
and Germany will accept the findings of the experts.
If true, this would undoubtedly act as a stabilizing
influence on the foreign exchanges; especially since
European economic and financial conditions have
greatly improved, and all that is needed, apparently,
for the inauguration of a forward movement of major
proportions is the removal of this reparations incubus
which has been overhanging the market for so long.
In Great Britain itself, the labor situation is quieting
down, while far less apprehension is expressed over
the activities of Premier MacDonald's Labor Government. In the absence of any really serious
1589
political disturbances, the next six months or so
should show, in the opinion of prominent financiers,
more real progress than at any time since the outbreak of the World War.
As to the more detailed quotations, sterling exchange on Saturday last was a trifle easier and demand bills declined to 4 29 9-16@4 293,cable transfers to 4 29 13-16@4 30 and sixty days to 4 27 5-16
@4 2734; trading was narrow and lifeless. Monday's market showed very little increase in activity,
yet prices improved slightly, to 4 29%@4 30 for
demand, 4 297 @4 303' for cable transfers and
%
1
4 27/(4)4 273 for sixty days. Further gains were
4
recorded on Tuesday, which carried demand bills to
4 297 @4 3034,cable transfers to 4 3034@4 30% and
4
sixty days to 4 27%@4 277 ; better foreign news
4
was responsible for the strength. On Wednesday
sterling rates again reflected, although to a very
minor extent, the influence of the advance in francs,
and there was a further improvement to 4 30 1-16
@4 30 9-16 for demand, 4 30 5-16@4 30 13-16 for
cable transfers and 4 27 13-16@4 28 5-16 for sixty
days. Comparative quiet prevailed on Thursday
and values sagged fractionally; the day's range was
4 30@4 303/i for demand, 430@4 30% for cable
4
transfers and 4 273 @4 27% for sixty days. On Friday irregularity developed, but the undertone was
firm and demand was quoted at 4 30 5-16@4 3134,
cable transfers 4 30 9-16@4 31%, and sixty days
4 28 1-16@4 28%. Closing quotations were 4 287
%
for sixty days,4 313/i for demand and 4 31% for cable
transfers. Commercial sight bills finished at 4 31,
sixty days at 4 2834, ninety days at 4 273, docu4
ments for payment (sixty days) at 4 283 and sevenday grain bills at 4 3034. Cotton and grain for payment closed at 4 31.
One arrival of gold was reported this week, namely
$4,970,000 in 142 boxes, on the Berengaria from England. It is worth noting that the Swedish Parliament has authorized resumption of gold payments,
effective April 1, although imports of the metal are
to be controlled by the Riksbank.
Strength and activity in French francs again
proved the outstanding feature in the Continental
exchanges, and the week's trading was marked by
another series of more or less sensational advances
which eventually carried Paris checks from 5.4734,
the opening level, to 6.08, or a gain of 61 points.
Trading continued active, excited and slightly erratic.
Heavy selling was met by substantial buying orders
and in one day the price jumped 30 points in the
space of a few hours. The peak quotation of 6.08
was the highest touched since early July of last year
and forms a sharp contrast to the recent low level of
3.43. In the latter part of the week bankers in close
touch with French conditions intimated that the
advance had been too rapid and the French Government accordingly (so the reports ran) withdrew its
support, with the result that there was a partial reaction to around 5.84, with the close 5.7434. However,
tourist requirements are beginning to make themselves
felt and a good inquiry was reported from this source,
while it is encouraging to note that futures are now being quoted at a discount of only 134@2 points per
month, as against 8 to 10 points last week and 25
points three weeks ago. Short covering was still a
feature, while profit taking also figured in the dealings. Belgian currency as usual followed the lead of
French exchange, and interest in the movements of
1590
THE CHRONICLE
Antwerp francs was second only to that displayed in
Paris rates. The range was 4.29 to 5.09 on a fairly
substantial volume of transactions. Rumors, alternately "confirmed" and "denied," of negotiations for
a Belgian loan added to the uncertainty surrounding
this currency.
Italian lire also came in for a considerable share of
attention and for a time the quotation advanced as
high as 4.51, or nearly 20 points above the 'levels
ruling lately. This was attributed to Finance
Minister Stefani's recent summary of Italy's fiscal
position, indicating widespread improvement, economic and financial, and the prospect of a balanced
budget at the end of the current fiscal year. As to
• the other minor currencies, very little change has
taken place. Austrian exchange continues fixed at
0.00143/ Reichsmarks advanced a fraction at the
8
.
close while Greek and the minor Central European
exchanges were firmly held, but without essential
changes.
The London check rate on Paris finished at 74.85,
against 78.50 last week. In New York sight bills
1
on the French centre closed at 5.74%,against 5.47;
cable transfers at 5.7532, against 5.483/2; commercial
sight bills at 5.7332 against 5.463/2, and commercial
,
sixty days at 5.683I, against 5.413.i a week ago.
Closing rates on Antwerp francs were 4.83 for checks
and 4.84 for cable transfers, comparing with 4.29 and
4.32 the previous week. Reichsmarks finished at
0.000000000024, against 0.000000000022. Last week
Austrian kronen closed at 0.00143/, the same as a
s
week ago. Lire finished the week at 4.373 for bankers' sight bills and 4.383 for cable remittances. A
week ago the close was 4.323/ and 4.3332 Exchange
.
on Czechoslovakia closed at 2.973/2, against 2.893/; on
2
Bucharest at 0.513/, against 0.52; on Poland at
s
0.000012 (unchanged), and on Finland at 2.52 (unchanged). Greek drachmae finished at 1.71% for
checks and 1.72% for cable transfers, which compares
with 1.69 and 1.693/ a week earlier. Russian chervonetz are now quoted at 5.23, against 5.20 last week.
[VOL. 118.
333 . for checks and 333/ for cable transfers, against
%
333 and 335 last week. Brazilian milreis finished
at 11.20 for checks and 11.25 for cable transfers, in
comparison with 11.30 and 11.35 the week before.
Chilean exchange was firmer and closed at 10.30,
against 10 last week, but Peru was still quoted at
4 00, unchanged.
Far Eastern exchange Was as follows: Hong Kong,
50%@513's, against 51@513I; Shanghai, 70@
703.1, against 703/2@70%; Yokohama, 423@42%,
against 41.85@41.95; Manila, 49%@499 (unchanged); Singapore, 503/2@50% (unchanged); Bombay, 303oev303/ (unchanged), and Calcutta, 30%@
305 (unchanged).
%
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
MARCH 29 TO APRIL 4 1924. INCLUSIVE.
Co:n ry and Mon
Unit.
Noon Buying Rais for Cable Transfers in New York.
Value in United Maus Money.
arch 29 %larch 31. April 1. April 2. April 3. April 4.
EUROPE-8
8
8
$
$
II
attstria. krone
.000014 .000014 .000014 .000014 .000014 .000014
Belgium, franc
0429
.0433
.0472
.0516
.0491
.0481
Bulgaria. lev
007289 .007386 .007322 .007325 .007356 .007245
Csechoslovakla, kron 029930 .029765 .029805 .029775 .029797 .029716
Denmark, krone
1606
.1021
.1659
.1654
.1644
.1649
England, pound
ling
2979
4.3006
4.3020
4.3043
.3024
4.3047
Finland, markka
025089 .025079 .025071 .025081 .025079 .025043
France, franc
0548
.0552
.0566
.0599
.0576
.0574
Germany. relchsmark
a
a
a
a
11
a
Oreece, drachma
.016884 .017143 .017575 .017246 .017088 .017173
Holland. guilder
.3696
.3698
.3698
.3702
.3698
.3706
Hungary, krone
000014 .000014 .000014 .000015 .000014 .000014
Italy, Ilra
0434
.0438
.0442
.0446
.0438
.0436
Norway. krone
.1354
.1354
.1375
.1371
.1362
.1367
Poland, mark
b
b
b
b
b
b
Portungal. escudo
.0317
.0324
.0323
.0316
.0312
.0310
Rumania,leu
.005157 .005189 .005204 .005158 .005142 .005083
Spain, peseta
.1358
.1355
.1351
.1328
.1303
.1330
Sweden.krona
,,
2645
.2649
.2649
.2640
.2641
.2643
Switzerland, franc-- .1740
.1744
.1753
.1754
.1744
.1738
Yugoslavia, dinar__ .012268 .012316 .012327 .012385 .012394 .012334
ASIAMina
Onto°,tael
.7100
7117
.7121
.7150
.7083
.7042
Han kow tadl
7147
.7134
.7175
.7169
.7116
.7088
Shanghai tael
6980
.6976
.6976
.6979
.6955
.6916
Tlentseln tadl
7175
.7208
.7217
.7158
.7142
.7108
Hongkong dollar
.5055
.5049
.5057
.5058
.5046
.5051
Mexican dollar_ _.- .5015
.5032
.5045
.5050
.5016
.5011
Tientain or Pelyang
dollar
.5050
.5058
.5075
.5050
.5033
.4996
Yuan dollar
5042
.5054
.5046
.5100
.5033
.5013
India, rupee
.2986
2988
.2989
.2990
.2993
.2986
lspan, yen
4195
.4208
.4206
.4212
.4204
.4204
1Ingapore(S.8.)doll
.5000
.5035
.5031
.5020
.5025
.6000
NORTH A MER.3anada, dollar
.975902 .976895 .978906 .979111 .978739 .978678
1.000594 1.000531 1.000531 1.000531 1.000531 1.000531
:tiba. peso
Aexico, peso
482708 .482708 .482917 .481667 .482500 .482500
gewfoundland, dol
.973188 .974375 .976688 .977083 .976500 .975688
SOUTH AMER.krgentlna, peso (gold) .7575
.7548
.7513
.7543
.7503
.7508
Small. mIlrels
1115
.1103
.1102
.1107
.1112
.1113
;bile, peso (paper).- .0991
.0996
.0984
.0988
.0988
.1000
779A
77ca
?1L7
771111
7711
7711.1
Movements in the former neutral exchanges closely
paralleled those in sterling and the major Continentals. Guilders and francs registered important gains,
while Danish kroner shot up more than 75 points as
a result, it was reported, of adoption by Denmark of
laws designed to improve that nation's unfavorable
trade balance. The other Scandinavian currencies
a Quotations for
were firm and higher and the same is true of Spanish .000000000000219; German marks have been: Mar.29,.000000000000221; Mar.31,
April 1, .000000000000222; Aprll 2, .000000000000218; Apr113,
.000000000000218; April 4, .000000000000217.
pesetas.
Quotations for Polish marks have been: Mar. 29, .000000112; Mar. 31,
b
.000000122;
Bankers' sight on Amsterdam closed at 37.09/, .000000110. April 1, .000000116; April 2, .000000114; April 3, .000000114; April 4,
1
against 36.89; cable transfers at 37.103', against
The New York Clearing House banks in their
36.93; commercial sight at 37.003/2, against 36.83,
operations with interior banking institutions have
and commercial sixty days at 36.643', against 36.47
a week ago. Swiss francs finished at 17.373 for gained $2,470,350 net in cash as a result of the curbankers' sight bills and 17.383' for cable transfers, in rency movements for the week ended Apr. 3.
comparison with 17.313' and 17.323/ last week. Their receipts from the interior have aggregated
2
Copenhagen checks closed at 16.46 and cable transfers $3,655,905, while the shipments have reached $1,185,at 16.50, against 15.86 and 15.90. Checks on Sweden 555, as per the following table:
finished at 26.41 and cable transfers at 26.45, against CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
26.443' and 26.483/2, while checks on Norway closed
Out of
Gain or Lose
Into
Week ended April 3.
at 13.67 and cable transfers at 13.71, as against 13.58
Banks.
Banks.
to Banks.
and 13.62 the preceding week. Spanish pesetas Banks Interior movement
$3.855.905
$1,185,555 Gain $2,470,350
closed the week at 13.35 for checks and 13.37 for
As the Sub-Treasury was taken over by the Fedcable remittances, which compares with 13.25 and eral Reserve Bank on Dec. 6 1920, it is no longer
13.27 a week earlier.
possible to show the effect of Government operaWith regard to South American rates, very little tions on the Clearing House institutions. The
Fedchange has taken place, although the trend was eral Reserve Bank of New York was creditor at
the
fractionally down and Argentine exchange closed at Clearing House each day as follows;
Ara. 5 1924.]
THE CHRONICLE
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
1591
And this is, are we developing a culture in keeping
with our individual freedom and collective progress?
Saturday, Monday. Tuesday, Wedneed'y. Thursday, Friday.
400ritOole
We are still far from expressing or defining this
Mar. 29. Mar. 31. April 1. April 2. April 3. April 4.
for Week.
thought. Culture may have such definition as the
L000.000 68,000,000 67.000,000 63,000.000 73,000,000 78,000,000 Cr. 394,000,000
several scholars will give it. But do Americans of
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 to-day evidence that spiritual embodiment projected
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 by the "founding fathers" and characteristically
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 possess its simple and sober content, by the growth
New 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 of a century and a half of religious and political libBank for collection for the account of the local Clearing House banks.
erty and of educational and commercial advance?
For, behind all inheritances and fusions there has
The following table indicates the amount of bul- been that ideal of
life, law, labor and liberty that
lion in the principal European banks:
fashioned our government and social structure and
gave motive power to the accomplishments of which
April 4 1924.
April 51923.
Banks of
we are justly proud.
Gold.
Siltyr. I Total.
Gold.
Silver.
Total.
We do not for the moment consider the influence
z
England -- 128,114,579
128,114,579 127,501,554
127,501,554
France a._ 147,102,222 11,920,000 159,022,222 148,679,808 11,640,000 158,319,608 of environment. We dismiss the commentaries of
Germany _ 23,240,350 c3,475,040 26,715,390 50,110,130 3,429,340 53,539,470
Asia -Hun _ 62,000,000
62,000,000 62,000,000
62,000,000 super-travelers who tarry a night or two in our large
Spain
101,132,000 28,276,000 127,408,000 101,018,000 26,329,000 127,347,000
Italy
35,181,000 3,417,000 38,598,000 35,399,000 3,033,000 38.432,000 and "unfused" cities. What is the national characNetherl'ds. 47,428,000
772,000 48,200,000 48,483,000
595,000 49,078,000
Nat. Belg. 10,819,000 2,819,000 13,838,000 10,757,000 2,359,000 13,116,000 ter? Are we content with our form of government?
Switzerrd. 21,452,000 3,787,000 25,239,000 21,313.000 4,238,000 25,551,000
Sweden_
14,075,000
15,075,000 15,205,000
15,205,000 In social life are we happily and consciously, or
Denmark _ 11,843,000
609,0
12,252,000 12,681,000
245,000 12,926,000
Norway
8,182,000
8,115,000 thoughtfully, frugal, thrifty, and labor-loving for its
8,182,000 8,115,000
Total week 551.389,151 53,075,040604,444.191 579,262,292 51,868,340631,130,632 own sake? Have we
a common mind upon educaFrey. week 352,404,212 52,998,040605,402,252 579,452,484 51,638,190831,088,674
tional processes insofar as to be agreed upon traina Gold holdings of the Bank of France this year are exclusive of £74,573,797 held
abroad. b It Is no longer possible to tell the amount of silver held by the Bank ing that will give
contemplative power, original efof Germany. On March 15 1923 the Reichsbank began including in its "Metal
Reserve" not only gold and silver but aluminum, nickel and iron coin as well. The fort and
appreciation of the best, as a worthy heritBank still gives the gold holdings as a separate Rem, but as under the new practice
the remainder of the metal reserve can no longer be considered as being silver, there
Is now no way of arriving at the Bank's stock of silver and we therefore carry it age of the past? The economics we have evolved—
along as the figure computed March 7 1923,
is it based upon experience, common sense and natural law, or upon selfish desire and vainglorious
The Soul of America.
theory? Our commercial life—do men pursue a
Discussion is rife concerning the racial character business vocation for the sake of the power of accudeveloping in the United States. Wells, in a book mulated wealth or for the sake of industrial creareview of Hilaire Belloc's "The Contrast," has this tion that shall accomplish increasing good through
to say: "But do Americans present either a new speeding and spreading social-service? And in our
race or even a new culture? I deny both these propo- politics—do we evidence reverence for statesmansitions. They are racially still largely an unfused ship and statesmen, or, carried along upon the enmixture of Europeans: the novel features of their thusiasm of political endeavor, do we battle over
social and cultural life merely mark a new phase into trifles and grow hysterical over imaginary dangers,
which British and European and Slav cultures are ring the changes upon a few evils rather than many
all following America. That is to say, I do not be- virtues?
We cannot fully and explicitly answer these queslieve America is diverging upon a line of her own,
but is simply ahead along the path that the other tions ourselves. The attempt by. others must fail,
great constituents in the coming world community even though they have a longer perspective. Our
must all presently follow." Perhaps, Americans are progress is undoubted—but it has been compared to
not concerned with this view of an "unfused mixture the racing car that affords only a blurred picture of
of Europeans." In the "Westward course of Em- the landscape. The development of a national spirpire," in the growth of the third and fourth genera- itual character is far more important than the detions upon a given soil, there is not much looking veloping of concrete inventions and institutions. Culbackward to "old countries," there is not much con- turally, in a national sense, we, evidently, need for
flict of races in the new population we denominate awhile to loaf with our collective soul. There is
abroad a spirit of contempt for the past that bodes
Americans.
Our country is a very broad and deep land. There ill to our future. The toil of the few generations
are naturally several types among our common cit- that blazed out the pathway we may follow is not a
izenry. Sometimes, in a given locality, one race matter of scorn but a consecrated altar at which we,
may appear to dominate in characteristics inherited, too, must worship—for national character is but the
sometimes another; but there are no wide diverg- fusion of individual characters. Laws that protect
ences, none of the old hatreds, animosities and jeal- are not laws that perform. Economics is not a
ousies, in the children's children of these trans- dream, a doubt, a desire, but a manifest destiny,
planted "Europeans," at all comparable to those manifest in the nature of things. Politics is not a
that now exist in the war-ridden countries. And in diversion, but a duty—not a quadrennial play of
the central areas of this vast continental territory emotions, but a sober instrument of effective rule.
under one Government the "fusion" must be and is Our commercial life is fundamental to all advance,
quite complete. Nor, if we take the oldest section, but it must be pursued in seriousness, sacrifice and
the North Atlantic seaboard, and strip it of the re- humility. Wealth is not for worship, for wonder,
cent population that has drifted to and lodged upon for power, but for continuous accumulation in hands
its shores, will there be much doubt that racial ties that are responsible for its wise and helpful use. We
and tendencies are pretty well obliterated, whether have need for pleasure, joy and rest—but to use our
toil and treasure in profligate living is waste that
that may be said to constitute a new race or not.
suggested by this discussion a leads to decay. Science, letters and art that spring
However, there is
thought Americans may consider with deep concern. from leisure, if worthy, are not the products of ex-
1592
THE CHRONICLE
cited minds seeking to deride the old by fantastic
creations, but the works of those who build higher
and better in sober earnest and loving kindness.
Education is not a man-making machine, but life
itself!
It is a superficial view to believe that the undercurrents of American life are greatly stirred by the
ever succeeding sensations of the day. Our chief
fault is in trying to regulate the processes of life by
artificial legislative means that the evolution of time,
thought and toil alone can bring into order and harmony. Tens of thousands live by telling us how to
live that might better be engaged in humble and productive employments. Race, culture and creed are
all solvent in the progress of millions working, aspiring, loving. A national social character will come
through the concentrated efforts of those who doing
the duty near at hand build in the ascending years
the material temple of an enduring soul.
Getting Something for Nothing State
Subject to Same Law as Individual.
A recent article, considering the many get-richquick schemes, mentions the issuance of bonds by
small communities for gifts to induce manufacturing enterprises to locate, enterprises that never begin operations or very soon fail thereafter; and
bonds for street paving and other town improvements that never bring the benefits or profits expected. We may widen this suggestion into an inquiry in general as to the methods and results of the
issuance of municipal bonds. In the first place,
what are the arguments for the erection of school
buildings, the installment of electric light plants
and water works, and the building of permanent
roads? Certainly the most potent one is the better
living conditions for the communities to be benefited.
And if the community is able within a reasonable
time to retire its bonds by general taxation, gets
value received for its expenditures, and actually
needs the improvement, there is no more reason to
question its right to borrow than there is the right
of the individual to borrow to build a house and secure a home or to enlarge a business that it may the
better succeed. But this is a broad statement of
right and rights that requires exact fulfillment.
Is it not getting something for nothing to issue
bonds with the expectation that another generation
will have to pay them? And this is very patently the
case when the tax levy and the assessed value of the
town or county or city property at the time ifulicates
that the bonds will have to be refunded. It is getting something for nothing by that part of the community, which, having no taxable property, yet votes
the bonds on the theory that it will "make more work
for the laboring man." It is getting something for
nothing when abutting property is made to pay for
street or road grading and the whole community and
general public gets the benefit. The fact that many
of these "improvements," even when full value for
the money spent is received, will wear out or be supplanted before the bonds are due, is now no deterrent, or seems so, to the public—but it can hardly be
offered as a valid argument against the issue of
bonds, standing alone. The use of anything for a
period of time is warrant for its purchase, provided
one is able to own it and the terms of purchase and
payment are right. But in all public improvements
desire often overmasters need.
[VOL. 118.
This spirit of booming the town at the expense of
the taxpayers is so well understood that it needs no
comment. Probably the only thing that will stop it
is the enactment of a property-qualification for
voters, something very difficult to do, and not without its serious objections.
But there is a still wider field wherein government
becomes the instrument of getting something for
nothing. And this is when the national Government
taxes all the people for the benefit of a class. The
attempts made to help the farmer are a case in point.
He is the victim of circumstances, the legatee of
war's penalties. But why should he be given a
gratuity in the way of price-fixing, or seed-grain
buying, or moneys loaned below the current rate, or
moneys loaned out of the public treasury at any rate,
unless he is willing to be the recipient of something
for nothing? Why should special technical education, subsidies for ship operation, or any of the many
forms of special aid be given unless classes and individuals want something for nothing?
For the ballot is not an instrument of gain. The
relation between citizen and Government is reciprocal. The Government is no more bound to protect
the voter than the voter is bound to protect the Government. "Raids on the Treasury" was once a political war cry. But we have slipped so far toward
socialism that we now create boards, commissions,
committees,for the purpose of aiding special classes,
and think not at all that the cost is paid by the whole
people. Some are now crying for a constitutional
amendment for the Federal taxation of municipal
securities because, forsooth, they say it will prevent
many towns from borrowing because of the higher
rate of interest. But taxation has no such purpose.
It is not a valid argument. The duty lies with the
citizen and community to borrow, or not to borrow,
according to need and financial ability. Tax-exempt
securities may or may not be for the best interest of
the country or community, but it is a question apart
from voting taxes for extravagance and waste.
Passing blue-sky laws to protect the unsuspecting
and fools from investing in worthless oil and industrial stocks is one thing. Deliberately voting a tax
on property owners for an unnecessary improvement
is another thing. And the latter is too much accompanied by a feeling of envy, distrust, even malice.
"The rich will have it to pay," say some. "It will cost
me nothing," says another. "There will be more
work and more money in circulation." And so the
town or city is taxed to the limit. True, there may,
in time, be returns by an increase in population and
the investment • of outside capital—but that will
rarely help the man who for the intervening years
pays the heavy tax. And so serious has become the
question of taxation in all divisions of our Government that we are undoubtedly planting the seeds
that will sooner or later prove to be dragon's teeth.
The duty is on the voter. And the patriotic voter
should hesitate to impose a tax upon property holders, especially when he is himself exempt.
But they tell us no man can get something for
nothing, in the long run. Can a community? Can a
town or city Government? Schools we need and
roads we must have. Yet is it not wisdom for the
community, or its Government, to be economical in
the collecting and expending of tax money in behalf
of the citizen. Does the "public school," so long revered and provided for, mean the grafting on of
every new fad proposed by theoretical educators?
APR. 5 1924.]
THE CHRONICLE
Can a man, as some contend, who owns a farm,
planned according to his best interest, be actually
benefited by a new road that runs through the centre
of it? A constituency, so heavily taxed that poverty
keeps a large proportion of its children out of the
new high school, can it be benefited by the sentiment
for popular education that sweeps everything before
it? The State or national highway, that will never
be used by ten per cent of the taxpayers, must it be
builded while an onerous war debt hangs over all?
These questions are merely for the purpose of
directing attention to the duty of the people and the
Government of collective interest in the individual—
in the man who works and produces wealth that he
have a better chance within and of himself. It has
lately been frequently shown that those who pay no
direct taxes pay indirectly a heavy toll in the higher
cost of living. These men who vote for unwise and
unnecessary "improvements" for the sake of work
and wages pay, and pay extravagantly, in the end.
Do they get something for nothing? We need to look
at this problem from every angle. We need to halt
some of these so-called tax-free securities at the
source. Economy in this behalf will dissipate the
need for a constitutional amendment over a plain
matter of fiscal policy. The man who buys goods
from a merchant on credit without intent to pay is a
wrongdoer. No community can brush aside its responsibility to the next generation.
1593
For, though, as already noted, the 40-million mark
in iron production was never reached prior to 1923,
there have been many previous years, nevertheless,
in which that mark was closely approached. In
1916, for instance, which was during the period of
the war but before the entry of the United States
into participation in it, the output was 39,434,797
tons, which stands as the previous high record (being, it will be noticed, barely 1,000,000 tons behind
the new high total of 40,361,146 tons for 1923) and
this was followed by an output of 38,621,216 tons in
1917 and of 39,054,644 tons in 1918. As compared
with this 3
-year period of sustained high production, the further advance in 1923 does not .appear,
after all, very striking, though on the other hand,
the fact must not be overlooked that in the three
years referred to iron and steel production was
strongly stimulated by the war.
The fact that the increase over the previous high
record was relatively so slight serves to direct attention to a characteristic of the 1923 industrial conditions and situation which must be taken into consideration in any attempt to interpret these figures
of iron statistics correctly. We have reference to the
spirit of caution and conservatism which became
manifest very early in 1923 and which grew steadily
more pronounced as the year progressed. Except
for this, the year's production would doubtless have
mounted considerably higher. As it was, the tendency towards steadily enlarging output was measThe Country's Large Iron Production
urably checked the latter part of the year. In other
in 1923.
words, the extreme activity of the early spring was
The appearance of the official statistics relating not maintained; instead, the pace lessened measurto the 1923 make of pig iron in the United States, as ably. The three strong elements in stimulating procompiled by the American Iron and Steel Institute, duction were the demand for iron and steel in conserves to direct attention anew to the fact that last nection with building operations of unexampled proyear's iron production was the largest in the coun- portions, (2) the unprecedented call on the part of
try's history. The fact had previously been well es- the automobile industry, the output of both passentablished in the reports of private investigators, but ger cars and trucks being far in excess of any preadditional significance is given to it now that it is vious year, and (3) the growing demand from the
authenticated by the elaborate official compilations. railroads for equipment, motive power and track and
Of course, many other trade records were broken in other materials, these steam carriers having during
1923, which was a year of great industrial activity, 1923 placed orders with greater freedom than for a
though tempered by a growing spirit of caution long time previously, their income position having
that served to hold in check inflationary tenden- decidedly improved by reason of the enormous volcies, but there always is something distinctive about ume of tonnage they were called upon to move, at
achievements in the iron and steel industry which least in the eastern half of the country, owing to the
invests with special importance new records in that magnitude and pronounced character of the indusline of endeavor.
trial revival which the manufacturing industries in
According to the Iron and Steel Institute, the that part of the country were enjoying. The inquiry
make of iron in the calendar year 1923 reached 40,- for iron and steel, in their various forms, in these
361,146 tons, this being the first time in any year main particulars, continued practically unabated
that the 40-million mark was attained. The prod- throughout the year, except that during the closing
uct in 1922 was only 27,219,904 tons, and in 1921 no months there was a noticeable falling off in the placmore than 16,688,126 tons. It will thus be seen that ing of orders by the railroads, due to the circumthe 1923 production was not far from 2 times the stance that the railroads in the western half• of the
/
1
2
very small production of only two years before, and country were not sharing in the prosperity of those
that serves to mark the difference between a year of of the eastern half and propositions for reducing railindustrial prostration and a year of industrial pros- road rates as an aid to the agricultural classes were
perity. The twelve months of 1921 constituted a being actively fostered, the effect of which, if carperiod of profound and intense depression, as a mat- ried out, could only be to further weaken the positer of fact, one of the very worst in trade annals, and tion and credit of these western carriers, already
as a consequence the make of iron fell to the small- none too good.
The spirit of caution and conservatism to which
est figure with one exception reached since the year
1904. Bearing that circumstance in mind the reference has been made kept steadily growing
doubling of the production in 1923 does not have the throughout the year and finally dominated the whole
importance it would otherwise possess. In 1921 situation. It arose out of a fear of a repetition of
things were sub-normal. In 1923, on the other hand. the experiences of 1920, when trade expansion apwe had again got back to the normal, and somewhat peared to have no limit and when, nevertheless, sudabove it.
den collapse occurred and led to unparalleled shrink-
1594
THE CHRONICLE
[Vol,. 118.
age, both in values and in the volume of business. the official statistics in that they do not take cogIn the early months of 1923 orders still kept piling nizance of the small amount of iron produced with
in on manufacturers with great rapidity in all lines, charcoal as fuel, the make of iron reached its maxiand every one acted as if haste were imperative lest mum in May 1923, when the product was 3,867,694
deliveries should be unduly delayed and the manu- tons, and then fell off until in November the prodfacturer be placed at a disadvantage with his com- uct was only 2,894,295 tons and in December 2,920,petitor. As.the fear of possible ill consequences like 982 tons. The monthly indications of steel producthose of 1920 began to overspread trade circles and tion furnished during the course of the year tell the
received support by the way in Which the wage earn- story of the falling off even more strongly, and in
ers were taking advantage of the scarcity of labor this case the December product was the lowest of
to enforce demands for higher wage scales, a marked any month of the year and the lowest also of any
falling off occurred in the receipt of new orders. month back to September 1922. The calculated
There was no.slackening of output, however, no fall; monthly production of steel ingots stood at 4,195,800
ing off in production in the iron and steel industries, tons in May 1923, but was only 2,843,764 tons in Deand there could be none, since manufacturers and cember 1923. In the following we show the producdealers carried enough unfilled orders on their books tion of pig iron according to the official statistics in
to engage the full capacity of furnace, factory and half-yearly periods:
PRODUCTION OF PIG IRON IN HALF
-YEARLY PERIODS.
mill for many months to come. Neither was there
Gross Tons.
Gross Tons.
rea- 1900-let half
14,072,274
7,642.689 1912
-let half
any general trade reaction-and for the same
6,146.673
2d half
15,654.663
24 hall
7,674.613 1913
-1st half
16.488.602
son. But the situation had nevertheless changed and 1901-let half
8,203,741
28 half
14.477430
2d half
8.808.674 1914
-let half
12,636,094
the effects were bound to appear in the end. Hesi- 1902-let half
10,796,150
20 half
9,012.733
2d half
12,233,791
9.707,367 1915
-let half
-let hall
tancy about engaging in new enterprises developed 1903 28 half
8.301,885
17.682,422
20 half
19,619,522
8,173,438 1916-1et half
half
and commitments for the future were entered upon 1904-let half
24 half
19,815.275
8423.595
2d
19,258,235
11.163,175 1917
-1st half
with extreme reluctance. Manufacturers, instead of 1906-1s1 half
19.389.162
11,829,205
24 half
26 half
-1st half
18,227,730
12.582,250 1918
half
being surfeited with advance orders as in the spring, 1906-let half
20.824461
12,724,941
28 half
28
16,278,175
13.478,044 1919
-let ball
1907-1st half
now found consumers buying only from hand to
14.737,189
20 half
12.303.317
28 half
18,435,602
6,918.004 1920-1st half
-let half
1908
mouth. No one would plan any great way ahead, but
18,490,385
9.013,014
24 half
28 half
9,530,981
11.022446 1021-lot half
half
bought only to supply positive needs for the present 1909-let half
7,117,145
24 half
14,773.125
20
12,191,011
-1st half
14.978,738 1922
1910-1et half
and immediate future.
15,028,893
2d half
12.324.829
28 half
21,016,475
-1st half
11,666,996 1923
Thus, while more iron and also more steel was 1911-1st half
19,344,671
20 half
11.982.351
2d half
produced in 1923 than ever before, the fact is that by
It follows, as a matter of course, that with total
reason of the circumstances mentioned the prospect production of iron so greatly increased in 1923, all
at the end of 1923 was hardly so assuring as at the the different classes and grades of iron shared in
beginning of that year, albeit the early months of larger or smaller measure in the increase. The
1924 again developed a rising scale of opera- yearly details back to 1900 are furnished in the table
tions. The halt was unquestionably beneficial, for we now introduce. It is worth noting that in the
it checked inflationary tendencies and prevented un- case of Bessemer iron, notwithstanding the big indue expansion. But no review of the year would be crease in 1923, the total for that year falls far below
complete that did not take account of it or fail to the totals of many preceding years, though, of course,
lay emphasis upon it. Bare comparisons of the grand there is nothing strange in this in view of the fact
totals afford no evidence of its presence, and this that scarcely any Bessemer steel rails are used now
has made it necessary to go behind the figures for a where not so very long back practically the whole
study of the underlying influences. A capital illus- product of steel rails consisted of Bessemer steel.
tration of the actual course of the iron and steel in- The 1923 make of basic iron, on the other hand, was
dustries is furnished by turning to the monthly state- far in excess of the best of previous years,and the
ments of the unfilled orders of the United States 1923 make of foundry pig enjoys the same distincSteel Corporation, whose annual report for 1923 we tion.
PRODUCTION OF PIG IRON BY GRADES. 190(1-1923.
review here last week. In the early months of
1923 these unfilled orders kept steadily increasing
All
Total.
Bessemer. Foundry, Malleable Forge. Other. ,Gross Toss
Baste.
until on March 31 the total stood at 7,403,332 tons. nava.
1.072,376 7.979.327 3.376.445 173.413 793.092 394.689113,789,242
Thereafter, however, the amount steadily declined, 19001.448.850 9.596,793 3.548.718 256.532 639.464 348407 15,878,354
1901
2.038,590 10.393.168 3.851.276 311.458 833,093 393,722 17421,307
1902
2440.726 9.989.908 4,409.023 473.7811783.016 312,798 18.009.252'
month by month, until on Nov. 30 it was down to 1903
2.483.104 9.098.659 3,827.229 213429 560.836 273.676 16 497.033
1904
4,105.179 12.407.116 4,758.038 635.236 727.817 358.994 22,992,380
.4,368,584 tons; then the declining tendency was ar- 1905
5.018,674 13.840.518 4.773.011 699.701'197,420 377,867 21.307.191
1906
5,375,219 13.231,6205.151,209 920.290 613.167 419,856 25.781,361
rested, and by Dec. 31 the total was slightly better 1907
4.010.144 7,216.976 3.637.622 414,957 417.164 11)9.151 15,936.018
1908
8.250.225 10.557.3705.322.415 658.048 725.624 281.789 25.795,471
further improvement oc- 1909
again at 4,445,339 tons, and
9.084.608111.245.642 6.260.447 843,123 564.157 305.590 27,303.567
1910
8.520.0201 9.409,3034.468,940 612.533 404.841 229 910 23.649,547
1911
curred during the early months of 1924. The rever- 1912
11.417.886 11.664 015 1.073,873 325,643 469.183 276.337 29.726,937
12,536.693 11.590.113 5.220.343 993,736 324,407 300.860 30.966,152.
1913
it will be observed, was very striking, but it finds 1914
sal,
9.670.687 7459.127 4.533.254 671,771 381.6511235 754 23.332.244
/3.093.214 10.523,306 4.843,899 829.921 315.214309.659 29.916.213
1915
no reflection in the official statistics for the full 1916
17.684.087 14.422,457 5,553.644 921.486 348.344 504,779 39,434,797
17.671.662 13.714,732 5.328.258 1.015.579 345.707 641.278 38,621.216
year, as we have already seen, and only partial re- 1917
18,641.174 13,024.966 5,145.260 1.117.914 303.032726,398 89,054,644
1918
14,494,131 9.975,934 4,916,754 1409,049 271,286 348,206 31,015,364
1919
flection, even in the half-yearly totals, which is as 1920
16,737.722 12.662484 5457,782 1,310.951 318.048 139.460 38.925,987
7.753,071 5,595,215 2.588,136 457,340 112.748 201.616 16,688.126
1921
far as the subdivision of these official statistics 1922
13,841.367 7,813,203 3,976,431 1,051,495 214.210 323,198 27.219.904
19,795,590 11,677,509 6,470.013 1,571,064 327.430 519,540 40.361,146
1923
goes. The half-yearly figures show that the make of
We also again bring forward the record of pig iron
iron in the second half of 1923 was only 19,344,671
tons, as against 21,016,475 tons in the first half and production by States for a series of years past. As
comparing with 15,028,893 tons in the second half in previous reviews, we furnish a separate total for
of 1922. The monthly statistics of the trade jour- the Southern States; and the feature of this is the
nals, like the unfilled orders of the Steel Corpora- absence of progress shown, except in the single case
tion, afford a much better indication of the change of the State of Alabama. All of the Southern States,
and of its magnitude. According to the figures of of course, show much larger totals for 1923 than for
the "Iron Age" of this city, which differ only from 1922 or 1921, but, barring Alabama, the different
APR. 5 1924.]
THE CHRONICLE
1595
States fall behind their product for 1920, though prices for the full twelve months for a series of years.
Maryland records a trifling increase over its make These averages, as well as the prices in the table
of iron in that year.
above, are based on the weekly price records of the
PRODUCTION OF PIG IRON BY STATES
"Iron Age" of this city:
fins
2240
Lbs.
1923.
1922.
1921.
1920.
1919.
1918.
1917.
South rn
&atm
Tons.
Tons.
Tons.
Tons.
Tons.
Tons.
Tons.
Ala_ 2,797,190 2,230,619 1,207.408 2,392,962 2,130,092 2,587,852 2,953,705
Va.- 49,024
276,874
67,239
429,302
319.409
520,311
513,737
123,907
Tenn _
250,982
19,479
190,514
283,207
369,822
369,951
W.Va.
Texas_
Mien.
GAMd---
702.454
460,311
264,759
772.379
413,091
594,671
561,951
529,606
366,967
147,189
823.733
244,002
373,817
422,212
Total 4,557,106 3,230,828 1.706.074 4,401,583 3,297.108 4,439.903 4,828.130
Penna.14,804,620
Oh1o._ 9,347,960
N.Y__ 12,951,810
N.J__ J
Illinois 3,839,063
Micha 3,813,125
724,717
Wisc.,
321,436
M0_c1,309
Massa
9.731,788 6,252,76613,083,13412,276,58515.198,27115,539,728
6.484,162 3,799.613 8,533,47 7,102,627 8,764,132 8,518,603
1,772,325 968,660 2,601,13 2,07(.'288 2,871,118 2.417.527
2,625,244 1,612,033 3,280,875 2,558,213 3,440,307 3,483,096
2,726,727 1,893,611 2,939,121 2,711,659 3,t73,599 2,657,503
381,030
226,863
711,405
605,619
750,366
738,541
266,716
226,364
464,584
375,587
504.463
453,742
1,084
2.142
10,281
13.678
12.485
10.527
Gr.Tot40,361,14627,219,90416,688,12636,925,981 1,015,36439,054,64438,647.397
tns.r
aIncing Indiana.
umeian t Minnesota.lIrcIudlowCIoradodoo0.ncucng V
inean &
)nnecticut.
When we come to the matter of prices, the distinctive feature of the year is the way in which steel
prices were maintained in face of a lessening demand as the year progressed and the growing disposition to buy only to supply immediate needs. It
was this that made the year such a prosperous otte
for the different steel companies, namely the fact
that production was large while at the same time the
steel makers were able to obtain good prices for their
output. In the case of pig iron the situation was
different. There the competition between the different sections of the country under the lessening demand led to a sharp fall in prices. The extent of the
decline will appear when we Aay that No. 2 foundry
pig iron at Philadelphia advanced from 29 76 per
gross ton at the beginning of the year to $33 14 in
March and April, then fell to $22 56 in October and
November with the close Dec. 31
26. Quite different is the record for steel. In the case of several
leading products a sharp advance o.Turred in the
opening months of the year and then was maintained
without change to the end. This is true both as regards tank plates and beams, where prices at Pittsburgh rose from 2.00c. per pound in January to 2.50c.
in March, and held at that figure up to Dec. 31. For
steel bars there was an advance from 2.00c. to 2.50c.,
with a shading off to 2.40c. at the close of 1923, while
galvanized sheets, after rising from 4.35c. to 5.25c.
reacted to 4.90c. Wire nails moved up from 2.70c. to
3.00c. and stayed at the latter figure. Steel billets at
the mill in Pittsburgh rose from $36 50 per gross ton
in January to $45 in March and was $40 Dec. 31. As
the best way of indicating the course of the fluctuations during the twelve months, we insert, as in
other years, the table which now follows. It shows
the prices of certain grades of iron and steel at the
opening and at the close of 1923, with the low and the
high points for the twelve months and the dates
when reached:
Price
Jan.2
1923.
$
Per Gross Ton
No.2 fdy.rdir iron a 29.7622.64
Basle pig iron_-a26.7522.75
Gray forge pig l'n b 28.2723.26
Bessemer pig iron b 29.2724.26
Steel billets at mill b 36.5036.50
Per Pound Cents Cents
b 2.00, 2.00
Steel bars
It 2.00, 2.00
Tank plates
Beams, As
2.00, 2.00
Gals'
.sheetsNo.289 4.35 4.35
Wire n
2.70 2.70
RANGE FOR YEAR 1932.
Low.
Oct. 30 to Nov.2033.14
Nov. 20 to Dec. 430.25
Nov. 13 to Dec. 3132.27
Nov. 20 to Dec. 432.77
Jan. 210 Jan. 945.00
Cents
Jan. 210 Jan. 18 2.50
Jan. 2 to Jan. 9 2.50
Jan. 210 Jan. 9 2.50
Jan. 210 Feb. 6 5.25
Jan. 2 to Feb. 6 3.00
High.
Mar.22 to Apr. 10
Mar.29 to May 15
Mar. 22 to May 8
Mar.22 to May 8
Mar. 1510 May 22
Mar.29 to Apr. 24
Mar.2910 Dec. 31
Mar.29 to Dec. 31
Mar.29 to May 22
Apr. 24 to Dec. 31
Price
Dec.31
1923.
24.26
23.25
23.26
24.76
40.00
Cents
2.40
2.50
2.50
4.90
3.00
a At Philadelphia. b At Pittsburgh.
Following our usual custom, we add a second table in which we furnish a comparison of the average
AVERAGE YEARLY PRICES OF IRON AND STEEL 1916 TO 1923.
4rticles1923. 1922. 1921. 1920. 1919. 1918. 1917_ 1916.
$
$
$
$
No.2 antb.fdy. pig at Phra_ton-28.26 27.34 25.06 46.97 31.66 35.41 39.49 21.18
Gray forge pig iron. Lake ore,
at Pittsburgh
27.14 26.54 24.18 43.36 29.20 33.55 36.88 20.34
Bessemer pig iron at Pittsb "28.92 27.62 25.28 44.27 31.18 36.66 38.36 23.86
Bessemer rails at mills in Pa_
__
_ _ _ 45.00 52.50 47.26 55.00 38.00 32.00
Steel billets at mills at MUM_ "" 41.62 33.99 34.30 56.14 40.58 46.81 68.33 43.95
Best refined bar Iron from store
100 lbs. 2.71 2.06 2.25 4.39 2.90 3.71 4.61 3.27
at Philadeipnia
S
As to the country's foreign trade in iron and steel
and their various products, the exports were maintained at full volume, but there were also quite large
imports, these latter reaching a total of 734,734 tons,
of which 367,820 tons were pig iron and 162,026 tons
scrap iron. It is impossible to institute direct comparisons with the previous year on the whole movement,as the new tariff law made necessary a number
of changes in the method of keeping the import statistics, beginning with September 1922, but the imports in 1923 would appear to have been a little
larger in volume than in 1922, if we may judge from
the fact that in the case of the items compiled on an
identical basis, in the two years the imports were
584,929 tons in 1923 and 574,466 tons in 1922. The
value of the imports was $31,035,838 in 1923 and
$30,801,055 in 1922.
As to the exports, following the falling, off in our
foreign shipments of iron and steel in 1921 and 1922,
the exports during 1923 increased again. In 1922 the
value of all exports of iron and steel, and manufactures thereof,from the United States, with the exception of machinery, was only $188,839,863, but in 1923
the total was $234,357,360. Exports of machinery
and vehicles of all kinds (not exclusively, however,
of iron and steel construction) were valued at $482,363,849 in 1923, $366,595,222 in 1922 and $534,522,885 in 1921. The 1921 exports of iron and steel and
manufactures thereof (including machinery) were
$607,427,146, against $1,112,835,237 in 1920; $968,520,154 in 1919; $1,035,299,567 in 1918; $1,241,960,102 in 1917, and $871,327,322 in 1916. In 1915,
however, the value of these exports was only $390,897,123 and in 1914 no more than $199,861,684.
Taking all forms of iron and steel reported by
weight (except machinery and vehicles) we arrive at
2,151,469 tons as the total of exports for the twelve
months of 1923, which compares with shipments of
2,091,243 tons in 1922. Exact comparison with years
further back are out of the question, as the Department of Commerce in 1922 re-grouped and re-classified nearly all the items; furthermore, since the going into effect of the new tariff law in September
1922 a number of items have been reported by weight
which previously had not been given separately. Ot
iron in its raw state-in the shape of pig
-the exports in 1923 were 32,318 tons and in 1922 30,920
tons. The shipments of scrap iron were 65,980 tons,
against 64,784 tons. Of rails our exports were only
267,409 tons, comparing with 277,090 tons in 1922,
321,822 tons in 1921; 594,628 tons in 1920 and 652,443 tons in 1919. The shipments of structural iron
and steel, on the other hand, were 201,951 tons in
1923 and 170,086 tons in 1922, against 297,022 tons
in 1921; 493,633 tons in 1920 and 360,787 tons in
1919. The shipments of barbed wire, which during
the war played such a large part in the military operations, amounted to 158,598,418 pounds in 1923,
against 158,654,087 poundsin 1922;67,146,803 pounds
in 1921; 290,550,449 pounds in 1920; 227,250,082
1596
THE CHRONICLE
pounds in 1919; 526,586,382 pounds in 1918; 433,374,842 pounds in 1917, and 938,296,421 pounds in
1916. Of other forms of wire the shipments in 1923
were only 206,599,388 pounds,as compared with 253,458,637 pounds hi 1922; 155,312,469 pounds in 1921;
427,769,910 pounds in 1920; 426,074,277 pounds in
1919; 352,177,754 pounds in 1918; 451,301,571
pounds in 1917 and 561,678,868 pounds in 1916. The
total exports of boiler tubes, casings and oil pipes,
welded black pipe, welded galvanized pipe and malleable-iron pipe fittings increased from 401,498,734
pounds in 1922 to 433,797,387 pounds in 1923. Cast
iron pipe and cast iron fittings exported in 1923
amounted to 62,858,028 pounds, comparing with 61,156,627 pounds in 1922.
Of steel billets, ingots and blooms, the shipments
in 1923 were only 6,704 tons, comparing with 14,029
tons in 1922; 10,171 tons in 1921; 216,873 tons in
1920; 258,424 tons in 1919; 1,786,189 tons in 1918,
and 2,017,113 tons in 1917. The greater part of the
loss here, of course, must be ascribed to the cessation of hostilities, but even in 1914, of billets alone
[VoL. 118.
50,496 tons were shipped. In the case of sheets and
plates there was a further decline in 1923 to only
858,984,618 pounds, compared with exports of 978,693,532 pounds in 1922,following a shrinkage in 1921
of over 50% from the previous year, the exports in
1921 having been 1,338,653,241 pounds, against
2,576,831,576 pounds in 1920. Taking now articles
where the weights are not stated, but only the valus,
the exports of firearms were only $1,587,972 in 1923
and $1,545,120 in 1922, against $1,965,581 in 1921;
$5,505,528 in 1920; $14,346,298 in 1919; $30,242,550
in 1918, and $97,005,018 in 1917. The exports of
tools were $15,709,854 in 1923; $11,713,242 in 1922;
$18,332,005 in 1921; $35,453,501 in 1920; $32,803,899
in 1919; $20,933,693 in 1918 and $24,713,512 in 1917;
the exports of hardware, $9,772,849 in 1923 and
$6,734,208 in 1922, against $7,969,427 in 1921; $17,474,824 in 1920; $11,680,885 in 1919, and $6,587,922
and $7,867,193 in 1918 and 1917, respectively; of cutlery $4,738,966 in 1923; $4,615,982 in 1922; $4,718,983 in 1921; $13,172,927, $10,137,027, $5,236,904 and
$5.901,631, respectively, in previous years.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, April 4 1924.
Trade has still suffered from bad weather in parts of the
East, West and Northwest, but within a few days clearing
conditions have presaged better things. At the present time
business is of only fair volume. But with clear weather and
good roads it is believed, not without reason, that it will increase. It stands to reason that prolonged bad weather has
led to some depletion of stocks throughout the West. Certainly buying has been hampered by a rather remarkably
prolonged period of adverse weather conditions. Just now
there is some increase noticeable in trade at the South and
Southwest. Cotton has recently advanced some $20 a bale
for the old crop deliveries and $10 for the next crop. It is
a fact, too, that the grain markets have latterly advanced,
particularly for corn. Within a week there was a rise in
corn of some 5 cents per bushel. On the whole, however,
merchandise prices have recently declined. Certainly the
declines have been more numerous than advances. The trouble is that buyers stick to the policy, long pursued, of purchasing only from hand to mouth. There is a widespread
idea that this is the thing to do. It is hoped, however, that
with better weather, the opening of spring, the resumption
of inland navigation and a widespread need of a replenishment of supplies, trade before long will take on a new lease
of life. Possibly the cotton manufacturing business, long
In the rear, long lagging far behind the iron and steel industry and some other branches of activity, may yet come to
the front as in some sort a leader. Certainly Worth Street
has latterly shown more life. Within 24 hours the sales
there of print cloths are said to have reached some 300,000
pieces at a sharp advance in prices. Fall River, too, has
this week sold some 100,000 pieces of print cloths at rising
quotations. For a long time there has been complaint that
the retailer was charging something like war prices for cotton goods and at the same time buying on a very scanty
scale, hoping for lower prices. But if there is to be a rejuvenation of trade this spring all this will have to be
changed. The retailer will have to re-enter the market, buy
freely, and it is hoped, be compelled in one way or another
to deal more fairly with the public. He is said to be charging all sorts of prices for dry goods simply because, as it is
explained in some quarters, "they can get them and they
do not want to give up war profits." Meanwhile raw cotton
is advancing and the fear of higher prices for cotton goods
may of itself wake up the retailer and the jobber. Manchester, by the way, is showing a distinct revival of trade
both with India and China, is making money for the first
time in a long period and is compelled, on account of better
sales, to buy cotton in Liverpool freely. The textile industries on the Continent of Europe are also said to be improving. The Continent has been buying raw cotton in Liver-
pool for some weeks past on a liberal scale. It has also been
buying steadily at the South. Exports of American cotton
this year reveal clearly enough that foreign consumers have
been forced back on the American product owing to a sharp
decrease in the supplies of foreign cotton.
The big wool sales have just ended in London. They show
an advance of some 5 to 15% over the last auctions there.
But the wool trade in this country is quiet, and apparently
more or less depressed, seeing that woolens meet with no
ready sale. Silks, on the other hand, have been taken rather
more freely. Easter comes on the 20th inst. this year, or in
other words, rather later than usual. Some lines depending
on this event show a little more life. Iron and steel have
been in the main quiet aside from the buying by railroads
and builders. A decrease in the steel output of 2% has
taken place, but it seems to be a fact that consumption of
steel and iron is running behind production to a sufficient
extent to have a more or less depressing effect on prices.
Coal trade has been light and soft coal has declined in spite
of the opening of lake navigation. Latterly the weather has
been better for the winter wheat crop. It has been too cold
and wet for field work in the cotton belt, either for planting
or getting ready to plant. Building materials have been in
rather better demand. Favorable weather, it is believed,
would put new snap into this line of trade and, it may be
added, would not improbably help steel business. Building
will be active unless there is another campaign of snowballing wages. But something of the kind is feared not only
in New York, but also in Chicago. But there are limits beyond which builders will not go. There is such a thing as
driving a willing horse to death. Of late there has been
some lessening of the demand for lumber and a falling off in
the output. And while building materials have been in better demand in some eases, this increase is not universal. On
the contrary, at some points trade still hangs fire. This was
not wholly due to bad weather. It is no secret that builders
are more or less uneasy over the outlook in regard to labor
and wages. Rains have been beneficial to California and
its crops. Rains and snows will put the soil of the Northwest in better condition for spring seeding of wheat. It is
gratifying to notice that the lesson of diversification has
not been lost in that part of the country. In homely parlance it will not continue to insist upon carrying all its eggs
in one basket. In other words, it will not plant wheat alone.
The spring wheat acreage, it is intimated, will be reduced to
some extent and the seeding of oats and flax, and in some
cases not improbably corn, will be increased.
Meanwhile the stock market has been more active at rising prices. This has had a cheering effect in business channels generally. Merchants hope that the current reports
that the Dawes Commission will render its statement tomorrow are true and that this will be the harbinger of better
APR. 51924.]
THE CHRONICLE
things for Europe and the rest of the world. It will be a
vast relief to civilized nations of the globe if the reparations
question can be finally settled. It will be the signal, it is
believed, for a revival of business in two hemispheres.
French francs have got above 6 cents at times this week and
the tendency of sterling exchange, Belgian francs and some
other European currencies has also been upward. Europe
is trying to make its way out of the war "Slough of
Despond" and with every prospect of success. As regards
the business outlook in this country, it is far from unhopeful. The supply of money in the United States has never
been equaled, much less exceeded, at any time in American
history, or indeed in human history. And there is no reason
why, with so large a buying capacity, with the farmer getting into better shape, with labor earning high wages, with
some prospects of a reduction in taxation, and finally with
Europe gradually getting on its feet, American business
should not, in the course of the present year, show some
increase.
The Bureau of the Census states the national wealth on
Dec. 31 1922 as $320,803,862,000, against $186,299,644,000
ten years previous. All classes of property increased in
value from 1912 to 1922 except live stock, which decreased
from $6,238,389,000 to $5,807,104,000, or 6.9%. The estimated value of taxed real property and improvements increased from $96,923,406,000 to $155,908,625,000, or 60.9%;
exempt real property (exclusive of national parks and monuments) from $12,313,520,000 to $20,505,819,000, or 66.5%;
farm implements and machinery from $1,368,225,000 to $2,604,638,000, or 90.4%; manufacturing machinery, tools and
implements from $6,091,451,000 to $15,783,260,000, or 159.1%,
and railroads and their equipment from $16,148,532,000 to
$19,950,800,000, or 23.5%. Privately owned transportation
and transmission enterprises other than railroads, increased
in value from $9,572,855,000 to $13,607,570,000, or 42.1%, and
stocks of goods, vehicles other than motor, furniture and
clothing, from $34,334,291,000 to $75,983,607,000, or 121.3%.
No comparison is possible for the value of motor vehicles,
which was estimated in 1922 at $4,567,407,000, because no
separate estimate was made in 1912.
At Holyoke, Mass., the Lyman mills, one of the large
cotton manufacturing concerns in the city, announced on
Saturday a cut in the working schedule from four to three
days a week, taking effect at once. Lowell, Mass., reported
some cotton mill curtailment, but also that several woolen
mills have returned to full time, after a long period of short
time. At Webster, Mass., operations have been resumed
at the North Village cotton mill of S. Slater & Sons, Inc.
For the present the mill will be operated on a three-day-perweek basis with a reduced force of employees. At Whitinsville, Mass., the cotton mills closed last Friday for an indefinite period; the machinery will be shipped South. At
Warren. Mass., the Warren mills will start next week further curtailment in several departments. They have been
running four days a week. At Manchester, N. H., the
Amoskeag Manufacturing Co.'s plant is running on the reduced schedule adopted earlier in the year, and there is no
indication of a change, despite announcements of curtailment from other textile centres. At Saco, Me., the York
mills closed for ten days. They will then start on a threeday schedule, owing to dulness of colored goods. Nearly
3,000 operatives are affected. The New England cotton industry is running on restricted time. It is said, indeed,
that
some 5,000,000 spindles are idle or working on short time in
Fall River and New Bedford. But with a revival of trade
these would soon be brought again into productive activity.
Not improbably they would be working now but for high cost
of labor. While wages keep up to a burdensome level for
the manufacturer cotton goods at one time this week were
at the lowest level of the year. Greenville, S. C., mill curtailment is said to be increasing among some mills, though
others continue on full time. The Riverside and Toxaway
mills of Anderson, S. C., have returned to full time. These
are the first mills in that section which curtailed operations
to return to a full-time schedule. Charlotte, N. C., wired
that the lessened activity in the cotton goods manufacturing
trade was beginning to hurt general business through mill
curtailment and reduced buying power of operatives. At
Augusta, Ga., the Graniteville and Vaneluse mills will close
on Monday for an indefinite period. At Newnan, Ga., the
Newnan mills are operating 55 hours a week, but trade in
yarns is not good at present.
Montreal wired April 2 that, owing to heavy importation
of colored cotton goods into Canada from the United States
1597
last year the cotton industries in Canada were much depressed. In Cornwall three mills are working only four days
a week. The Dundas and Canada mills of Canadian Cottons,
Ltd., closed entirely for two weeks. The Stormont mill will
continue on four days a week. Officials of the company
claim that no lesi than 22,000,000 yards of colored goods
came into Canada in 1923, and if the'Cornwall mills had an
order like that on their books it would give steady employment to all their mills for a long time. About 600 employees
are idle.
Sears, Roebuck & Co. for March reports gross sales of
$17,381,442, a decrease of $2,373,896 from March 1923. For
the first quarter of 1924 gross sales were $54,561,914, against
$55,800,179 in the same period last year. Montgomery, Ward
& Co. for March reports gross sales of $14,068,647, an increase of $1,093,574 compared with March 1923. For the
first three months of 1924 gross sales were $37,863,932,
against $30,515,616 last year. Sales of jewelry and diamonds are smaller than those of a year ago. In one sense
they are a kind of barometer. Sales of diamonds are put at
22% smaller than those of a year ago; jewelry at 8%
smaller. Clothing manufacturers are seeking to check cancellations of orders by retailers.
It is said that cement orders are increasing in the Central
West for the construction of roads this spring. Illinois, it
.
is asserted, will take 1,500,000 barrels; Indiana 1,300,000
and Wisconsin 800,000 barrels.
Chicago reports that warehouse stocks of merchandise
are steadily being reduced. Indications there seem to point
to an excess of consumption over production. Some reports,
too, say that the farmer is in better shape.
Great storms with tornadoes, rain, hail and snow prevailed over Saturday and Sunday in the Mississippi Valley
from Minnesota to Missouri and Kentucky. Street car traffic was suspended in a blizzard at St. Paul and Minneapolis
for 12 hours for the first time so long in 40 years. Men went
to business on skits. Eighteen inches of snow fell in 24
hours, as against a previous high record for that time of
16.5 inches. St. Paul was the storm centre of the Northwest. Northern Wisconsin had the worst blizzard of the
year, with a 69-mile gale and huge drifts of snow. Central
Ohio and parts of Maryland, including Cumberland, were
flooded by the rains. The Potomac overflowed, forcing Valley people to the hills. New York had a relatively heavy
snowstorm, varied with thunder and lightning, around 6
p. in. on Tuesday, April 1. Sweeping up the coast from the
Gulf States, Baltimore had the heaviest snow of the season
and the heaviest ever known in April, exceeding two inches.
Here there was a small blizzard. Travel everywhere hereabouts was delayed. Ships in th harbor moved with the
utmost caution. Various crafts, owing to the blinding
storms, made appeals to the office of the District Communicative Department of the Navy for radio compass bearings.
More calls of this sort were answered than at any time during the winter. The radius from this office extends from
120 to 130 miles from the Fire Island Lightship. Long
flashes of lightning were frequent over New York, Connecticut and New Jersey. The thermometer was 36 degrees at
noon. During the day it ranged from 26 to 37. The next
day was cold—in the 20s—with a high wind. To-day has
been mild and springlike. The snow has largely disappeared
here; it was what the farmers used to call sugar snow; it
soon melted.
Federal Reserve Board's Summary of Business Conditions in the United States—Increase in Employment and Basic Output.
Employment at industrial establishments increased in
February and the output of basic commodities was slightly
larger, the Federal Reserve Board states in its review of
general business and financial conditions in the United
States, made public March 27. The Board, in its summary,
continues:
Distribution both at wholesale and retail continued large; wholesale
prices were somewhat higher; and there was a further increase
in the volume
of borrowing for commercial purposes.
Production.
The Federal Reserve Board's index of production in basic Industries.
adjusted to allow for length of month and other seasonal variations, increased less than 1% in February. Production of pig iron, steel ingots.
and flour increased, while mill consumption of cotton and production of
cement and lumber declined. Factory employment advanced
1% in February following successive decreases during the throe preceding months. Increases in working forces were reported by most industries and were particularly large at iron and steel plants, automobile factories, and textile
finishing establishments. Fuller employment through reduction of part
time work is indicated by an increase of over 5% In average weekly earnings.
1598
THE CHRONICLE
Building . activity was slightly less than in January. though contracts
awarded were 7% larger than a year ago.
Trade.
Railroad shipments in February were in greater daily volume than in
January and car loadings of practically all important commodities were
larger than a year ago. The daily average volume of wholesale business
Increased about 5% in February but was slightly smaller than a year ago.
Sales of meat, dry goods, and hardware were larger than in February 1923,
while sales of shoes were smaller. Department store sales in February averaged about the same daily volume as in January and about 8% more than
a year ago, while merchandise stocks at these stores at the end of the month
were 6% above last year's level. Business of mail order houses and chain
stores also showed increased activity in comparison with January.
Prices.
Wholesale prices, as measured by the index of the Bureau of Labor Statistics. advanced slightly in February. Prices of fuel, metals, and building
materials increased, while prices of farm products, clothing, and chemicals
declined. During the first two weeks in March price declines occurred in
wheat, cotton, silk, hides, and rubber, and price advances in hogs, copper,
and crude petroleum.
Bank Credit.
The volume of borrowing for commercial purposes at member banks in
leading cities in the early part of March continued the increase which began
In the latter part of January. and on March 12 total loans of the reporting
banks were higher than at any time since the seasonal peak at the turn of the
year and about S275.009.000 higher than a year ago. At the Federal
Reserve Banks during the four-week period ended March 19. a further
decline in the volume of discounts for member banks and of acceptances was
offset by an increase in the holdings of United States securities so that total
earning assets were at about the same level as in February. Federal Reserve
note circulation continued to decline while the total money in circulation
increased.
Easier money conditions were reflected in a slight decline in rates for
commercial paper to 434% and also in lower rates for bankers acceptances
and reduced yields on Treasury certificates. The March offering of 8400.000,000 of one year Treasury certificates bearing interest at 4%.as compared
with 4Yi% on a similar issue sold in December, sva,.s oversubscribed.
[VW,. 118.
reported that in the third week of March there was a larger excess of wholesale commodities which declined in price, as compared with those which
advanced, than in any week since August. Such a measurement Is quite a
sensitive index of the changes of business conditions.
Department store merchants did not report a satisfactory volume of
business during the first two weeks of March, although their report for
February showed a good margin of increase over sales in the same month in
1923. Beginning about the first of March, however, the volume of trade
began to suffer, partly because of poor weather conditions. Then, too,
Easter occurred on the first day of April last year, but it will not occur
until after the middle of the month this year. Practically all of the Easter
trade during the present season will come in April rather than in March.
Department stores as a rule have comparatively low stocks on hand and are
maintaining a high rate of turnover.
Distribution of merchandise by the railroads of New England continues
to be in larger volume than it was a year ago at this time. The large amount
of carloadings, not only by the railroads of this district, but those of the
country as a whole, together with the comparatively rapid movement of
trains, confirms the department store reports that merchandise stocks are
being turned over rapidly.
Manufacturing conditions are far from uniform between the various
industries of New England. There were a number of reports received during
March from concerns which had been operating on curtailed schedules
that they were to increase their output. On the other hand, a number of
factories already on part-time schedules reported a further curtailment in
their operating schedules. One of the most depressed of the New England
industries is the cotton textile industry, and according to the consumption
of cotton by the mills in this district during February, they were operating
at less than 70% of their estimated "normal"for that month,and,of course,
"normal" production is considerably less than capacity production. The
boot and shoe industry is another of the prominent ones of New England to
report a comparatively low output during February.
Banking conditions in this district remain favorable from the business
man's standpoint. Money rates are relatively low, but customers'commerci'l requirements at the banks in the more important New England centers
increased sharply during the first three weeks of March, after having declined almost without interruption since last October. The fluctuations in
foreign exchange have been an outstanding factor in tho financial situation
of March.
Federal Reserve Bank of Philadelphia Reports that Business Conditions in Federal Reserve District of
Business Continues on a Large Scale.
Chicago.
In its general summary of business conditions, made public
Regarding merchandising conditions in the Federal Reserve
March 28, the Federal Reserve Bank of Philadelphia said:
District of Chicago, the report, dated April 1, of monthly
Although some hesitation has developed during the past month on the business conditions, issued by the Chicago Federal Reserve
part of buyers in certain lines, business continues to be on a large scale.
Production of basic commodities increased slightly in February. freight car Bank says:
loadings were in greater volume than in any corresponding period, and sales
by practically all the wholesale trades reporting to this bank were larger
than they were a year ago. Retail trade, too, was above that of last year.
The general price level at the end of February. the last month for which
figures are available, showed a slight increase over that of January.
Activity is rather unevenly distributed among the different industries
Iron and steel are not in as great demand as they were a month ago, and
prices are somewhat weaker; but production is at a high rate. In February
the output of both steel ingots and pig iron was larger than at any time
since last October. In the textile industries conditions are still unsatisfactory. This is said to be largely due to lack of confidence in future prices
on the part of both buyers and sellers. Lower quotations on raw cotton
have been reflected in reduced prices on cotton goods, but these have not
stimulated business. A similar situation prevails in the silk market.
Building operations are at a high rate, and, considering the season, most
building materials are in good request. The estimated value of building
permits issued in this district during February, however, was below that of
January and also less than that of last February. The leather trades are
not as active as they were last month, and prices of hides are weaker.
Bituminous coal is in poor request, partly because of seasonal influences and
partly because of large stocks; an additional factor tending to weaken the
market is the fact that operators and miners have reached an agreement
regarding a contract for three years beginning April 1 1924. Paper manufacturers and dealers report that business is bettcr than it was last month
or a year ago, and that the granting of price concessions has ceased.
It will be noted that those reports that are unfavorable come from the most
part from manufacturers. With distributors, goods are selling actively, as
Is evidenced by the fact that of the seven wholesale lines reporting to this
bank,five showed sales in excess of last year's. Further substantiation of
the fact that a large volume of goods is moving into the hands of consumers
In this district is found in the figures for sales at retail, which were 10.7%
larger than in February 1923. That retail trade is large is not surprising
in view of the generally full employment at substantial wages. Reports
to this bank from 1.032 industrial establishments in Pennsylvania, New
Jersey and Delaware showed that the number of employees on Feb. 16
was 0.9% greater than it was on Jan. 15 and that total wages paid increased 5.1%. The larger total of wages paid is probably attributable to
longer working hours rather than to increase in wage rates.
The general price level, as measured by the index of the Bureau of Labor
Statistics, advanced from 151 in January to 152 in February. The increase was largely due to higher prices for coke, petroleum, gasoline, pig
iron and other metals. But since March 1 quotations have declined on
such basic commodities as pig iron, raw cotton, raw silk, hides, rubber
and wheat.
Credit conditions are easy. Money rates were a trifle firmer up to the
middle of March, but since then they have declined.
Setback During March in Business Situation in Federal
Reserve District of Boston.
According to Frederic H. Curtiss, Chairman and Federal
Reserve Agent of the Federal Reserve Bank of Boston "there
was rt setback in the business situation in March which was
fairly widespread, touching the majority of industries in
New England." In his "Monthly Review," dated April 1,
Mr. Curtiss continues:
It will be recalled that business activity in February was about on a par
with that of January. Even with the decline of the past month,it is near an
average level, or what statisticians call "normal."
Commodity prices declined on the average during the first three weeks
of March. In the case of basic raw materials, there had also been a decline
during the latter port of February. The general wholesale price level of all
commodities, including manufactured goods, as well as raw materials.
slightly higher in February than in January. It. G. Dun & Co.
averaged
Wholesale Trade.
For wholesale houses reporting to this bank, February business in general
failed to maintain the expansion noted during January. Individually, less
than a third of the dealers showed gains over the preceding month, and
nearly half of those that did were firms not participating in the January
increases. By commodity groups, hardware dealers alone averaged as
excess over January, the result of gains at the larger stores. however. A
factor curtailing country trade was the bad condition of many roads, hampering salesmen's activities, as well as keeping purchasers from the trading
centers.
Sales comparisons with a year ago vary, dry goods and grocery dealers
showing a majority of increases, drugs and shoes a majority of declines, and
hardware firms being about evenly divided. Hardware, dry goods, and
drug sales continued to register gains over 1922 and 1921; grocery sales, 17%
larger than February 1922, were 3% below February 1921; and shoe sales
fell below both 1922 and 1921.
On February 29, dry goods inventories were slightly lower than at the
end of January. Other groups reported increases, 8% for hardware firms
being the highest. In drugs the 5% gain is a seasonal feature accompanying
the usual slackened trade of February, rather than the result of stocking up.
Compared with the end of February 1923, stocks were larger this year for
thirty-two out of fifty-six firms, with hardware, dry goods, and shoes
averaging increases of 6, 10 and 23%,respectively, and groceries and drugs
showing small declines.
Accounts outstanding for the majority of firms in each group except
drugs increased during the month, while comparisons with Feb. 28 1923,
ranged from 8% decline in shoes to 10.5% increase in drugs. February
collections by groups were smaller in total volume than during January;
compared with a year ago, about half the firms showed increases.
Department Store Trade.
Reports received by this bank reflected the seasonal slackness characteristic of department store trade during February. For over half the stores
business was less than the January volume, but partly on account of February's extra day this year the sales index for the district as a whole rose
0.6%, which is in contrast to declines in the three previous years.
The greater number of days likewise accentuated the gain over February
1923, which even on a daily average basis amounted to 15%,a significant
increase in view of the noteworthy activity early last year. Compared with
two years ago. February sales this year were nearly 40% heavier, with only
nine stores showing declines. Over February 1921, increases at thirty-one
stores, and declines at twenty-four averaged for the district a gain of 13%.
Generally higher inventories brought the stock index for forty-eight stores
to 118.6, or 13 points above January 31, normally the low date of the year.
For the samefirms, February sales were 27.9% of the average inventories
for January 31 and February 29, and indicated a somewhat closer stock
margin than in the two preceding years, when corresponding comparisons
P•1
were 24.7 for 1922 and 25.5 for 1923.
Future commitments showed little change from January. orders on the
books at the end of February amounting to 8.7% of total purchases during
1923.
February collections for forty firms were 16.3% below the January volume, but 17.8% larger than in 1923; of accounts outstanding at the beginning of the month, they represented 43.6%, compared with 45.1%, the
January ratio, and 43.0 a year.zgo.
Spedalty Store Trade.
A separate study, recently begun, of trade at women's specialty stores.
reveals the aggregate sales of four firms reporting for February, as121%
ahead of 1923. Compared with January business, all of the stores showed
declines, averaging on the whole 12.2%. Corresponding comparisons in
collections were 16.3% gain over February 1923, and 14.3% decrease from
the preceding month.
PPM
On February 29, outstanding accounts, reduced 10% since the beginning
of the month, were nevertheless 26% heavier than a year ago. The three
stores furnishing merchandise figures showed higher inventories at the end
of February than on January 31. The volume of goods received during the
month was also heavier for each store than in January.
APR. 5 1924.]
THE CHRONICLE
Crude Oil Prices Advance in Some Quarters-Nebraska
-Standard Oil
May Enter Gasoline Market
Refuses Wage Increase.
Press dispatches from Lincoln, Neb., on March 29 stated
that Gov. Charles Bryan had announced that he is prepared to go extensively into gasoline business and, with the
co-operation of cities, clubs and committees in dispensing
to consumer, plans to undersell the market three to four
cents a gallon. He displayed a telegram from a producer
offering 6,000,000 gallons of high-test gasoline at rate of
500,000 gallons a month, and indicated he had other supplies
available.
Few new developments occurred in the situation in the
crude oil market. All the price changes which were announced were in the nature of advances. The Humble
Oil & Refining Co. on April 1 advanced Gulf Coast crude
oil 20 cents a barrel, making A grade $2 and B grade $1 70.
On the same day the Gulf Oil Co. advanced the price of
coastal crude 20 cents a barrel to $1 75 for grade "A" and
$2 for grade "B," and in addition also advanced Blue Ridge
and Pierce Junction crude 20 cents a barrel to $1 70 a barrel.
On April 2 the Texas Co. announced it had made advances
in price similar to those posted by the Humble Oil & Refining Co.
The Standard Oil Co. of Louisiana on April 3 advanced
its price of Bellevue crude oil 20 cents a barrel. The new
price is $1 75 per barrel.
The Standard Oil Co. of New Jersey on April 2 refused
to grant a 10% wage increase to the 5,500 employees in
the Bayonne refinery on account of the present situation
of the oil industry. President W. C. Teagle was reported
by the New York "Times" of April 3 as follows:
W.0. Teagle, President of the Standard Oil Co. of New Jersey, notified
the 5,500 employees in the Bayonne refinery yesterday that the company
refused to grant the 10% increase in wages asked by the workers.
"The business situation in the oil industry has for the past year been
quite critical," the President's statement says,"and it is a time when we
need the most loyal co-operation of every employee if we are to maintain
the present wage scale, together with the supplemental benefits, and yet
make a success of the business."
President Teagle also pointed out that since 1914 the men have received
a 200% wage increase, while the cost of living during the same period
has advanced only 77.3%. He assured the workers that if they realized
the "real seriousness of the situation in the oil industry" they would not,
at this time, raise the question of a wage increase.
Further comment on the situation was made by President
Teagle, who stated the directors, on investigation, had found
that the Standard's wages are from 10% to 20% above the
rates paid for similar work in northern New Jersey. Regarding this phase of the question, the "Wall Street Joumsel"
of April 4 quotes President Teagle as follows:
"The facts are," said President Teagle, "that the minimum rate for
common labor is 53 cents per hour, which is increased to 5734c. after six
months' service. The company found on recent investigation that the
average common labor rate in this locality is 49 cents and that all of its
rates for skilled labor are from 10 to 20% above the rates for similar work
in northern New Jersey.
"The actual average earnings of the men employed at the Bayonne
refinery at the present time is 77.3 cents an hour, which is the highest
average paid by any employer of labor ininorthern:New Jersey."
Automobile Prices
-New Model,
The Hudson Motor Car Co. has announced an increase of
$75 in the price of all Hudson models, with the exception of
the sedan, effective March 30. No price changes were
made on the Essex line.
A dispatch from Detroit on March 29 stated that within
a few weeks the Paige-Detroit Motor Car Co. will announce
a new four-door Paige brougham to sell for $2,150.
Increase in Employment in Selected Industries in the
United States in February 1924.
Employment in manufacturing industries in the United
States increased 1.2% in February-this being the first
-as shown by figures pregeneral increase since June 1923
sented herewith by the United States Department of Labor
through the Bureau of Labor Statistics. The Bureau
continues:
'1599
The rubber boot and shoe and the slaughtering and meat
-packing industries show the greatest losses both in employment and earnings,although
the losses were considerably smaller than the gains in other industries
noted above.
Considering the industries by groups, increases are shown in every
group both in employment and earnings with the exception of a very slight
decrease in employment in the paper and printing group and a decrease
of 1.2% in pay-roll totals in the tobacco group. Stamped and enameled
ware and the iron and steel and lumber groups made large gains both in
employment and earnings, although the largest increase in earnings, 17%
was in the vehicle group.
For convenient reference the latest figures available relating to all employees on Class I railroads, excluding executives and officials, drawn from
inter-State commerce reports, are given at the foot of the first and second
tables.
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS
DURING ONE WEEK EACH IN JANUARY AND FEBRUARY 1924.
Industry.
No. on Pay-roll.
Amount of Pay-roll.
Estabtisk- Jan. Feb.
of
January February
of
ments. 1924. 1924. change. 1924.
1924. change.
Food & kindred prod'ts
877 81,394 182,357
Slaughtering & meat
packing
86 94,133 90,354
126 17,085 16,827
Confectionery
56 3,642 3,664
Ice cream
Flour
287 15,309 15,441
309 43,757 4.5,519
Baking
Sugar refining. fl.
13 7,468 10,552
incl. beet sugar- Textiles dr their prodis 1,586539,345545,181
293181,863 81,200
Cotton goods
236 77,526 78,638
Hosiery & knit go
216 53,609 54,747
Silk goods
Woolen & worsted
184 70,457 70,289
goods
20 20,052 20,234
Carpets
Dyeing & finishing
textiles
75 26,671 28,224
209 55,774 57,521
Clothing. men's_
97 24,806 24,521
Shirts and collars...
177 16,133 17,027
Clothing, women'sMillinery and lace
79 12,454 12,780
goods
Iron & steel & their
1,420555,220569,026
products
216264,110276,414
Iron and steel
1471 16.668 16,669
Structural ironwork
Foundry & machin
624 169,959 63,278
shop products_ _ _ _
41 29,903 30,742
Hardware
178 24,379 24,785
Machine tools
Steam fittings &
steam & hot water
130 39,663 40,361
heating apOaratus
84 14,538 16,777
Stoves
Lumber & its remanu978 188,037 192,269
factures
436 109,327 111,387
Lumber. sawmills
225 30,471 31,387
Lumber, millwork_
317 48.239 49,495
Furniture
Leather & its finished
340121,197 121,780
products
128 26,736 26,857
Leather
Boots & shoes, not
212 94,361 94,923
including rubber_
760 145,175 145,042
Paper and printing_ _ _
185 51,981 52,443
Paper and pulp,._.
154 19,018 18,980
Paper boxes
238 30,855 30,456
Printing, book & lob
183 43,321 43,163
Printing ,newspapers
248 69,227 70,429
Chemicals& allied prod
89 18,226 18,185
Chemicals
110 7,829 8,814
Fertilizers
49 43,172 43,430
Petroleum refining_
603 94,098 95,150
Stone,clay & glass prod
73 23,215 22,975
Cement
348 24,462 24,054
Brick and the
51 12.178 12,305
Pottery
131 34,245 35,816
Glass
Metal products, 0th
42 13,051 14,16
than iron J.-. steel_
Stamped & enameled
42 13.051 14,16
ware
210 36.504 36,776
Tobacco manufactu
Tobacco: Chewing &
33 3.042 4.09
smoking
177 32,562 32,684
Cigars & cigarettes
Vehicles for land transportation
783 99,954 502,30
.
Automobiles
225 26,369 333,42
Carriages & wagons_
43 2,714 2,91
Car bldg.& repairing,
electric railroad_ _
184 16,534 16,106
Car bldg.& repairing,
steam railroad_ _
331 54,337 149,85
Miscell. industries_ _ _ 375218,031 219,15
Agricull implements
100 24,700 25,19
Elec, machinery.apparatus & supplies
122 96,622 95,62
Pianos and organs
37 7,463 7,32
Rubber boots&shoes
/0 18,709 17,86
73 44,639 46,282
Automobile tires...
Shipbuilding,steel_ _
33 25,89: 26,86
Railroads, Class -I-Nov. 15 1923
1,883,081
Dec. 15 1923
1.777.325
• Amount of pay-roll for one month.
+0.534,477,256
.533,904
+1.3
-4.0 2.298.563 2,221,042 -3.4
-1.5 317,527 312,969 -1.4
+0.6 109,693 112,269 +2.3
+0.9 399,452 400,403 +0.2
+4.0 1,125,795 1,161,27: +3.2
+41.3 226,226 325.94 •
+1.1 10,842,206 11.149.7::'
-0.4 3.236.099 3.167,332
+1.4 1,290,552 1,359,322
+2.1 1,078,112 1,155,797
+44.1
+2.8
-2.1
+5.3
+7.2
-0.2 1.603,489 1,644,608
+0.9 524,202 566,992
+2.6
+8.2
+5.8 619,233 665,794 +7.5
+3.1 1,416,581 1,462,122 +3.2
-1.1 358,065 360,682 +0.7
+5.5 436,427 481.731 +10.4
+2.6
279,446
285,408
+2.1
+2.515.939.80317,016,053 +6.8
+4.7 7,794,020 8,619,428 +10.6
+
•
447,437 460,410 +2.9
-1.6 4,729,586 4.735,154
+2.8 730,050 750,798
+1.7 702,417 720,391
+0.1
+2.8
+2.6
+1.8 1,148,094 1,243,557 +8.3
+15.4 388,199 486,315 +25.3
+2.3 3,947,586 4,222,682
+1.9 2,162,092 2,301,537
+3.0 712,811 758,799
+2.6 1,072,683 1,162,346
+7.0
+6.4
+6.5
+8.4
+0.5 2,807,029 2,836,617
+0.5 682,294 692,180
+1.1
+1.4
+0.5
-0.1
+0.9
-0.2
-1.3
-0.4
+1.7
-0.2
+12.6
+0.6
+1.1
-1.0
-1.7
+1.1
+4.6
2,124,735
4,418,035
1,350,210
402,651
1,044,186
1,620,988
1,999,361
480,808
148,605
1,369,948
2,457,539
646,173
606,277
328.0
877,055
2,144,437 +0.9
4,456.012 +0.9
1,408,005 +4.3
404,807 +0.5
1,014.988 -2.8
1,628,212 +0.4
2,056,668 +2.9
487,369 +1.4
154,975 +4.3
1,414,322 +3.2
2,583,713 +5.1
672,773 +4.1
612.350 +1.0
347.581 +6.0
951,009 +8.4
+8.5
303,741
354,353 +16.7
+8.5
+0.7
303,741
676.390
354,353 +16.7
668,610 -1.2
+3.8
+0.4
62,930
613,460
67,448 +7.2
601,162 -2.0
+0.513,996.968 16,426,845 +17.4
+2.2 0.247,45411,559,833 +25.0
+7.6
64,723
73,801 +140
--2A
485,484
473,580 -2.5
-2.9 4,199,307 4,319,629 +2.9
+0.5 6,105,068 6,247,240 +2.3
+2.0 666,069 688,763+3.4
-1.0 2,716,390 2,727,955 +0.4
-1.9 209.597 213.846 +2.0
-4.5 457,288 407,392 -10.9
+3.7 1,334,169 1,433,416 +7.4
+3.7 721.555 775,868 +7.5
-- - -5.6
•31.242 626,817
n227.595,296
---6.2
Reports are available from 4,689 establishments in 43 industries for a
comparison of employment and earnings between February 1924 and FebThese unweighted figures are based on reports from 8,222 establishments ruary 1923. These reports from identical establishments in each year show
-month interval of 221 employees, the numbers being
in 52 industries, covering 2,693,636 employees whose total earnings during an increase in the 12
one week in February were $72,552,483. The same establishments in 1,940.810 in 1924 and 1.940,589 in 1923. Total earnings and per capita
employees and total pay-rolls of $67,970,982. earnings, however, both increased 8.6%. There were gains in the number
January reported 2,661,233
Therefore, in addition to the increase in employment, there was an increase of employees in only 17 of the 43 industries, while 31 industries show an
Increase in pay-roll totals in 1924. The automobile industry led in inof 6.7% in pay-roll totals and an increase of 5.4% in per capita earnings.
The end of the January inventory season accounts for a part of these creased employment in the year with 18%.and in pay-roll totals with a gain
increases, although the reports received show a decided and general upward of 29%. The pottery, electrical machinery, iron and steel, baking and
piano industries also show substantial gains in both items, while the carriage,
tendency both in employment and in full-time and full-capacity operation.
Comparing data from identical establishments for January and February, automobile tire, steam railroad car building and repairing,foundry and shoe
Increases in employment in February are shown in 35 of the 52 industries Industries show considerable losses in both items. The fertilizer and leather
industries each show losses in employment of about 11%. but with slight
and increases in earnings in 45 industries.
Sugar refining, owing to a general resumption of work, led all the indus- changes in earnings.
Considering the industries by groups, the lumber, paper,food, stone and
tries both in increased employment and increased earnings,the increases
being over 40% in each case. The stove industry gained 15% in employ- iron and steel groups are shown to have gained in both employment and
-month period, while the chemical and stampedment and 25% in pay-roll totals. The stamped ware, carriage, dyeing earnings during the 12
and finishing textiles, women's clothing, iron and steel, and glass industries ware groups gained in earnings alone. The leather group bad 8.1% fewer
also show large increases in both items, while the fertilizer industry gained employees in February 1924 than in the corresponding month of 1923. and
,over 12% in employment, and the automobile industry gained 25% in earnings had fallen off 6.7%. The textile group shows a loss of 4.7% in
employment with a decrease of 1.3% in earnings.
pay-roll totals.
1600
THE CHRONICLE
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS
DURING ONE WEEK EACH IN FEBRUARY 1923 AND FEBRUARY 1924.
Industry.
o. on Pay-roll
Amount of Pay-roll.
Es/OS%
%
lish- Feb.
Feb.
of
February 1 February
omen/s. 1923. 1924. change. 1923.
1924. change.
Food & kindred prod'ts 349 124,179126,887 +2.2$2,856,808$3,188,411 +11.6
Slaughtering & meat
packing
82 88,701 89,460 +0.9 1,972,191 2,198,052 +11.5
Flour
90
7,628 7.696 +0.9 187,399 202,288 +7.9
Baking
177 27,850 29,731 +6.8 697,218
788,071 +13.0
Textiles & their prod' 1,075 28,648408,561 -4.7 8,568,563 8,458,426 -1.3
Cotton goods
221 154.423145,147 -6.0 2,601,457 2,517,927 -3.2
Hosiery & knit goods 141 48,384 47,554 -1.7 836,521
862,943 +3.2
Silk goods
110 37,192 36,048 -3.1
747,883 773,122 +3.4
Woolen az worsted
goods
151 80,508 57,009 --5.8 1,352,875 1,346,573 -0.5
Carpets
.19 16,075 16,402 +2.0 417,012 455.744 +9.3
Dyeing At finishing
textiles
30 17,385 16,152 -7.1
395,159 375,620 -4.9
Clothing, men's_- 156 49,421 47,775 -3.3 1,326.286 1,266,213 -4.5
Shirts& collars
84 25.378 23,089 -9.0 366,718 338,385 -7.7
Clothing, women's- 119 13,203 12,835 -2.8 386,229 372,419 -3.6
Millinery & lace
44
goods
6,681 6,555 -1.9 138,423 149,480 +8.0
Iron ,& steel & their
products
489 K 66,840367,512 +0.2 0,308,269 11.110,820 +7.8
Iron &steel
170 +27,598*43,798 +7.1 6,485,224 7,550.488 +18.4
Foundry & machine
shop products
224 106,154 90,408 -14.8 3,018,965 2,663,014 -11.8
Hardware
29 20,180 20,636 +2.3 461,159 523,107 +13.4
Stoves
66 12,908 12,670 -1.8 342,921
374,211 +9.1
Lumber & its re-man
554 115,411118,044 +2.3 2,354,737 2
factures
.663,593 +13.1
Lumber, sawmills
219 62,304 64,336 +3.3 1,142,381 1,336,216 +17.0
173 23,929 24,941 +4.3 551,562 623,872 +13.1
Lumber, millwork
Furniture
162 29,183 28,767 -1.4 660,794
703,505 +6.5
Leather & its finished
products
281 116.118106.708 -8.1 2,663,949 2,486,760 -6.7
Leather
122 28,674 25,676 -10.5 680,039 663,243 -2.5
Boots & shoes, not
Including rubber. 159 87,444 81,032 -7.3 1,983,910 1,823,517 -8.1
Paper & printing
590 120,091 122,863 +2.3 3,474,721 3,777,324 +8.7
Paper & pulp
176 50,095 49,780 -0.6 1,241,687 1,337,721 +7.7
138 14,48414,839 +2.6 283,284
Paper boxes
307,297 +8.5
Printing, book & job 116 20,291 20,774 +2.4 674.883 713,541 +5.7
Printing ,newspape
160 35,241 37,470 +6.3 1,274,867 1,418,785 +11.3
Chemicals& allied prod 221 62,270 59,139 -5.0 1,677,243 1,723.039 +2.7
Chemicals
78 14,932 14,954 +0.1
360,264
396,662 +10.1
Fertilizers
104
9,393 8,342 -11.2 143,415
146,455 +2.1
Petroleum refining_
39 37,945 35,838 -5.6 1,173,564 1,179,922 +0.5
Stone,clay& glass prod 333 53,105 54,272 +2.2 1,263,713 1,483,036 +17.4
201 14,748 15,189 +2.9 336,959 403,589 +19.8
Brick & tile
Pottery
47 10,704 11,946 +11.6 268,340 337,809 +25.9
Glass
85 27,653 27,157 -1.8 658,414
741.638 +12.6
Metal products, other
than Iron & steel_
29 11,263 10,665 -5.3 252,110 278,449 +10.4
Stamped &enameled
29 11,263 10,685 -5.3 252.110 278.449 +10.4
ware
Tobacco manufactures 180 31,657 31,257 -1.3 556,148 570,367 +2.6
Tobacco: Chewing &
smoking
12
1,923 1,878 -2.3
30,745
33,262 +8.2
Tobacco: Cigars &
cigarettes
148 29,734 29,379 -1.2 525,403 537,105 +2.2
Vehicles for land t
portation
346 s 51,834 379,771 +7.910,671,80412,767,690 14- 19.6
Automobiles
178 50,320 94,374 +17.6 7,937,176 10.268.552 +29.4
Carriages & wagons32
2,511 2,078 -17.2
56,718
52.067 -8.2
carbidg.&repairing.
steam railroad
136 99,003 83,319 -15.8 2,677,910 2,447,071 -8.6
Miscell. Industries
262 159.173155.136 -2.5 4.172,477 4,520,556 +8.3
Agricull implements
57 22,087 20,031 -9.3 552,241
566,617 +2.6
Electrical machinery
apparatus & suppl
94 69,960 76,539 +9.4 1,731,902 2,185,051 +26.2
Pianos4 organs
24
5,830 6,168 +5.8
151,736
181,95 +19.9
Automobile tires_ _ _
63 46,260 38,741 -16.3 1,343.720 1,190,16 -11.4
Shipbuilding,steel_ _
24 15,036 13,657 -9.2 392,878 398,77
+1.0
[VoL. 118.
FULL-TIME AND PART-TIME OPERATION.
A total of 6,879 establishments in the 52 industries
reported as towtheir
operating time in February. Of these 75% were on a full-time
schedule.
22% on a part-time schedule and 3% were idle. This is an
increase of
6% in full-time operation as compared with the report for
January, and.
while it affected three-fourths of the 52 industries, was most
it
pronounced
in seasonal industries (such as clothing, automobiles
and fertilizers), in
the iron and steel group of industries and in the pottery,
glass, silk and
carpet industries.
Of the establishments working full time,49%
also reported full-capacity
operation, 32% reported part-capacity operation and 19%
failed to report
as to capacity operation. This represents an increase
as compared with
January of 2% in the proportion of establishments reporting
full-capacity
operation.
FULL AND PART TIME OPERATION IN MANUFACTuRING
IN
FEBRUARY 1924.
Establishments Reporting.
Industry,
Total.
% GP- % Operating era/lag %
Flat
Part Idle.
Time, Time.
Food and kindred products
Slaughtering and moat packing
65
91
8
1
Confectionery
101
69
29
2
Ice cream
43
86
9
5
Flour
248
36
63
92
Baking
258
91
9
...,
Sugar refining, not including beet sugar
9
78
11
11
Textiles and Their Products
Cotton goods
279
1
70
29
Hosiery and knit goods
174
71
27
2
Silk goods
71
184
29
___
Woolen and worsted goods
.4. , 164
1
76
24
Carpets
15
87
13
--Dyeing and finishing textiles
70
70
30
--Clothing, men's
151
74
25
- 1
Shirts and collars
61
82
15
3
Clothing, women's
111
84
12
5
Millinery and lace goods
61
77
20
3
Iron and Steel and Their Products
Iron and steel
187
62
29
9
Structural ironwork
130
82
18
--Foundry and machine shop products
545
76
23
•
Hardware
40
80
20
-Machine tools
162
86
1
12
Steam fittings and steam and hot water heating apparatus
122
86
2
12
Stoves
4
80
66
30
Lumber and Its Manufactures
Lumber, sawmills
399
74
20
6
Lumber, millwork
185
83
2
15
Furniture
265
82
17
1
Leather and Its Finished Products
-Leather
97
81
3
15
Boots and shoes, not including rubber
174
72
26
I
Paper and Printing-Paper and PUIP
144
86
5
29
Paper boxes
125
73
27
--Printing, book and lob
205
93
Printing, newspaper
138
100 --Chemicals and Allied Products
Chemicals
64
85
3
11
Fertilizers
103
46
6
50
Petroleum refining
42
83
17
-Stone, Clay and Glass Products
Cement
50
6
76
18
Brick and tile
282
59
22
19
Pottery
48
98
Glass
116
82
15
it
Metal Products Other Than Iron and Steel
Stamped and enameled ware
31
81
19
--Tobacco Manufactures
Tobacco, chewing and smoking
33
76
21
3
Railroads, Class I
Tobacco, cigars and cigarettes
124
60
35
8
Dec 15 1922
1,772,553
1,777.325---.3240 934,277
Vehicles for Land Transportation
'
Dec. 15 1923
+0.3
*$227 595,296
-5.5 Automobiles
193
80
17
8
Carriages and wagons
•Amount of pay-roll for one month.
39
64
36
_
Car building and repairing, electric railroad
164
95
PER CAPITA EARNINGS.
Car building and repairing, steam railroad
290
66
I
33
Miscellaneous Industries
Per capita earnings increased in February as compared with January
Agricultural Implements
88
74
4
22
In 44 of the 52 industries here considered. The automobile industry, Electrical machinery, apparatus and supplies
101
91
owing to a large increase in full-time operation,shows a gain of over 22% Pianos and organs
28
96
In per capita earnings, and the stove industry follows with an increase of Rubber boots and shoes
5
20
80
___
Automobile tires
89
59
3
37
8.6%. The only decreases of considerable size were in the fertilizer and Shipbuilding.steel
27
96
rubber-boot industries, and these were 7.4% and 6.7%, respectively.
* Lets than one-half of 1%.
Comparing per capita earnings in February 1924 with those in February
The folliwing table shows in detail the full-time reports of one-half
1923, increases are shown in 40 of the 43 industries for which data are
available. The largest increases were 15.7% in the stamped-ware industry
the Industries:
16.5% in the brick and tile industry and 15% each in the electrical machinery
and fertilizer industries.
Establishments Operating Full Time
COMPARISON OF PER CAPITA EARNINGS, FEBRUARY 1924 WITH
And not
And
And ReportJANUARY 1924 AND JANUARY 1923.
Industry. a
Full
Part kg as to Total.
Capacity Capacity Capacity
% of Change,
% of Change,
OperFeb. 1924
Feb. 1924
a/ion.
Compared
Industry.
Compared
Flour
Industry.
With
43
31
89
15
Cotton goods
126
32
195
37
Hosiery and knit goods
Jan. Feb.
Jan. Feb.
69
39
124
16
1924. 1923.
1924. 1923. Silk goods
49
75
131
7
Woolen and worsted goods
74
5
125
56
+22.4 +10.0 Shirts and collars
Automobiles
+1.9 +1.5 Men's clothing
57
33
112
22
Women's clothing
Stoves
+8.6 +11.2 Foundry and machine-shop
44
93
32
17
products
Stamped & enameled ware +7.5 +16.7
+1.8 +3.6 Iron and steel
44
49
23
116
Carpets
Foundry and machine-shop products
+7.2 +7.1 Ice cream
+1.7
155
416
60
201
Chemicals
Steam fittings & steam de
+1.6 +9.9 Machine tools
26
140
28
86
hot-water apparatus,&e. +6.4
Dyeing & finishing textiles +1.6 +2.3 Lumber, sawmills
227
297
40
30
Carriages and wagons
Furniture
Electrical machinery, ap+6.0
119
55
218
44
Leather
paratus & supplies
Car building and repairing,
+1.5 +15.3
21
79
30
19
steam railroad
+5.9 +8.6 Agricultural implements_ _ +1.3 +13.2 Boots and shoes
48
56
22
126
Iron and steel
+5,7 +8.7 Leather
+1.0 +8.9 Paper and pulp
73
95
13
9
Furniture
Paper boxes
+5.6 +8.0 Machine tools
+0.9
43
31
91
17
Cement
+5.2
Paper boxes
+0.8 4
1117 Book and Job printing
79
81
50
190
Silk goods
+5.0 +6.6 Printing, newspapers
+0.8 +4.6 Fertilizers
12
28
47
7
+4.9 +12.8 Slaughtering & meat pack'g +0.7 +10.5 Cement
Pottery
28
8
38
2
Clothing, women's
+4.6 -0.8 Boots and shoes, not inBrick and tile
105
37
166
24
Lumber, sawmills
+4.4 +13.2
cluding rubber
+0.4 -0.8 Pottery
25
8
14
47
Pianos and organs
Glass
+4.0 +13.3 Car building and repair34
38
95
23
Hosiery and knit goods
Cigars and cigarettes
+3.9 +5.0
ing, electric railroad_ _ _ _ +0.1
26
27
74
21
+3.7 +14.7 Clothing, men's
Glass
+0.1 L711a Automobiles
78
43
155
34
Shipbuilding, steel
Steam-railroad car building and repairing
+3.7 +11.2 Confectionery
+0.1
116
42
192
34
Automobile tires
+3.6 +5.7 Hardware
+ • +10.9 AgrIculturallmplements
14
65
25
26
+3.4 +8.5 Millinery and lace goods-- --0.5 +10.0 Electrical machinery. apparatus and supplies_ _
Lumber,millwork
31
an
al
92
+3.3 +8.4 Flour
Paper and pulp
--0.8 +7.0
Tobacco: Chew's & smorg +3.3 +10.8 Baking
Wage Changes
--0.9 +5.9
+2.9
Printing, book and job_ _ _ -1.5 +3.3
Structural ironwork
During the month ending Feb. 15, wage-rate Increases were repined
+2.8
Cotton goods
Woolen & worsted goods
-1.7 +3.0 by
45 establishments in 21 of the 52 industries, while decreases in wage
+2.7 +16.5 Tobacco: Cigars and cigBrick and tile
+6.4
rates were reported by 14 establishments In 12 industries. These changes
+2.6
arettes
Petroleum refining
--2.4 +3.5
Rubber boots and shoes_ _ _ --6.7
Sugar refining, not includall affected relatively small numbers of employees and indicate no general
+2.0
Fertilizers
--7.4 +11:6 trend. Both Increases
ing beet sugar
and decreases in rates averaged 10%, the increases
affecting 29% of the employees In the establishments concerned, white
•Less than one-tezth of 1%.
THE CHRONICLE
APR. 5 1924.]
the decreases affected 45% of the employees in the establishments concerned. The combined total of all employees affected, 10,090, is 0.4%
only of the total number of employees in February in all establishments
reporting in the 52 industries.
WAGE ADJUSTMENT OCCURRING BETWEEN JAN.15 AND FEB.15 1924.
Establishmeats.
Indus°y.tt
Total
Nunsbet
RePorting.
Nunsbet
Reporting
Incresses.
Per Cent of
Increase.
Employees
Affected.
Per Cent of
Employees.
Range.
In Es- /n all
Aver- Total: tablish- Estabage. Num- ments lishbe?. Report- MOMS
ins In- Recreases. porting.
Food & Kindred Products%
%
6
1
b
8
Slaughtering & meat packing se
143
6.0
0
19
100
Flour
287
1
10
10.0
12
100
b
309
1
10
10.0
Baking
Textiles & Their Products
293
c
Cotton goods
100
-b
216 dl
10.0
174
10
Silk goods
e
Dyeing and finishing textiles 75
50
94
0
177
15.0
1
10-20
Clothing, women's
35
5
6
1
8.0
Millinery and lace goods_ _ _ 79
8
Iron et Steel & Thetr Prods
31
1
218
14.6 1,501
1
14.6
Iron and steel
Foundry and machine-shop
b
13
824
397
6
6.0
2.5-10
products
0
20
47
178
2
5.6
5-7
Machine tools
6
929
64
8.5
84
4
7.9-25
Stoves
Lumber & Its Remtinufacts resto
13
100
436 13
3.0
2-20
Lumber, sawmills,
b
46
55
225 gl
10.0
10
Lumber, millwork
5
10
5.4
37
317
3
1-9
Furniture
Leather cfc Its Finished PTO ds.5
25
5
10.0
128 kl
10
Leather
Boots and shoes, ttincludt
212
ing rubber
Paper & Printing
37
1
210
5.6
238
7
5-20
Printing, book and job- 1
42
461
3.0-12.1
6.4
183
5
Printing, newspapers
Chemicals & Allied Prods.
1
120
94
25.0
25
110 11
Fertilizers
Stone, Clay & Glass Prods.
5
23
50
20.0
181
1
20
Glass
Tobacco Manufactures
5
1
19
38
8.0
8
Tobacco:Chewing &smoking 33
Vehiclesfor Land Transpor gallon
5
225
Automobiles
to
100
8
10
10.0
43
1
Carriages and wagons
Car building and repairing,
1
331
steam railroad
Mina. huiustriesm
Agricultural implements- 100
Electrical machinery, appab
30
5-10
95
122
2
8.6
ratus and supplies
___
____
n
73
Automobile tires
a The 24 industries for which no wage changes were reported are omitted from
of 1%. c One establishment decreased the rates of its
this table. b Less than
554 employees 10%. d Also one establishment decreased the rates of 62 of its
133 employees 2%. e One establishment decreased the rates of 50 of its 116
employees 10%. 1 One establishment decreased the rates of 438 of its 487 employees 10%. g One establishment decreased the rates of its 25 employees 20%•
h Also one establishment decreased the rates of its 300 employees 10%. (Two
establishments decreased the rates of their 222 employees 18%. Also one estabishment decreased the rates of 4801 its 90 employees 12.5%. 5 One establishment
decreased the rates of 1,500 of its 5,540 employees 10%. lOne establishment
decreased the rates of 1,829 of its 5,153 employees 10%. m Two establishments
decreased the rates of 608 of their 764 employees 10%. n One establishment
decreased the rates of 27 of its 179 employees 6%•
Production of Crude Oil Takes Slight Upward Turn.
The American Petroleum Institute on April 2 estimated
that the daily average gross crude oil production in the United
States for the week ended March 29 was 1,912,400 barrels,
as compared with 1,906,850 barrels for the preceding week,
an increase of 5,550 barrels. This was also an increase of
3,950 barrels per day over the corresponding week of 1923.
The daily average production east of the Rocky Mountains
was 1,258,400 barrels as compared with 1,261,350 barrels
the previous week. California production was 654,000 barrels, as compared with 645,500 barrels; Santa Fe Springs is
reported at 86,000 barrels, against 85,000 barrels; Long Beach
198,000 barrels, against 205,000 barrels; Huntington Beach
56,000 barrels, the same as the previous week, and Torrance
48,000 barrels, against 40,000 barrels. The following are
estimates of daily average gross production for the weeks
indicated:
DAILY AVERAGE PRODUCTION.
Mar. 29 '24. Mar. 22 '24. Mar. 15 '24. Mar. 31 '23.
421,400
406,850
400,150
415,050
600
69,100
,
68,900.
Kansas
70,750
67,600
70,700
60.050
North Texas
122,250
211,800
224,750
225,600
Central Texas
50,000
49.900
50,550
69,850
North Louisiana
118,650
127,300
122,100
123,050
Arkansas
95,900
95,300
94,650
101,350
Gulf Coast
98,000
96,500
97,000
106,000
Eastern
127,700
123,550
122,300
125,450
Wyoming and Montana_
654,000
645,500
654,000
705,000
California
1,906,850
1,911,750 1.908,450
1,912,400
Total
cokV o a .)
n trrels
Steel Market Weakens-Large Production, Softening
Prices.
March made a remarkable record in steel production and
it is proballe that official figures will show an ingot production equal to that of April last year, when the peak for 1923
was reached with an annual rate of 49,000,000 tons. For
two-thirds of last motith new business was taken at practically the high rate of February, but in the last ten days there
was a falling off in daily bookings, says the "Iron Age"
April 3 in its weekly review of conditions in the industry.
1601
In part the change is ascribed to a pause after some measure
of restocking in January and February, and in part to hesitation due to political unsettling. declares this journal, adding
further facts of interest which are quoted htrewith:
The developments of the past week point to keener competition in a number of finished steel products with indications that the March rate of production will not be maintained in the second quarter.
The pig iron returns for March,as wired by producers on April 1, show an
output of 3,461,132 tons, or 111,650 tons a day, against 3,074,757 tons in
the 29 days of February, or 106,026 tons a day. The increase of more than
5,600 tons a day largely represents the usual March effort for new records.
Eleven furnaces blew in in March and 5 blew out, the net gain being 6.
February had a gain of 16 and January a gain of 17. December showed
no change, after losses of 14 in November and 10 in October. The 270
furnaces in blast April 1 had an estimated capacity of 112,000 tons a day,
against 108,100 tons a day for the 264 furnaces active on March 1.
Floods in the Pittsburgh and Wheeling districts caused the banking of a
number offurnaces at the close of the month, but all aro again in full operation.
Pittsburgh district mills are now more disposed to meet in other districts
the prices which for some weeks have been named by their competitors.
Freight advantage has been the decisive factor in a large amount of business,
and more and more each district is having its own price, while there is no
little crossing of territorial lines, as competition grows keener. Variations
from the 2.50c., Pittsburgh basis, so long maintained for plates and shapes,
and from 2.40c. for bars now range from $2 to $.4 a ton.
Recently price concessions have been more frequent because of the absence of heavy contract tonnages. Such forward business has always helped
to sustain the market, since declines would have carried with them the revision Sf prices on orders already booked.
More effort is needed in some linos to maintain operating schedules at
the recent high rate. Jobbers of merchant pipe are no longer pressing the
mills for deliveries. Also some tin plate mills are unexpectedly indicating
ability to take on additional second quarter business.
This condition was
developed by a recent Standard Oil Co.inquiry for 300,000 boxes ofoil plate.
With orders for 700 freight cars and for 50locomotives,and fresh inquiries
for 1,000 cars and 11 locomotives,railroad buying is showing a fair amount
of activity following the backlogs acquired by the equipment builders.
Railroads have figured also in the structural steel orders of the week.
One-third of the 28,000 tons of bookings and of the 33,000 tons of inquiries
were for the carriers.
Inquiries for three Lake vessels calling for 15,000 tons of plates are still
active. Bids Just taken by the New York Central RR.on its second quarter
requirements included 10,000 tons of plates, shapes and bars.
Low prices were made on the strip steel orders just placed by the Ford
Motor Co., and in both the hot and cold rolled products new producers
have been aggressive. The recent sheet purchases of the Ford company
amounted to about 40,000 tons.
Reselling of Southern iron at 322.Birmingham,has had a depressing effect
in the Cincinnati market, but in the South recent quotations are pretty well
maintained. Foundry grades have declined 50c. in the Pittsburgh and
Philadelphia districts. The pig iron market enters the second quarter of
the year with prices ranging from $4 50 to $9 lower than they were a year
ago,and with an extremely dull market similar to that which then prevailed.
Although coal production in western Pennsylvania is at little more than
30% of capacity, prices have not improved and blast furnace coke has receded to $3 75 per ton. At the same time there are renewed reports of impending wage reductions at a number of coking plants.
Another drop in the "Iron Age" pig iron composite price makes it $22 59,
compared with $22 73 last week and $30 86 one year ago. It is now lower
than at any time in the past ten weeks.
Recessions in steel bars, plates and beams have placed the "Iron Age"
finished steel composite price at 2.703c. per lb., compared with 2.731c. last
week ahd 2.810c. one year ago. The present figure is the lowest in more
than a year, but is only 4;4% below the highest in that period.
The usual composite price table follows:
Composite Price, April 1 1924, Finished Steel, 2.703e. per Pound.
Mar.25 1924, 2.731c.
Based on prices of steel bars, beams,tank
Mar. 4 1924, 2.760c.
plates, plain wire, open hearth rails,
April 3 1923, 2.810e.
black pipe and black sheets, constitut-year pre-war average, 1.689e.
ing 88% of the U.S. output
10
Composite Price, April 1 1924, Pig Iron, $22 59 per Gross Ton.
Mar.25 1924, $22 73
Based on average of basic and foundry
Irons, the basic being Valley quotation,
Mar. 4 1924, 22 88
April 3 1923, 30 86
the foundry an average of Chicago.
-year pre-war average, 15 72
Philadelphia and Birmingham
10
The market is showing a mixed situation with large production and demand joined with soft prices and weak confidence, declares the "Iron Trade Review" in a summary of
the changing conditions in the steel and iron markets during
the week just passed. The digest published April 3 follows
in full:
Elements of strength curiously are mingled with those of weakness in the
steel market, leaving the future outlook more puzzling and uncertain. The
strong points come from the continued high rate of production, which apparently truly registers the widespread underlying consumption as it is developing from week to week, since discounting of future wants is being
rigidly avoided by buyers. On the unfavorable side is the absence of comparable backlogs of unshipped business with the producers, necessitating
their relying upon the current inflow of tonnage to sustain their operations.
This makes for a condition of erratic prices and an absence of firm confidence.
After the high production in March, during which the Gary works established a new tonnage record for open-hearth steel, the trend now is slightly
lower. Several blast furnaces have been blown out or banked this week
In various districts. In the Mahoning Valley independent open-hearth
operations are under 70%. Floods caused the banking for a few days of
a number of blast furnaces in the Pittsburgh and Wheeling districts.
The season's iron ore price still is undetermined. The Ford Motor Co.'s
inquiry for 250,000 tons is the only business of sufficient vise under negotiation to indicate the market.
The market has been filled with rumors this week of an impending
announcement of price reductions on finished steel by leading producers.
This has proved to be unfounded and there are indications that some of the
larger interests are not inclined to consider such action at this time because
of the steady way in which new tonnage is coming out.
A more pronounced drop in "Iron Trade Review's" composite of fourteen
leading iron and steel products appears this week when the average is $42 91
against $43 13 last week.
Recent signs have pointed to a softer and more fluctuating price situation
within certain limits. This range is well covered by 2.25c. to 2.40c. Pitts-.
:voL. 118.
{
THE .CHRoNICLE
1602
burgh in plates, 2.30c. to 2.40c. in shapes and bars, 2.85c. to 3.00c. in blue spigot pressure pipe, exclusively. Reports prior to January
annealed sheets, 3.70c. to 3.85c. in black sheets and 4.90c. to 5.00c. in 1924 included returns from 12 establishments, one of which
galvanized sheets. The Ford Motor Co. Is credited with buying 15.000
failed to make returns for January and February.
tons of automobile sheets at 5.10c. Pittsburgh. Bands have slipped to
Table I gives the total tonnage for each of the principal
2.75e.
Oil field demands for steel are coming out again in volume. The 850
items of the industry; Table II shows in detail stock on hand
mile pipe line of the McCorkle Pipe Line Co.from the Oklahoma fields to
and orders by class and size; Table III shows, comparatively,
the Gulf now is active and calls for 90,000 to 100,000 tons. Included is
25,000 tons for tanks in Texas. Another pipe line order just placed at the principal items by months.
Pittsburgh for the Southwestern fields involves 35,000 tons. Other tank
TABLE I-PRODUCTION, SHIPMENTS AND ORDERS.
and considerable still work is being negotiated.
78,962
Cast-iron Pipe produced during the month (tons)
69,399
The automobile situation presents a mixed front. Various builders, Cast-Iron pipe shipped during the month (tons)
37,285
companies, have made an Orders for cast-iron min specified to be shipped from stock (tons)
among them the Ford. Buick and certain other
182,649
Orders for cast-iron pipe specified to be made (tons)
appreciable cut in their April production schedules and tho effect of this Orders for cast-iron pipe not specified as to size (tons)
2,230
has been felt by certain manufacturers of accessories, who are reducing their
-STOCK ON HAND AND ORDERS BY SIZE.
TABLE II
activities. Some cancellations are reported. On the other hand, a considerable group of builders. including the Dodge, Studebaker, Willys-Overland
and several other plants, are maintaining their output.
CLASS.
Railroad buying in equipment is less prominent but is well maintained in
4
3
12
to
s
6
miscellaneous fields. Bridge work inquiries and awards are heavier. total121 1,117 1,036 1,020 2,002
597
ing 20,000 tons. The Chesapeake & Ohio is closing this week on 5,000 cars, A. Pieces
483 8,447 27,179 16,857 5,358 6,839
for which it will furnish the material, about 50,000 tons. The Southern B. Pieces
277 5,546 14,780 7,616 2,933 5,966
C. Pieces
140,000 tons of rails.
Pacific wants
670
39 1,598
421
861
367
D. Pieces
851 3,181
157 8,765 9,584 1,727
Pig iron production in March showed another substantial gain and reached Gas Pieces
49-11 daily average of 110,832 tons, compared with 105,937 in February, a
1,077 25,473 53,440 27,890 11,511 17,004
Total
.'?rise of 4.6%. The March average represents 89% of the record figure last
May. Total production in March was 3,435,813 tons, against 3,072,165 Specified from stock, pieces
402 16,167 43,924 20,347 6,998 10,780
4,586 196,901 221,190 94,817 6,677 35,978
-4Solis in February. Active furnaces gained 6, the number at the end of Specified to make, pieces
Ottirch being 269.
Total sold but not shipped, pieces 4,988 213,968 265,114 115,164 13,675 46,758
Welters of pig iron say they have not experienced so stagnant a condition
-" (
30
24
16
20
14
18
of buying in many years.
od.: )..,
7.1..0,14.0b./.1 March Iron Output Shows Sharp Increase.
,7
'4 g1k41"covering the blast furnace output of the country for
,
kAincoli$rgathered almost entirely by telegraph by the "Iron
1 g
4•.1t- er*T'ef this city, show another sharp increase in the exi
i
..
„mop
which started in January.. The gain last month was
w5;624 gross tons per day, compared with the February gain
A. Pieces
B. Pieces
C. Pieces
D.Pieces
Gas Pieces
79
158
65
13
244
1,061
469
473
762
228
174
1
2
._--
92
722
85
22
247
435
660
180
204
486
Total
305
3,009
420
1,168
1,971
894
103 2,570
2,630 15,339
212
465
988
932
2,628 11,098
659
1,792
Specified from stock, pieces
Specified to make, pieces
254
293
202
5
140
677 3,560 12,086 2,451
Total sold but not shipped, pieces 2,733 17,909
•
,c_oyer January of 8,642 tons. The January gain over Decem
o
,L.
48
42
36
72
60
54
tons per day. The increase of 386,375 tons
103
9
1
1
s
70
A. Pieces
in Marahr,over :February was about 12.5%, declares the B. Pieces
.
132
52
._ ...
404
536
18
76
C. Pieces
T:
,
,
. .,April 3 and then proceeds as follows:
•
•ife.r.r ,'
D. Pieces
te °duct ion of enk0 and anthracite pig iron for the 31 days of March Gas Pieces
t,
,
amounted to 3,-161;ia 'tons, or 111,650 tons per day, as compared with
'
There
SI
79
1
679
1
Total
676
6 6
1
4,4rfiTO, . „Von.p09 .9? tons per day,for the 29 days of February.
-aeN5feiVii'itlyttnd 5 blown out, or a net gain of 6. This cornittil 00
torpr
47
655
__
428
a Specified from stock, pieces
in February and 17 in January, indicating
.4,4,nix,i§ihrib
218
2,492
235
Specified to make, pieces
4
1,9Y.F.4 )212: ,.,c? th Al furnaces blown in 8 were steel-making and
toPPONe,s
it
ROA
265
,...,,,,Of t, 0tftitiiires shut down.4 were steel-making and one Total sold but not shinned. nieces 2020
,,A.Jvprq.1n,pre4a
7
,,niere4nt._,1qrIaht'iniaity production gained 2.975 tons in March,
.f.
-COMPARATIVE SUMMARY BY MONTHS, 1924.
TABLE III
iiiekeaged 2,699 tons per day.
ie,xteel Fa1ttxi
i,ich was about the same as in February,
it:014001e oulthit'ia'Mz
o'
,
Orders.
romPhred viith ,22;495 tons. Splegeleisen output advanced
7;,,AouS1.
considerably to 13,197 tot. ,t gain of -3,627 tons.,
To Ship
Sizes Not
...,,
Specified
Production Shipments
Months
-GROSS TONS.
(Tons). from Stock To Make
Specified
(Tons).
-4?4.41.1(41.A.TE OF PIO IRON eitontrartoN BY MONTHS
(Tons).
(Tons).
' (Tons).
Total.
3ferchant.
113,673
25 792
171,941
30,827
81,431
63,987
1,779
118,324 January
28,179
• 9014.5
April
182,649
37,285
69,399
2,230
78.962
124,764 February
9.o,o29 .
28,735
(may'
122,548
31,641
90.907 '
29,858
88.798 '
. 118,656
- -,- -,o414 111,274
86,479 - ' 24,795
August 104,184
..78,709 •' 1. ' 25,385
'io
September
Production and Shipments of Malleable Castings.
101,588
24,331
, _ 77255 •
October
96,476
• '72b2'.'- ' 1!1124,124
November
The Department of Commerce on April 2 made public the
94.225
24,304
,
.0942/
December
97,384 following statistics on malleable castings by months, May
• '73,368 ' ' . 24,01e
„January.-1924
106,026
' 22,900
'83;120
•
'-.Fdbruary
•
111,650 1923 to February 1924, with comparative figures for 107
ss.rm
25,875
,vlareh '
• •-••
identical plants from June 1923 to February 1924.
PRODUCTION OF STEEL ('oNI PANIF-8GROSS TONS.
REPORT ON MALLEABLE CASTINGS BY MONTHS.
I.
,-Nptepeleisen -and Ferromangatteso.1
.101 11.:0ai) ,
ir ::( # 1-f, 1r 41. . ' --Total Production - - ---1923-- ----1924----1
re- '120 Spiegel.' Fe-Mn. splegel.
192 I
i !
4.. ,•,. ,,r;,- 1 r . - - 1923.
Orders Monthly ea- P. O. oi
Total
Total
Plants
7,948
19,358
12,056 20,735
.111arygsi944.....-14^,ifi, 2,479,727 2,271 005
parity of total cap,
9,370 Month and Year. report'o production shipments booked
2.657 22,405
21a82
,
2701001arleo.v,z,....--:-..,-.,2,269,164 2,4!0.C5S
(No.)
(tons).
(tons).
(tons). plants(tons) aerated.
1923
13,497
20,730
13,832 22,377
_ _ _ _ 2,724,305 2.654 o 1 t
March-20.808' 7,440
:
-OW01- .'2.d.irlr ILI.:17.22 2.7044560
62,806
52.898
64,726
91,174
. 99
May
71.0
9,533
. 19,568
64,608
42,067
65,168
109
96.240
June
67.7
'
19.717 ' 18289
2,7417,20k ,
ue -- • LI
60,102
41.723
57,881
98,241
July
112
58.9
-116
68,089
65,405
39,830
103,068
66.0
August
121,564 64,807
.
lo ttior-i6sk • - '-' is,O71,646
59,396
38.636
60,930
116
101,750
September
59.9
26.493 .12,876
5
9
, 15?;73 '
B011191-12 -41103(14;W 21(1 5
59,129
48,621
62,238
118
October
103,837
59.9
5.586
22,045
____,.. 2,680,851
August,,,_,._
49,426
37,231
52,727
125
November
107,350
49.1
4;478
23,206
.7
alre'-&-V.1'.....:',._1.•.: 21553;907
46,664
49.724
126
45,012
December
106,825
46.5
15,931
20,015
2,394,922
October
1924
14,839
16,783
2,170,567
November
64,379
66,479
127
58.6
73,964
109,798
January
00,124
18,069
4.(beeksobsnLerr.2_1i1.212C,2111,Z,566 .
at th
Ina .2n,
59 coo
AR 5711
RA 59(1
1911
Vahrytnry
..,LiT oi.!::•xx:ai,Los,
COMPARATIVE SUMMARY FOR 107 IDENTICAL PLANTS.
'
'
2
145- ,...1n7.7r1:74W .74246 231 130 585
-os 4 r•
-6b al 31M0111114511029.111101)1( i ioN it 1 m(>N 111S--GRoss TON &2.
1924.
Total
Plantsgi
- 1923.
Orders Monthly co- P. C. al
1922.
Total
1921.
,
mti...s1 .1 ststsw trog,11 1920..
1,018,890 M
pacify of total cap.
3,220,604
1,644,951
Month and Year. report' production shipments booked
292
2,41A,
all110115.weriscls-.14f p:a,olo.tsi
plants(tons). operated.
3,074,757
(tons).
(tons)
1923
1,629,991
(No.)
2,994,187
(tM).
I 937,257
:,5178,F7fir
v
1,595,1122 '2,035,920 7 3,V,2386It 3,461,132
,
66.7
94,840
June
107
1,193,041
39,814
63,298
2,072;11.4... 3,640,736
62,888
•ga8o,797
,
.r.Stttlil:191..11.Y.111_ glel,
94.826
57.4
1,221,221
39,131
54,433
2917
107
55,922
2,306,670 3.887,694
94,858
66.5
36,753
2,361,028 3,676,445
107
63,038
August
60,207
1,064,833
3,043,540
June
93,585
59.9
35,452
107
September
54,378
56,024
95,652
59.4
43,978
107
54,221
,428;166 12,056,683 20,841,534
56,798
October
tlf_ff8`011.988 "i 791
`
-1-14111I-9eif
95,801
49.2
34,817
November
107
44,215
47,112
.,3:_vita nrnit•8;6670"43 .45.864,555 2;406,365 • • 3;678,334,
94.751
47.1
40,800
December
41,328
107
44,586
4.193 1,826,170. 3.449.493
,
3$447,402,, ,-95
,
1111USIr4-x4 40,FA-ao
81•
1924
9,0.529, . 2,033,720 3,125,512
irro--tri•bromig015
97,049
64,053
58.0
,
107
58,504
January
56,278
2: 7' l',546,676 ' 2. oz7;1144 3,149,158
„
et:6e
112.0
94.816
56.828
212.018
.58 703
107
February
2,849.70'3 2.5941205
_
511
_.. 2,C934,0011 1•1,415,481
'''N`64,4iinb0.2:1-I;049,086 ---3.086.898--2,920,982
Decembliztils!.1.:
vc.rol4
36.414.114 16,543M86 26.880,383 40.059,3e8
-VW • , ,
"t'o Ak"'iiti
11
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l'T6i14:1'
:,•Ree;irork.,
- talon
._,,,..,,976,892.
.apy .,
dr
• These totals do not Include charcoal pie Iron. The 1923 production of this
Iron was 251,177 tons.
Bituminous Mine Wage Scale in Central Pennsylvania
Renewed for Three Years.
Cast-Iron Pipe Production, Shipments and
for February 1924.
Soft coal mines in the central Pennsylvania district will
continue operation for the next three years under the agreement which expired March 31, according to arrangements
Orders
The Department of Commerce has announced the statistics on production, shipments, orders and stock of cast-iron
pipe for the montll'of Februarr1924. This report includes
returns from 11 establishments and is confined tdhell and
made on March 29 at Philadelphia in the Bellevue-Stratford.
The agreement broke a three-day deadlock between
the
'
Central Pennsylvania Coal Producers'
Association and .District No. 2, United Mine Workers of America. Under the
APR. 5 1924.]
THE CHRONICLE
new contract the present wage agreement will continue for
the next three years. The deadlock first became apparent
when the operators refused to accede to the demands of the
miners for a renewal of the present contract for a period of
three years. Several additions were made to the present
contract, but they were struck out later in the final settlement. In reply to the miners' demand the operators
adopted a resolution calling for the restoration of the 1917
wage scale, which meant a reduction of 32 to 54% in miners'
wages.
Regarding the new agreement, the Philadelphia "Public
Ledger" said:
Benjamin M. Clark, President of the Producers' Association, said
yesterday afternoon that approximately 50% of the membership of the
Central Pennsylvania Coal Producers' Association had withdrawn from
the organization because they felt that they could not operate their mines
profitably on the present wage scale. He further stated that these operators
would be forced to close down their mines or employ non-union labor.
Charles O'Neil, Secretary of the Producers' Association, said yesterday
that the agreement meant that production would fall off 25,000,000 tons,
because of the competition from non-union mines. "There are 450 mines
idle now," he said, "and 50% of the mines employing union men will be
closed because of the withdrawal of the operators from the producers'
organization."
In support of his contention, Mr. O'Neil cited figures that cannot be
met by the operators employing union labor. He said that union men
were paid $1 28 a ton for coal while non-union labor was receiving 80 cents.
Contrasting the wages of the two classes of labor he said that the average
pay for eight hours work for a union miner is $7 50, while non-union
labor is paid $4 50 to $5 a day.
John Brophy, representing the United Mine Workers of America. left
the city shortly after the agreement was reached, presumably for the
soft coal regions, to report to the miners who will proably hold a meeting
to-day to hear the results of the parley.
Anthracite Coal Prices Reduced.
Three of the large railroad anthracite coal companies,
the Delaware Lackawanna & Western Coal Co., the'Lehigh
Valley and Wilkes-Barre Coal Co. and the Williams & Peters
Co., which is affiliated with the Erie Railroad, have reduced
prices 50 cents a ton. Burns Brothers announced a reduction
of 75 cents a ton in the domestic sizes of anthracite coal.
Several other companies have also made reductions.
Seasonal Decline in Coal Production is Apparent.
The rate of production in both the bituminous coal and
anthracite fields declined during the week ended March 22,
the former by about 318,000 tons and the latter by 137,000
tons, according to statistics furnished by the U.S. Geological
Survey on March 29. The report in more or less detail
follows:
•
The halt in the decline in the rate of soft coal production was but temporary, and production decreased again in the week ended March 22.
The total output, including lignite, coal coked at the mines and local
sales, is estimated at 9,309,000 net tons. This was 318,000 tons less
than in the week preceding, and 1,115,000 tons less than in the corresponding week a year ago. The rate of output is lower at present than
at the same date in any of the years shown except 1919 and 1921.
Railroad reports of cars loaded show that the observance of St. Patrick's
Day had but little effect on production. Preliminary telegraphic reports
for the first two days of the present week show a decrease in loadings or
approximately 4,000 cars, indicating the probability of a further decline
in the weekly rate of output.
Estimated United States Production of Bituminous Coal (Net Tons) Including
Coal Coked.
1923-1924
1922-1923
Coal Year
Coal Year
Week.
to Date.
Week.
to Date.c
March 8
9,617,000 513,079,000
10,628,000 396,316,000
Daily average
1,603,000
1,788,000
1,771,000
1,374,000
March 15_ a
9,627,000 522.706.000
10,428,000 406,744,000
Daily average
1,605.000
1,784,000
1.738,000
1,382.000
March 22_b
9,309,000 532,016,000
10.424.000 417,168,000
Daily average
1.552,000
1,780,000
1,737,000
1,389,000
a Revised since last report. b Subject to revision. c Minus one day's
production to equalize number of days covered by the two coal years.
Production of soft coal during the first 299 working days of the coal
year 1923-1924 and of the five preceding coal years, has been as follows:
I
Years of Activity.
Years of Depression.
545,129,000 net tons 1919-20
1918-19
480.220.000 net tens
527,907,000 net tons 1921-22
1920-21
433,102.000 net tons
532.016,000 net tons 1922-23
1923-24
417,168,000 net tons
Thus, with the coal year: 1923-1924 nearly at an end, it is seen that the
output of soft coal has compared favorably with that of recent years.
The present year has exceeded by 20% the average of the three years
of depression and is but 8% behind the two preceding years of industrial
activity.
ANTHRACITE.
.
The partial observance of St. Patrick's Day as a holdlay at the anthracite mines was reflected by a decline in the production of anthracite in
the week ended March 22. The total output is now estimated at 1,804,000
net tons, a decrease of 137.000 tons, or 7%. This estimate is based on
the 34,498 cars loaded by the principal anthracite carriers, and includes
allowances for mine fuel,local sales and the output of dredges and washeries.
Evidence that the decrease was almost entirely due to the holdiay celebration is to be found in the record of daily loadings, which were as follows
3,942 Thursday, March 20
Monday, March 17
5,874
5,355 Friday. March 21
Tuesday, March 18
5,560
5,769 Saturday, March 22
5.858
Wednesday, March 19
Estimated United States Production of Anthracite (in Net Tons).
---1923-1924-----1922-1923
Coal Year
Coal Year
to Date.
Week.
Week EndedWeek.
to Date
March 8
1,882.000 87,373.000
2,049.000 50,295.000
March 15
1,941,000 89,314,000
2,057,000 52,352,000
March 22
1,804.000 91,118,000
2,126,000 54.478,000
1603
BEEHIVE COKE.
The production of beehive coke improved somewhat in the week ended
March 22. The total output, as estimated from reports of the coke
carriers, is placed at 316,000 net tons, against 308,000 tons in the preceding week. Practically the entire increase occurred in Pennsylvania
and Ohio. The present rate of output is approximately 18% less than
at the corresponding date of 1923. and 31% less than in 1920.
According to the Connellsville "Courier" the output in the Connellsville
region was 238,840 net tons.
Estimated Production of Beehive Coke (in Net Tons).
Week ended
1923.c
Mar.22 Mar.15 Mar.24 1924.
1924.a 1924. b 1923. to Date. to Dale.
Pennsylvania and Ohio
257,000 245,000 304,000 2,709.000 3,418,000
West Virginia
17,000 16,000 24,000 185,000 262,000
.,Ala. Tenn. & Ga
22,000 27,000 24,000 248.000 262,000
Virginia
KY
10,000 10.000 19,000 110,000 186.000
85.000
65,000
8,000
Colorado and New Mexico
5,000 6,000
57.000
50,000
5,000
Washington and Utah
5.000
4,000
United States total
316,000 308,000 384,000 3,367,000 4,270,000
59.000
47,000
Daily average
53,000 51,000 64,000
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.
The cumulative production of beehive coke during 1924 to March 22
stood at 3,367,000 net tons. Figures for similar periods in earlier years
are as follows:
1,600,000 net tons
1920
5,131,000 net tons 1922
4,270,000 net tons
1921
2 601,000 net tons 11923
Thus it is seen that from the viewpoint of beehive coke production,
1924 is 110% ahead of 1922 and 29% ahead of 1921, years of depression
In the coke industry. In comparison with the average of the two active
years, 1920 and 1923. the present year is 28% behind.
Uncertainty in Coal Markets Continues-Prices Decline
Further.
The last half of the coal year just ended presented so many
distressing features to the producers and distributors who
had counted upon an active spot market that the more
favorable developments of the first half of the twelve months
have been ignored, declares the "Coal Trade Journal" in
its customary review of conditions in the markets issued
April 2. The most remarkable feature of the year was the
sustained rate of production. Although the weekly output
has been declining the last few months, the fact remains
that the average has been slightly over 10,000,000 tons and
that the violent dips and jumps characteristic of other years
have been absent. Further comment from the same source
follows:
The trading of the past week was naturally colorless, a thing of odds and
ends. Prices continued their downward movement. In the East slack
suffered the most, while in the Middle West screenings constituted the one
bright spot in an otherwise drab situation. Comparing spot prices for the
week with those for the week ended March 22 changes were shown in 52.7%
of the quotation. Of these changes, however,81.8% represented reductions
ranging from 5 to 75c. and averaging 17.6c. per ton. The advances ranged
from 5 to 30c. and averaged 12.1c. The straight average minimum for the
week was $1 74, a decline of Sc.; the straight average maximum was $2 10.
a decline of 6c. A year ago the averages were $2 65 and $3 29. respectively.
During the past week agreements have been reached between the union
and association operators in central Pennsylvania and northern West Virginia under which the 1922-23 scales are extended for three years. While
this occasions no surprise, since it follows the program laid down by the
Jacksonville compact, there is a pronounced undercurrent of dissatisfaction
over the situation, particularly among the smaller operators. Consumers,
however, interpret the agreements to mean that there are no labor clouds
upon their coal horizons and are shaping their purchasing policies accordingly.
In the anthracite market trade interest centers upon the new spring
schedules. The first official announcement was made by the Lehigh SE
Wilkes-Barre Coal Co. on March 29, holding broken at $8 and cutting egg,
stove and nut from $S 75 to $8 25, pea from $6 25 to $5 7.5 and No. 1 buckwheat from $3 50 to $3. At least one other company has met these prices
and other circulars, as yet unof(icial, show a disposition to follow the L. &
W.
-B. in the matter of reductions, although there probably will be many
minor variations in actual prices.
The continual holding back for further developments on
the part of the coal consumer is resulting in stagnation
throughout the coal markets of the country, states the
"Coal Age" of New York, which on April 3 expressed its
views as follows:
The closing of contracts which ought to be in evidence at this time is
conspicuously backward, and that despite the low levels that prices have
reached. Running time at commercial mines has dropped to three days a
week or less in most fields, southern Ohio working at less than 20% of
capacity. In the Standard field and in eastern Kentucky many mines have
closed down,and many others are soon to follow suit, as a strike is expected
in the latter field April 1. An indefinite suspension is looked for also in
the Southwest pending the negotiation of a wage agreement. Central
Pennsylvania and northern West Virginia have ironed out their differences,
the existing agreement having been reaffirmed in each case, with minor
modifications. An open-shop pact has been signed for four years between
the union and the Kentucky-Tennes,Nee operators association.
Preparations for the opening of the navigation season on the Lakes lack
the usual hopeful anticipation. With about 3,500,000 tons of coal on the
docks at the Head-of-the-Lakes March 15, compared with 900,000 tons at
that time a year ago, there is likely to be an over-supply when navigation
opens. As a consequence a considerable falling off in early lake traffic as
compared with last year is more than probable.
"Coal Age" index declined 3 points to 173, as of March 31, the corresponding average price being $2 09r. This compares with $2 13 on March 24.
A slight firming up of steam coals is the only feature that has tended to
relieve. in a measure, the deadly dullness that has settled over!Midwestern
markets. Though a number of screening contracts expired April 1, very
little contracting is going on. consumers still having supplies sufficient to
last several weeks longer"! Running time at commercial mines raverage.s
'about 2 days a week.
[Vol.. 118.
THE CHRONICLE
1604
Kentucky markets have developed further weakness, due to mild weather
and lack of orders from retailers, and more wage cutting is reported in the
nonunion districts of eastern Kentucky. Eight thousand idle empty coal
cars on sidings in the Cincinnati district bear eloquent testimony of the
dullness of the market thereabouts. There was a spurt of activity in the
Southwestern district, featured by heavy buying on the part of railroads
and industries, due to the expected shutdown during the wage parley.
The Colorado market was reasonably active, thanks to some cold weather.
but the reverse is true of Utah, where the mines are working leas than two
days a week on an average.
Sluggishness characterizes the trade in Ohio, and there is no evidence of
preparations for rush of early cargoes up the lakes such as was the case last
year. when the docks were cleaned up. Pittsburgh is finding it difficult
to meet competition from some of the West Virginia and Kentucky fields,
which are able to quote lower prices due to wage cuts. Trade in New England and on the Atlantic seaboard remains dormant.
NOW
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Heavy Exports of Petroleura-Coal Exports Falling Off.
The Department of Commerce at Washington on March 24
issued its report showing the exports of domestic coal and
petroleum for the month of February and the eight months
ending with February. For.February the exports of crude
petroleum were 69,610,999 gallons in 1924, as against only
26,711,800 gallons in 1923, and for the eight months 522,978,419 gallons in 1923-24, against 285,360,283 gallons in
1922-23. Exports of refined petroleum in January 1924
reached 318,611,822 gallons, compared with 240,430,230
gallons in 1923, and for the eight months 2,304,691,998
gallons, as against 1,769,625,250 gallons. The following is
the report in full:
o
4
1924.
1923.
Goal-Anthraolte. tons
Value
Bituminous, tons
Value
Coke,tons
Value
2,047,822
309.510
330,351
$3,693,512 $3,445,150 $22,621,653
8,681.260
805,973 1,262.838
$5,250,678 $6,509,723 $55,664,941
438,479
55.762
70.989
$512,358 $4,618,332
$855,678
o
1924.
1924.
2,754,022
$30,356,142
12,292,730
$62,505,943
536,108
$5,094,944
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26,711,800 69,610.999 285,360,283 522,978,419
Petroleum-Crude, gals
$1,008,732 $2,365,982 $11,119,294 $16,120,406
Value
Total refined petroleum, gals_ 240,430,230 318,611,822 1,769.625,250 2.304,691,998
$26,944,188 $31,445,726 $207,319,105 $211,048,620
Value
Gasoline, naphtha and other
67,118,636 102,796,595 396,029,731 630.098,838
light products, gals
$12.805,771 $13.582,900 $83,238,902 $87,303,623
Value
61.809.005 73,294,746 605.924,003 581,615.202
0116-Illuminating, gals
$5,936,899 $7,307,205 $56,468,106 $49,877,674
Value
89,666,648 109.137,664 552.401,147 878,997,205
Gas and fuel,gals
$2,629,621 $3.384,066 $17,755,679 $25,329,111
Value
21,835,941 33,382,817 215,270,369 213.980.753
Lubricating, gals
$5,571,897 $7,191,555 $49,856,418 $48,538,212
Value
28.170.085 36,861,966 217,240.718 238,360,273
Paraffin wax, lbs
$7.287,422
$8,590.239
$996.809 $1,481,784
Value
Declining Activity of Machinery in Wool Manufactures
During the Month of February 1924.
The Department of Commerce on March 27 issued its
report on active and idle wool machinery for February 1924,
based on reports received from 915 manufacturers, operating
1,094 mills. These do not include the data for the Glastonbury Knitting Co., Glastonbury, Conn.; Farnsworth Mills,
Inc., Central Village, Conn.; Merrimack Woolen Corp.,
Lowell, Maas.; Faulkner & Colony Manufacturing Co.,
Keene, N. H.; Adler Underwear & Hosiery Mfg. Co., Cincinnati, 0.; John & James Dobson, Inc., Philadelphia, Pa.;
Sheble & Kemp,Philadelphia, Pa., or Merrill Woolen Mills,
Merrill, Wis. Of the total number of looms wider than 50inch reed space, 44,738, or 71.4%, were in operation for
some part of the month of February 1924, and 17,962 were
idle throughout the month. The active machine-hours
reported for wide looms for the month of February formed
71.4% of the single-shift capacity, as compared with 72.8%
for the month of January 1924 and 79.7% for February 1923.
Of the total number of looms of 50-inch reed space or less
covered by the reports for February 1924, 14,098, or 80.7%,
were in operation at some time during the month and 3,362
were idle throughout the month.. The active machine-hours
for these looms represented 66.5% of the single-shift capacity, as against 67.3% in the preceding month and 74.3%
in February 1923. The number of carpet and rug looms
reported for February 1924 was 9,332, of which 7,740, or
82.9%, were in operation for some part of the month and
1,592 were idle throughout the month. The active machinehours reported for these looms represented 76.1%,of the
single-shift capacity of the looms, as compared with 75% in
January 1924 and 81.9% in February 1923. Further
particulars are as follows:
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DOMESTIC EXPORTS OF PETROLEUM AND REFINED PRODUCTS.
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Spinning Spindles.
Of the total number of woolen spindles reported In February 1924,
1.885.523, or 82.4%, were in operation for some part of the month and
402.368 were idle throughout the month. The active woolen-spindle
hours reported for this month represented 89.6% of the single-shift capacity, as compared with 86.4% In January 1924 and with 94.6% in
February 1923.
The number of worsted spindles In operation during February 1924 was
2,030,358. or 77.6% of the total, and the number idle was 587,697. The
active worsted-spindle hours were equal to 76.9% of the single-shift capadty: in January 1924 the active worsted-spindle hours represented
72.8% of the capacity and In February 1923 95.8%•
Cards and Combs.
Of the total number of sets of cards reported for February 1924. 5.889,
or 84.2%, were in operation at some time during the month, while 1,102
were idle throughout the month. The active machine
-hours for cards
were equal to 94.5% of the single-shift capacity in February 1924. 87.1%
in January 1924 and 95% in February 1923.
Of the combs reported for February 1924, 2.138, or 80.2%, wore in operation for some part of the month and 528 were idle during the month.
-hours for this month were equal to 94% of the singleThe active machine
shift capacity, as compared with 89.6% in January 1924 and 93.3% in
February 1923.
Detailed Report.
The accompanying table gives the total number of machines In operation
some time during the month of February 1924, the number idle for the
whole month, the number reported on single-shift and on double-shift,
the active and idle machine or spindle-hours, the percentages active and
idle and comparative figures for January 1924 and February 1923.
Stocks of Wool in Bonded Warehouses Decrease.
Stocks of wool in United States bonded warehouses declined from 113,370,526 pounds on Jan. 31 1924 to 110,207,204 pounds on Feb. 29, when they comprised the following amounts of the various classes: Carpet wool,
10,002,479 pounds; clothing wool, 19,622,696 pounds;
combing wool, 77,511,435 pounds; mohair, 2,769,222
pounds, and cashmere, alpaca, &c., 301,372 pounds. Compared with Jan. 31, stocks of carpet wool were 2,643,411
pounds greater and of combing wool 6,006,124 pounds less,
and only minor changes occurred in other classes.
Am.5 1924.]
THE CHRONICLE
Wool Consumption Fails Off Again in February 1924.
The Department of Commerce, on March 31, made public
its report on the consumption of wool, by manufacturers in
the United States during the month of February, based on
reports received from 586 manufacturers. This report does
not include data for The Adler Underwear & Hosiery Mfg.
Co., Cincinnati, Ohio; American Woolen Co., Andover,
Mass.; Amoskeag Mfg. Co., Manchester, N. H.; Broadhead
Worsted Mills, Jamestown,N.Y.; Carolina Cotton & Woolen
Mills Co., Spray, N. C.; Columbia Woolen Mills, Columbia
City, Ind.; Crown Mills, Marcellus, N. Y.; Daniel Boone
Woolen Mills, Chicago,'Ill.; Davisville Woolen Co., Davisvile, R. I.; W. J. Dickey & Sons, Inc., Oella, Md.; John &
James Dobson, Inc., Philadelphia, Pa.; Farnsworth Mills,
Inc., Central Village, Conn.; Faulkner & Colony Mfg. Co.,
Keene, N. H.; Glastonbury Knitting Co., Addison, Conn.;
The E. E. Hilliard Co., Buckland, Conn.; Merrill Woolen
Mills Co., Merrill, Wis.; Merrimack Woolen Corp., Lowell,
Mass.; North Billerica Co., North Billerica, Mass.; Northboro Woolen Co., Northboro, Mass.; The Phoenix Woolen
Co., Stafford, Conn.; Providence Combing Mills, Profideuce, R. I.; Sheble & Kemp, Philadelphia, Pa.
Total Consumption of Wool.
The total quantity of wool entering into manufacture during February 1924, as reported, was 42,928,392 pounds, as
compared with 46,197,969 pounds in January 1924, and
50,117,528 pounds in February 1923. The consumption
shown for February 1924, included 33,404,880 pounds of
wool reported as in the grease; 6,794,982 pounds of scoured
wool; and 2,728,530 pounds of pulled wool. Reduced to a
grease equivalent these quantities would amount to 50,632,884 pounds. The grease equivalent for January 1924, was
53,845,024 pounds; and for February 1923, 57,916,339
pounds.
The monthly consumption of wool (pounds) in grease
equivalent for concerns reporting for 1923 was as follows:
.Tanuary, 63,348,352; February, 57,916,339; March, 62,859,150; April, 56,410,887; May, 59,682,254; June, 52,648,595;
July, 46,347,256; August, 48,232,955; September, 46,615,997; October, 51,814,976; November, 50,278,832 and December, 45,451,660. The report also gives the following:
Consumption By Grades.
Classified according to grade, the total includes 9,098,191 pounds of fine
wool, which may be compared with 9,690,738 pounds consumed in January
1924; and 10,275,479 pounds consumed in February 1923: 4.258,228 pounds
of )4 blood, as against 5,537.592 pounds in January 1924, and 5.894.278
Pounds in February 1923;6,783,358 pounds of X blood, as against 7,235,680
In the month preceding and 8,527,014 pounds in February 1923; 8,188.818
pounds of X blood, which may be compared with 9,296.026 pounds in
January 1924. and 10.762,902 pounds in February 1923; 2.215,914 pounds
of low X blood, common, braid and Lincoln as against 2,059.962 pounds in
January 1924. and 2.224,278 pounds in February 1923; and 12,383,853
Pounds of carpet wool,as against 11,977.971 pounds in the preceding month
and 12.433.577 pounds in February 1923.
1605
WOOL CONSUMPTION FOR FEBRUARY AND SINCE JANUARY 1.
(All quantities in pounds.)
Class and
Grade.
Total
Domestic
Foreign
Total for February.
1924.
1923.
Total for January. Tot., Jan.
-Feb., Incl.
1924,
1923.
1924.
1923.
42,928,39250,117,528 46,197,96954,956,16 89,126,361 105073688
18,056,24. 19,703,05320,654,88 24,217,44 38,711,1283,920,498
24,872,147 30,414,47525,543,086 30,738,71 50,415,23361.153.i90
Combing a.._ _ 22,440,78828,558,602 25,719,886 32,080,84848,160,674 0,637,450
Clothing a__ _ 8,103,751 9,127,349 8,500,112 9,584,943 16,603,86318,712,292
.
Fine, total
9,098,191 10,275,479 9,690,738 10,100,76 18,788,929 0,376,244
Combing:
Domestic _._ 4,033,044 3,866,525 4,529,773 4,297,704 8,562,817 8,164,229
Foreign
3,241,441 4,476,317 3.123,770 3,710,544 6,365,211 8,186,861
Clothing:
Domestic__. 1,435,510 1,328,402 1,620,616 1,493,782 3,056,126 2,822,184
Foreign
388,196 604,235 416,57' 598,73
804,77 1,202,970
34-blood,total_ _ _ 4,258,22: 5,894,278 5,837,592 6,874,56 10,095,820 12,768,847
Combing:
Domestic... 2,305,65. 2,506,880 3,711,912 3,552,837 6,017,567 6,059,717
Foreign
935,732 1,727,568 1,134,65 1,867,11 2,070,387 3,594,681
Clothing:
Domestic... 893,019 1,386.061
822,998 1,247,122 1,716,01 2,633,183
Foreign
123,822 273,769 168,027 207,49
291,84
481,266
3.-b1ood.total__ _ 6,783,388 8,527,014 7,235,680 9,618,57:14,019,06 18,145,592
Combing:
Domestic.... 2,302,536 2,961,917 2,636,061 3,918,
4,938,59 6,880,471
Foreign
2,054,346 2,960,311 2,272,191 2,858,61 4,326,53 6,819,001
Clothing:
Domestic
1,827,123 1,889,158 1,792,961 2.081,00 3,620,084 3,970,167
Foreign
599,383 715,628 534,46
1,475,953
760,32 1,133,8
M-blood,total... 8,188,818 10,762,902 9,296,02; 13,095,75 17,484,8 23,858,653
Combing:
Domestic
3,022,791 3,541,334 3,093,420 5,192,636 6,116,211 8,733,970
Foreign
2,955,036 4,596,346 3,549,459 4,923,71: 6,504,49 9,520,064
Clothing:
Domestic __. 1,289,605 1,540,355 1,507,99 1,776,392 2,797,6
3,316,747
Foreign
921.386 1,084,867 1,145,152 1,203,00 2,066,53 2,287,872
Low it-blood b
1,650,705 682,421
723,11. 657,409 2,373,8
1,339,830
Combing:
Domestic.... 447,438 453,923 520,12
491,86: 967,56
945,791
Foreign
743,035
743,03.
Clothing:
Domestic ___
291,445 228,498 202,991
165,541
494,436 394,039
Foreign
168,787
168,78
Common,total c..
131,733
144,53
276,27$
Combing
36,440
50,861
87,301
Clothing
95,293
93,676
188,96
Braid, total c
76,346
71.49 147,841
Combing
50,960
47,69:
98,6. •
Clothing
25,386
23,797
49,18
Lincoln, total d
357,130 1,541,857 1,220.81. 1,318,719 1,577,94 2.860.676
Combing
312,334 1,465,481 1,049,962 1,267,184 1,362,296 2,732,665
Clothing
44,796
76,376
170,853
51,53. 215,64
127,911
Carpet, total_ _ _ _ 12,383,853 12,433,577 11,977,971 13,290,369 24,361.82425,723.946
Combing, for'n 5,663,435 6,561,724 5,374,77. 6,989,538 11,038,210 13,551,262
Filling, foreign 6,720,418 5,871,853 6,603,198 0.300,83113.323.614 12,172,684
Total reduced to
grease equiv. 650,632,884 57,916.33953,845,024 63,348,352 104477908 121264691
Domestic _ _ _ 02,978,55324,596,49725,324,10029.437,349 48,302,65354.033,846
Foreign
27,654,331 33,319,842 28,520,92433,911,00356,175,25567.230.845
a Exclusive of carpet wools. b Figures for dates previous to July 1923 include
"Common" and "Braid." c All domestic. d All foreign. e In computing the
grease equivalent, 1 pound of scoured wool is considered equivalent to 2 pounds in
the grease,and 1 pound of pulled, to 1 1-3 Pounds in the grease.
CONSUMPTION OF GREASE, SCOURED AND PULLED WOOL FOR
FEBRUARY 1924 AND 1923.
(All quantlt es in pounds.)
Class and
Grade.
Grease.
1924.
1
1923.
Scoured.
1924.
1923.
Fulled.
1924.
1923.
Total, February. 33,404,88040,901,766 6,794,982 7,090,335 2,728,530 2,125,427
Domestic
12,001,122 14,104,279 4,355,900 4,540,779 1,699,223 1.057.995
Foreign
21.403.75426,797,487 2,439,082 2,549,556 1,029,307 1,067.432
Combing a_ _ _ 20,416,136 27,013,920
.
880,223
919,514 1,144,429 623,168
Clothing a_ _
1,577,123 2,500,442 5,668,848 5,698,536 857,780 928,371
Fine, total
7,665,330 8,939,751 1,248,472 1,110,849 184,389 224,879
Combing:
Domestic... 3,885,016 3,679,088
89,887
101,543
85,894
58,141
Foreign
3,223,901 4,441,211
Of the total quantity of wool used by manufacturers during the month of
17,540
16,011
19,095
Clothing:
February 1924. 18,056,245 pounds, or 42.1%, was domestic wool; and
Domestic...
489,722
685,362
827,944
547,937 117,844
95,103
24,872,147 pounds, or 57.9%, was foreign wool. The carpet wool was all
Foreign
66,691
134,090
313,101
445,358
24,787
8,404
of foreign origin; while 60.1% of the fine wool was produced in this country; M.
-blood,total.-- 3,313,048 4,527,534
704,991 1,045,180 240,189 321,564
Combing:
75.1% of the X blood: 60.9% of the 3i blood; and 52.7% of the X blood.
Domestic... 2,156,819 2,332,298
38,535
144,606 110,301
29,976
Foreign
915,851 1,706,848
19,881
19,441
1,279
Geographic Distribution of Consumption.
Clothing:
Domestic _ _
.
223,477
440,408
544,431
693,742 125,111 251,911
Of the total consumption of wool in February 1924 (amounting to 42,Foreign
16,901
47,980
102,144
187,391
4.777
38,398
928,392 pounds) 20,703,528 pounds. or 48.2%, were reported from the New
4-blood.total._ _ 3,905,161 6.104,225 2,080,410 1,948,684 797,817 474,105
England States; 44.6% from the middle Atlantic States; 1.1% from the
Combing:
Domestic... 1,747,023 2,691,169
Pacific Coast States: and 6.1% from other sections of the country.
143,378
155,542 412,135 115,206
Foreign
2,020,582 2,904,413
33,764
12,898
43.000
Clothing:
Imports of Tops and NMls.
Domestic...
79,061
371,026 1,426,572 1,296,068 321,490 222,064
Foreign
58,495
137,617
476,695
64,192
484,176
93.835
The consumption of foreign tops and nolls constitutes one element wnich
3 -blood,total__ _ 5,426,667 8,100,543 2,040,937 2,208,715 721,214 453,644
it has not been possible to Include in the consumption reports since the
Combing:
manufacturers would be unable to distinguish between foreign and domestic
Domestic_.. 2,441,029 3,197,687
178,048
201,395 403,714 142,252
Foreign
2,553,162 4,244,559
tops and nolls. In the long run, though not necessarily month by month,
272,720
235,233 128,754 116,554
Clothing:
this element must be equal to the imports. The imports of wool and hair
Domestic...
312,653
251,490
879,654 1,181,204
97,298 107,661
advanced, including tops, for the current month were 11,840 pounds, and
Foreign
119,423
406,807
710,515
590,883
91,448 87,177
for the year 1923, 3,904,578; nolLs for the current month were 1.236,238. Low 14-blood 5
1,261,546
455,751
335,067
218,742
54,092
7,928
Combing:
and for the year 1923, 8,503,661. The exports of tops and foils were
Domestic...
390,995
435,665
27,935
28,508
13,916
4,343
Foreign
717,263
24,369
1,403
Clothing:
Detailed Statement.
Domestic _. _
136,626
20,086
131,138
204,827
23,681
3.585
Foreign
16,662
151,625
The following tables show the quantities of wool consumed, classified
600
Common,total c_
88,008
42,725
' 1,000
according to grade, class, and condition, with separate figures for foreign
33,138
Combing ___
3,302
and domestic wool. Comparative figureA, also, are given for February
Clothing _ _ __
54,870
39,423
1.000
1923; January 1924 and 1923; and totals for the months, January to Feb- Braid, total c___.
50,693
25,653
Combing
48,151
2,809
ruary, inclusive.
Clothing
2,542
22,844
282,806 1,386,558
70,816
69,419
86,880
3,508
CONSUMPTION OF WOOL BY GEOGRAPHIC SECTIONS,FEBRUARY 1924, Lincoln, total d_.
Combing
282,806 1,380,982
65,569
28,055
18,930
1,473
Clothing
5,576
42.761
3,850
66,950
2,035
Carpet, total_ _ _ _ 11.411,621 11,387,404
245,911
472,285 726,321 573,888
Grease
Combing, tor'n 5,540,531 6,227,142
35,153
87,751 213,951
120,631
Scoured.
Total.
Grease.
Pulled.
Seaton.
Equivalent.
Filling, foreign 5,871,090 5,160,262
210,758
351,654 638,570 359,937
Now England
20,703,528 15,525,058 4,040,175 1,138.295 25.123.134 Total, January 36,749,944
45,032,279 6,746,570 7,626,347 2,701,4U 2,297,534
Middle AtiantiO
19,156,962 16,446,583 1,389,036 1,321,343 20,986,446 Total Jan.to Feb.
265,015
458,654
156,740
Pacific Coast
36,899
735,969
included
70,154,82485.934.045 13,541.552 14.716.682 5.429,985 4,422,961
Other sections
231,993 3,787,335
2,609,248 1,276,499 1,100,756
a Exclusive of carpet wools. b 1923 figures include "Common" and "Braid".
TotAt
42 095 209 22 Ana lattn
g 784 982 2.728.530 50.632 884
C All domestic. 4 All foreign.
Domestic and Foreign Wool.
1606
THE CHRONICLE
"[VoL. 118.
Total Values of Imports and Exports of Merchandise $516,788,887 to $721,836,322, or over 39%. The exports of
cotton manufactures have quite generally declined, both in
by Grand Divisions and Principal. Countries.
quantity and in value. Below is the report in full:
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington on March 29 issued
its report showing the merchandise imports and exports by
grand divisions and principal countries for the month of
February and the eight months ending with February for
the years 1923 and 1924. The following is the table complete:
Month of February.
DOMESTIC EXPORTS OF COTTON, COTTON CLOTHS, YARN, THREAD
AND HOSIERY.
Month of Februray.
1923.
1923.
Total
Principal Countries
Belgium
Denmark
France
Germany
Greece in Europe
Italy
Netherlands
Norway
Russia in Europe
Spain
Sweden
Switzerland
United Kingdom
Canada
Central America •
Mexico
Cuba
Dominican Republic_
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
China
British India
Straits Settlements
Dutch East Indies
Japan
Philippine Islands
Australia
New Zealand
British South Africa
Egypt
89,747.904
75,390.972
41,654,427
76,364,674
10,914,595
9,339,847
98,879,154
98,884.095
36,425,030
83,507,494
8,472,687
7,331,984
5,427,610
691,174
10,277,203
10,476,094
3,267,598
8,658,519
4,375,241
1,716,967
106,101
2,086.603
2,707,331
2,287,105
35,199,904
28,290,534
3,418,378
9,893.850
81,598,747
423,939
10,782,107
13,658,926
7,105,827
2,581.556
682,072
923.207
3,840,449
1.688,819
16.136,568
10,923,367
10.654,890
2,473,406
24,850,313
5.610,488
8,889,776
1,553,388
1,537,642
6.486.354
5,245,808
1,616,870
13,587.230
12,716,339
321,246
5,599,729
4,921,864
2,053,268
1,648,485
2,833.446
4,934,443
2.782,399
34,535,072
33,017,722
2.837,604
13,277,882
47.579,054
480,725
6,018.378
10,932,981
10,980,849
3.787.673
987,042
1,138,237
736,479
1,301,640
12.256,104
10,734,555
16,597,439
5,299.454
26,128,051
6,340,963
6.990.877
1,352,719
700.140
2,250.916
Month of February.
1923.
Total
Principal Countries
Belgium
Denmark
France
Germany
Greece in Europe
Italy
Netherlands
Norway
Russia in Europe
Spain
Sweden
Switzerland
United Kingdom
Canada
Central America
Mexico
Cuba
Dominican Republic._ -Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
China
British India
Straits Settlements
Dutch East Indies
Japan
Philippine Islands
Australia
New Zealand
British South Africa
Egypt
$
743,038,762
574,462,981
285,140,954
623,584,295
41,660,626
58,117,530
1924.
1924.
40.000,207
4,377,469
99,668,103
89,393.417
16,294.294
.51.940,713
47,719,447
12,045,551
407,232
22,237,683
30,405,560
23,281,664
270,289,641
271,331,870
18,458,154
85,168,387
180.621,435
3,228,246
73,574,990
91,615,935
52,494,963
24,339,681
5,020,705
10,417,492
15,163,669
9,853,822
111.089,821
71,447,200
70,811,402
28,468,462
255,964,026
42,579,074
33,019,052
6,893,872
8.587,549
33.894,845
46,360.737
5,659,007
97,655,252
107,468,572
5.179,187
57,591,143
47,719.244
13,990,552
3,393,133
20,897,697
27,561,861
26,597,803
233,825,548
282,164,837
18,071,034
93,190,163
201,974,833
8,446,704
44,011,878
95,866.470
59,552,012
33,141,345
4,233,985
19.335,460
4.652,951
8,542,160
117,466,076
71,335,350
90,673,693
33,885,406
235,488,136
46,781,686
19,773,562
7,123,135
4,649,251
17,360.019
Eigh tMonths Billed February.
1923.
1924.
$
$
$
159,431,057 200,729,410 1,435,740,099 1,548,321,524
74,664,347 71,334,100
659,287,833
698,945.310
20,935,668 24,451.218
165,744,017
182,408,758
35.196,894 46,057,259
280,733,018
406,513,888
11,798,831 12,112,663
74,967,408
105,050.155
4,930,622
5,450.765
37,075,738
41,999,802
306,957,419 366,135.415 2,653,648,111 2,983,239,437
7,182.394
4,270,121
13,790.655
24,440,925
598,923
10,704,703
10.233.039
3,400,770
238.868
3,511.978
2,487,123
310,474
71,451,777
44,479,219
5,040.870
8,370,672
12,139,444
866,794
9,779,616
3,334,625
1,880,473
1,930,351
338,493
1,266,602
1,264,857
753.819
7,121,064
3,226,141
393.302
926.338
17,650,347
3,210,531
9,545.683
2,173,783
2,016,805
513.335
9,765,025
3,887,365
19,945,797
49,079,732
996,663
15,889,150
10,805,606
1,945.553
2,256,091
6,260.637
2,256,908
520.103
74,157,463
45,006,697
4,540,256
9,107,646
14,342,966
884,411
8.727.696
5,453,666
2,132,080
1,835.183
447.548
1.837.975
2,118.705
1,333,325
10,540.526
4,486,868
290,175
1.042,289
20,837,418
4,980,993
9,962.649
1,983,395
2,880,241
496.742
72,801,187
24,737,343
186,015,470
199,859,902
7,967,736
123,192,883
81,522,157
20,241,799
8,423,503
44,221,149
23,925,046
3,358,497
597,731,884
421.964,604
31,737,950
71,562,512
95,024.643
7,548,577
69,620,373
31,172,965
17,377,579
16,118,912
2,962.966
10.011.705
7,958,330
6,373,885
62,355,154
19,163,411
4,126.491
6,442,447
133,519,020
28,940,594
59,018,312
14,942,105
15.698,182
4.380.712
69,614,131
25,477,796
195,120,409
263,083,894
6,699,858
123.821,277
78,605.945
14,480.868
3.608,345
48,043,400
29,202,528
4,361,205
660.756,057
408,220.578
38,188,713
79.712,527
127.585,029
0,385,645
71,664,509
33,233,548
20,525,912
14,108,537
2.679.364
14,920,232
11,121,273
9,486.237
80,830,535
22,382,927
4,509,390
8,813,234
222.174.923
36,611,413
87.017.197
16,743,837
21,281,175
4.091.770
Large Exports of Cotton, but Declining Exports of
Cotton Manufactures.
On March 24 the Department of Commerce at Washingtcn gave out its report for the month of February and the
tight months ending with February, of the exports of cotton,
cotton cloths, yarns, thread and hosiery. The exports of
raw cotton have increased heavily both in quantity and in
value, but proportionately more in the latter than in the
former because of the high prices prevailing. For instance,
for the eight months the exports in quantity increased from
4,112,387 bales in 1922-23 to 4,521,658 bales In 1923-24, or
less than 10%, while in values there has been a jump from
Cotton duck,sq. yards
Value
Other cotton cloths
Unbleached, sq. yards
Value
Bleached, sq. yards
Value
Printed,sq. yards
Value
Piece dyed,sq. yards
Value
Yarn dyed,sq. yards
Value
$
732,169,745
616,263,873
272,001,432
639,156,209
28,603.870
45,424,064
303.412.419 333.500.444 2,326,005,148 2,333.619.193
Exports teGrand Divisions
Europe
North America
South America
Asia
Oceania
Africa
1923.
1924.
Cotton manufactures,total_ _ _ _ $11,400,225 $9,981,940 $94,542,332 $84,676,888
Cotton cloths, total, Sq. yards 36,751,374 28,866,661 376,122,120 281,153,362
Totalvalue
$6,207,135 $5,433,925 $57,291,267 $48,170,373
Eight Months Ended February.
1924.
1923.
Raw cotton,incl.linters, bales
359,657
482,146
4,112,387
4,521,658
Value
$52,194,940 $79,695,593 $518,788,887 $721,836,322
Importsfrom
Grand Divisions
Europe
North America
South America
Asia
Oceania
Africa
Eight Months Ended Feb.
1924.
759,949
$364,932
496,654
$273,017
6,644,752
$2,803,126
5,672,849
$2,617,870
9,188,516 5,810,176 105,869,424 64,283,975
$1,202,254
$902,357 $12,203,386 $8,704,361
5,208,025 5,372,529 80,258,781 51,797,889
$851,154
$864,594 $8,751,047 $7,896,993
7,408,809 5,895,294 70,382,922 58,949,735
81,145,551
$992,728 $9,570,578 $8,640,326
8,760,646 6,463,087 74,521,810 54,684,642
$1,627,752 $1,377,853 $13,490,612 $11,131,132
5,425,429 4,828,921 58,444,431 45,764,272
$1,015,492 $1,023,376 $10,472,518 $9,179,691
Cotton yarn,thread,&c.
Carded yarn, pounds
Value
Combed yarn, pounds
Value
Sewing, crochet, darning and
embroidery cotton, pounds..
Value
885,776
$386,073
414,788
$311,667
308,965
$152,077
429,679
$307,386
8,080,399
82,402,821
3,434,958
82,196,202
3,404,890
81,520,500
3,159,677
$2,120,000
109,372
$134,584
124,505
$147,658
1,240,721
$1,303,713
1,162,060
$1,355,772
Cotton hosiery,dozen pairs__
Value
484,161
5914.671
338,418
5847 542
3,423,604
58 575 777
2,734,289
AR ARA 0114
Wheat Ground and Wheat-Milling Products in
February 1924.
The Department of Commerce on April 2 announced the
February statistics on wheat ground and wheat-milling
products in comparison with previous months. The figures
for January are revised to include reports received since the
preliminary bulletin for that month was issued. These
returns include only mills which are now manufacturing
at the rate of 5,000 or more barrels of flour annually. For
February 954 companies reported 1,076 mills and these
mills produced approximately 85% of the total wheat flour
reported at the biennial census of manufactures, 1921.
The 1,100 mills reporting for January produced 86% of
the flour reported in 1921.
The average pounds of wheat ground per barrel of flour
was: February, 278.8; January, 279.8; December 1923.
278.7; November, 278.2; October, 277.6; September, 276.4
August, 274.9, and July, 275.8. The average pounds of
offal per bushel of wheat was: February, 18; January, 17.8;
December 1923, 18; November, 18; October, 17.9; September, 17.7; August, 17.5, and July, 17.7.
WHEAT GROUND AND WHEAT-MILLING PRODUCTS. BY MONTHS.
Production.
Month and
Year.
1923.
July
August
September _ _
October
November December _ _
1924.
January
Vahrunry
Mills
reporting
(number)
Wheat
ground
(bushels)
Wheat
flour
(barrels)
Daily
Per cent
(24-hour) of total
Wheat grain capacity in capacity
offal
wheatflour oper(pounds)
(barrels)
and.
1,504
1,068
1.069
1.069
1,081
1,094
35,871,115 7,805,106 633,324,409
44,178,688 9,641.745 772,774,477
44,969,038 9,759,968 796,325,380
50,810,445 10,982,508 908,310,889
43,606,260 9,402,980 783,868,754
37.798,639 8,136,669 678,575,867
650,248
653,047
655.362
655,756
665,858
660,623
48.0
54,7
62.1
62.0
58.8
49.3
1,100
1075
41,833,687
RA 511 MIA
664,458
unq yeA
51.9
8,969,909 746,040,225
5 ARA Nu 805825 007
RO q
COMPARATIVE STATEMENT FOR 995 IDENTICAL MILLS WHICH
REPORTED EACH MONTH. (P)
Month
and
Year.
•
Wheat
ground
(bushels)
Production.
Average Average
Daily
pounds of poundsof(24-hour) Per cent
Wheat Wheat grain wheat per offal per capacity of total
flour
offal
barrel
bushel' in wheat capacity
(barrels) (pounds) offlour, of wheat. flour
°per(barrels)
ate.
1923.
July -_- 35,825,870 7,752,946 628,559,057 275.7
639,821
48.5
17.6
August- 43,730.717 0,541,907764,466,115 275.0
639,931
55.2
17.5
Sept _ _ 44,258,118 9,80:5,968 784,455.366 276,4
639,576
82.6
17.7
October 49,899,684 10,787,637 891,841,617 277.5
638,901
62.5
17.9
Nov. 42,482,316 9,160,181 763,012,438 278.1
.....
18.0
640,019
50.7
36,926,402 7.950,260662,967,719 278.7
18.0
638.798
49.8
1924.
January 40.428.494 8672427 7101.42 751 270.7
17.8
538 458
522
• These mills produced approximately 84^ of the total wheat flour reported In
',
1921.
Leather Gloves and Mittens Cut During
February 1924.
The following statistics on leather gloves and mittens
cut during the month of February 1924 have been compiled
by the Department of Commerce from reports received
from 238 factories, 11 of which were idle. The factories
included in this statement produced 95.9% of the total value
of leather gloves and mittens at the census of manufactures,
1921. A comparative summary for 235 identical factories
for January and February is also given. '
TABLE 1-QUANTITY CUT DURING FEBRUARY (DOZENS OF PAIRS).
&fens' and Boys'.
KIND.
All kinds
Grand
Total.
Women sand Children's.
Part
MI
MI
Part
Total, Leather. Leather. Total. Leather. Leather.
9,834
9,573
261
1,569
9,543
9,318
225
214,300 204,466 149,578 54,888
Dress and street gloves,
mittens and gauntlets,
total
68,930 59,387 57,818
Cut from imported leather
31,551 24,235 23,985
250
7.316
7,190
126
____
233
____
1
14
2
.585
4,012
975
52
1,321
371
585
3,924
975
50
1,287
369
__88
--- 2
34
2
1,319
2,227
2,128
99
39
388
___
892
166
1,548
373
140
118
1,548
337
125
48
91,760 53,319
16,481
255
291
72
255
72
36
36
36
Lamb and
664
79
79
Cape
17,564 13,552 13,319
Suede
2.851 1,876
1,876
Deerskin
3,502 3,450 3,449
Mocha
5,293 3,972 3,958
All other
1,677 1,306 1,304
Cut from domestic leather
37,379 35,152 33,833
Suede
9,196 9,030
Cape
23,825 22,277
Fiesher
1,684 1,311
All other
2,674 2,534
Work gloves, mittens and
gauntlets, total
145,370 145,079
Horsehide
16,808 16,736
Combination horse and
split
4,071 4,971
Shank
18,053 18,017
Combination shank &
spilt
7.670 7,670
Cowhide
4,999 4,999
Sheepskin
19,345 19,167
Buckskin
5.805 5,805
Split leather
51,107 51,102
Hogskin
2,685 2,685
All other
13.927 13 027
8,991
21,889
1,311
1,642
4,971
14,762
3,255
7,670 ---4,282
717
19,007
160
5,774
31
15,039 36,063
2,685
_- __
1 030 12838
------
36
15
-- -
178
142
36
5
-_--
----
--- -
TABLE 2
-COMPARATIVE St MMARY FOR JANUARY AND FEBRUARY
1924, BASED ON REPORTS FROM 235 IDENTICAL FACTORIES.
KIND.
1607
THE CHRONICLE
Am. 5 1924.]
Grand Total.
(Dozen Pairs.)
Feb.
Jan.
Men's and
Women's and
Boys'
Children's
(Dozen Pairs.) (Dozen Pairs.)
Feb.
Jan.
Feb.
Jan.
213,896 199.908204.002 191,855
9,834
8,053
Dress and street gloves, mittens
and gauntlets, total
68,561 60,569 59,018 52,865
Cot from imported leather
31,250 27,006 23,934 21,408
9,543
7,316
7,704
5,598
Lamb and kid
664
739
79
273
Cape
17,382 14,737 13,370 11,257
Suede
2,794 2,651 1,819 2,067
Deerskin
3,470 3,039 3,418 3,034
Mocha
5,263 4,579 3,942 3,704
All other
1,677 1,261 1,306 1,073
Cut from domestic leather_ 37,311 33,563 35,084 31.457
585
4,012
975
52
1,321
371
2,227
466
3,480
584
5
875
188
2,106
Suede
9,134 7,006 8,968 6,267
Cape
23,825 22,992 22,277 21,888
Fiosher
1,678 1,860 1,305 1.722
All other
2,674 1,705 2,534 1,580
Work gloves, mittens and gaunttotal
145,335 139,339 145,044 138,990
Horsehide
16,808 19,761 16,736 19,759
Combination horse and spilt_ 4.971 5,243 4.971 5,229
Shank
18,053 15,592 18,017 15.497
Combination shank and split 7,670 5,943 7,670 5,925
Cowhide
4,999 4,705 4,999 4,705
Sheepskin
19,345 22,009 19,167 21,789
Buckskin
5,770 6,341 5,770 6,341
Split leather
51,107 45,157 51,102 45,157
Hogskin
2,685 1,235 2,685 1,235
Al! other
13.027 122.c2 12097 12 4A2
166
1,548
373
140
739
1,104
138
125
291
72
-- _ _
36
--__
349
2
14
95
18
178
loading of all commodities except miscellaneous freight,
v,as a decresae
forest products and ore, the total for the
of 8,302 cars under the preceding week. Compared with the
corresponding week last year, it was a decrease of 8,167
cars, but with the corresponding week in 1922, an increase of
71,410 cars. The statement also gives the following:
Forest products loading totaled 81,065 cars, an increase of 1,815 cars
over the preceding week and an increase of 7,864 cars over the same week
last year. Compared with the same week two years ago, it was an Increase
of 26,683 cars.
Miscellaneous freight loading amounted to 322,126 cars. While this was
an increase of 4,883 cars over the preceding week, it was a decrease of 5,312
cars under last year, but an increase of 58,982 cars over the same week two
years ago.
Loading of grain and grain products totaled 38,064 cars, a decrease of
4,690 cars compared with the previous week and a decrease of 1,288 cars
under the same week last year. Compared with the same week in 1922.
however, it was an increase of 400 cars. In the western districts alone
24,033 cars were loaded with grain and grain products during the week,
an increase of 800 cars over the corresponding period last year.
Live stock loading totaled 31,075 cars, 441 cars less than the week before,
but an increase of 1,355 cars compared with the corresponding week in 1923
and an increase of 5,687 cars compared with the corresponding week in
1922. Reports showed 23,463 cars loaded with live stock during the wo...k
in the western districts, an increase of 1,688 cars over the same period last
year.
Coal loadings totaled 161,149 cars, 9,405 cars under the preceding week.
Compared with the corresponding week last year, it was a decrease of
23,782 cars and with the corresponding period in 1922, it was a. decrease of
42,070 cars duo to heavy coal shipments at that time in preparation for the
miner's strike which began about a week later.
Loading of merchandise and less than carload lot freight amounted to
250,723 cars, a decrease of 378 cars under the week before, but an increase
of 18,070 cars over the same week last year and an increase of 11,264 over
the same week two years ago.
Ore loadings amounted to 11.180 cars, an increase of 279 cars over the
preceding week but a decrease of 3,504 cars under last year. Compared
with the same week two years ago, it was an increase of 5,887 cars.
Coke loading totaled 13.269 cars, a decrease of 365 cars compared with
the week before and a decrease of 1,570 cars compared with the same week
last year, but an increase of 4,577 cars compared with the same week in
1922.
Compared by districts, increases over the week before in the total loading
of all commodities were reported in the eastern and southern districts, while
the Allegheny, Pocahontas, northwestern,centralwestern and southwestern
districts reported decreases. All districts reported increases over the corresponding week last year except the eastern. Allegheny and centralwestern,
while all showed increases over the corresponding week in 1922.
Loading of revenue freight this year compared with the two previous
years follows:
1922.
1924.
1923.
2,785,119
Four weeks of January
3,373,965
3,362,136
3,027,886
Four weeks of February
3,361.599
3.617.432
793.115
Week ended March 1
945,049
918,624
820.886
Week ended March 8
905,344
929,505
815,082
Week ended March 15
904,116
916,953
837,241
916,818
Week ended March 22
908.651
220
All kinds
F. W. Dodge Corporation Finds Dangerous Speculative
Peak in New York Building.
March building contracts in the five boroughs of New
York City eclipsed all previous records, according to F. W.
Dodge Corporation. The month's total was $131,611,100.
The increase over February was 83%; over March 1923,
130%. The total for the first quarter of 1924, $279,223,500,
shows an increase of 103% over the first quarter of last year.
Previous to January of this year the records do not show any
month with a building contracts total as high as $100,000,000.
Yet all of the past three months have exceeded that enormous
figure. After giving these figures, the Dodge Corporation
then issues the following comment and warning:
Last spring the volume of construction started was so large that it caused
a jam: commitments exceeded the capacity of the building industry; the
labor supply was inadequate and deliveries of the required materials were
extremely difficult; the resulting situation was a break down of the industry
and the delay of many important projects. This year starts with a program
of construction double that of last year, and construction facilities have
mereased very little.
Many well-informed people doubt seriously whether the classes of buildings now being started aro in sufficient demand to justify such a swollen
building program. The New York Building Congress, an organization
composed of leaders in all the important groups connected with the local
construction industry, has just issued a statement pointing out that the
situation is so full of serious possibilities that a warning should be sounded
to all those engaged in construction in New York City.
The dominant factor in the New York construction record continues to
he speculative residential building, including single-family dwellings and
apartments. This class of structures has accounted for $196,220,900 during
the first quarter of this year, compared with $107,564,900 during the corresponding period of 1923. Commercial and educational buildings have also
--hewn considerable increases, but they do not affect the situation in any
such measure as residential construction does.
Railroad RevenueTreight Loading Somewhat Reduced.
I Loading of revenue freight forithe week which ended on
March 22 totaled 908,651 cars, according to reports filed on
April 1 by the carriers:withitheiCarlService Division of the
American Railway Association. Due to decreases in the
Total
10,679,726
10,380.466
9.079,329
Full Crop Production Expected in This Country.
Agricultural production this year will still be confronted
with the difficulties of high wages, loss of farm workers, and
the general disparity between prices of farm and urban
products, declares the United States Department of Agriculture in its monthly agricultural review, issued March 31.
The gross acreage in crops will be about the same as last
year, it is said, if planting intentions are carried out as indicated in reports from 43,000 farmers March 1. Considerable
readjustment in two major money crop regions, spring wheat
and cotton, is reported. In the Northwest there is a tendency
toward flax, oats, barley and livestock, and in the Southeast
toward sweet potatoes, peanuts, tobacco and poultry.
A slight increase in the indicated purchasing power of corn
is shown for March, and a slight decrease in cotton, with
farm products as a whole standing unchanged at 74 as an
index number. This means that the exchange value of farm
products for non-agricultural commodities is still around
25% under the level of 1923.
R. R. Gilbert Elected Deputy Governor, Federal Reserve Bank of Dallas-Other Changes.
R. R. Gilbert, Cashier of the Federal Reserve Bank of
Dallas, Texas, has been elected Deputy Governor, succeeding R. G. Emerson, resigned. The board also created a
second position as Deputy Gove-nor f the bank and elected
Val J. Grund (General Auditor since 1922) to the place.
Other changes at the directors meeting on March 11 occurred
as follows: R. Buckner Coleman, manager of the Houston
branch, was elected Cashier of the Federal Reserve Bank of
Dallas; Fred Harris, Assistant Cashier at Dallas, was elected
manager of the Houston branch; Dwight P. Reordan, formerly Assistant Federal Reserve Agent, and since Sept. 1
1923 acting manager of the El Paso branch, was elected
manager of the El Paso branch; R. L. Foulks, Assistant
Auditor at Dallas, was elected General Auditor, and J. L.
Hermann, manager of the transit department, was elected
Assistant Cashier. W. J. Evans has been appointed Assistant Federal Reserve Agent in charge of member bank
relations.
THE CHRONICLE
1608
[Vol,. 118.
r Current Events and Discussions
The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on April 2 1924, which deals with the results
for the twelve Federal Reserve banks combined, as made
public by the Federal Reserve Board shows increases of
$47,300,000 in holdings of discounted bills, of $11,300,000
in acceptances purchased in open market, and of $7,600,000
in Government securities. This increase of $66,300,000 in
earning assets was accompanied with a decline of $31,700,000
in cash reserves, an increase of $4,600,000 in Federal Reserve
note circulation, and an increase of $55,200,000 in deposit
liabilities, $34,600,000 of the last amount representing the
increase in Government deposits. After noting these facts
the Federal Reserve Board proceeds as follows:
Every Federal Reserve bank shows larger holdings of discounted bills
than the week before. The New York Bank reports an increase of $17,500.000. Chicago of 39,400,000, Philadelphia of $4,900.000 and Atlanta
of33,100,000. Of the total increase of$47,300.000 in holdings of discounted
bills, $24,400,000 represents the increase in paper secured by U. S. Government obligations, which on April 2 aggregated $239,100,000. Of this
amount, 3144,600,000 was secured by Liberty and other U. S. bonds, 385,100,000 by Treasury notes, and $9,400,000 by certificates ofindebtedness.
Holdings of acceptances purchased in open market increased by $11.300.000, an increase of $15,900,000 reported by the New York Bank
being partly offset by moderate reductions shown for most of the other
Reserve banks. A net increase of $7.600,000 in Government security
holdings is reported for the week, holdings of Treasury notes having increased by $8,200,000, while holdings of bonds and Treasury certificates
declined by $600,000.
Increases in Federal Reserve note circulation of $5,200,000 and $3,500 000, respectively, are reported by the Philadelphia and Boston Reserve
banks, Cleveland reports a decline of $44,700,000 and Chicago a decline
of $4,600,000, while the remaining banks show relatively smaller changes
in note circulation. Gold reserves declined by $31.200,000, the New
York Bank reporting a net loss of 826,400.000. Reserves other than gold
declined by $500.000, and non-reserve cash by $4,500.000.
The New York City banks report an increase of $27,000,000 in time
deposits and a decrease of $2,000,000 in Government deposits.
Reserve balances show a reduction of 368,000,000 for all reporting
members and of $58,000,000 for the New York City members. Cash in
vault shows an increase of $7,000,000.
Borrowings of all reporting institutions from the Federal Reserve banks
increased from 3205,000,000 to 3253.000,000. Of this increase $43,000,000
is reported by the New York City banks.
On a subsequent page—that is, on page 1639—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week and a year ago:
Increase (+) or Decrease (—)
During
Week.
Year.
Loans and discounts. total
—$48,000,000 +3282,000,000
Secured by U. S. Govt. obligations_
—58.000,000
Secured by stocks and bonds
—53,000,000
+95,000,000
All other
+245,000,000
+5.000.000
Investments,total
—200,000,000
+8,000,000
U. S. bonds
+16,000,000
—36,000,000
U. S. Treasury notes
—11,000,000
—171,000,000
U. S. certificates of indebtedness
—6,000,000
—59,000,000
Other bonds, stocks and securities__ _ +66,000,000
Reserve balances with F. R. banks
—68,000,000
+20,000,000
Cash in vault
+7,000,000
—2,000.000
Net demand deposits
—247,000,000
+89,000,000
Time deposits
+37,000,000
+283,000,000
Government deposits
—8,000,000
—100,000,000
Total accommodation at F. R. banks_ -_
+48,000,000
—222,000.000
Conversion of British War Loan.
Plans for the conversion of a part of Groat Britain's 5%
war loan bonds were announced on March 31. Yesterday
(April 4) a cablegram from London, published in the
Brooklyn "Eagle," said:
The first day's response to the war loan conversion offer has been gratify-
The statement in full, in comparison with the preceding ing and it is understood that several large holders will exercise their privilege.
Foreign holders are not exempted from the deduction for income tax.
week and with the corresponding date last year, will be found
A cablegram from London to the New York "Journal of
on subsequent pages, namely, pages 1638 and 1639. A Commerce" March 31 had the following to say regarding
summary of changes in the principal assets and liabilities the refunding arrangements:
of the Reserve banks during the week and the year endirg
Surprise was created to-day by the news that the Government was
Introducing a conversion scheme in connection with the war loan 6%.
April 2 1924 follows:
Total reserves
Gold reserves
Total earning assets
. Bills discounted, total
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in open market
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members'reserve deposits
Government deposits
Other deposit
Increase (-I-) or Decrease(—)
During
Week.
Year.
—$31,700,000 +318.300,000
—31,200.000
+22,300.000
+66,300,000 —186,000,000
+47.300.000 —165,600,000
+24,400.000 —141.700,000
+22,900,000 —23,900.000
+11,300,000 —46.100,000
+7,600.000
+25,700.000
—500,000 —11,000,000
+8,200,000
+49,600,000
—100,000 —12.900,000
+4.600,000 —253,700,000
+55,200,000
+73,800,000
+20,700.000
+39,100.000
+34,600,000
+35.400,000
—100.000
—700,000
The present conversion offer apparently applies to big holders and extends
to holdings of 200,000.000 sterling, or about 10% of the total outstanding.
This loan is redeemable at the Government's option in 1929 or after.
and Is repayable in 1947.
The conversion rate is 103 for the 5% bonds, these to be exchanged for
the new 4%% bonds, redeemable optionally in 1940 and finally in 1944.
The converters will receive an Incidental payment of 94% for adjustment
of interest.
It is believed that the opportunity of making this conversion will be
accepted by the insurance companies and other large holders. The scheme
represents the Government's first important move toward dealing with
the repayment of this biggest of all war loans in 1929.
British Government funds were all strong to-day on advance news of
the scheme which leaked before being officially announced. This gave
a better tone to the entire Stock Echange.
Capital Levy Rejected by British House of Commons.
The policy of a capital levy was rejected by the House
of Commons by a vote of 325 to 160 on April 2, according
The Week with the Member Banks of the Federal to Associated Press cablegrams from London, which add:
The adjournment of the discussion on the rents oill provided an opporReserve System.
tunity to take up the Conservative motion against a capital levy, which
Aggregate decreases of $40,000,000 in loans and invest- was designed to force the Government to define its attitude on this question.
Chief interest centered in the admission by J,
In the
ments and of $247,000,000 in net demand deposits, together House, that the Government could no longer hope R. Clynes, leader such a
for the passage of
with an increase of $48,000,000 in accommodation at the measure in the present Parliament and that it was useless for any GovernFederal. Reserve banks, are shown in the Federal Reserve ment to introduce a levy withoutfull consent of the electorate. He strongly
maintained, however, that ultimately the country would be
Board's weekly consolidated statement of condition on crushing burden of debt to resort to this remedy, because thereforced by its
was no alterMarch 26 of 756 member banks in leading cities. It should native. He was convinced that the people would soon realize that a levy
was not a stupid thing,as its opponents contended, but a real stern necessity.
be-nbted that the figures for. these, member banks are'always
. a week behiiid those for the Reserve Banks themselves.
Loans and'discounts show a reduction of $48,000,000, a de- Billion Franc Belgian Credit—Bank Assets Ready for
Big Loan to Steady Exchange.
crease' of $53,000,000 in loans on corporate stocks and
The following from Brussels April 4 is taken from the
bonds being .offset in part by an increase of .$5,000,000 in
"all other," largely commercial, loans . and discounts. In- New York "Evening Post" of last night:
A big financial operation, designed to enable Belgian commerce and indusvestments in United States bonds.and in ,corporate stocks try to enter into contracts without fear of the effects of wide fluctuations in
and bonds increased $16,000,000 and $9,000,000, respectively the exchange market, now is under way, according to the "Vingtieme
while investments'in Treasury notes and certificates..de- Ciecle." The Belgian Bank, Societe National de Credits a Industrie, 18
understood to be ready to use one
creased by $17,000,000. Further , comment regarding the obtain for a period of twenty yearsbillion francs of Its assets to permit it to
•
credits in dollars and sterling sufficient
changes shown by these member banks is as follows:'
to stabilize the Belgian currency, the paper says.
Reports of participation by New York bankers in a credit
Member banks in New York City report decreases of 33,000,000 and
,
• 341,000,000, respectively, in loans secured by U. S. Government oblige- to Belgium have been in circulation during the week, and
, Lions and corporate stocks and bonds, and an increase of 37,000,000 in
the "Wall Street Journal" of last night printed the following
, "all other" loans and discounts. Investments of these banks show an
increase Of 320,000,000. of which 314,000,000 is in holdings of U. S. in the matter:
Government securitie4 and 36.000,000 in holdings of corporate securities.
Wall Street bankers look for probably three groups to bid on the $50.Of the'decrease'of 3247,000,000 in net demand deposits, 3171,000,000 000,000 long-term Belgian loan. Apart from any action which may be
was reported fortheNew York *district, $23,000,000 for the San Francisco taken by J.P. Morgan & Co.,and the Guaranty Trust Co.,either separately
•: • -dikttict,•and,316,000,000 for the Boston district. Time deposits increased or jointly', another syndicate is being formed in which Lee, Higginson &
by 337,000,000, while U. S. Government deposits decreased.by $8,000,000. Co. are understood to be principals.
Amu. 51924.]
THE CHRONICLE
More Credits for Europe Reported—Sweden Gets One
and Czechs Seek Another.
The following is from the New York "Sun" of March 28:
Wall Street heard a report to-day that a New York bank had arranged
Sweden carrying a 5% interest and running not
aver a year. The credit is supposed to be a temporary one to be followed
soon by long-term financing.
At the offices of the National City Co., which has in the past acted
as bankers here for Sweden, it could not be confirmed that such a credit
had been made. It is known that the Government of Sweden is in need
of money largely to help stabilize its exchange.
It is also reported that Czechoslovakia is negotiating with local bankers
for a short-term credit to replenish foreign balances. The freezing of
the River Elbe has tied up exports with a consequent diminution of balances
abroad. Funds are being sought, it is said, until exports are relased.
The credit probably will be similar in amount to the 510.000,000 Danish
stabilization credit obtained here last December.
1609
favorably affect Japanese shipping!'However, the abnormal conditions
now prevailing have prevented the influence of this factor from being felt.
There have been no noteworthy reactions in raw silk or other export lines.
except cotton yarns, and the import figures given above certainly do not
show the effects of r13striction.
a $2,000,000 credit for
Gold Standard Proposal Ratified by Sweden.
The gold standard proposition has been ratified by the
Swedish Parliament, effective April 1, according to a cable
to the Department of Commerce from Consul Leonard
at Stockholm. Advices from Washington April 2 to this
effect stated that gold export is permitted under the new
measure and Swedish currency is made redeemable in gold.
Gold imports, however, will be controlled by the Rikesbank
for the present. Under date of March 14 a cablegram
from Stockholm published in the New York "Times," said:
A Government bill of paramount importance in Swdeen's monetary
policy, urging a return to the gold standard practically without delay
and resumption of gold redemption of notes by the Riksbank beginning
June 1, has been introduced in the Swedish Riksdag. It provides for
immediate steps to insure the full gold parity of the krona while preparing
for gold redemption.
This move on the part of the Government has been preceded by lengthy
discussions of the question of keeping the krona on a par with the dollar,
which has been favored by the majority of the Riksdag as well as by leading
financial and industrial experts.
Swedish Trade Slow in February—Swedish Crown
Responds to Resumption of Gold Redemption of
Currency.
The foreign trade of Sweden during February was adversely
affected by seasonal dullness, says Consul W. A. Leonard
in a cable from Stockholm to the Department of Commerce.
Orders were light and shipping was considerably hampered
by the ice. The total trade for the month was valued at
approximately 150,000,000 crowns, as compared with 172,000,000 crowns in January and 137,000,000 crowns in February 1923. Exports amounted to 59,027,000 crowns and
imports, 90,953,000 crowns, an unfavorable balance, therefore of 31,926,000 crowns. The adverse balance was, however, much smaller than in the preceding two months.
Despite the continued unfavorable balance of trade the
Swedish crown continued its rise toward gold parity. The
average quotation on New York during the first two months
of 1924 was 26.2 cents (par.26.8 cents), whereas during
March it rose gradually to almost 26.5 cents. The recommendations made to Parliament by the Riksbank Committee
that Sweden return to the gold standard was adopted, effective April 1. Gold exports are permitted under the new
law and currency is made redeemable in gold, but for the
present gold imports will be controlled by the Riksbank.
Japan's Heavy Imports Imposing—Great Rush of
Inward Shipment to Take Advantage of Special
Duty Exemptions Expiring March 31.
The outstanding development in Japan during February,
Acting Commercial Attache E. G. Babbitt, Tokyo, cables
the Commerce Department, was the tremendous influx of
imports which tot led 291,300,000 yen during the month.
The Department, under date of March 29, says:
Exports during the period amounted to 104,800,000 yen. The excess
of imports, totaling 188.500,000 yen, was the largest ever recorded. The
primary cause of this has been the desire to rush in shipments prior to the
expiration of the special duty exemptions which end March 31. By far
the greater part of February imports represent essential materials which are
actual investment items. Nevertheless the consequent heavy increase in
stocks has had a very unfavorable effect on a number of the leading commodity markets.
The market prices of lumber, nails, galvanized sheets, wire, dyestuffs
and woolen textiles have fallen below cost and in consequence some of the
smaller companies have been dumping their holdings on the market. However, the general situation is not alarming, since there is a steady demand
which will gradually absorb the present oversupply. Incomplete trade
returns for the first ten days of March show an excess of imports totaling
53,600,000 yen. There is little doubt that this tendency will continue
through March and April, after which a sharp decline in imports is anticipated.
The necessity of financing the heavy import shipments has resulted in a
gradual decline in the exchange value of the yen. This tendency has been
further influenced by the desire of the Government to restrict imports to
essential materials which has caused them to place limitations on the release of gold held abroad. It is the general belief. both of Japanese banks
and Government officials, that a low exchange rate for the yen will automatically restrict imports, cause a necessary s
-tiumlation of exports and
Salvador Customs Collections.
It was announced this week that F. J. Lisman dr Co.
have received a cable from San Salvador stating that the
total customs collections for March 1924 amounted to
$541,000, as against interest and sinking fund charges for
the same month on the 8% customs first lien dollar bonds of
$61,200. It is added:
Total collections since Jan. 1 1924 amounted to $1,608,000, and during
the month of March the sinking fund purchased $86,000 which, in addition
to the $132,000 purchased in January, leaves a balance of $5,802.000 of
the bonds outstanding.
On the basis of the collections for the first three months of 1924, interest
and sinking fund charges on the loan are covered approximately 85 times.
of Agreement for Settlement of Finland's
Debt to United States.
•
It was announced on March 22 that the final steps incident
to the funding of Finland's indebtedness to the United
States were taken on that date, when Minister A. L. Strom
of Finland delivered to the Treasury Department bonds
of Finland in the principal amount of $9,000,000. Original
notes given by the Finnish Government for relief supplies
furnished during the period just after the Armistice were
returned to the Envoy. In our issue of March 15 (page
1214) we gave the text of the bill passed by Congress authorizing the settlement of Finland's debt.
Signing
Offering of $30,000,000 Government of Switzerland
External Gold Bonds.
On April 1 an issue of $30,000,000 5M% external loan gold
bonds of the Government of Switzerland was offered at
97Y% and accrued interest, to yield 5.70%,by J.P. Morgan
& Co., the National City company, the First National Bank
of New York, the Bankers Trust Company of New York,
and Harris, Forbes & Co. The subscription books were
opened at the office of J. P. Morgan & Co. at 10 a. m.on the
1st and later in the day it was announced that the bonds had
been sold and the books closed. The amount due on allotments will be payable on or about April 15 1924 at the office
of J. P. Morgan & Co., in New York funds against delivery
of temporary bonds or interim receipts, exchangeable for
definitive bonds when prepared and received. The bonds,
coupon, in denominations of $1,000 and $500, will bear date
April 1 1924, will mature April 1 1946, andiwill be redeemable
at the option of the Government as a whole but not in part„
at 100% and accrued interest, on April 1 1934, or on any interest date thereafter, upon 60 days' notice. Interest will
be payable April 1 and Oct. 1, and both principal and intorest of the bonds will be payable in United States gold coin
of the present standard of weight and fineness, in New York
City at the offices of J. P. Morgan & Co. or of the National
City Bank, without deduction for any tax or taxes now or at
any time hereafter imposed by the Government of Switzerland, or by any taxing authority thereof or therein. The
proceeds of this loan, it is stated, will be used to "purchase
wheat and cereals in the United States,for which the Govern4
ment of Switzerland will itself receive payment in Swiss
francs." According to the official circular, the following
statement has been authorized by the Federal Financial Department of the Swiss Government:
These bonds are to be direct external obligations of the Swiss Confederation (Government of Switzerland).
Assisi
The total debt of the Government of Switzerland at Dec. 31 1923 was
approximately $900,000,000, of which about $461,000,000 represents indebtedness incurred in connection with the purchase and improvement of
the Federal Railways. For many years preceding the war, the operation
of the Federal railways had always resulted in a surplus over interest charges.
In 1923, as the result mainly of the systematic reduction of operating expenses, the net revenues from operation of the Federal railways showed a
large increase. Such net revenues amounted to 117,941,098 francs in 1923,
as compared with 37,928,150 francs in 1922 and with 79,443,599 francs in
1913, and were more than sufficient to cover interest charges for the year
on the railway debt.
The Federal railways, which have a total length of about 1,880 miles,
or more than one-half of the total railway mileage in Switzerland, are
gradually being electrified. As of Dec. 31 1923 more than 380 miles were
under electric operation. Switzerland has large resources of water power.
estimated at 2.700,000 horse-power,the increased utilization of which should
result in substantial reduction of the quantity of coal which now has to be
imported.
The general debt of the Government of Switzerland (exclusive of the railway debt) amounted to about $439,000,000 on Dec. 31 1923. Of the three
loans previously issued in the United States, aggregating $75,000,000 and
constituting (with the present issue of bonds) the entire external debt of the
Swiss Government,about $14,000,000 has been retired by the Government.
As a partial offset to its general debt, the Government owns the telephone
and telegraph systems, and has other property, securities and special funds.
all aggregating approximately 5250,000,000 in value.
1610
THE CHRONICT,E
The currency system of Switzerland is in a strong position. The amount
of outstanding bank notes of the National Bank of Switzerland, which has
the sole power of note issue, has been reduced during the past three years,
and on March 15 1924 the bank held a reserve in gold and silver equivalent
tol'about 74.19% of its note circulation. As a result of its sound monetary
condition, Switzerland has been able to maintain a favorable exchange
rate for the Swiss franc as compared with other European currencies.
All figures stated in dollars in the above statement have been converted
from Swiss francs at par of exchange.
[VOL. 118.
Closing Time for Executing Foreign Exchange Orders
Fixed at 4 P. M.
With regard to the decision of the Foreign Exchange Club
to fix 4 p. m. daily, except Saturday, when the hour will be
12 noon, as the closing time for executing foreign exchange
orders, we have received the following advices from Edward
E. Spitzer, President of the Club:
The group of bankers floating the present loan were also
-year 5% exthe principals in the offering of $20,000,000 3
ternal gold notes of the Government of Switzerland offered
in August of last year, and referred to in our issue of Aug. 4,
page 497. In another item to-day we refer to a further offering of a Swiss railway loan.
New York April 3 1924.
The "Financial Chronicle," New York:
Dear Sirs:—Agreeably with your request and in explanation of the ruling
by the Foreign Exchange Club respecting execution of orders at the Close
of the market, I beg to say that the Foreign Exchange Club has taken
action in the matter at its last regular monthly meeting, March 27 1924.
Frequently orders are received from clients abroad stipulating executions
"at the close of the market." In view of the rapid changes in rates which
occasionally occur at about the closing of the market, and in order to avoid
controversies with respect to closing rates, it was suggested that a definite
New Swiss Railway Loan.
time be designated for the official closing of the market for such special
According to information received by the Foreign Depart- orders.
On motion duly seconded it was unanimously voted that for the purpose
ment of Moody's Investors Service,the Swiss Federal Govern- of executing orders in Exchange at the close of the market" 4 P. M. on
ment is issuing, in behalf of the Government railways, a new all business days and 12 o'clock noon on Saturdays shall constitute the
closing time. It was suggested that each bank notify its foreign correloan of 150,000,000 francs with the right to increase the spondents accordingly.
amount to 200,000,000 francs. The announcement by
This ruling of course does not obtain where special arrangements are
already in force between banks and their corrspondenta.
Moody's, March 29, regarding this, said:
Yours very truly,
The loan will be known as the "Federal Railways 5% Fourth ElectrificaEDWARD E. SPITZER, President Foreign Exchange Club.
'
tion Loan of 1924," will be in denominations of 1,000 francs and 5,000
francs, and will be repaid at par April 15 1935. Interest will be payable
April and October 15, the first coupon being due October 15 1924. Bonds
will be offered at 9831, to yield 5.28% to maturity. Application will be Readjustment of Salaries of Postal Employees Involves
made for the admission of bonds to trading on the stock exchanges of Basel,
Higher Postage Rates for Newspapers.
Bern, Geneva, Lausanne, Neuchatel, St. Gall and Zurich.
Postmaster-General Now presented to President Coolidge
plan worked out by the Post Office Department for readjustment of salaries of postal workers, with provision for
the increased expenditure to be met, in part at least, by
advances in the postage rate on second and third class mail
and in parcel post charges. This is learned from a Washington dispatch appearing in the New York "Journal of Commerce" which, likewise said:
a
$2,300,000 Kingdom of Belgium Bonds Called for
Redemption.
J. P. Morgan & Co. and the Guaranty Trust Co., of New
York, have issued a notice to holders of The Kingdom of
Belgium 25-Year External Gold Loan 7%% Sinking Fund
Redeemable bonds, issued under the loan contract of May
The plan was submitted as an alternative to the Kelly bill for a flat
28 1920 that, as bankers under the contract, they have
salaries amounting, according to Post Office Department
received $2,300,000 as a sinking fund for the redemption increase into 2150,000,000 a year.
estimates,
and payment of certain of the bonds of this issue. A drawing
The plan was laid before the President at a conference attended by Mr.
was
has been held in accordaince with the terms of the contract, New and Director Lord of the Budget. The latterof thedirected by the
salary readjustPresident to study the plan to ascertain what portion
whereby $2,000,000, principal amount of the bonds, have ment expense would have to be borne out of the general funds of the Treasury
what part from the postal revenues.
been called for redemption at 115% as of June 1 next. The and
annual cost of the
The Postmaster-General did not
bonds so drawn for redemption will be paid on and after readjustment suggested would be ordisclose what the postage charges on
what increases in
June 2 at 115% of their par value at the offices of J. P. the three classes of mail he had proposed. He announced that there wa..
Morgan & Co., 23 Wall Street, or the Guaranty Trust Co., no suggestion that first class mail rates be increased. increase bill has been
sort of postal employees'salary
Enactment
of New York, 140 Broadway, upon presentation and surren- placed on theofsomeprogram by Republican leaders and agreed to by the
House
der of the said bonds with Dec. 1 1924 and subsequent cou- President, who, however, is opposed to a general increase.
pons attached. Interest will cease on all such drawn bonds on
and after June 1 1924. The bankers call attention to the
Combine Firms—
fact that as of March 28 last, certain bonds called for re- Stock Exchange Brokers Aim to
One Hundred Houses Expected to Lose Identity
demption in previous drawings have not yet been turned in
by Amalgamation Moves Due to High Overhead
for payment.
Costs.
The following is from the New York "Tribune" of March
Imperial Japanese Government Bonds of 1905 Called
19:
for Redemption Oct. 1 1924.
The Imperial Japanese Government announced on March
24 that all outstanding Imperial Japanese Government
4 2% sterling loan bonds, first and second series of 1905,
have been called for redemption on Oct. 1 next, at par with
accrued interest to that date. The bonds are payable
on Oct. 1 1924 at the option of the holders in United States
dollars at the fixed rate of $4 87 per pound sterling at the
New York agency of the Yokohama Specie Bank, Ltd.,
120 Braodway, New York City.
$40,000,000 Loan—Earthquake Losses
to be Paid from Proceeds.
The New.York "Sun" of March 28 reported the following
from Washington:
Japan
Will Get
Negotiations for a loan of 80,000,000 yen, or approximately $40,000,000.
have been completed between the Japanese Minister of Finance and
Japanese fire insurance companies. The proceeds of the loan, according
to advlces from Tokio, will be applied to the paying of a percentage of
losses resulting from the recent earthquake and fire.
The fire insurance companies hope to pay from 5 to 10% of the losses.
These Government loans, from which payment will be made, bear interest
at the rate of 4% and mature in 50 years. Repayment is to be made in
yearly installments for the net profits of the companies.
Approval of a temporary loan amounting to more than 30.000,000
yen for the restoration of industrial undertakings and rebuilding of private
homes has been given by the Minister of Finance. The loan is to be
made through the Japan Hypothec Bank and the Industrial Bank of
Japan to the amount of 20,000,000 yen, while the remaining 10,000,000
yen will be made through prefectural offices.
p This loan of 30,000,000 yen is to be made by the Minister of Finance
pending action by the Japanese Diet on a more comprehensive plan involving more than 300,000,000 yen. The Diet, which will be elected in
May and expected to convene in June or July, will give immediate consideration to the measures so that construction of the devastated area in
the country may be instituted as soon as possible.
A substantial decrease in the number of brokerage and investment firms
doing business on the New 'York Stock Exchange will result from negotiations now going on among several groups looking to an amalgamation of their
business interests. It was learned yesterday that at least four of these
groups, representing some of the best known houses in the financial district,
have made sufficient progress with their plans to warrant an early announcement.
The move toward greater centralization of Stock Exchange brokerage
activities meets with the approval of the authorities although they were
not taking an active part in the conferences.
650 Firms Now on Exchange.
Seymour L. Cromwell, President of the Stock Exchange, said yesterday
that the business of dealing in securities for the vast army of traders and
investors could be just as easily and more economically accomplished by a
fewer number of firms.
The firm membership of the Stock Exchange numbers 660, while there
are 1,100 individual floor members, some firms having several partners to
execute the orders that are transmitted from the various brokerage offices
in the financial district Two years ago Mr. Cromwell made the forecast
that 100 firms would probably lose their identity became of the necessity
for effecting greater economies.
High overhead costs are given as the chief reason for the determination
of several important firms to merge their interests. Factors that have
brought about the present heavy operating expenses are the big increase in
rents during the last five years, and salary advances. A partner of one
leading commission house pointed out that his firm now is paying $5 a
square foot for office space, compared with $2 60 paid five years ago.
Salaries have increased in the same proportion, he added.
Commissions May Be Revised.
Brokers realize it would be unwise for them to put into effect higher
commission rates to meet the increased overhead, although they assert the
commissions paid on purchases and sales of American stocks are considerably under the average commissions charged on the London Stock Exchange.
One high official of the Stock Exchange said a serious attempt might be
made soon to revise the present schedule of commissions, not so much with
the idea of raising the rates, but to readjust them to present conditions.
He thought a sliding scale would meet the requirements better than the
present fixed charge of $7 60 a hundred shares for stockmselling at lees
than $10 a share, $15 a hundred for stocks selling between' $10 and $125,
and $20 for stocks selling at more than $126.
Am. 5 1924].
THE CHRONICLE
Creditors of Knauth, Nachod & Kuhne to Receive
30% of Their Claims.
At the conclusion of a hearing on March 28 before Referee
Robert P. Stephenson at 32 Broadway, this city, it was estimated that the 13,000 creditors of the banking firm of
Knauth, Nachod & Kuhne of this city, which failed in June
1923 for about $12,000,000, might expect to receive now 30
cents on the dollar. Middleton S. Borland,the trustee, issued
a statement on the present status of the bankrupt firm. This
statement, as published in the New York "Times" of March
29, read:
Now that the Leipsic claim is out of the way, the unsecured indebtedness
appearing on the books amounts to about $5,700,000. The trustee has
$1,677,000 in cash, and there are quick assets of $1,200,000 on hand, a total
of about $2,877,000. There are also slow assets of a book value of $1,400,000, on which we are placing no cash value at present.
The Creditors' Committee contends the Perkins-Peyton group are partners,
not creditors. If this contention is sustained, it would probably mean the
creditors would be paid in full. If the group succeeds in maintaining its
assertion of being creditors, the situation would be as follows:
They would hold claims of $2,800,000. The collateral they hold would
realize some amount, much of it being slow assets without ready market
value. To appraise the deficiency claim which they would have as general
creditors is premature. It should not, however, be more than $2,000,000,
and I hope that it would be considerably less than that. There are also possible claims, which will be contested, amounting to $800,000.
The final result of the foregoing figures is that in no event is it to be
expected that the general and unsecured claims will exceed $8,500,000, and
I would hope and expect that the amount would be substantially smaller.
As the quick assets, including cash, amount to somewhat over $2,600,000,
after excluding the payments to carry out the Leipsic settlements, it would
appear that one may at least count on these quick assets, subject to deductions only of reclamation proceedings and proceedings by priority claimants
of administration and litigation expenses, as available for distribution to
general credtiors. In addition to these quick assets there are, as I have
pointed out, slow assets in a substantial amount.
A report of Middleton S. Borland, as Receiver for the
firm, was filed recently with Referee Robert P. Stephenson.
This report, which was dated March 15, the day on which
the first meeting of the creditors was held, fixed the total
unsecured debts of the firm at $5,737,436. The claim of the
so-called "Peyton-Perkins group" for $2,691,871, was listed,
it was said, as a debt against the firm, although it still remains in dispute whether the members of this group, comprising George W. Perkins, William C. Peyton and members
of their families, are creditors or are subject to partnership
liabilities. In its remarks on Mr. Borland's report, the New
York "Times" of March 19 said in part:
The Peyton-Perkins group hold securities as collateral, and the Receiver
mid that for the purpose of dividend declaration it would be necessary to
reserve sufficient funds for the payment of a dividend to them on their
deficiency claim, in the event that their position as creditors is sustained.
In the Receiver's opinion the claim will be substantially reduced by the
value of the collateral.
Since the report, the claim of the Leipsic (Germany) firm of Knauth,
Nachod & Kuhne has been settled for $300,000, and this has reduced the total
liabilities to $9,259,307.
"If, as I believe possible, an agreement can be reached with the PeytonPerkins group that their deficiency claim can be fixed," the Receiver said,
"the total claims to be calculated on for dividend purposes would be further substantially reduced."
As a result of the gradual liquidation of the scattered accounts of the
firm the Receiver reported that on March 11 he had cash in bank, $1,672,650. This amount, however, he said, to some extent is subject to reclamation proceedings. There remains in the hands of the Receiver so-called
quick assets which, as of Dec. 31, amounted to $1,296,380, and these are
also subject to reclamation. The report continued:
"The quick assets position of the Receiver, taking into consideration the
cash on hand on March 11 1924 and the estimated value of the securities,
receivables and other quick assets, envalued as of Dec. 31 1923, is of the
aggregate amount of $2,942,030.
"In adition to the foregoing assets there are various slow assets of a total
book value of $1,426,047. There is no doubt in my mind that these slow
assets will realize a substantial amount."
At the creditors' meeting referred to above, Mr. Borland
was elected trustee. On Feb. 17 Justice John C. Knox in
the United States District Court ordered all creditors with
specific claims against the failed firm to present them on or
before May 19 next. We last referred to the affairs of the
failed 'firm in our issue of Dec. 1 1923, pages 2386 and 2387
New Regulations of Federal Reserve Board Governing
Branches of State Bank Members of System.
The issuance, by the Federal Reserve Board of new regulations governing the operation of branches of State banks
and trust companies, members of the system, was announced
on March 30. Copies of the new regulations have not yet
been obtainable, and the possibility of the Board rescinding
the new regulations was rumored during the week in local
financial circles. Summarizing the new rules the Washington "Post" of April 1 said:
While not forbidding the practice, the Board hereafter u ill require proof
of public necessity before it grants the right to any State bank or trust
company to establish branch offices or agencies. Its general principles will
restrict establishment of such hranches to the territorial area or city in
which the parent bank Is located. The Board also reserved the right to
cancel its permit for a branch bank or agency.
1611-
Conditions which the Board holds would warrant cancellation of a permit include unfair competition or the establishment of dangerous banking
precedents.
•
On April 1 the New York "Herald-Tribune" said:,
The text of these regulations was not available here and,issued at Washington apparently without explanatory comment, proved almost a complete
mystery to the banking community. No adequate interpretation of their
application or significance was to be had at the New York Federal Reserve
Bank or from officials of the larger banking institutions.
Cursory examination of the main provisions of the regulations, as outlined
in news dispatches, left the impression that the new order raised fresh bars
against State banks and trust companies joining the system. Bankers
pointed out that such a result ran directly counter to the recent endeavor
of the Board and of its banking advisers to increase the usefulness of the
system by enrolling in its membership additional State banks and trust
companies. These have refrained from joining because of the limitation on
their freedom of action imposed by the Board's regulations. In its new ruling the Board, It was said, apparently accentuates these restrictions by
requiring that banks and trust companies that are members shall obtain its
approval in opening branches, regardless of what the laws of the States
wherein they are chartered may'provide.
Under these circumstances a State bank, desiring to open a branch and
authorized to do so Under its charter, might be prevented from taking such
action at the discretion of the Board.
This was only one of the interpretations read into the notices of the regulations which seeped through from Washington. Another theory, which,
was not widely accepted but which bore the stamp of legal opinion at thecapital, was that under the regulations national banks, operating in States
where the laws permitted, might open branches outside of the cities in which,
their headquarters were situated.
•
The only point on which a consensus of opinion was established was that
the regulations were complicated and, in the absence of official interpretation, confusing. In conservative quarters they were characterized as
unwise in that they would tend to prevent consummation of the ultimate
goal of the system, that is, the gathering together within its membership of
the nation's full banking newer.
It was reported in the street that the issuance of the regulations occurred.
only after a bitter fight within the Board and that they did not have the
undivided support of the authorities. This was not confirmed, but it is
known here that the subject to which they relate has been a matter of
sharp controversy.
From the Washington dispatch to the New York."Journal
of Commerce" March 30 we take the following:
....;
The new rules constitute a drastic departurefrom the policy outlines in the
regulations of 1923 in that under the present regulations branch banking
within the Federal Reserve system is limited only by the public necessity as
it may be found by the Reserve Board In individual eases. Thia applies
both to banks already members of the system and banks becoming members
in the future.
7irancli7Banking Rules.
.
,
Ruling specifically on branch banking, the Board now Makes it a condition of membership in the Federal Reserve system that any bank or trust
company applying for admittance shall not, "except after applying for and
receiving the permission ofthe Federal Reserve Board,establish any branch,
agency, or additional office." Permission of the Federal Reserve Board to
establish such offices would appear to be limited by krtlier•,dondltion of
membership which provides that"Except with the perniis5iOn6t the Federal.
Reserve Board,such bank, or trust company shall not'cause Or permit any
change to be made in the general character of 1ts,aSset4oi• In the scope of
.
the functions exercised by it at the tinie'Of admission to m.orribership, such
as to tend to affect materially the standard maintained at the time of its
admission to the Federal Reserve system and required as a condition of
membership."
•
In passing upon applications by State banks and trust companies for pert
mission to establish branches, the regulations set forth that the
. ar4_ will
39
observe the following principles:
.
.
.
"The Federal Reserve Board will, as a general principle.restrict theestablishment of branches, agencies or additional offices by suckbanks.Or truscompanies to the city or location of the parent bank and the territorial area ,
within the State contiguous thereto, as said territory lias,been defined in the
Board's resolutions of Nov. 7 1923, exceptingln Instances where the State
banking authorities have certified and the Board finds that public necessity
.
and advantage rendersla departure from the,principle necessary or desirable."
Contest in Board.
This provision, it is understood, was mainly responsible for the contest
within the Board over new-branch banking regulations resulting in the submission of the new policy to Mr. Mellon. While the new regulations contain
the contiguous phase which was one of the basic principles of the rules now
superseded, the exception as to public necessity is entirely new and virtually
sweeps away any vital territorial restrictions.
The new regulations, moreover, appear to go considerably further than.
the superseded branch banking rules in differohtiating between the powers
of the Board over banks to enter the Federal Reserve system lathe future,'
those which entered under specified conditions and others, older members
of the system, whose admittance was unconditional.
•
This would appear from the wording of the section governing
changes in
assets or broadening of functions which Is made to apply to banks hereafter
to be admitted to the Federal Reserve system or those which have been
admitted subject to the condition that permission must be obtained from the '
Federal Reserve Board for establishing branches. This
only been in effect since about 1919, and it is believed requireinent bas
that the Federal
Reserve Board is without power to enforce such
restrictions upon State
banks and trust companies entering the System unconditionally
before that
date.
Annual Report of Federal Reserve Board--Relation
of Discount Rates to Market Rates—Economic
Readjustment Nearing Completion.
Treating of the relation of discount rates to market rates
the Federal Reserve Board, in its tenth annual report (made
public March 31), covering the operations for the year 1923
states that "the experience of the last year thows light upon
the important and much discussed but as yet little under
stood problem of the basis of Federal Reserve discount pol
icy and rates." It is pointed out in the report that "discoun
rates in 1923 underwent fewer changes than in any other
1612
THE CHRONICLE
year in the history of the system," and in referring to the
fact that "the view most widely held in financial and banking circles is that the Federal Reserve rate should move in
sympathy with general money rates, rising as they rise, and
falling as they decline" the report states that "the observations of the Federal Reserve Board, and the experience of
the Federal Reserve Bank make it certain that the Federal
Reserve banks and the Federal Reserve Board cannot adequately discharge their function of 'fixing rates with a View
of accommodating commerce and business' by the simple expedient of any fixed rule or mechanical principle." The
Board undertakes a comparison of the New York and London money markets, and it says:
The temptation which is present under the American banking system to
rediscount customer paper and relend the proceeds because of the profit
arising from such rediscount, when the Federal Reserve Bank rate is stiff
• ciently below the customer rate to make such a transaction profitable, is
not present under the English system.
That this difference in the respective banking situations of the two countries is a fact to be reckoned with in the application of the discount policy
of the Federal Reserve banks is certain, but the methods by which it will
most appropriately be reckoned with, experience is already making it clear,
are not to be found principally, if at all, in the establishment and maintenance of Reserve bank rates at punitive levels.
"Broadly stated," says the Board, "an effective Federal
Reserve discount rate Will be one that gives effective support to a Federal Reserve bank's credit and discount policy.
The objective in Federal Reserve discount policy is the constant exercise of a steadying influeuce on credit conditions."
The report states that "economic readjustment has been proceeding at a rapid rate and is now nearing completion," the
Board's statement as to this, and its discount policy being
as follows:
Banking and Business in 1923.
Taking the year as a whole and regarding it in the perspective of the
after-war readjustment period, there is abundant evidence that, so far as
the United States is concerned, economic readjustment has been proceeding
at a rapid rate and is now nearing completion. The economic balance as
between various industries and sections of the country is not yet fully restored, but during the past two years there has been rapid progress in the
direction of a more stable equilibrium and of a better alignment of prices
between different commodity groups. In agriculture there has been a general improvement, though in the wheat-growing and live stock industries the
recovery has been slow and incomplete. The year 1923 was characterized
by a large industrial output, practically full employment, a sustained consumers' demand for goods, and a level of prices more stable than in any
year since 1916.
In the banking history of the year the outstanding events are the large
increase in the volume of credit and currency provided to meet the demands
of the country's business, the considerable inflow of gold, and the continued
use of a volume of Reserve Bank credit of over a billion dollars that changed
little between the opening and the close of the year. In the support of the
increased volume of production and trade the member banks of the Federal
Reserve System between the spring of 1922, when the recovery of industry
made itself felt in a larger demand for credit, and the end of 1923 extended
an additional volume of credit of over $3,300,000,000. This represents an
increase of about 14% for the period and brought the total loans and investments of all member banks to a record level. That the banks of the
country were able to finance the credit requirements of an enlarged volume
of business and to meet an increase in the demand for currency amounting
to more'than $500,000,000, without giving rise to a demand for additional
Federal Reserve Bank credit, is explained by the fact that member banks
met this demand by the use of funds made available by the continued inflow
of gold. This gold has served as a substitute for Reserve Bank credit. Had
there been no gold imports, the growth of business and the increased demand for currency would have resulted in a demand for Federal Reserve
Bank credit approximately equal to the half billion of gold imported during
the period.
The ability of the banking system during the past two years to meet the
considerable increase in the demand for credit and currency without an
increased use of Reserve Bank credit differs from the experience during the
war period and the years of active business immediately following the war.
During 1919 and 1920, for example, the rapid increase in member bank
credit was accompanied by a more rapid rate of increase in Federal Reserve
Bank credit. In 1922 and 1923, however, it was the additional gold received from abroad and not additional use of Reserve Bank credit which
enabled the member banks to meet the increased credit and currency demand.
The fact that a volume of Federal Reserve Bank credit of about $1,200,000,000 has been continuously in use during the past two years indicates that,
while the gold received from abroad has been sufficient to supply the
reserve and currency needs of member banks, it has not been In such volume
as to enable member banks, after supplying the new demands of their customers for credit and currency, to meet their total requirements without continuing to borrow in considerable volume from the Federal Reserve banks.
Federal Reserve banks, therefore, continued in the year 1923, as in other
years, to be an important and essential element in the country's credit
structure.
Changes in the volume of member bank credit during the year, more
than in Federal Reserve Bank credit, have reflected the course of business.
developments. Total loans ot all member banks increased by nearly $1,000,000,000 during the year. That the principal demand for credit was for
commercial, industrial and agricultural purposes is indicated by the rapid
increase in the volume of loans of this character made by member banks In
leading cities. The period of most rapid increase in the demand for credit
was the first quarter of the year, when trade was active and the volume
of production in basic industries was greater than at any previous time.
At the opening of 1923 the upward movement of production, which had
begun in the middle of 1921, continued at a rapid rate and production in
basic industries reached the highest level on record; labor was fully employed; and prices were rising. During the late spring and summer months,
however, there was a recession in industrial activity, though the distribution
of merchandise was well maintained. The slackening in productive activity
arose more from the hesitancy of business concerns in placing forward orders
than from a lessened demand on the part of ultimate consumers, and the
price declines which occurred during the period were chiefly in materials
[VOL. 118.
used in industry rather than in consumers' goods. During the last quarter
of the year, while the volume of production was below the record levels of
the spring, trade continued active and prices showed a degree of stability
unusual in recent years.
Federal Reserve Discount Policy.
These banking and business developments constituted the circumstances
in which the Federal Reserve System functioned during 1923 and with reference to which Federal Reserve credit policy was formulated. In carrying
out this policy the system has not relied upon changes in discount rates as
the only means of influencing the general credit situation. The open-market
transactions of Federal Reserve banks during 1923, which are later considered in some detail, as well as their discount policy, have reflected Federal
Reserve credit policy. Furthermore, the experience of several of the Reserve
banks is demonstrating that changes in discount rates need not be in all
circumstances the main reliance or in any situation the exclusive reliance
in making the credit policy of the Reserve banks effective. By maintaining
constant, close and direct contact with the loan policies and operations of
its member banks, through examination or otherwise, a Reserve bank can
do much by other means than changes in discount rates to estah ish an effective supervision and control of the credit released by it to its member banksDiscount Policy in 1923.—Discount rates in 1923 underwent fewer changes
than in any other year in the history of the System. The only changes in
discount rates were at the Federal Reserve banks of Boston, hew ork and
San Francisco, where near the end of February rates were advanced from
4% to 454%, bringing the rates at these banks to the level prevailing at all
other Reserve banks.
These advances gained significance from the fact that they were the first
rate advances in more than two years. At the time then' had !non a considerable increase on a national scale in the demand for credit and the existing
inequality between discount rates in various districts tended to attract an
undue proportion of borrowing to the centres with low rates. The effect of
the rate advances of the three banks was to bring about a better regional
distribution of credit and to test the character and soundness of the credit
demand by having the obligations of borrowers passed upon by banks in
their own locality.
The attitude of the Federal Reserve System, as expressed in these rate
changes, was not immediately reflected in any change of the volume of
bank credit in use. This, however, is not to be taken as indicating that the
advances of rates, slight as they appeared, were without consequence. The
Influence of the change of discount rates by the Reserve banks cannot be
measured by any immediate effect that they might be expected to have on
the total volume of borrowing at member banks. The credit process which
finally gives rise to a granting of credit by a member bank has its beginning
in the business plans and decisions of the bank's customers. The movement
in the volume of credit at any given time, and particularly in times of business expansion has a momentum which cannot be immediately checked, and
while the expansion is actively going on the movement tends to gain momentum at an increasing rate. The volume of banking credit in use and
outstanding, as recorded in the statements of the banks, is the outcome of
commercial plans and commitments which may antedate by many months
the extension of credit by the banks. Business transactions which are already under way will ordinarily be carried through to completion, quite
irrespective of changes that have supervened in credit conditions and money
rates. The rise in discount rates is not intended to interrupt or interfere
with antecedent commitments that are in process of completion, but rather
to induce a more prudent attitude on the part of borrowers with regard to
new commitments. It requires, therefore, some time for a rate change to
show its effects in the altered lending operations of the banks.
In the months immediately following the rate advances made in February
1923 the volume of credit, especially the borrowings for commercial and
industrial purposes, continued to increase at a rapid rate. Prices, particularly of those commodities which had been advancing rapidly for about a
year, ceased their rise in May, chiefly because the increased volume of production which the rise in prices had stimulated was reaching the market and
taking effect in supplies of goods available for consumption. While consumers' demand was maintained and the volume of trade continued large throughout the year, there was some recession in industrial activity in the second
half of the year and a decline in the price level from the peak reached in
May to approximately the level of the corresponding months of the previous
year.
The rise of prices during the early months of 1923, which in comparison
with the price movements experienced under more settled business conditions of the years before the war was proceeding at a relatively rapid rate,
led to expressions of concern that the country might once more be entering
upon a period of credit expansion and gave rise in certain quarters to a demand for further discount rate advances. The judgment of the Board, however, was that the increasing volume of credit was justifying itself in the
continued increase in the volume of production and consumption; the fact
that there was little indication of speculative activity was regarded as sufficient evidence that credit was not being put to uneconomic uses.
In commenting on the business and credit situation at the time, the Board
said in its Review of the Month for March that "the economic use of credit
is to facilitate the production and orderly marketing of goods and not to
finance the speculative holding of excessive stocks of materials and merchandise. So far as the available indications go, the increased demand for credit
during recent months appears to have arisen from the larger financial requirements of current production and trade and not from speculation in inventories. When production reaches the limits imposed by the available supplies of labor, plant capacity and transportation facilities—in fact, whenever the productive energies and resources of the country are employed at
full capacity—output cannot be enlarged by an increased use of credit and
by further increases in prices." The view of the Board at the time that the
upward movement of prices was not due to an unwarranted expansion of
credit, as tested by the volume of trade and industry, was confirmed by the
subsequent course of economic events.
During the closing months of 1923 prices became more stable, the reduced volume of production became better adjusted to the current demand,
and the volume of commercial and agricultural borrowing, after reaching a
peak during the crop-moving period, declined slightly. All of these developments indicated that the year 1923 by comparison with previous years attained a considerable degree of economic stability. The outcome for the
year shows that the banks of the country through the extension of credit supported the industrial and trade recovery that was under way and that the
Federal Reserve banks through their discount policy performed the function
laid down in the act of "accommodating commerce and business."
Relation of discount rates to market rates.—The experience of the last
year throws light upon the important and much discussed but as yet
little
understood problem of the basis of Federal Reserve discount policy and rates.
Discussions have usually addressed themselves to the question of relationship that should exist and be maintained between Federal Reserve Bank
rates
and the rates in the open market and between Federal Reserve Bank
rates and
prevailing rates charged by member banks to their customers for
current
commercial accommodation. The view most widely held in
financial and
APR. 5 1924.]
THE CHRONICLE
1613
district to work out the most practicable method of relating its rates to
competitively determined member bank rates within its field of operation.
The regional organization of the Federal Reserve System was recognition
of the fact that Federal Reserve discount rates need not at all times and in
all circumstances be uniform in the several districts, and experience appears
to confirm the conclusion that no single and uniform method of adjusting
discount rates will be found equally workable and equally satisfactory in
all the districts.
While it is not, therefore, possible to speak dogmatically on the subject
of Federal Reserve rates and the basis on which they will best and most
usefully be adjusted in fulfilling the purpose of the Federal Reserve Act, to
wit, that of fixing rates "with a view of accommodating commerce and
industry," it is possible to point to certain considerations derived from the
experience of the Federal Reserve banks which have an important if not a
decisive bearing upon the problem of regulating the flow and use of Federal
Reserve Bank credit by means of the discount rate. Broady stated, an
effective Federal Reserve discount rate will be one that gives effective support to a Federal Reserve Bank's credit and discount policy. The objective
in Federal Reserve discount policy is the constant exercise of a steadying
influence on credit conditions.
The Federal Reserve banks are the country's supplementary reservoir of
credit and currency, the source to which the member banks turn when the
demands of the business community have outrun their own unaided resources.
The Federal Reserve supplies the needed additions to credit in time of business expansion and takes up the slack in times of business recession. It is
it responsibility to regulate the flow of new and additional credit from its
reservoirs in accordance with solid indications of the economic needs of
trade and industry. When production, trade and employment are in good
volume and the credit resources of the commercial banks of the country are
approximately all employed and there are signs neither of speculative business expansion nor of business reaction, Federal Reserve Bank rates should
be neither so low as to invite the use of credit for speculative purposes nor
Average for all districts
4.47
5.48
The table brings out the fact that the margin between the Federal Re- so high as to discourage its use for meeting legitimate producthe needs of
the business community. It seems clear that if business is undergoing a
serve Bank rate and member bank rates varies considerably from district to
district, and that in general the spread is narrowest in these districts where rapid expansion and is in danger of developing an unhealthy or speculative
the financial centres are located. The differences in the margin reflect in boom, it should not be assisted by too easy credit conditions. In such cirpart the differences in the costs and risks of member bank lending in various cumstances the creation of additional credit by rediscounting at Federal
sections of the country. These differences between districts also represent Reserve banks should be discouraged by increasing the cost of that credit—
the wider margin between the Federal Reserve Bank rate and member bank that is, by raising the discount rate. It seems equally obvious that if inrates in smaller cities as compared with the larger centres. With the Fed- dustry and trade are in process of recovery after a period of reaction, they
eral Reserve Dank rate at 41%, the rates charged to customers in Decem- should be given the support and encouragement of cheaper credit by the
/
2
ber 1923 were 6.44% for cities of 100,000 population and over, 6.34% for prompt establishment at the Federal Reserve banks of rates that will invite
cities from 15,000 to 100,000, and 7.54% for cities of less than 15,000. The the use of Federal Reserve credit to facilitate business recovery. The readiversity in member bank rates, whether considered by Federal Reserve dis- son for variable Federal Reserve discount rates is the necessity of adjusttricts or by size of cities is, therefore, apparent. It follows that the Fed- ing rates to these changes in business and credit conditions.
The experience of the Federal Reserve banks, notwithstanding
eral Reserve Board, in approving the maintenance by all Federal Reserve
that the
banks of rates at a uniform level practically throughout the year, was guided brief period of their active operation on a considerable scale has been one
of disturbed economic and financial conditions, is demonstrati
by no mechanical rule as to the necessity of maintaining a fixed and
ng that there
invariable relationship between Reserve Bank rates and member bank customer is a sufficiently close connection between changes in Federal Reserve Bank
rates and changes in rates charged their customers by
rates. Indeed, the observations of the Federal Reserve Board and the
member banks on a
expe- sufficiently large volume of customer borrowings
rience of the Federal Reserve banks make it certain that the Federal
to make Federal Reserve
Re- rates an important and at times a leading
serve banks and the Federal Reserve Board cannot adequately
influence in money centres. In
discharge that sense the Federal Reserve bank
rate may be said to be effective. Its
their function of "fixing rates with a view of accommodating commerce
and
business" by the simple expedient of any fixed rule or mechanical principle. effectiveness and the range of its influence have been promoted in no inconNew York and London money marketa—Referenee has already been made siderable degree in recent years by the increasing fluidity of the American
credit system—that is, by the ease with which credit
to the principle not infrequently advocated that the discount rates of
flows between the
the
Federal Reserve banks must be higher than current rates for commercial larger financial centres and the interior of the country.
Member bank customer rates have shown a tendency to
accommodation in order to be "effective" rates. This view appears to be
move with changes
in Federal Reserve Bank rates. This is particularly
based on a loose analogy with the London market and with the
noticeable in the larger
traditional financial centres of the country, for reasons
that need not be detailed, and
poliey of the Bank of England. The "Bank rate" in the London market
is when after a considerable period of stable
rates the Federal Reserve bank
the official minimum rate at which the Bank of England stands
ready to rate is advanced. This is not merely or
principally because of the addition
extend credit on paper of certain well-defined character. This rate
is nor- made to the cost of credit, but because
an advance of rates when properly
mally above the rate at which this class of paper is bought
and sold in the timed is taken by the business
community as an indication of the attitude
London money market. It is not, however, above the rate
charged by the of the Federal Reserve System toward
the credit situation—the relation of
London joint-stock banks on loans to their customers, in the
form usual for the volume of the country's'credit to
borrowing in England for ordinary commercial and industrial
the volume of its production and trade.
use; that is to It is for this reason that the leadership
say in the form of "overdrafts" and "advances."
of the Federal Reserve banks when
rates are advancing appears from experience to be
A comparison of the rate structure of the New York
more promptly recognized
market with that of than when rates are declining.
the London market brings out that in the New York
market the official discount rate of the Federal Reserve Bank is also above the
open-market rate
on that class of paper, to wit, bankers' acceptances,
most nearly comparable
to the bills which are the principal type of paper
in the London market. A Federal Reserve Board on Open Market Policy and
comparison further shows that in London, as in
New
Operations.
loans made by commercial banks to their customers York, the bulk of the
are at rates higher than
Elsewhere in this issue we refer to the Federal
hank rate in London or the Federal Reserve
discount rate in New York.
Reserve
English banking practice does not, therefore,
Board's statement relative to its discount policy,
as preFederal Reserve Bank discount rates in order to establish the inference that
be effective must be penalty sented in the Board's
annual report made public this week.
rates—that is be higher than the rates charged
by member banks on customer loans. Little in the way of good would
The Board likewise undertakes hi the report
result from any attempt to
to indicate
adopt or set this up as the regulative principle in
the adjustment of Reserve the open-market policy and operations of the System.
Bank rates.
"The
part that open-market operations may play in
There is an important different between
general credit
the relationship sustained by
member banks to their Federal Reserve
banks and by London joint-stock policy," it says, "is influenced by the fact that changes in
banks to the Bank of England. When
member
customers they obtain from them promissory banks lend money to their the volume of securities held by the Reserve banks have an
notes which are eligible for effect on
the volume of their discounts for member banks."
rediscount with the Federal Reserve Bank. The
London joint-stock banks,
on the other hand, make moat of their loans
to customers in the form of over- During the years 1922 and 1923, says the report, "the opendrafts or advances which do not result in negotiable
instruments and there- market transactions of Federal Reserve
fore cannot be converted into balances at the Bank
banks entered upon
of
tion which is present under the American bankingEngland. The tempta- a new phase. Not only were these transacti
ons at times
system to rediscount
customer paper and relend the proceeds because
large in their absolume volume as well as in
of the profit arising from
their volume
such rediscount, when the Federal Reserve Bank
rate
the customer rate to make such a transaction profitable,is sufficiently below relative to the rediscount operations of the banks, but they
is not present under also
the English system.
showed between the beginning and the end of the period
That this difference in the respective banking
situations of the two coun- great fluctuations, both absolutely and relatively."
In April
tries is a fact to be reckoned with in the application
of the discount policy 1923, the report
ef the Federal Reserve banks is certain, but the
points out, the Board "took steps to bring
methods by which it will
most appropriately be reckoned with, experience is
already making it clear, about a better co-ordination of the open-market operations
are not to be found principally, if at all, in the
establishment and mainte- of the Federal Reserve banks with their discount
operations
nance of Reserve Bank rates at punitive levels. The
outlook for Federal and their general
Reserve credit regulation would indeed be unpromising, in
credit policy." "In view of the influence
view of the great
disparity of customer rates at member banks in different
sections of the which the open-market operations of any Reserve bank In
country, if the Reserve banks had no other means than
discount rates by the general money market may have on the
which to regulate the volume of their credit use, and
credit situation,"
if this discount rate it adds,
"the Board regarded it as essential that the purcould exert no effective influence unless it were a penalty
rate.
The experience of the Federal Reserve banks under
normal conditions of chases and sales of securities by Rese-ve banks should be
operation has as yet been too brief to make it possible to speak
comprehen- made with the primary regard to their
sively and definitely concerning the proper relation of
broader consequences
Federal Reserve Bank and
in accordance with the credit policy of the System."
discount rates and member bank customer rates. This is
particularly true
because of the variety of economic and financial conditions
in the United The following, it is pointed out, was the principle laid down
States, partially expressed, as has just been pointed out,
in the lack of uni- by the Board in this
formity of interest rates in the different sections of the
matter: "That the time, manner,
country. It will take
much further and fuller experience under more normal
conditions to enable character and volume of open-market investments purchased
each Federal Reserve Bank operating in the particular
circumstances of its by Federal Reserve banks be governed with primary regard
banking circles is that the Federal Reserve Bank rate should move in sympathy with general money rates, rising as they rise and falling as they decline A further development of this theory, based upon the leadership which
it is felt the Federal Reserve banks should assume in the money market,
asserts that when money conditions are tightening the Federal Reserve Bank
rates should lead the rise in money rates. A still further and more extreme
view holds that Federal Reserve Bank rates normally should be above the
level of member bank rates.
It appears that the Federal Reserve Bank discount rate of 41
%
/ was in
2
excess of the rate on bankers' acceptances and Treasury certificates of short
maturity throughout the year and below the commercial paper rate.
The relation in 1923 between Federal Reserve bank rates and rates
charged by member banks in different districts to their customers is indicated by a comparison of the practically uniform rate throughout the year
at all the Federal Reserve banks and the rates paid by customers to member
banks on paper rediscounted with the Federal Reserve banks. This comparison is presented in the following table:
Fed. Res. Bank rate.
Member bank rate.
Boston
4.42
6.07
New York
4.42
6.22
Philadelphia
4.50
6.31
Cleveland
4.50
6.58
Richmond
4.50
6.09
Atlanta
4.50
6.25
Chicago
4.50
5.62
St. Louis
4.50
5.59
Minneapolis
4.50
7.93
Knasas City
4.50
7.16
Dallas
4.50
8.41
San Francisco
4.44
6.84
1614
T H li
CHRONICLE
to the accommodation of commerce and business and to the
effect of such purchases or sales on the general credit situation." The Board's observations on the subject follow:
[VOL. 118.
of securities the initiative may be taken by the Reserve banks. The extent
to which member banks borrow in order to replace the funds withdrawn by
the Reserve banks through the sale of securities is a measure of the demand
for Reserve bank credit. The sale of securities by a Reserve hank may thus
serve as a test of the degree of adjustment between the demand for Reserve
bank credit and the outstanding volume of such credit.
The changes in the volume of open-market holdings and of discounts during 1922 and 1923 and the extent to which these changes offset each other
in the total volume of earning assets are shown in the chart. [This we
omit—Ed.] The volume of open-market holdings with which the Federal
Reserve banks entered the year 1923 amounted to $712,000,000, made up as
follows: Government securities, $457,000,000; acceptances, $255,000,000.
At that time the discounts of the Federal Reserve System amounted to $628,000,000. The earning assets of the 12 Reserve banks, therefore, at the
beginning of the year 1923 consisted of discounts and open-market investments in approximately equal volume. By the end of the year the volume
of open-market holdings for the 12 banks amounted to $440,000,000, made
up of Government securities, $104,000,000, and acceptances, $336,000,000.
The reduction in the volume of open-market investments was accompanied
by a substantially equal increase in the volume of discounts, with the result
that the total volume of Federal Reserve Bank credit outstanding changed
but little. The gradual withdrawal from the open market by the Reserve
banks during the first half of 1923 placed upon the member banks the responsibility for validating the continued use of the existing volume of Reserve bank credit and tested the degrees of dependence of the credit structure upon the volume of Federal Reserve Bank accommodation outstanding.
The record shows that member banks met the test by discounting in a volume substantially equal to the reduction in open-market holdings. There
was no material change in the volume of Reserve Bank credit in use. The
reduction of open-market holdings by Reserve banks, therefore, did not result in the withdrawal of support, but in a change in its character. The
fact that the reduction of the open-market holdings during 1923 was accompanied by an increased amount of discounting by member banks in a
volume approximately equal to the funds withdrawn by the reduction of
open-market holdings showed that the total volume of Reserve Bank credit
outstanding was not in excess of the demand for such credit.
The relationship just described between open-market operations, discount
operations, and the total volume of Reserve Bank credit is based upon the
experience of the Federal Reserve System as a whole, and is not evident to
the same extent in the operations of the individual Reserve banks. The puril sass of Government securities in 1922 by Reserve banks outside the money
centres did not result in a corresponding decline in the discounts for their
member banks, and in the early part of 1923 the security holdings of some
Reserve banks were materially reduced without causing a comensurate increase in the borrowings of member banks in those districts. The fact that
open-market operations of individual Reserve banks may not be reflected in
changes in the demand for credit at these banks, but may influence the
credit situation in the money centres where the purchases or sales are made,
makes it evident that open-market policy should be a System policy.
Open-market policy in 1923.—It was for these and related considerations
that the Federal Reserve Board in April 1923 took steps to bring about a
better co-ordination of the open-market operations of the Federal Reserve
banks with their discount operations and their general credit policy. The
necessity of co-ordinated action among the several banks with respect to
open-market policy and operations was also an Important consideration
leading to the earlier appointment of the committee of Reserve Bank officers
to act under the general supervision of the Board in handling open-market
problems and operations. This committee is now the agency through which
transactions in furtherance of the System's open-market credit policy are carried out. In view of the influence which the open-market operations of any
Reserve bank in the general money market may have on the credit situation,
the Board regarded it as essential that the purchases and sales of securities
by Reserve banks should be made with primary regard to their broader consequences and in accordance with the credit policy of the System. The following was the principle laid down by the Board in this matter: "That the
time, manner, character and volume of open-market investments purchased
by Federal Reserve banks be governed with primary regard to the accommodation of commerce and business and to the effect of such purchases or sales
on the general credit situation."
As the Federal Reserve Act provides that discount rates shall be fixed
"with a view of accommodating commerce and business," the adoption of
this principle by the Board has established the open-market policy on the
same basis as the discount policy.
The experience of the past year in open-market and discount operations
of the Reserve banks is significant, because it has demonstrated that with
a constant demand for Reserve Bank credit continuous readjustments in
the composition of this credit may occur without resulting in an increase in
the total volume outstanding. That throughout 1923, a year of growing
business activity and increased credit and currency requirements, there was
no demand, for additional Reserve Bank credit was due to the continued inflow of gold from abroad which furnished to member banks the funds needed
to finance the enlarged volume of trade and industry.
Open-Market Policy and Operations.
The credit policy of the Federal Reserve System in 1923 was expressed
not in its discount policy alone, but also in the open-market operations of
the Federal Reserve banks. The year has witnessed a considerable development in the scope, purpose and method of these open-market operations.
The results of the year have demonstrated that open-market operations,
when wisely timed and well conceived, are, in a larger measure than has
hitherto been generally appreciated, capable of giving effective support to
the discount policy of Federal Reserve banks without an accompanying
change of rates. This new chapter of experience is of sufficient consequence in its bearing upon the development of the Federal Reserve System
to merit extended notice
Discount and open-market operationst—Two broadly distinguishable
classes of credit operations, that is to say, ways of making "discounts, advancements, and accommodations," are recognized and authorized by the
Federal Reserve Act. There are, first, the so-called rediscount operations,
and, second, the so-called open-market operations, these being the terms used
by the Federal Reserve Act to distinguish the two major classes of Federal
Reserve Bank operations. The provisions of the law governing rediscount
operations are found in section 13 of the Federal Reserve Act and those governing open-market operations in Section 14.
An "open-market" operation consists in the purchase or sale in the general
or open market by a Reserve bank of such classes of investments as it is
authorized by the Act to buy and sell. The classes of investments specified
by the Act as appropriate for purchase and sale by the Federal Reserve
banks in the open market are cable transfers, bankers' acceptances, bills of
exchange, securities of the United States Government, and certain types of
obligations of minor political subdivisions. In making purchases and sales
of these classes of securities the Federal Reserve banks may deal directly
with the public, for the Act provides that they may purchase and sell "at
home or abroad, either from or to domestic or foreign banks, firms, corporations or individuals."
By a rediscount operation, on the other hand, is meant the rediscount by
a member bank with a Reserve bank of the paper of its customers, when
that paper conforms to the "eligibility" tests set up by the Reserve Act.
There is no open market for customer paper or so-called line of credit loans
—no market, at least, in the sense in which the term market may be applied
to such two-name paper as trade bills, bankers' acceptances, etc. An important purpose of the Federal Reserve Act was to improve the status of
customer paper of eligible character, or, as the Federal Reserve Act states
in its title, "to afford means of rediscounting commercial paper."
There can be no doubt that the Federal Reserve Act looked forward to the
development in the United States in the course pf time of an open market
of considerable extent for dealings in short-term bills of the kinds described
in Section 14 of the Act, and it was expected and desired that operations in
the open market should be engaged in by the Federal Reserve banks from
time to time much after the manner of the central banks of leading foreign
countries by the purchase or sale of securities for the purpose of exerting
an influence on the state and course of credit.
A review of the history of the open-market transactions of the Federal
Reserve System shows that during the first three years of their operation the
volume of open-market securities held by the Reserve banks was larger than
the volume of their discounts for member banks. Easy money conditions
during this period, the large influx of gold, and the strong reserve position
of the member banks made it possible for them to finance the great growth
that was then taking place in the volume of the country's business without
borrowing from the Federal Reserve banks. The Reserve banks entered the
open market at this time partly to secure earnings from the investments
from which their operating expenses could be defrayed, but largely also
for the purpose of building up a broader discount market in the United
States by encouraging the use of bankers' acceptances and by freely dealing
in them.
After the entry of the United States into the World War the increased
demand for credit for Government financing resulted in a rapid increase in
borrowing by member banks at the Reserve banks. From that time until
the end of 1921, when the liquidation following the crisis of 1920 had pretty
well completed its course, the volume of paper held by the Federal Reserve
banks as discounts was much larger than the holdings of open-market investments. The volume of such investments was at times considerable during
this period, but, taking the period as a whole, the holdings of open-market
investments during the five years from the time of our entry into the war
until the spring of 1922 constituted a relatively small proportion of the total
earning assets of the Federal Reserve banks.
Open-market operations in 1922 and 1923.—During the years 1922 and
1923 the open-market transactions of Federal Reserve banks entered upon a
new phase. Not only were these transactions at times large in their absolute volume as well as in their volume relative to the rediscount operations
of the banks, but they also showed between the beginning and the end of the
period great fluctuations, both absolutely and relatively. Moreover, during
these two years, in contrast to the earlier period, open-market transactions
of the Federal Reserve banks were principally in Government securities. Following the general liquidation in 1921 there was a rapid and continued re- Senate Committee's Action on Tax Revision Bill—
payment of borrowings by member banks. The volume of paper held under
Corporation Tax Increased to 14%—Estate Tax
discount by the Federal Reserve banks reached a low level during the first
Reduced to 25%.
part of the year 1922. Some of the Reserve banks, in order to assure themThe Senate Finance Committee, which last week (March
selves of sufficient earnings to meet their expenses and their dividend requirements, began to purchase considerable amounts of short-term Treasury 24) dropped the Longworth
income tax rates from the tax
securities. By mid-year the volume of such securities held by the Reserve
banks reached nearly $600,000,000. The course of these operations, entered revision bill and substituted therefor the Mellon schedule,
upon independently by each of the twelve banks, made evident the need has continued its work on the bill the present week, making
for a better co-ordination of the open-market operations of the several banks, various changes therein.
Principal among these amendments
and in 1922 led to the creation of a committee of officers of the Reserve
banks for the purpose of co-ordinating Reserve bank dealings in Government was the decision on March 31 to increase the present tax on
securities, so as to prevent possible conflict between their own transactions corporation earnings of 123% to 14%; at the same time
and those which as fiscal agents of the Government they were conducting it was decided to
eliminate the special tax of $1 00 per 81,000
for the Treasury. Moreover, and eventually destined to be far more important, the character and scale of the open-market operations engaged in by on the capital stock of corporations. These proposals,
the Federal Reserve banks during the year 1922 and the early part of 1923 which were made by Senator Reed (Republican) of Pennshowed the need of bringing these operations more definitely into line with sylvania, came
before the Committee on March 28, but
the general credit policy of the System.
The part that open-market operations may play in general credit policy is action thereon was deferred until the 31st. Senator Reed
influenced by the fact that changes in the volume of securities held by the contended that his proposals would make no material
Reserve banks have an effect on the volume of their discounts for member
change in the amount of revenue collected from this source,
banks. The purchase of securities in the open market by a Federal Reserve
bank places funds in the hands of member banks which these banks may but that:present:administrative difficulties would bellessened.
use in the repayment of borrowings from the Reserve banks; the sale of by the repeal of the capital stock tax. The vote on the
securities, on the other hand, by withdrawing funds from the market may
motion was five to four. On March 31 also the Committee
lead to additional borrowing from the Reserve banks. The difference between discount operations and open-market operations is that the initiative unanimously approved the House provision providing for a
In rediscounting lies with the member banks, while in the purchase and salel 25% reduction in 1923 income taxes payable the
present
Aril.. 5 1924.]
THE CHRONICLE
1615
.
.
questioning long-aftedalgof the other Senators had left:the-committee room.
Ada result of thelextended visit of Mr. Mellon, direct action'on the tax re vision bildwaiprecludedlandlthe!estate taxes went over until the night sesThe House amendment opening tax returns to Inspection by certain Con- sion of the committee.
It was understood to be the desire of the committee to question Mr. Melgressional committees also was modified somewhat. It was agreed to make
Senate lon on the revenue needs of the Government, but this was not done. Senathe returns open to the House Ways and Means Committee and the
approved by the House, but the -House provision, tor Smoot. however, has some estimates and he is making a survey of the
Finance Committee, as
giving the privilege to special Congressional committees, was changed to in- legislative calendar to determine what will be the cost to the Government
clude only standing or select committees of either house of Congress when growing out of the passage of certain bills carrying with them,for the most
authorized by a resolution. This is along the lines recently suggested by part, rather large appropriations. These must be considered in the revision
of taxes, Senator Smoot declared.
President Coolidge.
By further modification the House provision authorizing the committees
In stating that the Committee on April 3 decided to restore
tax
to make available to the Senate or House information obtained from
returns was changed so that the committees could make public only the the present estate tax rates of 25%, the Associated Press
and
name and address of taxpayers, the total amount of income tax paid
advices of that date added that provision was made for a
the amount of refunds made to each.
in the brackets to which they would apply, so that
Chairman Smoot's proposal of a sales tax of one-half of 1% on all sales, change
with certain exemptions, was defeated, on a strict party *vote of 6 to 4. the revenue increase of $12,000,000 which would have
Some Republicans did not vote, while the Democrats solidly opposed It. resulted from the House increase would be effected. These
amendMr. Smoot said that he probably would not attempt to have the
ment voted on on the floor. Adoption of the amendment, he said, would advices further stated:
By further action at the night session, insurance companies were exhave made possible elimination of all taxes except the normal and surtax.
have al- empted from the increase of
% voted recently by the committee in the
the tobacco manufacturers' and the estate taxes, and also would
on these taxes from their present rates.
corporation tax of 1234%. Chairman Smoot explained the companies
lowed a reduction of $391.436,000
Rates in the present law for the taxes on produce exchange sales and would be unable to benefit with other corporations by the repeal of the
on drafts and promissory notes were voted back into the bill. The !louse special tax on capital stock which was made to effset the increase In the corWays and Means Committee had cut in half the tax on sales on produce ex- poration tax.
reduce
The tax on radio sets was fixed at 10% on all selling for $15 or more, to
changes of two cents for each $100, which, it was estimated, would
revenue $4.000,000 annually, and had repealed the tax on drafts and notes apply at the source of manufacture. Likewise, the tax on Mah Jongg sets
Govern- was
of two cents for each $100, which, it was estimated, would cost the
placed at 10%. on manufacturers or importers, on all selling for $5
or more.
ment $2.150,000 annually in revenue.
surtax rate schedule which they
Democrats of the committee agreed on a
In addition to the reduction on automobile taxes voted by the House. inbill
cluding repeal of the 3% tax on automobile trucks, the chassis of which
will propose as a substitute for the Mellon rates already voted into the
Demo- sell for less than $1,000, and the cutting in half of the 5% tax on automobile
by the Republicans. Senator Simmons of North Carolina. ranking
would
tires and accessories, it was voted by the Senate Committee to repeal the
crat on the committee and author of the schedule, predicted that it
and sufficient Re- tax on automobile truck bodies when sold separately at a price of $200 or
receive almost unanimous support from the Democrats
to assure virtually its adoption on the floor. The less. The total amount of revenue involved in these reductions was estipublican insurgent votes
workmated at $25.000,000.
schedule was withheld, pending receipt of additional estimates as to its
Repeal of the candy tax involves revenue amounting to $13.000.000.
ing effects.
The gift tax, which was inserted in the bill on the floor of the House, carOn April 4 the Committee reconsidered its action and
rates as the estate tax and it was estimated would bring in
agreed to the House cut in half of the tax on produce ex- ried the same annually.
about $2,000,000
change sales in revenue bill.
A motion by Senator Jones, Democrat, New Mexico,to change the estate
be levied on recipients of
The views of Secretary of the Treasury Mellon on the to an inheritance tax, whereby the tax would it is divided, was defeated
rather than directly on the estate before
estate taxes carried in the bill as it passed the House were estates vote.
by a close
heard by the Committee on April 2, Mr. Mellon declaring
Motions made by Senator Walsh, Democrat, Massachusetts, to repeal
these rates from a entirely the tax on automobile trucks and tires and accessories broughtfrom
that the action of the House in increasing
Chairman Smoot the declaration that they were "just an attempt to get us
maximum of 25% to 40% was "economic suicide." On on record, when all members of the Committee should know extensive reCommittee reduced the rate to 25% on duction In the excise rates Is going to be impossible."
the 3d inst. the
Smoot declared the
Referring to the new
estates of $10,000,000 and over and eliminated the gift tax would have to find sometaxes, Chairman additional revenue toCommittee
meeet the
means of raising
imposed by the House. A motion to shift the estate taxes probable number of pending special appropriation bills which would be
3d inst. Manu- passed. If all of these were taken Into consideration, he said, no additional
to those of inheritance was rejected on the
excise rates yet to be conreductions could be made in the
facturers' taxes on completed radio and mah jongg sets sidered, and which were reducedmiscellaneous orthe House.
or repealed by
on the 3d inst. In his statewere voted by the Committee
Bills calling for aggregate special appropriations of almost $600.000,000
ment before the Committee on April 2, Secretary Mellon are pending, and some have been passed by either the House or Senate.
in addition to the expenditures estimated
asked that, in a discussion of the estate tax as a revenue These appropriations would be the surplus of $395,000,000 available for
Budget Bureau, on which
by
tax as a taxthe
measure, there be cast aside "any question of the
reduction in the next fiscal year was estimated by the Treasury.
Mr. Smoot is preparing a list of probable extra expenditures which he
means of punishing wealth, or as, in some way,for the social
to be taken care of by the revenue bill now under conthinks will
good of our civilization." The Associated Press quoted sideration. have he would include, he said, the soldier bonus bill, which
In this
him as adding:
It Is estimated will cost a maximum of $135,000,000 In the first year of
The social necessity of breaking up largo fortunes in this country does not operation. Mr. Smoot has said there were enough votes In the Senate to
exist. Under our American law it is customary for estates to be divided override a Presidential veto on the bonus bill.
Reductions In the tax bill already agreed to by the Finance Committee
equally among the children, and in a few generations any single largo
fortune is split into many moderate inheritances and the continuation Include $222.900,000 in the income tax rates, in accordance with the
Mellon plan; $33,000,000 in theatre admission taxes and about $65,000,000
through generations of a single fortune has been proved to be impossible.
It should always be borne In mind that estate taxes are levied upon capital in reductions on earned incomes.
The total reductions estimated to have been made by the bill as passed
and that they are used for current operating expenses and that they amount,
therefore, to a destruction of capital in the country. Yet the House by the House were $446.270,000.
Among the bills requiring special appropriations in the next fiscal year and
this Inherently unsound increase in taxes for the
amendment would make
sake of a mere $12,000,000 of additional revenue. In the course of a few which either have passed the Senate or House or are being strongly advoyears this additional revenue will disappear and oven the original revenue cated are: Pensions. $57,000,000; bonus. $135,000.000; McNary-Ffaugen
farm relief,$100,000.000 to $200,000,000: postal employees'salary increases,
will be depleted.
The whole return from the estate taxes, some $110,000,000 under present $135,000,000; German food relief.$10.000.000,and good roads,$85,000,000.
New estimates on the cost of the soldier bonus bill, passed by the House,
rates, Is insignificant in comparison with the general receipts of the Government. It is but a slight portion of the Government revenue, but it is a based on revised figures as to the number of veterans entitled to benefits
large and important part of State revenue. To destroy values from which under the bill are also being prepared.
the States receive income is to force them to resort to higher taxes on land.
In referring to the deliberations of the Committee on
The Federal Government should keep estate taxes as a reserve in times of
national distress. All prior inheritance taxes have been war taxes. It is March 28, when the Reed proposal to increase the c9rp2raonly now that Congress proposes to destroy this reserve in time when tion tax to 14% was brought forward,theYork "Journal
revenue from other sources is not only adequate, but in excess of the nation's
of Commerce" stated in part:
needs.
The committee went back to Section 201,and after a great deal of debate.
When a man dies his property does not often consist of cash or marketable securities. The effects is immediately to give notice to all possible adopted the language adopted by the House which limits the tax free propurchasers that a forced sale will soon take place. This has the effect of vision applicable to corporate distributions. The law provides that any distribtion made by a corporation shall be deemed to be made out of earnings
dropping the price at which securities can be sold.
In its practical effect a 40% rate requires for its satisfaction 50% or and profits to the extent of the earnings and profits accumulated after
more of the normal value of the estate and in cases where an estate is March 1 1913. It also provides that tax free distributions out of the earnburdened with considerable indebtedness the destructive effect is still ings and profits accumulated prior to March 1 1913,shall be applied against
and reduce the basis for the stock only for the purpose of determining a
greater.
Aesuming that all inheritances, largo and small, were taxes at 40%, it loss from the subsequent sale of the stock; such distribution is not applied
would be only two or three generations until private ownership of property against the basis of the stock for determining the gain from its sale.
would cease to exist. Since these taxes are used in the current operation
Seeks to Amend Law.
of the Government the result would be not that the Government had abThe pending bill seeks to amend the law by providing that a distribution
sorbed the wealth of the country but that the wealth had been spent and out of the earnings and profits accumulated prior to March 1 1913, shall be
none was left.
applied against the basis of the stock for the purpose of determining both
A further hearing was accorded Secretary Mellon on the gain and loss from its subsequent sale.
law
3d inst. as to which we quote the following from the Washing- in The provisions under discussion to-day were written into the present of
1921 after a big fight was waged in their favor by the lumber interests
ton account to the New York "Journal of Commerce":
the country. Its enactment has saved to them many thousands of dollars.
Although the session was an executive one,it is understood that Mr. Mel- it is pointed out, and its proposed revocation will result in the waging of
lon virtually was cross-examined by Senator Jones, Democrat, of New another fight for further freedon of tax exemption.
The House provided exemption from the corporate income tax for "Ioca
Mexico and that much of the information sought required the Secretary to
associations of employes,the membership of which is limited to the employes
bare his own financial situation.
From what could be gleaned after the session, Senator Jones took up many of designated person or persons in a particular municipality, and the net
subjects, including briefly the question of a graduated tax upon corporations. earnings of which are devoted exclusively to charitable, educational and
He sought the opinion of Mr. Mellon as to why corporations should not be recreational purposes, whether or not for the benefit of the members and
taxed upon their income in the same way as individuals. He continued his their families." At the same time the House provided exemption for co-
year. Associated Press dispatches from Washington March
31 stated:
1616
THE CHRONICLE
operative insurance companies "if substantially all the
income consists of
amounts collected from members for the sole purpose of
meeting losses and
expenses."
Reject First Proposal.
The committee to-day rejected the first proposal and limited
the second to
cases where, instead of "substantially." 90% of the income
comes from the
sources named. These two gaps will, if stopped, bring
to the Treasury a
considerable sum of money. It is estimated also that the Reed
amendment,
making the corporation income tax rate 14%, will
raise $20,000,000 more
than the present 123 %,plus the saving that will come
from the ability of
the Treasury Department to dispense with the
capital stock division of the
Internal Revenue Bureau.
Taxpayers would benefit through not being required to make
two returns
for tax purposes, one on account of income,
the other on account of the
capital stock levy, and would be relieved of uncertainty
where the capital
stock has no fixed value, with the possibility of
being subjected to penalties
where the two returns fail to agree in the determinat
ion of the Government.
It is claimed also it is another move toward
simplification.
On March 29 the Senate Committee agreed to the repeal
of the 10% admission tax on amusement tickets selling
for
50 cents or less, as voted by the House, and approved, with
some modifications, the proposed Board of Tax Appeals.
The Associated Press advices stated:
A motion to-day by Senator Walsh, Democrat.
of Massachusetts, to
double the admission tax on tickets selling for
$1 50 and more was defeated.
Secretary Mellon had recommended the repeal
of this tax entirely, which,
he estimated, would reduce revenue about
$70,000,000 annually. The proposed reduction is estimated to cut down
receipts from admissions about
$33,000,000.
Action of the House in transferring from the
Treasury Secretary to the
President the power of appointment of the members
of the proposed Board
of Tax Appeals was approved by the
committee. The salaries of the 28
members, however, were placed back as first
proposed to $10,000. instead
of $7,500 as voted by the House. It was voted also to
have the board
consist of 28 members for two years only,
and after that of seven members,
on the ground that most of the back work
on tax appeals could be disposed
of in two years.
Yesterday (April 4) another attempt by Senator Reed,
Republican, Pennsylvania, to provide taxation of income on
State, municipal and Federal securities, now tax exempt,
was defeated. The Associated Press dispatches from Washngton last night also said:
Adjournment of the Senate over Saturday was proposed
in a program outlined to-day by Chairman Smoot, looking
to completion of work on the
Revenue Bill by to-morrow night, so
a report on the measure may be made
to the Senate Monday or Tuesday.
The week-end adjournment would
give the committee one entire day on the
bill and he thought this might be
sufficient.
[VOL. 118.
Jury sitting in Washington on a charge of
contempt of the
United States Senate, in refusing to testify
further' before
the Committee on Public Lands investigating the
oil leases.
The indictment, which contains ten counts,
was returned
by the Grand Jury to the Supreme Court of the
District of
Columbia. The specific charge was the violation of
Section
102, Revised Statutes of the United States, in
refusing to
answer questions before a Committee investigating the
leases.
Considerable interest is manifested in this case in Washington, according to press advices, since it is understood
to be
the intention of Mr. Sinclair, through his counsel,
to fight
the case all the way to the Supreme Court of the United
States, and the High Court's ruling is expected to be of
the
greatest importance in connection with subsequent
investigations conducted by Congressional committees. The
indictment covers twenty-two typewritten pages and
charges
that Mr. Sinclair refused to answer ten questions propound
ed
to him by the Committee on Public Lands and Surveys of
the Senate. Mr. Sinclair, as previously noted in these
columns, refused to answer the questions on advice of his
counsel, Martin W. Littleton, who challenged the authority
of the investigating Committee to require the testimony of
his client on the day of the latter's last.appearance on the
stand. Mr. Littleton announced at that time that the
authority of the United States Senate to require answers to
the questions would be tested out in the Federal Criminal
Courts. If the contentions of Mr. Littleton are sustained,
the scope of investigating committees will be greatly limited
and restricted. Should the highest Court, however, sustain
the contentions to be made on behalf of the Government,
Congressional committees in the future, as in the past, will
have a rather wide range of action.
The statute in question carries a penalty of a fine of $100
and thirty days in jail and permits an increase in the penalty
to one year in jail and a fine of $1,000. Regarding the indictment of Mr. Sinclair, the New York "Times" said:
The indictment is the first of the kind to be returned in
Washington in
nearly thirty years, or since the fall of 1894, which was the last
time that
the indictment method was adopted by the Senate as punishment
for
refusal to answer interrogatories of one of its committees. At
that time
a New York broker was indicted, tried and fined $100 and sentenced
to
Harlan Fiske Stone Successor to Harry M. Daugher
days in
ty serve thirtya Senate connection with his refusal to answer questions propounded by
investigating committee. The so-called sugar scandal
as Attorney-General.
the matter under investigation at that time.
Announcement was made on April 2 by President Coolidge was
Because of refusal to testify on that occasion indictments for
that he had selected to succeed Harry M. Daugherty as contempt of the Senate were reported by the District of Columbia alleged
Grand
Attorney-General a New York lawyer, Harlan Fiske Stone, Jury on Oct. 1 1894 against Elverton R. Chapman. a New York stock
broker and member of Moore & Schley of New York; Henry 0. Havemeyer
,.
whose nomination was sent to the Senate for confirmation all official of the American Sugar Refining Co.; John
E. Searles of New
on that date. The nomination was approved by the Senate York, and others. They were charged with declining to tell the Senate
Judiciary Committee on April 4. Mr. Stone is a member of committee if certain Senators had been dealing in sugar stocks,while the
Senate was debating on the schedule of the tariff to be placed on sugar.
the firm of Sullivan, Cromwell & Co., well known corporaMr. Chapman was convicted and sentenced, but Messrs. Havemeyer and
tion lawyers of this city, and is nominally Dean of the Law Searles were acquitted. The Supreme Court of the United States at that
School of Columbia University. Ever since the enforced time did not review the case, however, although the ISS11.0 went up on a
demurrer. In the case of the Sinclair indictment,
will be made to
resignation of Mr. Daugherty, Mr. Stone had been in get a clearcut ruling of the Supreme Court on the an effort of the power or
question
Congressional investigating committees.
President Coolidge's mind for the post, it is said. In view
Mr.
of the circumstances of Mr. Daugherty's retirement and of counselSinclair was not in Washington to-day, but it was declared by his
that he probably would return to the capital voluntarily to answer
the suspicion cast upon the Department of Justice
the indictment.
by toThere is no immediate likelihood
of Mr.Sinclair going to jail, it is believed,
testimony given before the Special Senate Committee the
because
take some time to fight
President, it was pointed out, sought a man who would be counsel,it willunderstood, will file a the battle in the courts. Mr.Sinclair's
it is
demurrer, and in the event that it is
free from organization politics and business influences.
by the Supreme Court
At overruledto the Court of Appealsof the District of Columbia,an appeal will
taken
be
of the District of Collunbia, and,if necesthe same time the President regarded it as necessary
to sary, from that tribunal to
Supreme Court.
obtain as his law adviser a man of outstanding ability, both Supreme Court uphold the the United States the indictment Should the
lower courts and
, Mr. Sinclair
an administrator and a lawyer, and who would command would be placed on trial.
There Is no certainty that the Supreme Court, however, will pass
the respect of the country.
on the
case at all. In the Chapman case a writ of review from
While Mr. Stone is hardly known to the public, the to the United States Supreme Court was sued out, thethe Court of Appeals
highest court in the •
feeling is said to exist in Administration circles that when land, in a decision by Chief Justice Melville W. Fuller, declared that that
tribunal had no right to review the District of Columbia Court
of Appeals in
his record is known he will appeal to the people as fulfilling criminal matters, whereupon
Mr. Chapman paid his
all the qualifications essential in an Attorney-General. In month's imprisonment in the District of Columbia fine and served the
jail, less the usual
allowance for good behavior.
a large sense the selection
is personal with President Coolidge,
Jury Holds Questions Pertinent.
who has known Mr. Stone ever since they were students at
The indictment is signed by District Attorney Peyton Gordon and by
Amherst College more than thirty years ago. At the time
Special Assistants Atlee Pomerene and Owen J. Roberts. Each of nine of
'
of Mr. Daugherty's retirement last week, the name of Mr. the ten counts in the indictment deal with
inquiries propounded by Senator
Stone and that of Chief Justice Arthur P. Rugg of the Walsh of Montana to Mr.Sinclair while thb latter was a witness. The tenth
Massachusetts Supreme Court, whom the President also (*tint deals with the general refusal of Mr. Sinclair to answer any questions.
The Grand Jury declares that the questions asked by Senator Walsh were
knew well and for whom he had a high personal regard, were pertinent to the inquiry undertaken by the Senate committee,and
sets forth
mentioned for the post. Mr. Stone's nomination had been that for many years the United States Government had been greatly disturbed by the progressive diminution of the supply of petroleum for the use
opposed by advisers wins urged the President to select a man of the Navy,and thus is
keenly interested in the subject of conservation.
whose appointment would tend to strengthen the Republican
The indictment then refers to the Executive order of Sept. 2 1912, for the
establishment of Naval Petroleum Reserve No. 1; the Executive
Party in the West.
order or
Indictment of Harry F. Sinclair for Contempt of
United States Senate by Grand Jury.
Harry F. Sinclair, President of the Sinclair Consolidated
Oil Corporation and the Mammoth Oil Co., a Sinclair subsidiary which is lessee of the Teapot Dome Naval Oil Reserve
in Wyoming, was indicted on March 31 by the Federal Grand
Dec. 13 1912, for Reserve No.2, and the order of April 30 1915,for Reserve
No.3. Then follow references to the Acts of Feb. 25 1920, and June 4 1920,
the latter being the Naval Appropriation Act; the Executive order of May
31 1921. carrying into effect the leasing of Naval Reserve wells by the
Secretary of the Interior. The latter order was signed by President Harding.
The Grand Jury then details the lease made by Secretary Denby and Secretary Fall to Mr. Sinclair, acting as President of the Mammoth Oil Co..
a
Delaware corporation. The jury also sets forth supplemental contracts with
the Mammoth Co., and the contracts entered into by Secretaries Denby and Fall on Dec. 111922. with the Pan-American Petroleum and Transport.
Co.
Am. 5 1924.1
THE CHRONTCLE
After these leases and contracts had been made,the indictment states, the
attention of the Senate was called to them, and charges of fraud, collusion
and bad faith were made and the legality of the leases and contracts questioned.
The indictment points out that there then arose in the Senate a question as
to the future policy of the Government as to such leases and the necessity
and desirability of legislation on the subjects involved.
The indictment quotes the text of the Senate resolution calling for the
Inquiry by the Committee on Public Lands in the charges of alleged fraud.
By reason of this resolution, the indictment avers, the Senate Committee
on Public Lands and Surveys was empowered "to investigate the entire
subject of leases upon Naval Reserves, with particular reference to the protection of the rights and equities of the United States and the preservation
of its natural resources, and to report its finding to the Senate."
The indictment tells of the summoning of Mr. Sinclair on Dec. 4 1923
to give testimony before the committee, and that later, "on the 22d day of
March 1924, a witness, Harry F. Sinclair, being called before the committee and being on the stand, refused to answer any question propounded
to him by any member of the committee as set forth in the report of the
committee to the Senate on Saturday, the 22d day of March 1924. which
the witness severally declined and refused to answer,as therein set forth."
Questions at Issue Set Forth.
Questions put to Mr. Sinclair are specified, in each case with the oil
man's reply,"I decline to answer on advice of counsel,on the same ground."
The questions asked by Senator Walsh related to the testimony of the
Denver newspaper publishers, Bonfils and Shaffer, the Mammoth Oil Co.'s
dealings with the Pioneer OH Co., the identity of the "Mr. Hays" referred
to by Mr. Sinclair's Secretary as the recipient of Sinclair stock. Mr. Sinclair's meetings with A. B. Fall, the transfer of Sinclair funds to a Washington bank, the reported Sinclair contribution of stock to the Republican
National Committee and the refusal of the oil man to produce the books
of the Hyra corporations.
Other questions asked by Senators Dill and Adams,to which Mr. Sinclair
refused to answer, also are set forth. Senator Dill asked as to what service
Archie Roosevelt had performed for the Sinclair organization, and Senator
Adams asked Mr. Sinclair about his previous denial that any of his companies had given or loaned anything to Secretary Fall
The indictment also sets forth the statement in which Mr. Sinclair challenges the right of the committee to interrogate him. It follows:
"I am President of the Mammoth Oil Co. and as such represent all others
interested in that company. I negotiated the lease of Teapot Dome and
an responsible for those negotiations. Any pertinent question which your
committee would ask would necessarily relate to the procurement of that
lease and its validity.
"You, and the body from which you derive your authority, have already
sat in judgment on these questions and remitted them to the courts of proper
jurisdiction. I shall reserve any evidence I may be able to give for those
courts to which you and your colleagues have deliberately referred all
questions of which you had any Jurisdiction and shall respectfully decline to
answer any questions propounded by your committee.
"It is further perfectly clear that the Congress and the President have
made of the whole matter a Judicial question, determinable solely by the
courts of the counrty, and such question is now actually pending in the
District Court of the United States for the District of Wyoming, and.
whatever criminal act is claimed, is about to be investigated by a special
Grand Jury of the District of Columbia.
"With due respect to your committee I claim that you are without any
jurisdiction to question me further regarding the procurement of the lease
or the validity thereof, or any fact or circumstance pertaining thereto; that
such an examination of me by your committee would not only be clearly
outside of your jurisdiction, but would be. in effect, an examination, before
trial, in a civil action between the Government and the company I. represent, by a body of men wholly unauthorized by law, and, in a wholly
unauthorized manner.
"Or, if your examination should be directed to eliciting facts concerning
fraud or corruption, your committee, in effect, would have constituted itself
a Grand Jury as to a matter which Congress and the President, by Joint
Resolution 54, have directed should be presented to the constitutional
authorities of the country."
Mr. Sinclair appeareel on April 1 before Justice Adolph tk.
Hochling in Criminal Court No. 2 and entered a plea of not
guilty. He received the customary ten days to demur, or
change his plea and file such other pleas as he may be advised
by his counsel, Colonel J. W. Ze'vely, Martin W. Littleton
and G. T. Stanford. The reading of the 22
-page indictment
was waived. Mr. Sinclair was accompanied to court by
all of his attorneys. The Fidelity & Deposit Co. of Maryland
furnished his bond of $5,000.
Indictment of Congressman John W. Langley Charging
Violation of Prohibition Laws—Congressman
Zihlman Exonerated.
Representative Frederick N. Zihlman of Maryland, a
Republican, was on March 31 exonerated by the Grand
Jury in Washington that last week handed down two indictments charging Representative John W. Langley of Kentucky, also a Republican, with conspiracy to violate the
national prohibition laws. The evidence submitted in Mr.
Zihlman's case, according to the press reports, is understood
to have related to the withdrawal of whisky from Government warehouses. The Grand Jury decided to ignore the
allegations and reported its conclusions to Justice Hitz in
Criminal Division I this afternoon. The action by the
Grand Jury will not result in any change in the plans of the
Special House Committee, which was appointed to inquire
into charges against "two members of Congress" accused in
a recent Grand Jury proceeding in Chicago.
Indictments charging Representative John W. Langley,
Republican, of Kentucky; Millard F. West, a former Deputy
Commissioner of Internal Revenue, and four others with
conspiracy to interfere with the operations of the Government were returned by a Federal Grand Jury at Washilgton
1617
on March 27. Langley alone was named in one indictment.
Another was against him, West, Russell M. Sackett, a
prohibition agent in Pennsylvania; Ben L. Moses and
Harry Sattler, co-partners trading as the Union Drug Co.
of Pittsburgh, and Sidney Reis, described as a producer of
liquors in large quantities. The conspiracy section of the
Criminal Code prescribes punishment of not more than
two years imprisonment, or a fine of not more than $10,000,
or both. Congressman Langley, who is Chairman of the
House Public Buildings and Grounds Committee, is serving
his ninth tterm in Congress. He is said to have been one of
the "two members of Congress' referred to in the report of
the Chicago Grand Jury which investigated alleged Veterans'
Bureau frauds as having been charged in testimony with
accepting bribes for improper use of official influence.
On the floor of the House Langley and Representative
Zihlman, Republican, Maryland, recently declared they
had unofficial information that the Chicago Grand Jury's
report was directed at them. Both protested their innocence
of any wrongdoing and demanded immediate investigation
of the charges. The indictment charges that the accused
men, with others, formed a conspiracy to pay $100,000 to
Elias H. Mortimer, the star witness in the Veterans' Bureau
investigation, Hermann Geltzeiler and Donald J. Delaney
to procure the purchase, withdrawal and transportation by
Moses and Sattler of whisky from a distillery warehouse to
the Union Drug Co.
It is charged in the indictment that $5,000 was to have
been paid to Representative Langley to prevail on him to
induce West, John F. Kramer, Arthur McKean, Ralph E.
Clepper and Russell M.Sackett to "connive" at the removal
and transportation of the whisky by "promises of official
tenure and promotion." The indictment charges four overt
acts, beginning with a meeting between Langley and Mortimer April 15 1921 in the House office building in Washington, and covering three other alleged conferences resulting
in an authority issued May 24 1921 by Kramer, permitting
the Union Drug Co. to buy 4,000 cases of whisky from the
Penwick Distilling Company.
Representatives Zihlman of Maryland and Langley of
Kentucky were identified officially on March 28 for the first
time as the Congressmen named in the report of the Chicago
arand Jury that heard charges against Director Forbes and
others in connection with the Veterans' Bureau. The announcement that acts of Representatives Zihfman and Langley were under inquiry by the special House committee was
made by Representative Burton, Chairman of the committee,
following a session that lasted more than three hours. At
this conference, at which Representatives Zihlman and Langley were present, John H. W. Crim, special attorney for the
Department of Justice, appeared as the representative of the
Attorney-General. Mr. Crim informed the committee that
the names of Representatives Zihlman and Langley were
mentioned by witnesses before the Chicago Grand Jury,and
the report of that body was accordingly made the basis for
the committee's proceedings.
Representative Langley entered a plea of not guilty
when arrainged in the District of Columbia Supreme Court
on April 4 on conspiracy charges in connection with alleged
illegal liquor withdrawal permits and asked the Court for
an early trial. On request of Langley's counsel, the Court
allowed 20 days in which the defense might enter a demurrer,
but the attorneys said they did not expect to take advantage
of the privilege. "We want a trial at the earliest possible
moment," said Langley. "We want to go to the mat with
them in this case."
Investigation of the Department of Justice by Senate
Committee—Testimony by H. M. Peck, S. L. Scaife,
Thomas B. Felder, Thomas F. Lane--Denials by
A. F. Myers, W. F. Volandt, Geo. W. Wickersham, the Lincoln Motor Car Co.,
the Standard Air Craft Co.,
Mitsui & Co.
New charges, and denials of old charges, featured the
hearings of the Brookhart Committee of the Senate this
week when it resumed its inquiry into the conduct of the
Department of Justice under Attorney-General Daugherty,
who, as noted in thee columns, resigned last week from the
President's Cabinet. The Brookhart Committee reached a
decision on March 31 to continue its inquiry notwithstanding
the Attorney-General's retirement and laid out its program
for further hearings. The course of the Committee's inquiry is expected to be modified somewhat by the resignation
1618
THE CHRONICLE
[vol.. 118.
of Mr. Daugherty in so far as it affects the personal conduct
, and affairs of the former. Attorney-General in relation to
the Department of Justice. Some interesting testimony
was given before the Committee on April 1, when it resumed its open sessions. A summary of the.salient features
of the session on that date was given in Associated Press
dispatches as follows:
witness said. Two United States Senators, no longer in office, he added,
had intervened to "hold up" the case. These Senators, he said, went to
Assistant Attorney-General Grim, but Mr. Crim refused to be a party, he
added, to the "hold-up."
Captain Scan remarked that the alleged crookedness of which he complained was not a matter of party. The Democrats, he said, were just as
much involved as the Republicans.
"I think it is fifty-fifty when It comes to the crookedness that has been
going on here."
The witness stated that evidence was obtained by himself and Means that
Harry M. Daugherty's part in stopping trial of the "Miller brothers'' Mitsui
& Co. was a fiscal agent for the German Government prior to the war.
Indian land fraud case in Oklahoma in the spring of 1921 was described He
intimated strongly that in the files of the Department of Justice there are
to-day to the Senate Daugherty Investigating Committee by H. M.Peck, reports which show that pro-German
influences were at work in connection
former United States Attorney of the Western Oklahoma District.
with the aircraft program, and he called attention to the fact that while a
•
The case involved 10,000 acres, valued at 250 an acre, Peck said. When
billion dollars was appropriated for airplane construction not a single fightIt was ready for trial at Guthrie in May 1921, he added, a "personal" letter ing airplane reached
the front up to the time of the armistice. He even
from Attorney-General Daugherty directed that a continuance be taken said that
evidence can be found in the files otthe Government to show the
to the fall term of court.
activities of Japanese agents, one of whom, he declared, was traced to the
Peck described a request for his resignation, received from Daugherty in
office of Mitsui & Co.
September 1921, and his subsequent re-employment as a special prosecutor
A. F. Myers, a special assistant to the Attorney-General,
for the Government. He referred the committee to Senator Harreld of
. Oklahoma as to the reasons for this re-employment.
filed with the committee on March 30 an affidavit declaring
The criminal cases ended in pleas of guilty and fines, the Department of
Justice specifically directing that course to be taken, the witness said: to be false statements of H. L. Scaife, active in investigating
but he added that no civil actions to recover the lands bad been inaugurated aircraft audits, who testified Myers had "blocked" his work
and that the Miller brothers still had them.
in the Mitsui aircraft case after it had been discovered that
Peck said that in four years' experience as United States Attorney he
never had known of another case in which the Attorney-General took such the company owed the Government many millions of dollars.
personal interest. Acceptance of the guilty plea in the criminal cases was He also denied that he received his appointment through
decided on. the witness said, despite his recommendations that penitentiary
former Attorney-General Wickersham, whose law firm,
sentences be demanded. The committee indicated it would get from files
of the Department of Justice and the United States Attorney's office In Scaife testified, was retained by the Mitsui company.
Oklahoma copies of the letters and messages In this case bearing Daugh- The following statement was given to the New York
erty's signature.
"Herald-Tribune" on March 30 by Thomas B. Felder,
Oil Found on Land.
attorney, of 165 Broadway, anent the testimony of H. L.
"The United States Judge in sentencing them said he made the penalties
fines because the Government would undoubtedly bring civil suits to re- Scaife before the Brookhart Committee:
cover the lands for the Indians," Peck said,"and for that reason the penalty
"1 am a Georgian by birth," Mr. Felder said,"and I have known Mr.
would be adequate. However, the civil suits were never brought. The Daugherty both in Georgia and in South Carolina. In 1906 I had been
Miller brothers are still in poEisession of the land. Oil has been discovered for three years representing the State of South Carolina in fraud cases in
on it in several places."
connection with the abolition of liquor dispensaries and I recovered about
Wayne Wilson, of New York. named by J. Van Vechten Oleott as having $1,000,000 for the State. But there were some of the cases beyond the
•
suggested to Olcott a payment for "the boys" in connection with a proposal jurisdiction of South Carolina and Mr. Daugherty was engaged to represent
Olcott seek a Federal judgeship in New York, dented flatly that he had the State through me in Ohio.
ever "made any such statement at all."
"We worked together on those cases for some time, handling many of the
"What was said about money to Olcott?" asked Senator Wheeler.
various phases that developed—he in Ohio and I in South Carolina. I met
The witness said men to whom he had talked had suggested it might be Mr. Scaife once while on those cases.
"an expensive campaign."
"In the early part of 1922 I was employed by Harvey T.Andrews, counsel
But he had told Olcott, he added,that there was no reason for him to pay for the German owners of the Bosch Magneto Co., whose property had been
"a red cent." The suggestion of an "expensive campaign" was made to seized during the war by the Alien Property Custodian and later sold. It
him. ho said by a "Mr. Newell."
was believed great frauds had been committed in the sale by transactions
"Where's he?" asked Senator Wheeler.
which were unfair to the United States Government as well as to the
"He's dead," said Wilson.
German owners. At that time I met Mr. Smite again, for he had been
"And you told Olcott that it would take $10,000 to nominate him and investigating all the transactions.
,$25,000 to get him on the bench?"
Evidence of Frauds.
"I made no such statement."
"Some timel n March 1922, Mr. Scaife came to me and said he had comNewell Is Identified.
plete evidence of the frauds, but that he had been blocked in getting the
Wilson later identified "Mr. Newell" as Edward G. Newell, a lawyer. evidence to Mr. Daugherty. He said he was in possession of all the facts,
knowing Will Orr and said he had "absolutely not" told Olcott and had found, as we suspected, that the frauds had been made against the
He denied
that he represented the Department of Justice in any way.
owners and the Government alike. We went over the story together and I
"How did you *understand that Olcott's appointment came under the agreed to take the facts to Mr. Daugherty, which I did. I felt that Mr.
Department of Justice?" Senator Wheeler,asked.
Daugherty's interest for the Government and those of our client were in
"I don't know. I'd probably conceived that for years," Wilson said. common. Mr. Daugherty said he would be glad to go over the matter with
had no dealings with tho Department of Justice in any manner,shape or Mr. Scaife."
"I
form."
Mr. Felder explained how he went back to the office of W. J. Burns, of
Senator Wheeler then recalled Gaston B. Means, the former Justice De- the Secret Service, met Scaife and told him the Attorney-General's designature of Jess Smith on two letters.
partment agent, who identified the
cision.
"This letter is written on the Attorney-General's own stationery," Senator
"I saw Mr. Scaife a few weeks later." Mr. Felder continued,"but he said
Wheeler said. It was signed Jess W.Smith, dated June 7 1921, and written he was waiting to hear from Mr. Daugherty. The next I heard of him Mr.
to Major Alex M.Lechwitsky, New York City. The recipient had asked a Smite had resigned, apparently in a huff. It seemed to me Mr. Scan
job as special agent with the Department of Justice.
would be a good man for us inasmuch as he had all the facts in the case, and
"At the present time we are not considering any applications for positions I recommended to Mr. Andrews that he get permission from the German
the Bureau of Investigation," Smith wrote. "When the department is owners to employ Mr. Scalfe to continue the Investigation as our reprein
reorganized and the force built up your application will be considered along sentative. This authority was received by cable, but before we could employ
with the others."
Mr. Scaife he was summoned before the committee.
Another sensational recital of alleged efforts on the part
of the Federal officals to block prosecution of alleged war
fraud cases, involving many millions of dollars, was obtained
on March 29 from Captain S. L. Scaife, a former special
agent of the Bureau of Investigation under William J. Burns.
Captain Scaife's testimony involved chiefly aircraft cases
and the sale of the Bosch Magneto Co., in connection with
which he alleged that the firm of Hornblower dr Weeks made
a profit of several hundred thousand dollars. The witness
also brought in the name of Secretary Weeks of the War
Department while discussing this phase of the inquiry.
The following is from the New York "Times" account of
his testimony:
In telling of the obstacles placed in the way of the department agents, in
their search for evidence against certain aircraft corporations, Captain
Satire said that he was first definitely blocked by Abram F. Myers, a special
assistant, to Attorney-General Daugherty who, he said, had been placed in
charge of the special war frauds division of the Department of Justice.
The witness said he had been informed that the selection of Mr. Myers
was procured by former Attorney-General George W. Wickersham, whose
law firm, he added, represented Mitsui St Co., Ltd., the Japanese banking
house which was a controlling factor in the financing of the Standard Aircraft Corporation.
Says Both Parties Were "Crooked."
Captain Scaife submitted for the record an audit of the Bosch Magneto
of Hornblower & Weeks was credited with
Co.. according to which the firm
a commission. At $60 per share this would
a "donation" of 7.000 shares as
be $420.000.
the Lincoln Motors Co., Captain Smite
As to the alleged over-payment of
approximately $7,680,000. The over(attmated that the Government lost
payment in this case was put at $9,188,561, and the Government, he said,
$1,550,000. Only the most energetic efforts preaccepted in settlement
under the statute of limitations, the
Silted this case from being outlawed
Not Wanted By Government.
"Now please make it clear." Mr. Felder added, "that the insinuation by
some papers that we had attempted to 'get to' Mr. Scalfe is not only absurd
but unfair and untrue. Here was Mr. Scan on a loose pulley. He was in
possession of facts valuable to us and apparently he was not wanted by the
Government just then. In several conferences with Smite and Burns In
Washington I had been shown that the transaction was a fraud from soup to
nuts. Mr. Scaife was valuable in substantiating our claims. I advised my
client to employ him with the idea that he would be of help to us and to the
Government alike. That is what we tried to do and that alone."
Mr. Felder said that when he saw the Attorney-General and talked over
the evidence Smile had gathered, he recommended that the evidence be
Grand Jury with the view of obtaining indictments where
turned over to
the evidence warranted, along the lines shown by Mr. Scaife.
Mr. Felder said be knew nothing about the Mitsui airplane case about
which Mr. Scaife testified before the committee.
Captain H. L. Scaife, former agent of the Bureau of
Investigation of the Department of Justice, testified further this week on several occasions. On April 2 charges
that John W. Weeks, Secretary of War, was involved in a
conspiracy to block the prosecution of a claim of about
$5,000,000 against the Wright-Martin Aircraft Corp., and
that no action to recover the money was taken by the Department of Justice, despite the fact that evidence warranting
such procedure was obtained, were made by Captain Scaife.
Captain Scaife declared that as a result of his investigation
and the facts set down in documentary evidence, it was his
opinion as a lawyer that Secretary Weeks, former AttorneyGeneral Harry M. Daugherty, Colonel Guy D. Goff,
assistant to the Attorney-General, and Charles Hayden,
director of the Wright-Martin Company, should be indicted
for vinlation of the general conspiracy statute. In dis-
APR. 5 1924.]
THE CHRONICLE
1619
cussing the salient points of his testimony on April 2, a to the Secretary of War that the Government cases against
Washington correspondent of the New York "Times" had the Standard Aircraft Corp. .and the other contractors
who supplied war materials be reopened. He added that he
the following to say:
To back up such assertions, Captain Scaife produced several letters and felt "there was some ulterior purpose" behind his dismissal,
memoranda. The first of these was a letter from Mr. Hayden to Secretary and that he had been shocked and pained because he had
Weeks, which began,"My Dear John," and complained about the manner
trusted in Capt. Volandt. The press accounts of the hearing
in which the Government's agents were operating.
Then followed other correspondence and memoranda alleged to show that on April 3 said in part:
the question of court action to recover alleged over-payments for the Government had been placed in the hands of District Attorney Hayward of
Now York, and that advice had been given to Secretary Weeks by J. M.
Wainwright, then Assistant Secretary of War, that the courts should be
asked to decide.
Weeks Letter Is Presented.
Finally, in November 1921, according to excerpts from a letter by SecreWeeks to Mr. Hayden, which wore produced by Captain Scaife,
tary
Secretary Weeks stated that he would endeavor to see that no further
action was taken pending a discussion of the case with a Mr. Hoyt, who.
Captain Scaife said, was an official of the Aircraft Company.
The result of the negotiations, Captain Scaife said, was that the case was
taken out of the hands of District Attorney Hayward and special counsel
were employed in New York. Captain Scene said that so far as he knew,
no prosecution had been undertaken up to this time.
Secretary We Ars declined to-day to comment upon Captain Scalfe's statements. The Secretary pointed out that he has been supoenaed by the committee, and he asserted that he would be ready to talk when the time came.
-Martin Aircraft case, Captain Scaife also
While dealing with the Wright
brought in the name of Thomas L. Chadbourne, saying that Mr.Chadbourne's law firm had been of counsel for the company, and had obtained a
change in the character of the contract with the Government, placing it on a
cost plus basis. The witness declared that these developments,to which he
took exception, had begun in the Democratic Administration during and
just following the war, and involved Democratic officials. But he emphasized the point that the incoming Republican Administration had failed to
bring prosecutions.
The Standard Aircraft cases also were discussed at length by the witness
and he said that in this instance the development served to emphasize his
former assertions about the "invisible government" which existed and protected corruption.
The witness produced a letter written by former Attorney-General George
W. Wickersham to Solicitor General James M. Beck. Mr. Wickersham
addressed Mr. Beck as "Dear Jim," referred to a case involving a Japanese
client, and asked Mr. Beck to §peak to the Chief Justice about advancing
the date of a hearing before the Supreme Court.
Captain Scaife contended that such a letter was, in his opinion, unethical
and helped to show the close relationship of counsel with the Department of
Justice officials. The firm of Cadwalader, Wickersham & Taft,the witness
said, was counsel for Mitsui & Co„ Japanese bankers, who controlled the
financial operations of the Standard Aircraft Corporation, another concern
which he alleged ese aped prosecution.
In connection with the Standard Aircraft Corporation case, Captain
Scaife placed in the record two reports prepared by Captain Luke McNamee of the Naval Intelligence Bureau, which stated that evidence had
been obtained that patents and other information concerning the American
aircraft program had been sent to Japan.
During his testimony, Captain Smile said that a black bag containing
Important documents, which he had brought with him to the inquiry room a
few days ago, had been stolen. He did not know just how it was done or
Who got it, and added that he had heal d other documents were missing.
Scaife Discusses Aircraft Audit.
When Captain Scaife was called he was asked to continue with his presentation of charges in the Standard Aircraft cases, involving the Japanese
banking firm of Mitsui & Co. and its attorneys, Cadwallader, Wickersham
& Taft.
The witness said that he understood a second audit of the affairs of the
Standard Aircraft Company had been made by the Air Service since the
Daugherty investigation began, and had been completed. Captain Scaife
had not seen it, but understood that the auditors who had made the first
report against which complaint had been made by him had assisted in the
work. His informant, the witness said, was Thomas Lane, attorney for the
Air Service.
It was recalled by Captain Scaife that in his testimony concerning the
first audit, made by the contract audit section of the War Department, in
September 1919, he had pointed out that, roughly speaking. about $2.000,000 had been allowed for depreciation, and that at the same'time the aircraft company had collected for rent.
"The persons who made that audit," he said, "or at least the attorneys,
requested that they have to do with the new audit that was made. We
objected to that, but I understand that they, In this final audit, came over
here the other day, and practically made the audit or had to do with that."
Captain Scaife said that there was another matter to which he wished to
call the committee's attention. He said that a few days ago a Mr. Coleman,or Major Coleman. was speaking to him about the matter.
"He (Coleman) was a disbursing officer in the Air Service at the time considerable sums were paid on this contract," the witness continued. "I
learned that he was in the employ of Mitsui St Co. at the time this audit was
made, the audit that came over several days ago.
"I mentioned that fact because I ascertained through the Comptroller of
the Currency—was informed by his office when I was making these investigations—that there was approximately one billion dollars charged against
disbursing officers in the War Department, and in the Air Service there was
$100,000,000 charged against Mr. Coleman. That does not signify anything in itself, because he might account for it, but still they told me at that
time that he had not made an accounting. I merely mention the fact that
Coleman was in the employ of Mitsui & Co., according to his statement
when the second audit was made. I don't know what the audit will show.'
Thomas F. Lane, until a week ago legal adviser to the
Chief of the Army Air Service, told the Senate committee
on April 3 he had been ordered "by Capt. W. F. Volandt
of the air service," to "stay away" from the committee and
the Capitol. When he refused to be dictated to, Ile said,
he was dismissed from the air service. On motion of Senator
Jones, Republican, of Washington, the committee directed
Chairman Brookhart to notify Secretary Weeks at once of
Lane's testimony. The witness also said that papers from
his own personal files in connection with aircraft cases had
been taken from his brief case by Capt. Volandt. As legal
adviser to the air service, Lane said, he had recommended
Volandt followed him on the witness stand and conceded that Lane had
been advised by him not to go before the committee, and that certain "official records" in Lane's possession had been taken away and turned over to
Secretary Weeks. He denied Lane's statement that the papers included
private documents, and he insisted that Lane had been suspended only
because of absence from duty at the War Department and because the
special duties which led to his appointment had about been concluded.
Secretary Weeks, Volandt said, had instructed him to notify the committee
that if It wished to get the papers it must subpoena the Secretary himself.
As legal adviser to the Air Service, Lane said, he had recommended to the
Secretary of War that the Government cases against the Standard Aircraft
Corporation and the other contractors who supplied war materials be reopened. He declared he felt "there was some ulterior purpose- behind his
dismissal and that he had been "shocked and pained because he had trusted
in Capt. Volandt."
These papers, Lane said,included his only copy of the report to Secretary
Weeks.
"I presume I was dismissed," he said. "I don't know what my status Is
—yesterday I found my private flies emptied and all the papers taken from
the desk where I have worked for five years."
His files, the witness said, were "extra copies" of all papers that had
gone through his hands in "following up $50,000,000 worth of war claims.
which I kept as a matter of personal pride."
As far back as 1919. Lane said, he had become convinced that the situation regarding aircraft construction "was bad." The Lincoln Motor case
was the first he dealt with, which he thought was "bad," he said. It was
"settled" for $1,000,000 he added, while the Government claim was more
than $9,000,000.
The War Department refused to accept the settlement in the Lincoln
case recommended by Attorney-General Daugherty, Lane said, "but they
went ahead and settled anyhow."
Senator Wheeler, the committee prosecutor, brought out that Lane had,
'not volunteered to testify." but had appeared only when sent for.
"I hadn't sought the limelight." he said. "I had thought that what isgoing on at the War Department would come out."
"I don't believe the Secretary of War will indorse any action of this
kind," commented Senator Jones.
"I wasn't even given a written notice," Lane continued, "and I told'
Capt. Volandt that I was shocked and pained, and that it looked to me.
as though some ulterior motive was behind the action."
Senator Wheeler directed Lane to tell in detail of the Standard Aircraft,
Case.
"I became convinced when I first started that the situation was bad as
to all of these negotiated settlements of war cases that involved huge toms
of money." Lane said. "In 1919, officers in the Air Service resigned and
were discharged. About the middle of 1919 a Colonel came from the Treasury Department and was put in charge.
"The first case called to my attention was the Lincoln Motors. I was
ordered to write an opinion as to the $1,000,000 item. I recommended
instead that the Lincoln Motors ought to pay back $9,880,000.
"I'd bet my ears that if a suit had been filed the Government would have
got more than it did. I handled the case and I know' what I'm talking
about."
Lawyersfor the receivers of the Lincoln Motors admitted greater liability.
Lane asserted.
"Were the assets in the hands of the receivers enough to meet the Government's claim?" Chairman Brookhart asked.
"No, they were about $8,000,000."
"But the Government's claim had priority against that sum and ahead
of ether creditors?" remarked the Chairman.
"Did you hold conferences with the Attorney-General himself in these
matters?" asked Senator Wheeler.
"Frequently," Lane said. "Mr. William D. Ryder, one of the Assistant
Attorneys
-General, was with Mr. Daugherty; Capt. Volandt, J. H. Wainwright, Assistant Secretary of War, myself and a dozen people representing
the Lincoln Motors, also participated."
The Government paid the company "$1,000,000 for the privilege of canceling the contract," Lane said, under the head of "Anticipated Profits."
He knew of no other case in which the Government had paid a nickel to any
other company under similar circumstances.
Assistant Secretary Wainwright, Major Gen. Patrick, Chief of the Air
Smvice, and other War Department officials stated their objections "vigorously" in conference with the Department of Justice as to the Lincoln settlement, the witness continued, then "walked out" of the conference. The
War Department immediately "tied up" the remaining $8,000,000 of the
Government claim in the Lincoln case.
"And the Department of Justice untied them?" asked Senator Wheeler.
"Yes, sir."
Except for tax and legal expense, Lane insisted, the Government could
have gotten ad of the $8,000,000.
"Henry Ford had bought the Lincoln plant and the money was in the
bank to the credit of receivers," he said.
The witness then came to the case of the Standard Aircraft Corporation.
Flies in this case were scattered and "meagre," Lane said,"but his final
judgment in August 1919, was that the Government should recover $2.300,000. The company then had pending a $3,000,000 claim of its own.
During discussions with Harry B. Mingle, head of the company, the witness said that Mingle told him of the connection with the Japanese banking
firm of Mitsui & Co. Mingle's relations with the Japanese company,
he said, went back to a college friendship with a Japanese student. He dedared Mingle"never had a dollar and did not put a dollar into," the Standard Corporation.
Lane declared that the Mitsui Co.,in financing the Standard, had charged
in $1,619,000, which "represented a loss in financing the old Sloan Manufacturing Co." The Government paid this charge in the Standard settlemanta, he said. He added that Mitsui loaned the Stahdard between
$5,000,000 and $6,000,000, which they got back with interest, "to say
nothing of this $1,619,000."
In 1919 the Government, Lane said,"by a sort of a lump sum settlement.
paid the Standard Aircraft about $3,700,000.
"I investigated," he went on "and thought the probabilities were that
the company had been over-paid already. I notified them they could not
rewive any more and they came down with their officers and lawyers and
besieged the office."
Audits and claim preparations wont ahead.
1620
THE CHRONICLE
"They got about $3,400.000 paid to thenion their final claim," the witness said. "That was the total sum. It was a bad case." The files were
scattered, some in New York. some in Si. Louis, some in the air service.
"I completed my Investigation and filed my report in August 1919,
recommending that the Government sue the Standard Aircraft for $2,200,000 after offsetting their claim."
The total which should be recoverable by the Government was about
12.000.000 Lane said, but the Government had "foolishly paid for" certain
property which disappeared. He had heard, he said, that 122 carloads of
material were"shipped out" of the plant, he did not know where to.
In answering the statement made on the witness stand by
Captain Scaife, that the law firm of Cadwalader, Wickersham & Taft had received many favors from the Department of Justice not received by other firms, George W.
Wickersham on April 3 said:
'It is difficult to treat this matter seriously. It is too silly for even a
Congressional investigation committee. The letter referred to was one
written by me to the Solicitor-General, who was counsel for the Government
In one of the Japanese naturalization cases, I being on the other side,
asking him to see the Chief Justice to arrange to have that case and another
case, in which the Attorney-General of the State of Washington was on
one side and I on the other, which cases were coming on for argument
in the Supreme Court, set down for a date that would suit the AttorneyGeneral of Washington.
A motion to advance these cases had been made and granted. In fixing
a date, the Court had overlooked a clause respecting the date of argument
In a stipulation signed by the Attorney-General of Washington. Neither
the request to the Solicitor-General nor to the Court involved any more
favor than might have been asked by or granted to any other lawyer
under similar circumstances, whoever he might be. That Is all there is to it.
[VOL. 118.
And whereas It appears from a letter from A. W. Mellon addressed to
Kenneth McKellar, dated March 51924."the refunds to the Gulf Company
and its subsidiaries were charged against three appropriations, depending
upon the year in which the taxes refunded were originally collected. The
payments were $766.112 29 out of the appropriation for 'refund of taxes
illegally collected. 1918, and prior years, 11,350.884 63 from a similar appropriation for 1919, and 11.211,143 07 for 1921; "
'
And whereas It appears that in April 1921, after A. W. Mellon had
become Secretary of the Treasury in March 1921, the Treasury refunded to
the Gulf Refining Co. sums in amounts shown by excerpts from said letter:
And whereas, It is further shown in said letter that an abatement and
settlement has since been made with the Atlantic Gulf Se West Indies
Steamship Co., a company in which said A. W. Mellon is interested, in
the sum of $2,631,381; and
Whereas, Other settlements made with other companies in which the
said A. W. Mellon is stockholder or otherwise Interested;
And whereas, It appears that the said A. W. Mellon is interested in the
Overholt Distilling Co.; therefore be it
Resolved. That the Judiciary Committee of the Senate be and it is hereby requested and instructed to hold hearings by itself or by a subcommittee and report with the least delay practically:
First. Whether the said A. W. Mellon is directly or indirectly concerned in carrying on the business of trade and commerce.
Second. Whether he is the owner in whole or in part of any sea vessel.
Third. Whether he Is holding the office of the Secretary of the Treasury
of the United States in violation of Section 243 of the Revised Statutes
of the United States, or any of the laws of the United States.
Fourth. Whether he is holding the office of the Secretary of the Treasury
of the United States in violation of Section 3168 of the Revised Statutes
of the United States.
As a result of Senator Reed's speech on March 31, Senator
McKellar amended his resolution in respect to one company.
The McKellar indictment is not expected to be presented to
the Senate again for action. It went on the Senate calendar,
from which it cannot be called up without unanimous consent
or on a motion requiring a majority vote. Leading Democratic Senators, it is stated, are opposed to permitting it to
be brought forward, and it looks as if it had died in the
process of being born. Another evidence of the intention of
the Republican side of the Senate to hit hack at the Democratic critics of the Administration was furnished when
Senator Wadsworth of New York on March 31 made a
spirited defense of Colonel Theodore Roosevelt, Assistant
Secretary of the Navy, whose resignation from that office
was demanded in a resolution offered earlier in the day by
Senator Dill of Washington. The text of Senator Dill's
resolution was as follows:
Defense of Secretary Mellon—Senator Wadworth's
Defense of Assistant Secretary of the Navy
Roosevelt.
Following closely on the heels of the resignation of Harry
M. Daugherty as Attorney-General in compliance with the
request of President Coolidge efforts looking to development
of investigations of other Governmental departments were
made in the Senate. Senator MoKelLsr, Democrat, of Tennessee, introduced on March 28 (the day on which Mr.
Daugherty resigned) a resolution directing the Judiciary
Committee to investigate whether Secretary Mellon is holding office in violation of the law, which forbids the Treasury
head to be engaged in trade or commerce. Although Senator
McKellar asked immediate consideration for his resolution
Whereas, Theodore Roosevelt. Assistant Secretary of the Navy, was a
It was objected to by Senator Wadsworth, Republican, of
Sinclair Oil Co. prevfous to his entrance into the GovernNew York, and under the rule, went over until this week. director of theand
ment service;
Signs of militancy on the Republican side of the Senate were
Whereas, as Assistant Secretary of the Navy he personally carried the
apparent on March 31. The lassitude of Republican Sena- Executive order to the White House for the President to sign. which order
transferred the control of the naval oil reserves from the Secretary of the
tors, so obvious during the recent Democratic attacks on the Navy to the Secretary of the Interior; and
Coolidge Administration,changed to an active fighting spirit,
Whereas, on July 29 1922 Mr. Roosevelt, then the Acting Secretary of
according to the Washington correspondent of the New York the Navy in the absence of Secretary Denby, ordered the United States
Marines to remove all oil claimants from the naval reservation No. 3
"Times." President Coolidge's call for a defense of Secre- and thereby made an outrageous use of the armed forces of the United
tary Mellon, of the Treasury, brought quick results. Sena- States Government to perform acts which should have been performed
only
tor Reed, of Pennsylvania, who lives in Pittsburgh, the home facts by civil officers on the order of a court after due hearing of all of the
in the case, now, therefore, be it
town of Secretary Mellon, spoke on Mr. Mellon's behalf.
Resolved, That it is the sense of the Senate that the President should be,
His occasion for doing so was the resolution of Senator Mc- and he is hereby, requested to ask for the resignation of Mr. Theodore
Kellar, referred to above, calling for an investigation of Mr. Roosevelt as Assistant Secretary of the Navy.
The following account of the speeches of Senators WadsMellon's pecuniary interest in various business enterprises
worth and Reed on March 31 was given in the New York
with a view to determining whether he was engaged in trade
and commerce iniviolation of the laws which forbid such "Times" Washington advices:
Calls Dill a "Sniper."
participation by a Secretary of the Treasury. Mr. Reed
Speaking on this resolution, Senator
denied the charges implied in the resolution. He told how references to Senator Dill. While he Wadsworth did not mince words In
kept within the bounds of parliaMr. Mellon, after consultation with five lawyers, including mentary courtesy, ho made reference to Mr. Dill as a "sniper" and accused
him of trying to besmirch the character of an honorable man.
Senator Reed, himself and the late Senator Knox, divested
"All docent men will agree among themselves,
himself of properties the ownership of which might be for- affiliations," said Senator Wadsworth, "that itregardless of their political
is unfair and worse and
In by
laws governing the qualifications of the Sec- unfair to attempt to blacken a public officer's character before the people."
Senator Wadsworth had read Into the record two letters. One letter,
retary of the Treasury. Such stock as he did retain in some written by Colonel
Roosevelt and addressed to
Campbell of
companies did not make him ineligible, Mr. Reed contended. Now York, said that Colonel Roosevelt, prior State Senator participation
to American
The resolution offered by Senator McKellar reads as In the World War,had been one of a group of bankers which helped form the
Sinclair Oil Co., but declared that he had divested himself of his Sinclair
follows:
holdings during the war and had not
Whereas. Section 243 of the Revised Statutes of the United States provides as follows:
No person appointed to the office of Secretary of the Treasury, or First
Controller, or First Auditor, or Treasurer, or Register, shall, directly
or indirectly, be concerned or interested In carrying on the business of
trade or commerce, or be owner In whole or in part of any sea vessel, or purchased by himself. or another in trust for him, any public lands or other
public property, or be concerned in the purchase or disposal of any public
securities of any State, or of the United States, or take or apply to his own
use any emolument or gain for negotiating or transacting any business in
the Treasury Department other than what shall be allowed by law; and
every person who offends against any of the prohibitions of this section
shall be deemed guilty of a high misdemeanor and forfeit to the United
States the penalty of $3,000, and shall upon conviction be removed from
office and forever thereafter be incapable of holding any office under the
United States; and if any other person than the public prosecutor shall
give information of any such offense upon which a prosecution and conviction shall be had, one-half the aforesaid penalty of $3,000, when recovered,
shall be for the use of the person giving such Information.
And, Whereas. Section 2168 of the Revised Statues of the United States
provides:"Any Internal Revenue officer who is or shall become interested,
directly or indirectly. In the manufacture of tobacco, snuff or cigars, or
In the production, rectification or redistillation of distilled spirits, shall be
dismissed from office; and every officer who becomes so interested in any
such men, or production, rectification or redistillation. or in the production
offermented liquors,shall befined not less than $500 nor more than $5,000."
engaged in any business since he began
his political career and had made no money of any kind in business since
then. His wife, he said, had purchased 1,000 shares of Sinclair stock in
1920, but sold them at a loss before the Sinclair lease with the Navy Department was signed.
But Colonel Roosevelt went further than this to show that he had no
acquiescing part in the leasing policy of the Navy Depratment. He
assorted that he had offered objections to the leasing policy, and, when told
by Secretary Denby that his representations were too late, as President
Harding and Secretary Fall had already agreed to the transfer of the naval
oil reserves to the Interior Department, he sought to have the transfer
order of the President amended and succeeded in having Secretary Fall
agree to a modification which provided that there should be no leasing of
naval oil reserves and no drilling of oil wells without the consent of the
Navy Department.
Colonel Roosevelt said he had not been consulted on any of the oil leases
to the Sinclair and Doheny companies. He did not know they were under
consideration, he declared, until after they were signed, and had known
nothing about any plan to lease Teapot Dome.
The statements of Colonel Roosevelt about his objections to the leasing
policy were confirmed in the letter written by Rear Admiral Griffin, who,
as Engineer in Chief of the navy, had protested against permitting the
Interior Department to get control of the naval oil reserves for leasing to
private concerns.
In rising to defend Secretary Mellon from the charges implied in the
McKellar resolution Senator Reed lost no words in presenting Mr. Mellon's
side of the case.
e.1111..111121...s_
_ _
1111
APR. 51924.]
THE CHRONICLE
Reed Defends Mellon.
"When Mr. Mellon was offered the post of Secretary of the Treasury
by President Harding in the winter of 1920 and 1921," said Senator Reed,
"he considered it for a time and finally accepted the post and told the President he would accept it. One of his counsel for many years had been
former Judge James H. Reed of Pittsburgh. When Judge Reed leanred
that Mr. Mellon had agreed to accept the post he went to him and called
his attention to the provision of Section 243 of the revised statutes and to
the provision of the Federal Reserve law which, by the way, is not mentioned in the resolution, and to the provisions of one or two other statutes
that might interfere with the investments which Mr. Mellon then had.
"Ho called to Mr. Mellon's attention the fact that he would not be permitted if he accepted this position to retain stocks in national banks and
could not continue to be in the active management of any business, or continue to be a director or an officer of any active corporation. Mr. Mellon
had no particular enthusiasm for the proposed change in his life, and he
thought he saw in this suggestion a reasonable excuse for telling President
Harding that he did not feel free to become Secretary of the Treasury.
He went first to former Secretary Knox of Pennsylvania, who had been
consulting President Harding in regard to the make-up of his Cabinet and
who, I believe, with the late Senator Penrose, had been among the first to
name Mr. Mellon to President Harding. for the position of Secretary of
the Treasury.
"Mr. Knox replied at once: 'Why, I am familiar with those statutes:
I have had occasion to refer to them while I was Attorney-General and
while it is true you will have to sell your bank stock, and also true that you
will have to resign from the various boards of directors on which you are
serving, yet if you do that there will be no reason in the world why you
should not go on under the law and become Secretary of the Treasury.
Consulted Washington Lawyers.
"Senator Knox told Mr. Mellon that in order to be sure, he would obtain
an opinion from Faust St Wilson, lawyers in Washington. On Jan. 25
1921 that firm of lawyers submitted to Mr. Knox a long and well-considered
opinion in which they held the conclusion that there was nothing in the
ownership by Mellon of stocks in various corporations to disqualify him
from becoming Secretary of the Treasury, although clearly he could not
conduct an active business and that he probably had better not remain on
any board of directors."
After the opinion of Faust & Wilson had been read, Senator Reed continued:
"When that opinion had been rendered to Senator Knox he sent it to
Judge Reed in Pittsburgh and told him orally that he, Knox. agreed with
the conclusions in the opinion. Judge Reed, who, at that time, was my
senior partner, brought the matter to me and asked me to look into it as
well. I made a study of it and came to the conclusion that that opinion
was exactly right, but I came upon Section 10 of the Federal Reserve law
of 1913 which provides:
"'No member of the Federal Reserve Board'—of course that would
include the Secretary of the Treasury—'shall be an officer or director of
any bank, banking institution, trust company, or Federal Reserve bank,
nor hold stock in any bank, banking institution or trust company,and before
entering upon his duties as a member of the Federal Reserve Board he shall
certify under oath to the Secretary that he has complied with this requirement.'
"That was called to Mr. Mellon's attention and also to Senator Knox's
attention, and Senator Knox again applied to Messrs. Faust & Wilson for
a brief or opinion with that section in mind."
The opinion of Faust & Wilson, read into the record by Senator Reed,
held that it was necessary that a member of the Federal Reserve Board
should dispose of all stocks in national banks and trust companies.
"Having taken the advice of former Senator Knox, of Judge Reed. of
Mr. Faust, of Mr. Wilson and of my poor self," continued Senator Reed,
"and finding all of us agreed that the effect of the law was first to make it
impossible for him to continue as an officer of any corporation, next to
make it impossible for him to continue OR a director in any business corporation, and,finally, to make it necessary for him to dispose of all!stocks that
he had in any national or State banks or trust companies, Mr. Mellon, after
a considerable amount of urging, agreed to resign all those offices and to
sell all those stocks and to accept the position of Secretary of the Treasury.
Tells of Sale of Bank Stock.
"Ile was one of the largest holders of stock in the Union Trust Co., of
Pittsburgh. He sold every share before he took the oath of office as Secretary of tho Treasury. He was one ofthe larget stockholder& of the Fidelity
Title and Trust Co., of Pittsburgh. He sold every share before he took the
oath of office. He was one of the large stockholders of the National Bank of
'Commerce in New York, and he sold every share before he took the oath of
office. He was the President and director of the Mellon National Bank, the
largest national bank in Pittsburgh, and one that was founded by his father
more than half a century ago. He surrendered his Presidency and his directorship and sold every share that he owned before he took the oath of office
as Secretary.
"He was a director in many corporations, in many lines of industry. He
resigned from every directorate before he took the oath ofoffice. He was an
officer in several corporations and ,resigned from every office that he held
before he took the oath of office as Secretary.
"He even came to u.to ask whether in our opinion he could pronerly retain his membership on the Board of Trustees of the University of Pittsburgh and on the Western Pennsylvania Hospital and on charities of that
kind in which he had been very active. Of course, we told him that he could
properly stay on, that the law did not relate to charities In which no director
had any possible pecuniary interest."
At this point Senator Shipstead, the Farmer-Laborite from Minnesota,
asked Senator Reed whether Secretary Mellon had disposed of his stock in
various corporations and got the answer that the Secretary's stock in every
variety of the corporations covered by the Federal Reserve Act, the Federal
Farm Loan Act, the Foreign Banking Corporation Act, and all other Congressional enactments relating to stock ownership had been sold by Mr.
Mellon.
Mr. Reed explained that Secretary Mellon had not sold his stock in the
Aluminum Co. of America, the Gulf Oil Corporation, and the Standard
Steel Car Co. In each of these, Mr. Reed explained, Mr. Mellon was and
still is a minority stockholder. Mr. Mellon had held these tocks, Senator
Reed said, because he had been advised by five lawyers that it was not
required that he should dispose of minority stock holdings.
Explains Interest in Distillery.
Senator McKellar pressed Senator Reed to say 'whether Secretary Mellon
was still a stockholder in the Atlantic Gulf & West Indies Co. and the
Overholt distilling Co.
"For many years past," replied Mr. Reed, "probably more than one
hundred years, there has been a partnership known as A. Overhold & Co.,
which was in the business of distilling whiskey in western Pennsylvania.
For a great many years—I do not know how many, but I think more than
1621
forty—Mr. A. W. Mellon was one of the partners in that partnership. On
the 15th day of December 1916, three years and one mcnth before the
prohibition amendment went into effect, that partnership absolutely ceased
from the manufacture and from doing any of its manufacturing business.
"The statute which is mentioned in Senate Resolution 200,in Section 3168
of the Revised Statutes, forbids any internal revenue officer from being
interested in the production, rectification or redistillation of distilled spirits.
The fact is that if the Secretary of the Treasury is a revenue officer within
the meaning of that section, Mr. Mellon has not at any time since Dec. 15
1916 engaged in the manufacture, or production, or rectification, or redistillation of distilled spirits.
"Before Mr. Mellon took office, after this corporation had been passive
for more than four years, four years after it ceased from its manufacturing
operations, and before he took the oath of office, he transferred his whole
interest in that enterprise to the Union Trust Company of Pittsburgh as a
trustee to close up the business absolutely. He himself has retained no control or discretion or authority whatsoever in that matter. He will, when the
business is finally liquidated, be entitled to his proportion of the net proceeds and no more.
"But I am told, and I think I may as well say it parenthetically here.
that as far as Mr.Mellon is aware, not one single quart of the whisky that the
partnership owned when the prohibition amendment went into effect has
been sold by the trustee or has been stolen from its warehouse. They have
employed extra guards at their own expense to make sure that nothing could
be taken from that warehouse and nothing has been taken. They have
not sold one penny's worth of it."
After explaining that Mr. Mellon had "less than a minority interest" in
the Overholt Company, Senator Reed continued:
"As to the quantity of spirits still in the warehouse, I am not sufficiently
advised to answer accurately except that I can accurately say that every
quart that was left there when the prohibition amendment went into effect
is there now in so far as it was owned by them. There may have been some
withdrawals on certificates that were then outstanding, but they have not
sold either a certificate or a drop of the stuff itself."
Says Export of Liquor Is Forbidden.
There were two reasons for the Overholt Company to cease operations,
said Senator Reed.
"The first," he continued, "was that one of the partner's who owned an
equal interest with Mr. Mellon had recently died, and his representatives
were anxious to have the business wound up. The executors, however,
were not in a position to act as active partners of the liquidation.
"In the next place, Mr. Mellon was going to become Secretary of the
Treasury, and he wanted to be rid of any intreests in the business. Not
one single quart of liquor has been sold or stolen from that warehouse. I
will go further than that. I will say that there was an offer made for the
purchase of the whole contents of that warehouse, to be delivered in England, and while the Secretary of the Treasury had no right to forbid that,
for under the trust agreement he had parted with any control, he appealed
to the trust not to sell the liquor for fear It would be reimported and smuggled
Into the United States, and he did not want to be responsible even unintentionally for such a result."
As to Senator McKellar's allegation about Secretary Mellon's interest in
the Gulf Refining Co., Senator Reed made this explanation:
"In the years 1918. 1919 and 1921 the company wasforced by the Internal
Revenue Bureau illegally to pay 'vast sums' in taxes Millions of dollars
were exacted from it without warrant of law. It paid those sums into the
Treasury. A claim for a refund was made and was under consideration for
a long time while Secretary Houston was Secretary of the Treasury under
President Wilson. Finally, after much argument and thorough consideration, the Democratic Commissioner of Internal Revenue. Mr. Williams.
acting under a Democratic Secretary of the Treasury, Mr. Houston, on
Feb. 28 1921 made a decision fixing the assessment of that corporation for
those years and thus fixing the amount of the refund. In the Treasury
Department, according to usual routine, an order was settled on for the
writing of the chock.
"That check was actually written on the instructions of the outgoing
Democratic Administration, although the warrant was mailed to the Gulf
company after the turn of the Administration and after Mr. Mellon had
come into power.
"But so far was Mr. Mellon from prompting the sending of that check
that he did not even know it had been sent until long after it was received
and deposited by the company. What was sent and what was paid was the
exact amount that was decided to be due on Feb. 28 1921, when Mr. Williams was Commissioner of Internal Revenue and Mr. Houston Secretary
of the Treasury.
"It is true that an abatement and settlement was made with the company and I believe it was in the amount stated by the resolution, but the
truth is that Mr. Mellon does not own one single share in that company and
never has. He is not an officer or director of t'he company and never has
been. He does not own one bond or promissory note or security of any
kind in that company, and never has. So that the statement in the resolution that this is a company in which Mr. Mellon is interested is now and
always has been absolutely without foundation."
Semler McKellar said his understanding was that the Atlantic, Gulf &
West Indies Steamship Co. was a holding company for several shipping
firms, and asked if Mr. Mellon had any interest in shipping companies.
"Mr. Mellon," replied Senator Reed, "is not interested in the Atlantic
Gulf & West Indies Steamship Co. or in any company which controls it.
He has not any interest in he remtoest degree, and he told me this morning
that so far as he knew he did not know a single person who was on the board
or in office in that company,and lie has never known cne. He has no more
interest in that company and its subsidiaries than he has in the planet Mars.
and he never has.
"I have taken the time of the Senate in the exposition of these facts, most
of which I know of my own personal knowledge, and the balance of which
are readily provable by documents, because I think it would be the height
of injustice to have the resolution presented as if there was any possibility
of truth in the recitals with which the resolution begins."
As a result of this explanation Senator McKellar deleted from his resolution the reference to Mr. Mellon's Interest in the Atlantic, Gulf & West
Indies Steamship Co.
In answering Senator Dill's attack on Colonel Roosevelt,
Senator Wadsworth said, according to the New York
"Times":
"I notice, if I may use the expression, another sniper has raised his head
above the political trenches to take a shot at a'member of the Administration. I refer to a resolution introduced reciting some preambles and ending up with the provision to the effect that the President should be and he is
hereby requested to ask for the resignation of Theodore Roosevelt as Assistant Secretary of the Navy.
"There are one or two matters referred to in the preamble of the resolution that I want to mention very briefly. The first paragraph reads:
1622
THE CHRONICLE
[VOL. 118.
"
'Whereas, Theodore Roosevelt, Assistant Secretary of the Navy, was a of many years'standing. I know perfectly
well what the object of the resodirector of the Sinclair 011 Company previous to his entrance into the Gov- lution is—it is to besmirch his character
if it is possible to do such a thing.
ernment service.'
Otherwise the first preamble would not be contained in the resolution, the
The author of the resolution is exceedingly careful, apparently, In re- preamble which refers to Mr. Roosevelt
having been at one time a director
fraining from giving the details and the dates having to do with Mr. Roose- of the Sinclair Co.
velt's former connection with the Sinclair Company. The fact of the mat"The object of that preamble when taken in connection with the remainder
ter is that Mr. Roosevelt was one of a number of bankers or investment of the text of the resolution Is to create
in the public mind a well-defined
bankers who joined in the underwriting of the Sinclair Oil Company some Impression that Mr. Roosevelt was actuated
by improper and possibly
years before the World War, and when the company was formed be, along corrupt motives in connection with the
transfer of the jurisdiction from the
with others who had joined in the underwriting, accepted directorships in Navy Department.to the Interior
Department. Such an inference is absoit. He resigned as a director of that company in 1917, before going into lutely false. There is not one word of
testimony anywhere to bear it out,
the service. The service he went into was the military service in the war and there is not one act of Colonel Roosevelt's
life which would cause any
against Germany, in which he took part in some of the most severe battles one on earth to believe that he would
be guilty of any such motive.
waged in France, was severely gassed and wounded, and made for himself
Assails Besmirching of Character.
a name, as I happen to know from conversations with officers in France
"We may not all agree politically, Mr. President, and certainly we disImmediately following the war, as one of the most distinguished'combat
agree from time to time as to governmental policies, but I think all decent
battalion leaders in the entire A. E. F.
men will agree among themselves, regardless of their political affiliations
"That is the nature of the service which he entered after separating himthat it is unfair, and worse than unfair, to attempt by false innuendo to
self from the Sinclair Oil Company as a director.
blacken a public officer's character before the people.
"The second paragraph of the preamble to the resolution relates:
"Mr. Roosevelt is a public-spirited man, born and bred in an atmosphere
"'That he personally carried the Executive order to the White House for
demanding patriotism and devotion to country. Ile has his ideals, and they
the President to sign, which order transferred the control of the naval oil
are high ones, with respect to public service. He has served his country to
reserves from the Secretary of the Navy to the Secretary of the Interior.'
the best of his ability as a soldier with great distinction, as a legislator in the
"I can best lay before the Senate—and I think these facts should be laid
Legislature of his native State and as Assistant Secretary of the Navy at
before the Senate at the first possible moment, and I take this occasion to
Washington for three years approximately. No one has ever questioned his
do so because I understand perfectly the motive of the introducer of this
honesty. Most men who have come in contact with him freely admit his
resolution—I think I can best lay the facts before the Senate by asking the
ability as an administrator. It is in resentment of this innuendo, this
Secretary to read from a letter addressed by the Assistant Secretary of the
attempt as I view It to blacken his character, that I rise at this time and put
Navy to a friend of his, the Hon. William W. Campbell, a member of the
Into the Record the documents which distinctly disprove the Inference or
New York State Senate at Albany. The letter is dated Feb. 15 1924. It
anything approaching it."
describes with great exactitude Mr. Roosevelt's connection with the order
Senator Dill was not in the Senate when Senator Wadsworth rose to make
transferring the jurisdiction, as it were, over the naval oil reservesfrom the
his defense of Colonel Roosevelt. He left Washington this afternoon to keep
Navy Department to the Interior Department.
a speaking engagement in Michigan.
"I may also say that the letter states what I have already attempted to
state, Mr. Roosevelt'sformer connection with the Sinclair Oil Company."
Roosevelt Letter Is Read.
Hearing Before Senate Inter-State Commerce ComThe reading clerk read the letter, as follows:
mittee on Howell Bill to Abolish United States
THE ASSISTANT SECRETARY OF THE NAVY.
Railroad Labor Board—Hale Holden Says
Washington, D. C., Feb. 15 1924.
"My Dear Senator —I have just received your letter of Feb. 11. Thank
Move Would Be•Step Backward—Views of
you so much for it.
"My connection with the oil leases is briefly as follows:
Other Railroad Heads.
"Shortly after President Harding's induction into office Secretary Denby
sent me a copy of a proposed Executive order transferring the naval oil
Hale Tolden, Chairman of the Executive Committee of the
reserves to the Department of the Interior, without recourse. He sent at
the same time a copy to the Bureau of Engineering. After getting my Association of Railway Executives, told
the Senate Intercopy of the order I asked Admiral Griffin, who was the chief of that bureau,
and who had the oil under his particular care, to talk it over with me.
State Commerce Committee on Mar. 28 that the enactment
"I knew very little of the matter, but Griffin felt very strongly that this
transfer would be a mistake. After thinking the matter over, I decided of the Howell bill to abolish the Labor Board and set up
he was probably right.
"My grounds for coming to this conclusion were that the Interior Depart- national adjustment boards for the settlement of labor conment has as its general mission the development of the resources
troversies would be a step backward by Congress. Prior to
United States, whereas the oil lands belonging to the navy should of the
developed except in a case of real necessity, and that, therefore, therenot be the passage of the Transportation Act of 1920, public interwould
be a conflict of ideas.
est was concerned principally in the question of continuous
"I went to the Secretary and urged that the lands be not
the Interior Department. He informed me that my protest transferred to service.
in the matter
In this law, however, Congress expressed a clear
was made too late, because the transfer had already
agreed to
President, Fall and himself. After this I went back been discussed by the recognition not only of the necessity for continuous transand
the entire situation with Griffin and certain other officers. It
occurred to me portation service, but also expressed a recognition
that if we could get an amendment to the original
of the
it necessary for the Interior Department to gainorder for transfer, making
the consent
Department before any leasing or drilling was undertaken, weof the Navy public interest in the additional burden whieh increased
could guard
the lands against improper exploitation.
wages paid railroad etnployees placed on the public through
"A number of amendments with this end in view were submitted
I took them to the Secretary and discussed them with him. After to me. increased transportation charges. Mr. Holden said:
considerable discussion he agreed to a modified form of one of them. He
This bill, however, proposes to adopt the war scheme of national boards of
to take it to Secretary Fall and that if I could get him to agreetold me
to this
amendment it would be all right with him.
adjustments, whereas the framers of the Transportation Act were unwilling
"I took the amendment to Secretary Fall. who agreed to it. I then
took to impose that obligation upon either employees or railroads. They wisely
it to the White House for signature. This amendment reads as follows:
recognized that there should be the option left both to the management and
'But no general policy as to drilling or reserving lands located in
a
reserve shall be changed or adopted except upon consultation and naval to the employees to establish these adjustment boards by agreements and
in cooperation with the Secretary or Acting Secretary of the Navy.'
locally or by such groups of railroads as might enter into agreements for
"You can see that this reserves to the navy supervision over the
serves. It was on account of this amendment that all the leases oil re- that purpose, or nationally as might be determined. The railroads oppose
under the requirement for national adjustment boards, because boards of that type
discussion by the Senate Committee at this time were countersigned
by
Secretary Denby. They could not have been accomplished
1. Lose contact with local conditions;
without the
O.K. of this department.
2. Undertake to promote unnecessary standardization of conditions with"At this point my active participation in the entire matter
ceased. It so out due regard for local differences;
happened that I was not consulted on any of the oil leases. I
3. Create standing invitations for appeals far distant from the place
they were under contemplation until after they were signed. did not know
With
ence to the Teapot Dome lease In particular, I did not know there refer- where the controversy arose; and
,
plan on foot to lease Teapot Dome. I did not know Sinclair was was a
4. Involve unnecessary expense of time and money not only in maintaininterested in any of the leases. I heard of them only after they had
been made ing the boards, but also in attending upon them. They may have been fitted
known to the general public.
"In so far as my connection with the Sinclair company goes,
to Federal control conditions, but they are an unwise institution in time of
"I was among the group of bankers who were interested it is as follows; peace, and work against, rather than in favor of, local settlements. No satin
formation. I was a directon of the company until the outbreak its original isfactory reason has been offered
of the war
for their creation.
in 1917, when I resigned. My last stock in the company was
sold during
Nominations to these boards are provided by this law in a manner which
the war—not later than 1918—I am inclined to think
1917. My wife will effectively establish the closed shcp
bought 1,000 shares of Sinclair stock, however, in 1920,
on American railroads.
loss some short time before the lease with the Navybut sold them at a
The Howell bill was presented to Congress by a number of railroad labor
Department was
signed.
organizations representing a substantial part, but by no means all, of the
"Merely parenthetically, I have engaged in no business of any
the war and my entrance into politics, and have, therefore, made kind since employees engaged in transportation service. This bill is stated to be the
no money
of any kind in business.
result of 18 months of study by these organizations, but without conference
"All of the above is in the hearings—perhaps not quite in such
ample or public discussion with either railroad managements or with the public.
form as I have given it to you,and fairly well scattered over a couple of
days. It is, therefore, obviously a partisan measure. It is well known that there
"You may show this letter to any one you wish to show it
not let it get into the press, because I don't want at this time to, but do are more than a majority in many of the railroad crafts that are not affilito look as
If I were trying to 'run out' on Secretary Denby in his time of trouble.
ated with organizations appearing at this hearing and which do not desire
Believe me,
Yours very truly,
to be represented by them because they have their own established methods
"THEODORE ROOSEVELT."
of dealing with the companies for which they work. The proponents of this
"Hon. William W. Campbell, Senate Chamber. Albany, N. Y."
measure do not represent two million of railroad workers, as claimed, but a
Griffin Corroborates Roosevelt.
much smaller number, and there are hundreds of thousands of railroad
After the letter had been read. Senator Wadsworth continued:
workers who are not represented by them at all in this proceeding.
"In order that there may be no doubt In the minds of any reasonable
The Howell bill proposes radical changes In the present established method
person as to the accuracy of Mr. Roosevelt's statement of his connection of dealing with railroad labor questions
and, in certain vital and important
with the order making the transfer from the Navy Department to
features principally affecting the public interest, it proposes backward
the
Interior Department,I ask the Secretary to read a copy of a letter addressed steps, which, because of the
predominant public interest, I assume Congress
to Mr. Roosevelt by Rear Admiral R. S. Griffin, retired."
will examine and consider with studieus care. It is fair to say that no more
Admiral Griffin's letter was as follows:
important question relating to transportation matters is pending in Congress
"2003 Katorama Road, Washington, D. C., Feb. 29 1924.
to-day than that raised by this measure. The public has long since come to
"My Dear Col. Roosevelt —I beg to acknowledge the receipt of your letter
that it is as vitally interested in the maintenance of stable and satisof the 28th inst. enclosing a copy of your letter of the 15th inst. to Hon realize
factory relations between the carriers and their employees, and in the cost
William W.Campbell, Albany, N. Y.,in reference to your connection
with
the oil leases now under investigation.
of the service, as either of the parties driectly involved.
"After carefully reading that portion of the letter which pertains to conRailroad wages directly paid in the operation of the carriers constitute
ferences that you and I held, and to your views regarding retention of
the largest part of their operating expenses. This is shown by the fact that
control of the oil lands in the Navy Department, I am pleased to say that
in 1923, out of every dollar of expense 55.8 cents was directly expended
your recollection of what transpired Is in substantial agreement with mine.
"With kind regards, I ani,
for the operating pay-roll.
"Faithfully yours,
"R. S. GRIFFIN, Rear Admiral U. S. Navy, Retired.
Legislative acts from the first enactment by Congress in
"Hon Theodore Roosevelt, Assistant Secretary of the Navy, Navy Dept."
1888, providing for a voluntary Board of Arbitration,
matter before the Senate as I have Just attempted to
"In bringing this
through the Erdman Act in 1898 and the Newlands Act In
do," added Senator Wadsworth,"I do so not merely as a supporter of this
Administration, but as a friend and intimate acquaintance of Mr. Roosevelt 191, were briefly reviewed by Mr. Holden, who said that
APR.'5 1924.]
THE CHRONICLE
"no one of these three measures was a partisan measure,
originating solely from one interest, and no measure was
passed until Congress had fully explored all of the facts and
secured the widest information and opinion from all interests." Mr. Holden said that labor was dissatisfied with the
Newlands Act, which provided for mediation and conciliation of labor difficulties, on the grounds that it occupied too
much time, was too expensive and that "public arbitrators
did not understand the technical facts and relations between
the parties." Concerning the Transportation Act, Mr. Holden said that it was enacted "to carry out the emphatic expression of opinion by the public against any further Government operation of the railroads." He continued:
The Transportation Act, by almost universal expression, has been characterized as the first constructive law passed in the program of regulation
of railroads by the Government. In all of its important features it has had
to function during the brief period of its existence in the presence of conditions probably more disturbed and difficult to deal with than ever before
in the history of the country. Every informed person knows that it was
enacted to meet a set of conditions that without it would have meant bankruptcy, to most of the railroads of the country and almost immediate wide.
spread labor disurbances and interruption of traffic. It is not a measure
expressing the views of any single interest, but after hearing them all, it
was the result of the long and painstaking work of many members of Congress engaged in developing it and it received the approval of Congress by
large majorities and of the President of the United States.
In several features the Transportation Act did not satisfy the views of the
railroads nor of the shipping public, but in accord with past experience it
seems to have carried into Title III of the Act (the Labor Board provisions)
more of the views of railroad labor than those of any other interest. We
are still in the midst of changing and difficult conditions and a reasonable
return to normal economic conditions appears to be still some time in the
suture. It is difficult to predict the future because of uncertain conditions.
Therefore, the railroad companies feel that the Transportation Act of 1920
has not yet had a fair trial and that, under present changing conditions,
important additional legislation relating to the transportation situation
might well be deferred.
Railroad labor conditions are more stable and satisfactory than for a long
time past. There are no important questions pending which threaten a crisis
of any character, nor any which seems to be beyond the ability of the managements and employees to harmoniously deal with.
Railroad freight rates are steadily being readjusted downward, in fact on
some commodities and in some portions of the country rates have been reduced more rapidly than the railroads feel conditions justified. Since the
peak of rates which was reached in 1920, there have been substantial reductions under the Transportation Act. The most extensive reductions occurred
in 1921 and 1922 and calculations show that approximately $700,000,000
annually since 1922 have been saved to the shippers of the country through
these reductions in rates.
Considering these conditions, the railroads believe that they have borne
and are currently bearing their full share of the burden in the effort to
return to normal conditions during this reconstruction period. As a matter
of fact, railroads rates have been reduced more rapidly than railroad expenses and railroad wages are still substantially above the index figures showing the relative cost of living. Railroad rates are now but 54% above the
pre-war basis and the cost of living is 73% above the pre-war basis of comparison, whereas the hourly wage of railroad employees is 133% higher than
the pre-war basis and the average annual compensation is 95% higher.
Referring to the Railroad Labor Board, Mr. Holden said
that providing a tribunal authorized to inquire into controversies that threaten interruption of commerce and in making it the legal and public duty of the parties to
refer immediately such controversies to this tribunal, Congress took a step in advance and one
which "it will carefully weigh in the light of the
public interest and anxiety over these questions before
it withdraws and'returns to less secure methods, such as
those advocated in the pending bill." Mr. Holden said that
it was only after the Labor Board had ordered reductions in
wages averaging approximately 12% and amounting annually to about $400,000,000, effective on July 1 1922 that
"there was heard for the first time the beginning of complaint over the functions of the Labor Board, and it may
fairly be stated that here arose the principal reason for hostility to this Board and the beginning of the demand for its
removal." Mr. Holden added:
If the 'United States Railroad Labor Board is abolished and the proposed
measure is substituted, It is a fair inquiry to know how and in what manner
reductions in rates of pay may be accomplished when the time arrives for
an inquiry into that subject? Would railroad labor agree, under the Howell
Bill, to arbitrate a question of this kind? It refused to consider the subject
in 1921 and if Title HI of the Transportation Act had not been on the
statute books,it is quite certain that no arbitration could have been secured
by agreement.
I am not here arguing the merits of these questions, nor predicting a
movement for the reduction In rates of pay. On the contrary, as stated
before, the recent tendency, and the present tendency, seems upward.
But no existing scheme of legislation should ho abandoned for one which
makes no provision for the protection of the public interest. as well as that
of the carriers, for an examination of these questions when the times doe's
arrive, and no scheme of legislation should be adopted in lieu of the present
statute which will obviously prevent public examination and determination
of that question at tho appropriate time.
The major reason for the proposed mew-are appears to be the demard
by those particular organizations representing, as they do. only part of
railroad labor, to be relieved from the labor board and the pressure of
public opinion under the duty created by the law, to first submit controversies not otherwise disposed of, to the labor board before resorting to
strike. The law was enacted to bring it about through the pressure of public
opinion that there should not be an interuprtion of traffic of any serious
moment until the labor board has first had tho opportunity to hear the case
and announce a decision as to the right course to be followed.
1623
For this important reason, as well as for equally important reasons already given, this advance in labor legislation should not be abandoned
without more persuasive reasons than have thus far been advanced. The
railroads urge that it be given further trial before any important change is
made in its provisions.
The Howell bill was also opposed before the committee by
other prominent railway executives, who urged that the existing sections of the Transportation Act relating to the
Labor Board be retained without any important change and
that the Board be given further trial. Besides declaring
that the move to abolish the Board and establish national
adjustment boards would be a step backward by Congress,
those heard by the committee also testified that the effect
of the Howell hill if enacted into law would be to establish
the closed shop on American railroads. Besides Mr. Howell, Daniel Willard, President of the -Baltimore & Ohio;
Carl R. Gray, President of the Union Pacific; P. E. Crowley.
Vice-President, New York Central Lines; Charles P. Neill,
Manager, Bureau of Information of the Southeastern Railroads, and John G. Walber, Chairman of the sub-committee
of the Advisory Committee on Operation, Association of Railway Executives, were among those who were heard.
Mr. Willard told the committee that while he did not approve in detail every feature of the labor provisions in the
Transportation Act, he did consider them the best scheme so
far set up in this or any other country for dealing with the
particular problem in mind. Mr. Willard stated:
If, however,Congress should determine to change the Act.I am convince
that the plan proposed in the Howell Bill would not only not work better
than the existing provisions, but would fall far short of obtaining the results
which the public at least has a right to expect from legislation of that charactor.
The provision in the Howell Bill for four national boards of adjustment
appointed by the President as proposed, in my opinion would afford a cumbersome and inflexible agency far less likely to get satisfactory results either
for the companies or for the workers, than could reasonably be expected
from the adjustment boards as already provided for in the existing Act.
It is true that the adjustment boards have not been made use of to as great
an extent as might be desired. The Act itself provided that the carriers
and the employees should be free to choose whether they should use such
agencies or not. I think they could and should have been used to a greater
extent than they have been, but no change in the law is necessary to bring
that about. It rests entirely with the railroad companies and the railroad
employees to make as wide a use of such agencies as seems desirable, and in
my opinion no amendment Is necessary or desirable in that part of the
Transportation Act.
I think It would be a very grave mistake to abandon a permanent board
as now provided for and seek to obtain a new and untried board in each
particular case. constituted as if would be of men whose time would be
taken up chiefly by their regular duties and who would have no accumulative
and current knowledge concerning the matters to be determined.
Asked by Senator Couzens of Michigan as to whether he
had any suggestions regarding the present Labor Board, Mr.
Willard said that it was his own personal idea that it might
be better were the Board composed of two labor representatives, two railroad representatives and five representatives
of the public instead of each class having three representatives as is now the case.
In his testimony, Mr. Gray, who was 'one of the officials
of the United States Railroad Administration during the
war, told of some of the inconsistencies growing out of wage
awards made by boards during the war, in order to show the
effect of having on those boards men without practical experience in that work. One illustration cited by him was
where locomotive firemen were awarded higher pay than the
engineers working on the same locomotive. He predicted
that "we would have something of the same kind of a result
under this bill," adding, "what we want is stability of approach and determination." Mr. Gray said he was in accord
with the views expressed by Mr. Holden and Mr. Willard.
We are now getting back to the old-time method of settling
many of our differences at home," said Mr. Crowley, "and
It is our thought that if the present law is allowed to stand
and the officers and employees profit by their experience,
the number of eases it will be necessary to appeal to the
Labor Board will grow less and less every day." He added:
To create national boards of adjustment, would remove such boards
from that touch with the local situation which is so essential to harmonious
handling of the question that from time to timo must necessarily be subsubmitted. I trust you will conclude to give the present labor law a further
trial, but if you consider a change is necessary I want to point out that the
bill before you, proposing first, national boards of adjustment, and, second.
a board of mediation and conciliation has been tried before and failed.
Mr. Walber, who was the last witness for the larger railroads, also said that the bill "expressly grants special and
exclusive privileges to the particular national organization
described in the bill and deprives unorganized employees'and
all locally organized employees of any representation whatever on any of the boards." As an illustration. Mr. Welber
said that employees represented by the national labor organizations which union representatives testified support this
bill, number only 45.3% of the total number of employees on
1624
THE CHRONICLE
the Eastern roads, which would leave, he said, 54.7% who
are not members of national organizations and who would
be deprived, under the terms of the bill, of representation
on the national adjustment boards. Mr. Walber submitted
figures to show that only about 37% of the shop crafts employees on the Eastern railroads are members of the national organization and only about 50% of the maintenance
of way employees. Signalmen represent about 60%, dispatchers 33% and telegraphers 71%, he testified. In the
marine department only 8% are members of the organization
supporting the bill. On Western railroads, proponent organizations supporting the bill include only about 66%%
of the total number of railroad employees on those lines,
according to the witness, who pointed out that out of nearly
173,000 shop crafts- employees, only 30,410, or 17.6%, are
members of the national organization. Mr. Walber further
said:
The railroads have no objection to collective bargaining. They practiced
it before Federal control of the railroads and have continued to do so under
the Transportation Act. They do protest against any contention that
collecting bargaining must be nation-wide, or in other words,in disregard of
the identity of the individual properties.
In order to avoid depriving-large numbers of employees of their rights, we
believe there Is no escape from the conclusion that national boards of
adjustment are impossible, and that the situation cannot be met in any
other way than by permitting such boards of adjustment to be created by
individual railroad systems, groups of railroad systems, or regionally.
The bill plainly only recognizes nationl craft organizations as the representatives of,railroad employees and makes no provision whatever for the
employees having any voice in the selection of their representative.
The provision that the nominations for the various boards of adjustment
shall be made by "the nationally organized crafts" means in practice that
in the case of some classes of employees,the mere fact of being organized on
a national basis would give them, by law, the right to control the membership of the board, although in fact such national organizations might not
represent even 50% of the employees in the class involved. Furthermore,
only certain of the organizations are composed of only railroad employees.
Moreover, in many cases, there is extreme bitterness on the part of the
members of the nationally organized unions against those who have declined
to join the organization. This provision, in law, would require those who
elected not to join the organization, the membership of which they not
only have no voice in selecting, but which membership had been selected
by an organization hostile to the unorganized, who would be obliged to
submit their grievance for adjustment.
This proposed legislation, by confirming the power of selecting representatives to the national unions, would be a most effective instrumentality
for finally bringing about a closed shop on all the railroads in the United
States.
Federal Grand Jury at Cleveland Indicts 47 Malleable
Iron Manufacturers With Operating
Illegal Combinations.
A Federal indictment charging 47 manufacturers of malleable iron castings with having organized and operated an
illegal combination in restraint of trade, controlling 75% of
the national industry, was returned on March 27 by the
grand jury of the Cleveland Federal District, according to
the Cleveland "News" of March 27, from which we quote
the following:
One Cleveland company, the National Malleable & Steel Castings Co., is
named in the indictment. Six others, Ohio concerns, operate respectively in
Dayton, Marion, Columbus Springfield, Zanesville and Warren. The remainder of the 47 are scattered throughout the East and Middle West.
Information on which the indictments are based was procured, it was
said, by Roger Shale and Russell Hardy, special investigators for the United
States Attorney-General, and was presented to the grand jury by District
Attorney A. E. Bernstein and his chief assistant, Martin A. McCormack.
In brief, the indictments charge the 47 concerns with:
Maintaining an organization, the American Malleable Castings Association,
Cleveland, to represent its interests.
With having participated as members, together with Robert E. Belt,
association Secretary, in an agreement to eliminate internal competition,
fix
prices, assign and allot customers to one another, and enforce such
assignments or allotments by refraining directly or indirectly from competing
for
customers so assigned.
The alleged combine dates back to Jan. 1 1917 and is in force at the
present time, the indictment charges.
The 47 corporations have an output of approximately 500,000 tons
of
malleable castings annually, the indictment recites, estimating this production ail 75% of the national malleable castings industry.
The association which the indictment charges has been the centre of activi.
ties, has maintained offices at 1900 Euclid Avenue, Federal officials said.
Other Ohio concerns included in the indictment together with the official
of each specifically named are:
The Dayton Malleable Iron Co., Dayton; J. C. Haswell.
The American Malleable Castings Co., Marion; Carl F. LaMarche.
The Columbus Malleable Iron Co., Columbus; George H. Thompson.
The Zanesville Malleable Co., Zanesville; P. A. Kern.
The Warren Tool & Forge Co., Warren; E. T. Ward.
The Springfield Malleable Iron Co., Springfield; T. W. Ludlow.
[Vor,. 118.
Chicago Steel Castings Co., Chicago.
Danville Malleable Iron Co., Danville, Ill.
Decatur Malleable Iron Co., Decatur, Ill.
Thomas Devlin Manufacturing Co., Philadelphia.
Erie Malleable Iron Co., Erie, Pa.
Federal Malleable Co., West Allis, Wis.
Fort Pitt Malleable and Pennsylvania Gray Iron Co., Pittsburgh, Pa.
Frazier & Jones Co., Syracuse, N. Y.
Illinois Malleable Iron Co., Chicago.
Iowa Malleable Iron Co., Fairfield, Ia.
Kalamazoo Malleable Iron Co., Kalamazoo, Mich.
The Kennedy Corporation, also trading as the Baltimore Malleable Iron
& Steel Casting Co., Baltimore, Md.
Laconia Car Co., Laconia, N. H.
Lake Side Malleable Castings Co., Racine, Wis.
Lancaster Foundry Co., Lancaster, Pa.
Marion Malleable Iron 1Vork8, Marion, Ind.
Meeker Foundry Co., Newark, N. J.
Moline Malleable Iron Co., St. Charles, Ill.
Northern Malleable Iron Co., St. Paul, Mimi.
Northwestern Malleable Iron Co., Milwaukee, Wis.
Pittsburgh Malleable Iron Co., Pittsburgh, Pa.
Rhode Island Malleable Iron Works, Hills Grove, R. I.
Rockford Malleable Iron Works, Rockford, In
Ross-Meehan Foundries, Chattanooga, Tenn.
St. Louis Malleable Casting Co., St. Louis, Mo.
Standard Wheel Co., also trading as Standard Malleable Castings Co.,
Terre Haute, Ind.
Stanley G. Flagg & Co., Inc., Philadelphia.
The Stowell Co., South Milwaukee, Wis.
Temple Malleable Castings Co., Temple, Pa.
Trenton Malleable Iron Co., Trenton, N.
Vermilion Malleable Iron Co.,. Hoopeston, Ill.
Wanner Malleable Castings Co., Hanunond, Ind.
Wisconsin Malleable Iron Co., Milwaukee, Wis.
Union Malleable Iron Co., East Moline, Ill.
National Malleable & Steel Castings Co., Cleveland.
Dayton Malleable Iron Co., Dayton, Ohio.
American Malleable Castings Co., Marion, Ohio.
Columbus Malleable Iron Co., Columbus, Ohio.
Springfield Malleable Iron Co., Springfield, Ohio.
Zanesville Malleable Co., Zanesville, Ohio.
The Warren Tool & Forge Co., Warren, Ohio.
Charles B. Warren, United States Ambassador to
Mexico, Received by President Obregon.
Charles B. Warren, the new United States Ambassador
to Mexico, in presenting his credentials to President Obregon of Mexico on March 31, declared it to be his hope "to
re-establish the cordial relations that happily existed
between the two countries for so many Tears, and to assist in
bringing about 'conditions that will expand the trade and
commerce between the peoples of these two countries." Reference to the nomination of Mr. Warren as Ambassador by
President Coolidge, *as.made in these columns March
8,
page 1086. Mr. Warren, with John Barton Payne, served
special sAmerican commission sent to Mexico City by
as a
President Harding last year which concluded .an agreement
with the Obregon Governinent looking to the resumption of
diplomatic relations • between the two Governments. With
his arrival at'Mexico City on Mardi 25 to take up the duties
of a post which had been vacant for six years, Mr. Warren,
according to Associated -PreAs accounts, had the following to
say to the members of the official reception'committee:
When I came to Wilco City last year it was for the purpose of negotiating a basis for a resumption of diplomatic and friendly relations between
the United States and this republic. Our mission was made successful
through the willing co-operation of the Obregon Government. On our return, President Coolidge approved of the work of the Joint Commission,
and
in the customary manner-the former relations were immediately resumed.
I have come a second time upon a good-will mission; this time as the
first
Ambassador to the Government (the Obregon Government) with
which we
previously treated.
•
It always will be a pleasure to recall that perhaps I have played
in restoring most friendly relations with this republic—our near some part
We wish mutually profitable trade and commerce to pass from neighbor.
try to the other. Above all, we desire a feeling of confidence to each counflow without disturbance between the Governments and peoples of
both republics.
Without such confidence there cannot be permanent
commerce or financial
relations.
We are desirous for a stable and orderly Government here
for Mexican
and American good. We expect the rights of our citizens
here to be protected in accordance with international law, which must
be respected if
international relations are to exist. We wish to be
a good neighbor. We
now hope, if it is a matter for common rejoicing, that the
two adjoining
republics have entered upon what should be an
unbroken era of cordial and
mutually helpful relations.
I shall try while here to understand Mexico and her problems,
in the hope
of helping my own people to appreciate them. As to our joint
problems, I
shall try to bring to their solution a state of mind that is
willing to understand the rights and necessities of others.
At the same time Ambassador Warren was quoted
as sayThe press dispatches from Cleveland give as follows the ing: "We expect the rights of our citizens
residing in Mexlist of companies named in the indictment:
ico to be protected in accordance with international
law,
The Eastern Malleable Iron Co., also trading as the Bridgeport Malleable which must be respected if international
relations are to
Iron Works, Bridgeport and other points in Connecticut.
exist." With his reception by President Obregon on
March
Naugatuck Malleable Iron Works.
31, Ambassador Warren is reported in a copyright
Troy Malleable Iron Works.
cableWilmington Malleable Iron Works, Vulcan Iron Works. The aforemen- gram to the New York "Times" from
Mexico City as stating:
tioned are all in Connecticut.
Albany Malleable Iron Co., Albany, N. Y.
Albion Malleable Iron Co., Albion, Mich.
Badger Malleable & Manufacturing Co., South Milwaukee, Wis.
Belle City Malleable Iron Co., Racine, Wis.
Mr. President, it is my pleasure formally to make known to
your Excellency that the President of the United States of America has accredited
me
Ambassador Extraordinary and Plenipotentiary to your Government.
Before presenting the letter of credentials authorizing me to
represent the
President, I wish to convey, at his request, his personal good wishes
to your
APR. 5 1924.]
THE CHRONICLE
Excellency and his sincere hope for the strengthening of your Government,
and for the advancement of the prosperity of this people.
In my own behalf I cannot forget referring upon this occasion to the very
cordial friendship shown me by your Excellency when I had the honor of
representing my Government here in the negotiations which happily resulted
in the resumption of diplomatic relations between the two Governments and
the establishment of the joint commissions to determine the respective
claims of our citizens in accordance with the principles of equality and
justice under the rules of international law. It was a great satisfaction and
pleasure to me to have been called to be the first to serve here as the Ambassador of my country after the conclusion of the negotiations.
It is my hope to strengthen the friendship between your Excellency and
myself, to enjoy the confidence of your advisers, to re-establish the cordial
relations that happily existed between the two countries for so many years
and to assist in bringing about conditions that will expand the trade and
commerce between the peoples of these two countries. It will be my constant aim to help this republic.
1625
$84,000, and the membership of Louis D. Stanton to Albert
V. Fischer for a nominal consideration. The last previous
transaction was for $85,000.
•
The New York Coffee & Sugar Exchange membership of
Charles F. Blake was reported sold this week to T. Barbour
Brown & Co. for a consideration of $6,900. The last previous
sale was for $6,950.
Charles B. Wiggin, who has been associated with the New
.
York office of the banking house of Hayden, Stone & Co..
has been elected Vice
-President and director of the Massachusetts Trust Co. of Boston and will assume his new office
Monday, April I. Mr. Wiggin was formerly Vice-President
Pledges Integrity of Sovereignty.
Your progress as a nation will annul no aspiration of ours and will breed of the Merchants National Bank of Boston.
no conflict arising from any hurt to any national policy of ours. We will
Samuel M. Greer, Vice-President of the Bankers Trust Co.
contend for no territorial aggrandizement, seek nothing that belongs to
another nation. We want no sphere of influence. We desire, however, cor- of New York, has resigned to'accept the Vice-Presidency of
dial relations that will grow into a feeling of confidence.
the Chesapeake & Potomac Telephone Co. and associated
We aim to develop our commerce on a basis mutually beneficial and on a
basis of equality with other nations. We both know, your Excellency, that companies, with headquarters at Washington, D. C. ' The
commodities do not move into the channels of international trade of their Chesapeake & Potomac Telephone Co. is the Bell Co. operatown initiative, but know that they are impelled by the action of individuals
who know that the Governments of the nations concerned have established ing in the District of Columbia, Maryland, Virginia and
friendly relations that open the way for commerce under conditions which West Virginia. Before becoming connected with the Bankjustify trade and credit. The experience of the world shows that commerce ers Trust Co., Mr. Greer
was associated for many years in
flows freely only in an atmosphere of confidence.
The relations we desire with this republic do not infringe in any way various capacities with the Bell System. At the beginning
upon its nationality. Nations arise from deep causes that well up in indi- of the war Mr. Greer left the telephone company to serve as
viduals possessing common spiritual qualities and ideals. Your people posAssistant General Manager of the American Red Cross, comsess theirs and we possess ours.
In seeking to maintain good relations between this republic and my coun- ing from there to the Bankers Vust Co. in 1919. Mr. Greer.
try I shall hope to integrate my nationalistic feelings with that conciliatory as Vice-President of the Chesapeake & Potomac Telephone
reasonableness customarily expected of individuals of different nationalities
Co. will be in charge of the general commercial activities.
in their relations with one another. Such a spirit
of reasonableness ought
surely to comprehend that sovereign States are friendly equals in their intercourse with each other.
We hope to see your nation strong, its Government always stable and orderly. I look forward to the steady development of our adjoining republics,
led by those who aspire to win the right to govern by reason and moral
lead.
ership. If upon my return I may truthfully say that I have helped to
weave some of the threads into the fabric of durable understanding between
our nations, I will be content.
I have the great honor to present to your Excellency my letter of credence
as Ambassador Extraordindry and Plenipotentiary from the President
of
the United States of America.
President Obregon in addressing the Ambassador, is reported in the advices to •the New York "Commercial" as
having said:
I hope that the confidence which the Mexican Government has awakened
in your people and your Government may develop a closer spiritual bond
between our countries. As a consequence increased commercial relations
may be expected to follow. A conciliatory and reasonable spirit is the
surest guarantee of friendship between the two peoples.
I desire to express my appreciation for the stand taken so opportunely and
effectively by the present Government of the United States in behalf of constitutional and legitimate government.
According to the same paper, the following message of
good-will was addressed to the American people by President Obregon with Mr. Warren's arrival on March 25:
Our best guarantee for good relations is sincerity; that is the basis of
policy of both countries. An eloquent demonstration of the sincerity which
animates our cordial relations is a designation of a new Ambassador of the
White House in this country.
The vigorous personality of Mr. Warren and his sympathy for Mexico constitute a guarantee of his success. The Government in my charge, for its
part, will confide its representation to a citizen whose qualities will measure
up to the elevated mission which will fall to him to carry out.
It was announced in Associated Press advices from Mexico
city March 30 that an investigation into the alleged unwarranted seizure of American-owned properties, the safety of
American citizens in Yucatan and the question of a second
collection of taxes by the Federal Government from American citizens who already have paid them to the revolutionary authorities, has been begun by Ambassador Warren.
These advices further said:
Questioned to-day concerning the early commencement of his activities,
Mr. Warren said that he had secured the consent of the Mexican Government
to begin negotiations immediately after he visited the Foreign Office last
Wednesday and prior to his formal reception by President Obregon. Likewise, Mr. Warren admitted he had "open powers" for putting through various understandings reached between the Washington and Mexico City Governments in connection with last summer's pre-recognition conference, at
which were drawn up the general and revolutionary claims conventions.
The safety of American citizens in Yucatan has been assured through the
granting of Mr. Warren's request for permission to have the American
cruiser "Tulsa" anchor in the harbor of Progreso and give asylum to those
who may be endangered through disorders following the disintegration of
the revolutionary Government.
Concerning the double collection of taxes and of customs duties, the Government has assured Mr. Warren that it will not attempt to compel Americans who have been forced to pay export duties to the rebels, notably in Vera
Cruz, to duplicate their payments to the central Government.
••
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Four New York Stock Exchange memberships were reported posted for transfer this week, as follows: That of
William H. Rolston sold to Donald P. MacGregor for $82,000; that of Walter Dreyfus to W. Kempton Johnson for
$85,000; that of Henry Post to William John Warburton for
Arrangements for the consolidation of the East River
National Bank of New York and the Commercial Trust Co.
were participated in by A. I'. Giannini, President of the Bank
of Italy of San Francisco during his brief stay in New York.
Plans look to the completion of the merger on April 20, following the conversion of the trust company into a national
bank. Approval of the Comptroller of the Currency has been
obtained and consummation of the transaction, it is announced, will be possible within 30 days of that time. Dr.
A. II. Giannini, President of the East Rive- National Bank,
who was formerly a Vice-President of the Bank of Italy. in
San Francisco, will head the merged institutions. Starting
a "flying" trip that will take him to the principal European
trade centres, A.. P. Giannini . has sailed. for Rome, Italy,
where he will represent the interests of the Bancitaly Corporation as well as other American stockholders at the annual meeting of the Banco d'America e d'Itslia. In an effort
to secure the latest available data with respect to European
matters, • Mr. Giannini .will spend several weeks visiting
points in Prouty, Germany, Belgium and England. He will
resort to the use of airplanes in. traveling between the'.various continental cities visited. ••
Paul Partridge, formerly Federal Reserve Bank Examiner
of the New York District, has been.appointed Vice-President
of the Chemical National Bank of New. York. A. bockhead
has been appointed Assistant Manager of the Foreign. I?epartment of the Chemical. The Chemical National Bank
opened on April 1 its first uptown office at Fifth Avenue
and 29th Street; the intention to open this office was referred to in.these columns Dec. 8 1923, page 2501. April 1
marked the hundredth anniversary of the bank's charter.
Stephen E. Albeck,. Assistant Vice-President of the National City Bank of New York, retired on April 1, after serving that institution continuously for 36 years. 'He joined
the staff of the bank in 1888 as a messenger. In 1900 Mr.
Albeck was appointed an Assistant Cashier. Eight years
later he became a traveling representative for the bank in
the West and Northwest. In 1918 he was promoted to Assistant Vice-President, the title he held at the time of his
retirement.
•
The National City Company of New York announces the
appointment of S. L. Castle as Assistant General Sales Manager in charge of the Chicago metropolitan sales organization, effective immediately. Mr. Castle has been associated
with the National City Company since 1917 as District Sales
Manager of their Minneapolis office.
The appointment of H. T. Booth as District Sales Manager of the Minneapolis office of the National City Company
is also announced, effective immediately. Mr. Booth has
been associated with the company since 1918, having been
connected with the Minneapolis office during that period.
1626
THE CHRONICLE
At the main office of the Brooklyn Trust Co., 177 Montague Street, Brooklyn, N. Y., announcement is made that
the Manhattan office, located since 1907 at the corner of
Wall Street and Broadway, will be moved to the corner of
Broad Street and Exchange Place, where the whole of the
first floor of the Blair Building has been secured to provide
larger quarters and increased facilities for the company's
growing business. The new offices will be opened on April
14 and will be in charge of Willis McDonald Jr., one of the
Vice-Presidents of the company, assisted by Horace W. Farrell, Assistant Secretary.
[VOL. 118.
Henry D. Shute, Vice-President of the Westinghouse Electric & Manufacturing Co., has been elected a director of the
Commonwealth Trust Co. of Pittsburgh, Pa.
—•-J. G. Geddes, Vice-President of the Union Trust Co. of
Cleveland, and in charge of their large foreign department,
has made reservations to sail aboard the "Lancastria," with
the bankers and business men who are planning to attend
the London, England, convention of the Associated Advertising Clubs of the World. Mr. Geddes is quoted as saying:
regard this as a distinct opportunity to obtain a better understanding of
the vast sales and promotional thought not only of this country but of England and the Continent.
While I have been to England and the Continent numberless times, I feel
• William O'Hanlon,former President of the First National confident that a month of close contact with the foremost sales executives
the world will give me a
Bank of Geneva, N. Y., was on March 18 sentenced to two of the leading mercantile nations of modern business promotion. still better
understanding of the requirements of
years in the Federal Penitentiary at Atlanta, when he
pleaded "guilty" before United States Judge Hazel in BufOn April 1 F. 0. Birney, formerly Vice-President of the
falo to misappropriating the bank's funds. A press dispatch
Chicago Trust Co. of Chicago, became President of the
from Buffalo in regard to the case, which appeared in the
Reliance State Bank of Chicago, R. C. Wieboldt, former
'New York "Evening Post" of March 19, said in part:
been made Chairman of the board of diO'Hanlon, who is 64 years old,. made a plea for leniency, saying that President, having
restitution had been made. Judge Hazel in imposing sentence said: "Our rectors. Other officers will retain their present positions.
laws must be enforced impartially for both the pauper and the banker."
Plans and specifications are under consideration for remodThe specific charge against O'llanlon was the misappropriation of $4,000,
eling the banking room for more commodious and enlarged
the total amount taken was said to have been much larger.
but
space for its increasing number of depositors.
Morris Wistar Stroud Jr., head of the Philadelphia banking house of Stroud & Co., committed suicide on March 24
by hurling himself in front of an electric train near Villanova Station of the Philadelphia & Western Railroad. A
nervous breakdown caused by unusual business pressure and
knowledge of the fact that he was rapidly losing his hearing,
are believed to be the reasons for his act. Mr. Stroud was 36
years of age and socially prominent.
• The beautiful new $5,000,000 banking home of classic design erected by the Mellon National Bank of Pittsburgh—
probably one of the finest structures devoted exclusively to
banking in the world—was formally opened on March 20.
More than a thousand bankers from all parts of the country
gathered at Pittsburgh in honor of the occasion. Twentyfive representatives of the leading financial institutions of
this city left for Pittsburgh by special train on March 19 as
guests of the Mellon house. Secretary of the Treasury Andrew W. Mellon (former President of the Mellon National
Bank) with a group of other Government officials, journeyed by special coach from Washington to be present at
the dedication. The ceremonies began at 11.30 a. m. with a
reception, attended by large crowds of representative persons, and a tour of inspection of the building. This was
followed by a luncheon given by the bank in the ballroom
of the William Penn Hotel, at which more than 700 bankers
besides other guests sat down. In the evening the employees
of the institution and their friends were tendered a dinner
and dance at the same hotel. During the morning numerous
congratulatory telegrams were received and a wealth of
flowers, tributes from other banking institutions in Pennsylvania and practically every other State in the Union;
several of these beautiful gifts came from California and
many from the East. Besides the Secretary of the Treasury
and his brother, R. B. Mellon, President of the bank, other
Officers and the directors, the guests at the reception met
Henry W. Dawes, Comptroller of the Currency; D. R. CrissInger, Governor of the Federal -Reserve Board; Senator
David A. Reed, Congressman Louis T. McFadden of Penn• sylvania, Chairman of the Banking and Currency Committee in the House of Representatives, and Girard B. Winston,
Assistant Secretary of the Treasury. At the luncheon President Mellon presided and Senator Reed was the toastmaster.
In response to a toast the Secretary of the Treasury made
What he Jocularly declared to be the second speech of his
career. He confined his remarks to a brief outline of the
bank's history. In the party of prominent bankers from
fIew York who attended the ceremonies were:
George Whitney, of J. P. Morgan & Co.; William A. Simonson, Senior
Vice-President, National City Bank; L. S. Lambie, Vice-President, National
City Bank; H. B. Baker, Vice-President, National City Co.; Francis L.
Hine, First National Bank; H. C. Stevens, Vice-President, National Bank
of Commerce; T. W. Bowers, Vice-President, National Bank of Commerce;
F. II. Miller, Senior Vice-President, Chase National Bank; B. A. Tompkins,
Bankers Trust Co.; Guy Emerson, Bankers Trust Co.; Challen T. Parker,
Vice-President, Guaranty Trust Co.; Theodore Rousseau of the Paris Branch
of the Guaranty Trust Co.
At the quarterly meeting of the directors of the Minneapolis Trust Co. of Minneapolis on March 28, Lester Bigelow,
formerly Sales Manager of the Bond Department, was
elected Bond Officer of the trust company. Mr. Bigelow has
been with the trust company for several years. Succeeding
Mr. Bigelow as Sales Manager is Henry E. Atwood,formerly
Secretary of the Northland Securities Co. Mr. Atwood was
also elected at the quarterly meeting. I. H. Overman, VicePresident of Minneapolis Trust Co., will continue in charge
of the bond department.
The Merchants' National Bank of _Crookston, Minn., an
institution capitalized at $75,000, closed its doors recently
and a National Bank Examiner has taken charge of its affairs. Its deposits exceeded $1,000,000.
A new St. Louis financial institution—the American lilachange National Bank—had a successful opening on Mar. 22.
Depositors in the new bank, which has a combined capital
and surplus of $250,000, stood in line practically the entire
day, from 9 a. m. to 8 p. m. The institution occupies a new
two-story bank building at Gravois Street and Kingshighway Boulevard. The interior is finished in white marble
and has a balcony at one end which forms a second-floor
office. On the main floor, just off from the entrance, there
Is a small reception room on one side and an office on the
other. Equipment, which includes up-to-date accounting
machinery and a safety vault of the latest type, has been
Installed. The officials of the new bank are: Edmond
Koeln, President; D. Hedenkamp and Walter Scott, VicePresidents, and Armin Pfisterer, Cashier.
On the afternoon of March 22 the Farmers' National Bank
of Parsons, Kan., with combined capital and surplus of
$114,000, was closed by F. H. Peterson, a National Bank Examiner. During that day and the preceding one the bank
had suffered a run which it could no longer withstand, and
Mr. Peterson took over the institution pending instructions
from the Comptroller of the Currency. According to its last
statement (in January), the bank's deposits were $428,985
and its resources in excess of $711,485. W. F. Lay was
President and Paul Cornelius Cashier. It is the second Kansas national bank to fail in nine years, according to Mr.
Peterson.
The Denver "Rocky Mountain News" of March 8 reported
that the First-National Bank of Rocky Ford, Colo., had voluntarily closed its doors on the preceding day (March 7).
Several days previously a "run" on the institution was
started caused by false rumors as to its condition, and the
officials decided to stop operations until Federal Bank Examiners could investigate and report on the bank's financial
condition. The capital of the institution is $60,000, with
surplus and undivided profits of $46,000. Boon Best is
President.
The American Bank & Trust Co., Denver, has been conThe bank opened for business in its new quarters the folon April 1 began business
lowing Monday, March 24. A description of the building verted to the national system and
under the title of "The American National Bank of Denver."
"Chronicle" of. Feb. 20, page 519.
was given in the
The new institution has combined capital and resources of
APR. 51924.1
$10,500,000 and is a member of the Federal Reserve System
and the Denver Clearing House Association. A subsidiary
institution, to be known as "The American National Company," has been incorporated to take over certain assets of
the American Bank & Trust Co., which were not admissible
under the National Banking Act. No changes, it Is understood, have been made in the personnel or directorate of the
bank. Godfrey Schrimer is President. The American Bank
& Trust Co. was originally organized as the German-American Bank, but early in the World War changed its name by
dropping the word "German."
Robert S. Polk, Senior Vice-President of the Union &
Planters' Bank & Trust Co., of Memphis, and one of the
prominent bankers of that city, shot and killed himself in
his home in Morningside Park, Memphis, on March 24. Mr.
.
Polk was preparing to attend a conference with business
associates when he suddenly took his life. About two weeks
previously a shortage of approximately $.12,000 had been discovered in the bank's funds by Federal and State bank examiners and on March 18 the following statement was given
out by the institution over the signature of its President,
Frank F. Hill:
The board of directors of the Union & Planters Bank & Trust Co. following
a meeting of the board, issued the following statement:
"The recent examination of the bank by the State Banking Department
and the Federal Reserve examiners, revealed a shortage in the cage of Teller
R. S. Scrivener of $41,958 88.
"In a sworn statement made to the bank examiners, Mr. R. S. Scrivener
denied that he received any personal benefit from this shortage."
The bank is fully protected by fidelity bonds of $300,000, covering each
officer and employee, and therefore the bank will sustain no loss by reason
of this shortage.
By action taken by the board to-day (Mar. 18) Mr. R. S. Polk is no
longer connection with the bank.
Mr. Scrivener, the Teller referred to in the bank's announcement, also issued a statement, as follows:
The various items of the $41,000 passing through my cage at the instance
of Mr. Polk had been accumulating over a period of four or five years. I
never questioned any order of Mr. Polk, because he was my superior officer
in the bank. I am wholly at a loss to know why the transactions found to
be irregular passed through my cage.
The shortage of the bank subsequently was found to be
in the neighborhood of $61,000, according\ to the Memphis
"Appeal" of March 20. Mr. Polk was absent from Memphis
during the week prior to his death. On March 15 he left the
city without notifying his colleagues at the bank of his intention. He returned from El Paso, Tex., on Saturday,
March 23, but was too ill to see his business associates. The
deceased, who was 41 years of age, entered the Union 8z
Planters' Bank & Trust Co. as a messenger when a lad of 17.
From the first his promotion was rapid. He held successively the positions of Bookkeeper, Teller, Cashier, VicePresident and finally Senior Vice-President. In the lastnamed capacity he shared with Mr. Frank F. Hill, the Presi• dent, the controlling voice in the conduct of the bank. In
addition to his duties at the bank, Mr. Polk was interested
in the following organizations: Memphis Lumber Corporation, the Universal Motor Car Co., the Mississippi Chemical
Co., the International Baking Co., and. J. T. Hinton & Son.
On April 1 the American Trust & Savings Bank of Birmingham celebrated the 21st anniversary of its founding.
From the very beginning of its career this institution has
prospered, expanding with the growth of Birmingham. Organized in 1903 with a capital of $100,000 and resources of
$189,454, It has to-day a capital of $1,000,000, surplus and
undivided profits of $650,000 and resources of $13,250,000.
In 1912 the bank erected a handsome 20-story bank and
office building and moved to its present spacious and attractive quarters in December of that year. W. W.Crawford is
President of the institution, a position he has held since
February 1905. The other officers are: H. T. Bartlett and
H. H. K. Jefferson, Vice-Presidents; C. M. Williamson,
Cashier; Allan J. Daly, W. W. Crawford Jr. (also Trust
Officer) and Claude M. Shill, Assistant Cashiers, and
Harris Moriarty, Auditor.
The Hibernia Bank & Trust Co. of New Orleans announces
the opening of its new Mid-City branch building, Canal
Street and Carrollton Avenue. The Mid-City section is the
hub of New Orleans, the most central part of the city. It is
to serve the needs of this section that the company has established its branch at this corner. Of select limestone, with
carved stone capitals, the building is said to be one of the
handsomest, for its size, in the city. Its external dimensions are 50 by 80 feet, with a height of 33 feet. The interior
height is 25 feet. Marble floor, marble and bronze fixtures,
modern ventilating and lighting arrangement, rest rooms
1627
THE CHRONICLE
and coupon booths, all'contribute to a complete equipment.
The vault is of the most improved type capable of resisting
burglars.
At a meeting of the directors of the Hibernia Bank &
Trust Co., New Orleans, on March 19, a dividend of 6% per
share was declared for the quarter ending March 31 1924,
payable April 1 1924, to stockholders of record March 19
1924.. An additional dividend was voted to employees. This
dividend is based upon a sliding scale dependent upon the
length of time the employee has been with the bank and is
3% of a varying amount of the yearly salary.
-4---
R. H. Stewart has been elected Chairman of the board of
the City National Bank of Dallas, succeeding the late Edward 0. Tenison. On the board Mr. Tenison has been succeeded by C. L. Maillot, Dallas real estate man.
The capital of the Citizens' National Bank of Los Angeles
and that of Its affiliated institution, the Citizens' Trust &
Savings Bank have been doubled, according to the Los Angeles "Times" of March 26. In the case of the former the
Increase was from $2,000,000 to $4,000,000 and in that of the
latter from $1,000,000 to $2,000,000. These increases were
effective as of April 4 and give the two banks, it is understood, a joint capitalization, including surplus and undivided
profits, of $9,000,000, and total resources in excess of $95,000,000. According to J. D. Day, the President of both institutions, the enlarged capitalization was necessitated by the
growth in the business of the banks and a desire to distribute
the stock ownership more Widely among the depositors and
employees. The "Times" further stated that about May 1
the Citizens' National Bank will announce the formal opening of its enlarged banking quarters. "Work now in progress will give the bank over 60% additional floor and basement space, the main floor,being expanded to afford a space
100 by 150 feet." The Citizens' National Co. was recently
organized as a subsidiary of the Citizens' National Bank to
carry on the bond business of the institutions. It is capitalized at $100,000, and Mr. Day is President.
Charles E. Burnside, a Vice-President of the Dexter Horton National Bank of Seattle, and one of the most popular
older bankers in the Pacific Northwest, died suddenly of
heart failure at his desk in the bank on March 27. Mr. Burnside entered the Dexter Horton Bank as a Note Teller in
1898. He was successively Assistant Cashier, Cashier and
Vice-President, being promoted to, the latter office six years
ago.
Announcement was made in Seattle on March 27 of a proposed merger of the Seaboard National Bank of that city and
the Dexter Horton ,National Bank—a consolidation which
will give to Seattle a $40,000,000 institution, according to the
Seattle "Post-Intelligencer" of March, 28. The Seaboard
National Bank, which Is situated in what is now the ce,ntre
of the retail business district of the city, will be operated as
an uptown branch of the Dexter Horton National Bank. In
addition, the enlarged bank will maintain two other permanent branches, one at Ballard and the other at Georgetown, these latter through the recent consolidation of the
Union National Bank with the institution. Charles H.
Howell, the President of the Seaboard National Bank, and
Frank E. Burns, one of the Vice-President, will become VicePresidents of the enlarged Dexter Horton National Bank,
while Lester McCash, the Cashier, will be given an executive
position. The stoqkholders of both the interested institutions will vote on the proposed union at meetings to be held
shortly. The0 Seaboard 0 National Bank was established in
1919. It has a capital of $200,000, with surplus and undivided profits of $80,000 and deposits of approximately
$3,500,000.
A cablegram to the New York News Bureau from the
Central News, London, March 27, said:
It has been decided to raise the capital of the Royal Bank of Scotland
from £2,000,000 to £2,500,000. A proportionate amount of E440,000
to be offered the shareholders.
—4-N. C. Stenning, President of the Anglo-South American
Trust Co., has received a cable from the head office of the
Anglo-South American Bank, Ltd, London, announcing that
the directors have declared aq-Interim dividend of five shillings per share, less income tax, payable on April 30. 'This
is at the rate of 10% per annum on the paid-up capital of the
hank and is the same as Dald for the last financial year.
1628
THE CHRONICLE
THE ENGLISH GOLD AND SILVER MARKETS.
reprint the following from the, weekly circular of
Samuel Montagu & Co. of London, written under date of
March 19 1924:
We
[Vol,. 118.
from 402 to 411 and sold finally at 410. The new stock
fluctuated between 51'and 52, the close to-day being at 513i.
Cumberland Pipe Line improved from 125 to 132. GalenaSignal Oil rose from 57 to 603/2 and sold finally at 60. Magnolia Petroleum gained five points to 141. Prairie Oil &
Gas after early loss of five points to 230 moved up to 2423/2,
resting finally at 241. Prairie Pipe Line improved from
1017 to 105 and ends the week at 104. South Penn Oil
from 1543/2 fell to 1503, recovered to 156, the final transaction to-day being at 155. Standard Oil (Nebraska) was
active and gained about ten points to 247. Standard Oil
(Ohio) corn. was off from 320 to 305, but recovered to 312.
Internat. Petroleum advanced from 18% to 203/2. There
were few changes of importance in the industrial list. Glen
Alden Coal sold up from 863/i to 93. Dubelier Condenser &
Radio after improvement from 29 to 31% dropped to 28
and closed to-day at 2978. Durant Motors was up from
20% to 233/2 and finished to-day at 23. Lehigh Power
Securities sold up from 483/2 to 604 and closed to-day at 60.
New Mexico & Arizona Land was conspicuous for an advance from 8% to 10, the final transaction to-day being
at 9%.
A complete record of Curb Market transactions for the
week will be found on page 1652.
GOLD.
The Bank of England gold reserve against its note issue on the 12th inst.
amonnted to E126,274,905, as compared with £126,274,745 on the previous
Wednesday. A substantial amount of gold came on offer this week, and
inqpiry on India and Continental account absorbed a moderate proportion.
Gold valued at $6,500,000 has arrived in New York from France. The
United Kingdom imports and exports of gold during the month of February
1924 were as follows:
Imports.
Exports.
Netherlands
E7,900
£257.637
Belgium
33.500
Switzerland
53,884
Egypt
300,000
8.325
Wet Africa
5,770
97,883
United States of America
5.399.267
314
Cent.cal America and West Indies
115
Rhodesia
210.193
Transvaal
2.964.782
British India
1.048,277
Straits ,Settlements
35.808
Australia
1,062
Other countries
22,756
2.672
..,.,
'
Total
£3,293,246 £7,156.899
•,'
CURRENCY.
The "Times of India" announces that a statement of the Honorable
Finance Member in the legislative assembly indicates that the nickel 8-anna
Piece is lobe withdrawn from circulation, as it has been found to be a coin
not in favor with the public.
THE WEEK ON THE NEW YORK STOCK EXCHANGE
SILVER.
Sayer has been a quiet and featureless market during the week under
Under the leadership of the railroad issues the stock marreview: Sales on China account on the 13th inst. caused a fall of 3-16d. in
the Prices to 33 7-16d. and 33d.for cash and forward delivery,respective- ket the present week has shown a steadily improving tenly; but since that date the cash quotation varied only between 33Md. and dency, price movements
in a majority of issues going to
33 7716d., whilst forward silver remained unchanged at 33 5-16d.
Tlie "North China Herald" recently published the following with regard materially higher levels. The continued advance in the
to the Chinese'customs returns: "The Maritime Customs revenue for 1923 market for French exchange, together with the
unusually
totaled Haikuan taels 63.378,000,which at the average exchange of 3s.5M d.
favorable reports of net earnings on numerous railroads had
equals £11,025,100. It will be noted that, although the effective 5%
import tariff was being enforced for practically the whole year,the revenue a stimulating influence on the general list and the stock
increased by only taels 4,744,000 on the previous record collection of 1922 market has gone briskly forward, growing
in strength and
while as a result of the drop in the average exchange from 3s. 9d. in 1922
to 3s. 5Md.in 1923 the gold equivalent of 1923 collection was only £37,600 expanding in activity during the greater part of the week.
more than the collection in 1922. All ports show increases except Hankow. In the brief session on Saturday there was considerable
The'revenue of the native customs under the Inspector-General amounted weakness, which continued
up to the closing hour. The
to taels 4.480,000, equaling £779,330. an increase of taels 162.000 as commarket manifested marked improvement on Monday and a
pared with 1922.
Mr. W.P. Timms of the Dominibn Department of Mines, Ottawa, has moderate advance occurred in most of the active
stocks
stated in a recent article that developments during the past year in South during the
day's trading. Railroad stocks were in active
Lorrain, in Cobalt and Gowganda, Ontario, in the Mayo district, Yukon,
and in Stewart and Slocan districts. British Columbia, have been such that demand, St. Paul pref. advancing 1% to 28%. On the other
the prospects for an increased production of silver are most encouraging.
hand, American Telephone declined 2% points to 123, and in
the last hour United States Steel common lost more than a
INDIAN CURRENCY RETURNS.
(Ip Lacs of Rupees.)
Feb. 29.
Mar. 7. Mar. 15.
point of its morning gain. Price movements were again
Notes ih circulation
18619
18555
18541
upward on Tuesday. Gains.of one or two points were made
Silver coin and bullion in India
8034
7970
7956
Silver coin and bullion out ofIndia------------in some of the more active speculative issues. Railroad
--Gold coin and bullion in India
2232
2232
stocks were again the feature, St. Paul pref. leading the
2232
Gold coin and bullion out of India
group with a gain of more than two points to 292 and scorSecurities (Indian Government)
/
1
5753
5753
5753
Securities (British Government)
ing a new high for the year. Nor. & West. and Wabash pref.
1400
1400
1400
Bills of exchange
1200
1200
1200
were also conspicuous in the upward movement and AmeriNo silver coinage was reported during the week ending 15th
inst.
can Telephone recovered two points to 125. The upward
The stock in Shanghai on the 15th inst. consisted of about
29,300,000
ounces in sycee, $43,500,000 and 2.000 silver bars, as compared
with 27,- swing continued on Wednesday, several prominent stocks
500,000 ounces in sycee, $42,500.000 and 925 silver bars on the
8th inst. recording a net advance of from 1 to 3 points during the
Quotations-Bar Silver p. oz. std.Bar Gold
day's trading. Railroad stocks were again in the foreground,
Cash.
Two Mos. per oz.fine.
Southern Pacific being a prominent feature and moving up
March 13337-16d.
33gd.
96s.
March 14
-33Md.
nearly two points to 87%. Rock Island pref. advanced two
335-16d.
96s.3d.
March 15
33 7-16d.
33 5-16d.
points to 61 and Northern Pacific registered a gain of more
March 17
33 7-16d.
335-56d.
96.3.3d.
than a point at 53%. The market was buoyant on Thursday.
March 18
33M d.
'33 5-16d.
96s.4d.
March 19
33 7-16d.
33 5-16d.
The feature was the advance in New York Central of 1%
96s.
Average
33.458d.
33.302d.
963.2.0d.
points to 101%. Southern Pacific was again in strong
The silver quotations for cash and forward delivery are
derespectively mand and moved
3-led.'and Md. below those fixed a week ago. _
up 414 points to 93%. In the early part
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Landon,
Sat.
Mon. Tues.
Wed. Thurs.
Fri.
Wse ending April 4.
rk
Mar.29. Mar. 31. Apr. 1. Apr. 2. Apr. 3. Apr.4.
Silver per on
d 335-16 333j
33%
3334
32 15-16 32%
Gola; per fine ounce
968.1(1. 96s.
95s.11d. 95a.10d. 95s.10d. 95.9.10d.
Consals,:2% per cents
5534
56
5634
57
574
BrIttsllt 5 per cents
1024 10234
10234
10234
10294
Britisli,A% per cents
98
9634
98
99
99
French Rentes (In Far1a)...1r. ____ • 54.95
55.20
58
56.20
55.30
French War Loan (In Farts)Ir. ____
67.90
68.30 69.50
69.85 69
The price of silver in New York on the same day has been:
Silver in N.Y., per oz.(cis.):
Foreign
6394
6334
6334
6334
6394
6334
THE CURB MARKET.
Trading in the Curb Market this week proceeded in listless
fashion with the volume of business small. Price movements
for the most part were narrow. There was a slight tendency
to firmness as the week closed, but no appreciable progress
was made. .Oil stocks were* principal features. Borne,
ScryroSer & Co. after a loss of hme ten points to 220 recovered to 236. Chesebrough Mfg. old corn. advanced
of the session General Electric suffered a sharp decline,
falling 6 points to 217, but later recovered 3 points
to 220.
Railroad securities were again the centre of speculative
interest on Friday. New York Central and Southern
Pacific
were in active demand at steadily rising prices and
New
Orleans, Texas, Mexico reached new high ground
at 112.
The strength of this group spread to the industrials. United
States Steel common again crossed par and Baldwin Locomotive touched the highest level of the present movement at
118.
COURSE OF BANK CLEARINGS.
The indications are that bank clearings the present week
will show a small increase over a year ago. Preliminary
figures compiled by us, based upon telegraphic advices from
the chief cities of the country, indicate that for the week ending to-day (Saturday, April 5), aggregate bank clearings for
all the cities of the United States from which it is possible to
obtain weekly returns will register an increase of 1.6% as
compared with the corresponding week last year. The total
stands at
,604,347,586, against $8,467,598,446 for the
same week in 1923. At this centre there is a gain of
1.3%.
Our comparative summary for the week is as follows:
1629
THE CHRONICLE
APR. 5 1924.]
1924.
1923.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$4,234,000,000
540,662,352
435,000.000
389,000,000
96,733,152
a
149,300,000
117,600,000
130,137,488
122,927,932
92,977.620
88,892,785
65,150,755
$4,177,880,550
563,139.121
459,000,000
353,000,000
113,927,379
a
131,000,000
*103,000,000
134,362,582
x86,700,216
106,596,079
87,793.380
46,233,148
+1.3
-4.0
-5.2
+10.2
-15.1
a
+14.0
+7.6
-3.1
+41.8
-12.8
+1.3
+40.9
12 cities, 5 days
Other cities, 5 days
$6,462,382,064
912,773,010
$6,368,932,455
889,009,070
+1.5
+2.7
Total all cities, 5 days
All cities, 1 day
$7,375,155,074
1,229,192,512
$7,257,941,525
1,209,656,921
+1.6
+1.6
SR fin4 347.586
$8,467,598,446
+1.6
Clearings-Returns by Telegraph.
•
Week ending April 5.
Total all Milan fnr a:Parar
a Will not report clearings. a Four days. • Estimated.
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 the elaborate detailed statement, however, which we
present further below, we are able'to given final and complete
resultsfor the week previous-the week ended March 29. For
that week there is an increase of 14.0%, the 1924 aggregate
of the clearings being $7,883,009,041 and the 1923 aggregate
$6,914,946,400. But last year the week in6luded Good
Friday, which is observed as a partial holiday in many places.
Reserve District is the only district showing smaller totals
than last year; it has suffered a loss of 14.6%. The Dallas
Reserve District has an increase of 19.9% and the San Francisco Reserve District of 6.3%.
We also furnish to-day a summary by Federal Reserve
districts of the clearings for the month of March and the three
months ending with March. For the month of March there
is a decrease of 1.3%, the 1924 aggregate of the clearings
being 835,808,562,180 and the 1922 aggregate $36,269,484,835. Outside of New York City the increase is 2.1%, the
bank exchanges at this centre having recorded a loss of 0.6%.
In the Boston Reserve District there is an increase of 2.6%,
in the Philadelphia Reserve District of 0.7% and in the Richmond Reserve District of 0.5%. The New York Reserve
District (including this city) records a falling off of 0.6%,the
Cleveland Reserve District of 3.0% and,the Atlanta Reserve
District of 5.0%. In the Chicago Reserve District the totals
are'smaller by 3.7%, in the St. Louis Reserve District by
6.6% and in the Minneapolis Reserve District by 4.3%.
The Kansas City Reserve District suffers a loss of 19.8%,
but the Dallas Reserve District and the San Francisco Reserve District both show gains, the former having an increase
of 8.0% and the latter of 4.8%. For the three months the
grand aggregate shows an increase of 2.9% compared with
,the corresponding period last year, while the totals outside
of New York City show an improvement of 1.9%. We now
add our comparative figures for March and the three months ,
ending with March:
March.
Three Months.
SUMMARY OF BANK CLEARINGS.
1924.
Week ending Mar. 29 1924:
1923.
1924.
Inc.or
Dec.
:
1222.
1921.
's
$
$
%
$ :
Federal Reserve Districts.
11 cities 432,325,220 388,576,931 +11.3 315,320,222 304,915,331
(1st) Boston
10 " 4,621,233,771 3,873,320,033 +19.3 4,2131447,527 3,777,436,793
New York
(2nd)
602,020,471 416,885,791 +20.4 416,073,695 437,118,500
(3rd) Philadelphia_....10 "
352,435,791 318,670,936 +10.6 279;70,958 333,541,652
8 "
(4th) Cleveland
171,329,961 147,265,420 +16.3 121,1368,571 143,040,306
6 "
(5th) Richmond
179,437,617 158,208,147+13.4 116,934,991 134,407,081
11 "
(6th) Atlanta
808,791,407 797,777,230 +1.4 659,733,681 659,778,820
20 "
(7th) Chicago
61,262,727 60,467,917 +1.3 49,850,769 49,966,8E6
7 "
(8th) St. Louis
100,390,280 99,971,313 +0.4 86,113,287 106,419,249
7 "
(9th) Minneapolis_
193,698,205 226,907,805 -14.6 207,520,775 232,520,093
(10th) Kansas City----11 "
56,682,682 47,273,862 +19.9 43,916,422 45,969,401
5 "
(11th) Dallas
403,400,899 379,621,315 +6.3 305,520,661 296,797,843
16 "
(12th) San Franclsco
122 cities 7,883,009,041 6,914,946,400 +14.0 6,815,571,569 6,521,911,955
Grand total
3,324,695,304 3,106,684,00 +7.0 2,653,222,006 2,796,307,723
Outside New York City
,
oat, nal naa 001 (MA "NA
nn .1.1...
C'
nal eel nee
nen I., cm
-I-1 n
Outside of New York City, the increase is only 7.0%,
the bank exchanges at this centie having recorded a
gain of 19.7%. 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 is
an improvement of 11.3%,in the New York Reserve District
(including this city) of 19.3%, and in the Philadelphia Reserve District of 20.4%. In the Cleveland Reserve District
the totals are larger by 10.6%, in the Richmond Reserve
District by 16.3%, and in the Atlanta Reserve District by
13.4%. In the Chicago Reserve District there is a gain of,
1.4%, in the St. Louis Reserve District of 1.3%, and in the
Minneapolis Reserve District of 0.4%. The Kansas City
Fed'I Reserve Distil.
1st Boston. _13 cities
2nd NewYork12 "
3rd Philadel _14
4th Clevel'd_16
5th Richm'd 10
6th Atlanta-16
7th Chicago _27
8th St. Louis 9
9th Minneap 13
16th Kan.CitY15
Ilth Dallas_ _ _12
12th San Fran.26
$ .
$
2,022,774,239 1,970,602,445
,030,781,836 20,151,566,939
2,285,292,906 2,270,266,916
1,614,400,4 1,664,079,098
816,810,8E6 812,521,883
861,541,142 906,710,456
3,849,258, • 3,999,158,665
315,876,148 338,307,064
607,574,636 530,377,084
1,004,452,24 1,252,961,668
449,996,917 416,479,252
2,049,802,31 1,956,453,365
Ine.or
Dec.
1923.
1924.
+7.8
+2.6 5,990,963,865 5,558,371,
+3.8
-0.6 59,620,510,130 57,443,618,
+1.7
+0.7 6,761,723,330 6,652,764,
-01
4,757,588,338 4,763,293,1
+0. 2,443,327,074 2,338,447,86 +4.5
-5. 2,638,355,153 2,539,870,597 +3.9
0.2
11,125,172,617 11,146,993,585
-6.6 910,172,123
981,437,195 -4.2
1,532,413,121 -6.4
1,434,692,351
-19. 2,991,545,695 3,451,142,741 -14.8
+8.0 1,384,132,746 1,245,920,674 +11.1
+4.8 6,170,915,341 5,541,021,
+11.4
-1.3 06,212,098,763 103,195,237,
36,269,484,
16,501.204,839 -2.1 47,752,633,283 46,B54,679,
183 cities
Total
Outside N.Y.City--1,171,526,
Canada
1923.
Inc.or
Dec.
1,198,534,124 -2.
+2.9
+1.9
3,834,897,304 3,808,308,31
+8.3
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
March and the three months of 1924 and 1923 are given
below:
Month of March.
Description.
1924.
1923.
Three Months.
1924.
1923.
18.315.911 25,964,666 65,804,859 68,858,982
Stock-Number of shares._ _
Railroad & miscell. bonds__ _ $175,287,000 $163,710,000 $524,969,000 $474,786,500
75,096,000 67,313.154 222,602,000 205.506.770
U. S. Govt. bonds
State, foreign, &c., bonds... 29,631,000 39,153,000 93,973.000 136,034,900
$280,014,000 $270,170,154 $841,544,000 $816,328.170
Total bonds
The volume of transactions in share properties on the New
York Stock Exchange each month since Jan. 1 in 1921 to
1924 is indicated in the following:
CLEARINGS FOR MARCH,SINCE JAN. 1, AND FOR WEEK ENDING MARCH 29.
1924.
1923.
Week Ending March 29.
Since January 1.
March.
Clearings at
Inc. or
. Dec.
1924.
1923.
Inc.or
Dec.
$
$
%
1924.
$
1923.
$
Inc. or
Dec.
1922.
%
$
1921.
$
$
$
First Federal Rese rve District- Boston2.445,698
3,021,774
Haine-Bangor
13.232,354
11.315,020
Portland
1.814,000,000 1,762,000,000
-Boston
Hass.
8,394,944
8,570.844
Fall River
3,653,455
3,752,607
Holyoke
7,211.574
4,796,816
Lowell
a
a
Lynn
5,471,261
6,069,408
New Bedford
21.967,952
21,442,613
Springfield
14.314,375
14,937,000
Worcester
52,358.220
44,925,591
3onn.-Hartford _
27,933,561
26,136,517
New Haven
8,745.500
7,335,100
WaterburY
52,017.800
47,326,700
-Providence_
3R. 1.
+23.6
-14.5
+3.0
-2.1
-2.6
-33.5
a
•-9.9
-2.3
-4.2
+16.5
+6.9
+19.2
-9.0
9,896,113
37,122,645
5,327,000,000
28,512,898
11,526.812
14,558,711
a
17,659,744
66,380,890
43,453,375
167,687,126
86,085,151
26.150,700
155,289,700
9,259,674 +6.9
39,545,248 --6.1
4,923,000,000 +8.2
28,400.147 -0.9
11.805,219 -2.4
17,204,529 -15.4
a
a
19,534.587 -9.6
66,138,280 +0.4
45,495,000 -4.5
141,419,989 +18.6
78.716,519 +9.4
21,965,900 +19.1
155,887.700 -0.4
675,579
2,307,654
391,000,000
1,842,398
a
1,075,606
a
1,171,019
4,304,994
2,893,000
11,098,969
5,685,001
10,271,006
11,582,100 -11.3
*10,000.000
10,886,300
2,022,774,239 1,970,602,445
+2.6
5,990,963,865
5,558,372,792
432,325,220
388,576,931 +11.3
315,320,222
304,915,331
Total(13 cities)
%
Second Federal Ease rve District- New York
23,024,489 +1.2
62,796,632
23,308,655
69.032.032
-Albany
V. Y.
4,259.800 -10.4
13,146,600
13,852.161
3,818.300
Binghamton
844,318,487
194,168.700 -6.3
553,132,984
181,960,200
Buffalo
2.828,176 +10.1
8,592.261
10,177,884
3,114,891
Elmira
4,844.179 -2.7
14,017,224
14,514,676
4,712,062
Jamestown
19,650,227.162 19,768,279,996 -0.6 58,459,465,480 56,330,618.039
York
New
4,233,124 -5.5
13,764.907
11,255,495
*4,000,000
Niagara Falls
46,122.572 +2.8
132,641,276
142,159,961
47.406,331
Rochester
19.238,899 +6.9
57,457,072
63,442.276
20,570,248
Syracuse
35,983,680
36,404,274
10,080,141 +9.4
11,023.000
:7onn.-Stamford_
6.407,197
1,759,827 +30.5
5,424,880
2,297,358
-Montclair_ _
V. J.
226,892,488
68,530,297 +7.7
202,385,381
73,865.986
Newark
4.196,739 +7.9
12,952.298
13,293,280
4,527,643
Oranges
Total(13 cities)-- 20,030,781,836 20,151,566,939 -0.6 59,620,510,130 57,443,618,795
+7.8
650,369
2,507,769
349,000,000
1,666,668
a
1,186,067
a
1,117,953
4,648,256
3,553.000
7,877,658
4,787,091
5,344,900
+9.9
4,270,330
897.400
-5.1
748,400
41,628,252
+0.2 d39,609,275
681,326
582.572
+18.4
+3.5
1,093,470
c999,190
+3.8 4,558.313,737 3.808,261,590
-18.2
+7.2
9,386.113
8,954,163
+10.4
4,170,442
3,943,415
+1.2
2,265,421
0,574,871
348,850
+18.1
480,087
+12.1
+2.6
+3.9
-8.0
+12.0
+10.5
a
-9.3
a
+4.7
-7.4
-18.6
+40.9
+18.8
568,681
2,802,322
278.000,000
1,462,154
a
965,109
9
1,310,158
3.609,365
3,195,061
8,292.361
5,115,011
854,026
2,300,000
283,608,707
1,467.950
a
1346,321
a
1,096,933
4,086,576
3,734,583
10,233,426
5,500,509
2,872,463
-20.1
4,850,000
759,128
-16.6
831.180
30,813,980
32,557.102
-4.9
+17.0
755,485
-8.6
+19.7 ,162,349,563 3,725,604,232
+4.8
+5.8
+13.7
+37.6
8.110,525
3,612.749
1,986,956
371,504
9,350,815
3,925,288
1,769,563
363,787
+3.8 4,621,233,771 3,873,320,033 +19.3 4,213,447,527 3,777,436,793
1630
THE CHRONICLE
[VOL. 118.
CLEARINGS
-(Continued.)
March.
Since January 1.
r7rarinas at- 1924.
Ina.or
Dec.
1923.
$
$
%
Third Federal Reser ve District- Philadelphia Pa.
-Altoona
5,791.084
5.555,224 +4.2
16,999,316
Bethlehem
15,475,497 +9.8
Chester
5,425,037
5,141,579 +5.5
17,922,842
Harrisburg
17,350,281 +3.3
Lancaster
13.831,446
15,953,130 -13.3
Lebanon
2.068.344
2,143.299 -3.5
Norristown
3,661.042
3,935,757 -7.0
Philadelphia
2,095,000.000 2,082,000.000 +0.6
13,745,761
Reading
13,750.633 -0.0
23.526,103
Scranton
29,888,167 -21.3
Wilkes-Barre
13,707,879 +10.2
15,104,347
6,912,371
York
6,405,551 +7.9
-Camden
44,789,017
N.J.
41,588.773 +7.7
20,516,196
Trenton
17,371,146 +18.1
a
-Wilmington -- a
Del.
a
Total(14 cities)._ 2,28$,292,996 2,279,266,916
Week Ending March 29.
1924.
1923.
Inc.Of
Dec.
$
$
%
16,601,116
53,357,601
16,728,568
52,633,010
39,206.039
6,576,501
11,795.546
6,163.000.000
42,811,778
72.300.738
48,989.166
19,654.383
153,070.817
69,998,067
a
16,316,214
50,549,788
15,160,175
49,123,959
42,520,877
6,128,499
10.815,289
6.093.000,000
39,791,765
77.771,136
40.659,456
18.290,475
138.247,256
54,391,915
a
+1.7
+5.6
+10.3
+7.1
-7.8
+7.3
+9.1
+1.1
+7.6
-7.0
+15.6
+7.5
+10.7
+28.7
a
1923.
Inc.or
Dec.
%
•
1922.
8
1924.
$
$
1921.
$
1,340,557
3,842,291
1,281,730
1.032,391 +29.9
3,891,787 -1.3
876,541 +46.2
920,564
2,472,367
927,905
895,493
3,507,294
1,075,157
908,334
1.784,727 -49.1
6,358,951
8,511,324
393,000,000 +21.6 391,000,000
2,867,916 +2.3
3,108,852
5,484,230 -7.2
3,881,435
3,067,289 +11.7
2,500,000
1,490,558 .-8.5
1,516,018
408,097,798
3,414.409
3,623,910
2,346,407
2,247,427
478,000,000
2.933,184
5.090.837
d3,425,754
1,363.472
3,834,312
a
3,390,372 +13.1
a
a
416,885,791 +20.4
7,303,000 +23.0
4,522,637 -5.5
69.070.424 -7.5
90.525.416 +4.6
14.316,100 +6.6
3,387,603
a
3,399,281
a
.1-0.7
6,764,733,330
6.652.764.804
+1.7
502,020,471
+24.0
-6.9
-11.5
-0.4
-8.9
78,632.000
62,876.628
890,239.774
1,321,818,673
197.498.000
a
12,507,801
a
•
4,199.885
23,194.080
a
• a
51 229.127
8;982.766
+21.6
-1.6
-5.1
+1.5
-9.5
a
-12.9
a
+12.9
+0.4
d8,978,000
4,273,192
63,887.880
94,683,305
15,255,700
a
-22.1
a
+21.0
-3.5
a
a
+5.1
+5.6
a
-8.7
-11.9
-0.1
-31.9
-13.8
95.631,000
61.868,853
844.597,696
1,341,565.842
178.679.100
a
10,894,796
a
4,741,747
23,294,040
a
a
57,547,803
9.391,857
a
3,994,445
18.152,806
2,022.647.198
31,353.129
53,228,226
4,252,503
18,961 912
1,991.846,635
39,932,113
57,123,302
-6•1
-41
+1.1
21.'
-6.1
159,906,384
128,155.928 +24.8
130,700,000
146,928,186
-3.0
4,757,588,338
4,763.293,199
-0.1
353,435,791
318,670,936 +10.6
279,270,968
333,541,652
Fifth Federal Retie me District- Richmond
7,976,932
W. Va.-Huntington_
8,685,634 -8.2
a
a
Va.-Newport News_
a
Norfolk
32.695.018
33,587,533 -2.6
216,724,324
Richmond
225,334,000 -3.8
-Asheville_ _
a
g: C.
•
a
Raleigh
10.173,404
11.255.375 -9.6
Wilmington
a
a
a
-Charleston10,514,598
I. C.
11,375,563 -7.6
Cqiumbia
8,091,246
15,867,903 -49.0
1fd.-Balt1more
432.479,286
409.052.407 +5.7
1,849,182
Frederick
1,719,533 +7.5
Hagerstown
3,271,140
3,111,309 +5.1
93.035.756
D. C.-WashIngton
92,552,626 +0.5
25,089,760
a
102,998,862
682,549,890
a
30.357.135
a
33,349,177
24,946,638
1.248.580.101
5,082,861
9,055,324
281,337.326
28,557,576 -5.0
a
a
100,848.365 +2.1
661,462,530 +3.2
•
a
29,082.862 +4.4
a
a
33,102.563 +0.7
39,957,059 -37.f
1.167.441,609 +6.9
4,887.304 +4.0
8.578,895 +5.6
266,529,106 +5.8
d19,001,000
+5.5
16,876,667
15,284,993
171,329,961
147,285,420 +16.3
121,868,571
143,040,306
d0,881,503
2,759,767
16,934,534
48,187,330
b
6,105,281 +12.4
2,067,301 +33.5
16,736,269 +1.2
45,211,890 +6.6
b
b
4,462,813
1,943,623
15,188.892
36,889,062
b
3,967,715
3.379,815
16,341,440
37,872,829
b
1.042.177
a
15,206,537
1.328,673 -21.6
a
a
11,894,123 +27.8
909,655
a
8,096,626
*1,000,000
a
11,088,944
29,172,641
1,778,271
27,388,754
1,641,945
+6.5
+8.3
17,371,583
1,575,778
14,210,987
1,499.704
Fourth Federal Rest rve District- Cleveland
32,864,000
26,503,000
Ohio-Akron
20,985,383
22.535,503
• Canton
Cincinnati
329,344,484
291,418,914
457,261,640
459,100,000
Cleveland
Columbus
68,930,000
62,777,000
a
a
Dayton
Hamilton
3,856,679
4.948,308
a
Lima
a
Lorain
1,413,457
1,709,837
Mansfield
8,641,217
8,335,255
Springfield
a
a
Toledo
a
a
Youngstown
16,508,546
15.713,014
-Beaver County_
3.221,387
Pa.
3,051.422
Erie
a
a
1,391,113
Franklin
1,523.023
5,845,596
Greensburg
6,638,714
681 876 099 (382,114 294
Pittsburgh
Ky.-Lexington
9.163,193
13,453.357
3V.Va.-Wheeling
17,385,814
20,170.305
Total(15 cities)--
Total(10 clties)__
1.614,400,456 1,664,079,098
316,810,886
a
a
a
+12.3
+4.6
d1,819,346
a
a
d3,851.984
a
4.914,000
3,315,904
57,029,212
68,506,362
11,333,100
a •
a
1,786,249 +1.9
a
a
a
a
2,992.182 +22.1
a
a
a
a
a
a
a
416,073,695 437,118,500
5,883.000
3,318,000
58.882.547
101,455,153
12,470.100
a
a
a
1,024,710
a
a
2,447,680
a
1,149,333
a
a
3,455,333
a
a
1,770,460
1,730,492
+2.3
1,201,451
1,553,159
7,051,927
46,818.000
6,640,526
43,984,000
+6.2
+6.4
6,371.172
34,408,172
6,180,686
34,524.599
d2,815,226
1,983,109 +42.0
2,146,377
2,600,000
93,873,348
74,912,083 +26.3
60,864.732
82,896,869
18,015,210
812,521,883
+0.5
2.443,327,074
2,338,447,869
+4.5
Sixth Federal Rest rve District- Atlanta-fenn.-Chattanooga _
26.960.603
28.719.070
Knoxville
13,521,748
12,700,050
88,044,865
Nashville
89,217,600
230.311,909
-Atlanta
270,798.419
la.
7,416.008
12,355.296
Augusta
3,360.096
Columbus
4,528,004
5,454,768
Macon
6.709,843
Savannah
a
a
83.347,586
-Jacksonville
62,643.850
171a.
15,443,909
Tampa
14,562,293
Ga.-Birmingham __ _
117.987.397
131,250,389
8,025,600
Mobile
8,669,346
7,247.499
MontgomerY
8,268,540
diss.-Hattlesburg
6,960,056
7.251,996
4.874,704
Jackson
4,269,095
4,020,977
Meridian
4,735,188
1,465,179
Vicksburg
1,390,764
238,040,713
237,098,238
-New Orleans-- ..a.
-6.1
+6.5
-1.3
-14.9
-40.0
-25.8
-18.7
a
+33.1
+6.0
-10.1
-7.
,
-12.;
-4.(
+14.1
-15.1
+5.1
-0.6
85,000.184
41,617,703
249,688,161
706,694.994
24,470,162
10.897,147
17.361,371
a
216,374,859
46,130,830
354.327.369
24,780,407
23.553.771
21,498.651
16,258.478
12,807,267
5,228,975
781,686,824
83,676,153
39,048,665
244.999.379
709.848,082
30,264,615
12,083.935
19.177,685
a
170,222,273
39.708,609
381.728,864
25,845,836
23,550,028
21.934.455
13,788,788
12,861,849
5.195,023
705,938,360
1
+1.6
+6.6
+1.9
-0.4
-19.1
-9.8
-9.5
a
+27.1
+16.2
-7.2
-4.1
+0.0
-2.0
+17.9
-0.4
+0.7
+10.7
996,444
821,833 +21.2
676,496
650.000
252,170
56,246,243
234,188 +7.7
44,777,910 +25.0
210,314
29,610,349
244,871
44,150,776
2,638,355,153
2,539,870,597
+3.9
179,437,617
158,208,147 +13.4
116,934,991
134,407,081
201.824
902,638
146,690,208
176,466 +14.4
952,524 -5.2
111,477,562 +31.6
148,564
660,730
87,710,006
196,202
500,000
78,146,106
Total(17 cities)--- -
861.541.142
906,710,456
-5.0
Seventh Federal R eserve Distric t
-Chicago
-Adrian
1,159,490
883,843 +31.2
Lich.
2,775,082 +9.1
3,027,583
• 3,771,806
3.083,121 +22.3
Ann Arbor
9,761,965 +12.2
10,950,107
657,938,218
Detroit
567.916.249 +15.9 1,802 3
. 01.556 1.558,746,043 +15.6
10,668,172
Flint
8,558.000 +24.7
24,830,295 +21.3
30,110,676
30.012.337
•
Grand Rapids
28,895.773 +3.9
81,385.912 +6.1
86,370.229
8,179.991
Jackson
7.447,118 +9.8
24,374,749
21,809,898 +11.8
11,710,306
8,707,024 +34.5
Lansing
33.638.203
26.426,371 +27.3
9,362,759
nd.-Fort Wayne
9,909.154 -5.5
27.448,409 +9.9
30,172,574
16,161,000
14.973,000 +7.9
Gary
40,253,110 +18.4
47,653,596
Indianapolis
84,190,000 -7.3
78,082,000
251,039,000 -0.3
250,379.000
9,800,600
South Bend
10,128,600 -3.2
29,187,612 -1.1
28,859,133
*25,000,000 +14.7
28.681,900
Terre Haute
77,357,655 -7.6
71,480,160
Vis.-Madison
13.397,895
11,912,800 +12.5
24,727,598 +15.5
28,550,236
171,367,625
Milwaukee
164,921,319 +3.9
458,387,054 +4.5
478,880,805
3,367,893
Oshkosh
3,077,561 +9.4
9,206,982 -1.0
9,112,882
12,386,817
13,327,543 -7.1
owa-Cedar Rapids_
31,762,443
33,042,086 -3.9
41,685,364 +17.5
49,000,819
Davenport
134,965.984 +4.0
140,354,683
50,296,961
52,923,514 -5.0
Des Moines
134.731,223 +3.7
139.728,339
2.421,520
3,403,489 -28.9
Iowa city
8,269,511 -23.3
6.340,118
2,888,114 -17.4
2.385,678
Mason City
7,291,584 -8.4
6,678,250
31,394,652
' 30.955.701 +1.4
Sioux City
81,461,358 +5.5
85,932,208
6.793,712
Waterloo
7,368,078 -7.8
19,058,441 -5.9
17.934,424
5,660,739
IL-Aurora
5,619,618 +0.7
14.181.396 +7.7
15,280,351
7.888.463
Bloomington
9.706,012 -18.7
21,383,131 -9.3
19.386,724
2,576,316,791 2,832,607,453 -9.0 7.583,720,591 7.917,165,289 -4.2
Chicago
Danville
a
a
a
a
a
a
5,648,159
5,946,534 -5.0
Decatur
16,187,386 -1.5
15,945,190
21,340.187
20,929,215 +2.0
Peoria
57,532.733 +5.6
60,745,648
12,040,610
Rockford
9,303,914 +29.4
25,629,974 +25.4
32.145,067
12,021,560
Springfield
12,892,554 -6.8
32,760.503 +1.8
33,359,094
Total (29 cities).-
3,849,258,460 3,999.158.665
Eighth Federal Re serve District St. Louis
--Evansville
24,172,569
16,907,887
M.
699,224
685,912
New Albany
a
a
-St. Louis
Co.
Springfield
a
a
-Louisville
140,579,350
137.513,670
y.
1,938,552
2,183,294
Owensboro
10,473,888
12.776,434
Paducah
84.548,630
104,362,552
,nn.-MemPhis- - -47,842.143
51,198,199
A 'IE.-Little Rock1,540,178
1,707,982
.-JacksonvI1le_ _ _ _
7,147,294
7.905354
Quincy
Total (Deities)
315,876,148
338,307,064
-3.7 11,125,172,617 11,146,993,585
7,390,148
5,470,014 +35.1
5,534,779
5,465,699
2.736,908
1.999,134
1,443,503 +89.6
1,957,409 +2.1
1,005,706
1.564,864
1,200,000
1,547,137
15,377,000
1,902,900
5,100,115
15,984,000 -3.8
1.723.500 +10.4
4,873,941 +4.6
12,634,000
1,817,358
12,054,000
5,000.000
40,239,808
34,991,964 +15.0
27,810,375
26,193,014
2.091,328
2,291,348
---13.7
2,059,022
2,392,216
9,076,316
8,907.914
+1.9
8,597,339
8,960.869
8.300,144
1,535,995
6,137.106
1,596,278
+2.7
-3.8
5,336,952
1.103,250
6,634,901
1,258,470
1,130,847
555,711,276
a
1,151,766
4,190.988
2,551,366
2,510,898
1,711.355 -33.9
1.491,816
587,813,669 -5.5 494,227.719
a
a
a
1,022,055
1,150,225 +0.1
3,476,698
4,034,417 +3.9
1,723,203
2,360,140 +8.1
2,728,905 -7.8
1,809,245
1,579,828
499,717,333
a
1,186,772
3,711,879
2,222,488
1,813,909
-0.2
808.791,407
797,777,230
+1.4
659.733,681
659,778.820
4.296.678
4,198,701
+2.3
3,646,468
3,379,486
WI
+43.0
+5.0
a
a
-2.2
-11.2
-18.0
-19.0
-6.6
-9.8
-9.6
62.019,777
2,030,675
a
a
397,029,310
6,444,470
31,214,736
273.931,800
144,675,508
4,293.074
18.532,773
46,654.327
1,932,246
a
a
413,973,303
7,879,494
29,155,403
309,729,521
148.372.219
4,513,379
20,227.403
+32.9
+5.1
•
a
-3.9
-18.2
+7.1
-11.6
-2.5
-4.9
-8.4
28,254,182
351,524
26,150,793 +8.0
395,530 -11.1
23,307,578
318,645
22,572,169
277,778
17.409,428
9,495,743
245,550
1.209.622
17,942.150 -3.0
9,796,451 -3.1
332,531 -26.2
1,651,461 -26.8
13,535,322
7,322,071
242,079
1.478,606
12,973,745
8.608,428
337,087
1,818.193
-6.6
940,172,123
981,437,295
-4.2
81,262,727
60,487,817
49,850,769
49.986,886
1111.1311$1,..
a
a
a
+1.3
a
a
A.51924.]
THE CHRONICLE
1631
CLEARINGS
-(Concluded.)
March.
Since January 1.
Clearings at
1924.
Inc. or
Dec.
1923.
Ninth Federal Res erve District -Minneapoll s-?Vilna-Duluth
28,374,777
22,963,019 +23.6
Minneapolis
289,323,300
291,571.677 -0.8
Rochester
1,625,762
1,794,281 --9.4
151,435.887
St. Paul
158,126.604
No. Dak.-Fargo_
7.887,307
9,018,617 -12.5
Grand Forks
5,479,000
4,452.000 +23.1
Minot
938,088
1,248,407 -24.9
-Aberdeen--S. D.
4,855,075
5,108,945 -5.0
Sioux Falls
4,194,467
16,264,856 --74.2
-Billings
Mont.
1.722,492
2.109,561 --18.4
Great Falls
2,120,638
3,673.516 --42.3
Helena
9,617,943
13,307,350 --27.7
Lewistown
738,251
1924.
Week Ending March 29.
Inc. or
Dec.
1923.
1924.
Inc. or
Dec.
1923.
1922.
1921.
$
78,407,596
817,799,942
4,933,021
420.344,815
21,230.184
15,526,694
2,582,604
14,557.995
15,035,045
5,792,307
6,463,629
32,018,519
68,248,010
870.259,349
5.0334402
433.217,156
24,216,572
12.258,300
3,400.620
14,642.989
41,860.547
6.304,022
10,512,083
40.273,991
2,186,080
+14.9
-8.0
-2.0
-3.0
-12.3
+26.7
-24.1
-0.6
-64.1
-8.1
-38.5
-20.5
d6,184,988
60.993,328
4,813,008 +28.5
61,162,000 -0.3
3,750,205
52,418,992
4,055,669
81,929.420
28.342,401
1,498,552
27.984,023
1,547.004
+1.3
-3.3
24,517.148
1,501,689
34.254,831
1.726.461
1,046,234
1,125,891
1,097,867
1,434,692,351
1,532.413.121
-6.4
100,390,290
99,971.313
Tenth Federal Res erve District -Kansas Cit YNeb.-Fremont
2,015,302
2,649,587 -23.9
5,203,827
Hastings
2,357,878 ' 2.753,782 -14.4
6,403.287
Lincoln
19,088,644
22.528,302 -15.3
50,914,752
Omaha
177,908.030 .
211,825,572 -16.0
477,577,449
-Kansas City
Kan.
23,549.794
22,879,974 +2.9
70.560,367
Lawrence
a
a
a
a
a
Pittsburgh
a
a
a
Topeka
1272.883
13,946,153 -4.8
40.529.184
Wichita
29,715,122
45,894,414 -35.3
93.014,191
Mo.-Joplin
,718.000
7,166.000 -6.2
19,603,000
Kansas City
516,448,232
618,907.327 -16.6 1,525,997,881
'a
St. Joseph
a
a
a
a
-Lawton
Okla.
a
a
a
McAlester
1,317.241
1,526,697 -13.7
4,114,764
Muskogee
a
a
a
a
Oklahoma City
86,906,393
103,221,447 -15.8 . 281,868,423
30,692,095
Tulsa
39,155,448 -21.6
88,548.161
-Colo. Springs_
Colo.
4.966,298
6.320.841 -21.4
13,722,480
Denver
85,601.724
150,518,985 -43.1
251.917,006
Pueblo
3,894,606
3,667,229 +6.2
11,570,923
6,436,925
7.178,501
56.872,959
565,134,807
66.910,858
a
a
43.127,694
130,498.584
19.229,000
1,761.829,823
a
a
4,791,138
a
289,175.368
110.636,457
15,740.393
362,815,215
10.765,019
--19.2
--10.8
-10.5
-15.5
+5.5
a
a
d347,154
345,413
3,097,471
34,745,855
410,069
482,309
4,097,081
41,675,091
Total(13 cities)
507,574,636
530,377,084
-4.3
-7.1
1,003.149
327,828
473,301 -30.7
530,716
600,377
2,001,959
2,866,086 -30.2
2,391.1188
2.754,624
+0.4
86,113,287
106,419.249
--15.3
--28.4
--24.4
--16.8
294.690
551.266
3.758,640
35,217.690
401,698
597,254
3,271,718
36.027.881
d2,472,148
d6,231.703
2,493,686 -0.9
9,911.598 -37.1
1,840.827
10,340,019
2,302,679
9,914,334
-28.7
+1.9
-13.4
a
a
-14.1
a
-2.5
-20.0
-12.8
-30.6
+7.5
108.896,904
126,066,355 -13.6
a
a
114,795.786
a
139,761,016
a
a
d17,614,771
a
1,112,528
18,062,683
e771,575
a
2
21,772,286 --19.1
a
a
1,066.721 1-4.3
18,113.128
829,501 --7.0
19,498,243
a
765,638
19,768,245
691.741
a
21,276,686
a
1,000.000
17,143.819
823,008
2,941,545,695
3.451.142.741 -14.8
193,698,205
226,907,805 -14.6
207,520,775
232.520,093
--(LO
+6.8
+23.6
+11.1
-8.1
-12.7
+4.9
-14.6
+7.2
+21.0
+1.1
22,316,984 +1.6
18,487.695 +3.4
422,293,614 +22.3
66,783.187 +6.4
136,430.476 +4.8
110,293.225 +5.4
329,038.187 +6.2
-8.6
6,845.199 +16.5
32,584.523 +22.2
26,425.948 +5.7
67,302,432 -4.8
2,132,175
1,150,658 +85.3
1,798,930
1,290.771
34,105,223
26,400,000 +29.2 ,
21,839,268
23,147,643
d8,152,897
8.333,948
a
9,531.202 -14.5
5,815,032 +43.3
a
a
9.791,242
6,773,449
a
10,631,894
7.423,268
a
-a.s
22.674,651
19,121,552
516,479,073
71,059,975
143,014,578
118.204.622
349,345,515
6,691,796
7.741,745
39,808,837
27,939,765
64,050,637
-9.6
3.713,533
3,475,825
+8.0
1,384,132,746
1,245,920,674 +11.1
58,682,682
47,273,862 +19.9
43.916.422
45,969.401
Twelfth Federal R eserve Metric t
-San Franc isco-Bellingham_ ..
Wash.
4,000,000
3,714,000 +7.7
Seattle
184,889.088
170,002.914 +8.8
Spokane
48,660,000
48.754,000 -0.4
Tacoma
a
a
•
Yakima
5,685,500
0,126,559 -7.2
rdaho--Dolse
3,994,512
4.079,628 -2.1
Ore.
-Eugene
1,565,376
1,573.259 -0.5
Portland
156.425.941
145,779.552 +7.3
Iftah-Ogden
5,507.00
5,574,000 -1.2
Salt Lake City
80,724,235
60,695,173 +0.0
Nev.-Reno
2,203.354
2,518,000 -12.5
Aria -Phoenix
8,395,653
7,171,457 +17.1
Calif -Bakersfield.
4,259,851
4,536,466 -6.1
16.898,129
Berkeley 17,650,628 -5.4
Fresno
13,578,247
17,401,434 -22.0
Long Beach
34,896,140
36,945,665
Los Angeles
644,338,000
579,770,000 +11.1
Modesto
3,069,276
3,137.304 -2.2
Oakland
69,163,996
61,461,027 +12.5
Pasadena
27,829,212
23,906,377 +18.4
Riverside
3,592.030
3,195.010 +12.4
Sacramento
33,625,797
28,476,786 +18.1
San Diego
17,450,805
15,478,995 +12.7
San Francisco
673,100,000
680,100.000 -1.0
San Jose
8,318,344
9,793,116 -15.1
Santa Barbara
5.328.329
4,859,247 +9.7
Santa Rosa
1,873,497
2,838,768 -29.0
Stockton
10,730,000
11,114.000 -3.5
9,030,000
520.290.248
136,848.000
a
18,108,198
13,195.030
4,717,090
455,522,737
17,063,000
182,810,563
7,213,390
27,343,149
12,240.034
54,875,708
48,204.375
109,288.517
1.951,118,000
9,321,298
206.417,087
83.616,885
10,683,208
100,529,325
53,951,302
2,060,500,000
27,909,467
15,833,024
6.159,608
32.326.100
8,400,000
454.893,210
135,881,000
a
16,303,405
10,592,315
4,302,405
401.729,364
16.091,000
179.415,831
7,798.000
21.612.235
13,433,727
53.925..051
53,726,681
100,505,549
1.600,878,000
8,937,741
186,006,764
66,717,438
9.367,552
87,125,119
46.846,442
1,973,561,000
30,453,520
14,458.864
6,893.615
31,166,000
37,343,016
8.917,000
a
1.188,884
31,052,920 +20.3 '27,262,142
7,642,000 +18.2
a
a
1,055,648 +12.6
1,209,020
27.758,438
34,254,997
310599.535
+8.4
27,218,782
27.109.716
13,477,281
12,469,744
+8.1
a
a
9,684,768
a
a
13,500.000
a
a
2,339,133
7,282.192
130,360,000
3,295,217 -29.0
7,743,123 -6.0
122,055,000 +6.8
3,215,915
3,644,082
87.377,000
2.929,299
3,418.313
73,305.000
14.399,307
5,158,842
12,293,125 +17.1
4,865,148 +10.6
10,679,080
3.301,111
9,414.809
2,987,503
66,035,381
3,381.217
134,000,000
1,769,821
1,011,328
5,981,256 +0.9
2,839,288 +19.1
132.100,000 +1.4
1,886,005 -6.2
898,508 +12.6
4,029.838
2,704,631
121,100.000
1,644.332
777.960
3,994.102
2,554.582
122,700.000
1,489,445
727.288
6,170,915,341
5,541.021,828 +11.4
Total (15 citles)-
1,004,452,242 1,252,961,668 -19.8
Eleventh Federal Reserve Dior ict-Dallas-Austin
Texas
8,104,853
8 ,623,285
Beaumont
5,660,229
5,300,179
174,544,239
Dallas
141,211,037
*28,000,000
El Paso
25,194,699
Fort Worth
41,134,122
44,759,795
Galveston
32,681,372
37,449.848
Houston
113,284,935
107,955,929
Port Arthur
2.203.512
2,580,435
Texarkana
2,448,414
2,284,735
Waco
12.324,361
10,187,455
Wichita Falls
9.272,266
9.174.604
-Shreveport
La.
20.338,614
21,757,353
Total (12 cities)._
449,996,917
416,479,252
Total(27 elties)_-_ 2,049,802,312 1,956,453,365
Grand total (187
cities)
35.808.562.180 36,269,484,835
Outside New York.._. 16,158,335,018 16,501,204,839
+4.8
-1.3 106.212,098,763 103,195.297,300
-2.1 47,752,633.283 46.864,629.262
+7.5
+14.4
+0.7
a
-1.2
+24.6
+9.6
+13.4
+6.0
+1.9
-7.5
+26.5
-8.9
+1.4
-14.0
+8.7
+21.9
+4.3
+11.0
+25.3
+14.0
+15.4
+15.2
+4.4
+9.5
-10.6
+3.7
3,958,439
4,376,970
a
c2,482,500
403,400,899
2,144,800 +15.7
379,621,315
+6.3
a
1,168.548
1,794,000
3,742,800
305,520.661
296,797.843
+2.9 7.883.009.041 6,914,946,400 +14.0 6,815,571,569 6,521,911.955
+1.9 3,324,695,304 3,106,684,810 +7.0 2.653,222.006 2,796,307,723
CANADIAN CLEARINGS FOR MARCH,SINCE JAN. 1, AND FOR
WEEK ENDING MARCH 2
March.
Clearings at
1924.
Canadian61ontreal
foronto
Vinnipeg
Tancouver
Maws
uebec
failfax
lamilton
.laigary
1t. John
/ictoria
mndon
dmonton
teens
irandon
.ethbridge
laskatoon
vfoose Jaw
irantford
Inn William
,
Tew Westminster....
iledicine Hat
'eterborough
Iherbrooke
ritchener
Vindsor
,
rinee Albert
1oncton
l'ingston
$
378,424,960
366,697,628
149.786.207
64.397,545
23,572,937
22,634,718
10,445,837
19,318.774
26,127,021
10,488,378
7,778,425
10,276,708
16,495.485
12,180,348
1,900.262
2,069.255
6,102,671
4,134,399
3,379.919
3,086,418
2,545,031
1,176,733
2,938,919
3,223,565
3.655,818
12,014,636
1,390,836
2,977,724
2,405,449
1923.
$
388,729,804
394,099,081
146,031,829
56,277,072
26,098,127
20,929,900
10,862,566
22,827,929
18,314.705
11.264,930
7.417,482
11,146,451
15,739,217
12,139,928
2,030,914
1,973,572
5,542,192
4,080.886
3,693,707
2,843,390
2,217,782
1,295,361
3,097,089
3,449,127
4,203,783
13,530,551
1,396,243
4,175.308
2,324,798
Total(29 cities)... 1,171,526,606 1,198,534.124
.
Since January 1.
Inc. or
Dec.
%
-2.6
-7.1
+2.6
+14.4
-9.7
+8.1
-3.8
-15.4
+42.7
-6.9
+4.9
-7.8
+4.8
+0.3
-6.4
+4.8
+10.1
+1.3
-8.5
+8.5
+14.8
-9.2
-5.1
-6.5
-15.4
-11.2
-0.4
-28.7
+3.5
1924.
11
1,230,301,406
1,260.325.291
486.012,132
191,347,481
73,893.962
67,137,718
32,580,575
69,455,824
87,649,970
32,795,052
23,676,736
33,260,956
53.533,276
39,290,548
5.886,880
6,688,759
19,386,896
13.265,878
10.875,364
9,755.627
7,045,181
3,972,335
9,074,058
9.757,539
11,637,346
35,200,421
4,264,442
9,435,843
7,389.808
1923.
$
1,142,621,767
1.211.168,308
453,718,160
167,099,972
74,887,974
61,945,827
33,181.212
64.780,376
58,042,407
32,499,744
23,402,837
34,157,829
49,893,949
37,769.910
6,148.507
6,564,034
17,622,709
12,577,873
11.346,950
8,921,602
5,999,863
3.741,580
8,468,785
9,463,914
11,705,993
36,969,849
4,088,642
12,347,027
7,172,713
Week ending Mardi 27.
Inc. or
Dec.
%
+7.7
+4.1
+7.1
+14.5
-1.3
+8.4
-1.8
-8.2
+56.4
+0.9
+1.2
-2.6
+7.3
+4.0
-4.3
+1.9
+10.0
+5.5
-4.2
+9.3
+17.4
+6.2
+7.1
+3,1
-0.8
-4.8
+4.3
-23.6
+3.0
1924.
$
87.126.974
86,723.293
28,751,725
15,366,258
4,809,723
4,893,529
2.303.379
4,096,774
.5,285,329
2.530,380
1.688,038
2,542,983
3,520,992
2,565,812
392,063
460,226
1.255,765
938,179
696.078
608,839
574,102
224,704
663,522
751,447
785,658
2,486,984
260,777
741.459
608,308
1923.
$
77.509,232
91,144,729
32,749,491
12.663,475
5,218,548
4,852,488
2,313,923
4,978,014
3,868,972
2,666,792
1,684,408
2,423,317
3,270.879
2,654,717
385,860
400,739
1,159,435
890,011
757,166
598,442
529.598
285,381
637,579
699,684
841,954
3,316,693
283,118
1.142,683
490.193
Inc.or
Dec.
%
+12.4
-4.9
-12.2
+21.3
-7.8
+0.8
-0.5
-17.7
+36.6
-5.1
+0.2
44.9
+7.8
-3.3
+1.6
+14.8
+8.3
+5.4
-8.1
+1.7
+8.4
-21.3
+4.1
+7.4
-6.7
-25.0
-7.9
-35.1
+24.1
1922.
$
85,623,674
95,347,752
32.202,625
11,455,866
5,654,353
4,033,569
2,540.414
4,702,078
3,915.662
2,315,662
1,595,312
2,111,661
3,307,605
2,737,971
445,142
559,072
1,229,902
823.267
796,726
523,284
432,460
251,773
597,264
618,970
738,854
2,500,521
257,881
1,250.355
493,388
1921.
$
79,333,624
66,927,572
30,135,781
10,294,341
4,654,716
4,534,161
2,331.683
4,295,585
4,841,070
2,193,961
1,474,461
2,416,401
3,076,006
3.552.281
492,471
476,108
1,458,093
993,989
832.158
519,949
406,602
326.328
739.330
701.036
677,510
2,114,534
386.022
884,552
-2.3 3,834,897,394 3.606.308,313
+6.3
283.653,298 280.417.521 +1.2 269,063,063 231,070.306
a o longer report clearings. b Do net respond to requests for figures. c Week ending
Mar. 28. d Week ending Mar. 27. e Week ending Mar. 28. • Estimated.
I No clearings, all banks closed.
Public Debt of United States—Completed Return
Showing Net Debt as of Dec. 31 1923.
The statement of the public debt and Treasury cash
holdings of the United States, as officially issued Dec. 31
1923, delayed in publication, has now been received, and
the
as interest attaches to the details of available cash and
gross and net debt on that date, we append a summary
thereof, making comparison with the same date in 1922.
NS.
CASH AVAILABLE TO PAY MATURING OBLIGATIO
Dec. 31 1923. Dec. 31 1922
5324,907.061 5537.861,122
&c
Balance end month by daily statement.
Add or Deduct—Excess or deficiency of receipts over —2,777,362
+1,294,206
or under disbursements on belated items
$322,129,699 5539,155,328
Deduct outstanding obligations:
52,001,474
51,052,496
Treasury warrants
77,550.649
57,930,900
Matured interest obligations
68,905,893
74,188,384
Disbursing officers' checks
143.067,506
36.496,130
.Discount accrued on War Savings Certificates
5169.667,910
Total
5291,525,522
+5152461,789 +5247629,806
Balance,deficit(—)or surplus (-I-)
INTEREST-BEARING DEBT OUTSTANDING.
InterestDec. 31 1923. Dec. 31 1922'
$
$
Payable.
Title of Loan—
599,724,050
-J. 599,724,050
Q.
25, Consols of 1930
118,489,900
-F. 118,489,900
Q.
45. Loan of 1925
48,954,180
48,954,180
Q -F.
28 of 1916-1936
25,947,400
25,947,400
-F.
Q.
28 of 1918-1938
50.000,000
49,800.000
Q -M.
3s of 1961
28,894.500
28,894,500
-J.
Q.
of 1946-1947
35, Conversion bonds
J -J. 920.224,000 1,092,236,150
Certificates of indebtedness
J -J. 1,409,999,000 1,409,999.550
314s, First Liberty Loan, 1932-1947
7,932.25011,115.150
J
45 First Liberty Loan, converted
527,206,500
-D. 530,182,300
J.
4sis, First Liberty Loan, converted
3.492,150
3,492,150
J.-D.
Loan,second converted
&Ks, First Liberty
48,286,000
32,195.150
-N.
M.
45,Second Liberty Loan, 1927-1942
3,073,401,400 3,220,801,000
414s, Second Liberty Loan. converted
M.-8. 3,266,756,300 3,448,211.300
43‘s, Third Liberty Loan of 1928
A.-0. 6,325,742,400 6.330,799,300
4Xs, Fourth Liberty Loan of 1933-1938
763,861,100
763,952,300
bonds of 1947-1952
4s,Treasury
851,653,300
2-D.
4hs, Victory Liberty Loan of 1922-1923
731,723,830
Matured 379,356,760
War Savings and Thrift Stamps
45.
11,851,000
11,877,900
J -J
210,Postal Savings bonds
J -D. 4,046.412,000 3,159,533,969
5yis to 511s, Treasury notes
21,643,333,940 22.482,780,329
263.742,394
240.754.486
248,588,600
32,237,000
Aggregate of Interest-bearing debt
Bearing no Interest
Matured,interest ceased
Total debt
Deduct Treasury surplus or add Treasury deficit
a21,916.325,426 22,995,111,323
-I-152,461,789 +247.629,806
821,763,863,637 22,747,481,517
Net debt
was
a The total gross debt Dec. 31 1923 on the basis of daily Treasury statements in
receipts
521,914,067,407 26, and the net amount of public debt redemption and
transit, &c., was 32,258,019 04.
Governments or
b No deduction is made on account of obligations of foreign
other investments.
Includes $240,000 Victory 3(% notes.
C
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
March 31 1924 are set out in the following. The figures are
taken entirely from the daily statement of the.United States
Treasury for March 31 1924.
Assets—
Gold coin
Gold bullion
[VoL. 118.
THE CHRONICLE
1632
CURRENT ASSETS AND LIABILITIES.
GOLD.
8
5
377.065,98782 Gold certifs. outatand'g-1,083.015,249 00
1 87 Gold fund, F. R. Board
3,293,717,67
(Act of Dec. 23'13, as
amended June 21'17)-2,253,504,755 13
152,979,025 60
Gold reserve
181,284,629 94
Gold in general fund
2 670.783,65969
Total
3,670,783,659 69
Total
Note.—Reserved against 5346,681,016 of U. S. notes and 51,433,426 of Treasury
secured by silver dollars
notes of 1890 outstanding. Treasury notes of 1890 are also
in the Treasury.
SILVER DOLLARS.
Liabilities—
•
$
424,180,19200 Silver certifs. outstand'g 404,439,896 00
Silver dollars
1,433,426 00
Treas. notes of 1890 out..
Silver dollars In gen.fund 18.306.87000
Total
Assets—
Gold (see above)
Silver dollars(see above)
United States notes...,
Federal Reserve notes
Fed. Res. bank notes
National bank notes.._
Subsidiary silver coin_
Minor coin
Silver bullion
UnclassIfled—collections, &c
Deposits in Federal Reserve banks
Deposits in special dePositarles account of
sales of certificates of
Indebtedness
Deposits in foreign depositaries:
To credit Treas. U.S.
To credit of other
Govt. officers
Deposits in nat'l banks:
To credit Treas. U.S.
To credit of other
Govt. officers
Deposits in Philippine
Treasury:
To credit Treas. U.S..
424,180,192 00
Total
424,180,192 00
GENERAL FUND.
Llablilife5—
181,284,629 94 Treasurer's checks outstanding
1,877,013 28
18,306,870 00
1,249,160 00 Depos. of Govt. officers:
8,918,096 16
Post Office Dept
548,213 00
BoardoftrusteesPostal
198.39900
Savings System(5%
15,945,595 50
6.613,44824
res've lawful money)
8,048,075 77
3,464,566 15
Other deposits
2;040,150 98
Comptroller of Cur32,646,402:69
rency, agent for
creditors of insolv2,654,440 03
3.519,32538
ent banks
Postmasters. clerks of
122,374,199 71
courts, disbursing
45,193,615 38
officers, &o
Deposits for:
Redemption of Fed'I
291,352,000 00
Reserve notes (5%
156,154,596 66
fund,gold)
Redemption of Fed'I
140.026 30
Reserve bank notes
(5% fund, lawful
335,145 55
27,500 00
money)
Redemption of nat'l
9,103,357 43
bank notes (5%
fund,lawful money) 31.742,60036
22,762,236 99
Retirement of additional circulating
notes, Act May 30
924,761 93
10,765 00
1908
Uncollected Item!, ex7,871,550 55
changes, &c
Net balance
265,393,077 16
444,520,596 66
709,913,873 82
Total
709,913,673 82
Total
disbursing officers and agencies to-day was
Note.—The amount to the credit of
obligations of foreign governments are
5800,622,251 17. 1300k credits for which
$33,236,629 05.
held by the United States amount to
for
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money
the retirement of outstanding national bank and Federal Reserve Bank notes are
s receipts, and these obligations are made
Paid into the Treasury as miscellaneou
under the Acts mentioned as part of the public debt. The amount of such obligations to-day was $42,786,816 50.
are in
$434,535 In Federal Reserve notes and 515,813,187 in national bank notes the
for
the Treasury In process of redemption and are charges against the deposits
respective 5% redemption funds.
Preliminary Debt Statement of U. S. March 31 1924.
The preliminary statement of the public debt of the
United States for March 31 1924, as made up on the basis
of the daily Treasury statements, is as follows:
Bonds—
Consols of 1930
Loan of 1925
Panama's of 1916-1936
Panama's of 1918-1938
Panama's of 1961
Conversion bonds
Postal Savings bonds
5599,724,050 00
118,489,900 00
48,954,180 00
25,947,400 00
49.800.000 00
28,894,500 00
11,893,760 00
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
51,951,561,550 00
3,104,896,750 00
3.134,762,650 00
6,324,751.650 00
Treasury bonds of 1947-1952
8883,703,790 00
14,515,972.600 00
763,952,300 00
516,163,628,690 00
Total bonds
Notes—
Treasury notes—
Series A-1924, maturing June 15 1924
Series B-1924, maturing Sept. 15 1924
Series A-1925, maturing Mar. 15 1925
Series B-1925, maturing Dec. 15 1925
Series C-1925, maturing June 15 1025
Series A-1926, maturing Mar. 15 1926
Series 8-1926. maturing Sept. 15 11126
Series A-I9'27, maturing Dec. 15 1927
Series 11-1927, maturing Mar. 16 1927
$311,088,600 00
377.681,10000
597,325,900 00
299,659,900 00
406,031.00000
015.707,90000
414.922.30000
355.779.90000
668,201.40000
Treasury Certificates—
Tax—
Series TJ-1924, maturing June 16 1924._ 8135,128,500 00
Series TD -1924. maturing Dee. 15 1924,__ 214,149,000 00
400,299,000 00
Series TM-1925, maturing Mar. 15 1925.
Treasury (War) Savings Securities—
War Savings Certificates:
Series 19200
Series 1921 a
Treasury Savings Certificates:
Series 1921. Issue of Dec. 15 1921 b
Series 1922. Issue of Dec. 15 1921 8
Series 1922, Issue of Sept. 30 1922 b
_
Series 1923, Issue of Sept 30 1922
b._Series 1923 and 1924, Issue of Dec. 1 1923 bThrift and Treasury Savings Stamps, Unclose/
fled sales, &a
4,046,398,000 00
740.676,50000
520,853,901 01
12,297,362 11
1,836,987 50
101,110,821 55
16,311,599 00
143,7S7,686 89
95,798.304 98
4,212,355 51
396,189,018 55
521,356,792,20855
Total interest-bearing debt
Matured Debt on Which Interest Has Ceased—
Old debt matured at various dates prior to
April 1 1917
Spanish War Loan of 1908-1918
Certificates of indebtedness
3$i% Victory Notes of 1922-1923
% Victory Notes o/ 1922-1923—
Called for redemption Dec. 15 1922
Matured May 20 1923
Debt Bearing No Interest—
Milted States notes
Less gold reserve
$1,293,250 26
268,740 00
9,933,000 00
162,250 00
6,234,050 00
11,555,600 00
29,446,800 26
5346,681,016 00
152,979,025 63
5193,701,990 37
Deposits for retirement of national bank notes
and Federal Reserve bank notes
Old demand notes and fractional currency_ __ _
842,786,816 50
2,049,218 33
238,538,025 20
$21,623,777,124 01
Total gross debt
Net cash receipts. to Net redemption value of certificates outstanding.
TREASURY MONEY HOLDINGS.—The following
compilation made up from the daily Government statements
shows the money holdings of the Treasury at the beginning
of business on the first of January, February, March and
April 1924:
Holdings in
U. S. Treasury.
Jan. 1 1924. Feb. 1 1924. Mar. 1 1024. April 1 1924.
$
$
$
$
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes._
Net national bank notes__
Net Fedi Reserve notes__
Net Fed'I Res. bank notes
Net subsidiary silver
Minor coin, Jic
357,344,504
43,325,142
3.510,856
17,543.198
1,092,164
331,230
7,169,115
6,940.069
343,378.525
48,515,756
1,589.076
15,764,862
638,889
231,354
7,956.341
10,672.732
333.580,010
47,819.941
1,613,041
15,063.355
649,385
184,151
8,134,718
4,950,624
334,263,656
50,953,273
1,249,160
15,045,595
548,213
198,399
8,048,076
4,694,600
Total cash in Treasury_
Le8.9 gold reserve fund._ _ _
437.256.278
152,979.026
428.747,535 .411,995,225
132,979,026 152,079.026
415,900.972
152,979,026
284,277,252
275,768,500
259,016,199
262,921,946
227,584,000
63,573,221
169,641,000
55,191,881
152.720,000
55,667,591
291,352,000
122,374,200
7,476,727
21.351.240
1,212,051
627,201
500,050
7,894,296
23,232,375
647.164
571,308
1,000,000
8,319,178
22,222.733
1.079,794
513,658
9,103,357
22,762,237
924,762
475,172
Net cash in Treasury
and in banks
Deduct current liabilities.
606,601,092
281,694,631
533,946,533
293,011,085
499,539,153
271,114,122
709,913,674
265,393,077
Available cash balance_
324.907.001
240.935.448
228.425.031
444.520.597
Cash balance In Treasury_
Dep.In:men depositories:
Acct. ctfs. of indebt„.
Dep. In Fed'I Res. banks.
Dep. In national banks:
To credit Treas. U. S.To credit dist). officers.
cash in Philippine Islands
Deposits in foreign depts.
Dep.In Fed'I Laud banks_
* Includes April 1 $32,646,402 69 silt cr bullion and 52.040,15098 minor coins.
&c., not included in statement "Stock of Money."
APR. 5 1924.]
THE CHRONICLE
1.633
Government Revenue and Expenditures.
New York City Realty and Surety Companie
s.
Through the courtesy of the Secretary of the Treasury we
AU prices dollars per share.
are enabled to place before our readers to-day the detail
Bid Ask
s of
Bid Ask
Government receipts and disbursements for March 1924 Alliance'R'lty 110 -__ Mtge Bond__ 113 119 Realty Assoc Bid Ask
Amer Surety_ 93
96 Nat Surety- 160 164
(Bk1yn)com 157 167
Bond & M G_ 297 303 NY Title
and 1923 and the nine months of the fiscal years 1923&
24 City Investing 79 84 Mortgage__ 208 214 1st pref.__ _ 82 87
2d pref____ 70
and 1922-23.
77
Preferred._ 90 100 US Casualty_
180 - Westche
ster
Lawyers Mtge, 158 164 U S Title
Guar 150 155
Receipts
Title & Tr_ 225 _Mar. 1924. Mar, 1923. 9 Mos. 1924.* 9 Mos.1923.*
Ordinary$
$
$
Customs
51,459,047 62,172,069 411,445,330 405,753,451 FOREIGN
TRADE OF NEW YORK
-MONTHLY
Internal revenue:
STATEMENT.
Income and profits tax_ _ 500,385,766 463,091
,397
Misc. internal revenue_ _ 71,455,427 78,655,437 1,402,560,521 1,204,859.875
736,917,889 715,198,833
Merchandise Movement at New York.
Miscellaneous receipts:
Customs Receipts
Proceeds Governml-owned
at New York.
Month.
Imports,
securities
Exports.
I
Foreign obligations
1923-24.
Principal
1022-23. I 1923-24.
1922-23.
157,918
1923-24.
60,993,206
1922-23.
1,156,908
Interest
137,010 4,428,086
91,228,076 130,023,763
Railroad securities
4,665,036 8,141,055
41,250,440
94,063,125 July
130,629.53 117.118,076122.714.293 115.488
All others
719,143
,190 24.880.853 21,433,606
168,968
6,373,814
43,663,251 August
129,706,34 123.124
Trusn fund receipts (reapSeptember 119.639.72 110,716.81 125.059,77 112,281,501 25.936,47 24.206,605
propriated for investml) 1,988.989 2,037,367
,286127,967.562 108,291.707 26,350.44 33.110,469
22,115,773
19,914,640 October... 149,561.94 161,418,64 133.087
Proceeds of surplus prop'y. 3,062,151
3,304,772
35,739,046
56,226,501 November. 136,763,96 135.057,82 133,197 ,943 108,234,884 30,468,92 22.085,528
Panama Canal tolls, &c
.081 112.652.804 27.253.543 24,148.678
2,062,288 1,652,583
20,239,047
11,159,281 December. 137,719,25 133,407 596125
.Receipts from misc,sources
679 53 121,562,0M 23,605,87 21,594.980
January
130,402,242152,885,893146,79
credited direct to approFebruary.155,554,139146,915,003139,02 3,889 115,926,692 24,779,787 26.583,026
priations
8,10 115,654,813 28,444,581 26,451,928
2,268,915 5,243.178
22,539,216
53,821,783
Other miscellaneous
8,184,854 14,029,340 154,347,663 187,365,482
Total_ _ 10899771 I 108064414811
053528189910,092,64 211,520,496199.614,820
Total ordinary
646,388,626 641.082,170 3.005,750,022 2,923,206,893
Movement of gold and silver for the eight
months:
Excess of ordinary receipts
over total expenditures
Gold Movement at New York.
chargeable against Ordinary
Silver-New York.
receipts
355,362,693 299,147,122 370,214,216 214,833,910
Month.
Imports.
Exports,
ExCess of total expenditures
Imports.
Extorts.
chargeable against ordinary
1923-24. I 1922-23.
1923-24.
receipts over ordinary re1922-23.
1923-24. 1922-23.
ceipts
ExpendituresJuly
24.412.
41,477.048
47.885
11,
5,859.635 2,886.600
August
26,481,
17.242.484
Ordinary737.477
19,109 1,444,012 2.725,649
September 24,352.110 27,359.677
458.016
(Checke & warrants paid,&c.)
40,117 3,423,511 3.649,583
October__ _ 24,119,994 19,191,637
599,935
General expenditures
24,718 2.717,520 3.941,273
138,196,118 155,316,949 1,388.232,574 1,470,401,962 November. 35.348.491 15,554,118
253,912
550.796
Interest on public debt
641,559 4,104,280
December_ 29.055,994 23,874,168
8127,557,938/141,494,953 1632,272,802 1710,03
66,000
7.460 January
35,609 2.593,955 3,476.730
Refund of receipts:
35.558.071 12,834.516
750 7,715,837 2,027.123 5.339,346
Customs
February _ 28,514,809 3,041,008
1,358,945 1,009,209
315,000
16,165,044
20,378 4,316,466 5,711,992
24.832,071
Internal revenue
389,986 8,909,489
67,980,820
94,234,975
Poetal deficiency
Toy_ _ _ 227,843,8111160,574,654 2,478,9
305,000
55. 8,417,5641 23,024.381 31,835,453
12,476,314
47,526,915
Panama Canal
797,253
5.983,817
530,591
2,988,997
Operations in special accounts:
Railroads
Auction Sales.
e752,399 2,406,811
-Among other securities, the following,
17,547,887
73,997,533
War Finance Corporation_
e12,731 e8,993,395 08,686,253 e92,453,775 not actually dealt
Shipping Board
in at the Stock Exchange, were sold at
4,345,328 7,784.762
75,164,014
55,365,429 auction in New York
Allen property funds__ _ _
e2,265,395
, Boston and Philadelphia on Wedne3643,917
e1,612,248
2,346,521
Sugar Equalization Board_
day of this week:
Loans to railroads
1,500,000
11,071,000
7,125.587
Investment of trust funds:
By Messrs. Adrian H. Muller & Sons,
Government Life Insurance
New York:
Shares. Stocks.
Fund
1,968,979 2,017,775
1,100 Hewitt Steel Co.of N.J__ $ per eh. Shares. Stocks.
$ per Sh. ,
21.955,776
Civil Service Retirement
19,777,116
_ _310 lot 1,000 Alcan Oil Co
150 Keystone Finance Corp.cum.)
$34
Funi
20 Richmond Trust Co.,Phila.,com lot
0,700,000
072,705
partic. pref., par $50
7,626,760
8,091,417
District of Columbia
75 Keystone Finance Corp.,corn.)$4,200
$1,100 lot
Teachers' Retire't Fund1
lot 25 Plastic Metal Co.,corn., v.t.c.$
20,010
19,592
no par
500
159,996
137,524
25 Plastic Metal Co.,com.,v.t.c_550 lot
44 No. 184 Columbia Heights, Inc_ 27
Total ordinary
25 Plastic Metal Co.,com.,v.t.c_2500 lot
272,103,332 310,472,948 2,206,238,305 2,424,4
09,732 65 Antlers Orchard Devel. Co
$1 lot 25 Plastic Metal Co.,com.,v.t.c.$500 lot
0 lot
Public debt retire'ts chargeBy Messrs. R. L. Day & Co., Boston:
able against ordinary reShares. Stocks.
celpts:
$ Per sh.
15 Merchants National Bank_288 ex-div. Shares. Stocks.
$ per sh.
Sinking fund
12 Munic. Real Estate Trust _106% & div
Purchases from foreign re- 18,210,000 30,539.700 286,949,900 266,858,500 10 National Shawmut Bank
2 Suffolk Real Estate Trust. par
5 Connecticut Mills.corn. A,par$10196
payments
2%
$1,000
160,400
500% & div.
38,509,150
Received from foreign gov1,159,300 1 Mass. Lighting Cos., 8% pref _110
12 Tremont Building Trust
65
100 Metropolitan Filling Station,
ernments under debt set21 Central Building Trust
53
prof., Par $10
tlements
American Glue Co., pref
5
20 Norton Co., pref
91,858,200
112
Received for estate taxes__
110 & div. 1 1-5 Suburban Electric Securit
710,300
515,900
ies
8,281,050
Purchases from franchise
4,592,900 25 New Netherlands Bond & MortCo., 2d pref
gage Co., pref
$I% lot
tax receipts (Federal Re7 New Netherlands Bond & Mort- 5
serve banks)
Bonds.
Per Cent.
3,634,550
gage Co., common
10,815,300
Forfeitures, gifts, &c
2
$500 Georgia Ry. & Power Co.
2,300
206,100
64,650
537,250 20 Hood Rubber Co.. pref
gen. mtge. 6s, 1948
2 Boston Real Estate Trust, par100
Total
£12,350 Mexican & Northwestern 97%
18,922,600 31,462,100 429,297,500
21,000
283,963,250
886 & div.
RR. 60, 1915
$25 lot
Total expenditures chargeable
By Messrs. Wise, Hobbs & Arnold,
against ordinary receipts. 291,025
Boston:
,932 341,935,048 2,635,535,805 2,708,372,
'82 Shares. Stocks.
$ per
• Receipts and expenditures for
20 West Boylston la/g. Co., com__ oh. Shares. Stocks.
$ per sh.
June reaching the Treasury in July are include
31
5 Mass. Baking Co., 1st pref
d. 2 Arlington Mills
I The figures for the month
86
include $3,740,085 66 and for the fiscal
1024 4 Plymouth Cordage Co..
2 Great Falls Mfg. Co
date $19,657,283 17 accrued
Year
24
discount on war savings certificates of the 1924 to 15 Union
1075-i-1075- ex-dly.
1918 and 1919; and for the
Mills, Inc., corn
Series of
2173.i No. Rights.
corresp
$ per Right.
$22,613,469 65 and 271,822,611 63, onding periods last year the figures include 20 Wm.Whitman,Inc., pref_93% & div. 10
Lowell Electric Light Corp
respectively, for the Series of 1918.
15 Municipal Real Estate Trust_ _
C Excess of credits (deduct).
_107
50 Edison Electric Co. of Brockton 6%
15 Hood Rubber Co., pref
2
100
Bonds.
7 American Glue Co.. corn
Per
54,000 Southern California Edison Cent.
100 Metropolitan Filling Station 39
s,
Co lot 5s, 1944
prof.. par 210
85-i $3,000 Wheeling Electric Co. 1st 89%
100 Pollock Pen Co
,
73c.
55. 1940
935-1
Commercial aactilliscellanecoasRem
WI
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AU prices dollars per share.
Banks-N.Y Bid Ask
Banks
America •____ 212 218 Harriman____ Bid .45k Trust Co.'s
New York
amer Exch.- 301 308 Manhattan •_ 345 ___
Bowery •____ 500 --- klech & Met_ 158 163 American
382 387 Bank of N Y
BroadwayCen 160 --- Mutual*
S. Trust Co
Bronx Bore*. 140 _ Nat American 340 143
Bronx Nat._: --- --- National City 354 ___ Bankers Trust
359 Central Union
Bryant Park • 170 ___ New Neth •
150 160 Commercial__
Butch & Drov 145 155 Pacific •
300
Empire
Cent Mercan. 225 ___ Park
416 426 Equitable Tr.
Chase
342 348 Port Morris_ 176 ___
Farm L & Tr_
that & Phen. 252 256 Public
350 ___ Fidelity Inter
Chelsea Exch. 123 133 Seaboard
416
Chemical ____ 558 563 Seventh Ave_ 85 426 Fulton
95
uaranty Tr_
Coal & Iron__ 220 230 Standard •-_ 240
250 Hudson
Colonial•_ _ _ _ 350 ___ State*
355 365 Irving BankCommerce _ _ 314 319 Trade*
140
Columbia
Com'nwealth• 230 250 Tradesmen's• 200 150
__
Continental_ _ 145 ___ 23d Ward*._ _ 260 290 Law Tit & T
Metropolitan_
Corn Exch. 440 450 United States.
190
Cosmop'tan•.. 115 125 'IVash'n Ilts•_ 200 210 Mutual (West
-cheater) ___
Zest River_ _ _ 195 205 Yorkville'._.120
9 ___ NY Trust...
Fifth Avenue* 1301) -- itle Gu & T
Fifth
245 255
US Mtg & Tr
First
1430 1460
Brooklyn
tilted
Garfield
280 -__ Coney Island 160 170 Weetch Ste
es Tr_
Gotham
165 176 First
400 408
Brooklyn
Greenwich*„ 375 425 Mechanics' S. 148
152 Ifrookl
Hanover
795 815 Montauk •___ 180 ___ Kings yn Tr.
250 ..__ ManufaCounty
Nassau
cturer
Pa-bole's
250 275 Peoole'e
•Banks Marked with (*) are State banks.
(r) Es dividend.
I
I
New York City Banks and Trus
t Companies.
495
365
540
120
305
205
635
247
219
210
325
230
383
397
305
1385
iio
41111
By Messrs. Barnes & Lofland, Phila
delphia:
Shares. Stocks.
$ per sh. Shares. Stocks.
425 J. W.Paxson Co
$ per
$50 lot 13 Taxi Service Co. of Philadelphia oh.
75 J. W.Paxson Co
21
3160 lot 42 Philadelphia Bourse, pref
541.W.Paxson Co
2451
85 lot 24 Philadelphia Bourse. corn
75 Peerless 011 Co
225-1
5
10 unite Hare & Chase,Inc.(10 pref.
5 Northeast Tacony Bank, par
5 corn.)
10 Oxford Bank & Tr. Co.,par $50_ 705-1
$1,075 lot
550_13251 4 Hare & Chase,Inc., pref
10 Broad Street Trust
90
20 Phila. & Camden Ferry Co., par
22 Lehigh Coal & Navigation Co.__ 71
6651
250
9 Fourth Street National Bank_
121
_ _ _350
100 Federal Dyestuff & Chemical
8 Sixth National Bank
Corp.(v. t. c)
23551
18 Girard National Bank
503
10 Notaseme Hosiery Co., 1st pref. 21
2 Kensington Nat. Bank, par
(v. t. c)
5 Tradesmens National Bank250..13531
290
28 The Peoples Rural Telep. Co. of$10
30 Farmers & Mechanics Nat.
Bank
New Jersey, par $25
tin liquidation)
$7
334 2 Washington Gas Light Co
20 Centennial National Bank
400
100 L.H. Gilmer Co., pref., par 510 485-1
9 Market Street Nat. Bank
5
29051 69 Garden City Canning Co.,
5 Philadelphia National Bank
pref. 25-1
4 Philadelphia Rifle Club
5 National Bank of North Phila. 3E0
20
_14351 6 Phila. & Grays Ferry Co
2351 Bank of No.Amer.
595-1
23 Union Passenger Ry. Co
5 Philadelphia Trust Co& Tr.Co_ _290
110
64234 4 David Lupton's Sons & Co.,pref.
5 Philadelphia Trust Co
642
23 Abbotts Alderney Dairies,1st pf. 85
2 Fidelity Trust Co
8851
510
3 Chelten Trust Co
15151
Bonds.
10 Land Title & Trust Co
Per
665
$100 State of Colorado Mis, S. D. cent.
5 Lancaster Ave.Title & Trust
Co.,
No. 3, 1936, opt. 1929
par $50
80
60
Lehigh Valley RR.1st 45,1948,rag. 89
50 Peoples Bank & Tr.Co.,
par $51). 85
81,000 Columbus Newark & Zane51 Swarthmore Nat. Bank,
SwarthMlle Elec. Ky. gen. M. 5s, 1926,
more, Pa
250
certif. of deposit
28
National Banks.
-The
national banks is from the following information regarding
office
Currency, Treasury Department: of the Comptroller of the
1634
TH Ili
[VOL. 118.
CHRONICLE
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
Mar.26—The Middleburg National Bank, Middleburg, Va---- $50,000
Correspondent. Daniel 0. Sands, Middleburg, Va.
1,000,000
Mar.2.9—The Guardian National Bank of Chicago, Ill
Correspondent,James S. McClellan,7 South Dearborn
St., Chicago, III.
50,000
--The First National Bank of Grand Ledge, Mich
Mar.28
Correspondent, F. M. Hoag,Grand Ledge, Mich.
25,000
28—The First National Bank of Durbin, W. Va Va.
Mar.
Correspondent, C. R. Beard, Durbin, W.
APPLICATIONS TO ORGANIZE APPROVED.
Mich
Mar.26—The First National Bank of Wyandotte.Dime Savings 150,000
Correspondent, H.C. Shaffmaster. 1034
Bank Building, Wyandotte. Mich.
_
200,000
Mar.29—The Alexander National Bank of St. Petersburg, Fla_
Correspondent, W. T. Baynard, 644 Central Ave..
St. Petersburg. Fla.
CHARTERS ISSUED.
--The First National Bank of Chillicothe, Texas_ $25,000
Mar.26—I2513
Conversion of The Guaranty State Bank of Chillicothe,
Texas. President, W. R. Ferguson; Cashier, L. J.
Nucides.
Mar.26-12514—The Peoples National Bank of Farmington,
25,000
New Mex
President, J. P. Atteber.
e First National Bank of North Tarrytown,
Mar.26-12515—Th
50,000
N.Y
President, John A. Potter.
National Bank of New York,
--The Commercial
-12516
Mar.27
1,000,000
N. Y
Conversion of The Commercial Trust Co.of New York.
N. Y., with two branches located in the City of New
York, N. Y. President, A. H. Giannini.
Mar.29-12517—The American National Bank of Denver,Colo- 500,000
Conversion of The American Bank & Trust Co., Denver. Colo. President, Godfrey Schirmer. Cashier,
A. Kunsmiller.
CHANGE OF TITLE.
Mar.25-11316—The Farmers National Bank of Pretty Prairie,
Kan., to "The First National Bank, Pretty Prairie."
VOLUNTARY LIQUIDATIONS.
--The Continental National Bank & Trust Co.
-12260
Mar.24
$500,000
of Kansas City, Mo
Effective Dec. 17 1923. Liquidating Agent, J. G.
Hughes, Kansas City, Mo. Absorbed by Commerce
Trust Co. of Kansas City. Mo.
--The "Enterprise National Bank of Laurens,"
-10605
Mar.28
100,000
So. Caro
Effective Mar. 20 1924. Liquidating Agent, C. H.
Roper, Laurens, So. Caro. Succeeded by Peoples
Enterprise Bank of Laurens, So. Caro.
25,000
Okla
Mar.28-11182—The Calera National Bank, Calera, J. E. McEffective Mar.22 1924. Liquidating Agent,
Kinney, Durant, Okla. Absorbed by The Durant
National Bank, Durant, Okla., No. 5590. Liability
for circulation will not be assumed under Section 5223,
U. S. R. S.
Name of Company.
Banks.
Corn Exchange (quer.)
Per
When
Cent. Payable
5
Books Closed.
Days Inclusive.
May 1 Holders of rec. Apr. 30
Miscellaneous.
Apr. 21 Holders of rec. Apr. 10
Abitibi Power &Paper,corn.(guar.)- — 1
2
Apr. 18 Holders of rec. Apr. Ila
Alliance Realty (guar.)
*I
May 16 *Holders of rec. Apr. 24
Allis-Chalmers Co.,corn.(quer.)
*144 May 1 *Holders of rec. Apr. 15
American Cigar Mfg.,tom.(guar.)
May 1 *Apr. 11 to May 1
*31
American Coal(guar.)
Apr. 1 Holders of rec. Mar.264
American Lace mfg., common (quar.)_ _ 2
American Smelt. & Refining, coin. (qtr.) 134 May 1 Holders of rec. Apr. 11
144 June 1 Holders of rec. May 9
Preferred (guar.)
264. Apr. 30 Holders of rec. Apr. lie
Art Metal Construction (guar.)
154 May 1 Holders of rec. Apr. 15
Atlantic Refining, preferred (guar.)
Augusta Knitting Mills, corn.(guar.)._ _ 134 Apr. 1 Mar.21 to Apr. 1
144 Apr. 1 Mar.21 to Apr. 1
Preferred (guar.)
134 July 1 Holders of rec. June 20a
Babcock & Wilcox Co.(guar.)
144 Oct. 1 Holders of rec. Sept.20a
Quarterly
144 Jan 125 Holders of rec. Dec. 20a
Quarterly
134 Aprl'25 Holders of rec.Mar.20'25a
Quarterly
Bond & Mortgage Guarantee (guar.)._ _ 444 May 15 Holders of rec. May 8
144 Apr. 1 Holders of rec. Mar.26a
Borden (Richard) Mfg.(quar.)
'131 May 1 *Holders of rec. Apr. 19
4
Brown Shoe, preferred (guar.)
Century Ribbon Mills, pref. (guar.)_ _ _ *144 June 1 *Holders of rec. May 15
Cheeebrough Mfg., coin.(In corn. stock)2100 May 2 Apr. 16 to May 2
*100. May 1 *Apr. 11 to Apr. 19
Chief Consolidated Mining (guar.)
Apr. 15 *Holders of rec. Apr. 1.
*2
-Collins Company (guar.)
B (guar.) _ 3744c Apr. 1 Holders of rec. Mar.31a
Commercial Chemical, corn.
134 Apr. 30 Holders of rec. Apr. 15a
Consolidation Coal (guar.)
Detroit Brass & Malleable Wks.(mthly.) *3.5 May 1 Holders of rec. Apr. 28
Doehler-Die Casting, common (guar.).- *50c. May 1 Holders of rec. Apr. 18
144 May 1 Holders of rec. Apr. 15
Electric Bond & Share, pref.(guar.)._
May 1 Holders of rec. API% 15
2
Eureka Pipe Line (guar)
11250 May 1 Holders of rec. Apr. 19
Fajardo Sugar (guar.)
41250 May 1 Holders of rec. Apr. 19
Extra
Apr. 21 Holders of rec. Apr. 10a
$1
Firestone Tire & Rubber,corn.(quar.)
*234 May 1 Holders of rec. Apr. 19
Fisher Body Corp.,corn.(guar.)
*131 May 1 Holders of rec. Apr. 16
Brothers, preferred (quer.)
Gimbel
134 Apr. 15 Holders of rec. Mar.31
Globe-Wernicke Co.,pref.(quer.)
144 Apr. 1 Holders of rec. Mar.28a
Great Lakes Transit, pref. (guar.)
134 Apr. 10 Holders of rec. Mar.29
Hamilton Woolen Co.(guar.)
'131 May 15 *Holders of rec. May 5
Hercules Powder, preferred (quer.)
.5e. Apr. 21 *Holders of roe. Apr. 3
4
Cons. Gold Mines,Ltd
Hollinger
144 May 1 Holders of rec. Apr. 16
Holly sugar Corp., pref. (guar.)
al% May 1 Holders of rec. Apr. 15
Preferred (account accum. diva.)
*500. Apr. 25 *Holders of rec. Apr. 19
Homestake Mining (monthly)
Apr. 25 *Holders of rec. Apr. 19
*31
Extra
corn.(quar.)_ .264. May 15 *Holders of rec. May 1
Intertype Corporation,
*144 May 1 *Holders of rec. Apr. 21
Kelsey Wheel, preferred (guar.)
May 1 *Holders of rec. Apr. 15
*2
Mullins Body Corp., pref.(guar.)
144 May I Holders of rec. Apr. 18
Nash Motors, preferred A (quer.)
Natl. Department Stores, 1st pref. (qu.) *144 May 1 *Holders of rec. Apr. 16
•131 June 1 *Holders of rec. May 15
Second preferred (guar.)
Niagara Alkali Co., preferred (qUar.)— 144 Apr. 1 Holders of rec. Mar.21
May 1 *Holders of rec. Apr. 16
*2
Ontario Biscuit, preferred (guar.)
OrPheum Circuit, common (monthly)._ *1244c May 1 *Holders of rec. Apr. 19
*1234c June 2 *Holders of rec. May 20
Common (monthly)
*1234c July 1 *Holders of rec. June 20
Common (monthly)
Overman Cushion Tire. Inc.—
DIVIDENDS.
144 Apr. 20 Holders of rec. Mar.31a
Common and "X" preferred (guar.)
Pittsburgh 011
Dividends are grouped in two separate tables. In the Pittsfield Lime& Gas pref.(quar.)___ *1244c Apr. Holders of rec. Mar.28
2
& Stone,
Holders of rec. Apr. 210
first we bring together all the dividends announced the cur- Postum Cereal,Inc., corn.(guar.)
Holders of rec. Apr. 21a
a
Mey
2
$1
Preferred (Soar.)
rent week. Then we follow with a second table, in which Reynolds Spring,common (quer.)
*Holders of reo. Apr. 15
*500. May
*Holders of rec. Apr. 15
we show the dividends previously announced, but which have Salt Creek Producers Assn.(guar.)
*20c. May
*Holders of rec. Apr. 16
ipaay
.310
4314 M ryy
.*0 . 7,Ama.
Extra
not yet been paid. '
it. Apr. 1 Holders of rec. Apr. 1
Ltd
Silversmiths Mines,
The dividends announced this week are:
*Holders of rec. Apr. 15
Simmons Co., preferred (guar.)
Mar.25 to Mar.31
Smyth (John M.) Co., pref. (guar.).- —
Apr. 1 Apr. 6 to Apr. 15
3
Books Closed.
When
Per
Union 011 of California (guar.)
*Holders of rec. Apr .15
Days Inclusive.
Cent. Payable.
United Cigar Stores of Amer.,corn.(Su.)
Company.
Name of
Mar. 21 to Mar.31
144 Apr.
U.S. Lumber Co.(guar.)
Mar.21 to Mar.31
244 Apr.
2
Extra
Railroads(Steam).
Apr. 3 Holders of rec. Apr. 16a
U. S. Rubber, first pref. (guar.)
(guar.)._ _ •145 June 2 *Holders of rec. May 2
Atch. Top.& Santa Fe,corn.
Holders of rec. Mar.20
Apr.
2
rec. Apr. 16
1
Upson Company, preferred (Soar.)
Cineinnatl Sandusky & Cleveland, pref. *51.50 May 15 *Holders of to Apr. 14
Apr. 2
Apr.
3
Vapor Car Heating, Inc., pref.(quar.)_ 134 June 1
Georgia RR.& Banking (guar.)
134 Sept.1
Apr. 30 *Holders of rec. Apr. 12
Preferred (guar.)
Great Northern Iron Ore Properties_ _ *S2
144 Dec. 2
May 1 Holders of rec. Apr. 25a
2
Preferred (Suer.)
Morris & Essex Extension RR
Holders of rec. Mar.20a
May 1 Holders of rec. Apr. 25a White Rock Min. Spgs., corn. (guar.)— 264. Apr.
2
Extension RR
Passaic & Delaware
Holders of rec. Mar.20a
144 Apr.
of rec. Apr. 25a
May 1 Holders
Preferred (quer.)
Syracuse Binghamton & New York (qu.) 3
May 1 Holders of rec. Apr. 14a
Chenango &Susquehanna Valley— 3
Utica
Public Utilities.
American Light 44'Frac., corn. (guar.). _ 1
Common(payable in common stock)_ _ /1
144
Preferred (quer.)
14(
Arkansas Light & Power, meg.(guar.)_ _ *14,4
California-Oregon Power, pref. (guar.)._
144
(guar.)
Cincinnati Street Ry.
244
Citizens Gas & Fuel, Lancaster,cons_ _
144
(quer.)
preferred
City Ry.(Dayton,Ohio),corn.(qUar.).144
Prefetred (guar.)
Cleveland Electric Illuminating (guar.)- 244
Commonwealth-Edison Co.(guar.)
Conestoga Traction, preferred (guar.).- 134
Consumers Elec. Light & Pow.,New Orl.
Common (guar.)
1
Common (extra)
Eastern New Jersey Power, pref.(guar.) 131
Electric Co., Lancaster (quar.)_ _ 3
Edison
Edison Elec. Ilium. of Brockton (Soar.)_ 2;4
134
Elmira Water, Light & RR.,corn.(qu.)
1,34
Georgia Ry. & Elec. Co., pref.(guar.)—
Green & Coates Sts. Pass. Ry.(quer.). _ *$130
4
Railways, preferred
Harrisburg
Havana Elec. Ry.,Lt. OZ POW,COM.& PL 3
Houghton County Elec. Light. pref. _ _ The.
2
Houston Gas & Fuel, corn. (guar.)
1
Common (extra)
$2
Power Securities, corn
Kansas City
8125
Preferred (guar.)
6144
,
Kentucky Utilities, preferred (quer.)_ $1
Lancaster Co. R.& Light,corn.(quer.) 14‘
Preferred (guar.)
Lancaster Gas Light & Fuel (guar.)._ _ _ 3
14(
Laurentide Power (guar.)
144
Louisville Gas & Electric, pref.(quar.)_
pref.(qu.) 144
Milwaukee Elec. Ry.& Light,
14(
Mountain States Power, pref (guar.)._ _ • *1%
Nevada-Calif. Elec. Corp., Pref. (guar.)
Northern States Power, corn.((maxi__ _ 2
14(
Preferred (guar.)
30c.
Northwestern Electric, corn.(quar.)_
1)4
Six per cent preferred (guar.)
144
Seven per cent preferred (guar.)
1.14
Omaha & Conn. Bl. St. Ry., Pf.(MO-- 4
.141
Serv. of N.Iii.. corn.(guar.). _
Public
*8175
Common (no par value)(quer.)
•1%
Preferred (guar.)
144
prof. (guar.)
Public Utilities Corp.,
13.4
Sierra Pacific Electric Co..pref.(guar.)_ - $1
Canada Power,corn
Southern
_ 144
Elec..
Southern Indiana Gas drTelep.Pi.(qu.) *2
(guar.)._
Southern New England
134
(guar.)
'Fri City Ry.& Light, pref.
(guar.). 50c.
United Gas dr Electric Company
Securities Corp., Pref.(guar.)_ _ 134
Utilities
Ry., pref._ _ *8250
Worcester Consolidated St.(guar.)
50c.
Worcester Gag Light, corn.
2
Preferred (guar.)
May 1 Apr. 12 to Apr. 27
May 1 Apr. 12 to Apr. 27
May 1 Apr. 12 to Apr. 27
Apr. 1 Holders of rec. Mar. 15a
Apr. 30
Apr. 1 Mar. 16 to Mar.31
Mar.26 Holders of rec. Mar. 8
AM. 1 Mar.17 to Mar.30
Mar.31 Mar. 16 to Mar.31
Mar.31 Mar. 16 to Mar.31
Apr. 15 Holders of rec. Mar.31
May 1 *Holders of rec. Apr. 15
Mar.31 Mar.22 to Mar.31
Mar.28 Holders of rec. Mar. 10
Mar.26 Holders of rec. Mar. 10
Apr. 1 Holders of rec. Mar.20
Mar.31 Mar.22 to Mar.31
May 1 Holders of rec. Apr. 15a
Mar.31 Holders of rec. Mar.20
Apr. 20 Holders of rec. Apr. 10a
Apr. 7 *Holders of rec. Mar.22
Apr. 1 Mar.21 to Mar. 31
May 15 Apr. 17 to May 15
May 1 Holders of rec. Apr. 15
Mar.26 Holders of rec. Mar. 14a
Mar.26 Holders of rec. Mar. 14a
Apr. 1 Holders of rec. Mar. I3a
Apr. 1 Holders of rec. Mar. 13a
Apr. 15 *Holders of rec. Mar. 31
Mar.31 Holders of rec. Mar.27a
Mar.31 Holders of rec. Mar.27a
Mar.31 Mar.22 to Mar.31
Apr. 15 Holders of rec. Mar. 3I0
Apr. 15 Holders of rec. Apr. la
Apr, 30 Holders of rec. Apr. 21a
Apr. 2 Holders of rec. Mar.31a
*Holders of rec. Mar.31
May
Holders of rec. Mar.31
May
Apr. 2 Holders of rec. Mar.31
Mar. 9 to Mar.31
Apr.
Mar. 9 to Mar.31
Apr.
Mar. 9 to Mar. 31
Apr.
Mar.20 to Mar.31
Apr.
*Holders of reo. Apr. 15
May
*Holders of rec. Apr. 15
May
*Holders of rec. Apr. 15
May
Mar. 11 to Apr. 1
Apr.
Holders of rec. Apr. 12
May
May 1 Holders of rec. Apr. 30
Holders of rec. Mar. 17a
Apr.
Apr. 15 *Holders of rec. Mar. 31
Apr. 1 Holders of rec. Mar.20a
Mar.31 Holders of rec. Mar.270
Mar.27
Apr. 1 *Holders of rec. Mar.20
Apr. 1 Holders of rec. Mar. 22a
Apr. 1 Holders of res. Mar.22a
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.
Railroads (Steam)
Baltimore & Ohio,common
Preferred (guar.)
Clue. New Orl.& Tex.Pac.,Prof.(guar.)
Preferred (guar.)
(qu.)
Cleve. Cinc.Chic.& St.Louis,com.
Preferred (guar.)
Lackawanna & Western (qu.)_
Delaware
Gulf Mobile & Northern, pref
Kansas City Southern, pref.(guar.)._
New York Central RR.(guar.)
Norfolk & Western, adj. pref.(guar.)_
Northern Pacific (guar.)
Pere Marquette, prior pref.(guar.)
Preferred (guar.)
Philadelphia & Trenton (quer.)
MOIL Ft. Wayne & Chic., pref.(quer.)
Pittsburgh & West Virginia. pref.(guar.)
Preferred (quer.)
Preferred (guar.)
Preferred (quer.)
Reading Company,common (quar.).....
Second preferred (guar.)
Southern Railway, common (guar.). _
Preferred
United N.J. RR.& Canal Cos.(guar.)_
Vermont & Massachusetts
Warren
When
Per
Cent. Payable.
134
1
144
134
134
144
3
134
1
134
1
134
134
144
234
144
134
134
134
144
El
50c.
144
244
244
*3
*344
Books Closed.
Days Inclusive.
June 2 Holders of rec. Apr. 12a
June 2 Holders of roe. Apr. 12a
June 2 Holders of rec. May 17a
Sept. 2 Holders of rec. Aug. 16a
Apr. 19 Holders of rec. Apr. la
Apr. 19 Holders of rec. Apr. la
Apr. 21 Holders of rec. Apr. fja
May 15 Holders of rec. May la
Apr. 15 Holders of rec. Mar.31a
May 1 Holders of rec. Apr. la
May 19 Holders of rec. Apr. 304
May 1 Mar. 15 to Apr. 8
May 1 Holders of rec. Apr. 14a
May 1 Holders of rec. Apr. 14a
Apr. 10 Apr. 1 to Apr. 11
Apr. 8 Holders of rec. Mar. 10
May 31 Apr. 16 to May 4
Aug. 30 Holders of rec. Aug. la
Non.29 Holders of ree. Nov. la
Holders of rec. Feb.2'25a
(w)
May 8 Holders of rec. Apr. 15a
Apr. 10 Holders of roe. Mar. 24a
May 1 Holders of rec. Apr. 10a
Apr, 21 Holders of rec. Mar.200
Apr. 10 Mar. 21 to Mar. 31
Apr. 7 *Holders of rec. Mar. 11
Apr. 15 *Holders of rec. Apr. 5a
Public Utilities.
144 Apr. 14 Holders of rec. Mar.310
All-America Cables (guar.)
144 Apr. 15 Holders of rec. Apr. la
American (las (guar.)
pref.(guar.)— 134 May 1 Holders of rec. Apr. 12
American Gas & Electric,
134 Apr. 1 Holders of rec. Mar. 14
American Power & Light, pref.(guar.)._
234 Apr. 15 Mar. 15 to Mar. 25
American Telep. & Teleg. (guar.)
15a
Associated Gas & Electric, prof. (extra). 264. July 1 Holders of rec. June 22
Apr. 15 Holders of rec. Mar.
2
Bell Telephone of Canada (guar.)
144 Apr. 15 Holders of rec. Mar. 20a
Bell Telep.of Pennsylvania, pref.(guar.)
310
Holders
Brooklyn Borough Gas,common (guar.) 50c. Apr. 10 Holders of roe. Mar.31a
of rec. Mar.
131 Apr. 10
Preferred (guar.)
May 1 Holders of rec. Apr. 15
Carolina Power & Light,common (quer.) 134
rec. Mar.310
Central Illinois Pub. Serv., pref. (quar.) $1.50 Apr. 15 Holders of to Apr. 15
144 Apr. 15 Apr. 1
Central Power. preferred (quer.)
Holders of rec. Mar.31
Apr.
Ches. & Potomac Telep. of Balt.(quer.) 134 Apr. 15 Apr. 1 to Apr. 15
15
Cin. Newp. & Coy. L.& Tr.,corn. (On.) 1 •
131 Apr. 15 Apr. 1 to Apr. 15
Preferred (quer.)
July 1 Holders of rec. June 15
2
Gas of Norfolk, pref.(guar.)
City
Oct. 1 Holders of rec. Sept.
2
Preferred (guar.)
an2'25 Holders of rec. Dec. 15
2
Preferred (guar.)
44 Apr. 15 Holders of rec. Mar.31
Power, common (guar.)
Colorado
Arn. 51924.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Commonwealth Pow.Corp.,corn.
(No.1) $1
May 1 Holders of rec. Apr. 18
Six per cent preferred (guar.)
155 May 1 Holders of rec. Apr. 18
'Continental Gas& EleC.COrP.,COM.((u) •75c. July 1
0.
Common (payable in common stock)_ 175 July 1
Participating preferred (guar.)
•155 July 1
Participating preferred (extra)
July 1
Partic. pref.(payable in corn.stock)
•f5' July 1
Preferred (guar.)
.
5155 July 1
•11
Prior preferred ((uar.)
July 1
Detroit Edison((uar.)
Apr. 15 Holders of rec. Mar.20a
2
Dominion Power & Transm.,pref.(qu.)_ 151 Apr. 15 Mar.24 to Mar.31
East Bay Water, Class A pref.(guar.)._ 15 Apr. 15 Holders of rec. Mar.31
Class B preferred (guar.)
15( Apr, 15 Holders of rec. Mar.31
Germantown Passenger By.(guar.)_ _ 51.31 Alm 8 Holders of rec. Mar.176
Illinois Northern Utilities, pref.(quar.)_ "154 May 1 *Holders of rec. Apr. 15
International Telep. & Teleg.(quar.)
154 Apr. 15 Holders of rec.
27a
Interstate Public Serv., prior lien (guar.) 151 Apr. 15 Holders of rec. Mar.316
Mar.
Kentucky Securities. preferred (guar.)._
1)4 Apr. 15 Holders of rec. Mar.210
Manchester Tram., Light & Pow.((uar.) 2
Apr. 15 Holders of rec. Apr. la
Manufacturers' Light & Heat ((uar.)_ _ 2
Apr. 15 Holders of rec. Mar.
Massachusetts Gas, common (guar.)._ _ $1.2 MaY 1 Holders of rec. Apr. 31a
15
Massachusetts Ltg. Cos.,6% prof.(qu.) 154 Apr. 15 Holders of rec. Mar.25
Eight per cent preferred (guar.)
Apr. 15 Holders of rec. Mar.25
2
Michigan Gas& Elec., prior lien (quar.)_
151 Apr.d1 Holders of rec. Mar.316
Preferred (War.)
154 Apr. 21 Holders of rec. Mar.316
Middle West Utilities, Preferred (quar.)- 154 Apr. 1 Holders of rec. Mar.31
Missouri Gas & Elec., prior lien stk.(qu.)'St.7 Apr. I "Holders of rec. Mar.31
Montreal Telegraph (guar.)
Apr. 15 Holders of rec. Mar.31
2
Municipal Service, common (guar.)
•40c. Apr. 25 *Holders of rec. Apr. 10
Preferred (guar.)
"154 May
*Holders of rec. Apr. 15
Newburyport Gas & Electric (guar.)_ _ _ 155 Apr. 1 Holders of rec. Mar.316
Extra(from reserve for dividends) _
50c. Apr. 1 Holders of rec. Mar.31
New York Telephone, preferred ((uar.)- $1.6255 Apr. I Holders of rec. Mar.20
Niagara Falls Power. preferred ((uar.)
1M Apr. 15 Holders of rec. Mar.3I0
Oklahoma Natural Gas (guar.)
50c. Apr. 19 Holders of rec. Mar.260
Pacific Gas & Electric, corn.((uar.)
2
Apr. 15 Holders of rec. Mar.31
Preferred ((uar.)
Apr. 15 Holders of rec. Mar.316
2
Pacific Telep. & Teleg., prof. (quar.)_
155 Apr. 15 Holders of rec. Mar.3I6
Peoples Gas Light & Coke (quar.)
151 Apr. 17 Holders of rec. Apr. 36
Philadelphia Company, corn. (quar.)_
Apr. 30 Holders of rec. Apr. la
$1
Six per cent Preferred
$1.50 May 1 Holders of rec. Apr. la
Philadelphia Rapid Transit (guar.)
75c. Apr. 30 Holders of rec. Apr. 156
& Western fly., pref. (quar.)_
6255c Apr. 15 Holders of rec. Mar.31a
Pittsburgh Utilities, common
$1
May 1 Holders of rec. Apr. 15
Common (extra)
(o) MAY 1 Holders of rec. Apr. 15
Preferred
35c. MAY 1 Holders of rec. Apr. 15a
Preferred (extra)
25c. May I Holders of rec. Apr. 15a
Public Service Elec. Power, pref.(quar.) 151 May 1 Holders of rec. Apr. 156
Puget Sound Pow.az Lt., corn.(guar.)._ $1
Apr, 15 Holders of rec. Mar.200
Preferred (guar.)
15i Apr. 15 Holders of rec. Mar.206
Prior preference (guar.)
151 Apr. 15 Holders of rec. Mar.20a
Quebec Power (guar.)
151 Apr. 15 Holders of rec. Mar.31
Shawinigan Water & Power (guar.)
151 Apr. 10 Holders of rec. Mar.26
South Pittsburgh Water Co.,pref.(No.1) 151
Holders of rec. Apr. 5
Southern Canada Power, pref.(guar.)._ '154 Apr. 15 Holders of rec. Mar.316
Standard Gas & Electric, corn.(quar.)_ •75c. Apr. 25 *Holders of rec. Mar.31
Texas Electric By..common (guar.)._
1
June I Holders of rec. May 15
Second preferred ((oar.)
151 May 1 Holders of rec. Apr. 15
Trinidad Electric Co., Ltd.
(guar.)
Apr. 10 Apr. 1 to Apr. 10
United Gas Improvement,corn.(guar.) 8754c Apr. 15 Holders of rec. Mar.316
Preferred (guar.)
87550 June 14 Holders of rec. May 316
United Light & Power, A & B.corn
40c. May 1 Holders of rec. Apr. 156
A & B corn.(In Class Atom,stock)... (1) May 1 Holders of rec. Apr. 156
Class A preferred (guar.)
$1.63 Apr. 15 Holders of rec. Apr. la
Class B preferred (guar.)
$1
Apr. 15 Holdcrs of rec. Apr. la
United Light dz Railways,corn.((uar.)
2
May 1 Holders of rec. Apr. 15
First preferred (quar.)
154 Apr. 15 Holders of rec. Apr. 1
Participating preferred (quar.)
2
Apr. 15 Holders of rec. APr. 1
Virginia Railway & Power,Pref.(guar.)_
155 Apr. 21 Apr. 1 to Apr. 16
Washington Water Power,Spokane((u.) 2
Apr. 15 Holders of rec. Mar.25
Western Power Corp., pref. (quar.)___ - 151 Apr. 15 Holders of rec. Mar.3Ia
Western States Gas & Elec., pref.(guar.) 151 Apr. 15 Holders of rec. Mar.
West Penn Power Co.,7% Pref.(guar.). 151 May 1 Holders of rec. Apr. 31
15
Western Union Telegraph ((uar.)
151 Apr. 15 Mar.26
Apr. 9
Wisconsin Pow., Lt. & Ht.,Pref.((uar.) 151 Apr. 20 Holders of to Mar.316
rec.
York Railways, common ((uar.)
50c. Apr. 15 Holders of rec. Apr. 56
Preferred (guar.)
6254c Apr. 30 Holders ot rec. Apr. 19a
Banks.
Municipal (Brooklyn) (guar.)
2
Apr. dl Holders of rec. Mar.310
Miscellaneous.
Air Reduction Myr.)
$1
Apr. 15 Holders of rec. Mar.316
Alabama Company, first pref. (guar.)
1151 Apr. 10 Holders of rec. Mar.31a
Second preferred
151 Apr. 10 Holders of rec. Mar.31a
Allied Chem.& Dye Corp., com.(guar.) Si
May 1 Holders of rec. Apr. I5a
Allis-Chalmers Mfg., prof. (guar.)
151 Apr. 15 Holders of rec. Mar.24a
Amalgamated Sugar, first preferred
$5
May 1 Holders of rec. Apr. 166
American Art Works,com.& pref.(qu.)
134 Apr. 15 Holders of
American Bank Note, corn. ((oar.).... 81.25 May 15 Holders of rec. Mar.310
rec. May la
American Beet Sugar, corn. (quar.)... 1
Apr. 30 Holders of rec. Apr. 12a
Common (guar.)
1
July 31 Holders of rec. Ally 126
Common ((uar.)
I
Oct. 31 Holders of rec. Oct. Ila
Common ((uar.)
I J an31'25 Holders of rec.Jan.10'25a
American Can,common(guar.)
15( May 15 Holders of rec. Apr. 300
American Coal(guar.)
Apr. 11 to May 1
American Fork & Hoe, Mgt preferred
355 Apr, 15 Holders of rec. Apr. 56
American Ice, common (quar.)
151 Apr, 25 Holders of rec. Apr. 86
Preferred ((uar.)
155 Apr,
Am.La France Fire En.,Inc.,corn,(qu.) 250. May 25 Holders of rec. Apr. Sa
Amer. Laundry Machinery, corn. (qu.). 50c. June 15 Holders of rec. May la
2 Mar.24 to June 2
Preferred (guar.)
151 Apr. 15 Apr. 6
Amer. Rolling Mill, common ((uar.)._ 50c. Apr. 15 Holders to Apr. 15
of rec. Mar.316
American Sales Book, prof. (guar.)._
151 May 1
American Seeding Machine,corn.(quar.) 750. Apr, 15 Holders of rec. Mar. 15
Holders of rec. Mar.310
Preferred (guar.)
155 Apr. 15 Holders of rec. Mar.316
Amer. Shipbuilding, common (quar.)..._ 2
May 1 Holders of rec. Apr. 15a
Common (guar.)
2
Aug. 1 Holders of rec. July 15a
Preferred (quar.)
151 May 1
,American Steel Foundries, corn.((uar.) 75c. Apr. 15 Holders of rec. Apr. 15
Holders of rec. Apr.
American Stores, common (extra)
250. May 1 Apr. 20 to May la
1
Amer. Type Founders,corn. & pf.(qu.)
151 Apr, 15 Holders of rec. Apr. 10a
American Woolen,corn,and Prof.(guar.) 151 Apr. 15 Mar. 15
Asbestos Corp. of Canada, pref.(guar.). 154 Apr. 15 Holders to Apr. 1
Associated Dry Goods,common (guar.). 151 May 1 Holders of roe. Apr. Id
of rec. Apr. 126
First preferred (guar.)
155 June d2 Holders of rec. May
Second preferred ((uar.)
151 June d2 Holders of roe. May 36
3a
Associated Industrials, first pref.((uar.) 2
Apr, 15 Holders of rec. Apr. 14a
Associated Oil (guar.)
3754c Apr. 25 Holders of rec. Mar.206
Atlas Powder, preferred (guar.)
154 May 1 Holders of rec.
Auburn Automobile, preferred (guar.).- 151 Mar.31 Holders of rec. Apr. 190
Austin, Nichols& Co.,preferred ((uar.). 151 May I Holders of rec. Mar.216
Apr. 15a
Barnhart Bros. & Spindler
First and second preferred (quar.)__.. 151 May 1 Holders of rec. Apr. 256
Barrington 011 (monthly)
•1
Apr. 15 "Holders of rec. Apr. 1
Bayuk Cigars, Inc., let pref.((uar.)
151 Apr. 15 Holders of rec. Mar.316
151 Apr, 15 Holders of rec. Mar.31a
Convertible 2nd Preferred (qUar.)2
8% secoyd Preferred (Uttar.)
Apr. 15 Holders of rec. Mar.31a
Beacon Oil (guar.)
$1.8754 May 15 Holders of rec. May 1
Beech-Nut Packing, common (quar.).... 60c. Apr. 10 Holders of rec. Apr. la
Preferred (guar.)
154 Apr. 15 Holders of tee Apr. la
Blyn Shoes,Inc.,common ((uar.)
250. Apr. 30 Holders of r.c. Apr. 15a
Borden Company, preferred ((uar.)._
155 June 15 Holders of rec. June I
Borne Scrymser Co
4
Apr. 15 Mar.23 to Apr. 14
Extra
2
Apr. 15 Mar.23 to Apr. 14
Buckeye Pipe Line (guar.)
June 14 Holders of rec. Apr. 26
SI
Burns Bros. prior preferred ((uar.)
131 May 1 Holders of roc. Apr. 186
Canada Cement, common (guar.)
134 Apr. 16 Holders of rec. Mar.310
Canadian Car & Foundry, pref.(guar.). 151 Apr. 10 Holders of roc. Mar. 28a
Preferred (acct. accum. dividends)._ - 8151 Apr. 10 Holders of rec. Mar. 286
Name of Company.
1635
Per
Whea
Cent. Payable.
Books Closed.
Days Indus-toe.
Miscellaneous (Continued).
Canadian Industrial Alcohol((uar.)_ _ __
155 Apr. 7 Holders of rec. Mar.31s
Casey-Hedges Co.,common (guar.)._ _ •255 May 15 'Holders of rec. May 1
Central Steel, common (guar.)
$1
Apr. 10 Apr. 1 to Apr. 9
Century Ribbon Mills,Inc.,corn.(No.1) 50c. Apr. 30 Holders of rec. Apr. 15.
Chicago Pneumatic Tool (guar.)
151 Apr. 25 Holders of rec. Apr. 15s
Chicago Yellow Cab (monthly)
• 331-3c May 1 *Holders of rec. Apr. 20
Monthly
*Holders of rec. May 20
Cincinnati Union Stock Yards(guar.) _* 23 1-3c Mar.31 Holders of rec. Mar.22.
2
2
Cities Service
Common(monthly,pay.in cash!scrip) gli May 1 Holders of rec. Apr. 15
Common (Payable in corn,stock scrip) DIX May 1 Holders of rec. Apr. 15
Preferred and preferred B (monthly)._
54 May I Holders of rec. Apr. 15'
City Ice dz Fuel (Cleveland) (guar.)._ __ 2
June 1 Holders of rec. May 20a
Quar rIy
t
rly
2
Sept. 1 Holders of rec. Aug. 206
Quarterly
2
Dec. 1 Holders of rec. Nov.20a
Congoleum Co.,common (guar.)
75c. Apr, 30 Holders of rec. Apr. 15.
Consolidated Car Hearing (guar.)
155 Apr. 15 Holders of rec. Mar.314
Consolidated Royalty 011 (quar.)
3e. Apr. 20 Apr.
Apr.
Corn Products Refining, coin. (guar.)._ 255 Apr. 19 Apr. 16 to Apr. 20
6 to
9
Common fpaya
(guarble in common stock)_ _ /25 June 30 Apr. 16 to Apr. 9
Preferred
151 Apr. 15 Holders of rec. Apr. 5s
Craddock-Terry Co., common (guar.)._ 3
June 3 June 16 to June 30
Common ((uar.)
3
Sept.30 Sept. 16 to SePt.30
Common (guar.)
3
Dec. 31 Dec. 16 to Dec. 31
First and second preferred
3
June 3 June 15 to June 30
First and second preferred
3x Dec.June3 Dec. 15 to Dec. 31
3
3
Class C preferred
June 15 to June 30
Class C preferred335 Dec. 3 Dec. 15 to Dec. 31
eL
gua
e
Creamery
pr ferr
ea e
Mfg., corn.(guar.).- 50c. Apr. 10 Apr. 1 to Apr. 10
pre d
154 Apr. 10 Apr. 1 to Apr. 10
Cresson Cons.Gold Min.& Mill.(guar.) 100. Apr. 10 Holders of rec. Mar.31a
Crucible Steel of America, corn,(quar.)_
1
Apr. 3 Holders of rec. Apr. 156
Cudahy Packing Co., corn. Mar.)
1
Apr. 1 Apr. 5 to Apr. 15
Six per cent Preferred
3
May
Apr. 22 to May 1
Seven per cent preferred
356 May
Apr. 22
Delaware Lack. & Western Coal(guar.)- $1.25 Apr. 15 Holders ofto May 1
rec. Apr. la
Diamond Match (quar.)
*2
June 16 *Holders of rec. May SI
Dictograph Products Corp.,prof.((uar.) 2
Apr. 15 Holders of roe. Mar.31.
Dome Mines, Ltd. (guar.)
50c. Apr. 21 Holders of rec. Mar.26
Dominion Stores, common
50c. Oct. 1 Holders of rec. Sept.15
Preferred (guar.)
1M Apr. 15 Holders of rec. Mar.31
Dubiller Condenser & Radio, pref.((u.)_ $2
June 30 Holders of rec. June 250
Preferred ((uar.)
Sept.30 Holders of rec. Sept.25.
$2
Preferred (guar.)
32
Dec. 31 Holders of rec. Dee. 26.
duPont(E.I.) de Nemours & Co.
Debenture stock (guar.)
154 Apr. 25 Holders of rec. Apr. 10a
duPont(EIeder
dua Iem.Powd.,com.(qu.) 155 May 1 Holders of rec. Apr. 19.
Preferred
15( May 1 Holders of rec. Apr. 190
Eagle-Picher Lead,preferred (guar.)_ _ _ _
154 Apr. 15 Apr. 6 to Apr. 14
Eastern Steamship, pref.(no par value). 8734e Apr. 15 Holders of rec. Apr. 7
Electric Controller Mfg.,com.(guar.).- SI.25 Apr. 15 Holders of rec. Mar.21a
Preferred ((uar.)
131 Apr. 15 Holders of rec. Mar.21.
Elgin National Watch (guar.)
2
May 1 Holders of rec. Apr. 15a
Fairbanks, Morse & Co.,com.(in pf.stk.) •$25
.
Famous Players-Lasky Corp.,prof.((u.) 2
May 1 Holders of rec. Apr. 15.
Federal Acceptance Corp.. Prof.(guar.). 2
Apr. 15 Holders of rec. Apr. 1
Preferred
Apr. 15 Holders of rec. Apr.
$4
Fifth Avenue Bus Securities Corp.(qu.)_ 1130. Apr. 17 Holders of rec. Apr. la
la
Firestom ooT(4 & lubber,6% pref.(qu.) 134 Apr. 15 Holders of rec. Apr. la
mm nn nnireuun
re
arr
Fleishmann Co., common ((star.)
75c. July 1 Holders of rec. June 15.
Common
75o. Oct. 1 Holders of rec. Sept.15a
Holders of rec. Doe. 15a
Foulds Milling, preferred ((uar.)
2 e jpr1*22 Holders of rec. Apr. la
5 . Aan. 10
2
General Electric, common (guar.)
2
Apr. 15 Holders of rec. Mar. 5.
Special stock (guar.)
150. Apr. 15 Holders of rec. Mar. S.
GenreferFireproofiag,Preferred (guar.)._ • 51 July 1 *Holders of rec. June 20
peral red fd uar )
I
•151 Oct. I 'Holders of rec. Sept.20
Preferred Mar.)
•151 Jan2'25 "Holders of rec. Dec. 20
General Motors,7% deb.stock (guar.)_
. 131 May 1 Holders of rec. Apr. 7.
6% debenture stock (guar.)
154 May 1 Holders of rec. Apr. 7.
6% Preferred stock (guar.)
134 May 1 Holders of rec. Apr. 7
General Refractories (guar.)
$1
Apr. 15 Holders of rec. Apr. 7a
Gillette Safety Razor (stock dividend).. e5
June 2 Holders of rec. May 1
Globe-WernIcke Co., pref. (guar.)
155 Apr, 15 Holders of rec. Mar.31
Gossard (H. W.) Co., corn.(monthly)._ 250. May I Holders of rec. Apr. 19
Common (monthly)
250. June 2 Holders of rec. May 20
Gulf States Steel,first preferred (guar.). 151 July I Holders of rec. June 14a
First preferred (guar.)
1,i sa t2 23 Holders of rec. Sept.15a
51 Ocn . 1
.
First preferred (guar.)
Holders of rec. Dee. 15a
Second preferred (guar.)
154 Apr. 1 Holders of rec. Mar.15a
Second preferred (War.)
154 July 1 Holders of rec. June 14a
Second preferred ((uar.)
154' Oct. 1 Holders of rec. SePt.15.
Second preferred (guar.)
155 Jan2'25 Holders of rec. Dee. 15a
Halle Bros., lat & 2d pref.(guar.)
151 Apr. 30 Apr. 25 to Apr. 30
Harbison-Walker Refract., pref. (War) 155 Apr. 19 Holders of rec. Apr. 9.
Harris Brothers (guar.)
•151 May 1 *Holders of rec. Apr. 10
Hibbard, Spencer, Bartlett Co.(mthly) 35c. Apr. 2 Holders of rec. Apr. 18
Monthly
35e. May 29 Holders of rec. May 23
Monthly
35c. June 2 Holders of rec. June 20
Extra
150. June 2 Holders of rec. June 20
Hfficrest Collieries. common (quar.)
154 Apr. 1 Holders of rec. Mar.31
Preferred (guar.)
151 Apr. 1 Holders of rec. Mar.31
Hillman Coal dz Coke,5% pref.(quar.). 151 Apr. 2 Apr. 15 to Apr. 25
Seven per cent preferred (guar.)
151 Apr. 2 Apr. 15 to Apr. 25
Howe Sound Co.(quar.)
Holders of rec. Apr. la
Hupp Motor Car, common (guar.)
25.. May 1 Holders of rec. Apr. 15.
5
0 APr.
.
Hurley Machine,common (guar.)
*Holders of rec. Apr. 4
Illinois Brick ((uar.)
*21 51 Apr. 15 Apr. 4 to Apr. 15
1
Indiana Pipe Line (guar.)
May 15 Holders of rec. Apr. 16
82
International Business Machines (guar.) $2
Apr. 10 Holders of rec. Mar.25.
International Harvester, corn. (guar.).. _
151 Apr. 15 Holders of rec. Mar.25a
International Paper. preferred (gnarl
155 Apr. 15 Apr. 8 to Apr. 23
Interprovinefgl Brick,common (quar.).. 155 Apr. 15 Holders of rec. Apr. 2.
erred ia u)
Preferred
151 Apr. 5 Holders of rec. Apr. Ra
Interprovincial Clay Prod., pref. (guar.) 2
Apr. 5 Holders of rec. Apr. 24
Iron Products Corp., common (guar.)-. 31.50 Apr. 15 Holders of rec. Apr. la
Kerr Lake Mines, Ltd
1254c Apr, 15 Holders of rec. Apr. la
Loose-Wiles BiscuitSecond preferred (acct. accum. diva.). 87
2
May 1 Holders of roe. Aar. 18a
Lord & Taylor,2d pref.(guar.)
Holders of roe. Apr. 18
May
MacAndrews &Forbea, corn. (guar.).
254 Apr. 15 Holders of rec. Mar.3Ia
Preferred (quar.)
154 Apr. 15 Holders of rec. Mar.31.
Macy (R. H.) & Co., preferred (gnarl
151 May 1 Holders of rec. Apr. 12a
Magee Furnace, first preferred (guar.)._
151 Apr. 15 Holders of rec. Apr. I4a
Second preferred (guar.)
2
Apr. 15 Holders of rec. Apr. 14a
Magnolia Petroleum ((
((liar.)
1
Apr. 5 Holders of rec. Mar.21a
Mutat'Sugar, common (guar.)
$1.25 June 1 Holders of rec. May 15.
Common (guar.)
$1.25 Sept. 1 Holders of rec. Aug. 15.
Maple Leaf Milling, preferred ((uar.)._
151 Apr. 18 Holders of rec. Apr. 3
McCrory Stores Corp., pref.(4=3.... 111 May
1 Holders of rec. Apr. 2Ia
Preferred (guar.)
151 Aug. 1 Holders of rec. July 216
Preferred (guar.)
151 Nov. 1 Holders of rec. Oct. 200
McIntyre Porcupine Mines, Ltd.(guar.) 250. May 1 Holders of rec. Apr. la
McQuay-Nords Mfg. Corp
50c. Apr. 5 Holders of rec. Mar.27a
Mexican Petroleum, corn. ((uar.)
$3
Apr. 21 Holders of rec. Mar.31a
Preferred (guar.)
$2
Apr. 21 Holders of rec. Mar.31.
Michigan Limestone & Chem., pf (qu.)_
.
151 Apr. 15 Holders of rec. Mar.31.
Michigan Sugar,prof.(acct.accum.dlr.) z12
Apr. 10 Holders of rec. Mar.310
Midland Steel Products,Prof.(No.1)
$2.67 Apr. 15 Holders of rec. Apr. la
Midwest Oil, $1 par stock (guar.)
Apr.
Holders of rec. Mar.31.
Ten dollars par stock ((oar.))
751, Apt. 12 Holders rec. Mar.310
2
.
Missouri Portland Cement (In stock)..* 816 2-3 May 15 Holders of rec. Mar.31
of
3
Moon Motor Car (guar.)
750 May 1 Holders of rec. Apr. 156
Motor Products Corp.(guar.)
"Holders of rec. Apr. 19
National Biscuit, common ((uar.)
*$1
Ma
Apr. 1 Holders of rec. Mar.
Nat. Erlardelfr uStr.. Prof.((liar.).... 750, June 15 Holders of rec. June 31.
preferren fz .
r
134
10.
30
151 SOW..30 Holders of rec. Sept.10a
Preferred ((uar.)
151 Dec. 31 Holders of rec. Dec. lle
National Fireproofing, pref.(guar.)._ 1
May 15 Holders of rec. May 1
National Fuel Gas(guar.)
$1.50 Apr. 1 Holders of roc. Mar.31
Name of Company.
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
May 10 *Holders of rec. Apr. so
*2
New Jersey Zinc (quar.)
May 1 Holders of rec. AM. 8a
New York Air Brake, common (quar.)... $1
July 1 Holders of rec. June 10a
Si
Class A (guar.)
Aug. 1 *Holders of rec. July 21
*4
Second preferred (guar.)
331 Aug. I Holders of rec. July 21a
New York Canners, first pref. (quar.)._
New York Mortgage Co., con). (guar.). 50c. Apr. 15 Holders of rec. Mar. 15
1% Apr. 15 Holders of -rec. Mar. 15
Preferred (quar.)
50c. Apr. 15 Holders of rec. Apr. la
New York Transportation (guar.)
50c. Apr. 15 Holders of rec. Mar.21
New York Transit (quar.)
Apr. 21 Apr. 1 to Apr. 17
3
Nipissing Mines (quar.)
75c. Apr. 1 Mar. 6 to Mar. 12
North American Co., pref. (guar.)
Apr. 15 Holders of rec. Mar.316
SI
Ohio Brass,common (guar.)
Apr. 15 Holders of rec. Mar.31a
SI
Common (extra)
131 Apr. 15 Holders of rec. Mar.31a
Preferred (quar.)
8231c. Apr. 15 Holders of rec. Mar.31a
Ohio Fuel Supply (guar.)
Apr. 15 Holders of rec. Mar.31a
2
Otis Elevator, common (quar.)
134 Apr. 15 Holders of rec. Mar. 31a
Preferred (quar.)
May 1 Holders of rec. May 5
2
Penmans, Limited, common (quar.)_ _
134 May 5 Holders of rec. Apr. 21
Preferred (guar.)
$1.25 Apr. 15 Holders of rec. Mar.31a
Pennsylvania Salt Mfg.(quar.)
*134 May I *Holders of rec. Apr. 21
Phillips-Jones Corp. pref. (quar.)
Apr. 25 Holders of rec. Apr. 10a
1
Pittsburgh Coal, common (quar.)
'
Preferred (quar.)
131 Apr. 25 Holders of rec. Apr. 10a
July 1 Holders of rec. June I8a
Pittsburgh Plate Glass, common (guar.) 2
Apr. 9 *Holders of rec. Mar.31
Pittsburgh Term. Whse.& Trans.(qUar.) *El
Plymouth Cordage,common (quar.)_ _ _ _
131 Apr. 21 Holders of rec. Apr. la
131 Apr. 21 Holders of rec. Apr. la
Employees special stock (quar.)
Apr. 30 Holders of roc. Mar.31a
2
Prairie Oh & Gas(guar.)
Apr. 30 Holders of rec. Mar. 31a
2
Prairie Pipe Line (quar.)
Apr. 5 Holders of rec. Mar.28
8
Premier Gold Mining, Ltd
Apr. 15 Holders of rec. Mar.250
Procter & Gamble Co..8% Pref. (guar.) 2
Apr. 15 Holders of rec. Apr. la
3
Quaker Oats, common (guar.)
Common (extra)
1831 Apr. 15 Holders of rec. Apr. la
1)6 May 31 Holders of rec. May la
Preferred (guar.)
52.50 Apr. 15 Holders of rec. Apr. 5
Realty Associates, common
231 Apr. 15 Holders of rec. Apr. 5
Second preferred
Apr. 15 *Holders of rec. Mar.31
*2
Rickenbacker Motar (guar.)
25c. June 20 June 10 to June 20
St. Joseph Lead Co.(quar.)
250. June 20 Juno 10 to June 20
Extra
Smith (Howard) Paper Mills, corn.(qu.) 131 Apr. 21 Holders of rec. Apr. 10a
2
Apr. 21 HolderS of rec. Apr. 10a
Preferred (quar.)
Apr. 15 Holders of rec. Apr. 15
2
Spalding (A. G.) & Bro., corn. ((war.)_ _
•
First preferred (quar.)
131 June 2 Holders of rec. May 17a
2
June 2 Holders of rec. May 7
Second preferred (guar.)
Spanish River Pulp & Paper Mills
1% Apr. 15 Holders of rec. Mar. 31
Common (guar.)
154 Apr. 15 Holders of rec. Mar.31
Preferred ((Plan)
50c. Apr. 21 Holders of rec. Mar.31a
Stearns (F.13.) Co.(guar.)
1)4 May 1 Holders of rec. Apr. 5
Steel Co. of Canada,corn. & pref.(qu.)_
Sterling 011 & Development (quar.)_ _ _ _ *10c. Apr. 5 *Holders of rec. Mar.31
2
May 1 Holders of rec. Apr. 15
Sugar Estates Oriente, pref. (quar.)_ _ _
51
Apr. 15 Apr. 1 to Apr. 14
Sullivan Machinery (guar.)
Superior Steel Corp..common ((war.)..._ 75c. May 1 Holders of rec. Apr. 15a
lc. Apr. 18 Holders of rec. Mar. 31a
Tecopa Consolidated Mining (guar.)._ _
Thompson (John R.) Co.,corn.(mthly.) 250. May 1 Holders of rec. Apr. 23
Common (monthly)
250. June I Holders of rec. May 23
I% Apr. 1 Holders of rec. Mar. 24
Preferred (quar.)
11.6 Apr, 15 Holders of rec. Apr. la
Tobacco Products Corp., corn.(quar.)_ _
Tonopah Mining
731e. Apr. 21 Apr. 1 to Apr. 6
Transue & Williams Steel Forg.(guar.). 75e. Apr, 15 Holders of rec. Apr. la
Tuckett Tobacco, Ltd.,common (quar.) 1
Apr. 15 Holders of rec. Mar.31
131 Apr. 15 Holders of rec. Mar.31
Preferred (guar.)
Apr. 21 Holders of rec. Mar.31a
3
Turman Oil (quar.)
Union Bag & Paper Corporation (guar.) 134 Apr. 15 Holden of rec. Apr. 5a
Union Buffalo Mills, first Preferred
354 May 15 Holders of rec. May 8a
2)4 May 15 Holders of rec. May 8a
Second preferred
Union Natural Gas Corporation (quar.). 50c. Apr. 15 Holders of rec. Mar.31a
00c. Apr. 10 Holders of rec. Mar. 29a
United Alloy Steel, common (quar.)__
114 June 2 Holders of rec. May 15a
United Drug,common (guar.)
8734c May 1 Holders of rec. Apr. 15a
First preferred (gnat%)
Second preferred (qM+) ---154 June 1 Holders of rec. May 15a
1% July 1 Holders of rec. June 136
United Dyewood, preferred (quar.)- Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 15a
131 Jan2'25 Holders of rec. Dec. 15a
Preferred (guar.)
United Fruit(guar.)
255 July 1 Holders of rec. June 6a
2% Oct. 1 Holders of rec. Sept. 6a
Quarterly
234 Jan2'25 Holders of rec. Dec. 6a
Quarterly
United Profit Sharing
Apr. 1 Holders of rec. Mar. 4o
Common (payable in preferred stock)_ m25
Preferred
234 Apr. 30 Holders of rec. Mar.31
United Shoe Machinery, corn. (quar.).... 50c. Apr. 5 Holders of rec. Mar. 18a
8231c Apr. 5 Holders of rec. Mar. 18a
Preferred (guar.)
United Verde Extension Mining (quar.). 50c. May 1 Holders of rec. Apr. 3a
75e. Apr. 15 Holders of rec. Mar.31a
U. S. Can, common (quar.)
1% Apr. 15 Holders of rec. Mar.31a
Preferred (guar.)
U.S. Cast Iron Pipe& Fdy., pref.(qu.). 154 June 18 Holders of rec. June 2a
131 Sept. 15 Holders of rec. Sept. 2a
Preferred (guar.)
1% Dec. 15 Holders of rec. Dec. la
Preferred (quar.)
131 Apr. 15 Holders of rec. Mar.31a
U.S. Industrial Alcohol, Pref. (guar.).I% Apr. 15 Apr. 2 to Apr. 15
U.S. Radiator, preferred (guar.)
1% May 1 Holders of rec. Feb. 28a
U. S. Realty & ImProvt., pref.(guar.)_ _
U.S.Smelt.,Ref & Min.,pref.(quar.)_ _ 87)4c.Apr. 15 Holders of rec. Apr. 7a
Universal Pipe & Radiator, pref.(quar.) 1% May 1 Holders °tree. Apr. 15a
Ventura Consolidated 011 Fields (quar.) 50c. May 1 Holders of rec. Apr. 15
2
Apr. 15 Apr. 1 to Apr. 6
Victor Talking Machine, coin,. (quar.)_ _
1% Apr. 15 Apr. 1 to Apr. 6
Preferred (quar.)
Vulcan Detinning, pref. & pref. A (guar.) 1% Apr. 20 Holders of rec. Apr. 10a
Warner(Chas.) Co.of Del., corn.(quar.) 50c. Apr. 15 Holders of rec. Mar.31a
131 At/r. 24 Holders of rec. Mar.31a
First and second preferred (qUar.)- - - *21.25 June 20 *Holders of rec. May 20
Wells Fargo & Co
51.50 Apr. 5 Holders of rec. Mar.20a
West Coast Oil(quar.)
$1.50 Apr. 30 Mar.29 to Apr. 8
Westinghouse Air Brake (guar.)
Apr. 30 Holders of rec. Mar. 17a
'Westinghouse Elec.& Mfg.,corn.(guar.) 51
May 21 Holders of rec. May 2
Common (payable in common stock). 110
Apr. 15 Holders of rec. Mar. 17a
$1
Preferred (guar.)
May 21 Holders of rec. May 2
Preferred (payable in common stock). 110
50c. Apr. 21 Holders of rec. Mar. 3Ia
White Eagle Oil & Refining ((war.)
Winchester-Hayden, Inc.. Pref. (quar.). 1% Apr. 25 Holders of rec. Apr. 25a
Wrigley (William) Jr. & Co.
25c. May 1 Holders of rec. Apr. 206
Monthly
250. June 2 Holders of rec. May 20a
Monthly
250. July 1 Holders of rec. Juno 20a
Monthly
Yellow Cab Manufacturing (monthly) 41'c. May 1 Holders of rec. Apr.d2la
4121c. June 2 Holders of rec. May 20a
Monthly
*From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. I The
New York Curb Market Association has ruled that stock will not be quoted ex.
dividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
IPayable in common stock. g Payable In scrip. h On account of accumulated
dividends. m Payable in preferred stock. a Payable in Canadian funds.
One-fortleth of a share of Class A oommon stock.
jDeclared 7%, payable In quarterly Installments.
1 New York Curb Market rules American Cyanamid corn, and pref. stocks be
quoted ex-dividend on Mar. 24.
o Extra dividend on Pittsburgh Utilities common stock is $98,250.
o New York Curb Market rules United Profit Sharing common be quoted ex
the preferred stock dividend on April 3 1925.
to Payable Feb. 28 1925.
z The 6% dividend declared payable in quarterly installments on April 10, July 10
and Oct. 10 on account of accumulated dividends has been rescinded and the above
dividend declared covering all accrued dividends to March 15 1924.
Annual dividends for 1924, all payable in equal quarterly installments on April 1,
July I and Oct. 1 1924 and Jan. 1 1925 have been declared as follows: Oh the common stock $3 cash and 53 in common stock; on the participating Preferred the regular
6% and extra dividends of 1% In cash and 1% in common stock; on the preferred
•
stock regular 8%; on the prior preferred stock regular 7%.
[VOL. 118.
THE CHRONICLE
1636
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 Mar.29. 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.
-that is, three ciphers (0001 omitted.)
(Staled in thousands of dollars
I
New
Reserve
capfudjProfits Loans.
Time Bank
Net
with
Discount, Cash
Week Ending
- CircwDe
Legal Demand
in
March 29 1924 Nat'l, Dec. 31 InvestState, Nov. 15 menu, Vault Deposi- Deposits. Posits. Iatories.
lion
cite.
(000 omitted.) Tr.Cos.,Nov.15
Members of Fed. Res.; Bank.
$
$
Bank of N Y &
Trust Co__ 4,000; 12,271
Bk of Manhat'n 10,000; 13,67
8
Mech& MetNat 10,0001 16,510
Bank of America 8,500 5,804
Nat City Bank_ 40,000 51,902
Chem Nat Bank 4,500 16,671
47
500
Nat Butch & Dr
Amer Exch Nat 5.000 7,848
Nat Bk of Corn.. 25,009 38,824
Pacific Bank_.. l,OOO 1,713
Chat&l'henNat 10.500; 9,114
HanoverNatBk amo; 22,151
Corn Exchange..z10,000;z13,380
National Park__ 10,009 23,848
East River Nat_ 1,500 1,304
First National_ 10,000 59,319
RvingBk-ColTr 17,500 11,419
980
Continental Bk. 1,000
Chase National_ 20,000 23,708
500 2,549
Fifth Avenue__
800 1,050
Commonwealth_
Garfield Nat__ 1,000 1,825
National_ 1,200 1,115
Fifth
Seaboard Nat__ 4.000 7,315
Coal dr Iron Nat 1,500 1,344
Bankers Trust_ 20,000 24,019
U S Mtge & Tr_ 3,000 4,431
Guaranty Trust 25,000 18,408
Fidel-InterTrust 2,000 1,943
NY Trust Co__ 10,000 18,342
Metropolitan Tr 2,000 4,032
Farm Loan & Tr 5,000 18,354
Equitable Trust 23,000 9,988
Average Average Average
$
789 8,502
88.212
135,347 2,250 14,583
155,978 4,591 19,112
79,502 1,473 10,895
543,415 4,802 59,385
115,331 1,013 13,242
42
487
4,458
98,554
937 10.815
322,489 1,033 35,317
881 3.767
28,108
152,824 4,294 18,519
887 12.934
118,434
184,314 5,833 21,189
183,221
882 18,906
410 1,719
18,253
480 23,927
281,551
274,308 3,258 34,780
7,547
941
141
321,770 3,97 38,307
880 2,837
21,882
30
10,492
1,225
412 2.009
15,581
200 2,154
18,345
825 11,087
85,722
270 1,812
18,400
275,044 1,007 29,899
641 8,128
49,885
388,399 1.551 39,987
415 2,459 20,879
547 18,910
154,284
4,577
81
40,019
458 13,084
123,032
243,811 1,517 28,250
Average
47,009
106,822
144,782
80,457
*588,291
98,149
3,518
83,344
288,708
25,984
117,034
102,443
159,880
128,139
12,484
171,120
282,438
8,083
301,497
21,279
8,958
14,827
18,215
83,880
13.367
*232,504
44,850
*389,518
17,992
123,512
34,418
*91,35
*280,010
Average Ao'q
8
7,045
20,777
550
8,878
3,083
85,468 2,135.
8,808
348
7 298
5,909 4,945
19,542
2,509
30,031 5,925.
148
28,294
8.259 r:iii
3,093
50
25,909 7,443
17,375
385
15,481
1:65
1,858
111
1,478
2,378
1,122
32,421
2,888
40,078
1,873
20,830
3,047
21,852
24,009
396
247
84
413
Total of averages 290,800 42,412 4,511.349 46.952503,423c3,758,731 421,928 31,898
Totals, actual condition Mar.29
Totals, actual co ndition Mar.22
Totals, actual vo,nditiOn Mar.1
State Banks Not Members
Greenwich Bank 1,000 2,388
884
250
Bowery Bank_ _
2,500 5,048
State Bank.
Total
Total of averages
.510,478 48,99 523,442c3,738,220 428,9813 1,972
.525,089 47,029 527,525c3,856,713 02,852 1,693
.482,722 48,570 508.669c3.782,652 390,848 1,810
.
'
f Fed Res've Bank.
4
20,180
19,418 1,899 1,92
2,803 2.008
1
34
343
5,520
93,800 3,71
31,187 57,883
2,0051
3.7601 8,299
118,538
5,757
4,302
54,130 59,89
Totals, actual co ndition Mar.29 118,755 5,849 4,215
4,517
Totals, actual condition Mar.22 118,884 5,77
4,874
119,500 5,80
Totals, actual condition Mar.1
27,0o
Trust Companies Not Members of Fed'IRes'ye Ban k.
57,892 1,338 4,278
Title Guar & Tr 10,000 13,984
881 1,701
Lawyers Tit &T 8.000 5,71
37,322
18,850
1,488
839
Total of averages 18,000 19,880
84,742
2,197
5,979
53,972
2,327
Totals,actual ndition Mar.29j
Totals, actual co ditIon Mar.22
Totals, actual condition Mar.l.
84,874
83,577
84,343
2,231
2,2
2,221
8,01
5,9
8,057
54,438
53,178
54,230
2,379
2,300
2,297
54,370 59,927
54,549 59,777
55,941 59,582
_ _ __
__ _
__
Gr'd aggr.. afar• 310,550470,391 4,714,829 54,906513,704 3.866,833484.148:11,896
Comparison wit h prey. week_ _ +29.881 +835-75,974 -113.347 +25088 -3
Ord egg', aril cond'n Mar.29 4,714,10
Comparison wit h prey. week.. _ -13,20
55,070533,708 3,847.028 489,29231,972
+86-.4,234 -117,412 +24383 +279
coud'n Mar.224,727,310 55,004537,942 3,984,438484,92931,693
Gr'd aggr., WIi
ar.15
Gr'd ann. ace
Mar. 4,888,585 54,591519.400 3,892,723452,707 31,810
Ord aggr.,(Ica condo Mar. 84.568.78.0 64.118523,264 3,805.689447,218 31,879
Gr'd aggr., act I gond n Mar. 14,621.667 54.999532,950 3,872,425451,357 31,999
Gr'd aggr.. °alcond'n Feb. 234.601.964 55,554 499,022 3,823,548450.86831,858
Gr'd align. acelcond'n Feb. 18 4,583,290 54.575549.419 3,835.308438.917 31,981
-U. S. deposits deducted from net demand deposits in the general totals
Note.
above were as follows: Average total Mar. 29. 552,044.000; actual totals, Mar. 29,
$52,044,000; Mar.22,552,043,000; Mar. 15, $29,878,000; Mar.8,839,192,000: Mar.
1,529,192,000. Bills payable,rediscounts,acceptances and other liabilities,!leery ge
for week Mar. 29, $422,834,000: Mar. 22, $388,804,000: Mar. 15, 5424,054,000:
Mar.8,$421.529,000; Mar. 1, $455,820,000. Actual totals, Mar. 29,$405,919,000;
Mar. 22, $389,032,000; Mar. 15, 5433,555,000; Mar. 8, $435,287,000; Mar. 1,
$433,991,000.
•Includes deposits in foreign branches not included in total footings, as follows:
National City Bank $131,402.000; Bankers Trust Co., 511,483,000; Guaranty Trust
Co., $92,875,000; Farmers' Loan & Trust Co., $229,000; Equitable Trust Co.,
$84,981,000. Balances carried in banks in foreign countries as reserve for such
deposits were: National City Bank, 821,420,000; Bankers Trust Co., $3,508,000;
Guaranty Trust Co., $17,201.000; Farmers' Loan & Trust Co.,$229,000: Equitable
Trust Co., $11,570,000. c Deposits in foreign branches not included. z As of
March 8 1924.
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
Reserve
in
Sit Vault. Depositaries
Members Federal
Reserve banks.
State banks*
Trust companies._ _
Total mar.29_ _ _ _
Total Mar.22_ _ _
Total Mar. 15___
Total Mar. 8.......
5,757,000
2,197,000
Total
Reserve.
a
Reserve
Required
3
$
503,423,000 503,423,000 501,292,810
4,302,000 10,059,000 9,743,400
5,979,000 8,176,000 8,095,800
Surplus
Reserve.
2,130,190
315,600
80,200
7,954,000 513,704,000 521,858,000 519,132,010 2,525,990
8,035,000 589,878.000 597,713,000 533,162,520 84.550,480
8,054,000 514,247.000 522.301,000 515,311,380 8,989.620
8.259,000 507,889,000 515,928.000 512.778.880 3.149.320
•
* Not members of Federal Reserve Bank.
a This is the reserve required on the net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve hank
Includes also amount in reserve required on net time deposits, which was as follows:
Mar. 29, 512,857,780; Mar. 22, $11,912,910; Mar. 15, $11,638,320; Mar. 8, 511,594,370.
APR. 5 1924.]
THE CHRONICLE
Boston Clearing House Weekly Returns.
-In the following we furnish a summary of all the items in the Boston
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks_
State banks*
Trust companies'_
Total Mar.29_ _ _
Total Mar. 22__
Total Mar. 15._
Total Mar. 8_
$
5,849,000
2,231,000
Total
Reserve.
1637
Reserve
Required.
Clearing House weekly statement for a series of weeks:
Surphu
Referee.
BOSTON CLEARING HOUSE MEMBERS.
5
$
523,442,000 523,442,000 498,778,180 24,663,820
4,215,000 10,064,000 9,786,600
277,400
6,051,000 8,282,000 8,165,400
116,600
8,080,000533.708.000 541,788,000 516,730.180 25.057.820
7,975,000 537.942,000 545,917,000 531,253.470 14,663.530
8.021,000 519,400,000,527,421,000 521,661,0801 5,759,920
8,347,000523,264,000531,611.000 510,112,080, 21,498,920
• Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follows:
Mar. 29, $12,809,580; Mar. 22, $12,085,560; Mar. 15, 811,725,440; Mar. 8, $11,562,900.
April 2
1924.
Changesfrom
previous week.
March 26
1924.
March 19
1924.
$
$
$
$
Capital
57,300.000
Unchanged 57.300,000 57,300.000
Surplus and profits
80,344,000 Inc.
341.000 80,003,000
00
Loans, Mule & investments. 833,163,000 Inc. 2,947,000 830,216,000 79.955,0
838,471,000
Individual deposits,incl. U.S. 587,935,000 Dec.
6.127.000 594,067,000 603,677,000
Due to banks
121,738,000 Inc.
483,000 121.255,000 124,772,000
Time deposits
139,345,000 Dec.
297,000 139.642,000 139,356,000
United States deposits
15,391,000 Inc.
274,000
Exchangesfor Clearing House 29,001,000 Inc. 4,253,000 15,117,000 14,805,000
24,748,000 28,000,000
Due from other banks
64,543,000 Dec.
Reserve in Fed. Res. Bank_ 68,181,000 Dee. 4,188,000 68.731,000 71,876,000
299,000 68,480,000 69,271,000
Cash in bank and F.R. Bank 8,670,000 Dec.
154,000 8,824.000 8.760,000
Reserve excess in bank and
Federal Reserve Bank- _ _ _
922.000 Inc.
90.000
832.000
660,000
State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
Philadelphia Banks.
-The Philadelphia Clearing House
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follow:: return for the week ending Mar.29, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members
of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
to be kept with the Federal Reserve Bank. "Cash in vaults"
Differencefrom
is not a part of legal reserve. For trust companies not memMarch 29.
Previous Week.
Loans and investments
5842,503,400 Dec.$6,808.500 bers of the Federal Reserve System the reserve required is
Gold
3,449,300 Inc.
7,600 10% on demand deposits and
Currency and bank notes
includes "Reserve with legal
27,695,200 Dec.
60,300
Deposits with Federal Reserve Bank of New York
73,970,300 Dec. 2,701,500 depositaries" and "Cash in vaults."
Total deposits
888,684.000 Dec. 4,106,800
Deposits, eliminating amounts.due from reserve depositaries and from other banks and trust companies in N. Y. City, exchange and U.S. deposits 839,053,400 Inc. 2,511,000
Reserve on deposits
132,904,600 Dee,93,231,000
Percentage of reserve, 20.6%.
RESERVE.
- -Stale Banks
- - -Trust Companies
Cash In vault
.$30,310,400 16.18%
$68,804,400 15.08%
Deposits in banks and trust cos._ 9,363,200
5.05%
24,426,600
5.35%
Total
539,673,600 21.23%
593,231,000 20.43%
•Includes deposits with the Federal Reserve Bank of New York,
which for the
State banks and trust companies combined on March 29 was
$73,970,300.
Banks and Trust Companies in New York City.
-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIE
S IN
GREATER NEW YORK.
Loans and
Investments.
Week Ended-8
Dec. 15
Dec. 22
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 1
Mar. 8
Mar. 15
Mar. 22
‘,.. On
Demand
Deposits.
'Total Cash
in Vaults.
Reserve in
Depositaries.
$
5,335,770,100
5,323,809,000
5,375,564,900
5,390,060,400
5,486,657,900
5,414,724,400
5,418,393,500
5,393,301,400
5,415,7/2,300
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
$
4,5.58,091,100
4,555,017,600
4,567,845.800
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
$
85,764,500
89.977,000
93,693,900
95,510,600
88.504,200
89,168,000
81,339,900
80,042.600
79.395,000
79,497,600
81,717,400
78,822.000
82,862,500
80,120,600
80,148,100
79,268,200
$
609,403,800
609,685,200
607,561,200
612,227,600
643,539,300
628,171,600
623,035,300
615,261,500
619,211,100
621,032,400
623,209,400
618,208,200
615,356,000
614,521,100
624,625.700
704,938,900
New York City Non-Member Banks and Trust
panies.
-The following are the returns to the Clearing Comby clearing non-member institutions and which are House
not included in the "Clearing House Returns" in the
foregoing:
RETURN OF NON-MEMBER INSTITUTI
ONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three
ciphers (0001 omfUsd.)
I
Net
CLEARING
Capital Profits
NON-MEMBERS
Nat. bks.Sept. 14
Week Ending State bka. Nov.15
March 29 1924. Tr. cos. Nov. 15
Members of
red'I Res've Bank
W.It. Grace dr Co.
Total
State Banks
Not Members of
Federal Res. Bank
Bank of Wash. tits.
:.`mionial Bank
Total
Trust Company
Not Member of
Federal Res. Bank
Wech.Tr..Bayonne
$
500
500
Loans,
Diecounts,
Investmeats,.
dbc.
Week ending March 29 1924.
Two Ciphers (00)
omitted.
Membersof
Trust
F.R.System Companies
Cash
in
Vault
Average Average Average Average
Average
$
$
$
i
i
9,408
25
537
2.458
5,323
1.626
9,408
25
537
2.458
5.323
i
1.626
389
2.302
6,893
23,855
724
2,596
351
1,488
5,855
21,601
1,708
2,402
1.000
2,691
30,748
3,320
1,819
27,456
4,110
$44,875.0
123,830.0
741,791,0
31,053,0
97,886,0
121.922.0
548.341.0
83,688,0
731,931,0
20,108.0
3,346,0
58,282,0
10,304,0
89,932.0
59,258.0
10,874,0
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business April 2 1924 in
comparison with the previous week and the corresponding
date last year:
April 2 1924. Mar.26 1924. April 41923.
Resources$ •
Gold with Federal Reserve agent
535,836,000 635,878,000 638,904,1100
Gold redemp.fund with U.S. Treasury_
9,196,000
5,922,000
9,285,000
Gold held exclusively agst.P.R. notes. 545,032,000
Coldsettlement fund with F.R. Board.. 217,049,000
Gold and gold certificates held by bank.. 166,501,000
641.800,000
129,935,000
183,270,000
Total gold reserves
Reserves other than gold
928,582,000
27.105.000
955,005,000 1,071.944,000
14,032,000
28,180,000
Total reserves
955.687,000
Non-reserve cash
10,539,000
Bills discounted
Secured by U. S. Govt. obligations- 87,968,000
Other bills discounted
23,394,000
983,185.000 1,085,976,000
11,783,000
9,388.000
Total bills discounted
Bills bought in open market
U. S. Government securities
Bonds
Treasury notes
Certificates of indebtedness
Total U.S. Government securities
648,189,000
262,895,000
160,860,000
77,637,000
16,225,000
165,668,000
44,935,000
111,362,000
55,160,000
93,882,000
39,245.000
210,603,000
27.462,000
1,202,000
37,508,000
15,694,000
1,202,000
35,246,000
15,397,000
1,149.000
16.297.000
1,380,000
54,404,000
51,845,000
18,826,000
220,926,000
130,553,000
14,375.000
3,023,000
Total earning assets
Uncollected items
Bank premiums
All other resources
184,952,000
118,425,000
14,373,000
2,959,000
256,891,000
134,664,000
11.370,000
1,342,000
1,335.103,000 1,315,677,000 1,499,631,000
Liabilities
Fed. Res. notes In actual circulation_._365,515,000
Deposits
-Member bank, reserve
_ 738,874,000
Government
23,497,000
Other deposits
10,548,000
363,857,000
725,981,000
22,282,000
10,958.000
574,400.00e
689,544,000
33,686,000
10,607,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
759.221,000
100,203.000
29,733,000
59,929,000
2,734,000
733,837,000
99,596,000
28,915,000
59,800,000
3,083,000
Total liabilities
200
800
Ifarch 22 March 13
1924.
1924.
Capital
539.875,0 55,000,0 $44,875,0 544,875,0
Surplus and profits
108.030,0 15,800.0 123,830.0
Loans, rilscla & investmla 704,881,0 41,981,0 746,862,0 123.830,0
740.274,0
Exchanges for Clear. House 29,928,0
369,0 30,297,0
30,472.0
Due from banks
91,569,0
23,0 91.592,0 106.346.0
Bank deposits
119.553,0
938,0 120,491,0 123.232,0
Individual deposits
506,744,0 24,300,0 531,044,0 538,341,0
Time deposits
61,852,0
1,141,0 62,993.0 62,968.0
Total deposits
688,149,0 26,379,0 714,528,0 724.541.0
U.S. deposits(not incl.)
24,440,0 24,573,0
Res've with legal deposit's
3,433,0
3,433,0
3,248,0
Reserve with F.R. Bank _
52,437,0
52,437.0 54,163,0
Cash In vault.
8,947,0
1,080,0 10,027,0
10.243,0
Total reserve and cash held 61,384.0
4,513,0 65.897.0 67,654.0
Reserve required
54,315.0
3,783,0 58.098,0 58,152,0
Excess res. dr cash in vault
7.069,0
730,0
7,799.0
9,502,0
•Cash in vault not counted as reserve for Federal Reserve members.
Total resources
Reserve
Net
Net
with Demand Time
Legal
DeDeDeposi- posits
posits
tortes
1924.
Total.
772,919,000
104,778.000
29,793,000
59,929,000
3,169,000
1 335,103,000 1,315,677,000 1,499,631,000
Ratio of total reserves to deposit and
Fed. Res. note liabilities combined_
Contingent liability on bills purchased
for foreign Correspondents
• Includes Victory notes.
83.9%
87.5%
83 0%
;
3,511,000
2,960,000
10,270,000
500
407
8,787
320
109
2,722
5,845
500
Total
407
8,787
320
109
CURRENT NOTICES.
2.722
5,845
-Roger B. Williams Jr. & Co.,
dealers in investment bonds and specializing in original issues, have admitted Howard
W. Reilly, formerly of the
Bankers Trust Company, to general
partnership. Mr. Williams, the
senior partner, prior to 1922 was
engaged in the management and reorganization of utility and railroad properties,
part of which time
the railroad department of the National City Company. having been in
-Brown Brothers & Co. have
prepared for distribution a circular describing forty short-term securities,
yielding 3.85%, to 7%, and including
issues of foreign and domestic government
, railroad, public utilities and
industrial corporations.
)rand aggregate-2.000
:lomparLson with prey, week
4.724
48,943
+72
3,665
87
2,465 832,636
+63 -684
15,278
+526
)t'cl aggr., Mar. 22
31-'d am.. Mar.1
it'd aggr., Mar.
4.724
4,724
4,724
48,871
48.814
47,927
3.732
3,722
3,581
2.402 a33,320
2,532 a33,360
2,489 a32,495
14,752
14,215
13,402
2,000
2.000
2,000
1
•United States deposits deducted, $64,000.
Bills payable, rediscounts. acceptances and other liabilities.
$112,0)).
Excess reserve. $102,990 increase.
[VOL. 118.
THE CHRONICLE
1638
Weekly Return of the Federal Reserve Board.
afternoon, April 3, and showing the condition
The following is the return issued by the Federal Reserve Board Thursdayfirst table we present tho results for the system
the
of the twelve Reserve Banks at the close of business on Wednesday. In and with those of the corresponding week last year.
as a whole in comparison with the figures for the seven preceding weeks of the twelve banks. The Federal Reserve Agents'
each
The second table shows the resources and liabilities separately for ns in Federal Reserve notes between the Comptroller and
Accounts (third table following) gives details regarding transactio
The Reserve Board's comment upon the returns for the latest
Reserve Agents and between the latter and Federal Reserve banks."Current Events and Discussions."
week appears on page 1608, being the first item in our department of
OP BUSINESS APRIL 2 1924.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE
13 1924. April 4 1923
1 ar.
April 2 1924. Afar. 261921. Afar. 19 1924.1- / 121924. Afar. 5 1924. Feb. 27 1924. Feb. 20 1924. Feb.
1,974,624.000 2,082,659.000 2,098,170.000 2,046,696,000 2,050.306.000 2.109,124.000 2,116,662.000 2,139.913.000 2,013,538,000
50,533,000 56,945,000 52,764,000 49,101,000 48,393,000 42,069,000 45.101,000 57,815.000 53,257,000
2,095,797,000 2,098,699.000 2,151.193,000 2,161.763.000 2,197,728,000 2,066,795,000
Gold held exclusively sgst. F.R.notes 2,025,157,000 2,139,604.000 2,150,934,000 657,175.000 644,584.000 600.085.000 589.785.000 553,784,000 677,216,000
606,747,0001
Gold settlement fund with F. R. Board. 709,581,000 605,918.000 374,164,000 377.110.000 373.480.000 371.469,000 373,949,000 376,750,000 325,484,000
by banks 357,029,000 377,422.000
Gold and gold certificates held
3,091,767,0003,122,944,000 3,131,845.0003,130,082.000 .116,763.000 3,122,747.000 3,125,497,000 3.128.262,000 3,069,495,000
Total gold reserves
99,564,000 100.107.000 101,352,000 105,758,000 106,059.000 106.993.000 111,917,000 117.224,000 103,522,000
Reserves other than gold
3,191,331.0003,223,051.000 3,233,197,000 3,235,840.000 3,222,822.000 3,229,740.0(10 3,237.414,000 3.245,486.000 3,173,017,000
Total reserves
46,599,000 .51,054.000 51,137,000 50,282,000 48,116,000 51,091.000 50,502,000 51,160,000 66,663,000
Non-reserve cash
380,785,000
Bills discounted:
233.045.000
239,083,000 214,656,000 166.826,000 214,557,000 211,938.000 263,512.000 263,081,000 297.561.000 314,445,000
Secured by U. S. Govt. obligations
248,785.000
290,597,000 267.659,000 264.425,000 268.842.000 276.370.000 268.078.000
Other bills discounted
529,660,000 482,315,000 431,251,000 483,399.000 488,308.000 531,590.000 496,126.000 546,346.000 695,230,000
Total bills discounted
213.772,000 202,458.000 194.203,000 242,616,000 259,737,000 283,310.000 253,476,000 278,079,000 259,879,000
Bills bought In open market
U. S. Government securities:
18,260,000
18.801,000 18,264,000 18.282,000 18,320,000 18,337.000 95,599.000 18,234.000 29,330,000
18,331,000
Bonds
184,887,000 176,704,000 174,577,000 155.311,000 130,247.000 105.687.000 27.870,000 80,261,000 •135,256,000
Treasury notes
28,760.000 74,563,000
33,499,000 31,777.000
61,751,000 103,836,000 38,776,000
61,637,000
Certificates of indebtedness
264,855,000 257,256,000 296,677,000 212,369.000 182,056,000 155,801,000 141,729.000 127,255.000 239,149,000
Total U. S Govt. securities
41,000
Municipal warrants
100.000
100,000
100.000
51,000
51,000
51,000
All other earning assets
938,484,000 930.211.000 950,801.000 891,331.000 951,680,000 1,194,299,000
1,008,338,000 912,080.000 922,182,000
191,000
Total earning assets
28,000
28.000
28.000 28.000
28.000
28,000
28.000
28,000
6% red emp.fund agst. F. R. bank notes 586,085,000 557,304.000 681,527,000 638.715,000 606.204,000 581,438.000 627.100,000 562,725,000 621,458,000
Uncollected Items
55,153,000 54,732.000 48,938,000
55.466,000 55.254.000 55,197,000 55.169.000
55,876,000 55,864,000
Bank premises
21,398,000 21,486,000 21,286,000 23,282.000 22,077,000 21.623.000 20,907.000 20,088.000 13,434,000
All other resources
4,909,655,000 4,850,867,000 4.964,823,000 4,941,885,000 4,884,655.000 4,889,890.000 4,882,435,0004.885,809.000 5,118,000,000
Total resources
LIABILITIES.
1,987,262,000 1,982,706,000 1,989,848,000 2,010,595,000 2,019,773,000 2,022,301,000 2,023.783.000 2,039,203,000 2,240,951,000
P. It. notes in actual circulation
418,000 2,488,000
410,000
405,000
402,000
394,000
389,000
382.000
374,000
F. R. bank notes In circulation—net
Deposits—
1,915,232.000 1,894,035,000
1,933,113.000 1,912,411,000 1,981,042,000 1,944,699,000 1,906,729,000 1,926,514,000 1,891,258,000
Member banks—reserve account
36.960.00074,423,000
39,467.000
59,463.000 38,441.000
109,838,000 75,191,000 8.856.000 54,222.000 19,834.000 20.876.000
Government
20,826,000 20,017,000 20,148,001
19,413.000 19,514,000 22,233.000 19.929,000
deposits
Other
2,062,364,000 2,007,116,000 2,012,131.000 2,018.850.000 1,986,026.000 1,985.831.000 1,951,551,000 1,972,209,000 1,988,606,000
544,367,000
Total deposits
513,463,000 513,762,000 616,683,000 566.026.0110 532.998,000 535,818.000 561,665.000 529,687,000 108,647,000
Deferred availability items
110,836,000 110.831.000 110.880.000 110.862,000 110,357,000
110,859,000 110,831.000 110,828.0110 220,915,000 220,915.000 220.915.0(10, 220,915.000, 220,915.000, 218,369,000
Capital paid in
220,915.000 220,915,000 220.915,000 14.269,000 13.710.000 13,740.01)01 13,248,0001 13,110.000; 14,572,000
Surplus
15,155,000 14.029.000
14,418,000
All other liabilities
4,909,655.000 4,850,867.000 4,964,823,000 4,941.885,0004,884,655.000 4,889,890,000 4,882,435,000 4,885,899.000 5,118,000,000
Total liabilities
72.6%
78.0%
78.6%
Ratio of gold reserves to deposit and
77.8%
77.8%
77.7%
78.3%
78.5%
76.3%
F. R. note liabilities combined
75.0%
80.9%
Nam of total reserves to deposit and
80.6% 81.4%
80.5%
80.3%
80.8%
80.8%
78.8%
F. R. note liabilities combined
16,294,000 36.427,000
Contingent liability on bills purchased
11,033,000 9,769.000 9,785.000 10,720.000 12.366.000 15.818.000
11,230,000
for foreign correspondents
60,462,000
Distribution by Maturities
107,651,000 88,089,000 58,490.000 92.878,000 115,726.000 119.637,000 109,311.000 137.869,000
bought in
1-15 days bills discountedopen market. 328.010,000 292.787,000 244.358.000 302,284,000 304,183.000 350,745,000 319,479.000 377,886.000 493,438,000
1,449,000
412.000
102,000
1-15 days bills certif of indebtedness_
948.000
58.000,000 11,187,000
1,010,000
1-15 days U. S.
municipal warrants
55,786.000 56,904.000 53,095,000
1-15 days
49,880.000 40,416.000 51,091.000
bought in
16-30 days bills discountedopen market. 39,321,000 41,161.000 50,077,000 44.715,000 44,538.000 44,941.000 46,390.000 47.027.000 47,394,000
46.807,000 43,014,000 43.227.000
1,000
11,010.000
16-30 days bills
11.001,000
10,304,000
RESOURCES.
Gold with Federal Reserve agents
Gold redemption fund with U. S. Treas.
16-30 days U. S. certif. of indebtedness
16-30 days municipal warrants
81-60 days bills bought in open market.
81-60 days bills discounted
81-60 days U. S. certif. of Indebtedness_
81-60 days municipal warrants
61-90 days bills bought in open market.
111-90 days bills discounted
81-90 days U.S.. certif. of Indebtedness_
61-90 days municipal warrants market
Over 90 days bills bought In open
Over 90 days bills discounted
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
-Federal Reserve Notes
Outstanding
by banks
Held
41,000
1,977,000
78,906,000
44,359,000
69,120,000
49,817,000
68,572,000
5.5.839,000
68,251,000
61,957,000
65.702,000
60,334,000
66,751,000
55,857,000
67,120,000
55,047.000
64,879.000
58,069.000
60,682.000
11,315.000
20,890,000
58.382,000
9,269.000
51,000
1,551.000
27.311,000
51,328.000
21,884,000
51,597,000
9,136,00(1
30.031,000
48,726,000
9,216.000
35,064,000
45,636,000
3,000
42,065.000
47.876.000
157.000
34.565.000
44.125,000
31,931,000
41,515,000
25,615,000
36,328.000
145.000
70,003,000
55,447,000
582,000
1,507,0130
26,345.000
52.615,000
51,000
1,766.000
2(1,689.000
36,620,000
51,000
2,837,000
25,062.000
27,586,000
1,196.000
24.960.000
22,090,000
2.160.000
24.659.000
20.776,000
1.401.0(10
23,863.000
16,758,000
1,622.000
24,423,000
16,887,000
14,342,000
20,045,000
72,532,000
2.473,160,000 2,489,943,000 2,507,758.000 2,521.424.000 2,537.203.000 2.550.102.000
485.838.000 507,237.000 517.910,000 510,829,000 517.430.000 527.801.000
2,555,412,000 2.570,377.000 2,618,699,000
531,629.000 531,174.000 377,748.000
2,023,783,000 2,039,203,000 2,240,951,000
1,987,262,000 1,982,706,000 1.989,848,000 2,010,595.000 2,019,773,000 2.022.301.000
3,503.419.000 3.513.669,000 3,527,154.000 3,447,496,000
953.317.000 958,257,000 956,777,000 828,797,000
In actual circulation
3,480,281,000 3,484,465.000
Amount chargeable to Fed. Res. Agent 3,448,762,000 3,452.025,000 3.464,475.000 958.857.000 947,262.000
975.602,000 962,082,000 956.717,000
In hands of Federal Reserve Agent
2,473,160,000 2,489,943.000 2.507,758.000 2,521,424.000 2,537,203.000 2.550.102.000
Issued to Federal Reserve Banks
How Secured,—
By gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
Total
eligible paper delivered to F.R. Agent
• Includes Victory noted
2.555,412.000 2.570,377.001 2,618,699,000
328.184,000 327,584,000 314,899,000
321,729.001 329,729,000 330.939,000 328,184.01)0 328.184,000 328.184.0001 441.494,000 430.464.1)00 605.161,000
445.224.000
498,536,000 407.284,000 409.588.000 474,728.000 486.897.000 122.915,000 121,925,000 117,215,000 128,082,000
113,721.000 119,989,000 117,558.000 115.728,000 116.702.000
1,666.553.000 1.695,114.001 1,570,557,000
1,531,171.000 1,632,941,000 1.649.673,000 1,602,784.000 1,605.420.000 1.658.025.000
2.558,1i16,000 2.570.377.000 2,618,699,000
2,473,180.000 2.489,943,000 2.507,758,000 2.521.424,000,2,537.203.000 2.5(14.348.000
17.nne 717.005.000 795.238,00) 910,978,00
714.190,000 654.130.000 596,084.000 693,211.000 710.104.000 753.3
0
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE
BANKS AT CLOSE OP BUSINESS APRIL 2 1924
Dallas. San Fran
Two ciphers(00) omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louts. Afinneap. Kan. City
Federal Reserve Bank of—
$
3
$
5
S
S
5
5
3
S
$
$
RESOURCES.
43,094.0 100.993,0 320,502,0 63,006.0 53.493.0 55.085,0 18,143,0 206,891,0
Gold with Federal Reserve agents 190.195,0 535,835,0 179,1)09,0 203,372,0 4,723,0 3,207,0 5,090,0 2,537,0 2,530,0 3,504.0 1,907,0 3,043,0
5,420,0 9,198.0 6,016,0 2,460,0
Gold red'n fund with U.S.Trees_
Gold held excl. agst.F.R. notes 195,015,0
Gold settle't fund with F. R B'rd 71.462,0
Gold dr gold certifs. held by banks 17,998,0
285.075,0
8,128,0
293,203.0
Total reserves
3,408,0
Non-reserve cash
Bum discounted:
Bee. by U.S. Govt. obligations 13,412,0
11,938,0
Other bills discounted
25.400.0
bills discounted
Total
18,710,0
Bills bought In open markct
securities:
U. Ei Government
542,0
Bonds
15,033,0
Treasury notes
5,912,0
of Indebtedness
Certificates
Total gold reserves
Reserves other than gold
Total U.S. Govt securities
At KA,
n
515,032,0 185,025,0 205,832,0
217,019.0 43.383,0 91,102,0
186,501.0 40,359,0 12,154,0
923,532,0 263,747,0 309,088,0
27,105,0 4,003,0 7,764,0
955,637.0 272,750,0 316,852,0
10,539,0 2,047,0 4,110,0
87,903,0 30.302,0 21,389,0
23,394,0 13.300,0 18,119,0
.
111,363.0 43.602 0 42.503.0
55.180,0 14,869,0 19,913,0
549.0 918,0
1,202.0
37,503,0 20.321,0 22,463,0
15,694,0 2,112,0 7,590,0
r1 An.. n
no 1100 n
AA A.va A
47,817,0 104,200,0 325,592,0 85,543.0
33,252,0 13,019.0 117,142,0 17.999,0
5,846,0 7,594,0 50.996,0 6,457,0
86,915.0 124,813,0 493.730,0 89,999,0
2,849,0 10,849,0 9,828,0 13,446,0
89.764,0 135.662,0 503,553,0 103,445,0
2,330,0 5.723,0 4,578,0 3.848,0
18,479.0 9.533,0 26,802,0 10.936,0
39,316,0 38,629,0 42.385,0 25,285.0
57,795,0 48,162.0 89,187,0 36.221.0
2,488,0 8,785,0 31,259,0 5,806,0
100,0 4,426,0
1,191,0
2,703,0 3,726,0 25,211,0 4,857,0
1,231,0 1,482,0 10,433,0 2,047,0
m 1nm A
r AnOn
An n'n n
n nna n
81,023,0 53,589,0
13,993,0 41.867,0
9,433,0 3,521,0
84,449,0 103,977,0
797,0 4.449.0
85,246,0 108,426.0
533,0 2,708,0
2,005,0 2.260,0
11,693,0 18,846,0
13,698,0 21,105.0
7.045,0 8,331,0
332,0
7.239,0
5,226,0 10,856,0
3.351,0 3,381,0
le olio n
lw evnn
Total.
$
1,974,624,0
50.533,0
20.055.0 210,834,0 2,025,157,0
10,469,0 38,864,0 709,581,0
12,512,0 23,658,0 357,029,0
43,036,0 273.356,0 3,091,767,0
6,238,0 4,108,0 99,564.0
49,274,0 277,404,0 3,191,331,0
2,716,0 4,056.0 46,599.0
517,0 12,460.0 239,063,0
9,273,0 38,369,0 290,597,0
9,790,0 50,829.0 529.660,0
26,130,0 15,476.0 213,772,0
2,0 18,331.0
1,780,0
15,214,0 21,719,0 184,887,0
3,116,0 5,288,0 61.637,0
On 11A n
0, Ann A
nnA n.. ....
APR. 5 1924.]
THE CHRONICLE
RESOURCES (Concluded)
Two ciphers (00) omitted.
Boston. New York.
$
Phila.
$
All other earning assets
6
51,0
1639
Cleveland. Richmond Atlanta. Chicago. Si. Louis. Minneap. Ken. City
Dallas. San Fran.
6
$
$
$
6
$
$
$
6
Total.
$
51,0
220,926,0 81,304,0 93,392,0 65,408,0 62.255,0 140,516,0 48,931,0 36,559,0
44,058,0 56,030,0 93,314,0 1,008,338.0
Total earning assets
65,647,0
8% redemption fund-F.R.bank
notes
Uncollected items
56,474,0
Bank premises
4,312,0
All other resources
84,0
28,0
28,0
130,553.0 57.790,0 56,457,0 48.259,0 24,088,0 81,073,0 30,286,0 11,244,0
14,375.0 1,113,0 9,117,0 2,528,0 2,702,0 8,264,0 1,661,0 2,492,0 31,001.0 21.564,0 37.296,0 586,085,0
4,595,0 1,911.0 2,806,0
55,878,0
3,023,0
267,0
284,0
406,0
898,0
520,0
153,0 5,890,0
823,0 4,823,0 4,227,0
21,398,0
Total resources
423,128,0 1.335,103,0 415,271,0 480.212,0 208,695,0 231,328,0 738,509,0 188,324,0
141,969,0 191,607,0 136,346,0 419,163,0 4,909,655,0
F.It. notes in actual circulation_ _ 207,779,0 365,515,0 208,443,0 222,583,0 82,804,0 135,894,0
319,450,0 67,851,0 67,256,0 63,812,0 43,860,0 204,015,0 1,987,262,9
F. R. Bank notes in circulation
net liability
374,0
Deposits:
374,0
Member bank-reserve acc't_. 126,532,0 738,874,0 117,537,0 157,586,0 59,974,0 56,384,0
280,822,0 71,905,0 49.016,0 75,236,0 53.989,0 145,256.0
Government
1.933.113,0
10,505,0
23,497.0 9,017,0 12,875,0 2,876,0 5,553,0 27,066,0 2,495.0 1,516.0
6,434.0 1,911,0 6,093.0 109.838,0
Other deposits
191.0
10.548,0
314,0
980,0
87,0
166.0 1,155,0
675,0
384,0
435,0
349,0 4,126,0
19,413,0
Total deposits
137,231,0 772,019,0 126,868.0 171,443.0 62,937,0 62,103,0 309,013.0 75,075,0
Deferred availability items
53.437,0 101,778,0 51,303,0 48,896,0 44.491,0 18,408,0 62,873,0 29.582,0 50,916,0 82,105,0 56,249,0 155.475.0 2,062,364,0
Capital paid in
7,915,0
29,793,0 10.151,0 12,482.0 5,841.0 4,515.0 15478.0 5,068,0 11,696.0 31,049,0 21,953.0 34,997,0 513,463,0
3,446.0
Surplus
16,390,0
59,929,0 19,927,0 23,691,0 11,672,0 8,950.0 30,426,0 10,072,0 7,484.0 4,500,0 4.185,0 7.885,0 110.859,0
9,496.0 7,577,0 15,301,0 220,915.0
All other liabilities
376,0
2,169,0
579,0 1,117,0
950,0 1,458,0 1,639,0
676,0 1,171,0
645,0 2,148,0 1,490,0
14,418,0
Total liabilities
423,128,0 1,335.103,0 415,271,0 480,212,0 208.695,0 231,328,0 738,509,0
188,324,0 141,969,0 191,607,0 136.346,0 419,163,0 4,909,655.0
Memoranda.
Ratio of total reserves to deposit
and F. It. note liabilities combined, per cent
85.0
81.8
83.9
80.4
61.6
68.5
80.1
72.4
72.1
74.3
49.2
Contingent liability on bills pur77.2
78.8
chased for foreign correspond'ts
a ai 5 a 1 ma 0 1 274 0
021 0
470 0 1 022 0
MR 0
392.0
501.0
414.0
827.0
11.230.0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE
OF BUSINESS APRIL 2 1924.
Federal Reserve Agent at
-
Boston.INew York Phila.
Resources
(In Thousands of Dollars)
3
Federal Reserve notes on hand
110,100
Federal Reserve notes outstanding
223.982
Collateral security for Federal Reserve notes outstanding
Geld and gold certificates
35,300
Gold redemption fund
11,895
Gold Fund-Federal Reserve Board
143,000
Eligible paperiAmount required
33,787
Excess amount held
10,323
Cleve. Richm'd Atlanta Chicago.
Total
238,531 14,000 8,780
2,400
31,305 14,620 12,592 1,799 7,593
266,000 150,389 182.000 41,295 91,000
115,630 49,708 42,322 48,729 48,642
37,367 1,556 18,701 10,926 7,158
9,985 13,052
___ 7.681_ _ 329,729
6,857 4,021
1,441 4:725 2,967 13,9 9 113,724
0
313,645 49,000 44,000 50,360 7,500 192,982 1,531,171
29,087 19,260 13,096 20,974 29,637 47,664 498,536
71,089 20,566 6,860 7,992 5,706 17,410 215,654
558,387 1,622.359 505,910,559,179 232.782 385,365
223,982
16,203
0.G [At 000 Ai, 000 KO/
,
,
954,047 212,398 168.173 189,753 131.203 608,040 6,137,576
533,369 109,586 89,724 105,702 77,712 336,075 3,448,782
320,502 63,006 58.493 55,085 18,148 206,891 1,974.624
100,176 39,826 19,956 28,966 35,343 65,074
714,190
954,047 212,398 168,173 189,753 131,203 608,040
6,137.576
349,589 82,266 71,589 76,059 47,785 254,555
30,139 14,415 4,333 12,247 3,925 50,540 2,473.160
485,898
651,466 228,7171245,694 91,823
'149,635
285,951 22,274 23,111 9,0191 13,741
On, ..,,n
Federal Reserve notes in actual circulation
Total.
3
S
3
3
3
3
S
183,780 27,300 18,135 29,643 29,927 81,520 975.602
349,589 82,266 71,589 76,1159 47,785 254,555 2,473,160
Total
558.387 1,622,359 505,910 559,179 232,762 385,365
LiabUitfepNet amount of Federal Reserve notes received from
Comptroller of the Currency
334,082 933,526 275,637 294,784 130.013 228,572
Collateral received fromjGold
190,195 535,836 179,009 203,372 43,094 100,993
Federal Reserve Bank(Eligible paper
41,110 152,997 51,264 61,023 59,665 55,800
Federal Reserve notes outstanding
Federal Reserve notes held by banks
St. L. Minn. K.City. Dallas San Fr.
3
3
S
3
$
282,050 46,920 49.090 38,190 78,937
651,466 228,717 245,694 91,823 149,635
00 onA.tqm OAA
„„
'In AMA
al, cal
.0 OGR
.
.0 °In
.10 Genet,'" nle t @snow na0
•
,
•
Weekly Return for the Member Banks of the Federal Reserve System
.
Following is the weekly statement issued by the Federal Reserve Board,
the liabilities of the 756 member banks from which weekly returns are obtained giving the principal items of the resources
. These figures are always a week behind
those for the Reserve Banks themselves. Definitions of the different items
in the statement were given in the statement
of Oct. 18 1917, published in the "Chronicle" of Dec. 29 1917, page 2523.
for the latest week appears in our Department of "Current Events and DiscussioThe comment of the Reserve Board upon the figures
ns," on page 1608.
1. Data for all reporting member banks in each Federal Reserve
District at close of business March 26 1924.
Three ciphers (000) omitted.
Federal Reserve District.
Boston
New York
Phila.
Cleve.
Number of reporting banks
Loans and discounts, gross:
Secured by U.S.Gov't obligations
Secured by stocks and bond8
All other loam; and discounts
110
55
$
$
12,837
71,667
230,996 1,636,296
611,961 2,621,911
79
$
12,532
266,362
359.663
$
23,602
400,254
711.945
Total loans and discounts
13 S. pre-war bonds
.
U.S. Liberty bonds
U.S.Treasury bonds
Cf S. Treasury notes
.
U.S. Certificates of Indebtedness
Other bonds,atone and securities-
855.796 4,329.874
13,032
50,579
80,100 477,639
4,296
20,900
17,793 398,110
8,050
34,752
169.591 787,889
43
Total loans & disc'ts & Investrn'ts 1,148,658 6,103,743
Reserve balance with F. R. bank_
76,751 655,215
Cash in vault ,
19,156
77,348
Net demand deposits
780,076 4.823,924
Time deposits
289,517 942,163
Government deposits
15,801
65,890
Bills Payable and rediscounts with
Federal Reserve Bank:
Secured by U.S. Govt. obliga'ns.
3,005
61,830
All other
3.973
7.765
Rtchm'd
76
Atlanta
37
Chicago
104
St. Louts
Mnyis. Kan. CUy
Dallas
San Fran
Total
$
$
$
9,799
8,361
35,351
126,567
67,035 606,612
332,785 348,652 1,151,841
35
26
$
9.439
143,652
314,751
72
52
$
3,686
44,709
193,840
$
6,165
84,427
325,005
$
3,083
62,606
213,372
638,557 1335,801
10.679
48,254
49.817 109,280
2.763
4,472
32,931
52,866
7,181
9,646
188,496 307,009
469,151
28,822
26,790
2,255
8,012
2,758
52,927
424.048 1,793,807
14.761
23,807
14,340 110,128
1.438
12,406
5,484 127,887
3,909
23,332
38,685 340,636
467,842
14,981
23,336
5,429
15.850
3.330
88,963
242,235
9,081
15,072
780
29,642
4,327
24,849
415,597
11,928
37,614
2,889
15.893
1,674
54,473
279,061 1,013,286 12,065,055
19,166
25,836
270,926
12,814
96,594 1,053,526
1,355
12.904
71,887
14,095
39,764
758,327
5,958
23,649
132,566
14,949 158,983 2,227.470
930,424 1,667,328
67,983 109.030
14,640
35,373
659.528 883,296
129.130 627,651
27,821
31,775
590.715
35,244
13,465
328,330
160,631
8,372
502,665 2,432,003
33,151 206,402
10.163
53,624
269,472 1,520,130
178,300 805.578
8,891
31,607
619,753
40,872
7,536
313,869
201,886
5,798
325,986
22,656
5,905
208,427
83,984
5,830
540.068
45,013
12,547
408,461
131,363
3,850
347,396 1,371,016 16,579,757
26,225
96,373 1,414,945
9,771
21,245
280,773
232,061 713.394 11,170,968
87,616 593,155 4,230,974
8,908
22.887
237.430
8,234
5.178
10,137
11.001
67
756
$
$
11,039
207,584
190.120 3,859,638
812,127 7,997,853
8,329
6,116
12,145
6,185
115
603
50
7,811
124,560
24414
IS 590
15 Kea
in au,
i on'
a au.
0 ass
00 104
104 001%
2. Data of reporting member banks in
Federal Reserve Bank and branch cities and
all other reporting banks.
)
1 Ness York City.
City of Chicago. A11 F. R. Bank Cities
F. R. Branch Cities. Other Selected Cities.
Three ciphers (000) omitted.
Total.
Mar. 28 Mar. 19. Mar. 26. Mar. 19
Afar. 26. Mar. 19. liar. 26.1Mar. 19. Mar. 26.1
.1far. 19.21fer.26. Mar.19'24 Mar.28'23
24
1
Number of reporting banks
67
67
48
48
255
255
Loans and discounts. gross:
201
201
6
3001
300
756
$
$
756
$
777
$
$
Secured by U.S. Govt.obligations
$
64,430
$
$
$
67,361
$
27.058
24.749
$
2
135,355
134.505
38.841
Secured by stocks and bonds
39,125
1 441.106 1,482.491 450,437
33,368
33,608
207,584
207,241
265,288
All other loans and discounts__ __ 2,303,3922,299,383 655,092 446,317 2,696,525 2,730,113 634,378 645,064 528,735 537,724 3,859,638 3,912,901
655,182 4,988,747 4.962.4301,647,9031.64
1.6751,381,2031,389,232 7,997.853 7,993.337 3,765,339
7,752,873
Total loans and discounts
3 811,928 .849,237 1,132,5871,128,248
7,800,627 7.827.0512.321.1222,325,8641.943.306
U. 8. pre-war bonds
39,525
39.502
1,960,564 12,065.055 12,113,47911,783,480
4,198
'
4,198
89,661
89,450
U. S. Liberty bonds
75.135
410,980 404,780
74,645
270.926
53,773 49,966
270,376
283,280
645,783 633.580 239,268 235.342 106.130 103,281
U.S. Treasury bonds
13,414
168,475 167,954 1,053,526 1,037,876 1,041,643
13,720
5,056
5.025
35,367
35.565
U. S. Treasury notes
16,871
17,527
372,139 371.778
19,649
19,952
87,295
71,887
79,048
73,044
107,509
562,379
556,931 127,645 132.248
U. S. Certificates of Indebtedness_
36,551
28,528
68,303 69,705
14,556
758.327
15,933
768,884 *928,753
82,988
84.899
Other bonds, stocks and securities
35,797
572,269 566,501 161,383 153,796 1,181,855
38.648
13,801
14,868
132,566
191,462
138,615
1,168,818 601,092 601,824 444,523 444,467
2,227,470 2,218,109 2,161,484
Total loans & ducts de invest'ts. 5,256.8065,274.0451,458.8531.439,214
10,398.
64010 406 291 3,416,9333,430,2982,76
. ,
Reserve balance with F. R. Bank_ 603,460 661,611 141,624
4,187 2,783,791 16,579,7571
135,993 1,006,563 1,067,332
Cash in vault
241,538 240,913 166,844 174,635 1,414,945 6,620.383 16,497.611
63,276
63,181
28,284
27,891
1,482,880 1,394,778
138,480
136,474
Net demand deposits
67.331
59.368
4,328.564 4,492,074 1.023,044 1,010,179 7,628,569 7 80
76,962
77,935
280,773
282,541
273.777
, 7,0051.899.7131,935,37
Time deposits
6
643,372 616,185 371,680 371,501 2,058,277 2,
032,6451,267.13 1.261,542 .644,686,675,81311,170,968 11,418,194 11,082,059
Government deposits
61,021
905,567 899,946 4,230,974 4,194,133 3,948,420
58,754
14,018
14,431
151,491
156,971
Bills payable and rediscounts with
66,877
68,629
.
19,062
19,852
237,430
245,451
337.323
F. R. Bank:
Secured by U.S. Govt.obligations
45,825
2,650
6,585
1,185
71.552
32,653
All other
33,641
24,033
19,367
4,189
4,126
2,456
18,336
2,600
290.245
124,560
75,022
49,901.
56,514
Ratio of bills payable & rediscounts
37,227
34,428
41,598
39,622
128,726
184,708
130.564
with F. It. Bank to total loans
and investments, per cent
1.0
0.1
0.6
0.3
1.2
.'
2.1
1.7
2.2
2.1
1.81
1.2
2.9
•Includes Victory Notes.
THE CHRONICLE
[VoL. 118.
TRANSACTIONS AT THE NEW YORK STOCK =CHANGE
DAILY, WEEKLY AND YEARLY.
Vaulters' Oazettt.
Wall Street, Friday Night, April 4 1924.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 1628.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Sales
for
Week.
Range for Week.
Lowest.
Highest.
State,
Municipal &
Foreign Bds.
354,640
665,983
495,912
702,257
855,199
906.600
33,571,000
5,644,000
5,482,000
9,207,000
7.494.000
6,989,000
3535,000
747.000
1,052,000
1,508,000
1,809,000
1,672,000
32,182,000
1,825,000
1,618,000
2,287,000
2,644,000
6,322.000
3.983.591
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
STOCKS.
Week ending April 4.
Railroad
&c.
Bonds.
828.3A7.000
87 323 rain
810_558 Mill
Stocks,
No. Shares.
Week ending April 4.
United
States
Bonds.
Range Since Jan. 1.
Lowest.
Sales at
New York Stock
Exchange.
Highest.
Par. Shares $ per share. $ per share. 1$ per share. per share.
Railroads.
Jan 9034 Apr
100 9034 Apr 3 90% Apr 3. 86
Bangor & Aroos pref.100
60 50 Apr 1 5011 Apr 1: 4934 Jan 55% Jan
Buff Roch & Pitts_..100
Apr
1
3 88 Apr 2 88 Apr 2 8034 Mar 88
Preferred
10 534 Apr 3 5394 Apr 3 52% Mar 5114 Jan
-Canada Southern_ _ _ _1
Jan
Apr 114
C C C St Louis_ _ _ _100 600 100 Apr 1 109 Apr 4 100
&
Feb
Jan 37
Ch St P Minn & Om_100 200 314 Apr 3 34 Apr 4 29
Feb
Jan 53
'Colo & Southern pref 100 200 52 Apr 3 53 Apr 4, 50
Ma 22% Apr
100 2234 Mar 29 224 Mar 29, 20
Detroit & Mackinac_ 100
Jan
Jan 5
DuluthSS&Atlpref 100 600 4% Mar 29 43-4 Apr 3! 4
Jan
Mar 110
Illlnois Central pref. _100 1.100104%Apr 21054 Apr 41104
Jan 65% Feb
10 6594 Apr 4 6534 Apr 4 64
RR Sec Series A _ _1
Lehigh Valley rights_ _ _ 25,20 25% Apr 4 2994 Mar 311 25% Ap 33% Feb
Apr
Jan 57
Manhattan Elev gtd_100 200 57 Apr 4 57 Apr 4i 42
Apr
Apr 500
5500 Apr 3500 Apr 3 500
Michigan Central_ _ _100
Jan
100 2934 Apr 1 294 Apr 1 2934 AP 46
100
M St P & SSM
100 400 58 Apr 4 58 Apr 4' 573-4 Ma 674 Jan
Preferred
6,814 2% Mar 29 2% Apr 2 2% Mar 3% Jan
N Y Cent Reading righ
Feb
Feb 97
84 96% Apr 3 9634 Apr 3: 96
N Y Lack & Western_100
31,600 1534 Mar 29 17% Apr 21 154 Ma 2234 Jan
Reading rights
100 9234 Mar 29 924 Mar 291 92% Mar 92% Mar
Twin City R T pref_ _100
Jan
Feb 39
100 3734 Apr 4 37% Apr 4 36
Virginian Ry & Pow_100
Mar 37% Ap
Wisconsin Cent ctfs__100 1,600 36 Apr 1 373-4 Apr 31 36
Industrial & Misc.
Mar 77 Apr
300 71 Mar 29 77 Apr 31: 70
Amer Beet Sugar pref 100
Am For & P 25% paid.. 900 93 Mar 29 93% Apr I.• 9214 Mar 964 Jan
Full paid
200 9114 Apr 4 9114 Apr .1!1 1)154 Apr 964 Jan
Jan
American Chicle put 100 200 60 Apr 4 63 Apr 4:: 5194 Feb 66
Jan
Jan 43
100 39 Mar 31 39 Mar 3111 25
American Republics_ _*
Mar 14411 Jan
100 200 135 Apr 2 136 Apr 3135
American Snuff
Mar 4394 Jan
44 41
Apr 2 41 Apr 21 40
Amer Teleg & Cable_100
400 864 Mar 29 87 Apr 4 84 • Mar 8834 Jan
A880 Dry Gds let pf.100
Feb
100 924 Mar 31 924 Mar 31 89
Jan 95
Second preferred_ _100
Jan 1634 Jan
10 16 Apr 2 16 Apr 21 16
Art Metal Construe. 10
Mar 544 Feb
100
100 50 Apr 1 50 Apr 1 50
Atlas Powder
Feb
Jan 104
Amer Rolling Mill 14_100
Apr 3 98
500100% Air 1 101
% Jan
200
Assets Realization__ _ _10
91 Apr 3
94 Apr 3
14 Ma
Aul Fruit Col T Co ctf de 0 1,800 134 Mar 31 194 Apr 41 134 Jan 214 Feb
I
45-4 Feb
Ja
200 3 Mar 31 3 Msr3l1 3
Auto Sales
Preferred
50 200 13 Mar 31 13 Mar 31 11% Jan 15% Feb
Booth Fisheries 1st pf 100 200 3334 Apr 4 34% Apr 3 33% Apr 4234 Jan
Feb
300 58% Mar 31 58% API' 1 5834 Apr 60
Bklyn Union Gas
2
Calumet & Heels
30 1591 Apr 1 15% Apr 1 154 Mar 1994 Jan
Jan
Case(J I)Thr Mach pf 100 200 4634 Apr 4 48 Apr 3 463- Apr 77
100 284 Apr 1 2834 Apr 1 2714 Feb 334 Jan
Century Rib Mills_ _ _ _*
Mar
Feb 78
100 76% Apr 2 7634 Apr 2 75
Cert-Teed Prod 1st pf100
Feb
Coca-Cola preferred_10
100 92% Apr 3 9234 Apr ? 9114 Jan 93
* 2.6
484 Mar 29 55 Apr 3 433-4 Jan 6234 Mar
Com'l Solvents, A
Feb
Jan 56
1,600 40 58ar 29 4494 Apr 31 33
100 107 Mar 29 107 Mar 29i104% Jan 1084 Jan
Cent Can Inc pref...100
Jan 120% Jan
10011834 Mar 31 118% Mar 3017
Corn Prod Ref Pref. _100
Apr
Feb 30
100 400 28 Mar 31 30 Apr 11 21
Crex Carpet
Mar 3214 Mar
D Boone Wool Mills_ _2 8.50 28 Mar 31 3134 Apr 4 28
Jan
Jan 76
100
100 66 Apr 166 Apr 1162
Sr Co pref
Deere
Jan
3
Du Pont deb 6%
-100
8634 Mar 31 8634 Mar 31 8514 Jan 87
Mar 100% Jan
Duquesne Lt 1st pi _100
200102% Apr 4 103 Apr 2 102
Jan
15
_1
100 10 Apr 4 10 Apr 4' 834 M
Emerson-Brant pref.
Jan
Mar 31 51
Mar 65
Mar 31 51
100 51
Flak Rubber lot pref _100
• 200 5 Mar 31 5 Mar 31 • 5
Jan
Mar 7
Gardner Motor
Mar
Feb 96
100 944 Mar 29 9494 Mar 29 92
G Am Tk Car 7% p1.100
Jan 110
• 600 .98 Apr 1 9834 Apr 1 93
Feb
Gen Baking Co
Apr 1014 Mar
200 100 Apr 31014 Apr 2 100
Gen Cigar Inc pref__ _100
• 200 49 Mar 31 4994 Apr 247
Jan
Mar 55
Gen Refractories
Mar
Jan 102
Gimbel Bros pref _ _ _ _100
400101% Apr 3102 Mar 29 99
Mar 29 93 Apr 3 91
Mar 96% Feb
Great West Sugar_ _ _ _25 700 91
100 10014 Apr 4 10034 Apr 4100% Apr 100% Apr
Gulf States St1 1st pf _100
100 93 Apr 4 93 Apr 4 8994 Jan 95
Feb
Banns 1st pref cl A._100
Inland Steel pref w _ _• 900101% Apr 2 103 Apr 4101% Jan 103% Feb
• 1,700 90 Mar 29 92 Apr 2 90
Mar 9714 Feb
Bus Machines
lot
Apr 783-5 Jan
International Shoe_ _ _ _• 200 75 Apr 1 754 Apr 2 75
Mar
100 200 116 Mar 31 116 Mar 31 115% Jan 117
Preferred
• 100 29% Mar 29 2994 Mar 29 2934 Jan 3214 Mar
Intertype Corp
Jan 110
Jan
100 110 Apr 4 110 Apr 4 109
Jones& L Steel pref _ _100
* 2,900 254 Apr 3 27 Mar 29 254 Apr 27 Mar
Jordan Motor Car
10 400
14 Jan 1
Mar 31
Jan
Apr 3
Kansas & Gulf
Apr
Feb 96
C Pr & Lt 1st pref .• 300 95 Apr 3 96 Apr 3 92
Jan
100 107 Apr 4 107 Apr 4 10434 Jan 107
Kelsey Wheel prof....i00
0 100 5834 Apr 3 5634 Apr 3 5234 Mar 7814 Jan
Kelly Spr Tire6% 1: 1-10
1
Jan
Feb 63
• 300 57 Apr 1 5834 Apr 2 56
Kinney Co
Apr
100 73 Apr 1 73 Apr .1 73
Apr 73
Laclede Gas pref.__ _1
25 1,200 5014 Mar 31 5134 Apr 3 50
Mar 54
Mar
Liggett & Myers
25 1,300 493-4 Mar 31 5134 Apr 3 4834 Mar 53
Feb
Apr 105
Apr
100 105 Apr 2 105 Apr 2 105
L-Wiles 131se 1st pf...100
25 5,400 3434 Mar 29 37% Apr 3 345-4 Mar 3834 Mar
new
Lorillard
Feb
Jan 117
100
100116 Apr 1 118 Apr 1115
Preferred
• 300 214 Apr 3 2114 Apr 4 214 Feb 2394 Mar
Ludlum Steel
100 644 Mar 31 644 Mar 31 644 Ma 68% Feb
Mackay Cos prof_ _ _ _100
Apr 9394 Mar
100 91 Apr 1 91 Apr 1 91
Met Edison pref
Feb
100 1054 Apr 4 1054 Apr 4104% Feb 106
prat100
Montana Power
Feb
200 94 Mar 29 95 Apr 1 9334 Jan 96
Nat Dept Stores pref_100
Jan 10514 Mar
Nat supply pref..._100 300 103 Apr 1 105 Apr 3 100
Mar
New York Canners_ _ _ _• 200 2594 Apr 2 25% Mar 31 2234 Jan 27
Feb 1434 Jan
100 13 Apr 4 13 Apr 4 12
*
N Y Shipbuilding
Jan 943-4 Jan
100 935-4 Apr 3 934 Apr 3 92
Orpheum Circuit pfd_100
Feb 74% Mar
100
500 63 Mar 31 64 Apr 2 57
Otis Steel prof
Feb 89% Jan
500 82 Mar 29 82 Mar 29 82
Phillips Jones Corp pf 100
Mar 4134 Feb
P & R Coal Jr Iron ctfs_• 100 37 Apr 1 37 Apr 1 35
Mar 32% Jan
100 26 Apr 1 26 Apr 1 26
Phoenix Hosiery
Apr 94
Feb
100
100 87 Apr 4 87 Apr 4 87
Preferred
20 424 Apr 2 4334 Mar 29 4234 Jan 434 Mar
Mile Co 6% pref __SO
Jan
Jan 101
_100 3
9634 Apr 2 9734 Apr 3 95
Pittsburgh Steel pref.
Feb
Ap 98
10 95 Apr 1 95 Apr 1 95
PS Corp El Power pf 100
Jan
Mar 102
300 100 Apr 3100% Apr 3 100
Pub Ser of N J 8% p110
Jan
100 200 9734 Mar 31 9734 Mar 31 9814 Mar 99
7% preferred
Mar 111
Feb
100 109 Apr 4 109 Apr 4 107
Schulte Retail St's pf 100
Mar 1094 Mar
700108% Apr 410934 Apr 4 103
Porto Rico Sug pf 100
So
Apr
Studebaker Co w L _ _ _• 3.800 3714 Apr 4 38 Apr 4 3734 Apr 38
100
100 103 Apr 1 103 Apr 1102% Jan 103% Jan
The Fair, Prof
Jan
AD 207
100 180 Apr 3180 Apr 3 180
United Cigar Stores_ _100
Fe 43
Jan
1001 40 Apr 3 40 Apr 3 40
United Dyew'd Corp 100
Feb
Ma 60
• 2001 53 Apr 3 53 Apr 3 53
Tobacco
US
Jan
7
M
Va-Carolina Chem B... 1001 1 Mar 31 1 Mar 31 1
Ap 7914 Jan
100 77 Apr 1 77 Apr 1 77
Va Iron Coal & C pfd 100
Jan
West Elec 7% cum pf 100 200 11294 Apr 3 113 Mar 29 124 Ma 115
• 500 5334 Apr 1 5434 Apr 3 47% Jan 5494 Apr
West Penn Co
500 904 Mar 29 9034 Apr 3 8994 Jan 91% Jan
100
Preferred 7%
West'house E & M rts_ _ 20,521 191 Apr 1 11.1 Mar 29 14 Apr 14 Mar
Apr
Jan 77
200 76 Apr 1 77 Apr 2 70
Worthington, pref A.10
100 614 Mar 31 6134 Mar 31 584 Jan 6594 Mar
100
Preferred B
Mar 85% Mar
Yellow Cab temp ctfs_10 1,400 81 Mar 29 84 Apr 4 81
Week ending April 4.
1924.
.1
Jan„ to April 4.
.
1924.
1923.
1923.
3,983,591
5,558,736
-No. shares_ _ _
Stocks
Bonds.
Government bonds.._ 310.556.000 315,262,155
7,323,000
8,209.500
State and foreign bonds
38,367,000 38,587,700
RR.Jr miscell. bonds__
367,857,797
69,460,102
8259,396,000
101,222,000
469,734,000
$208,721,638
134,537,900
476.808,700
$,56,246.000 362.109.355
$830,352,000
$820,068,235
Total bonds
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Baltimore.
Boston.
Philadelphia
Week ending
Bond Sales. Shares. Bond Szles. Shares. Bond Sales.
Shares. !
April 4 1924.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
*9,8211
*13,513
*10.784
•11,055
•13.983
10,864
313,350
30.500
27,700
25,350
42,250
9,000
3.943
7,160
5,769
5,274
6,188
3.237
341.100
45,500
30.800
64,700
45,500
22,300
609
879
928
833
870
2,254
$21,200
17.500
37.000
11,900
83,200
42,600
69,820
$148,350
31,571
$249,900
6,373
$213,400
46.343 $247.300
$99,000
9.238
71,951 $167,000
Prey, week revised
• In addition, sales of rights were: Sat , 3,969; Mon.,6,798 Tues., 10,472; Wed.„
8.911; Thurs.. 669.
1
Daffy Record of U. S. Bond Prices. Mar.29 Mar.31 Apr. 1. Apr. 2. Apr. 3. Apr. 4.
9988,
High 9830,1 98",, 994 , 982038 997 8
First Liberty Loan
33407 bonds of 793247- Low- 98",, 98",, 98",, 98,838 991n
,
99 n
close 98"n 98113t 991st 98"st 991ss 991n
(First 394s)
70
461
189
630
561
84
Total sales in $1.000 Unite._
____
-- - - 99"ss
Converted 4% bonds of {Higli
- -- 18
-- -- 991,
193247 (First 410._- Low___
_ ___
30
Total sales in $1,000 units-.
st 999,
88 992,
Converted 434% bonds {High 991,
,, 99". 99
,388
193247 (First 448) Lew_ 991,
of
Close, 9911n 9922, 9911n
60
9
159
Total sales in 31.000 unite...,
Second Converted oilnign
- -- ----- - bonds of 193247 (First LowSecond 434s)
.
- Total sales in 31,000 units •
.
(High 99 3--- -- -Second Liberty Loan
------4% bonds of 1927-42 ___ _ Low_ 9921,,
Close 991,
,,
------(Second 41)
I
Total sates in $1,000 units
"
ill
"
9
- -1i
Converted 44% bond., (nigh 99. 0 . 99"as
Low- 9911n 9911n 9911ss
of 192742 (Second
close 99113r 991, 991132
,,
494s)
459 1,252
419
Total sales in 51.000 units
High 1003,, 100%, 100 81
,
Third Liberty Loan
Low- 99",, 100.00 100",,
44% bonds of 1928
C1038 100.00 100.00 10033,
(Third 4%s)
337
.
140
301
Total sales in 31.000 units _ _
. 992132 9911ss
High 9924
Fourth Liberty Loan
,, 99",, 99",,
bonds of 1933-38- Low- 99,,
454%
Close 99s: 992O3, 901133
(Fourth 4%s)
1,159
957 2,287
Total sales in $LOW units__
{High 1001,
,, 100.1, 10011n
Treasury
Low- 100,131 100"31 100"n
434a, 1947-52
C1088 100"H 100"n 100"n
79
166
102
Total sales in 31.000 units__
9921s1
99"88
995218
186
99902,
99".
9911s1
43
,,
99 ,,
992,38
9911st
35
-- - -
- ---
.
9911
-- -
_ _-_
------
__--___
1
___
____--
9911n 99.
"
99",, 9911n
99113t 9921n
528
170
. 1001,,
1009
,
100.00 100 ,,
,
100 32 1001st
211
.159
991131 99"sr
99". 9931a,
9911st 9911n
918
212
10011n 1001112
100", 100"st
100", 100"H
350
30
"
99.
992 n
99"n
1,328
1008,,
IOWA,
1001,1
246
991132
99"31
99"32
4,319
10011ss
100"ss
100"n
64
-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds were:
55
1
19
1
1st 3140
1,1 4*
1st 445
2d 45
9811s, to 983%, 31 2d 4%a
99"st to 991031 22 3d 4 4s
993,, to 99".72 4th 4145
90". ro 99",,
9911,2 to 992
69,121 to Nun
992*as to 992*.
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4 28 1-16@
4 2834 for sixty days. 430 5-16514 3134 for cheques and 430 9-1604 3134
for cables. Commercial on banks. sight, 4 30 3-1651431. sixty days
427 11-16514283-4, ninety days 420 7-1604 27%. and dqcuments for
payment (sixty days) 427 15-16514283-6. Cotton for payment 430 3-16
@431, and grain for payment 4 303-16514 31.
To-day's (Friday's) actual rates for l'aris bankers' francs were 5.66340
5.703-4 for long and 5.7205.76 for short. Germany bankers' marks are not
yet quoted for long and short bills. Amsterdam bankers' guilders were
36.63036.69 for long and 36.99037.05 for short.
Exchanges at Paris on London 74.85, week's range 73.25 high and 78.25
low.
The range for foreign exchange for the week follows:
Sixty Days.
Cheques.
Sterling Actual
Cables.High 43134
e
4 28%
4 31%
for the week
429 13-16
427 5-16
429 9-16
Low for the week
Paris Bankers' Francs
6.09
6.08
High for the week
6.014
5.48
5.40%
5.47
Low for the week
Germany Bankers' Marks
0.00000000024 0.00000000024
High for the week
0.00000000022 0.00000000022
Low for the week
Amsterdam Bankers' Guilders37.15
37.14
36.69
the week
High for
36.94
36.90
36.48
Low for the week
-Chicago. par. St. Louis, 15025c. per $1,000
Domestic Exchange.
par. Montreal. $21.25 per
discount. Boston, par. San Francisco,
$1,000 discount. Cincinnati, par.
-The review of the Curb Market is
The Curb Market.
given this week on page 1628.
A complete record of Curb Market transactions for the
week will be found on page 1652.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
BONDS (Par Value).
STOCKS (No. Shares).
Week ending April 4.
Mining. Domestic. !Porn Goct.
011.
/nd.&Mts.
17.315
24,935
35,850
31,268
42.380
58,225
39,160
98,045
65,480
106,625
103,715
126,900
78,800
126,710
101.700
134,300
235,000
100.900
$287,000
360,000
525,000
416,000
467,000
457.000
350,000
120,000
111,000
104,000
79,000
80,000
Total
•No par value.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
209,773
540.225
777,410 82.511.000
8544.000
New York Stock Exchange-Stock Record, Daily, Weekly and Year
ly
OCCUPYING FOUR
For sales during the week of stocks usuall PAGES
y Inactive, see preceding page
1641
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
PER SHARE
PER SHARE
Sales
STOCKS
Range Since Jan. 1 1924.
Range for Previous
for
NEW YORK STOCK
Monday.
Tuesday.
On basis of 100
Wednesday. Thursday.
-share lots
Friday.
Year 1923.
the
Mar. 31.
EXCHANGE
April 1.
April 2.
April 3.
April 4.
Week.
Lowest
Highest
Lowest
Highest
$ per share 3; per share $ per share $ per
share $ per share $ per share Shares.
3
2413 30
Railroads.
*244 30
•2412 30
Par
*25
per share $ Per share
30
*26
*25
30
Per share $ per share
30
*9814 99
Ann Arbor preferred
98
9873 9853 99
100 25 Mar 4 34 Jan
99
994 9914 1007 10052 10114 15,100 Atch Topeka
21 Sept 45 Feb
8
*88
89
*88
& Santa Fe_ _100 9712 Jan 2 10214 Jan 8
89
8818 8812 8818 887
8 8812 8812 8812 883
29
94
Oct 1051s Mar
4 1,300
214
Do pref
214
2
218
2
23
8 *218 232
21,3
238
8558 Dec 9038 Mar
218 218 2.200 Atlanta Birm dc Atlantic 100 8612 Jan 2 8912 Jan 19
•11712 118
11714 118
1173 118
4
11838 119
15 Feb 23
8
119 1203 12058 121
23 Jan 11
4
114
4
314 Feb
5,800 Atlantic Coast Line RR. 100
535 5414 535 5414 5414 543
8
8
..100 112 Jan 23 121 Mar 20 10972 Aug
4 5414 547
g 545 555
8
8 553 5618 16,600 Baltimore & Ohio
8
July 127 Feb
58
58
*.577 594 •57h 59
8
100 535g Mar 29 6012 Jan 9
5812 587 *58
2
59
59
59
4012 Jan 603 Dec
500
4
Do pref
155 1614 153 1618 153 16
8
4
4
16
1618 16
16'2 1558 1618 9,400 Bklyn Manh Tr v t c__No 100 58 Mar 28 5912 Jan 5
553 May 6072 Mar
4
573 573
2
2 5734 5812 5734 583
par 1312 Jan 4 174 Mar 22
4 58
5812 583 5812 5812 583
2
914 Oct 1412 Dee
4 2,700
Pref vot tr ctfs
1423 14352 14314 144
4
No par 483 Jan 3 60h Mar 22
144 14414 1445 145
4
8
145 1463 146 14634 7,790 Canadian Pacific
2
3412 Oct
7112 72
72
73
723 733
100 1423 Mar 10 1504 Jan 9 13934 Sept 4978 Dee
4
4
4 733 7514 743 7552 *743 75
4
4
4
38.600 Chesapeake & Ohio
160 Apr
•1027 104
8
1027 1027 *102 103 *102 103
8
8
100 67 4 Feb 26 7711 Feb 5
8
103 103
103 103
57 June 763 Jan
300
s
Do pref
412 412
412 418 *4
100 9912 Jan 3 1034 Mar 15
414 *414 43
2
44 44
4
418 2,800 Chicago 82 Alton
96 June 1047 Feb
8
105 105
8
8 105 105 *1012 11
8
8
100
3 8 Jan 4
618 Jan 10
3
*105 11
8
107 1118 11
8
1114 1,000
2 May
*2214 24
43 Dec
8
Do pref
*2212 24
*23
100
24
*2234 25
93 Jan 3 124 Feb 29
4
23
33 Jan 128 Dec
23
2414
24
300 Chic dr East III RR
*42
45
*42
44
*42
100 2112Mar 4 27 Jan 10
44
44
44
4414 4414 *42
44
19 Aug 383 Feb
300
*418 412 •414 4 2
4
Do pref
5
412 452
412 47
8
43
4 43
4
4 47
43
8 2,500 Chicago Great Western__ 100 40 Mar 5 514 Jan 8
4612 Aug 6214 Mar
113 12
4
1112 117
2 12
_100
1218 1232 123
412 Jan 3
4 123 123
552 Jan 17
4
4 1212 123
23 Oct
4 5,000
4
7 Feb
Do pre!
100 105s Jan 4 13 Feb 5
1532 155
15
12
1614
1534 163
67 Oct 17 Feb
8
2 1614 163
1618 1612 1534j 1612 21,000 Chicago Milw & St
2634 27
Paul
263 283
4
100 1352 Jan 8 1818 Jan 10
2 2734 2913 2932 3014 29
2972 2872 2912 84,100
1114 Oct 263 Mar
2
Do pref
5112 5113 51
5134 *51
5113 5134 52
100
515 527
2
4
205 Dec 451/ Mar
2 523 533
2 8,000 Chicago & North Western_100 22 Mar 1 3014 Apr 12
8
•101 10212 *101 10212 101 101 *10112
4914 Jan 3 544 Feb 7
103 *101 104 *101 104
4718 Dec 88 Mar
100
2312 233
Do pref
4 2314 2414 233 24'8 2414 2434 2434
4
100 100 Jan 8 10312 Jan
2514 2514 2614 28,100 Chicago Rock Isl &
9718 Dec 1184 Mar
/
1
*77
7812 78
78
Pacific_100 2112 Feb 15 27h Jan 19
7812 781. 7852 7914 7912 80
4
793 81
10
1918 Oct 374 Mar
1.900
.67
7% preferred
67
6614 67
663 663
100 763 Feb 26 83 Jan 10
4
4 663 667
4
8
2 663 6712 68 6814 2,700
4
72 Aug 95 Feb
2914 2914 *29
6% preferred
3112 *29
100 6538 Jan 2 694 Jan 10
3112 *2938 3112 3014 30'4 *29
311
604 Aug 85 Mar
200 Colorado & Southern
*10734 10812 10812 10812 1074 10712
100 20 Jan 2 3114 Mar 26
10612 10818 1073 1083 108 1101
4
4
17
3.800 Delaware & Hudson
Oct 4512 Feb
11412 115
115 116
11512 116
100
11534
11614 11914 116 117
4
934 July 12412 Feb
5,000 Delaware Lack & Western_ 50 10433 Mar 5 1123 Feb 25
237 2414 2352 2414 2412 2514 2514 116
2
1103 Feb 15 124 Mar 22
4
8 257 2612 26
257
8
267 41,400 Erie
8
31
3114 303 3152 3118 33
4
100 203 Jan 3 2818 Feb 4 100h Oct 13012 Feb
33
4
3334 337 343
8
4 3412 353 25,600
1012 May 22 4 Dee
*26
3
Do 1st preferred
2712 2652 2672 2712 2712 28
100 2852 Feb 19 35 4 Apr 4
2834 29
3
291
15
4,100
Jan 3114 Dee
Do 2d preferred
5512 5612 5514 56
5533 5612 5614 5672 563 58 4 2912 307
100 2512 Jan
4
304 Apr 4
5752 581 15.400 Great Northern pref
103 May 2758 Dee
4
30
30
2952 30
297 3014 3014 3118 31
2
100 533 Mar 3 59 Feb 4
54
313
2 3112 311
5052 Oct 80 Mar
7,800
13
Iron Ore Properties_ _No par 28 4
13
*1218 13
*1218 13
13
Jan 15 3112 Feb 4
13
13
13
13
8 1,100 Gulf Mob & Nor tr ctfs
143
25 July 36 Mar
*5512 58
*5512 58
*5512 58
_100 13 Mar 29 1734 Jan 9
563
5612 5612 57
612 Aug 20 Mar
587
2,000
*103 10414 10212 10212 10112 10112 102 4 57
Do pref
100 50 Jan
10212 103
587 Apr 4
104 104
2
444 Jan 628 Feb
2234 227
800 Illinois Central
4
8 2212 2234 2112 2212 2178 103
100 10014 Mar
2214 20
213
10514 Mar 24
4 201z 201
995 Dec 11712 Feb
8
187 1872 183 187
2
8
8
s 187 1912 1914 1912 1914 2014 2014 207 10,400 Interboro Rap Tran
100 123 Jan 2 25 Mar 21
4
13,800 Kansas City Southern..
*51
94 June Ws Mar
53
514 5114 *51
..100 1734 Mar 26 214 Feb
53
52 52
52 52 523
53 53
4
000
1552 July 2478 Mar
Do pref
6812 6884 683 687
4
8 687 695
8
100 5114 Mar 31 53 Feb 5
8 694 695s 6814 691
6812 687 10,100, Lehigh Valley
52
485g July 573 Mar
914 9113 9118 92
4
*9112 92
50 61 Jan 2 72h Jan 25
9112 917
8 913 93
4
9212 93
54 June 71% Feb
3,5001 Louisville & Nashville
100 8752 Jan 16 93 Apr 3
3858 383
3712 3812 3752 38
3758 3752 3718 371_ 3718 3714 2,700
843 Oct 155 Feb
4
*73
8 83
Mauls Elevated, mod guar_100
*714 838 *718 714
712 7 8
304 Jan 2 393
778 7 2
7
7
4Mar 5
7111
77
8
600 Market Street Ry
*23
2712 Dec 4812 Apr
26
*23
26
*23
26
*23
100
133
4Mar 15 1312 Jan 4
26
23
23
*23
26
712 Oct 22 Mar
200
*49
51
Do pref
*49
50
50
50
100 22 Feb 20 4012 Jan
4812 49
4818 49 .49
50
5
800
•I7
Oct 6812 Mar
18
23
Do prior pref
18
18
*16
20
10
17
4312 Mar 17 711/ Jan 4
17
16
17
*17
18
300
5612 Oct 87 Mar
*214 25
238 23
Do 2d pref
8
8
23
2 212
100 14 Mar 18 30 Jan 4
232 232
212 212
238 212 1,700 Minneap & St L
105 10311 10511 102
1452 Oct 5614 Mae
2
2 11
(new)-___10
11
1034 11
13 Jan 3
2
107 12
8
4 Jan 28
112 1172 18,400 Mo-Kan-Texas KR...
8
31
3112 303 31
912 Feb
Aug
4
31
3112 3134 323
.No pa
1052Mar 25 1314 Feb 4
2 3214 327
8 33
12
335
8 7,650
12
Do pref
117 12
8
4
93 Oct 17 Feb
12
121
1214 1234 1214 123
100 293 Feb 18 3412 Feb 4
4 125g 127 10,400 Missouri Pacific
8
244 Oct 4512 Feb
363 373
4
8 367 3714 3714 377
8
corn
38
100
3852 3818 3912 3918 40
934 Jan 3 1312 Feb 11
4
184 17
17,800
8 *12
84 Oct 10h Feb
Do pref
*13
4 2
100
17
8
17
8
134 13
1073 10814 10818 10818 10812 10812 *134 2
4
600 Nat Rys of Mex 26 pref._.100 29 Jan 3 40 Apr 4
2214 Oct 49 Feb
18 Jan 4
10814 110
110 11114
214 Feb 6
10014 1005 10012 1013
6,200 New On Tex & Mex
114 Nov
8
4h Feb
4 9952 10012 100 10 3 1003 1017 110 112
100 9312 Feb 15 112 Apr 4
8
8 1015 1027 48,700 New York Central
8
7212 7212 7212 7212 723 7234 *7314 0 2
8212 Aug 105 Mar
2
4
733
4 737 743
100 9912 Feb 15 10612 Feb 4
8
4 75
•____ 8412 ____ 8412 8412
751
9012 May 10714 Dec
2,700 N Y C & St L new co
8412 *83
100 7212 Feb 18 7912 Jan 9
8412 8412 8412 8412 841
1734 18
674 Aug 8012 Dec
1,500
Do pref
4
173 1812 1814 183
4
100 844 Feb 26 8734 Jan 22
.1
2 1854 1952 19
1612 1612 •1638 1612 1612 1634 183 187
1958 21,900 N Y N Il & Hartford
86 Nov 9512 Jul/
17
21 Feb 13
177 18
8
*133 1414 *1334 1414 *133 1414 *133 1714 1712 18
4
2,900 N Y Ontario & Western.. 100 1412 Jan
9h July 2212 Jan
4
4 1414 1414 1414 14
.100 1812Mar 2
1972 Jan 9
14
12318 12418 12314 1253 125 12634
200 Norfolk Southern
2152 Feb
4
12514 12634 12518 1263 125 1265
100 13 Mar 11 154 Feb 7 . 1414 Jun
4
•76
8 57,200 Norfolk 62 Western
9 Sep
79
184 Feb
*76
79 •77
79
*77
100 10212 Jan
79
*77
79
132 Mar 20 100 July 1178
77
79
507 5114 5012 5114 51
8
Do pref
8 Feb
5112 5114 5214 5214 5314 5234 533
100 723 Feb 26 7712 Mar 27
4
27.400 Northern Pacific
4312 435
72 Sept 7812 Aug
8 4312 435
8 4312 4334 4352 4 2 44
100 474 Mar 3 55 Feb 4
441
37
4458 461 30,400 Pennsylvania
52
•12
4934 Oct 8112 Mar
1312 *12
13
*12
13
*11
50 4214 Jan 3 4612 Apr 4
12
*12
13
*11
13
407 Nov 474 Apr
2
Peoria & Eastern
407 407
100
2
93
4Mar 13 1252 Jan 10
8 4012 40% 4034 41
4112 4134 423
8 Oct 17 Mar
41
8 42
4212 7,800 Pe:e Marquette
•73
7512 *73
7514 *73
100 4012Mar 31 4532 Feb 5
754 *73
7514 *733 754 *7314 7514
4
Jan 4714 June
*60
36
Do prior pref
611 *60
6212 *6038 61
•6012 6112 6112
100 7134 Jan 9 7518 Feb 26
61
6712 Oct 7634 Mar
4134 413
200
Do pref
8
412 4218 4212 4214 4234 4234 4312 6118 61
45
674 Oct 7012 Jan
433 447
8
4
8 7,000 Pittsburgh & West Va_-- 100 60 Jan 4 623 Feb 5
.89
90
*89
90
*89
90
-10
*89
90
38 Jan 4 45324 Jan 18
•89
90
*89
90
334 Jan 50% May
527 535
2
8 534 5414 533 5414 5414 5412
Do prof
4
100 8514 Jan 5 894 Feb 26
543 5514 5434 557 19,300 -.eliding
8
8
85 Dec 93 Jan
*3512 361 *351z 36
*3512 36
5
*3512 353
527 Mar 29 79 Jan 12
8
35
353 *3512 36
4
333 333
100
68'1 Juno 8114 Feb
4
Do 1st preferred
333 333 *333 34
4
4
*333 3372 337 337
4
5 8354 Jan 15 5612 Jan 14
8
8 333 34
44 June 5612 Feb
4
•32
700
38
Do 2d preferred
34
34
*3218 35
33
5 b3312 Jan 16 56 Jan 14
33
35
35
3612 3612
45 June 5654 Jan
212 22
500 Rutland RR pref
5
213 22
4
215 221
8
223
22
2 223 2234 2212 23
10
32 Jan 3 404 Feb 5
8
•4612 46
12,900 St Louis-San Fran
2212 Oct 39 Dee
4514 453
4578 46
100 194 Jan 4 2412 Feb 29
4614 461
4612 47
47
475g 3,500
183 Oct 27 Mar
37
4
Do pref A
37
361g 371
,
37
371
3714 373
100 4252 Jan 3 484 Mar 24
377 387
8
8 38
387 12,800 St Louis Southwestern...
*5812 59
8
3212 Jan 50 Mar
583 581
8
5 4 533
.100 33 Jan 2 424 Feb 2
83
4 59
591
60
6014 6012 607
2512 Aug 36e Feb
8 2,300
*83
4 9
Do pref
73
4 9
•87
2 914
9
100 577 Jan 3 6314 Feb 2
958
2
912 93
4
912 958 6,100 Seaboard Air Line
*183 1914 183 19
2
543 June 634 Mar
4
4
19
1912 193 201
4
100
614 Jan 2 104 Feb 23
20
2018 1978 2012 9,600
434 Aug
853 857
Do
712 Feb
4
2 853 86
4
857 864 8812 89
8
100 1414 Jan 2 2212 Feb 25
8912 9314 917 93 129,100 Southerpref
8
814 Aug 153 Dee
5312 54
4
n Pacific
5314 537
533 5418 5414 543
4
100 8512Mar 26 9014 Apr 3
5414 545
8 5412 553 40,800 Southern Railwa Co
8414 Aug 9514 Feb
7112 7114 72
71
4
y
7112 7172 7112 72
100 3812 Jan 2 553 Apr 4
7112 717
8 713 721
4
4
2434 Jan 3918 Dec
5,100
2552 26
Do pref
2518 26
253 2612 2612 27
4
100 663 Jan 3 7314 Mar 22
27
4
273
4 273 281 29,200 Texas & Pacific
4
63 July 704 Mar
1013 1012
1012 1012 *1012 1052 1014 101 *10
100 19 Jan
1012 1014 1014
2812 Apr 4
14 Aug 2912 Mar
*5914 603 *593 60
400 Third Avenue
a
8
*59
6012 *60
601 *60
9h Jan
6012 *60
124 Jan 23
601
1283 12912 12878 129
812 Dec 1914 Feb
2
Twin City Rapid Transit. 100
12814 1285 12914 1291 12912 131
2
100 60 Mar 25 66 Jan 12
13114 1317 17,300 Union Pacific
'71
5814 Jan 7712 June
8
72
7112 7112 7114 7172
7118 717
100 1265g Mar
7112 7112 711g 7118 2,200
1324 Feb 8 12412 Aug 1447 Feb
8
Do pref
100 70 Mar 20 74 Feb 13
9
9
*S3
8
*8
9
*8
7014 Dec 7612 Jan
9
*812 912
812 812
303 303
4
900 United Railways Invest
4 30
30
*2912 3012 30
30
100
30
7 4 Feb 20 1114 Jan 5
3
3012 *2912 3012
155 1552 155 163
74 Oct 214 Mad
8
900
Do pref
8
1614 1818 163
8 16
100 2812 Feb 20 4012 Jan 4
8 1814 1678 16521 17, 32.000
4414 447
Oct 62 Mar
26
2
8 435 45
Wabash
8
45
4512 4512 4534 4553 465
100 103 Jan 4 173 Mar 20
4
8 4638 47 2 49,100
2
•29
7 Mar 12 Dee
32
,
Do pref A
2912, 2912 *3014 32 '30
31
100 34 Jan 3 4734 Mar 19
3118 3118 3112 323
912
2314 Jan 3612 Dee
912
4 1,100
Do pref B
914 913
94 93
100 2212 Jan 3 3234 Apr 4
4 *93/s 94
94 93
•l618 1712 16
4
95
1612 Jan 234 Dec
8 972 3.5C0 Western Maryland
1612 16
163 *1612 17
4
100
165 1718 17
8
018 Apr 1 113 Jan 9
2
157 157
8 Sept 15 Feb
8
8 1534 16
177
2 3,200
Do 2d preferred
1552 152
8 1612 163
100 16 Mar 31 2014 Jan 10
4 165 1714 1714 1814 10,520
8
*5812 60
14 Sept 264 Mar
Western Pacific
5 '2 5912 *5912 60
0
595 595
100 1434 Jan 2 1814 Apr 4
8
8 60
6114 014 63
82
8 858
12 Setp 2014 Mar
2,100
9
Do pref
9
918 918
914 932
100 58 Jan 7 63 Apr 4
912 93
2
4
912 6.700 Wheeling & Lake
•1712 1912 173 173
53 May 633 Mar
2
4
4 18
185
Erie Ry_100
8 18
1812 1712 1812 1812
712 Jan 2
912 Apr 4
Oct 1012 Feb
6
364 3014 357 304 *3612 39
8
Do pref
184 4,300
*37
39
100 1414 Jan 2 207 Feb 5
8
10
Oct 19 Feb
Wisconsin Central
100 34 Jan 16 3712 Jan 29
23 Aug 3812 Dec
•3612 371 *37 • 3812
7614 7614 76
300 Industrial & Miscellaneous
76
76
76
76
76
76
7638 *7512 7612
.
28
9
700 Adams Express
8
8 14 *8
912 *8
100 7312 Jan 2 8212 Feb 11
8
914
8
8
67 Sept 82 Mar
83
8
*35
38
800 Advance Rumely
*35
38
33
35
33 33
10
33 33
73 Mar 22 1212 Jan 2
4
33
612 Oct 1912 Mar
33
*7314 7512 75
400
7512 751
Do pref
8
733 74
75
100 3012 klar 10 4112 Jan 4
75 14 751 •7414 7514 4,600 Air
24 Nov 543 Jan
2
Reduction, Inc___.No pa
63
4 63
03
4 67
8
613
8 634
4 *65
6714 Jan 2 8112 Jan 29
612 63
•18
56 July 723 Mar
63
14
•18 63
8 63
g
3,50 Ajax Rubber, Inc
4
14
*18
14
*18
50
614 Jan 3 1012 Jan 11
14
14
*18
*114
14
1
138
414 Oct 144 Mar
20 Alaska Gold Mines
114
114 *118
14 *118
118
1
4 Jan 3
11
14 Feb .2
12 Aug
114
13
8 5,15 Alaska Juneau Gold Min.- 10
h Mar
6512 6514 65
66
6518 6614 6612
10
7 Jan 30
2
111dar 4
2
67
11012 1101 1103 1103 *110 111 *11012 6714 663g 671
673
17 Oct
2
8
8
111 1 111 111 *110 111 8 5,20 Allied Chemical & Dye_No par 65 Mar 18 7453 Jan 8
59'14 AugOet 80
4
Jan
40
Do Prof
100 11012 Jan 19 11414 Feb 8 10514 Aug 112 Mar
4212 421
4214 423 *421g 423
4 4212 4312 44
44
•4212 44
1,100 Allis-Chalmers Mfg
*91
913 *91
913 *91
93
*91
93
100 4212 Mar 28 6012 Jan 22
*91
93
*91
37s4June 5114 Feb
93
Do pref
87
8 93
8
858 1018
9
10
918 93
914
4 *9
878
89 Nov 971/ Jan
912 5.800 Amer Agricultural Chem 100 9014 Mar 26 9634 Jan 17
2572 263
2 2572 29
2712 2712 23
2832 28
100
814 Mar 27 17 Jan 2
2814 2412 2714 4,700
1018 July 364 Feb
*105 108 *105 108 *105 108 *105 108 *105
Do Prof
100 2412 Apr 4 4952 Jan 9
107 *105 108
2814 Oct684 Feb
American Bank Note
*531
*53
55 .53
•53
55
55
50 98 Jan 8 108 4 Jan 14
*53
55
*53
3
77
Jan 100 Nov
55
Do pref
415 415
8
8 42
42
4214 427
43
8 43
50 6314 Jan 26 55 Mar 13
425 425 *42
8
8
5012 June 5514 Aug
424
900 American Beet Sugar
2612 2612 26
25
2214 25
2414 2434 2412 25
100 36 Mar 21 4912 Feb 8
*2434 25
25 Aug 4912 Feb
2,200 Amer Bosch Magneto.
*78
80
•773 791 *78
79
4
79
.No par
79
79
79
4
•78
79
223 Oct80 Mar
4
300 Am Brake Shoe & F__ _No par 2214 Apr 1 383 Jan 7
•103 109 *104 110 *101 110 *104 110 •104
77 Jan 3 82 Feb 8
6918 Sept8314 Feb
Do pref
103 1043 103 10514 1042 10512 10512 10658 10412 110 *104 110
8
8
100 108 Jan 7 110 Mar 26 102 July 110
•113 1133 *11212 11312 1125 11234 11258 1125 •1121 10614 104 106 123,100 American Can
Jan
4
8
8
100 102 Mar 28 1225 Feb 1
z 11312 *11212 11312
8
7312 Jan 1075 Dec
8
300
Do prof
155 15512 156 1583 *158 16014 158 159
4
100
157 157
15612 157
1,200 American Car & Foundry_100 109 Jan 8 11434 Mar 12 108 Sopt 115 Feb
12012 12012 .11814 123 *11814 123 *11834 123 •11814
154 Mar 28 178 Jan 26 14814 July 189 Mar
123 •11814 123
100
Do pref
2278 23
2278 2278 2234 23
2213 2:1
223 223 *2112 223
100 119 Jan 18 12214 Feb 5 117 Sept1254 Jan
4
4
4 1,1(0 American Chain,
•1512 1612 1514 1513 1518 1518 15
1512 153 153
25 218* Mar 21 2318 Jan 12
8
4 1578 1614 2,900 American Chicle CIA
203* Juno 2512 Mar
*10
12
1132 •10
*10
*10
12
No par
12
*10
12
*10
53 Jan
4
12
175* Nov
Amer Cot Oil Ws of dep-_100 15 Apr 2 2012 Jan 7
t *32
36
*33 .___ *3232 36
*32
36
*32
1012
38
2
*32
334 July 203 Jam
4
36
Do pref ctfs of dep____100 3314 Feb 18 123 Jan 11
•412 434
434 434 *412 43
434 43
4
4
434
Jan 2 373 Jan 11
4
43
5
4
14 May 384 Jan
5
700 Amer Druggists Syndicate_ _10
92
92
92
*9112 92
92
*9112 92
*9118 92
414 Mar 24
614 Jan 30
•9112 92
418 Sept753 Feb
200 American Express
•10
1012
958 934 *10
1014 10
100 92 Mar 28 10312 Jan 7
1014 *10
1014
87 Nov 14312 Mar
93
5634 6712 5614 5634 56 4 1018 1,300 American Hide & Leather_100
5618 5714 5612 57
5412 55
912 Jan 2 1353 Feb 13
64 Aug 133 Mar
4
5612 10,100
Do pref
1814 182 1734 184
8
1814 1812 1812 2034
193 2012 20
4
293 Aug 743 Mar
4
2118 13.600 Amer International Coro. 100 5012 Jan 3 85 Feb 11
4
.100 173 Mar 19 2512 J13112 31
g
16 Sept3312 Mar
•
314 and asked prices. x Ex-dividend. SEx•rlghte.
Saturday.
Mar. 29.
9
____
New York Stock Record-Continued-Page 2
1642
For sales during the week of sto%ks usually Inactive, see second page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE
Satu -day.
Mar. 29.
Monday,
Mar. 31.
Tuesday,
April 1.
Wednesday. Thursday,
April 3.
Apr11 2.
Friday,
April 4.
Sales
for
the
Week.
PER SHARE
Range Since Jan. 1 1924
On basis of 100
-share lots
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Highest
PER SHARE
Range for Previous
Year 1923.
Lowest
Highest
Per share $ per share S per share
Indus. & Allscell. (Con.) Par $ Per share
$ per share S Per share $ per share $ Per share $ per share $ per share Shares. American Ice
Oct 11113 Apr
78
100 86 Jan 14 96 Feb 7
100
92
92 .89
88 .8918 9213 .89
SS
.8712 88
90
.86
4
773 Oct 89 Feb
100 7912 Mar 28 83 Feb 5
Do pref
82
82 .80
82 .80
8212 •80
.80
8212
83 .80
*80
1018 July 13 Mar
10 1012 Jan 31 1214 Jan 9
American La France F E
800
s
8 108 107
8 103 103
8
.103 105
4
4 1012 1012 1012 1034 107 107
Oct 33 Mar
13
22% Jan 14
100 14 Mar 21
4
*153 1612 1534 1672 1,100 American Linseed
1418 14% 1412 1412 1514 .1514 1512 18
2812 Oct 59 Feb
100 31 Mar 22 45 Jan 14
Do pref
363
4 1,400
3212 3212 .32
3334 3514 3512 3512 36
34
34
.31
8434 July 7614 Dec
new_No par 7114 Feb 18 7638 Feb 7
4 6,000 American Locom,
723
7258 72
7134 725, 72
72
72
7114 72
8
715 72
100 117 Mar 21 120 Mar 12 11412 Sept 122 Feb
Do pref
100
117 117 •116 118 .116 118 .116 118 .118 118
.117 118
4014 June 55% Mar
8
No par 4218 Feb 27 457 Feb 14
700 American Metals
4258 43
4
*4212 44
423 423
4
43
4214 4214 •4214 44
43
Jan 97 Dee
76
25 9412 Jan 16 10718 Mar 20
4 1,500 American Radiator
8
10:3 10314 10318 10318 10353 1015 *104 10412 10212 1033
*10314 104
918 Feb
8
25
47 June
6 Feb 18 712 Mar 6
3,900 American Safety Razor
618 614
6% 814
614 614
614 614
,
6 4 614
6% 614
1038 July 21% Jan
8
153 Feb 11
Comm __ No pat 1114 Apr 1
5,600 Amer Ship &
8 123 127
8
125
1218 12% 12
1158 12
1134 12
1158 117
5114 Oct 6912 Mar
6218 11,700 Amer Smelting & Refining 100 5713 Jan 14 6318 Feb 14
8 61
8
605 615
5814 59
8
.5814 5914 59% 591s 595 6114
93 June 102% Mar
100 96 Jan 2 10014 Jan 24
Do pref
99
99 .98
99 .98
99 .98
99 .98
4
*9812 983 .98
8
31% July 407 Mar
357 36
3614 3,300 Am Steel Foundries_ __33 1-3 3514 Mar 29 40 Feb 7
3518 3614 36
3514 36
3514 363
358 36
97% Aug 10514 Feb
100 102 Jan 3 10412 Mar 17
Do pref
300
10234 *102 101
8
1037 104 .102 101 •102 104 .102
*102 104
48
Oct 85 Feb
Refining 100 49% Mar 26 601 4 Mar 14
Sugar
4
4
5013 5012 493 5114 503 51 14 513 5212 51% 5212 5112 5238 7,500 American
4
92 Dec 108% Jan
8
100 94 Mar 21 997 Feb 14
Do pref
200
95
95 .9312 9512 *93
95
95
*93
95
94
*94
94
16 July 36% Feb
10 Mar 25 2812 Jan 9
,
8 133 143
4
8 1312 14 4 3,600 Amer Sumatra Tobacco._.100 42I Mar25 69 Jan 16
8
1218 1213 125 1278 *121, 1313 1312 143
4
3212 July 653 Feb
100
Do pref
100
46
*40
60
50 .40
4.512 45% 45% •40
46 .42
.42
4
123 Mar 31 1307 Mar 13 11918 June 1283 Dec
100'
Teleg
4
8
8
12414 12514 1257 12634 127 1275 1277 1233 14,300 Amer Telep &
12514 125% 123 1257
8
13653 Mar 25 157 Jan 28 14014 July 181% Feb
14218 14312 2,900 American Tobacco
4
.140 140% 14018 14014 14113 14233 14212 144 I 1423 144
8
100 1013 Jan 2 104 Feb 19 10018 Nov 105% Mar
900, Do pref
8
3
'
8
1021 s 1025 *10214 10212 1023 1023 10214 10214
.102 10213 102 102
4
Class 13_100 13514 Mar 25 153 Jan 28 140 May 1593 Feb
8
4
14112 14134 1403 1417 140 141 1 1,100. Do common El v t e__ _100 40 Feb 18 46 Mar 25
138 138
1367 13712 *139 141
2712 Jan 4434 Apr
4114 4312 4418 4412 4458 2,000 Am Wat Wks &
*4334 4434 44% 4414 4134 4434 43
Jan
9112 Jan 26
8514 July 93
Do lot pref (7%) v t c_100 8912 Mar 21
91
91 . .89
*8912 91 1 .89
*891. 91
.8912 90
*8914 9113
4812 Jan 6713 Dec
3001 Do partic p1(6%) v t c.100 66 Feb 19 71 Mar 2G
71 1
7012 7012 7012 7012' .70
70
70
.7012 71
.7014 71
Oct 109% Mar
65
100 6734 Apr 1 78% Jan 11
Woolen
70 1 6913 707 30,900 American
8
6812 68% 683 705, 674 6914 6012 7018 69
8
965 Oct 111% Jan
100 100 Jan 4 1025, Jan 19
400, Do pref
8
8
,
•10014 10012 100% 10014 1001.1 100 4 1007 1007: 1007 100% .10014 100%;
118 1)ec 34 Mar
134 Mar 24
4 Jan 7
100 Amer Writing Paper pref_100
.133 212
4 13
13
4 .113 212 •112 212' •112 212 *112 212!
6% Oct 1914 Feb
7 Mar 29 103 Feb 14
8
834 8%, 2,300 Amer Zinc, Lead & Suielt___25
8,
toy
8
858 87
8
8 77
77
7
7
71s
718
4
243 Dec 5814 Feb
25 2112 Mar 27 34% Jan 14
Do prof
8 3.400
28141 2714 273
27
2.5
25
2514 2513 2512 2513 29
25
32% Oct 5312 Mar
31% Mar 29 41 Feb 15
8
8, 325 33 I 16,900 Anaconda Copper Mining_ 50
335
3112 3258 323 3358 33
alls 3112 31 18 315
4
883 Oct 9414 Dec
100 Armour & Co (Del) pref. _ _100 8718 Mar 24 9318 Jan 24
.8712 89
88
88
89
.88
89
8
*877 90 .877 8913 •88
8
18% Oct
1012 Nov
814 Mar 20 15 Jan 9
500 Arnold Constle&Cov t eNoOar
4
4 83
83
4
83
4
83
.813 9
4 *812 912 *813 9
83s 83
6214 Jan 89 Mar
100 79 Jan 15 lool2mar Ii
965
8' 4,200 Associated . Dry Goods_
4
963 9714 96
9412 97
8
92
9114 92
95 2812 Jan 10 345 Feb 5
4 933 947
923
24% Oct 2912 Deo
3
4
3134 313 32 j 10,000 Associated Oil, new
3134 3113
4 31
30
4 3014 3034 3034 303
303
12 Nov
312 Feb
2% Feb 20
1 18 Jan 15
No par
_ _ I Atlantic Fruit
4
13
13 ___
4 *I%
*11
•114 13
914 July 34 Mar
4M:1r 26 19 Feb 25
\V I SS Line___100 103
O
11114
13 2
4
123 123 .1213 13
4
13 -- -1- -iiT 7 - -- -11;1i4 - 2: - 1,000O AU Gulf &
8
•117 13
634 July 27 Mar
100 1212 Jan 4 1913 Feb 25
Do prof
8 164 1758: 1,900!
1612 187
1512 1513 1512 1512 16
k
157 16
8
993 Sept 15312 Jan
,
100 112 Mar 29 1401 Jan 31
118 120 1 1,300: Atlantic Refining
11612 117
11412 115
112 11212 11312 114 ,•112 115
100 11613Mar 31 118 Feb 7 115 May 129 Jan
Do pref
1001
4
•11612 1173 11612 11613 .116 117 .116 118 *11614 119 .116 11712
17 July 3512 Jan
Nichols & Co__No par 1812 Mar 28 30 Jan 9
8
4 21 1s 2134 2,000, Austin,
8
20 1 195 2012 2112 2112 213 213
1912 19
19
4
783 June 8012 .711111
100 84 Feb 26 8814 Jan 24
1 Do pref
85141
8514 .81
8514 .81
84 1 .81
8518 •81
8414 .81
.81
6% Dec 2814 Apr
3% Apr 3
812 Jan 2
4141 1,900 Auto Knitter Hosiery_No par
33
4
412
412
5 1 .4% 5
48
*478 514 *478
Baldwin Locomotive Wks_100 115 Mar 28 131 Feb 7 11013 Aug 14414 Mar
8
8
11514 11718 11518 11712 118% 1175 11634 1183 11634 11814 11658 11838 70,300,
Apr 11634 Jan
100 111 Jan 4 121 12 Jan 12 111
pref
1
•115 11512 *115 11512.115 11512 •115 11512 •115 11513 *115 11512Do Leather
2012 Dec 55 Feb
par 26 Jan 9 35 Feb 7
I Barnet
37
.23
37
37 1 *23
37 .23
37 •23
37 .23
.23
9% Aug 35 Mar
8
187 Feb 1
5
a
Corp, Class Ain° 2 r 14 Feb 16
1718 2.700, 13arnsdall
17
8 17
13
16%, 1612 1738 1678 1714 167 167
16
17
.16
Oct 22 Jan
(I
5
142 10 Jan 7 1453 Feb 7
600; Do Class 13
•1313
*1212 1312' 1312 14
*1312 137 .1312 14
13
18 July
13
8
5 Aug
18 Jan 2
14 Jan 17
20
,[
1
*18
400' Batopilas Mining
*18
14
*I,
18
%
14
•Is
1 Bayuk Cigars, Inc___ _No par 49 Mar 28 59 Jan 5
50 June 6214 Ayr
100
50
501-1 .4518 504 .45
50 .45
4978 .45
3
8
497 497 .45
4818 Dec 8414 Mar
5812 Jan 31
20 45% Apr 1
4813 1,400 Beech Nut 1 acking
4 4712 48 I .4818 4812 .48
4812 4538 463
4
4812 483 *48
41% June 70 Mar
100 49 Mar 31 8218 Feb 5
51 14 5213 50,800; Bethlehem Steel Corp
52
52 1 51
51
493 51141 49
50% 49% 51
8
8
Do cum cony 8% pref_100 1057 Feb 4 1105 Feb 14 10014 June 11114 Mar
200
8
.107 10814 10714 10714 107% 1075 •10712 10314 .10712 109 •10713 109
87 July 9713 Mar
100 9012 Jan 9 983gMar 18
Preferred new
300
4
9458: 9412 941.
94 .94
.9412 9434 94% 9413 94
7% Jan
4
5 Apr 4
7% Jan 6
par
33 Oct
No 10o
1,100 Booth Fisheries
5
.
518 518
5
8 5% *514 512,
a3
512 512
9% Mar
3 Dec
612 512
5 Feb 9
213 Apr 3
100 British Empire Steel
.212 4 1
4
213 212 .212 4
5214 Dec 6912 Mar
100 40 Apr 2 54 Mar 12
preferred
Do 1st
300
40
40
*3912 42
40
41
40
50,2 41
1218 Dec 2612 Feb
8
100
918 Apr 3 157 Jan 11
Do 2d preferred
200
1018
1012
918 912 .9
1234 *818 10
100 110 Mar 28 116 Feb 6 10414 May 12112 Jan
1,,,60(_) Brooklyn Edison, Inc
4
1093 11014 11012 11012 11038 1107 11014 111
1
*LPI 110
100 11914 Jan 3 1295, Jan 23 103'a May 128 Feb
Gas
Brooklyn Union
41% Oct 65% Apr
100 42 Mar 18 5312 Jan 9
00 Brown Shoe Inc...
4
44
"ii
;41 45
-:1434 443 *45 16 ;ii" 16" ii&- 16" ---2
100 9712 Feb 26 1074 Jan 18 100 Sept 14434 Mar
1;800 Burns Brothers
01
0
4
1003 101 .100 10013 121 12214
4
1003 101
99 10014 101 101
21 12 Sept 43 Jan
8 Feb 26 2512 M ar 5
195
1)0 new ClassB com____
Do
1,900
2214 2212 2212 2112 2214
8
8 22
4
.213 2218 215 215
414 Oct 11% Feb
613 Feb 14
4
43 Mar 31
5
.412 5 I 3,400 Butte Copper & Zinc
5
5
4% 512
1% 4%
434 4%
4% 4%
1314 June 22 Aug
3
100 1812 Mar 18 23 8 Jan 23
700 13utterIck Co
1913
1912 1914 19141 1914 1912 .19
19 •19
8
1853 18% 19
127 Oct 37% Mar
15 Apr 31 2038 Feb 15
2,600 Butte & Superior Mining_ 10
1658 . 1614 165
1514 1518 1558 15'4 1612 16
918 Feb
1512 1513 15
114 Nov
i2 Mar 21
414 Jan 19
.
1%
3 1,000 Caddo Cent 011 & Ref No par
17
134
4
13
134 17
178
178
4 1781
*13
13
4
77 Aug 87 Feb
4 13
.No par 81 Mar 25 8714 Feb 1
Packing_..
8318 1,500 California
8 83 8318 8312 8313 8312 8312 83
833
83
.82% 83
17% Sept 29% May
Mar 17 2914 Feb 5
2313
4
4
2434 23 1 243 2518 243 2514 17,800 California Petroleum. new. 25 9712 Ma 19 107 Jan 31
8
4 245 247
24
24% 2418 243
9013 Sept 11012May
100
Do pref
400
9712 9818
93
3
99
98 8 98121 .97
.98
98 98
4
33 Oct 1258 Feb
•9712 99
5% Jan 9
10
414 Mar 24
43, 412 1,400 Callahan Zinc-I.ead
412 4l
414 412
414 414 .433 413
414 412
Oct 66 Mar
42
4
10 413 Mar 31 4918 Jan 24
4418 .4213 4312 1,000 Calumet Arizona Stifling
43
43
4212 43
4 42
4
413 413
8
95 Feb
4
338 Jan 22
112 Dec
.313 43
1 Mar 21
1
Hill Gold
300 Carson
4
13
4 .1
13
112 .1
4 .1
13
118 •1
1
434 Feb
•1144 134
1 12 Jan 11
14 Oct
%Mar 26
No par
8
*12
7
1 Case (J I) Plow
78
*12
8
7
8
7
•12
.12
%
•12
%
17 Dec 42 Mar
*12
I Case Threshing Mach_No par 14 Mar 19 2712 Jan 26
19
19 .13
•13
19
19 .13
19 .13
*13
19
•10
9% Nov 4012 Mar
9% Star 25 17% Feu 13
100
1,400 Central Leather
1:334 133.
8
13% 1378 1312 1:37
2810 Nov 7934 Mar
•1314 1312 1313 13% 1358 14
914 Mar 5 44% Feb 13
100 2
Do pref
4114 9,400
4113 42% 4012 4112 41
4238 4114 42
39% 39
39
3613 Oct 5012 Mar
Copper_No par 4034 Star 31 4813 Feb 15
4
4213 4278 423 433
4 4314 4312 433* 4412 13.800 Corrode Pasco
41% 4034 42
41
Oct 76 Mar
43
47 Mar 26 8613 Jan 2
17,000 Chandler Motor Car__.No par 814 Feb 18 8412 Apr 2
4833 4878 4814 4913 4818 4912 4853 4978 48% 5614 4818 49
7512 June 90% Mar
4
goo Chicago Pneumatic Tool._ 100
84
8414 84
8412 8412 84
8314 83% 84 .8314 85
8
.83
2418 June 303 Mar
8
25 255 Star 29 283 Feb 15
2634 267
9,400 Chile Copper
4
4 263 267
8 2614 263
263
4
25% 25% 2578 2614 26
143 Aug 31% Mar
5 15 Mar 28 2013 Feb 16
113
1614 3,100 Chino Copper
15
1513 1513 1512 1512 16,2 1618 1814
15
15
60 July 7614 Mar
100 65 filar 31 7512 Jan 30
Peabody & Co
600 Cluett,
66 66
6613 6613
67
67
*6'3
6512 .65
8
6514 Oct 8:33 June
4
653 65% 65
4
No par 623 Mar 17 7712 Jan 2
Coca Cola Co v t c
4
Oct 35% May
,
20
84% 65 2 643 6114 651 4 6812 6108 66% 6612 6712 6653 6712 13.609 Colorado Fuel & iron
100 24% Feb 15 3512 Mar 14
4
8
8 307 31% 303 3218 31 14 3239 15,100
Oct 51 18 Deo
41
2914 30% 2912 3088 3014 307
8
vie No par 4812 Mar 17 553 Jan 18
50% 5012 5012 .4912 5013; 1,300 Columbian Carbon
4934 4912 4912 4912 4912 50
49
4
3014 June 373 Apr
38 Feb 5
par 33 Star 21
4 33% 3312 3318 34 1 7,90) Col Gas dt Elec, new__ _No
8 33% 333
3312 3312 3312 3358 33% 333
67 June 9714 Deo
Computing-Tab-RecordNo par 9053 Feb 15 104 Feb 5
No par 45 Jan 12 86% Feb 18 e4412 Dec 18438 Nov
22:700 Congoleutn Co
61
7"
66 8 -eiail, "6"1" - 60
.719 8 5918 597
8
145 Dec 39% Jan
8 58 8
575 - -71133 Mar 25 2218 Jan 14
No par
147 1534 2,100 Censolidated, Cigar
•1413 14%
1413 1412 *1413 15
1418 1412 1514
14
60 Dec 83 Feb
100 80 Mar 22 84 Jan 15
Do pref
400
64
62 1
62
6018 6018 .62
62
62 .60
62
65
4
85
563 July 6953 Feb
Jan 2 8734 Jan 23
6238 6214 63 1 16,300 Consolidated Gas(N Y) -100 80%
6238 62
61% 6112 61% 62
6118 6112 61
Oct 1412 Feb
8 Jan
6
6 Jan 2
6
618
6131 5,300 Consolidated Textile. __No par
6
6
6
6
6
6
6
6
6
42% May 573 Dec
8
100 45% Mar 29 00 Jan 8
Can, Inc
47% 47% .4712 4734' 15.000 Continental
48
45% 471 1 45% 4714 4613 4714 47
678 Mar 27
Oct 1214 Jan
8 Jan 16
par
5
714
718
7% 7141 9,300 Continental Motors__ _No
678
3 7
67
8
67
8 7
67
8
6% 67
8
8
3
Corn Products Refining__ _100 1523 Jan 4 1877 Jan 28 1143 July 16012 Dec
8
170, 17254 .16912 170 1 23,300
4
4
18512 16912 169 1723 189% 171% 1723 173
25 3113 Jan 15 :377 Jan 28
New when issued
4
8
33% 3414 3133 33% 3 4 337 2:3,110
33
7
32 8 33% 3318 3418 33% 34
2284 Sept 16 Mar
1
;
32 Feb 15 4014 Feb 5
No par
3512 3514 3658 47,858 Cosden & Co
8 34% 35% 35
,
33 4 34% 34% 347
3418 35
5712 Sept 8411 Mar
IX America_100 5113 Mar 31 71% Feb 7
5 % 21 41
,
57 8 5612 57% 5614 57% *8614 573 22,000 Crucible Steel
5518 5618 5412 5718 56
85% Aug 9412 Mar
100 88 Mar 25 92 Feb 11
Do pref
*8614 91
*8614 91
91
4
*873 90 .8614
89
.87
4
812 Aug 20 Feb
No par 133 Mar 29 18 Feb 6
13% 1418 1412 1458 •1414 1412 1412 1453' 3,200 Cuba Cane Sugar
14
4
133 137
s 14
8
3312 Aug 6512 Dee
100 60% Ian 4 71 7 Feb 11
Do pref
4 6418 6514 18,400
7
8213 63% 6212 6418 83 8 6414 8414 85% 6412 65,
23 Aug 37% Feb
10 3213 Mar 29 38% Feb 11
3412 33% 343
9,200 Cuban-American Sugar
8 3338 34
,
4
323 33 4 3312 33% 33%
3212 33
92 July 106 Apr
100 96 Jan 4 9912 Feb 28
Do pref
9814
100
9814 .97
9814 *97
9814 .97
98 •97
1214 Mar
98% 98
•97
3 July
613 Jan 22
81a Feb 5
6
6
600 Cuban Dominion Sugar No par
6% 67 *4313 4513
8
8% 7
4
4
,
6 3 612 *612 133
*612 83
30 Aug 5812 Mar
100 43 Mar 22 52 Feb 5
Do pref
15
*43
4518 *43
45 .4018 45
*43
45
*44
par 66 Star 28 7412 Jan 3
5412 July 7212 Dec
No
Fruit
7
8812 69,
8 68% 658 6312 69% 6613 6758 6614 6712 2,800 CuyamelChemical v t c_No Oar 48 Feb 4 8912 Jan 8
.6714 68
20% May 8114 Dee
8
5318 52
2
52% 52% 54% 525 53% 5213 53, 27.600 Davison Cons Mines.
52
50% 52
4
183 Dec 28 Mar
par
1814 Jan 21
2218 Mar 14
300 De Beers
4 .201,2 25
4 2114 21, .10411 10112
8
20
20% .205 213
3
.203 22
21
02018
100 101 14 Jan 30 10814 Jan 10 100% June 111 Mar
600 Detroit Edison
10134 101% 104% 101% 105
4
4
10418 10418 *1033 10114 1043
4
303 May 4418 Jan
4 1712 1713 2,900 Dome Mines. Ltd____No par 17 Jan 30 2014 Jan 7
4 1739 173
3
4 1713 1712 17 4 173
1712 173
4ct 1414 June
3
11
1714 17,
4
4
11 Jan 7 113 Jan 11
Douglas Pectin
11% .11
12
1113 .11
•11
12
•11
12
12 .11
8934 Jan 115% Apr
•11
.No par 10713 Mar 25 11212 Jan 8
8
10812 1087 109 10912 109 10912 2.400 E1184711/40 Kodak Co..
109
Oct 27 July
20
•108 10912 10712 10814 108%
2418 Jan 8
Eaton Axle & Spring...No par 1618 Mar 21
2,000
3
1712 187 167
1813 1878 16% 1712 17
4
163 17
17
17
Feb 1 10614 Jan 14813 Apr
4
4
1263 1283 12734 12812 15,200 E I du Pont de Nem & Co.100 123 Star 28 141% Feb 7
8
4
4
1243 1263 126 12713 1263 128
52 July 8718 Mar
12414 126
64
4 1,800 Elec Storage Battery. No par 57% Mar 31
4
5713 58
5814 5814 573 583
8
5718 57 8 *57 2 5
,
,
1214 Dec 2034 Jan
58
58
50 12 Feb 8 1312 Apr 3
Coal Corp
13
1312 1313 1313 2,100 Elk Horn
13
1213 1218 1218 13
1218 •12
713 Feb
8
5 Dec
3% Jan 9
•12
1 Feb 29
100 Emerson-Brantingham Co.100
1% 1% .1% 2
•1 18 2
•1% 2
•118 2
•113 2
58% Oct 9414 Jan
Endicott-Johnson Corp... 50 58 Mar 26 8713 Jan 18
*5812 5913 1,200
8
593 60
Jan
Oct 118
2 5912 5912 .5812 5913 6012 6012 .111
39,
26 115 Jan 17 110
100 111% Mar
,
69 4
Do prof
200
11312 .111
_
.111
8
19% Dec 31
.____ 11214 11114 1113 .111
Jan
8
Exchange Buffet Corp_No par 20 Mar 19 223 Jan 12
*20
23
23
23- .20
22 .20 22 .20
*20
Oct 93
52
Jan
23
•20
Players-Lasky _No par 81 Jan 29 7213 Jan 17
8 8634 873 13,100 Famous
4
6712 653 665
3
8
8 665 67% 87
53 667
Oct 99% Feb
85% 681s 65
82
8
100 87% Jan 28 917 Jan 14
Do pref (8%)
8 897 90% 1,800
897
90 .89
90 .89
8913 8913
5 June 13 Nov
*8812 8912 *89
918 Jan 10 1:3 Feb 20
Federal Mining dr Smelt-g_100
11
.9
11
.9
11
*9
11
*9
11
3414 June 6012 Feb
1113 *9
4
*9
100 4112 Jan 2 473 Jan 24
Do pref
500
45
44
44
*44
43
4
4 43
4 423 423
3
4
*4214 433
714 Sept 103 Jan
4 423 423
912 Jan 3 13% Jan 26
No par
4 1112 1213 9,000 Fifth Avenue Bus
1214 1212 1214 123
1214
1212 1214 1214 12
12
Vo par 163 Jun 23 22312 Mar 21 140 July 21214 Jan
Body Corp
8 1.600 Fisher
8
2173 2173
212 217 8 •214 220
7
208 208
91 July 1023 June
8
205 20534 20414 208 .100 102 •100 100 2 •100 10012 100 10018
200 Fisher Body Ohio pref_ _100 98 .11,0 29 10218 mar 13
,
8
87 Oct 16, Feb
4
103 Jan 16
2
*100 1003 *10012 103
7 Mar 31
4
No par
7
718 2,800 Fisk Rubber
718 78
718 718
718 718
s
8
7,
373 Feb 4714 Mar
8
7
par 4414 Jan 2 503 Jan 29
No
8
,
7 4 73
49
4813 4878 4,100 Fleischman Co
*4814 49
48% 4912 49
48
5312 Oct 78% July
4
3 48
No par 8812 Jan 21 753 Mar 11
47% 473
500 Foundation Co
7211 7212
7231 *7213 73
7214 7214 •7214
012 July 22
8
727 73
Jan
3
137 Jan 7
914 Apr 1
No par
4
*723 73
97
4
92
2,300 Freeport Texas CO
912 93
953 10%
8
914 95
3312 Oct 71% Feb
9% 9%
053 9%
100 Gen Amer Tank Car__.No par 395 Star 28 4814 Jan 2
42
.40
42
42 .40
•40
42
*40
42
40 .40
40
this day. aHx 300% In stock. z Ex-dividend.
•Bid and asked prices; no sales on
100
•
; 61Hail 11- 2
1
557,
New York Stock Record-Continued-Page 3
1643
For sales during the week of stocks usually inactive.
see third page preceding
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday.
Afar. 29.
Monday.
Mar. 31.
Tuesday.
April 1.
Wednesday.• Thursday.
April 2.
April 3.
Friday.
April 4.
Sales
for
the
1Veek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924
On hosts of 100
-share lois
PER SHARE
Range for Previous
Year 1923.
Lowest
Highest
Lowest
Highest
$ per share $ Per share $ per share $ per share
per share S per share Shares. Indus. & Mlscell.
3613 3734 3718 373
per share I $ per share $ per share $ per shara
4 3713 38
33
395
8 3813 3913 3834 4014 11.800 General Asphalt (Con.) Par
7313 7312 *73
100 3612 NIar 29 4634 Feb 5
77
73% 7314 •7312 7512 .734 7512 7514 7514
23 Aug 54 Mar
300
Do pref
8412 817
100 713 Jan 3 81 Feb 8
8
8
4
8 843 843 *85
86
•85
86
60 Sept 83 Mar
86
86
86
86
1,300 General Cigar, Inc
•10214 105 *10214 106 •10214 106 •10214 106 .102 106
100 844 Mar 31 9734 Jan 10
804 June 9712 Dec
*10214 106
Debenture preferred_ ___100 10214 Mar 28 107
21214 21412 21418 21912 2173 220
4
Jan 11 10414 Nov 110 Apr
21813 22312 217 22214 217 22113 68,300 General
Electric
•1034 11
100 19312 Jan 3 23112 liar 20 16752 Sept 20214 Dec
107 11
8
103 103
4
8
8 11
4 107 107
11
107 11
Special
144 143
10 103 Jan 2 11 14 Feb 7
8 1412 144 1412 1414 1414 14% 143 1412 1488 1412 1,565
4
1014 Oct 12
Jan
8
26,015 General Motors Corp__No par 1418
.82
83 .82
83
Mar 31
*82
83
1614 Feb 1
8278 827
8 83
1234 June 1712 Apr
33
•82
83
200
Do pref
813 813 *81
100 81 12 Jan 4 8412 Mar 3
4
4
813
4 813 82
4
8214 8214 3214 8213 827 827
79 July 89
Apr
1,400
8
Do Deb stock (6%)__ _100 81 Jan 14
*9514 953 *95
98 .95
4
99 .93
8314 Jan
99
*9813 9912 993 993
783 July 90 Apr
4
3
8
100
Do Deb stock (7%)_ _ _100 95 Mar 28 10018 Mar 11
*43
50 .48
50
49
49
17
497 5112 5012 507
8
3
93 4 Oct 105 Apr
8 5118 5113 1,600 Gimbel Bros
No par 474 Jan 30 5234 Mar 8
10
.97 10
2
10
*93 10
4
•93 10
4
3912 June 5112 Apr
.93 10
4
10
400 Glidden Co
1014
*3012 3412 34
No par
345 *3312 35
8
84 Jan 9 1958 Jan 11
5
3414 347 *3213 33
8
6 Sept 1233 Feb
33
1,200 Gold Dust Corp
33
.134 1412 1412 1412
1412 1412 *14
15
143 143
4
4 1412 1514 3.200 Goldwyn Pictures, newo pa r 32 Mar28 37 Feb 26
_ No par
2014 2014 2014 2014 2014 2014 2013 207
84 Feb 15 157 NI ar 25
2
8 Nov 2218 June
8 2018 2014 2013 2118 2,200 Goodrich Co (13 F)
7114 7114 717 717
No par
19 Mar 22 2634 Jan 10
2
8 713 7134 7112 717
4
174 Oct 4112 Mar
8 717 717 *7114 717
8
8
8
600
Do prat
4318 4318 43 4312 43
100 7012 Nlar 22 80 Jan 17
43
*43
44
673 Oct 9213 Mar
*43
4
4314 43
43
800 Goodyear T & Rub pf v t c _100
90
90
90
90 .90
39 Jan 4 49 Jan 8
91
89
91
35
Oct 6212 Apr
*90
91
9112 .90
600
Prior preferred
13% 1312 .1312 14
100
137 14
2
2
14
1412 1412 1413 14
83
Oct 99 Feb
1414 1,4001 Granby Cons NI, Sm & Pow100 8814 Jan 2 933 liar 12
1312Mar 20 1714 Feb 15
12
Oct 33 Mar
54 512
*
518 53
4
54 512 *5
512
514 514
500 Gray & Davis, Inc__ __No par
514 514
14
14
414 Mar 25
•1352 1412 *134 14
912 Jan 11
1418 1418 1414 1414 *1312 14
4
8
63 Dec 155 Mar
300 Greene Cananea Copper _...A00 14
*814 812
832 812
Feb 28 163 Feb 18
814 814 *813 9
4
1358 Dec 3412 Mar
812 812 *812 9
500 Guantanamo Sugar__ _ _No par
713 74
4
713 7313 727 733
63 Jan
8
4
8
4 7312 7434 723 743
5 Sept1412 Feb
4
4 727 75
8
16,700 Gulf States Steel tr ctfs__ _100 713 Mar 7 1018 Feb 6
8
31
8914 Feb 7
66 June 1045 Mar
8
Habirshaw Elec cable.No par
-5/
-563 3713 -563 373
4
4
4
53 slat) 2
13 Jan
14 Aug
3212 Jan
4
,
Hartman
3872 39 3734 39 3834 39 -5/ 1/4 -5752 38 - -3§r2 3 1- --6- 066 Hayes Corporation_ _No par 3414 Mar 25 4432 Feb 8 7934 Nov 9472 Feb
39
4
40
4
393 40
4
40
40
5,500
Wheel
*4912 493
100 373 Mar 31 527 Feb 4
4 4912 4913 .4812 50
4
2
4912 493
31 July 44
Apr
8 50
504 52
52
1.300 Homestake
32
32
100 4912 Mar 10 5612 Jan
32
3212 3212 321
3212 3212 3213 32% 323 3234 2,300 Household Mining
54 Dec 7935 Jan
4
Prod, Inc _ No par 32 Feb 16 3412 Jan 3
.
6812 70% 69
7013 6912 701
7014 71% 70
285 July
2
8
713
8 703 7259 14.700 Houston Oil of Texas
393 Mar
4
2
2614 2614 2614 2612 267 2714 2718 2713 27
100 66 Feb 15 8212 Feb 5
8
4034 Aug 78 Feb
2712 2714 2713 6,600 Hudson Motor Car_ __
13% 13% 133 133
4
4 1334 14
4
14
14
14
20 June 324 Mar
14
1414 1414 2,500 Hupp Motor Car Corp_No par 254 Feb 15 293 Mar 10
.3, 1
10 1312 Mar 25 18 Jan 2
7
2
7
8
*3
4
7
1512 Dec 3012 Apr
3
4
3
4
*3
4
8
*3
4
600 Hydraulic Steel
7
8
a7 4 .734 8
3
\To par
•
73
12 Jan 2
8
8
112 Jan 10
8
12 Oct
612 Jan
8
77
8
2,700 Independent Oil& Gas_No par
1
1
18
1
612 Jan 3
1
.1
7
8
11
1
914 Jan 18
1
1
1
333 Sept 1114 May
1
1.500 Indlahoma Refining
1913 1978 .1912 203
5
8 1912 191 *1912 20
3 Feb 5
24 Jan 17
20
Oct 19 Mar
20
20
1
20
400 Indian NIotocycle____No par 19 4 Mar 20
4
4
.4
5
*4
5
2513 Feb 4
*4
5
418 459
18 Dec
4
193 Dec
4
4 18 1.100 Indian Refining
34
*33
4 Mar 20
34
10
34
34
34
34
57 Jan 17
s
34
3412 343 333
312 Dec
34
8
812 Apr
8 4,100 Inland Steel
No li(0
p 100
23
23
223 23
4
223 231
4
23% 233
3112 July 465 Apr
4 2414 2414 *233 2114 3,300 Inspiration Cons Copper__ .2r 3312 Mar 28 3814 Jan 30
8
4
.
7
2 1
20 2212 Feb 24 274 Jan 24
4.58 1
•58 1
3
4 1
.
3
8
1
2314 Oct 434 Mar
.
5
8
1
509 Internal Agricul Corp
84 Mar 31
.5
514
514 *5
43
4 434
214 Feb 7
47
47
12 Oct 11
2
Feb
514 514 *5
514
400
Do pref
41
41
4114 4112 .4112 42
43 Apr
1018 Jan 8
4112 413
4 4113 4214 42
412 Oct 397 Feb
2
4214 1,900 International Cement_ _No par 41 4 Mar 1
2218 22% 22
227
28 443 Feb 11
2313 2234 2314 2214 233
8 23
4
31 June 44 Mar
2312 2438 32,300 Inter Combos Engine_ _No
par 22 Mar 31
273 Jan 12
2
1952 June 274 Apr
82
83
83 837
8 83% 837
81 8334 8334 83
3414 84
86
4,700 International Harvester_100 78 Jan
*10613 107 •____ 108 *10612 ---- *10612 10713 *10612
3 8712 Feb 4
6634 Oct 9812 Feb
10714 10612 10813
100
Do pref
100 106 Feb 26 108 Feb 2 106
*Vs 7
*67
8 714
73
3 73
67
8 7121
714 78
Oct 11614 Jan
758 812 4,100 Int Mercantile Marine
4
*2613 27
100
634 Jan 2
2613 2718 27
914 Feb 1
27
2714 291
2834 31
44 Aug
1152 Feb
3034 323 23.700
8
Do pref
1234 1234 1212 13
100 2612 Mar
1234 123
4 1234 1218 13
1812 Aug 47
Jan
13
13
1312 5,000 International Nickel (The) 25 1212 Feb 26 344 Feb 1
7812 78% *75
26 15 Jan 28
80
79
79 i *75
SO
*79
s
80 .
103 Oct 1614 Feb
75
80 I
200
Do pref
*3614 3612 36
100 7812 Mar 29 8214 Feb 20
363
4 36
36121 37
693 Jan 83 June
4
39
378 38
3734 3912, 7,300 International Paper
•63
100 347 Feb 20 4218 Feb 8
65 .63
8
65 .63
65 .6534 66
66 66 18 .
274 Oct 535 Mar
8
63
65 I
200
Do stamped preferred_ 10
6212 Mar 25 6634 Feb 7
66
6612 .664 6713 6714 6714 .6714 68
*6714 6712 .6714 68
60
Oct 7518 Jan
300 Internat Telep & Teleg--100 66 Feb
144 1512 1434 153
2 1514 1514 1512 1513 1518 153
I
7014 Feb 13
64
Oct 7113 Apr
4
4 1512 153 11,500 Invincible 011 Corp___ _No pa
43 43
123 Feb 16 167 Jan 2
4
41
42 .4012 4112 3913 4212 4234 424 .
8
74 Nov
1914 Mar
4112 4212'
800 Iron Products Corp___ _No pa
1812 1812 1812 1812 1814 1814 1814 1814 .18
3912 Apr 2 523 Jan 10
4
184 13
324 Aug 5814 Mar
18141 1,000 Jewel Tea, Inc
100 1712 Mar 25 2314 Jan 2
793 80
4
78
7914 •7812 81
82
82
153 Oct 24 Mar
83
2
84
•833 86
4
800
Do pre(
2314 2313 2214 23
100 73 Mar 31 9158 Jan 18
1813 2218 203 213
4
62 June 884 Dec
3 193 21
2
.20
21
10,000 Jones Bros Tea, Inc
10
2252 23
1812 Apr 1 2712 Jan 3
22
2252 2214 2252 233 2414 2334 24
4
203 Dec 6333 Mar
2
2312 23 8I 5.000 Kayser (J) Co, v t c___No pa
7
•____ 97
22 Mar 31
9018 9212 *91
383 Jan 18
94
2
*9012 957 .9012 98 .9012 9512'
28 July 4578 Feb
700
Do 1st pref
No pa
16
904 Mar 31 10212 Feb 11
1714
163 1714 154 163
2
4 1614 17
96 July 104 Mar
164 1714 163 1714' 16.100 Kelly-Springfield Tire
2
25 1514 Mar 20 35 Jan 10
455 46
4
4412 45% *4214 50
*4213 45 .43
2012 Oct 6218 Mar
45
44
47
1,000
8% preferred
100 44 Apr 4 88 Jan 10
33
88
8112 8112 8214 8214 32
78 Nov 108
8318 *8213 86
Jan
•82
86
1,900 Kelsey Wheel, Inc
3458 343
10
803
4Nlar 28 101 Jan 10
4 3433 35
35
3514 3512 3614 36
75
Oct 11714 Mar
36
364 19,400 Kennecott Copper
3618
No pa
344 Jan 21 3812 Feb 15
2
214 .2
218
2
2
293 Oct 45 Mar
8
2
21
214 214 .2
241 1,600 Keystone Tire & Rubber__ 1
2 Iv'ar 18
.320 310 .330 360 •320 350 .320 350 *320
44 Jan 9
14 Oct 1118 Mar
360 .
320 360
Kresge(S S) Co
10 28712 Jan 17 360
.
9312 933
4 9312 933
4 94
9512 943 954 9412 9412 94
4
9412 1,900 Laclede Gas L (St Louis) ,100 79 Jan 2 954 Mar 24 177 Mar 300 Dee
Apr 1
75 July 894 June
113 1134 115 117
4
8
8 113 113
4
4 113 113
4
4 12
1214 12
12
1,400' Lee Rubber & Tire___No pa
11 14 NIar 17 171s Jan 11
1138
Liggett & NIyers Tobacco__10 2064 Feb 18 245 Feb 9 19034 Oct 3158 Mar
eiiRt 116 1158 11E34
May 240 Dec
100; Do pref
100 1153 Mar 5 1177 Jan 24 11134 Apr 1134 Jan
8
6012 6112 6014 61% 6114 1-16- 115'4 116 4 1151 4 117 .11514 1-17 3,200; Lima Loc
2
62
613 613
4
614 8114 6114 6112
Wks tern ctt_No pa
6014 Mar 31 684 Feb 7
1613 1512 15% 16 1534 16 16 16
5814 June 744 Mar
16
164 1614 1612 6,200; Loew's Incorporated_ __No pa
•6
1512 Mar 29 18 Jan 10
614
6
618
14 June 21 14 Feb
6
614
6
6
6
64 .6
64 1,800, Lott Incorporated
No pa
*5512 57
6 Mar 24
83 Jan II
4
55% 5612 5518 56
6 Sept
1134 Jan
56
57
577 577
8
2 583 583
4
4 1,900 Loose-Wiles Biscuit
100 50 Mar 6 6212,Jau 26
3614 July 6614 Dec
Lorillard (P)
•110 112 .111 112 .11014 112 '•11013 112 •11013
100 14812 NIar 14 1753 Jan 5 148 June 18234 Dee
4
111 .11012 111
Mackay Companies
803 813
100 107 Jan 2 117 Jan 30 103 May 121 Feb
4
4 8059 8134 8113 8213 8'214 83
824 8314 823 834 8,300 Mack Trucks, Inc
8
No par 80 Mar 23 904 Jan 7
.9612 9614 .
9618 963
4 97
5813 Jan 9312 Apr
97
*9618 9714 .96
974 .96
9714
200
Do 1st preferred
*87
100 954 Jan 16 983 Mar 19
90
*8713 90
4
*8713 90
87 July 994 Mar
88
90
*8712 90 .8712 90
Do 2d preferred
.60
100 8714 Jan 15 90 Jan 8
62
*6014 64 .6014 63
72 June 92 Mar
6113 6112 6112 6233 6212 6212
500, Macy(R II) & Co, Inc_No par 6018Nlar 26 8811 Jan 2
3213 3212 3218 323
4 33
33
57 July 7112 Jan
33
3412 335 333
8
4 334 337
8 3.200
par 3012 Jan 2 3614 Mar 14
.
1814 19
1918 1934 20
2018 2013 2059 2013 2034 2013 204 2.700 Magma Copper
2714 Oct 3814 Mar
Mallinson (II R)& Co.No par
.62
No
18 Mar 28 313 Jan 18
67 •
62
67 .62
4
67 .62
21 June 40
66
Jan
•62
65 .62
67
Manati Sugar
.85
100 62 Jan 5 6934 Mar 24
90 .35
90 .8513 90
43 July 7514 Mar
.8512 90 .8512 90
87
87
100
De prof
38
3814 5373 38
100 82 Jan 14 87 Mar 14
4
37
37
72
Oct 90 Feb
37
383
4 3713 39
38
343
4 2,100 Manhattan Elec SupplyNo par 3314 Mar 21 423 an
.37
38
3714 3714 *3714 38 .3714 38
4
9
35
Oct 66 Mar
371 373
.
4' 37
377
1,300 Manhattan
2712 281, 2714 29
25 36 Fri, 18 44 Jan 10
*2814 29
2812 3018 293- 3014 293 303 10.503 Nlaracalbo Shirt
40
Oct 474 Jan
4
4
4
011 Expl___No par 2512 Jan 3 3712 Jan 26
3814 37
3614 3712 3614 3712 373 34
16 Sept 283 Dec
2
2
373 33
4
3712 3812 32,400 NIArland 011
•1112 14
No par 35 Feb 19 42 Feb 5
*1112 13
.113 14
4
*1112 1212 *1112 12
1712 Oct 595 Apr
8
*1112 12
M arlIn-Rockwell
35
No par
35
34% 35
8 Jan 8 1734 ar I 1
343 3413 347 35
8
314 Nov 16 Feb
3412 35 , 343 314 3,000. Martin-Parry Corp
4
No par 33 Feb 15 374 Jan 17
26 July 373 Ap
.31
4
33 .
3114 33 .32
34
33
34
34
34 1 3414 36
900 Nfathleson Alkali
435 4414 4312 4478 4414 4412 4538 46
8
8Mar 18 4113 Jan 8
3114 Oct 634 Mar
4412 4534 4512 4612 12.300 Maxwell Motor Works___ 50 315
.1114 117
8 1114 12
Class A...100 433
8Nlar 25 554 Jan 9
1172 114 1172 12
36
Oct 6314 Mar
1112 12 I , 115 117
8
2 9,030 Maxwell Motor Class 13.No pa
86
87
8612 8712 88
11 14 Mar 31
8912 884 894 89 8934' 8914
1014 Oct 21
Apr
8912 4.400 May Department Stores-- -100 8512 Mar 23 16 Jan 9
153 154 1512 1512 1532 1512 1534
s
95 Jan 25
6718 Jan 93 Dee
153
4 155 .1534 1534 153
8
4 2.700 McIntyre Porcupine Mines _
185 1914 1814 183
8
.
1514 Mar 23 1814 Jan 7
4 183 187
4
8 19
15 Sept 2012 May
1932 183 1734
714
84
Mexican Seaboard 011...No pa
173 18
4
1734 188g 173 173
144 Jan 3 244
4
4 17
53 Aug 233 May
4
1813
4
171: 1818 ; 2:400
2
Voting trust certificates__ -- 127 Jan 3 23 Feb 6
2012 2013 2013 2013 203 203
8
8
Feb 6
4 21
6 Aug 2314 May
2113 214 22 •22
2212 1,400 Miami Copper
44 414
418 438
414 438
5 2012 Mar 29 24 Jan 28
432 47
8
434 47
2012 Oct 3012 Feb
2
434 478 15,200 Middle States Oil Corp
27
•
30
*27
30
*27
10
37 Mar 24
8
30
67 Jan 2
2
*27
30 .27
312 Nov
1214 Jan
30 .27
30
1 Midvale Steel & Ordnance_ 50 21 Mar
.63
6318 83
63
63
03
21 3414 Feb 7
6234 63
2112 June 333 Apr
6234 623
2
4 631s 65 I 1,500
2
243 2418 2412 25
25
100 6112 Jan 1(1 65 Apr 4
253
2 2512 254 2538 2572 2514 2534 17,200 Montana Power
5412 June 75 Mar
Mont Ward & Co III Corp_ 10 2412 Mar 26 274
2312 233
2 2312 2314 2312 233
2 2314 2314 2312 2334 2312 2312 2,100 Moon
Jan 28
1814 May 2614 Nov
Motors
772 8
74 8
No pa
77
8 8
23 Mar 18 2712 Feb 7
8
814
173 Jan
4
814
2933 Mar
814
8
8
4,700 Mother Lode Coalition_No pa
12
•11
13
12 .11
13 .12
77 Jan 2
8
914 Feb 15
13
718 June 14 Feb
•12
13 .12
13
100 Mullins Body Corp___ _No pa
*343 37
*343 3514 *3414 37 .344 35
8
2
9 Mar 22 147 Jan 9
8
1012 Aug 294 Mar
35
35 .3414 3514
100 Munsingwear, Inc
1003 1003 .101 10312 10313 10112 108 1081 105
4
4
No pa
344 Mar 27 3914 Jan 16
3112 Oct 3612 Nov
1054 1054 10512 1,300 Nash Motors Co
0944 993 5993 10014 •100 10012 .100
4
No pa 100 Jan 4 1143 Feb 9
4
4
1004 *100 10018 .100 10018
754 Jan 11411 Jan
.
100
8
Do preferred A
9
.8
9
.8
9
10
99 Feb 23 1003 Jan 16
84 9
8
9614 Dec 1013 Jan
.814 9
4
.8
1
9
200 National Acme
5012 51
.
51
511_
51
51 12 51
5
8 Feb 27 104 Jan 23
513
4 514
7 Nov
184 Feb
•122 124 10122 124 *12134 124 •12134 124 •12134 514 514 5112 3,600, National Biscuit
2
504 Nfar 28 543 Jan 26
2
38
Jan 524 Nov
124 .12134 124
i
Do pref
51
51
50
50
51
51
100 12012 Jan 8 12414 Feb 20 11812 July 125 Feb
5118 823
4 5214 5214 .5114 5212
1,100 National Cloak & Sult
32
3214 32
3214 32
323
100 50 Mar 31 64 Feb 1
2 3214 3234 32
40 June 6714 Feb
32
*313 3214 2,100 Nat Dairy Prod tern ctfs _
4
No par 32 Mar 29 37 Feb 15
.39
39
40
40 .39
40
.3912 394 39
39
8
391 3934 1,400 Nat Department Stores No
3012 31
30
301
*3013 31
par 39 Mar 20
.303 311
4
3118 3112 3112 317
343 Jun
4
4212 Apr
g 1.300 Nat Enam'g & Stamping_100 2914 Feb 20 43 Jan 9
133 1351 13312 137
136 1361 138 138
444 Jan 17
138 13812 138 138
35
Oct 73 Mar
3,800 National Lead
•11212 114 •11212 114 .1124 114 .11212 114 •11212 114
100 133 Mar 24 15538 Jan 28 ; 108 July 148
•11212 114
i, pref
Doe
.
6414 65 .65
644 641
66
647 6478 6514 6512 65
8
100 11234 Jan 19 115 Feb 28' 10712 June 114 Jan
65% 1,800 National Supply
1212 121
8 1212 1212 121 13
1213 121
50
8
12% 13
5412 Oct 6812 Dec
13
4,000 Nevada Consol Copper __ - 5 64 Mar 20 7212 Feb 4
13
3812 391 .39
3812 39
40 .3912 40
117 Jan 2 144 Feb 21
2
918 071 183 Mar
3952 40
3914 39% 1,100, NY Air Brake temp etre No par
8
4712 471 4734 477
4772 477
2 474 481
3312 Mar 29 4352 Jan 19
4314 4812 49
265 Jan 427g Nov
8
49% 1,900. Class A
*22
23
23 .21
23
No par 4714 Jan 7 50 Jan 19
25
*23
241
24
24% •2213 24
4514 Aug 5112 Feb
600 New York Dock
.4114 45
*4114 44
42
42
44 44
100 19 Jan 9 2512Mar 13
•42
46
1514 June 27
*44
Apr
45
200: Do pref
2234 227
223 23
4
2234 23
100 4112 Feb 27 493 Jan 18
223 23
4
223 23
4
4
373 Aug 5113 Mar
4
227 23
8
9,400' North American Co
2
443 443 *44
2
45
4434 4434 *44
10 22 Jan 2 25 Jan 10
45
44% 447 *44
1712 May 2414 Apr
8
45
300
Do prof
.124 131 •1212 1312
1212 1212 .94 103
50 437 Jan 2 4513 Feb 20
2
*913 1034 *914 103
4212 July 4813 Feb
4
100, Nova Scotia Steel & Coal_ _100
,
•73
4 81
724 73
•712 812 .7i2 Si
*712 812 *712 812
1352 Dec 297 Mar
8
400' Nunnally Co (The)____No par 12 Mar 20 1412 Jan 18
•134 2
13
4 13
*134 2
74 NIar 31
134
13
938 Feb 5
*13
4 2
74 Oct 1012 Feb
•13
4 2
200; Ohio Body & Blower ___No par
2
2
2
2
2
2
13 Niar 19
4
2
2
43 Jan 14
14 Dec 1012 Jan
2
2
4
2
2
4,300' Okla Prod & Ref of Amer
2
*512 6 8
,
514 514 *5
5
1 12 Jan 2
6
*5
214 Jan 22
61
4 Nov
*5
6
312 Feb
*5
1001 Ontario Silver Mining
614
1913 1912 19
8
•187 191
100
4
43 Mar 24
19
187 184 1914 1914
8 Jan 7
8
3 July
914 Dec
8
2
600 Orpheum Circuit, Inc
146 14914 1433 15112 153 15372 1534 15412 193 193
150 151
1
18 Feb 18 2014 Jan 3
4
1614 June 2152 Apr
15314 15314 2,800' Otis Elevator
912 01
100 1394 Jan 14 1593 Mar 13 11412 July 153 Feb
914 98
914 914
4
914 97
8
93
4 03
4
914 93
4 3,1001 Otis Steel
No par
4214 4214 4212 427 *4234 4312 44
2
914 Jan 3 114 Jan 28
4418 •44
7 June 144 Mar
4412 44
4413 1,200, Owens Bottle
•1
12
I.
4.1
25 4112 Mar 27 47 Jan 10
•1
3
2
•12
3
2
365s Jan 523 Apr
4
52
900, Pacific Development
924 .9212 93
92
38 Jan 2
93
93 •9252 93
1 14 Jan 11
923 93
3 Nov
8
4
214 Mar
9258 9252
600' Pacific Gas & Electric
100 904 Jan 4 957 Jan 28
2
73 July 947 Dee
2
•Bid and asked Prima; no gales thia day. a Ex-dIVIdend.
I
New York Stock Record—Concluded—Page 4
1644
For sates during the week of stocks usually Inactive, see fourth page preceding
HIGH AND LOW SALE PRICE—PER SHARE, NOT PER CENT.
Saturday,
Mar. 29.
Monday,
Mar. 31.
Tuesday.
April 1.
Wednesday. Thursday
April 3.
Aprit 2.
Friday,
April 4.
Sales
for
the
iVeek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
On basis of 100-share lost
Lowest
Highest
PER SHARE
Range for Previous
Year 1923.
Lowest
Highest
Per share $ per share $ per share Shares. Indus.& Miscall.(Con.) Par $ per share $ per share $ per share $ per share
per share $ per share 5 Per share
•8
7 July 1254 Mar
4
1
/
8 Feb 18 10 Jan 9
500 Pacific Mall Steamship__ 5
*714 81^ *714 812
714
•
7714
4814 Jan 4 581 Feb 5
3114 Sent 5214 Dee
4
/
1
/
4
/
4
/
4
8 4934 5138 5058 511 503 511 5114 5134 504 5212 67.900 Pacific 011
4
1
/ 515
49
9% Oct 15% Mar
10 1012Mar 17 1278 Jan 7
4
/
1
/
4 5,800 Packard Motor Car
4 104 1034 10% 10% 101 103
8 1012 1034 1012 103
101/ 105
100 91 Apr 4 95% Feb 11
9018 June 99 Feb
Preferred
93
91
1
/
300
9214 9214 91
9314 931 *9118 934 *90 92% 790
4
/
4
/
53 Sept 93% Feb
50 441 Feb 14 6114 Jan 2
47 74612 4714 46% 4712 4672 4734 47% 4813 8.200 Pan-Amer Petr & Trans
46
47 48
4
/
50% Oct 86 Feb
50 411 Feb 14 5912 Jan 2
4514 46
Do Class B
1
/
45% 47 19.700
4518 44% 4514 454 46
4518 45% 44
614 Apr
•31, 3% •318 33g
114 Oct
•3
418 Jan 23
•3
214 Jan 3
•3
& Ret_No par
100 Panhandle Prod
3111
31/
312
3
38
9 May 151/ Mar
No par 1318 Jan 2 16 Mar 12
15
14% 15
15
15 71458 1434 14% 15
1,700 Parish & Bingham
14% 14% 15
6 Apr
4
1
/
4 Jan 17
178Mar 6
1% Oct
2
214 2%
238
2% 218 10,500 Penn-Seaboard St'l v t °No par
218 2%
238
214
214 238
86 Apr 9813 Dee
1
/
96
95 95% 933 9334 94 944 1,000 People's0 L & C(Chic)—100 9334 Apr 3 981/ Jan 2
9434 943 *95
*9434 96
4
4
41 July 5014 Mar44% 4414 4412 4414 44% 2.300 Philadelphia Co (Pittsb).- 50 43 Jan 2 47 Jan 30
*44
4434 4
412 441/ 4312 4313 44
C dr I w1_No par 3412 Mar 28 4934 Jan 12
34% 3514 34% 36% 3618 373
4 3734 3834 3734 3834 38 3812 20.700 Phila & Read
16
55 Aug - - Apr
*52 60 *52
Phillips-Jones Corp__...No par 52 Mar 18 60 Feb 5
61)
52 60 •52 60
53 •
53 *52
*52
1112 July 2458 Dec
17
2 17
173
3.600 Phillip Morris & Co Ltd--10 151/Mar 28 2334 Jan 31
1714 167 1878 1718 17% 17
8
15% 1614 16
,
1934 Sept 89 8 Apr
4
/
No par 3334 Jan 21 421 Jan 30
4052 40% 4214 69.600 Phillips Petroleum
7
4 3814 3954 38 8 39% 3934 40% 40
3812 393
614 July 1514 Jan,
814 Apr 3 1218 Jan 17
838 8%
814 812 2.900 Pierce-Arrow Mot Car-No Par
8% 8%
4
1
/
85s 8
878 8%
814 8%
8
13% July 355 Jan
5
100 2012 Apr 3 30 8 Jan 17
21
Do pref
3.030
4
/
2118 2134 *22 2212 211 2214 *2112 2212 2013 2113 21
1% July
6 Feb.
4% Jan 22
112 Apr 3
25
1
/
4
/
112 11 27,400 Pierce 011 Corporation
1% 17
ill 1%
218 2%
238 238
1% 24
16 Oct 45 Jan
100 20 Mar 4 36 Jan 21
2513 3,200
24
Do pref
22 2414 23 24
2512 26
27 *2512 27
27
• 100 604 Mar 29 633 Mar 12
58 Jan 6778 Mar
4
1
/
7162
63 *62 63
800 Pittsburgh Coal of Pa
63
6118 61% 8114 62
6014 6012 *61
96 Oct 100 Apr
100 98 Jan 14 100 Apr 4
100 100
Do pre(
*991/ 100
200
*9812 100 *99 100
*9813 100 *9812 100
10 July 11% Sept
9% Jan 22 1314 Mar 12
4 1258 1234 2,003 Pittsburgh Utilities pref.-100
1258 12
4
1
/ 1234 123
4 1234 123
123 12
4
1
/
4
1234 1234
47 July 134 Feb
3
Inc__No par 49 4 Apr 3 58% Jan 8
4
1
/ 5012 *51) 5112
900 Postum Cereal Co
5113 *50 5114 *51312 5114 49
50 *50
50
100 110 Feb 7 114 Apr 1 10812 June 11414 Jan.
100
Do 8% preferred
112 11412 '112 114 •112 114
•112 114 •112 114 114 114
4212 Oct 8112 Jan,
100 49% Apr 4 62 Jan 26
50
5014 49% 49% 1,800 Pressed Steel Car
50% 5012 *491 5014 49% 50
51
50
100 83 Jan 3 90 Feb 6 80 Oct 9934
I
Do pre:
85
*84 87 •784 87 *84 87 *84 85 *84 85 *84
17 Nov 5818 Mar
3114 31
31% 3114 3234 12,000 Producers & Refiners Corp. 50 2978 Mar 29 43% Jan 22
8 31
; 303 307
7
4
297 303
4 3018 30
4112 Dec 51% Apr
4212 4.200 PubServCorp ofNJ new No Par 39 mar 25 441/ Jan 7
42 42% 42
4114 4153 4112 4114 42
4114 41
41
100 114 Mar 26 128 Jan 28 11012 July 134 Max'
8
1143 115 114 115 11518 11534 116 11634 11634 117 117 11714 3,100 Pullman Company
4178 July 6914 Apr
60 56 Jan 4 6758 Mar 14
8
4 625 8314 6234 6312 11.700 Punta Alegre Sugar
6214 6234 6212 6314 63 6334 6234 633
1614 Sept 32 Feb
25 2212 Feb 19 2654 Feb 6
4
1
/ 2438 9,603 Pure 011 (rho)
4 23
8 2312 233
2314 2312 2318 23% 233* 2312 23% 237
8212 Aug 100 Mar
100 92 Jan 10 9812 Mar 13
200
4
1
/ 9613 9612 97
Do 8% preferred
97 *95
*100 1001/ •95 97 *95 9612 •96
9912 Oct 123 Mar
100 106 Jan 3 11512 Jan 25
Spring
4
/
1101/ 11012 *110 11114 1111 11114
400 Railway Steel
*108 111 *108 11012 10812 110
2914 July 34% Feb
No par 30 Jan 17 3318 Feb 15
32 *315 32
8
200 Rang Mines, Ltd
8
*315 3218 32
4
/
*311 3214 311 3113 7313* 32
4
/
9% Sept 171 Mar
9 Mar 27 1214 Feb 18
93
4
1
/ 10
9
934 10
958 912
7
932 9 2 6,030 Ray Consolidated Copper_ 10
9%
918 9%
24 June 4818 Mar
3214 Jan 4 49% Feb 5
41
1
/
4114 41
1,400 Remington Typewriter__ __100
39 394 40
40
391/ *39
3812 38% 39
4
1
/
100 91 Jan 4 94 Feb. 5 89 Dec 104 Feb
Mt preferred
95 *92 95
95 *92
I
95 •92
95 *91
95 .91
*91
80 Jan 99 Nov
100 95% Jan 9 102 Feb 1
•93 100 *92 100
7
' 2d preferred
•91 100 *92 100 •92 100
7
*91 100
4
9 Mar 27 15 8 Jan 28
8 Oct 313 Feb
5
No par
912 1,800 Replogle Steel
9
4
1
/ 93*
9
912 912
912 912
912
9
*914 10
40% June 6654 Mar
100 44% Mar 31 61% Feb 11
473
4712 4612 473* 46% 4358 18,550 Republic Iron & Steel
4513 4812 4614
458 4711 4418
4
8734 Mar 28 95 Mar 6 843 Oct 96% Mar
100
Do prat
91
91
*88
8914 *89
90 •7736
4
/
901 •86
*86 8914 *86
1
/
14 June 29% Apr
No par 144 Mar 22 2234 Jan 7
16
15% 1614 1614 1614 1614 1712 1714 1814 9.900 Reynolds Spring
15
15
15
47 Jan 75 Dec
8
1
6518 66 I 65 65; 23,200 Reynolds(R J) Top Class B 25 61% Mar 31 747 Jan 2
611* 8378 6134 63 1 64 66
64 64
100 11514 Mar 26 11834 Jan 8 114 July 118 Feb
Do 7% preferred
200
1
/
•11513 117 *11514 11613 11538 11513 •71153* 1164 •11534 11612 *1153* 11612!
4012 Aug 55% Feb
5414 543 5514 543* 54341 6,800 Royal Dutch Co(NY shares). 48 Jan 2 ,59% Feb 6
4
5311 5314 54 1 54
53
54 54
17 June 2315 Dee
10 22 Jan 7 2738 Feb 21
2412' 2,000 &Joseph Lead.
24
2312 2312 *23% 24 1 *2234 24 1
2354 24
5 Feb
238 Feb 13
114Mar 6
114 Oct
.No par
4
1
/ •134 214 .178 2 . '
100 Santa Cecelia Sugar..
7178 214
•134 2
8 17
17
11'
*134 2
1812 Jan 3512 Dee
397
4134 413* 4178 4212 45341 46
4778 4718 483* 10.030 Savage Arms Corpomtion_100 3258 Jan 2 5434 Feb 4
40
3934
1
/
88 May 1164 Dec
Stores_No par 99 Mar 28 10934 Jan 4
3,600 Schulte Retail
100 10112 10012 10134 100 10114 10114 10212 10012 101
9912 100
4
1
/
6534 June 92 Feb
100 82 Mar 28 97% Feb 1
15,800 Sears, Roebuck & Co
853* 8734 853* 87
.83 85
82
8234 8212 8312 8212 84
100 11212 Mar 26 11412 Mar 13 10612 June 115 Nov
i Do pref
*11212 115 •11212 115 *11212 115 *11213 115 *11213 115 *11212 115
4% Oct 1212 Mar
614 Jan 11
3% Mar 25
No par
37
37
4
4
4
4
1,900 Seneca Copper
4
334 418
*312 4
418
5 Oct 1078 Mar
674 Jan 10
5 Apr 3
51
900 Shattuck Arizona Copper__ 10
512
*51/ 6
512
512 513
5
512 51
513 512
4
/ Mar
4
,C2
3818 3812 100 Shell Transp & Trading...par 33 Jan 5 41% Feb 6 2918 Oct 411 May
4
/
1238 Jan 191
No
16% Jan 7 2018 Feb
-114 1778 1838 23,900 Shell Union 011
16- Tiffs
173* 18
-1778 173* 18
8912 Nov 95 May
100 91% Jan 4 95 Jan 25
Preferred
;
937 94 *9378 9418 9334 9334 9334 94 *93
93 933
94
4 1,1001
612 July 16 Feb
10 105s Jan 4 1478 Mar 24
1314 1334 135* 1334 1358 13% 1334 14141 10,100 Simms Petroleum
13% 1334 13% 14
4
1
/
22 Dec 3458 Mar
8
No par 22% Apr 3 253 Feb 5
4
/
4
1
/ 2214 2214 2214 221 223* 2214 2214 22% 2214 22% 2212 5.700 Simmons Co
22
16 Sent 3938 Mar
2212 2178 23 1 48.900 Sinclair Cons 011 Corp_No par 1958 Feb la 2718 Jan 2
2134 2212 22
2134 22
217
8 21
217
21
8014 Aug 9918 Feb
100 8014 Feb 19 90 Jan 21
Preferred
200
85 1
*83
84 84
85
4 83 83 .83 85 *83
853
*83
9% Jan 35 Mar
25 2238 Mar 21 29 Feb 4
26% 2718 2578 263* 53,300 Skelly 011 Co
2213 2258 223* 2334 2358 2438 243* 26
4
/
391 July 63 Dec
4
1
/
8 2,610 Sloss-Sheffield Steel de Iron 100 58 Mar 31 67 Feb 7
5812 5812 587
58
583* 5858 5712 58
56 57
563* 57
68 Jan 90 Mar
100 84 Feb 18 8712 Feb 14
I Do pref
8334
85 *79
*75 85 *7714 83 4 *7911 8334 *7913 8312 •79
3
3814 Aug 70 Des
Rico Sugar...100 67 Jan 3 95% Mar, 8
9012 89 9134 8012 9112 3.709 South Porto
89
89
88
88 88
*83 88
1134 June 2714 Feb.
No par 12% Mar 31 18 Jan 12
700 Spicer Mfg Co
13
13 1
1278 13
123* 123* 121* 1234 •12
4
1
/ 13
*12% 13
88 Oct 9778 Feb.
100 85 Mar 26 90 Jan 2
Do pref
•80
90 I
*80
89
*80
*80
90
8712
871/
*80 90 *80
100 55 Jan 10 6212 Feb 7 6014 Dec 9012 Jan
Standard Milling
64
•50
7
70 .50 64
70 *50
70 *50 70 •50
7150
471 July 123% Jan
4
/
Jan
8
4
/
6112 611 6178 6138 6134 6138 62341 29,700 Standard 011 of California_ 25 585 Feb 19 68% Jan 26
ars 61% 5978 613* 61
30% July 4414 Mar
28
377
14,800 Standard Oil of New Jersey 25 3612 Mar 17 4214
3718 383*
363* 3714 387 371
383* 371
3712 3734 373*
8
4
100 1153 Mar 1 1185 Feb 1 11434 Aug 11814 July
Do pref non-voting__
11611 1167 1163 1167 •1183 117 117 11714 11714 11714 11718 11714 1.500
s
8
8
4
51 June 6758 Mar
No par 5738 2124,31 8378 Jan 2
1,100 Sterling Products
5914 59 59
59
*5914 60
'58 581/ 57% 5812 59 59
74 July 124% Apr
par 76 Mar 28 1007 Jan 12
4
/
1
/
4
1
/ 783
7914 804 7914 8018 791 8014 11.300 Stewart-Warn Sp Corp_No
7818 79
77
4
1
/ 78
76
5912 July 9414 Max'
6712 3.300 Stromberg Carburetor-No Dar 6412 Mar 29 84% Jan 11
4
1
/ 65 6678 6814 678 67
6512 64% 6512 6514 65
6412
4
Studebaker Corp (The)---100 9114 Mar 28 10814 Jan 8 933 Oct 12614 Mar
9184 9414 9212 94
9234 9514 94'8 95 123.300
923* 9312 923 94
4
7 Jan 15 Apr
7 Mar 29 1218 Jan 2
No par
7
4
1
/
7
4
/
71 713
4 778
73
712 8
3
5s 7 4 6.000 Submarine Boat
7
7% 734
634 Feb
2 Sept
2% Jan 2
No par
S's Mar 24
47
3 518
4 512
44
43
518 38.303 Superior Oil
4 478
458 434
43
518
48
23% Oct 34 Mar
100 30 Mar 27 3478 Jan 9
Superior Steel
347
30 *__
4
1
/
347 *26
34 s---- 223
4 347
4
4 Oct
1 June
15
Jan 2
3
2 Mar
10
218 218 4,500 Sweets Coot America
2
2
2
2
2
2
2
2
2
218
'
8 June 1254 Feb
3
9 4 Jan 5
634 Mar 31
No par
712 713 3.700 Tenn Copp & C
7
718 734
718 718
678 7
634 7
7
34% Nov 5273 Mar
— 25 41 Mar 29 45% Jan 30
42
423* 21,200 Texas Company (The)
4111 4114 4112 4114 4134 417s 42
41
4114 41
5314 July 65 Jan
4
1
/
5814 Mar 31 65 Jan 11
4 581* 5834 1.500 Texas Gulf Sulphur 011— 10
5812 59
5834 583
5814 5834 59
59
59% 59
1
/
512 Nov 244 Feb
9 Mar 3 1514 Feb 6
10
Coal &
101
10
1018 1018 103* 1013 10% 1014 1034 103* 11141 6,100 Texas Pacific
10
94 July 144 Mar
5 151 Feb 7
100 120 Jan
4
1
131/ 132% 1,800 Tidewater 011
13018 131
8
129 129 12978 12978 129 1297 130 130
3318 Jan 45 Mar
3,800 Timken Roller Bearing-No par 35 Mar 28 41 Jan 7
3612
36
3578 36
353* 353* 3512 3534 3558 36
36
36
4
1
/
46 Aug 7834 Dee
3
100 5158Mar 26 70 4 Feb 5
Products Corp
5618 551 5712 5638 5712 563* 57 1 18,214 Tobacco
5612 5614 56% 55
56
76% July 92% Dec
1
/
100 834 Mar 25 91% Feb 11
Do Class A
8614 8534 86141 4,314
•
4
1
/ 86
k 843* 84% 85 85
841* 847
8438 85
4
1
/
100 113 Feb 19 118 Mar 5 10434 Feb 11513 Oct
Preferred
700
118 118 I
118 118
*11412 11812 *115 11812 *115 118% *116 118
114 Oct 14% Jan
614 Jan 21
4 Jan 7
514 128,800 Transcontinental OIL __No par
4
1
/
414
5
43* 514
4
4% 414
418 4%
413 5
35% Aug 42 DenJan
Mar
100 Underwood Typewriter__ 25 38% Mar 26 43 Feb 9
3912
4
1
/ *39
39
*39
*383 39 *39 3912 *39
4
/
391 39 39
9
24 64%
50 Oct 7712 Mar
200 Union Bag & Paper Corp-100 52
54
54 54 *52
54
752
53 '
5214 521/ 5213 *52
•52
7
81 Feb 9934 Mar
100 94 Jan 7 104 Apr 3
100 Union Tank Car
104 104 *100 110
*100 110 *100 110 7100 108 *103 110
100 10614 Feb 18 10918 Mar 21 106 Sept 112 Jan
. Do pre:
4
*10812 10914 *10712 109 *10712 10914 *10712 10914 *108 1093 •108 10914
29 July 3912 Mar
No par 27 Mar 21 37 Feb 11
700 United Alloy Steel
2718 2718
27
27
27
27 *27
27 27
273* 27 27
1
/
7414 Oct 854 Feb
100 7558 Mar 28 86 Feb 4
1
/
754 7612' 400 United Drug
8 76 76
3
763* 7638 *7514 763
*755a 76 *75 4 76
1
/
484 Feb 49 July
50 4714 Mar 22 48% Jan 11
Do 1st preferred
200
4712 4712 47%
471/ *47
4712 *47
*4634 4712 4714 4714 *47
100 182 Jan 4 20114 Jan 28 15212 Jan 187% Dec
700 United Fruit
193 19312
190 194
188 •189 191
188
•187 190 •187 190
64 Feb 27 8458 Jan 9
20 July 69% Dee
775
78
7712 29,200 US Cast Iron Pipe & Fdy--100 817 Jan 15 89 Feb 27
8
4
7418 73 753* 733 7514 755 7714 76
73
84 June 87 Nov
2
100
1 Do prof
78713 87% *8712 88
*8714 89 *8712 88 •8714 88 '
*8714 88
6% Mar
418 Jan 3
218 June
511 Feb 20
......I US Food Products Corp-100
4
1
/
13 Oct 25 Jan
8Mar 28 2018Mar 5
S Hofrn Mach Corp_No par 165
600
4
'17
3
1781 17l 1713 173* Ii3- -iilig lila 39,900, U S Industrial Alcohol
,
165 -165; ;ii40 June 73% Mar
100 6518 Mar 28 83% Jan 31
U
4
6878 704 693 70%
1
/
6534 6614 6612 6814 67% 68%
9514 June 101 Mar
100 98 Jan 3 10386 Feb 7
Do prat
98
6914 10704's
98 104 *98 104 *98 104 *98 104
71100 105 *97 104 •
8818 July 108 Mar
100 95% Mar 26 10734 Feb 13
4
1
/ 2,700 US Realty & Imprort
9812 9814 99
9813 98
4
/
9712 Aug 108% Mar
10214 Mar 17 109 Feb 13
95% 2514 9512 961 97 9714 *98
Preferred
•101% 103 •10113 103
*10112 103 *10112 103 •10112 103 *10112 103
30% Oct 64% Mar
100 29 Mar 22 4278 Jan 12
United States Rubber
3058 3214 3034 3113 19.800
3178 30% 318 3114 32
30
2912 31
4
763 Oct 105 Jan.
1
/
100 761/Mar 21 944 Jan 10
8212 8134 83% 7,800, Do 1st preferred
80
4
/
811 82
7912 8014
79% 81
79% 81
18% Oct 43% Mar
50 1812Mar 28 23% Feb 15
2078 21
21
1,500' LT 8 Smelting, Ret & Min
21
2114 2018
20
20
20
19
38% Dec 4818 Jan.
•1914 22
50 3712Mar 22 44% Mar 6
1001 Do pref
40
40
40
40
40
40
10952
*3858 40 *38% 99 *39 9914 *39 4 9953 98% 991 *3834 1003s 152,200, United States Steel Corp-100 97 Mar 28 109 Feb 7 gm; July 123% Mar
4
/ 09
983
9814
Jan.
97% 9814 9712
100 118% Feb I 12018 Jan 14 11818 Aug
4
/ 1,9001 Do Prof
11912 1191g 119 11914 11918 11918 119 119% 11918 11914 11918 1191 2.050' Utah Copper
55% Oct 7612 Mar
Feb 15
10 64 Jan 18 68
s
8 661 66% 6614 67 *6614 67
3
65 2 65s 6512 667
6512 66
•
4
14 Oct 24% Feb
100 16% Jan 4 2814 Apr
4
4
1
/ 233 2334 2374 2814 27,500 Utah Securities
4
1
/ 23
23
2434 July 44% Mar
4
1
/ 2314 2314 2312 24
2314 23
No par 24% Mar 29 3312 Feb 11
2614 10,700 Vanadium Corp
2558 2614 26
1
/
2514 26
3
614 June 27 Feb
2453 2538 2434 25 4 254 26
8
4
/
11 Mar 22 105 Jan 11
2
1
/
14 17
3,600 Virginia-Carolina Chem---100
2
2
2
4
/
4
/
17 June 69 Mar
11 11
112 13
4
4
/
112 11
4
1
/
1
/
44 Mat 20 34 Jan 2
100
55
Do pref
2,000
758
6
7
6
612
52
52 5
12 Oct 23 Mar
5
53; 588
No par
4
1
/
8 Mar 22 161/ -Ian 26
*514 8
(V)
1,900 Vivaudou
9
9
4
858 83
91/4 98
3
812 8 4
5
14 8 June 20 May
832 853
1
/
812 834
No par 14% Apr 4 154 Jan 22
700 Waldorf System
1434 1434 1418 147
1434 *14% 15
1214 Jan 16% Dec
1012Mar 15
4
*1412 143 *1412 1434 1434 17
17
17
8 3,300 Weber & Hellbroner._NO par 14% Jan 31
175
17
17
17
33 Dec 105 Mar
4
1
/
4 1632 1678 1678
163
Jan 19 39 Feb 11
1
/
60 354
1612
"
300 Wells Fargo Express
4
/
361 37
July 1191/ Feb
39 *3512 3818 *3512 39 .3512 38
36 •36
36
1.300 Western Union Telegraph-100 106 Mar 31 113 Jan 28 10118 July 120 Feb
1077g 109 •10612 1071
78
*10614 10658 106 10612 *107 10712 10712 10712 9012 9012 90 91
1,100 Westinghouse Air Brake___50 84 Jan 2 9634 Jan
8912 8912 9018 901s
*8912 90
5212 June 6718 Feb
Jan 22
*5212 91
4
1
/ 12.100 Westinghouse Elec & Mfg- 50 5858Mar I 65 Feb 6
5038 59% 5912 59
4
1
/ 5958 59
3
4
4
1
/ 593 50 4
20• Oet 30% Mar
5912 59
5958 60
No par 2518 Feb 19 2938
2614 2612 26% 2638 2613 3,000 White Eagle 011
2
45 June 6078 Mar
4
1
/ 2614 2512 2534 257 2612 26
25
50 53 Jan 21 59% Feb 11
;
538 54
2,800 White Motor
54
5312 54
4
1
/
1 Nov
5312 53 5314 54
11/ Jan 22
8
3 Oct
5312 5312 53
% Jan 7
No par
White Oil ctfs
- _
- -_
2 Dec 14 Feb5 Jan 11
212Mar 28
8 -3-,ino Wickwire Spencer Steel__ 5
5
28
212 - 5- --ii2 -1- .
8
—25'
Jan 16
5 June 1114 Dee
3
253 -13* --24 -134
9% Apr 3 1414
8
4
/
91 10 40,300 Willys-Overland (The).— 25
912 103
1
/
104 104 1012
1
/
1
/
8
42% Jan 83 Dec
4
1
/ 103 104 1014
1038 10
100 78 Mat 19 88 Jan 15
8
807 81,14 78
Do Lord
80
4
783 8018 13,500
19 June 4234 Mar
8012 8012 814 8038 8112
80
No par 111z Mar 14 28 Jan 9
1,000 Wilson & Co Inc
15
15
15
15
15
14% 15
714
1412 1413 '
•1434 16
100 280 Jan 4 345 Mar 24 19918 Jan 290 Des
2,500 Woolworth Co (F W)
33014 334 33412 334 340
33014
331 331
1978 Oct 4018 Feb.
324 325 32.514 331
7
100 25 4 Jan 4 31% Jan 9
P& M
900 Worthington
2
267 2712 2758 27% *2612 2712
2612 2612 *2614 27
4
/
81 Jan 1318 Nov
26 26
9% Apr 3 1312 Jan 3
9 8 97
; 1,200 Wright Aeronatuloal___No par
9% 10
10
10
10
10
10
10
3734 Dec 4018 Dec
10
10
No par 35% Mar 25 40 Jan 12
1,900 Wrigley(Wm Jr)
3714 371 3714
4
/
3714 37
3672 3672 3672 3672 37
,
3634 37
par 85 Mar 29 7014 Jan 7 62 Oct 80 Jan
800 Youngstown Sheet & T_No
6618 661;
6612 *65 66
66 66 *85
65 65% *84 67
sited price; no sales on this day. z Ridlvidend
•BM and
New York Stock Exchange-Bond Record, Friday, Wee
kly and Yearly
was changed
Jon. 1 1909 the Exchange method Of quotin
g bonds
BONDS.
N.Y.
STOCK EXCHANGE
Week ending April 4.
Price
Friday
.4 pril 4.
Week's
Range or
Last Sale
4044 prices are now "and
interear-except for income and
Range
Since
Jan. 1
1645
de/au/led bonds
BONDS.
N.Y.STOCK EXCHANGE
Week ending April 4.
Price
Week's
Range
Friday
Range or
Since
April 4.
U. S. Government.
Last Sale
Jan. 1
Bid
Ask Low
Nigh No. Low
First Liberty Loan
High
Bid
Ask Low
AU& Blrm 30-yr 1st g 4s.
334% of 1932-1947
High
• D 991n Sale
Low
114011_ ..e1933 M S 7614 Sale
98114: 9942 1995 9813 199DH At! Knotty
Cony 4% of 1932-1947
7614
7612 19
• D 9971n
70
77
- 992432 99714: 30 9811n 993est All Knoxv & Cin Div 49._ _ _1955 M N 843
Cony 434% of 1932-1947
4 - - - 8412 Mar'24
& Nor 1st
•D
83
/ 85
1
4
/
1
4
2d cony 434% of 1932-1947 in 99242 Sale 9914 997h2 471 981n 99113: Atl & Charl AL 1st A g 59._ _1946 J D 991s
9912 Mar'24 ____
9914 9912
9914,1 Sale 9938si 9918):
4 Ns_ _1944 J J 9214 94
1 98n:8 9910n
Second Liberty Loan
1st 30-year 53 Series
911
/
4
92
8
9144 92
9914 100
4% of 1927-1942
All Coast Line 1st conB__ _ _1944 J J
98
/
1
4
99
MN 99118: Sale 9914n 9911n
11
96
99
45_51952 M S 8712 Sale
1
4
/
4
Cony 434% of 1927-1942
10-year secured 78
863
4
873
MN 99...2 Sale 991822 99. 4156 981 991142
8 64
8612 88
722
98114 99234:
Third Liberty Loan
1071 Sale 1071: 10712
:
General unified 4N8
1 1063 107
8
12
193 M D 863 88
4J N
99
6
434% of 1928
8
I.&
883
8
MS 1004: Sale
88318
1
8614 897
4
a1952 M 5 8318 Sale
99. 100.22 1393 991121001,22 At!& N coil gold 48
142
Fourth Liberty Loan
83
Danv 1st g 48
8314 49
8115 83
/
1
4
1948 .1 J
434% of 1933-1938
743 Sale 743
4
2d 4s
4
AO 99148 Sale 991822 99. 9855
75
/
1
4
2
7314 77
.
7
1948 J .1 62
022
98142 993342 Atl & 'lad 1st g
Treasury 43:8 1947-1952
671: 6518
AO 100,9.4 Sale 1001.22100..22 491
664 6515.
/
1
19411949 J.5 7514 7612 76 Mar'24 ____
A0
993
.4100"n A & N W 1st guguar 4s
28 consol registered
41930 Q
76
7
7214 801s
g 58
---- 10312 Mar'24
103% 10312
28 comet coupon
d1939 Q
-- 1023 Mar'24
8
1023 1023 Bait & Ohio
3
3
48 registered
951 ____ 961: Dec'23
:
1925 @ F
prior 330
104 May'23
321926
925JQ i 98 Sale
4.coupon
Registered
97
/
1
4
1925 Q F
98
133
9614 9838.
103 July'23 _
Panama Canal 19-30-yr 28.32936 Q .F
95
/ 98
1
4
1st 50
98
-year gold 4s
96
98
100 Aug'23
Q 0 84 Sale 8412 Mar'24
A
Panama Canal 39 gold
/
1
4
1961 QM 91
Registered
85
79
8112 85
93
k194
k1948
12
9412 Apr'23
8
State and City Securities.
10
81 Mar'24
-year cony 43:9
80
81
1933M
NY City-4348 Corp stock.1960 MS
8814 Sale
Refund & gen 5s Series A_199
/
1
4
8812 379
9918 99
/ 99
1
4
8214 884
5 J 0 863 Sale 87
993
4
987 99%
7
3
441e Corporate stock
4
10
-year 69
1964 MS 993 100
8614
863
8
4 95
83
88
997 Feb'24
8
1929
99% 100
4345 Corporate stock
10114 Sale 101
P Jet & NI Div 1st g 33:8-1925 .1
1966 AO 99 8 100
1013 113 10018 1033
8
3
99 Feb'24
/
1
4
5
99 4 997
3
43:11 Corporate stock
a
9714 97
PLE & W Va Sys ref 43_ _1941 MN 97
1971 J D 1034
/
1
9514 974
/
1
/ Oct'23
1
4
MN 8218 Sale 811 Mar'24
430 Corporate stock _July 1967 Ji 1031 -- _ 103
Southw Div 1st gold 3348.1925'3
/
:
824 88
104 10314 Mar'24
79
8214
i4 103 4
.1 971 Sale 974
.343:8 Corporate stock
/
4
196 in 10312 104 103
Tol & an
/
1
4
98
72
9612 9812
/ 1033
1
4
8
2 1023 10312 Battle Cr Div 1st ref 48 A_I959 J J 6814 Sale 68
4
43.48 Corporate stock
1963 MS 103 Sale 1033
di Stur let go 38..1989 J D
6814
/
1
4
663 697
8
4
9
8 103
/
1
4
5 103 l934 Beech
4% Corporate stock
5612 62
58 Mar'24
1959 MN 943 9512 95
Creek 1st gu y 45
58
4
60
1936 J J 90
95
94
6
/ 9614
1
4
4% Corporate stock
903 90
1958 MN 9434 951: 94 Mar'24
s
Registered
90
:
2
9012 901
/
1
4
1936'3 J
94
/ 964
1
4
4% Corporate stock
---- 86 Feb'24
1957 MN 943 - - 9614 Jan'24
2d guar gold 58
4
1936 J J 913 ____
96, 96, Beech Cr
4
4% Corporate stock reg...1958 MN 9414
4
8
104
8
943 9514 Big SandyExt 1st g 330_51951 A 0 754 ---- 60 May'12
3
434% Corporate stock _ .._ _1957 MN 103 - - 943 Feb'24
July'23
1st 4s
14
4
19445 13 8114 84
10318 104 B &
43:% Corporate stock_ _ 1957 MN 1034 1033 10318 Mar'24
/ 8112 Mar'24
1
4
N
1033 103
4
/ 1033
1
4
8
2 1027 1037 Bruns Y Alr Line 1st 4s_ _ _ _1955 F A 6112 65
ii4
3
1334% Corporate stock_ -1954 MN
8
/ 6414
1
4
& W 1st go gold 4s. _1938 J J
8512 861: 85 Mar'24
6412 10
61
/
1
4
654
8514 86 Buffal
New York Stato-48
1961 MS
o R & P gen gold 5s. _1937 M S
891 Mar'24
:
1021 June'2
:
884 8912
99l ---_ 100
Canal Improvement 45_ _1961 ▪ .1 _
Congo! 4349
Jan'24
10212 June'23
1804 190
07
1957 M N 894 Sale
00
Highway Improv't 430-1963 MS
Burl C R & Nor 1st 58
894
891
11214 July'23
11
1934 A 0 9812 99
Highway Improv't 43:a..1965 MS
98
99
1041 Apr'22
:
17
95 4 99
5
Virginia 2-38
1991 J
Canada Sou eons go A 59-.1962 AG
6414 _--- 7114 Oct'21
994 Sale 994 100
Canadian North deb 8 1 78.1940
97 4 100
10
1
J o 113 Sale 112
Foreign Government.
25-year s f deb 634s
18
113
111 1141s
1946
Argentine(Govt)78
1927 FA 1011 Sale 10112
4
Canadian Pac lty deb 45 stock_ ii 1123 Sale 112
/
4
1123
10% 871
74 17854 112',
1014 80 100 10214
/
1
/
1
4
J J 80 Sale 79
Argentine Treasury 58
1945 MS 79
Cart)& Shaw 1st gold 4s.. _1932
/
1
4
80 _131
8012 79
79 4 11
t932 MS 8912
79
3
84
Austrian (Govt) 78 WI
1943 in
-- -. 911 Feb'24
/
4
4
854 9013 Cam Cent 1st con g 4s
90
1949
90
911
69
/
4
Belgium 25-yr eats f 73:8 8.1945 J D 893 Sale 8912
714 --- 70 Mar'24
Caro Clinch &0 1st 3-17 5a
/
1
4
1003 Sale 100
4
7078 72
10112 266
97 10112
/
1
4
1938• D 93 -year 6% notes
5
Jan 1925
/ 944
1
4
'
'3 9914 Salo 9913
65
/
1
4
9414
9520%34 9412
1952 J o 971 Sale 93
963 100
4
9912 46
20
-year a f 88
:
1941 FA 1001 101 10018
Cart & Ad ist gu g 48
97
:
98
101
1981 J o 82
97 10214
60
Bergen (Norway) 8 f 88
1945 MN 10812 109 109 Mar'24 51
84
82 Mar'24
88
91
1083 10912 Cent Branch U P 181 g 45 -.1948 J D 70
8
981
821
Berne (City of) 8 f 8s
1945 51 N
__-- 70
Cent New Eng let all 49_ ... _1961
70
/
1
4
67
5
71
16 10812 11114
ii 49 Sale 58
Bolivia (Republic of) 814.-1947 MN 10912 109 10912 110
Central Ohio 4 1:9 1930
8814 Sale 8712
59
8812 68
85
31
60
1930 MS 94 ---8834 Centra
Bordeaux (City of) 15-yr 611.1934 MN
93 Dec'23
/
1
4
l of Ga let gold 59._p194 FA
784 Sale 7814
/
1
80
711 80
/
4
Brazil, U Sexternal Ss
96
9914
1941 J D 943 Sale 9314
- 99 Mar'24
Consol gold 5a
4
95
92 3 95
-11 4 1151
.194 MN 9612
1
07
121
78 (Central Ry)
1952 J I)
971
10-year secur 6s
/
1
4
963
4
June 192 J D 10114 - : 964
80
7714 80
56
73:9 (Coffee Security).-1952 AO 79 Sale 79%
Sale 10114 1011 17
Chatt Div pur money g 48 195 in
/ 12 100 101
4
94
9912
Canada(Dominion of) g 58..1926 AO 9612 Sale 9814
9912
3
/
1
4
7712 --- 74
10014 100 10014
Mac & Nor Div tat a 58. _194
Oct'23
3
99 191 14
100% 19
' 97 /
1
4
5s
'3
1931 AO 993 100
/ 9812
1
4
Mid Ga & At! Div 5$
4
9934 100
99 109
96 4 97
/
1
4
5
194 J .1 . 9214 ---- 971: Feb'24
22
-year 53:5
10
1929 FA 1013 Sale 10114
Mobile Division 58
94 July'23
8
101% 66 100 4 10214
3
1846• J 94
55
1952
N 99 Sale 99%
/
1
4
/
1
4
9914 10014 Cent RR& B of Ga coil g 59.193 MN 93 ---- 96 Feb'24
99% 199
Chile (Republic) ext a f 88. _1941 FA
4
931
:
4 10414 18 102 1041: Central of NJ gen gold 54._ _1987 ii 1047 Sale 93
External 5-year ii f 89_ _ _1926 A0 1033 194 1033
8 Sale
1033 104 103% 1033
/ 1047
1
4
Registered
8
s 18
/
1
4 50 1024 194
k1987 Q J 1o3 8 Sale 103
78
1942 MN 964 Bale 95%
5
/
1
4
9612 67
94 100 Cent Pee 1st ref gu g 4s
/
1
4
1949 FA 8612 Sale 10312 103
3 102 105
25
-year 9 f 89
1946 Ni N
85
Mtge guar gold 33:s
/
1
4
864 50
/
1
*1929 in 921a
Chinese (flukuang Ry) 58_1951 J I) 10312 104 10312 104
85
11 102 10412
8712
923 92
9
Through St L 1st go 48. _1954 AO
4134
9214
4115 43
42
91
Christiania (City) 8 f 14._ _1945 AO 4112 42
923
11
4
7
82
/ 833
1
4
4
Colombia (Republic) 630_1927 AO 10912 Sale 10812 1091
817 834
23 107 10212 Charleston St Savannah 78. _1936 ii 1971 _ _ _14 83 Mar'24
a
/
1
155 9 _ 11534 Feb'24
8 ,
7
Ches & Ohio fund & Inapt 59_1929
954 Sale 953
/
1
8
94
96
/ 96
1
4
11514 115
Copenhagen 25
62
/
1
4
-year 5Ns.1944 J J 89 Sale
1st consol gold 58
/
1
4
Mar'24
8812
871 9112
893
/
4
97
1939 M
Cuba 58
981
64
/
4
1944 MS 943 Sale 9434
1003 10114 10014
4
Registered
4
1003 - 33
933 96
95
4
3
4
99 101
4
/
1
4
1939 MN
Eater debt 581914 Ser A_.1949 FA
General gold 43:5
89 4
3
89
893
/ 9214
1
4
1992 MS 87 Sale 99 Dec'23
External loan 4348
2
1949 FA 8014 811 80
86%
Registered
8718 35
794 83
801
1992 MS
53:5
8
1953
J
83
20
/ Jan'24
1
4
/
-year convertible 4 Ns_ _1930 FA
1
4
943 1042
Nis 913
-1414 - - /
83
Czechoslovak (Repub of) 88.1951 AO 94 Sale 92%
811
8 34.
4
4
30-year cony secured 5s...1946 AO 9218 Sale 911:
9614 Sale 96
9214 -557
8814 9212
963
94
Danish Con Munielp Es"A"
54
963
4
.1946 FA 1073 Sale 10718
94 Sale 931:
Craig Valley 1st g 58
4
887k 948
94
108
222
10 10612 1us
Series B
1940 ii
1946 FA 10788
Potts Creek Branch 1st 48_I946 ii 934 933 93 4
4
3
93 4
3
107% 16 14612 198
Sale 107
9234 933
Denmark external 8 f gs...._1945 AG
1
107 Sale 1071
5
R & A Div 1st con g 45_ _1989"'3 . 7914 803 78 Mar'24
/
1
4
:
784 7112.
78
88
53 1974 109,
20
-year Os
4
1942 J J 944 Sale 9412 1981
8018 --- 8038 Mar'24
/
2d consol gold 4s
1
93% 95
95
Dominican Rep Con Adm at 59'58 FA
/
1
4
1989 J
43
76 78
1013 10212 1011 10133
Warm Springs V 1st g 58..1941
4
76
Jan'24
/
4
10212
76
1
76
53:5
M
1942 MS
93 Dee'23
87
8612
853 90 Chic & Alton RR ref g 33 _ _ _1949 AG 9214 95
87
4
Dutch East Indies ext Os. _ _1947 J J 86
33
581 Sale 58
:
9312 Sale 93
New York Trust Co ctfs
5812
92
94
/ 95
1
4
56
49
69¼
61
9
-year 68
/
1
4
1962 MS 9314 Sale 93
53 July'23
Stamped Oct 1922 Interest_
9234 96
84
5Na trust recta
86
1953 MS
5618 58
563
8
564
/
1
87% 101
8612 90
French Repub 25-yr eat 81 .1945 51 S 87 Sale 8612
/ Stamped April 1923 Interest
1
4
2
57 ---- 57
Railway first lien 3Ns _ _
4
57
99
924 99
4
359
20-yr external loan 7 Ns._1941 'Ii 983 Sale 973
10
57
_1950
38
/
1
944 Sale 9414
/
1
4
99
38
95
/ 142
1
4
30
95 Chic Burl & Q-III Div 33:9_1949 J J 80 Sale 37
/ 40 4
1
4
Gt Brit St Irel(UK ei) 5348_1937 FA
570
8
811
10012 100 100
:
Illinois Division Ii
/
1
4
80
9918 1911
100% 285
78
19
/ 804
1
4
...1949 J J 887s Sale 791:
/
4
-year cony 53:s
3
1929 FA 1064 Sale
/
1
Nebraska Extension 4s...1927
88
1063
887
4 lOO7
8
s 77 19612 11014
Greater Prague 73:8
86
3
89
/
1
4
▪ N 97
1932 MN 8412 85
97
/ 97
1
4
Registered
8414
9714 21
7612 86
847
Haiti (Republic) 68
s 59
9612 98
1927 MN 96 ---1952 AG
/
1
4
General 48
8813 92
Italy (Kingd of) Ser A 63:9.1925 FA 89 Sale 891:
898 39
1958 MS 864 Sale 96 Nov'2
/
1
100 Sale 993
1st & ref 59
86
863
8 100
981 10018
Japanese Govt
/
4
85
6
23
1971 FA 9818 Sale 97
-I loan 430_1925 FA 974
9718
Chic City & Conn ft's 59-19
/
1
4
9714
981 205
9718 38
923 974
8
Second series 41 8
27 AG
4
1925 J J 974 Sale 971
53
913 974 Chicago & East III mat 68_ _1934 AG 5212 Sale 52
Sterling loan 45
4 63
4
17
1931 J J 8014 8012 79
1054 ___
/
1
4
Oriental Development 68_1953 M
804 184
7
84 814 C cti E (II RE(near 38) gen 58.1951 MN 7714 Sale 105 Mar'24
4 Chic
/
1
761:
& Erie 1st gold 59... 1982 MN
87
771
851 90
8712 20
LYona (City of) 15-year 68..1934 MN 874 88
:
48
93
/ 95
1
4
783 Sale 784
8
Chicago Great %Vest 1st 48_19
93
/
1
4
94
Marseilles(City of) 15-yr 611.1934 M
724 81
/
1
80
IC
78
59 M
N
55 Sale 531:
With Sept 1024 coupon on.... _
55
8
Mexican Irrigation 4 Na_ _ _1943 Ni N 79 Sale 783
80
721 80
/
4
224
71
25
35
52 Feb'24
29 Mar'24
Mexico
271 29 Chic Ind & Louise
-Ref 69_1947 JJ
/
4
-5s of 1891)
98:i! :V :
4
6827
976
955
5:
878551
1945 Q
j064 ---- 106N
49 Salo 49
Refunding gold 58
Gold debt 48 01 1904
49
10612
43
19 3 107
0558 ,
37
88 8
blis
1947 ii 97 Sale
1954 J D 273 30
4
Refunding 49 Series C_._ _1947 J
96
28
97
Montevideo 78
29
26
4
16
29
1952
811 85
/
4
General 58 A
811 Mar'24
/
4
Netherlands fiet (tint prices)_ _1972 in 8612 88
86'g
87
811 8212
8514 881
/
4
1966 MN 88
, Genera
M
911 Sale 9114
9 1 943 84
:
31 80 4
l Os B
Norway external s f 811
841 14
/
4
9214 123
814 843
9118 963
4
41966 J J
4
1940 AO 110 4
3 Sale 11012 111
Ind & Loulsvilla tat g,, 48_195
68
100
9512 100
18
76 1091 112S,
4
1952
77
Chic Ind & Sou 50-year 4s_19 6 ii 73
74
68 (interim certificates)_ _ _1943 AO 9314 9312 93
7514
934 24
6
56 J J
914 944 Chic
FA 93 4 Sale 93
/
4
811 85
3
85
L 58k East 1st 41:8-1969 in
Panama (Rep) 53:9 tr recta.1053
85
933
4 91
924 94
1
_
8 1 4 Mar6-'202%,48
7627 2
81
964
Porto Alegre (City of) Ss__ _ _1961 in
97
954 9712 C M & Puget Sd 1st go 48_ __1949 ii
8712 88
8
/
1
4
95
MA St P gen g 4s Ser A.3198 ii
9412
Queensland (State) oats f 7, 1941 J o 94
941z
02
493 6012
4
9
9712 Ch
9
AO 10634 Sale 1053
6" 42 88E
72 2 6 4
93 7
:
General gold 34s Ser Be19
4 1063
-year (18
25
4 31 10418 107
7014 74
43
89 J J 63
1917 FA 10014 Bale
6412 6318 Ma 28 4 533528
General 43:s Series C...
5585
100
:
:
6 282
Rio Grande do Sul 88
1003
611 63
/
4
3 46
9912 10114
1946 A 0
e1989 ii
82
Gen & ref Series A 1 149-a2014 AO 8212 Sale 63 2
:2
6212 627
8
6
Rio de Janeiro 25-yr 8 1 88_1946 AG 954 Sale 94%
9514 22
92
9712
858518
93 Sale
Gen ref cony Ser B 58-a2014 P A
9418 54
ila
493 88261
54 4 5834
78
222
87% 9 4
1947 AO 913 Sale 93
43
62 Sale
4
Convertible 434a
91%
El Salvador (Rep) temp 89_1948 J
92
87
51.
26
93
1932 S D
10014 Sale
Sale
48
San Paulo (City) a f 8.
10012 49 100 1004
/
1
1952 MS 994 Sale 10014
1925 J D 68405834
e 8414
25 year debenture 49
9712
86
San Paulo (State) ext a f 88_1936 J J
9912 56
744
954 994
1934 Si
9912 Sale 985
Sale 56
Chic & Mo Ely Div 5e
6/
8
, 255
9
8
1
4
Seine (France) ext 79
9912 26
9814 994
68514 60 6
5 2 86623
49
:a
8
1942 J J
97 4 98
:
phic & N'west Ext 48. _1886-19213 FA 973 9718 98
Serbs, Croats & Slovenes 88 1962 MN 831 Sale 8214
84
1
249
79
1926
84
761 Sale 74%
/
4
97
Registered
97
Soiaaons(City)68
77
1
9 3 68
634 7518
28 9
355
1886-1926 FA
1936 MN 8114 Sale
Geners1 gold 3349
87 Mar'24
79
Sweden 20
8114 32
96
76
-year 68
9715
81,
4
1939 J D 103 Sale 102
1987 MN
7 1 2 70 Mar'24
/-1/
1
4
Registered
3
4 103
Swiss Confeder'n 20-yr 9 f As 1940 J
69
/ 72
1
4
57 102 10514
/
1
4
Q
1131 Sale 114
:
General 4s
68
/ Jan'24
1
4
Tokyo City Se
/
1
683 70 4
31 1114 118
5
3
1987 MN
1912 M S 6114 611 6118 115
Shunned 48
613
Uruguay (Republic) ext 88_1946 I' A
3 18
80
61
813
63
/
1
4
5
1987 MN
104 Sale 104
- 211
86
i
General 5s stamped
10438 26 102 10414
Zurich (City or) 5 f 88
79
/ 814
1
4
1987 SIN
1945 AO 11018 Sale 110%
Sinking fund 68
1009's 111 rr:2211
870
aa0O 2
11018 28 110 112
9
99 10218
912 01
1879-1929 A0 10 3
66 12 sale 102 Mar'24 __ _ 3
2 3 104
Registered
/
1
4
_
Railroad.
1879-1929 AG 1011 103
/
4
Sinking fund 59
1013 Feb'24 ___ _ 101
4
Ala Ot Sou 1st cone A 58___.1943
1879-1929 AG
10212
4
Registered
963 Mar'24 _ _ __
8
Ala Mid 1st guar gold 55_ __1928 J o 953 -- 9612 Mar'24
95 4 961/4
96
3
/ 973
1
4
AG
2
MN 993 101
4
5
Sinking fund deb 55 1879-1929 MN 9738 994
98
99
/ Jan'24
1
4
Alb & Susq cony 345
98
/ 993
1
4
1933
5
1946 AO 7912 -- 79
100 Sale 190 '16001! - --1;
Registered
0
6
1 2
6
Mar'24
Alleg dr West 1st g 4s gu._ _1998
677 10
9 ::
7 11 6
70
6
7
6
0
1933 -- --------97
8012
AO 8012 ---- 8012
10
-year secured Ts g
Alleg Val gen guar g 45
8012
80
1
1930• D
8012
1942 M
15-year
89 Mar'24
I5 Drg3 -- -7 10414 106¼
/
1
4
Ann Arbor 1st g 49
•S
883 89 Chic R I secured 634s g__ _ _1936
4
k1995 Q
/
1
4
58 4 Sale
3
& P-Railway gen 491988 is 10614 Sale 10614
/
1
Atch Top & B Fe
106
58
/
1
4
/
1
4
57
6
5
-Cm n g 48 1995 A0 8712 Sale 584
110
80
803 8018
Reeistered
863
4
803
8712 156
4
Registered
86
8
J J
881/4
8619
1905 AO
_ _ 767
Refunding gold 48
86
8
Adjustment gold 49
767
34
8
*0 777
79
1
3
864
k1995 No
81111 8712 814
8
/
1
78
814
Stamped
202
7912 8112 Chic St LAN 0 gold 53_ _ _1951 in 10018 Sale 764
1
32995 No
814 8112 81
102 1001: Jan'24
sred
Cony gold 45 1909
81
821 848218
791
in
7
1055 J D 8319 841a 8418
Joint00ld 33.-4s
RML
95 Niay'23
/
1
4
Cony 48 1905
8418
ID -77- -4
1955 in 8218 83 8414 Mar'24
__
--_ 77 Feb'24
1st ref 58 Series A/
1
4
Cony 49 issue of 1910
8111 841:
1983 J o 9412 961
1960 in 80
/
95
1
4
944
_ 813 Feb'24
Memph
4
East Ohio Div lat g
9612
813 813 C St I. &is Div 151 8 471----1951 J O 8018 ____ 8053 Mar'24 ._ __
4
_1928
4
3
Feb'24 __ _
- 953
4
Rocky Mtn Div let 48_ --_196 MS 95 4
.
96
95
/ 963 Chic St P 1st COM g 58____1932 AG 100
1
4
8
5
___. 100
8
P M & 0 coos 68...1
/
1
4
Trans-Con Short L 18145.1958 J J 813 823 814 Mar'24
_
81)
930 in 10312 Sale 10312 Feb'24 __ _ _
823
4
J J 83
/ 8434 843
1
4
Cons 65 reduced to
103
/
1
4
Cal-Ails let &ref 4 344"A"
4
2 19890 104
843
938
0
8
7
i 980
4 13
90889
1
3%3_1930 J D 90
8318 871
1902
: Debent
S 91
__ 8914 Mar'24 _ _ __
913 914 Mar'24 _
4
94118 92 a Chic T IT ure 5s
1930 MS 9314 *No price Friday:
7
954 94
& So East 1st 58 1960
954 12
latest bid and asked. $6=l.
a Duels!). dDue April. e
804 Sale 793
4
8012 50
Due May.
June. A Due July. k Due
Aug. oDue Oct. 2/Due Nov. • Due
Dec. sOptIon Gale.
en
11
Jai;
----
----
-le
'or W9P8 96
1034e 10614
81
-15; W64
111967 - 8
s 991a
1041, 166
.82 051e
s
971
/
4
--in
p1987
i s ie
10612 10812
784 81
994 m s
73 ule
11 W94
g Due
1646
BONDS
N.Y.STOCK EXCHANGE
Week ending April 4.
New York Bond Record-Continued-Page 2
Price
Friday
April 4.
Week's
Range or
Last Sale
Range
Since
Jan. 1,
BONDS.
N.Y.STOCK EXCHANGE
Week ending April 4.
t
zt
Price
Friday
April 4.
Week's
Range or
Last Sale
Range
Since
Jan. 1,
High
High No. Low
Ask Low
Bid
High Illinois Central (Concluded)
High No. Low
7013 7812
Ask Low
7812 78 Mar'24
BM
1952 J J 75
Purchased lines 310
8
893 92
9134 16
791g 8134
8112 24
Sale 91
She
4
/
A.1963 J J 91
Collateral trust gold 45_ 1953 NI N 8118 811 78
4
/
971 100
78
Chic Un Sta'n let gu 410
78
9818 161
4
/
Jan'24
9818 Sale 971
4
1
/
19632
1953 NI N 71)
Registered
22 1144 110
1
/
99 4 102
5s B
3
10114 36
8
4
1955 NI N 10114 1013 101
1963.1 J 1157 Sale 11018 116
Refunding 55
let Series c 6SO
105 Dec'23
10139 27 10012 Iti212
1934 J J 101 14 Sale 10034
4
15-year secured 550
7113 753
West Ind gen g Os...e1932 (j M 105 Sale 733
Chic &
8 29
3 10812 110
743
4
8
1095
10912
1952 1 .1 7414
15-yeur secured 6 Sis g__ _1936 .1 J 10912 Sale 85
4
Conso1.50-year 4s
3 10112 1033
85
85
10312
Jan'24
1
/
19.50 J D 844 88
1935 M S 10312 Sale 10318
Cairo Bridge gold 45
96
-year a f 710
2
94
697 7014
15
9
98 Feb'24
70
8
4
1
/ 705 70
8
d Div let gold 38.1951 J J 69
Gulf cons 5s-1952 M N 955
Litchfiel
4
743 75
Choc Okla &
88 Mar'17
1
/
744 Feb'24
78
3M N
J J 75
6_192
Loulsv Div & Term g 310 1953
4
683 7014
1
C Find & Ft W 1st gu 48
88 Dec'23
7o),
.1
,
70 4 7014
I'
-72 Omaha Div let gold 35._ _1951 J A 6914 - - -- 84 Feb'24
80 110
CinH&D2dgOld435.. 1937" F 8918
7012 74
89% Jan'24
I 68 4
,
*19360
St Louts Div & Term g 38_1951
2
763 7713
1
C I St L & C 1st g 4s
87 Dec'23
8
1
/
765
764
,
8
76 8 83
F 865
1951 J J
11936 0
Gold 330
86)4
Registered
80
75N 7552
8614 Feb'24
1
/
754 Jan'24
1942 NI N 8614
Springfield 1)1v 1st g 310-1951 J J 7712
4
/
8
983 991
4
4
1
/ 833
83
Cln Lob & Nor gu 4s g
4
1
/
98 Feb'24
4
833 Mar'24
1928.1 J 9812 99
Western Lines let g 0_1951 F A 8312 87
CInS&Clconslstg.58
53 Mar'22
92 Mar'16
4
/
841
_1943 J J 95% 1951 F A 83
Registered
5 - 8E44811,
Clear!& NIah let gu g 5s_ _ _
4
803
86 Mar 16
1
/
1940 A 0 904
A W let pref 48
L gen 48.1993 J D 8012 80% 8012
9214 9434 Ind B
144
14
Cleve Cin Ch & St
4
943
8
4
4
1
/ 945
4
1950 .1 J 833 _ _ _ _ 843 Feb'24
1931 -1 J 94% 04
99% Ind 111 & Iowa 1st g 411
98
9711
-year deb 430
96
20
2
97
1
/
1965 J .1 9518 9738 97
1993 -1 D 984 10012 9834 Mar'24 70 10013 1023 Ind Union Ry 58 A
4
401g 56
General 53 Series B
1
/
524 297
4
/
1021
8
1929 J .1 1023 Sale 10214
65_ _1952 J .1 4814 Sale 46
Int & Great Nor adjust
8
4
1
/ 96
1 1013 104
90
Ref & impt 68 Series A
252
104
06
8
105 104
95% Sale 023
1941.1 J 10312
let mortgage Os certificates1952 J J
8618 8814
4
/
641 70
68 C
8
6812 18
Sale 667
4
/
J 863 881 8818 Feb'24
4
1939
80 Iowa Central 1st gold 58_1938 J D 6813 21 12 20
77
Cairo Div let gold 45
9
1612 28
79%
2014 34
7812
80
-1 79
1951 M S 2012
Refunding gold 48
8
785 81
5
Cln W & M Div 1st g 0-1991 J N 78
7912
7912
,
4
1
/ 79 4
48_1990 M
4
/
8512 8612
8314 841
St L Div Mt coil tr g g
7
8414
8612 Mar'24
834
1
/
1
/
MS
James Frank & Clear 1st 4s-1959 1 D 844 Sale
Spr & Col Div lst g 4s__ _1940
4
1
/
J 8312 ____ 92 Sept'23
1940
-18
1035e 165
W W Val Div 1st g 4s
____ 10534 Mar'24
J 9.512
1934.1 .1 106
0814 100 Ka A & G R 1st gu g 55_ -1938 .1 0 78 ____ 773
4
4
CIC C & I gen cons g 6s
773
7
4
773 703
1
9912 100
7934
_1933 A 0 9912 100
1990 A
0872
1 8438 8434 Kan & M 1st gu g 48
1)5
Clev Lor Ss W con let g 5s_ 1935 M N 943
4
843
843
4
8
8
1927.3 ..1 9412 993 987 Mar'24
-year Is
2d 20
Mar 1st gu g 410
CI &
5 10012 103
10214
95 Mar'24
J 9412 97
1938
S & M cons g 6s _ _1928 M N 10214 Sale 10112
Vail g oa
K 0 Ft
7312 7814
Cleve & Mahon
91 Mar'2I
8 10
775
8
J
4 - 1- K C Ft S &
Ry ref g 48._1936 A 0 775 Sale 77
6 34
9412 97
9 943
2
Cl&Pgengu4S4sSerA__..19422 0
4
943
9434
4
943
4
/
4
943 Sale 941
1942 A
KC&MR&BIstgu5s._192940 6812 69
70
67
Series B
08% 30
6814
_1942 A 0 7912 ---- 7612 Feb'12
gold 35_1950 A 0
Kansas City Sou let
81.412
Int reduced to 330___
86
7018 Dec'12
8918 26
1948 MN
Apr 1959 J J 89 Sale 8812
Ref & bunt 5s
3
4
/
811 83 4
Series C 330
Jan'21
8118
67
82
8212
1950 F A 80
J
4
613- Kansas City Term let 45-1960 .1 .1 8258 8314 82/ Mar'24 25 82 8314
6012
2
Series D 350
92
4
1
J 8214
1 A 0 9218 93 92
4
1
/
4
39 102 1043 Kentucky Central gold 45..1987
6118 6318
Cleve Shor Line let gu 410_196 A 0 1033 Sale 10318 104
1
6112
6112
4
611
4
/
9513 9813 Keok & Des Moines 1st 5s._1923 A 0 10018 67 1001 10012
1
/
Cleve Union Term 530- _1972 A 0 96% Sale 965
9718 23
2 10038 1004
8
4
/
1973
1925 J
8218 Knoxv de Ohio let g 65
80
56(wi)
83 8112 Mar'24
81
_1945 J
4
/
4
923 941
1
/
934 97
Coal River Ry let gu 46___
9418 21
3
97
97
9653 100
9 F A 94 Sale 94
8013 8612 Lake Erie & West 1st g 55_ _1937 J
9014
87
Colorado & South let g 48_192 M N 86 Sale 85
19
86
4
1
/
0014 20
1941 J J 9018 _ _ Do
2d gold 5s
8118 8214
1
/
754 80
Refunding & eaten 430_1035 A 0 8218
8214 Mar'24
775
8 16
1
/
8
1948
1997 J 1) 775 Sale 764
8218 83 Lake Shore gold 33is
75
& II V 1st ext g 48
75
Col
Mar'24
75 Feb'24
7514 77
1997 J
_____ _ _ _195.5 F A 8112 ____ 8218
ext 4s
Registered
4
9432 9612
813 8493
Col & Tol
22
8412 35
96
1928 88 S 06 Sale 95%
J 84 Salo 8312
Debenture gold 0
9214 94
4 101 10212
Cuba RR let 50-year 55 8-- -1052 J D 1011 Sale 101
10114
8 33
937
4
/
9334 Sale 9312
1936 J
1931 MN
25-year gold 4s
4
/
913 911
4
let ref 710
1
/
91.4 Dec'23
0118
1931 MN
Registered
9212 9212
9238 154
_
94
9212 Jan'24
7712 94 Mar'24
75
J J 94
835 877 Lab vat N V let gu g 430_1940 J J 903 _
8
8
4
/
Day & Mich let cons 430_ A931 M N 8714 Sale 864
9112 911
8714 46
1
1
/
9112
4
9112
1940 J J
& ref 48_.A943
4
Registered
1
/
924 943
1
/
764 79
Del dc Hudson let
11
937
,
13
78
Sale 7712
1935 4 0 9312 Sale 93 8
Lehigh Val (Pa) cons g 48-2003 MN 77% 88
9712 101
-year cony 58
20
4
85, 89
9914 40
29
88
8713
1937 M N 00 Sale 9834
2003 MN 8712
General cons 430
4
/
-year 550
15
1011 103
2 10612 10812
1
/
10134 Feb'24
1930 .1 D 10712 Sale 10712 1074
Leh V Term Ily 1st gu g 5a-1941 4 0 10018
9912 9914
-year secured 75
10
__
89 May'22
9912 Jan'24
F A
1941 AO
7
-67T, ' 6" Registered
7 1
/
D RR & Bdge let gu 48 g_1936 J J 6912 Sale 684
6912 42
.10312 30 MI 1034
1278 103 102%
cons g 45..1936
RIt 10-yr coll 65_ _01928 NI S 117212 75 Leh Val
Den & K Gr-lst
8214 83
4 20
733
8212 Mar'24
8212
1936 J J 7314 Sale 7314
Consul gold 430
7912 8 / Leh & N V let guar gold 45..1945 NI S 904 10013
4
31
99 101
4 18
833
9
1
/
4
993
1
/
34
1928 J D 834 Sale 82
99
Improvement gold 5s
4
3418 413 Lex & East 1st 50-yr 55 gu_ -1965 A
3712 113
3
813 Nov'23
1955 F A 3712 Sale 3418
1962 NI N 8018
Little Miami 45
let Ss refunding 5s
iti is1014
Oct'20 _49
.
1
/
064 13c12 24
8
1935 A 0 1065 _
Long Dock consol g 65
0712 0812
do Registered
10 "3414 41
3612
3612 Sale 3612
4
9718 983 9812 Feb'24
1
Farmers LesTr refs Aug '55_
3414 3814 Long laid let eon gold 58_37103 0 J
3414 Mar'24
37
4
34
/
001 9312 00 Dec'23
b1931
J
let consol gold 4s
Bankers Tr ctfs of dep
371 3714
4
/
-17
3714 Jan'24
1
3612
34
8618
87
86
8813
1038 J
General gold 45
do Stamped
40
40
4
/
6
34
81118 831
8318 Jan'24
8
34 Sale 32
D 863 _
1932
3418 3812
Gold 45
Am Ex Nat Bk Feb '22 ctfs_
8014
79
3812 Jan'24
4
4
344 40
/ 79% 793 Feb'24
1949 MS 791
Unified gold 4s
do Aug 1922 etts
4
1
/ 47
42
4
/
911 92
2
47
4714 46
4
/
1934 II) 911 9412 92 Mar'24
re gold 55
Ft D 1st gu 4s____1935 I J 45
Debentu
87
Des NI &
81
15
9314 Sept'23
87
s
M S
1937 MN 86 Sale 8514
-year p m deb 58
20
Des Plaines Val let gu 410_1947 .1 D 865 Sale 71
.
807
79
1 "60" 71 71
1
71
804
Guar refunding gold 48_..1949 MS 8014 8912 7912
62
(30
Det es Mack-1st lien g 48..1995
9414 95
__
3
9438
62 Feb'24
1995.1 D 624 70
9313 9512 9414
1st con g gu 5s_a1032 0 J
Nor Sh B
Gold 4s
8712 9012
4
1
/
9512 98
4 12
883
877
9714 Mar'24
95
MN 8818 89
1961
Louisiana & Ark 1st g 55-1927 SI S
Del Riv Tun 430
7912 8112 •
2
8112
Oct'23 _8113
8112
-- 99
J J
5
Bdge Co gu
Dul Missabe ez Nor gen 5$ 1941 A 0 994 9912 9914
0113 Lou & Jeff& Nashville g 48..1947 MS 102 Sale 10214 10214 1 10072 10212
9 -61 9912
8
10214
993
MN
1937
58-103
Louisville
91
Dul & Iron Range 18t 58
89
27
957 July'23 ____
91
8
1937 A 0 803 81
1940 21 91 Sale 90
Unified gold 49
8314
RegLstered
76
2
8113
9014 May'23
J J 8112 Sale 81
1940.31
Registered
-Hi 99
.
Dul Sou Shore es All g
8
985 Mar'24
9718 100
Collateral trust gold 58-1931 MM
85 85
20 10614 10812
108
8
4 8918 85 Mar'24
1936 M N 1067 108 107
-year secured 75
10
E Minn Nor DM 1st g 42.__1948 A 0 843 98
4
93
955s
95 Mar'24
4
1
/
4 10612 20 1013 10013
1938 M 8 96
2f01 A 43 10612 Sale 1053
let refunding 510
4
983 983
4
9712 102
E Tenn reorg lien g 5s
41
104
9812 Feb'24
9818 99
19302
2003 A 0 101 Sale 100
5511 (when issued)
103 104
4
1
/
97% 99
E T Va & Ga Div g as
3
99
8
983
4
1
/ Feb'24
103
1956 M N 0814 99
193(1 J J
N 0& Mist gold 65
Cons 1st gold Ss
9712 10012
7 103 10312
5
103
99%
t2
' 164 103
J J
_1941 M N 9918 100 99%
193(
2d gold Ile
4
/
4
/
Elgin Joliet & East lets Is.
8512 871
10618 20 1041 10613
105
Mar'24
8512
0 M S 10618 Sale
Paducah & Mem Div 0....19411 FA 85% _ 4 60 Mar'24
60
4
6134 6613
613
Erie let consol gold 78 ext_193 J J 663 Sale 643
6612 172
8
8
1996
St Louis Div 2(1 gold 3s..1980 M S 5034 8034
953
61
94
let cons g 48 prior
61
_
61 Mar'24
Jan'24
_ 95
64
1996 .1 J 5812
Les N & M & M 1s1 g 430 1045 MS 9518
Registered
4
/
2
811
4
/
79
531 573
573 296
8
8
8012
-12 8014
J 5738 Sale 553
81
L & N South joint Ni 48_1952 J J 8014 1st consol gen lien g 48 1996 .11 J
53
77
77
53
53 Mar'24 _
Jan'24
77
.1 7218
1996 .1
*1952 Q
Registered
Registered
96 . 90
8812 9212
2
8
9912
96
8814 - 7- 9018
668
96
1
Penn coil trust gold 48 1951 F A
54-4 6012 Loulay CM & Lex gold 43(8.193 88 N 0614 ---6012 40
4
/
4
593 Sale 591
-year cony 43 Ser A._1953 A 0 6012 Sale 5914
50
4
1
/
984 993
5413 6012
5
25 ,42 .. 23 9 3 Feb'24
ii.. 57 4
;3
8
6012 33
1953 A 0
1934 J J
do Series B
60
57
4
593 6614 Mahon Coal RR let 55
4
6614 1389
57
N
1953 A 0 66 Sale 6312
Gen cony 45 Series D
4
9618 973
8912 95% Manila RIt(Southern Lines) 1939 M I)
3
4
/
95% 50
9612
J 9512 Sale 941
4
1955
9612 97, 9612
tion 58.__1934 2
1
/
82 824
Erie & Jersey late f 6s
8314 8314 Manitoba Coloniza
8314 Jan'24 _ _ _
82 Feb'24
4
/
J .1
Man GB & N %V 1st 310-1941 J J 811 83
Erie & Pitts gu g 330 B_ _ _1940 J J
83
83
83 Jan'24 _ _
37 Marl:)
1940
00 2
Mex Internat'l 1st cons g 48_1977 NI S _..-Series C
08 -- 1
_
88 Apr'23
A 0 102
S 0814 166- 9914 Nlar'13
1931 M
Michigan Central 58
98
Evans & T II 1st gen g 5s_ 1942 A 0
88
1
88
6912 Apr'24
3
1931 (2 IS 9899 4 88
eglstered
s
863 86 4
4
Sul Co Branch let g 5s..._1930
,
9914 Oct'23
4 Jan'24
J
1924
4819401 J 89.-_-_ 863
781 85
4
/
Fargo Ss Sou 68
3
9412 Dec'23
7814
__
78
I J 9512
194f 1 J 88
Registered
-9332 945
Fla Cent & Pen let ext g 58.1930 J J 9334 95
9312 9312
2
94 Mar'24
9312
1
/ i6 9312
1943
1951 51 5 764 & S 1st gold 330
JL
Consol gold 55
8013
8738 88
79
6
88
4
81
:02 594
7
_1959 I D 8712 Sale 8713
1952 M N 5 87 3 7918 Mar'24
let gold 310
4
1
/
Florida E Coast 1st
4
68,
9214 94
65
4
6718
94 Mar'24
1952 M N 67 Sale 67
1929 A 0
20-year debenture 4s
Fonda J & Glov 410
8
823 84
_
84 Mar'24
Apr'23
87
92
1941 J J
194(1 A 0 86
ext 51
99l 9913
Fort St U D Co let g 450
4
1003 101 14 Mid of N J 1st
4
1
/
99 Mar'24
102 10114 Feb'24
J D 101
9 . F s 9914 ___
5
mow L 8 es West imp g 58_ 1 521) m A
4
/
Ft W es Den C Ist g 530_ _1961
841 84
87 Mar'24
4
/
1001 ....100 Dec'23
J 8712 89
Ashland Div let g 68
Ft Worth& Rio Gr let g 48..1928 J 0 106 108 10612 Jan'24
10514 11612
66110012 1- 3
4
/
1933 A
1924 J J 1001 ___ 10013 Jan'24
Mich Div 1st gold 68
Frees Elk & Nlo V let 6s..
9512 9812
8852 0232
4
1
/
2
98
8
4
983
/
881 Mar'24-_
9:34 2 D
1931 MN 9812
Milw & Nor 1st ext 450_ _ 1534 1 I) 91 13 -___ 8912 Mar'24
S A NI & P 1st 5s
II
9613 9612
8712 8912
9612 Mar'24
8i
8
89 . I2
965 98
1931
410
Cons extended
2d exten 5s guttr
8918 91
8332 8512
8
9034
85 Mar'24 1933 A 0 90 Sale 8912
8811 Spar & N W 1st gu 48.._1947 M S 84
Galv Hous & fiend let 5s
96
89
82
82
4 14
943
8
82 Alar'24'____
83
1957 J .1 9418 945 9412
1941 J .1 80
NIII w es S L let gu 330
8412 86
Genesee River 18t B I 6s
1
4
/
841
4
/
_ _ 841
8
1 D 10012 ____ 10012 Feb'24 ---- 100 10012
J J 845
1927
Ga & Ala Ry 1st con 5s___o1945
4
/
9318 951 NI inn & St Louis 1st 7s
6311 68
8
8
8
8
% 677 68 Mar'24 ____
1929 J J 935 955 955 Mar'24
1934 M N 66
let consol gold 55
Ga Car ds No 1st gu g 5s
6034 62
2313
18
3
37
21
8
1946 A 0 613 6212 62 • 62
1940 M 8 1912 Sale 1912
1st & refunding gold 45
Ga Midland 1st 35
9812 100
20
16
100 Feb'24
18 Mar'24 -18
1924 MN 9912
Ref & ext 50-yr Is Ser A.1962 0 F 17
4
Gila V G N 1st gu g 58
983
98
8614 8812
4
983 Feb'24
2
1) 9512 99
87
1
/
8
1942
ch 5s
P & SS NI con g 4s tut gu'38 j 2 864 873 8612
4
/
901 0112 NI St
Gnu & Oswegat
99 103
91 Mar'24
15
03
100
AI
99
J J
J 9812 100
41
1938 J
1st cons 55
1
/
8
4
Gr R & lex 1st gu g 430_19
8 112% 23 1103 1135
4
/ 25 10112 1034
A 0 11278 Sale 123
-year coil trust 6155_ -1931 NI S 10212 10253 10212 1021
10
1
/
Grand Trunk of Can deb 78.1940 M S 103 Sale 03
53 10212 1044
4
1
/ 104
6 100 10212
10112
4
1
/
1936
19462 J 101 Sale 101
65 A
9112 0142
15
-years f 6s
0112 Apr'07
--9112 Feb'24
-9134
4
1947 J D 853
4 let Chicago Term 5 148_1941 NI N 0814 94 9713 Mar'24„ 11 961 9778
4
/
Grays Point Ter 58
4
1073 104 106 1411:3_
4
/ Sale (1718
.1 1
J
Great Nor gen 78 Series A 1936 J J 1071 883 873
8814
4
1
/ 8812 M S S M & A Mt g 48 int gu-1926 J J 8814 90
88
85
1
4
873
4
Jan'24 --_ _
8
88
4
873
1961
Mississippi Central 1st 55._ _1949 J
jet & ref 410 Series A
_
.
_ _40
90 June'23
.
75
e 9 4
8
.
1961 ./ J
1942 M N .. 7j Iiil_ _ 713 May 23
Si K & Okla let guar 59
Registered
"iLis
9812 62 -60i2
4
8
J 983 Sale 973
1952
gold 45_1990 J D
Mo Kan Zs' Tea-let
4
/
4
1
/ 64
530 Series B_
59
1
/
784 831
2
64
65 64
Feb
8212 Sale 82
4
Green Bay es W deb ctfs"A"__ Feb 63 Sale
683
1013 lvlo-K-T RR-Pr I 5a Ser A _1962 1 J 683 Sale 68
65
7
4
815
4 22
813
683
818
4
1962 J J
40-year 4s Series B
Debentures ctfs "B"
4
1
/
4
/
941 99
8412 081'23
993s 97
8
4
/
Si N 831
4
1
/ Sale 983
1932 .t J 99
10
-year Os Series C
Greenbrier Ry let gu g 48_.A940
4
/
86
511 5678
81
672
Mar'24
86
56
5314
4
/
1st ref & t g 58._b1952 J J 831 86 4 767 Mar'24
Cum adjust 55 Ser A Jan.1967 A 0 54 Sale
Gulf &
7312 77
8
7613 783
Harlem R & Pt Ches let 4s_ _1954 M N 8512 Sale 8512
4
7518 8114
83% 863 Missouri Pacific (reorg Co)
4
8512
,
80 4 11
2
797
4
1
J
/
let Ss refunding 55 Ser A..1905 F A 80 Sale 9712
Hocking Val let cons g 430_1999 J J 8012 83 82
941 98
4
/
5(1
5
82
98
98 Sale
1999 J
let & refunding Ss Ser C_ _1926 F A
Registered
98
1
/
874 9612
07
98 Mar'24
1
/
9512 82
4
/
951 Salo 944
J 9814 99
1937J
1st & refunding Os Ser 13_1949 F A
& T C 1st g 58 Int fru
51
9014 9214
4
573
422
Mar'24
4
4
573
9212 913
.1 92
4
1975 M 5 573 Sale
General 48
Houston Belt & Term let 53.1037.3 N
9514 98
98 Mar'24
1933 M
Missouri Pacific
8054 8214
Bons E & W T 1st g 5s
1
/
934 July'23
8212 Feb'24
84
8212
1933 M N
301 75 extended at 4% __ _1938 NI N 934 sale 9314
4
1
/ 9314
92
let guar 58 red
8414 85e
9314
4
1
/ 95 8414 Jan'24
1945 j 2
1937 M N 83
58
Housatonic Ry cons g 55_
68
73
803 8
4 ,12 Mob & Bir prior liens
8
,
685 Feb'24
82 2 169
8212 Sale 8214
8
F A
1945 J .1 735 75
Mortgage gold 45
Hud & Nlanhat 58 Series A..1957 A 0 60 Sale 59
10214 103
281
62
5814 6314
1027
1957
Mobile & Ohio new gold 6s._1927 J D 10212
4
1
/
100 10113
Adjust income .58
8813 92
J 87 ---- 90 Mar'24
4
1
/
4s..1951
1927 Q .1 101 10114 101 8,1t;t:'2:1
1st extended gold 68____b
Illinois Central let gold
74
7712
4
4
77
/
831 Sept'22
1951 1 J ____
1938 NI S 77 Sale 77
General gold 45
80
Registered
78
92
95
78 Mar'24
J 7812 81
4
/
971 94 Mar'24
94
1951
Montgomery Div let g 50_1947 F A
9612
let gold 310
9514
Oct'23
80
9612 Mar'24
96
1951 J J
7784 Via-4
St Louis Div 58
Registered
76
781
.
4
1
/ Jan'24
77
__ _ _ 7712
7712 10
81
0
1928 NI S
Mob & Ohio coil tr g 45_ _ _1.137 j D ____ 83
d 1st gold 310.__1951 A 0 78I
Extende
Oct'23
4
81
_ 763 Sept'23
4
/
1951 A
1991 NI S 811
Mob & Mal let gut g 4s
108)4 f(cili
Reg!stered
8314 Mar'22
11014 10812 Jan'24
S 5912 72
19.51 M
1937 J J 10878
8513 Mont C let gu g Os
83
2
8358
let gold 38 sterling
4
1
/
13614 May'00
8
1952 M 8 8312 847 83
1937 J -I 100
Registered
9914 101'
Collateral trust gold 42
1
/
934 Sept'19
1952 A 0
1937.3 J 99 101 1(11 Mar'24
let guar gold Ss
8112 86e3
Registered
8012 33
4
1
/
_1955 MN 8612 Sale 85
g 4._
t Option tale.
let refundin
June, 5 Due July. a Due Sept o Due Oct.
Feb. C Due
bid and asked this week. a Due Jan. 5 Due
•No urice Friday; latest
New York Bond Record-Continued-Page 3
BONDS.
N. Y.STOCK EXCHANGE
Week ending Apri 14.
To •
:.'-"e,
-..1 t
.
-.a_
Price
1
Week's
4,'" •
Eridoy
o0
Range or
April 5.
Last Sate.cl5,
f-
Range
Since
Jan. I.
BONDS.
N. Y.STOCK EXCHANGE
Week ending April 4.
r, .
:..' t3
.a
-..._ h
4C.:
1647
Price
Fridag
April 4.
Week's
Range or
Last Sale.
"•
. s
?,:t.
CO ji
Range
Since
Jan. I.
Bid
Ask Low
High No. Low
High
Bid
Ask Low
High No, Low
NI & E 1st gu 350
Ma)
2000 J 0 75
/ 78
1
4
763 Mar'24 ____
4
7612 7712 Peoria & East 1st cons 45_ _1940 A 0 737 7414 737
8
7414 34
8
67
7434
Nashy Chatt & St L lot Ss. _1928 A 0 10012 101 10012 101
4
997 101
8
Income 45
1990 Apr. 3014 Sale 263
4
N Fla & S 1st gu g 55
3112 78
21
1937 1 A 973 ---- 9614 Oct'23 ____
3
3212
4
____ ____ Pere Marquette let Ser A 581956 .1 J 9412
Sale 9312
9412 115
Nat Ry of Alex pr lien 44s..1957 J I --------30 Sept'23 ____ ____
9112 9
412
___
lst Series B 48
1956 .1 J 7912 Sale 773
4
7912 13
7618 7 /
July coupon on
91
4
2314 Sale 2314
23
/
1
4
2314 6
37 Phila Bait & W lot g 48
1943 51 N
/ 903 9912 Mar'24 ----i 90
1
4
4
do off
9934
26 Noy'23 ____ ____ ____ Philippine Ry 1st 30-yr s f 4s 1937 1 J 89
38
383 3814
8
3814
1
37
General 48 (Oct on)
1977 A 0
431
/
4
2618 July'23 ------------PC C dr St Lgu 430A
1940 A 0 933
4
9412 Mar'24 ____
935 9912
8
April coupon on
21 July'23 ------------Series B 430 guar
1942 A 0 933 9414 9414 Mar'24 ____
4
937 9414
off
do
8
24 Dec'23 ------------Series C 449 guar
1942 MN 93 4
3
9314 Jan'24 ____
9314 9414
Nat RR Mex prior lien 430_1926 J J --------3814 June'23 ____
___
Series D 4s guar
1945 M N 88 9814 88 Mar'24 ____
87
88
July coupon on
3414 40
36
Jan'24 ____ ____36
36
Series E 349 guar gold__ _1949 F A 867 88
8
8714
8714
8612 8714
3
off
do
Oct'23 ------------Series F guar 48 gold
34
1953 J D 86
___ 8712 Mar'24 ____
8712 8712
lot consol 4s (Oct on)____1951 A 0 --------28 Apr'23 ____ ____
_
Series G 4s guar
1957 MN 88 9514 93 Sept'23
April coupon on
19
____ 36
Jan'24 ____
36 --36
Series 1 cons guar 430...._1963 F A
9112 Sale 9112
9112
905 9112
1
8
off
do
1814 Sale 1814
1814
1
10
22
Series J 430
1964 M N 91
917 91 Mar'24 ___
8
Naugatuck RR 1st 43
905 9118
8
1954 M N 6918
8618 May'23 ------------General 5s Series A
1970 J D 9712 9812 9712
98
6
1945 J J 8312
9512 98
New England cons 58
75 Aug'23 ------------Pitts & L Erie 2d g 58
01928 A 0 e63 ____ 963 Feb'24
4
4
Consol Is
1945 J J 84
____ 83 Jan'24 ____
75
83 Plus Melt de Y 1st gu 6s_ _ - _1932 J .1 107
____ 105 Dec'23
NJ June RR guar 1st 48_ __ _1986 F A 80 ____ 80 Dec'23 ____ ____
--2d guaranteed 68
1934 J .1 --------9514 June'23
NO & NE 1st ref & imp 930 A'52 J J 8314 Sale 8314
8334
3
8412 Pitts Sh & L E 1st g 59
8118 1940 A 0 9914 Sale 9914
New Orleans Term 1st 4s1953 J .1 7918 Sale 7814
9914
11 9 11 -9 /
8
9
1
4
7918 20
7614 7918
1st consol gold 55
1943
NO Texas & Mexico 1st 6s 1925 J D 10114 Sale 10078
97
9834
10114 29 1003 1011 Pitts Y & Ash let cons .5s_ 1927 J J --------984 Feb'24 ---4
/
4
MN 9918 Sale 994
9914 761 99
Non-cum income 58
1935 A 0 8712 Sale 8712
9912
9014 53
8518 9112 Providence Secur deb 49_1957 M N
3914
_ 3314 Dec'23 _--- ____ ____
434s.....1945 J J
N & C Bdge gen gu
903 927 90 Dec'23
4
4
Providence Term 1st 4s
1956 M S 75
____ 713 Dec'23 __-- ___N Y B & M B 1st con g 58-1935 A 0 9514 ____ 95 Feb'24 ____
4
_ _
95 95
1997 .1 J 9012 Sale 9018
9012 151
NY Cent RR cony deb 6s 1935 M N 10518 Sale 10412 10512 447 10312 105 Reading Co gen gold 49
9134
874 - /
1
4
Certificates of deposit
907 Sale 9018
8
907
8
13
Consol 45 Series A
8714 9152
1998 F A 813 Sale 80
4
/
1
4
811 98
/
4
804 8314
Jersey Central colt g 4s_ 1951 A 0 843 85
4
843
4
85
6
Ref & inapt 450 "A"
2013 A 0 88 Sale 8712
8314 9614
88
25
8512 8914
Gen & ref 450 Ser A
1997 J I 893 Sale 8918
89 4 166
Ref & inapt 55
3
2013 A 0 973 Sale 97
8818 8934
4
9714 259
953 98 Reties dr Saratoga 20-yr(39 _ _1941 MN 109 4
8
.
N Y Central & Hudson RiverRich dr Dan 55
1927 A 0 9814
9814 Feb'24 __-_
Mortgage 330
1997 1 1 76 Sale 7538
984 981
9
45
76
74
7612 Rich & Meek 1st g 5s
1948 MN 70
_ _ 72 Mar'24 ____ ___
Registered
1997 J J 7318 8114 7214
__ _
7214 10
7214 7414 Rich Ter 59
1052 J J 9618 97
97 Mar'24 ____
1934 M N 9012 Sale 9018
96 Debenture gold 46
97
905
8 22
8914 91
Rio Grande June 1st gu 55. _1939 J D 8318
-- 853
857
4
8
1942 J J 8614 8714 87 Mar'24
4
30-year debenture 48
8412 87
87
8912 Rio Grande Sou 1st gold 48_1940 J J
314 -54 64
514 518 Jan'24 _ _i_
Lake Shore coil gold 330_1998 F A
71 Sale 71
723
4 12
707 7414
8
Guaranteed
1940 J J
314
7 Dec'23 ____ ___ _
Registered
1998 F A 7058 Sale 705
8
705
8
1
697 7212 Rio Grande West 1st gold 48_1939 J 1
4
7312 74 Mar'24 ____
78
Mich Cent coil gold 3358-1998 F A 74 Sale 737.
7314 7512
74
8
73
75
Mtge & coil trust 49 A.._ 1949 A 0 6312 6512 645
8
6514, 27
1098 F A 7114 _ _ 7212 Jan'24 ____
Registered
60
651
4
7214 7214 RI Ark & Louis 1st 430_1934 M S 7712 Sale 7814
77121 25
NY Chic & St L let g 45_ _ 1937 A 0 89 7412 773
4
/ 9018 895
1
4
8
89
1
/
1
4
8918 907 Rut-Canada 1st gu g 45
8
1949 J J 69
/ 72
1
4
697 Mar'24 ____
8
1937 A 0 8818 89
Registered
68
70
887 Feb'24
8
8814 884 Rutland let con g 430
1941 J J
__ 805 Mar'24 ___
8
Debenture 4s
1931 M N 8934 Sale 893
8018 8118
4
893
4
88
7
90 St Jos & Grand IsIg 45
1947 J J 80-7312 26
7414 78
73
7112 744
1931 MN 102 Sale 10114 102
2d 68 A B C
49 10018 102 St Lawr dr Adir 1st g 58
1996.3 ii 91
9114 9112 Feb'24,,.. _
9112 96
NY Connect 1st gu 4345 A 1953 F A 87 Sale 873
/
1
4
/
1
4
4
87
/
1
4
8614 8812
5
2d gold 69
1996 A 0 973
4---- 98 Mar'23 -----------NY & Erie 1st ext it 4s
1947 M N 85
89 Mar'24
89
89 St L &Cairo guar g 4s
1931 J J 9114 92
91
9112
1933 M 5 9412
3d ext gold 430
912
96 May'23 __
___
_- St L Ir Si & S gen con g 59_1931 A 0 974 Bale 9712
98
14
4th ext gold 5s
1930 A 0 96 99
96
98
96 Mar'24
96
-96
Unified dr ref gold 4s •
1939 J J 8818 8812 884
887
8 91
1928 J D 93
5th ext gold 4s
8312 887
8
923 Dec 23
4
Riv & G Div 1st g 49
1933 MN 783 Sale
8
1946 M N 833 85
N Y dr Green L gu g 59
7812 41
72
7834
4
843 June'23 ____
4
8412 853 St L M Bridge Ter go g .511_ _ _1930 A 0 9912 ____ 78
4
98 Mar'24 ____
N Y & Harlem g 350
2000 M N 7518 ____ 74 Sept'23 ____ ____ ---- St L & San
99
9912
Fran (reorg co)461950 J J 6912 Sale 6812
6912 340
N Y Lack & Western U.__ _1923 F A --------993 June'23 -__ ____ ___.
4
1357 7013
8
Prior lien Ser B 55
1050 J J 8278 Sale 8218
1st & ref 58
1973 MN
834 88
8012 855
8
Prior lien Ser C Os
1928 J J 100 Sale 997
let & ref 439s
8
10034 108
1973 M N
981 102
/
4
961 96 Mar'24
/
4
96
9712
550
1942 J J 92 Sale 92
N Y L E & W 1st 78 ext__ _1030 SI S --------103 June'23 ____ ____
92
/ 327
1
4
8712 9314
-_Cum adjust Ser A 68____81955 A 43 74 Sale 7318
Dock & Imp 55
1943 J J 9718 _
761 198
/
4
7212 77
98 Feb'24
/
1
4
98 98
Income Series A 65
51960 Oct. 644 Sale 6312
/
1
N Y & Jersey 1st 5s
1932 F A 9714 ____ 99
643 406
4
583 65
8
99
53
6
9612 99
8
NY & Long Br gong 4s.,..1041 M S 874 ____ 91 July'23 ____ ____ __-- St Louis & San Fran gen 66_ _1931 J J 1035 104 1035
8
10358
1
/
1
997 1033
e
4
General gold 58
1931 J J 985 100
8
985
N Y N II & Hartford8
985
8
0
9712 99
St L dr 8 F RR cons g 4.8__ -1996 J J 893
_ _ 8218 July'23
Non-cony deben 330_ _ _ _1954 A 0 44 Sale 44
49
12
3912 46
Southw Div 1st g 5s1947 A 0
Non-cony deben 48
98
1947 M S. 52 Sale 52
9712 Mar'24 ___9713 6f11
52
7
4412 52 St L Pen & N W let gu 511.-1948 J .1 96 4093 101 100
4
Non-conv deben 330
1947 M S 43 Sale 43
100
6
98 100
43
11
38
40 St Louis Sou lot gu g 45
1931 /51 S
Non-cony deben 48
885 Dec'23 ____ ____
8
1955 J J 5112 Sale 497
8
52
13
__
4418 59 St L S W 1st g 4s bond ctfs_ -1989
M N 8934-- -- 775
78
Non-cony deben 49
783
4
8
1956 MN
78
23
5112 Sale 49
79
76 5112 110
4312 52
2d g 45 income bond ctfs-P1989 J J 7118 74
Cony debenture 3359
73
10561 3 46 Sale 44
73
1
8914 73
46
12
393 46
4
Consol gold 49
1932 J D 8212 Sale 8112
Cony debenture 68
10481
823
4 74
777 8318
8
70 Sale 6712
7014 269
59
704
1st terminal & unifying 5s-1952 J J 81 Sale
4% debentures
8
8112 24
1957 M N 434 Sale 404
78
82
/
1
437 10S
8
36
4412 St Paul & K C Sh L 1st 430-1941 F A 654 Sale 805
745
76 European Loan
8
1925 A 0 813 Sale 8018
7512
4
4
73
82
7612
318
704 82 St Paul E Gr Trunk 449.-4947 J J
/
1
89-.. 90 Mar'24
Francs
1925 A 0 8012 Sale 775
90 90
8
81
802
69
81
St Paul Minn & Man 45-- - -1933 J J 9114 923 9134 Mar'24 ____
4
Cons Ry non-cony 49_ _ _1930 F A 3972
____
913 93
4
1st consol g 68
11)331 .1 106 10712 106 Mar'24 ____ 105 108
Non-conv 45
1954 J J 4512 53
41312
4612
6
4612 4612
Os reduced to gold 450_1933 J .1 957 9612 96
8
96
Non-cony deben 49.. 1955 J 1 4512 48
1
9512 97
3878 Oct'23 ____ ____
_ _
Mont ext 1st gold 48
1937 J D 89
9012 89
Non-cony deben 48_ _ _ _1956 J
89
1
8812 904
4512 46
46
46
2
4212 - 46
Pacific ext guar 48
1940 J J
_
N Y & Northern let g Ss__ ,1927 A 0 9914 ____ 99
_
85 July'23 __-___
-Oct'23 --__
_ S A & A Pass 1st gu g 45_ _ 1993 J J 753 Sale
N y 0& '1ST ref 1st g 48_ .._ 471992 M
4
743
4
753
8312 Sale 6318
4 11
713 - 3
8 75 4
64
47 -_---- , Santa Fe Pros & Phen 55_ _1942 M S
6018 6 4
6
98
General 48
9912 993 Feb'24 ____
8
1955 J D 5818 60
99
5913
/ 993
1
4
8
5912
1
58
/ 62 San Fran Terml lot 4s
1
4
1950 A 0 825 Sale 82
8
N Y Prov & Boston 48
1942 A 0 7912
8254 14
8012 8312
73 Aug'23
Say Fla & West 6s
1934 A 0 1071
NY A pu let cons gu g 45._ _1998 A 0 80
2_ 98 Feb'24 ____ 107 108
/
1
4
/ 83 81 Mar'24_
1
4
81
81
58
1934 A 0 10014 NY & RI)lot gold 55
1927 SI S 9714 _
8912 Mar'24 ____
,
8912 8912 Scioto V & NE lot gu g 48-1989 MN 8514 10112 10018 Mar'24 ____ 10018 109 8
NY Susq & W 1st ref 56_ _ _ _1937 J J 58 - 1 58
59 4
861 8614 Mar'24 ___/
4
847 8614
8
58
1
5212 611 Seaboard Air Line g 48
/
4
1950 A 0 641
2d gold 450
1937 F A 4718 50
265 Mar'24____
66
61
48
493
4
1
43
50
Gold 46 stamped
1050 A 0 645 General gold 59
8 6512 6434
1940 F A 495 53
6512 19
8
5812 6512
51)
50
1
4014 5284
Adjustment 58
01949 F A
Terminal lot gold 58
5212 Sale 5218
1943 MN 8718 ____ 8614 Jan'24
533 273
8
437 5454
8
8614 8614
Refunding 48
1959 A 0 5318 Sale 52
NY W'clies & B 1st Ser 1 4399.'48 3 .1 4712
_
4512
537 320
8
4712 92
475 5414
8
3912 4712
1st & cons 69 Series A_ _1945 Al S 783 Sale 78
_
Norfolk Sou let & ref A 5s 1961 F A 64 9 8 6514
4
7914 179
5367
/ 8012
1
4
653
4
2
6112 67 Seaboard & Roan lot 59
1926 .1 J 983 9912 984
Norfolk & Sou 1st gold 55.,. _1941 M N 9212 93
8
/
1
924
9212
983
4
1
4
97
/ 9914
1
4
89
Norf & West gen gold Bs__ _1931 M N 1051 ____ 10538 Mar'24 ____ 1053 9212 Sher Sh dr So 1st gu g 513_ --1943 J D 987 ____ 3612 June'23 ____ ____ _ _ - _
8
/
4
4 1064 S & N Ala cons gu g 58
1936 F A 10014_ _ 984 Aug'23 ____ ____ .
Improvement & extg
1934 F A 107 -___ 107
/
1
107
3 106 107
Geri cons guar 50-yr
New River 1st gold
1932 A 0 10614 ____ 10612 10612
- 99 102
- 3 106 10012 So Pac Co149(Cent Pac55..-1963 A 0 10038 102 102 Mar'24 ____
col)k1949 .1 D 8214 831 8214
N & W Ry lot cons g 48_.1098 A 0 88 Sale 87
/
4
8314
13
811 85
88
/
4
37
86
8858
20-year cony 48
01929 M S 94 Sale 94
Registered
1996 A 0
9412 166
4
9212 9454
8.53 Oct'23
20-year cony Is
1934 .1 D 994 991_ 99
Div'l 1st lien & gen it 48_1944 J J 8714 ____ 873
99
14
8
9714 997
8712 11
8
8014 SS So Pac of Cal-Gu g 59
1927 AI N
10-25 year cony 4345..._1938 M S
_ 102 101
/
1
4
Feb'24 --- 101 10113
82 Dec'23 ___
._ So Pac Coast let gu
_
49 g__ -1937 3 J 89
10-year cony 68
1929 NI S 12512 Sale 1223
/ ____ 92 Feb'24 __ _
1
4
4 12614 213 1.06T 129 So Pac RR lot
9112 94
2
-ref 49
Pocah C & C joint 48_ _ _1941 J O 88
1955 J J
/
1
87
43
--- 8812
85
88 2
,
87 2
,
1
7618 885 Southern-1st cons g Ss_ _..l994 J -I 864 Sale 8618
8
North Ohio let guar it Ss__.1045 A 0 823 97
977 Sale 9678
8
077 120
8
4
9518 98
92
Develop & gen 49 Ser A- - -1956 A 0 7214 Sale 7112
Nor Pacific prior lien 46._..l997 Q .3 82 Sale 807 Dec'23 --- - ___
7214 333
8
6918 73
82
103
8011 - - -14
83
68 (w I)
Registered
1956 A 0 9912 Sale 99
1997 Q
__
_ _ 80 Mar'24 __
99
/ 14
1
4
9612 100
783 8258
4
630
General lien gold 38
1958 A 0 10412 Sale 104
02047 Q.1F 5712 58
5718
1044 148 10114 105
573
4 64
50 591
/
4
Stem Div 1st is 44s-59_4996 J J 95
Registered
a2047 Q F
96
954
9518
5818 Dec'23 _
4
93
/ 951s
1
4
---- ---St Louis Div 1st g 45
Ref & impt 434s ser A _ _ _ _2047 J J 807 8138 807
1951 J J
8
8112
8112
2
8
795 82
81
4
27
793 83 So Car & Ga 1st ext 530_ _ I929 M N 8112 86
4
Os ser B
2047 J J 10334 Sale 1034
993 10112 9912
4
9912
3
97 100
/
1
4
1033
4 82 1011 1043 Spokane Internat lot g
/
4
4
58 C
59_1955 J J 84
2047 J J
91
87
83 Feb'24 ____
92
9114
9114
83
83
4
905 93 Sunbury & Lew 48
8
59 D
1938 J J 864 ___ 91
2047 J .1 913 Sale 9138
4
/
1
Oct'23 _ _ _ ____ _--92
41
893 0312 Superior Short L 1st 55 g__..e1930
4
St Paul-Duluth Div it As. _1996 3 0 8412 ____ 89 Feb'24 ____
NI S 941
4
---Term Assn of St List it 445-1939 A 0 924 -_ 95 May'18 __St Paul & Duluth 1st 58_ _1031 (4 F 9914 ____ 9914 Mar'24 ____
93
- - 9258 Mar'24 ___ -_ -9258 - 95
-1554 99
- -14
lot COM gold 55
let consol gold 46
1968 1 D 775
1944 F A 98_ 973
8
4
841 Jan'24 _
/
9812
4
3
9714 99
Gen refund 8 I g 46
Nor Pac Term Co lot it 613..._1933 J J 10918 ____ 1093 Feb'24 ____
1953 J .1 804 - -1
4
8 -12 8018
81
8
78
/ 82
1
4
4
No of Cal guar g .56
1938 A 0 10014 _-_ 9912 Mar'24 ____ 1093g 1693 Tex & N 0 con gold Ss
1943 J J 92
95
9034 May'23 ____ _ _ -9912 994 Texas & Pac lot gold 58
North Wisconsin 1st Os
1930 .1 J 1017,... 100 June'23 _
2000 1 D 954 Sale 9412
9512 23
92 - 9512
97
/ 973
1
4
8
2d gold income 58
Os dr L Chum 1st gu 45 g_ _ _1948 I J 70
42000 Mar 64
7012 70 Mar'24 ____
80
58 Aug'23 ____ ---- „89
73
La Div B L 1st g 5s
1943 SI S 893
Ohio Conn Ry 45
1931 J J 92 Sale 9134
___ 891 Oct'23 ____ ____ ____
/
92
4
15
91 - ,
93 2
Ohio River RR lot it 58
Tel & Ohio Cent lot gu 58 _ _1935 J J 98
.
1936 J D 973 100
4
49714 Feb'24 __
_ - 97
9714
97
2
984
97
14 9714
Western Div lot it Ss
General gold Is
1937 A 0 95
1935 A 0 945 - -12 944 Feb'24 ____
97
/ 97 Mar'24 _
1
4
8 97
/
1
4
/
1
941 947
/
4
a
97
/ 97
1
4
/
1
4
General gold 58
Ore & Cal 108 guar it 55
1927 J .1 9912 Sale 9912
1935 J D 9318
_ 9312 Mar'24 ____
914 9312
9934 29
3914 100 Toledo Peoria & West 4s_ _ _ _1917 J
Ore RR & Nay con it
-191 . D 86 2 8712 863
6 1
24
,
3014 3014
8
863
4
8
85 3 88 Tel St L & W pr lien g 330_ _1925 J 1 21 - -14 3014 Jan'24 ____
5
48__Ore Short Line--lot cons g59246 J J 10214 10212 1013
J 9714 9814 98
4 10212
98
19
96, 98
2
/
1
4
3 101 103
50-year
1940 J J 10212 Sale 1017
1950 A 0 7812 Sale 7814
Guar cons 55
8 10212 20 10138 103 Tol WV gold 40
7812
8
76
794
&0 gu 430 A
Guar refund 45
19291 D 934 Sale 934
1931 J .1 953 96
/
1
/
1
8
95 Dec'23 ___ - ____
934 40
/
1
-9214 9414
Series B 430
Oregon-Wash 1st dr ref 4s_ _ _1961 J J 803 Sale 8012
1933 J J 9534 957 9518 Feb'24 ____
4
8
81
964 - 9
514
80
79
/ 8134
1
4
Series C 45
Pacific Coast Co lot g 59_._ _1946 J D
1942 M S
s..-. 8612 Nov. ____
23
____
_ _
7512 8012 Tor Ham & Buff lot g 48_ _ _k11346 J D 873
Pac RR of Mo 1st ext g 48_.A938 F A 78
80
78
7814
8112 - 82
3
867 8712 Ulster & Del lot cons g 59_ _ _1928 J D 8112 8314 82 Feb'24 ____
8
2d extended gold 55
19381 J 8714 887 97 Feb'24 ____
95
8
_ 96
96
2
95
96
0614 98
1st refunding g 4s
1952 A Ill 6218 - - -7 63 Dec'23 _ _ _ _ _ _ _
Paducah & Ills lot at 4 48_ _1955 .1 J 063 081 964 Mar'24 __ _
4
/
1
62 8
911/ 9112 Union Pacific 1st g 45
-- 19471 J 90
Paris-Lyons-Med RR tis_ _ _ _1958 F A 9118 ____ 91 Mar'24 __ _
/ 907 893
1
4
8
4
9012 53
65
881 -924
/
4
727
8
20-year cony 48
Pauliata Rs 79
1927 J .1 9612 Sale 9612
1942 M 5 72 Sale 7112
72
/ 370
1
4
964 45
/
1
95
9514 97
9611
1st dr ref temp 55
Pennsylvania RR-cona g 48 1943 MN 95
02008 SI S 8314 Sale 8218
96
95
95
8312 53 100 103
1
8912 8912
1st & refunding 49
Consol gold 45
1948 M N 885 8914 8912 Jan'24 ____
02008 SI S 101 Sale
8
/
1
/
4
8
815 85
87
8012
10
-year Perm secured 69_ _1928 J J 102 Sale 1004 1011 143
As stamped
May 1 1908 MN 881
__ _ 883
4
/
1
4
89
10212 103
18 1023 1037
5
4
8
8714 894
N J RR & Can gen 98_
Consol 450
1944 M S 89
8- 1960 F A 9114 9112 8912
__ 897 Feb'24 ____
8912
8
4
88
/ 897
1
4
8
9414 96 Utah & Nor gold 5s
1926 J J 9958 100
General 430
19051 D 9558 96
954
9912 Nov'24 ____
9 8 30
55
98
/ 9912
1
4
9014 92
lot extended 4s
General 50
1933 J J 911 ____ 104 Dec'23 ____ ____
10683 D 913 Sale 91
8
/
4
9112 98
99 1001 Vandal' cons g 48 Ser A._ _
--/
4
s'
10
-year secured 75
_1955 F A 8412 _ _ 85
1930 A 0 10018 Sale 100
10058 94 1063 1083
Jan'24 ___
85 85
4
4
Consol 4s Series 13
15
-year secured 630
4
1936 F A 1073 Sale 10712 108
8 8i 87 Mar'24 _ _-_ I 85
87
77 1075 1093 Vera Cruz & Plat gu 430_ _ 1957 SIN 855 8
4
_1934 3 136 June'23 -----------Pennsylvania Co10914 Sale 10812 10012 50
_
July coupon on
Guar 330 coil trust reg A.1937 St S 845 86
8
8414 Dec'23 ___ ____ ____ Verdi VI &
2514 3034 28
::.!
538 263
4
201
W 1st g
Guar 334s coil trust Ser 14.1041 A A 82
1926 M 5 9812 994 9812
83 8218 Dec'23 ____
9812
__ __ ____ Virginia Slid Series 5s
4
--E 58_ _ _ _1926 M S Nee 100
Guar 346 trust ctfs C__ _ _1942 J D --------8114 Dec'23 ____ _
993
4 100
97 100
2
_
_
_
General 56
Guar 349 trust ctfs D._ _1944 .1 D ____ ____ 8114 Mar'24
____
81 14 - - Va & SouthWn 18t gu 59_ 1936 M N 9714 ___ 9714 Dec'23 -----------8114
Guar 15 -year gold 4s _ _1031 A 0 93 Sale 9214
-25
_2003 J .1 905 8 9314 9214
93
9214
9214 92,
20
1
3
005 93
8
1st cons 50
-year .Is
Guar 4a Ser E
1958 A
1952 M N --------8434
83
1476'4 8
8412
4
8
833 854 Virginian lot So Series A._ _ _1962 M 0 8112 8212 8212
4
N 941 Sale 94
/
4
941 158 I 9214 9512
/
4
•Noprloe Friday:latest bid and tusked. a DU431112. C
Due March. 4 Due Awl:. eDus May. 0 Due June, 5
Due July, k Due Aug. o Hue Oct. y Due Dec. • Option
sale
New York Bond Record-Continued-Page 4
1648
BONDS.
N.Y. STOCK EXCHANGE
Week ending April 4.
1,"
n.
Price
Friday
April 4.
Weet's
"
Ralge
Last Sale.
Ei
11(011 No
Ask Low
Bid
9812 61
4
1939 M N 98 Sale 973
Wabash 1st gold 58
9018 16
1939 F A 90 Sale 90
2d gold fa
723 Feb'24
1954 J J 7118 75
1st lien 50-yr g term 4s
98 Feb'24
1941 J J 973* 100
Det .4 Ch eat 1st g 5s_
Jan'24 ____
Des Moines Div let g 43-1939 1 .1 7412 7712 78
9
70121
8
1941 A 0 703 70% 7018
Om Div let g 31.45
1941 M 8 7618 --__ 7812 Feb'24
Tol & Ch Div g 4s
2000 F A ____ ____ 7418 May'24
Warren let ref gu g 3 Sea
7818 Feb'24
1948 Q M 7712 79
Wash Cent 1st gold 45
1924 F A --------993 Jan'24
W 0& W 1st cy gu 4a
1945 F A 8012 8112 8113 May'24 ____
Wash Term let gu 3545
8514 June'23 _
1945 F A 853
-year guar 4e
4
1st 40
W Min W & NW 1st gu Se_ _1930 F A 795 89 86 Aug 23
62% 86
4
1952 A 0 623* Sale 603
West Maryland 1st g 45
4
9812
West N 'V & Pa 1st g 5a---1937 .1 J 9812 Sale 9812
7718 May'24 _
1943 A 0 7718 79
Gen gold 4s
8512 73
4
Western Par let Ser A 55_1946 M 53 8513 Sale 843
1946 M S 98% Sale 977
4 40
983
B lis
80% 29
808
2361 J J 80% 81
West Shore 1st 48 guar
4
8
5
793
2361 1 J 793 Sale 783
Registered
Wheeling & L E let g 5a....1926 A 0 9914 100 100 May'24 --__
98 May'24 ___ _
99
Wheeling Div let gold 59_1928 J 1 98
Eaten & !mot gold 5s_ _ 1930 F A 9212 ____ 94 Mar'24
34
61
Refunding 41e8 Series A 1966 NI S 61 Sale 59
6518 28
4
1949 51 S 6518 Sale 643
RR 1st consul 45
5614 44
18
5a55
1942 .1 D 564 Sale
VVIlk & East 1st gu g
1938 J 13 99 100 100 Mar'24
Will & S F 1st gold 59
Winston-Salem S B 1st 413_1960 J J 8013 82 82 Mar'24 ____
4
4
1
/
79
7913
Wia Cent 50-yr lst gen 45_ _ _1949 J J 791e 80
8012 Mar'24
Sup & Dul div & term 1st 4s'36 M N 8012 81
I
INDUSTRIALS
8
8018
Adams Express coil tr g 48_ _1948 M S 8018 8012 80
29
89
4
1936 J D 8712 Sale 863
Max Rubber 88
4
53 Mar'24 __I
4 77
53
Alaska Gold M deb 63 A......_1925 M 5
3
5 4 Mar'24
4 77
53
1926 M 5
Cony deb fla series B
4 36
963
1928 A 0 9514 Sale 95
Am Agrlc Chem let 5.3
937 581
1941 F A 8912 Sale 8912
1st ref s f 7542 g
41
953
1933 A 0 9412 Sale 9414
American Chain fie
8814 30
8812 88
1931 M N 88
Am Cot 011 debenture 5a
18363 J 10613 ____ 10612 Feb'24 __ ...
Am Dock & Inlet gu 6s
91 1 53
1937 A 0 91 Sale 91
Amer Republica as
63
93
7
Am Stro & K 1st 30-yr 55 ser A1947 A 0 92 Sale 9214
33
1041
1947 A 0 10413 Sale 10314
68 B
8 67
Amer Sugar Refining 6s__ _ _1937 .1 J 10012 Sale 10012 1007
94 I 141
5
J 03 8 Sale 93%
Am Telep dr Teleg coil tr 4a..1929.5
8
90
8912
1936 M S 885 91
Convertible 45
12
108
1933 M S 108 Sale 106
-year cons,434s
20
9814 221
4
1946 .1 D 9814 Sale 973
30
-year coil tr .58
10034 849
1943 M N 100% Sale 100
20
-years t 534s.
4 12112 47
-year convertible 6e...„1925 F A 12114 Sale 1183
7
3
8612 78
Am Wat Wks & Elec 5a___ _1934 A 0 85 4 Sale 8534
7
40
1939 .1 J 40 Sale 39
Am Writ Paper a f 7-6s
8
9612 229
1953 F A 963 Sale 953
Anaconda Copper 6s
973* 158
781938F A 9718 Sale 97
8512 22
Armour & Co let real eat 45481939 1 D 85 Sale 85
1943 1 J 9012 Sale 895
9J8 89
Armour & Co of Del 554s
98% 41
s
1935 M S 9814 9812 983
Aesociated Oil temp Ms
35 Mar'24 -33
Atlantic Fruit cony deb 7s A.1934 J D 32
2
3014
3014
3018 36
Trust certificates of deposit_ __ -_-_
1
36
36
do
stamped
8
4 17
973
1937.5 1 973 Sale 97
Atlantic Refg deb 5a
6
8
1003
8
Baldw Loco Works 1st 58_ _1940 M N 1003 Sale 10014
23
Barnadall Corps f cony 8% A1931 1 J 97 Sale 97
3
8
9%
9784 70
Boll Telephone of Pa 5a___ _1948 1 J 98% Sale 9818
1004 19
Beth Steel 1st ext a f 58._ 1926 1 J --------100
957
15
3
1942 M N 95 4 Sale 9514
1st & ref 58 guar A
61
89 3
1936 J J 8914 Sale 89
20-yr pm dr impel 5e
8 38
987
1948 F A 9812 Sale 9812
(5s A
57
90
1953 F A 897 Sale 898
554e
1
8113
Booth Fisheries dabs!65-1926 A 0 8112 Sale 8112
11214 11
Braden Cop M coil tr s f 65_1931 F A 10214 Sale 10214
8 38
903
1942 A 0 9518 Sale 9412
Brier Hill Steel 1st 550
66 Nlar'24-_
B'wey & 7th Av 1st c g 58._1943 J 0 6512 66
9
8712
1941 J 1 8714 ---- 8714
Brooklyn City RR 5a
6
4
983
4
Bklyn Edison Inc gen 58 A._1949 .1 J 9812 983 9813
4 20
1053
10412 10512 1047
General 68 Series B
4
10612 107 10512 10618
General 7e Series C '
41
1940 .1 D 109 Sale 1083* 109
General 7s Series D
771 663
Bklyn Man R Tr Sec(tem)131 1908 J J 77% Sale 76
Jan'24 ____
Bklyn Qu Co & Sub con gtd 5s'41 M N ____ 82 80
65 65 Mar'24
1st 581941 J 1
Brooklyn Rapid Trans g 5.3 1945 A 0 82 ___ 835 Mar'24
7334 Nov'23
69
Trust certificates
1st refund cony gold 45_2002 J J --------7418 Jan'24
/
8-yr 71 3 secured notes__1921 J J
7
107
-_-_ -_-- --- _ 107
Certificates of deposit
__ ____ 1013 Mar'24 - .
4
Ctrs of deposit stamped____
16
84
-- ---------84
ri
1950 i*
Bklyn Un El 1st g 4-5a
6
84
4
1950 F A 84 Sale 833
Stamped guar 4-58
21
98
Bklyn Un Gaa 1st CODS g 58-1945 M N 98 Sale 973*
2
115
1932 M N 112 117 115
Is
4
4
4 105
1st Ilen & ref fas Series A 1947 M N 1043 Sale 1043
4 11512 15
1929 I'd N 11512 Sale 1143
78
4
913 90 4 Feb'24
3
1932.5 D 90
Buff & Swig Iron 8 1 5a
3 823*
7
83%
1952 A 0 8214 83
Bush Terminal 1st 45
1955.5 J 83% 84 8414
5
Conrad 58
414
8
7
93 8 14
Building 58 guar tax ex .1960 A 0 9313 Sale 9312
3
9713
1937 M N 973 Sale 9738
Cal0& E Corp 5s
9613 18
1933 A 0 96 Sale 96
Cal Petroleum 61.4s (w 5
13
97
Camaguey Sug let s f g 7o..1942 A 0 96% Sale 0613
9414 14
9313
Canada SS Lines 1st coll s f 78'42 NI N 9414 95
7
104%
1942 F A 10418 Sale 104
Canada Gen Elea Co 6s
1
9818
Cent Dist Tel let 30-yr 58.. 1943 J D 9814 9912 984
92 Mar'24 __ __
3
1931 F A 90 4 92
Cent Foundry 1st s 1 65
76
95
-year g 58..1925 A 0 95 Sale 943*
Cent Leather 20
4 10
4
1941 MN 1073 108 1073* 1073
Central Steel 88
41
132
J 132 Sale 127
1931
Cerro de Pasco Cop 88
2
4
943
4
.1 9412 954 943
Ch 0 L & Coke 1st gu g 5a..1937
4 29
773
8
1927 F A 767 Sale 767
Chicago Rya 181 58
10012 125
1932 A 0 10014 Sale 10014
Chile Copper 6e Ser A
9
98
CIncin Gas & Elec let & rot 55'56 A 0 98 Sale 97
23
98
1961 A 0 98 Sale 973*
5545 Ser B due Jan 1
3
8913
903* 8712
1943 F A 87
Colo F & I CO gen 81 5a
141
81
Col Indus 1st & coil Se gu.....1934 F A 8018 Sale 791
983* 32
J 983* Sale 9814
1927
Columbia 0& E let 58
9812 72
J 983* Sale 9814
1927
Stamped
8 Dec'23 _._.
11
7
1993 M S
Col & 9th Av let gu g 5e
1
94
94
Columbus Gas let gold 58_1932 J .1
71 Mar'24 _ _ _ _
72
Oommercial Cable 1st g 48 2397 Q J 71
9013 61
Commonwealth Power 6s__ _1947 m N 9014 Sale 90
6
4
4
1937.5 J 1023 105 1023* 1023
Comp Azu Bars 750
9913
3
3
4
993
Computing-Tab-Ree s f 68..1941 J .1 99 4 100
3 7714 Sept'23
COOT' Ry & L 1st & ref g 45481951 1 .1 8318 83
1951 J .1 8313 ___- 8314
3
8314
Stamped guar 454e
44
89
Cons Coal of Md let & ref 58 1950 J D 88 Sale 8712
95 Mar'24
95
Con 0Co of Cl 1st gu g 56..1936 J .1 93
4 15
883
1952 NI N 8812 Sale 8814
Consumers Power
1931 M N 99 100 108 Feb'24
Corn Prod Refg a f g 5e_
1934 NI N 9813 100
1
99%
993*
-year e f .58
1st 25
7812 11
1943 F A 7613 Sale 76%
Crown Cork & Seal 65
9213 10
4
cony 76_1930 J .1 913 9212 9212
Cuba Cane Sugar
: 9814 55
4
Cony deben stamped 83t'4.1930 .1 J 973 Sale 971
3
15
8
Cuban Am Sugar let roll 83.1931 M S 1075 Sale 1073* 1073
3 9418
17
94
Cumb T .4 T let & gen Ss__ _1937 J .1 944 94
8612 11
Den Gas & EL 1 st&ref s f g 5s'51 Ni al 8613 863* 86
12
80
79% 77
1942 51 S 77
Dery Corp (D G) 75
8
Detroit Edison 1st col! tr 58.1933 J J 997 100 10014 Mar'24
39
973
*1940 51 S 9714 Sale 967
Series A
181 & ref 5s
11940 NI S 10.512 Sale 10413 10512 50
1st & ref 613 Series B
1311 1 .1
--
Range
Since
Jan. 1
Lots
4
/
961
8718
68
97
78
4
673
4
775
High
4
1
/
98
8
913
723
98
78
713
7813
-783* /lig
994 993e
8012 8112
61-61 9758 99
7612 7814
7912 8518
923* 08%
4
783* 84,
7714 81
9838 100
98 98
94
94
5312 6334
6518
60
5614
49
99 100
82
SI
763* 8112
83
77
/10
8034
4
863 95
04 7,
2
4
1
/ 712
5
95
98
8013 1111
9118 9618
9014
82
10612 10612
873* 92%
92
93,
1013 1043*
10013 102%
9213 943*
91
87
10518 1119
9718 9914
9714 1003
11214 123
8418 88
36
483*
95% 987
8
97 10114
8
833 87
8912 9214
4
963 984
1
/
40
29
4
283 40
39%
29
k
967 9812
8
10014 1013
3
954 100 5
97% 99
99 100%
934 963*
89
4
913
97 100
884 92
83%
80
10013 103
96
93
BONDS
N.Y STOCK EXCHANGE
Week ending April 4.
k3
'e
Dot United let cons g 4ies_ .1932 J J
Weill Sec Corp cony 1st g .5e 1927 A 0
Trust certificates of deposit. .._ _
Dominion troll & Steel 5e.._1939 J 1
1942 J J
Donner Steel 75
du Pont (E I) Powder 450.1936 J D
duPont de Nemours& Co 7 Ks'31 MN
Duquesne Li 181 & cull 88,_ _1949 J .1
East Cuba Sag I5-yr a 1 g 754s'37 NI S
Ed El Ill likn 1st con g 48_1939 J J
1995 J J
Ed Flee III let cons g 58_
'192.5 J D
Elk Horn Coal cony 6s
Empire Gas & Fuel 7 He__1937 M N
1932 m S
Eqult Gas Light 59
Federal Light & Trac 6s_ __ _1942 M S
1953 M S
75
,
4
Fisk Rubber 1st a f 8a19 1 NI S
g 58_ _ _ 93
Ft Smith Lt & Tr 1st
Frameric Ind & Dev 20-yr 750'42 J J
,
94 M N
,,„ 1,42 i D
Francisco Sugar 7148
Gas& El of Berg Co cons
General Baking 181 25-yr 68.1936 .5 D
Gen Electric deb g 3548_1942 F A
Debenture 5s
52
19 M S
Gen Refr let 5 f g 68 Ser A_ _1952 F A
19473 J
Goodrich Co 634s
Goodyear Tire & Rub 1st s 185'41 m N
10-year s f deb g as
1
eA 24 MN
Granby Cons M SA P con 6s 193 P A
1928 M N
Stamped
1925 IN N
Cony debenture 8a
1932 F A
Gray A Davis 75
Great Fit08 Power 1st 8 f 5s.1940 NI N
1352 J J
Ilarken.sack Water 43
Havana El fly LA P gen 55 A 1934 51 S
19.52 F A
Havana Elec consol g 5s_
Ilershey Cline 1st a f g 6s_ 1912 NI N
lIolland-Amer Line fts Wa9.1947 MN
Hudson Co Gas let g 5s_ _ _ _1049 M N
Humble Oil& Refining 534s.1932 3 J
Illinois Bell Telephone 55...1956 1 D
1940 A 0
Illinois Steel deb 450
1936 M N
Ind Nat 0 & 0 5a
1952 M N
Indlana Steel 1st 5.9
p19311.3 J
Ingersoll-Rand let 5s
Interboro Metrop roll 440_1956A 0
Interboro Rap Tran 1st 5s__1966,-1 .1
Stamped
I1932 A 0
10
-year 68
78
1932 51 S
Int Agric Corp 1st 20-yr 5s.._1932 M N
Inter NIercan Marines f 6s_ _1941 A 0
1947 J J
InternatIonal Paper 58
1947 1 .1
181 & ref 55 B
Jurgens Works6a (./101 Price)-1947. J
1
Kansas City Pow & Lt 5s_ _1952 M S
Kansas Gas dr Electric 611._1952 NI S
Kayser & Co 7s
31
1942 F A
Kelly-Springfield Tire 85__A 9 M N
Keystone Telep Co 1st 58_1935 J J
997 A
1937 A 0
Kings Co El & P g 58
Purchase money 68
Convertible debenture 68_1925 m S
Kings County El 1st g 4a_ _ _1949 F A
1949 F A
Stamped guar 45
Kings County Lighting 5s_ _1954 J J
1954J 1
6545
1936 J D
Kinney Co 750
1950 M S
Lackawanna Steel 5s A
Lao Gas Lot St L ref &eat 5a 1934 A 0
Lehigh C & Nays f 4545 A__1954 J J
Lehigh Valley Coal .58
119333 M .1.1
s
sAv & P F let gu g Ea__ _199933 I 6
6
: 8
87 6
69
11.2 2 108912 Let
9713 993 Liggett &Myers Tobac 713....1944 A 0
4
1951 F A
Ss
A N
M A
1944 F O
Lorillard Co (P) 78
10512 109
58
10h 109%
9
723 77% Louisville Gas & Electric 5.9_1195521
,
RI,
Magma Cop 10-yr cons g 75_1932 J D
80
1942 A 0
Manta!Sugar 750
66
65
7814 833* Nlanhat fly(N Y)cons g 48_1990 A 0
2013 J D
1942 M N
an s
8
5
647 647 M2dita Electric 78
9712 105 Manila Elec Ry & Lt 5 f 5e,,1953 M S
1924 M S
107 Market St Ry 1st cone 5a
9613
1924 A 0
-year 6% notes
5
924 1014
4
8013 843 Marland Oils f 88 with war'nta'31 A 0
Without warrant attached..._ A 0
84%
81
1931 F A
750 Series B
963* 99
do without warrants
115 121
10311 105
Merchants dr Mfrs Exch 7,3_1942 .1 D
1143 12012 Metr Ed let A ref g fie Ser B.1952 F A
9054 9114 Metr Power tits
5
1933 il N
3
83 4 Mexican Petroleum s 1 8a...19 6 M D
81
3
83 4 843* Mich State Telep 1st 55-.1924 F A
Midvale Steel& 0cony a f 58 1936 51 5
94
91
Certificates of deposit__ _ _1936
974 983s
Miry Elec Ry & Lt cons g 55 1926
98
95
Refunding & Wen 4545_1931 J J
9744
95
1951 J 0
General far A
9414
91
1st 58 B
3
1023* 1(15,
6
1921 il N
978 99 Milwaukee Gas Lt 1st 4s_ A9 7 M D
903 93 Montana Power let 58 A...1943 J J
9213 96% Montreal Tram 181 & ref 53_1941 J J
1939 J J
1073* 10818 Morris & Co 1st 8 f 450_
1966 A 0
ortgage Bond 4s
,
9, 4
12718 1944 5158
81
74
99 101
8
953 9812
99
96
90
88
81
75
8
964 985
9614 9812
---- - - - _
93% 9514
73
70
s
907
87
100 103
98 10114
..
-tii- 443
9013
87
9312 954
87
9013
4
/
1001 1001/4
9814 1005
4
85
72
8
91 12 947
9714 991
10714 1084
4
/
941 9512
8414 8719
4
743 82
9934 10013
98
95
104 10614
37 A N
1942 N1 89
Mu Fuel Gas 1st cu g 58_
Mut Un gtd bonds ext 5%,.1941 MN
Nassau Elea guar gold 45_1951 J J
1931 .1 D
National Acme 754e
Nat Enam & Stampg 1st 55_1929 1 D
.1
Nat Starch 20-year deb 58_1930
1952 M N
National Tube let 55
1948 J D
Newark Con Gas 58
New England Tel & Tel 58..1952 J 0
N Y Air Brake 181 cony 68_1928 m N
N Y Dock 50-yr 1st g 4s_1951 F A
NY Edison let & ref650 A_1941 A 0
NYGasElLt&PowgSa..1948J 0
as
1949 F A
Purche money g 43
J
NY Munic Ry 1st s f 5s A...1966
N y Q El L & P let g 541._1930 F A
N Y Rys let R E & ref 4s_1942
J
Certificates of deposit
30
al942 A 0
-year ad) Inc 514
Certificates of deposit
NY State Rya 1st cone 490 1962 51 N
1962 NI N
6.5411
N Y Steam 1st 25-yr as Ser A 1947 M N
N Y Telep lot & gene 14 Sis_1939 M N
30-year deben n f 6s _ _ _ Feb 1949 F A
-year refunding gold 6d_194) A 0
20
Niagara Falls Power 1st Ls_.1932 .1 J
q1932 A 0
Ref & gen Os
Nitta Lock & 0 Pow 1st 5a._1954 M N
1952 M S
No Amer Edison 65
Secured s f g 654a Set B_1048 M S
Price
Friday
April 4.
Week's
Range or
Laid Sale.
c.
Nig)
ask Low
High No. Low
Bid
4
8 88
893 Sale 88
897
e
941 904
467 Mar'24 . _ _
474 544
4213 45
4212 5512 40
544
40
7
4012
10
70
71
73
72
72
7914
Fe r: 4
864 92
81
9912 M ab224
91
91
231 116% 108%
4
1073 Sale 10712 108
4
/
1041 Sale 10412 10514 62 10314 1061
4
4
4 64 1953 III
10613 Sale 105
4
1
/ 1063
1
8912 901
4
893 ____ 9014
9014
4
2
98, 100
9918 Mar'24
96
9612 Feb'24
963* 98
9612
9013 93%
4
/
91 14 Sale 9114
911 88
947 _ _ _ _ 9512Mar'24 _ _ _
93% 96
9312 94
95 Mar'24
93
96
_
10112 10214 101 Mar'24
93
9 4 10712
8
10012 101 1004
10112 78 1, 014 1047
4
7734 77%
773 Mar'24
8912 Salo 883
8912 34
8
8
843 9213
4 15 10118 113%
10334 Sale 1031 1033
4
/
_
933*
Jan'24
94
94
94
5 101 102
102
102 Sale 1017
1
81
81
80(8 81
80
82
., 3.) 100 10314
1003
10012 Sale 10014
9,04 10014
14
993
9313 Sale 994
96 100
8 87
9614 Sale 96
967
116 Sale 116
11634 117 11412 118
4 82 100 104
101 Sale 101
1013
.
89 Dec'23
_
9018 _
9018 9413 92 June'23 _ _ _ _
15 "ii- -ii"
9014
1
/
884 8978
83
87
2
87
96
87
851 1 87
118
1
9914
4
1
/
99
9914
4
1
/
99 100
4
8
794
794 817
4
1
/ 7914
794 89
22
84
8214 86
8312 Sale 83
4
4
934
92
4
1
/ 9312 92
92
923
4
1
/
4 79 101 103
10212 Sale 10113 1023
7812 84%
7813 51ar24
7813 80
951 4 Sale 95
954 12
94, 954
4
8 60
983
96% 984
9814 Sale 98
934 954
85
9412 Sale 9414
95
1
9114 931
4
1
/
4
/
92 Sale 92
921 .52
79 July'23 ___ _
7818 85
8
8 100- fel%
100 100I 10013 1003
_
97
- - --96 Nor'23
1013 11
3
4
103 Sale 103
103
6412 Sale 6312
6412 55
4
583 6614
4
1
/ 637 031
63
64
4
/
583 65%
8
57
4
8
54, 7018
661 Sale 6618
6714 75
831. 8913
1
/
884 Sale 8778
1
/
884 96
3
6412
58% 7012
64
6612 6412
7912 8814
834 Sale 8113
8314 160
8
: 7
833 Sale 833
831
86
83
833* 8312 84 7.lar'24
8318 85
75 Sale 75
80
75
7514 21
92
89 92
108
4
913 Sale 9114
93
2 43
9512 Sale 95(4
96,
4
963
85 104% 10612
10412 Sale 1044
105
4
/
971 Sale 9612
9612 1044
994 102
__
80 Feb'24
73% 80
7512 80
Feb'24 ____ 100 100
4
1
/
9914 99 100
112
8
1 1107 112
112 Sale 112
9778 Sept'23
_
71) /4
- 73
3
73
73 Sale 72
72
6
73
73%
80
80
1
81
80
774 8011
95 100%
3
100 10014 100
10014
102
4
2 10113 104
4
/
1011 1013 10134
1
/
9112 Sale 911.
924 32
93
88
36
914 95
95 Sale 94
95
_
91
____ 9118 Feb'24
91
93
99
9812
91
5
9812 100
9913
8912 ____ 8312 Oct'21
8 10
323
1
/
4
1
/ 324
32
30
11613 10 1343*
1153* 11614 1153*
4 30
963
97%
4
1
/
4
963 Sale 95
71
1433 1173
5 9:
3 19
116
116 Sale 11514
14
9614
964 Sale 9514
43
90
4
1
/
881s 9114
4
1
/ Sale 89
89
8 14 11112 11718
1157
11518 Sale 11434
1011 1 30
4
083 10118
101 Sale 101
60 34 76
6034
56
6014 Sale 60
2
5'1
53
47
50 Sale 50
99
00
94
8341 1,6
98 Sale 98
4
8412
84
8114 84
94% 101%
10018 22
100 10018 100
9713 101
100 Mar'24
_ 122 140
5
1 -4
12:1,. 13 122 Mar'24
4
103 10
10313 10514 46 103 1051
115 128 120
12012 18 120 136
4
1
/ 101
11
4
1
/
100 Sale 99
4
983 102
10478 Nov'23 - _
_
973 100"
100
57
165 gale 99
9618 Sale 9618
4
/
961 18
9412 97
10214 Sale 1024
10314
8 10114 10413
_
4
1
/
99 Mar'24
99% 99,
4
4
1
/
88 Sale 88
4
1
/
8911 52
85% 904
,
__
93 Feb'2.1
89% 9512
-2
-991 gide- 9912
94
9 3
0294
9
8
96 100
4
.923 Sale 91
90% 923
4
93
39
92
:
931 9213
93
9314
8414 Sale 83
8412 10
804 85
96
9714 96
4
/
961 16
94% 96%
96 Sale 9511
96
95
9712
s912„ e 8 /
84
s( Sale 7 4
91
,
8 28
897
7
86% 89%
1
/
804 44
77% 824
_
6412 Dec'23
93
94 (12
1
/
934 9312 Mar'24
__
4
/
1131 9312 93 May'24
924
92
4
/
.
4
1
/
93 ____ 951 Feb'24
4
533 -5g1re
5512 5612 56
5612 25
9114 Sale 9114
9012 94
4 38
923
99 Sale 9713
99
964 99
3
97
Oct'23 _
113
9913 i6(1 4
732
9912 Sale 991.
9912
__
93% 95
4
/
4
/
941 ____ 941 Feb'24
3
9714 99 8
4 78
983
Sale 9814
4
1
/
98
4
5
1 1011 1025
9
0
9 8
0 7
17238
,
78 0 7s
,
7
102 Sale 172
73
77
, 51 1097 1117
5
8
1111
111 Sale III
9814 100
1
16
9912 99
99
8218 86
8412 18
8412 Sale 841 4
1
8112
811.
80% 8112
98
5
3
99 4
99 Sale 99
7
1318912
333 4012
8
4
/
3718 Sale 371
3712 16
4012
32
371, Sale 3678
214 26
112 212
23* 218
17
113 2%
178 2% 214 Mar'24
61
7
8
583 65
4
1
/ 6038
.5812 59
Jan'24 _ _ _
94
8712 96
87
85
9212 9611
18
96 Sale 95
96
4
1
/
941 29
8
933 95
4
/
9413 Sale 9414
1
/
1064 81 105 108
1
/
1064 Sale 10612
1
/
1064 74 104 106%
10514 Sale 10478
10114
9
99 10114
10014 Sale 100
4
1
/ 105
23 104 10512
4
/
1041 Sale 1.03
103
9
9913 103
101 18 102 1011 4
27
9212 Sale 9214
93
914 933
4
4
/
971 Sale 974
96
97%
973* 15
o Due Oct. V Due Nov. r Due Dec. a Option sale.
•No pece Friday:latest bid and asked. a DueJan. 8 Due Feb. C Due June, 8 Due July. 1 Due Aug.
Range
Stiwo
Jai. 1.
"Lir; ;Li
34 118
APR. 5 1924.]
THE CHRONICLE
New York Bond Record-Concluded-Page 5
1649
Quotations of Sundry Securities
All bond prices are **and Interevt" except where marked -r•
Standard 011 Stacks Par Ilia. Ask.
Railroad Equipments Per C1. Baste
BONDS.
Week's
Price
Ranee
ntrio•A merles!'011 new. El .1612 1634 Atlantic C40440 Line tis
5.56 5.26
N.Y.TO( K EXCHANGE
Range or
Eriday
Since
Atlantic Refining
gt;
100 120 125
Equipment 6346
5.35 5.16
Week ending April 4.
April 4.
Lati Sale
Jan, 1
Ys
Preferred
100 11614 119
Baltimore Ohio Se
'
5.60 5.40
Borne Scrymser Co
100 235 240
Equipment 450 & be
5.30 5.10
Bid
Hioh No, Low
Ask Low
Mph Buckeye Pipe Line
Co_50 '6912 70 Buff Koch & Pitts equip 6s. 5.90 5.10
Nor Ohio Trac & Light.68_ _ _1947 M S 9114 Sale 903
9
8818 93
4
914
Chesebrough Mfg new_100 408 412 Canadian Pacific 4.34s & go_ 5.35 5.10
Nor States Pow 25-yr 58 A_ _1941 A 0 9112 9214 92
8
8914 921
9214 46
Preferred new
100 112 116 Central RR of NJ 65
5.25
let & ref 25-yr 65 t3er B 1941 A 0 10112 10212 10212 103
24 101. 1037 Continental
8
108,7
011 new.... 25 '45
48 Chesapeake & Ohio 66
5
.
5.5065 5.40
Northwest's Bell T 1st 76 A 1941 F A 10778 Sale 1077
8 1084 122 111758
Crescent Pipe Line Co
50 *1612 17
5.50 5.15
Equipment63M
North W T 1st fd g 43Zsgtd_ 1939 1 J 93_ _I 92 Feb'24
92
92
Cumberland Pipe Line_100 131 133
5.35 5.10
Equipment 58
Ohio Public Service 7,3m. _1946 A 0 104 2 - 1033
31 1037 105
4
104
1041
8
Eureka Pipe Line Co_ __ADO 98
9812 Chicago Burl Or Quincy Si.. 5.55 5.
79
30
1947F A 102 1025 102
6 10014 11123 Galena Signal
102
8
4
011 coin_ 100 60
61
Chicago & Eastern III 6319- 6.
Ontario Power N F let 56_ _1993 F A
25 5.3200
16
55 50
97 Sale 9612
971
.
943 9712
a
Preferred old
100 110 117 Chicago & North Went 6a
550
:
5 60
Ontario Transmission ba_ _.1945 M N
95
94
____ 943 Mar'24 ,
4
951
Preferred new
Equipment6356
Otis Steel 86
21
1941 F A 10012 Sale 1003
8 101
983 10112 Rumble 011 & Ref new..100 100 104
8
25 *411. 414 Chic R 1 & Pac 430 A Si
5.511 5.25
lst 25-yr s f g 7lie Ser B _ _1947 F A 943 Sale 9412
997
8 38
4
93
95
Illinois Plpe Line
100 13612 139
Equipment65
5.7.5 5.40
Pacific G & El ego de ref 55_.1942 J J 917 Sale 917
8
8
9214 64
903 9314 Imperial 011
4
25 *193 105 Deiavnr:ls udeorn rie
0834 ,
5 70 5.3,
9Colorado a Eu the ee
Pac Pow&Lt Ist&ref 20-yr be '30 F A 9414 9412 94
.
947
8 11 9212 95 4 Indiana Pipe Line
3
Co
50
5.50 5.3
Pacific Tel & Tel let 55
974 29
8
96
8
977 International
1397 -1 1 975 Sale I 973
8
Petroleum_(5) "203 2012 Erie 43-4s & 58
8
5.80 5.55
be
1952 M N 9112 9134 9112
9112
7
9115 9212 Magnolia
8
Petroleum__ _100 141 143
Pan-Amer P & T 1st 10-Yr
Equipment 69
4
99 1023 National Transit
/
1
4
4
4 10112 13
7519311 F A 1033 Sale 1003
Co_ _12.50 *303 2012 Great Northern 66
8
5 9 8
5 5 5..31
1
97
964 964 964 Mar'24 -- -93
New York Transit Co_ _ _100 80 1 83
5.35 5 15
Equipment M
Park-Lex Otte) 6 4E4
16
830(w1)r \ _
964 lito
97
953
8
13
Northern Pipe Line Co..100 96 I 9712 Hocking Valley 68
5.65 5.35
Pat & Patisalc G & El cons 5s 1949 M S 5514 - 3- 954 Mar'24
937 9514 ,0414. Oil new
8
6 4
25 '6812 69
5.35 5.15
Equipment 5s
Peoli Gas A C 1st cons g 69..1993 A 0 10518 107 105 Mar'24 - -- 10414 100.kt
Penn NI
25
5.55 5 10
5 25 5..30
.
:
IllEq is p menra1 4tis AM
tnoui Cen t t6
Refunding gold 58
34
1947 M S 90
92
9112 9114
8714 9112 Prairie ex Fuel Co
0 244
31
Philadelphia C 68 A
32
1949 F A 10112 Sale 101
102
8
9958 1025 Prairie 011 & Gas new. 100 21
Pipe Line new__ _100 103 104
Equipment 76 & 634e_.... 5.45 5.15
54
24
1939M S 9134 Sale 91
90
94
91
Solar Refining
100 202 1207 Kanawha & Michigan tle.__ 5.70 5.40
Phlia & Reading C A 1 ref 58_1973 J 3 94 Sale 93
127
94
0311t 94
Southern Pipe Line C0_100 94
5.35 5.16
95
Pierce-An ow 88
Equipment 41 s
4
74 Sale 7312
7512 65
1993 M
7512 82
South Penn 011
100 155 ,157 Kansas City Southern 61.48. 5.50 5.20
Pierce 011618s
29
19313 D 93 Sale 93
964
5:4 515
0 .
Pillsbury Fl Mills 6s (thts)_ _1943 A 0 97 Sale 9612
14
97
1147 11%2 Southwest Pa Pipe Lines.100 84 . 83 LoulavIlle & Nashville Ss_ 5 55 5 25
%
8
Standard OH (California) 25 *6212 625
Pleasant Vai Coal 1st g s f 58 1925 .1 3 92
8
Equipment 6.346
94
93 Mar'24 _
93
93
Standard 011 (Indlanal
25
Pocah Con Collieries lets f 581957 J 1 92
Minhig pIn Central 5s & 68_ 5.45 5.10
mEtcq uia
ns
927 93 Mar'24
8
92
94
25
Portland Gen Elec 1st 58....1935 3
6
9714 9712 9712
95
9712
973 Standard 011(Kan)
4 Standard
843 8
1; 1;1 10
Portland Ity 1st & ref 5s_ _ _ .1930 M N 88 Sale 8714
23
86
88
873 Standard Oil (Kentucky) 25'1093 14624
4
011 (Nebraska) 100 247 248 MiasourimPe& ne :4xaas -8- 51 5 611
0 :3
5
Portland Ity Lt & P 1st ref 591942 F A 83 4 85 833
s
:
Katt8844M 4& e 8 -&-6e 88.88 58.108
n
: 7
5
3
84
4
803 8414
8
fle 13
6
1947 M N
903 913 914
4
9114
8
893 937 Standard Oil of New leg. 25 *374' 3814 Missouri Pacific 138 & 6346_ 5.75 5.46
4
8
Preferred
100 1174,118 Mobile & Ohio 41.4. & be
let A refund 7345 Ser A1946 MN 104 10412 10318 10312
5.45 5.15
3 1034 10434
312 4,343 New Y prkene6tral 4345 & Si 5.20, 5.05
44
Porto Ethan Am Tub 8s.,l93l M N 105 ____ 105 Mar'24
Eciuto m Ct n9
10418 10518 Standard 011 01 New York 25 '423
Standard 011(Ohio)
100
Pressed Steel Car 5a
5.551 5.30
4
9178
917 Sale 90
8
1933 3
95
Preferred
100 117 1 1119
Prod & Ref s f 8e(with war'nts)'3 I 1 14 11538 131 114 Feb'24
5.401 5.15
Equipment 743
114 11614
8841
Swan & Finch
100 60 i 62 1 Norfolk & Western 4346
Without warrants attached_ _ J D 110 Sale 11193
5.20 5.00
10 10612 110
8 110
100 10212 110 , Northern Pacific 79
Pub Serv Corp of N gen 513 1959 A 0 8812 Sale 87
5.402 5.15
8812 80
77
8912 Union Tank Car Co_
Preferred
100 103 1033 Pacific Fruit Express 7a
Punta Alegre Sugar 78
8
5.40 5.15
11512 Sale 115
1937 J
11614 101 100
Vacuum 011 new
25 •633 634 Pennsylvania RR eq 56 & 68 5.50 5.05
8
Remington Arms 65
9334 13
933 Sale 9318
4
1937 MN
93
10 *27
29 1 Pitts A Lake Erie 6344
Repub I AS 10-30-yr 58 s f_ I940 A 0 9514 Sale 954
5.50 5.25
96 , 15
93
963 Washington 011
4
Other 011 Stocks
634e
*314 3,21 Re
6.70 5.35
90 ' 21
Eacon: ntAs & 5„
lpme 4 s
4
10533 3 90 Sale 893
874 913
8 Atlantic
Lobos Oil
(5)
Robbins & Myers s I 79
5.20 5.00
Co
85
1952 J 13
- 844 85 Mar'24 -- 914
Preferred
50 *8
15 1 St Louis & San Francisco bs_ 5.65 5.35
Roch & Pitts Coal dr Iron 58_1946 MN 90
91
Jan'24 -.Gull 011 new
25 .59
593 Seaboard Air Line 4336 & re 6.10 5.75
Rogers-Brown iron Co 79._.1942 M N 8518 3
8
8512
82
.
ile 8518
90
3
lexical, bugle 011
5 *133 1442 SoE iuirri en41fo Co 43.56.... 5.30 5.05
St Jos Ry Lt II t & Pr 55_ __1937 M N 8012 81
•138 11
4
1
80 •
80
uthe p mPac7ic
764 7914
5
St L Rock M t & F be am's:L.1955 J J 753 8012 79 Mar'24
8
77
5.35 5.15
80
National Fuel Gan
100 86
5412
St Louts Transit .56
5412
87 Southern Ry 454s & 55
4
1924 AO 57
5/12 58
60
5.30 5.10
10 '22
St Paul City Cable bs
224
' 913
3
9112 Feb'24
9112 9158 Salt Creek Producers_
1937
8
Equipment68
5.60 5.35
Sapulpa Refining
a .218 214 Toledo & Ohio Central ea.__ 5.75 5.35
St Paul Union Depot 541_ _1972 J 2 97 9714 32
9718 9634
Saks Co 79
Union Pacific 76
10412
5
-1942 MS 10412 Sale 104
5.30 5.15
San Antonio Pub Ser 65- _1952 .1
96
10 933
95 Sale 95
;Lame St
4 95 4
3 Amer Public UtnIttss
Gas & Elec new__(5) *65 66 American Cigar common 100 774 79
Sharon Steel Hoop 1st Ss ser A '41 MS 101 Sale 10012 101
19 100 1023
4
Preferred
60 *42
43
Sheffield Farms 6335
Prete
8
87
1942 AO 1003 10114 10012 10114 17 10012 1025
84
8
Deb 65 2014
MAN 914 9912 Amer Machine & Fdry_la 137 143
Sierra dr San Fran Power 59.1949 FA 8512 Sale 85
85 12
4
838 87
Amer Light Alrao oom-100 132 134 Britlsh-A mer Tobin,ord. Li *2112 2
92
93
Sinclair Cons Oil 15-year 76_1937 MS 923 Sale 92
9371
Bearer
8
8914 97
34
Preferred..
100
1348 B(w I)
21
2212
1935 ID 874 Sale
85
8741 179
9014 Amer Power & Lt corn_
_100 236 238 Helme (Gee W)Co. new
Sinclair Crude Oil 549
58
983 129
8
60
1925 AO 9812 Sale 9838
Preferred_
100 84
86
13.
FR
60 :8 9 4
Preferred
973 Sale 973
8
100 111 114
4
98
1926
57
7
1
Deb 6.2016
MAS
Sinclair Pipe Line 55
4 Imperial Tob of0 B & Irel'd '14
96
84
15
1942 AO 8312 Sale 8314
813 88
8
43
471
South Porto Rico Sugar 78. _1941 J o 104 10412 103
10414 44 10078 10312 Amer Public 1 tit oom__100 9414 94 Int Cigar Machinery- 100 53
58
7% prior prof
100 86
South Bell Tel & Tel 1st f ba1941 • J 95
83 Johnson Tin Foil & Met-100 80
90
9518 17
9812
94
957 9 4
8 43
4% panto prof
100 58 61
fTwest Bell Tel 1st & ref 58._1954 FA 9314 Sale 9314
MacAndrews & Forbee 100 .122 124
4
45
9312 934
4
933 313
Blackstone Val G & E com 50 *73
75
100 *97
Southern Colo Power 6s.__ _1947 3 1 8812 883 8812
Preferred
9812
6
8714 89
8812
4
Carolina Pow & Lt cora_100 113 117 Mengel Co
Stand Gas & El cony.168_1926 J o 10412 1047 10412 10412
8
7 100 104
9712 33
97
Cony deb g 633s serics
60
964 9812 Cities Service Co cora...100 14412 145 Porto Rican-AMer Tob_ _100 50
1933 MS
Preferred
100
44,8 Unireferre&
1 313
40
Standard Milling 1st be
ipversaI Leaf Tob com_100 35
9712
1
9534 98
4
1930 M N 97 -663 974
Steel & Tube gen f 75 Scr C 1951 33 1033 10412 10312 104
100; 84
30 103 1043 CitlesServicellankere'Shares 1438
86
4
4 Colorado
Power corn..
..100 3212 3312 Young (J El) Co
Sugar Estates (Orient!) 76_.1942 M S 97 Sale 9 4
100 114 117
97
3
953 9112
4
63
Preferred
100 93 95
943 Mar'24
8
Syracuse Lighting 1st g be_ _ 1951 3D 9414
100 103 107
Preferred
92
943
8
Com'w'th Pow Corp corn (I) "75
7712 Rubber Stoeks(Cieveinti4) pricas 96
Light dr Pow Co coil Irs f 55'54 J
105
100 9 t:,
1
105
4
8418 105
Preferred
100 7512 7712 Firestone Tire & Rub corn 10 •_ _ __I 7134
Tenn Coal Iron & RR gen 55 1951 J J 994 190t2 9938 Mar'24 -993 10212
8
Consumers Power pref _100 86
89
8% preferred
9912
1
Tennessee Cop let cony 68_1925 MN 9918 10112 9912
9834 102
Elec Bond & Share pref_1410 9812 9912
7% preferred
96
48
3
Tennessee Elec Power 63___ 1947 J D 953 Sale 95 4
4
(5) "14
15 General Tire & Rub oom50 15 !165
Third Ave let ref 48
5612 12
7
5
190 8
89
1960• J 5612 Sale 554
1 33 567 Elec Ry Securities
2
97678
78
4
Adjustment Income 58_a1960 AO 423 Sale 4218
46
54
Preferred
100 97 100
44
4914 Federal Lighl & TractIon(;) "76
Preferred.
100 75
Third Ave Ry 1st g 5s
93
9312 93 Mar'24 _ _ _
77 Goodyear Ttre & R csom_100
1937 3
93
93 10
4
9314
Tide Water 011 6348
4
103
7 102 10312 Lehigh Power Securities -(5) •59 60 Goody'r TAR of Can p1_100 r75
1931 FA 103 Sale 1023
77
Mississippi Riv Pow corn 100 2112 2212 India Tire & Rubber corn.. 74
10778 Dec'23
Tobacco Products s f fl,
Preferred..__7
._A031 3D
5 55
80
Preferred
100 80
Toledo Edison 75
4
82
1941 M S 1073 Sale 10714
1073
4 14 106 16iFirst mtge 56, 1951J&J 93 94 Mason Tire & Rub cots_(5) *1
Toledo Tram. Lt & Pr 68
8
1925 FA 994 995 9912
994 32
112
9815 100
13 F g deb 78 1935 __MAN 102
Trenton 0& CI 1st g bs___ _1949 MS
_ _ 9234 Nov'23
100 18
Preferred
22
Nat Power & Lt corn_ (5) "
9378Underged of London 4556_1933• 3 85
91 87 Dec'23'__ _
67
7
4
9612 -6 - Miller Rubber
Preferred
Income fis
(5) "89 91
1945 J J 8212 8812 8914 Oct'23
Preferred
Income Ts 1972
Union Bag & Paper 68
J&J 9434 9514 Mohawk Rubber
96
9614 96
1942 MN
9612 15
96 - - 4
6
81Union Else Lt & Pr 18t g 58_1932 MS 973 98
98
4
10
102) 4.35
9814
1i15 528
5
915
971s 984 Northern Ohio Electric-(2) •9
Preferred
Preferred
100 29
Si
MN 953 9512 95
8
9538 29
1933
3012 Setberling Tire & Rubber(t) *33
92
4 412
9712
North States Pow com_100 "98 101
Union Eiev (Chicago) 56_1945 AO
70
Jan'24
101:
70
70
Preferred
_ _8
3.. 42
Preferred
Union 011 be
100 x92
_ 9814
1931 33 96
9714 19
94 Swinehart Tire & R coM_100°
9514 9714
1
Nor Texas Else Co com.100 61
es
8
64
102
3
51942 FA 1003 161 101
994 102
100 ____ 40
Preferred
Union Tank Car equip 78_ _1930 AA 10412 10512 1034 10912
100
7 103 1044
gar
P1131etr
Sli
United Drug cony 8s
4
1941 • D 1133 Sale 11318
1133
79
4 14 111 12 11414 Pacific Gas & El let prof 100 89
90 Caracascae Sugar
73
21
50 "19
United Fuel Gas 1st f 135__.1936 • J 9518 9534 9513
(5) "10
9612 19
12 Cent Aguirre SUM corn_ 20 "87
9211 974 Power Securities corn...
89
Second preferred
United Rye Inv 5s Pitts ism 1926 MN
96
(t) *33
963
9612 96
9612
91
s 42
36 Fajardo Sugar21 123
Coll trust 68 1949___JAD 83 86 Federal Sugar Rat com_19) 161
United Rys St L 1st g48.,.._A934 • J 66
67
67 65
49
6114 67
63
0
6
4
United BS Co lot rcts 6E,, _1937 MN
Incomes June 1949_ _F&A /73
86
8712 8612 Mar'24
97
86
88
76
100
Preferred
United Storm 65
4
1942 A0 100 Sale 993
1003
8 16
49 Godchaux Sugar, Inc.--(I)
9814 101 18 Puget Sound Pow & Lt..100 47
8
8% preferred
U S Hoffman Mach 86
1932 J J 10512
2 103 106
106
100 78
83
46
100 42
Preferred
- 10514
.1 997
7% preferred
U S Realty & 1 cony deb g bs 1924
949
1
100 0101.12 10313 Great Western Sugar new 25 "94
4
8
997
_ _ 99%
8
4
99 1110
Gen mtge 7349 1941.M&N 10412 106 Holly Sugar Corp com (t) •33 36
US Rubber 1st& ref 56 ser A 1947 J J 8214 Sale 8114
8212 148
10
-year 75411
1930 FA 102 Sale 10112 102
37 1g014 118 2 Republic Ry & Light...100 28
Preferred87 90
1 8 118
30
1
Preferred
US Smelt Ref AM cony 6s_1926 FR 10014 Sale 10014
10012 23
100 5212 54 Juncos Central Sugar-BS 115 120
South Calif Edison com_100 101 102 National Sugar Refining.1m1 9112 9312
Q1963 MN 10212 Sale 10212 103
US Steel Corp(coupon
209 1n314
102 Feb'24
8% Preferred
if 10-60-yr 581registered _ _d1963 MN
100 116 119 New Niquero Sugar... 100 98 101
102 1024
541_1949 AO 813 Sale 813
8
8
Utah Light & Traction
824 24
80
8
4
863 Standard Gas & El (Del) 50 •13212 33 Santa Cecilia Sus Corp pf too
9
4
Preferred
Utah Power & Lt 1st M. _.1944 FR 893 Sale 89
90
20
874 9112
74
50 •4711 4812 Savannah Sugar oora
(5) •70
'
3 961
Tennessee Elm Power...
_ 9514 Sept'23
Utica Rice L & Pow let ef 58 1950
Preferred8
(I) "2912 3012
6
88
9214 923 923 Mar'24
Second preferred
1957
2- 8
4
Utica Gas & Rice ref be
89
(5) *58 60 Sugar Estates Oriente pref.
85
_
Western Power Corp_ _ _ _100 27
983 Nov'23
4
Va-Caro Chem 11115-yr M 1923 J D
29
West India Sus Fin com_106 12
73 0 634 Sale 6212
Preferred
6414 174
100 79
Preferred168511
82
100 35
32
32
.1
33
21; 3
33
33
12
-year. 7448
734
32
3212 32
Short Term Securities
32
Without warrants attached 3
3
32
Industrial&Miseell
76
91
90 Mar'24
Am Cot 011 65 1924._MAS2 10014 1003 American Hardware_ _ _100 6912 71
Vs Iron Coal & Coke 1st g fas 1949 M 8 88
90
91
4
J 903 Sale 894
8
Anaconda Cop M in66'29 J&J 10112 1013 Amer Typefounders corn 100 100 102
1934
91
20
Vit Ry Pow 1st & ref fs
88
9014
4
9518 Sale 9412
9512 15
Vertlentes Sugar 7s
8914 9512 Anglo-Amer 0117%6'25 LAO 10214 10212
Preferred
10b 103 10412
4
1041 .1 0 1023 Sale 10212 103
10 102118 10314 Federal Sue Ref 65'33_MAN 994 100 Bliss (E W) Co new_Warner Sugar 76
1712
(I) *16
95 Sale 95
9612 124
1939J J
First & ref 79Ser A
963 964 Hocking Valley 5.1926 MAS 9912 9934
Preferred*58 61
6
9912 Mar'24
9912 100
993 1013 Interboro R T Eis t922.M&5
8
Waal) Wat Power 5 1 5S___.19341
8
Borden Company com_ _ a 119 121
9812 Sale 9812
9812
2
Weetches Ltg g ts turned gtd 1950
9638 967 K C Term Ry 68'23 MAN'S
8
Preferred
101 103 104
3
fitio July 1931
91
2
West Penn Power Series A 551946 MS 90 4 Sale 9034
J&J 103 104 Celluloid Company
894 91
78
74
101
4
5 101 102
let 40
-- 10114 1013
-year 68 Series C....1958 3D 101E5
51
0
1926 1003 101
8
Preferred
101 106 110
10612
Lehigh Pow See 65'27
c1946 FA 10614 Sale 106
7 1044 1073
let series 13 78
.FAA 99 100 Childs Company corn new(D *35
4
3512
8814 16
1963 MS 8714 88 88
6.E
864 8914 Sloss-Sheff SAt 66 '29.F&A 9912 10014
Preferred
112
98
7
Western Union coil tr cur 58.1938, J 964 98 9718
967 993 13 S Rubber 7349 1930_ FdrA 1017 102 Hercules Powder
8
4
8
102
9214 917
8
thirst Stk Land Bk Bonds
9214
2
Fund & real estate 541.40.1050 MN 92
903 94
8
Preferred
11X 102 104
8
110 8 14 1083 1113 Chic Jt Stk Land Bk 58_1951 100 1 10112 International Salt
1
1936 FA 110 1103 110
15
-year 6)4s g
8
4
74
80
1952 opt 1932
76_ _1931 MN 10712 Sale 10712 10734 56 10634 108
Westinghouse E & M
be
100 10112 International Silver ()ref 1.01 106 108
1
8118 54
55 1963 opt 1933
Wickwire Spen Steel 1st 76..1935 J J 09 Sale
61
7974
10012 1013 Lehigh Valley Coal Sales 51
4
7
5
77
9412 91
Wilson & Co 1st 25-yr 51 65_1941 AO 9318 Sale 9318
90
53.4s 1951 opt 1931
985
8
101 120 130
102 103 Phelps Dodge Corp
8
8212 23
10
1928 J O 804 Sale 807
82
43i8 1952 opt 1932
-year cony at Cs
923
4
9834 100
Royal Baking Pow com_101 135
4
8912 24
1931 FR 88 Sale 873
741
86 100
050 1952 opt 1932
96
9S12 166
97
101
1Z
Preferred
1941 AO 101 Sale 1004 10112 113 100 4 1023
Winchester Arms 7145
431s 1983 not 1933
3
4
9834 100 Singer M anufseturfng_ _10i 131 133
4
953 Sale 953
8
96
126
Young's Sheet & T Cs (w 1)-1943 J
9412 97
• Per share. 5 No par value. b Basis. Q Purchaser also pays accrued dividend
•No price Friday;latest bid and asked. a Due Jan d Due Apr. eDue Mar. e Due t New stock. !Flat price. k Last sale a Nominal. z Ex-dividend. y Ex-rlaata
ay. o.Due June. llD,leJuiy ftDueAug. o Due Oct. pDueDee, s Option sale. s Ex-stock dividend. s Sale price. a Canadian quotation.
1g1,
12'X%
11 :i2
7.
1«. 111
BOSTON STOCK EXCHANGE-Stock RecordBONDS
1650
--PER SHARE. NOT PER CENT.
HIGH AND.LOW SALE PRICE
Saturday,
Mar.29.
Monday, . Tuesday.
Mar. 31.
April 1.
Wednesday., Thursday,
April 2.
Aprti 3.
Friday.
Apra 4.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan. 1 1924.
Lowest
Highest
PER SHARE
Range for Previous
Year 1923.
Lowest
Highest
Railroads
Shares.
148 14912 148 149
149 149
8Mar 27 150 Jan 23 143 Apr 151 June
190 Boston & Albany
100 1457
148 148 *148 14834 148 149
7614 76
76
76
76 .7618 77
142 Boston Elevated
76
*7612 77
100 75 Mar 20 80 Jan 8
7612 77
75 June 84 Jan
*931 96
/
4
*9312 ____
94
94
94
*9314
94
6 Do pref
100 92 Feb 7 95 Jan 21
*9314 96
9112 Aug 100 Mar
115 115 •____ 115
115 11512
37 Do let pref
100 11112 Feb 5 11614 Jan 24 1211 N g 106 June
*112 115 *112 115 *113 115
154 Aug 25 ma.
/
9813 9812 973 9813 98 98
97 97
4
98
9812
4
Do 2d pref
86
100 953 Jan 2 100 Feb 27
97
97
3
1412 1,766 Boston & Maine
812 Jan 2 1514 Mar 31
1514 14 4 1514 14
14% 14
1514 15
143
4 14
100
14
73 Dec 2012 Mar
4
*1212
18 *___ _ 18
16
•15
Do pref
100 12 Jan 10 15 Feb 4
•13
_ *13
Dec 322712
t
-----1814 18
1814 1712 18
468
1712 18
Do Series A 1st pref. _100 1312 Jan 2 19 Jan 10
__
1614 17
17
Mar
1212
7
24 ▪ _
24
24
233
4 22
Do Series B 1st pref
100 1713 Jan 2 2412Mar 1
92
24
2214
•
22
2312
Dec 4428 MacFeb
20
*20
21
2112 2112
Do Series C 1st pref_ _ _100 16 Feb 27 2112 Apr 3
20
20
20
100
20
20
1513 Dec
514
31
28
31
92
31
30
•31
Do Series D let pref._ _100 23 Jan 3 31 Apr 3
30
*2712 - _ _
Fjaneb
5121444 _ _
*14412 150 •14413 150 *14413 150
Boston & Providence
100 143 Jan 4 148 Feb 27 135 D
2013 2012 20
1912 2034
2012• _ _ 20
---488 East Mass Street Ry Co._._100 19 Jan 7 24 Feb 9 20 Jury 1650913 Mar
..
+20
/ 21
1
4
18 Feb 35
*60
Do let pref
5812 Jan 8 644 Feb 13
1560
60
60
____ *60
100
16
65
*60
58 Dec 72 Jan
*50
52
51
51
•50
52
54
100 5018 Mar 25 58 Jan 25
20 Do prof II
*50
5412 *50
32
*33
35
*33
35
33 33
100 32 Jan 2 3912 Feb 14
8 Do adjustment
35
32
*33
5
3
184 Dec 66 Mar
p
45
34
34
32
*33
33
32
25 East Mass St Ry (tr ctfs) 100 32 Mar 28 391 Feb 11
*33
*33
34
/
4
31 Nov 45 Mar
3112 32
414 Maine Central
3214 3214 *3214 35
3512 3512 3312 3312
100 3112 Mar 29 32 Mar 26
2212 Dec 43 Jan
4 1813 187
8 1818 183
8 183 193
8
8 1918 1912 2,433 N V N II & Flartford
100 14 Jan 3 207 Jan 10
17% 1818 17% 185
8
Jan
•____ 67 •____ 67
*64
67
10 Northern New Hampshire_100
65
Jan 14 67 Mar 10
65
82DlY 84 Feb
684 .I62 Dec 22'4
ue
92
4190
92
1190
92
92
*90
39 Norwich & Worcester pref_100 80 Jan 2 95 mar 10
92
92
92 51290
92
75 Dec 100 Jan
*8012
81
81
80
80
80
87 Old Colony
100 7212 Jan 4 81 Apr 4
7914 7914 79
*801 85
Oct
*34
36
3412 35
35 35
100 34 mar 3 413 Jan 14
36
36
72 Rutland pref
8
64 Aug 887 Dec
21;21
3 1 3 Feb
37 Vermont & Massachusetts_100 70 Jan 22 85 Mar 13
80 78 78 *27812 85 83 83
51. 7 - 16- *275
2.
.r8
70 Nov 98
Jan
Miscellaneous
4
11 Jan 14
/
4
4 *112 13
13
112 134 *14 174 *112 13
250 Amer Pneumatic Service
25
4 13
4
4 "113 13
•
2 Jan 18
1 Sept
313 Jan
*1112 1318 12
1318
•12
1318 13
12
12
367 Do pref
50 12 Jan 3 1412 Feb 26
1318 12
*12
Jan
12 Dec 20
1263 12778 127% 12812 3,663 Amer Telephone & Teleg_ _100 12314 Mar 31 1304 Mar 12 119 June 12813 Dec
4
125 1253 12314 12614 12414 12512 1254 127
4
/
1
*7213
74
•7212
__
63 Amoskeag Mfg
No par 71 Jan 2 83 Jan 14
7212 7212 7212 7212 74
Jan
671 Oct 112
*74
__ _
*74
72 Mar 6 7713 Jan 19
*74
75
*74
75
-----Do pref
Jan
72
Oct 88
*15
17
17
17 "15
17 "15
------ Art Metal Construe.Inel r 16 Feb 15 16 Feb 15
N _ paO
__o
17 "15
*15
-143 Nov
4
1612 Mar
•6
7
7 Mar 3 1014 Jan 8
a
*6
7
'6
7
+6 • 7
______ Atlas Tack Corp
No 10o
_ pr
7
*6
8 Dec 201s Feb
106 106
106 106
106 106
104 Jan 18 107 Jan 8 104
•106
N
+106
45 Boston Cons Gas Co pref _
Oct 10812 Feb
700 Boston Mex Pet Trus No par .07 Mar 29 .20 Jan 10 .05 Dec .30
Jan
27l 2712 579 Connor (John T)
2614 2614 2634 28
26
10 24 Jan 2 2818 Mar 5
21314 *226 - .2 25
2312
.
6
19 July 27 Mar
4
25 Feb 3 3014 Feb 14
25
253
26
2534 *25
450 Dominion Stores, Ltd
4
253
4 2514 2514 *25
2512 Dec 2614 Dee
255* 253 '225
90
*85
90
*85
90
90
1785
Preferred A
100 84 Jan 15 85 Jan 5
90
*85
"85
--2i8 -17g
*234 3
214 Mar 5
25 East Boston Land
10
*23
4 3
*23
4 3
5123
4 3
3 Feb 25 -1 •3
24 3
- nee
4 Jan
*68, 7
*614 7
*614 7
7
7
614 Feb 23
20 Eastern Manufacturing_ _ _ 5
*614 7
614 7
8 Feb 6
/
1
4
5 Dec 1418 Mar
52
55
49
50
50
25 38 Jan 3 5514 Mar 8
53
50
4
1.120 Eastern SS Lines, Inc
4 4812 483 *49
483 483
4
31 Nov 12712 Mar
3612 M12 37 37
36
36
No par 35 Jan 25 40 Feb71 35
36
35
3518 36
295 Preferred
36
Oct
36
Oct 40
89
90
00
89
89
90
.8814
80
1st preferred
100 8512 Jan 8 93 Mar 8
85 Aug 88
Oct
"289 ____ *28814
1723 173
4
172 173
17114 172
939 Edison Electric Ilium
100 16312 Jan 2 177 Jan 26 1525* Nov 172
Jan
,
171 171 4 17012 17113 17114 172
No par
2 Jan 17
/
1
4
4 Jan 26
*212 312 *213 312 *282 312
15 Elder Corporation
113 Dec 107 Jan
8
314 314 *213 313
16
*15
1612 15
18
17
17
40 Galveston-Houston Elec_ _100 13 Jan 11 1712 Mar 21
1612 16
*15
18
5115
5 July 2912 Feb
No par
5 Jan 2
Gardner Motor
612 Jan 8
51 Dec 1558 Mar
/
4
14
1334 15
1312 1414
iiii 14
3
1234Mar 31 1578 Jan 7
125 1312 13
4
379 Greenfield Tap & Die
379,
145* Nov 24 Feb
No par 46 Mar 25 52 Jan 8
47
48
*47
4712 +47
4712 *46
48 *246
15'Hood Rubber
50 Dec 6318 Mar
48
42
42
*42
43
*41
1541
______ Internat Cement Corp_No par 4214 Mar 26 445* Feb 13
4
.24012 4112 *4114 42
32 July 44 Mar
______ International Products_No par .10 Feb 18 .75 Feb 26 .10 Dec
3 Mar
*.25 .50 *.25 .50 •.25 .50 51.25 .50 +.25 .50
112 *1
112
112 *1
112 *1
100 .25 Feb 14
112 *1
______
Do pref
112 Jan 2 .60 Dec
*1
8 Mar
Kidder, Peabody Acceptance
Corp Class A pref
100 80 Jan 3 8334 Mar 22
4
4
4
6
4
4
80 May 83 Feb
/
1
4
*83 4 8414 "833 8414 "833 8484 *833 8414 833 833
3
4 54 *43
412 47
4 518 *43
4 5
*434 518 *43
8
412Mar 11
34 Libby, McNeill & Libby_ _ _ 10
612 Jan 4
44 Dec
/
1
5438 5
812 Aug
*70
*70
70
70
10 Lincoln Fire Insurance__ _ _ 20 70 Jan 9 70 Jan 9
*70
____ *70 - ___
•912 1018 *912 1018
9 Mar 21
912 10
25
/ 1014
1
4
1013 Jan 9
172 Loew's Theatres
8I4June If" Apr
913 912 *9
77
78
77
100 755* Jan 24 81 Feb 20
7712 78
7714 "77
77
77
77
278 Massachusetts Gas Cos
77
77
7313 Doc 8713 Jan
100 64 Jan 2 70 Jan 31
6414 643
8
65 65
1764
65
101
Do pref
62 Dec 73
Jan
*6412 6512 65 6514 65 65
153 153
153 155 *153 155
154 154'
7 Mergenthaler Linotype_ 100 15212Mar 5 160 Jan 12 147 June 179
Jan
*2153 158 *153 155
1412 1514 15
10
15
613 Jan 2 175* Feb 21
15
3
1514 1514 15
1,015 Mexican Investment,Inc
3 Dec 148 Feb
143 1512 14 4 153
4
19 Feb 18 23 Mar 20
"2034 21
2034 21
, 21
21
21
21
18 Nov 2814 Jan
140 Mississippi River Power_ 100
203 203 *203 217
4
4
8212
100 80 Jan 4 8212 Mar 24
8212 *82
80
Do stamped pref
Jan 84 Feb
8212 *81
8212 •282
5181
/
4
8212 "82
45 Jan 28
28 Jan 2
15 Dec
4
10
23
4 3
83 Feb
4
8 *23
E68 National Leather
4 31a
23
4 27
8
*23
4 3
2% 27
3
3
•
434 5
2 Jan 2
5 Mar 10
2 Oct
5
5
412 Sept
414 5
144 New England 011 Corp tr Ws_
4 5
*43
*43
4 5
*43
4 5
2612 2612 30
12% Dec 16
25
100 17 Jan 10 3114 Mai 20
•26
30
Oct
25
Preferred (tr ctfs)
30
*26
30
134
30
1726
4
4
Jan
108% 10818 108 1085* 10712 10812 1073 1083 109 11014 109% 11112 3,313.Now England Telephone_ _100 107 Mar 11 11512 Jan 31 110 Dec 122
14 Jan 16 2018 Jan 2
1
164 July 2113 Apr
Circuit, Inc
4
"2183 1912 *3183 1912 *1812 1912 "1812 1912 *1812 1913
4
80 Mar 13 87 Feb 14
84 Dec 190
Jan
8014 8012 -815i4 81
80
81
4 8014 81
626 Pacific Mills
813 813
4
4 8012 813
10 1434 Jan 5 153 Apr 2 2143 Dec 18 Mar
3
153
4 1518 153
4
4 143 143
220 Reece Button Hole
4
4
*21434 155 *3143 153
4 1513 15 4 *15
21 Feb 1
/
4
212 212
3 Jan 2
2
Jan
314 Mar
10
3
3
5212 3
*3212 3 , *212 3
*3212 3
60 Reece Folding Machine
2 Feb
5 .25 Jan 11 .40 Feb 15 .10 Dec
Simms Magneto
*.15 .50 *.15 .50 •.15 .50 +.15 .50 51.15 .50
9813 June 10912 Jan
4
100 101 Jan 4 10512Mar 6
/
4
4
2 789 Swift & Co
10214 103 I 102 1023 102 10234 1021 1023 102 1021102 102
393 Dec 50 Mar
4
25 3812 Mar 27 421 Jan 11
3812 3812 3812 3812 3812
3812 3813 3813 3812 *38
185 Torrington
*33812 39
7 Feb 2 10 Feb 18
10
10
6 Dec 11 Mar
5
10 •____ 10
Union Twist Drill
*8
11
*9
35848 35
/
1
4
3212 Nov 553 Mar
8 3514 3512 3514 - . 1:2 _ iiiii United Shoe Mach Corp.__ 25 34 Jan 3 37 Jan 8
3
353
8 3514 353
35
3514 353
24 8 June 2814 Jan
5
25 24% Feb 29 27 Jan 7
8 2514 25 4
378 Do pref
,
2514 2514 2518 2515 2514 2514 2518 2514 '22514 253
193 Aug 30
Jan
2512 2514 2614 4,329 Ventura Consul Oil Fields_ 5 24 Mar 26 27 Jan 29
4 2413 243
4 2418 243
4 2412 2514 25
2414 243
15 Dec e22114 Mar
174 Jan 9
1434 15
1434 15
1434 15
15
15
1434 15
710 Waldorf Sys,Inc,new sh No par 1412 mar 21
*314 4 15
3
613 Jan 11 1012 Feb 1
5 Feb 13 Mar
812 "8
812
812 812
812 *8
5_5_ Walth Watch Ci D com_No par
812 *8
"8
/
1
15 Dec 2912 Mar
100 154 Jan 5 2312 Feb 13
18 "17
18
4117
18
*17
Preferred trust ctfs
18
*17
18
*17
1114 Jan 18 Dec
18
18
18
1812 y1-2
184 18
/
1
783 Walworth Manufacturing_ 20 1612 Jan 5 2114 Feb 11
181s 18
1818 1814 18
354 357
8 3434 355
4
25
/ Jan 3412 Mar
1
4
50 295* Jan 3 383 Mar 12
4 351 36
8 3512 36
3,855 Warren Bros
/
1
3
34 8 354 3514 353
3012 Dec 3913 Mar
50 3552 Jan 7 41 Jan 25
37
*3613 38
37
37
37
228
Do 1st pre
37
3712 *3612 38
*23614 38
33 July 42 Mar
50 38 Mar 5 42 Jan 18
39
*38
42
39
39
42
1738
42
Do 2d pref
39
.
11_0
42 51238
*238
5
3 Jan 10
512 Jan 14
3 Dec 1212 Feb
Wickwire Spencer Steel
Mining
_
.10 Nov
1
Feb
Adventure Consolidated _ _ _ 25
•
.20 .50 '
7.20 .50 15.20 .50 15.20
50
51.15 ____
.36
.10 July .50 Mar
25 15 Jan 15 Algomali Mining
.20 *.10 .20 *AO .20 *AO .20
- .lo .36 *.10
*.10 .20 ; 14 Mar 22
25
214 Jan 8 .70 July
4 Mar
/
1
4
113
114 11
/
4
114
114 114 *114
114
640 Arcadian Consolidated
114 114
4
114 17
8 Jan 2
934 Jan 7
7 Dec 1413 Mar
812
5
Arizona Commercial
et;
812 *8
812 *8
8
/ +818 834 *814 834 *8
1
4
8
1412 Oct 19 Feb
10 15 Jan 10 187 Jan 15
Bingham Mines
17
.15 .17 51.15 .17 *15
*15
17
•.15 .17 •.15 .17 •
17
Oct 49 June
25 1518 Mar 28 1978 Jan 7
Calumet & Hada
151
154 151 1513 1513 1534 1514 151
1514
1,769
1518 1512 1514
1 Mar 31
3 Feb 1
17 Dec
8
1
938 Feb
114 114
1
1
112 1,305 Carson Hill Gold
1
1
112 *1
*1
11
/
4
1
/
1
26 2112 Mar 29 264 Feb 15
2218 Oct 463 Mar
2312 24
24
237 24
8
1,193 Copper Range Co
2112 22
22
2312 23
21% 22
43 Jan 23
3 8 Jan 3
5
214 June
10
5 Feb
-Daly Copper
414 4,4 ____
50 Davis
414 Feb 14
512 Jan 24
45* Nov 1112 Mar
44 -11- --;13 - -, 3 --i3 . 8
2
.
8
f4
4 17
465 East Butte Copper Mining- 10
412 412 *482
--413
.75 Feb 13
1 Jan 8 .30 May
25 Mar
8
.75 .75 15.75 .90
530 Franklin
.80 .80
.80 .80
.80 .80
.80 .80
1
Jan 22
2 Jan 28
1
Oct
2
2
*1
2 I
4 Mar
*1
*1
Hancock Consolidated- _
2
*1
*I
2
2
*1
1 2212Mar 26 28% Jan 7
2434 Mar 335 June
2434 •24
2434
2434 "24
IIardy Coal Co
244 *24
24 4 5124
3
•24
25
5124
25 .40 Jan 2 .75 Jan 8 .10 Sept
114 Feb.
.50 .50 51.50 .55
550 Helvetia
•.613 .60 •.150 .60 51.50 .60 15.50 .55
/
1
4
1 944 Apr 2 1003 Jan 8
9312 Nov 11513 Apr
97
n
9414 953
4 96
97
97
96
96
1p Isitnd Creek Coal
5
/ 96
1
4
/ 95
1
4
9514 95
1 9113 Jan 8 95 Mar 24
9014 Nov 10013 Mar
94
*92
94
9214 9213 *92
*9213 94
94
94 *292
51292
25 1312 Mar 29 20 Jan 3
16
Oct
1412 *1413 1513 5114
345 Isle Royal Copper
151
14% 1412 14
15
1312 1412 *14
5 113Mar 5 218 Feb 13
14 Dec 3 % Mar
/
1
50 Kerr Lake
' Jan
314
24
*2158 2
*215
8 2
13
4 13
4 *112 17
s
2
•13
4 2
*13
25 .50 Jan 7
1 Feb 19 .60 Sept
1
.70 .70
.55 .55 17.70
375 Keweenaw Conner
.50 .60 •.50 1
.50 .51
25 .90 Apr 3
54 Mar
15* Jan 28
1
Oct
.90 .90 *1
15
154 Lake copper Co
15
8 *118
*1
15s
s
1
1
1
1
114 Feb 8 .50 Dec
25 85 Jan 21
314 Mar
112 *1
113 "1
113
La Salle Copper
113 *1
112 *1
112 *1
*1
112Mar 11
2 Mar 7
5
118 Nov
25, Mar
Mason Valley Mine
8 *Oa 17
•112 17
8 *112 17
4 *112 178 *112 17
8 *13
4 13
8
414 Mar
25 .50 Jan 8
1 Jan 5 .50 Dec
1
.65 .65
.50 .50
320 Mass Consolidated
.75 .75 5.75
.75 .75
.75 .75
1 Mar 26
7 Feb
112 Oct
2 Jan 11
1
1
1'4i 1%
1
920 Mayflower-Old Colony_ ___ 25
1
1
1
1
1
1
1
Oct 71 Mar
27
25 26 Mar 31 3512 Feb 15
2913 2913
654 Mohawk
7
2612 2613 27 8 2712 2913 2834 30
2712 26
27
1612 Jan 2 19 8 Jan 7
1414 Oct 241 Mar
Cornelia Copper
7
1714 1714 173 *1714 173
4
4 1,555 New
8 17
167 167
8
4
16 4 16% 163 17
3
4 Apr
/
1
4
24 Aug
2 Feb 5
/
1
4
8Mar 31
25
213 213
24 212
258 258
Ps 25,
500 New Dominion Copper
258 258
*
214 234
100 39 Mar 11 40 Mar 11
35 Apr 40 Apr
•38
40
New River Company
40
*38
40
*38
1738
40
40
40 ..738
*38
72 Nov 84 Mar
100 65 Feb 5 75 Mar 11
75
5173
75
5173
75
33 Do prof
73
73
1570
73
+70
73
+70
83 Feb
4
43 July
4
544 Jan 10 8111.Feb 1
5
4 54
3
174 Nipissing Mines
*35 8 6
7
*z53
6
53
58 6
7
7
614 814 *25 8 614
14', Nov 123 Mar
4
2 Jan 16
15
8 Jan 24
13
8
238 23
258 23
4 *25
8 23
435 North Butte
4
8 234
8 *25
213 25
8
212 25
25, Mar
25 .50 Feb 11 .90 Jan 3 .50 Nov
51.60
1
334 03bway Mining
1
.50 .50
.50 .50 *Al
.50 .50
.60 .60
1312 Oct 3213 Mar
25 15 Jan 30 18 Mar 28
•17
18
18
1712 1712
*17
35 Old Dominion Co
17
*1612 1712 *1612 1713 17
34 Jan 3
214 Aug
413 Nov
512 Feb 1
8 *414 438
•414 45, *414 43
Park City Mining & Smelt- 5
*414 45
'
12414 45 +2414 45
1214 Dec 164 Mar
/
1
1112
1112 "11
1112 *11
Pd Crk Pocahontas Co_No par 1114Mar 12 1212 Jan 11
1112 "11
113 *11
i
1114 5111
*11
18
Oct 50 Mar
25 18 Mar 31 2312 Feb 15
19
1914
235 QuincY
1812 1813 1812 1913 *1912 20
18
18
•1818 19
27
Oct 534 Mar
/
1
225 St Mary's Mineral Land.-- 25 28 Mar 28 35 Feb 20
30 .*2913 31
2913 30
30
*29
31
31
*28
31
5128
10 .30 Apr 2 .70 Feb 14
275 Shannon
.30 .30 •.35 .50 ".35 .50
.35 .35
.31 .31 15.35 .40
.30 June
10 De
112 M
A
Aug
25
South Lake
50
.15 .50 •.15 .75 +.15 .75 ".15
•.15 .50 17.15 .50 •
1 Dec
314 Mar
112 Jan 18
25 .90 Jan 15
112 *1
112 *1
113
15 Superior
134 *1
•1
1
1
174
*1
1 Jan 11 .05 Dec
35* Feb
.51
.51 •.50 .60 1,125 Superior & Boston Copper- 10 .45 Mar 31
.60 *.51 .60
.60
.45 .60
.50 .75
112 Feb,
.30 Feb 18 .85 Jan 28 .20 Oct
---- -- -- -- -- --- - -- -- -- -- -- -- --__ ______ Trinity Copper Corp
---- -- -15 Aug
Copper
10 .10 Jan 24 .60 Feb 7 .30 Dec
25i
x
3
4
4
--ii --i - --ii, 4--i4 -- T2 -- - ___.515 Tuolumne Mining
2 Oct
34 Mar 8
/
1
4
6 Apr
232 Mar 5
5
Utah-Apex
2 278
-;2E -- - --iis
3 Mar
1 .01 Jan 3 .01 Jan 3 .01 Dec
Utah Consolidated
---15 Feb
8
1 .30 Feb 21 .45 Jan 4 .25 Dec
..-. . ;.- - .
8
8
5
' - 5 .40 -1;..3- Tia - 3 -- 3i - 3 -- 58 ___ itiii Utah MeUll & Tunnel
3
.
..3- 5 -- 5i -1 . 2% Feb
25 .65 Feb 19 .75 Jan 3 .80 Aug
.65 .90 51.65 .90
100 Victoria
.65 .90 51.65 .90 •
.65 .65 •
51.65.90
14 Mar
4
25 .13 Feb 8 .35 Mar 10 .10 Dec
.20 .20
.
.20 1,360 Winona
.25 .25 17.20 .30
.20 .20
• .20 .20
1 Mal
25 .20 Mar 4 .20 Mar 4 .10 Dec
------------------- ------25
Wyandot
- az-rights. 0 Ex- d1v. and rights. z Ex-div. Ex-stock div. a Assessment paid. 'Price on new basis.
•Bid and asked prices: no Bales on this day
n
APR. 5 1924.]
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange March 29 to April 4, both inclusive:
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Bonds
Amer Tel& Tel 4s._ _ _1936
455s
1933
5158
1943
Atl Gulf & WISS L 58 1959
Chi Jet Ry & US Yds 5s'40
E Mass St RR serA4158'48
Series B 59
1948
Series C 65
1948
Series Ts 65
1948
Hood Rubber 7g
1936
K C Clin & SPringf 58-1925
K C Mem & Birm 4s._1934
Income 55
1934
Mass Gas 4158
1929
4155
1931
Miss River Power 158. _1951
New England Tel 58..1932
Swift & 0058
1944
Warren Bros 715s_ _ _ _1937
Western Tel 58
1932
9335 9355
104% 104%
100% 10055
50
50
943,1 95
61% 81%
67
67
98% 9854
76
77%
101% 10115
93
93
87% 87%
90
90
90
98% 96)5 98%
9215 92%
9255 93
9855 9855
98% 98
98%
118 118%
971( 973-4 9755
Range since Jan. 1.
Low.
High.
$5,000 933.4 Jan 9331
1,000 10435 Apr 10774
1,000 9734 Mar 10035
20,000 42
Jan 53
5,000 9234 Jan 953-4
Feb 83
2,000 59
700 60
Jan 67
100 9834 Feb 99
2,450 76
Apr 7734
1,000 100
Jan 102
2,000 85
Jan 93
1.000 3855 Jan 8834
4,000 87
Jan 90
9,000 9434 Jan 98%
3,000 91
Jan 933--4
11,000 92
Jan 9335
11,000 97
Jan 9814
4,000 9514 Jan 9755
35,000 106
Jan 12455
11,000 9535 Jan 983.5
Jan
Mar
Apr
Feb
Feb
Mar
Feb
Mar
Apr
Feb
Apr
Jan
Mar
Mar
Feb
Mar
Jan
Feb
Mar
Jan
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange March 29 to April 4, both inclusive, compiled from official lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Amer Wholesale pref. 100
Arundel Sand & Gravel_100
Atlan Coast L(Conn)_ _100
Baltimore Tube pref...100
Central Fire
10
Central Teresa Stilt pref_10
Chas & Po Tel of Stall._ 100
Commercial Credit
Preferred
25
Preferred B
25
Consol Gas EL & Pow.100
100
7% Preferred
100
8% preferred
Consolidation Coal_ _100
Rights w I
Eastern Rolling Mill
•
8% preferred
100
Equitable Trust Co
26
Fidelity & Deposit
50
Finance Co of America_ _25
Preferred
25
Finance Service Class A.10
Common Class B
10
l'referred
10
'A I anufacturers Finance_25
First preferred
25
Second preferred
25
Trust preferred
25
Maryland Casualty Co_ _25
March & Mtn Tr Co_ _ _ 100
Monon Valley Trac prof _25
Mt V-Woodb Mills v t r 100
Preferred v t r
100
New Ameterd'm Gas Co 100
Northern Central
50
Penna Water & Power_100
Pennsylvania RR
50
Pitts 011 prof
10
Silica Get Corp v t
•
United Ry & Electric__ _50
Fidelity & Guar_ __ _50
Wash Ball & Annan_ _ _BO
Preferred
50
West Md Dairy Inc pt.
.60
50
110%
27%
2455
25%
113
117
71
105
79
80
106%
52
39
4
1715
150
24
50
975( 975(
48% 50
120 120
60
60
28
29)5
4
4%
109% 110%
28)5 27%
24% 2435
25% 2515
112% 113
107 107
118% 117
71
7134
.02 .03
9235 92%
105 105
47% 4754
7835 79
47
47
2614
26
17% 17%
17% 17%
81( 8%
52% 5234
24% 24)5
22% 23
2215 22%
79% 80
104% 106%
20
20
9%
9
52
52
38% 39
72
72
108% 109
4351 433
4
4
2635 27
17% 1734
150 151)4
51( 511
23% 24
50
50
Bonds-Atl CL(Conn)ct5-2040'25
98% 98%
ChariestCon RyG AsE58'99 84
84
84
Consolidated Gas 5s 1939
98% 99
Cons G E
P4345.1935
94
94
Os Series A
1949 103% 1033-410314
78 Series C
1931
107% 108
556s Series E
1952 99% 99% 994
Consol Coal ref 43-4s.1034 92% 92% 92%
Davison SuIP & l'hos 85'27
97% 97%
Fair & Clarks'Frac 56_1938
9115 9115
Georgia & Ala tons 5s.1945 85
85
85
Locke Insulator Corp 7s'42
100 100
Macon Dub & Say 50_1947
65
65
Md Electricity 1st S&1931
9554
95
Norf& Ports'I•rac 5s 1938
89
89
Potomac Valley 1st 5s_ 1941
9851 9834
united Sty & E 4s. _ _1949 70
88% 70
Income 48
1949 5014 5054 5034
Funding 58
1938 71% 71% 72
oft
1927
984 961(
11s.
1949 98% 9615 961
Wash Bait & Annan 5s.'41 70
88
70
Range since Jan. 1.
Low.
5
97%
1,080 48
80 115
57 53
263 26
1,393
4
15 109)5
794 26
731 24%
118 2415
382 5108
11 z10455
39 11535
473 71
1,345 .02
12 6856
5 88
50 46
130 78%
52 4555
85 26
11 17%
16 17%
54
8%
10 50
22 23%
22 22
33 22
136 78
15 104
5 19%
15
9
2 50
200 38%
72
205 98%
40 435(
120
2
450 24
105 1815
34 150
35
5%
80 23%
13 50
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Feb
Mar
Mar
Jan
Mar
Mar
Jan
Jan
Feb
Jan
Jan
Mar
Apr
Apr
Mar
Feb
Ma
Jan
Ma
Jan
Jan
Fe
Feb
Fe
Apr
Apr
Jan
Apr
Jan
Fe
Jan
Apr
Apr
Mar
Feb
High.
100
50
120
73%
29%
4%
112
31%
25%
26%
114
107%
119
81%
.25
95
108
47%
82
47
27
18%
17%
9
53
25
23
22%
83
108%
21
11
80%
40
74
111
43%
4
3014
18
15515
855
28
5054
Jan
Jan
Mar
Feb
Apr
Jan
Feb
Feb
Jan
Mar
Jan
Jan
Mar
Jan
Mar
Mar
Mar
Apr
Jan
Apr
Jan
Feb
Apr
Mar
Jan
Feb
Mar
Mar
Jan
Apr
Mar
Jan
Jan
Jan
Feb
Feb
Apr
Feb
Feb
Jan
Jan
Jan
Jan
Jan
$800 98% Apr 9834
1,000 83
Feb 84
8,000 98
Mar 99
2,000 91
Jan 94
7,000 101% Jan 1031-4
19,000 106
Jan 108%
3,000 973-4 Jan 9915
1,000 8935 Jan 9234
1,000 9755 Jan 9734
3,000 90
Jan 92
1.000 84
Jan 85
50 100
Feb 101
5,000 55
Jan 85
15,000 93
Jan 9534
8,000 88
Mar 89
8,000 9834 Apr 9851
8,000 8834 Mar 7215
21,000 50
Mar 5234
1.900 8234 Jan 75
3,000 9855 Jan 97
11,000 9615 Apr 9934
40,000 68
Mar 7134
Apr
Apr
Jan
Apr
Feb
Feb
Mar
Apr
Mar
Jan
Jan
Feb
Mar
Mar
Apr
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange March 29 to April 4, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last 1Veelds Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
American Elea Pow Co_ _50 231( 22% 2355
Preferred
100
8()
80
American Gas of NJ.
..100
79)4 7974
•
American Ship
1215 1255
• 2934 29% 29%
American Stores
Brill(JO)Co
112% 115
100 115
Buf&SusCorp pf v t c_100 51
51
51
Cambria Iron
39% 40
50
Congoleum Co.Inc
•
59% 59%
Eisenlohr (Otto)
40
47
100
Electric Storage BaWy-100
5734 5851
Erie Lighting Co
• 245( 2415 24%
Ge.nenti Asphalt
38
38
100
tienemi Refractories
50
50
•
Giant Portland Cement.50
8
8
Hunting & Broad Top_ _50
5
514
Insurance Co of N A_ _ _ _10 53% 5354 54
Keystone Telephone- -50
8% 835
Lake Superior Corp....100
3% 334
31(
Lehigh Navigation
88
8755
59 67
Lehigh Valley warrants_ _ _
2854 29%
Lehigh Valley Transit. _50
23
23
Lit Brothers
10 2355 23
2316
494
180
50
80
2,476
90
70
110
20
560
388
242
10
20
5
220
280
50
350
748
850
ao
385
Range since Jan. 1.
Low.
22%
77%
79%
12%
29%
85%
51
3831
47
40
5755
2314
38
4755
3
5
48%
855
315
84%
28%
23
23
High.
Apr 2714
Mar 83
Apr 88
Jan 14
Feb 32
Jan 123
Mar 52%
Mar 41
Jan 8854
Mar 81%
Mar 83%
Jan 25
Mar 4535
Mar 53%
Mar
9%
5%
Jan
Jan 56
7%
Jan
Mar
454
Jan 70
Apr 3254
Jan 23
Jan 2354
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Feb
Jan
Feb
Jan
Feb
Feb
Mar
Apr
Feb
Feb
Jan
Jan
Feb
Jan
Apt
1651
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares
Minehill & Schuyl Hav_ _50
Penn Cent Light& Pow_ _•
Pennsylvania Salt Alfg_ _50
Pennsylvania RR
50
Philadelphia Co (Pitts)
Preferred (cumul6%)
-50
Phila Electric of Pa
25
Warrants w I
Preferred
25
Phila. Rapid Transit.. _ _ 50
Philadelphia Traction__ _50
Phila & Western
50
Preferred
50
Phila Germ & Nor
50
Reading Company
50
Warrants w I
Tono-Belmont Dave I_ _ _ _1
Tonopah Mining
1
Union Traction
50
United Gas Impt
50
Preferred
50
Warwick Iron & Steel_ _10
West Jersey & Sea Shore_ 50
York Rys, wet'
50
8355
494
5934
8315
4355
4934
5915
8456
4456
4235 44
2934 30
315 315
30
3015
35
3555
5934 80
1015 1015
32
32
11835 11814
53/5 543-4
34
3415
55 9-16
155 115
39
39
39
8454 8311 6434
5534 553.4 56
8
8
393-4 40
35
35
293-4
3%
3034
35
593.4
Bonds
Amer Gas & Elec 5s_ _2007
Bell Tel 1st 58
1948
Consol Trac of N J 58_1932
Elec & Peoples tr ctfs 4s 45 65
Inter-State Rya coll 4s 1943
Lehigh Valley annuity Els__
Phila Bait & W 1st 48_1943
Phila Co cons&stpd 581951
Phila Elec tr ctfs 5s._ _1948
let 58
1988 9934
515s
1947
1953 101
5345
88
1941
Phila & Reading impt 43'47
2d extended 55
1933
Reading general 4s...1997
Reading Coal 5s
1973
United Ry Invest 55..1928
Ins,
84
8834
9834 9834
67
87
64
88
443.4 443.4
117% 117%
91
91
92
92
9915 9915
983-4 101
10031 10154
10015 1011(
10414 10534
8715 8734
10015 10015
8936 9034
9334 9334
9534 9534
oo
oo
10
' 6
30
4,653
Range since Jan. I.
Low.
4834
57
8355
4234
Mar
Jan
Apr
Jan
High.
4934
80
89
4831
Feb
Jan
Feb
Jan
225 42
Jan 44
Mar
4,789 293-4 Mar 3315 Jan
8,288
Mar
335 Mar
3
354 2934 Mar 33
Jan
575 35
Jan 39
Jan
60 5914 Apr 84
Jan
10
Jan
Jan 12
9
Jam
Apr 35
100 32
16 11855 Apr 11834 Apr
30 5311 Mar 7834 J20
255 32
Mar 4415 Jan
760
55 Jan 11-16 Feb
115
134 Jan
134 Feb
200 39
Feb 43
Jar
1,373 583.4 Jan 6614 Mal
145 5.54 Jan 5734 Feb
Jan
8
150
874 Jar
Max
Feb 42
80 38
35 34
Jar
Feb 35
$2,200
3,000
6,000
22,300
3,000
5,000
4,000
4,000
1,000
59,600
17,300
43,000
14,000
6,000
1,000
11.000
9,000
3,000
0 mu"
84
9734
613.1
6234
44
11734
91
8835
' 9935
97
9934
9831
10334
8834
100%
8734
9354
93
sta
Mar
Jan
Jan
Jan
Feb
Apr
Mar
Jan
Apr
Feb
Jan
Jan
Jan
Jan
Apr
Jan
Apr
Jan
T.n
8954
9834
89
68
45
11734
91
92
9935
101
102
102
10531
8734
101
9134
94
96
44
Fel
Jar
Jar
Mat
Fel
Api
Mai
Mal
Aix
Ma
Mal
Mal
Fel
API
Ma
Jai
Sal
Ma
11/1*.
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange Mar. 29 to April 4, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last' Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Am Wind Glass Mach
Preferred
100 94
Am Wind Glass Co, pf_100
Arkansas Nat Gas,com-10
Carnegie Lead & Zinc...-5
3
Cltizerts Traction
•
Duquesne Light.7% pref_
Harb-Walk Refrac,com.100
Preferred
100
Indep Brewing, pref... 50
Jones-Laugh Steel, pf _100 110
Lone Star Gas
25 27
Mfrs Light & Heat
50 5234
Nat Fireproofing, com_ _50
Preferred
bo
Ohlo Fuel Supply
25 32
Oklahoma Natural Gas_ _ 25 24
Pittsburgh Brew,com__ _50
Pittsburgh Coal, com_100
Preferred
100
Pittsburgh Plate 01558.100 255
Pitts Term W'hse&Tran100
Salt Creek Consol 011...10
755
San Toy Mining
1
Stand Plate Glass,corn_ _ -* 31
Preferred
Rights
Stand San Mfg,corn_ _ _ _25 108
Tidal Osage Oil
10
Union Natural Gas
25 28
West'house Air Brake_ _ _ 50 9034
W'house El & Mfg,com.50
Rights
134
West Penn Rys. prat__ _100
BondsHekdenkamp Plate GI 615s
Poe & Atl Tel Co Is. _1949
Pitts McK & Conn 58_1931
Stand Hate Glass 88
•
West Penn Ave AA
1021
94
95
95
107 10855
110
515 53.4
353
234 334 2,027
3934 3934
25
102 103
20
125 125
100
104 104
10
7
7
45
110 110%
110
2615 27
426
5234
52
125
520
954 9%
23
23%
245
3115 3215
805
290
233-4 24
100
1% 154
20
8034 8015
99 100
422
250 255
625
38
38
60
300
734 835
3c
Sc
2,000
31
33
1,752
9034 9015
10
3
334 3,500
9934 108
88
1215 14
950
2855
28
375
90
9034
390
60
60
20
134 13.4 10,100
8355 8354
10
105 105
94
94
9615 97
105 105
02 1,4
021.4
Range since Jan. 1.
Low.
94
107
534
234
38
102
1223-4
103
7
104
2634
52
715
2015
3134
2234
13.4
80%
943.5
209
38
734
3c
25
90
3
9831
10
2434
84
5831
114
833-4
High.
Jan 9854
Apr 112
7
Jan
Apr
434
Jan 3915
Mar 10634
Feb 125
Feb 104
Jan
8
Mar 11034
Jan 2834
Apr 5454
915
Jan
Jan 2434
Mar 3334
Jan 25%
Jan
8
Apr 63
Mar 100
Jan 265
Apr 39
Apr 103-4
Apr
Sc
Jan 39
Mar 93
Apr
33.4
Jan 110
Jan 18
Feb2951
Feb9815
Mar 65
Apr
154
Apr 8534
$5,000 10134 Feb 105
Apr 94
1,000 94
15,000 933-4 Jan 98
24,000 9634 Jan 105
1 ono
02W Ant
9234
Mar
Feb
Jan
Jan
Apr
Feb
Apr
Mar
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Max
Jan
Jan
Apt
Mar
Jar
Jar
API
Mat
Feb
Ara
Jar
Jar
Jar
Jar
Jar
Mai
Jas
Api
Api
API
AP
Api
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange Mar. 29 to April 4, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Boatmen's Bank
Nat'l B nk of Commerce__ 140
Mississippi Valley Trust_
St Louis Union Trust
Brown Shoe, preferred__
Certain-teed Prod, 1st pfd_
Emerson Electric, Pfd___ 95
Ely & Walker Dry G,corn_ 21
28 Preferred
Fred Medart Mfg,pref.
Fulton Iron Works,com___ _ _
Hamilton-Brown Shoe_ ___
Hydraulic Press Brick, pfd. 6734
International Shoe,corn.- 7534
Preferred
Laclede Steel Co
McQuay-Norris
MO Portland Cement
National Candy,com
Scruggs-V B D 0,1st pfd__
S'western Bell Tel, pfd____ 104
Wagner Electric, common_ 2734
Wagner Elec Corp,DM_ _ 8054
. .
Johnson Stevens Shoe
Bonds
COMP IltsUD&MT 6a
______
E St Louis & Sub Co 5s._
______
St Louis & Sub Ry Its
99
United Railways 4s
United Ry 46 C D
S W Bell Tel As
• No
par value.
144 144
139 140
258 258
226 225
90% 91
78
75
9454 95
21
22
10234 10254
102 102
353.4
35
47
47
87
6755
78
75
116 11614
101 101
16
16
1103-4 11014
82
8234
85 85
10655 104%
2734 29
8055 81
5115 5134
Range since Jan. 1.
Low.
High.
10
108
18
5
11
108
51
15
20
10
35
3
280
542
10
84
10
15
56
1
41
120
25
100
144
139
258
225
9015
75
92
21
101
100
34
46
8134
75
11514
100
16
99
80
85
103
2734
8034
35
Mar
Apr
Mar
Apr
Apr
Apr
Feb
Apr
Mar
Feb
Mar
Jan
Jan
Apr
Jan
Mar
Apr
Jan
Mar
Apr
Mar
Apr
Apr
Jan
148
147
265
230
9254
80
96
24
103
10215
3555
47
6934
7955
118
125
18
11015
92
86
105
3434
843-4
5735
99
79%
99
88
66
$1,000
99
7934 1,000
10,000
99
67
12,000
66
1,000
9814
7715
9815
61
61
Feb
Feb
Feb
Mar
Mar
02
92
03
99
8115
99
67
86
93
MO
Apr
Feb
Feb
Jan
Feb
Mar
Feb
Jan
Jan
Feb
Mar
.11,
API
Mat
Jar
Feb
Feb
Apr
Aps
Jar
Mat
Mat
Jar
Feb
MM
Ar6
Mai
Apt
Api
Apt
Api
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange Mar. 29 to April 4, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Amer Pub Serv, prat_ _ _100 8631
American Shipbuilding_100
Armour & Co (Del), p1_100 88
Armour dc Co, pre_ _100 78
6
15
Armour Leather
Preferred
100
Balaban dr Katz v t a_ _ _ 25 514
100 90
Preferred
Bassiek-Alemite Corp_ __ _• 32%
Beaver Board v t c "B" •
Preferred certificates_100
5
*
Booth Fisheries, new
• 254
Borg & Beek
Bridgeport Mach Co eom _ _ -----100
Bucyrus Co. pref
10 1051
Bunte Bros
Cent Ill Pub Serv, pref_ _ _• 85
ChleCy&ConRy ptsh corn'
Chic Motor Coach, atm_ _ 5
100
Preferred
Chic Nipple Mfg "A"_ 50 39
Chic Rye Part Ctf Series I_
Part Ctf Series 2
Part Ctf Series 3
Chicago Title & Trust_ _100
Corn Chem of Tenn "A"..
Commonwealth Edison.100 129%
5%
Rights
__ _100
Consumers Co,
Continental Motors
100 109%
Crane Co,pref
Cudahy rack Co, com_100
Daniel Boone Wool Mills 25 31%
100
Deere & Co, pref
100
Diamond Match
Eddy Paper Corp (The)_ •
Fair Corp (The), Pref.-100
•
Gill Mfg Co
Godchaux Sugar.corn- •
Coward,H W,prat_ _ _ _100 28
Great Lakes D dr D_ _ 100 84
Hart,Sehaff&Marx,eom 100
Hibb,Span,Bart & Co- _25
Holland-Amer Sugar_ _10
10 144
Hupp Motor
• 50
Hurley Machine Co
Illinois Nor CUL pref_ _100
25
Inland Steel
155
Internat Lamp Corp- _ - _25
Kellogg Switchboard_ _ _ _25
5
Libby, McNeil dr Libby_ 10
10
Lindsay light
Lyon dr Healy,Ina, pref100
McCord Bad Mfg,"A"_ _• 3255
• 1631
McQuay-Notri5 Mfg
Middle West UCH,com_100 5234
100 87
Preferred
9755
Prior lien preferred
Nati Carbon, pref(new)100
Natl Dairy Prod. w 1 a- *
10
234
National Leather
Peoples Gas Lt & Coke_100
14
Philipsborn's, Inc, tr ctf_ _1
Pick (Albert) & Co_ _ _10 1955
Pines Winterfront, "A"_.1 22
Pub Serv of N Ill, com___• 102
Pub Serv of 11 Ill, com_100 102
100 93
Preferred
Quaker Oats Co. pref.,..100 100
Real Silk Hosiery MiI8-10 314
10 17
Reo Motor
Standard Gas& Elea Co_ _• 324
50 4834
Preferred
Stew-Warn Speed,coin-. 8035
100 1024
Swift dr Co
15 204
Swift International
Thompson.J R,corn_ _ _25 45
Union Carbide & Carb 10 5835
_50
United Iron Wks v t
Unit L&P,com,"A",w 1 a_• 31
• 33
Class"B"w la
Prat Class"A" w I a__ _• 80
Pref Class"B" WI a__ _• 45
Unit Lt& Rys,1st prat _ 100
20 83%
U S Gypsum
100
Preferred
• 36%
Wahl Co
Wanner Malleable Cast_ •
Ward, Montg dr Co,p1.100
20 2555
When Issued
* 108
Class "A"
34
•
Western Knit Mills, Inc...
6
•
Wolff Mfg Corp
• 373€
Wrigley, Jr, cam
Yellow Cab Mfg,"B"_ _ _10 8355
Yellow Cab Co.lne(Chic)• 62
Bonds
Armour dr Co of Del--year gold 5358_ _1948
20
Chicago City Ry 58. _1927
Chic City & Con Rye 55'27 52
Chicago Railways 58_ _1927
Adjust income 45_ _1927
Commonw Edison 5s_ _1943 984
1943
First mtge 68
Commonw'th Elec 58_1943
Met W Side El ext g 4s 1938 62%
Pub Serv Co 1st ref g 58'56
Swift & Co lets fg 58_1944
Yellow Cab Mfg Co
Accept 648 w I a__ _1934
864 87
60
60
874 88
77% 7834
6
6
7754 784
50% 5134
89
90
314 324
155
135
15% 15%
5
5
29
25
951 9%
103 103
104 10%
85
85
34
31
165 165
87
87
39
38
10
10
34
31
%
34034
340
124 12%
129 134%
531 535
61%
61
64 755
107% 109%
5335 5854
284 31%
68
67
117% 119%
22
2454
102% 1034
9
8
535 5%
26
26%
82
84
124% 125
674 674
44
4
13% 145£
4951 51
85% 86%
34
34
g 151
3955 40
431 5
331 351
98
99
32
32%
15
16%
54
52
864 88%
97
98%
123 123
324 324
24 3
9451 944
131 13£
19
194
2135 224
101% 102
101% 102
9235 93
100 100
314
31
15% 17
324 33%
48
48%
80%
77
1024 1024
194 21
44% 45
57% 59
35( 331
31
314
3255 33
80
80
45
4535
75% 77
83% 87
104 105
3631 37
2255
22
1124 112%
2455 254
107% 108
34
55
655
6
3655 374
814 834
604 6235
79
10
152
1,295
309
72
1,225
40
785
100
20
25
770
200
50
80
480
310
150
249
115
1
37
1,150
14
95
2,786
23,317
140
5,185
40
45
9,415
180
34
175
82
so
140
195
90
15
20
270
3,085
320
10
50
1,193
405
464
60
85
275
700
1,940
565
690
3
25
1,205
5
795
250
9,500
183
155
70
225
575
1.595
2,102
825
23,128
1,698
10,056
250
9,683
310
685
210
50
60
'255
695
15
1,020
130
30
*3,520
465
500
830
4,060
2,750
8.845
Range since Jan. 1.
Low.
85% Jan
Feb
58
Mar
86
7734 Mar
Mar
6
Mar
77
504 Jan
88
Jan
314 Mar
151 Feb
14
Jan
5
Mar
25
Mar
93' Mar
103
Apr
9
Jan
Jan
85
51 Jan
150
Feb
85
Mar
37
Mar
10
Mar
31 Jan
34 Apr
340
Apr
124 Feb
129
Jan
534 Mar
61
Feb
64 Mar
107% Mar
584 Mar
26
Jan
65
Mar
117% Mar
18% Mar
102
Jan
654 Mar
5% Jan
26
Mar
8035 Jan
118
Jan
65% Jan
4
Mar
1355 Mar
4835 Mar
84
Jan
34
Mar
1
Mar
3931 Apr
4% Mar
3 Mar
9755 Jan
32
Mar
15
Apr
43
Jan
834 Mar
94
Jan
122
Mar
32
Mar
2% Jan
944 Mar
155 Feb
19
Mar
21% Mar
994 Jan
100
Jan
924 Mar
99% Jan
30% Mar
15% Mar
304 Jan
Jan
47
7654 Mar
1014 Jan
Jan
19
44
Feb
56% Mar
Jan
3
31
Mar
32% Mar
80
Mar
45
Apr
75% Apr
79
Feb
102% Jan
35% Mar
2035 Mar
110% Jan
24% Feb
107% Mar
55 Jan
6
Feb
35% Mar
7751 Feb
59% Feb
High.
Jan
Jan
Jan
Feb
Mar
Mar
Jan
Mar
Jan
Feb
Mar
Jan
Jan
Mar
Apr
Mar
Jan
Jan
Feb
Jan
Mar
Feb
Jan
Feb
Apr
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Mar
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Feb
Jan
Mar
Mar
Mar
Mar
Jan
Jan
Mar
Jan
2534 Feb
115
Feb
3034 Mar
Jan
112
Jan
1
851 Jan
Jan
40
Jan
96
644 Jan
90
63
934
84
755
7835
514
100
384
14
16
7
31
12%
103
11
89
31
195
95
4854
15
1
11
340
144
136
535
65
831
1124
60
38
75
12054
35%
1034
18
8
30
89%
126
70
44
7%
53%
8651
38
9
47
654
4
100
3755
20%
5735
89
99%
125
374
454
97
24
21%
2235
102
102
9954
1014
334
194
3431
4851
101
10555
224
504
634
454
3255
33
80
46
81
99
10655
42
904 004 $2,000 89% Feb 92
Jan
76
Jan
4,000 74
Jan 79
76
52
6,000 51% Jan 5534 Jan
52
77
1,000 744 Jan 7954 Jan
77
22
2.000 22
Apr 22
22
Apr
Jan 99
9835 984 6,000 95
Mar
107% 1074 2.000 105% Jan 107% Apr
98
98
1,000 98
Apr 98
Apr
Jan 6354 Mar
624 6231 3,000 58
1,000 854 Mar 87
87
87
Apr
0634 96% 2,000 954 Jan 9731 Feb
994 9934
8.000
994 Feb
9934 Jan
-Below is a record of the
New York Curb Market.
transactions in the New York Curb Market from Mar. 29 to
April 4, 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
Week.
Sale
of Prices
Pat. Price. Low, High. Shares.
Week ending April 4.
Stocks--
[voL. 118.
THE CHRONICLE
1652
Indus. & Miscellaneous.
Acme Coal Mining
10
Acme Packing
Adirondack P & L,corn.100
Amalgam Leather, eorn__*
100
Preferred
27
1131
504
2
4e
264
11%
504
2
40
27
114
504
100
2,000
130
200
100
Range since Jan. 1.
Low.
14
4e
22%
11%
50%
Jan
Mar
Feb
Mar
Mar
High.
Jan
3
Jan
10e
Apr
27
16% Jan
60% Jan
Sales
Friday
Last Week's Range for
of Prices
Sale
Week.
Stocks (Concluded) Par. Price, Law. High Shares.
-100
Amer Cotton Fab.pre:
Amer Gas & Elec. eom_ __• 6.5
American-Hawaiian SS_ _10
Amer Lt & Tree, com_100 1324
100 93%
Preferred
American Multigraph_ _ _ •
Amer-Pow & Lt,corn_..100
Archer-Daniels-Md Co___*
Armour & Co of Ill. pl. _100
135
Atlantic Fruit & Bug w I .•
Blyn Shoes, Inc.. cam._ _10 1055
Bridgeport Machine Co_..
Brit-Amer Tob ord bear_ £1 2231
Ordinary registered_ _ _ £1
10
Brooklyn City RR
1%
Candy Products Corp_ _ _ _2
155
25
Car Ltg & Power
100
Celluloid Co. corn
Cent Teresa Sug prat_ _ _ _10
Centrifugal Cast Iron ripe. 284
Charcoal Iron of Amer_ _10
•
Childs Co. new stock
ioo
Preferred
Cltlett Service, corn-- _.100 144%
100 73
Preferred
10
Preferred B
87
Stock scrip
71
Cash scrip
• 144
Bankers' shares
Cleve Automobile, corn..•
Colorado Power, coin_ _100 32%
Commercial Invest Tr_ _ _•
_• 78
Com'wealth Pr Corp
• 23
Continental Tobaceo
• 3735
Cuba Company
Doehler Die Casting w _ _• 223£
Dubiller Condenser & Rad• 29%
_
Dunhill International_ _ • 25%
Du Pont Motors, Inc....'
* 23
Durant Motors. Inc
Elea Bond & Sh, pre _100
Electric'fly Securities_ _• 11%
Fairbanks Morse & Cow I•
100
Fajardo Sugar
75£
Federal Teleg of Calif .10
Ford Motor of Canada_100 450
3
Garland Steamship
Gillette Safety Razor---• 273
• 93
Glen Alden Coal
Goodyear Tire & R,com100 10
Stores.._ _• 49
Grand 5-10-250.
.
Griffith(D W)Class A_ •
Havana Tob pf etfs dep100
• 164
Hazeltine Corp, w 1
Hayden Chemical
100 22
Hudson Cos,pref
Hudson de Manh.com_100 1231
Intercontinental Rubb_100
Internat Concrete Indus_10 11%
• 5155'
Kresge Dept Stores, com.
100
Preferred
Landover Hold Corp "A" 1
Lehigh Power Securities_ _• 60
Lehigh Val Coal Sales_ _ _ 50 76
Leh Vail Coal et's, new, w I 2735
431
Libby, McNeil& Libby.10
Mereurbank(Vienna)Amen
555
•
Mesabi Iron Co
• 21%
Midvale Co
Miss River Pow corn_ _100
10
2%
National Leather
94
New Mex & Aria Land-.I
N Y Telep 64% pref _ 100 109%
Nor Ohio Eicte Corp, p1.100 294
•
Park & Tiltord. Inc
Peerless Truck & Motor.50
4
Radio Corp of Amer.corn.*
5
Preferred
10 174
Rea Motor Car
5 90e
Repetti. Inc
Rosenb Grain Corp pref _50
Silica Gel Corp coin v t c_• 26%
Singer Mani]Maturing _ _100
Sou Calif Edls,com_ _100
Sc
Southern Coal dr Iron _ _5
Stand Gas & Elee, prat _50
Studebaker-Wulff Bubb_ _•
•
Stutz Motor Car
100
Swift & Co
15 204
Swift International
Tenn Elee Power, corn.... 304
Second preferred
Timken-Detroit A xle._ _10
4%
Tob Prod Exports Corp...
Todd Shipyards Corp_ _ •
Union Carbide & Carbon_•
• 46%
Unit Bakeries Corp, com.
100
Preferred
United Profit Sharing_
•
454
Unit Retail Stores Candy.
United Shoe Mach,com.25
US Cities Corp,Class A _10
US Light dr Heat,corn_ _10 80e
10
155
Preferred
Ward Corp Corn el B 1.• 15
•
Class A w
7% preferred, w i._..100
5
Wayne Coal
White Rock Min Spr v t e_•
Yel Taxi Corp, NY,new_• 3154
Former Standard Oil
Subsidiaries
£1
Anglo-American 011Berne Serymser Co_ -..100
50
Buckeye Pipe Line
100
Chesebrough Mfg
25
New stock
Blair dr Co interim reet
25
Continental 011
Cumberland Pipe Line 100
100
Eureka Pipe Line
Galena-Signal Oil corn-100
Humble 011 dz 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
Penn Niex Fuel
100
Prairie Oil & Gas
100
Prairie Pipe Line
100
Solar Refining
100
South Penn 011
Southern Pipe Line
loo
So West Pa Pipe Lines-100
• No par value.
Range since Jan. 1.
Low.
Jan
00
97
97
4 0 95
4354 Jan
64
65
Apr
8
900
94
8
1,430 11834 Jan
130 133
Mar
93
70 91
9355
Jan
100 21
234 23%
Jan
135 202
236 236
Mar
22
0
75 21
30
23
Apr
77
79
77
135 Apr
134 135 6,200
94 Feb
10% 1031
700
854 Mar
105£ 1,800
9
214 22% 1,800 2035 Jan
224 22%
500 21% Feb
1,300 1035 Jan
11;5 12
111. Feb
25,700
135 2
0 0 14 Mar
70
155 155 1,0 0
J pr
Aan
4
0
13 7
70
70
435
4
700 264 Feb
2855 294
300 70e Mar
135
1
Mar
100 35
35
35
Mar
10 111
112 112
Jan
1,460 142
143 145
7235* 7354 4,400 6734 Jan
655 Jan
300
01 6%
Jan
87
89 $33,000 77
Mar
71
71 813,000 71
1431 144
0
10
600 1451 Mar
1954 Mar
194 194
485 2234 Feb
32%
100 3234 Mar
33
33
Feb
714 7855
625 58
23
234 1,000 2235 Feb
37% 3831 1,700 3555 Jan
Mar
22
2251 2,200 22
28
314 23,400 104 Jan
Feb
25% 26
400 25
Mar
1
1
1% 1,300
20
2335 5,700 184 Mar
Jan
99
00 97
9951
Mar
114 1255 3,400 27
210 11
27% 27%
40 12055 Feb
12035 1243,4
751 Apr
100
73.4 75£
448 4564
90 423 Ipan
100 65e Jan
66e 66c
273 274
860 26954 Mar
864 93
8
64
1 500
4:900 7 % Jan
Jan
10
Feb
49
1,300 35
51
1% Jan
3
100
3
Mar
455 455
4
300
16
Feb
1635 3,000 13
155 13.4
134 Jan
300
21% 22
400 174 Feb
935 Mar
12% 123£ 1,400
255 334
2% Apr
900
11% 1135
600 114 Mar
Jan
5155 5254 2,600 41
Feb
9855 98%
100 90
Mar
10
200 10
1055
Jan
4855 604 7.500 33
Apr
925 75
75
77
Apr
5,1%0 27
27
31
43£
431 Mar
400
300 1134 Apr
114 12
5% Mar
5% 6
300
Jan
20% 21%
400 18
Feb
10 19
2134 21%
2% Mar
100
235
36,400
334 Jan
835 10
Mar
109 109%
295 109
2955 2955
50 2935 Apr
2955 30% 1,600 '244 Feb
Mar
20
200 10
20
Feb
34 m ar
4
0
1:800
455 7 9 0 16
Jan
4
411z 451 11,700
16
174
4,800 50o Mar
50e 940
Feb
4935 4934
200 48
2655 27
700 2036 Feb
Jan
5 125
129 129
10 10231 Feb
104% 10451
6e Apr
6o 10e 29,000
100 4834 Apr
4855 484
3751 3831 3,100 3734 Apr
735 Apr
7% 831 2,100
Jan
50 101
10155 102
1955 2034 1,900 1831 Mar
26% 304 3,100 1751 Jan
125 49% Jan
564 56%
555 Apr
200
5,1 531
435 1,400
334 Feb
4
145 4354 Jan
49
4954
200 5736 Mar
58
58
Feb
4555 46%
500 43
100 85
Jan
86
86
631 Apr
200
651 631
43.1 455 2,400
4
mar
3455 34%
100 34% Apr
23
400 1854 Jan
234
80c 81e
1,200 70e Mar
135
1
200
Apr
I
15
154 1,500 1434 Mar
65
65
100 524 Jan
80
81
600 794 Jan
50e 151e
2,400 50e Mar
94 Mar
200
sm
314 31% 1.600 29
Mar
1635 164
236
220 236
sog 70
70
410
402 414
5131 51
52
52% 5235
4455 4455
125 132
132
9831 98
984
57
60
6055
41% 3954 41%
138
136 140
105 109
109
934 934 94%
136 141
141
2255
22
22
80
80
80
99
96
97
6831 6731 69
3254
32
32
230 24255
241
1014 105
104
194 206
206
150% 156
155
9431
944 93
'85
84
85
2,000 154
400 155
190 694
355 238
2,600 51
300 5235
200 43
220 110%
50 95
495 57
5,000 3534
160 136
1,360 10455
70 88
175 135%
300 21%
so 78
70 94
2,600 66%
600 32
3.390 220
655 100
280 183
570 150%
105 9054
20 80
Jan
Jan
Mar
Jan
Mar
Apr
Jan
Jan
Feb
Mar
Jan
Jan
Mar
Feb
Mar
Mar
Feb
Jan
Feb
Apr
Feb
Feb
Jan
Mar
Feb
Feb
High,
98
65
14
1354
9335
25
236
264
83
24
134
1255
22%
2235
14
231
255
77
431
3154
2
Mar
Mar
Jan
Mar
Apr
Mar
Apr
Feb
Mar
Feb
Feb
Mar
Feb
Apr
Jan
Feb
Jan
Feb
Mar
Jan
Jan
115
155
734
634
98
74
16
234
344
374
784
264
404
22%
32
28%
351
364
100
124
28
12454
74
482
700
280
93
1114
51
3
455
17%
24
224
1334
14
814
25%
2255
455
10
112
31
30%
26%
435
435
184
14
50
35
148
104%
17e
49
384
1555
105
22
304
Jan
Feb
Mar
Mar
Feb
Jan
Jan
Jan
Mar
Feb
Apr
Jan
Feb
Mar
Mar
Jan
Jan
Jan
Mar
Mar
Mar
Apr
Apr
Feb
Jan
Jan
Apr
Jan
Mar
Apr
Mar
Mar
Jan
Mar
Mar
Feb
Jan
Mar
Mar
Feb
Apr
Feb
Jan
Jan
Jan
Jan
Mat
Mar
Jan
Apr
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Feb
Apr
Jan
Feb
Jan
Apr
7%
514
55
6334
62
89
734
53,4
36%
2454
154
1%
223£
81%
85
980
104
89%
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
18
265
85%
480
5214
52%
5434
144
105
69%
4355
161
119
100
162
274
97
10754
794
43
269
III
230
171
100
89
Feb
Mar
Jan
Feb
Mar
Apr
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
5
124
5334
99%
13
16%
89%
3531
as
Mar
APR. 5 1924.]
THE CHRONICLE
Friday
Sales
Former Standard 011
Last Week's Range for
Subsidiaries.
Sale
ofPrices.
Week.
(Concluded) Par. Price. Low. High. Shares.
5
534
34
940
4%
5%
30
26c
4154
4
36c
50c
584
1
40
1834
3
80c
900
88c
13c
134
17%
11
86%
5
90
254
40c
13%
17%
3%
434
854
2254
134
80c
15e
1
12
1054
834
90
5%
100
400
98e
400
5% 5,700
554 124.300
4c
7,000
260
5,000
414 1,100
4
100
36c
1,000
60c
200
59% 4,300
1
800
Sc 16,000
20% 28,000
48,200
83c
2,000
1
7,000
35(
509
154 2,300
15e
5,000
134 3,000
18% 4.300
11% 33,500
864
10
700
10c 13,000
254
900
46c 10.000
14% 4,200
20% 5.000
334 2,200
434
200
84
400
2354 6.300
14,000
2
11 1 17.700
15c 10,000
200
1
13
400
104
200
734 5,900
10c
4,500
Low.
554
3
95c
454
2%
3c
250
38%
154
300
500
58
80c
3e
18%
234
78c
600
234
70o
120
14
16
11
85
70
1%
40o
124
53(
354
34
8
194
82e
680
15c
1
8
954
5%
70
High.
Feb 68%
Mar 50%
Feb 120
Jan 256%
Mar 48
Feb 33.5
Jan 81
Jan 6954
Jan 29
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Mar
Mar
Jan
Apr
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Jan
Mar
Jan
Jan
Mar
Apr
Jan
Mar
Jan
Feb
Mar
Jan
Feb
Jan
Jan
AP
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Apr
Feb
Jan
Feb
Ma
Jan
7
4%
154
6%
534
80
600
46
55(
60c
750
65
2%
70
224
414
llif
14
154
30c
154
194
1354
8754
64
160
6
62c
154
2034
414
5%
10%
23%
254
2
15c
1
16
14
8%
14c
Jan
Jan
Jan
Feb
Jan
Feb
Mar
Jan
Apr
Jan
Mar
Jan
Jan
Mar
Jan
Feb
Jan
Feb
Jan
Apr
Jan
Mar
Jan
Jan
Mar
Jan
Apr
Feb
Jan
Jan
Feb
Feb
Mining Stocks
Alamo Gold Mlniniz
740
74e 78c
4,200
Alaska-Brit Col Metals Co- 150
150 150
1,000
American Exploration_ _
------ 85c 95c
1,000
Arizona Globe Copper---1
Sc
51:1
Sc
5,000
Black Oak Mines Co
55e
55c 55c
6.400
Booth Mining
20
20
5,000
20
Butte & Western Mining.' 120
12c 12e
1,000
Calaveras Copper
5
1%
154 14
100
Canario Copper
10
24
2318 2% 4,500
Candalaria Sliver
1
10
le
10 19,000
Central Amer Mines,I00.1
1
200
1%
Chief Consol Mining
1
34 3%
100
Consol Copper Mines..
..I
24 2% 1,900
Cortez Sliver
1 47e
450 47c 54,000
Cresson Con Gold M & N.1
4
700
Diamond( 151 Butte (reorg) 13c
100 130 155,000
Divide Extension
1
3c
1,000
30
Dolores Esperanza Corp-2
50o 51c
400
Emma Silver
1
lc
lc
3,000
lc
Engineer Gold Mines Ltd.5 12
1054 12
3,000
Eureka Croesus
1
7c
Sc
8c 15,000
Goldfield Consol Mines_10
40
5.000
Sc
Goldfield Deep Mines-- 100
3o
3c
40
2.000
Goldfield Florence
I 16e
16e 160
2,000
Gold Zone Divide
4c
40 10,000
Hard Shell Mining
1
20
lc
8,000
2c
Harm!!! Divide
10c
2c
2c
2,009
Reda Mining
25c
8% 834 1.900
84
Hilltop-Nevada Mining-1
30
Sc 27,000
Hollinger Cons Gold Min.5
114 11% 2,700
Howe Sound Co
1
24
254 234
900
Independence Lead
10c 110
3.000
Iron Blossom Cons Mln-1 280
28c 290
2,000
Jerome Verde Developm't 1
100
Jib Consol Mining
20c 220 12,000
20o
Jumbo Extension
1
3c
1,000
30
Kay Copper Co
1
14
1
14 75,900
Kelly Extension Mining.-- 440
38c 450 31,000
Kerr Lake
700
134
Lone Star Consolidated- -1
4c
40
40
4.000
MacNamara MM & MULI
lc
1.000
lc
Mammoth Divide
6o
4,000
Sc
50
Mason Valley Mines
5
1%
134 •1% 2,800
Metals Production Co_ _ _ _
1%
134 1% 5.300
Mizpah Ext of Tcnopah___
ge
6c
60
3,000
Mohawk
30
100
3c
Mohican Copper
1
370 39c
7.000
National Tin Corp
50 110
90 11c 30,000
Nevada Hills
180
17c 180 12,000
Nevada Ophir
le
Sc
7,000
7c
Nevada Sliver Horn
lc
lc 12,000
New Cornelia
17% 16% 1754
200
New Dominion Copper
-5
24
234 234 18,700
100
New Jersey %Inc
146 146
10
Nipisaing Mines
6
6
1,200
6
Ohio Copper
1 680
67c 70e
1,300
Parmac Porcupine Miningl 60e
600 65e
4,500
Plymouth Lead Mines---1 430
42c 430
7,000
2
Premier Gold
2
2
200
5 150
15e 150
Ray Hercules. Inc
2,000
Red Hills Florence
2c
2e
5.000
43e
Red Warrior
35.3 440 89,000
10e 150 21,000
Reorg Divide Ann Mining_
IC
Rex Consol Mining
1
lc
lc
1,000
Sandstorm Kendall
lc
2c
3,000
Silver King Consol
50c 50e
100
30
Silver King Div (reorg)---3c
3,000
Silver Pick COMO!
1
30
2c
3,000
South Amer Gold & Plat I
354
3
900
5c1
Spearhead
70 16,000
1
555
Teck-Hughes
1
154 9,000
PH
Tonopah Belmont Devel-1 550
550 5130
2,200
Tonopah Divide
28c 290
1 29e
2,000
Tonopah Extension
134 134
1
100
Tonopah Mining
1
14
200
134 14
United Eastern Mhzlng..•.1 900
88e 920
7,800
United Verde Extension 50c 244 '2434 24% 6,000
Unity Gold Mines
134 134 2,800
6
14
Walker Mining
351s 34 1,500
Wenden Copper Mining...
14 4.800
1
Pif
West End Consol
5 620
62c 620
1,000
Wettlaufor-Lorraine Sil M1
2,000
210 210
White Caps Mining Co_ __
20
2c
20 36,000
Yukon Gold Co
5
61c 70c
1,200
5
Friday
Last Week's Range Sates
Sale
of Pekes.
for
Price. Low. High. Week.
Range since Jan. 1.
Standard 011(Indiana)__25 61% 59% 62
65,200 59
Standard 011 (Kansas)_25 44
3954 444 6.400 394
Standard 011(Hy)
25 110
107 110
2,800 108
Standard Oil(Web)
-.100 247
227 2474 1,210 199
Standard 011 of N Y...25 43
41
43
7,600 41
Stand 011 (Ohio) com--100 312
305 318
390 305
Swan & Finch
100 62
52
62
425 36
Vacuum Oil
25 634 614 634 15,800 5654
Washington oil
10
28
28
10 25
Other 011 Stocks
Arkansas Nat Gas corn.-10
Atlantic Lobos Oil. com__*
Boston & Wyoming Oil_ _I
Carib Syndicate
Creole Syndicate •
5
5%
Engineers Petroleum Co--I
30
Federal 011
26e
Gen Petroi'm Corp corn-25 42
Gilliland Oil v t c
Glenrock Oil
10
Granada 011 Corp
10
Gulf 011 Corp of Pa
25 59
Gulf States 011 & Ref----5
1
Hudson 011
1
4c
International Petroleum..' 20%
Logo Petroleum Corp._•
Latin-Amer 011
1 80c
Livingston Petroleum.....'
1
Marland 011 of Mexico..
Mexican Panuco 011
1
13(
Mexico 011 Corporation_10 150
1
Mountain & Gulf 011
Mountain Producers- -10 18%
Mutual 011 vot trust ctfe-5 11%
National Fuel Gas
• 864
New Bradford Oil
6
54
Noble(Chas F)O&G.com_l
90
Peer 011 Corporation-- _ _•
2%
Pennsylvania Beaver 011_1 40e
' 10 144
Pennok Oil
25 20
Red Bank 011
Royal Can 011 Syndicate.*
3%
Ryan Consol Petrol
•
10
Salt Creek Cons 011
8%
Salt Creek Producers-10 2314
Sapulpa Refining
5
25(
Seaboard Oil & Gas
5 810
Sunstar 011
150
1
Tex-Ken Oil Corp
•
Tidal-Osage 011
•
Non-voting stock
Wilcox Oil& Gas
734
"Y" Oil& Gas
1
90
1653
69e Feb
150 AO
25c Mar
Sc Ma
37e Jan
2c Mar
100 Ma
1
Fe
2
Jan
lo Fe
870 Jan
354 Jan
1
Jan
40c Mar
3% Jan
4c Jan
2e Mar
50e Jan
le Jan
6
Mar
6e Mar
4.3 Feb
So Mar
11c Mar
4o Mar
le Feb
20 Jan
8% Jan
le Feb
114 Mar
294 Mar
10c Mar
28c Apr
1
Mar
15e Mar
3c Jan
1
Apr
300 Jan
14 Mar
20 Mar
lc Jan
5c Mar
1% Feb
154 Feb
4c Mar
3o Mar
25c Mar
9c Mar
Sc Jan
Sc Mar
be Feb
1534 Jan
1% Jan
1454 Jan
554 Jan
65e Mar
60e Mar
30e Jan
2
Mar
10o Mar
lc Jan
210 Jan
6c Mar
lc Jan
lc Jan
50c Feb
2c Jan
2c Feb
24 Jan
20 Jan
liff Jan
50e Jan
29c Mar
154 Jan
1% Jan
73c Jan
23% Feb
1
Jan
, 2
Apr
1
Apr
560 Jan
1213 Jan
2c Mar
60e Feb
78c Apr
40c Feb
154 Feb
12e Jan
55c Mar
150 Feb
550 Jan
15( Mar
2% Mar
so
Jan
134 Mar
Jan
4
Ilsis Feb
70e Mar
434 Jan
13e Apr
Sc Feb
70o Feb
lc Jan
Apr
12
15e Jan
8c Jan
Sc Jan
42c Jan
12c Jan
150 Jan
6c Mar
9% Mar
7o Mar
12% Jan
Jan
3
18e Feb
32c Jan
Jan
2
50e Feb
30 Jan
14 Apr
75c Mar
254 Jan
7e Jan
lc Jan
i1e Mar
134 Jan
154 Mar
7c Mar
3c Mar
480 Jun
140 Feb
18e Apr
140 Feb
lc Feb
18% Feb
3
Mar
151% Jan
6% Mar
Rae Jan
67c Mar
43c Mar
254 Jan
83e Feb
Sc
Jan
48e Feb
150 Mar
2c Jan
2c Mar
60c Jan
3c Mar
4c Jan
4
Feb
8c Feb
14 Jan
750 Feb
400 Feb
2xfs Jan
1554, Feb
lsif Jan
29
Jan
254 Feb
34 Jan
154 Jan
860 Jan
25e Feb
(10 Feb
800 Jan
Bonds
-
Allied Pack 88 Ser B__1939 71%
Convertible deb 88..1939 6054
Aluminum Cool Am 78233 107
7,
1925 102%
Amer Cotton Oil 6s._1924
Amer G & E deb Os.._2014 944
Amer Light & Trac 65_1925 10554
Without warrants
Amer Rolling Mill 68-1938
Am Sumatra Tob 750 1925 8834
American Thread 68.-1928
Anaconda Cop Min 68-1929 102
Angio-Amer 011 748.1925 102%
A ntilla Sugar 754s A _ _1939
Assoc Simmons Hardw6548
1933
Ati Gulf & W I SS 1. 581959 5034
Beaver Board Co 88..1933
734e
1942
Belgo Can'n Paper 68_1943
Beth Steel equip 78-1935 10354
Canadian Nat Rys 78_1935 108%
58
1925
Charcoal Iron of Am 88_'31 88
Chic RI & Pac 5%e.1926
Cities Service 78 Ser B 1906
79 Seriea C
1968 9454
75 Series D
1966 91
75 Series E
1966
Columbia Graphop 88.1925
N Y Tr Co panic certifs.
Cons G EL &P Balt 68'49 10354
78
1931
5548
1952 99%
Consol Textile 8s
1941 834
Cont Pap & Bag M 648'44 9354
Cudahy Pack deb 54a 1937 8654
Deere & Co 7548
1931 100
Detroit City Gas 68-1947 101
Detroit Edison 6s__ --1932 10334
DunlopT&Itof Am 78.1942 9154
Duquesne Light 5548 _1949 9954
Federal Sugar 68
1933
Fisher Body 68
1925
6s
1926
ils
1925 100
Gair (Robert) Co 78-1937 99%
Galena-Signal 011 78-1930 104%
General Asphalt 8s..1930 104%
General Petroleum 68-1928 9654
Grand Trunk RY 6548-1936 106%
Gulf 011 of Pa 58
1937 95%
1934 101
Hood Rubber 78
I nternat Match 6548..1943 9314
Kan City Term Ry 5548'26 100%
Kansas Gas & Elec 68_2022 86
Kennecott Copper 78_1930 104%
Lehigh Power Secures 1927 994
Lehigh Val Harb Term 58'54 98
Libby,McNeill&1.ibbyls'31 10054
Liggett Winchester 75_1942
Manitoba Power 78...1941 98
1940 100
Market St Ry 78
M St P&SSM 548-1949 8854
1930 100
Morris & Co 71 8
4
National Leather 88..1925 9454
New Ori Pub Serv 58_ -1952 85
Nor States Pow 6348w 1'33 99%
1952
Ohio Power 5s
Park & Tilford 68
1936 89%
Penn Pow at Light 58 B_'52 895(
Philo, Bait & Wash 58.1974
Phila Electric 5
-1953
1947 101
554s
65
1941 105
Phillips Petrol 73,4s.._1931
Without warrants
Public Service Corp 78 1941 106
Pure Oil Co 6545
1933 9334
Shawsheen Mills 78_ _ _1931 10354
Slow'Sheffield S & 1 68 1929 100
South Calif Edison 55_1944
Stand 01101 NY 6148.1933 106%
7% serial gold deb .1915 101%
7 serial gold deb_ _1926
7% serial gold dot,._1927
7% serial gold deb_ _1928
7% serial gold deb _ _1929 106%
7% serial gold deb.-1930
7% serial gold deb_ _1931
Bun Co 78_
1931 10254
Os
1929 99%
Superior 011 Corp 78._1929
With warrants
13851
Swift & Co 5s._Oct 161932 92%
Tidal-Osage Oil 7e._ -1931 103%
Union El I.& P01 11154854 9554
Union 011 6s, Ser B._1926
United Oil Produc 50._1931 7154
Unit Rya of Havana 7548'36 107
US Food Products 78_1930
Vacuum 011 78
1936 106%
WebsterMills6 %notes'33 101%
Range since Jan. 1.
Low.
High.
714 7254 $29,000
60% 624 9,000
106% 107
18,000
102% 102% 4,000
100% 10054 3,000
9454 94% 65,000
105% 105% 3,000
101 101
2,000
99% 99% 11,000
8854 55.000
87
102% 1024 16,000
1014 102
28.000
102% 102% 117.000
18,000
98
98
70
6034
105%
10134
100
94
1034
100
984
78
1014
101
10154
98
Jan
Apr
Mar
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Jan
Feb
Mar
Mar
84
7034
10754
103%
100%
95%
106
101%
100
99
10254
102%
102%
98%
Mar
914 91%
50
503(
7154 72%
9754
97
92% 93%
103% 103%
107% 1084
100 100%
91%
86
99% 99%
122% 124
9434 95
9094 91
10254 1024
34,000
10.000
14,000
7.000
18.000
57,000
29.000
15,000
14.000
13,000
3,000
12,000
24,000
4,000
89
42
70
97
9254
102%
106%
99%
86
97%
11854
89
8754
102%
Mar
Jan
Jan
Apr
Feb
Feb
Jan
Jan
Apr
Jan
Feb
Jan
Jan
Mar
93%
53
79%
9754
9354
103%
108%
10034
94
99%
124
95,3,4
9154
10234
Feb
Feb
Jan
Apr
Jan
Mar
Jan
Mar
Feb
Jan
Mar
Mar
Mar
Mar
16
11,000
17
103% 103% 8,000
108 108% 9,000
9954 99% 3,000
8334 87
34,000
93
93% 97,000
86% 87
14,000
100 100% 43.000
100% 10154 22,000
103% 104% 24,000
9154 92% 32,000
9954 100 196,000
99% 100
16,000
10054 1004 10,000
100% 100% 9,000
99% 10054 42,000
9754 100
43,00
104% 104% 2,000
104% 104% 1,00
964 964 34,00
106 106% 14.00
9534 954 3,00
101 101
35,00
93% 934 57,000
100% 100% 5,000
86
86
2,00
10454 104
32,00
9954 9954 6,000
974 98% 44,000
100 100% 8,000
104% 104% 7,000
974 98
16,000
99% 100
45,000
8554 8654 143 000
994 100
35,000
9254 9454 22,000
844 85
45.000
9954 100 127 000
8654 8834 19,000
8854 90
22,000
8954 894 2,000
101 101
11,000
10034100% 3.000
101 101
12,000
105 1054 15,000
15
10154
10554
93
8354
93
854
100
99%
10254
9154
99%
9754
100
9951
97%
95%
104%
102%
94%
105%
94
10054
92%
100%
86
103
96
955(
9854
10254
95%
98
1534
97%
92%
81%
98
8454
84
87%
99
9854
9854
10454
Feb
Jan
Jan
Jan
Apr
Apr
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Jan
Apr
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
19
104
108%
995s
97
95
884
101%
101%
19454
94
100
10054
101
101
100%
100
10554
105%
97
1064
90
102
94
101%
86
106
9954
9834
101
10454
98%
100%
88
10054
101
5,53.4
100
8854
90
90
101
101
101
106
Jan
Feb
Apr
Jan
Jan
Feb
Jan
Feb
Feb
Mar
Feb
Mar
Jan
Feb
Feb
Feb
Apr
Feb
Jan
Jan
Apr
Jan
Feb
Jan
Mar
Feb
Jan
Mar
Mar
Feb
Mar
Jan
Feb
Feb
Feb
Mar
Jan
Mar
Feb
Apr
Feb
Apr
Mar
Feb
Mar
10254 102%
1054 106%
95% 9654
10354 10354
99% 100
yi 9034
100% 106%
10154 102
1041410434
1054 1054
105% 106
108 1064
106 106
10634 107
10234 1024
9954 99%
5,000
57,000
47.000
3,000
34,000
2,000
18.000
14.000
6,000
8,000
24,000
9.000
1.000
7,000
8,000
4,000
101
101
9254
102
97
89%
10534
101%
1044
105
105
10554
105
106
101%
96
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Mar
Feb
Mar
Jan
Feb
103
107%
96%
1045(
100%
91
107%
102
105
106
10644
106%
10754
109
1024
9934
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Mar
Feb
Jan
Jan
135 140
9234 92%
10354 104
9554
95
10054 10054
71
71%
107 107
855( 8554
106% 1064
10154 102
10,000
50.000
9,000
83,000
1,000
6,000
1,000
1,000
35,000
43,000
124
Mar
91
Jan
10154 Jan
95
Apr
100% Mar
65
Feb
1054 Jan
854 Apr
106 . Jan
100% Jan
140 ' Apr
9354 Jan
Jan
104
9634 Jan
100
Jan
7934 Feb
107% Mar
Feb
89
107% Jan
102 , Jan
31% 314 $8,000
234 Mar
81% Mar
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Mar
Feb
Feb
Feb
Jan
Jan
Mar
Foreign Government
and Municipalities
French 48 01 1943
Mexican Govt 45
1945
Certificates of deposit.
6s10-year Ser A ctf dep.
Netherlands(KIngd)68B*72
Peru (Republic of) €0_1932
Russian Govt 6548_1919
Certificates
5548
1921
Certificates
Switzerland Govt 5548 1929
Ezt 5% notes
1926
32
52%
97%
16%
15%
98%
98%
31%
52%
91
97%
16%
14%
1554
15%
98%
98%
3254
5354
9154
98%
17%
164
1554
15%
99%
98%
19,000
20,000
17.000
3,000
21,000
57,000
15,000
10,000
114.000
88,000
50
2844
91
9754
9
10
954
954
8
7%
9
9
84
Mar 555(
Mar 9654
Jan 98%
Jan 2054
Jan 204
Jan 19
Jan 18%
J= 100
Jan 98%
Feb
Feb
Jan
Feb
Feb
tab
Feb
Mar
Jan
Mar
• No par value. k Correction. m Dollars per 1,000 ire flat. I Listed
on the
Stock Exchange this week, where additional transactions will be found. o New
stock. a Option sale. w When homed. a Ex-dividend. y Ex-rights.
Ex-etoek
dividend.
Quotations for U. S. Treas Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rare.
June 15 1924..,
Sept. 15 1924...
Mar. 15 1925_
Mar. 15 1926...
Dec. 151925...
Sept. 15 1925 _
June 15 1925...
64%
554%
494%
434%
44%
434%
44%
Bid.
f00%
Asked.
100%
1003( 100
1003( 10034
1015is 101sol
100% 10054
100514 10019s
100% 10054
Maturity.
ROM,
Dec. 15 1927-Mar. 151927....
June 15. 1924,...
Dec. 15 1934-Mar. 16 1925--
414%
%
4%
44%
4%
BM. Asked.
100 ss
,
101%
100 •
100hs
100
100
8as
'101%
100%
100%.
100%
1654
Intustutent an gailraaa intelligence.
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the third week
of March. The table covers 15 roads and shows 2.47%
increase over the same week last year.
Third Week of March.
1924.
1923.
Increase. Decrease.
$
$
Previously reported (10 roads)_ - 14.930,461 14.521,791
116,036
37,432
Ann Arbor
38,400
34,600
Georgia & Florida
4,818
4,493
-Oregon
Nevada-California
586,290
558,674
Texas & Pacific
385,043
463,346
Western Maryland
$
$
408,670
78,604
3,800
325
Total (15 roads)
Net increase (2.47%)
491,399
385.480
16,033,432 15,647,952
27,616
78,303
105,919
-The table
Net Earnings Monthly to Latest Dates.
following shows the gross and net earnings for STEAM
railroads reported this week:
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1924.
1924.
1923.
1924.
1923.
1923.
$
3
$
Denver & Salt Lake
5,775 -24,034
February _
232,156
160,045
14,775 -14,980
From Jan 1_
416.725
303.003 -26,488 -57,283 -44,468 -75,337
Detroit & Mackinac
February _
125,372
121,969
-1,267 -10,024 -10,922 -21,710
From Jan 1_
252,959
247,100
-2,061 -17,529 -21,352 -39,931
Detroit Toledo & Ironton
962,574
680,955
February _ _
From Jan 1_ 1,951,803 1,450,626
Detroit & Toledo Shore Line
February _ _
356,368
275,582
From Jan 1_ 666,125
646,136
Duluth & Iron Range
February __
206,893
199,653
From Jan 1 _
355,110
374,805
Duluth Missabe & Northern
137,598
146,192
February _
From Jan 1_
256,754
279,195
Duluth South Shore & Atlantic
February __
455,190
353,308
805,484
From Jan 1_
898,400
427,867
841,284
194,102
371,327
412,137
809.833
181,539
340,079
176,952
295,692
134,509
327,424
151,952
245,692
116,209
290,824
-155,709 -154,990 -168,595 -167,129
-371,689 -340,125 -392,874 -363,186
-376,006 -327,177 -487,890 -403,029
-763,131 -689,976 -986,732 -841,786
72,200
144,871
-Grossfrom Railway
--Net from Railway- -Net after Taxes
Duluth Winnipeg & Pacific
1923.
1924.
1924.
1924.
1923.
1923.
February _ _
254,81£1
229,824
80,137
466,077
443,357
From Jan 1_
133,043
Atchison Topeka & Santa Fe
February _ _14,386,032 14,170,447 3,556,606 3,819,526 2,497,997 2,617,355 Elgin Joliet & Eastern
February __ 2,183,391 2,016,488
From Jan L28,912,397 30,619,347 6.396,840 9,024,013 4,191,740 6,459,119
663,557
From Jan 1_ 4,148,721 4,296,146 1,138,157
Gulf Colorado & Santa Fe
201,539
21,888 Florida East Coast
288,433
103,098
February __ 2.111,186 1,624,530
448,038
392,715
618,747
554,822
February __ 2,238,839 1,724,118 1,061,906
From Jan 1_ 4,194,783 3,694,404
From Jan 1_ 4,012,983 3,222,390 1,651,322
Panhandle & Banta Fe
56,441 Georgia Railroad
173,057
198,420
82,883
February _ _
767,037
517,732
209,139
437,321
160,375
February _ _
492,655
489,031
439,099
113,503
From Jan 1- 1,573,701 1,141,040
From Jan 1_
967,312
912,028
185,905
Atlanta Birmingham & Atlantic
Georgia & Florida
987
29,234 -14,236
February _ _
397,271
42,057
374,665
145,644
156,305
February __
36,136
22,994 -25,527
777,591
2,442
From Jan 1_
772,183
48,609
From Jan 1_
287,177
288,527
65,056
Atlantic Coast Line
Great Northern System
February _ 8,210,779 7,266,476 3,073,023 2,494,190 2,621,404 2,143,351
February _ _ 6,913,801 6,781,035 1,229,850
From Jan E15,577,671 14,382.207 5,390,908 4,817,981 4,586,349 4,116,793
From Jan 1_13,593,402 65,655,995 2,324,884
Bangor & Aroostook
Green Bay & Western
708,808
490.118
243,976
194,140
15.212
February _ _
51,322
124,237
88,245
32,994
February _
23,685
From Jan 1_ 1.344,732
987,067
391,602
92,989
298,930
From Jan 1_
249,280
195,202
61,170
Bellefonte Central
Gulf Mobile & Northern
February _
9,121
12,471
1,405
725
February _
481,192
441,306
140,778
From Jan 1_
16,454
22,290
1,738
-597
969,174
948,197
263,258
From Jan 1_
Belt Railway of Chicago
Gulf & Ship Island
February _ _
566,427
552,255
148,110
149,770
180,859
105,410
110,975
February __
305,685
228,915
From Jan 1_ 1,123,868 1,173,070
286,688
377,640
208,409
312,982
From Jan 1_
594,847
487,218
198,253
Bingham & Garfield
Hocking Valley
February _
36,851
32,994
8,840
2,235
13,031
-1,658
February _ _ 1,254,285 1,124,374
325,938
From Jan 1_
73,336
65,182
12,941
7,057
21,498
-7,537
602,689
From Jan 1_ 2,487,603 2,431,833
Boston & Maine
Illinois Central System
February _ _ 6,301,900 5,931,100 1,031,258 -507,336
792,138 -749,821
February _ _14,815,335 14,748,987 4,022,531
. From Jan 1_12,617.574 12,244,159 1,567,184-1,198,931 1,088,899-1,683,922
From Jan 1_29,926,562 31.344.108 7,446,898
Carolina Clinchfield & Ohio
Illinois Central Co
192,821
153,944
February _ _
712,174
652,784
142,820
103,836
February _13,083,412 13,334,620 3,524,824
376,978
363,269
276,950
263,130
From Jan 1_ 1,393,350 1,380.368
From Jan 1.26,421.755 27,966,479 6,506,413
Central of Georgia
Yazoo & Mississippi Valley
409,764
February __ 2,250,892 2,157,738
535,131
518,430
422,396
497,707
1,731,923 1,414,367
February
From Jan 1_ 4,341,057 4,317,485
921,569
940,927
731,401
711,273
940,485
From Jan 1_ 3,504,807 3.377,629
Central RR of New Jersey
International Great Northern
February __ 4,151,766 4,055,034
504,781
569,978
258,907
176,804
198,935
February __ 1,309,300 1,025,829
791,128
376,046
983,918
393,224
From Jan 1.. 8,503,854 8,419,606
-488
From Jan 1 2,626,985 2,253,277
Central New England
Internat Ry Cool Me
35,941
February _ _ 658,847
511,986
194,966
59,346
169,208
70,455
311,959
308,767
February _ _
14,664
From Jan 1_ 1,317,990 1,032,625
388,001
62,173
336,495
646,722
172,417
630,138
From Jan 1
Charleston & Western Carolina
Kansas City Max az Orient
February __
329,489
306,420
68,595
72,710
61,711
544
51,034
106,205
February _ _
146,893
144,271
From Jan 1_ 623,028
617,456
108,817
166.328
73,705
-8,059
209.572
294.215
From Jan 1
Chesapeake& Ohio Lines
Kansas City Mex & Orient of Tex
February _ _ 8,516,847 6,819,789 2,059,859 1,315,135 1,684,061 1,011,112
14,377
108,630
154,203
February _ _
From Jan 1_16,554,365 14,462,470 3,775,232 2,914,454 3,024,294 2,306,405
42,916
328,535
233,034
From Jan 1
Chicago Burlington & Quincy
Kansas City Southern
February _ _13,232,456 13,126,287 3,327,947 2,747,904 2.437,520 1,809,324
410,813
February. _ 1,512,374 1,477,488
From Jan 1_26,259,122 28,310,324 5,696,754 6.697,729 4,007,715 4,830,496
810,118
From Jan 1 3,014,986 3,262,571
Chicago & Eastern Illinois
Texarkana & Ft Smith
February __ 2,400,183 2,230,408
326,516
270,121
169,651
225,654
191,593
115,560
226,467
February _ _
725,591
From Jan E 4,971,815 4,876,540
712,538
509,778
513,651
412,594
230,014
451.711
From Jan 1
Louisville
Chicago Indianapolis &
Kansas Oklahoma & Gulf
February _ _ 1,428,042 1,332,158
396,059
273,975
217,590
333,049
36,090
227,701
February _ _
195,491
From Jan 1_ 2.779,095 2,762,911
663,620
629,532
507,701
55,717
537,758
490,869
387,973
From Jan 1_
Chicago & North Western
Lake Superior & Ishpeming
581.012
February _ _12,005,444 11,448,293 2,342,945 1,332,833 1,581,705
76,893 -19,114
80,423
February _ _
From Jan 1_23,521,736 23,978,873 3,086,328 2,945,933 2,463,638 1,442,350
164,758 -54,017
151.988
From Jan 1_
Peoria & St Louis
Chicago
t.ehigh & Hudson River-February _ _
111,589
101,180
7,316 -16.382
85,366
208,728
3,816 -25,960
261,970
February..
From Jan 1_
220,318
261.871
8,515 --16,431
428,716
136,014
515,426
1,488 -35.515
From Jan 1
River & Indiana
Chicago
Lehigh & New England
227,416
567,099
204,488
173.249
February _ _ 628.832
176,240
325,109
62,102
380,385
February _ _
473,577
442,765
373,475
381,796
786.507
806.749
142.268
From Jan 1_ 1,249,838 1,207,306
From Jan 1
Rock Island & Pacific
Chicago
Los Angeles & Salt Lake
371,219 1,782,564 -126,986
9,674,590 8,563,837 2,302,997
426,310
February
February. _ 1,959,916 1,543,542
954,258
From Jan 1_19,053,526 18,930,248 3,828,259 1,973,057 2,789,691
712,197
From Jan 1 3,979,608 3,273,952
Chicago Rock Island & Gulf
Louisiana & Arkansas
354,458
144,755
-2,793
494.176
132,266 -15,168
February __
296,746
334.949
February _ _
78.264
77,809
832,960
280,993
255,848
53,137
614,306
From Jan 1_ 1,009,505
From Jan 1_
665,292
169,053
Bt Paul Minn & Omaha
Chicago
Louisiana KY & Navig Co
-496,121
185,022
54,228
371,429
February _ 2,324,856 2,066,761
287,814
289,684
23,686
February _ _
626,647
798,183
547,270
350,297
From Jan 1_ 4,560,917 4,487,681
From Jan 1_
585,667
643.649
41,829
Gincin Indiana & Western
Louisiana fly at Navig Co of Texas
27,092
72,797
367,913
45,446
52,446
373,850
February __
101,954
1,087
February _ _
123,246
794,840
136,526
95,943
85,565
From Jan E 730,374
10,175
From Jan 1.. 215.775
Louisville & Nashville
Colorado & Southern
906,624
173,314
44,103
110,568 -19,240
February _ _ 1,022,372
February _ _11,415,611 9,781.490 2,207,752
392,950
150,787
22,203
267,045
From Jan I- 2,136,734 2,014.836
From Jan 122.128.140 20,814,617 3,352,467
Ft Worth & Denver City
Louisv Henderson & St Loui646.819
258,870
148,306
98,584
806,681
215,186
110,786
February __
February _
319,746
254,296
584,360
186,777
332,080
503,485
242,978
539,583
From Jan 1_ 1,688,831 1,379,471
611,498
From Jan 1
Trinity & Brazos Valley
128,329
166,854
February _
293,953
344,795
From Jan 1_
Wichita Valley
175,133
92,553
February _
201,656
From Jan 1- 354,878
Greenville
Columbus az
105,524
130,762
February _
246,089
256,214
From Jan 1_
GrandeDenver & Rio
' February __ 2,273,536 2,377,163
From Jan 1_ 4,825,291 5,027,586
--27,203
-83,230
--15,625
--11,521
--34,436
--97,577
--23,207
--26,615
95,045
180,677
21,898
• 50,136
85,813
164,512
16,258
37,353
34,613
43,777
14,047
38,267
33,113
40,776
30,424
52,186
Maine Central
February _ _ 1,801,721 1,406,849
From Jan 1 3,409,840 2,923,398
Minn St P & SB M
February _ _ 1,744,997 1,883,601
From Jan 1- 3.480,907 4,429,856
M St P & 8 856 System
February __ 3,301,525 3,291,034
From Jan 1 6,469,627 7,392,937
394,511
741,400
202,960
338,732
225,616
404,319
34,821
2,581
Wisconsin Central
February _ _ 1.556,527 1,407,432
From Jan 1. 2,983,719 2,963,080
-2,176
48,146
44,198
88,790
-32,233
-11,916
33,769
85,042
67,394
109,787
22,249
65,112
594,759
1,380,499
581,597
974,214
520,013
1,230,704
830,340
1,416,077
964,287
1,455,868
735,100
1,265,297
50,469
109,164
106,753
172,312
44,082
96,336
42,598
68,578
29,728
62,131
36,316
55,897
-144,141
1,320,854
568,210 -802,562
1,002,057 -44,239
6,143
20,980
25,489
46,165
-1,857
4,980
117,802
264,795
111,540
208,758
91,764
217,576
66,976
143,121
82,681
142.756
43,888
95,179
76,999
298,574
232.995
416,801
-4,696
135,193
3,240,113 2,940,080 2,311,386
7,194,105 5.359,869 5,224,077
3,149,120
6,635,258
2,557,857 2,331,265
4,650,296 4,887,134
90,993
558,847
382,223
709.573
-19,879
336,943
155,989
342,142
164,115
323.616
123,48
277,13
79,134
157,140
59,455
150,417
64,134
127,140
--'24,758
-53,953
-3,313
-17,972
-31,996
-68,422
-24,049
--38,602
10,877
34,880
-30,205
-50,841
367,941
870,404
317,350
623,115
279,771
696,998
74,875
185,068
100,157
198,970
63,489
161,908
52,191
114,617
25,661
34,811
42,257
94,715
-26,804
-56,062
-29,361
--74,513
-35,866
-74,187
51,048
109,517
70,940
107,163
41,048
87,517
19,846
95,216
50,452
115,836
11,745
74,228
140,473
358,403
297,177
454,010
26,623
131,357
140,172
264,616
55,962
120,429
108,576
208,599
41,48-1
112,222
5,662
5,787
24,447
77,791
--2,913
2,175
1,545.514
3,588,308
1,763,565
2,507,485
1,094,903
2,686,639
55,578
153,579
82,013
161,284
39,860
122,142
356,553 -89,373
518,791 -195,627
254,161 -188,368
314,148 393,000
123,062
225,092
109,226
706,909
-16,210
--66,698
--44,907
378,397
418,048
689,482
326,865
1,192,951
194,779
225,124
87,175
684,736
294,985
464,389
217,639
486,042
210,988
132,082
132,082
291,821
APR. 5 1924.]
THE CHRONICLE
--Gross from Railway- -Na from Railway- -Na after Trues1923.
1924..
$
1924.
1923.
1923
1924.
$
$
t
Midland Valley109,408
95,834
124,816
347,185
112,258
339,884
FebruarY _
225,966
224,264
256,603
732,214
256,960
723,998
From Saul
Minneapolis & St Louis
116,897
259,289
323,611
185,797
February _ 1,326,563 1,300,785
335,193
257,886
392,289
469,570
From Jan 1 2,528,782 2,769,529
Mississippi Central
42,903
34,679
152,454
48,945
152,325
February _ _
41,197
307,742
93,839
68,469
105,925
310.541
81,487
From Jan 1
Mo-Kansas-Texas211,318
654,110
346,903
840,014
2,587,525 2,526,002
February
701,306
_From Saul 5,199,276 5,493.976 1,492,432 1,002,797 1,140,763
Mo-Kan-Tex of Texas
102,670
334,452
159,143
February __ 1,569.840 1,517,917
383,251
176,457
670,892
774,779
291,054
From Jan 1_ 3,258,728 3,238.839
Total System
313,988
February _ 4,157,364 4,043,917 1,223.265
988,562
506,046
From Jan 1_ 8,456,004 8,732,815 2,267,211 1,293,851 1,811,855 1,077,763
Missouri & North Arkansas
116,615
5,508
101,785
February _ _
1,835
9,708
5,560
19,638
216,792
-1,846
27,789
From Jan 1_ '239,179
5,045
Missouri Pacific
373,429
754,510 1,363,210
February _ _ 9,376,227 7,601,442 1,740,020
From Jan 1 18,915,835 16,373,470 3,312,892 2,172,199 2,558,522 1,410,408
Monongahela Connecting
197,410
27,892
191,615
February _
7,032
12,528
30,325
37,458
396,738
From Jan f 390,364
26,739
37,282
40,869
Nash Chatt & St Louis232,828
296,226
357,337
293,163
_ 1,997,142 1,820,018
409,489
From Jan 1 3,889.752 3,749,141
February387,044
508,264
530,244
Nevada Northern
58,821
88,411
18,700
25,300
February _ _
36,050
42,971
32,495
109.126
68,391
45,697
From Jan 1_ 167,814
80,235
New Orleans Gt Northern
53,220
213,044
80,182
77,036
70,170
February _ _ 247,291
117,900
448,250
109,515
151,845
From Jan 1_ 479,721
143,112
New Orleans Texas & Mexico
72,177
91,910
258,750
February _ 226,150
25,139
54,111
533,982
162,230
201,696 . 108,245
From Jan 1_ 490,428
168,086
Beaumont So Lake & West
191.364
February __ 209,982
75,285
75,746
80,994
80,320
375.731
From Jan 1_ 401,746
125,884
135,954
134,322
144,810
St Louis Brownsville Ai Mexico
74,119
393,347
February __ 609,272
288,513
98,309 • 250,108
826.121
From Jan 1_ 1,139,280
459,286
183.762
232,077
422.086
New York Central
February _29,920,312 29,294,708 6,441,387 4,887,108 4,514,954 3,280,238
From Jan 1_59,655,908 63,890,591 12,642,330 11,551,568 8.895,635 8,141,918
Indiana Harbor Belt
February __ 934,907
258,573
184,787
845,510
147,001
231,481
From Jan 1_ 1,765,032 1,842,946
404,890
379,004
426,116
358,377
Pittsburgh & Lake Erie
February _ _ 3,039,999 3,324,913
877,833
755,264
990.993
514,059
From Jan 1_ 6,048,560 6,861,797 1,258,045 2,094,758
918,839 1,671,067
New York Chicago 6.St Louis
February _ _ 4,820,541 4,097,185 1,186,378
765,250
948,413
512,546
From Jan 1.. 8,990,445 8,801,466 1,952,851 1,923,993 1.468,133 1,411,003
New York Connecting
February __ 255,456
187,675
379,800
441,881
152,975
342,000
From Jan 1_ 483,779
406,584
537,067
347,777
273,077
330,984
New York Ontario & Western
February _ _ 915,688
848,129
68,167 -121,640
20,051 -184,136
From Jan 1_ 1,805,600 1,807,988
48,202 -228,756 -49,981 -313,994
Norfolk & Western
February _ _ 7,621,698 6,595,565 1,385,280 1,178,529
810,103
694,194
From Jan 1_15,132,238 13,494,474 2,778,433 1,983,216 1,628,224 1,023,251
Northern Pacific
February _ 7,264,439 6,534,900 1,755,650
148,842 1,067,407 -554,388
From Jan 1_13,870,587 14,422,913 2,698,976 1,307,935 1,328,558 -78,414
Northwestern Pacific
-509,200
February _ 493,850
58.521
59,357
13,002
10,279
From Jan 1_ 968,287 1,043,504
51,079
100,877 --40.535
2,704
Pennsylvania System
February _ _56,219,577 52,702,591 9,433,289 5,649,556 7,982,412 4,248,881
From Jan 1.110297725 111971,909 17,975,980 13,768,151 14,518,090 10,416,933
Pennsylvania Company
February _ _ 52,778,147 49,478,813 9,191,843 5,688,076 7,768,096 4,309,708
From Jan 1_103445540 105125,743 17,660,201 13,559,212 14,313,896 10,321,057
Baltimore Chesapeake & Atlantic
73,854 -20,246 -38,371 -20,248 -38,371
February 84,370
Fr•om Jan 1_
169,811
158,988 -38,314 -55.287 -38,314 -55,297
Long Island
February
287,947
2,283,300 2,082,771
183,474
244,007
142,841
From Jan 1_ 4,582,615 4,404,127
454,929
384,584
380,598
317,543
Monongahela
February _ _ 484,173
347,023
181,201
82,242
170,610
72,292
From Jan 1_ 964,445
787,782
359,069
215,128
337,936
195,754
Toledo Peoria & Western
February _
150,552
151,899
19,460
--2,909
9,418 --13,913
From Jan 1_ 293,605
307,881
13,654 ---20,813
-6,388 -42,896
West Jersey Ai Seashore
February _
825,915
839,239
4,994 -17,893
4,958 -17,896
From Jan 1_ 1,599,652 1,791,248 -36,811
15,280 -37,053
15,208
Pere Marquette
February _ _ 3,532,952 2,998,522
879,982
515,520
727,157
382,360
From Jan L 6,629,731 6,509,104 1,353,071 1,351,503 1,050,702 1,085,480
Pittsburgh Shawmut & Northern
110,950
130,973
-3,352
February
4,371
-6,017
1,897
293,975 -30,195
14,141 -35,648
From Jan 1. 203,248
9,269
Pittsburgh & West Virginia
244,155
94,824
329,644
February _
51,801
55,563
12,760
182,035
509,728
105,994
From Saul. 633,195
84.964
29,552
Quincy Omaha & Kansas City
86,383 -32,594 --25,381• -38,880 -29,060
87,374
February _ _
214.031 -25,278 -16,817 -33,415 -24,170
183,537
From Jan 1_
Richmond Fredericksburg & Potomac
349,854
878,991
February _ 983,214
252,437
291,732
211,381
684,964
561,780
From Jan 1_ 1,976,758 1,840,687
588,802
470,370
St Louis-San Francisco- ,
•
February __ 6,368,494 6,202,289 1,771,837 1,617,173 1,427,969 1,317.968
From Jan 1_13,158,395 12,999,365 3,873,794 3,552,861 2,975,237 2,982,948
St Louis-San Fran of Texas
33.874
-4.306
February _ _
105,055
134.884
31,780
-6,373
21,357
241,413
From Jan 1_ 283,384
75,828
71,445
17,222
Ft Worth & Rio Grande.
-4,387
February _
4,243
103,382 „ 91,101
408
-8,142
From Jan I
190
210.198
35,129
242,755
27,440
-7,370
San Antonio & Aransas Pass
February _:. 490,727 : 359,718
60,678 ,-53,061
53,436 --459,741
Frora Jan 1_ 960,258
67,101 -103,267
773,261
33,431 -135,067
1655
--Grossfrom Railway -Net from Railway- -Na after Tares
1924.
1924.
1923.
1924.
1923.
1923.
$
St Louis Southwestern
February
2,184,754 2,227,932
550,715
308,815
400.073
468,704
From Jan 1_ 4,378,358 4,890,672 1.049,760
989.000
866,575
797,397
St Louis Southwestern of Texas
February __ 637,888
558,372
39,361 -195,106
13,834 -220,286
From Jan 1_ 1,300.693 1,274,123
15,263 -346,861 -35,887 -397.088
San Antonio Uvalde & Gulf
February _ _
131.069
76,238
1,640
4,734
26,618
30,578
From Jan 1_ 245,749
157,264
16,328
44,233
51,288
9.904
Southern Pacific System
February _ _21,087,488 19,208,874 4,117,748 3,452,711 2,458,511 1,870,015
From Jan 1_42,079,313 40,449.256 7,518.471 8,138,229 4,146.073 4.509,757
Southern Pacific Co
February _ _14.619,904 13,245,017 3.403,547 2,890,853 2,278,147 1,600.776
From Jan 1_28.865,589 27,475,969 6,273,837 6,284,358 3,934,249 3.715,044
Atlantic S S Lines
February _ _ • 1,002,360 1,078,638
95,966
212,339
83.784
200,757
From Jan 1_ 1,978,168 2,201,663
125,256
419,258
101,230
396,096
Arizona Eastern
February _ _ 280,838
279,103
43,700
109,450
16,453
83.062
From Jan 1_ 584,189
138,527
236,313
578,687
84,495
182.848
Galveston Harris & San Antonio
February
1,973,315 1,676,989
91,770
154,141
233,791
301,031
From Jan 1_ 4,033,723 3,568,315
248,733
371,932
382.217
513,337
Houston & Texas Central
7,135
February _ _ 1,107,040
36,978 -47,318
79,336
975,807
173,096
From Jan 1_ 2,284,652 2,203,194
102,454
204,840
280.944
Houston E & W Texas
-2,011 -21,352 -10,861 -30,159
193,525
February _ _ 247,823
4,144 -38,633 -13,330
From Jan 1. 499.370
437,816 -21.216
Louisiana Western
70,097
50,403
84,214
350,543
43,230
328,272
February _ _
202,030
171,800
225,530
From Jan 1_ 742,849
139,706
759,503
Morgans Louisiana & Texas
23,480 -22,898 -23,739
February _ _ 685,316
25,270
890,845
124,702
27,726
218,896 -88,738
From Saul. 1,374,254 1,585,869
Texas & New Orleans
64,142
19,798
49,852 -25,306
February _ _
714,518
628,789
9,702 -80,942 -47.762
From Jan 1_ 466,166 1,378.393 -22,007
Spokane International12.810
20,899
28,657
18,347
91,048
90,200
February -40.555
38,680
50,226
52,110
From Jan 1_
178,836
192.337
Spokane Portland & Seattle
191,243
94,895
170,016
February _
262.874
856,337
534,162
233.890
353,984
498.735
384.205
From Jan 1_ 1,316,740 1,154,844
Tennessee Central
45,713
55,502
60,528
51,457
234,885
February _ 208,630
101,454
72.229
111,523
From Jan 1_ 419,515
84,191
474,848
Texas & Pacific
February _ _ 2,624,320 2,321,842
570,842
710,494
144,676
246,461
325,182
529,418 1,080,142
From Jan 1_ 5,354,953 5,079,956 1,381,875
Ulster & Delaware
--7,693
--1,692 -13,202
February __
--7,702
78,157
99.478
--8,412 --30,494 --20,418
From Jan 1- 156,596
204,133 --19,415
Union Pacific
February __ 8,228,151 7,489,782 2,627,938 2,257,017 1,970,191 1,695,308
From Jan 1_16.145.662 15,734,789 5,139,585 4.438.930 3.823,827 3,311,686
Oregon Short Line
600,350
February _ _ 2,720,281 2,828,899
416,673
894,311
347,026
897,140
From Jan 1_ 5,538,533 5,707,097 1,442,712 1.402,545
888,718
Ore-Washington Ry & Nay Co-504,106 -179,304
875,129 -12,827
February _ 2,379,385 1.933,861
121,873
829,874 -211,539
From Jan 1_ 4,698,400 4,313,858 1,169,527
St Joseph & Grand Island
68,541
37,720
239,327
February __ 288,554
81,857
24,676
From Jan 1_ 553,546
129,418
74,310
505,898
102,786
47,913
Virginian
390,131
558,147
489,497
February _ _ 1,726,535 1,511,988
704,605
965,127
781,736
997,870
From Jan 1_ 3,263,884 3,120,147 1,257,999
Wabash
797,169
February _ _ 5,476,157 4,610,494 1,196,849
960,360
606.865
From Jan 1_10,478,520 9,481,732 2,002,983 1,581,477 1,545,432 1,200,860
Western Pacific2,025
100,109
78,148
795.070
16,720
859,519
February _
-1,251
74,289
240.940
150,666
From Jan 1_ 1,792,100 1.657,872
Western Railway of Alabama
70,767
81,192
45,153
57,198
228,320
February __ 287,158
84.830
From Jan 1_ 526,103
118,740
143,030
109,241
466,688
Wheeling & Lake Erie
-657
98,140
February __ 1,567,753 1,039,119
285,312
399,175
-7,317
189,285
FromJan 1_ 3,064,674 2,127,860
502,879
727,032
Electric Railway and Other Public Utility Net
Earnings.
-The following table Fives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
-GrossEarnings--NetEarnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
aBarcelona Tr,L & P Co_ Feb 4,937,626 4.495,111 3,058,232 1,998.656
2 mos ending Feb 29.. - 9,936,722 9,350,575 6,347.537 4.267.96.5
Companies.
a Earnings in pesetas.
Asheville Power
Feb '24
& Light
'23
12 mos end Feb 29 '24
12 mos end Feb 28 '23
Bangor By & Rice
Feb'24
Co
'23
12 mos end Feb 29 '24
.'23
Carolina Power & Feb '24
Light
'23
12 mos end Feb 29 '24
12 mos end Feb 28 '23
Gross
Net after
Taxes.
Earnings.
$
*34,689
83.036
*27,944
74,013
966,150
*400,470
911,124 *340.140
63,091
135.244
59,086
126,153
784.598
1.547,285
757,979
1.508.187
218,024 *102,733
180,595
*68,655
2,364,997 *1.102,630
2,042,099
*806,124
Fixed
Charges.
$
5,865
5,211
64,041
62,497
Balance,
Surplus.
$
28,824
22,733
336,429
277,643
25.452
23,653
288,971
284.369
35.013
21,124
374,891
223.092
37,639
35,433
495,627
473,610
67,720
47,531
727,739
583.032
Consumers Pr Co
Jan'24
'23
Cumberland CoPr Jan '24
&Lt Co
'23
Huntington Des'& Feb'24
Gas Co
'23
12 mos end Feb 29 '24
12 mos end Feb 28 '23
Portland By Lt &
Jan'24
Pr Co
'23
Yadkin River
Feb '24
Power Co
'23
12 mos end Feb 29 '24
12 mos end Feb 28 '23
1.744,892
791,279
1,454,285
697.936
359.845
176,329
334,472
122,669
115,876
45,286
119,260
52,682
1,351,996
482,229
1,240,169
517,857
960,202
391.781
935,417
384,070
164,777
*94,697
152,965
*93.970
1,931,961 *1,033,744
*653,823
1.314,584
194,368
194.502
61,639
63,405
20,050
20,215
244,101
240.570
183,173
179.097
34,554
47,370
412,019
222,827
596,911
503,434
114,690
59.264
25,236
32,487
238,128
277,287
208.608
204,973
60,143
46,600
621,725
430,996
*After allowing for other income.
1656
THE CHRONICLE
Comparative Earnings of Companies Under the Executive Management of
Stone & Webster, Inc.
-12 Months Ending Feb. 29
Month of February
Surplus
Surplus
Net.
Gross.
After Claps. Gross.
Net.
After Chas.
S
.s
$
$
$
Puget Sound Power & Light Co
1924
1,072,348
456,156
294,280 12,513,586 4,880,488 2,982,864
1,053.299
447,354
290,624 10,792,072 4,438.963 2,685,262
1923
Baton Rouge Elec Co
1924
59,136
19,725
16,878
645,967
211,231
180,592
53.143
1923
22.420
19,890
597.114
213,899
173,221
Cape Breton Elea Co Ltd•
1924
53,942
7.771
2.094
705,356
113,946
45,983
2,666
1923
55,498
*2,912
645,901
97,030
29,735
Cent Miss Valley Elec Properties
1924
50,954
15,364
12,135
583,513
163,017
124,124
1923
47,577
15,326
12,056 554,620
155,811
112,011
Columbus Elec dz Pow Co
1924
202,046
88,665 2,268,322 1,147,587
111,447
1923
179,659
101,003
77,854 2,034,192 1,009,466
Eastern Texas Elec 001924
172,915
68,323
50,352 2,106,767
798,200
601,122
1923
154,847
63,384
44,894 1,830,728
662,236
461,236
Edison Else Illum Co of Brockton
1924
147,521
62,407
61,670 1,591,437
578,868
566,211
1923
62,351 1,430,676
144,375
63,186
520,416
510,089
The El Lt& Pow Co of Abington & Rockland
1924
36,874
5,925
6,058
455,289
68,390
65,058
1923
36,874
7,391
6,756
394,068
74,145
66,464
El Paso Electric Co
1924
210,210
72,69u
55,632 2,423,084
879,512
674,371
1923
192,970
75,727
58,818 2,309,257
878,966
672,846
-Fall River Gas works 001924
79,296
15,440
15,120 1,038,165
243,893
242,960
1923
78,185
15,563
15,555 1,009,618
229,110
228,436
Galv-Houston Elec Co
1924
266,735
57,141
15,689 3,346,099
693,865
197,936
1923
245,733
42,372
1,098 3,317,968
666,743
200,087
Haverhill Gas Light Co
1924
6,723
6,213
48,226
569,323
121,975
120,776
1923
48,376
8,033
550,588
7,804
131,671
130,700
Houghton Co Eiec Lt 0°1924
48,063
16,334
12,252
525,981
133,005
83,544
50,478
1923
17,014
12,766
550,145
142,504
89,365
Keokuk Elec 0o1924
35,376
10,258
6,971
418,784
109.889
70,827
1923
33,577
10,750
7,480
393,029
107,939
64,220
The Key West Elec 0°
,
1924
20,687
8,762
6,279
243,094
92,655
61,845
1923
22,002
10.706
8,134
250,054
98,801
67,263
The Lowell Elec Lt Corp
1924
142,488
58,843
53,972 1,607,593
558,360
543,449
1923
141,168
52,376
52,372 1,437,703
498,466
492,762
Miss River Power Co
1924
247,033
188,736
89,331 3,057,390 2,193,187
994,245
1923
216,381
159,600
58,692 2,907,989 2,151,060
926,010
Northern Texas Elec Co
1924
222,639
74.502
46,376 2,896,724
979,354
650,721
225,220
1923
74,940
50,139 3,034,799 1,019,233
720,231
Paducah Else Co
1924
55,404
18,888
9,888
618,305
201,274
93,086
1923
52,477
20,098
11,677
575,308
108,431
209,638
Savannah Eleo & Pow (3°1924
158,875
60,473
29,940 1,837,684
653,520
309,348
1923
128,678
47,191
584,328
298,692
23,174 1,601,603
Sierra Pacific: Elec Co
1924
84,400
41.605
35,898 1,026,097
421,457
487,713
1923
83,674
39,153
34,817
928,594
436,893
375,594
Tampa Elec Co
1924
206,542
100,332
95,634 2,183,286
874,715
937.784
1923
186,462
90,576
84,450 1,867,475
777,028
721,342
Month of January
12 Months Ending Jan.31Blackstone Valley Gas & Elec Co
1924
427,033
158,660
128,534 4,544,675 1,622,313 1,280,775
1923
408,355
159,316
130,993 4,039,513 1,472,521 1,139,570
• Deficit.
FINANCIAL REPORTS
"
Financial Reports.
-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
March 29. The next will appear in that of April 26.
Louisville & Nashville Railroad.
.
(73d Annualfieport-Year Ending Dec. 31 1923.)
Pk The report, signed by Chairman H. Walters and President
W. L. Mapother, together with a comparative balance sheet
and income account, will be found under "Reports and
Documents" on a subsequent page of this issue.
INCOME ACCOUNT FOR CALENDAR YEARS.
1922.
1921.
11923.
*1920
5,039
5 041
5,040
5,041
:
$
101,680.240 90.648.972 87.487.504 92,220,333
Freight revenue
26.001.967 22.793.320 23.182.690 26.693,921
Passenger revenue
8.693.466 7.696.548 6.815,583 9,035,483
Mail, express. &c
Aver. milesof road oper-
136.375.673
Total income
Expensee-Maint. way. 18.285.584
Maint. of equipment_ 34.429.992
2.715.811
k Traffic expenses
Transportation exp.. 50.987,533
3,446.169
Other expenses
)
109.865,090
;
Total expenses
26.510.583
- Net from railroad
6,372.310
Taxes
192,000
lIncollectible revenueRent of equip. and joint
Cr.726,871
1., facility rents(net)
•
20,673.144
P' Net after rents
•
121.138,840
16,872.543
30,017,110
2.544.557
46,932,231
3,238,056
117,485,777
18.740.959
33,096,880
2.473.906
49.770,953
3.326,241
127.958,737
22,742.476
34,912,961
2.414.447
59.157.279
3,683,656
99.604,496 107,408.938 122,910.819
21.534,344 10,076.839
4,710.247 3,494,351
13,700
20,342
Cr.793,925 Dr.802.507Cr.2,033,950
17.604,321
5.759.639
II•Figures for 1920 were furnished by Inter-State Commerc
sion.
-V. 118. p. 1520.
5.047,918
3,785 444
12.726
3,283.698
Commis-
[vol. 118.
Pennsylvania Railroad Company.
(77th Annual Report-Year Ended Dec. 31 1923.)
President Samuel Rea, Philadelphia, March 26, wrote in
substance:
Income Statement for 1923.
-The income statement shows that the results
for 1923 were much more satisfactory than those of 1922. They reflect the
Improvement in general industrial and financial conditions, and freedom
from labor disturbances which seriously affected operations during 1922.
Under these improved conditions the traffic expanded and the operating
revenues increased [$75,045,301] 11.6%, compared with the previous year.
Operating expenses show an increase of[356,399.346110.6% over 1922, due
chiefly to heavier expenditures on roadway, structures and equipment,
some of which could not be made during 1922. the result being that the
property and equipment are in better condition than at the beginning
of the year. The increase (526.119,317] in "transportation expenses"
reflects the movement of considerably more traffic than in 1922. Taxes
for the year increased $3,607.002, or 12.4%, compared with 1922, due
to increased valuations of property, larger gross earnings and net income,
and higher tax rates. Equipment and joint facility rents also show increases
due to the heavier business.
The "dividend income" for the year was increased by higher returns
paid and increased holdings of stocks of leased and affiliated companies.
The increase [$2.716,713] in "income from unfunded securities and accounts" is due chiefly to the settlement with the U. S. Government for
the Federal control period.
The increase 13955.4521 In "rent for leased roads" was caused by larger
amounts paid on increased outstanding stocks and bonds received by
the company from roads operated on a fixed rental basis in reimbursement
for improvements: also to the larger net earnings of roads operated on a
net rental basis, under which they received the benefit of the larger earnings
in 1923, and to the lease of the Pennsylvania-Detroit RR. The improved net earnings explain the decrease in the loss In operating deficits
of several of those net rental roads which had to be borne by the company.
"Interest on funded debt" was increased M2.490,6991 chiefly by the sale
of equipment trust certificates, and by interest paid on the collateral note
of Pennsylvania RR. issued to the United States in connection with the
settlement for the Federal control period. The funding of indebtedness
to the Government also explains the decrease [$6,532,485] in "Interest on
unfunded debt."
The net income for the year was $51,538,078. This includes net credits
of $6,681,047 in connection with the Federal control settlement. Against
the net income were charged appropriations to the sinking and other reserve funds, and dividends aggregating 6%.compared with 5% in 1922.
The income for the year was also charged with expenditures and advances
amounting to $2,823,814 for leased and branch lines, which were unable
to pay the same. After meeting these charges there remained a balance
of S15.265.618. which was transferre fin the credit of profit and loss
account. That account also received the benefit of profits on sale of items
of road and equipment and also on securities, together with sudnry net
credits during the year, and was charged with the discount on sales of
securities, and loss on items of road and equipment retired, and other
sundry net debits.
No. of Stockholders.
-The number of stockholders on Dec. 31 1923 was
144,228. made up of individuals and corporations. This number does
not convey an adequate conception of the total number of persons interested
in the ownership of the company, and the dividends it pays, for the corporations recorded as owners include savings, insurance, educational
religious and other welfare institutions of the country, in which very large
numbers of our citizens are interested.
Public Service.
-The public transportation service rendered by the road
and the lines in its system during 1923 Is indicated by the freight and
passenger movements, which were equivalent to moving one ton of freight
a distance of almost 49 billion miles, an increase of over 8 billion ton-miles
compared with 1922: and moving one passenger a distance of about 6%
:Anon miles, an increase of 373 million passenger-miles, in addition to
the increased volume of the mail, express and other traffic handled. More
simply stated the freight service rendered in 1923 increased 20% over
1922 and the passenger service 6%. The system expended during the
year $207,000,000 for materials, supplies and fuel, while 536,000,000 were
paid in taxes, and $423.000,000 in wages. The transportation service of the
system is equal to over 10% of the freight service and over 17% of the
passenger service rendered by all railroads in the United States. The
average number of persons employed on the system during the 12 months
of 1923 was 247.400. This public service and these expenditures have
far-reaching results in assisting to maintain the country's prosperity.
Taxes.
-The demand for reduced taxation is country-wide. It is not a
question of partisan politics, but a painful realization that high taxes have
materially increased the living costs of all citizens. Railroad investors
and managements earnestly desire to see a reduction in Federal taxes, so
as to assist in reducing the cost of living and Governmental expenses, and
hope that action along similar lines will be taken by the various States
and municipalities. Such tax reductions should encourage continued
business activity, which means steady employment and prosperity, and
and also should make available for investment in the railroads and other
business enterprises funds which have been invested in tax-exempt securities
to escape high surtaxes.
The anticipated reduction in Federal taxes does not promise any direct
reduction In railroad taxes. but It is evident there should bo some change in
the basis of railroad taxation.
The taxes paid by the system amounted to $36,000,000, compared with
$15,700,000 10 years ago, and the taxes paid by all the railroads of the
country have been exceeding the dividends paid. In the past 11 years the
tax burden of the railroads has increased over 150%, while the annual
amount paid in dividends during the same period has decreased about 15%,
notwithstanding the enormous increase in the traffic carried and the billions
of dollars of additional capital spent to improve the properties and give a
greater public service.
Railroads should not be taxed like unregulated enterprises, which are free
to fix their selling prices, wages and profits, while railroad rates and earning power are restricted and their wages, working conditions and other expense items are regulated as the result of statutory requirements.
The "fair return" on their property in rate groups or districts, devoted to
public use, Is limited to the low rate of5%% per annum,and when individual roads or systems earn over 6% in any one year, one-half of the excess
must be paid to the Government. They are, nevertheless, taxed in various
ways,such as on their capital stock, gross earnings, net earnings,franchises,
valuation, &c., and the aggregate taxes they pay are excessive compared
to their total net revenues or net returns. If railroads are to be taxed like
other corporations,then in equity they should be free to fix their rates, wages
and working conditions, and the existing restrictions of not returns should
be eliminated. As that seems to be impossible under the existing policy of
regulation, an equitable taxation basis must be evolved so that the power
of taxation shall not tend to destroy railroad credit.
Investment in Road and Equipment.
-The net increase in investment in
road and equipment on lines owned and leased, as carried on the general
balance sheet. was 354.705,065, as follows: Road, 313,958.367: equipment.
$41,560,266: general expenditures, $19,975; total, lines owned, 355,538,608. Improvements on leased railway property: Road, 31.661.851:
equipment (decrease). $2,574,233; general expenditures, $78,839: total.
leased lines (decrease), $833,543.
Investments in Affiliated Companies.
-The decrease In "stocks" M2,585,490] is due principally to the retirement of the stock of the Erie & Western
Transportation Co., an affiliated company, in connection with the liquidation of that company.
Other Assets.
-The increase[$1,007,368]in "notes" is due to note received
from Pennsylvania Detroit RR. on account of advances to that company.
The increase [$19,992,037]in "advances" is due chiefly to advances to affiliated companies to enable them to pay for construction expenditures and
for other purposes, pending the financing thereof. Under "Other investments," the decrease M2.564,6311 In "bonds" is due principally to the sale
of bonds owned by the company. The decrease M5.508,038] in "notes"
is due chiefly to the sale of short term U. S. Treasury certificates owned by
the company.
The decreaae M13,686,8451 in "special deposits" is due to their withdrawal and expenditures for capital account. "Loans and bills receivable"
decreased M21.136.3271 on account of settlements by affiliated companies.
The increase [$2,714,715] in "miscellaneous accounts receivable" is due
to the increased amounts due from affiliated companies. The increase
[316.740,524] in "materials and supplies" represents increased stock of
fuel and other materials and supplies on hand. The decrease 1*2.138.8721 in
"other deferred assets" is due largely to charging off of amounts due by
affiliated companies which were unable to pay same, and settlement durlag the year of amounts carried in this account. The decrease ($3,749,175)
APE. 51924.] •
THE CHRONICLE
in "other unadjusted debits" Is due principally to the adjustment of various
accounts.
Liabilities.
-Under "Liabilities," Funded Debt was increased 1569.100.0001 by the Collateral Note issued to the United States in connection with
the settlement covering the Federal control period and to 531,500.000.
Equipment Trust 5%. Certificates, of the Pennsylvania R.R. General
Equip. Trust, Issue of 1923, maturing in equal annual installments from
March 1, 1924, to March 1- 1938. both inclusive (see offerings in V. 116,
P. 1178). The funds derived from the sale of the certificates were for the
purpose of providing for a portion of the equipment ordered during 1022
and 1923. Funded Debt was reduced by retirements through the Sinking
and Other Funds, and the payment of matured Equipment Trust Oblimtions, as well as $2,000,000. Real Estate Purchase Money 4% bonds which
matured during the year.
The increase ($8,184,740) in "miscellaneous accounts payable" is due
chiefly to increased amounts on deposit by various affiliated companies.
The decreases M12,211,5311 in "loans and bills payable," (54,853.5771
"umnatured interest accrued," 1576,954.9461 "U. S. Govt. deferred liabilities" and 1519,083.1781 "other deferred liabilities" reflect the result of the
Federal control period settlement. The increase (57.866.2141 in "accrued
depreciation" represents the normal increase in accrued depreciation on
the equipment and other property.
Broad Street Station.
-On June 11. 1923, the train shed of Broad Street
Station, Phila., was destroyed by fire. The station accommodated daily
530 inbound and outbound passenger trains, carrying about 80,000 passengers. The day following the fire every scheduled train, in and out of
Philadelphia, was resumed by using temporary platforms and stairways
leading from the elevated structure at the west end of the train shed to
the street, and terminating other trains at West Philadelphia and North
Philadelphia Stations. _Five working days after the fire had been extinguished, all 16 tracks in Broad Street Station had been rebuilt and platform
facilities restored, so that approximately 70% of all trains were brought
back into the Station,the remainder being handled at other stations in order
that the work of removing the damaged framework of the train shed might
proceed. _This loss emphasized the already existing necessity for the enlargement and reconstruction of the passenger terminal facilities in Philadelphia.
Directors have arranged for the preparation of plans to properly accommodate the local and through passenger service, and to discuss the entire
project with the city authorities of Philadelphia, so as to reach some
mutually satisfactory understanding respecting new passenger facilities
and their relation to the present and future transit lines and streets of
the City.
The general office of the company, at Broad and Market Streets, has not
afforded sufficient acconunodation for the official and clerical forces for
several years, and the plans for the reconstruction of passenger facilities
must also include provision for new General Offices.
In considering this subject, which is so important to the City, as well
as the company, and taking into account the rapid transit and street dedevelopments essential to the growth of the population, industry and commerce of the City, the situation will probably require the construction of
a main station on the west side of the Schuylkill River, and suitable accommodation for the suburban traffic near 15th Street, Filbert St. and the
Parkway. and the widening of Filbert St. westward to the Schuylkill
River. The plans, when finally adopted, can be carried out in various
steps so designed as not to seriously inconvenience the passenger traffic,
but they will require a large expenditure for their consummation.
Chicago Union Station Compang.-Considerable progress was made
during the year by the Chicago Union Station Co. in the construction
of the new 'Union Station and Office Building in Chicago. Ill., and the
viaducts and approach tracks. It is expected that the Station will be
completed in 1925. About 75% of the new station tracks have fully
completed and are now in service. The new interlocking system has been
been
put in service at the south end of the station and is operating satisfactorily.
The steel structure for the main building is erected, the exterior stone
work is 70% completed and the flooring and tiling is proceeding rapidly.
To pay for these capital expenditures, the Chicago Union Station
just issued and sold $7,000,000 additional of its 1st Mtge.5% GoldCo. has
Bonds,
Series "11," due July 1st. 1983 (see V. 118, p. 310). These bonds, pursuant to the terms of the Operating Agreement dated July 2, 1915, and
of a supplemental agreement dated Feb. 1, 1919. have been guaranteed
as to both principal and interest, jointly and sdverally, by the Chicago.
Burlington & Quincy R.R., Chicago, Milwaukee & St. Paul Ry.,
sylvania Co., and the Pittsburgh. Cincinnati, Chicago & St. Louis PennR.R.,
which latter is now leased to the Pennsylvania ER.
Federal Control Settlement-Comparison of Government and Coroorate
Results.
-Final settlement was effected during the year between the United
States and the company and the lelsed. operated and controlled lines embraced in its system, covering all claims arising out of the possession use
and operation of these 'properties by the United States during the period of
Federal control, from Jan .11918 to Feb. 29 1920 (V. 117. p. 1778).
The
settlement also includes payment to the Government for road and equipment capital expenditures made during the Federal control period. The
terms of such settlement required the payment of 590,000.000 to the Government for the entire system, and this company issued its note to the
Government for $70,225,000 (since reduced to $69,100,000), and the
Pittsburgh Cincinnati Chicago & St. Louis RR.issued its note for $18.250.000, the balance having been paid in cash. These noes, in accordance
with the provisions of the Transportation Act of 1920. are secured by
collateral and bear interest at 6% per annum,and are due March 11930.
This was a net settlement of the balances due either to. or by. the
States or the system companies, and was made on June 12 1923. United
It
cluded balances due the system companies as their standard return, inor
compensation, for the possession and use of their properties- for assets collected, depreciation, retirement of property and equipment n. replaced.
4,
interest, and under-maintenance of property. It likewise included b'lances
due to the United States for additions and betterments
the read
and equipment, for liabilities paid, and for materials and made to returned
supplies
to the system companies in excess of those turned over to the United States.
The income statement for 1923 includes credits aggregating 56,681.047
on account of this settlement, and there is also carried in "other unadjusted
credits." on the general balance sheet, 521.000.000. which amount will,
upon the consummation of the settlement for the guaranty
period, be closed
into the profit and loss account.
It is recognized that in the operation of the railroads for
most of the
Federal control period, unusual conditions at home and abroad
had to
faced, which forced a character of operation and range of expenditure, be
as
well as a sacrifice of public convenience and service,
tolerated in times of peace, and could not be justified that would not be
from an economic
standpoint. It is. however, pertinent to point out for future
that the net railway operating income of the Pennsylvania RR. reference,
the year 1917, at the close of which the Government assumed the System for
possession,
use and control of the system, was 577.800.000, while the result for
1918
was a net railway operating income of 527,018.000, for 1919 a net railway
operating income a 510.034,000. and for 1920 a net railway operating
deficit of 562,742.000. The "umber o emelt-mew nt the close of' 1917
235.000. and on March 1 1920, 273,000. The monthly payroll for was
1917
averaged 520.770,000, and for 1920, 43.950,000, the latter Year including
increase of wages and changed working conditions for the greater part of
the year, while the higher rates on traffic did not become effective until
Aug. 26 1920.
Without any desire to unduly criticize Governmental operations, or to
minimize the responsibilities resulting from political and economic difficulties growing out of the great World War, it must be clearly stated that the
lines were returned to the company with wages and working conditions
largely increased and fixed not only during the war period but after the war
had ended, and entirely out of line with the rates and net operating results:
with the efficiency and loyalty of the working forces seriously demoralized,
and with the physical condition of the property inferior to that which existed
at the beginning of Federal control. This was the result of war conditions
and of a system of centralized management at Washington, under which
the policies, expenditures, wages, classification and organization of ern
ployees, working conditions and other features were dictated to meet the
varying conditions as they appealed to the Railroad Administration.
The responsibility for rectifying that situation at the end of Federal control had to be assumed by the management. This was accomplished by
increasing operating efficiency, enforcing economy and by getting cooperation from the public through the payment of increased rates. Notwithstanding the higher rates paid by the public, these unfavorable conditions, accentuated by the fall a traffic in 1921 and the strikes In the anthracite and bituminous coal mining industries, and the country-wide strike
of the railroads' shoperafts in 1922, entailed considerable sacrifice by the
shareholders through the reduction in the rate of dividends. Prompt and
reasonable settlements for the Federal control period, such as those made by
Great Britain with her railroads, probably would largely have averted such
results. Fortunately, the improved results for 1923 have materially helped
in adjusting the situation.
1657
With no disposition ot cavil respecting a closed transaction,
suggest
any lack of courtesy by the Government officials in dealing nor tothis
with
important transaction, it is, nevertheless, the opinion of the management that
the interpretations of the provisions of the Federal Control Act and contract
by the Government prevented the payment of an amount sufficient
to
properly reimburse the system companies for the taking of their property
and equipment, and their necessary restoration to a condition equal to that
when possession was assumed by the Government. It is
6% rate of interest charged by the Government on the also fe.t that the
Collateral
Issued to effect final settlement for the balance due on improvements Notes
by the
Government to assist in winning the war, and charged
their high
costs against your system, might justly be reduced to atrate that war
a
more
closely corresponds to the cost of money to the Government..
General Railroad Situation.
The railroad service of the country, as a whole, reached a very high
state of efficiency in 1923, due to the fact that it was practically free from
industrial disputes, and there was little increase in legislative and political
requirements. Under these conditions not only were the detrimental effects
of the strikes in the anthracite and bituminous coal mining industries
and the shoperaft's strike in 1922 largely removed, but the anticipated
traffic congestion was averted by a _program for greatly increased service,
and extensive improvements and enlargements of equipment and facilities
,
successfully carried out. The reported number of loaded freight cars was
49,815,000 in 1923, compared with 43,208,000 in 1922. Average car miles
per day were increased 18%. The revenue ton miles, which represent the
service rendered the public, were increased 22%. while the average revenue
per ton mile, which represents the rates charged the public, decreased 5%.
From the standpoint of service and charges the public evidently received
satisfaction, and the railroads demonstrated that, when given a fair opportunity, they were equal to the public demands. They likewise greatly
relieved the situation by an expenditure of more than 51.000.000.000 to
Improve and increase their equipment and facilities. The increased service
was rendered with practically no traffic blockades, and the steadiness of
employment for railroad men at good wages was noticeable until the closing
two months of the year, when there was more than a seasonal falling off in
traffic. The low net earnings allowed the railroads is so small that an
enforced reduction of employees was then unavoidable.
From the standpoint of net returns there was a notable improvement in
1923. but the Class I railroads of the country had a net railway operating
income equivalent to only about 5.10'% on the investment compared with
4.14% in 1922. These returns should be considered by the public, who
are depending upon railroad service, as clearly inequitable and inadequate
to provide sound credit, and satisfactorily improve and expand the railroad
lines, stations and equipment. This is especially the case in view of the
fact that the returns are based on the tentative valuation used by the
I.
-S. C. Commission for rate-making purposes, whioh is less than the
investment shown in the carriers' books.
With any certainty that the railroads, which are owned by the citizens
and their institutions, will be given a chance to continue earning sufficient
net returns to maintain sound credit, and freely to exercise their initiative
and manageral skill, the public may be assured of a constantly higher plane
of transportation service, and a continuance of the United States standard
of giving the most efficient and cheapest transportation service in the
world, while paying the highest wages, and large amounts in taxes.
Such results cannot be continued under a policy of restrictive legislation
and regulation, and returns even below the 54,% upon the investment in
road and equipment fixed by law as reasonable, with provision for the
recapture of one-half of any excess over 6%,if a railroad system or corporation should exceed that return in any year. The exercise of this recapture
provision on one year's results, and without any plan by which the deficiencies of prior or subsequent years can be made up, is also bound to prove
unsatisfactory. Railroad investors,railroad employees and those dependent
to a large extent upon materials and supplies consumed by the railroads,
and on the service and trade of the rarraads, should, in their own interest.
continuously keep this situation before those who are responsible for Federal
and State legislation and regulation affecting railroads.
Lease of Norfolk & Western Railway.
Under the policy laid down by the Transportation Act of 1920, it Is
desired to consolidate the railroad companies in the country into a relatively
few systems, and, in accordance with that Act, the 1.-S. C. Commission
outlined tentative plans for such consolidations, and has given extensive
public hearings thereon, and, in addition, the Commission has authorized
the approval of quite a number of leases. In the testimony before the
Commission on behalf of this company,it was pointed out that the Norfolk
& Western Ky. would be essential to the proper rounding out of the Pennsylvania RR. System. One of the best methods to accomplish that desirable
result under the existing laws and conditions, would be to lease the property
of that company, provided a lease can be negotiated on mutually satisfactory
terms.
For over 22 years the Pennsylvania has had a considerable stock interest
in that company, and by that investment and in part through the informed
and helpful policy of management, in which it assisted. the Norfolk &
Western s property, traffic and markets have been greatly improved and
developed, and have satisfactorily met public requirements: the company
Itself becoming strong financially and very effective in its operation.
Beginning in the early seventies the Pennsylvania participated in the
promotion and building of that part of the Norfolk & Western Ky., later
known as the Shenandoah Valley RR., extending from Hagerstown. Md.
on the Cumberland Valley Division of the Pennsylvania ER., southward
to Roanoke. Va., which, after many difficulties, was finally constructed.
Since that time the traffic and other relations of both companies have
been most co-operative.
The Norfolk & Western is a connecting and supplementing road and is
not a competitor of the Pennsylvania RR. They exchange traffic at the
port of Norfolk, Va., at Hagerstown. Md., and Columbus, Cincinnati,
Circleville, Clare, Ivorydale and Idiewild, Ohio. The Pennsylvania RR.,
so that it could distribute, or collect, Norfolk & Western traffic to the best
advantage of the two companies, and of the industries and territory which
they serve, double-tracked a great portion of its line from Columbus west,
ward to Chicago, and northward to Sandusky, and at the latter point
erected docks and machinery for the handling of Norfolk & Western coal
traffic.
The purpose of the suggested lease by the Pennsylvania RR. is not
merely to create a new situation and new relations but to continue and
expand long existing co-operative transportation and trade relations; to
maintain the corporate identity, efficiency and initiative of the Norfolk &
Western's operations; to save duplication of capital and other expenditures
and to give the fullest opportunity for the united development and use of
the terminals, yards, shops and equipment and other facilities to an extent
that could not be realized by forcing them to become separate competing
systems.
RETURN ON THE INVESTMENT IN ROAD AND EQUIPMENT.
(Showing per cent ot net railway operating income on property Investment.
Cal.
Property.
Net Railway P.C. Cal.
Property
Net Railway P.C.
Year. Investmea. Oper.lacome.
Year. Investment.
1910_ _81,533.111.360 576,966,497 5.0 1917_51.872.315.915 Oper.Dwome. Inc577,800,154 4.2
1911-- 1,568,863,769 74,020.181 4.7 1918_ _ 1,952,017,162 n7.017,878 *1.4
1912-- 1.606,721,857 81,089,138 5.0 1919-- 2,069,968,807 *10.034.053 *.05
1913-- 1,681.779,771 67.850,644 4.0 1920_ - 2,092,052,73861.62.742,376 _ _
1914-- 1.710,368,222 61,980,355 3.6 1921 - 2,102,582,603 40,926,284 1.9
1915-- 1,739.081,326 83.747.573 4.8 1922_ _ 2,112.565,888 79,832.502 3.8
1916-- 1,799,055,282 102,201,922 5.7 1923_ _ 2,196,947.406 88,065,252 4.0
* Rased on result of Federal operation and taxes and
corporations.
Property Investment above stated does not include expenses of the
and
ing capital. Net railway operating income includes materialfromsupplies or workincome
lease of road.
TRAFFIC STATISTICS PENNSYLVANIA RR. REGIONAL SYSTEM.
1923.
1922.
Number
Numb of passengers carried
151,953,566
147,910,428
1997
2.
161, 17.733
No. of passengers carried one mile... 5,206,471,435 4,934.887,037 6,164,017,685
Avge. rev, from each passenger
100.9 cta.
105.1 cts.
Avge.rev. per passenger per mlle ._
3 7.9 sett:: ,509.787.887 31.407172;85025,..c940
10 50
.1
26
.
3316 694 8
3 16 :
No. of pass, carried per mile of road_
15,022
Number of revenue tons carried
246,905, 48
811
2
1935,07174,a
No. of revenue tons carried one mile_48,622,873,727 40
Average train load (tons)
774
Average revenue per ton
1.09682e.ts28.
32.08
Average revenue per ton per mile__ _
1.045 ctn.
2:
8
.
3
1. 1:409
09 ,18
No. of rev. tons carried per m.of rd.
22,640
17,894
Gross revenue per mile of road
640,814
946.592
537,637
THE CHRONICLE
1658
INCOME STATEMENT FOR YEARS ENDED DEC. 31.
x1921.
1922.
1923.
(including 67 miles of
Mileage
10,601
10,577
canals and ferries)
$
$
$
Railway Oyer. Revenues502,698,606 439,528,929 405,210,980
Freight
155,516,003 147,424,247 155,065,297
Passenger
41,816,898 39,459,714 34,850,921
Mall, express, &c
21,324,982 19,807,454 20,191,384
Incidental
405,321
131,763
40,919
Joint facillty-credit
1920.
7,425
5
Total railway oPer. revs- _721,397,408 646,352,108 615,723,905
Railway Oyer. Expenses
Maint. of way & structures__ 85,383,281 78,536,995 76,548,215 There were
no correMaintenance of equipment._ _188,577,703 167,127,562 165,659,131
7,058,240 sponding
6,953,139
7,754,739
Traffic
items in
281,851,982 255,732,666 265,102,429
Transportation
9,310,789 this year.
9,700.743
9,772,346
Miscellaneous operations__
17,345,432 16,128,117 16,976,455
General
Cr.41,846
Cr.60,537
Transportation for investment Cr.167,454
Total ry. oper. expenses_ ..590,518,030 534,118,684 540,613,413
Net rev, from ry. operations2130,879.378 112,233,424 75,110,492
32,690,522 29,083,520 26,782,849
Railway tax accruals
120,150
114,132
124,598
Uncollectible ry.revenues..
98,064,258
Ry. operating Income
Hire of equip -Debit bal._ _ _ 13.927,103
Dr 590,487
Joint facility rents
83,035,772
9,689,671
Cr.59,227
48,207,493
10,622,301
Dr.427,858
83,546,667
Net ry. over. income
Non-operating Income5,736
income from lease of road__
Miscellaneous rent income_ _ _ 2,352,543
56,362
Mtscel. non-over. phys. prop_
66,808
Separately oper. prop., profit_
19,802,002
Dividend income
Income from funded securities 2,588,627
Inc.from unfund.sec.& sects 5,805,915
Inc.from skg.& other. res.fds 2,530,049
3,921
Release of prem.on fund.debt
50,648
Miscellaneous income
73,405,328
37,157,334 y63,103,867
18,905
1.205.996
87,256
81,435
13,570
1,967,268
2,820,077
118,055
• 120,111
191,287
18,232,009 15,988,559
2,297,795
2.268,209
5,894,663
3,089.202
483,508
2,616,357
3,921
3,921
Dr.259,590 11,201,263
14,771,513
1,885,520
4,337,849
1.637,455
3,921
616,417
38,036,467
79,258,435
24,582,833
87,666,701
15,617,101
22,741,979
Total non-operating income 33,262,610 29,093,153
116,809,278 102,498,481
Gross income
Deductions
35,248,256 34,290,804
Rent for leased roads
Oper. deficits of branch roads
910,789
Pennsylvania RR_ Cr.957,964
borne by
Rent for Penn. Co.equipment
1,183,997
1,064,717
Miscellaneous rents
209,559
356,327
Miscellaneous tax accruals_ _ _
separately oper. prop., lose_
25,571,853
28,062,553
Interest on funded debt
841,204
7.373,689
Interest on unfunded debt
Maintenance of inv. organiz_
548,243
705,594
Miscellaneous income charges
2,748,825
1,014,709
281,082
42,763
25,808,688
8,803,980
635,617
742,270
683,397
72,529
137,121
18,448,750
7,828,208
227,475
2,251,050
85,271,200 70,116,423 54,950,766 54,865,028
Total deductions
51,538,078 32,382,058 24,307,669 32,801,673
Net Income
Disporgion of Net Income2,239,790
3.907,826
3,923,490
Sinking & other reserve funds. 5,112.397
Dividends
(6%)29.950.404(5)24,954,670(4)19.966,936(8)29,950,404
611,479
3,499,909
433,107
16,475,277
Balance, surplus
x To make a comparison with 1921, the railway operating revenues and expenses
to and including net railway operating income are restated so as to embrace the
operating results of the name mileage of the various companies in both years.
y Includes net railway operating Income for 4 months ended Dec. 31 1920, $11,965.085; Federal compensation for use of property in Jan.and Feb. 1920,$13,156,988
and estimated Federal guaranty for half-year ended Aug. 31 1920, $37,981,813;
total, $63,103,867.
GENERAL BALANCE SHEET DEC. 31.
1922.
1923.
1922.
1923.
Liabilities
Assets
Capital stock _499,173,400 499,173,400
Investment in:
472,277,488 458,319,121 Prem, on stock- 7,254,248 7,254.248
Road
Equipment _ -397,213,139 355.652,872 Grants in aid of
38,090
construction _
52,650
690.075
710,050
Gen't expend
Funded debt..
.447.836,820 380,779,520
Impt, on leased
ry.property- -- 72,835,582 73,669,105 Fund.dt.of ace.
49,470 cos. assum. by
85.675
Sinking funds._
Penna. RR__ _ 39,813,400 30,853,000
Dep. In lieu of
21,585 Fund. dt. assum 31,738,000 32,214,000
51,888
mtgd.prop.sold.
Misc. phys.prop. 1,087,518 1,118,042 Guaranteed stk,
trust ctls__-- 7,478,250 7,478.250
Inv.in OM.cos.:
256,449,237 259,034.727 Equip. tr. oblig- 62,784.854 35,499,012
Stocks
25,300,331 24,762,813 Girard Pt. Seer.
Bonds
59,298,133 58,290,785 Co. let M.3Hs 1,766,000 1,789.000
Notes
110,880,984 63.148.556 Mtges.dr ground
Advances
246,588
247.098
rents payable__
Inv.In sec.Iss'd,
Loans&billspay. 3,191.091 15,172,622
assum.or carr'd
Traf. & car very.
as liability by
82.148 balances pay- 7.734,902 8,019,353
14.014
accounting co_
Other investm'ts 98,525,479 104.095,015 Audited accts &
18,973,915 21,869.036 wages payable_ 35.112,809 40.176.523
Cash
Special deposits_ 23.597.916 37,284,762 Misc. accts. pay 37,758,511 29,698,822
558,252
580.668
Loans & bills rec 4,087.102 45.895,270 Int. mat. unpaid
172,414
Div.mat.unpaid
188,194
Traf. & car serv.
balances receiv. 10,707,654 11.465,018 Fund, debt mat.
79.571
73.571
unpaid
Net bal. rec. fr.
agts. dr °endue. 13,818,718 15,878,245 Unmat.int.accr_ 8.671,995 11,525.572
7,119,521
MISC, accts. rec. 17,738,325 18,387,804 Unmat.rents ace 6,510,698
721,826 1,682,002
Mat'l & supplies 88,045,087 69,304,564 0th.curr. RabeInt. & dive, rec. 1,838,756 1,713,942 U. S. Govt. de77,226,757
0th. curr. assets 2,456,625 2,948,413 ferred liabilities
155.268 0th. def. Habit's 1,926,004 20,673,670
280,354
Work,fund adv.
Insur.& oth.fds. 60,888,336 58,718,138 Tax liability.-- 26,040,837 21,220,800
147,374
143,452
101,196 5.795.775 Prem,on fd. dt_
Other def. assets
Unadjus. debits. 52,127.754 55.876,929 Accrued deprec.,
road & equip_136.933,906 129.067,683
0th. unadj. cred 80,936,261 53,037,484
Add'ns to prop.
thr. Inc.& sur212,006,893 211,963,021
Fund.dt.retired
thr. Inc. & surp 3.204,357 2,749,811
799,040
855,344
Sinking fund res
Misc,fund res._ 61,105,079 58,891,267
Approp. surplus
not speed. Inv_ 7,487,601 7,487.601
Prof. & loss, bal 58,063,422 42.398,464
1 785.389.220 1744207,457
Total
-Nt. its, p. 1521.
Total
1,785,369.220 1744207,457
New York New Haven & Hartford Railroad Co.
-Year Ended Dec. 311923.)
(52d Annual Report
President E. J. Pearson, New Haven, March 31, wrote
in substance:
-The operation of the property for 1923 resulted in a deficit
Resells.
after all charges of $2.917,105, an improvement over the preceding year
of $1,948,662. A deficit of $4,688.535 accrued during the mouths of
Jan.. Feb. and March, but this was reduced by surpluses during all the
ensuing months, excepting May, when the small deficit of $10.515 was
incurred. The deficits of the first three months were due to the usual
excess of expenses and charges over revenues at that period of the year
increased by the continuing effects of the coal and shop strikes and an
unusually severe winter extending into the month of March.
Since April 1923 freight traffic has been heavy; the volume in gross ton
miles for the 8 months to the close of the year for the New Haven-Central
New England, exceeding in volume that aany continuous period of similar
length in former years.
[vox.. 118.
Outlook for 1924.
-If normal business continues and there are no unforeseen increases in operating expenses, the prospects are encouraging for a
material surplus over all charges for 1924.
To restore the credi, of your company requires the best combined efforts
toward obtaining more revenue. increased divisions, compensatory rates
on traffic which is not paying its way, continued efficiency and economy
of operation, and taxes based on the company's net operating revenue
rather than upon gross revenue. Above all, the public should at this time
refrain from urging non-compensatory service, or improvements which do
not increase revenues or decrease operating costs.
Taxes.
-The increase in railway taxes noted in the last statement continues. The railway tax accruals for 1923 were $4,934,004
-an increase
over the previous year of $347,680. While the company should sustain
Its fair share of the burden of taxation it is obvious that taxes based upon
operating revenues operate unfairly against the company in these days when
operating expenses are so much greater and net revenue so much less than
in the pre-war days when the present tax statutes were enacted.
To:instance, ten years ago in 1913 company realized from its operations
after paying equipment and joint facility rents the sum of $20,102,919.
That year it paid taxes of $3,714,756. In 1923 company earned from the
same source $18.211.732 and paid taxes of $4,934.004. Upon a not operating revenue of $1,900,000 less it paid taxes of 11,200.000 more. This is
so obviously unfair as to require no argument. A much fairer tax would
be one assessed upon the net operating revenue which measures the company's ability to pay rather than its capacity to earn. It is to be hoped
that the legislatures of the States in which the company operates may give
attention to the subject of railway taxation to the end that a uniform and
fair method of tax assessment may be adopted.
Large Volume of Traffic Handled Efficiently.
-The results of the expenditures for additions and betterments to the property during the last 7 years,
amounting to over 560.000,000, the effective use of the additional facilities,
and the endeavors of the traffic and operating departments, are shown in
the large volume of traffic which has been secured and handled with a high
degree of efficiency and economy and to the increasing satisfaction of
shThe speed of freight car movement for the system has been increased so
months of the year it reached the high record of 19.7
that for the last
miles per day, excluding bad order cars in temporary retirement, set aside
for rebuilding. This increased speed of freight car movement has made
possible the handling of the heavy freight traffic with from 6,000 to 7,000
fewer cars on the line daily than in former periods of similar business. This
has resulted in a large reduction in the charge for freight car hire.
Physical Condition Good.-The condition of the physical property Is
generally good. The heavy repairs to locomotives, which had been deferred
prior to and during the shop strike, have been made. The number of bad
order freight cars at the present time is 7,363, compared with 8,200 at the
end of 1922. The car repair program is proceeding currently at a reasonable
rate, with due regard for the requirements of a possible increase in traffic.
Interchangeable Scrip Mileage Books.
-The order of the I.
-S. Commerce
Commission with respect to interchangeable scrip was enjoined by the
Federal Court and that injunction was affirmed by the U.S.Supreme Court.
-S. C. Commission then withdrew its order. The National Council
The I.
of Traveling Salesmen's Association has applied for rehearing and by
order dated March 3 1924 the Commission reopened the case for further
hearings.
-The application for an increase in mail pay,finally
Increase in Mail Pay.
submitted to the Commission in Nov. 1922, was decided by them under
date of Dec. 13 1923. The increase In pay accruing to the company under
the terms of its order, is approximately $512,000 per annum.
-The application for increases in express rates was passed
Express Rates.
upon by the L-S. C. Commission under date of Nov. 10 1923. An order
was issued denying any increases in express rates and requiring certain
reductions. The carriers were cited to show cause on or before March 1
1924 why the findings on which its orders were based should not be made
effective. The carriers and the Express Co. submitted their response to
the Commission and have requested oral argument thereon.
Commutation Rates.
-Realizing that the rates on commutation and trip
ticket travel, which makes up so large a part of the company's passenger
service, were not producing their fair share of revenue, tariffs were filed
-S. C. Commission, and in each State in which
in Sept. 1923 with the I.
the company operates, except in New York, increasing such rates 20%•
In New York tariffs were filed in March 1924, bringing such rates up to
the same level as elsewhere on the system.
In 1910 the average commutation rate represented 28.88% of the average
rate per mile for local travel. Because of the fact that local rates were
increased to' a greater degree during Federal control, commutation rates in
1922 represented 23.13% of the local rates. To restore the same difference
between the two rates as existed in 1910. the commutation rates would need
to be increased 24.87%. It is therefore believed that the increase of
20% is entirely reasonable, and approximates the pre-war ratio between
commutation and local rates.
The increased rates became effective in Massachusetts, Rhode Island
and Connecticut and for inter-State travel between these States in Jan.
and Feb. 1924. The increase in revenue from such rates will be approximately $950,000 per year.
The rates within New York, and for inter-State travel between New
York and Connecticut, are under suspension and investigation, the former
by the New York P. S. Commission, the latter by the I.-S. 0.Commission.
-Attention is again called to the handicap the
Motor Truck Competition.
company is suffering from motor truck competition. There must be public
realization that if it is to have efficient rail transportation it must not
hamper the railroads by allowing the use of the highways for a nominal
charge; in effect, a subsidy against the railroads upon which fall a considerable part of the burden of taxation for maintenance of the highways used
in competition with them.
There is some encouragement in this direction evidenced by bills which
are now before the legaislatures of Massachusetts and Rhode Island tending
to stricter regulation of motor vehicles used in transporting persons and
property for hire. Favorable action on those bills will be a step in the
right direction.
-S. C. Commission's tentative valuation of the
Valuation -The I.
physical property of the company and its leased lines, shows an excess of
more than $70,000,000 over the company's book value of investment in
road and equipment and miscellaneous physical property including cash
and materials and supplies. Company's protest that the tentative valuation is still understated by more than $100,000,000 was heard in oral argument in Dec. 1923, and will be continued on April 28 1924, at which time
further testimony in support of the company's claim will be offered.
As the stock and indebtedness of the company represents its Investment
in the properties (referred to in the 1922 report, V. 116, p. 1640), as well
as in its own property and leased lines, no comparison can be made between
the capitalization and valuation of tho properties until valuation of these
other properties has been found.
It seems certain that the par value of the stock and indebtedness of the
New Haven Co.are more than supported by the physical property embraced
In the New Haven System and the value of the other properties which It
an in its investments.
-After long continued agitation for improved rapid
Shawinut Branch.
transit facilities for the Dorchester section at Boston, the General Court
of Massachusetts following a recommendation of the Department of Public'
Utilities, enacted legislation, providing for tho extension of the rapid transit
system of the Boston Elevated Ry. from its present terminus at Andrew
Square, South Boston, to and through Dorchester to Mattapan, using the
portion of the present right-of-way of the main line of the Ohl Colony RR.
from Dorchester Ave. to Harrison Square, a distance of 1.9 miles, and
taking the entire Shaw-mut Branch extending from Harrison Square to its
terminus at Mattapan, a distance of 4.2 miles. The compensation to be
paid by the city for the taking of the Shawmut Branch has been determined
by the Department of Public Utilities under the provision of the Act. at
11950,000 and that figure has been agreed to by the directors of both railroad companies.
-At the close of 1923 there were outstanding in theEuropean Loan.
hands of the public $23,223,126 European Lon adebentures of 1907, the
same representing 90% of the original face value extended at 7% and maturing on April 11925. Plans are under consideration for refunding, extending
or otherwise caring for this maturity.
-Final settlement with the U. S. GovernSettlement IVith Government.
ment for all transactions incident to the occupation and use of the cornpany's property during the period of Federal control, Jan. 1 1918 to Feb.
29 192G, was effected during the year under which the following amounts
were received:
6
90 500
$3.316:00
New York New Haven & Hartford RR.Co
Central New England Ry
principal items involved in this settlement were balances of comThe
pensation, open accounts, interest, depreciation of equipment, shortage in
MT. 5 1924.]
THE CHRONICLE
materials and supplies including fuel, and under-maintenance. Settlement
was also concluded for the guaranty period, March 1 to Aug. 31 1920. under
Section 209 of the Transportation Act. The following amounts wore
received In final settlement, after allowing for the amounts paid on account:
New York New Haven & Hartford RR
$2,388,489
Central New England By
19,204
Combined steamship companies
502.717
Modification of Segregation Decree.
-On June 4 1923 Judge Julius Mayer
of the Federal Court directed the trustees holding the stock of the Boston
& Maine RR. through the medium of the Boston RR. Holding Co., also
the stock of the Boston & Maine leased lines, to return the Boston RR.
Holding Co. stock and the stock of the Boston & Maine leased lines to this
company and terminate the trust. An order was entered modifying the
decree of the Federal Court in this respect. Company represents 28.3% of
the voting power of the Boston & Maine shown as follows:
Total
Holding Co.
Ownership.
Shares.
First Preferred
4.151
388,179
Preferred
6,543
31,498
Common
219.189
395.051
Total
814,728
229.883
Not Seeking Control of Boston et Maine.
-As stated in circular of June 5
1923, company does not seek to control the management of the Boston &
Maine. It desires above all things the co-operation of all the New England
railroads in working out the transportation problems of New England and
hopes to unite with the other stockholders of the Boston & Maine in the
adoption of a commoh co-operative policy calculated to serve the New
England public and promote the prosperity of each other and the rest of the
New England railroads.
Other Data from Annual Report, Condensed by "Chronicle.
Revenues.
-Operating revenues for the year were $133,940,586, an
Increase of $10,693,946. or 8.68% more than a year ago.
Freight.
-Freight revenue increased $7,254.697, or 12.10%. There
were 28.934,588 tons of revenue freight carried during the year. This was
an increase of 4,711,052 tons. The number of tons of revenue freight
carried one mile was 3.050943,879, an increase of 442.531,686 ton miles,
or 16.97%. (Total ton miles of all freight handled during the year increased 481,088,1454
-Passenger revenue increased $2,142,413, or 4.35%. There
Passenger.
were 84,721,323 revenue passengers carried during the year, a decrease of
1,136.129 passengers. The total number of revenue passengers carried
one mile was 1,909,397,649, an increase of 58,436,489 passenger miles, or
3.15%.
-The volume of freight traffic handled, expressed in gross ton
Expenses.
miles, was the largest in the history of the road. This, coupled with equipment maintenance deferred from the depression of 1921: the shopmen's
strike, severe winter, the high cost and poor quality of fuel during the early
part of the year, increased operating expenses $7.827.238. as compared
with last year.
-On Dec. 31 1923 the total number of employees
Pay-Rolls et Materials.
was 33,219. or 2.555 less than the previous year, and the total charges for
the year, for all classes of labor paid for directly were $63,034,106, an
increase of $7,074,814, or 12.64% as compared with the preceding year.
There were 5,212, or 13.56% fewer employees on Dec. 31 1923 than Dec
311917, but pay-rolls were 524,876,595 greater, an increase of 6.5.19%.
Expenditures this year for fuel and material of all kinds, except new
equipment, amounted to approximately $28,390,000. an increase of $2.000,000 over last year.
-This account increased $347,680. or 7.58%, and the increase
Taxes.
since 1917 has been 47.86%.
-Non-operating Income increased $665,869,
Nan-Operating Income.
principally account of increased dividends from subsidiary companies.
This was partially offset by decrease in Federal items. The incomec
account does not include interest due from subsidiary companies unless
earned and paid in cash.
Improvements.
-Company in the past two years has spent for the improvement of its property the following:
1923.
1922.
For road and equipment
$5,544,874 $1,566,501
For initial •Sc installment payments on trust equip_ 1,511,900
1,511.900
For additions & betterments on leased ry. prop_ _ _
247,110
332.440
For adv, to subsidiary cos. for add'ns & betterm'ts
464,103
574,787
1659
INCOME ACCOUNT FOR CALENDAR TEARS.
Corporate
Operating Revenues
Freight
Passenger
Mail, express,.to
Incidental
Joint facility
Total
Operating Expenses
-
Combined.
1920.
1922,
1923.
1921.
1,972
1,991
2,000
2,003
$
$
$
$
67,186,374 59,931,677 53,593,930 55,348,919
51,360,209 49,217,795 50,934,293 52,270,794
8,648,266 6,608,833 10,116,178
9,284,224
4,949,794
4,139,697 4,717,842
4,431,069
1,159,985
1,058,577
1,017,843
1,128,480
Average miles operated
133,940,586 123,246,641 116,405,233 123,512,310
Maintenance of way & structures 16,376,045 16,488,932 17,355,931 20,654,480
Maintenance of equipment
32,217,092 26,404,332 27,424,576 30,438.181
Traffic
711,224
756,798
728,599
657,359
Transportation
63,037,109 51,082,709 54,728,204 67,723.026
Miscellaneous operations
2,076,259
1,952,509
2,108,133 2,378,279
General
3,403,443 3,405,297 4.061,645 4,402,602
Transportation for investment_
Cr5,078
Cr.6.982
Cr.4,794
Cr.2,282
Total
Net operating revenue
Tax accruals
Uncollectible revenues
107,816,094 99,988,856 106,402,295 126,346,384
26,124,492 23,257,785 10,002,938 ded2,834,073
4,934,004
4,586,324 4,443,275
4,500,175
94,929
45,722
30,558
15,687
Operating income
Hire of freight ears
Rent for equipment
Joint facility rents
• 21,095,558 18,640,902
5,513,941 der7,349,935
Dr3,486,187 Dr2,436,824 Dr1,100,0551,Dr1533.608
Dr.224,339
Cr.4,280 Cr.500.6661
Dr4.107,304 Dr4.134,188 Dr4,174,518 Dr3,692,593
Net railway operating incomeNon-Operating Income
Dividend income
Income from funded securities...
Incomefrom unfunded securities.
Income from lease of road
Miscellaneous rent income
Miscellaneous
13,277,728
12,074,160
2,505,506
1,134,663
1,219,624
1,197,513
1,095,872
39,054
1,668,885
1,120,607
1,232,285
1,197,000
1,101,808
6,322
Total non-operating income.._ 7,192,233 6,324,906
Gross income
^0 469,961 18,399,067
Deductions
--
740,034&12.575.136
1,595,613
1,079,040
1,476,450
1,196,906
864,041
4,826
1,343,457
1,095,047
1,823,996
1,198,262
794,808
8,764
6,216.875 6,264,334
6,956,909 def6,310,802
Rent for leased roads
5,846,451
5,852,016
5,853,452
5,853,761
Interest on funded debt
15.491,206 15,148,699 13,883.311 10,341,382
Interest on unfunded debt497,099
3,184,001
049,118
1,007,485
N.Y.W.B.By.guar.(bond int.)
884,000
864,000
864,000
864.000
Separately operated property__
112,588
316,879
112,000
112,000
Miscellaneous
•
574,823
682,734
550,945
562,988
Net income
Government guarantees
Net corporate income
def2,917,105def4,910,936df15,326,635dt27,420,025
145,168
1,205,012 22,798.519
-def2.917,105 def4,865,768df14,121,623def4,621,506
x The figures shown against this item cover lap-over items audited during the
year applying to the Federal control or guaranty periods.
BALANCE SHEET DECEMBER 31.
Assets-
1923.
$
Road & equip_ _284,403,781
Impts. on leased
ry. property__ 11,214,350
Sinking funds__
18,090
Demos. in lieu of
mtged. proP'Y
sold
65,451
Mise.phys.prop. 1.777,059
Inv. in bidgs. at
0. C. Term.%
N. Y. City... 4,042,499
Stks. in hands of
trus., unpl'ged
Pledged ___ 40.000,000
Stocks pledged_ 28,041,001
Unpledged _ _ _ 59,805,168
Bonds pledged__ 22,340.027
Unpledged. __ 15,685,410
Notes pledged__ 19,568,916
Unpledged_ _ 12,279,971
Advs. unpledged 2,131,379
Cash
7,238,341
Special deposits_ 1,797,561
Net bal. due fr'm
sets, & cond s
328,344
Misc. accts. rec. 2,096,260
Mat'ls & suppl's 14,182,484
Int. & diva. rec_
635,401
LOADS & bills rec
25,350
Rents receivable
115,621
Oth, curr. assets
44,860
U.S.Govt.derd
assets
33
0th. def'd assets
797,313
Work. Id. advs.
186,384
Ins.& oth.fds_.
16,236
Rents & Insuece
prems. Paid in
advance
1,860,487
1922.
$
Liabilities-
1923.
1922.
$
$
280,620,289 Capital stock_ _176,400.787 176,400.788
Grants in aid of
11,120,585
construction__
135,844
135,844
16,425 Mortgage bonds 59,190,500 56,130,000
Debentures_ __ _148,807,726 153,716,352
Equip. °Min's_ 8,654,800 10,066,700
59,426 Misc. obliga'ns_ 88,215,000 84,006.500
2.077,545 Non-nego. debt
to atilt cos_ _
671,631
805.652
Traffic & car ser5,075,539
vice bal. pay_ 8,907,014 10,556,444
Audited accts.&
67,767,400
wages pay_ __ 4,478,199 5,116,410
Misc. accts. pay
56,000
56,000
25,676,075 Matured diva,&
34,360,295
int. unpaid _ _ _ 1,251,283
1,280,615
21,340,028 Matured funded
16,361,810
debt unpaid_ _
18,345
36,083
15,000,000 Unmatured int.
16,944,130
accrued
3,600,270 3,548,999
1,916,762 Unmard rents
8,474,551
accrued
472,862
471,539
1.610,136 Oth.curr. Bab_ _
6,219
8,766
U.S.Govt.derd
262,182
liabilities_ _ _ _
4,140 33,490,500
1,999,914 Equip. & pers'l
12,133,250
prop. leased
9,508,469
9,508.459
680,039 0th.def.Habil
187,610
997,404
254,176 Tax liability_ _ _ 1,900,320
1.761,317
116.286 Pers'l inj. res've
544,141
651,136
1,461 Oper. reserves_ _
1,267,901
840,989
Acced deprec'n_ 34,549,013 31,567,023
30.325,398 0th. unad1. cred 4,884,193
7,087,953
828,290 Corp. surplus:
179,334
Add's to prop.
16,236
thru. Inc. dr
surplus_ _ _ _ 26,396,470 26,250,825
Prof &losedet 49,798.388 51.582. 0
.
62
7,306,813
Tot, corp. sur_df23,401,918d125,331,677
Total
$7,767,989 $3,985,628
Changes in Debt.
-There was a net increase in the funded debt of$498,474.
-There will mature between April 2 and Dec. 31 1924
Maturing Debt.
the following:
.554% Mtge. note favor Suffolk Savings Bank for Seamen and
others,due May 7
$200.000
6% promissory note favor Westinghouse Elec. & Mfg. Co.,
due July 1
149,000
Coll, note favor Secretary of the Treasury of the United
6%
States, series "B" No. 1, due Oct. 1
100,000
5% 1st Mtge. bonds, Hartford Manchester & Rockville Tramway Co.,'due Oct. 1
200.000
5% N.Y.N.H.& H. RR.Co., New Haven Station, Debenture
"0," due Nov.2
100,000
Installment payments on Trust Equipment
817,000
Total
$1,566,000
-Six additional shares of the
New England Investment et Security Co.
Worcester Consolidated St. Ry. 1st Pref. stock have been exchanged for
Preferred shares of the New England Investment & Security Co. since
last year's report and company's guaranty is now $111,500. Company
has been unable to earn and pay interest on its gold notes owned by the
company.
-During the year securities have been sold and cash
Securities Sold, &c.
collections of $1,573,268 made.
Sales of Property.
-Sales of property not required for corporate purposes
.or the company or its leased lines have been made as under:
N.Y.N.H.& H.RR.Co.incl. that of the former Millbrook Co.
and Park Square property, cash
Grand total...530,695,782 562,524,375
$1.434,368
Grand total..530,695,782 562,524,375
Mortgage notes
86,471 -Y. 118, P. 1520.
Leased lines, cash
350.573
Mortgage notes
150.000
Boston & Maine Railroad.
Total
$2.021.413
(Preliminary Reportfor Fiscal Year Ended Dec. 31 1923.)
OPERATING AND TRAFFIC STATISTICS.
INCOME ACCOUNT FOR CALENDAR YEARS.
1923.
1922.
1921.
1920.
-Tons of rev.freight carried 28,934,588
24,233,536
21,999,235
27,851,010
1923.
1922.
1921.
1920.
do carried one mile_ _3,050.943,879 2,608,412,193 2,493,064,467 2,919,685,247 Total operating revenue_586,193,418 $79,720.084 $78,289,750 $86,652,745
'Tons of rev,freight carried
Total operating expenses 75,254,892 67,164,593 73.833,472 90.989.432
1,510,607
1 mile per mile of road_
1,291,735
1,245,784
1,457,834
Av. no. of tons of revenue
Net operating revenue $10,938,526 $12,555,492 $4,456,2781oss$4336687
493
487
freight per rev.tr. mile.
463
469 Taxes accrued
2,930,959
2,571.276
2,668,424
3,001.087
Uncollected revenue....4,458
Av. no. of tons all freight
5,365
7,326
48.126
532
per rov, train mile....
'Total freight revenue_ _ __ xI67,492,519
Av. amt. rec. for each ton
$2.333
of freight
2.212 eta.
Av. rev, per ton per mile_
34,187
Av.rev, per mile of road_
No. of interline revenue
2,190,285
Passengers carried
No. of local revenue pass.
24,284,226
carried
No. of commutation pass.
58,246,812
carried
Total no. of revenue
Passengers carried- __
Total no. Of rev, pees
84,721,323
532
$60,234,186
508
$53,833,222
503
556,731,600
$2.487
2.309 eta.
30,487
$2.447
2.159 eta.
27,476
$2.037
1.943 eta.
28,875
2,010,644
2,316,577
2,823,801
24,295,902
22,909,853
79,598,437
59,550,906
65,588,644
24,425,501
85,857,452
90,815,074
106,847,739
1,909,397,649 1,850,961,160 1,891,343,238 2,153,058,865
carried one mile
No. of rev. Pass. car, one
1,024,492
981,916
mile per mile of road_ _
996,236
1.129,093
Total passenger revenue. $51,360,208 $49,217,795 $50,934,294 $52,270,794
Average amount received
57.33 eta.
60.62 cta.
from each passenger_ _ _
56.09 eta.
48.92 eta.
2.659 eta.
2.690 cta.
Av.rev, per pass, per mile
2.693 eta.
2.427 eta.
'Total passenger service
$59,464,396 $50,752,664 556,589,924 881,351,583
train revenue
Net operating revenue per
123.45 eta.
132.14 eta.
revenue train mile
51.91 eta. def.9.76 eta.
x Includes In 1923 $306.145 revenue from milk handled on freight trains.
Operating income.._ $8,003,107 $9,978,851 $1,780,528loss$7385900
Other income
1.350,753
1,431,468
1,655,742 1,572,073
Gross income
$9,353,857 $11,410,319 53,436,270loss$5813827
Interest, rents, &c
12,844,931 11.283,898 10.784,356 11,318,654
Net income
$3,491,074
$126,422de1'$7348.086df$17132,481
-V. 118. p. 1519. 1391.
Kansas City Southern Railway.
(24th Annual Report-Year Ended Dec. 31 1923.)
A complete annual report will be ready for distribution about
May 15.
which will be furnished stockholders and others upon application.
GENERAL STATISTICS FOR CALENDAR YEARS.
1923.
1922.
1921.
1920.
Mileage operated
842
842
842
842
Statistics
Passengers carried
1,323,840
2,356,476
1,248,468
1,595,408
Pass. carried 1
70,450.352 63,233,107 71,358.404 105,907,985
Rev. per pass. per mile
3.439 cts.
cts. 3.046 cts.
Rev,freight carr'd (tons) 7,046,132 3.482 cts. 3.472
5.122,096
5.465,179
6,135,187
Rev.fet, carr'd 1 mile_1,684.014.389 1507715,528 1553508,601 1674717.315
Rev, per ton per mile_ _ _ 1.074 eta.
1.084 cts. 1.138 cts. 1.037 cts.
Rev, per mile of road...
$26,719
$24.195
$25,864
$26,561
THE CHRONICLE
1660
[VoL. 118.
companies, in order to provide sufficient sums of money to meet their
requirements.
ituation.-The companysold $10,000,000 of 15-Year Conproceeds
inareta
vertible Debenture bonds on a very favorable basis and with the
and other cash it purchased from the Duquesne Light Co. 310.000,000 of
its Participating Preferred stock.
The Philadelphia Co. also was successful in selling $3,500,000 Common
stock, the proceeds of which were used for part purchase of the Duquesne
Light Co. Participating Preferred stock and for financing the expansion
of the manufacturing gas plant of the Equitable Gas Co., at Elrama, purchase of coal property on the Ohio River for development of fuel for power
plants, and carrying out a program of miscellaneous improvements.
During the last five years there has been financed 3113.700.000 for
refunding and improvement purposes.
-In carrying out the provisions of the various mortRetirement of Bonds.
gages, bonds amounting to $1,133,200 were retired during the year by
purchase through sinking funds or by redemption at maturity.
-Following the policy of the company in eliminatCompanies Eliminated.
ing subsidiary corporations where practicable, the following companies
were closed out during 1923 by the Philadelphia Co. or one of its subsidiaries: (1) Peoples Natural Gas & Pipeage Co., (2) South Side Gas Co.,
(3) Wilkinsburg Gas Co.,(4) Cosmos Oil Co.and (5) Brighton Bridge Co.
-The earnings of the Philadelphia Co. for the first 6
Dividend Rate.
months of 1923 were such as to justify an increase in the annual rate of
ENDED,
INCOME ACCOUNT FOR YEARS ENDED DEC. 31.
dividend on the Common stock, and the directors advanced the rate from
Ry.]
[Kansas City Southern Ry., Texarkana & Fort
,
e
67. annually to 87 for the last half of the year.
Combined.
,
Corfio ate
-The big problem in the various subExpansion and New Money Credit.
1921.
1920.
1922.
1923.
sidiary public utilities continuos to be that of securing sufficient funds for
Railway oper. revenues_322,485,099 $20,361,180 $21,840,439 $18,668,288 the expansion of plant and facilities to meet the ever increasing demand for
Railway oper. expenses_ 16,708.811 15,083.460 16.003,485 15.051,665 more and better service. This year it was necessary for the Philadelphia
Co. to assist the Duquesne Light Co., the Allegheny County Steam Heating
Net rev, from ry. op_ $5,776,288 $5,277,720 $5,836,954 $3,616.624 Co., the Equitable Gas Co., and other subsidiaries in financing for approx833,750 imately 314,000,000 to enable these utilities to carry on their activities and
1,072,693
1,315.676
1,435,907
Tax accruals
8,218
2,426 maintain good service. The credit of all companies continues very good.
5,524
10,310
Uncollectibie ry. revs_ _ _
-The future of the Philadelphia Co. is very bright. The chief
Future.
Total oper. Income__ _ $4,330.070 $3,956,520 $4,756,043 $2,780,448 responsibility is to so direct the subsidiaries that they will carry on their
91,259
72,084 business in such a way as will continue the present high standard of service
97.529
99.150
Rentfrom equipment..._
147.922 and maintain a credit which will enable the financing each year of large
149.726
145.171
171,018
Joint facility rent income
Dr.84
485,919 sums of money.
1.252
891,392
Incomefrom lease ofr'd_
8,560
7,857
8,429
10,144
Miscell.rent income__ _
The consolidated income accounts for the year 1923 (inter22.802
26,536
42,377
28,985
Misc.non-op.phys.prop.
51.205
2,113
Dividend income
company items eliminated) of the Philadelphia Co. and its
1,814
2,393
383
Dr.1,543
Inc.from funded secur
affiliated operating companies (excluding Pittsburgh Rys.)
Inc.from unfund. senor.
87,212
51,083 will be found under "Reports and Documents" on a sub94,900
110,388
and accounts
Dr.6,900
1,233,695
1,672
427
Miscellaneous income_ _ _
sequent page. A consolidated balance sheet is also given.
$405,596 $2,027,491
$391,714
Total non-op.income_ 31,312,174
As comparisons with former years would be misleading,
5,161,638 4.807,939
5,642.244 4,348,234
Gross income
Deductions
the income account and balance sheet of the Philadelphia
$465,274
$375,141
$586.022
Hire offr't cars,deb. bal. $673,293
86,355 Co. proper for 1923 is given as follows:
94.158
112,152
80,797
Rent for equipment__ _ _
205,221 INCOME ACCOUNT YEAR ENDED DEC. 31 1923 (PHILADELPHIA
254,294
240,554
277,692
Joint facility rents
30,637
Rent for leased roads
CO. ONLY).
2,037
4,279
983
Cr.2,592
Miscellaneous rents_ _
[Being a statement of dividends. interest and rentals received during
1,361
755
119
Misc. tax accruals
year from subsidiary companies, and miscellaneous income, together
1,878.795
1,884,277 the expenses, depreciation on property, taxes and income charges.]
1.864,308
1,856,527
Int. on funded debt
46,841 with tss int. from investments: (a) natural gas companies,
79.027
47,968
Cr.103.652
Int. on unfunded debt
71,770 Divs.
86,982
21.059
20,596
Misc. income charges_
$2.320.050; (b) oil company, $200,100; (c) electric light and
82,8o8.810 $2.781,703 $2,728,633 $2,883,885
Total deductions
power company, $2.145,956; (d) street railway companies, $35,051; (e)
$2.773,434 $1.586.531 $2,433,005 $1.924,054 miscellaneous companies, $192.463: total
Net income
84,893,621
840.000 Interest from other sources. $298,441; rents from lease of gas
840.000
840,000
Preferred Mars. (4%).....840,000
properties, $33,819,008; rents from lease of other properties
ncome balance trans4.119.274
(net), $1.304; miscellaneous. $521
$746,531 $1,593.005 $1,084,054
ferred to profit & loss_ $1,933,434
COMPARATIVE STATEMENT OF OPER. FOR YRS. ENDED DEC. 31.
[Kansas City Southern Ry.. Texarkana & Fort Smith Ry.]
1922.
1921.
1923.
OperaUng Revenues$18,086,262 $16,336,125 $17,674,400
Freight
2,477,395
2,201.624
2,422,776
Passenger
1,479,341
1,447,440
1,632,050
Mail,express,&c
137,003
375.991
344.011
Incidental and joint facility
$20,361.180 $21,768,140
$22,48,1,099
Gross revenues
Operating Expenses
Maintenance of way and structures $3,547.641 $2.562,346 $3,033,548
3,899.867
4,274,864 4,100.872
Maintenance of equipment
520,000
502,350
533,644
Traffic
7.023,099 7,673,981
7,401,645
Transportation
5,121
17.655
Miscellaneous operations
991,033
902,220
954,668
General
Cr.12,548
Cr.14,437
Cr.21,306
Transportation for Investment
$16.103,992
$16,708,811 $15,083,460
Total operating expenses
$5,776.287 $5,277,720 $5,664,148
Net revenue
$1,435,907 $1,315,676 $1,072,693
Taxes
5.524
10,405
10.310
Uncollectible revenues
$4.330,0/0 $3.956.520 $4,581,050
Operating income__
BALANCE SHEET DEC. 31.
(Kansas City Southern Ry., Texarkana & Fort Smith Ry.]
1922.
1923.
1922.
1923.
$
$
Assets5
Common stock_ _ _29,919,900 29,959,900
Invest. in road and
equipment ___107,323,615 103820,450 Preferred stock_ _ _21,000,000 21,000,000
Grants in aid of
Depos. In lieu of
512
512
construction __
48,533
mtgd. prop. gold 1,055,260
727,119 1st M.3% e. bds_30,000,000 30,000,000
Misc. phys. prop-- 796,174
Ref.&Imp.M.5s 18,000,000 18.000,000
.
Inv. in affil. cos.:
248,000
2,016,206 1,822,917 Equip.5% notes_ _ 124,000
Stocks
115,687 2,794,844 Equip.trust No.34
Bonds
826,800
763,200
18,564 6% notes
27
Notes
2,100,859 2,189,636 Equip. trust 534% 1,620,000
Advances
47,440
33,705
2,328
63,079 Mi.c.funded debt _
Other Investments
2,034,912 3,047,991 Loans & bills pay.,
Cash
550,000
U.S.Govt
Special deposits_ __ 1,594,267 1,005.422
11,949
12,248 Traffic & car-acre.
Loans & bills rec'le
838,590
bals. payable_ _ _ 653,547
Traffic & car very.
678,430 Audited accts. and
bats. receivable_ 665,471
wages payable_ _ 1,852,021 1,784,373
Net bal. rec. from
6,380
12,377
125,226 Miscell.accts. pay.
agents & cond'rs 157,907
637,845 Int. & diva. mat'd,
Misc.accts.reedy. 706,579
502,463
500,042
unpaid
Material &supplies 2,302,714 2,132,598
4,000
4,942
9,721 Fund, debt unpaid
Int.& diva.receiv_
535,279 Unmatured diva.,
0th. current a:sets 822,460
593,492
530,300
12,438
13,235 int. & rents._
Work,fund adve__
149,739
93,549
5,771,178 Other curr.liabH_ _
II. S. Govt. sects_
9,117,634
67,290
37,362 U. B. Govt. accts_
Other def. assets_ _
400,857
Other derd ilabiL _ 436,968
Rents & Ins. prem.
816,544
1,016,724
68,441 Tax liability
13,450
Paid In advance_
2,000
Acced depr.equip. 1,355,649 1,164,088
Disc,on fund.debt
Other unadj. cred_ 697,756 1,154,914
Prop. aban., chge.
269,980 A d d'ng to Property
to over. exps__ _ 179.987
through inc. &
U.S.Govt.,tweed
347,789
371,834
3,237.876
surplus
Standard Return
Appr. surplus not
U. S. Govt., in921,520
651,631
come guaranty_ 613,105
613,105 spec. Invested
Profit & loss credit
U.S.Govt.,int. on
13,339,803 11,861,550
balance
109,213
add'ns & bettls
502,292
Other accounts_ _ _ 447,890
123,047,520130.292,584
Total
-V.117,p. 2769.
Total
123,047,520130,292,584
Remington Typewriter Company.
(31st Annual Report-Year Ended Dec. 31 1923.)
The remarks of B. L. Winchell, Chairman and President,
together with a comparative income account and balance
sheet, will be found in the advertising section of this issue.
Our usual comparative income account table was given in
V. 118, p. 1531.
Philadelphia Co., Pittsburgh.
-Year Ended Dec. 31, 1923.)
(Annual Report
President A. W. Thompson, Pittsburgh, Jan. 1, wrote in
substance:
-This is the first annual report of the company as a
Holding Company.
beginning
holding company only. From 1899 to the company. of 193, the company was a combined holding and operating
-The various subsidiary companies are now reSubsidiary Companies.
of this new
ported separately.' Because themselves in arrangement, the subsidiarie=
a much clearer position before
which are public utilities find
president and
the public. The direction of subsidiary companies by the
of the company reduces overhead and is more economical
other officers
company had a separate staff of executive
than would be the case if each
and general officers.
-Business conditions through 1923 were gmerally
Business Conditions.
unfavin August
good. The slight depression which occurred time therewas the only steady
has been a
during the year. Since that
orable event
district. Because of the need for esp .nding
increase in business in this
tr.
plant and facilities of the various subsidiary companies during the yethese
was necessary that the company take an active part in financing
Total$9,012,895
Expenses: gene'ral administrative. $147,371; other general,
$1.464,821
$61,696; depreciation, $1.187.856; taxes, $67.899; total
Income Charges: rent for lease of gas properties, $877; int. on
funded debt, 32.120.358; Int. on unfunded debt, $155.247:
guaranteed div. on Consol. Gas Co. pref. stock, $71,708;
2,533,046
amortz. of debt disc. & expenses,$184,857; total
$5,015,027
Net income for the year
12,659,084
Surplus. Jan, 1 1923
Additions to surplus: discount on bonds purchased & retired
through sinking funds (net). $18,045; collection on temporary
loan to affiliated company, previously written down, $100.160.684
000; miscellaneous, $42,638; total
$17.834,795
Gross surplus
Deductions from surplus: divs, on pref. stocks, $946,658; divs,
4,113,376
on com. stock (7%).$3,166,718
105,721
Amortization ofdebt discount and expense
9,200
Miscellaneaus
Surplus, Dec.31 1923
813.606,496
GENERAL BALANCE SHEET, DEC. 31 1923. (PHILADELPHIA CO.
ONLY).
Liabilities
-Assets
$46,443,000
830.650,054 Common stock
Fixed capital
14,557,000
4,101,636 6% pref. stock
Reacquired securities
1,442,450
71.784,857 5% pref. stock
Total investments
44,730,400
' 81.357 Total funded debt
Sinking fund assets
62,151 Total affiliated companies.. 1,227,438
Total special deposits
153,083
Total affiliated companies._ 13.58:1.685 Current liabilities
275,867
419.078 Accrued taxes
Cash
709.335
12 Accrued int. on funded debtreceivable
Notes
31,416
196,226 Consol. Gas Co.guar
Accounts receivable
2,200
2.595 Deferred credits
Prepaid accounts
3,432,368
accounts... 5,739,507 Depreciation reserves
otal deferred
Other reserves
13,112
13,606,498
Surplus
Total
$126,624,168
$126,624,168
Total
for the following
-The Palladelphia Co. has a contingent
Note.
bonds, guaranteed both as to principal and interest: (a Mt. Washington
-Year 58. $1,500,000; (b) 17th treet Incline Plane
Street Ry. 1st Mtge., 30
-Year 58. $125,000; (c) Allegheny Bellevue & Perrysville
Co., 1st Mtge. 3)
Ry., 1st Mtge.. 30-Yoar 5s, $500,000;_(d) Morningside Electric Street Ry.
3200,000; (e) Ben Avon & Emsworth Street fly..
-Year
1st Mtge., 30
-Year
-Year 58. 3300,000; (f) Pittsburgh Rys.,(den. Mtge, 40
1st Mtge.. 30
55, 31,968,000.
The company alsa h es a contingent liability, as endorser, on short term
e.1 companies; as guarantor of the payment of interest
notes of its
(but not principal) on certain issues of bonds of its affiliated companies;
and as guarantor of certain rental agreements of its affiliated companies.
V. 118, p. 1521.
Eastman Kodak Company.
(Annual Report-Year Ended Dec. 31 1923.)
ANNUAL EARNINGS, DIVIDENDS, &C., FOR CERTAIN EARLIER'
YEARS, AND TOTAL FOR 2034 YEARS ENDED DEC. 31 1923.
Net Profits. Pref.Divs. Corn.Divs. Res've Fund. Surplus.
$
$
$
S
$
468,999
856,930
..) 1.488,295
162,366
1902 (6 m )
1,300,499
2,348,196
365,217
4.013.913
798,8457,806,390
101(1_ ___ _ _ 8.i,75,177
369,942
1,000,000 4.981,874
7,810,620
11,12.436
369,942
1913
3.651.831
369.942 11,719,680
15,711,453
1915-8,311,105.
5.861,520
369.942
14,512,567
1917
4,889.747
8,792.280
369,942
1918
14.051.969
10,137.136
369,942 7,819,110
18.326,188
1919
10.330,429
369,942
7,855.840
13.566.210
191)
5,782.704
7,953,216
369.942
1,105.861
1,
1921
5,007,650,
369,942 12,574,963
1.) ,..,
17,952,555
2.828,950369,942 15,678,337
13,877,229
1923
81,756,721
Tat. 2034 ••rs.249,014,469 7,914.945 154,092.803 5,250,000
-R s4orve required in addition to previous reserves and
Deduct
approp'n , to offset entire book value of good-will & patents_ - 15,798.081
-Ed.).- 365.958,640'
Balance,mirplus(being amt. of surplus Dec.311923
APR. 5 1924.]
THE CHRONICLE
1661
The reserve fund, $5,250,000, was accumulated in 1906
to 1909 and
1911 to 1913.
BALANCE SHEET DEC.31.
1923.
COMBINED BALANCE SHEET DEC.31 (INCLUDING
1922.
1923.
1922.
SUB.COS.)
Assets
Liabilities1923.
$
1922.
:Real est., bldgs.,
1923.
1922.
Preferred
Assets
Liabilities
machinery.&c.._ 11,084,175 9,599,461 Common stook- 6,500,000 6.500,000
Real est., buildstock___14,227,800 14,227,800
Pat.,good-will,dtc.
Common stock_ b20,268,500
1
1 Accr'd taxes, &c-- 108,091
ings, &c
a38,019,227 34,669,241 Preferred stock- 6,165,700 20,163,500 Inv. in foreign and
83,995
6,165,700
Supplies, &c
23,432,943 22,150.104 Acc'ts pay.,incl.
domestic corp'ns 3,832.905 3,511,459 Sundry credits apAccounts & bills
plicable on open
Bonds,stocks,dm..
provision for
reedy.(net)._ 7,506,728 7,208,293
contracts
3,533,593 2,213,907
held for sale. _ _
Federal taxes_ 10,837,414 8,9C0,653
248,658
343,257 Accounts payable_
Call loans
3,000,000 3,000,000 Pref div.
92,486
92,486 Cash
3,140,654 2,309,071 Preferred diva_ _ _ - 1,444.832 1.162,076
Bonds & stocks_ 3,973,707 3,273,175 Com.div.Jan.1. 2,533,562
97,500
97.500
Jan.1
.
2,520,439 Notes receivable
293.659
521.524 Common dive_ _
U.S. obligations 26,935,938 28,396,165
284.540
284,538
Extra
2,533,562 2,018.850 Accts.receivable
Clash
11,486,477 8,133,772 Conting. reserve 4,335,270 4,614,172 Raw materials,fin- 6,306,616 4,129,090 Res. for contIng's_ 469,606
134,753
Prepaid int.,&e.
370,113
774,738 Surplus
ished parts. &c_ 3,943,306 3.680,738 Reserve for Federal
65,958,640 63,129,690
taxes
375,000
360,000
U.S.ctf of indebt. 3,004.722 4,011.389
.
Total
Res've for pension,
112,725,135 107.605,489 Total
112,725,135 107,605.489 Liberty bonds..... 996.711
314,605
&c., account.... 523,259
474,206
Deferred charges_ _ 615,253
365,072 Res. for wk. cap 3,000,000 2,000.000
a Includes real estate, buildings, plant, machiner
y and
ments at cost less depredation reserve. b 2,500,000 shares capital investUndivided profits_ 1,702,439 1,248,892
of no par value
authorized: 10,500 shares of no par value issued
Total
32,466,660 28,785.667
share; there remains to be issued 30.710 shares in 1923 for cash at $10 per
Total
32,466,660 28,785,667
of Common stock of no par
value under plan for sale to employees, as approved
x Includes investments in real estate,
by stockholders April 6
1920.-V. 118, p. 207.
buildings, machinery and equipment; equities in New York and
Chicago properties, less d
don.
V. 118. D. 1530.
General Electric Company.
(32d Annual Report
-Year Ended Dec. 31 1923.)
CONDENSED INCOME ACCOUNT FOR
CALENDAR YEARS.
1923.
1922.
1921.
1920.
Receipts$
$
$
$
Sales billed
271,309,695 200,194.294 221,007,992 275.758,487
Cost of sales. &c
x241,653,949 177,458,012 199,331,309 231,494.445
Reduction of inventory
17,803.985
Profit from sales
29,655,746 22,736,282 21,676,683 26,460,057
Interest and discount and
sundry profits
3,145,348 3,208,814
3,511,066
3,915,717
Income from securities_ _ 5,200,434
4.849.871
2,967,919
5,044,840
Total
38,001,528 30,794,966 28,155,667 35,420,614
Deduct
Interest and discount__ _ 1,307,791 x4.344,78
2,078,683
9
1.969,112
Other interest payments
700,819
219,158
724.172
2,319,216
Excess profits tax (est.)(y)
(y)
9.000,000
(y)
Inv. secur. reserve
3.700.000
General reserve
2,467.800
Appropriation (Chas. A.
Coffin Foundation)_
400,000
Com,diva., cash (8%)__ 14,289,316 13,943,23
4 13,409,522 10,651,306
Cash diva. on special stk.
656,379
130,394
zDividends in stock..
(5%)8.t84,375(5)8,717,265(4)6,746,114(4)5,437,700
do Int. Co. profheld
by employees
(7%)4.916
Balance, surplus
9,595,048
3,040,126
1,497,176
6.038,365
a Includes$1,789,356 premium on 6% bonds called for redempti
on. x Includes provision for Federal taxes. y Included
in cost of sales. &c. x In
May 1922 company created an issue of
$10) for purpose of paying such stock in$35,000,000 special 6% stock (par
annual
of 2% semi-annual stock dividends, as heretofor 5% stock dividends in lieu
e paid in Common stock.
V. 118, p. 1399.
Pierce Oil Corporation.
(10th Annual Report-Year Ended Dec. 31
1923.)
Chairman W. H. Coverdale, New York, March
20, wrote
in brief:
The net operating loss for the year 1923
after interest. Provision
for uncollectible accounts, for contingen
cies
and depreciation, as shown upon combined and for depletion
income and Profit
and loss statement attached was
$3,048.851
Deficit as at Dec. 31 1922
4,417,619
To which add certain adjustments
covering
on steamships and on investments, &c., special depreciation
in net amount et- - 1.253,810
Balance of discount on Capital stock
transferred to deficit acct. 1.043.978
Total deficit at Dec. 31 1923
$9,764.258
The above deficit is before giving effect
arising out of the sale or pledge of the to contingent liabilities of $772,046
Preferred stock dividends then unpaid corporation's accounts receivable;
in the
unadjudicated suits and claims then amountin sum of $2,400,000; and
g to $725.000.
The proposed financing plan is outlined under
"Investment
News" on a subsequent page.
COMBINED INCOME ACCOUNT
CALENDAR YEARS.
1923.
1922.
1921.
Gross profit
1929.
$6,076,618 $6.061,610 $8,362,5
Deduct
40 513.9132
-Marketing,gen.
36
6.538.060
7,040,905
7,268,844
7,056,047
Federal taxes
375,000
Inventory losses
3,946.843
1.000.000
Bad debts
594,135
Int. on funded & floating
debt & commission to
trustees & arms. under
acceptance loans
514,388
514.188
385.710
230,471
Prov'n for uncollectible
accounts receivable.._
Otis Elevator Co., New York.
95,290
553,331
Prov'n for contingencies
212,425
(25th Annual Report
Prov.for depl.& deprec_ 1,765.306
-Year Ended Dec. 31 1923.)
1.740,692
1.702,667
1,351.405
Other charges
Chairman W. D. Baldwin in a letter to stockholders ac- Prior year charges
450.494
x3,171,626
Preferred dividend
companying the annual report says in substance:
(2%)300,000 (4)600,000(8)1,200,000
Stock city.(Corn. stock).
Building operations during 1923 were generally
1,144.381
active throughout the
country. This condition was not only reflected
in a
Net loss
a$3,048,851 $7,259,133 $6,135,659 sr.$1085,437
orders during that period, but also in a substantial large volume of sales
amount of unfinished Previous surplus
df34,417,619
work which was carried over for completion
2,841.514
8,977,173
7.891.736
in 1921. There is every yAdjustments
Dr1253.810
reason to believe, therefore, that the satisfactory
earnings in 1923 will con- Discount on capital stk. 1,043,978
tinue throughout the year 1924.
The plant account during 1923 has increased approxim
ately $1.500,000.
Total surplus
which represents substantial•additions to
df$9,764,258df$4,417.619 $2,841,514 $8,977,173
Yonkers, N. Y., and Quincy, Ill.; equities inthe manufacturing plants in
a The net loss for the six months ended Dec.
York and Chicago, and other new buildings in main office buildings in New
31 1923 amounted to $1.various parts of the country, 268,321. against a loss of$1,780,5 the
to care for branch offices and service departments.
30
first
We now own and oper- provision for judgment in favor of Internati six months of 1923. x Includes
ate our own buildings in 22 cities of the United
onal & Great Northern Ry. Co.
States and contemplate in- and other contingencies, $2.125,00
creasing their number as conditions warrant. It
0; provision for abandoned leases.
carrying to completion of the building plans nowis estimated that the $1.161,545; investment in and advances to Midwest Producing Co. written
under way, and the off, $75,000; Pierce Pipe Line Co., Inc.,
acquisition of the outstanding equities in the
organization expenses and preNew York and Chicago liminary expenses, previously carried
buildings, will call for an additional expenditure,
in property accounts,
million and a half dollars, which will further increase during the year, of a $32,843: total, $3.394,388; lets amount received prior to 1922written off.
on account
our plant investment.
of the sinking of the SS. Eupion, in excess of the
Our foreign situation shows some improvem
net book value thereof,
ent over
last year. Our affiliated English company continues conditions existing transferred from reserve for depreciation, $222,762. y Tank steamers
to show satisfactory and barges written down to appraised
earnings and growing stability. In 1923
values. $1,223,365; write down on
it completed organizations in Mexican bonds, $80,999; book
Australia and New Zealand, which
value of Texas City lots
and shop facilities suitable to the are now equipped with modern office profit arising on sale of Baker Oil lease, (Cr.) $67,552. forfeited, $16,998;
growing business in Australasia. In
Canada business conditions show
struction of our French company but slight improvement. The recon- CONSOLIDATED BALANCE SHEET DEC. 31 (INCL. SUB. COS.).
progressi
conditions in France will permit. IsOur otherng as rapidly as the existing
1923.
1922.
1923. ' 1922.
interests on the Continent
Assetsare more or less marking time, pending a clearing
$
$
Liabilitiesof the European situation. Oil lands, lease$
$
The constant growth of our cities since the
8% cumul. cony.
organization of our company
holds, &c
25 years ago is reflected in the Increasing demand
:22,669,451 23,341,904
pref. stock_ ___a15,000,000 15,000,000
for our product and ac- Real estate, bldgs.,
cessories, making it essential that we continue
Common stock...29,622,831 29,622,831
to expand and improve our
facilities and strengthen and extend our organizat
plant & equip.at
Com.stk. Cl."B".
ion to properly care for
b
b
refineries & Msthe needs of the future. There are also
opportunities open to us to further
extend our field of activities in electrical
tributing sta'ns_ 10,417,547 10,696,329 l&-yr. 8% sk. fd.
gold deb. bonds.c1,700,000 1.800,000
apparatus and along lines of Tank steamers
numerous accessories which are now recognize
&
Notes paY•secored:
d as an important part of
modern elevator equipment.
barges
200,751 1,526,186 By pledge of inv.
We are of the opinion that it
Tank cars
2,029,902 2.186,544
01 011 stks., &c. _ 251,000
973.975
actively engaged in the conductIs desirable that the employees and those Stable and garage
of our business, both here and abroad.
By pledge of deshould be afforded a opportunity to acquire
equipment
234,536
459,637
common stock upon fair and Iron bbls.&
mend note of P.
reasonable terms, thus enabling them to share
drums 302,432
330,763 P. L. Co., Inc.,
and development of the company's business. in the benefits of the growth Drilling tools and
It
pay. to P. 0.
Common stock should be available for distributis also felt that additional
equipment
87,184
101,102
Corp.& endors'd
ion among the holders of Cash
the Common shares, to represent earnings which
439,374
469,888 in blank
y1,200,000
600.000
been invested and will be invested in additions from time to time have Notes & accts. rec.
to the properties of the
766,585
company or added to accumulated surplus.
(less reserve) _ _ 1,208,380 1,309,997 Notes payable__
Trade acceptances 552,653
847,211
Inv. of crude oil,
To provide for said objects, and for other corporate
purposes,
ref'd prod., &c_ 4,693.274 5.982,422 Accts. pay.& accr.
posed to increase the authorized Common stock of the company it is proliabilities
2,139,913 2.138,396
000.000 to $25,000,000; to change the par value of the shares from $15.- Inv. of warehouse
Reserve for conof Common
•
stock from $100 to $50 per share, each of the present
materials, &c__ _ 1,038,128
868.051
tingencies
shares of Common Int.. insur.,
:2,032,254 2,125.000
stock to be exchanged for two of the new Common shares.
&c.,
The par value
of the Preferred stock is to remain as at present. There
prepaid
128,078
195,611
in the proportionate voting rights of Common stock or is to be no change Misceli. invest'ts_
51,920
177,383
and privileges of the Preferred stock. The proposalin the present rights Disc,on cap.stock
1,643,978
to change the par Deficit
value of the Common shares is in accord with the present policy
9.764,258 4,417,619 Total (ea. side)_53,265,218 53,107.41
of corpora4
tions whose stock has greatly increased in market value.
a Authorized and issued, 150,000 shares
of $100 each. b Common
RESULTS FOR CALENDAR YEARS.
stock Class "B" authorized, 800.000 shares
of $25 each, $20,000,000; held
for conversion of Preferred stock,
1923.
1922.
1921.
1920.
815,000,000; unissued, $5,000,000.
Net earns.,aft.maint.,&c. $4,008,705 $3,025,244 $2,925,5
46 $4,645,750 c At Dec. 31 1923 the company was in default of sinking fund requirements
Interest charges
by an amount of $100,000, which has
115,472 leasehold
since been made good. x Oil lands,
Preferred diva. (6%)
390.000
s and development, pipe lines (includin
390,000
390,000
390,000
g capital stock and
Common dividends_ _(8%)1.138,158(8)1,138,142 (10)948.4
34(7)0942,770 advances to Compania Mexicans de Combustible S. A. amounting to
Reserved for Fed. taxes575,000
360.000
725,000
1,550,000 517.986,370). y The validity of these notes and of the pledge of the demand
Res. for pension fund
note of the Pierce Pipe Line Co. ,Inc.,
100,000
100,000
100,000
100,000 corporati
for $3,073,876 is challenged by the
Contingency reserve_ _ _ _
on. zlIncludIng provision
350,000
'
1923 in favor of the International & in respect of a judgment entered Feb.28
with int. at 6% per annum, now Great Northern Ry. Co.for $2,088.483
Surplus (see "Y")
$1.455,547 $1,037,102
$762,112 $1,547,508
secured by the eledge of inventorieson appeal under bond for $2,225,000
Note.
-In July 1921 the company paid a50% stock
of oil stocks.
Notes.
-(1) At Dec. 31 1923
on the outstanding Common stock, out of snrplus dividend ($4,742.600)
reserved for working $772.046 in respect of customer the company was contingently liable for
capital, reducing that surplus to $447,677. To this
amount has been at that date. (2) Preferred s' accounts receivable sold but uncollected
added $552,323 "additional reserve for working capital" in
stock dividends unpaid at Dec. 31 1923
1921, $1,000,000 amounted to $2,400,000. (3) Suits and
in 1922 and $1,000,000 in 1923, bringing the total to
$3,000,000.
have been filed against the company, claims for approximately $725,000
but have not yet been aWudicated.
No liability in respect thereof or of the costs
y From this amount $1,000,000 is set aside as "addition
and claims a rising outof the
al reserve for ousting of directors in Oct. 1922,
Working capital" (sea note above).
is included in the above balance sheet.
-V.118. D. 1530.
1662
THE CHRONICLE
Diamond Match Company.
-Year Ended Dec. 31 1923.)
(Annual Report
INCOME ACCOUNT FOR YEARS ENDED DEC. 31.
1920.
1921.
1922.
1923.
$4,603,498 $4,332.715
Earnings,all sources__ _ $4,693,287 $4,732,787
280.331
309,345
357,058
277,890
State and city taxes_ __ _
627,898
524,762
557,983
683,739
Repairs and renewals-__
568,971
1,228,614
1,174,391
Deproc. & amortization_ 1,101.534
111,260
200,000
Insurance reserve
132,433
empl'ees
Distribution to
57,500
450,000
447,199
320,620
Bond interest
68.280
159.367
85,419
57.183
Other interest
450,000
260,000
300,000
350,000
Res. for Federal taxes
1.357,208 1,357,208
1.357,208
1,357.208
Dividends paid (8%)
$790,093
$314,201
$342,269
$345,112
Balance, surplus
BALANCE SHEET DEC. 31.
1922.
1923.
1922.
1923.
$
$
$
Assets16,965,100 16,965,100
stock
Plants,realest.,etc.:6,889,560 10,898,109 Capital
5,735,200
15-yr. 714% debsCalif. & other lane
15.000
7,500
lands.stpga.,&cy4,619,046 • 5,125,140 Notes payable..-- 376,258
390,811
For.& dom.Inv- 4,175,181 2,461,110 Accounts payable- 761,983
586,995
Accr. taxes (est.)Patents, rights.
48.704
42.818
1 Accrued pay-rolls_
1
tr.-marks. &c__
71,690
z7:517,659 8,954,234 Accr. deb. interest
Inventory
928,659
65,026 Parch. mon.oblig. 765,861
Notes receivable... 214,188
exAccts.rec.(less res.) 1,892,607 2,283,775 Adv. against
888.557
port shipments. 843,957
1,095,327
Bankers' accept_ 166,356
34,501
500,000 Other accts. pay.
U.S.ctf.of indebt.
2,611,156 4,375,365
800,000 Reserves
deposit.-Otis. of
4,057,462 3,712,350
1,446,252 Surplus
1,009.807
Cash
255.814
148,547
Deferred e.harges
26,466,597 33,884,788
26.466.597 33.884,788 Taal
Total
&c.. $10,326,326, less reserve for depreciation,
x Plants, real estate.
plants, &c.,
$3,436,766. y Includes California pine lands, stumpage. Western pine
other
(after deducting $96,005 for depreciation), $2,114.432; and Southern tim$2.299,114: New England
lands, stumpage, plants, &c..
lumber and
ber lands and stumpage, $205,500. z Matches, $1,176,823: 118, p. 1525
.-V.
logs. 84,384.323, and materials and supplies, $1,956,514
Tide Water Oil Company.
-Year Ended Dec. 31 1923.)
Annual Report
(35th
Chairman R. D. Benson, March 12, reports in brief:
the company
The management has endeavored to better and strengthen the balance
and
in every way and the results show considerable progress
sound financial condition.
sheet reflects a
heretofore. We
Operations during the year were larger than at any time has resulted in
have increased the scope of the producing companies which production.
of wells and in the daily average
an increase in the number
advantageous
The pipe lines operated at substantially full capacity, and anrequired addipurchase of California crude oil kept our tank fleet busy and
oil run at the refineries showed an
tional charters. The amount of crude
had, up to that time,
increase of about 20% over the previous year. which lower cost per barrel.
been our largest year, and this crude was refined at a company's branded
of the
The increases during the year in the sale
over the sales
products. Tydol gasoline and Veedol motor oils and greases,.
of these products in 1922. were 34% and 52%. respectively
of petroleum products
While there was a greatly increased consumptionproduction of crude oil
during 1923 there was a yet greater increase in the
profit. Notwithstanding this,the
which resulted in very narrow margins ofthe physical condition of the commanagement has been able to improve and, after the declaration of a 1%
bank loan
pany's prowties, pay off its
certificates over
dividend Dec. 31 1923, retained in cash and Government
$4,000.000.
n of petroleum products will.
Present conditions indicate that consumptiowhich should result in more
during 1924, exceed production of crude oil and,in the benefits of which
whole
favorable conditions for the industry as aa position to fully participate.
changed conditions, your company is in
in V.
The usual comparative income account was given
118, p. 1281.
CONSOLIDATED GENERAL BALANCE SHEET DEC. 31.
1922.
1923.
1922.
1923.
$
LiatrUittes-$
$
AssetsTide Water Oil Co.
Refining prop. and
49,996,800 49,673,500
18,620,745 17,549,510 Stock
equipment
19,172,142 17,320,881
11,097,515 10,963,875 Surplus
Pipe lines
int. in subs.:
Oil producing prop.29,172,895 26,879,363 Mln.
729,900
729,900
Stock
prop,and
GA/301We
9,180
def99,858
equipment_ _ _ _ 9,256,514 8,451,693 Surplus
014% 10-year bds_12,000,000 12.000,000
Railroad and light1,500,000
properties. 2,183,256 1,736,097 Bank loans
erage
452,405
Notes payable_ _ - _ 294,521
Marketing prop.&
5.646,369 4,850,499 Accounts payable:
equipment
2,427,502 1,986,957
1.472,543 Trade
Timber properties_ 1,516,941
519,665
Wages misc.... 1,212,755
Tank steamships__ 4,336,024 4,335,252 Due cos.&
affiliated
566.686
not consolidated 181,939
81,830,280 78.238.832
28,065
41,028
Accrued taxes_ _ _ Lessdepree.& dep1.22.225,824 17.727,645 Payments on capi616,993
59,604,435 58,511,187 tal stock subset_ 337,052 1,153,979
Total
1,305,046
951.110
Otherinvestments. 963.410 6,851,208 Deferred liabilitle,s 3.726,858 3,696,976
Inv. In MM. cos- 6,824,694 1,701,265 Res'ves for conting
1,359,568
Cash
2,148
U.S.Govt.se•curs. 2,801,016
Awls & notes rec. 4,743.891 5,161,264
_11,890,617 12,391,965
Crude oll & prod.
1,413,614
Material & supp_ _ 1,579,070 1,457,112
54,160
Duefrom MM.oos.
side)_ .91,325,686 90,255,178
Deferred items._ _ 1,504.826 1.814.305 Total(each
-V. 118. p. 1281.
United Railways Co. of St. Louis.
(24th Annual Report-Year Ended Dec. 311923.)
The report of Rolla Wells, receiver, St. Louis, Feb. 28,
says in substance:
to $50.1923
118.
Sept. 28 1923 the Court approved a proposal submitted through the receiver for the purchase of $4,200,000 of receiver's certificates, for the purpose of using the proceeds thereof to take up and cancel the $4,200,000 outstanding receiver's certificates maturing Oct. 1 1923.
Sept. 29 1923 the Court rejected a proposal submitted through the receiver for the extension of the time of payment of the 31640,000 Cass Ave.
& Fair Grounds Ry. bonds, the $986,000 Compton Heights Union Depot
& Merchants' Terminal RR. bonds and the $1,474,000 Lindell Ry. bonds.
all maturing Oct. 1 1923.
No bids were received for extension of the time of payment of the Consolidated bonds of the St. Louis& Suburban By.,maturing Oct. 11923.amounting to $2,000,000, and the General bonds of the St. Louis St Suburban,
amounting to $4,500,000, overdue since April 1 1923.
Jan. 2 1924 the Court Issued its order denying the application of the recolver.filed Dec.19 1923,for authority to sell receiver's certificates amounting to $4,100,000, to retire the Compton Heights, Cass Avenue & Fair
Grounds, and Lindell By. Co. bonds.
Since the default in the payment of these bonds, foreclosure proceedings
have been filed as follows:
(1) Oct. 13 1923, by the Northern Trust Co., trustee under the Cass
Avenue & Fair Grounds By. Mtge.
(2) Nov. 11923, by the Mississippi Valley Trust Co.,trustee under the
St. Louis & Suburban Ry. General Mtge.
(3) Jan. 4 1924, by the Bankers' Trust Co., trustee under the Lindel
By. Co. Mtge.
(4) Jan. 10 1924, by the St. Louis Union Trust Co., trustee under the
United Railways Co. General 4% Mtge.
The interest on all bonds in default has been set up on the books of the
company at the rates that the several issues bore at the date of their maturity.
-Amount set up during 1923 was $1,860,813. The amount paid
Taxes.
during 1923 was $1,856,076. Portion accruing to city and schools,$1,522.940,or 82.05%.
In addition to the above direct taxes, United Railways expended $426,235
for street paving and furnished free transportation for the police and firemen of St. Louis.
The total taxes and street paving costs for the year 1923 amounted to
$2.287.048 09, or 0.781 cents per revenue passenger.
-Capital expenditures made during the year were
Capital Expenditures.
as follows: Way and structures, $659,213: equipment. $681,831: power,
$1,354.506.
$166,695:total, $1,507,739. Net addition during the year wasend of 1923
Rolling Stock.-Tho number of passenger cars owned at the cars. This
of which 1,435 were motor cars and 179 trailer
was 1,614,
compared with 1,579 at the end of 1922 and 1.537 at the end of 1921.
-New agreements as to wages and working conditions
Wage Agreements.
with
wore made with the motormen and conductors as of Aug. 1 1923, and from
other groups and crafts of employees, effective as of various dates older
the
1 to Aug. 1 1923. These adjustments, while, except for meant an
July
motormen and conductors, on a lower basis than those of 1920,
Increase in expense over the adjustments of 1921-1922 of approximately
.
$300,000 per year. These adjustments were made after long negotiations
In an amicable manner, the only exception being with the group of "Elecwho left on a strike on July 17 and returned to work on
trical Workers,"
July 25 without any agreement as to wages, and a new agreement was negotiated thereafter.
-On June 4 1923, after more than four years of work on the
Valuation.
valuation of the property in charge of the receiver, the Missouri P. S. Comhanded down its decision and order,fixing as of Jan. 1 1919 the value
mission
of the property of the company (including property of Florissant Construcof Missouri
tion, Real Estate & Investment Co.) at $52,838,110: and that additions to
Electric RR.at $781,949. Since Jan. 11919. however, capital
the property of the company (including the Florissant company) have been
made in amount of $4,039,054, and to the property of Missouri Electric
RR. of $157,502.
In rendering its decision and order the Commission stated as to fares on
the lines of United Railways Co. "that no reduction in fares would be justified until operating conditions shall have improved by either increased revthe Missouri
enues or decreased operating expenses": and as to fares on is less than a
Electric RR.,"although this [i. e., the return for year 19221 traffic will
high as the
reasonable return, it appears that the rates are asthe termini of the Misbear. There is a good concrete highway between
souri Electric RR. The heavy use of automobiles on this excellent highway
makes it practically impossible to make a rate which will pay a reasonable
return on the fair present value of the property of the Missouri Electric RR.
A motion of counsel for the receiver for a rehearing in the valuation case
as was a
was overruled by the Missouri P. S. Commission on July 27 1923, of St
similar motion filed by counsel for the City of St. Louis. The City
then sued out a writ of review from the Circuit Court of Cole County
Louis
upon
for the purpose of having the valuation fixed by the Commission passedout a
sued
by the Court. For the same purpose, counsel for the receiver Both these
from the Circuit Court of the City of St. Louis.
writ of review
[but see
petitions are still pending before the courts, where they were filed
V. 118, p. 1393.-Ed.1.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1920.
1921.
1922.
1923.
Revenue passengers_ _ _ -292,671,781 286,076,475 282,447,190 287,405,837
passengers.._ _ _155,343,193 152.261,868 150,562,354 154,464,735
Transfer
448.014,974 438,338,343 433,009,544 441,870,572
Total passengers
Percentage of rev, pass.
53.74
53.31
53.22
53.08
using transfers
Aver, fare per pass. (in4.55c.
4.49c.
4.49c.
4.50e.
cluding transfers)___ _
7.00c.
6.89c.
6.89c.
6.89c.
Av.fare per rev. pass__ _
45.652,714 44,229,300 44,229.210 45.291,525
Passenger car miles
6.35
6.39
6.47
6.41
Rev.pass. per car mile
9.76
9.79
9.91
9.81
Total pass. per car mile_
CONDENSED INCOME ACCOUNT FOR CALENDAR YEARS.
1921.
1920.
1922.
1923.
Rev,from transporta'n320,220,765 $19,740,118 $19,498,946 $20,154,834
159,605
112,896
223,438
232,680
other ry.oper.
Rev,from
Gross open revenue_ _$20,453,445 $19,963,556 $19,658,551 $20,267,730
°per.exps.(incl. depr.)_ 15,123,183 14,895,508 15.093,218 15,274,807
Surplus over op.exp_ - $5,330,262 $5,068,047 $4,565,333 $4,992,923
1,832,603 1,845,723 1,675.697 1,437,336
Taxes
Income from oper_ _ _ _ $3,497.659 $3,222,325 $2,889,635 $3,555,586
145,856
216,350
202,831
225.701
Inc. from other sources..
Gress inc. (less oper.
$3.723,360 $3,425,155 $3,105,985 $3,701,443
exps. & taxes)
Deductions from income 2,913,615 2,912,063 2,802.940 2,618,014
$303.045 $1,083,428
$513,092
$809,745
Surplus
amounted
BALANCE SHEET DEC. 31.
-The total outstanding Dec. 31
Debt.
Funded
1922,
6% receiver's certifi1923.
1922.
1923.
690,000. There were also outstanding $4,200,000
$
$
8
Assetscates. Series "B," due Oct. 1 1926.
1923 bonds and receiver's oertificates:aggregating $14,- Road & equip.-105,315,839 103,961,333 Prof. shs. issued 16,383,000 16,383,000
During the year
Com,slut. issued 24,913,000 24.913,000
800,000 (par value) matured. par value $4,500,000, matured on April 1 Investments in
affiliated cos_ 1,001,583 1,001,583 Funded debt_ . _ 50,690,000 50.690,000
The Suburban General bonds,
510.300,000, matured on U.S.Governm't
Rec. certificates 4,200.000 4,200,000
1923 and the following obligations, aggregating
679,969
Compton
obligations- -- 5,341,150 4,168,400 Aud.vouch.,&c. 788,533
Oct. 1 1923: Receiver's Series "A" certificates. $4.200.000:
630,650
Depot & Merchants' Terminal RR. Co. 1st Mtge. bonds Material&supp. 1,240,141 1,057,692 Coupons dueHeights Union
Oct. 11923). $986.000: Cass Deposit for inmat.
Bonds,&c.,
(extended for 3 months from July 1 1923 to $1.640.000; Lindell Ry. Co.
73,948
57,730
not presented
terest on bds.
Ave.& Fair Grounds Ry.Co.1st Mtge.bonds,
142,795
135.722
& Suburban By. Co. Consol. 1st
16,625 Outst'g tickets_
in escrow..
1st Mtge. bonds, $1,474,000; St. Louis
101,044
174,006
241,228 Miscellaneous..
102,592
Mtge. leonds. $2,000,000. was authorized, subject to further approval of Cash
483,371
475,245
703,763 Accrued taxes_ _
56,557
Cash for coup.&c
Sept. 10 1923 the receiver
Employees' Lib.
receiver's certificates, the proceeds of the Notes,accounts.
the Court: (1) To issue and sell
$4,200,000 of receiver's
2.906
2,820
Loan subscrip.
291,571
152,307
receivle.
to be used for the purpose of paying theand, to either issue and
&c..
sale thereof
1 1923:
Employees' 0th.
certificates outstanding and maturing Oct. the sale thereof to be used for Def. charges and
23,207
21,985
deposits
150,235
257,124
unadi. debits_
receiver's certificates, the proceeds of
sell
By. Co., amounting to Other assets.. _ _
909,117
34,928 Accrued interest 1,782,700
26,053
ying the bonds of the Cass Ave. & Fair Grounds
& Merchants' Terminal RR., Special deposit.
2,756 Dep. reserve._ _ 5,255,466 4,544,486
2,756
.640,000: Compton Heights Union Depot
24,935 Mill tax (city).. _ 2,396,322 2,396,322
$986,000: Lindell Ry. Co., amounting to $1,474,000, all ma- Working funds_
24,610
amounting to
MP Other reserves... 2,093,545 2,118,462
1923. or procure the extension of the time of payment of the Agents and conturing Oct. 1 mentioned.
71,532 Prof. at loss Bur_ 4,275,574 3,377.774
68,395
ductors' acc'ts
bonds above
extension of the time of payment of the Consolidated
(2) To procure the & Suburban By.. maturing Oct. 11923, amounting
113.589,107 111,726,531
Total
113.889,104 111.726,591
Total
of the St. Louis General bonds of the St. Louis & Suburban By.,
bonds
-V.118. p. 152141393, 1269
to $2.000.000 and the
amounting to $4,500.000
which matured April 11923,
V
APR. 5 1924.]
THE CHRONICLE
1663
Telegraphers on Pennsylvania RR. WW Ask Wage Increase of 12 Cents per
Hour.
-Will affect 7.500 men, if granted. Another demand is for two days
off each month with pay. "The Sun" March 28, p. 38.
Reported That Long Island RR, ap Raise Fares
-Proceeds Exclusively for
Elimination of Grade Crossings.
-"New York Times" March 31. p. 3.
Long Island Budget for Improvements Provides for 138 Specific Changes.
Both the orders received and snipments made, not only by the parent Electrification of road between Jamaica and Babylon, freight yard extencompany but by all its subsidiaries, during the year 1923 exceeded that of sions and improvements, new stations, new equipment, elimination of grade
crossings, improvements in shop facilities, &c. "New York Times"
any previous year in the company's history. At the close of the year 1922
our volume of incoming orders had, after a very unsatisfactory year in 1921, April 4. p. 21.
Wage Adjustnients.-Lehigh Valley RR.granted conductors and trainmen
returned to what we considered a normal business. Entering the current 5%
wage increase, similar to New York Central agreement. "Philadelphia
year with approximately the same volume of unfilled orders on our books as
at the beginning of 1923, and encouraged by the present outlook, we have News Bureau" April 1.
Negotiations between management and employees of N. Y. N. H. &
reason to anticipate a satisfactory business during 1924.
The business of the past year has taxed beyond capacity our manufac- Hartford RR. were temporarily discontinued. Wall St. Journal" April 2.
Buffalo Rochester & Pittsburgh Ry. refused to grant trainmen increases
turing facilities at the parent company's plant at Wilmerding. Pa., as well similar
to New York Central's 5% agreement. "Daily Financial America"
as at the plants of some of the subsidiaries. The directors have authorized
extensions and improvements necessary to provide for future requirements April 5. Rys.
United
and have made liberal appropriations tnerefor. Our inventory, while brotherhood, of Havana offer 10% increase to committee from railroad
which had demanded increases up to 40%. "Daily Financial
satisfactory a.s to classification of materials, is not ample to provide for the America"
April 4.
volume of business which we anticipate receiving during the current year,
General Revision of Freight Rates as Recommended in President Coolidge's
and some additional investment will have to be made along this line. The Annual
Message Is Opposed bp Commissioner Each of I.-S. C. C. on Grounds
llquid resources now on hand are ample to provide for these expenditures.
Reserves for Federal and other taxes, fluctuations in inventory values that Such Changes Would Cause Disruption of Business Condition-s. There
Being at Present No "Sound Ground and Necessity" for them. "New York
and other contingencies are sufficient to take care of any emergencY.
The Canadian company continues to do a good business. The foreign Times" April 4. p. 30.
New York and
companies having factories in England, France, Germany, Italy, Russia and Imports for Boston Interests Oppose Granting Special Rail Rates to Exports
Carriage on American Ships. "N. Y Times" April 4, p. 21.
.
and Australia, reflect the conditions prevailing in these countries, which
Authorized Statistics.
-The Car Service Division of the American Railway
are not satisfactory.
Association reports the following:
Freight Car Repair.
-Class I railroads on March 15 had 165.914 freight
The usual comparative income account was published in cars in need of repair,
or 7.3% of the cars on line, a reduction of 2,868 cars
V. 118, p. 1413.
compared with the number in need of such repair on March 1, at which
time there were 168,782, or 7.5%. Of the total number. 44.534. or 1.9%.
CONSOLIDATED BALANCE SHEET DEC. 31.
were in need of light repair, a decrease of 4,743 compared with the number
in need of such repair on March 1. Reports also showed 121,380 freight
1922.
1922.
1923.
1923.
cars, or 5.4%, in need of heavy repair, an increase, however, of 1,875 over
AssetsLiabilities
$
Factories,owned &
39,358,884 25.150.190 the number in need of such repair on March 1.
Capital stock
Surplus Cars.
oper., less depr_10,351,873 9,965.404 Accounts payable- 2,254.804 1,720,366
-Surplus freight cars in good repair and immediately availReal estate
2.307,668 2,161,341 Taxes,&c.,accr'd_ 217.968
136.778 able for service on March 2 totaled 213.093, an increase of 38,091 cars
Pats.I good-will. 4.874,952 4,942,649 Res. for Fed. taxes 2.098,166 1.589.644 over the total number on March 14, at which time there were 175.002. Of
Cash
8,486.745 4,908,031 Divs. pay. Jan. 31 1.180,338 1,020,366 the total number on March 22. reports showed 115.361 surplus coal cars
in good repair, an increase within a week of 26,882, while there also were
Aec'ts & bills rec 9,399,606 9,532,942 Cap. stk. of sub.
U.S.Govt. secur. 5.908,325 2.505,118
cos. not owned_
5,358 69.747 surplus box cars, an increase of 10.262 within the same period.
3,908
Inventories •
10,624,813 10.756.678 Sundry reserves..x4,303.996 4,112.537 Surplus stock cars totaled 16.025, an increase of 275 compared with the
Inv. In other cos 7,473.388 7,894,536 Surplus
10.360,865 15,183,984 number on March 14. while there also were 7.262 surplus refrigerator cars.
an Increase of 220 within the same period.
Deferred charges__ 351.558
252,523
Car Shortage.
-The total car shortage reported on March 22 was only
Total •
59,778,929 52,919,223
Total
59.778,929 52.919,223 361 for the country as a whole, comapred with 604 on March 14.
Matters Covered in "Chronicle" March 29.-(a) Loading of revenue freight
Including amounts held against patent and good-will account.
-V.118. continues heavy. p. 1468.
(b) Brotherhood of Locomotive Engineers Co-operative National Bank
P. 1413.
participates in offering of International Great Northern RR.bonds, p. 1478.
Westinghouse Air Brake Company.
Dec. 311923.)
The report of the company and its subsidiaries for the year
ended Dec. 31 1923 says in part:
(Annual Report
-Year Ended
The American Gas Co., Philadelphia.
Year Ended Dec. 31 1923.)
President Morris W.Stroud, March 1, wrote in substance:
(Annual Report
American Electric Power Company.
-Tenders.
-
The Pennsylvania Co. for Insurances on Lives, &c., will until April 12
receive bids for the sale to it of 5
-Year 8% Gold notes dated Oct. 1 1920 to
an amount sufficient to exhaust $428.352 at a price not exceeding 101 and
interest.
-v 118, p. 1259, 905.
.
There has been spent by the subsidiary companies for maintenance or
credited to retirement reserve (sometimes called depreciation account)
Ann Arbor RR.
-New Interests Acquire Control.
$1.601,560, or over 15y4% of the gross revenue received by them. This
The New York "Times" April 1 says: 'Steady acquisition of the
Is an increase of $509.374 over the amount so charged in 1922.
Earnings show an increase in operating revenue of the subsidiary com- Common stock by Jules S. Bache and interests he represents has placed
panies of $1,307,350, which is largely the result of the extensions and them in control or the property, it was learned March 31. It was pointed
out that. while Mr. Bache is now the largest stockholder, still he does not
improvements added during the past year or two.
During the year the electric consumers increased 26.1%, electric k.w.h. control the physical property in person. Several other interests owning
sold increased 32.3%, gas consumers increased 7.2% and gas sold In- substantial blocks of the stock are connected with him in control
-V.118.
p. 1266, 549.
creased 8.8%.
The campaign to sell Preferred stock by the employees of the Burlington
Ashland Coal & Iron RR.
Light & Power Co., Luzerne County Gas & Electric Co.and the Philadelphia
-New Control.
See American Rolling Mill Co.under "Industrials" below.
Suburoan Gas & Alectric Co. under the customer ownership plan were
-V.115.P.152
successfully continued during the year, with the result that there has been
Atchison Topeka & Santa Fe Ry.-New Comptroller:
sold to Dec. 31 1923, a total of 28,587 shares to 3.621 subscribers, being
L. C. Deming has been appointed Comptroller
an increase during the year of 10,938 shares and 1,387 subscribers. These
in charge of the New
campaigns will be continued, as a wide distribution of Preferred stocu among York office to succeed the late D. L. Dallup, J. W. MacLachlan has
our customers tends to strengthen the position of the respective companies been appointed Assistant Secretary to succeed Mr. Deming.
-V. 118.
p. 1266. 1134.
in the communities they serve.
The Waukesha Gas & Electric Co. was sold to the Wisconsin Gas &
Baltimore & Ohio RR.
Electric Co. on satisfactory terms.
-To Pay Bonds.
The $3,000,000 6% Coll. Trust Bonds, due April 1, are being paid off
During the year the Bucks County Electric Co. and the East Pennsylvania Gas & Electric Co. supplying electricity in the district north of at office of the company, 2 Wall St. New York. [In connection with
this payment the company has been authorized by the I. S. C. ComPhiladelphia as far as New Hope, and gas in Bristol, were purchased and
'
merged with the Philathiphia Suburban Gas & Electric Co. on the north mission to issue a like amount of 6% Ref. Mtge. bonds. .The company has about $130,000,000 obligations maturing within the next 13
to the Delaware River.
The unusual amount of notes payable shown on the balance sheet was months and according to reports arrangements for this financing have
incurred in the purchase of these properties and extensions and improve- been practically completed. Instead of offering a single large issue it is
ments made necessary by the growth of the business in the territory supplied stated that a number of relatively small issues will be offered from time
by the various companies. These notes have been or will very shortly be to timel.-V. 118,0. 1391, 793,662.
paid off by the proceeds of the sale of the 1st & Consol. Mtge. Gold bonds
of'the Philadelphia Suburban Gas & Electric CO., and the more recent
Birmingham (Ala.) Electric Co.
-Acquires Prop., &c.
Issue of $2,500,000 American Gas Co. 10
See Birmingham Ry. Light & Power Co.
-Year 7% Sinking Fund Secured
Gold bonds.
.During the year there was expended on company's properties a total of
Birmingham Ry. Light & Power Co.
-Sale, &c.
The properties of the company were sold at receivers' sale on March 31
$4,363,067 for enlargements and extensions necessary to provide for the
growing demands of the various communities.
and bought in for $18,500,000, L. B. Hatch, representing the National
Power & Light Co. No bidder appeared for the properties of the Tidewater
The usual comparative income account was given in company and the sale of these properties has been postponed to April 14.
A now company, the Birmingham Electric
V. 118, p. 1271.
organized to take
over the property of the new company. It Co., will be
issue
is
COMBINED BALANCE SHEET DEC. 31 (INCL. SUBSIDIARY COS.). of about $8,000,000 will shortly be floated in reported that a bond
behalf of the new company.
A statement issued by President Abel of the National Power & Light Co.
1922.
1923.
1923.
1922.
says in part:
AssetsLiabilities$
"The National Power & Light Co.,some two or more years ago, acquired
Plant, impt., &e..
Cap.stk., A.G.Co 7,804,100 7,804,100
Investment
59,444,954 49,735,095 Pref. stock (sub.)- 6,159,810 1,557,610 the Capital stock and some of the debt of the Birmingham Ry. Light &
Power Co.,formerly owned by American Cities Co. Since such acquisition
Cash
1,569,945 1,374,844 Subscr'ns to Pref.
plans
Accts.receivable_ _ 1,209,124
981,759
(subsidiary)- -19,868
34,055 of thehave been actively considered for a sound permanent reorganization
Notes receivable
properties. As a step in this reorganization. L. B. Hatch bought
440.401
26,617 Bonds outstanding
Int.& dive.reedy. 146.357
(A. G. Co.)-- 6,139,000 6,139.000 the properties at foreclosure sale and later will vest such operating properties
.332
Stock & bond Inv_ 3,287.195 3,730.455
do Sub. cos_ _ _28,845,300 27,360,800 in Birmingham Electric Co. of Alabama.
"More than
Sundry lavestmls
71,711
140,917 Real estate mtge...
empany will be paid off in
10.000 full. Among $10,000,000 of debts of the 011,
Materials & suppl- 1,966,070 1,260.620 Accts. payable-- 1.085.803
the debts so to be paid will • he $781.000 1st Mtge. 5%
821.330
42,868
Prepaid accounts16,996 Notes payable.-- 4,197,834 1.126,061 bonds of Birmingham Ry. & Electric Co. which fall due on July 1 next.
It is expected that arrangements will be made so that the holders of these
Sinking funds_ 47,749
39,226 Consumers' dep.
can
28,565
Special deposits__ 12,796
accounts
606,918
480,259 bonds line get principal and accrued interest at any time on surrender.
"In
Escrow account__ _ 643,000
Accrued taxes-- _ 335,962
342,466 par value with modern practice Birmingham Electric Co. will have nonstock, both Preferred and Common. No change is contemplated
884,335 Accr. int., rentals.
Miscell. accounts- 688,247
in the present executive management of Birmingham Electric Co. The
&c
713,320
686,647 temporary
board of directors of Birmingham Electric Co. will continue to
Divs.on Pt.stock28,563
16,910 function
for
Sundries
52,081
41.847 of directors the time being, but it is expected that the permanent board
will be composed,for the most part,of residents of Birmingham.
East Pa. Gas & El.
"A new modern serial mortgage will be created and bonds will be issued
Co. notes & Ms- 450,000
to pay a part of the debts of the old company. Between 24,000,000 and
Contributions for
extensions
156,386
75,461 $5.000.000 of the present company's so-called senior securities will be
shifted into Common stock as a result of the reorganization."
Miscell. reserves
-V. 118.
89,949
25,020 p. 1519.
1266,
Capital stock,sub.,
all owned
9.534,700 9,530.700
Birmingham-Tidewater Ry.-Sale Postponed.
Contingent reserve 453,749
269,409
No bidder appearing at the receiver's sale scheduled for March 31.
Totanea.side).69,488,186 58,339,992 Surplus
2.811,841 2,018,315 the sale
has been further adjourned to April 14 at Birmingham (see also
-V. 118, p. 1271.
Birmingham Ry. Light & Power Co. above).
-V. 118, 13. 1266.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
lust past, together with a summary of the items of greatest
Interest which were published in full details in last week's
"Chronicle" eithr under "Editorial Comment" or "Current
Events and Discussions."
Boston & Maine RR.
-Management Opposes "Voting
Trust".
The directors have decided definitely to oppose the "voting trust" at
the annual meeting of the company's stockholders on April 9. The directors
have sent to the stockholders a notice to the effect that the management
will vote, with such proxies as it receives,for
of directors.
with the exception of two of its members,the present boardHudson and
Vice-Presidents
Hobbs, who have been serving temporarily on the board.
The directors which the "voting trust" will seek to oust from the board
are Henry B. Day, George R. Wallace and Henry E. Warner. These
three names are retained on the list which has been issued by the
management.
In Its latest notice to the stockholders the management announces that
it will cast its vote for "four additional directors selected from such men as
1664
[VoL. 118.
THE CHRONICLE
on
and dividends
are found available, with the one view of obtaining service of those who to attempt to convince Henry Ford to pay interestagitate particularly
stocks. It is said that they
will. In accordance with the policy of the present board, impartially seek to companys' bonds andof interest payments on thewill bonds, on which
5%
-V.118,P. 1519, 1391. for the resumption
conserve the interests of all classes ofstockholders."
-V. 118, p. 1135.
approximately 25% in cumulative interest is due.
-Bonds Authorized.
Buffalo Creek RR.
The I. S. 0. Commission on March 25 authorized the company to sell
$1,000,000 1st Ref. Mtge. 5% bonds at not less than 92.15% and int.
A supplemental report of the commission says In part:
The applicant informs us that it is able to sell the bonds Jointly to
J. P. Morgan & Co., First National Bank New York, and Drexel & Co. cf
Philadelphia, Pa., at 92.15 and int. On that basis the annual cost to
the applicant will be approximately 5.5%.-V. 118, p. 309.
-Conditions Proposed
Carolina Clinchfield & Ohio RR.
for Lease Opposed.
filed with
The Atlantfc Coast Line and the Louisville & Nashville have
the L-S. C. Commission a reply to the letter from Chairman Hall outlining
a number of tentative conditions suggested to be Imposed in case the
Commission approves the application of the two companies for authority
to lease the C. C.& 0. for 999 years. While no objection is made to some
of the conditions some of thorn are declared to be unfair and,in the opinion
of the two companies, Illegal and such as to prohibit the consummation of
,
the lease. One of these relates to the preservation of through routes and
another to the use of the road by competitors. The reply states that a
decision by the Commission which requires more of a carrier than Is required
by the policy of Congress. as declared in the statutes, in effect amounts to
-V.118, p. 1134.662.
legislation by the Commission and as such is invalid.
Central of Georgia Ry.-Bonds Authorized.
-S. C. Commission on March 21 authorized the company (1) to
The I.
procure authentication by the trustee and delivery to it of $214,000 Ref.
Sr Gen. Mtge. 6% bonds, series A: (2) to issue $5,000,000 Ref. Sr Gen.
Mtge. 534% bonds, series B. upon surrender for cancellation of a like
amount of series A bonds heretofore authenticated by the trustee and
delivered to the company; and (3) to sell 55,000,000 of said series B bonds
at not less than 94 and Int. See offering in V. 118, p. 1011. 1296, 1391.
Chesapeake & Ohio Ry.-Acguisition.-
-V. 118.
See American Rolling Mill Co. under "Industrials" below.
p. 1519.
-Earnings.
Chicago Aurora & Elgin RR.
x1922.
1923.
Calendar Years$2,252.996
52,502.325
Gross
448.451
566.960
Net after taxes
448.735
575.664
Total income
322.104
399,440
Surplus after charges
x First 6 months of 1922 represent operations of receiver of the Aurora
-V. 115. p. 1837.
Elgin & Chicago RR.
-Suit Dismissed.
Chicago Railways.
The suitfiled by holders of Participation certificates asking that dividends
has been dismissed by Judge Cliff° of the
be ordered paid on certificates
Cliffe held that
U. S. District Court at Chicago. In his opinion. Judge
"since the contractual obligations imposed by the plan of reorganization
-V. 117.
have not been violated. I must grant the motion to dismiss."
p.2211.
-Progress of Work.
Chicago Union Station Co.
-V. 118.
See Pennsylvania RR. under "Financial Reports' above.
1267. 793.
p•
---Earnings.
Eastern Wisconsin Electric Co.
1922.
1923.
Calendar Years51.959,140 $1.675,812
Gross income
1,330395 1.131,105
Total expenses
325.142
287,970
Interest on funded debt
97,746
90.532
Gen. int. and amort. of bond disc, and of property
94.033
106,465
Dividends on 7% Preferred stock
69.000
Dividends paid on Common stock
664,958
$37,607
Balance carried to surplus
In 1923 the company issued and sold $345.300 Preferred stock, 8450,009
Common stock. $2,048,000 1st Lien & Ref. Mtge. 6% gold bonds, Series
"A." and 81.182.000 1st Lien tic Ref. Mtge. 634% gold bonds. Series "IV'
-Year 7% gold
°
all of the proceeds of which were used to retire 51,200.000 3
notes due March 1 1923. $101,500 Sheboygan By. & Electric Co. Ref. &
Impt. gold coupon bonds due 1926, $133.500 1st Mtge. bonds of Fond du
Lac Street By. & Light Co. due 1924, 51.182,000 Eastern Wisconsin By.
& Light Co. 1st Mtgo. 5% bonds due Oct. 1 1923 and for the company's
-V. 117, p. 2542.
corporate purposes.
-Preliminary Statement of Earnings.
Erie RR.
A preliminary statement of earnings was published this week, which
we give below. Officials of the company stated that the official report
would not be made public until after the regular meeting April 8.
Income Account for Calendar Years.
1921.
Operating Revenues
-1922.
$73,207;913 $63,191,282 558.116,947
Merchandise
35,533.065 21,353,924 33,215.074
Coal
14,696,897 13,872,168 15,018,695
Passenger
770,467
754.005
716,513
Mail
1,543.185
2,407,424
2,817,483
Express
5.295,300 4,763,708
6,006,584
Miscellaneous
$132.978.455$106,874,103$113.428,076
Gross operating revenues
Operating Expenses, &c.
Maintenance of way & structures_ _ --814.307,589 512,699,504 $14.120,876
36,054,579 32,712,642 32,879,055
Maintenance of equipment
1,749,372
1,822,461
1,942,234
Traffic
51,319.167 48,582,289 52,781,594
Transportation
4.407,173 4,628,457
4.537,134
Miscellaneous
42.312
122.546
90,538
Transportation for Investment-Cr
2,821,468
3.911,587
4,369,193
By. tax accruals & uncoil. ry. rev_
Operating expenses, taxes, &c____5112,439.3385104,013,1105108,938,510
Railway operating income
$20,539,117 $2,860,993 $4.600.588
$2,218,704 32.216.082 $2,466,891
Equipment rents, &c
$644,911 $2,133,697
11,209,533 14,682,032
Net railway operating income
Other income
$18,320,413
4.791,317
Gross income
Interest, &c., charges
Appl. to sinking fund, &c
$23,111.730 $11.854.444 816,815.729
14,676,458 14.987,214 14,121,304
1,099,171
946,047
1.217,065
Surplus
-V. 118, p. 793.
$7.218.207 df$4,078,817
$1.595,254
Cleveland Southwestern & Columbus Ry.-Sale.-
-E.H.Rollins
-Bonds Sold.
Illinois Power&Light Corp.
& Sons, Harris, Forbes & Co., Halsey, Stuart & Co., Inc.,
Spencer Trask & Co., Marshall Field, Glore, Ward & Co.
- and Blyth, Witter & Co. have sold at 983' and int. to yield
-Out of Receivership.
Coney Island & Brooklyn RR.
of this road ended at midnight March 31. ana the about 6.10%, an additional issue of $5,000,000 30
The receivership
-Year 1st
company is now again numbered among the subsidiaries of the B. M. T•,
operating the DeKalb, Smith St. and Franklin Ave. lines. The ending & Ref. Mtge. Series "A" 6% Gold bonds. Dated April 2
was ordered by 1923, due April 1 1953 (see description in V. 116, p. 1532).
of the receivership as part of the B. R. T. reorganization,
after a hearing.
The property on March 14 last was purchased at a foreclosure sale by
interests representing the security holders for $4.605,000. Compare
reorganization plan In V. 114. p. 2578.-V. 118. p. 906.
Judge Mayer in the U. S. District Court. Manhattan,
All of the old B. R. T.subsidiaries, such as the Nassau and the Brooklyn
Queens County & Suburban are now out of receivership, with the exception
of the Brooklyn Heights. •
The last company, while not holding a large operating function in the
B. M.T.system,is the complaint in a 510,000.000 suit against the Brooklyn
City RR. for expenditures made on the Brooklyn City lines before MY
B. R. T. receivership.- V. 117. p. 552.
Data from Letter of Pres. Clement Studebaker Jr., dated March 28.
-A merger of an extensive group of old-established and sucCompany.
cessful public service enterprises. Directly owns and operates or controls
electric power and light, gas, heat and city railway properties in a large
number of the most populous and prosperous municipalities in Illinois.
Corporation also controls, through ownership of the entire capital stock.
Illinois Traction, Inc., which owns an extensive and profitable system of
trunk line electric railroads in Illinois. and other utilities, of which the
- most important are Des Moines & Central Iowa Electric Co. and Topeka
Light Co.-Pref. Stock Offered.
Consolidated Power &
Co.
Tucker, Anthony & Co., Spencer Trask & Co., Blyth, Witter Railway & Light the corporation includes service rendered to more than
The business of
& Co. and Stroud & Co., Inc., are offering at 933 and div., 300 municipalities. The electric power and light Properties, with an eleccompetition, over
to yield about 73'%, $1,000,000 7% Cum. Pref.(a.&d.) stk. tric generating capacity of 256,000 h. p., serve, without
190.788 customers. The gas properties, with a generating capacity of
day, serve, also without com(see advortfs'rg pages).
• over 18.500,000 cubic feet of artificial gas arailway systems have over 235
customers. The city
Data from Letter of Pres. Van Horn Ely, Huntington, W. Va., Mar, 26 petition. over 70.667principal portion of the electric trunk line railroad sysmiles of track. The
Company.-Throctly or through subsidiaries owns and operates, without tem, which has over 550 miles of main line track, connects the cities of
light and electric railway business in
competition, the electric power and
Peoria. Springfield, Bloomington, Danville, Urbana, Champaign and DecaHuntington, W. Va.. Roanoke and Lyncnburg. Va., and surrounding com- tur with St. Louis, which it enters over its steel toll bridge into its own termimunities, and in Ironton. 0. Ashland and Catlettsburg, Ky., and the nal in the heart of the city.
intermediate territory, as well SS the gas business in Lynchburg. The
Capitalization (Upon Completion of Present Financing).
present combined estimated population served is in excess of 220,000.
$35359.100
Consolidated Earnings of System Year Ended Dec. 311923.
Divisional bonds (closed for issuance to public)
$5.964.188 First & Ref. Mtge. Gold bonds (incl. this issue)
40,200.000
Total revenues
3,826.059 30
9,949,800
-Year 7% Sinking Fund Debenture Gold bonds
Operating expenses. taxes. &c
21,350,800
Present annual int, charges, sicg. fund and other prior deduct'ns 1,002,402 First Preferred stock, 7% cumulative
1,875,300
Participating Preferred stock. 6% cumulative
$1.135,727 Common stock (no par value)
400,000 shs.
Net income before dividends and depreciation
requirements of $2,650,0007% Pref. stk. (Incl. this iss.) 185,500
Ann. div.
Consolidated Statement of Earnings 12 Months ended Feb. 28.
Approximately 69% of total revenues and 74% of gross income of the
1924.
1923.
system for 1923 were derived from the electric light and power and gas
$25,456,090 $28.248,363
Gross earnings
business.
17,686,390 18.743,418
-Proceeds are to be used for additions and improvements which Operating expenses, maintenance and taxes
Purpose.
will further expand the revenue producing facilities of the system.
57.769.700 59,504.945
Net earnings
Outstanding Capitalization (including Bonds and Preferred Stock of Sub- Annual interest on total mortgage debt outstandsidiaries) upon Completion of This Financing.
4,312,305
ing (including this issue)
$8 039 500
1st Mtge. & RefundingLien
x6,310,000
$5,192,640
Bonds of subsidiary companies in hands of public
Balance
345.800
Subsidiary company 6% Preferred stock
About 70% of the net earnings are derived from electric power and light,
2.650.000
7% Cumulative Preferred stock (this issue)
100.000 alas. gas and miscellaneous sources. For over 20 years the principal companies
Common stock (no par value)
have steadily increased in earning power and have
Boyd County Electric Co., 5122.000 Ironton Electric Co., constituting this system preferred stocks without interruption.
x $308.000
on their
51.213,000 Lynchburg Traction & Light Co., $1,891000 Ohio Valley Elec- paid dividends
-Secured by direct mortgage or collateral lien on properties
Security
tric Ry.. 52.148.000 Roanoke Traction & Light Co. and $.628.000 Roanoke appraised at a value very substantially in excess of the total debt and are a
,
-V. 118, p. 1012, 906.
Ry. & Electric Co.
direct first mortgage, or lion free of prior encumbrance, on properties.
- including some of the most Important power and light properties of the
-Control.
Delaware, Susquehanna & Schuylkill RR.
net earnings considerably greater than the
-S. C. Commission on March 25 approved and authorized the system, which alone produce 1st &
The I.
Mtge. bonds. The deed of trust
the
acquisition of control of the road by lease and stock ownership by the annual interest charge onbonds mayRef. be issued under conservative reonly
RR. Since Nov. 1905 the Lehigh Valley has owned all provides that additional
Lehigh Valley
the Delaware Company, and strictions as recited in the accompanying letter.
the 51.500,000 outstanding capital stock of
Purpose.
-Proceeds of these additional 55.000.000 of bonds will be used
has operated its railroad as owner of the capital stock, and since Dec. 13. to reimburse the treasury for expenditures on account of additions, extenbonds outstanding. On
1920 as lessee. The Delaware Company has no the then
existing control sions and improvements which have been made or are to be made to the
Dec. 6 1920 the U. S. Supreme Court held that
-V. 118.
properties, and for the retirement of $440,000 underlying bonds.
of the Delaware Company, through stock ownership, violated the Sherman p. 664, 201.
be entered terminating
Federal anti-trust act and directed that a decree
control. The suit in which the decision was rendered was instituted
such
-Bonds Sold.
International Rys. of Central America.
before the passage of the transportation act. A final decree was entered
of
Valley was required
& Co. have sold at 71 and int., to yield
on Nov. 7. 1923, by which the LehighThe decree provided: to dispose
"It will not F. J. Lisman
Delaware Company.
the stock of the
1st Mtge. 5% Sinking Fund
to
Valley
not constitute a contempt of this decree for the Lehigh stock ofRR. to over 7.15%, $1,000,000
and
-S. C. Commission for leave to retain the
Gold bonds. This offering does not represent any increase
apply to the I.
Delaware, Susquehanna & Schuylkill RR. or to
lease the property of the
shall in the company's outstanding capitalization (see adv. pages).
provided
merge and consolidate that company: this court that this provision the
of any opinion as to
Dated May 1 1912, due May 1 1972. Denom. $1,0000. Interest
not be construed as the expression by -V. 118, p. 84.
s New
in teo York,
editep re
N. atllable ice
cNoin.Ca the ov anUrg. m at lfle4
payable
propriety of granting said application."
Comgo
M
-Minority Seeks Dividend pany pays.ld
& Ironton RR.
. ruand
2%. Authorized. i1,000.b0O
normal income tax of
Detroit Toledo
518: outstanding, 81.000,000 and £999.420.
d Interest.Company has agreed not to issue any further bonds or create further fixed
representing some 5100.000
anMinority stockholders, attend the annual meeting in par value stock charges unless the total fixed charges on the bonds outstanding and those
Detroit April 14
and bonds, it is said, will
Am. 51924.]
THE CHRONICLE
proposed to be issued at any given time, taken together, shall be covered at
least twice by the net earnings of the railways for the preceding 12 months.
Company is free of all taxes and all Government regulations except that its
maximum rates are fixed by charter. Most of the rates now charged by
the company are considerably below this maximum.
Security.
-A first lien on 458 miles of railroad and equipment, including
198 miles from the Atlantic to Guatemala City and the entire mileage of
157 miles from San Salvador City to La Union. on Fonseca Bay, on the
Pacific. Also a direct mortgage on 139 miles of railroad and equipment
from Guatemala City to San Jose and from Santa Maria to Mazatenango,
subject to prior liens.
Sinking Fund.
-Redeemable by a cumulative sinking fund of ;i% per
annum, commenced 1922, through purchase in the market below par, or
drawings at par if not so obtainable. This sinking fund will redeem all
bonds prior to maturity.
Gross
Earnings.
Gross
Int. & Sk. Pd. on
Cal. Years. Revenues.
Income.
All Mtge. Bonds.
Balance.
$2,998.372
1919
8965,158
$539,980
$425,178
3,798.007
1920
1,402.191
540.838
861.353
3,818,611
1921
1.286.120
536.133
749.987
4,036,801
1922
1,394,528
852,833
541,695
4,003,758
1923
1.720,446
1.145,557
574.889
Earnings for Jan.and Feb. 1924 show an increase in gross income of 21.5%
as compared with the corresponding months of 1923.
Company.
-Organized in 1004 in New Jersey. Operates and owns 597
miles of railroad and 58 miles of sidings in Guatemala and Salvador. and
forms the backbone of these countries, the important resources of which
are tributary to the railroad. The system comprises: (1) The inter-oceanic
system between Port Barrios, on the Atlantic, via Zacapa and Guatemala
City to San Jose, Ohamperico and Ocos on the Pacific. and to Ayutla on the
Mexican frontier. (2) The Salvador division, from La Union on the Gulf
of Fonseca to San Salvador, 157 miles, built at a cost of $4,800,000, entirely
out of earnings and subsidies.
Listing.
-Application for the listing of the bonds on the New York Stock
Exchange will be made in due course.
Capitalization Outstanding.
First Mortgage 5% 60-Year Gold bonds, 1972
f$1.000,000
1 £999,420
First Mtge.5% Central Division oonds. 1972
$2.261,000
Guatemala Central First Mtge. 6s, 1931
2.319,000
69' notes, due 1927
1,216,300
69 notes, due 1936
2,931,100
Common stock
30.000,000
59' Preferred stock
Directors.
-Minor O. Keith (Pres.), Henry M.Keith (Vice-Pros.). Henry
II. Hanson (2d V.-Pres. Sr Compt.), Edward S. Hyde (Sec. & Treas.).
Lionel Ilagenaers, Roy W. Henard, New York; Rene Keilhauer, San Salvador: Harry Irving Miller. New York; Bradley W. Palmer and Andrew
W. Preston, Boston.
-V. 118, p. 1520. 064.
1665
issue of new Pref. stock among the Pref. stockholders on a basis of one share
of new stock at par of $100. for each 5 shares of stock now held.
The directors, it is said, have expressed the belief that operating results
for this year will provide for dividend payments on the Prof.stock regularly.
beginning Dec. 1 1924.-V. 116, p. 2129.
Market Street Ry. Co.
-To Pay Off Bonds.
-
Notice is given that there have been deposited with the Wells Fargo
Bank & Union Trust Co., trustee, moneys sufficient to pay the 1st Consol.
Mtge. gold bonds maturing Sent. 1 1924 at par and int., and any holder
of these bonds upon surrender thereof for cancellation at any time prior to
Sept. 1 1924 at the office of the trustee in San Francisca. Calif., or at the
office of Ladenburg, Thalmann & Co., 25 Broad St.. N. Y. City, will be
paid the principal amount thereof to ether with accrued interest thereon
to the date of surrender. See also offering of $13,000,000 1st Mtge. 7%
Sinking Fund gold bonds in V. 118, p. 202.-V. 118. p. 1392.
Mexico North Western Railway.
-Present Status.
-
The bondholders committee informs the holders of the 601 15-Year Prior
,
Lien bonds, the 5% 50-Year 1st Mtge. bonds, and the 6% Ctunul. Convertible Income bonds, that in response to the committee's circular issued in
August 1923 (V. 117. p. 1555) 80.74% of the Prior Lien bonds,68% of the
1st Mtge. bonds and 67.09% of the Cumul. Convertible Income bonds
have been deposited with the committee, and they had hoped before now to
submit a scheme of reorganization.
Towards the end of last year. however, a fresh revolutionary movement
developed in Mexico and it is impossible to predict when conditions will
again become sufficiently settled to justify the committee proceeding with a
reorganization.
The Mexican Government issued a notice last month of its intention
to annul a concession under which the company derives title to some of its
lumber lands in Chihuahua. The company's lawyers in Mexico have lodged
a protest and will take all possible action to preserve its rights.
Under the scheme of arrangement made in 1923 by the Government and
the international committee representing the holders of bonds of the Government of Mexico and of the national railways of the country. a tax of 10%
was imposed on the gross receipts of railways operating in Mexico in order
to meet the annual payments to be provided under the scheme. The bonds
of the Mexico North Western By., not being a Government security, do not
get the benefit of the proceeds of the tax, but on the other hand, as the
company operates in Mexico, it has been made subject to the 10% tax.
As a very large portion of its traffic is derived from its own lumber business, it has not the advantage which other railways have of passing the
entire burden on to third parties, with the result that the railway is being
operated at a loss. The Government is pressing for the payment of the tax,
and if not paid the company runs the risk of having the railway seized by the
Government and forfeited.
The receiver has recommended with the authority of the Canadian court
the raising of $500,000 on receiver's certificates, having priority over all the
bonds of the company. The sum to be applied as to $250.000 in paying the
Interborough Rapid Transit Co.
amount of the 109' tax already accrued and in clearing off current outstand-Earnings.
ing liabilities. and as to $250,000. the balance, in developing the manuNet Earnings of the Interborough Systm Under the Plan.
factured lumber business at the company's factory in El Paso.
Month of 8 Mos. end.
Unfortunately there can be no certainty that a further sum will not be
Feb. 1924. Feb. 29 '24. required later on. The committee
Total revenue
$4,785,359 $37.989,603 persuading any financial house to and the receiver have not succeeded in
find the $500,000 which
Operating expenses, taxes and rentals paid city
desires to raise. Certain holders of Prior Lien bonds state thatthe receiver
for the old subway
they would
3.224.930 25,991,639 be prepared to use every endeavor to
find the sum proposed, subject to:(1)
some adjustment being made in respect of
$1,560,429 $11,997,964 its application to the earnings of the railway the 10% tax, at least limiting
company
Maintenance in excess of contractual provisions_ _
$43,788 $1,585,550 other than that incidental to its own lumber business; derived from business
Interest on I. R. T. 1st Mtge. 5% bonds
and (2) the title of the
672,347
5,377.222 company to its lumber lands being definitely
confirmed.
Interest on Manhattan Ry. bonds
150,667
1,205,493
The committee has secured an extension of 30 days for the payment of the
Interest on I. R. T.7% Secured notes
187,578
1,496,098 amount of the tax accrued, but they are compelled
Interest on I. R. T. 0%_10
-Year notes
23,007
151,561 that unless the tax is paid, or some arrangement to advise the bondholders
Interest on Equipment Trusts
come to, the property in
7,000
47,320 Mexico is in danger of being seized by
Miscellaneous income deductions
42.792
383.303 invite the views of bondholders and will the Government. The committee
carefully consider any suggestions
they may have to make and if there should be a general desire, they will
Earns, without deducting sinking fund on the
call a meeting of bondholders for further discussion.
I. R. T. 1st Mtge. 5s which, under the plan,
-V.117. p. 1555.
does not become operative until July 1 1926. but
Milwaukee Electric Ry. & Light Co.
-Earnings.
which must be deducted from earnings of the
Calendar Years
system before arriving at the sum available for
1922.
Total operating revenues
822.206;801 $19,370,425
dividends on Manhattan stock
$433,230 $1,751,417 Total operating expenses
14,534,908
Dividend rental on 860,000,000 Manhattan stock
12.478,062
Depreciation
1,521,338
at 4% per annum
1.558,918
200,000
1,600,000 Taxes
1,567,092
1.326,869
Balance
$151,417
$233,230
Net operating revenues
$4,583.463
$4,006.575
Reconciliation with Report to Transit Commission.
Non-operating revenues
274.142
122,587
Net corp. inc. as reported to Transit Commission_
$290,460
$96,025
Maintenance in excess of contractual provisions_ _
Grass income
1.585,550
43,788
$4.857.605 $4.129.163
Deductions
$52,237 $1,295,090 Interest on funded debt
$2,243.235
$2.129.607
Deferred sinking fund (accrued but not paid) _ _ _ _
180,993
1.446,507 Interest on floating debt
Cr.119,132
Cr. 14,403
Bond discount and expense amortization
175.080
214.956
Equals above balance
8233,230
$151,417 Interest on depreciation reserve balances
383.932
334.095
Note.
-From the commencement of operations under Contract No. 3 Interest on other reserve balances
43.325
46,237
and the related certificate respectively, it has been the practice to include
Net income
in all reports of operating expenses 14% of the gross operating revenue
$2,131,164
$1,418,671
upon the Manhattan Division and 17% on the Sunway Division, to cover
Condensed Balance Sheet Dec. 31.
maintenance and depreciation. These are the percentages fixed for the
1923.
1922.
1923.
1922.
first year of operation in each case. Negotiations have been pending
Assets
Liabilities
between the company and the Commission ever since the end of the first Property & plant_74,557,699 68,712,953 Preferred stork. _ _11,865.650
8.504,800
Year to determine what, if any, changes in these percentages should be Treasury stocks
Common stock_ __11,250,000 11,250,000
made for subsequent years. Prior to the commencement of
and bonds
134,149
Funded debt
current
46.944,500 40,697.000
fiscal year the amount expended in excess of 14% upon the the
Manhattan Sundry investm'ts 1,078,935 1,063,431 Equipment trusts
872,000
was approximately offset ny the amount under 17% expended upon the Reserve. sinking &
Notes dr bills rec_
900,000
Subway Division. But during the current year there have been and will
spec,fund assets 225,857
Accounts payable_ 837,272
646,987
continue to be expenditures upon both divisions considerably in excess Cash
318,200
438,695 Matur.Int. on bds.
69,986
266,211
of the tentative percentages provided for the first year. Such excess Notes & bills rec._
52,880
19,629 Deposits
98,296
86,169
expenditures are largely the result of deferred maintenance in recent years. Accts.receivable 1,428,746 1,558,027 Inter-co. accounts
900.333 1,839,112
the changes in the value of the dollar and the uneconomical methods of Inter-co. accounts 4,353,216
920,930 Misc,current habil. 209,222
136,519
doing the work caused by delays on the part of the city to
furnish shops, Material & suPp
275,388
yards and other facilities required by the agreements with the city. the Prepaid accounts_ 3,311,080 2,882,787 Taxes accrued_ _ _ _ 469.008
13,471
12,571
.
477.982
expenditures for maintenance in excess of the amounts therefor. included Open accounts_ _ _ _ 758,823 1,175,702 U nmatur Int scar. 616.111
Dividends accrued
89,269
70,342
in "operating expenses, taxes and rental paid city
175,964 Misc.liab. accrued
for the old subway,' Work in progress_ _ 289,331
889
1,549
are shown hereinabove as"maintenance in excess of contractual provisions.'. Bond disc. & exp. 3,409,265 2,707,036
DepreciatIonres'vel 1.996.923 10,509,853
President Frank Hedley, in connection with the earnings Note disc. & exp_ 98,849 212,459
damag.ris've 459,168
459,169
Retirement funds_
1,290.185 Insurance reserve_ 832,526
803,495
statement, said:
Work orders
Or. 1,371 Pension reserve_
153,171
The company earned $52.237 for the month of Feb.
Sundry reservist
90,674
219,723
1924, but for the
8 months ending Fob.29 1924 the company was $1,295.089 short of sufficient
Customers'line exearnings to pay all its fixed obligations and operating expenses
tension donat'ns
96,643
80,040
for the
period -V. 118, p. 1267, 1133.
Open accounts_
961,084
811,885
Total (each side).90,030,502 81,168,998 Surplus
2,089,828 2,260,772
-V. 118, p. 664, 431, 85.
Interstate Public Service Co.
-To Pgy Bonds.
The $150,000 5% bonds of the New Albany Water Works Co., due
Minneapolis St. Paul 8c Sault Ste. Marie Ry.-Accepts
April 15 1924, will be paid off at office of United States Trust Co., Louisville, Ky.-V. 118, p. 1267.
Plan to Acquire Minority Stock of Wisconsin Central Ry.Announcement is made that the company ("Soo Line") has accepted
International-Great Northern RR.
-Proposed Cash the Wisconsin Central By. stock deposited as satisfactory to them, and
has declared the plan for the purchase of Wisconsin Central minority stock
Settlement of Pierce Oil Corp. Judgment.
operative; 95% of the stock of the Wisconsin Central By. was deposited
See Pierce Oil Corp. under "Industrials" below.
-V.118. p. 1520. 1135.
under the plan. The offer of the Minneapolis company to buy the
stock of the Wisconsin Central expired March 31. The avreementminority
Kansas City Northwestern Ry.-Sales, &c.
between
the minority holders of Common stock of the Wisconsin Central represented
See Missouri Pacific RR. below.
-V. 117, p. 2890.
by William J. WolLman, Chairman, and the "Soo Line" nrovided that
95% of the
stock
Kansas City Terminal Railway.
be
-Use of Terminals.
- although the outstanding Wisconsin Central taking must Toe deposited.
"Soo Line" had the option of
less.
-V. 118, p. 85.
Bee Missouri-Kansas-Texas RR. below.
made operative when 75,580 shares out of the 80,263 snares of plan was
minority
stock were deposited.
-Control of Road Approved.
Lehigh Valley RR.
The 1-9. C. Conunission on Mar. 19 authorized the company to issue
See Delaware, Susquehanna & Schuylkill RR. above.
-V. 118, p. 1520. not exceeding $3,471,375 of Coll. Trust notes
in connection with the pur664.
chase of 80,263 shares of stock of the Wisconsin Central By. The report
the
-Plans to Retire Pref. Dividends.- ofThe Commission says in part:
Maine Central RR.
applicant
President Morris McDonald announced that a plan by which past due owner of more represents that on or about April 1 1909 it became the
than
dividends on the $3,000.000 5% Cumul. Prof. stock would be paid in full and that at about one-half of the Common stock of the Central company
and disbursements on the Common stock resumed early next year, is to be substantially all the same date it secured control of and the right to vote
of the outstanding shares of the Preferred stock of that
placed before the stockholders at the annual meeting April 16. The plan
calls for the retirement of 6,000 shares of Common stock held in the treasury company. It is further represented that at that date the Central company
executed and delivered to the applicant a 99
-year lease of all
and the issuance of 6,000 shares of Pref. stock.
whereby the applicant acquired the exclusive right to manageits property,
and operate
No dividends have been paid on the Prof. stock since Sept. 1 1920. so the property.
there will be $800,000 due in accumulated dividends on Sept. 1 next. To
It is stated that in
pay these accumulated dividends it is proposed to distribute the proposed began to insist that 1916 the minority stockholders of the Central company
dividends be declared on the stock and the controver-
1666
THE CHRONICLE
-[VOL. 118.
ales growing out of these demands now threaten protracted and expensive
-To Authorize
Portland (Ore.) Ry. Light & Power Co.
litigation. In order, therefore, to remove the causes of dissatisfaction, the Additional Preferred Stock and Change
Name.
applicant has entered into an agreement with representatives of the minority
The stockholders were to vote yesterday (April 4) on authorizing an
the Central company, dated Jan. 17 1924. and a supplestockholders of
ment thereto dated Jan. 19 1924, whereby the applicant has agreed to pur- Issue of 87,500,000 6% 1st Pref. stock, and on changing its name to
Portland Electric Power Co.
-V.118. p. 795.
chase, and the minority stockholders to sell, the stock now held by them.
In payment for this stock the applicant is to issue and deliver to the miQuebec Ry., Light, Heat & Power
Ltd.-Report.nority stockholders its notes at the rate of $43 25 of notes for each $100 share
Year End.
Cal. Year
18Mos. to
Cal. Year Co.,
ofstock.
Period1923.
secured
1922.
Dec. 31 '21. June 30 '20.
The notes are to be issued under a collateral trust indenture and
$2,973,004 $2,858,606 $4,139,320 $2,372,034
by the pledge of the stock. They will be dated Mar. 1 1924, bear interest Gross earnings
1,769,563
2,100,731
3,104,840
2,010,814
at the rate of 5%% per annum, payable semi-annually, and mature Mar. 1 Operating expenses
1949. They are to be subject to retirement at the option of the applicant
Net
5602.471
$827,272
$847,792 81.034.480
on any interest date as an entirety or by lot at a premium of 2;4% and Extra earnings
repairs & expenses
123,621
accrued interest, and provision is also made for the retirement of fixed
amounts of notes annually, commencing with Mar. 1 1930. Notes are to Fixed charges, taxes and
deprec. of equipment_
647,174
700.398
932,772
761.690
be in denom. 0(81,000, $500 and $100. In order, therefore, that no fractional notes may be Issued, the apolicant has arranged to buy or sell fracBalance
ysur$3,251 ysur$86.100 sur$101.708 def$44.703
tions of notes sufficient to make UP $100 par value at the option of the stockholders at the rate of $92 48 in cash for each note of $100 par value. There
y Subject to income tax.
-V. 115, D. 1732.
will be no expenses in connection with the issue and exchange or sale of these
notes other than those connected with the trust. (See also Wisconsin CenRutland RR.
-To Extend Lease.
tral By. in V. 118. p. 1521.)-V. 118, p.431. 85.
The stockholders will vote April 15 on ratifying an agreement of lease
providing for the working of all traffic over the railroad of the Rutland &
-To Use Terminal.
RR.
Missouri-Kansas-Texas
Noyan Ry. Co. by this company for a period from the time of execution of
The 1.-S. C. Commission issued an order. effective April 1, and until the agreement of lease until Jan. 1 1941, upon substantially the same
further order, that the Kansas City Terminal By.. permit the Missouri
terminal terms and conditions set forth in the prior agreement between the com-Texas RR. to use the union passenger stations and other
Kansas
panies dated Aug. 21 1920.-V. 116, p. 2878.
facilities at Kansas City, Mo., upon the terms of an operating agreement
entered into on June 12 1909, and a supplemental agreement of Jan. 24
Rutland Ry., Light & Power Co.
-Tenders.
1910. In order that the Kansas City Terminal Ry. may be adequately
The Mechanics & Metals
-Texas RR. shall pay the receive bids for the sale to it ofNational Bank, trustee, will until April 7
secured as to compensation, the Missouri-Kansas
40-Year 5% First Mtge. bonds,dated March
further
compensation provided for in those agreements. The commission
11906. to an amount sufficient to exhaust $19,366 at a price not exceeding'
ordered that payments to be made by railroad company shall not be the 110 and Interest.
-V. 116, p. 2257.
final measure of the compensation ultimately to be paid for the period while
this emergency order is in effect, but the total compensation ultimately to
St. Louis-San Francisco Ry.-Bonds Offered.
-Lee,
be paid for such period shall be upon such terms as the carriers may agree Higginson & Co.,
Guaranty Co. of New York, Speyer &
upon or in the event of their disagreement as the commission may after
-V. 118. P. 1520. 1392.
hearing find to be just and reasonable.
Co. and J. & W. Seligman & Co. are offering at 92 and int.,
-Bonds Authorized.
Missouri Pacific RR.
The 1.-S. C. Commission on Mar. 25 authorized the company to issue
$700,000 1st & Ref. Mtge. 6% Gold bonds, Series D, for the purpose of
acquiring certain property. The report of the Commission says in part:
The applicant represents that it Is necessary for the proper performance
by it of service to the public that it acquire certain railway terminals, premises and property of the Kansas City Northwestern By., located in Wyandotte. Leavenworth and Nernaha counties, Kan. The properties to be
acquired are now and have been, since prior to the effective date of the
Transportation Act, operated by the applicant.
As part of the purchase price the applicant proposes to deliver to the
vendors at par $700,000 1st & Ref. Mtge.6% Gold bonds, Series D,dated
Feb. 1 1919, due Feb. 1 1949.-V. 118, P. 1135. 907.
-Resignations.
Montreal Tramways & Power Co., Ltd.
The resignation of President William C. Finley and Hon. J. M. Wilson,
George G. Foster and J. M. McIntyre as directors, was announced April 1.
-V. 118. p. 1012. 551.
New Orleans Texas & Mexico Ry.-Merger Opposed.-
A San Antonio dispatch states that one of the arguments set forth in the
brief of Attorney-General Keeling against the merger of the International
Great Northern with the Gulf Coast Lines is the claim that it is a violation
of the State Constitution of the State of Texas for a foreign corporation to
-V. 118, p. 1135, 907.
acquire a Texas corporation.
New York Chicago & St. Louis RR.-Certifs. Called.
Ninety-three ($93.000) 5% Sinking Fund certificates, dated May 1 1917.
and thirty-five ($35,000) 5%% Sinking Fund certificates, dated May 1
1922, have been called for payment May 1 at 101 and interest and 102 and
Interest, respectively, at the Union Trust Co., Cleveland, Ohio, or at the
-V. 118, p. 1268, 907.
Chase National Bank, N. Y. City.
-Loan.
New York New Haven & Hartford RR.
The company has borrowed $1,900,000 from the Government, completing the $7,400,000 loan authorized in June 1922. The first installment
of this loan, $2,000,000, was received Feb. 11923;the second of $2,000,000.
April 2 1923: the third of $1,500,000, March 6 1924, and 51,900.000 March
28 1924. These advances are used for additions and betterments.
V. 118. p. 1520. 1268.
Norfolk & Western Ry.-Lease by Pennsylvania.
-V. 118.
See Pennsylvania RR. under Financial Reports above.
1520, 1385.
p.
-Acquisition.
Northwestern Ohio Ry.& Power Co.
The company has applied to the Ohio P. U. Commission for authority
to purchase the property of the Port Clinton (0.) Electric Light & Power
Co. It is proposed to consolidate the property and extend the transmission llnes.-V. 116. P. 823.
-Declares Dividends.
Paris-Orleans RR.
According to information just received by the Foreign Department of
Moody's Investors' Service, the directors of the Paris-Orleans RR., on
.March 31, declared for the year ended Dec. 311923,a dividend of 60 francs
per share on the ordinary stock and of 45 francs per share on beneficiary
.-V. 117, p. 2324.
stock (actions de jouissance)
-Debt Increased.
Philadelphia Rapid Transit Co.
The stockholders on March 19 approved an increase in the company's
Indebtedness from 815.000,000 to 825,000,000, as outlined in the company's
annual report in V. 118, p. 1264.
Pittsburgh Cincinnati Chicago & St. Louis RR.
The Central Union Trust Co. will untll April 17 receive bids for the sale
to it of Chicago St. Louis & Pittsburgh RR. 1st Consol. Mtge. bonds dated
March 31 1883 to an amount sufficient to exhaust $18,820 at a price not to
-V. 118, P. 1521.
exceed 105 and interest.
yielding about 63,4%, $8,500,000 Prior Lien Mtge. 534,9
Gold Bonds, Series "D" (see advert;sing pflg-s).
Dated Jan. 1 1922. due Jan. 1 1942. Interest payable J. & J. in New
York. Callable at 102% and int. on 60 days' notice. Denom. c* $1,000
and $500 and r* $1,000, $5.000 and $10,000. Central Union Trust Co.
of New York and Daniel K.Catlin, trustees.
-Prior Lien Mtge. bonds of series "A," "13," "C" and "D"
Listing.
previously Issued,listed and application will be made to list these additional
bonds on the New York Stock Exchange.
Data from Letter of Chairman E. N. Brown, April 1 1924.
-Operates a system aggregating 5,256 miles of road. From
Company.
St. Louis and Kansas City its lines extend southwest through Missouri,
Kansas. Oklahoma and Arkansas into Texas, with a line crossing the
Mississippi River at Memphis and extending eastward to Birmingham, Ala.
Company serves one of the most rapidly developing sections of the United
States, and its lines form the shortest routes between most of the important
centres served,including Kansas City and Memphis; Memphis and Birmingham: St. Louis and Tulsa and Oklahoma City, Okla., and St. Louis and
Dallas and Ft. Worth, Tex.
-Prior Lien Mtge. bonds are secured by a direct mortgage lien
Security.
on 3,467 miles ofline owned In fee and all equipment owned by the company,
subject only to 59.896,000 underlying bonds and to outstanding equipment
obligations. Further secured by pledge of substantially all of the Capital
stocic representing control of an additional 1.694 miles of road, subject to
outstanding prior liens. On 1,645 miles of line the bonds are secured by
a direct first mortgage.
-Proceeds will be used to reimburse the company for capital
Purpose.
expenditures already made for additions and betterments and new equipment and in payment of floating debt incurred for such reimbursement.
Earnings Years Ended Dec. 31.
1922.
1921.
1916.
1923.
Total operating revenues$89.633,152 $83,008,023 $86,292,584 $53,119.998
Total income available
18,863.911 15,856,484 17,932,723 15,633.405
for fixed charges
Fixed int..rent.,skg.fds.,
9,501,430
10,563,676 10,560,067 10,203,773
&c.,fixed charges__
Bal. avail,for int,on adj.
7,728.950 6,131,975
5,296,417
8,300,235
Mtge.income bonds
Capitalization of System (as of Dec. 31 1923, but incl. this issue.)
491,064,450
-Series "A" 4s, 1950
Prior Lien Mtge. bonds
24,950.
Series "B 5s, 1950
do
x10,598,000
Series "C" 6s, 1928
do
15,432,00().
Series "D" 5s. 1942
do
3,000,000
Collateral Trust 6% Note to U. S. Government
9,896,000
Underlying bonds
18,000
Trust Mortgage bonds of 1887
17,080,400
Equipment obligations
53,159,670
Funded debt of subsidiary companies
x40,457,243
Adjustment Mortgage 6% Cumulative Income bonds
35,192,000.
Non-Cumulative 6% Income Mortgage bonds
362,300
Kansas City, Ft. Scott & Mem.4% Pref, stock or trust Ws_ _ _
7,500,000
Preferred stock, 6% Non-Cumulative
50,447,026
Common stock
x In addition, $2.118,975 series "A" 4% bonds and $90,575 Adjustment
Mtge. bonds were issued at the organization of the company and are now
,
held to be used for acquiring underlying bonds and securities of controlled
companies. and 84,000.000 series "C' 691 bonds have been pledged as
collateral for the company's $3,000.000 Coll. Trust 6% Note to the U. S.
Government.due March 1. 1930. Upon completion of the present financing
and upon approval of a pending application by the 1.-S. C. Commission.
the company will also have in its treasury $5,533,500 Prior Lien series "B"
5% bonds and $500.000 Prior Lien series "I)" 53 % bonds.
-The issuance and sale of these bonds are subject to authorizaIssuance.
-V. 118, p. 1521, 665.
tion by the 1.-S. C. Commission.
San Antonio Belt & Terminal Ry.-Notes
-Status of Reorg.,
Pittsburgh Railways Co.
The *1,850,0006% notes due April 1 are being paid off at office of MercanPresident A. W. Thompson, in the report of the Phila. Co., says: The tile Trust Co., St. Louis, Mo. No new securities are to be issued in connecPittsburgh Rys. continued in receivership throughout the year. On Feb. tion with this payment.
-V. 108. p. 1391.
15 1923, a petition to discharge the receivers was presented to the court.
-Report Cal. Year 1923.
It was referred by the court on March 31,to Judge Wasson,Special Master,
San Francisco-Sacramento RR.
for an opinion and recommendation. He held a number of hearings which Open. rev, for year. $1,032,952: non-open. inc., $8,195; total-$1,041,145
949,230.
were attended by the President. general counsel Reed, Smith, Shaw and Operation, maintenance and depreciation
55,700
McClay. and other officers of the company. The Master's report which Bond interest and other deductions
was favorable, was placed before the court on Oct. 11. I, is expected that
$36,215
the decision of the court will be handed down shortly after the first of the
Surplus
year. [The receivership was lifted at midnight, Jan. 31 1924, V. 118. rt.
Balance Sheet December 31 1923.
552.1
Liabilities
AssetsPresented with the petition to the court as an exhibit was the contract
$6,242,055.
$8,397.493 Common stock
Pittsburgh in connection with which the city undertakes to Road and equipment
with the City of
1,242.711
1,500 Preferred stock
guarantee, so far as I,legally can, sufficient earnings from the property to Invested in affiliated cos__
2,092
405,761 Grants in aid of construeallicfileTicearCgoesm:ilastioanb'salvaanlcuetiorntgef Current assets
0;egralAerertetttri:rinopng.lte
914.000
Funded debt
Deferred assets and unadPuects
161,182
justed debits
73,339 Current liabilities
equity in the Investment.
4,750
Deferred liabilities
A provision of the contract required the company to finance for $5,000,000
240,889
Unadjusted credits
with which to provide new equipment, car barns, and other improvements.
70,414
$8.878,093 Corporate surplus
Total (each side)
The court was notified that this had been arranged for and that the money
Directors are: Henry T. Scott, S. H.Palmer, W. Mmstein (Pres.), H. A.
was on deposit as of Feb. 11923, with the Union Trust Co. of Pittsburgh.
Louis Rosenthal. Charles
A Traction Conference Board, composed of four members, was agreed Mitchell (V.-Pres. & Gen. Mgr.), John I. Walter.
contract with the city of Pittsburgh,for the purpose of E. Virden, C. Osgood Hooker and J. H. Steinhart.-V. 118, p. 665.
upon as part of this
giving the city complete information as to the activities of the railways.
-Plans New Construcen.
Southern Colorado Power Co.
The city is to have two representatives on this board, the boroughs one,
In order to accommodate the constantly increasing demand for electric
-V. 118, p. 552, 432.
and the company one.
spend a total of approximately
power, the company during 1924 will
- $400.000 for new construction. About $100,000 of the total amount will
-Certificates.
Pittsburgh Shawmut & Northern RR.
repairs on the distributing system,
The company has applied to the 1.-S. 0. Commission for permission to be used for extensions,Improvements and
About 585.000 will be used for the
-Year 6% Receiver's certificates Proceeds will be used which covers 5 counties of Colorado. improvements at Canon City and
Issue 82.170,000 3
Installation of new boilers and other
to retire 52.590.000 of receiver's certificates by the payment of 30% In
-V.117. p. 2433.
will be used by the street railway department.
cash of such certificate and the issuance to holder of new certificates In the $80,000
amount of 70%.-V. 118, p. 203.
Southern Ry.-Railroad Anti-Merger Suit Dismissed.
A recent despatch from Meridian, Miss. states that the railroad anti-New Name.
Portland Electric Power Co.
merger suit against the Southern By., the Mobile & Ohio, the Alabama dr:
See Portland By., Light & Power Co. below.
lat
APR. 51924.]
THE CHRONICLE
Vicksburg, the Alabama Great Southern, the New Orleans & Northeastern
and the Southern in Mississippi. has been dismissed by Chancellor Tann.
Penalties aggregating $40,000,000 and possible loss of charter faced the
railroads if convicted, it is said. The suit was filed in 1912, won by the first
hearing, was reversed by the Supreme Court and returned for retrial. The
suit was instituted byalloss A.Collins, then attorney general of Mississippi,
alleging violation of anti-trust laws of the State.
The salient features of the opinion of Chancellor Tann are embraced in
the following extract:
"Considering all the evidence, we do not believe it has been shown that
the law has been violated. We believe that the State has failed to show
that these roads are parallel or competing lines. Railroads have a right
under the law to purchase each other's stock, if they are.not parallel or
competing. The evidence, taken as a whole, does not show that competition has been destroyed or obstructed.
"The lines of the defendants are not so situated as to be competitors for
intra-State traffic. Some of these lines may be competitors outside of the
State, but not within the State's territory. These roads run in almost
every direction from Meridian, but no two run in the same direction. And
it has not been shown that the commerce that naturally flows over these
roads has been obstructed or changed in any respect by the supposed combination; neither has It been shown that trade In any way has been restrained:
but if competition has been obstructed and trade restrained, in our opinion.
the case comes under the laws of the United States, the Act of Congress
of July 2 1890, known as the Sherman anti-trust law, and under the jurisdiction of the Federal court."
-V. 118, p. 1521, 1393.
Sullivan County RR.
-Bonds Authorized.
-
The I.
-S. C. Commission on Mar. 20 authorized the company to issue
$357,000 1st Mtge.6% bonds; bonds to be sold to Paine, Webber & Co. at
not less than 97% and int. and the proceeds used in retiring $357,000
1st Mtge.4% bonds due April 1 1924.-V. 118. p. 1269
United Rys. Co. of St. Louis.
-To Advance Interest.
-
The committee for the St Louis Transit Co. 5% 20
-Year Improvement
bonds (Edwin M. Bulkley. chairman. V 118, p. 1521) announces that the
committee has arranged to advance to such of its depositors as so desire,
the amount of interest due April 1 1924, should the same be defaulted.
The amount so advanced to each such depositor, together with interest
thereon at 6% per annum from April 1 1924, will be upon the security of
the bond or bonds in respect of which such advance is made
Depositors with this committee may obtain such advance upon presenting
the certificate of deposit to the depositary or sub-depositary which issued
it for appropriate notation thereon
Holders of undeposited bonds may obtain such advance upon depositing
their bonds, with coupon due April 1 1924 and subsequent coupons thereto
attached, with a depositary or sub-depositary of the conmdttee under
deposit agreement dated April 22 1919
Depositaries are Bankers Trust Co., 14 Wall St., N. Y. City; Empire
Trust Co.. 120 Broadway, N. Y. City. Sub-depositaries: American Trust
Co., 716 Locust St.. St. Louis, Mo.; Fidelity Trust Co.. 325 Chestnut
St., Philadelphia, Pa.; Fidelity & Columbia Trust Co., 401 West Main
St., Louisville, Ky.: Mercantile Trust Co., St. Louis, Mo.
T. Homer Atherton. 1431 Chestnut St., Philadelphia, is Secretary and
W. Lorne Scovil. 25 Broad St., N. Y. City, Asst. Sec. See also V. 118.
1)• 1521.
Valley & Siletz RR.-Eztension.--
The I.
-S. C. Commission on Mar. 19 issued a certificate authorizing the
company to construct an extension of its line of railroad from its present
terminus at Ninth and Monmouth Sts., Independence, Ore., northeasterly
to a connection with a line of the Southern Pacific Co. at a point just outside the northerly limits of the city, a distance of 1% miles, all in Polk
County, Ore.
-V. 113, p. 2081.
Virginia
Railway & Power Company.
-Listing.
-
The Phila. Stock Exchange has authorized the listing of $100.000 additional 1st & Ref. Mtge., 5% bonds, due July 1 1934, being balance of $1.000,000 applied for in company's application, dated Jan. 28 1924, to be
listed upon official notice of issuance, making the total amount of said
bonds listed at March 29, $12,618,000.-V. 118. p. 1521.
1667
trade centres throughout the country record fewer used car stocks on hand
than at this same period last year, with larger stocks of new cars. "New
York Times" April 4, p. 33.
Matters Covered in "Chronicle" March 29.-(a) Annual report of U. S.
Steel Corp.. p. 1457.
(b) New capital flotations in February and the 2 months since Jan. 1.
p. 1460-1464.
(c) Jump in farm wages in 1923, p. 1468.
(d) American Wheat Growers Associated, Inc., plan to form selling
agencies in Minneapolis. Kansas City, &c., p. 1478.
(e) Harvey Fisk & Sons to unite with Shonnard & Co., establishing stock
exchange connections. p. 1478.
Adirondack Power & Light Corp.
-Bonds Offered.
Harris, Forbes & Co., Coffin & Burr, Inc., and E. H.
Rollins & Sons are offering at 100 and int. $1,150,000 1st &
Ref. Mtge. gold bonds, Series of 6s, dated March 1 1920,
due March 1 1950.
Issuance.
-Authorized by the New York Public Service Commission.
Data from Letter of Pres. J. Ledlie Nees,Schenectady, N.Y., March 22
Company -Does the entire electric light and power business in Schenectady, Oneida, Glens Falls, Saratoga Springs, Amsterdam, Watervliet and
many other communities in the Mohawk and Upper Hudson River valleys
of New York. Company does the gas business in the first four of these
communities and furnishes, under long time contracts, all of the electricity
used by the distributing companies in Troy and Mechanicville and by practically all the electric railroads in the territory. Serves directly and
indirectly a population of approximately 700,000.
Company owns over 65,000 kw. of installed hydro-electric generating
capacities located principally on the Hudson and Hoosic rivers and East
Canada Creek, and is now constructing a new 20,000 kw. hydro-electric
plant at Beardslee Falls which is expected to be in operation in the fall of
1924. The modern Amsterdam steam power plant, recently enlarged to a
present installed generating capacity of 30.000 kw.. will be further enlarged
during 1924 to 60.000 kw. In addition the company now purchases under
contract the entire output of the International Paper Co.'s new 30.000 kw.
hydro-electric plant located at Sherman Island.
Security.
-Bonds are secured by a first mortgage on property (including
the steam plant) which has a replacement value in excess of the face amount
of these bonds outstanding. Further secured by a mortgage on the remainder of the property, subject only to closed divisional liens of $5,148.000.
Earnings 12 Months ended Feb. 29 1924.
Gross earnings
87,000.300
Operating expenses, maintenance, taxes and rentals
4.734.749
Annual int. on $21,069,000 mortgage bonds (incl, this issue)
1,200,160
Balance for other interest, depreciation, dividends, &c
$1,065,391
CapitalizationAuthorized. Outstanding.
Common stock
812.000.000 x$9,243,600
Preferred stock paying 7% cumulative dividends_ - 10,000.000 x.5.650,700
Paying 8% cumulative dividends
3,000,000
2,554,700
Debenture bonds,55. due 1930
394.100
(Closed)
1st & Ref. Mtge. Series of 6s. 1950(incl. this issue)}
113.421.000
Y
do
Series of 5Ms.due 1950
I 2.500.000
Adirondack Elec. Pow. Corp. 1st Mtge. 5s
(Closed)
5,000.000
United Gas, Elec. Lt.& Fuel Co. Consol. 5s
(Closed)
148,000
x In addition there is outstanding $95,000 Common stock and 89.600
Pref, stock of the Adirondack Electric Power Corp., for the retirement of
which a like amount of the Common and 7% Pref. stock, respectively, of
the Adirondack Power & Light Corp. Is reserved. y Unlimited except for
the conservative restrictions of the indenture as outlined herein.
Ownership.
-About 50% of the Common stock is owned by the General
Electric Co.
Lower Gas Rates.-
Ths company, on April 1, put into effect reduced rates for amounts
over 1.000 cu. ft. of gas used a month. The new rates are less a discount of
10% on each 1,000 Cu. ft.. $1 40 a thousand for the first 1.000 Cu. ft.:
$1 35 for the next 4.000 cu. ft.; with a descending rate for larger consumpWisconsin Central Ry.-Soo Line Accepts Plan.
tion so that where over 100.000 Cu.ft. are used a month, the rate will be $1,
See Minneapolis St. Paul & Sault Ste. Marie Ry. above.
-V. 118, p. with the 10% discount. The former rate was SI 40 per 1.000 Cu. ft. for the
first 50.000 cu ft.. less a discount of 10%.-V. 118. n. 909.433.
1521. 1013.
York (Me.) Utilities Co.
-Service Discontinued.
-
The company recently announced that it would discontinue service on
the railway between Kennebunk and York Beach. Me.. on March 31.
-V.116, p. 937.
INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important
developments in the industrial world during the past Week,
together with a summary of similar news published in full
detail in last week's "Chronicle."
Steel and Iron Production, Prices, &c.
The review of market conditions by the trade journals formerly given
under this heading apnears to-day on a preceding page under "Indications
of Business Activity."
Coal Production, Prices, &c.
The United States Geological Survey's report on coal production, together
with the detailed statements by the "Coal Trade Journal" and the "Coal
Age." regarding market conditions, aeretofore appearing in this column.
will be found to-day on a preceding page under the heading "Indications
of Business Activity."
Oil Production, Prices, &c.
The statistics regarding gross crude oll production in the United States,
compiled by the American Petroleum Institute and formerly aupearing
tinder the above heading, will be found to-day on a preceding page.
Prices, Wages and Other Trade Matters,
Refined Sugar Prices.
-On April 1 the following reductions were announced:
American and Arbuckle, each 10 pts. to 8.40c. per lb.: Federal. 10 pts. to
8.30c.; National. Pennsylvania and Warner, 10 pts. to 8.40c.; Revere, 10
pts. to 8.35c. On April 3. Federal reduced price 10 pts. to 8.20c.
Price of Lead Reduced.
-American Smelting Si Refining Co. reduced price
Mc. to 8Mc. per lb. "Daily Financial America" April 5.
Canned Goods Prices Advanced -California Packing Corp. has advanced
prices of apricots. cling peaches and pears 5 to 15c. a dozen mos. "Wall
St. Journal" April 4, p. 10.
Brass Products Price Reduced -American Brass Co. has reduced its
products as follows: Sheet brass, Mc. per lb.: seamless brass tube. lc.:
brazed tubing. Mc.; sheet copper. Mc.; bare copper wire, Mc. "Wall St.
Journal" March 31.
-Advances of from 10 to 25% in freight
Shipping Freight Rates Increased.
rates from U. S. ports to Europe have been made by the North Atlantic
Continental Freight Conference. Companies which will benefit by the
rate advances include the International Mercantile Marine Co., Cunard
Lines, and others. "Daily Financial America" April 5.
Mill Asks Employees to Accept Wage Cut Until Conditions Improve.
-The
Wottoquottoc Worsted Co. of Hudson, Mass.,Is asking its 2,000 employees
to accept a cut of 20% until conditions improve. "Daily Financial America" April 5.
Standard Oil Co. of Nem Jersey Refuses 10% Wage Increase to Bayonne
Refinery Employees.
-5,500 employees are notified of action by President
Toagle, who assured the workers that if they realized the real seriousness of
the situation in the oil industry at present and during the past year they
would not raise the question of a wage increase at this time. "New York
Times" April 3, D. 36.
Sign Writers Union (New York City) Strikes for Five-Day Week, No Work
-Wage scale to be $13 20 per day for each
When It Rains or on a Holiday.
of 5 days, and should the job require a sixth day, $26 40 for the wage of
that day. About 800 men are on strike and 60 out of 110 shops are reported
as having signed an agreement to the above demands. "The Sun" Apr.2.p.2.
Record Automobile Production in First Quarter of 1924.
-National Automobile Chamber of Commerce receives report of production of 1,040,755 cars,
or an increase of 19% over the first quarter of 1923. A total of 356.509
passenger cars and trucks was made by the American factories in the
month of March, which is slightly in excess of the same month a year ago.
but a 2%% reduction from the February figures. Reports from retail
Advance Rumely Co.
-Annual Report.
Calendar Years1922.
1923.
1921.
Gross profits from operations
$2,008,885 $1,804,979 $1.353,452
Add-/vlisc, inc., comprising int. on
receivables, bank balances, discounts on purchases, &c
380,602
270.848
341.388
Total income
82,389,487 32,146.367 $1,624,301
Deduct-Selling, gen. & admin. exp... 2,069.820
1.885.142
2.080.085
Debenture and other interest
242.944
229.234
123,615
Depreciation reserve
334,088
Net profit from operations
loss$257,365
Loss through revaluation of inventories at end of year
Balance
-V. 118, p. 86.
$137,610 loss$685,018
1,279.198
loss$257,365sur.3137.610loss$1964216
Ajax Rubber Co. Inc.
-Annual Report.
-
Calendar Years
-1923.
Profits
$552.885
Federal taxes
Depreciation. int., &c._
569,322
Extraord. adi
3543,953
,
Dividends
1922.
1920.
1921.
x$665,824df$1,626,295 def$177.921
55,447
639,287
3.579.282
(11)1100.000
Balance, sur. or def__def$560,390 sur$26,537df$5,205.577df$1.333,368
x After deducting $15,632.742 cost of sales, incl. selling, general and
admin. expenses from gross sales of $16.608,710 and adding other income of
$116,917. y Includes loss from liquidation of certain subsidiary companies
and inventory adjustment, &c.
-V. 118, p. 204.
Albany (N. Y.) Chemical Co.
-Successor.
See Witbeck Chemical Corp. below.
-V. 118, p. 10i4.
Allied Packers, Incorporated.
-Acquisition.
--The company, it is stated, has acquired the properties of the Patrick
Young Co. of Richmond, Va.-V. 118, p. 909, 433.
American Bank Note Co.-Consol. Bal. Sheet Dec. 31.1923.
1923.
1922.
Assets$
Liabilities$
Real est. & bidgs_ 3,958,299 3.956,412 6% Pref. stock- 4,495,650
Mach., equip., &c. 5,765,876 6,012,123 Common stock_ 4,945.250
Material & slum.- 2,456,850 2,172.271 Stock scrip
482
Accts.& notes rec_ 1,528,329 2,236.119 6% Prof. stock of
Marketable invest,
foreign subsid's_ 103.927
in securities__ 1,098,271
403,408 Accts. pay., Incl.
Def.instl,stk.sold
86,189
reserve for taxes 966,725
Stock acquired for
Adv.cus'ers'orders
82,588
resale to empl's_
82,400
84,260 Res.exch.loss..&c. 97.076
Contract deposits_
55.520
57,520 Pref. div. payable_
67,435
Short term invest_ 600,000
Special reserves..
578.271
Cash
1,014,895 1,035,421 Surplus
5.502,385
Insur. fund res've_ 106.194
101,456
Empl. pen.fd.res.
75,459
89.877
Deferred charges__
83,259
86,362 Total (each side) 16,839,769
The usual income account was given in V. 118. p. 1137.
1922.
3
4,495.650
4,925,750
19,782
1,014,873
88,954
33,429
67,435
551,915
5.109,211
16,306,999
American Bosch Magneto Corp.
-New Director.
Morris Metcalfe has been elected a director to fill a vacancy. G. A.
MacDonald has resigned as Vice-President but will continue as a director.
-V. 118. p. 1394.
American Car & Foundry Co.
-Member Exec. Comm.
John Sherman Hoyt has been elected a member of the executive committee
to succeed the late Col. H. Rieman Duval. The vacancy in the board has
not yet been filled.
-V. 118, p. 1522. 1014.
THE CHRONICLE
1668
[VOL. 118.
Amer. Packing & Provision Co., Salt Lake City.
-Sale.
-Earnings.
American Chain Co., Inc.
The petition of James Brennan,receiver,for the sale of the plant and other
Twelve Months Ending Dec. 31 1923 (Incl. Subsidiary Cos.).
assets, has been signed by Judge T. B. Johnson. The property, which has
$4,776,116 been appraised at more than $1.000,000 and includes the packing plant and
Income from operations (net)
Deduct-Deprec. of plants, mach'y,equip. & amort. of patents-- 981,160 stockyards in Ogden and properties at Salt Lake, in Davis and Pluto
444,945 counties,Los Angeles and San Francisco, will be sold on April 25 at Ogden.
Interest on bonds and other interest
251,327
Income tax (Federal and foreign)
Dividends: (a) On capital stock red. April 2 1923, $162.531:
American Power & Light Co., New York.
-Acquisition.
(b) on new Class "A" stock, $525,000; (c) on Common stock.
The company is reported to have acquired the Miami Beach (Fla.) Elec1,062.531 tric Co., including the light and power and street railway utilities.
$375,000
-V..
----- 117. p. 2325.
$2,036,153
Surplus for year
Cash appropriation for dividends on new Class "A" stock for
American Rolling Mill Co.
-Sells Railroad-May In525,000
three quarters ending Sept. 30 1924
crease Common Stock.
Announcement of the sale by the company of the Ashland Coal & Iron
$1,511,152
Balance, surplus
By. to the Chesapeake & Ohio Ry. was made April 1. The price was
Surplus at Dec. 31 1922 after adjustments resulting from re6.396,828 stated to be $4,100.000, payment of about one-third of this amount being
capitalization at April 2 1923
21.485 made in cash; one-third to be paid in 12 months and the remainder in
Adjustments (credit)
18 months. Notes for the unpaid portions have been given the American
$7.929,465 Rolling Mill Co.
Balance, surplus, Dec. 31 1923
A bond issue of $300,000 outstanding on the railroad, which falls due
-V. 118, p. 1522.
in 18 months is to be redeemed by the American Rolling Mill Co.
The sale puts the American Rolling Mill Co. in an enviable cash position.
-Receivers.
American Concrete Steel Corp.
The deal is a very profitable one for the company inasmuch as it
Vice-Chancellor Foster at Newark recently continued John B. Wright the net price of its big acquisition in plant and property at Ashland makes
but a
and Stuart A. Young as permanent receivers.
little more than $1,000.000. This, of course, does not include the improvements which have been put upon the property since its acquisition.
-Annual Report (incl. Contr. Dom. Cos.).
Amer. Glue Co.
The stockholders, it is stated, will shortly vote on issuing 310.000,000
1920.
1922.
1921.
1923.
Calendar Yearsadditional Common stock. This increase in capital, it is said is desired
$586,478
*920.859 $1.792,143 in order to enable the company to inaugurate a plan fora stock
Net after all expenses_ __ $602,723
12.170 dividend annually on the Common stock. It is pro
86,446
110,959
154.456
Dividends received
to pay 4% a
80,470 year in stock over a period of ten years.
154,020
73,694
64,991
Int. on notes rec., &c
-V. 118, p. 10, 789.
$851,457 $1.149,009 $1,884,783
American Smelting & Refining Co.
Total income
$754,119
-New Director, &c.
*384,764
$235,141
Depreciation
$235,135
$247,795
The company authorizes the following:
57,214
Add'ns & replacements_
At the annual meeting of the stockholders on April 2 72%. or 797,966.
193,346 of the shares, the largest number in the company's history, were voted for
Loss on Lib. bd.sales,&c.
Int. & disct. on notes
the re-election of the directorate with one change. William H. Pierce,
192.014 Vice-President, was elected director in plaoe of Walter L. Page, formerly
367,758
payable, debs., &c_ _ _
307,113
335,852
115,000 in charge of the company's Omaha smelter and now retired on a pension.
50,000
Fed. inc. & profit taxes_
20,000
30,000
100.000 The directorate was reduced from 28 members to 27 by the resignation of
Employees' benefit fund
12.000 Harry L. Day.
Insurance fund
160,000
110,632
110,644
Preferred divs. (8%)__ _
110,532
Vice-President Francis H. Brownell announced the acquisition of a group
Common diva. (caals)_ (1 %)43,677 (6)262.062 (8)349,416 (14)322.812 of gold, silver and copper properties in Peru, and their equipment at an
expenditure of $2,500,000 to date. The company contemplates the con*347.633 struction of a smelter for the copper property and tramways and water
$36.050
Balance, surplus
$37,702 /oss$134,884
943.004
2,871.665 power installation. Expenditures eventually will approximate 55.000,000.
Previous surplus
844,170
979.054
The directors have declared a quarterly dividend of 14% on the Com$844,170
$979,054 $3,219,298 mon stock and P4% on the Preferred stock.
Total surplus
$881,872
-V. 118, p. 1129.
deb.26,294
Prem. on capital stock_
2,250,000
150% stock dividend_
American Splint Corp.
-Bankruptcy.
A petition in bankruptcy was filed in the Federal Court at New York
*979.054
$943.004 March '24 against this corporation, manufacturers of match splints and
Profit & loss surplus
$844,170
$881,872
-V. 118. D• 313match machinery, by E. H. Peasiee, a creditor to the extent of $100,000 for
money loaned. Corporation admitted its inability to meet its obligations
American Light & Traction Co.
-Stock Dividend.
and consented to the bankruptcy proceedings. The concern has a plant
The directors have declared a cash dividend of 1%% on the Preferred at Kearny, N. J., and an office at 25 Broadway, N. Y. City.
Thomas L. Briggs. Pres, of the company, is quoted as saying: "The
stock, a cash dividend of 1% on the Common stock and a dividend at the
rate of one share of Common stock on every 100 shares of Common stock bankruptcy proceedings are merely a step to clear the way for the merger
outstanding, all payable May 1 to holders of record April 11. Cash of the company with a Swedish concern. The company is in no serious
dividends of 1% and stock dividends of 1% each have been paid quarterly difficulty."
Schedules filed in the Federal Court April 1 by counsel for the corporation,
on the Common stock since February 1921.-V. 118, p. 1522.
disclosed that the estate of William Rockefeller has a claim against the
estate last
for $5,199,227. The appraisal of Mr.
American Machine & Foundry Co., New York.
- concern stated that the amount of the claim wasRockefeller'sand that It
$4,587,205
August
-Spencer Trask & Co. and Curtis & Sanger had been valued at $60,000. Mr. Rockefeller, it was stated, owned 7.400
Bonds Sold.
stock of the
$2,000,000 shares of theand liabilities concern. Total assets of the concern are stated
have sold at 95 and int., to yield over
as 55,339.907.
as 5525.147
-Year 6% Secured Sinking Fund gold bonds (see adver15
tising pages).
Dated April 1 1924; due April 1 1939. Int. payable A. & 0. without
deduction for any normal Federal income tax up to 2%. Int. payable in
New York. Penna. tax of 4 mills per annum, Conn. personal property tax
not exceeding 4 mills and Mass, income tax not exceeding 6% of income
.
refundable. Denom. $1.000 and $500c5 Red. on any int. date on 60
days notice as a whole (but not in part except for the sinking fund) at the
following prices together with int.: 105 to and incl. April 1 1927 and 1% less
for each succeeding period of three years to and incl. April 1 1936: 101 for
the two years thereafter and 100M for the last year. Central Union Trust
Co., New York, trustee.
Data from Letter of Pres. R. L. Patterson, New York, April 1.
-Formerly a subsidiary of the American Tobacco Co., was
Company.
rlr. in New Jersey in 1900 for the purpose of developing specialized
machinery for the tobacco industry, and is the leading manufacturer in
this field. Products include patented machines for making and packing
cigarettes, for making cigars and for stemming tobacco leaf. Approximately 95% of all cigarettes and practically all of the all-machine-made
cigars produced in the United States are made with the machines built by
this company. In addition the company manufactures under contract a
variety of high-grade machines for use in other industries:.
The company owns more than 65% of the capital stock of the International Cigar Machinery Co., which holds domestic and foreign patents
covering the machines for the manufacture of cigars. These machines are
rented on a royalty basis and have been adopted by leading manufacturers.
-Proceeds will be used to pay off bank loans and to provide
Purpose.
additional working capital to meet the expansion of the business.
Security.
-A direct obligation of the company and will be secured by deposit with the trustee of over 65% of the $10,000,000 outstanding stock of
the International Cigar Machinery Co. The value of this collateral, as
Indicated by current market quotations, is approximately $3.600,000.
-An annual sinking fund is provided under the trust
Sinking Fund.
agreement sufficient to redeem the entire issue at or before maturity through
purchase of bonds in the market or through drawing's by lot.
Equity.
-The 52.000,000 bonds will be followed by $6.000.000 capital
stock, the market value of which, at current quotations, is about $8,400,000.
Dividends are being paid on this stock at the rate of 6% per annum.
-Application will be made to list the bonds on the New York
Listing.
Stock Exchange.
Consolidated Earnings Available for Interest on Bonds and Real Estate Mortgage, Depreciation, Federal Taxes, &c.
Cal. Yrs. Earns. Deprec. Bal., Sur. Cal. Yrs. Earns. Deprec. Bal., Sur.
1916 -5560.006 850,030 $509,976 1920 -4901.844 $231,391 5670.453
1917 --- 657,136 134,402 523,134 1921 ---.372.228 180,504 191.722
1918 --- 636,646 157,496 479,1501922 --- 471,964 205.816 266,148
742,633 214,607 528.028
1919...... 898.394 228,141 670.253 1923
The maximum annual requirements for interest on the bonds and the
real estate mortgage will be $164,400. which amount will be reduced each
year through operation of the sinking fund for the bonds and amortization
of the mortgage.
The above figures do not include any earnings of the International Cigar
Machinery Co., operations of which are on a profitable basis, the company
having used its earnings in development work and expansion of its business.
Consolidated Balance Sheet Dec. 31 1923 (After This Financing).
(Including Standard Tobacco Stemmer Co.,99.8% of whose stock is owned.)
Liabilities
Assets
$1,312,284 Accounts payable, &c., incl.
Cash
Notes & accts. rec. (less res.). 516,142 reserve for Federal taxes... 5326,723
1,765,029 Reserve for depreciation
1,464,302
Inventories
Misc. advances, claims, &c_ _ _ 131,750 Reserve for contingencies, &c. 251,103
760,000
Inv.in & adv.to Mni.,&c.,cos.3,195,540 6% Mortgage,due 1932
-Year6% bonds
2,000,000
Stock of Amer.Mach.& F.Co. 857,487 15
4,886,668 Minorityint.St.Tob.Stem.Co.
5,300
Good-will, patents, &c
2,436,647 Capital stock
6,000,000
Real estate and buildings
3,563,122
Machinery and equipment_ _ _ _ 2,116,580 Earned surplus
134,282 Capital surplus
2.981,859
Deferred charges
Total
-V.116. p. 10.53.
$17,352,409
Total
517,352,409
-Sale Postponed.
American Manganese Mfg. Co.
The reoeiver's sale of properties scheduled to be held March 31 has been
postponed until April 28.-V. 118. p. 1394.
-Profits from Leased Prop.
American Tobacco Co.
Feb. 1924. Jan. 1924. Dec. 1923.
Month ofProfit from opor. of prop. recently
$50,047
$85,075
$96,373
leased from the Tobacco Prod. Corp
These figures represent the net accruing to the company after full allowance for the month's proportion of the annual rental of $2,500,000, payable
-V. 118. p. 1395.
to the Tobacco Products Corp.
-Notes Called.
Arkansas Light & Power Company.
All of the outstanding (3643,000) 10-Year 8% Cony. Bond Secured,
Sinking Fund Gold Notes, dated May 11921. have been called for redemption May 1 at 105 and int. at the Equitable Trust Co., 37 Wall St., N. Y.
City.
-V. 116, p. 2133.
-Receivership.
Associated Producing & Refining Co.
Federal Judge Bondy at New York has appointed Ernest W. Bradbury
receiver on the application of Luther D. Haines and Max C. Katz. Assets
-V. 117, p. 442.
are estimated at $34,000,000, it is said.
Atlantic Tar & Chemical Works, Ltd., Elizabeth, N.J.
I. D. Noll & Co., Inc.. New York, are offering at 100 and int. (with
privilege to purchase no par value Common sto k) $196.600 1st Mtge. 8%
Sinking Fund gold bonds. Dated March 1 1922. Due March 1 1934.
Denom. $100, 3500 and $1,000. Int. payable M. & S. Callable at 110
and int. beginning 1925 by sinking fund provision. Equitable Trust Co.
of New York, trustee.
Outstanding.
Authorized.
Capitalization$303,400
*500,000
First Mortgage 8% bonds
262,500
300,000
7% Preferred stock
52,000 she.
60.000 shs.
Common stock, no par value
Cornpany.-Is engaged in the manufacture of coal tar products ranging
from heavy crude materials such as roofing pitch, road tar, heavy creosote
oils, &c.,to the more refined products such as naphthalene and disinfectants.
Company's entire output for 1924 is practically all sold and it has long-time
contracts covering its raw material requirements at very favorable prices.
Property located at Bayway, Elizabeth, N.J., consists of 4 acres of land and
17 buildings equipped for the different processes of manufacture carried on.
and over 1,000,000 gallons in steel storage tanks for handling its products.
Company also owns a fleet of 47 tank cars and operates an additional
30 cars under lease.
-To provide additional working capital for Increasing blistness.
Purpose.
Earnings.
-Present earnings of the corporation are equal to about 24
times the interest requirements on the bonds. Sales for 1023 were $948,808.
-V. 115. p. 872.
Avery Co., Peoria, Ill.-Receivership.
-
has appointed John W.
Judge Louis Fitzhenry at Springfield,
McDowell of the Title & Trust Co. of Peoria and Clark B. Montgomery
receivers.
The receivership was decided upon by the directors as a means of reorganization and getting the company out of the financial difficulties. Liabilities
are stated at $6,011,996. and assets of $8,956,080.-V. 116. p. 1181.
Babcock & Wilcox Co.
-New President-Dividends.
H. E. Pratt, formerly Vice-President, has been elected President,
succeeding W. B. Hoxie, who will become Vice-Chairman of the board,
R. H. Wells remaining as Chairman. Mr. Pratt will be succeeded as
Vice-President by Isaac Harter. General Superintendent.
The directors have declared four regular quarterly dividends for the
ensuing year of El 75 each. payable July 1, Oct. 1, Jan. 1 1925 and April 1
-V. 118. p. 1522.
to holders of record on the 20th of the month preceding.
-Receivership.
Beacon Chocolate Co.
James R. Nicholson, Boston, and W.(3. Fahnestock, New York, have
been appointed receivers by Federal Judge Morton at Boston. The
receivers were appointed as the result of a bill in equity filed by Attorney
Arthur D. Hill. representing Frank E. Child bc Bros., Inc., of New York.
-V. 115, p. 1432.
-Earns. Cal. Year 1923.
Belvedere Water Corp.
Operating revenue
Expenses, including taxes, depreciation, &c
Interest on funded debt
Balance available for amortization, dividends, &c
-V. 117, P. MC
$127,868
81,656
19,500
$26,712
APR. 51924.]
THE CHRONICLE
1669
The company's earnings for the first two months of this year were sufficiently great to have paid the dividends for the first six months, but
continued depression in the coal industry, together with the necessity
of providing for stocks of lumber and logs and accounts receivable for
the company's western development, caused the directors to conclude
that, in the interest of prudent management, the cash position should be
Consolidated Gas Co.
Boston
-Gas Output.
fortified until the western lumber property gets into normal production.
Gas Output (Cubic Feet)March.
February.
January.
Dividends Paid on Common Stock from January 1901 to Date.
1924
809.265.000 802,126,000 859.695.000
1923
846.409.000 804,436,000 884,461.000 1901. 1902. '03-'13. 1914. '15-'17. '18-'19. '20-21. '22-'23. 1924.
4%
5% 6%p.a. 43%
None 6%p.a. x7%p.a. 44i%p.a. 145%
-V. 118, p. 87.
x Including extra dividends of 1% each paid in July 1920 and in Jan. 1921.
Bowman-Biltmore Hotels Corporation.
-Merger.
Preferred Dividends.
-Regular dividends of 141% were paid quarterly
The legal proceedings for the consolidation of the Beau-Site Co. and
Bowman Hotel Corp. into a new corporation known as Bowman-Biltmore on the Preferred stock from Oct. 15 1898 to Jan. 15 1924 incl., and in
Hotels Corp. have been completed. Upon surrender of certificates of addition an extra of ;I of I% was paid Jan. 15 1921.-V. 118, p. 1140.
stock of Beau-Site Co. and the Bowman Hotel Corp. at the office of BowCentral Union Telephone Co.
-Capital Decreased.
man-Biltmore Hotels Corp., N. Y. City, stockholders of the old companies
The company has filed a certificate at Springfield. Ill., decreasing its
may now receive in exchange therefor certificates of stock of the Bowmanauthorized capital stock from $5,500,000 to 83,000.000. This company
Biltmore Hotels Corp. upon the rate of exchange hereinafter set forth.
to wit: (a) one share of 1st Pref, stock of Bowman-Biltmore Hotels is controlled by the American Telephone & Telegraph Co.
-V. 116, P. 2011.
Corp. for each share of Prof. stock of Beau-Site Co. and four share of
Century Steel Co.
-Creditors Seek $1,248,000.2d Pref. stock of Bowman-Biltmore Hotels Corp. for each share of Common
A judgment of $1,248,000 is sought by the creditors of the company in
stock of Beau-Site Co., and (b) one share of 1st Prof. stock of BowmanBiltmore Hotels Corp. for each share of Prof. stock of Bowman Hotel an action for an accounting begun with the service of a summons and comCorp., and two shares of 2d Pref. stock of Bowman-Biltmore Hotels plaint on directors of the company. The complaint names Cornelius W.
Corp. for each share of Conunon stock of Bowman Hotel Corp.
-V. 118. Garrison of Poughkeepsie, N. Y., trustee in bankruptcy, as plaintiff, and
as defendants Edward E. Perkins, banker; Herman A. Schatz, manufacp.911.
turer; Frank B. Town, investment broker, all of Poughkeepsie, N. Y..
and Horace E. Hildreth and Ernest E. Smith, Boston, brokers.
(J. G.) Brill Co., Philadelphia.
-Order.
The complaint alleged that prior to bankruptcy of the local plant $500,000
The Southern Pacific Co., it is stated, has ordered 50 electric street cars
from the above company for delivery in 1924 to Pacific Electric By. Co. of capital stock was used to buy $500,000 worth of stock of the Ontario
Electric Steel Co.: that later $600.000 of Ontario Electric Steel Co. stock
-V. 118, P. 1389
.
was purchased and that at certain periods dividends aggregating $148,000
were declared
the Century Steel Co.
British Empire Steel Corp., Ltd.
-Defers All Divs.- the complainton the capital stock ofof the directorate of the The defendants.
avers, were members
Ontario Electric
The directors on March 31 decided to defer the dividends upon all the Steel Co., which
became insolvent several years ago.
shares of the corporation and its subsidiaries, viz.: Dominion Steel Corp.,
Assets of the Century Steel Co. are listed at $40,000 and liabilities at
Dominion Iron & Steel Co.. Ltd. Dominion Coal Co., Ltd., Nova Scotia
44900.000.-V. 117, p. 1020.
Steel & Coal Co., Ltd., and Eastern Car Co,. Ltd.
This action was taken owing to the shutdown of the steel plant at Sydney
Chesebrough Mfg. Co.
-100% Stock Dividend.
-The
and all of the coal mines of the corporation, which were idle from Jan. 16
to practically March I, while negotiations were being continued for a new directors on March 31 declared a 100% stock dividend on
wage agreement with the coal miners.
the outstanding
Bossard Railway Signal Corp.
-Stock Sale Stopped.
-
Carl Sherman. Attorney-General of New York, has obtained a temporary
Injunction against this corporation of Troy, and Gilbert L. Bossard of
Loudonville, President, restraining further sales of the corporation's stock
Operations in 1923
-New Director.
-
$1,500,000 Common stock, par $25, payable
May 2 to holders
of record April 15. [For record of dividends
President Wolvin, at the annual meeting on March 27. said in substance:
During 1923 the corporation produced 5,105,695 gross tons of coal, com- paid on the old Common stock of $100 par value, from 1912
pared with a production of 4.254,874 tons in 1922. Except during the to 1923 incl., see V. 117, p. 2216.]
period when the men were on strike, the mines were operated practically to
The company on March 31 last
capacity at all points until Sept. 1. From Sept. 1 until the end of the year. on the Common stock, par 8100. paid a quarterly cash dividend of 344%
The
the demand for coal was not sufficient to take the maximum output of the was recently changed from 8100 to $25. par value of the Common shares
See V. 118, p. 1396. 1273
properties, and it was necessary to curtail production.
The production of pig iron during the year was 277,681 tons, as compared
Chicago Fuse Manufacturing Co.
-Stock Offered.
-John
with 120.789 tons in 1922. The production of steel ingots a 1Sydney in
1923 was 297,988 tons, as compared with 139,549 tons in 1922. The semi- Burnham & Co. and Hitchcock, Bard & Co., Chicago, are
finished steel further manufactured at New Glasgow plants amounted to offering at $26 per
share 30,000 shares of capital stock (no
63.220 tons, as compared with 31,439 tons in the previous year. The steel
par value).
plant at Sydney Mines was idle throughout the year.
Free of normal Federal income tax. Tax-free in Illinois. Transfer ag i
The Eastern Car Co. plant enjoyed a fair amount of business during
u
l
1923, and the Halifax shipyards, while not engaged on the construction of Continental & Commercial Trust & Savings Bank. Registrar, First
& Savings Bank, Chicago. Application will be made to list this stock on
any new ships, had a larger volume of general ship repairs.
The company produced 748,387 gross tons of iron ore at its Newfound- the Chicago Stock Exchange.
land mines in 1923 and shipped 208,985 tons to Germany, 65,575 tons to
Capitalization-Authorized and issued. 60,000 shares Common stock.
England, 49,840 tone to the United States and 413,174 tons to Sydney. no par value. No bonds or Preferred stock.
Nova Scotia. a total of 737,574 tons. The shipments to Germany in 1922 Data from Letter of President Wm. W. Merrill, Chicago, March 215.
Company.
amounted to 724.862 tons. The reduction in German shipments was
-Commenced business in 1889 with a paid-in capital of$25.000.
brought about by the occupation of the Rhur and inability of customers in which has been increased from time to time entirely from earnings. Company is one of the largest and most important manufacturers in the world
Germany to receive and pay for the ore.
of electrical protecting materials and conduit fittings, such as electrical
IL E. l'dcLurg has been elected a dIrector.1-V. 118, p. 1131.
fuses and holders, steel conduit outlet and switch boxes, automobile fuses
circuits
Butler Brothers, Chicago.
-Stop Marketing of Pistols.
- and protective devices for electrical its usersand miscellaneous steel stampings for various purposes.
are American Car & Foundry
The company announces that, in the public interest, it has decided to Co., American Bridge Co. Among
American Smelting & Refining Co., American
atop selling revolvers and pistols. The company has handled them more Sheet & Tin Plate Co., Burroughs Adding
Machine
Carnegie steel
than 40 years. and its sales within the last 10 years alone have amounted Co., General Chemical Co., General Motors
Co.. Inland Steel Co., NaCo..
to about $1,500,000. it is estimated. This action was taken because of tional Tube Co.. Pullman Co., &c., as
the growing sentiment throughout America against carrying concealed panies and smaller industrial plants. well as many railroads, packing comPrincipal office and plant. Chicago.
weapons.
-V. 118. D. 668. 555.
Sales.
-The volume and character of the business has always been excellent as shown by increase of 253% in sales from 1914 to 1923 and the first
California Glass Co.-Pref. Stock Offered.
-Hunter, quarter of 1924 shows an increase of nearly 14% over the first quarter of
Dulin & Co., Los Angeles, are offering at 100 and div. 1923.
-The sale of
$250,000 8% Cum. Pref. (a. & d.) stock, par $100. A ofPurpose. the interest 30,000 shares of capital stock was for the purpose
acquiring
of a large stockholder who has had no active participation in the company for the past several years.
circular shows:
Sales and Earnings Calendar Years,
Dividends payable Q.
-J. Rod., all or part, on any div. date after 3
Earnings
months' notice at 105 and diva. Exemptfrom California personal property
Earnings
Sales.
Before Taxes.
tax and Federal normal income tax.
Sales.
Before Taxes.
5541.432
$51,945 1919
Company.
-Engaged in the processing of various types of glass and in 1914
$200.329
11.680,831
83,325 1920
612.797
the sale and distribution of glass products throughout southern California. 1915
2.451,275
273.971
1.006,226
158,742 1921
The various kinds of glass are purchased in the East and Europe from the 1916
1.148,772
141.879
1.001,067
169.291 1922
manufacturers and [Minim(' here in carload lots, about $200.000 worth of 1917
232.851
1,581.509
1.412,277
170,587 1923
glass being in continuous transit. Business of company is widely diversified 1918
1.913,507
282,179
Sales for the first quarter of 1924 are at the rate of $2,500,000 for the year.
Its policy being to avoid specializing in any one variety. The various lines
Dividends.
-Company has paid regular dividends every year for over 20
of activity are in the following proportions: Factories, houses, stores and
offices. 15%; store and fixture glass, 20%; mirrors, 20%; furniture, auto years, and it is the intention of the directors to place this stock on a yearly
dividend basis of $2 50 per share by the declaration of a quarterly dividend
glass, sidewalks, 5%; mills and storefront. 40%.
Sinking Fund.
-Company has agreed to establish an annual sinking fund of 6246c. per share, payable on July 11024.
beginning with Jan. 1 1926 amounting to $50,000 per annum. In addition
Balance Sheet Dec. 31 1923 (After This Financing).
the company has agreed to increase this sinking fund by adding 25% of
Liabilities
Its net earnings each year from said date.
Cash
$24.097 Accounts payable & tweed $42,487
Earnings.
-In no year since incorporation in 1913 has company failed Liberty bonds(par)
20,000 Reserve for est. Federal
to show a profit. Average net income for the past 4 years has been $112.673 Notes rec. & trade accept..
24,275
tax
35,000
per Year. In 1923 net earnings, after allowing for Federal taxes, were Acc'ts receivable, less rag_
151,384 Reserve for contingencies_
20,000
8198,172, which was 9.90 times the dividend requirements on the Pref. Inventories
422,595 Net worth applicable to
stock then outstanding, and 4.95 times dividend requirements of $40.000 Patents & good-will
60.000 shares Common
1
on the total authorized Pref. stock of 8500,000 which will be outstanding Land, digs. & equipment 701,833
stock
1,261.975
on the completion of this financing.
Sundry acets receivable._
10,457
CapitalizationAuthorized. Outstanding. Prepaid expense
Total (each side)
4.819
$1.359.483
Preferred stock
8500.000
$500,000
Common stock
Chief Consolidated Mining Co.
-Bond Issue.
500,000
500.000
The company has issued 8500.000 10-year 1st Mtge. 7% Convertible
gold bonds. The bonds were first offered to stockholders. The bonds are
Calumet & Arizona Mining Co.
-Earnings.redeemable on 60 days' notice at 104 and int. up to April 1 1930, with call
Calendar Years1923.
1922.
1921.
1920.
price decreasing
Total income
88,933,315 87.378,692 $3,677,255 811,418.574 a sinking fund. 1% each year thereafter. Provision has been made for
The proceeds of the bonds will provide funds to complete
Deductnew mill, provide additional working capital and permit development of
Oper. exp. at mines and
newly acquired properties.
smelters, Incl. deprec_ 5,345,439
3.722,897
2,432.150
6,143,521
Earnings for 1923 amounted to $812.208.
Salaries, office & gen.exp.
277.788
128,325
201,014
50,382 paid dividends totaling $2,769,380.-V. 115,Since 1913 the company has
p. 1890.
Freight, refining & marketing expense
1,023.226
770.229
446,716
1,171,977
Cincinnati Gas 8c Electric Co.
-Tenders.
Ore depletion charges__ _ 1,242.153
924,920
600.007
1,362,969
The Irving Bank-Columbia Trust Co., trustee, will until April 23 receive
540,856
State & Federal taxes._
497,086
692,247
840.523 bids for the sale to it of 1st & Ref. Mtge. 5% 40
-Year Sinking Fund gold
Dividends paid
2,248.849(20)1285,046(20)1285,043(40)2570,084 bonds, due
April 1 1956, to an amount sufficient to exhaust 8140,177. at
a price not exceeding 102 and interest.
-V. 117, p. 1890.
Balance, deficit
$1,744,998 sur$50,189 81,979,922
$720.882
-V. 118. p. 1139.
Citizens Gas Co.,
Dec. 311923,
Canadian General Electric Co., Ltd.
-Accepts Offer.
- Earnings
According to Pres. A. E. Dyment, the offer of the General Electric Co.
of Schenectady to old Common stockholders of the company has been
accepted by more than 90% of the stock outstanding.
-.V. 118. p. 1823.
1272.
-Omits Common Dividends and
Central Coal & Coke Co.
Defers Preferred Dividend.
-The directors have voted (a) to
omit the quarterly dividend on the outstanding $5,125,000
Common stock, par $100, and (b) to defer payment of the
regular quarterly dividend of 13% on the $1,875,000 5%
Cumul. Pref. stock, par $100. On Jan. 15 last, the company
paid a quarterly dividend of 13'% on .the Common and
IX% on the Preferred stock. An official statement says
in substance:
Indianapolis.
-Earnings Year Ended
from gas, 83.201,714; earns, from residuals. $3.234,727:
total operating revenues
$6,436,441
Total operating expenses, $4,534.307; depreciation,
$237,500;
taxes. $280,734
5,052,542
Net operating revenue
11.383.899
Non-operating revenue
109,083
Gross income
$1,492,982
Deduct-Int, on funded debt. $263.300: int. on floating debt.
$12.707; amortization reserve, $40,009; miscellaneous deductions 8426.771
$742.788
Preferred dividends
120,045
Surplus for year
$630,149
Deducting a deficit of 8221,743 at the beginning of 1923 and adding an
adjustment of $21,131 resulted in a surplus at the end of 1923 of 8387,275
-V. 118. p. 555.
1670
THE CHRONICLE
--Cited.
Cleveland Metal Products Co.
-V. 117. p. 1132.
See Standard 011 Co. (Ky.) below.
-ReorganiCommonwealth Hotel Construction Corp.
zation Committee.
[VOL. 118.
in New York. This vault can only be entered by two officers acting jointly.
and these officers have been designated by the board of directors.
(7) That every dollar of the company's funds is deposited with the
following institutions: Bankers Trust Co., New York; Empire Trust Co.,
New York; Bank of Toronto, Toronto and South Porcupine.
This attention of the board has also been called to a circular dated
March 22 and signed by a number of gentlemen from Toronto and other
parts of Canada, only four of whom are registered stockholders.
This circular is couched in language so misleading that your directors do
not feel called upon to take further notice of it. except to call the attention of
the stockholders that the company has close to $4,000,000 of liquid and cash
assets in its treasury: that this is a very large amount of money, and that
they must expect that,from time to time. self-seeking people will endeavor
to get in closer touch with such assets.
Gold Production (Value)for Last Sir Months.
Oct. '23
Nov.'23
Dec. '23
Jan.'24.
Feb. '24.
Mar. '24
6390.539
$381.540
$372,962
$349,299
6326,420
$355,645
118, p 1525, 1141
-V
The following by request, have consented to act as a reorganization
committee for the Preferred and Common stockholders, representing them
in all matters affecting their interests before the courts and to aid, so far
as may be consistent, the court and receivers to bring about a speedy, comprehensive and effective reorganization that will result in the realization
of a construction program which has been the aim of the shareholders of
the present management or to aid the courts and receivers in an effective
economical liquidation:
-Milton H. Hall (Chairman), V.-Pres. Mt. Vernon (N. Y.)
Committee.
Trust Co.: Samuel R. Bell, Pres. Larchmont (N. Y.) National Bank;
Robert J. Gross, Pres. Merchants National Bank, Dunkirk. N. Y.; William
B. Randall. Pres. Security Transfer & Registrar Co., 66 Broadway, New
York; Charles 0. Wilson, Pres. First National Bank, Butler, N. J with
L.
Charles H. Ticknor. Sec., Mt. Vernon (N. Y.) Trust Co., and Ernest
-Bonds Called.
Dominion Coal Co., Ltd.
Conant, attorney, 36 West 44th St. New York.
0
'
Certain 1st Mtge. 57 Sinking Fund Gold bonds, aggregating $192,000,
In a circular the committee states that it has received a letter from the
states that they have an offer of maturing May 1 1940, have been called for redemption May 1 at 105 and
receivers which, among other things,
117
$6,000,000 for the hotel site, subject to terms and conditions to be agreed int. at the Royal Trust Co., 105 St. James St., Montreal, Que.-V.
upon. The mortgage obligations against the property amount to $2,519.- p. 1782.
approxi000. The gross rental received from Improvements aggregates
-Earnings.
Durham Duplex Razor Co.
mately $204,000 per annum. 9.457 shares of Pref. stock have been sold
since Jan. 1923. Of these 2,829 shares are fully paid for, leaving 6,628
The report for the year 1923 it is understood showed earnings of $27 85
shares subscribed for, but only partly paid. Of the total subscription value a share on the Common stock after payment of all taxes and interest and
of these 6,628 shares, viz. $663,200, the sum of $169.214 has been paid dividends on the Preferred stock. This compares with earnings of $26 88
on account and $493,985 remains uncollected.
per share on the Common stock for 1922.-V. 117. p. 2775.
There are now outstanding 32,751 shares of the Common stock out of
47,318 shares of Common stock subscribed for, on which $4,108,537 has
-Status, &c.
Duz Co., Inc., New York.
been paid, leaving $1,096,138 to be collected.
from President Samuel I. Welsher to Lansburgh Brothers,
A
The holders of the Common stock are requested to promptly deposit New letter dealers in the Class A stock of the above company, affords the
York.
Mt. Vernon. N.Y..
their stock certificates with the Mt. Vernon Trust Co..
following:
-V. 118. p. 1396. 555.
the depositary.
Issued.
Authorized.
Capitalization (No Bonds)200.000 ehs. 110.500 shs.
Class A stock (no par value)
-Sales.
(John T.) Connor Co.
55.000 shs. 55.000 abs.
Class B stock (no par value)
Increase.
1923.
1924.
Period ended March 3110,000 shs.
10.000 shs.
$875,414 Founders' shares (no par value)
$4,271,579 $3,396,165
3 months
-Incorporated in New Jersey. Through its operating subCompany.
15.348,590 12,167,482 3,181,108
12 rnonths
,
Delaware corporation of same name, company owns free and
sidiary, a
-V. 118, p. 1141, 669.
containing
clear land and 2 modern fireproof factory buildings in Chicago operates
-Bonds Sold.
approximately 60.000 sq. ft. of floor space. In addition company
Consolidated Gas Co. of New Jersey.
capacity in New York City.
The company has sold $300,000 1st & Ref. 5% bonds of 1965.-V. 118. a factory of large
years of exDuz was invented by an expert chemist after more than ten
p..1524, 1273.
sterilperiment and research Its intrinsic value as a washing, bleaching, estabwas thoroughly
-Earnings.
izing and cleansing agent, readily merchandisable.
Consolidated Ice Co., Pittsburgh.
Duz has been
1922.
1923.
,
by laboratory and practical tests. The trade markapplication for
lished
Calendar Years$1,305.715 $955,168 registered in the United States. Canada and France andevery important
Receipts from all sources
900,880 registration has been made in Mexico and in practically
1,196,651
Expenses
31.000
country in South America and Europe.
Depreciation
2,000 grocery
In July 1922 the company was marketing Duz through
8,000.
678,064
stores: one year later this number of stores had grown to over
Net gain
campaigns were started in Chicago and the New England
174,683
291,093
In Sept. 1923
Previous surplus
Greater New York,
States and Duz is now sold by over 25,000 stores in all the larger chain
6369,157 $228,971 New England, New Jersey and Chicago. Practically
Total surplus
-V. 114. p. 202.
and other grocery stores now sell Duz. 1923 showed an increase of 400%
-The sales of Duz for the year
Sales.
for Jan. and Feb. 1924 showed an inover the previous year and the sales same
-Bond Issue Approved.
Continental Motors Corp.
months in 1922. It is estimated
the
of $10.0001,000 1st Mtge. crease of 800% over the sales for be at the rate of approximately $2,000,000
The stockholders have approved an issue
1924 sales should
Sinking Fund 634% Gold bonds, of which $7.500.000 were offered last that by Sept. 1
week. The proceeds are to retire $3,750.000 of 7% Gold notes, other per annum.
-Class A and Founders' shares shall share equally and
Stock Provisions.
note indebtedness. &c. The remaining $2,500.000 bonds will be retained
participation in diviratably in dividends. Class B shares shall have no received dividends at
in the treasury. See offering in V. 118. p. 1524.
dends until Class A and Founders' shares shall have not be consecutive.
80c. per annum for two years, which need
- the rate of Class B shares shall be entitled to dividends, the rate of which
-Earnings.
Contoocook Mills Corp., Hillsboro, N. H.
Thereafter
1921.
1922.
1923.
Calendar Yearsrate of the dividends of Class A and Founders' shares.
$169.115 shall be 50% of the
$352.938
$404.118
Total income
11 1926 the company may redeem all or any part
157,376 At any time after Aug.per share and sat Class B shares must be redeemed
306,697
362.069
Cost of manufacturing
of Class B shares at $10
and
11.395
9.443
9.443
Depreciation
or before July 11928. one-third on or before July 1 1929
one-third on
July 1 1930 at $10 per share. On liquidation, prior
$343 one-third on or before A shares. Founders shares and Class B shares shall
$36,798
$32,605
Balance for dividends
1 1928, Class
to July
shall have received a total
-V.107. D. 1195.
share equally and ratably until Class B shares aasets shall be distributed
- of $10 per share, and thereafter the remaining
liquidation, sub-25% Stock Dividend.
Corn Products Refining Co.
and Founders' shares equally and ratably: on in distribution
to Class A
The 25% stock dividend, which is payable to Common stockholders on sequent to June 30 1928, Class B shares shall be preferred
or after April 10. may be obtained prior to June 30 upon surrender of the to the extent of $10 per share and thereafter the remaining assets shall be
ratably.
old $100 par certificates. See also V. 118. p. 1524.
between Class A and Founders' shares equally and the U. S.
The Committee on Securities of the New York Stock Exchange on distributed Agent.
-The transfer agent of the Class A stock is
Transfer
April 1 ruled that the Common stock be not quoted ex- the stock dividend Mtge. & Trust Co. and the registrar is Guaranty Trust Co. of New York.
voting rights.
-V.118, P. 1524, 1132.
of 25% on April 4, and not until further notice.
-The Founders' shares, which alone have April 1 1926,
Voting Trust.
which expires on
are deposited under a voting trust agreement
-Dividend Reduced.
Cunard (Steamship) Co.
extended for a further period not to exceed five years
and which may be
The company has declared a dividend of 5% on its Ordinary shares, by the vote of 75% of the Founders' shares. Voting trustees are Samuel I.
Wrigley Jr.) and Roscoe
-V.116, p. 2519.
against 7h % for the last three years.
Welsher (President), B. L. Atwater (V.-Pres. Wm.
R. Moody (director Bush Terminal Co.).
-East Butte Sues.
Davis-Daly Copper Co.
--Suit.
The East Butte Copper Mining Co. has filed suit in the Massachusetts
East Butte Copper Mining Co. p. 1782
-V. 117.
Superior Court against the company seeking damages of $500,000 for
-Daly Copper Co. above.
See Davis
East Butte Copper Mining Co. has a
alleged breach of contract. The
-To Increase
-Daly for smelting the latter's ores. This contract
contract with Davis
Edmunds & Jones Corp. increasing theStock.
authorized Common
does not expire until four years from this month. By reason of the conThe stockholders will vote April 14 on(all outstanding). to 80.000 shares,
tract and to assure its fulfillment the East Butte Co. added to its reduction stock from 40,000 shares, no par value
works at a considerable expense. The East Butte Co. alleges that by the no par value.
-V. 118, p. 1018. 913.
sale of its assets to the Anaconda Copper Mining Co. for $3,000,000 the
-Corporate Trustee.-Daly Co. put it out of its power to live up to its contract with East
Davis
Empire Tank Line Co.
been appointed corporate
Butte, which constituted a breach of that contract.
The Irving Bank-Columbia Trust Co. has Mar. 15 1924. providing for
says regarding the $500,000 suit:
-Daly Copper Co.
An official of Davis
trustee for an equipment trust agreement dated
"Although the smelting contract has 4 years to run, there is a provision an issue of $795.000 6% notes. See offering in V. 118, p. 1525.
whereby Davis-Daly can cancel the contract on Jan. 1 1925. There have
-Bonds Called.-.
-Daly and no effort has
been no concessions made by East Butte to Davis
Equitable Office Building Corp. Fund Debenture bonds.
-Year 5% Sinking
been made by East Butte to meet us half way. We hope to pay the final
One hundred sixty-four 35
be some time dated Sept. 1 1917 (numbers ranging between 13 and 10,408) have been
liquidating dividend of $1 a share to stockholders, but it will
Co..
-V. 118. p. 1397. 913.
at par and
in the future due to tying up of our funds."
called for redemption May 1 York City.interest at the Empire Trust
-V. 116, p. 1538.
- trustee, 120 Broadway, New
-Output.
Dodge Bros. (Automobile Mfrs.), Detroit.
-December. January and February
-Liquidated.
The output for the three months
Erie 8c Western Transportation Co.
totaled 54.521 cars, an increase of 25% over a year ago. Retail deliveries
-V.102. p. 889.
See Pennsylvania RR.under "Financial Reports" above.
for this period were approximately 32% over the same period last year.
-New Interests.V. 118, p. 798. 89.
Fain Knitting Mills Inc.
3
Rodney Hitt. Acting Vice-President of the company, announced April
-Initial Dividend.
Doehler Die Casting Co.
Fain in the company had passed to
of 50c. per that the majority control of Irving remain in an executive capacity. and
The directors have declared an initial quarterly dividend
Farwell & Co. Mr. Fain will
Hitt.
-V.118, p.437.
share on the outstanding Common stock, no par value, payable May 1 to the new management will take charge of the firm shortly.
holders of record April 18 (see also V. 118. p. 1141).-V. 118, p. 1397.
-Attacks Answered.
Dome Mines Ltd.
Jules S. Bache (Pres. & Treas.) and the directors on March 28 sent a
letter to the stockholders in answer to the charges recently made by certain
stockholders who are soliciting proxies to be voted at the annual meeting
in the hope of bringing about a change in the conduct of the company.
Replying categorically to each one of the questions brought up by the
opposition, the board submits the following:
(1) That the offices of President and Treasurer have been held by one
person since 1915: that this practice has always been found to work economically and satisfactorily, and that the stockholders, by their almost unanimous action at the last annual meeting, approved of a continuance of it.
(2) That the investment of the company's funds except call loans is done
by a special committee of the board and that all actions of that committee
are submitted at each monthly meeting of the board, and fully discussed.
(3) That all call loans are made by the Empire Trust Co. against ample
collateral security and without the interference of any officer of Dome
Mines Ltd.
(4) That no loans of the company's funds are made to any officer or
director of the company, or to any partnership, firm or corporation in which
either directly or indirectly.
any officer or director might be interested,convenience of the officers, and
(5) That the company's office is, for the
therefor, in
no rental is
above all, for economy of operation, since always been chargedprevious adhas
the office of the President. which itit more fitting thatunderoffice shall be
such
directors deem
relnletrations, and the
company rather than of
in e.hame of the President of thecompany are kept in thesubordinates.
company's own
(6) That the securities of the
vault,in the safety deposit vaults of the Mechanics & Metals National Bank
-Net Sales, &c.
Fairbanks, Morse & Co., Chicago.
showed an increase of over
Net sales for the first two months of this year profits were up over 27%.
10% above the same period of 1923, while net that of January.
February net, it is stated, was about 234 times elected a director to fill
A. 0. Choate of Clark, Dodge & Co. has been
-V.118, p. 1525, 1393.
a vacancy on the board.
-Extra Dividend of 23%.
Fajardo Sugar Co.
outstanding Capital
An extra dividend of 234% has been declared on the 234%, both payable
stock, par $100. in addition to a quarterly dividend of
amounti were paid Nov. 1 1923,
May 1 to holders of record April 19. Like
-V.11841.89.
paid.
while in Feb.last only the regular quarterly of234% was
-Acquisition.
Mining & Smelting Co.
Federal
group of mines in the
The company is reported to have purchased a
-Oklahoma mining district for $1.500,000. The trans-Kansas
Missouri
land and several large proaction, it is said, includes 400 acres of virgin
-V. 118, p. 1526.
ducing mines.
-10% Cash Dividend.
Tire & Rubber Co.
Firestone
the outstanding
The directors have declared a dividend of 10% on holders of record
21 to
$3,494,990 Common stock, par $10, payable April See also V. 117, p.2776.
10. A like amount was paid on Jan. 21 last.
April
-Resignation Tendered.
Texas (Sulphur) Co.
Freeport
member of the
Frank A. Vanderlip has tendered his resignation as a
-V. 118. p. 1398. 1142.
board of directors.
APR. 5 1924.]
THE CHRONICLE
General Electric Co.
-Annual Report-Outlook, &c.-
See annual report under "Financial Reports" above.
Secretary M.Y. Westover is quoted as saying: "Business taken on in the
first quarter was less than that booked in the first quarter of 1923, when
orders totaled about $80,000,000. No one expected business this quarter
would be so large as that of 1923. At the beginning of 1923 the pressure
for electrical equipment was abnormal. We see no reason to believe the
current year will not be satisfactory.'
Employees of the company are owners of or are paying on the installment
plan for a total of $11.458,260 in G-E Employees' Securities Corp. bonds.
Subscriptions to the third offering of these bonds amounted to $5,339,800.
-v. 118. P. 1399
.
1671
Happiness Candy Stores, Inc.
-New Name.-
See U. R. S. Candy Stores, Inc., below.
Holly Sugar Corp.
-1%% Back Dividend.
-
The directors have declared a dividend of 1
dends and the regular quarterly dividend of '4% on account of back diviboth payable May 1 to holders of record April 14% on the Preferred stock
15. Dividends were
on the Preferred stock on Feb. 1 last by the payment of a quarterly resumed
dividend
of 1(%.-V. 118. p. 438.
Holt, Renfrew & Co., Ltd.
-Resumes Dividends, &c.
The company on April 1 last paid a quarterly dividend of
13:(% on the
Preferred stock. The previous distribution
K. T. Keller, formerly Manager of Production of Chevrolet Motor Co.. Oct. 1 1922. Accumulations amount to 83( on the senior issue was made
'
Profit from operations for the year ending%• 311924.
has been made General Manager of General Motors of Canada, Ltd., effee:.
Jan.
after deducting
ve April 1, with headquarters at Oshawa, Ont.. Canada.
-V. 108, p. 272. general, selling and administration expenses, was 8186.241, compared with
ti $128.373 for
the previous year. Profit after interest, depreciation.
&c..
but before taxes and dividends, totaled $96,452, against
General Refractories Co.
-New Directors, &c.
335.190 the pre-V. 116. D. 1282.
The directorate has been increased from 12 to 15 members by the election vious year.
as directors of B.13 Coleman of Philadelphia; A. A.Corey Jr. of New York,
Houston Lighting & Power Co.
President of Vanadium Steel Co.. and R. A. MacDonald of Cleveland,
-Earnings.
Twelve Months Ending Jan. 31.Western Sales Manager of the company.
1924.
1923.
The stockholders will vote April 19 on changing the date of the annual Gross earnings from operation
$2,596,882 $2,131.349
meeting to the third Saturday in April. Heretofore the company's annual Operating expenses and taxes
1,675,364
1,415,207
meeting has been held in January. This year, however, the annual meeting
was not held in that month, so that at the special meeting this month
Net earnings
$716,142
$921.518
action will be taken on the election of directors and other subjects.
- Other income
58.343
551
V. 118. p. 1526; V. 117. p. 2658.
Totalincome
3979,861
$716,693
Gillette Safety Razor Co.
Interest on bonds
-Receives Large Order.
222.817
120.150
The company is reported to have sold 1.000,000 razors to Russian inter- Other interest and deductions
45,351
36.629
ests. This is the first sale of any size that the company has made in Russia Dividends on preferred stock
104,222
41,854
since 1917. Total razors sold last year was 7,798,781, of which 1.225,251
were sold in Europe.
Balance
-V. 118. p. 786.
$607.471
$518.080
-V. 118. p. 1527.
General Motors of Canada Ltd.-General Manager.-
Gillican-Chipley Co.', New Orleans, La.
-Trustee of
Bonds.
-
Homestake Mining Co.
-Extra Dividend.
The directors have declared an extra dividend of $1 per share in
The Chemical National Bank, New York, has been appointed trustee
addition
under indenture securing an issue of $2,500,000 10
-Year 7% 1st Mtge. & to the regular monthly dividend of 50 cents per share, both payable April 25
to holders of record April 19.-V. 115, P. 2163.
Collateral Trust Gold bonds.
The consolidation of the various turpentine and rosin producing concerns
heretofore affiliated with or controlled by the Gillican-Chipley Co. of New
Hudson Motor Car Co.
-Capital Stock Increased-10%
Orleans, La., into a single corporation that becomes the largest of its
-in the world was announced in Feb. last by Pres. W. B. Gillican. kind Stock Dividend Authorized-Output.
The
The stockholders on Mar. 31 (a) increased the authorized capital
consolidated concern, known as the Gillican-Chipley Co. takes in among
stock.
no par value. from 1,200.000 to 2.000,000 shares, and (b) authorized
others the Betts Naval Stores Co.of New Orleans, which operates
in Florida:
the
the Southwestern Land & Turpentine Co., also of New (Orleans, operating directors to distribute 120,050 shares of the increased stock as a 10% stock
in Mississippi,and the New Orleans Naval Stores Co. The new corporation dividend, as follows: 120.000 shares pro rata among the no par stockholddre
absorbs by outright ownership half of the Florida Industrial Co., and 50 shares pro rats among the par value stockholders.
also
The 10% stock dividend is payable April 15 to holders of record
which owns approximately 1,150,000 acres of standing yellow pine timber
April 10.
(See also V. 118, p. 1275.)
in South Florida.
The company in March produced 14,672 Hudson and Essex
Girardsville (Pa.) Gas Co.
-Sale.
pared with approximately 13,670 cars in February and 10.600 cars. comin January
The company, with plants at Girardville, serving Girardville, Franck- last.
-V. 118, p. 1275.
villa, Gilberton and Mahoney Plane, and at Coaldale, serving Coaldale.
Lansford and Summit Hill. Bull Run and Seek, which recently went into
Humble Oil & Refining Co.
-Annual Report.
the hands of receivers, will be sold at public sale on May 15 by Samuel
Calendar YearsT.
1923.
1922.
1921.
Freeman & Co., auctioneers, at 1519 Chestnut St., Phila.-V. 113, p. 1476. Total
1920.
income
$40,356,538 $26.490,523 324,247,867432.538,070
Cost of oper. & tot
326.466,642 $19.760.643 $17,147,236 $21 564.611
Glidden Co., Cleveland, 0.
-Business Improves.
Depreciation
6.664.383
5.646.506
5,243,524
ee z
Gross business for the 4 months ended Feb. 29 1924 was $5,771,072,
2,167,319
an Depletion
2,239,853 3,000,000 2,500,000
Increase of $216,270 over the corresponding period a year ago. February Federal taxes (est.)
1.000,000
sales were approximately $100,000 in excess of Feb. 1023. March returns Dividends paid
2,100,000
are expected to show an improvement over the same month of
1923, when
ales were $2,630,114 and net income was 3160,394.-V. 118, p.
Balance
$2,958.192d31.156.479df$1.142,893847.473,459
1142, 799.
F.) Goodrich Co.
-To Reduce Capital Stock.
x After deducting depreciation. y Dividends paid out of surplus
ta
The stockholders will vote April 16 on decreasing the authorized Common these years.
-V. 118. p. 558.
stock from 1.500.000 shares of no par value to 750,000 shares, no par value.
The reduction, it is announced, will have no effect on the present outstandHupp Motor Car Co.
-Earnings, &c.
ing stock, as the shares to be wiped out are in the treasury.
Calendar Years1923.
1922.
The stockholders will also vote on reducing the Preferred stock
1921.
by Sales
$38,013,014 334,122,847 816.946.437
31.188,000.-V. 118. p. 1264.
x Net profits
32.635.788 $3,763,983
$890,278
Preferred dividends
37,822
58.872
Great Northern Iron Ore Properties.
66,234
-32 Dividend.
- Common dividends
558,150
519,210
519,210
The trustees have ordered a distribution of $2 a
of beneficial interest. payable April 30 to holdersshare on the certificates
of record April 12. A
Balance, surplus
82,039.816 33.185.901
like amount was paid De . 27 last, while a distribution of $1 a share
$304.834
was
made April 30 1923.-V. 118, p. 90.
x After reserve for Federal taxes.
-V. 118, p. 1143.
Groton Iron Works, New London, Conn.
-Sale.-
Illinois Bell Telephone Co.
The property was sold Mar. 19 to Morris Shapiro of Baltimore,
-Expenditures.
Md..
The directors have approved the expenditure of $615,444 for new
for $203,500. The company was a subsidiary of the United States Steamin the City of Chicago and $100,992 for Illinois outside of Chicago, or aplant
ship Co.(which see in V. 118,p. 1292.)-V. 118,p. 1275.
total
of $716,436. The total approved for the current year is $4,631.496.-V.
(M. A.) Hanna Co.
-Balance Sheet Dec. 31.118.p. 1389.
1923.
1922.
1923.
1922.
AssetsIllinois-Pacific Glass Co.
$
$
LiabitWe,-Bonds Offered.-Schwabacher
$
Property accts__..x25.536.550 26,078,306 7% let Pref. stk.-11,620.000 12,000,000 & Co. and
Wm. R. Staats Co., San Francisco, recently
Cash
1,175,295 2,031,947 8% 25 Cony. Pref.
U.S. Liberty Ws_ 900.000
offered at 100 and int. $500,000 1st (Closed) Mtge. 7%
stock
2,594.800
Due fr. customers_ 3.527,825 6,188,909 Common stock_ _z12,000,000 2,594.800 Sinking Fund
12,000,000
Gold bonds. A circular shows:
Current advances_ 1,023,117 2,240.501 Stock of Cos, not
Dated
Mind. accts. rec. 174,610
623,126
owned
3.276,442 3,373,132 the officeMarch 1 1924. Due March 1 1936. Int. payable M. & S. at
of Bank of California, N. A.. San Francisco, trustee, without
Inventories
10,516,041 8,673,167 Funded debt
y7,014.000 7.946.000 deduction of Federal income
Miscel. advances. 1,279,066 1,691,730 Notes payable_
tax up to 2%. Callable, all or part, at 105
69,056 and int. up to and incl. March 1 1925;
Sink,fund deposits 367,218
thereafter callable price reduced
326,420 Accts. payable
Securities owned.. 3,790,371 1,918,417 Accrued taxes_ .._ - 4,655.245 5,940,656 1.4 of 1% per annum up to and incl. March 1 1932; thereafter to maturity
411,058
398,292 at 101. Denom. $1.000 and
Secure, held under
$5000.
Other accr. liabils. 174.717
289.187
leasehold
-Was founded in 1881. Has been engaged in the business
424,167
424,167 Long-term Habil__ 1,944,228 1,944,228 ofCompany.
manufacturing glass bottles. Its
Advanced mining
Miscel. reserves__ 435,889
331.381 other Pacific Coast glass bottle production is larger than that of all
royalties
489,939
manufacturing companies combined.
385,696 Gen. conting. res- 660.986
500,000 Company is the pioneer on the Pacific Coast
Prepaid expenses_ 278,261
349,350 Surplus Hanna Co. 4,061,555 2,859,357
in the corrugated paper box
and carton business, which department has shown a rapid and profitable
do applic. to
Tot.(each side)_49,480,460 50,931,736
growth. Main office located in San Francisco, with selling branches in
other stock
631,540
685,647 Portland, Seattle and Los Angeles.
x After deducting $10.679.672 depreciation, depletion
Earnings.
-Net profits, applicable to interest payments, for
seven
and
y As follows: (a) Standard Investment Co.6% Serial Gold obsolescence. years ending Dec. 31 1923. averaged 3169.600 per annum, orthe
over 4.8
by M. A. Hanna Co., maturing $250.000 semi-annuall notes assumed times the maximum interest charges on this bond issue.
y (Feb. 15 and
Aug. 15),$1,500,000;(b) Wakefield Iron Co.6% Serial
Sinking Fund.
-A semi-annual sinking fund commencing March 1
$300,000 annually (April 1), $600.000;‘ Pittsburgh Gold notes maturing 1925 will reduce the mortgage to $85,000 by maturity.
c)
let Mtge. 6% Serial Gold bonds, maturing $40.000 tic Eastern Coal Co.
annually (July 1).
Balance Sheet Dec. 31 1923 (After this Financing).
$80,000; (d) Wheeling & Lake Erie Coal Mining Co. 1st Mtge.
6% Serial
Gold bonds, maturing $20,000 annually (Jan. 1),$10,000 annually
Assets
Liabilities
(Oct.
$194,000; (e) New Field By-Products Coal Co. let Mtge. 5% Serial 1), Cash
$42,302 Notes payable
$102,500
Gold Notes & accounts
bonds, maturing $40,000 annually (March 1), $400.000; 01 Hanna
receivable__ 428.336 Accounts payable
224,955
Furnace Inventories
Co. lot Mtge.8% Sinking Fund Gold bends, due June 11926.
1,006.958 Reserve for Federal tax
15,624
34.000,000; Plant
) Dover By-Products Coke Co. let Mtge. 8% Gold bonds. assumed by
246,400 1st Mtge. 75
500.000
anna Furnace Co.. maturing $40,000 annually (Jan. 1), 3160.000, and 131dgs., machinery & equip___ 1,228,008 Common stock
1,022,600
VI) Detroit Iron & Steel Co. 1st Mtge.5% Gold bonds, assumed by Hanna Patents, exper. work,&c
20,105 Surplus
1,213,295
Furnace Co., maturing $40,000 annually (July 1). $80.000. z Common Deferred charges. &c
106,865
stock auth., 500,000 shares, no par value, issued 282,844 shares."
Declared Common stock, $12,000,000
Total
$3,078,974
Total
$3,078,974
The usual income account was give.in V. 118, p. 1526.
if
Havana Tobacco Co.
-Deposits, &c.-
The holders of undeposited Preferred and Common stock and 20
-Year
5% gold bonds are notified by the reorganization committee
(James H.
Peridns,
Chairman)that the time for the deposit of these securities expires
on April 10 1924. In order to participate in the benefits of the
tion plan dated Jan. 31 1924 (V. 118, p. 672), deposits should bereorganizamade with
Guaranty Trust Co., 140 Broadway, New York City, before tho close of
business April 10 1924.
Over 99% of the bonds, over 77% of the Preferred stock and over
86%
of the Common stock have already been deposited.
Earnings for Calendar Years.
1923.
1922.
1921.
Income
$334,677
$35,281
$31,041
Oper. exp., incl. Int, on bills payable_
516,961
490.106
459.193
Bond interest paid and accrued
375,000
375.000
375.000
Deficit for year
Profit and loss deficit
-V. 118. p. 1275.
$857,284
3829,825
$803.152
$9.942,784 39.085,500 $8,255.675
Indianapolis Light & Heat Co.
-Earnings Year Ended
Dec. 31 1923.
-
Operating revenues
Operating expenses, depreciation ($660,961), contingencies $4.505,313
(8234.000) and taxes (3441,786)
3,565,202
Net operating revenue
3940.110
Non-operating revenue
53,823
Gross income
$9931933
Deductions from gross income including
$189,100 interest on
funded debt
206,342
Dividend on Common stock
169,124
Surplus for year
Previous surplus
Adjustments
$5618,467
175,072
197.676
Profit and loss, surplus
-V. 117. D. 332
$991,216
[vol.. 118.
THE CHRONTCLE
1672
-New Director.
International Business Machine Corp.
Edward Cornell has been elected a director to succeed the late Henry L.
-V. 118, P. 1517, 1019.
Wardwell.
-Files Answer.- International Harvester Co.
The company, in an answer filed with the Federal Trade Commission,
has denied charges of entering into a combination and conspiracy with
retail dealers in agricultural implements to fix and maintain prices.
V. 118. p. 800. 1275.
-New Control Reported.
Laclede Gas Light Co.
It is reported here that W. A. Harriman & Co. have acquired control
of the company and have options on additional stock at 98)i until May 5.
V.
- 118. p. 1020. 801.
-Meeting Adjourned.
Laconia Car Co.
The special Preferred stockholders meeting scheduled for March 30 was
adjourned until April 30. It is announced that over 80% of the Preferred
stock is In favor of the proposed recapitalization plan. See V. 118, p.438.
-New Director-Bal. Sheet.
Lee Rubber & Tire Corp.
-Acquisition.
International Smelting Co.
The item in last week's "Chronicle," page 1528, under the caption "Lee
Tire & Rubber Corp." should have appeared under the above company.
V.
- 118, p. 1528.
See Utah Consolidated Mining Co. below.
-Omits Extra Dividend.
Intertype Corp.
The directors have declared the regular quarterly dividend of 25c.
Loew's, Incorporated.-Earnings.a share on the Common stock, payable May 15 to holders of record May 1.
Sept.1'23to Sept.1 '22 to -Years Ended Aug.31
Period-V. 118. P.
On Feb. 15 last an extra dividend of 25c. per share was paid.
1921-22.
Mar.9'24. Mar.11 '23. 1922-23.
Gross Income1019.
Theatre receipts, renatls
and sales of films, &c..$10,362,964 39.495,754 516,860,161 316,801,420
-ToIncrease Stock-Offer ofExchange.
Invincible Oil Corp.
899,032
977,452 1,363,238 1,250,106
The stockholders will vote May 13 on increasing the authorized capital Rentals of stores&offices
606,437
251,203
623.623
shares of no par Booking fees & Commis_394,306
stock from 1,000,000 shares, no par value, to 1,100,000
Divs. rec. from cos, less
value.
696,081
356,604
515,657
than 100% owned......346,882
owns in excess of 91% of the outstanding capital stock
This corporation
254,254
121,316
271,678
96,713
of the Louisiana Oil Refining Corp. and of the 11,132 shares not so owned, Miscellaneousincome_ _ _
arrangements have just been concluded for the purchase of 9,452 shares on
$12,099,898 311.202,329 $19.634,355 $19,608,302
corporation (without
the basis of an exchange of 8 shares of stock of this
Expenses
par value) for each such share of Common stock and 6 shares of stock of
this corporation (without par value) for each such share of Preferred stock. Theatres ez office bldgs_ _ 34,792,240 35,055,425 $8,320,486 $9,874,405
1,870,688 1,257.8502,010,870
A like offer is being made to the remaining stockholders. Stockholders of Film distribution
, ,
781,446 1,256,966 2,118,832
the Louisiana corporation desiring to avail of the offer should deposit their Amortization of films__ _
226,673
175,145
366,657
145,427
St.. New York City, on or Film adv'g accessories
37 Wall
stock with the Equitable Trust
Co.'
before April 15. It is believed that the unification of the stock ownership Producers' share of film 2,445,477 1,479,049 2,793.634
1.512,894
rentals
Oil Corp. and Louisiana Oil Refining Corp. and their
of the Invincible
194.250
409.712
257.812
239.303
various subsidiaries will eliminate expensive inter-company bookkeeping Deprec. of bids. & equip.
251,192
178,208
211,756
and otherwise reduce operating expenses to the aenefit of all concerned. Federal taxes(estimated)
-V. 118, p. 1527.
310.501.018 $9,645,775 217,218,866 517,340,431
Total expenses
31,598,880 $1,556,554 $2,415,488 32,267,871
Operating profits__
-Earnings for Calendar Years.
Iron Products Corp.
p. 1990. 2001.
-V. 117,
1920.
1921.
1922.
1923.
31,001.823 loss$791,425 $1,567.254
$1.698,253
x Operating profit
-Offer to Minority
Louisiana Oil & Refining Corp.
$862,702
3345,486
3489.043
Taxes,int., depr.& depl. $548,807
75.296 Stockholders to Exchange Stock for Invincible Oil Co. Stock.
78,964
78.984
78,984
Preferred dividends_
211.269
Common dividends
-V. 117. D. 2441.
See Invincible Oil Co. above.
.875 sur$629.256
$433,796df$1.215
3859,193
Balance
-To Resume Divs.(Marcus) Loew's Theatres, Ltd.
3798,645 $2,014,520
P.& L.surplus Dec. 31.. $2,083,242 31,228,023
Announcement was made at the annual meeting that the company
by initial payment of
Preferred
resume dividends on
maintenance would on July, 15 to holders therecord Julystock Dividends were disconk After deducting cost of operations, including repairs and
of
1.
and upkeep, expenses of sales, and general offices, doubtful accounts and 1U% in 1921. See V. 113. p. 424.
tinued
1143.
-V. 118. p. 1527.
adjustments of inventories.
-Annual Report.Ludlow Manufacturing Associates.
-Wipes Out Deficit.
Jewel Tea Co., Inc.
With the close of the first quarter of 1924 the company wiped out the
remainder of the deficit in its capital account. The company operated at
a loss in 1919 and in 1920 and in the latter year had a deficit of $1,507,289.
This was reduced to $200,520 as of Dec. 29 1923. It is understood that
this latter sum was more than earned the first three months of this year
-V. 118, p. 1527, 1276.
("Financial America").
-To Reduce Pref.-Annual Report.
Jones Bros. Tea Co.
The stockholders will vote April 14 on reducing the Preferred stock by
2240.000. par $100, representing the amount of Preferred stock purchased
by the company out of its sinking fund and cancelled.
Income Account for Calendar Years.
1920.
1921.
1923.
1922.
Sale
231.368,545 324.203,540 241,889.045 322,743,098
$562,054
3727.652
Net profits before taxes_
$495,332
5507,054
3165,905
5635,652
Net profits after taxes
280,000
280,000
271,600
266.350
Pref. dividends (7%)
(2)200.000
Common dividend - - %)300,000 (2)200,000
(3
def$400.445
Balance, surplus
Profit & loss,sur.,Dec.31 2502,080
-V. 118. p. 1528, 1276.
$164,052
3902,525
3222.054
3738,473
$15.332
$516,419
-Calendar YearsGross sales
Net earnings
1921.
1923.
1922.
217,158,239 $13,940,103 $8,324,000
516,000
x2.060,700 2,058,000
x In arriving at this figure no allowances have been made for the taxes
to be paid during 1924 on the business done in 1923. Taxes were paid,
however, during the year on business done in 1922 and have been included
in expenses for the year 1923.
Ludlow Mfg. Associates (et Controlled Companies) Balance Sheet Dec. 31.
1922.
1922.
1923.
1923.
Liabilities$
$
Assets
Real est.& mach _15,817,796 15,273,373 Reserve for deprec. 2,740,495 2,358,191
1,700,000
Notes payable
Shares held for em104,809
447,207
18,307
14,874 Accounts payable
ployees
2,825 Reserve for share1,925
Mortgage account.
190,562 holders
23,009,943 20,027,893
Prepaid Items_ _ _ - 144,645
11,824
U.S. Govt.securs. 3.311,824
1,267,590 1,261.935
Cash
990,180 1,283,027
Notes es bills rec.
Stock Az mdse.... 4,302,980 6,494.870 Total eitch)31de)_25,855,246 24,533,291
-V. 116. p. 184.
-Stock Taken-Earns.
McIntyre Porcupine Mines, Ltd.
Miller & Co., New York, it Is stated, have taken 34.500 shares of the
of the company they have under option. This brings the
The company has acquired control of the Battle Creek Toasted Corn 70.000 shares
shares, 21,000 shares
Corn total outstanding to 762.500 shares.in Of the 34.500 share being received.
Flakes Co. of London. Ont., Canada, and its subsidiary, the Canada
full at $15 a
were taken up March 25. payment
Products Co. The shareholders of the London company are to be allowed The company also admits sale under option of 10.000 shares of original
stock in the new company, or they may sell out on the basis treasury stock June 30 1923 and 3,500 shares on March 17 1924. The
to retain their
on which the majority stock was secured. The capitalization of the company is understood to have secured adjacent Plenaurum property by
Battle Creek Toasted Corn Flakes Co. of London was $300,000, par $100, making
offer to shareholders of $1 a share open for acceptance until
and of the Canada Corn Products Co. 385.000, par 5100. For the shares May 10.an
of both, approximately $250 each was paid, it is said.
Net operating profits for the first 8 months of current fiscal year aggreIt is announced that the American company's Toronto plant will be gated $952.000, compared with actual earnings of $919.166 for the full
closed and the machinery brought to London.
30 1923.-V. 118, P. 559.
W. K. Kellogg has been elected President of the London company, suc- fiscal year ended June
ceeding Lieut-Col. William Spittall. J. L. Kellogg and J. F. O'Brien of
-Balance Sheet Dec. 31.Magnolia Petroleum Co.
-V. 117, P. 1134.
Battle Creek have been elected to the board.
1922.
1923.
1922.
1923.
$
Assets- Property, plant,
-Annual Report.
Kellogg Switchboard & Supply Co.
Capital stock.-180,000,000 180,000,000
Results for Year Ended Dec. 31 1923.
en wells.,ke_xj44,245,058 137,385,980 6% gold bonds_ 8.588,000 8,588,000
324,410
678,070
$528.848 Inventories ____ 35,051,273 28,783,050 Notes payable._
Net profit for year
(870)506,000 Notesetaccts.rec. 12,327,217 8,049,251 Accts. payable__ 10.035,716 3,616,686
Cash dividends
11,594,025 Accrued Int. and
Govt.securities.
893,725
167.750 general taxes_
873,032
183,575
222.848 Other securities_
Balance, surplus
307,339
310,662
929,029 Cash
4,132.327 2,265,683 Deferred credits.
Surplus at Dec. 31 1922
Undivided prof- 13,238,032 12,468,011
Cr.401,021 Stockh'rs. notes
Readjustment of book values of plant and patent accounts
2,102.424 2,802,140
deb.5,138
receivable_ _
Additional 1922 and prior Federal income taxes
Adv.to sub. cos. 6,696,024 6,929,337
$1,347,759 Inv.In sub. cos_ 7,843,075 7,851.366
Profit and loss surplus Dec 31 1923
726,572 Total(each skle)213,366,529 206,555,154
Def.& unadt.deb 785,556
31.
Balance Sheet December
-Fixed assets reflect appreciation due to appraisal of certain properNote.
1923.
Liabilities1922.
1922.
1923.
Assetsties, the increase being transferred to capital account by stock dividend.
Capital stock
56,325,000 36,325,000
Plant, real estate.
x Includes producing property, leaseholds at appraised values, oil wells
machinery,etc_$1,125,887 3640,234 x Pay-roll & taxes
lines, refineries, floating equipment,tank cars, marketand equipment,
126,330 ing stations and pipe property. less depletion and depreciation reserve.
901,020 accrued. etc_ _ 128,215
Pat'ts at good-will_ 973.277
other
3,221,170 2,682,564 Trade and miscelInventories
The usual comparative income account appeared in V. 118, p. 1528.
198,816
laneous accounts 189,823
Accts. et notes receivable, &c..._ 2,074,943 1,947,747 Surplus dc reserves 1,356,685 1,129,029
-Sale.
Manhasset Manufacturing Co.
184,626
148,197
Cash
At a recent sale the receivers received a bid of $475,000 for the entire
U.S. Govt. secur. 442,390 1,408,615
property from William Muir or Providence, R. I., who is said to represent
Unearned insuence
-V. 118, P. 1277, 559.
14,369 Total (each side) _57,999,753 $7,779,175 stockholders.
13.889
prem.& sundry_
-New Directors and Officers.
Marlin-Rockwell Corp.
-V. 118, p. 1528.
x Includes provision for income tax.
The following new directors have been elected: Henry K. Smith, Alfred C. Davis, F. W. Gurney, Arthur W. Kettle. Charles M. Nichols,
-To Retire Notes.
Kelly-Springfield Tire Co.
E. Snell Hall, A. F. Rockwell, F. J. Galloway, Walter Robbins, Edgar
-Year 8% Sinking Fund gold notes, dated May 15 1921, aggre- Park. L. E. Stoddard and T. L. Chadbourne.
Certain 10
New officers are: F. W. Gurney, Chairman: II. K. Smith. President:
gating $500.000, have been called for redemption May 15 at 110 and interest
at the Central Union Trust Co.of New York,80 Broadway,New York City. A. C. Davis, Vice-Pres. & Gen. Mgr.: J. H. Walters. Treasurer, and Ralph
-V. 118, p. 1529, 1277.
A. Gamble, Secretary.
-V. 118. p. 1400.
-Acquisition.
Kellogg Co.(of Del.), Battle Creek, Mich.
-Definitive Bonds Ready.
Knox Hat Co., Inc.
-Year 634% Mtge. Gold bonds, due Nov. 1 1938, are now
Definitive 15
ready for delivery at the Chase National Bank, N. Y. City. (For offering
see V. 117. p. 1895.)-V. 118, p. 914. 873.
-To Reduce Stock.
May Department Stores Co.
The stockholders will vote April 15 on reducing the Preferred stock by
3750,000.-V. 118. p. 1529.
-Bonds Offered.-Guaranty
Memphis Power & Light Co.
Co. of New York and Harris Forbes & Co. are offering at 91
and int., to yield about 5.70%, $1,000,000 1st & Ref. Mtge.
Gold bonds, Series A, 5%. Dated Jan, 11923, due Jan. 1
-Dividend Rate In- 1948.
ICresge Department Stores, Inc.
Issuance.
-Authorized by the Tennessee Railroad & P. U. Commission.
creased on Preferred Stock-Stock Approved.
Data From Letter of Pres. T. H. Tutwiler, Memphis, Tenn., April 1,
-March Sales.
(S. S.) Kresge Co.
1924-March-1923.
56.949.545
S8.875.258
-v.118. p. 1144. 673.
-1923. Increase.
Decrease.I 1924-3 Months
574,2871318,350,889 316,894,962 31,455,927
The stockholders on April 2 ratified the change in the Preferred dividend
the
rate from 7% to 8%. The commencement of to operation of the Sinking
Dec. 311927.
Fund has been postponed from Dec. 31 1925
The stockholders also approved the Issuance of 12,500 shares of 8%
Pref. stock, making 33,000,000 outstanding and 10,000 shares of
Cumul.
Common stock, making 110.000 shares of Common outstanding. See also
offering in V. 118. p. 1528.
-Does the entire central station power and light and the entire
Company.
gas business in Memphis, Tenn., and certain suburbs, serving a population
estimated at over 200,000. Company owns all the capital stock, except
directors' shares, of the local street railway company, which is operated
at a profit, and it supplies at wholesale all the current used by the street
railway.
APR. 5 1924.]
THE CHRONICLE
111The property consists of electric generating plants having a
combined
Installed capacity of 46,000 k. w.. a water gas plant having a daily capacity
of 8.590,000 Cu. ft., and extensive electric and
The electric generating equipment includes a newgas distributing systems.
in operation Jan. 1 1924, the completion of which 15,000 k. w. unit placed
enables
handle substantial additional amounts of profitable powerthe company to
business which
it had hitherto been unable to accept on account of insufficient generating
capacity.
Purpose -To provide further for its growing business the company has
made substantial additions to its properties and has begun construction
work for the installation of an additional 20.000k. w. unit which is expected
to be in operation by the end of this year. The proceeds of this issue will be
used to reimburse the company in part for such expenditures and for other
corporate purposes.
Security.
-Secured by a direct first
portion
of the present property, including the mortgage upon a substantialthe new
generating station,
15,000 k. w. unit forms part, and a direct mortgage upon of which
the remainder of
the physical property,subject only to two closed issues of underlying mortgage bonds aggregating $1,810,000, and maturing in 1929
and 1931, respectively.
Earnings 12 Months Ending Feb. 29 1924.
Gross earnings
$4,111,587
Operating expenses and taxes
2,568.664
Net earnings
Annual int. requirements on total funded debt, incl. this issue_ 81,542.923
535,500
_
Balance for renewals and replacements, &c
81,007.423
CapitalizationAuthorized.
Issued.
Common stock (no par value)
400.000 shs.
shs.
Pref.stock(no par) divs.curnul.$7 per sh. per an. 75,000 shs. 400,000 shs.
10,000
lst & Ref. Mtge. Ser. A 5s (incl. this issue) _ _1
x
186,500.000
do
Series B. 6%
1 2,000.000
Underlying bonds
(Closed)
1.810.000
x Limited by the restrictions of the mortgage.
Supervision.
-Operation is supervised by the Electric Bond dr Share Co.
-V. 118, p. 559.
Merchants Heat & Light Co.
-Earnings Year Ended
Dec. 311923.
Operating revenues
Operating expenses. depreciation ($143,548) and taxes ($197,408)$2,938.792
2,211.074
Net operating revenue
Non-operating revenue
$727,718
15,540
Gross income
Deductions from gross income, including 8457,089 of interest
on funded debt
Common dividends
8743,259
498.936
160.000
Surplus
Surplus at beginning of 1923
Adjustments during year
884,322
440,759
774,214
Surplus at close of year
-V. 117, p. 2897.
$1,299,296
16:3
Comparative Balance Sheet.
Dec.29'23.Dee.31'22.
Dec.29'23.Dec.31'22.
Assets$
$
Liabilities
Cash
529,261 1,038,856 8% Pref. stock _ _13,000,000 13,000,000
Accts. & notes me_ 2,764.465 3,488,085 Common stock__ 7,500,000 7,500,000
Inventory
11,124,812 15,302,696 Notes & accts.Day. 289,192 2,276,608
Stocks ofaMi.cos_11,997,694 13,345,793 5
-year 8% notes__ 9,000,000 10,000,000
Disc. & expense
548,089
197,495
302,826 Res. pens.&contin. 538,419
Deficit
3,713,883
Surplus
153,559
Total
30,327,611 33,478,256
-V. 118. p. 92.
Total
30,327,611 33.478,256
National Department Stores, Inc.
-Earnings.
-
Consolidated Income Account
-Year Ended Jan. 31 1923.
Net sales. $72.331,456: cost of goods (incl. depree.). &c.. $67.101.539: operating profits
$5,229,917
Interest charges. $318.259; Federal taxes, $601.878; total
920,137
1st Prof. diva., $385,000; 2d Pref. diva.. $254,332; total diva
639,332
Balance, surplus
83,670,448
Profit and loss surplus Dec. 31 1923
81.775,413
-V. 118, p. 1145. 674.
New Bedford Gas & Edison Light Co.
-Acquisition.
-
The company has purchased from the estate of the late Jonathan Bourne
what is known as the New Bedford Foundry & Machine Co. at the southeast corner of South Water and Coffin sta., New Bedford, Mass. The
property it is stated. includes 20.016 sq. ft. of land, together with a 3
-story
stone building, which will be used by the gas company for storage purposes
for the present.
-V. 118. p. 440.
New Cornelia Copper Co.
-Earnings-Output.
1923.
1922.
1920.
1921.
Total earnings on metals $5.555.717 83,740.081 $2,722,040 $7,089,513
Other income
65,824
41,739
82.293
15.101
Total income
$5,597,455 $3,822,375 $2.737,141 87,155,337
Oper. & general exp.,
taxes, &c
$3,566.001 $3,092.284 $2,254.992 84,530,670
Depreciation
722,128
692,582
535.903
372,429
Depletion
880,923
921.029
611,030
469.882
Interest
19.918
Net earnings
$428.403 def$416.841 def$360,102
8991,136
Total copper (in lbs.)
38.367,718 26.612.803 20.198.382 40.104,493
Sales of copper for 1923 were 37,083.541 lbs., for which the company
received an average of 14.54c. per pound.
-V. 118. p. 1145.
New River Co.
-Government Appeals.
-
The Government has appealed the verdict of the Federal Court of
Charleston. W. Va., awarding the company $899,000 representing principal
and interest on coal commandeered by the navy from July 1919 to April
1921. The coal was taken on order of the Navy Department at an arbitrary price and the difference between that price and the market figure
at the time of seizure amounted to approximately 3750.000, the balance
representing interest.
-V. 118, p. 1278.
New York & Cuba Mail SS. Co.
-Trustee Resigns.
-
Midvale Co.
-Earnings, etc.
-
The Irving Bank-Columbia Trust Co. has filed with the company its
Net profits of the company and subsidiaries
resignation as trustee of the
Dec. 31 1923 were $336.205. The company was for the 9 months ended 1907.-V. 118. p. 560. 440. 1st Mtge. 5% Gold bonds, dated March 18
organized to operate the
Nicetown I•lant of the Midvale Steel & Ordnance Co.,
when the
merged with the Bethlehem Steel Corp., the Nicetown plant latter was
New York Shipbuilding Corp.
-Annual Report.
not being
included in the deal.
Calendar Years1923
1922
1021
1920
The report shows net earnings from operations after taxes, but before Net profit from oper_ _ _ $795,920 $1,060.182 84,738,723 84,321.417
depreciation of 8610,948.
Other income credits_ _ _
277,469
124.336
77,342
165.948
Consolidated Balance Sheet Dec. 31 1923 (Including Subsidiaries).
Gross income
$I,073,389 $1,184.517 84,899,672 84,398.759
AssetsLiabilities
Provision for claims_ _ _ _ $700.000
$443,000
Plant & prop., less deprec'n.$11,526,726 Capital stock (200,000
no par
Amort of plant prop_
1.943.387
$240.881
Investments
20,401
shares)
$14,574,621 Federal taxes
$63,401
50.000
966.593
Cash
435,494 Accounts payable
206,650 Loss on sale ofinvestmla
309,382
Accounts & notes receivable_
826,526 Accruals, incl. est. Fed. taxes
77,696 Miscellaneous
158.250
281,348
466.725
486,501
U. S. Treasury certIneates„
400,000 Reserves
696,904
Inventories
2,620,861 Surplus
336,205
Total
$981,348
$221,651 82.903.112 82,003.356
Deferred charges
62.068
Net income
$92,040
$962,866 $1,996,560 82,395,403
Diva declared and paid_
300,000
200,000
800,000
800.000
Total
815,892,076 Total
815,892,076
-V. 116. p. 1539.
Surplus for the year._def$107,960
5662,866 $1,196,560 $1.595.403
Previous surplus
6,077,504
5,414.638 4,218.078 2.622,676
Mississippi Glass Co.
-Bonds Paid.
The $628.001)6% bonds duo April
Surplus Dec 31
x$5.969,544 $6,077,504 85.414,638 54,218.078
the Mississippi Valley Trust Co., St. 1, are being paid off at the office of
Louis, Mo.-V. 116, p. 1284.
x Does not include adjustments consequent upon Federal tax refunds
Montgomery Ward & Co., Chicago.
-March Sales.allowed by revenue agents' audit for years 1918 to 1921 inclusive, subject
1924-11-farch-1923.
Increase. 1924-3 Mos.-1923.
Increase. to confirmation by Treasury Department -V 117. p 2118.
$14,068.647 812.975.073 $1,093,5741$37,863.932 $30,515.616 $7,348,316
-V. 118. p. 1277. 1145.
Moon Motor Car Co.
-Balance Sheet Dec. 31.-
Assets1923.
1922.
Retu e t.,eptip..&e $364.706 8290.590
Goods ill
475.000
475.000
Investments
33,500
25,000
Cash
281,062
318,576
Govt.sscurities
265,795
Notes receivable_
66.623
106,636
Acels receivable
172,296
319.993
Inventories
1,380,224
794,610
Prepaid expentes.
13,423
9.588
Total
$2,789,033 $2,605,794
New York Transportation Co.
-Earnings.
-
Calendar Years1922.
1923.
1920.
1921.
Gross earnings
85,854,718 85.701.455 85,441.854 84,800.783
Liabilities1923.
1922.
Net after oper.expenses- $1.815.440 81.600,369 81,754.833 81,557,306
Preferred stock
8311,400
181,858
165.521
109.029
139,976
Common stock_ _42,232,670 1,612,016 Other income
Accounts payable_ 145.876
329,123
Total income
31,997.298 $1,765,890 81,894,809 $1,666,335
Deposits
19,342 Charges and all taxes_
20.500
624.830
711,374
899,516
779,744
Corn. dive. pay'le. 135,000
82,556 Dividends
(20%)470.000 (20)470.000 (20)470.000 (15)411.250
Accr. payrolls, &c..
12,974
13,997
Federal tax reserve 124.731
118,744
Balance. surplus
8671,060
$815.924
8645,065 $ 355,569
Depreen reserve
117,282
101,113 -V. 116, p. 1284.
Special reserve.
17,500
Northern Indiana Gas & Electric Co.
-Income Account
Total
$2,789,033 82,605,794
? ep suariedoby 18ci)u shas givennin Ttr1value..
r urese n z e ac 0 w ares of o .
tRe
0 0a
.p
Year Ending Dec. 31 1923.
-
1529.
Operating revenue
87.624.883
Operating expenses (incl. charge for retirement of 8297.048)- 5.027,859
Uncollectible operating revenue, $29,683; taxes, 8512,986
542,669
Morse Twist Drill & Machine Co., New Bedford.
- Net operating
Income
Omits Dividend.
82.054.356
181.858
The company announces the passing of the regular quarterly dividend. Other income
This is the first time in more than 50 years that this concern
Total income
$2,236,214
its dividend. Payments for the past few years have been athas omitted Deductions
the rate of
115.722
-V. 104, p. 2015.
6% per annum.
Interest on funded debt
766,063
Dividends declared
1,014,500
Nash Motors Co.
-Earnings.
-Earnings for the quarter ended Feb. 29 1924. after deducting expenses,
Balance, surplus
8339,929
depreciation and taxes, were 81.618,475, compared with $1,513.241 the Total surplus Dec. 31
1923
$4467.138
same quarter in 1923.
-V. 118, p. 1401. 440.
The company in December, January and February shipped 11,997
cars, against 11,261 in the previous period.
-V.118, p. 1021.
Northern States Power Co. (Minn.)
-Bonds Sold.
1277,
National Dairy Products Corp.
-Earningsfor 1923.
-
(The figures for the Rieck-MeJunkin Dairy Co are for the
ending Dec 31 1923. and for the ilydrox Corp for the fiscal nine months
year ending
on the same date 1
Sales (net). $13,568,669; cost of sales. incl. delivery expense &
depreciation, $10.668,325; gross profit
$2,900,343
Other income
125,416
Total income
Deduct-Administrative, selling & general expenses & interest 83.225,759
Proportion of net profits of sub. cos. of Rieck-MeJunkin Dairy 1,148,070
Co. applicable to minority stock holdings
5,783
Federal taxes (estimated)
231,563
Dividends on Preferred stocks
269.288
Balance
-V 118, p 1145
National Leather Co.
-Annual Report.
-
$1,371,056
Delivered sales of merchandise owned by the company and
100%
owned subsidiarles.together with the proper proportion of the salesIts its par
of
Malty owned subsidiaries, amounted,for the year 1923. to over $35,000,000
against 828,500,000 In 1922 and $23,500,090 in 1921.
Harris, Forbes & Co., Guaranty Co. of New York and
H. M. Byllesby & Co., Inc., have sold at 993. and int.,
yielding over 6%, $6,000,000 1st Lien & Gen. Mtge. Gold
bonds, Series "A," 6%.
Dated Nov. 1 1923. Due Nov. 1 1948. Int. payable M. &
Chicago and New York without deduction for the normal Federal N. in
tax up to 2%. Pennsylvania four-mill tax refunded. Redeemable income
on any
int. date until and incl. Nov. 1 1938 at 105 and int., the premium decreasing
% each calendar year thereafter, the bonds being redeemable in 1947
and on May 1 1948 at 1O03i and int. Denom. c5$1,000 and $500. and
r,
$1,000. $5,000 and $10,000. Harris Trust & Savings Bank, Chicago.
and Murdoch H. MacLean, trustees.
Company.
-Owns and operates or controls, electric light and power,
gas, steam heat or other utility properties serving 439 communities having
a total population estimated to exceed 1,152.500, located in Minnesota,
Wisconsin, Illinois, North Dakota, South Dakota and
The more
important electric light and power properties are now, Iowa. capable of
or are
being, interconnected and serve Minneapolis, St. Paul (In part), Faribault
and Mankato. Minn.; Grand Forks and Fargo, No.Dak.,and Ottumwa,Is.
The electric generating plants have a combined installed capacity of
171.125 k.w. and include the large and modern Riverside steam station
of 77,000 k.w. and newly acquired hydro-electric prepertien or 18.000
1674
[VOL. 118.
THE CHRONICLE
k.w., both of which are on the Mississippi River and centrally located in
the city of Minneapolis. Other hydro-electric plants have an aggregate
capacity of 34,040 k. w., and undeveloped water power sites are estimated
to have a potential capacity of approximately 110.000 k.w.
Company controls the Common stock of the Wisconsin-Minnesota
Light & Power Co., which serves La Crosse. Eau Claire and Chippewa
Falls, Wis., and Red Wing and Winona, Mimi. This company has an
electric generating capacity of 58,797 k. w., of which over 92% is hydroelectric.
Capitalization Outstanding upon Completion of Present Financing.
$35.388,200
Preferred stock. 7% Cumulative
x6,170,000
Common stock, paying 8%
10,000,000
Convertible 6j4% notes, due 1933
14,500.000
1st Lien St Gen. Mtge. 6s. 1948 (including this issue)
y34,053,000
1st & Ref. Mtge. 5s and 6s. 1941
7,100,000
Minneapolis General Electric 1st 5s, 1934 (closed)
amounted to a change of models. These operations naturally interfered
with the normal flow of factory production and are reflected in the profits
-V. 118, p. 1146
for the period."
-Keane,
-Bonds Offered.
Paige-Detroit Motor Car Co.
Higbie & Co., Inc., New York and Detroit; First National
Co., Detroit Co., Inc.; Union Trust Co. and Security Trust
Co., Detroit, are offering at prices ranging from 532% to
6%, according to maturity, $3,000,000 63/3% Serial Gold
debentures.
Dated March 1 1924, due $500.000 semi-annually Dec. 1 1924 to June 1
1927. Int. payable J. & D. at First National Bank. Detroit trustee, or
at Equitable Trust Co., New York. Denom. $1,000 0'. lied. all or
part on 60 days' notice at 103 and int. on or before June 11926; at 102 and
int. up to June 1 1926: at 101 and int. up to Dec. 11926.
Company.-Incorp. in 1909 in Michigan. Owns all of the Capital stock
of making Common stock of the Delaware company
x For the purpose
well-known
available for conversion of the $10,000,000 Cony. 01% notes due 1933, of Jewett Motors, and the two companies manufacture the through an
$10,000,000 additional Common stock of the company has been issued "Paige" and "Jewett" automobiles, which are distributed
organization of over 1,800 dealers. Plants occupy buildings having 1,109.and is held in the treasury of the Delaware company. y $7,926,000
St. plant,
additional 1st & Ref. Mtge. bonds are now pledged, and all future issues 258 sq. ft. of floor space and employ 2,929 men. The FortPaige cars.
occupied under lease, has a daily manufacturing capacity of 150
of these bonds will be pledged, under the 1st Lien & Gen. mortgage.
Warren Ave. plant, owned in fee, with a present daily production of
The
1923.
1924.
-12 Months to March 1Earnings
$16,140,588 $14,696,171 over 250 Jewett cars, includes a tract of 47 acres of land, appraised at
Gross earnings
8,509.939 31,091,705.
9,093,431
Operating expenses, maintenance & taxes
Number of Cars Sold for the Period Since 1910.
16,090
$7.047,157 $6,186,232 1910
7.743 1920
267 1915
Net earnings (before depreciation)
8,697
11,424 1921
3,002.575
956 1916
1911
Annual bond interest (including this issue)
29,742
1.855 1917
15.337 1922
1912
42,865.
$4.044.582
8.908 1923
4.631 1918
Balance
1913
12,499 1924 (3 mos.) ---16,719
5.666 1919
-The above statements of earnings and capitalization are those 1914
Note.
of all the properties which comprise the Northern States Power Co. system
Dividend History of the Preferred and Common Stocks.
except that they do not include earnings or capitalization of the Wisconsin-Return on Corn. Stk., %
Stock
--Cash DividendsMinnesota Light & Power Co., which is operated at a profit. Upon the YearCommon. Dividends. Cash Divs. Stock Divs.
7% Pref.
acquisition of certain shares of Preferred stock of this company it will 1914
_ _$36,72027%
become a subsidiary corporation and its earnings will be included in those 1915
100%
250,000
59%
209,626
of the system.
39%
80%-50%
900,000
379.716
electric 1916
Approximately 95% of current net earnings are derived from
524,977
357
$54,437
1917,
light and power properties.
17
255.000
62.997
-The properties are managed by Byllesby Engineering & 1918
Management.
29%
435.000
72,019
1919
-V.118. D. 1401. 1145.
Management Corp.
.%
33 1:37.
27%
500.000
479.984
199,119
1920
199.014
1921
--Earnings.
Ohio Body & Blower Corp.
166 -12
240.000
2.000,000
196.931
1922
1920.
1921.
1922.
1923.
50%
Calendar Years12%
480.000
2.000.000
185.024
1923
$3,206,832 $2.647,366 $1,531,468 $2,737,260
Net sales
2,479,540
1,601.397
2,499,308
3.324,219
Cost of sales, &c
Total_ --- $969,540 $3,041,024 $5,650.000
487,623
321,639
365,590
125,406
Selling & gen. exp.,&c
-Sales for the year 1923 totaled $46,416,617, an increase of 43%
Sales.
167.435
167,092
227.557
157.229
Interest. &c
1922. Sales for the first two months of 1924 indicate a volume of
199.291 over
Dividends paid
business of approximately $40.000.000 for the first 6 months of the present
fiscal year.
$596,629
$558,660
$445,089
$400,022
Balance, deficit
-For the 5 years ending Dec. 31 1923 annual net earnings
Earnings.
-V. 116, p. 2265.
available for interest and Federal taxes after depreciation and all other
charges have averaged *1.519.245, or over 731 times the annual interest
-Balance Sheet Dec. 31.Ohio Oil Co.
requirements of these debentures. For 1923 net earnings available for
1922.
1922.
1923.
1923.
interest and Federal taxes were *3.070.568, or over 15 times interest charges.
$
Liabilities$
$
$
AssetsThe maximum annual interest charge on this issue of debentures amounts
60,000,000 60,000,000 to $195,000.
133,775,299 19,949,572 Capital stock
Plant
267,000
1,289,265 Funded debt
Non-prod. prop__ f
-Additional working capital to take care of greatly increased
Purpose.
Notes& acc'ts pay. 3,254,335 1,069,935 business.
448,063
Cash
45,439
Unadi. credits_ __ _
Outstanding.
Notes & acc'ta ree_ 3,497,470
Authorized.
Capitalization511,743 Serial gold debentures (this issue)
1.073,600
25,891,328 70,623,198 Tax liability
Inventories
*3.000,000
*3,000.000
Minority interest
32,978,264
2.624,800
Investments
2,624.800
Preferred stock
--__-in subsidiaries.. 450,125
Unadjust. debits.... 246,116
6.000.000
8.000.000
Common stock
P.& L. surplus__ _30,965,300 30,280,356
Consolidated Balance Sheet Dec. 31 1923 (After This Financing).
Capital surplus_ __ 580,732
[Paige-Detroit Motor Car Co. and Jewett Motors.]
96,836.541 91,862,034
Total
Total
96,836,541 91,862.034
Liabilities
Assets
- Cash
[For dividend record from 1915 to 1923, incl., see V. 117, P. 2221.]
$500,000
$938,524 Notes payable
V. 118. p. 1530, 561.
1,464,113
892,917 Accounts payable
Accounts & notes receivable..
212,915
Sundry credit balances
Sundry accts. rec. & adv. to
-Declares Three Dividends.
Orpheum Circuit, Inc.
56.448
31,614 Due on contract
employees
165,012
The directors have declared three monthly dividends of 124 cents each Adv.on purch. contracts,&e_
59,925 Cash dividends declared_ _
764,905
on the Common stock. par $1. payable May 1, June 2 and July 1 to holders Accts. rec. from sub.sell.cos_
372,805 Acer.liab.inel.res.for Fed.tax
of record April 19, May 20 and June 20. respectively. Like amounts were Inventories
6,453,107 6ji% Serial Gold debentures 3,000,000
-V.118, p. 1402.
10,330
paid on the Common stock on March 1 and April 1 last.
133.889 Land contracts
Prepaid insurance, taxes, &c_
170,682
1,672,366 Conting. reserves
Investments
-To Increase Stock,
Otis Elevator Co.
1,091,705 7% Cumulative Preferred stk 2,624.800
Real estate
The stockholders will vote April 2800 changing the par value of the Com- Ridge., Mach., &c., less dep_ 3,911,030 Common stock
6,000,000
mon stock to $50 per share, the present shares of Common stock (par $100) Deferred charges
916,704
283,588 Surplus
to be exchanged for shares of Common stock (par $50) at the rate of one Pref, stock purch. for redemp
44,4401
share of the present Common stock for two shares of Common stock of
$15,885,908
$50 par each:(2) on increasing the authorized capital stock from $15,000,000
$15,885,908 I Total
Total
to $25.000,000. Compare also letter of Chairman W.D. Baldwin to stock-(a) Bill of lading drafts discounted and in process
Contingent Liabilities.
-V. 118. D. 1530.
holders under "Financial Reports" above.
of collection by banks in regular course of business, $1,232.617;(b) endorsement of dealers' notes granted to
- 31.154.539: (c) guarantee in favor banks secured by cars in warehouses,
-Bonds Offered.
Ouachita National Co., Monroe, La.
of Commercial Investment Trust on
Whitney-Central Trust & Savings Bank, Mortgage & Securi- advances made to distributors covering cars sold, $174,038: (d) guarantees
ties Co., Canal-Commercial Trust & Savings Bank, Inter- granted to banks on behalf of subsidiary companies, $387,399.-V. 118,
ro• 1402, 1275.
state Trust & Banking Co., Marine Bank and Trust Co.,
and Watson-Williams Co., New Orleans, are offering at 100
and int. $500,000 1st Mtge. 63/2% Real Estate Gold bonds.
A circular shows:
Dated April 11924, due serially 1924-1936. Denom. $1,000 c*. Callable before maturity on any int. date at 102 and int. Int. payable A.& 0.
-Commercial Trust & Savings Bank. New Orleans, trustee.
at office of Canal
Normal tax of 2% paid by borrower. Tax free ih Louisiana.
-Secured by a closed first mortgage on a lot of ground in the
Security.
city of Monroe. La., and an 11-story bank and office building. The valuation is as follows: Land, $100.000: improvements at cost, $1.063,102.
The property is assessed at $1,106,490. It has been estimated by competent contractors that it would cost $1,200,000 to replace.
-The income is derived from renting banking floor to Ouachita
Income.
National Bank and income from 144 offices. The gross revenue for 1923
was $99,664. with expenses of $37,166, leaving a net income of $62,498.
which is about twice toe largest annual interest requirement.
-Bonds will be guaranteed by the Ouachita National Bank.
Guaranty.
-Profit & Loss Account
Overman Cushion Tire Co., Inc.
Year Ended Dec. 31 1923.
$1,727,601
Net sales (incl. $23,397 other income)
1,539,488
Manufacturing, selling & general administrative expenses
66.038
Depreciation, inventory adjustments & reserve for'Fed. taxes_
Dividends paid: Deferred diva, on 7% Prof. to Dec. 31 1922,
$15,573; current Pref. divs. 1923, $6,613; Common diva.
32,567
during 1923, $10,380
Surplus
Previous surplus
Miscellaneous adjustments
*89.508
60,761
Dr.48,807
$101.373
Profit and loss, surplus
President M. C. Overman says: Sales for 1923 were more than. 50%
showed satisfactory net profits throughout the year.
greater than 1922 and
Company's financial condition has been put on a most satisfactory basis
by an increase in its working capital and the entire elimination of bank
-V. 117. p. 2898.
loans.
Paragon
-Report.
Refining Co., Toledo, Ohio.
12 Months Ended Oct. 31
14 Mos.end.
1920.
1921.
1922.
Dec. 31 '23.
j $7,444,724 $12,108,627
Gross income
1 8,770,486
9.784,532
Not stated.
expenses]
Oper. & gen.
loss$74,880
Operating profit
437,608
Deprec. & denletion_ _ -66,807
Interest on ctfs., &c..._
35,276
Bad & doubtful acc'ts_ _
Loss on sale of assets,&c_ 1,108,342
Balance, deficit
Previous deficit
Adjustments
$620.5621oss$1325762 $2,324,095
582,620
636,944
556,553
511,728
251,6541
144.024
49,379
178,4041
188,603
$317,997 $2,392,765 sr$1.229,747
81,722.913
$1,514,036 $1,181,296sunl.485,872sunl.240,679
Dr.14,743 Dr.26,093 Dr.43,571
$3,236,949 $1,514,036
Total deficit
x820,622
Other deductions
Preferred dividends_
Common dividends
Exp. of incr. capitallza'n
$932,985 sr$2,426.855
48,311
200,000
97,921
640,456
202,606
Profit & loss deficit..- _ $3,857,573 $1,514,036 $1,181,2968111,485,872
x Consisting of (a) reduction in book value of permanent assets to eliminate portion of appreciation included in prior years, $600,000; (b) car trust
certificates expense. $19.785: (c) additional Federal taxes paid for year
1917, $837.-V. 116, p. 293.
-Mercantile
-Bonds Offered.
Paraffine Companies, Inc.
Securities Co. of Calif., San Francisco, are offering at 963
and int., to yield 6.33%,$750,000 1st Mtge.6% Gold bonds,
series "B." A circular shows:
Dated Feb. 1 1924, due Feb. 1 1942. Int. payable F. St A. without
deduction for normal Federal income tax up to 2% at office of Mercantile
Trust Co. of California. San Francisco, Denom. 81.000 and 8500 cs.
Callable after Feb. 1 1927 to Aug. 1 1932, incl., upon 30 days' notice on
any int. date at 105 and int., and thereafter at 105 and int., less Ji% for
each year elapsed after Feb. I 1932. Anglo-California Trust Co., San
--Acquisition.
Pacific Gas & Electric Co.
The company is reported to have acquired the American Gold Dredging Francisco, trustee. largest manufacturer on the Pacific Coast of prepared
-Is the
Company.
Co.'s dredging properties near Thermalito. Calif., and limestone deposits roofings, felts, building paper and boxboard: the only manufacturer of floor
near Pentz, Calif.. for a price said to be $290.000.-V. 118. P. 1402.
coverings and rugs, and a very large manufacturer of asphalts, paints.
cartons and shipping containers. It is the second largest exporter of manu-Earnings for Six Months.
Packard Motor Car Co.
factured commodities from the port of San Francisco. Total gross sales
Net earnings of the company for the 6 months period ending Feb. 29, for all plants for the year 1923 were in excess of 817.000.000.
which is the first half of the company's fiscal year, will be in excess of
Purpose.
-Proceeds will be used to finance the company's 1924 construeS2.400,000. Dividend disbursements for the period were $2,188,000•
program, thus adding materially to the very substantial equity behind
Pres dent Alvan Macauley says: "The company's showing for the 6 tion bonds.
in view of the fact that the winter season is normally these
months is satisfactory
-Earnings applicable to bond int, and after depreciation at
Earnings.
the period just
a slack time for the motor car business, and further that full production, rate of approximately $600.000 per annum but before deduction for other
closed was marked by the bringing of the straight eight into a degree that interest charges and Federal taxes have been as follows:
of the single six to
and by the refining and improvement
APR. 5 1924.]
THE CHRONICLE
43 mos. end. June 30 1918.. $587.792 I Year ended June 30 1922.. $702,127
Year ended June 30 1919- 915,667 Year ended June 30 1923- 2.120.676
Year ended June 30 1920.. 2,610.780 6 mos. ended Dec. 31 1923 1,420.953
Year ended June 30 1921_ 1,145,589
Sinking Fund.
-Series"A" bonds outstanding in the amount of $2,800,000
are being retired at the rate of $100,000 per year. In addition the company
will create a sinking fund of $25,000 per annum to be used for the retirement
of this Issue of series "B" bonds.
Balance Sheet Jan. 31 1924 (After This Financing).
Assets
LiabilitiesLd., bldgs., &c., less dep $6,879.811 Pref. stock (par $100)___ $5,832,700
Pats., trade marks. &c__
124.674 Bonded debt
3,543.000
Inv. in other companies..
221,835 Notes & accts. payable
1.402,791
Inventories
4.198,952 Res. for Federal taxes__
288,428
Notes & accts. receivable 2,273.096 Reserve for guarantees__
51,755
.Cash
776.399 Earned surplus
3,848,905
Deferred charges
492,811
Total (each side)
$14.967.579
Company has 92,619% shares of Common stock outstanding.
-V. 118.
p. 1530.
Park & 46th Street Corp.
-Trustee.
-
The New York Trust Co. has been appointed trustee of an issue of
-Year Sinking Fund let Mtge. Gold bonds, maturing 1943.
$3,000.000 20
and of an issue of $1.500,000 7% Convertible Gold notes.
Penn Central Power Co.
-Bond Redemption.
-
The company will redeem through its trustee, the Provident Trust Co..
all the outstanding ($3,350,000) 1st Mtge. Sinking Fund 6% Gold bonds,
series "A," due June 1 1962, on June 1 1924 at 10235 and int. (See offering
of $10,300,000 Penn Central Light & Power Co. 1st & Ref. 'Mtge. Gold
bonds,6% series, due 1953, in V. 118. p. 2332.)-V. 117, p. 2333, 1356.
Pennsylvania Electric Corp.
-Financing.
-
It is expected that a syndicate, headed by E. H. Rollins & Sons, will
offer the early part of next week $5,000,000 securities of this corporation,
which controls the Penn Public System. These securities will, in all
probability. be 05%, debentures, which will constitute the only funded
debt of the corporation. The proceeds of the issue, in large proportion.
will be used to retire outstanding obligations of companies which form a
part of the system and in some amount for other corporate purposes.
The Penn Public System has recently announced a program of hydroelectric development which aggregates $46,000,000 and includes hydroelectric projects on the Clarion River. in Clarion County, Pa., and the
Youghiogheny River in Garret County. Md. The ultimate output from
the Clarion and Youghiogheny developments, aggregating over 835,000.000
k. w. h. annually, will be of completely regulated power and will be used
to supply the peak demands of the whole system. This will enable the
steam generating stations of the system to operate at a very high load
factor, thus materially increasing their efficiency. With the completion
of these developments, the system will be unusually well balanced.
Peoria Water Works Co.
-Annual Report.
-
Calendar Years1923.
Gross operating revenue- _ -- $497,444
Miscellaneous revenue
1.424
1922.
$476,077
deb.325
1921.
$455.202
690
1920.
$390,745
deb.738
Total revenue
Operating expenses
Depreciation
Taxes
Bond interest
Other interest
12t1176
41,232
64,224
121,383
14,037
$475,752
$218,227
26,984
61,215
118.140
15.414
$455,892
$206,891
26,984
58,319
117,972
16.001
$390,007
$182.717
26.984
56.189
117,972
15.602
$38,845
$35,771
Surplusfor year
-V.91, p. 1777.
$29,725 def.$9,457
Philadelphia & Camden Ferry Co.
-5% Dividend.
-
The directors have declared a quarterly dividend of 5%,payable April 10
to holders of record March 28. On Jan. 10 last a quarterly of 6% and a
special dividend of 10% were paid.
-V. 117, p. 2898.
Philadelphia & Reading Coal & Iron Corp.-Stk. Cifs.
Drexel & Co. of Philadelphia are now prepared to issue stock certificates
of the corporation in exchange for certificates of interest.
-V. 118, p.
441, 319.
Philipsborn's, Inc.
-New Board of Directors.
-
The new board of directors includes Porter M. Farrell (Pres.), W. M.
L. Fiske of Dillon Read & Co.; Thomas D. Head, a director of the Chicago
& Eastern Illinois RR.; J. L Mclnernery (Sec.); I. S. Rosenfels, V.-Pres.
of the Steel & Tube Co. of America; David B. Stern of A. G. Becker St
Co.; Sigmund Stern of Stern Brothers & Co., Kansas City, Mo., and
E. G. Wilmer, Chairman of the Goodyear Tire & Rubber Co.
-V. 118.
p. 916, 441.
Phillips Petroleum Co.
-To Pay Loan.-
'• It is stated that the company on April 15 will pay off $6,500,000.
the balance remaining of the $10,000,000 loan made last year with Magnolia
Petroleum Co.although this balance does not mature until a year from now.
-V. 118, p. 1402.
Pierce Oil Corp.
-Financing Plan-To Transfer Assets to
New Company, &c.
-The stockholders will vote May 7
on the following:
(1) Authorizing the directors to sell all the property, assets and property
rights (other than treasury stock) as an entirety to the Pierce Petroleum
Corp., such new company to have an authorized capital of 2,500,000 snares
of no par value, in consideration of not more than 1.200,000 and not less
than 1,100.000 shares of the new company, and in further consideration
of the assumption by the new company of all of the liabilities of the corporation (except capital stock).
(2) Authorizing tne directors to cause the now company to offer to the
stockholders of this corporation the right to subscribe for 1,300,000 shares
of stock of the new company at $7 per share in the ratio of 5 shares of stock
of the now corn any for every one share of Pref. stock of this corporation
and it share of the new company stock for every 1 share of Common stock
of this corporation, and furtner to cause the stockholders of this corporation
to be given the privilege of applying, subject to allotment, for additional
shares of the new company at the same price, such applications to be filled
pro rata out of any part of the 1.300,000 shares not subscribed for by the
stockholders under their initial rights.
(3) Approving settling the claim of the receiver of the International &
Great Northern Ry. Co. against the corporation by the payment of
$1,550.000 In cash.
(4) Decreasing the Pref. and Common stock of the corporation actually
issued and outstanding by the purchase for retirement of any multiple of
one share of Pref. stock together with a like multiple of 8 shares of Common
stock (but not less than a total of 25,000 shares of Pref. stock and 200.000
shares of Common stock) tendered for purchase on July 1 1925, and thus
decreasing the actually issued and outstanditrr Pref. and Common stock
to an amount equal to the stock now issued and outstanding less the stock
so tendered for purchase, but in no event to an amount less than $1.000;
the purchase price of such stock to be a pro rata amount of the stock of
the new company to be received by the corporation, together with a sum
equal to dividends if any received by the corporation upon such stock.
1675
Credit Position Destroyed.
-M3 a result of these losses, and of other large
sums expended unproductively, the company's credit position had been
destroyed prior to July 1923, when the present board took cnarge: it was
then without working capital to conduct its business; it was unable to meet
Its most pressing obligations, and it is only by reason of the generous action
of certain directors and of others interested in the welfare of the comeany,
who advanced large sums on the company's unsecured notes bearing 6%
interest, tnat receivership has been averted up to the present time.
Through Economy Company Now Shows Small Profit.
-Since July 1923
the company has been able to meet the difficult trade conditions caused
by the low market prices for petroleum products only by the most drastic
economy and with the assistance of the above-mentioned advances. Operating expenses have been reduced in the amount of $1,300,000 oar annum
and efficiency has been improved,as a result of which the company has been
enabled to maintain its trade position until it is now operating at a small
profit.
Urgent Need for New Capital.
-While this indicates that the business
Is inherently sound, it by no moans meets the critical situation with which
the company is confronted, as there is urgent need for additional funds
wnich cannot be supplied from earnings or borrowed under existing conditions of the comnany's credit and capital structure.
Purposes for Which New Money Is Required.-(1) The International
Great Northern judgment (amounting with interest to about 82.200.000)
is now on appeal, and provision must be made to meet this situation.
inventory in excess of $2.500.000 is pledged to secure this judgment If
this judgment is affirmed upon appeal, unless new money can
raised
to meet it, this inventory must be sold, which would result in a be
receivership for the company.
(2) Approximately $650,000 Is being borrowed by the company at a
prohibitive cost by means of the pledge of accounts receivable. Aside
from the expense of this arrangement, into which the Company was forced
by its unfortunate financial situation, it is destructive of the company's
credit and should be terminated at once.
(3) Certain directors, and others interested in
company's welfare,
have made advances in amount of $650,000 on thethe
unsecured notes of the
company, which they cannot be expected to extend indefinitely, and have
also recently advanced an additional $500,000 on an acceptance credit
as to which they are Inadequately secured.
(4) The manufacturing and marketing plants require an immediate
expenditure of about 82.000,000 to put them in
competitive
condition. Parts of the plants are in a rundownacondition andoperating
must be
repaired at once. The present refining equipment is in large part inadequate
and out ofdate,and the marketing department is in urgent need ofimproved
facilities. These improvements and betterments will result in a large
Increase in earning power.
(5) The company is in need of a substantial increase in Its working capital
if it is to be enabled to operate profitably and to take advantage favorable
of
market conditions.
Bond Issue Not Feasible.
-No plan for raising the necessary new capital
by a bond Lssue has seemed feasible because the terms of the indenture
securing the debentures now outstanding would necessitate their
retirement, in that event, at 107;6%, thus requiring the raising of
of additional capital for this purpose alone. Furthermore. $1,720.000
the interest
and sinking fund charges of a bond issue of large size would necessarily
be so great as to create a fundamentally unsound financial structure.
and.
in view of the company's present credit situation, it would be
impossible
to market any such security except upon destructive
terms.
In order to meet this unfortunate situation, and at the same time save
the property from the grave dangers with which it is threatened and secure
for the business the large additional earnings
result
from the proposed plant expenditures and which it is believed will sound
the
of
credit, the directors, after careful consideration,establishment upon the
have agreed
Man which is now presented. This plan, in the judgment of the directors,
offers the most practicable method for saving and re-establishing the
business of the company without an assessment on the stockholders, and
without compelling them to furnish the required capital at the peril of
losing their entire investment.
Digest of Proposed New Plan.
To Form New Company.
-A new corporation is to be organized under the
name of Pierce Petroleum Corp. with 2,500,000 shares of no par value
stock, all of which are to be issued. New company will acquire, either
directly or through subsidiaries, all of the assets (except treasury
stock).
and will assume all of the liabilities, of the old company, and will Issue and
deliver to the old Company not more than 1.200,000 shares
and not less
than 1.100,000 shares of its stock.
Rights to Stockholders.
-The new company will otter to stockholders of
the old company the right to subscribe for 1,300,000 shares of its stock at
$7 per share, this right to be given to the stockholders of the old company
in the ratio of 5 shares of new stock for every one share of Pref. stock of
the old company and
share of new stock for every one share of Common
stock of the old company.
The stockholders of the old company will also be given the privilege of
applying, subject to allotment, for additional stock of the new company
at the price of $7 per share, and such applications will be
out of any part of the 1.300.000 shares not subscribed forfilled pro rata
by the stockholders under their initial rights. For every
subscribed
by the stockholders under their ihitial rights, share of stockthem upon for
or allotted to
application, 1-13th of a share of new stock will be
minimum of
1.100,000 shares provided above to be issued and added to the
pany to the old company, making a maximumdelivered by the new comof 1,200,000 shares.
Stock Underwritten.
-To insure that the necessary new capital will be
obtained and that the entire 1,300,000 shares of the new company will be
sold for cash, even though the stockholders take less than that amount,
the directors have entered into an agreement, subject to the stockholders'
approval, with a syndicate consisting of Lehman Brothers, Goldman,
Sachs & Co. Hornblower & Weeks and their
the
offer to stockholders by agreeing to purchaseassociates to underwrite the
at $7 per share any of
stock not subscribed for by the stockholders. As compensation for its
agreement to underwrite such offer, the syndicate is to receive a commission of 75 cents per share for every share underwritten; and,for every share
which the syndicate shall be required to
stockholders to subscribe, an additionaltake up owing to the failure of the
commission of 75
with 1-13th of a share of new stock. Compensation will cents, together
be paid at the
rate of 10 cents per share underwritten to each of
for their services in organizing and managing the the throe banking houses
syndicate.
If the foregoing plan is approved by the stockholders,
the following additional proposals, which are submitted by
the directors, but not as a part of the plan, will be separately
voted upon:
Settlement of Judgment with Great Northern.
-Directors have entered into
an agreement for settling
the judgment which the receiver of the International & Great Northern Ry. has obtained against the company amounting with interest to approximately $2,200.000, provided the approval of
sufficient stockholders is obtained, by the payment of $1,550,000 in cash,
and the receiver has agreed to
this amount in settlement on condition that payment be made on accept
or before July 5 1924. In the meanwhile
the argument of the appeal from this judgment which was set for April 1
1924 has been postponed until the fall term of the court. Directors are
of the opinion that this settlement is in
best interests of the
in view of the situation as a whole andthe the large additional company
of
loss that
would result should the judgment be affirmed.
Exchange of Stock.
-A resolution will be submitted to the stockholders
authorizing an arrangement whereby such of the stockholders of the old
company as shall desire to avail themselves of the opportunity may be
enabled, by the surrender of Pref. and Common
together, to receive
shares of the stock of the new company which are stock to the old company.
to go
Chairman W. H. Coverdale in a circular to stockholders The provisions of such arrangement will be as follows: Every stockholder
who surrenders one share of Pref, stock and 8 shares of Common stock of
March 28 says in substance:
the old company will
Unsatisfactory Results of Last Three Years -The annual reports for the shares or a minimum receive in exchange a maximum of slightly over 8
of not less than 7 2-5 shares of stock of the new comyears 1921. 1922 and 1923 (see under "Financial Reports" above) show pany (depending
plainly the unsatisfactory result of operations during the last three years, new company, or upon whether the maximum of 1.200.000 shares of the
a lesser amount, goes to the old company as above protogether with the principal causes that have contributed to this result. vided), together with
a pro rata share of any dividends received by the old
and the critical financial condition of the company that has existed for company upon
stock of the new company in its treasury, subject to the
some time past.
following two
1. The total losses for these three years amount to $16.797,453, without 1925, and no conditions: (1) Ths exchange cannot be made until July 1
stock may be deposited for exchange after that date, and
giving effect to discount on capital stock, unadjudicated claims and con- (2) the exchange
tingent liabilities, which aggregate a further $2,466,024, amounting to a 25,000 sharps of cannot be made unless at that time a total of at least
total of $19,263,477. A part of this loss, including, among other things, okl company are Pref, stock and 200,000 shares of Common stock of the
deposited for exchange.
the judgment in favor of the receiver of the International & Great Northern
Attention is directed to the fact that if this proposal
adopted the exRy. Co. (amounting with interest to approximately $2,200.000)
change will be entirely voluntary, and those stockholdersis
who do not desire
properly be regarded, however, as a charge against earnings for the should to avail themselves
of it will continue to hold their shares of existing stock
prior to 1921 rather than as a charge against the earnings for the last 3 period of either class
years.
with their relative rights unchanged .and such shares will
1676
THE CHRONICLE
continue to represent the same pro rata interest in the stock of the new
company to be received by the old company which they would have represented if this proposal had not been adopted.
Listing.
-Application will, in due course, be made to list the stock of
the new company on the New York Stock Exchange.
A tentative balance sheet of the new company is given below.
-V. 118.
p. 1530. 1279.
-New Company Proposed in
Pierce Petroleum Corp.
Connection with Financing Plan of Pierce Oil Corp.
See Pierce Oil Corp. above.
Consolidated Balance Sheet as at December 31 1923.
(Pierce Petroleum Corp. & Sub. Cos., after giving effect to proposed plan.
LiabilitiesAssets
$5,181,809 Acc'ts pay.& accrued Hahn's_ $420,013
Cash
552,653
Notes & ace'isrec ,less res'ves 1,209,094 Trade acceptances
Crude oil, refined prod., &c_ - 4,693,275 Re,s. for Int. & Gt. Nor. By.
Judgment
Warehouse materials for con2,200,000
struction dr operation
1,038.128 Res. for Doherty notes and
claimsin litigation,for FedReal estate. bldgs., plant and
eral taxes, Sre
2,550,000
equip, at refineries & dis9,942,452 10
-Year 8% Debs., 1931_ _ _ x1,700,000
tributing stations
Pipe lines
1,510,867 Net assets (represented by
2,029,902
Tank cars
2,500,000 shares of no par
19,098,658
Tank steamers and barges
200,751
value)
234,537
Stable and garage equipment
302,432
Iron barrels and drums
Drilling tools and equipment
50.000
$26,521,324
Total (each side)
Prepaid int., insurance. &c
128,078
x Additional debentures of a par value of $100,000 were retired through
the sinking fund on Feb. 14 1924.
Note.
-(1) If all the stockholders of the old company exercise the rights
to be given them pursuant to the agreement, to subscribe to the stock of
the now company, the cash and also the capital and initial surplus will be
Increased by $975,000. (2) No valuation has been included in this balance
sheet in respect of the company's oil lands and leaseholds in the United
States and Mexico. (3) At Dec. 31 1923 the company was contingently
Uable for $772.046 in respect of customers' accounts receivable sold but
uncollected, all of which. however, are considered good.
-V.118, p. 1530.
Pittsburgh Oil & Gas Co.
-23'% Dividend.
-
[Vol,. 118.
Reliance Building, Chicago.
-Bonds Offered.
-A. C.
Allyn & Co. Ine. and De Wolf dr Co. Inc. are offering
at 100 and int. $6'75,000 1st Mtge. Leasehold 6M% Sinking
Fund Gold bonds.
Date March 15 1924. Due March 15 1934. Int. payable M. & S.
at Continental & Commercial Trust & Savings Bank. Chicago, trustee,
without deduction for normal Federal income tax not to exceed 2%.
Denom. $1,000, $500 and $100c*. Callable, all or part, on any int.
date on 60 days' notice at 103 and int. up to March 15 1929; thereafter
at a premium of 34 of 1% for each year or remaining fraction of the unexpired term.
Building.-Locatod at 32-36 North State St., Chicago. It occupies
one of the most important and valuable corners in the retail shopping
district of the Loop, being diagonally opposite Marshall Field & Co.,
directly across the street from Chas. A. Stevens & Bros. and Mandel
Brothers, and in the same block with the Hillman department store and
the Boston Store. The building, 14 stories high, is of fireproof brick
and steel construction.
Security.
-Secured by a closed first mortgage on the 167
-year (unexpired term) leasehold estate owned by the mortgagor in the land and
building at 32-36 North State St. Appraisals of the leasehold are as
follows: Value of leasehold, $556,250; value of building (reproduction
cost less depreciation), $980,494. The building is insured against fire
In an amount of $1,200,000. or nearly 80% in excess of the total amount
of this issue.
Earnings.
-The building situated on the mortgaged leasehold has been
subleased to Primrose Silk Stores, Inc., for a period of 168 years commencing May 1 1923 for an annual net amount of $90,000 in excess of
all operating expenses, maintenance, ground rents, taxes and assessments.
As maximum annual interest requirements on this bond issue are $43,875,
such net income is over twice maximum annual bond interest requirements.
-Mortgage provides that there shall be deposited with
Sinking Fund.
the trustee at least 580.000 per year, to be used for the payment of interest
on this bond issue and for the purchase or redemption and cancellation
of bonds of this issue.
Reminyton Arms Co., Inc.
-7'o Offer Notes.
-
Lee. Higginson & Co., it is understood, will, in the near future, offer
-Year.6% notes at about 99.-V. 118, p. 1280. 319.
86,000,000 3
Republic Rubber Co.
-Transfer of Plant.
-
At a meeting of the directors hold March 31 at Youngstown, 0., the
The directors have declared a dividend of 2;4% on the outstanding current rate of tonnage production of mechanical rubber goods at the
$2.500.000 Capital stock, par $5, payable April 15 to holders of record Youngstown plant was reported to be the largest in the history of the
April 7. It is not designated as a quarterly payment although it is the company. It was demonstrated at the meeting that full Youngstown plant
Intention to declare dividends each quarter if earnings permit. The equipment will soon be needed for the manufacture of Republic mechanical
rubber goods, truck, solid tires and inner tubes.
company is a subsidiary of the Barnsdall Corp.
Therefore it was decided to take advantage of the increased plant equipOn Dec. 24 1923 a distribution of5% was made,the first since May 1921.
ment of the Lee Tire & Rubber Co. factory at Conshohocken. Pa., and
See V. 117. p. 2781.
transfer the manufacture of the full line of Republic pneumatic tires, both
regular and balloon, from the Republic plant to the Lee Conshohocken
Portsmouth Power Co.
-To Reire Bonds.
The company has arranged for the cancellation of more than 901 of plant. By concentrating their pneumatic tire output under one roof the
7
Lee Rubber & Tire Corp. completed their reorganization plan since their
the maximum amount of Mtge. 5% Gold bonds due July 1 1936 of
Rockingham County Light & Power Co. at any time outstanding under purchase of the Republic Rubber Co.
During 1923 the Lee Conshohocken plants' capacity was enlarged by
the mortgage, together with the coupons thereto pertaining, and has
deposited with the New York Trust Co. trustee, a sum of money to be the addition of a new machinery and equipment of the very latest type
applied to the payment thereof (to the extent of principal and accrued which permits the manufacture of4,000 tires daily. Therefore the Consho'
Interest to date of presentation) upon presentation and surrender of the hocken plant can now manufacture both Lee and Republic brands of pneumatic tires on an economical basis-V. 117. p. 2552.
bonds to the trustee.
-V. 118. p. 1280.
Prairie Pipe Line Co. (Kan.).-Bal. Sheet Dec. 31.1923.
1922.
Assets$
$
Personal property- 1,115,759 1,164,662
Real estate
196,792
184,617
Pipe lines
83.518,162 80,533,641
Due from banks... 24,838.381 14,526,353
Liberty bonds_ ___ 2,764,333 1,762,500
Accts.receivable__ 3,916,316 5,272,015
Bills receivable__
431
Total
116,150,174103,443,788
-V. 118. p. 1402.
1922.
1923.
Liabilities$
$
Capital stock
81,000,000 81,000,000
Accounts payable_ 2,279,945 1,842,874
91,604
86,042
Unadjus. credits__
Depreciation
20,145,935 16,716,891
Tax reserve
2,756,259 3,348,490
449,491
Surplus
9,876,431
Total
116,150,174103,443,788
Producers Oil Corp. of America.
-Preferred Dividend.
The directors have declared a quarterly dividend of 2% on the Pref.
stock payable May 15 to holders of record April 30. This company
recently succeeded the American Fuel Oil & Trasnportation Co. (See
that company in V. 118, p. 666.)-V. 118. p. 676.
Quebec Power Co.
-Report Cal. Year 1923.
Income Account Year Ended Dec. 31 1923.
Gross income from all sources
8544,090
Operating and maintenance expense. $238,296; general interest.
$50,748; Int. on bonds and debentures. 350,156
339,200
Depreciation
24,000
Dividends
-Public Service Corp. of Quebec stock, $40,000; on
preferred stock, $76,494
116.494
Surplu
Add surpluses and adjustments from previous years
$64,396
96,961
St. Clair (Mich.) Brick Co.
-Receivership.
-
Judge Charles C. Simmons in the U. S. District Court at Detroit has
appointed the Security Trust Co. of Detroit receiver. The alleged bankrupt is owner of 116 acres on the outskirts of St. Clair, of which 111 acres
are said to contain a good quality of brick clay. Capitalization is $125,000.
Liabilities are approximately $75,000, of tihich $25,000 is secured by a
bond issue.
St. Lawrence Paper Mills, Ltd.
-Bonds Offered.
-
Nesbit Thomson & Co. Montreal, are offering an issue of 52,500,000
20
-Year 6;4% Sinking Fund gold bonds.
-V. 116, P. 1190.
Saguenay Pulp & Power Co.
-May Liquidate.
-
The holders of the 634% Serial Gold bonds will vote April 14 on taking
specific action with regard to the offairs of the company se as to protect
the interests of the bondholders. The holders of the 7% Coll. Trust Gold
bonds will meet the same day for similar action.
It is stated that interests are considering three options-liquidation.
reorganization or sale to Price Bros. Liquidation, it is said, is favored
by a strong group, as the situation is complicated by Saguenay subsidiaries.
Income Account for Calendar Years (Incl. Sub. Cos.).
Calendar Years1922.
1923.
1921.
Earnings
31,502.522 81,477,390 $2,433,073
Bond interest
740,554
809.113
773,734
Other interest
175,917
371.973
441.625
Bad debts reserve
200,000
3,265
Depreciation reserve
344,577
215,291
325,386
Depletion reserve
163,340
184,407
298.194
Fire reserve
48.000
Inventory depreciation written off....
137,303
138,093
528,652
28,652
Bonds discounted
15,780
32,876
Income tax
2,828
Deficit
Total
$161.357
Div. of 10% on P. 8. Corp. of Que. stock paid in pref. stock_ ___ 160,000 -V. 116, p. 2646.
Surplus
$1.357
Balance Sheet Dec. 311023.
Assets.
Plant
$2,672,253
Meters and transformers
303,091
25,041
Movable plant and stores_ _ _
Prepaid charges
3,997
5,521,509
Securities of sub. cos
Advances to sub. cos
785,500
468,248
Cash
123,906
Accounts receivable
300,000
Bills receivable
711,080
Call loans
484,015
Temporary investments
-V. 118, p. 1280.
7% preferred stock
$2,209,640
Common stock
3,818,500
tat Mtge. sinking fund 6s_... 3,540,000
6% debenture stock
1,460,000
Reserve for depreciation
168,890
Accounts payable
98,587
Accrued interest
63,040
Pref. city. pay. Jan. 15
38.627
1,357
Surplus
Total(each side)
$11,398,640
Realty Associates, Brooklyn, N. Y.
-Initial Dividends.
The directors have declared out of the earnings for the year a dividend of
$2 50 per share on the Common stock and $2 50 per share on the 2d Preferred
stock, both payable April 15 to holders of record April 5. This is the first
dividend to be paid on these stocks since the change in structure and inc
rease of capitalization in April 1623 (see V. 116. p. 1906, 2523).-V. 118.
Regal Shoe Co.
-To Re-incorporate in Massachusetts.
-
$183.826
$419.579 sur.$65,482
Salt Creek Producers Association.
-Extra Dividend.
The directors have declared an extra dividend of 3% In addition to the
regular quarterly dividend of 2%, both payable May 1 to holders of record
April 15. An extra dividend of .2!4% was paid Feb. 1 last, while extra
dividends of 2% each were paid May 1, Aug. 1 and Nov. 11923.-V. 118.
p. 212.
Sears, Roebuck & Co., Chicago.
-March Sales.
Decreased 1924-3 Mos.-1923.
1924
-March-1923,
Decrease.
817,381,442 $19.755,338 82,373,8961$54,561,914 $55,800,179 81,238,265
-V. 118. p. 1147, 561.
Sharon (Pa.) Steel Hoop Co.
-Annual Report.
Calendar Years1923.
1922.
1921.
Gross profit
$4,621,377 31,469,820
$24,539
Maintenance and repairs
1,240,260
898,515
600.367
Idle time expense
205,213
352,618
911,286
Depreciation and renewal of plants
78.5,409
561,353
376,970
Int. & discount on bonds dc notes (net)
489,897
462,821
456,478
Loss from sale of prop, securities, dm119,129
Inventory shrinkage
391.115
Profit for the year
81,808.545 loss$832,562loss$2711675
Deficit Jan. 1
$3,291,340a<U$1437,098sur$1013,390
Corn. stk, issued in connection with
new financing (see V. 115. P. 83)-1,002,400
2,700
Preferred dividend
(8%)79,976 (2%)19,280
The company, now organized in Maine, plans to recharter as a Massachusetts corporation.
It is proposed that, with two exceptions. the Massachusetts corporation
shall be substantially a replica of the present Maine corporation in so far
Sheet Dec. 31.as the laws of Massachusetts will permit. One exception is that the divi1923.
1923.
1922.
dends at the rate of 7% upon the Preferred stock are to be cumulative
1922.
Liabilities---Assets-S
5
$
:3
in the Massachusetts corporation instead of non-cumulative as in the case
9,700,000 6,700,000
of the Maine corporation. The other exception is that tile Common stock Property account.27,403.278 26,758.370 Preferred stock
263,885 Common stock_ _10,000,000 10,000,000
Is to be witnout par value in the Massacnusetts corporation, instead of Securities owned__ 266,648
Note disc.& exp_ 241,758
285,058 10-Yr.6% notes._ 4.777,000 5,103.000
staying a par value of $100 a share as in the present company.
309,575 Sheff. Iron Corp.
100,847
The new corporation shall have the same amount and number of shares Other assets
196,476
37,581
bonds
505,000
of authorized Preferred stock as the present company, viz., $2,500,000 Deferred charges._
659,794 Acc'ts payable... 773,819
833,018
(par $100), and the same number of shares of Common stock, viz., 25,000 Cash
576,65S
164,218 Notes payable_
19,025
shares,viithout par value. The same amount and number of shares of Bills receivable...
2,631,000
Preferred stock, and the same number of shares of Common stock, of the Ace'ts receivable.. 1.306,406 1,192,037 Accrued accounts. 129,525
127.807
2,155.619 2,574,873 Contingency res've 750,000
Massachusetts company be issued as are now outstanding in the present Inventories
150,000
Fed, tax rost.(est.) 240,000
corporation, viz., $2,029,800 of Preferred stock, and 25,000 shorts of
Other reserves. __ _ 100,207
Common stock
147,052
Deferred Items ._ _
3,624
F. Kingsbury Curtis, Louis K. Liggett, Fred II. Williams, at the request
5,782
Prot. & loss surp... 8,385,007 0.982,987
of stockholders folding a majority in amount of both the Preferred and
Common stock have consented to act as a committee to carry out the
Total
32.364,184 32.404,280
Total
32,384,184 32,404,289
proposed plan. The National Shawmut Bank, Boston, has agreed to act
The usual income account was given in V. 118. D. 1403.
-V.117. p. 216.
as depositary ofcertificates ofstock in the present company.
APR. 5 1924.]
THE CHRONICLE
Sheffield Farms Co., Inc.
-Annual Report.
[Including Louvain Construction Corp.]
• Calendar Years1922.
1923.
Net sales
$41,140.560 $34,611,884
Cost of goods sold
24,210,318 19,867,473
$16,930,242 $14.744,411
15.146.933 13,516.038
Selling and general expenses
Net profit
Other income
$1,783,309 $1,228,373
268,057
244,823
$2,051.366
Federal taxes (estimated)
Depreciation
1,053,408
Balance,surplus
Previous surplus
Miscellaneous credits
$997,958
4,365,667
Total
Deduct cost of marketing bonds
Preferred dividends (6%)
Common dividends
51,473.196
180,000
858,464
$434.733
4,720,912
10,021
$5,363,625 $5.165,666
200,000
90,000
90.000
(6)0260,000
(7%)283.300
Profit and loss surplus
$4.990.325 $4.615.669
Consol. Balance Sheet Dec. 31 (ind. Louvain Construction Corp.).
1923.
1922.
1922.
1923.
Assets$
Ltabf:Ufes$
1,941,430 1,605,518 Common stock__ 4,310,000 4.000.000
Real estate
6,436,289 5,737,602 Preferred stock__ _ 1,500,000 1,500,000
Buildings
36,725
RI.est. mtg.owned
87,600 1st & Ref.6
_ _ 2.425,000 2,500,000
2,486,448 2,385,179 Real estate mtges_ 1,190,330 1.112.600
Machinery
Stock of other cos_ 717.023
750,648 Accounts payable_ 2,345,094 1.991.973
31,259
Deferred charges_
29.649 Drivers' sec. fund. 537,540
449,241
307,537
307.537 Loans payable_
Good-will
750,000
774,202
576,105 Reserves
Cash
1.628.724 1,285,502
Inventories
Acc'ts payable_
22,000
7.000
Ace'ts rec.,less res. 1,353.529 1,364,364
Fire Insurance__ 323,649
268,349
1,098.327 1,303,962
Investments
43,394
Accident Bab__
84,879
Horses, motors,&c. 891,694
Workm. comp_ _
789.233
33,597
36,852
91,242
53,605
Live stk. dc farms_
Ice harvest
187,003
100,021
44,983
29.519
Farm utensils__ __
Federal taxes__
218.214
157,000
439.810
Fixtures & furn___ 637,441
Store bottles__ _
57.886
43,633
Cans, cases, &c___ 305,116
244,463
Miscellaneous _ _
1,107
1,119
132,263 Accr'd taxes(cst.).
Notes receivable__ 179.702
33,498
38,398
Miscellaneous.
7,890 Accrued interest
53,761
55,616
Rents rec. pay. In
1,175
advance
1.695
4,990,325 4,615,667
Surplus
Total
18,861,669 17.130.948
-V.117, D. 2444.
Total
18,861,669 17,130,948
Shippers Compress Co., Atlanta, Ga.-Bankrupt.-
This company, with office and warehouses throughout Georgia and
Alabama, filed a voluntary petition in bankruptcy on the advice of the
creditors' committee. Liabilities are listed at $2.945,977 and assets
$4,841,935, including $4,680,000 real estate.
Sizer Steel Co.
-Sale Confirmed.
-
Federal Judge Hazel has confirmed the sale of the property of the company on March 22 to John N. Pistell, agent for the first mortgage bondholders' committee. Adrian Block, attorney for the receivers, stated
that the price was about $216,000. The bondnolders' committee, it is
expected, will make an effort to dispose of the property for the benefit
of the bondholders.
-V. 118, p. 320.
(Howard) Smith Paper Mills, Ltd.
-Bonds Offered.
Aldred & Co., Ltd., A. E. Ames & Co., Greenshields & Co.,
Hanson Bros. and R. A. Daly & Co. Toronto, arc offering
at 98 and int., yielding 7.20%,$1,471:200 7% 1st Ref. Mtge.
Sinking Fund Gold bonds. Dated Jan. 2 1921, due Jan. 2
1941. A circular shows:
• CapitalizationAuthorized.
Issued.
Common shares
$4,000,000 $3,693,700
8% Cumulative Participating Preference shares_ __ _ 3,000,000
1,500,000
7% 1st Rag. Mtge. Sk. Fri. Gold bonds, due 1941._ 7.000.000 x4,500,000
x Inclusive of bonds amounting to $468,200 held in escrow to retire like
amount of 6% bonds due 1934.
Company.
-Is the largest manufacturer of high-grade writing and book
papers in Canada. Company operates three paper mills equipped with the
most up-to-date machinery, situated at Cornwall, Out. Beauharnois and
Crabtree Mills. Que. In conjunction with the Cornwall plant a sulphite
mill, together with an electrolytic bleaching plant, is also operated.
Company also owns about 500 sq. miles of timber limits in Gaspe County,
P. Q., with cutting-up mill and dock facilities for water transportation.
Purpose.-Prosent issue is for the purpose of retiring 3200,700 1st Mtge.
bonds on the Cornwall plant, which will be called for redemption on Sept. 1
1924 (and for which a requisite sum will be placed in the hands of the
trustee); completing payments on timber limits; reimbursing the company
for expenditures on its properties, including the cost of installation at Cornwall of two water wheels; additions, &c.
Sinking Fund-There is provided an annual sinking fund, which commenced Jan. 1 1923, which will retire annually 2% of the total amount of
bonds outstanding.
Earnings Years Ended Dec. 31 (Bzfore Deprec. et Before Bond Int., elec.).
1919.
1920.
1921.
1922.
1923.
$642,872
81.089,899
$613,313
*693.540
$772,807
-V. 118, p. 1147.
South Penn Oil Co.
-Earnings.
--
0
1677
Location.
-Company owns and operates a modern 9
-story office building located on the corner of 15th and H Streets, N. W., Washington, D.O.
The building was completed in 1910. It is situated in the centre of the Capital'sfinancial district, within one block of the Treasury ofthe United States.
the Riggs National Bank, the American Security &
CO. and the National Savings & Trust Co.and the Union Trust Co..and is directly opposite
the Shoreham Hotel.
Security.
-The bonds will be secured by a closed first mortgage on the
fee simple title to approximately 22,212 sq. ft. of land, and the 9
-story steel
and brick fireproof building located thereon. Adequate fire, rental and
liability insurance payable to the trustee will be carried by tho company
during the life of these bonds.
Valuations.
-The property has been valued by independent appraisal
as follows: Land at $80 per sq. ft., *1.776,960; building and improvements.
$1.729,000; total property values. $3,505,960.
Earnings.
-Gross revenues for 1924 from existing signed leases and other
sources will amount to approximately 3377,559. Net revenue is estimated
at 3273.000, or twice the maximum annual interest requirements of this
issue. The building is over 95% tenanted and has been for the past three
years.
Sinking Fund.
-Mortgage will provide for an annual sinking fund of
$50,000 for the first five years and 360.000 thereafter until maturity. Beginning April 15 1924. the company will deposit monthly with the trustee
an amount equal to 1-12 of the annual interest and sinking fund requirements. Sinking fund moneys shall be used to acquire bonds either in the
open market at not exceeding the current redemption price, or through call
by lot at that price.
Tenants.
-Among the tenants of the building are the following: Merchants' Bank & Trust Co.. Guaranty Co. of New York, International
Bank. War Finance Corp.. Mutual Life Insurance Co.. Equitable Life Assurance Co., Danish Legation, American Surety Co., Aluminum CO. or
America. Aetna Life Insurance Co., National Coal Association.
Listing -Application will be made to list these bonds on the Washington
Stock Exchange.
Southern California Edison Co.
-Report Cal. Years.
Installation Dec. 311923.
1922.
1921.
1920.
Incandescents (50-watt
equivalent)
3,253,420
2.574.304
4,201.511
3,696.226
Meters
-Electric
247,953
196.154
274,533
238,269
Motors. horse-power
681,892
533,768
481.881
451,129
Electric ranges
47.464
27,115
26.267
23.814
Results
Gross earnings
$19,824.959 515.839.577 $15.167,736 $13.246,995
*Oper. & maint. exp_ _
8,847.792
6.866.916
6.935.865
6.413.684
Net earnings
310.977,167 58,972.662 58.231.870 *6.833.311
Int., diva., Svc.. received
386,201
1.142.648
1.477.987
1.463,743
Gross income
$11.363.368 510.115.310 59.709.857
Int. on bonds & deben's- $4,974,648 $4,152,303 $3,888,290 $8.297,054
$3,352,762
Miscellaneous interest
415.721
280.443
567,438
365.861
Construction account.. _Cr.2.359,314 Ce.996.178 Cr.817.581 Cr.824,430
Bond discount, rent of
leased plant, &c
363,039
362.975
302.684
331,064
Balance
37,989.274 56,315.787 55.769.027 55,071.797
Previous surplus
2,786,891
1.224.777
1.260.299
580.560
Profit from prop. sales_
1.138.501
Total
310.756,165 *8.679.045 $7,029,326 55.652.357
Reserve for depreciation $2,005,635 31.850.190 32,325.000 32,000,000
Reserve for contingencies
810,000
550.000
New Pref.&vs.(7%)_ _ _
510.715 (7)112.975
Original Pref. divs(8%)320,000 (8) 320.000 (7) 280.000 (7) 280.000
Second Prof. diva.(50
4)_
300.748
601,495
601.495
Common dividends- -(8%)3,469.121 (8)2.972.857(7)1.876.891 (7)1.321,393
Miscel. adjustments......
247,685
335,385
171,162
Taxes for prey. Yrs.. arg189,170
Total profit & loss surp_ $3,393,009 $2,786.891 31.224.777 $1,260.299
* Includes taxes and provision for income and profits taxes (amounting
to $1,899,594 in 1923).-V. 118, p. 1403.
Southern California Gas Co.
-Annual Report.
-
Calendar Years
Operating revenue
Operating expenses and taxes
1923.
1922.
1921.
37,349,607 $5.737,095 34.268,335
5,285,645
4.202,966 3,151.534
Net operating income
Non-operating income
32,063,962 31,534,129 31.116,801
54,393
50,336
38,294
Gross income
32,118.355 51.584.465 31.155.095
Interest, bond discount & expense_ _ _
687,155
534.274
392,882
Depreciation
380,704
295,600
209,099
Balance. surplus
$1.050,496
$754.591
5553,114
-V. 118. p. 320.
Southern Canada Power Co., Ltd.
--Dividend No. 2.-
A dividend of $1 per share has been declared on the outstanding Common
stock, no par value, payable May 15 to holders of record April 30. An
initial dividend of like amount was paid Nov. 15 last.
-V. 118, p. 677.
Southern Sierras Power Co.
-May Issue Bonds.
-
The company has applied to the California RR.Commission for authority
to issue $633.600 1st & Ref. Mtge.6 Gold bonds.
-V.118. p. 677, 212.
Southwestern Power & Light Co.
-Bonds Offered.Bonbright & Co., Inc.. and Halsey, Stuart & Co., Inc., are
offering at 883 and int., to yield about 6%, $3,500,000
4
1st Lien 30
-Year 5% Gold bonds. Dated June 1 1913. Due
June 1 1943 (see description in advertising pages above).
Data from Letter of President F. G. Sykes, New York, March 31.
Company.
-Owns or controls companies furnishing a diversified public
utility service in 132 communities, including many important cities, among
them Fort Worth, El Pa.90, Galveston, Waco, Denison and Wichita Falls.
situated in the richest and most rapidly growing sections of Texas. Total
population served. 767,000. Of the gross earnings from operation of the
subsidiary companies,85% is derived from electric power and light business.
13% from gas business and 2% from railway, water and ice business.
Purpose.-Proccods will provide funds for the retirement of the company's
S.% Bond Secured notes, due Aug. 1 1925, and for other corporate purposes.
Securilv.-These bonds are secured by deposit with the trustee of all
outstanding stocks, except directors' qualifying shares, and bonds of ten
South Pittsburgh Water Co.
-Consolidated Income Ac- subsidiary companies. These deoositod bonds are secured by first mortgages on the properties of the respective subsidiary companies. No additional
count Year Ended Dec. 31 1923.stocks or bonds of these subsidiary companies may be issued unless they
Opor.revenue,$806,929;int.. dLscounts, &c..$4,480;gross earns.. $811.410 are deposited with the trustee of the mortgage. The bonds are additionally
Operating expenses
332,385 secured by pledge with the trustee of
the Common
Taxes45,61)7 tors' qualifying shares of Texas Power all Light Co. and stock except direc&
more tnan 93% of
Interest
217,578 the outstanding Common stock of the Fort Worth Power & Light Co.
financing expenses
Amortization of
31.1794,578
Earnings for 12 Months Ended Feb. 29.
y1,
24.
•
x1924.
Total.
Pref. divs.,$12,500; Common dim,$82,500
95.090 Gra earnings
Gross
$3,480,327 $7.906,590 311,386.917
Operating expenses and taxes
1.813.606 4,158,067
5.971,673
Balance, surplus.,
$85.001
-V. 118. p. 917.
Net earnings
S1.666.721 53,748.523 $5,415,244
on bonds & stocks ofsubs.
Southern Building Co., Inc., Washington, D. C.
- Int.& diva,of the public
in hands
1.439.661
1.439.661
Bonds sold.-Blyth, Witter & Co., White Weld 4z Co. Expenses and other deductions of company (less other income)
210,102
210.102
and Graham, Parsons & Co. have sold at 99, and div., to
M
Total earns. appl, to bonds & notes- 31.456.619 32,308.862 $3.765.481
yield 6.55%, $2,100,000 18t (closed) Mtge. 634% Sinking
Annual int. charges on 37,297.000 1st
Fund Gold bonds. (See advertising pages.)
Lien bonds and 32.250,000 bondDated April 1 1924. Due April 11939. Int. payable A. & D. in New
secured notes
544.850
544,850
York without deduction for any normal Federal income tax not exceeding
2%. Donom. $1,000 and $500 c5 Rod. all or part and for the sinking
.
Balance
*911.769 82,308.862 $3.220,631
fund on any int. date on 60 days' notice at 105 and int. up to and incl.
Mar. 31 1925, the premium decreasing
% for each full year or fraction
x Properties of companies, all of whose securities are owned and pledged
thereof expired thereafter. The company agrees to refund Penn. 4-mills under first lien bonds. y Properties controlled
through stock owrm'ship
tax. Guaranty Trust Co. of New York, trustee.
and having bonds and stock in hands of public.
Calendar Years1923.
1922.
1921.
1920.
Gross income for year.. _$13,435,658 *13,363,426 *15,183,827 $24,829,401
Op.exp.,tax., depr.,&c..314.374,643 $14,628,763 $14.779,174 $19,339,810
Dividends
)
900,000(13)2600,000
(20)4000.000
Dal- stir, or deficit.. _def$938,985df$2,165,337df$2.195,347 sr$1,489,591
Previous surplus
11,880.893 14,046,230 16.241,578 14.751,987
P.& L.surp. Dec.31.310,941,908 $11,880,893 $14,046,231 316,241.578
-V. 118, p. 320.
1
[Vol,. 118.
THE CHRONICLE
1678
Earnings for'the year.ended Feb. 29 1924 applicable to interest charges
of the company were 6.9 times annual Interest requirements on the First
Lien bonds and Bond Secured notes to be outstanding with the public on
completion of present financing.
Capitalization Outstanding with Public upon Completion of Present Financing.
$7.297,000
-Year 5s (including this Issue)
First Lien 30
2.250.000
-Year 8% Bond Secured Gold notes, Series B.due 1941
20
3,000.000
Debenture bonds, due 2022
6% Gold
5,357,000
Preferred stock, 7% cumulative
15,125,000
Common stock
The above does not include $2,250.000 Gen. Lien bonds and $2,250,000
1st Lien 5s issued and pledged as collateral under the Bond Secured Gold
notes due 1941.
-The company is controlled through ownership of all its
Supervision.
Common stock except directors' shares by the American Power & Light
Co. Electric Bond & Share Co. supervises the operations of the American
Power & Light Co. and the Southwestern Power & Light Co. and of the subsidiaries of those companies. Compare also V. 118, p. 320.
-Change in Corn. Stock Authorized.
Studebaker Corp.
The stockholders, on April 1, changed the authorized Corn.
stock from 750,000 shares, par $100, (all outstanding) to
2,500,000 shares of no par value. Of the new stock, 1,875,000
shares will be issued in exchange for the present outstanding
750,000 shares, Corn. stock, par 8100, in the ratio of 2
shares of no par value stock for each $100 share held. The
remaining 625,000 shares will be held in the treasury.
-Increase Sought.
Southwestern Bell Telephone Co.
Voting rights of the 7% Pref. stock now outstanding will not be affected
In any way by the change in the Common stock, as an amendment provides
that holders of the new Common shall be entitled to only one.vote for each
254 shares and the holders of less than 2A shares of Common stock shall
not be entitled to vote.
President A. R. Erskine stated that it was the intention of the company
to pay dividends on the new capital stock equivalent to that paid on the
present issue. This would call for annual dividends of $4 a share on the
no par value stock.
-V. 118, p. 1130. 1024.
-Earnings, &c.
Sparks-Withington Co.
Calendar YearsSales
Income from leased apparatAll other income
1923.
314,114
77,547
7,555
1922.
3123,921
251.157
210.208
Total
Cost of sales
Cost of leased apparatus
Ordinary, &c., expenses
Taxes
Depreciation
Exp. in connection with flotation of Prof. stock
Loss on sale of mach'y, &c
$99,216
$21,028
44,649
87.733
3.451
25,003
$585.286
5107.324
114.936
251,422
4.304
76,281
The company has served notice in the application filed with the Missouri
P. S. Commission that in about 6 months it will ask for an increase in
telephone rates in St. Louis. The Commission recently granted a request
-V.118, p.1531
for the continuation for 6 months of the rates now in effect.
The company has recently published its statement as of Feb. 29 1924.
Current assets are shown as $695.419 and current liabilities as $75,564,
giving a ratio of 9.2 to 1. Earnings before Federal income taxes for Feb.
were $56,097, making a total for the two months of the current year $87,016.
-V.118, p. 1403.
-Balance Sheet Dec. 31.Spicer Mfg. Corp.
1923.
AssetsLand, bIdgs., machinery, &c____ 3,667,408
764,801
Cash
Acets & notes rec_ 1,100,537
3,376,814
Inventories
86.865
Misc.investments.
Inv. In & adv. to
1,608,859
$o subsidiaries
Other Investments. 675.700
Goodwill, pats.,&c 4,541,864
Deferred charges__ 124.309
Total
1922.
3
3,807,135
571,419
1,343,848
3,931.532
48,534
1,379,473
49,950
4,912.155
170.984
15,947,157 16,214,831
1923.
Liabilities$
8% pref.stock_ _ _ _ 3.000.000
Common stock___x7.375.000
Fund.& 0th. debt. 1,450,600
Cap'l stk. of subs_
Notes payable_ _ _ _ 1,317.000
Acets payabIe.&c_ 609,998
Res.for Fed'! taxes
(estimated) y--- 374.317
1,820,242
Surplus
Submarine Signal Corp.
-Earnings.
1921.
335.075
422,269
199,865
1920.
$584,817
523,973
27,933
$657,209 $1,136,723
355.754 $240,472
302,921
230,031
396,502
277,029
7.987
111,974
130.129
1922.
50,915
3.000.000
4,272
720
4,271
7,375,000
2,121,800
566,698
loss$139,284
$26,746 loss$29,839
Net profit
230.000 Previous surplus
$12,243
$18,178
5738
$3,474
1,582.000 Miscell. credits & adjust
10.927
48.243
11,835
513,851 Dividends paid
(2%)35,845(2%)35,845(4%)71.690
374,317
$18,178
$737
Profit and loss. surplus_ --def$135,811
$3,474
1,017,863 -V. 116. p. 1772.
-To Pay Bonds.
Susquehanna (Pa.) Silk Mills.
Total
15,947,157 16,214,831
x Represented by 313,750 shares of no par value. y Previous to 1921 in
dispute.
The usual comparative income account was published in V. 118, p. 1531.
Spiegel,May,Stern Co.,Chicago.-Earnings Cal.Yr.1923.
Net profit
Dividends
Surplus
-V.116. p.3007.
$1.112.794
240.000
$872,794
The $1,000,000 6% notes due April I are being paid off at office of Na-V. 116. p. 1543, 85.
tional City Bank, New York.
-New Outlet.
Sweets Co. of America, Inc.
The company announces that it has made arrangements for the sale of
-V. 118.
Its products through the stores of the United Cigar Stores Co.
p. 1281, 678.
-Annual Report.
Texas Pacific Coal & Oil Co.
Calendar YearsGross earnings
Operating expenses
Operating profits
-New Member Executive Committee. Other income
Standard Milling Co.
George P. Morrow, President of the Gold Dust Corp.. has been elected
-V.
Gross income
a member of the executive committee, succeeding James P. Lee.
Inventory adjust., &c
118, p. 93.
Depreciation,&c
Standard Oil Co. (Ky.).-Cited.-
1920.
1921.
1923.
1922.
$5.625,306 37.316.287 59.227,910 $14,011,023
3,737,186 5,793.750
2,699,278
2.894.476
$2,926,028 54,421,811 35,490,724 $8,217,273
2,624,549
561,021
79.707
296.156
$3,005.735 $4,717,967 $6,051,745 $10,841,822
1,379,364
6,927,876
3.974,226
2,640,231
1,905,609
Net income
def$279,238 32,077.737 52.077.519 $3,913,946
The company is cited by the Federal Trade Commission for the alleged
1.475,108
1,005,999
844,561
422,282
enforcing of a price maintenance system. The charges in the complaint Dividends paid
are restricted to that part of the firm's business which has to do with selling
Surplus
def$701.520 $1,233,175 $1,071,520 $2,438,833
stoves and heaters manufactured by the Cleveland Metal Products Co.
of Cleveland, Ohio. The oil company, according to the citation, has -V.117. p. 1899.
enlisted and secured the support and co-operation of retail dealers in
-New President.
Torrington Co., Torrington, Conn.
enforcing its resale price plan of marketing the Cleveland company's stoves.
In a separate complaint the Cleveland Metal Products Co., which manuWilliam It. Reid of Torrington, Conn., General Manager of the comfactures various metal products, including stoves and heaters designed and pany, has been elected President to succeed the late John F. Alvord.
adapted for the use of kerosene, Is named as respondent. This concern,it is -V. 118, p. 1281.
alleged, co-operated with its dealer customers in maintaining fixed and
-Annual Report.
Tri-State Telephone & Telegraph Co.
standard prices at which its products shall be resold.
In the two complaints the same methods are alleged to have been used In
1923
1922.
1922.
1923.
attempting to force dealers to abide by price systems inaugurated by the
$
Deduct$
$
Calendar Years$
-V. 118. P. 1403. 1531.
respondents.
193,821 163,448
Telephone over. rev_4,686,068 4,323,659 Rents,&c
Interest for funded
Telephone oper. exp.
-Earnings.
Standard Oil Co. (Ohio).
285.000 416,394
debt
(incl. depreciation)3,148,853 2,935,518
1922.
1923.
Calendar Years16,830
12,157
Other Interest
36.214.837
$3.143.166
Net profits
1,537,215 1,388,141 Amortization of debt
Net revenues
490.000
490.000
Preferred dividends (7%)
11,070
6,198
disc.& exp., &c___
28,105
7,503
Uncollect. over, rev.
(10%)1.400.000 0611.120,000
Commondividenda
Taxes assign.to over. 274,238 218,689
884,846 690.972
Net Income
34.604,837
31.253.166
Surplus
327,633 191,568
Operating income.1,255,473 1,141.348 Pref. diva.(6%)
17.344.463
14,949,300
Previous surplus
Non-oper.income_ 126,547 157,367 Common tilos.(8%). 361,520 361,520
$16,202,466 321.949.300
Total surplus
195,693 137,884
Balance
1 382,021 1,298,716
Gross income
7.000,000
Stock dividends
V. 114, p. 2250.
516.202,466 $14,949,300
Profit and loss surplus
-Tenders.
Two Rector Street Corporation.
Balance Sheet December 31.
The Guaranty Trust Co., trustee, 140 Broadway, New York City, will
1922.
-Year 6% Sinking
1923.
for the sale to it of 1st Mtge. 15
until April 17 receive bids
1922.
1923.
$
$
Fund Gold Loan certificates. due April 1 1935, to an amount sufficient
LiabilitiesAssets$
$
Plant
34.104,307 29,116,281 Common stock__ A4,000,000 14,000,000 to exhaust $31.697 at a price not exceeding 103 and int.-V. 118. p. 214.
5,906,186 5,823,171 Preferred stock__ 7,000,000 7,000,000
Merchandise
-Annual Report.
205,651 Accounts payable_ 2,686,863 2,265,992
Union Carbide & Carbon Corp.
237,307
Cash
6,336,529 5,474,267
Depreciation
9 Mos. to
Cal. Year
Cal. Year
Accts. receivable
' .
„
Dec. 31 '21.
1922.
1923.
Period& investments__ 7.004,087 9,973,287 Reserves1,026,029 14,949,300
16.202,466
Surplus
Net earnings after charges, taxes and
$16.204,415 $11,716.114 $8.176,897
Preferred dividends
47,251,887 45,208,390 Dividends
Total
47,251,887 45,208,390
Total
($4)10.638,932(54)10638932(53)7979,193
-V. 116, p. 1542.
$197,704
Balance, surplus
$5.565,483 $1,077,182
--Sale.
Standard Parts Co., Cleveland.
Suirtisago7nIT.seadasT(airenfedor)
l
i fg.
depreciation,
r
8
Z1
tai Zbtraa0 i 1 21Uv i9
The sale of the standard welding plant of the company to Andrew Squire,
Court. This
attorney, for 5625.000 has been authorized by the Federal400,000 sq. ft. 1923 was $6,504.044, against $6,254,4311n 1922.-V. 118, p. 1404.
property consists of eight acres of land and buildings having
of floor space.
Union Tank Car Co.
-Balance Sheet Dec. 31.ordered
Another dividend of 13i% to creditors of the company has been
1922.
1923.
1922.
1923.
by Frank A. Scott. receiver. This makes 70% thus far paid and it is
$
Liabilities
Assets$
-V. 118, p. 1280.
stated that creditors will receive 75% on their claims.
Tank car equip..x46,470,226 38,223,626 Preferred stock.. 12,000,000 12,000,000
47.100 Common stock...18,000,000 18,000,000
Real estate
-Financing Approved.
Standard Plate Glass Co.
235.477 Car trust notes_ __ 6.500,000 6,500.000
refinancing plan, which includes
The stockholders on April 2 ratified the from the proceeds of the sale of Shop equipment... 639,170
620,095
353,827
331,943 Accounts payable_ 1,343,121
Materials
the retirement of all bonded indebtedness
276.011
annuities_ 339,982
shares additional Common Office furniture
16,070
12,076 Res,
$2,000,000 Prior Preference stock and 100,000given the right to subscribe Cash de securities_ 1.928,430 3,880,518 Res. for taxes____ 580,025
570.000
for
April 7 are
stock. The stockholders of record
12,303,202 8,438,036
to the additional Common stock, share for share, at $28 per share, payment Accts.receivable 1,658,697 1.673,397 Surplus
to,.be made on or before April 14.-V. 118, p. 1531.
51,066,421 44,404,142
Total
Total
51.066,421 44,404,142
x Less depreciation.
Standard Textile Products Co. (Including Mobile
The usual income account was published in V. 118, p. 1281.
-Annual Report.
Cotton Mills).
1920.
1921.
1922.
1923.
Calendar YearsUnited Drug Co.
-Foreign Business Improving.
323,134.984 $17,423,381 512.855,347 $25,250,576
Net sales
G. M. Gales, Managing Director of the Boot's Pure Drug Co., Ltd., a
20,332,392 14,759.624 10,456,143 19,866,984
Cost of sales
1,110,485 subsidiary, says in substance: "Our business is improving. We are
944,109
797,382
530,115
Admin. & general exp..
operating 700 stores in the British Isles, an increase of 40 over last year,
and expect to open 40 this year. Sales, it is expected, will run well over
FiF Operating income__ - 32,272.477 $1,866,375 $1,455,096 $4,273,106 £8,500,000 in 1924."-V. 118, p. 904.
48.208
26,887
13,846
75,233
Other income
-Tenders.
United Lead Co.
32.347,710 31,893.262 $1,468,942 $4,321,314
Gross iycome
The Guaranty Trust Co., trustee. 140 Broadway, N. Y. City, will
505,199
645,0561
756.8601
682.559
Interest
438,438 until April 25 receive bids for the sale to it of 5% Debenture Gold bonds,
318,5321
381.080
1
Depreciation
37,193 due July 1 1943, to an amount sufficient to exhaust $351,327, at a price
78.000
Federal taxes
-V. 116, p. 1661.
(25)1000,000 not exceeding par and interest.
Common (By. (stock)
923,655
560,000
565.461
629.970
Preferred dividends
-Name Changed.
U. R.S. Candy Stores, Inc., N.Y. City.
The company's name has been changed to Happiness Candy Stores, Inc.
3152,082 31.416,830
5364.212
$576,101
Balance, surplus
T. 118, p. 805. 789.
-Y. 118, p. 677.
AFR.15, 1,Ri.]
THE CHRONICLE
United States Dairy Products Corp.
-Tenders.
-
The American Trust Co., 135 Broadway, N. Y. City, will until April 15
receive bids for the sale to it of 10
-Year 6M % Cony. S. F. Gold notes,
serlies "A." due Jan. 1 1933. to an amount sufficient to exhaust $16.500 at
a price not exceeding 109 and int. For offering of notes see V. 116. p. 2648
:United States Hoffman Machinery Corp.
-Earnings.
(Including Canadian Hoffman Machinery Co., Ltd.)
Cal. Years1922.
1923.
Cal, Years1923.
85.714.992 85,535,506 Fed'I & Domin.inc.
Gross sales
Oper. costs, &c.._24.435,039 4.181,657
taxes
84,032
Amort'n of patents 211,911
Profit from opeens$1,279,954 $1,353,849 yLosses
86,596
Int., &c., Income_ 191,235
143,819 Divs. on pref. stk.
Organization exp.
Gross income_ _ _S1,471,188 $1,497,668
Surplus
$594,723
&c., charges_ 289.487,
301.729 Previous surplus
510,680
Deb. bond Interest 171,440
194,210
Deb. bond prem..
33,000
30,000 Profit & loss surp_$1,105,403
1922.
84.093
204,017
92,864
38,250
41,469
$511,036
def356
1679
Vulcan Detinning Co.
-Earnings.
-
Calendar Years*Sales
Expenses, deprec., &c
Net oper. income---Other income
1923.
1922.
1921.
1920.
$2.056,289 $1,474,653 $1.228.565 $1,880,323
1,853,304
1,301,130
1,254.188
1.829,714
$202,985
30,901
$173,523 loss$25,623
$50.609
32,372
26.512
11,586
Total income
$233,886
$205.896
$889
$62,195
Reserve for tax, &c
35,503
50,964
Divs. on Pref. stock- -_(7%)169.358 (14)42.340 (1))42.340
030177165
Surplus
$29,025
$112.592 def$41.450
•After adding inventory of finished products (amounting def$114,970
in 1923 to ,
$51.081).
For the quarter ended Dec. 31 1923 sales, after inventory
amounted to $517,504; net profits, after charges, depreciation adjustment,
and reserve
for taxes, $46,693. as compared with :21,743 in preceding quarter
and
$54,768 in the corresponding quarter of 1922.
Condensed Balance Sheet Dec. 31.
1923.
1922.
1923.
1922.
Assets$
$
LiabilUtes$
Plant and equipmq_1,397,731 1.410,909 Preferred stock
1 500,000 1,500,000
Pat'ts,licenses, goodPreferred "A"stock_ 919.400 919400
will,&c
4407.569 4,407,569 Common stock
2000,000 2.000,000
Cash
177,879 204,492 Common
U.S.Govt.securities 282,391 247,641 Accounts"A" stock_1,225.800 1,225,800
payable...
75,499
Accounts receivable_ 260,956 251,301 Dividends payable__ 105,926
42,339
42,339
Advances
16,187
22,277 Res. for taxes.
__ 93,049 139,829
Inventories
366,356 352,208 Coating,& def. liab. x284.998 284,998
Surplus
737,556 708,531
Total
6 909.069 6.896,397
Total
6,909.069 6.896,397
x Obligations payable if and when dividends arrearagas
are paid upon the
Pref. stock other than Pref. stock "A."
-V. 117, p. 2782.
$510,680
a Includes expenses, returns, depreciation, &c. y Losses of United
States Hoffman Machinery Co. (prodecessor company) originating prior to
formation of the present corporation
Balance Sheet Dec. 31 (Including Can. Hoffman Machinery Co. Ltd.).
Assets1922.
1923.
Liabilities1922.
1923.
Plant prop.,less res $851,787 $805,240 Capital stock-M.766,082 $2,766,082
Patents, less res've 2,739,968 2,920,411 8% debent. bonds_ 2,025,000 2,376.000
Goodwill
1
1 Notes payable_ ___ 875,000
725,000
Cash
451,832
451,311 Loan payable 774,373
Notes & acc'ts rec.,
Accounts payable_ 168,405
310,784
less reserves_ _ _ x2,524,760 2,966.1)56 Accrued accounts_ 115,537
118.384
Inventories
1,122,903 1,016.347 Def'd acc'ts pay'le 275,000
375,000
Adv.on purchases.
7,930 Reserve for taxes
Special depos.,&c.
1.647
1,639
and royalties__ _ 363,998
323.949
Investments
38,023
1,615 Reserve deb. bond
Waldorf System, Inc.
-March Sales.
Sinking fund
815
124.369
premiums
29,495
54,776
1924
-March-1923.
Decrease., 1924-3 Mos.-1923.
Deferred charges
38,113
29.984 Deferred credits
16.055 81.181.794
20.648
$1,187,258
Drafts rec., disc
85,464183.425,485
8,067
5,910 Disc,drafts recelv.
$3,334,600
5,910 -V. 118, p. 1292.
8.067
1163.
Surplus
1,105,403
510,679
Total
$7,777,916 $8,331,713
Total
$7,777,916 $8,331,713
x Includes $1,907,339 customers' notes receivable secured by chattel
mortgages or equivalent liens, of which $1,330,295 is assigned as collateral
security for notes payable. It does not include interest accrued at Dec. 31
1923 on customers notes receivable. y Represented by 150,000 shares of
no par value.
-V. 118. p. 807. 563.
Increase.
$90,885
Warner Sugar Corp.
-Earnings.
-
The company's income account for the
Sales. $79,085.426; profit from operation. year ended Dec. 31 1923 shows:
34.498.958;
$978,031; depreciation, $1,506,531; Federal taxes, interest & expenses,
$59,000; reserve for
1920 doubtful accounts. $136.676; net profits. $1.818,720.
-V. 117,p. 2900.
Warren Brothers Co., Boston.
-Div.
Increased-Earns.
A quarterly dividend of $1 per share was
no par value. on April 1 to holders of record paid on the Common stock,
March 22
previously reported). Dividends of 75 cents per share (not March 17 as
President of the National City Bank, has
were paid quarterly
from April 1923 to Jan. 1924, inclusive.
resigned from the board.
-V. 118. p. 1261.
Dividends of l% on the 1st Pref. stock and of
134% on the 2d Pref.
stock for the quarter ending March 31 1924 were also paid
United States Steel Corp.
-Number of Stockholders.
April 1 to holders
of record March 22.
The number of Common shareholders receiving dividends
Earnings
quarter of the current year decreased 1,067 as compared withfor the first
the number Net profit-Calendar Years1923.
1922.
on the books the last quarter of 1923. Common stockholders on the books
$723.946
$691,920
as of March 1 totaled 98.712, compared with 99,779 three months earlier. Preferred dividends
151.031
302,062
Common dividends ($3)
-V. 118, p. 1517.
158.111
-United States Stores Corporation.
Balance. surplus
-Acquisitions.
$414.804
3389,858
During 1924 to March 15, the company retired $89,000
The company has acquired the grocery and meat chain stores now
of 6% bonds and
$321.000 of 7
operated by Huey & Mathews. Inc , and the Cash and Carry Stores
bonds,
for- $1,533,000 of3. % latter. leaving outstanding $298,000 of the former and
the
merly operated by the S. B. Charters Grocery Co., Inc., a
-V. 118. p. 1292, 1039.
distributing system of 156 stores, practically all a whichcombined retail
are within the
corporate limits of Pittsburgh.
Weber St Heilbroner.-Earnings.-V. 118, p. 443.
Feb. 28 Years1923-24.
1922-23.
1921-22.
1920-21.
United States Trucking Corp.
Net earnings
$554,427
8484.064
-New President.
$208.485
$107.222
Harry N. Taylor, President of the United States Distributing Corp., has Federal taxes, &c
$70,000
361.500
855.000
312.000
Dividends
been elected President, succeeding James J. Riordan.
222.082
219.959
222,783
138.014
See also United States Distributing Corp. in V. 118, p. 1281.-V.
Balance, surplus
116, p. 2399.
$262,345
3202.605
820.706 def$42,792
Previous'surplus
331,560
152,114
166,377
231.66%
U. S. Worsted Corp.
-Report Cal. Year 1923.
Total surplus
Manufacturing profit 1923
$593,905
$354.719
3187.083
$188,877
$574,056 Federal tax adjustment_
Depreciation
659
1.219
293,620 Adj. Brok. Bros. sur
Interest paid and accrued on debentures
Cr.1.295
149,787 Pref. stock sinking fund_
Reserve for Federal taxes and contingencies
22,500
22.500
33,750
22.500
17,000
P.& L.surplus Dec.31 $572,700
Surplus
8331.561
3152,114
$113,647 -V. 118, p. 807.
$166,377
Balance Sheet Dec. 31 1923.
AssetsLiabilities
Wheeling Steel Corp.
-Annual Report.
Plant account
$4,671,982 1st Preferred stock
$2,494,600
Calendar YearsCash
1923.
1922.
1921.
715,388 2d Preferred stock
1920.
954.254 Total business, all cog.... Not stated Not stated
Accounts receivable
714,380 Common stock
$28,300,995 $99,822,887
3.278.641
earns,after maint.&
Inventories
4,794.411 15.Year 6% Debentures- 2.853.100 Net
repairs
38.598.920 54,251.777 81.514,806 $23,032.024
Investments
250,855 Notes & accounts payable 1,495.787 Other income
Prepd. ins. in & taxes
516,646
911.787
814,922
60.014 Res. for Federal taxes &
1,012,915
contingencies
17,000
Total income
$9,115,566 35.163,564 82,329,728 824,044,940
Total (each side)
$11,207,030 Surplus
113,648 Deduct Prov.for depre.,
President Wood says: "The corporation started the year 1923
exhaust. of min., Sze
2,741,076
3.209.651
substantial amount of business booked and the first half showedwith a
2.708.321
3,172,366'
Bond, &c., interest_ _ _ 1,123,060
satis744.616
factory result. During the last half the amount of business
578.123
512,127
Idle plant expenses_
booked was
751.452
exceptionally small and resulted in reducing profits made
1,838,137
Reduc. of inv. values_
in the first
half. -V. 117. p. 2900.
4,158.740
Inc. & profits taxes_
3,346,747
Cash divs, sub, cos_
Utah Consolidated Mining Co.
1.540.308
-Sale.
do Wheel. St'l Corp. 1,776.641
The properties of this defunct company were sold -1,175.196
2,432,358
1,919,297
at public auction at
do on stock of sub,
Salt Like: City, Utah, to the International Smelting
Co.
cos, not held_ _ _ _
56
The International is a subsidiary of Anaconda Copper for $1,000,000.
5.670
21.866
99,109
Mining Co.-V. 118, p. 1149.
Balance, surplus
53.474.733 def$723.021 dfS5,249,077 39,296.245
Profit & loss surplus._ _ - $9.645,022 $6.010.902
Utah Gas & Coke Co.
$6.881.653 $13.425.159
-Meeting Postponed.
-V. 118, p. 321.
The special stockholders' meeting to be held
on a plan to retire accumulated dividends onfor the purpose of voting
the present outstanding
Whitaker Paper Co.
8700,01)07% Cum.Prof.stock was postponed Until April
-Balanee Sheet Dec.
17.-V.118.p.1025.
Assets1923.
1922.
1923.
1922.
Wakefield Iron Company.
Plant & equipm1.31,908,295 $2,005,162 Preferred stock_ __81,072.600
-Bonds Paid.
$1,072,600
The 8300.000 6% bonds, due April 1, are being paid off
Cash & acels--__ 2,072,962 2,701,306 Common stock
at the office of Inventory
-x2.150.000 2.150.000
Union Trust Co.. Cleveland.
-V. 110, p. 568.
1,394,238 1,917,154 Acc'ts payable_ _ __ 184,166
944,413
Other assets
13,239
10,308 Notes payable____ 265.000
567,000
Securities owned
Vacuum Oil Company.
22,179
-Annual Report.833 Accr'd mt. & taxes
18,462
26,808
Pref. treasury stk.
Calendar Years46,272
1923.
45,172 Mortgage bonds__ 1.400,000 1,500,000
1922.
1921.
1920.
Gross profit
316.661.713 815,310.174 810,284,733 88,944.393 Deferred assets... 186,675
180,829 Core acc'ts reserve
133
1,125
Inventory depreciation_ 2,361,055
Surplus
692,264
553,498
598,818
3.446,000
Insurance reserve
53.731
267,447
380,166
332,216
Total
Income tax reserve
35.643,859 $6,860,764
750.000
Total
750.000
$5,643,859 $6,860,764
300,000
225.393
Jap. earthquake
x Common stock represented by 30,853.9 shares of
182.812
Dividends
loss_- %)6,142.839(16)2.400.000(8)1,200.000 (8)1,200,000
(10
The comparative income account was published in no par value.
V. 118. P. 807.
Wichita (Kan.) Water Co.
Balance, surplus
87.171,276 811,200.463 84,958.565 87.186,784
-Guaranteed Bonds Sold.
Previous surplus
28,805.381 62,604.918 57.646.352 50,459.568 P. W. Chapman & Co.,
Inc., New York and H. M. Payson
Sr Co., Portland, Me., have sold at 97 and int. to yield about
Total surplus
835.976,656 873.805,381 $62.604,917 $57,646.352
Stock dividend (300%)45.000,000
634%, $1,400,000 1st Mtge. 6% Gold bonds, Series "A."
Guaranly.-Principal and
Profit & loss, surplus-$35,976.656 $28,805,381 862.604,917
$57,646,352 Works & Electric Co.,Inc. interest guaranteed by the American Water
Balance Sheet December 31.
Dated March 1 1924. Due March 1 1949. Int.
at the office or agency of the company in New York payable (M. & S. 1)
1923.
1922.
1923,
1922.
Assets
of normal Federal income tax not in excess of 2%. City without deduction
Liabilities
$
Penn. and Conn. 4 mills
Realest., plant &
tax, Maryland 43i mills tax, and
Capital stock.._ 61,523,075
.(less deprec) 20.323,471 19,655,886 Bonded debt_ _ _ 16,100,000 60,000,000 refunded. Denom.$1,000,$500 the Mass, income tax not to exceed 6%
and $100e
17,000,000 upon
Red. all or part at any time
Stocks of foreign
4 weeks' notice, prior to March 11934. at 105 and
Other curr. Ilab. 2,778,704 2,495,578
int., and thereafter
vacuum °noes 18,843,077 18,905,327 Due foreign vac'm
and prior to March 11944. at 102 and int., and
thereafter at 100 and int.
Other Invest....
188,829
ollcompanles_ 7,720,551 10,960,962 In the event the city purchases the company's property and does not
49,880
assume
Mdse. & mater'l 26,150,150 24,661,351 Branch office res
the bonds as a municipal obligation the bonds
5,612
will be forthwith paid at
Accts.receivable 7,423,323 7,095,270 Ins. reserve____ 2,500,000
2,446,268 100 and int. Farmers' Loan & Trust Co., New York, Trustee.
Cast:IA:securities 54,467,716 52,028,051 Income & excess
Data from a Letter of J. C. Adams, President
Deferred charges
of the Company.
328,708
375,417
profits tax resv 1,126,288 1,057,379
Company.
-The original plant of
Surplus
35,976,656 28,805,382 1887 it has been one of a group of the company was built in 1882. Since
Total
privately owned water works properties
127,725,275 122,771,182
which group is now owned and operated by American
--V.118,p.1149.
Water Works & ElecTotal
127,725,275 122,771,182 tric Co., Inc. Company serves,
without competition. the City of Wichita
United States Rubber Co.
-Director Resigns.
Frank A. Vanderlip, former
1680
TEM CHRONICLE
and vicinity with water for public and domestic use. Population about
85.000.
Earnings Year Ended Dec. 31 1923.
Gross revenue
$302,709
Operating expenses, maintenance and taxes
151,798
{Pm. 118.
CURRENTMNOTICES.
Announcement has been made of the formation of the firm Shore &
Jolles. with offices at 60 Wall St., New York. The firm will
conduct a
business in investment securities for both American and foreign
account.
Net earnings
$150.911 The members of the firm are Wilfred Shore and II.
R. Jolles. Mr. Shore
Annual int. on company's entire funded indebtedness (this issue)_
84,000 has been associated in
the past with a number of prominent investment
-Under the contract now in force between the City and
Purchase by City.
the Water Co., the city has an option to purchase the properties of the banking houses and is a director of the American Smelting & Refining Co.
company at any time upon 6 months' notice, at the "Investment cost" plus Mr. Jolles has acted during the last few years
under his own name as repadditions and extensions which on Dec. 311923. was $2,107,169.
resentative of Labouchere & Co. of Amsterdam in this market. The
new
Purpose -To retire all Mtge. bonds now outstanding and to partially
company for additions, Improvements and extensions to its firm will continue to act in this capacity for the Amsterdam house and will
reimburse the
conduct a general investment business specializing in American
-V. 107, p. 1486.
properties.
securities
suitable for the Amsterdam and other leading European
Wickwire Spencer Steel Corp.
-34,000,000 Bank Loan European securities suitable for the American market. markets, and In
-Acute Need of Working Capital.
Matures April 30
The firm of Imbrie & Co., Ltd.. has re-opened its offices at
115
The Boston News Bureau April 4 says: "The market antics of Wickwire
1st 7s April 2 and 3 are strongly reminiscent of the manner In which Vir- Broadway, New York, after an absence of three years, during which time
Chemical bond issues flopped around just before the receiver- its affairs were entirely wound up and liquidated and creditors fully satisginia-Carolina
ship. Wickwire 7s sold down to 51 April 2. off 9 from previous day's fied. The firm has for more than 40 years played
'anNmportant part
close, and on April 3 opened at 56. The Wickwire Co. is acutely In need in the financial affairs of Wall
Street. In the reorganization'which has
of working capital. While the next semi-annual bond coupon is not due
until July 1, the company has a loan of about $4,000,000 with a dozen taken place, following the discharge of the firm from equity receivership.
or so banks which matures April 30. The weakness in the securities new and important banking interests have been enlisted. James Imbrie
reflects, of course, the uncertainty regarding extension of this loan. In will head the firm, as before, and will have
ashis,Zassociates many men
other words, the immediate fate of the company is in the hands of the well known In banking
circles.
bank creditors.
"It Is understood that in the first three months of this year Wickwire
Kelley, Drayton Az Converse, members NewlYork Stock Exchange,
did a gross business of about $6.000,000 and the net results should closely
approximate the $288.000 profit earnedi in the corresponding period of announce the formation of a co-partnershiplfor the transaction of a genera
1923. Thus the company is operating n black ink figures, but as the investment and commission business under that name with offices at 40
decline in the 1st 7s from a high last year of 98 to 51 April 2 would clearly Exchange Place. The new firm will consist of the following, Don M.
suggest. the company must quickly receive some strong financial support. Kelley, Allan D. Converse, Emlen M. Drayton, member New York
Stock
. 117. p. 2664.
Exchange, Horatio W. Turner, Philip F. Chew, Matthew F. Maury and
Webster W. Stetson.
Witbeck Chemical Corp., Albany, N. Y.
-Bonds, ikc.
This corporation, succes.sor to the Albany Chemical Co.. bankrupt, have
The New York Title & Mortgage Co. hasImade two loans of $260.000
executed a trust mortgage to the New York State National Bank, Albany, each on property at the west
side of Pinehurst Ave., from 176th to 177th
for $178.000 to cover a new bond issue. The new issue will be known as
coupon bonds, payable March 15 1944. The Sts. The land was recently purchased from the estate of B. Altman and
6% Second Mortgage gold
will be improved by the erection of two six-story elevator apartments by
bond will be used to retire the bonds of the Albany Chemical Co.
The mortgage will be subject to the lien of a first mortgage held by the the B. L. W. Construction Co.
National Commercial Bank & Trust Co. for $200.000, which secured the
-Chase & Falk announce the dissolution of their co-partnership by
-Year 5% bonds issued by the Albany Chemical Co., all of which are
30
outstanding.
mutual consent as of March 31. A new firm under thasame name has
been formed to continue the business of dealinglin investment securities
Co.
-March Sales.
(F. W.) WoolworthIncrease.
1924-3 Manths--1293. !semis .
with Newton G. Chase, Elliott H. Falk and Solon C. Kelley Jr. as general
,
-1923.
1924-March
$15,903.490 $15,782.142 $121,348 I $41.458,740 $38.062.489 $3,396,251 partners.
March sales showed an Increase of 0.77%, the old stores showing a loss
Guaranty Trust Co. of New York has been appointed transfer agent
of $491,900 or 3.12%. For the three months the company showed a
gain in sales of 8.92%. The old stores showed a gain of $1,894.929, or for the capital stock of Canada Dry Ginger Ale. Inc.. consisting of 50,000
4.89%.-V. 118. p. 1163.
shares of Class "A" stock and 50.000 shares of Class "B" stock, without
-Annual Report.- par value.
Wright Aeronautical Corporation.
The National City Co. announces the appointment of S. L. Castle
1923.
1922.
1921.
Calendar Years$2,226,892 $2,384,204 $2.426.189 as assistant general sales manager in charge of the Chicago Metropolitan
Net sales
1.972,055
2,013,420
1,967,699 sales organization. The company also announces that II. T. Booth
Expenses, including depreciation
has been made district sales manager of the Minneapolis office.
$254.837
$458,488
$370,784
Net income
-T. Edward Prendergast and James J. Kennedy. formerly with P. F.
186,288
203,508
205,077
Other income
Cusick & CO., announce the formation of a co-partnership with offices at
$441,125
$574,292
$863,564 7 Wall St., New York, for the transaction of a general
Total income
investment business.
97.414
Liquidation Lawrance division
17.169
50,861
66,009 specializing in municipal bonds.
Federal taxes reserve
($1)243,140 ($1)224,390(50c)112.195
Dividends paid
-Prentice & Slepack, members of the New York Stock Exchange,
they have reopened their branch office at 55 East 44th St.
$83,402
$299,040
$485,360 announce that
Balance, surplus
with M. J. Slepack as resident partner in charge.
-v. 117, p. 2121.
-P. M. Preater. for the past ten years with )Parker dc
-Bonds predecessor firm, Colgate, Parker & Co., Is now associatedCo. angthelr
Yuba River Power Co., San Francisco, Calif.
with Farr &
-First Securities Co., Los Angeles, and Anglo Co. in their investment department.
Sold.
London-Paris Co., San Francisco, have sold. at prices to
-The New York Trust Co. has been appointed trustee under the agreeyield from 6% to 6%% according to maturity, $1,150,000 ment securing the $6,250,000 Jersey Central Power & Light Corp. 6%
(Closed) Mtge. 6% Serial Gold bonds (see advertising Gold notes due Dec. 11926.
1st
-F. S. Smithers & Co. announce that Kenneth A. Boerne, formerly
pages).
Dated Oct. 1 1.923. Due annually Oct. 1 1924 to 1948. Denom. $1,000 manager of the trading department of Watson & White. has become
payable(A.& 0.)at Pacific-Southwest Trust & Savings associated with them as manager of their bond trading
and $5000. Intigest
department.
Bank. Los Angeles, Trustee. or at Anglo St London Paris National Bank.
-Alfred F. Ineold, formerly of Alfred F. Ingold & Co., has become
San Francisco, without dedbction for normal Federal income tax not exceeding 2%. Red. all or part, on any int. date upon 60 days' notice, at associated with Watson & White. 141 Broadway, New York, In charge of
100 and int. plus a premium of ;4 of 1% for each unexpired year, or fraction their trading department.
thereof, of the respective maturities, but not exceeding in any case a prem-Kelley, Drayton & Co.. members New York Stock Exchange,announce
ium of 5%. If red. in part, company will call for payment bonds of the
latest maturities outstanding at premiums as stated above.
that the co-partnership heretofore existing under that name has been
Data from Letter of Pres. John H. Mackenzie, March 11.
dissolved as of March 31.
Company n Calif vnia corpirailml. Present company had its inception
-Frank A. Murray, formerly with Pynchon & Co., has becomelassoIn Yuba County, California, in 1896, as the Marysville Sz Nevada Power &
rights which consist of priorities in the elated with W. A. Harriman & Co., Inc., in chargejof their,Rallroad Tree11
... .
v
Water Co. Owns valuable water
right of diversion and of storage of the North Fork of the Yuba River above Department.
Colgate_, of the Middle Fork above Milton, the Narrows reservoir on the
Blizzard & Co., of Philadelphia, have issued for distribution a
Main Yuba and the Rattlesnake reservoir on the South Yuba. These
priorities are for the use of the water for power purposes and for irrigation booklet of quotations of over 1,500 unlisted public utility and indistrial
with or granted by bonds.
and are established by applications and permits endigp
the Federal Power Commission and the State Division of Water Rights.
-Stroud Se Co., Inc., Philadelphia and New York, announce that
The present developnaent is known as the Bullard's Bar Project and is
located on the North Fork of the Yuba River, about 40 miles northeast of Horace C. Prevost, Robert E. Alexander and William R. Dawson are
Marysville byroad. At this point, the North Fork is supplied by a drainage now associated with them in their bond department.
area of approximately 540 sq. m. This power plant Is already completed.
-Elmer J. Kennedy, formerly with the First National Bank of Duluth,
and now in operation by the Pacific Gas & Electric Co. under lease agreement (below). It has a present generating capacity of 6.500 k. w. The Minn., has become associated with Freeman, Smith & Camp Co. as sales
construction of the power house provides for the future installation of an- manager of their Los Angeles office.
other generating .unit should it 13ecome necessary or advisable to do so.
-Berg. Eyre & Kerr, members New York Stock Exchange, 23 Beaver
A 60.000 volt transmission line. approximately 33,000 ft. In length, con- St.. New York. have admitted C. Wallace Passapae as a general partner
nects this plant with the Colgate power house of the Pacific Gas & Electric In their firm.
company receives the power generated by the Bullard's Bar
Co. where that
-Henry A. Cohn, formerly with Sartorius & Smith, is now associated
Project.
Based on a rated output of 6,500 k. w.. the total cost of the Bullard's with II. Cassel & Co.,61 Broadway. New York,in their trading department.
Bar Project amounts to $224 per k. w., a unit cost well below the average
-J. E. Wilson & Co. have moved their offices to 71 Broadway, New
of such costs throughout the State of California. A study of hydrographs
Telephone Bowling Green 0660.
indicates that this project should produce about 47,000,000 k. w. h. an- York,
nually. In addition, the storage provided at the Bullard's Bar reservoir
-William Neely, formerly with Edward B. Smith & Co.. Is now assopermit the Pacific Gas & Electric Co. to produce about 3,000,000 k. ciated with Ross, Pogue & Willard. 61 Broadway, New York.
will
w. h. more from its present Colgate plant, making a combined total of
-Nehemiah Friedman & Co., Inc., have issued their monthly quotation
about 50,000,000 k. w. h.
it of Joint Stock Land banks. Copies will be sent on request.
-Company has entered into an original lease
Original Lease Agreement.
agreement with the Pacific Gas & Electric Co., extending beyond the life
-Clokey & Miller have prepared an analytical comparison of the financial
of these bonds, under the terms of winch the latter company is now operat- statements issued by the principal insurance companies.
ing and maintaining the Bullard's Bar Project. By this agreement the
-Daniel F. Gallagher. for the past 12 years with Hornblower & Weeks,
Pacific Gas Ac Electric Co. is required to pay, as a rental, direct to the
trustee under this bond issue, the specific amount of $92,000 annually, has joined the Boston office of Bonner, Brooks & Co.
In semi-annual installments in advance, throughout the life of the lease.
-Prince & Whitely announce that Felix T. Hughes has been admitted to
Their payments are more than sufficient to provide the interest of these general partnership in their firm as of April 1 1924.
bonds and to pay the installments of the principal as they mature; thus,
-The Bank of America has been appointed registrar of the 62,500 shares
under this lease agreement, funds are definitely provided to amortize the
entire bond issue, principal and interest. As a rental, the amount due under of common stock of James' Incorporated.
this lease is an operating charge of the Pacific Gas & Electric Co., payable
-A. D. Converse & Co. announce that as of March 31, they have disprior to that company's fixed charges. It is, therefore, obvious that the continued business under that name.
payment of both the principzI and interest of these bonds is assured through
-Rutter & Co. announce that Hush D. Marshall has become a go moral
this original lease agreement. by the Pacific Gas & Electric Co. under this
partner in their firm.
The annual rental to be paid
The
lease agreement is based upon a maximum unit cost of $177 per k. w. gen-Bankers Trust Co. has been appointed regsitrar of the Preferred
cost to the Pacific Gas & Electric Co. of the 47,000,000 k. w. h. to be
tock of Fairbanks, Morse & Co.
erated annually at the Bullard's Bar Project is 2.5 mills perk. w. h. Taking
w. h. increased output of that company's
-Henry B. Congdon has become a member of the Providence firm of
Into consideration the 3.000,000k.provided at Bullard's Bar reservoir, the
Anderson & Co.
Colgate plant due to the storage
cost the Pacific Gas &
combMw total of 50,000,000 k. w. h. will this lease agreement. Electric
-L. T. Nelson & Co., 61 Broadway, New York, announce that George
-V. 118.
Co. 2.3 mills per k. w. h. during the life of
Nelson has been admitted to partnership in their firm.
er. 1533.
1G81
THE CHRONICLE
APR. 51924.1
geports and
prinuntuts.
LOUISVILLE & NASHVILLE RAILROAD COMPANY
SEVENTY-THIRD ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31, 1923.
Louisville, Ky., April 2, 1924.
To the Stockholders of the Louisville & Nashville Railroad Company:
The Board of Directors of your Company respectfully submits the following report for the year ended December 31, 1923:
MILEAGE.
Miles.
5,042.87
I. Lines Owned and Operated
Organizations in which this Company Owns a Majority of the Capital Stock or is Interested as Joint
II. Lines Operated Under Their Separate
2,373.24
Owner or Lessee
273.77
III. Lines Owned by this Company, but Operated by other Companies
7,689.8
Total mileage
INCOME.
The Income as shown in detail in Table No. 1 is here summarized, compared with previous year:
1922
3121.138.840 08
99.604.496 32
1923
3136,375.672 88
109.865,090 37
Railway Operating Revenues
Railway Operating Expenses
Net Revenue from Railway Operations
Railway Tax Accruals
Uncollectible Railway Revenues
26.510.582 51
21,534,343 76
$6.372,309.79
192,000 42
$4,710.247 14
13.700 19
6,564,310 21
Total Operating Income
Equipment Rents (Net)
Joint Facility Rents (Net)
4.723,947 33
19.946,272 30
Cr.938,876 83
Dr 212.105 99
16,810.396 43
Cr.1,143.532 75
Dr 349,607 69
Cr 726,870 84
20.673.143 14
2,926.428 94
Deductions from Income:
Interest on Funded Debt
Other Deductions
17.604.321 49
2.827,407 02
23,599,572 08
Net Railway Operating Income
Other Income (Non-operating)
Cr 793,925 06
20,431,728 51
9.746,845 54
353,791 82
9.535.834 56
297,874 53
Total Deductions
10,100,637 36
9,833,709 09
813.498.934 72
Net Income
810.598,019 42
The following is a comparison of freight and passenger traffic with the previous year:
Number of passengers carried, 1922
Number of passengers carried, 1923
Number of passengers carried one mile, 1922
Number of passengers carried one mile, 1923
Number of tons of freight carried, 1922
Number of tons of freight carried, 9123----------------------------------------------------------------------------------- _
Number of tons of freight carried one mile, 1922
Number of tons of freight carried one mile. 1923
12,831.419
13.280.342
669,328.572
767.475.053
43.313,908
50,502.451
9,090,687.159
10,578.358,990
FUNDED DEBT.
OUTSTANDING IN HANDS OF PUBLIC.
Funded Debt, December 31 1922
$202.057.030 00
CHANGES DURING YEAR.
Issued and Sold—
Equipment Trust Series "E" Certificates
Equipment Trust Series "F" Certificates
First and Refunding Mortgage Bonds Series "B"
St. Louts Division First Mortgage Bonds
$6.300,009 00
6,000.003 00
14,000,030 00
2.0)0 00
826.302,00000
LOS-Matured—
Redeemed—
Equipment Series "A" 5 per cent Bonds
Equipment Trust No. 37 Gold Notes
Equipment Trust No. 37-A Gold Notes
Equipment Trust Series "D" Certificates
Equipment Trust Series "E" Certificates
Unredeemed—
Equipment Trust Series "E" Certificates
Bonds Drawn for Sinking Funds—
Redeemed—
Newport & Cincinnati Bridge Co. General Mortgage
Henderson Bridge Co. First Mortgage
Unredeemed—
Henderson Bridge Co. First Mortgage
Bonds Purchased for Sinking Funds—
Unified Fifty Year
Henderson Bridge Co. First Mortgage
Kentucky Central Ry. First Mortgage
Purchased and Canceled—
Lexington & Eastern Ry. General Mortgage
Lexington & Eastern Ry. Deferred Debenture Scrip
$325,000 00
512,600 00
191,300 00
735.000 60
415,000 00
$2,178,900 00
5.000 00
2,183,900 00
$13,000 00
93.000 00
3106,000 00
11,000 00
117,000 00
$1,000 00
2,00000
1,00000
4,000 00
$3,000 00
495 00
3,495 00
Increase in Funded Debt Outstanding Held by the Public
Total Outstanding Funded Debt, December 31 1923
2,308,395 00
23,993.605 00
3226,050.635 06
1682
THE CHRONICLE
[Vor,. 1181
Brought forwa• d
3226,050,635 00
OWNED.
Company's Issue of Bonds Owned, December 31 1922
Bonds in Treasury, Canceled—
First and Refunding Mortgage, Series "A"
Bonds in Treasury, Sold—
St. Louis Division First Mortgage
341,198,500 00
CHANGES DURING THE YEAR.
$15,862,000 00
2,000 00
515,864.000 00
•
Bonds Issued—
First and Refunding Mortgage, Series "B"
Bonds Redeemed for Sinking Fund—
Henderson Bridge Co. First Mortgage—
Drawn in 1923
Drawn prior to January 1 1923
$1,862.000 00
393.000 00
3,000 00
96,000 00
Bonds Purchased for Sinking Funds—
Unified Fifty Year
Henderson Bridge Co. First Mortgage
Kentucky Central Ry. First Mortgage
$1.000 00
2,000 00
1.00000
4.000 00
1,962,000 00
Decrease in Funded Debt Owned
13,902.000 00
Total Funded Debt Owned, December 31 1923
27,296,500 00
Funded Debt, December 311923, total issue (See Balance Sheet, Table III)
$253,347.135 00
EQUIPMENT OWNED OR OPERATED UNDER TRUST
Locomotives.
On hand January 1 1923
Acquired
Changed
Freight Cars.
1,289
49
11
11
On hand December 31 1923
__
Passenger Cars.
54,674
9,978
1,338
Changed
Destroyed or sold
AGREEMENTS.
203
3,074
856
31
3
64,652
2,250
2
202
890
2
7
3,277
1.327
Work Equipment.
0
61.275
2.454
92
92
6341
9 QR9
The following table shows the equipment on hand at the close of each of the past ten years.:
1914.
1915.
1916.
1917.
1918.
1919.
1920.
1^21.
1922.
1923.
1.080
46,666
671
2.583
Locomotives
Freight Cars
Passenger Cars
Work Equipment
1,095
45,953
659
2.358
1.073
47,505
660
2.264
1,102
52,435
666
2.243
1.149
52,955
683
2,287
1,181
54.017
686
2.347
1,209
52.462
683
2.338
1,234
55,523
834
2,393
1,289
54.674
856
2,250
1.327
61.375
881
2,362
PAYMENTS TO BE MADE ON ACCOUNT OF SINKING FUNDS, 1924.
Newport & Cincinnati Bridge Co
Henderson Bridge Co
July 1 1924
Aug. 1 1924
Total
312,730 00
8,40000'
521,130 00.
ADDITIONS AND BETTERMENTS—ROAD.
track laying and surfacing twenty-five per cent completed.
During the year there were charged to Investment, Road, It is expected that this track will be ready for operation byJuly 1 1924.
expenditures for additions and betterments as follows:
Engineering
Land for Transportation Purposes
Grading
Tunnels and Subways
Bridges, Trestles and Culverts
Ties
Rails
Other Track Material
Ballast
Track Laying and Surfacing
-Way Fences
Right-of
Crossings and Signs
Station and Office Buildings
Roadway Buildings
Water Stations
Fuel Stations
Shops and Enginehouses
Wharves and Docks
Telegraph and Telephone Lines
Signals and Interlockers
Power Sub-Station Buildings
Power Transmission Systems
Power Distribution Systems
Power Line Poles and Fixtures
Miscellaneous Structures
Paving
Roadway Machines
Roadway Small Tools
Assessments for Public Improvements
Other Expenditures—Road
Shop Machinery
Power Plant Machinery
Power Sub-Station Apparatus
Interest during Construction
$125,435 61 SECOND TRACK AND REVISION OF GRADE,
BAILEYS TO
118.947 65
WALLSEND, KY., CUMBERLAND VALLEY DIVISION.
1,136,890 36
The construction of this second track, 16.63 miles, includ77,736 01
1,221,829 60 ing the reduction of grades, commenced in November 1922,
250.762 10 is proceeding
satisfactorily. Approximately eighty per cent
538.002 92
731,335 12 of the grading and masonry and forty per cent of the track
103.137 69 laying was completed at the end of the year, and it is
expected
201,826 16 the work will
be finished by June 1924.
86,025 99
69,127 64 SECOND TRACK BETWEEN WALLSEND, KY., AND
HARLAN.
246.150 87
KY., CUMBERLAND VALLEY DIVISION.
69,813 24
To facilitate the handling of the increase in the coal traffic,
104,137 63
3.866 34 authority was given in April 1923 for the construction of a
77.810 75 parallel second track, 40.11 miles,
between Wallsend, Ky.,
Cr.1,700 00
on the main line of the Cumberland Valley Division, and Har101,609 14
129,365 74 lan, Ky., at the junction of the Clover Fork and Martins
442 74 Fork Branches of the Kentucky &
Virginia Railroad. Work
373 93
was commenced in November 1923 on that part of this
14,166 17
4.208 67 second track between Acosta and Cardinal.
3 374 27
SECOND TRACK AND REDUCTION OF GRADES, FORT ESTILL
1,356 31
JUNCTION, KY., TO CONWAY, KY., KENTUCKY DIVISION.
35,479 32
511 91
In January 1923 authority was given for the construc51,011 97 tion of 18.52
miles of second track and the reduction of
2,327 87
66,392 79 grades to a maximum of .65 per cent opposed to northbound
8,462 89 traffic and .85 per cent opposed to southbound traffic, in1.506 16 volving the
construction of a tunnel parallel to the existing
Cr.2,854 48
Total for the year ended Dec. 31 1923 (see Table VI)
Total for the year ended Dec. 31 1922
$5,578,871 08
2,386,946 27
Increase
$3,191,92481
SECOND TRACK,PERRITT TO LENNUT,KY.,EASTERN
KENTUCKY DIVISION.
The construction of this second track, 15.48 miles, commenced in November 1922, is well under way. At the end
of the year the end of the grading was sixty-two per cent, the
work on the three tunnels about twenty per cent, and the
tunnel. These improvements are necessary for the proper
handling of the heavy northbound coal traffic.
NEW BRIDGE AT RIGOLETS, LA., NEW ORLEANS & MOBILE
DIVISION.
This bridge will have eight 330 ft. through truss fixed spans
and one 414 ft. through truss draw span with 254 ft. of trestle
and 4,189 ft. of fill on the west approach and 1,240 ft. of
trestle and 3,648 ft. of fill on the east approach.
The work of constructing piers at the end of December had
progressed satisfactorily, being 'then about sixty-five per
APR; 5 1924.]
1683
THE CHRONICLE
cent completed. The trestle approaches were practically
completed and the embankment approaches thirty-nine per
cent completed._ The bridge proper will probably be completed about April 1925, so that traffic can move over it.
It is likely that further work will have to be done on the embankment approaches after that date on account of settlement of the embankments in the marsh.
Commission has not given notice of the tentative valuation
of the property of the Company as provided in Section 19a
of the Inter-State Commerce Act.
FINANCIAL.
During the year there has been an increase in the funded
debt outstanding of $23,993,605 00, as explained in detail
on page 6 [pamphlet report].
The following Equipment Trusts were created and parNEWPORT & CINCINNATI BRIDGE.
the
of heavier locomo- ticipating certificates issued under what is known as
In order to provide for the movement
tives over the Newport and Cincinnati Bridge across the Philadelphia Plan:
Equipment Trust Series "E."
Ohio River, authority was given in August 1923 for the reThe par value of 434 per cent certificates issued and sold
construction of the approaches and the strengthening of the
amounting to
four river spans. The work was commenced in December was $6,300,000 00, the net cash received
(net)
1923 and it is expected that it will be completed in the latter $6,048,000 00. The following equipment, which cost
$8,007,277 95, is covered by this Trust, and deliveries were
part of the year 1924.
completed during the year.
ELIMINATION AND RECONSTRUCTION OF BRIDGES,
LOUISVILLE, KY., TO NASHVILLE. TENN.
• 8 Clash K-5 Pacific Locomotives.
30 Class J-3 Mikado Locomotives.
Authority was given in January 1923 to fill bridges Nos.
14 and 15, at Muldraugh's Hill, Ky., and in April and Octo12 Class J-4 Mikado Locomotives.
ber 1923for the reconstruction of bridge No. 10, near Lebanon
1000 Steel Underframe Box Cars with Steel Ends.
2000 All Steel Hopper Bottom Coal Cars.
Junction, Ky., to permit the laying thereon• of •a double
track. The work on the latter was commenced in May,
EQUIPMENT TRUST SERIES "F."
and it is expected will be completed in the latter part of 1924.
The par value of 5 per cent certificates issued and sold was
The filling of the two bridges at Muldraugh's Hill was com- $6,000,000, the net cash received amounting to $5,787,600.
menced in July 1923 and it is expected that this work will The following equipment, estimated to cost $7,673,018, is
be completed by ,the summer of 1925.
covered by this Trust:
These undertakings are a part of a plan contemplated for
6 Class K-5 Pacific Locomotives.
Louisville, Ky.,
strengthening bridges on the line between
20 Class J-3 Mikado Locomotives.
10 Class J-4 Mikado Locomotives.
:Ind Nashville, Tenn.,to make provision for the use of heavier
14 All Steel 70-ft. Standard Baggage Cars.
locomotives to take care of the increasing traffic.
-ft. Baggage Apartment Oars.
30-ft. Mail. 40
NEW PASSENGER STATION FACILITIES AT'BOWLING
GREEN, KY.
•
• •
6 All Steel
-ft. Baggage Apartment Oars.
-ft. Mall. 55
4 All Steel 15
-ft. Standard Straight Coaches.
10 All Steel 70
-ft. Middle Smoking Room Standard Coaches.
5 All Steel 70
5 All Steel 61-ft. Standard Straight Coaches.
5 All Steel 61-ft. Middle Smoking Room Standard Coaches.
2 All Steel Dining Cars.
2300 All Steel Hopper Bottom Coal Cars.
The construction of a passenger station on a new location.
at Bowling Green, Ky., to replace the old one, was authorized in January 1923. All of the necessary land has been
acquired and the grading and track work commenced. It
All of the equipment covered by Equipment Trust Series
is expected that the undertaking will be completed in the
"F" will be completed and placed in service by May 1 1924.
latter part of the year 1924.
In addition to the foregoing, the following securities have
AUTOMATIC BLOCK SIGNALS.
been sold:
The installation of automatic block signals, temporarily $14,000,000 00 First and Refunding Bonds—Series "B,"
suspended on. completion of the signals between Mapleyielding $13,020,000 00.
wood and Brentwood, Tenn., via Radnor Yard, mentioned
St. Louis Division First Mortgage Bonds,
2,000 00
in report for 1920, was resumed in 1923. In April 1923
yielding $1,980 00.
authority Was given for equipping the line between Mobile
The proceeds from the sale of the St. Louis Division First
block
and. Montgomery, Ala., 177.1 miles, with automatic
$2,000 par value of
.ignals. . It is' expected that this work will be competed Mortgage Bonds were used in redeeming
December St. Louis Division First Mortgage Bonds, which matured
by October 1924. Authority was also given in'
1923 for the construction of automatic block signals be- March-1 1921.
CAPITAL STOCK.
tween Louisville, Ky., and Montfort, Tenn.; work on this
The capital stock of the Company has been increased to
not been commenced.
installation has
$117,000,000 during the year by amount of the stock dividend
AUTOMATIC TRAIN CONTROL.
$45,000,000, authorized by the Board of Directors June 16
Udder dates of June 13 and December 26 1922, the Inter1921, approved at a special meeting of the stockholders held
'• State Commerce Commission issued orders in the matter of
in Louisville, Ky., on July 23 of that year.
automatic train control devices whereby this Company is
required to install on or before the first day of January
Attention is called to the report of the Comptroller for the
1925 automatic train stop or train control device, or devices,
details of the year's business.
applicable to or operated in connection with all road engines
smeemememe
running on or over the line between Corbin, Ky., and
Announcement is made with regret of the death on April
Etowah, Tenn. Notwithstanding the belief that the present 21 1923, at his home in Louisville, Ky., of Mr. Joseph Henry
development of the art of automatic train control has not Ellis, Treasurer. Mr. Ellis entered the service of the Comadvanced sufficiently to warrant the issuance of orders in- pany on September 1 1881 as a clerk in the Law Departvolving heavy expenditures, the Company has contracted ment. In December 1884 he was appointed Secretary to the
for the installation of such devices between the points President, continuing in that capacity until June 21 1887,
indicated.
when he was elected Secretary of the Company. On FebruOn Jan. 1411924 the Commission issued a further order ary 17 1916 he was also elected Acting Treasurer, and perregarding automatic train control devices under which this formed the duties of both offices until June 1918. From
Company isrrequired to install on or before Feb. 1 1926 June 8 1918 to March 1 1920 he was Federal Treasurer of
automatic train stop, or train control, devices on line between the Louisville & Nashville Railroad. Effective March 1
Louisville, Ky., and Birmingham, Ala.
1920; when the road was released from Federal control, he
This Company and a number of other carriers receiving was elected Treasurer of the Company, in which position he
similarlorders, have petitioned the Inter-State Commerce continued until his death.
Commissionlamong other things for an extension to Jan.
1 1926 in the time required by order of June 13 1922 to comThe Board acknowledges the fidelity and efficiency with
plete the work. The petition also asks for a rehearing with which the officers and employees of the Company have served
respect to the order of Jan. 14 1924 to the end that this order its interests.
maybe annulled.
For the Board of Directors,
FEDERAL VALUATION.
H. WALTERS, Chairman.
Nothing 'material with respect to valuation matters has
W. L. MAPOTHER, President.
transpiredfduring the year. The Inter-State Commerce
1684
THE CHRONICLE
TABLE NO.
Railway Operating Income
Railway Operating Revenues
Railway Operating Expenses, 80.56 per cent
Net Revenue from Railway Operations. 19.44
per cent
ItaIlway Tax Accruals
Uncollectibie Railway Revenues
For,. 118.
-INCOME ACCOUNT.
1.
$136,375,672 88
109,865,090 37
$26,510,582 51
$6.372.309 79
192,000 42
6.564,310 21
Total Operating Income
Non-Operating Income
Equipment Rents
Hire of Freight Ca's-Credit Balance
Rent from Locomotives
Rent from Passenger-Train Cars
Rent from Work Equipment
$19.946.272 30
$1,000,666 34
50,865 19
128,709 22
23,227 62
Joint Facility Rent Income
Income from Lease of Road
Clarksville & Princeton Branch
Paducah & Memphis Division
Marbleton Branch
1,203,468 37
375,464 97
$12,039 70
206,506 20
2,000 00
Miscellaneous Rent Income
Miscellaneous Non-operating Physical Property
Dividend Income
Chicago Indianapolis & Louisville Railway Stock
Nashville Chattanooga & St. Louis Railway Stock
Sundry Stocks
From stocks held under Georgia Railroad Lease
Income from Funded Securities
Sundry bonds and notes maturing more than two years
after date
From bonds held under Georgia Railroad Lease
Income from Unfunded Securities and Accounts
Income from Sinking Funds
Miscellaneous Income
220,545 90
73.162 45
173,680 04
$236,830 13
803,887 00
21.342 00
73,083 00
1.135,142 13
$275,092 19
620 00
275.712 19
995.829 95
16.715 61
35.640 67
2.926,428 94
Total Non-Operating Income
Gross Income
Deductions from Gross Income
Equipment Rents
Rent for Locomotives
Rent for Passenger-Train Cars
Rent for Work Equipment
4,505,362 28
$24.451,634 68
$93.657 84
167.421 65
3.412 05
Joint Facility Rents
Rent for Leased Roads
Nashville & Decatur Railroad
Rents of other roads
Miscellaneous Rents
Miscellaneous Tax Accruals
Interest on Funded Debt
Interest on Unfunded Debt
Miscellaneous Income Charges
Accrued premiums on bonds drawn for Sinking
Fund
U. S. Income Tax paid on Interest on TaxExempt Bonds
Fees and Expenses Paid Mortgage Trustees.
&c
264,491 54
587.570 96
$134,867 49
110,809 42
245,676 91
31.800 43
25,975 56
9,746.845 54
8,665 82
$5,280 00
29,592 73
6.800 37
41,673 10
10,100,637 36
Total Deductions from Gross Income
Net Income
Disposition of Net Income
Income applied to Sinking Funds
Miscellaneous Appropriations of Income
10,952.699 86
$13,498,934 72
$111,641 84
109,460 34
Total Appropriations
221,102 18
Income Balance Transferred to Credit of Profit
and 1.0)3.9
$13.277.832 5
4
TABLE NO. 11.
-PROFIT AND LOSS ACCOUNT.
CREDITS.
Balance to credit of this account January 1 1923
Credit Balance transferred from Income Account
Profit on Road and Equipment Sold
Unrefundable Overcharges
Donations
-Estimated value of land and cost of labor
------------------------------------------------and material donated or ranspor a
--------Miscellaneous Credits
$77,980,944 78
13,277,832 54
23,527 23
88,204 92
70,250 40
2,832,598 09
-------------
594.273.357 96
DEBITS.
Surplus applied to Sinking and other Reserve Funds
Dividend Appropriations of Surplus
260 75
Stock Dividend, 62.16 per cent, payable May
,
$45,000,000 00
Cash Dividend, 214 per cent, payable Aug. 10 7 1923
2.925.00000
Cash Dividend. 21-6 per cent, payable Feb. 11 1923
1924
2.925,000 00
Surplus Appropriated for Investment in Physical Property
50,850,000 00
Debt Discount extinguished through Surplus
70,250 40
Loss on Retiredload andE 141,
1,283,412 07
90909
scellanemts Debits
Mi
Balance Credit
7,346 48
42,020,179 17
$94,273,357 96
TABLE NO. V1.
-INVESTMENT IN ROAD AND EQUIPMENT.
(INCLUDING IMPROVEMENTS ON LEASED RAILWAY PROPER
TY.)
ROAD AND EQUIPMENT. DECEMBER 31 1922, WAS
Road
$244,398.161 56
Equipment
94,553.722 75
$338,951,884 31
Improvements on Leased Railway Property--------------------------------------------------------------1,941,398 28
To which add the followingROAD
Clover Fork Branch Extension ________________________________________
_________„
_
_
Additions and Betterments________________________________________
136.031 55
____________ $5,578,871 08
LESS
Amounts included in above account of Elkton &
Guthrie Railroad and Glasgow
Railway
------------------------------5,329.82
5.573.541 26
v3.10,893,282 50
LESS
Sundry adjustments
6,709,572 81
-----------
4.247 70
EQUIPMENT
Bought, built or otherwLse acquired during the year
Total, as per Table
----Road
Equipmeni
Improvements on Leased Railway Property
5.705,325 11
19,900.187 35
25,605,512 46
250.073,382 73
114,453.910 10
364.527.292 83
1,971,502 22
$366,498.795 05
-GENERAL BALANCE SHEET.
TABLE NO. 111.
ASSETS.
Dr.
Dec. 31 1922.
INVESTMENTS:
Investment in Road and Equipment
$244.398,161 56
Road
Equipment
94.553,722 75
338,951,884 31
1,941,398 28
2,203,941 21
1,766,000 00
437,941 21
305,426 68
4,424.125 14
18,386,013 40
1,028,019 15
1,297,147 97
1,855,832 49
1685
THE CHRONICLE
APR. 51924.]
$250,073,382 73
114.453,910 10
$364,527,292 83
1.971.502 22
Improvements on Leased Railway Property
Sinking Funds
Total Book Assets
Bonds, this Company's Issue
2.291.689 86
1,866.000 00
425,689 86
499,433 37
4.752.779 23
Deposits in Lieu of Mortgaged Property Sold
Miscellaneous Physical Property
Investments in Affiliated Companies
Bon)
Stocks
r)
bds
c) Notes
(d) Advances
18,481.690 55
1,878,019 15
1.314,332 95
1.807,525 91
22,567,013 01
2.237,359 07
3.495.920 56
100,696 24
23.481,568.56
Other Investments
(a) Stocks
2.237,359 07
(b) Bonds.._2.909,44566
(c) Notes
95,200 16
5.833.97587
5,242,004 89
9490,900,270 96
374.461,76450
CURRENT ASSETS:
Cash
Time Drafts and Deposits
Special Deposits
624,315 50
Total Book Assets
500,000 00
Bonds, this Company's Issue
15,406,262 64
16.732.341 29
500
124,31050
124,315 50
71,938 10
2.073,195 96
1.939,05744
3,009,90024
12,860,406 53
387,706 25
74,855 25
437,620 94
2.181,061 69
55.298,661 83
Stock
Cash
15,437,874 73
18,921.205 18
4,294,651 56
500,00000
$500
3.794.646 56
3,794,651 56
78,814 41
2,682.538 68
1.264,06807
3,142,773 02
17.999.114 93
315.834 92
57.646 40
308,485 80
Loans and Bills Receivable
Traffic and Oar Service Balances Receivable
Net Balance Receivable from Agents and Conductors
Miscellaneous Accounts Receivable
Material and Supplies
Interest and Dividends Receivable
Rents Receivable
Other Current Assets
Due from United States Government
-Guaranty Period
64,0111.007 68
DEFERRED ASSETS:
Working Fund Advances
Other Deferred Asse p5,913,500 00
Southern Railway Company's Proportion of Bonds Issued Jointly
1.434,140 16
Other Accounts
7.347.640 16
7,402,774 s9
UNADJUSTED DEBITS:
Discount on Funded Debt
1,646,419 23
Other Unadjusted Debits
1.646.419 23
55,134 73
$20,603,500 00
18,329.000 00
51,735 71
.913,500 00
1.219,152 22
7.132.65222
7.184.387 93
224,043 15
2,454.225 38
2,678,268 53
6.601.500 00
18.329.000 00
Securities Issued or Assumed-Unpledged
Securities Issued or Assumed-Pledged
CONTINGENT ASSETS:
L. & N. Terminal Co. Fifty-year 4 per cent Gold Bonds outstanding, endorsed by Louisville &
Nashville Railroad Company and Nashville Chattanooga & St. Louis Railway
2,500,000 00
Memphis Union Station Company First Mortgage 5 per cent Gold Bonds, guaranteed by the
Louisville & Nashville Railroad Company and other interested Railroad Companies
5.000,000 00
2.500,000 00
$443,809,620 45
2.500,00000
5.000.000 00
$479,765,935 10
Grand Total
LIABILITIES.
STOOKS:
Capital Stock
$71.917,200 00
Full shares outstanding
720 00
Fractional shares outstanding
82,08000
Original stock and subsequent stock dividends unissued
2,500,000 00
Cr.
Dec. 31 1922.
72,000,000 00
12.116 76
72.012.116 76
Premium on Capital Stock
$116.838,000 00
720 00
161.280 00
$117,000,000 00
12.116 76
$117.012,116 76
GOVERNMENTAL GRANTS:
10,995 02
Grants in Aid of Construction
LONG TERM DEBT:
Funded Debt-Unmatured253,347,135 00
243.255,530 00
Book Liability
Held by or for this Company
6,601,500 00
$20.603,500 00 In Treasury
1,766,000 00 In Sinking Funds
1,866,000 00
18.329,000 00
18,329.000 00 Deposited as Collateral
500,000 00
500,000 00 Special Deposit
41.198.50000
27.296.500 00
202,057.030 00
226,050.635,00
Actually outstanding
5.913.500 00
5.913.500 00
Liability of Southern Railway Company for Bonds Issued Jointly with this Company
231,964.135 00
207.970.530 00
CURRENT LIABILITIES:
819,515 90
Traffic and Car Service Balances Payable
762,554 18
8,651,489 47
Audited Accounts and Wages Payable
11,404.592 42
955,693 67
877.119 32
Miscellaneous Accounts Payable
1.865,70000
Interest Matured Unpaid
1.866.723 00
143,878 50
Dividends Matured Unpaid
152,350 50
93,000 00
Funded Debt Matured Unpaid
95.000 00
2,520,00000
Unmatured Dividends Declared
2.925,000 00
Unmatured Interest Accrued
1,625,633 83
1,883,90491
Unmatured Rents Accrued
9,564 82
8,925 10
Other Current Liabilities
311,868 01
333,19080
20,309.360 23
16.996,344 20
DEFERRED LIABILITIES:
102,392 43
Other Deferred Liabilities
50,406 35
UNADJUSTED CREDITS:
Tax Liability
3,974,590 08
3,363,395 26
Operating Reserves
4.630,536 06
4,336,479 64
Accrued Depreciation-Road
13.068,734 15
13,111,397 61
Accrued Depreciation-Equipment
34,288,875 56
33,969,759 55
Accrued Depreciation-Miscellaneous Physical Property
521.104 82
489,379 42
Other Unadjusted Credits
2.568,654 18
4,497,989 37
59,052,494 85
59,768,400 85
CORPORATE SURPLUS:
Property through Income and Surplus
2.621,344 19
Additions to
2,551,093 79
1.322,587 73
Sinking Fund Reserves
1,211,861 58
Appropriated Surplus not Specifically Invested
350.329 72
256,927 12
4.294.261 64
Total Appropriated Surplus
P4.019,882 49
-Balance
42.020,179 17
Profit and Loss
77,980,944 78
46.314,44081
82,000,827 27
CONTINGENT LIABILITIES:
N. Terminal Co. Fifty-year 4 per cent Gold Bonds outstanding, endorsed by Louisville &
L. &
2.500,000 00
2,500,000 00
Nashville Railroad Company and Nashville Chattanooga & St. Louis Railway
Memphis Union Station Company First Mortgage 5 per cent Gold Bonds guaranteed by the Louis2,500,000 00
2.500,000 00
ville & Nashville Railroad Company and other interested Railroad Companies
5,000,000 00
5.000,000 00
$479,765,935 10
Grand Total
$443,809,620 45
10,905 02
1686
THE CHRONICLE
' CVor.. 118.
PHILADELPHIA COMPANY
EXTRACTS FROM REPORT TO THE STOCKHOLDERS—FOR
THE YEAR ENDED DECEMBER 31 1923:
•
PHILADELPHIA COMPANY AND AFFILIATED OPERATING
COMPANIES.
(Excluding Pittsburgh Railways Company)
SUMMARY OF CONSOLIDATED INCOME FOR THE YEAR ENDED
DECEMBER 31 1923.
(With Inter-Company Items Eliminated.)
Gross Earnings from Operations
Operating Expenses. Maintenance, Depreciatio
n & Taxes
Net Earnings
Other Income (Net)
Gross Income
Income Charges—
Rent for Lease of Properties
$271,117 66
Interest on Funded Debt
4 668,914 10
Interest on Unfunded Debt
74.553 99
Guaranteed Dividend on Consolidated Gas Company of the City
of Pittsburgh. Preferred Capital Stock
71.707 50
.Amortization-of Debt Discount and Expense
314,481 32
Miscellaneous
1,42881
Total
Net Income for the Year
Appropriated for Dividends:
Duquesne Light Co —Preferred Capital Stock
_ $862.497 51
Philadelphia Co —Preferred Capital Stocks
946,658 50
Philadelphia Co —Common Capital Stock
3,166,71800
Total
$37,122,622 34
24.427,588 29
12.695,034 05
1,353,297 14
14,048,331 19
85.302.203 38
48.746.127 81
84.975.874 01
Balance Available for Corporate Purposes
_______
__________________________
$3.770,253 80
PHILADELPHIA COMPANY AND AFFILIATED COMPANIES.
(Excluding Pittsburgh Railways Company)
CONSOLIDATED GENERAL BALANCE SHEET DEC. 31 1923. (With Inter-Company
Items Eliminated.)
ASSETS.
Fixed Capital (Plant and Equipment, including Real
Estate)
$117,575,245 69
Construction Work-in Progress
6,246,831 49
Irriestments:
Securities of Other Companies Owned_ _ _ _$21.939.984 47
Property Usad in Other Public Services__ 2,811,097
35
.,,...Other Investments
4,188,034 80
Total Investments
Securities of Philadelphia Company Reacquired:
Common Capital Stock
$4,636 11
First Refunding Mortgage and Collateral
Trust6% Gold Bonds.
1,000,000 00
Total Reacquired Securities
Sinking Fund Assets
Special Deposits:
Interest
Other
Total Special Deposits
Affiliated Companies:
Notes Receivable
Accounts RoCeivable
,
Total Affiliated Companies
.Current Assets:
Cash in Hand and on Deposit
Notes Receivable
Accounts Receivable
Materials and Supplies
28.939.116 62
4,004,636 11
113,774 61
81.007,35950
199.993 51
1,207.353 01
85,718,690 00
34.944 69
85,753.634 69
87,782.67848
2.61231
3.708.69655
3,569.714 75
LIABILITIES.
Capital Stocks:
Philadelphia Company:
Preferred 6% Cumulative-291,140
shares, par value 850 00 each
$14.557,000 00
Preferred 5% Non-Cumulative--28,849
shares, par value $5000 each
1,442,450 00
Common-928,860 shares, par value
$50 00 each
46,443.000 00
Duquesne Light Company:
Preferred 7% Cumulative-150.000
shares, par value $100 00 each
15,000,000 00
Total Capital Stocks
Funded Debt:
Philadelphia Company
Duquesne Light Company
Other Companies
877.442.450 00
844.730,400 00
31.728.750 00 ,
2.512,120 00
Total Funded Debt
78.971.27000
Obligations Matured or Called for Redemption:
Philadelphia Company:
Ten-Year,Convertible,5% Gold Debentures, due May 1 1922
330,000 00
Three-Year 6% Gold Notes, called October 1 1921
1,50000
Duquesne Light Company:
Preferred 7% Cumulative Capital Stock
—634 Shares, called May 1 1923- --63,400 00
Fifteen-Year 7 4% Convertible Debenture Gold Bonds, dated July 1 1921.
called July 1 1923
89,500 00
Total obligations matured or called
Total Current Assets
15,063,702 09
for redemption
Prepaid Accounts
262,081 87 Due to Affiliated Companies:
Deferred Accotmts:
Accounts Payable
Discount on Capital Stock
$594,045 00
Accrued Rent
' Unamortized Debt Discount and Expense_ 6,071.153 40
Accrued Interest on Funded Debt
Guaranteed Payments for account of
Accrued Interest on Unfunded Debt
Pittsburgh Railways Company Receivers
1.196.78994
Total Due to Affiliated Companies_
Other Charges
1.140.24398
Current Liabilities:
Workmen's Compensation
Total Deferred Charges
9,008,232 32
Notes and Trade Acceptances Payable_ _ _
Excess of Book Value Over Par Value of
Consumers' Deposits
Securities Eliminated Herein
13.504.958 50Accounts Payable
Matured Interest and Dividends Payable_
Service Billed in Advance
Total Current Liabilities
Accrued Liabilities:
Interest on Funded Debt
Taxes
Rentals
Other Accrued Liabilities
181,400 00
872.562 15
41,812 76
281,250 00
71,786 68
407.411.59
$71.431 14
136,512 77
928,241 53
2.510,544 23
41,743 67
125,171 04
13.813,644 38
81.687,473 78
1.417,26002
22,916 66
35,426 55
Total Accrued Liabilities
Deferred Credits
Reserves:
Depreciation of Structures and EquipmentS12,272,367 26
Amortization of Other Capital
9,025 93
Other Reserves
62.518 48
Total Reserves
Surplus
T
8201,679,577 00
Total
3,163,077 61
386.749 50
12,343.911 67
24,906,662 25
8201.679.577 00
1687
THE CHRONICLE
APR. 5 1924.]
The Commercial Markets and the Crops
I
-GRAIN--PROVISIONS
COTTON-SUGAR-COFFEE
-WOOL--ETC.
-DRY GOODS
-METALS
S
L PETROLEUM-RUBBER-HIDE
COMMERCIAL EPITOME
iThe introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter. in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."]
Friday Night, April 4 1924.
COFFEE on the spot has been quiet all the week. No.7
Rio to-day was nominally 153c.; No.4 Santos, 19 to 193/20.;
/
fair to good Cucuta, 215 to 220.; Medellin, 263/2 to 2730.;
Bogota, 25 to 26c. Futures have declined with Brazilian
quotations lower and Europe selling. Also there has been
considerable liquidation. Spot demand too has been light.
That has been one of the noticeable drawbacks. Laneuville
makes the world's visible supply 3,893,000 bags, against
4,181,000 a month ago and 6,965,000 a year ago. The
world's deliveries in March were put at 2,025,000 bags; in
February, 1,893,000 bags; last March, 1,788,000. Deliveries for nine months were 17,121,000 bags, against
14,554,000 last year and 14,967,000 in 1921-22. Duuring &
Zoon figures of Rotterdam put arrivals in Europe during
March at 1,130,000, of which 631,000 bags were Brazilian.
Deliveries in Europe during March were 1,024,000, including
641,000 Brazilian. Stock in Europe April 1 was 1,380,000.
The world's visible supply as of April 1 was 3,964,000,
showing a decrease of 302,000 for the month. To-day
futures advanced,in the end, though fluctuations were quite
irregular for a time. Now and then there was heavy selling
for local account. Profit-taking after an advance in 24
hours of around 70 to 75 points was something which excited
no surprise. But later when this pressure was lifted there
was an upward turn which left prices some 30 to 35 points
higher for the day. Rio closed 275 reis higher and Santos
725 to 825 higher. Exchange on London was 1-16d. higher
at 6 11-32d. The dollar rate fell 50 reis and was 8$720.
Brazil was buying. The statistical position and the strength
of Brazilian markets are considered the fundamental factors.
Yet taking the net result for the week there is after all a net
decline on profit-taking of 12 to 22 points, May being the
best sustained.
ffi
Spot
May
L (unocial)_15Hc.[July
13.430 nom. Sept
in the same week two years ago. Centrals grinding num
bered 176, the same as in the previous week and comparing
with 168 in the same week last year and 184 two years ago.
Of the exports 42,344 tons were destined for Atlantic ports,
35,450 to New Orleans, 5,453 to Galveston, 3,571 to Canada
and 48,541 to Europe. Havana cabled "Weather fine."
U. S. Atlantic port receipts for the week were 47,723 tons,
against 122,127 in the previous week, 88,271 in 1923 and•
67,957 in 1922; meltings, 75,000, against 78,000 in the previous week, 83,000 in 1923 and 88,000 in 1922; total stock,
167,424 tons, against 194,701 in the previous week, 214,626
in 1923 and 202,388 in 1922. To-day futures advanced.
Cuban raws were offered less freely after liberal sales of late,
including 100,000 bags on Thursday at 4%c. and some
65,000 bags of Porto Rico at 6.53c. Refined was still dull,
even at 8.20c., the quotation of one company. Futures end
the week at a net decline of 9 to 13 points.
Dec
11.61 ©11.65
12.636
11.95012.001March_ _ _ -11.36 © nom.
-Cuban raws sold heavily at 43/2e. early in the
SUGAR.
week, the business comprising some 200,000 bags, mostly
Cuban, including some Porto Rico. Refined fell to 8.30 to
8.40c., with supplies held by refiners, however, supposed to
be now pretty well depleted. Some authorities think the
peak in Cuban new crop production is passed and many
centrals must soon shut down. In one case it is estimated
that fully 60% of the total crop of 3,700,000 tons has been
cut, and that about 35% of it has already been moved.
Some think Great Britain and the United States will buy
more freely than last year for full duty sugars for October,
November and December delivery. Later the tone became
.
weaker here at 4 13-16c. c.&f. for Cuban raws prompt shipment and 43/gc. for the second half of April with little de4
mand. Still later sales were made at 43 c. for the second
half of April to the amount of 80,000 bags at 6.53c. delivered.
A part cargo of Santo Domingos was sold to the United
Kingdom at 26s. c. i. f., equal to about 4.73e. f.o.b. Cuba.
Early cables reported the European market quiet with Cubas
offered at 26s. 3d. c.i.f. United Kingdom, about 4.78c.
f.o.b. Cuba,and buyers at 25s. 4*I.c.i.f., or the equivalent
of 4.61c. f.o.b. Cuba. Some point out that while Cuba's
shipments continue heavy, stocks are increasing. The total
output up to Mar. 15 was 2,322,569 tons, as compared with
2,244,979 tons at the same date last year. The new crop is
reported making favorable progress. Stocks on the island
for the week ended March 22 totaled 658,786 tons, as compared with 618,367 tons or the corresponding date last year.
'Imports into this country were 769,436 tons for the first two
months of this year and 729,937 tons for the same period last
year. American exports aggregated only 11,128 tons,
against 34,771 in the first two months of 1923.
Willett & Gray gave the movement of the Cuban sugar
crop for the week ended March 31 as follows: Receipts
180,827 tons, against 191,253 tons in the previous week',
161,988 in the same week last year and 185,790 two years
ago; exports, 135,359 tons, against 128,694 in the previous
week, 107,965 in the same week last year and 123,345 two
years ago; stock, 660,388 tons, against 614,920 in the previous week, 653,692 in the same week last year and 799,619
Spot (unoff.)--4 25-32c. July
[Sept
4.9i@
May
[Dec
4.910
5.04ICD _ -- I
4.50 ©nom
LARD on the spot has been in moderate demand at some
decline; prime Western, 11.45e.; refined, Continent, 11.80c.;
South America, 12.25c.; Brazil, 13.25c., ending with prime
Western steady and in fair demand to-day. Futures de- ,
dined with stocks much increased during March, hogs
lower, cash trade poor and hedge selling by packers. Prices
reached a new "low" for the season. The Trice Current"'
said: "Hogs packing in the West for the week ended March
29 were estimated at 762,000, against 722,000 last week and
900,000 last year. For the summer season to date it is
estimated at 4,026,000, against 4,306,000 in the same
period in 1923." Murray says the number of sows for farrow
this spring is 9.6% less than a year ago. To-day futures
advanced some 10 to 15 points. Closing prices show a
net advance for the week of 8 points.
DAILY CLOSING PRICES
Sat.
March delivery_---cts_10.72
10.80
May delivery
11.05
July delivery
OF LARD FUTURES IN CHICAGO.
Wed. Thurs. Frt.
Mon. Tues.
_
10.70
.
10:77 10.87 11.66
113:815
10.77
11.45 •
11.05
11.02 11.10
11.06
PORK quiet; mess, $24 75 to $25 75; family, $27 to $28:
short clears, $26 to $28. Beef dull; mess,$15 to $16; packet,
$16 to $17; family, $19 to $21; extra India mess, $30 to $32
nom. No. 1 canned corned beef, $2 35; No. 2, $4; 6 lbs.,:
$15; pickled tongues, $55 to $65 nom. per bbl. Cut meats.
have been inactive but steady; pickled hams, 10 to 24 lbs.,
123 to 160.; pickled bellies, 6 to 12 lbs. 10e. Butter,
%
'
creamery seconds to high scoring, 37c. to 430. Cheese,
flats, 23c. to 25c. Eggs, fresh-gathered trade to extras,
21 32c. to 27c.
/
-Linseed,quiet and unchanged. Early in the week
OILS.
sellers showed some inclination to shade prices in order to
stimulate business, but buyers held aloof. Later on a fair I
demand was reported, but most of the business was for small
lots. The visible supply of flaxseed in the Argentine was
estimated at 6,400,000 bushels, against 7,200,000 bushels
a week ago. Stocks of spot oil are said to be small, but ,
arrivals of seed are very heavy. Spot carloads, 90e.; tanks,
`840.;less than carloads,93c.;less than 5 barrels,96e. Cocoa-.
nut oil, Ceylon barrels, 93/23. Corn, crude, tanks, mills,
A
83 c.; edible, 100 barrels, 1234 to 123c. Olive, $1 30 to •
$1 40. Cod, domestic, 61 to 63c.; Newfoundland, 63 to
65c. Lard, prime, 14c.; extra strained, New York, 1234o.
Spirits of turpentine, $1 to $1 01. Rosin, 5.85 to 7.50e.
Cottonseed oil sales including switches, were 21,800: P.
Crude S. E.,855 bid. Prices closed as follows:
Spot
April
May
[June
10.001
[July
10.00
10.12 10.14[Aug
10.32110.40[Sept
10.56 10.58[Oct
10.63 10.t381Nov
10.76§10.78
10.20 10.30
9.39 9.40
-A feature of the week was the advance '
PETROLEUM.
of 20c. in Gulf Coast Crude by the Humble Oil & Refining
Co. Grade A oil is now quoted at $2 a bbl. and Grade B at
$1 70. Gasoline has recently been quiet and slightly easier,
partly due to the unfavorable weather conditions. Later on
there was a much better demand as the weather improved.
Refiners, it is reported, are asking 15c. in single tank cars
delivered to the trade, but some business, it is said, can be
done at 1432c. Several good-sized inquiries from abroad
have been reported, but actual business is not up to expectations. Quite a good deal of cased gasoline is going to Australia and New Zealand, but this is supposed to be against
old orders. Kerosene dull. Bunker oil has been in a little
better demand at $1 60 per bbl., f.o.b. New York Harbor
refinery. Late in the week Diesel oil was reported more
active and firm at $2 10 per bbl. refinery. New York prices:
Gasoline, cases, cargo lots, 28.40c.; U. S. Navy Specifica- •
tions, 14.25c.; naphtha, cargo lots, 16c.; 63-66-degrees, 18c.;
66-68 degrees, 19.50c.; kerosene in cargo lots, cases, 17.40c.;
petroleum, refined, tank wagons to store, 15c.; motor gasoline, garages, steel bbls. 20c.
No. 1 well, owned by the Unity Oil Co., located in north'
east corner of the west half of southeast quarter, of Section
1688
THE CHRONICLE
[VOL. 118.
24-16-16, Union County, Ark., has been completed for 3,500 cows.
Independent packers ask 10c. for all-weight native
bbls. at a depth of 2,053 feet. This is the best producer to cows and
steers, though the recent sales were on the basis of
be completed in the field in several weeks.
93c. Frigorifico cows, 133%c. c. & f. New York; steers,
Oklahoma. Kansas and Texas
Mid-Continent
153%c.; Central American, 16 to 1634c.; Bucaramangos,
Under 28 Magnolia
$1 00
39 and over
$2 25 19%c.
26-30.9
1 20
33-35.9 deg
1 75
31-32.9
1 45
30-32.9 below
1 45
OCEAN FREIGHTS were generally quiet but as was the
33-35.9
1 75 Caddo
36-38.9
200
Below 32 deg
150 case last week there was a steady demand for coal tonnage.
39 and above
225
32-34.9
1 65 Mediterranean rates were firm.
Below 30 Humble
1 25
38 and above
1 85
33-35.9
CHARTERS included linseed from
1 75
prompt; grain from Atlantic range to River Plate to New 'York, $6 75.
36-38.9
200
Antwerp-Hamburg range. 1354c..
option any port Bordeaux-Hamburg range.
39 and above
225
14c., April; coal from Atlantic
range to French Atlantic.
Pennsylvania
$4 00 Bradford
$4 50 Bull-Dayou32-34.9$1 50 to Fall River. 40c., April; 33 25, prompt; light crude from Port Lobos
two round
Corning
in
2 15 Ragland
110 Illinois
2 07 prompt loading; coal from Virginia to tripsde West Indies trade, $2 25,
Rio
Cabe11
Janeiro. $3 90. April-May;
220 Corsicana,llght_ _ 200 Crichton
1 65 coal from Atlantic range to French Atlantic.
Somerset, light_ 2 50 Lima
$3 05. April; coal from
2 28 Plymouth
1 45 Virginia to River Plate, 19s. 6d., April
-May; sugar from Santo Domingo
Wyoming
1 95 Indiana
"08 Meade
2 00 to United Kingdom, 26s. 6d., April;
Smackover,26 deg.
-ton steamer, time charter in
Princeton
2 07 Calif.. 35 & above_ 1 40 general trades. 39 50. April; coal from 4.119
Hampton Roads to
1 25 & 135 Canadian
288 Gulf Coastal
2 00 $4. first half April; petroleum from United States Gulf Rio de Janeiro,
to Philadelphia.
35c.,
Reports from Texas on the 2nd inst. stated that premiums $1 25,April; 1.443-ton steamer, one round trip in West Indies trade.
April; sugar from Cuba to United Kingdom or
above the posted price on spot crude oil in the North Texas per ton. April; coal from Baltimore to West Italy, 75; coal from 25s.
Continent,
ports to
district have been greatly reduced the past week as a result of Atlantic light oil Dunkirk, $2 85. or at $3 15 to Havre or Bordeaux.U. S.
early
Hatteras, 35c.; coal from
independent refiners curtailing their daily runs along with a loading; to River from U. 8. Gulf to north of from
London
Plate, 54 10, May-June; coal
French Atlantic, $3 05. April; from Hampton Roads Hampton Roads to
temporary accumulation of stocks on the market. The large $4;
to Rio de Janeiro,
Bordeaux-Hamburg range. 15%c.. June;
quantity of flush production coming from the new Wilmot- coal grain from Montreal to River Plate,
from Hampton Roads to
reported fixed at $4 15, but
this lacked confirmation.
Wilson section and
other Archer County fields is the major
factor in this weakening of the spot crude market. ProducFURS.
-At the Huth & Co. sale here mink sold
tion in the Wilmot-Wilson pool has reached proportions In some cases, it is said, $1 to $4 above the market pricewell.
where it is impossible for the present line facilities to handle paid. Some prices for mink: Eastern, is and 2s, $12was
75,
the oil and producers are waiving all bonuses to get a pipe line $13 75; Central, Is, XI and L, $8 25; medium and small,
connection.
$6 50; is, XL and L, $6, $7; medium, $4 50; Louisiana and
Advice.a from Tulsa, Okla., on March 30 stated that the Southwestern, Is and 2s, XL and L, $4 75; medium
severe wind and rain storm on Friday night wrecked scores small, $3 25; Northwestern and Alaska, is and 2s, $12and
75:
of derricks in the oil fields of northeastern Oklahoma. Wires Western Canada, is and 2s, $10 10, $12; is and 2s, XL and
were down and considerable other damage was done. A L,$16 50; British Columbia Is and 2s, $16 25; Eastern Canrecord for new drilling in Oklahoma was made during the ada, Is and 2s, $17 25; Ontario, is and 2s, $12 10; St. Louis
past week, when 202 wells were started. The Osage lease Carolinas, is and 2s, $5 75; Is, XL and L, $9; medium,
sale was responsible for 180 of the new operations. Cosden $7 50; small, $5 25. Australian opossum, is and 2s, $1 70
Oil & Gas Co.'s No. 16 Alexander, in northwest section and $2 10; Is, $2 40 and $2 65; is, part red, $1 25. Ring12-13-13, Okmulgee district, has started at 400 barrels. tail opossum, 40c.
The refined markets were dull and unchanged. Advices
COAL has been quiet, even with
from Los Angeles on April 3 said that the Standard Oil Co. anthracite 50 cents on domestic three companies cutting
egg stove, chestnut and
of California has issued orders for the immediate opening up steam sizes, buckwheat No.
1 and pea. Soft coal output
of 88 wells comprised in the Emery and Murphy leases, has decreased. Later in
the week
Coyote Hills district, Los Angeles County. During their prices of anthracite. It is believed other companies cut
that the opening of
activity these wells were making a total average daily pro- Lake navigation will bring about an
improvement in trade.
duction of 11,000 barrels of 27 gravity oil, or 125 barrels
TOBACCO
to the well. They were shut in about a year ago when the other hand, has been in fair demand for export. On the
three Wonder fields of Southern California began bringing the market home trade has been light. Taken as a whole,
has
in 5,000 and 10,000 barrel wells and the available storage interest. Some lacked animation and features of striking
comment, however, on the resumption of
was more needful for that production. According to the something like activity
in
American Petroleum Institute 63,129,137 barrels of fuel oil here are generally steady, the cigar trade abroad. Prices
were delivered for ships' bunkers at United States ports and buyers are still playing but it is none the less a fact that
a waiting game. They want to
insular possessions in 1923, against 50,666,494 barrels in know, more about the
new
1922, an increase of 12,462,643, or 24.6%. This is ex- buying on a very cautious crop. In the meantime they are
scale.
clusive of fuel oil delivered to the United States navy, which
COPPER.
-The American Brass Co. early in the week
in 1923 consumed about 5,200,000 barrels, against 5,800,000
in the preceding year, including Diesel oil and consumption reduced prices for products Mo. to lo. per pound, which
by vessels but excluding consumption at yards and stations. brought bare copper wire to 160. per pound. This out, it is
Of total deliveries of 63,129,137 barrels to merchant vessels believed, will be followed by other brass makers and will
last year, 43,430,470 barrels were domestic fuel oil and tend to stimulate business. On the whole, copper was for a
19,698,667 Mexican fuel oil. In 1922 deliveries of domestic time quiet. The investigations going on at Washington had
fuel oil totaled 16,988,172 and of Mexican fuel oil 33,678,322 unsettled business. It is hoped that they will soon end and
be replaced by progressive legislation. hater on, however,
barrels.
there was a good inquiry reported. It was estimated that
RUBBER has advanced in sympathy with rising prices total inquiries before the trade were 10,000,000 pounds,
in London. The firmness of London was due to American, and much of this, it is believed, will result in business.
Canadian and European buying. At one time talk of price Electrolytic was quoted at 133% to 133 o. Shipments in
%
regulating and restriction helped to advance prices here. March are estimated at 230,000,000 to 240,000,000 pounds
London advanced on the 2d inst. on a report that a new and production around 220,000,000 tons. About 90,000,000
syndicate was being formed in Malaya for controlling output tons were shipped abroad from the United States. Some
and fixing a fair minimum selling price. Business here, predict a big export movement.
however, is rather quiet. Most of the buying interest is for
TIN higher but buyers held off. The increase in the visiApril, May and June delivery. None of the shipments ble supply of 1,440 tons in March fell flat.
Prices both here
scheduled to arrive during the week have added much to and in London advanced. A larger increase
the spot supply and actual rubber is at a slight premium The total supply at the end of March waswas expected.
23,275 tons,
over the first delivery month. This premium, however, iF• against 21,835 in the previous month and
24,622
expected to be wiped out as soon as other shipments arrive. The visible supply in the United States at the last year.
end of the
Smoked ribbed sheets here at one time were, spot, 23o.; month was 13,026 tons, against 12,573 in the
previous month
April, 22Mo.; May, 230.; June, 23 Mc.: July-September, and 15,337 a year ago. Spot was quoted at 511
Mo.
233/80.° October-December, 243 3c. First latex crepe, spot,
/
LEAD declined in sympathy
April, 23o.; May, 233O. June, 23%c.; July-Sep- Spot New York was quoted at with London. Business fair.
233c.*
8.50 to 8.75o.; East St. Louis,
tember, 243.3o.; Ootooer-December, 2440. Later the mar8.75c. The
ket here broke with London. Smoked ribbed sheets, spot, 8.50 to price to 83 American Smelting & Refining Co. reduced its
%e. Lead ore is quoted at $110, a decline
22%o.; April, 223%c.; May, 223 04 June, 23c.; July-Sep- for the month of $15.
4
East St. Louis receipts the past week
tember, 231 2 October-December, 24o. First latex crepe, were 63,360 pigs,
/
o.;
spot, 227 0.; April, 2230.; May, 23c.; June, 23Mc.; July- Jan. 1, 755,500, against 87,370 in the previous week; since
4
4
against 811,140 last year. Shipments were
September, 233o.; October-December, 243%c. In London 35,780 pigs, against
%
48,730
on the 3d inst. April rubber was hammered and prices broke 473,160, against 403,250 in the previous week;since Jan. 1,
last year.
8 1
%(. America held off; c.i.f. fell Md. Spot ended at
ZINC quiet
/
123% to 125sd.; May-June, 123%d. to 123 d.; c.i.f. weak at East St. Louis, and lower; spot New York, 6.50 to 6.55c.;
%
6.15 to 6.20o. High-grade zinc is scarce and
12%cl., April-May. Singapore reported smaller receipts
with bad weather, but weakened on the 3d inst. with Lon- is selling at 8 to 83%o. Prime Western ore prices are $40 per
don, though winding up M to % above the previous day. ton, a decline of $5 for the month. East St. Louis statistics
were as follows: Receipts past week, 80,530 slabs, against
Spot and April, 123%d.; May-June, 123 d.
%
105,910 in the previous week; since Jan. 1, 929,040, against
HIDES.
-A steady demand has prevailed for common dry 728,350 last year. Shipments in the past week were 58,250
hides and prices have been firm. Central Americans sold, slabs, against 120,070 in the previous week; since Jan. 1,
it is said, at 17c. La Guayras brought 163/Ic. and China 782,090, against 627,910 last year.
cows 22c. The River Plate market for wet salted hides was
STEEL has been quiet. It is said in some directions at
dull late in the week. In Chicago after a good business in least the business in March was smaller than in February.
packer hides prices seemed to become more stabilized at One of the dullest features is steel bars. Pittsburgh, it is
93/Ic. for light native cows. No sales of heavy native cows said, quotes them not at 2.40c., but at 2.35c., with the
or steers but the quotation is 13c. for steers and 103%c. for possibility of large tonnages at 2.30c. At least this is rightly
APR. 51924.]
THE CHRONICLE
1689
or wrongly the common understanding. The depression in
COTTON
bars is supposed to be due directly to a decline in the autoFriday Night, April 4 1924.
prolonged bad
mobile industry, which has been affected by
THE MOVEMENT OF THE CROP,as indicated by our
The
weather at the West and other parts of the country.
telegrams from the South to-night, is given below. For the
railroads are still buying on a liberal scale, however, not only week ending this evening the total receipts have reached
the
of cars, but rails and other supplies. It turns out that
55,370 bales, against 49,733 bales last week and 56,871 bales
total output of steel rails in the United States last year was the previous week, making the total receipts since the 1st of
2,904,516 tons, against 2,171,776 tons in 1922. an increase August, 1923, 5,963,835 bales, against 5,262,785 bales for the
of 732,740 tons. These are the figures of the American Iron same period of 1922-23, showing an increase since Aug. 1
ez Steel Institute. Some noteworthy contracts are being 1923 of 701,050 bales.
awarded for fabricated steel. Prices in some directions are
said to have been reduced on steel; also that the production
Sat.
Mon. Tues. Wed. Thurs. Fri. Total.
Receipts athas dropped 2% during the past week. It is now said to be
1.442 6,657 3,358 1,490 1,748 1,899 16.594
on the average about 88%. The composite price of finished Galveston
4.160
435
3,725
Houston
steel is now 2.70c., as against 2.73c. a week ago. The New Orleans _ _ _ _ 1,516 7,189 1,144 6.127 1,380 2,158 19,514
79
83
4
Mobile
output is still high and in general the demand lags. That Jacksonville
3
3
381 7.019
81
is the situation in a nutshell. Under the circumstances some Savannah
939
2.445
1.178 1.995
263 1,616
534
313
75
81
350
Charleston
are looking for lower prices, at least for a time..
452
82
103
138
17
67
45
Wilmington
420 2,788
more or less depressed. Norfolk
399
115
328
127 1,399
PIG IRON has been quiet and
50
50
has been reduced 14 cents New York
Within a week the composite price
2,409
498
473
679
759
Boston
682
260
422
per ton and is now $8 30 per ton lower than a year ago. Baltimore
The daily rate of production in March was 111,650 tons, mrse.t.,, tut. e,,,,mr 4 nun 99 nok R 7S9 0 RAI 1 A '7A9 S 5.45 55 210
against 106,026 tons in February. New features are lacking,
The following tab e shows the week's total receipts, the
together with new trade on any considerable scale. There
have been reports that Birmingham sold at under $23 base, total since Aug. 1 1923 and stocks to-night, compared with
but they are denied. Some Tennessee iron appears to have last year.
been sold at a price that would be tantamount to something
Stock.
1922-23.
1923-24.
under $23. The truth is that quotations are largely nominal,
Receipts to
pending further developments. Of course the situation is
This Since Aug This Since Aug
4.
Apr.
1923.
1924.
Week. 1 1923. Week. 1 1922.
not helped by the persistent reports of dulness of steel.
steady. Boston was in Galveston
16.5942.702,282 10.546 2,219.901 154,100 145.430
WOOL has been quiet and barely
1.036
69,660
41
92
18,606
much the same case. New York has made further re-exports Texas City
4,160 995.717 17,845 690,943
Houston
out of bond. For Ohio delaines, of the better sort, 57e. Port Arthur. &c_
19,514 1.109.822 20.273 1,246,332 121,518 163.798
New Orleans
was asked; at Boston some average lots slightly lower. Gulfport
2,855
5,996
80.781
422
50,269
83
Michigan delaines have been offered at 55e. but buyers held Mobile
8.780
11,227
off. Ohio half-blood is quoted at 56 to 57c. the latter gen- Pensacola
6.767
2.533
9,105
3,875
3
Jacksonville
smaller. A. H. Savannah
52,174
43,308
erally asked. The West finds the demand
7.019 344,512 7,881 380.864
152
27,762
37
880
for grease this Brunswick
Benjamin, now in Australia, predicts at 50d.
43.700
26,824
1,616 170,342 1,309 103,890
Charleston
year and a 20% rise in the American market. Wool prices Georgetown
31,603
6,999
90 88,473
452 113.604
at Tientsin are reported to be 5% higher than in February Wilmington
71,509
66.748
2,788 378,385 1.194 257.336
Norfolk
according to a cable to the Department of Commerce.
News, Stc_
N'port
56.574
5,794 144.360
8.538
50
In London on March 28 total sales at the wool auctions New York
12,085
6,045
53.342
31,141 3,576
2.409
fell off considerably, i.e., to 7,266 bales, including 40 bales Boston
2.062
1,754
826
14.951
23,401
682
Baltimore
4.493
3.890
4.871
1,234
of Argentine crossbred wool. Prices about steady, but Philadelphia
bidding less snappy. Details: New South Wales,645 bales;
55.370 5.963.835 63.854 6.262.785 5114.152 594.228
Totals
scoured merino, 32 to 61d.; crossbred, 18 to 39d.; greasy
In order that comparison may be made with other years,
merino, 14 to 36d. Queensland, 538 bales; scoured merino,
45 to 65d.; crossbred, 36 to 62d.; greasy merino, 18% to we give below the totals at leading ports for six seasons:
363'd.; crossbred, 16 to 31d. Victoria, 2,460 bales; scoured
1919.
1920.
1922. .1921.
1923.
merino, 30 to 6530.; crossbred, 18% to 44d.; greasy merino, Receipts at- 1924.
12% to 37d.; crossbred, 10% to 34d. South Australia, 763 Galveston_ _ _ _ 16,594 10,546 34,589 54,737 33,952 22,410
189
4.019
4.05
705
17,845
4,160
bales; scoured merino, 34 to 64d.; crossbred, 18 to 49d.; Houston, &c_
22.529
34,532
19.959
24,356
20,273
2,164
1,027
greasy merino, 11 to 33d.; crossbred, 12% to 2630. West New Orleans_ 19,514
1.772
4,188
422
83
Mobile
9,179
16,991
9,67
11.566
7.881
7.019
.Australia, 120 bales; greasy merino, 123 to 35d.; crossbred, Savannah...,.
2.737
to 27d. Tasmania, 22 bales; greasy merino, 22 to Brunswick...2,850
1034
2,997
2.426
1.825
8,109
1,309
1,616
Charleston.,..
1,683
3,181
2.751
2.258
90
452
35d.; crossbred, 1634 to 24d. New Zealand, 2,155 bales; Wilmington...
3,709
3,024
5,338
6.071
1.194
2,788
merino, 32 to 5134d.; crossbred, 2234 to 44d.; greasy Norfolk
scoured
59
N'port N.,&c_
1,688
4,404
3.066
18.064
merino, 14 to 34d.; crossbred, 10 to 26d. Cape Colony, All others__ _ _
4.294
3,144
528 bales; scoured merino, 42 to 5734d.; crossbred, 18 to Tot. this week 55.370 63,854 115,100 103,288 106.293 66,584
,
44d.; greasy merino, 1434 to 28d.; crossbred, 10 to 1830.
.1 912 927
River Plate, 40 bales; scoured crossbred, 28 to 3134d.; greasy Sines Am, 1 A 052 R1A A 959 7RA 4 75.5 5054 011 '7225 040 472
crossbred, 14 to 22d.
The exports for the week ending this evening reach a total
In London on March 31 7,779 bales were sold. Offerings of 76,260 bales, of which 17,272 were to Great Britain,
were lighter; prices about steady; 1,200 bales of Falkland 12,344 to France and 46,644 to other destinations. Below
Islands crossbred wool in the grease were sold at 15d. to 30d. are the exports for the week and since Aug. 1 1923.
Details: New South Wales, 934 bales; scoured merino, 25 to
5234d.;crossbred, 1734 to 39d.;greasy me ino,1234 to 35 Ad.
From Aug. 1 1923 to April 4 1924.
Wed ending April 4 1924.
Exported to-crossbred, 10 to 253'2cl. Queensland, 1,152 bales; scoured
Exported to
30 to 54d.; greasy merino, 20 'Exports
merino, 39 to 69d.; crossbred,
Great
from
Grest
Total.
to 38d.; crossbred, 1534 to 30d. Victoria, 919 bales; scoured
Britain. France. Other. Total. Britain. France. Other.
merino, 30 to 6834d.; crossbred, 20 to 54d.; greasy merino,
506,553
10,461 5,905
to 29%d. South Australia, Galveston_ _ ------ 2,426 16,532 32,898 338,894 284,841 1.078,3031,869,497
13 to 3634d.; crossbred, 1034
175,30 477,14 991,348
1,299 3,725
Houston
1,754
1,751
109 bales; greasy merino, 15 to 35d.; crossbred, 1234 to 28d. Texas City_
2
scou ed merino, 39 to 573/d.; New Orleans 6,071 1,881 12,027 20,579 233,8871 52,87 335,403 622,185
West Australia, 570 bales;
18.287
5,857
1,0
1,957 1,957 11,580
Mobile
1.919
400
1,519
crossbred, 27 to 404.; greasy merino, 1434 to 3734d.; cross- Jacksonville
800 10,920
9,830
bred, 1134 to 29d. New Zealand, 2,813 bales; scoured Pensacola
91,485 12,079 121,02 224,573
Savannah
3,778 3,778
50
50
merino, 33 to 523/2cl.; crossbred, 22 to 50d.; merino, 1234 to Brunswick
58,584 130,876
72,092
35d.; crossbred, 10 to 2630. Falkland Islands, 1,282 bales; Charleston
59,650 77,550
9,6
8,300
Wilmington.
6,900 6,900
4,437 77,387 172,090
greasy crossbred, 15 to 30d.
Norfolk.
2,022 2,878 4,900 90.286
New York
---140 110 481 734 105,228 61,769 161,327 328,322
In London on April 1 the Colonial wool auctions closed Boston
7,293
5,803
1,490
792
702
of wool. They were Baltimore
1,589
with advances in almost all grades
1,563
106
2,387
1,154
50
1,183
steady compared with March 31. Reviewing the sales of Philadelphia
23,849
7,53
600
15,513
Los Angeles.
this series merino wools generally advanced from 5 to 10% San Fran
77,506 77,508
1,231
1,231
over the prices of the last auctions in London. Fine cross- San Diego
47,134 47,134
Seattle
bred woof advanced 5% and medium grades from 10 to 15%.
Total_
17,272 12344 46,644 78.260 1,490.959 604,261 2,514,800 4,610,020
Cape greasy wool sold about 5% higher. Coarse crossbred
from Australia and New Zealand advanced around 15%. Total'22-'23 4,663 8,152 88,692 81,50 1,217,731 536,31 2,179,5i73.933,567
Snow white grades ranged 10 to 15% higher. Punta Arenas Total'21-'22 83.182 4,457 92,636 180,2551,158,859 535.891 2,635.854 4,330,604
offerings sold at an advance of 10 to.15%. The English
NOTE.
-Exports o Canada.
-It has never been our practice to include In the
all the
trade bought 52,000 bales, the Continent 50,000, North above table exports of cotton to Canada. the reasonItbeing that virtua ly returns
ls impossible to get
to the Dominion
America 1,000 bales. The holdover at the end was esti- cotton destinedsame from week tocomes overland and from the customs d stricts on
concerning the
week, while reports
the Canadian border are always very slow In coming to hand. In view, however,
mated at 16,000 bales. April 1 prices were:
matter, we will say that for
New South Wales, 793 bales; scoured merino, 30 to 6134d.; crossbred.
1234 to 50d.; greasy merino. 1134 to 34d.; crossbred. 8 to 258. Queensto
greasy
land, 495 bales; scoured crossbred. 1835 to 4734d.:scoured merino, 16 to
merino, 26
36d.; crossbred, 14 to 3134d. Victoria, 1,295 bales;
5834d.; crossbred, 1634 to 42d.: greasy merino. 1134 to 3734d.; crossbred,
934 to 32d. West Australia, 91 bales; greasy merino, 14 to 3534d.; crossbred, 1134 to 206. Now Zealand, 3,864 bales; scoured crossbred, 20 to
36d.; greasy merino, 1234 to 35d.; crossbred, 10 to 2934d. Cape Colony,
339 bales;scoured merino,34 to 58d.;crossbred, 1834 to 38d.; greasy merino,
15 to 31d.; crossbred. 12 to 186. Punta Arenas. 2,415 bales; greasy crossbred, 14 to 3030.
of the numerous inquiries we are receiving regarding the
the month of February the exports to the Dominion the present season have been
12.600 bales. In the corresponding month of the preceding season the exports were
21,287 bales.
For the seven months ending Feb. 29 1924 there were 106.992 bales exports, as
against 131,941 bales for the corresponding seven months in 1922-23.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
1690
THE CHRONICLE
11S.
On Shipboard, Not Cleared for
-
had very little effect, for curtailment, it is declared,
is un
avoidable. It is beginning to be suspected that it is
Total.
difficulty in getting cotton partly and not entirely due to
to dull
Galveston
1,000 1,800 2.000 9,294 3.500 17,594 136.506 trade. There is not cotton enough to admit of a continuan
ce
New Orleans
50 4,319 5039 10.018 2,054 21,480 100,038
consumption at the present rate of around 450,000 bales
of:
Savannah
---------------200
200
43,108 a month. Some
Charleston_
--------------------------26.824
think it must be cut to 350,000 at least, in
Mobile
.E
-------------.
(i
,
5,558 contrast with 550,000 to 600,000 bales at one time,
Norfolk
There is
_66,748 also said to
Other ports*
2.500 1,000 1,500 2,000
be a large short interest, trade and speculative.
i00 7,200 158,459
Carolina and Georgia mills, it is declared, still have a large
Total 1924
3.788 7.119 8,539 21,312 6,154 46,912 537,241
Total 1923
7,332 12,023 9,693 24,972 6.869 60,889 533,349 amount of cotton to call. Mills in other parts of the
country
Total 1922
51.313 49.224 32,499 35.053 3.450 171.539 867.493 are likewise said
to have a good deal of this fixing of prices
*Estimated.
to do. In addition there is believed to be quite a large
short
Speculation in cotton for future delivery has been more account from mills which sold against their stocks of goods.
This selling seems to have been done on a larger
active at sharply rising prices. The big filip was spot cotscale than
usual this year, owing to the profound prostrati
on in the
ton. It was wanted all over the South. Tenderable grades textile
industry. In addition there is a short account for
are hard to buy. Even with a big demand for May here and speculators. It Is believed
it has been accumulating for
a premium over July of 110 points, no cotton is headed from weeks past. The selling for weeks in
succession cannot easthe South for New York for delivery on contracts. Cotton ily be covered in a few days. Wall Street, the West, Florida .
and foreign operators as well as some of the local
that would pass muster here is said to be very scarce at the
element
South. It is said, too, that there is a demand for cotton at have sold. Some of this account has been covered this week.
But the total outstanding is still very large.
a premium over New York May. Some reports state that
On the other hand, there is no real bull campaign in prog90,000 bales are going out from the New York stock to Eu- ress. Old wounds still smart.
Memories of the break of
rope, of which some 40,000 or more are already under ocean 10c. following the peak reached on Nov. 30 still
rankle.
freight engagement. Not a few mills are said to have occa- There is no great revival of business in goods. Nobody
claims that there is. Worth Street, as a matter of fact, is
sion to refuse to cancel contracts for certain grades bought
some time ago. Sellers find it difficult or impossible to get still quiet, although not quite so much so as recently. The
the requisite descriptions of cotton. Cash settlements are fact remains that trade is not satisfactory there. Nor is it
declined by the mills. Moreover, Liverpool on Thursday ad- satisfactory at Fall River. The textile industry is more or
vanced some 76 to 152 American points. That had an elec- less disorganized. Mills cannot sell their product freely.
trifying effect -here. Also, the stock market advanced. Retailers buy from hand to mouth. They are persistently There were reports that the Dawes Commission statement playing a waiting game. It may be that they are about to
would be issued on Saturday. It is expected to have a favor- abandon this policy. Jobbers may be buying rather more •
able effect on European and indeed world business. France, freely. But what is needed is big, unmistakable old-fash- •
it is understood, will agree to its requirements. French ioned revival of trade. Nothing of that kind has yet appeared. Some, too, insist that the carry-over On Aug. 1 will
francs have been above 6c. at times. There was also a
sen- be larger than most people suspect.
sational advance in Belgian francs. That may have been
The short interest has
a been reduced to some extent at least.
Nobody knows what.
straw indicating in a way the rising tide of business in
Europe, although it was partly attributed to the reported the Dawes report will recommend or just how Europe, particularly France and Germany, will take it.
granting of a loan to the Belgium Government. Another hnTo-day prices ran up some 60 to 99 points, the
portant factor was the improvement in Manchester's busilatter on
ness. For the first time in a long while the mills there are May, including an advance of 94 on July. Old crop took the
lead. Cables were higher, Manchester was active and rissaid to be making money. India is buying heavily. Also,
Manchester appears to have been buying freely in Liverpool. ing. Worth Street reported sales of 250,000 to 300,000 •
That fact accounted in a measure for the sudden Advance pieces within 24 hours and Fall River's sales for the week '
there on Thursday. There was a rumor, too, that Palm rose to 100,000 pieces, or about double what they have been•
Beach operators were taking time by the forelock and cover- In some recent weeks. Print cloths have risen steadily. ,
ing in Liverpool. This.was merely a report. Some are in- Some goods have recently advanced here % of a cent per
clined to believe it, however, because of the sudden and oth- yard, which would mean a far larger advance in raw coterwise perhaps inexplicable advance of such violence in ton-say 5c. Also, the map was cold and wet. The forecast
Liverpool on that day. May closed then at 110 points over was not reassuring. Storm warnings were up for the Atlantic States. May was in sharp demand and ended 113
July. July has been some 350 points over October. Predictions are rife that it will go to a higher premium over points over July. A rise in stocks and foreign exchange
October; also that the May premium over July is destined helped cotton. Spinners' takings showed a noteworthy. increase.
to reach double its present size. These are mere predictions active This had no slight effect also. Spot markets were
and higher. The sales at the South to-day were
and are given for what they are worth. But they indicate
14,500 bales, the largest for some time past in any one day.
the trend of opinion.
ending was at a rise for the week of 31 points on May,
Another bullish factor was the report that Worth Street The
284 on July, 162 on October and 152 on December. Spot cotwas doing a rather better business. Some 50,000 pieces of
ended at 30.60c. for middling, an advance for the week
print cloths were sold on Wednesday, it is understood, at ton
320 points.
an advance of 1 3c. In prices. Some intimate, too, that Worth of
,f
The following averages of the differences between grades,
Street has been painting the dry goods situation in rather
too sombre colors. There is said to be a short interest in as figures from the April 3 quotations of the ten markets,
goods there. Fall River, it is also declared, is beginning to designated by the Secretary of Agriculture, are the differences
prick up its ears and wants to know. On Thursday it sold from middling established for deliveries in the New York
market on
some 36,000 pieces of low counts. Fall River reported a- Middling fair April 10 1924.
1.81 on *Middling "yellow" stained
broadening demand. There is no activity there, but
Strict good middling
1 48 on *Good middling "blue" stained. 2 68 on
it is
1.25
1.16 on *Strict middling "blue" stained- _1.74 off
beginning to be suspected that perhaps the turn of the lane Good middling
off
Strict middling
70 on 'Middling "blue" stained
2.61 off
has been reached or is not far off. The dulness has been Strictlow middling
.03 off Good middling spotted
47 on
2.13 off 4triet middling spotted
prolonged. Consumers' stocks, it is argued, have become Low middling
08 on
*Strict good ordinary
3 45 off Middling spotted
.88 off
depleted. Retailers have been getting abnormally high *Good ordinary
4 70 off 'Strict low middling spotted
1.94 oft
prices. It is declared that they have been selling some goods Strict good mid."yellow" tinged_ .19 on "Low middling spotted
3.15 off
Good middling "yellow" tinged._ .24 off Good
on the basis of 35c. for raw cotton and at the same time Strict middling "yellow" tinged- .74 off "Strictmid, light yellow stained_ .84 off
mid. light yellow statned 1 43 off
*Middling "yellow" tinged
1 70 off 'Middling yellow stained
holding off for lower wholesale prices of goods based on
2 15 off
*Strict low mid."yellow" tinged
off Good middling "gray"
33 off
far less costly raw cotton. This attitude has given rise to *Low middling "yellow" tinged_ .2.87 off *Strict middling "gray"
_4.07
84 off
Good middling "yellow" stalned.1.38 off 'Middling "gray"
not a little complaint. Retailers are trying to keep up war "Strict mid."yellow"
1.46 off
stained_ _1.98 off • These grades are not
deliverable.
profits. But if the tide has turned the retailer as well as the
The official quotation for middling upland cotton in
wholesaler will naturally be whipped into line. Not a little
the
York market each day for the past week has been:
stress is laid on the more hopeful news from Lancashire. New
March 29 to April 4Sat. Mon. Tues. Wed. Thurs. Fri.
Preston, England, cabled the other day that it had just done Middling upland
27.70 28.60 28.50 29.10 29.65
30.60
the best day's business of any day since the war. London
MARKET AND SALES AT NEW YORK.
predicts a boom in Lancashire this summer.
At the South strict middling is badly wanted and Is hard
The total sales of cotton on the spot each day during
the
to procure. The export demand continues at New York and week at New York are indicated in the following
statement.
also at the South. At interior points available stocks are For the convenience of the reader we also add
said to be down to a low stage. Havre has been trying to which show at a glance how the market for spot andcolumns
futures
buy at Little Rock. Meanwhile the weather in the main has closed on same days.
been too cold. It has been clear enough as a rule and field
Spot
Futures
work has made some progress, but it is very generally agreed
SALES,
Market
Market
that the season is two or three weeks late at least. And yet
Closed.
Closed.
Spot. Contet, Total.
it is highly desirable that the crop should get an early start. Saturday_ _ _ Steady, 30 pts. adv_
Steady
Some do not abandon hope of an average start. Others are Monday __ Steady, 90 pts. adv_ Very steady_ - _
15,800 15.800
Quiet 10 pts.
dubious on that point. And meanwhile the statistical Tuesday _ - _ Steady, 60 dee__ _ Steady
rather
Wednesday_
pts. adv.. Firm
stronger and stronger as the season advances. Thursday _ _ Quiet, 55 pts. adv_ _ Steady
position grows
1.008
1.008
Steady, 95 pts. adv. Steady
There'has been curtailing in South Carolina, North Caro- Friday
985
985
Total
lina, Georgia and Massachusetts to a certain extent, but it
1.993 15.800 17,7
Ap,• 4 at-
Great
GerOther CoastBritain France. many. Cont'nt. wise.
Leaving
Stock.
------
.1
1691
• Tti_h_l CHRONICLE
-PR. 5,1924.]
-S
_ .
Continental imports for past week have been 165,000 balesNEW YORK QUOTATIONS FOR 32 YEARS.
The.above figures for 1924 show a decrease from last week
The quotations for middling upland at New York on
of 162,720 bales, a loss of 116,561 from 1923, a decline of
' April 4 for each of the past 32 years have been as follows:
9.69c. 1,818 377 bales from 1922, and a falling off of 2,659,055
10.50c.11900
11.95c.11908
30.60c. 1916
1924
6.19c.
11.00c.I1899
9.90c.11907
29.30c. 1915
1923
6.19c. bales from 1921.
11.65c.I1898
13.50c.11906
18.15c. 1914
• 1922
7.38c.
,
8.1ic. 1897
12.60c. 1905
-that is,
1921
11.65c. 1913
AT THE INTERIOR TOWNS the movement
7.88c.
15.45r. 1896
11.00c. 1904
42.00c. 1912
1920
6.38c. the receipts for the week and since Aug. 1, the shipments for
10.25c 1895
14.50c. 1903
28.70c. 1911
• 1919
7.75c. the week and the stocks to-night, and the same items for the
9.19c. 1 1894
14.80c. 1902
36.00c. 1910
,• 1918
8.44c.
8.44c.I 1893
10.00c. 1901
20.15c. 1909
'1917
corresponding periods of the previous year-is set out in
-The highest, lowest and closing prices at detail below:
FUTURES.
New York for the past week have been as follows:
Saatrday,
Mr.2G.
Monday,
Mar. 31.
Tuesday, Wednesday, Thursday,
Apr0 2.
April 3.
April 1.
Movement to April 4 1924. •
Friday.
April 4.
Movement to April 6 1923.
Ship- Stocks
Receipts.
Mena. Apr.
Week. Season. Week. 6.
ApraRange- 0.25- Ala.,Birming'm
740 4,997
223
95
8 53
3 :9
Closing _ 27.48 -28.33 -28.26 ---. 2$.88 -29.45 -:
679' 30,527 1.360 5,353
3,900
20
10
3,957
Eufaula
May
9,319
8,207
41
56,1
27.51.27.91 27.68-28.50 27.95-28.64 28.04-29.01 29.13-29.88:9.40-30.54
359
-616 12,079
Montgomery.
Range.,
56 48,473
2,482
63,0
15
Closing _ 27.66-27.63 28.43-28.50 28.36-28.40 28.98-29.01 29.55-29.58:0.35-30.40
Selma
33,131)
32
164 4.985
-283 11,774
34,518
29
June
14,454
310 5,386
68
Ark., Helena
'
2,200 31,287
168,43
18
flange. _ - - -27.60-27.60 28.04-28.04 28.60-28.60 29.00-29.00 9.75-29.80
Little Rock
451 109.298 1,863 19,341
127,073 2,78 39,664
84
Closing _ 27.20 -28.05 -27.96 -28.50 -29.10 -- 9.90604 24,027
Pine Bluff...
40 79,621
2,120
6 236
7 264: 51
July2,099
Ga., Albany_ _ _
2,070
909 21,360
43,15
24
Range-- 26.60-26.90 26.65-27.48 26.90-27.50 27.05-27.9528.05-28.75 8.44-29.39
Athens
388 40,902 1:466 11,850
27.35-27.40 27.35-27.40 27.90-27.95 28.45-23.47 9.22-29.25
6,71 59,072
847
Closing. 26.65Atlanta
1,395 135,866 4,265 22,547
274,371 5,28 39,824
August
Augusta
1,513 177,900 2,092 24,559 2,11
7.32-27.32
798 8,097
25.60-25.60- - -25.87-25.87- - Range_ - - 73,226
510 9,206 2,819 116,906
355
Columbus_
26.20 --26.70 -27.25- 8.00'
418 12,445
40,356
1I
Closing. 25.57 -26.25943 6,190
25,728
281
Macon
5,102
:
7224 78,1
263 41...96
425 5,219
Sept.
20 29.292
Rome
3,100
Range.. 24.50-24.50 25.02-25.30 25.10-25.10-- - -25.65-25.70
_ _ _ _ 111,000 1,000 15,000
La., Shreveport
25.62- 6.20- Miss.,Columbusi
25.3525.05
2,546
24.70 --25.15- Closing
2,897
_ 18,660
_
2.001 36,092
126.72
74
October
7
77,811 1;67 19,274
34
Clarksdale
13
'
106,' 1,842 30,680
Range_ 24.00-24.42 24.10-24.65 24.03-24.58 24.08-24.70 24.82-25.20 .97-25.60
902 30,160
97,127
76
-24.65-24.70 24.92-24.97 5.47-25.52
III 5,107
19
33,38
Closing • 24.10-24.20 24.50-24.58 24.40413 3,415
•
42
20.508
Meridian_ _
4,104
3 32,36:
, Nov.
33
229 4,299
Natchez
30,396
61 5,853
- - ---- - ---- - -24.10-24.10-- - -22,996
3
Range..
6
627 4,596
17,112
Vicksburg...31
961 13,682
28,359
Closing . 23.92 -24.35 -24.22 --24.45-24.68- 5.24 ---279 7,991
19,239
3
Yazoo City
9,267 8.024 627,521 8,811 15,370
Dec.
Mo., St. Louis_ 6,511 514,781 6,65
1,174
96,324 1.938 30,131
: I 15,109
Range. 23.70-24.10 23.75-24.21 23.70-24.25 23.75-24.31 24.40-24.70 24.67-25.08 N.C.,Gr'nsbor
57,283
876
25.0024.20II
24.04-24.07 24.25 -24.25279
37
ii
Closing . 23.7510,609
152
Raleigh
163
09 4,937
2
3
110 :
26 61,1.
Okla.. Altus
Jan.
333 118,027 1.193 21,944
2,362
21
Range:. 23.38-23.8523.60-23.86 23.44-23.93 23.51-23.8824.03-24.40 24.31-24.72
3 81.2
65 97,941 1,015 7,075
Chickasha_ _ _
24.67 ---418 6,145
4
Closing . 23.45 -23.86 -23.72 -23.92 -24.1278,032
32 61,943 1,923 11,010
Oklahoma _
158,732 3,863 55,823
-Feb.
Greenville 3,000 133,927 4,000 23,160 2,3
-- -- S.C .
7,394
8.01
10,291
Range _
10,752
Greenwood....
24.62 ---- Tenn..Memphis 10.061 827,931 15;471 84.169 6.942 1,023,596 14,5.$ 84,057
Closing
88
287
March
Nashville....
.
1,003
45,75
Range. ------23.60-23.85- - -24.05-24.3 24.35-24.55
208
Abilene_ .Texas,
__
63,534
24.604.010
4
41
19,633
18 5,286
Closing - - -- -23.64 -23.80 -24.0523 26,182
Brenham_
831
36,23
364
39,642
Austin
RANGE OF FUTURE PRICES AT NEW YORK FOR WEEK ENDING
329 5,866
58,571
8
196 119.657 1,1115 6.893
Dallas
APRIL 4 1924 AND SINCE TRADING BEGAN ON EACH OPTION.
Houston_ _
6,097 3,360.324 27,478144,319 7,639 ,625,810 31,182 115.326
979
99
28
215
487
71.63
76,586
2
Paris
109
58.13
513
_...._
49,416
San Antonio_
Range Since Beginning of Option.
Range for Week.
Option for
0
366
7
8
588 4, 42
44: 1,661
553 62,44
88,145
385
Fort Worth
April192427.70Oct. 1 1923 36.40 Dec. 3 1923
88,990690,625
May 1924._ 27.51 Mar.29 30.54 Apr. 4 20.73 July 30 1923 37.23 Nov.30 1923 Total, 40 towns 43.2056.858,339 79.923586.349 36,3776,846,88
June 1924._ 27.60 Mar.31 29.80 Apr. 4 23.10 Aug. 11 1923 35.75 Dec. 28 1923
The above total shows that the interior stocks have deJuly 1924_ 26.60 Mar. 29 29.39 Apr. 4 22.05 Aug. 4 1923 36.50 Nov.30 1923
Aug. 1924... 25.60 Mar. 31 27.32 Apr. 4 25.35 Mar.27 1924 34.50 Nov.30 1923 creased during the week 37,483 bales and are to-night
1924 31.00 Nov.30 1923
Sept.1924 _ 24.50 Mar.29 25.70 Apr. 3 24.20 Mar.28
104,276 bales less than at the same time last year. The
Oct. 1924_ 24.00 Mar.29 25.60 Apr. 4 23.45 Mar.27 1924 30.00 Nov.30 1923
Nov. 1924._ 24.10 Apr. 2 24.10 Apr. 2 23.84 Mar.27 1924 28.60 Dec. 1 1923 receipts at all towns have been 6,828 bales more than the
Dec. 1924._ 23.70 Mar.29 25.08 Apr. 4 23.15 Mar.27 1924 28.40 Jan. 2 1924 same week last year.
Jan. 1925._ 23.38 Mar.2924.72 Apr. 4 22.85 Mar.27 1924 27.85 Feb. 4 1924
Feb. 1925
OVERLAND MOVEMENT FOR THE WEEK AND
Mar.1925.. 23.60 Apr. 1 24.55 Apr. 4 23.60 Apr. 1 1924 24.55 Apr. 4 1924
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
1921.
1922.
1923.
1924.
tar•4bales 649,000 802,000 911,000 991,000
at Liverpool
El
Stock at London
Stock at Manchester
1,000
113,000
4,000
70,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Antwerp
Stock at Ghent
763,000
5.000
188,000
131,000
16,000
73,000
30,000
1,000
12,000
364,000
Total Continental stocks
1,000
61.000
----1923-24---Since
Apr. 4Aug. 1.
Shipped
-Week.
6.658 525,576
Via St. Louis
3,280 167.580
Via Mounds. &c
18.940
70
Via Rock Island
23,571
48
Via Louisville
3.855 158.986
Via Virginia points
9,522 337 530
Via other routes, .kc
----1922-23---Since
Week. Aug. 1.
8,811 632,634
2,820 213,788
55
7,393
530
51,715
3,726 134,425
9.461 343,517
23,433 1,232,233
25.403 1,383,472
2,000
98,000
973,000 1.091,000
29,000
46.000
98,000 285,000 162,000
121,000 132,000 177,000
12.000
7,000
12.000
101,000 151.000 105,000
27,000
24,000
14,000
3.000
24,000
16.000
15.000
661,000
536,000
1.219,000 1,240,000 1,634,000 1,627,000
Total European stocks
51.000
170,000 144,000 100,000
India cotton afloat for Europe
American cotton afloat for Europe 210,000 141,000 317,000 237,427
80,000
80,000
92,000
Egypt,Brazil,&c.,afloatforEurope 61,000
187,000 257,000 301,000 235.000
Stock in Alexandria.Egypt
947,000 921.000 1,146,000 1.323,000
Stock in Bombay,India
584,153 594,238 1,039,032 1.421,244
Stock in U. S. ports
Stock in U. S. interior towns---- 586,349 690.625 1.145,068 1.646,586
2,300
20,779
1,200
U.S.exports to-day
3,964,502 4.081.063 5.782.879 6.623.557
Total visible supply
Of the above, totals of American and other descriptions are as follows:
Americanbales_ 383.000 437,000 494.000 601.000
Liverpoolstock
45,000
44,000
85.000
90.000
Manchester stock
358,000 300.000 541,000 454,000
Continental stock
210,000 141,000 317.000 237,427
American afloat for Europe
584.153 594,238 1,039,032 1,421.244
U. S. ports stocks
586,349 690,625 1,145,068 1,646,586
U. S. interior stocks
1.200
20,779
2,300
U. S. exports to-day
Total American
Bast Indian, Brazil, &c.Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
2,211,502 2.209,063 3.600,879 4,447.557
266,000
1,000
23,000
98,000
170,000
61,000
187,000
947,000
365.000 417,000 390.000
4.000
1,000
2.000
25,000
17.000
13,000
64,000 120,000
82,000
144.000 100,000
51.000
92.000
80,000
80,000
257,000 301,000 235,000
921,000 1,146,000 1.323.000
1,753,000 1,872,000 2,182,000 2,176,000
2,211.502 2,209,063 3,600,879 4.447,557
3.964.502 4,081.063 5,782,879 6,623.557
Total visible supply
7.28d.
17.68d. 15.88d. 10.45d.
Middling-uplands, Liverpool-11.858.
Middling uplands, New York..... 30.60c. 29.758. 17.958.
Egypt,good Sokol, Liverpool- _ _ _ 22.55d. 18.80d. 20.50d. 18.50d.
Peruvian. rough good. Liverpool_ 23.750. 18.75d. 13.00d. 12.094.
9.654
6.90d.
15.00d. 13.254.
Broach, fine. Liverpool
7.40(1.
15.90d. 14.400. 10.55d.
Tinnevelly, good, Liverpool
Ship- Stocks
menu. Apr.
4.
Week. Season. Week.
Receipts.
SINCE AUG. 1.
876,000
456,000
Towns.
Total gross overland
Deduct Shipments
79.378
20,659
415.881
Overland to N. Y., Boston,&c__ - 3,591
507
Between interior towns
13,815
Inland, &c..from South
64.598
20,007
538.347
4.202
515
5.990
17,913
622.952
10.707
515,918
5,520
609,281
14,696
867.554
Total to be deducted
Leaving total net overland *
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 5,520 bales, against 14,696 bales for the
week last year, and that for the season to date the aggregate
net overland exhibits a decrease from a year ago of 258,273
bales.
-1922-23
-1923-24
Since
Since
/n Sight and Spinners'
Week. Aug. 1Week. Aug. 1.
Takings.
5,963,835 63,854 5,262,785
April 4
Receipts at ports to
55,370
867.554
14,696
609.281
5,520
Net overland to April 4
Southern consumption to April4_ _ 85,000 2.910.000 75,000 2.888.000
145,890 9,483,116 153.550 9,018,339
Total marketed
174,694
325,458 *52,373
*37,483
Interior stocks in excess
Excess of Southern mill takings
735,155
412,077
over consumption to March I.__
.
Came into sight during week.. -108,407
10.220,651
Total in sight April 4
North.spinners' takings to April 4 27,867 1,549,486
101,177
9,928.188
47.870 1,974,702
* Decrease.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
Closing Quotations for Middling Cotton on
Week ending
Apr. 4.
Saturday Monday. Tuesday. Wed'day. Thursd'y. Friday.
28.40
Galveston
New Orleans.... 28.00
Mobile
27.50
Savannah
27.75
Norfolk
27.88
Baltimore
Augusta
28.13
Memphis
28.00
Houston
28.00
Little Rock_ _ 27.50
Dallas
27.40
Fort Worth..
29.30
28.63
28.25
28.65
28.75
28.00
29.00
28.75
29.00
28.25
28.30
27.00
29.30
28.63
28.25
28.55
28.75
28.00
29.00
28.75
29.00
28.00
28.15
28.25
29.90
29.25
28.75
29.20
29.25
28.50
29.56
29.00
29.65
28.75
28.80
28.80
30.50
30.00
29.25
29.75
29.75
29.50
30.13
29.75
30.15
29.50
29.40
29.35
31.25
30.75
29.88
30.55
30.75
30.25
30.63
30.50
30.90
30.50
30.20
30.15
1692
THE CHRONICLE
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Mar.29.
Monday,
Mar. 31.
Tuesday, Wednesday. Thursday,
April!.
April 2.
April 3.
Friday,
April 4.
May
27.73-27.82 28.37-28.45 28.29-28.35 29.00-29.08 29.74-29.79
July
26.60-26.65 27.24-27.27 27.15-27.18 27.77-27.83 28.34-28.37 30.56-30.60
29.03-29.05
October
23.39-23.45 23.80-23.85 23.70-23.73 23.83-23.93 24.25-24.30 24.75-24.80
December_ 23.2223.68-23.75 23.6023.78
January.. 23.12 bid 23.56 bid 23.47 bid 23.65 --- 24.05-24.11 24.50-24.53
bid 23.90 bid 24.30 bid
Tone
Spot... Steady
Steady
Steady
Steady
Steady
Firm
Chstinno
Qteradv
Ofvoiil,
AfeaAvr
fitaatiss
11.7.0.4.1
[Vox.. 118.
The above statement shows: (1) That the
total receipts
from the plantations since Aug. 1 1923 are
6,218,329 bales; in
1922-23 were 5,473,481 bales,and in 1921-22
were 4,752,899
bales. (2) That although the receipts at
the outports the
past week were 55,370 bales, the actual
movement from
plantations was 17,887 bales, stocks at
interior towns
having decreased 37,483 bales during the
week. Last year
receipts from the plantations for
the week were 11,481
bales and for 1922 they were 56,986 bales.
INDIA COTTON MOVEMENT FROM ALL
PORTS.
0...Alr
MEXICAN COTTON CROP PROMISING.
-The Department of Commerce at Washington in its
trade service
news says the Laguna District cotton ciop
of Mexico is
very promising, reliable estimates running as high
as 200,000
bales, or about double the average crop. The 1923
crcp for
the entire country was only 121,729 bales, and only
a very
small part came from the Laguna region.
WEATHER REPORTS BY TELEGRAPH.
-Reports
to us by telegraph from the South this evening denote
that
the week has been generally favorable. Good progress
has
been made in farm work in almost all sections of the cotton
Rainfall has been light and scattered.
weather has been favorable for farm work.
Planting is expected to be well under way by next week.
Rain. Rainfall.
Thermometer
Galveston, Texas
2 days 0.19 in. high 78 low 47 mean 63
Abilene
1 day 0.02 in. high 80 low 32 mean 56
Brownsville
dry
high 84 low 48 mean 66
Corpus Christi
dry
high 76 low 46 mean 61
Dallas
2 days 0.32 in. high 70 low 38 mean 54
Del Rio
dry
low 40
Palestine
2 days 0.30 in. high 80 low 36 mean 58
San Antonio
1 day
0.01 in. high 86 low 38 mean 62
Taylor
1 day 0.16 in.
low 34
New Orleans
1 day 0.67 in.
mean 65
Shreveport
2 days 0.48 in. high 80 low 38 mean 59
Mobile,Ala
1 day 0.33 in. high 80 low 38 mean 61
Selma
1 day
1.251n. high 78 low 31 mean 57
Savannah,Ga
1 day 0.12 in. high 85 low 40 mean 62
Charleston,8.C
3 days 0.51 in. high 80 low 41 mean 60
Charlotte. N. C
? days 0.27 in. high 79 low 29 mean 57
The following statement we have also
received by telegraph, showing the height of rivers at the
points named at
8 a. m. of the dates given:
April 4 1924. April 6 1923.
Feet.
Feet.
New Orleans
Above zero of gauge_
11.5
16.6
Memphis
Above zero of gauge
261
3.4
Nashville
Above zero of gauge_
17.1
18.1
Shreveport
Above zero of gauge_
18.5
15.7
Vicksburg
Above zero of gauge32.9
47.8
Since
Week. I Aug. 1.
Bombay
1922-23.
Week.
Since
Aug. 1.
1921-22.
Week.
Since
Aug. 1.
86.000.2.689.000 113,0002.635.000 85,000 2.406,000
For the Week.
Exports.
Bombay
1923-24_ _
1922-23_ _
1921-22_ _
Other India1923-24_
1922-23_ _
1921-22_ _
belt.
Mobile.
-The
1923-24.
April 4.
Receipts at
-
Since August 1.
Great Conti- Japan&
Great
ritain neat. China.l Total. Britain.
cows- 1Japan
sent.
de
China. I Total.
8.000 17,000 47,000 72,000 123,000 688,0001,158,00011,969,
000
25,000 66,000 91,000 91,000 462,5001,32
I:56o 25,00 43,000 69,000 24,000 339.0001,22 9,500 1,883,000
4,0001,587,000
4,000 8,000
12,000 99,000 354,000
453,000
2,000
2,000 58,000 180,550
238,550
4,000
- -- 4,000
6,000 118,000
8,000 132,000
Total all
1923-24_ 12,000 25,000 47,008 84,000 222,0001,012.0001,158,
0002,422,000
1922-23_
27,000 66,000 93,000 149,000
1921-22._ 1:66- 29.000 43.000 73,000 30,000 643,050 1,329,500 2,121.550
457,0001,232.000 1,719,000
According to the foregoing, Bombay appears
to show a
decrease compared with last year in the week's
receipts of
27,000 bales. Exports from all India ports
record a decrease
of 9,000 bales during the week, and since Aug. 1
show an
increase of 300,450 bales.
ALEXANDRIA RECEIPTS AND SHIPME
NTS.
-We
now receive a weekly cable of the movemen
ts of cotton at
Alexandria, Egypt. The following are
the receipts and
shipments for the past week and for the correspo
nding week
of the previous two years.
Alexandria. Egypt,
April 2.
Receipts (cantars)This week
Since Aug. I
Exports (bales)
To Liverpool
To Manchester, &c _ _ _ _ _
To Continent and India_
To America
1923-24.
1922-23.
1921-22.
29.000
6.015.912
85:000
6.256.828
95,000
4.712.357
Since
Week. Aug. 1.
Since
Week. Aug. 1.
Since
Week. Aug. 1.
0
3.000 179.510 7.250 202,751
129,650
5,000 170.746
140,936
106,628
5,010 206.933 4,100 244.643 3,000 164,502
WORLD'S SUPPLY AND TAKINGS OF
4.000 98.931 5.000 195.673
COTTON.
151,505
The following brief but comprehensive statemen
Total exports
t indicates
17.000746.120 16,350784.003 3.000 552,285
at a glance the world's supply of cotton
for the week and
Note.
-A cantar is 99 lbs Egyptian bales weigh about 750 lbs.
since Aug. 1 for the last two seasons, from
This statement shows that the receipts for the week ending April 2
all sources from
were
29.000 canters ant the foreign shipments 17.000 bales.
which statistics are obtainable; also the takings,
or amounts
gone out of sight, for the like period.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market
in
Cotton Takings.
both cloths and yarns is firm. Demand for both India
1923-24.
1922-23.
and
Week and Season.
China is good. We give prices to
-day below and leave those
Week.
Season.
Week.
Season.
for previous weeks of this and last year for comparison:
Visible supply March 28
4,127,222
4,203,063
Visible supply Aug. 1
2.024.671
3.760,430
American in sight to April 4..
1922-23.
1921-22.
108.407 10.220,651 101.177 9,928.188
Bombay receipts to April 3....
86.G00 2.689.000 113.010 2.635,000
Other India shipm'ts to April 3_
81 lbs. Shirt Coen
1
,
ag tbs. Shirt- Cora
12,000
453,000
2.010
238,550
322 Cop
Alexandria receipts to April 2..
togs, Common Mid.
324 COP
ing.. Common
5.800 1,212.600
17.010 1.249,800
Twist.
Other supply to April 2_ s_b__ _
to Finest.
UPPii
TIMM
So Finest.
15.000
291,000
COO
13,000
267.000
d.
Total supply
s. d. d.
d.
d. s. d.
4,354.429 16.890,922 4,449,240 18,078.988 Jan
e. d.
d.
11 26%
Deduct
2819d5 020 0 19.32 204 0 22 16 4 017 0
6. 5
.
15.60
18 26
Visible supply April 4
is 274 19 2 019 5 18.83 21 4 0 224 16 5 017 0 16.21)
3,964,502 3.964.502 4,081,063 4,081,063
25 26
0 '274 19 2 019 5 19.31,224 0 2334 17 2 017 5 i6.32
Total takings to April 4_0
389.927 12,926,420 368,177 13.997,925 rob.
1 26
Of which American
0 274 19 6 019 5 19.17122
0 23 17 2 017 5 15.28
262,127 8,862,820 227,177 9.683,375
8 26
Of which other
0 274 19 2 419 5 18.89 22
0 23 17 0 0117
127,800 4.063,600 141,000 4,314.550
15 2534 44 2634 19 0 1419 3 17.74 214 0 2234 17 0 017 4 15.74
4 15.93
22 244
26 184 018 7 17.85 22
* Emoraces receipts in Europe from Brazil. Smyrna.
0 2241 170 4)17 4 16.34
West Indies, dm.
29 243i
26 17 7 018 2 17.18 22
a This total embraces since Aug. 1 the total estimated
0 224 16 7 017 3 16.44
consumption by Mar
Southern mills, 2,910.000 bale.in 1923-24 and 2.888,000
I
bales in 1922 7 2444
-23
2634 17 7 (§18 2 16.76 2234 @ 2335 17 1 017 6
takings not being available
-and the aggregate amounts
16.60
25 17 6 018 1 16.7517
and foreign spinners, 10 016.420 bales in 1923-24 and taken by Northern
0 184 5 54016 3 10.75
11,109.925 bales in
2534 44
17 5 018
1922-23, of which 5,952,820 bales and 6,795,375 bales
17.09231.4 0 244 7 1
American.
21 24
218 5
4
264 17 4 017 7 16.01 23X 0 24X 7 1 @178 16.08
b Estimated.
017 6 14.80
April
I
4 2534 0 274 17 6 018 0 17.68 233i 0 2434
RECEIPTS FROM THE PLANTATIONS.
17 0 017 6 15.88
--The following table indicates the actual movement each
COTTON FREIGHTS.
-Current rates for cotton from
week from
the plantations. The figures do not include
New York, as furnished by Lambert &
Burrows, Inc., are
overland receipts nor Southern consumption; they are simply
as follows, quotations being in cents per pound:
a stateHigh
ment of the weekly movement from the plantatio
StandHigh
StandHigh
Standns of that
Density.
ard.
Density. ard.
part of the crop which finally reaches the market
Density. ard.
through Liverpool .30e
.40c. Stockholm .50c.
.65c. Bombay
.50e. .65e.
the outports.
Manchester .254. .40c. Trieste
.45e. .600.
othenburg.50e.
.40e.
Antwerp .250. .40e. Flume
.45c. .60c. Bremen
.2740. .4240
Ghent
.35c. .50c. Lisbon
.50c.
.650. hamburg .274c. .4240.
Week
Receipts as Forts.
Stocks a: Interior 7'onms. Receipt:from Plantation, Havre
.2233e. .3734c. Oporto
.75e.
Piraeus
.60c.
.750.
ending
Rotterdam .25c. .40e. Barcelona .30c. .90e. Saionica
.45e.
.50e.
.750.
1923-24 922-23 1921-22 1923-24 1922-23 1921-22 1923-24
.30c. .35c
Japan
1922-23 1921-211 Genoa
.474c. .624c.
Christiania .450. .55c. Shanghai .47340. .6240.
Jan.
4__ 04,390 94.390 76,5811,067.013 1.355.894 1,614.007 82,124
SHIPPING NEWS.
-Shipments in detail:
11._ 138,603123.952 93.515 1.043.9741l.300,285 1.595.588 123,564 58,412 67.761/
Bales.
18-- 169,448 92.238103.607 998,35 1.265.828 1.555,078 121.830 68,343 75,0911 NEW YORK
-To Manchester-March 28-Daytonian, 140
57.781
140
25- 101.351101,479 92,471 977,263 1.224.0591,516.756 91,258 59,710 63,097
To Bremen-March 28-President Harding. 31
54.146
31
Feb.
To Gothenburg-March 31-Trolleholm, 250
250
1- 116.104139.820 66,553 944.86811.150,900 1,488.284 83.709
To Havre-April 1-Paris, 110
110
8-- 104,226 87.381 81,990 898,i9011,089,750 1.450,778 57,548 65,667 38.081
To Hamburg
-March 28-Oria. 200
200
15_ 101.244 83.079 82.273 884.9i811.017.56. 1,418,643 87.972 26,231 44,484 NEW ORLEANS
-To Hamburg-March 27-Prelfeld, 671
50,128
671
22-- 78,924 83.536 76,269 823.8361 943,669 1,391,466 17,842 10.888 49,092
To Murmansk-March 29-A abenraa. 6,426
9,640
6,426
29.- 69,338 06,326 86.817 789.3131 876,948 1.360.134 34.815 29,605
To Bremen-March 31-Evergreen City, 4,316
55.485
4,316
Mar.
To Havre
-March 31-Colarook, 1.881
1,881
7-- 69.374 83,369 84.833 736,1331 835.175 1.047,828 16,194 41.596
To Antwerp
-March 31-Coldbrook. 100
100
14__ 43,809 82.005123.593 696,6821 800.678 1.261.591 4,358 47,508 44,418
To Ghent
-March 31-Coldbrook, 271_
271
21._ 56.871 68,644102.691 662.0251 775,517 1,230,152 22.214 43,543 65,467
To Rotterdam-April 2
-West Tacook,243
71,259
243
28_ 49,733 62,634.90,932 623.8321 742,9981,203,182 11.541 30,115 63,962
To Liverpool
-March 31-Duquesne. 1,951_ _ _April 3
-SciApril
entist, 4,082
6,033
4
55.370 63.854115,100 586,349i 690,62 1,145,068 17,887 11.481 56.986
To Manchester
-March 31-Duquesne, 277.. _Aprll 3
-Scientist. 361
638.
THE CHRONICLE
!
APR 5 1924.1
Bales.
3.293
-Invincible, 3,293
GALVESTON-To Japan-March 27
1.725
-Invincible, 1.725
To China
-March 27
1.574
1.574
-Son.
To Genoa-March 28
1.050
-March 28-Sod. 1,050
To Savona
200
-Son.200
To Leghorn-March 28
1.203
-Tampa. 1,203
To Gothenburg-March 29
500
To Copenhagen-March 29-Tampa,500
7,360
To Liverpool-March 31-Colorado Springs, 7,360
3,101
-March 31-Colorado Springs, 3.101
To Manchester
-March 31-Polybius,5,846_ _ _March 31-Saucon,59 5,905
To Havre
325
To Antwerp-March 31-Saucon,325
1.401
-March 31=Saucon. 1,401
To Ghent
1.720
To Venice--March 31-Lodovica, 1.720
550
To Trieste-March 31-Lodovica, 550
81683
2,2
To Bremen-March 31-Tomalva, 2.123
To Rotterdam-March 31-Tomalva, 868
2,426
-March 29-Saucon,2,426
HOUSTON-To Havre
203
-March 29-Saucon,203
To Ghent
150
-March 29-Lodovica, 150
To Trieste
946
To Venice-March 29-Lodovica, 946
792
Hamburg-March 21-Westpool, 792
BOSTON-To
1,470
-West Hardaway, 1.470
-To Bremen-March 29
MOBILE
487
-West Hardaway, 487
-March 29
To Hamburg
2,022
Cou,ntY, 2,022
-To Havre--April 1-Pipestone
NORFOLK
2,778
-Emden, 2.778
To Bremen-April 3
100
-Sac City, 100
'To Rotterdam-April 3
3,578
SAVANNAH-To Bremen-April 1-Karl Hans, 3.578
100
To Hamburg--April 1-Karl Hans, 400
100
-Tampa,100
To Copenhagen-April 3
6,900
-To Bremen-March 31-Magmeric, 6,900
WILMINGTON
1693
uDm
G3C4C4C4.1.1P.P.CraCeCOCOCD:
crop accounts of late. Most of the buying has been covering,
however, although the feeling at Chicago, despite the lack
of any export demand, has been more cheerful. It is hoped
that the reparations tangle in Europe will soon be cleared
up. The Dawes report is expected to be issued on Saturday.
Meanwhile a Washington dispatch stated that the Chairman
of the Tariff Commission had expressed the opinion that
the McNary-Haugen bill is unconstitutionaL It is certainly
paternalism in one of its worst forms and in the end would
do more harm than good. It is all a case of supply and demand. America has been raising too much wheat. It has
too many competitors in European markets. Its only recourse is to diversify farming. In other words, it must raise
less wheat and more of various other farm products which
it can raise to better advantage. At the present time arrivals at primary points are light At times they have been
about 50% less than on the corresponding day last year. It
must be confessed on the other hand that Liverpool cable
advices have at times been disappointing. They have responded very coolly to any advance on this side. One exmay be that the Argentine shipments this week
76.260 planation
Total
have risen to the large total of 6,475,000 bushels. This is in
-By cable from Liverpool we have the folarked contrast with the evident disinclination of American
LIVERPOOL.
lowing statement of the week's sales, stocks, &c., at that port. farmers to sell at current prices. Western stocks at various
Mar. 14. Mar. 21. Mar. 28. April 4
are decreasing very noticeably. Many are therefore
46.000 points
40.000
50,000
35,000
Sales of the week
29,000 expecting a sharp decrease in the near future in the visible
27,000
33,000
19.000
which American
Of
4,000 supply. Later there were reports from the West of some
4,000
13,000
4,000
Actual export
52,000
53,000
52,000
52.000
Forwarded
718.000 698.000 671,f,00 649.000 purchases against sales of cash wheat to the mills. Eastern
Total stock
455.000 425,000 406.T00 383,000 mills, however, are said to have bought Canadian wheat
Of which American
35.000
15.000
52.000
35.000
Total imports
13.000 fively-2,000,000 bi:shels--and this called for hedge selling.
7.000
12.000
21,000
Of which American
97.000 108.000 Further buying of Canadian wheat was expected in anticipa136.000 104.000
Amount afloat
36.000
29,000
29,000
36,000
Of which American
-cent duty which will go into effect April 7.
tion of the 42
The tone of the Liverpool market for spots and futures Nat C. Murray, of Clement, Curtis & Co., reported the winter
closing prices of
each day of the past week and the daily
wheat condition 85% of normal, compared with 75.2% a
spot cotton have been as follows:
year ago and 82.5 for the ten-year average; probable abandonment 6%, against 10%, indicating a harvesting area of
Spot. • Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
37,180.000 acres, compared with 39,552,000 last year, and
A fair bust- indicating a crop of 578,000,000 bushels. On the Government
Quiet
A fair
elarket, I
Imes doing
Firm.
Good
business
and
Dull
12:15 t
basis, which assimes average abandonment and average deInquiry.
firm.
doing,
P.M. l
\
cline later in the season, the condition of 85% is interpreted
17.68
17.38
18.61
18.85
17.06
16.59
did.Uprds
i. s forecasting 563,000,000 bushels. The crop last year was
8,000
8,000
7,000
6,000
8,000
3,000
kilos
572,000,000 bushels. The condition is the lowest in Kentucky, with 42%; Illinois and M s.souri, 75%. The high is in
Quiet,
Quiet but Barely st'y, Steady, Quiet but
Futures.
darket ‘ Steady. 5 to 9 pts. st'dy, 23 to 8 to 16 Pta. 29 to 47pts steady,4 to Nebraska. with Kansas, 90: Oklahoma, 88, and Texas 93.
advance. 8 pts. dec.
decline. 34 pts.adv. decline.
oPened 1
he soil is well supplied with moisture throughout the belt.
Firm, Strong,7 to N. C. Murray also said: "The best informed opinion seems
darket, (Very st'dy, Steady,un- Barely st'y, Steady,
4
t 23 to 46pts. changed to 14 to 28pta. 9 to 15 pts. 38 to 76pts 35 pta.adv.
te indicate a slight reduction in the wheat area this year fn
advance.
decline.
P.M. I advance. 9 nta. adv. advance,
Canada to approximately 21,000,000 to 22,000,000 acres.
Liverpool for each day are given below:
Prices of futures at
The area last year was 22,672,000." This is not good news
tar the American farmer the reduction is not great enough.
Fri.
Thurs. 1
Wed,
Tues.
Mon.
Sat.
When it comes to reducing the planted area, the Canadian
,
March 29
4:00
to
123.1112% 12M 4:00 12311 4:00 12M 4:00 1231I 4:00 12,41p. m. farmer evidently wants to "let the other fellow do it." The
m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.
•. m.p. m.p. m.p.
April 4.
Indiana semi-monthly official report said: "Weather cond. I d. el. 1 d. d. d. 1 d. 1 d.
d. I d. d.
ditions have been unfavorable and spring planting is far be16.62 _
March
7:;(1 hind the usual; only a few fields of oats have been put in
714§17
6.7.3
6
6
6
1- :96,1- :891- 775 1-- 17:23 1- -1,4116.5116.49
April
16.87116.80 10.6618.66 17.13 17.40 17.35 17.72 and these in the extreme South, where but few are grown.
10.476
May
16.74116.61 16.52 16.54 16.96 17.23 17.17117.53
116.34 16.27
June
16.3916.31 16.1816.17 16.60 16.85 16.79117.15 No fields have yet been prepared for the new corn crop.
'16.0015.95
July
15.8015.73 15.58 15.5815.9 16.17 16.12 16.46 Condition of winter wheat and rye is spotted; poorest in the
August
___ _115.44 15.39
15.15 15.05 14.97 14.96 15.31 15.47 15.43 15.73
____'14.84 14.78
September_
14,5914.49 14.40 14.38 14.89 14.83 14.77115.00 Southwest and best In the Northeast." The "Price Current"
____ 14.33 14.26
October
14.2714.17 14.0814.96 14.36 14.50 14.4414.65 said: "The seeding of wheat is getting under way early.
November --------14.0313.94
14.19 14.0 14.0013.9814.2714.4014,3414.54
13.95 3.86
____
December
14.06 13.97 13.88 13.88 14.16 14.27 14.20 14.31 It is felt that if this can be accomplished early enough the
January ----------13.81 13,72
13.9913.9 13,8113.7 14.0914.19 14.12 14.27 possibility of rust damage will be lessened. Indications are
February ---------13,74 13.65
13.92 13.93 13,7413.74 14.03 14.12 14.04 14.19
13115
March
for a decreased acreage with also possibly some reduction
in the Canadian Northwest, the latter probably mainly in
Manitoba, where there is a tendency toward diversified
BREADSTUFFS
farming." Winnipeg to-day was stronger, with shorts covFriday Night, April 4 1924.
ering and reports of a better foreign demand. To-day prices
Flour has remained more or less quiet and irregular. advanced a trifle and then declined with reports that the
Wheat has had so many ups and downs, even though they crop is in favorable condition. Yet the receipts at primary
a year
were within comparatively narrow limits, that any advance points were still small, that is some 50% less than
The demand from mills was said to be fair. Some deat times has for the most part fallen flat. Nobody knows ago.
crease is expected in the visible supply on Monday. Liverwhether it will last or not. Yet there has been at times a pool advanced % to %d. In the face of large clearances from
somewhat better trade, albeit it could not be called really Argentina and Australia. The Argentine figures of 6,565,satisfactory. Buyers have been taking the low-priced flour. 000 bushels and Australia's of 3.040.000 bushels, signifiIn 80111e cases they have held aloof because the mills asked cantly enough fell practically flat, in Liverpool at least, and
effect here. Still, there was a
prices above their limits. There were indeed many bids in indeed they bad no great
there is a net
inst. buyers small net decline here to-day. For the week
the market below a working basis. On the 2d
advance of 1 to 1%c.
seemed to show more interest. Mills were offering flour for
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sal. Mon. Tues. Wed. Thurs. Fri.
lake and rail shipment at reductions as compared with the No. 2 red
120% 119%
1114i 120
cts_11614 120
all-rail prices. The clearances from New York on the 2c1 DATLY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
Inst. were 92,587 sacks to the United Kingdom, Hamburg May delivery in elevator
102yi 10134 102W. 102N 101%
cts_Int
4
10244 1034 Ina% 1033 3034 1034
and Rotterdam and 500 sacks of rye flour to Hamburg. As July delivery in elevator
104J
104.4 104
104
September delivery in elevator---103Hf104
regards new export business, it has been to all appearances
Thursday some 31/4 to 4e.
Indian corn had advanced by
small where there was any at all. On the whole the under- Cash markets have been stronger. The visible supply in
tone of the market has been perhaps a little steadier.
the United States, according to the usual table, fell off last
Wheat advanced partly on an oversold condition of the week 902,000 bushels. Light receipts and higher cash marmarket Liverpool at times has been rather steadier, too. kets, as well as a steadily dwindling visible supply, which.
is 26.074,000 bushels, had
World's exports have been rather large, however. But one according to the usual figures,
their effect early in the week. Later the tone became a little
crop expert suggests an American winter wheat crop of only more
cautious. Better weather caused an increase in the
578,000,000, against 572,000,000 last year, whereas some marketing at the West. But on Thursday there were relook for more than that. Export business has been light. ports of larger buying orders from country points at ChiBut the rise in corn has had not a little to do in bracing up cago. The undertone, taking the week as a whole, has unstrong
wheat prices and offsetting rather more favorable wheat doubtedly been stronger under the stimulus of the
1694
THE CHRONICLE
.:cash position. Cash corn has been wanted. Speculation
has not been very heavy, but the consumption goes steadily
,on. There was an active demand at one time for May, which
with a firmer tone of cash markets contributed not a little
to the strength of the general position. Chicago wired on
Monday that of the estimated 112 cars of corn received, 17
cars were consigned direct to a large industry, leaving only
95 for sale on the open market. Chicago early in the week
reported a much better demand for cash corn. Sales were
'
larger than for many weeks. This is the season when under
normal condition the Eastern demand for corn comes into
play, and it looks as if it were starting on time. Omaha
wired: "Farmers are getting 55 to 60c. for corn, mostly 55c.,
and down to 50c. on account of grade, while hogs are selling
at Omaha at $7 25 to $7 50, which nets farmers about $6 50,
leaving a nice feeding margin." Des Moines wired: "A
• meeting of Nebraska farmers is called for April 10 at Lincoln, Neb., by the Corn Growers' Association, which seeks
to secure production cost, plus a reasonable profit. The
organization's work is now under way in other States." The
available supply in North America was 27.314,000 bushels,
against 31,266,000 a year ago; the decrease for the week was
• 963,000 bushels. Later continued small receipts and firm
cash markets told on Chicago in steadying or raising prices.
The rise of 5c. in less than a week caused some profit taking sales. To-day prices advanced at one time but reacted
later. There was a net decline to-day of some
to lc., May
showing the most depression. There was some pressure to
sell in the later trading. Yet with it all the price trend for
the week has been upward, despite occasional setbacks.
The net rise is 2% to 3e.
[VOL; 118.
The statements of the movements of breadstuffs to market
indicated below are prepared by us from figutes collectM by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Bye.
,bls.198Ibs.bush.6010s
.bush.56 lbs.bush. 32 lbs.bush.48lbs. bush.5018s
Chicago
242,000
190,000 1.279,000
910.000 171.000
47,000
Minneapolis_
1,880,000
332,000
364,000 210,000
74,000
Duluth
402,000
282,000
38,000
3.000
95,000
Milwaukee_ _
.
31,000
16.000
339.000
218,000
123,000
51,000
Toledo
20.000
96,000
47,000
Detroit
19,000
24,000
52,000
1.000
Indianapolis_
49,000
153,000
90,000
St. Louis_ _ _
98.000
284,000
687,000
386,000
14,000
7,000
Pcoria
52,000
12,000
189,000
194,000
7,000
Kansas City_
306,000
179,000
100,000
Omaha
158,000
311,000
352,000
St. Joseph_
162,000
128,000
34,000
Sioux City17,000
107,008
82,000
Total wk. '24 423,000 3,315,000 4,106,000 2.847,000
Same wk. '23 529,000 4,252,000 3,727,000 4.651,000 528,000 271i,000
Same wk. '22 427,000 3,611,000 3.754,000 2,827,000 859,000 585,000
553,000
363,000
Since Aug.11923-24_ _ _ _ 14,681,000 172,227,000222,236,000 176,036,000
1922-23_ _ _ _ 17,313,000 337,494,000238.453,0M 169."01.000 32,610,00022.349,000
30,530,000 0,513,000
1921-22
15.291 0041271 ass nnn 907 509 WM 155 190 CAM 97 lima 'inn la t,1 Ann
,
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Al tr. 29 1924 follow:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
'Barrels.
Bushel,.
Bushels.
Bushels.
Bushel,. Bushels.
New York_
250,000 1,158,000
119,000
156,000
12,000
75,000
Portland, Me_
13,000
371,000
14,000
135.000
33,000
Philadelphia__
41,000
682,000
41,000
34,000
50,000
Ba1t1more_ _
23.000
200,000
96,000
36,000
165,000
Norfolk
8,000
146.000
23,000
DAILY CLOSING PRICES OF CORN IN NEW YORK.
New Orleans•
60,000
112,000
16,000
Sat. Mon. Tues. Wed. Thurs. Fri. Galveston_
31,000
• No. 2 mixed
cts_ 94% 955i 9634 9934 993.1 9834 Montreal __ __
20,000
56,000
11,000
108,000
5.000
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. St.John, N.B.
59.000
264.000
75,000
42,000
92,000
34,000
Sat. Mon. Tues. Wed. Thurs. Fri. Boston
3,000
18.000
9,000
May delivery in elevator
cts_ 76
77
78
7831 793i 783.
Total wk. '24 500,000 2,770,000
July delivery in elevator
773
78
542.000
7834 7931 79% 793i
578,000 115,000
3ince Jan.1'24 6,924,000 39,075.000 8,857,000 9,003,000 2,908,000 391,000
September delivery in elevator- -- - 7734 78
7834 7931 7934 79
1,575,000
Oats advanced under the lead of corn and wheat. Besides, Week 1923_ _ _ 533,000 4.956,000 856,111
782,000 208,000 267,000
seeding is delayed. Also continued light receipts counted. 3ince Jan.1'23 6.910.000 61.041.000 24.141.000 8544000 2.123 (100 2_259 MI
•Receipts do not include grain passing through New Orleans
So did higher cash markets and covering of shorts. The
for foreign ports
on through bills of lading.
rise up to April 2 was
4c. Some were suggesting that it may
The exports from the several seaboard ports for the week
have culminated. The demand for May was good early in
the week, with cash demand brisk. Export sales on the 1st ending Saturday, Mar. 29 1924, are shown in the annexed
Inst. were 40,000 bushels. B. W. Snow said that hardly a statement:
field of oats is seeded in the great oats territory. Lincoln, Exportsfrom- Wheat. Con.
Flour.
Oats.
Rye.
Barley. PULL
Neb., wired: "Oats seeding late. Preparation of ground
Bushels. Busrhels. Barrels. Bushels. Bushels. Bushels. Bushels.
not begun. Some oats land likely to go into corn." The New York
1,156.924
42.990
30,000
available supply in the United States increased 355,000 bush- Portland, Me_ _ _ _ 371,000 14,000 144,754 135,000 171,000 33,000
13,000
...
114,000
3,000 120,000
els for the week. It is now 49,733,000 bushels, against 44,- Boston
Philadelphia
128.000
78,000 7,000
655,000 a year ago. A reaction came when repeated sales of Baltimore
273,000
77,000 3,000
108,000
Norfolk
8,000 146.000
Canadian oats in American markets were reported, but May New Orleans_
23,000
54,000
3,000
oats stood up very well and also September. July felt sell- St.John, N.B.__ 264,000 117,000 59,000 75,000 92,000 42,000
ing more. To-day prices reacted with other grain. Offer- Total week 1924_
2,314,924 474,990 283,754 363.000
98,000
ings were larger and the demand was slight. Yet for the Same week 1923. 3.263.179 712.666 306.382 446.504 371,000 209.2111
132.624
week there is a net advance of 1 to 1%c.
The destination of these exports for the week and since
DAILY CLOSING PRICES OF OATS IN NEW YORK.
July 1 1923 is as below:
Sat.
Mon. Tues. Wed. Thurs. Fri.
No.2 white
eta.. 5634 5634 5634 58% 5834 5834
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cis_ 447-I 4534 4571 4631 4631 4634
July delivery in elevator
4334 4434 4434 45
4434 4434
September delivery in elevator......4034 4074 4031 41
4134 4034
Flour.
Exports for Week
and Since
Week
Mee
July 1 toMar.29 July 1
1924.
1923.
Wheat.
Week
Mar. 29
1924.
Since
July 1
1923.
Corn.
Week
Mar. 29
1924.
Since
July 1
1923.
Barrels. Barrels.
Rye advanced with other grain. Not much business was
Bushels.
Bushels.
Bushels. Bushels.
United Kingdom. 84,455 3,486,712 1,225,776 71,306,946 288,990 3,370,226
done. Some 80,000 bushels were taken for export on the 2d Continent
182,354 6,812,525 1,033,142 106,482,866 155,000 3,786,296
So.dr Cent. Amer_ 10,000
inst. At times prices receded with wheat. The trouble, too,
205,000
353.000
1,000
88,000
West Indies
7,000
30,000
977,000
was that strong incentives for trading were lacking. Clem- Brit.No.Am.CoLs_ 20,000 722,000
68,000
ent, Curtis & Co. state the condition at 82%, against a ten- Other Countries.. 6,945 679,042
56,006 1,853,536
8.000
• year average of 87.9%, indicating a crop of 61,000,000 bushTotal 1924
283,754 11,905,279 2,314,924 180,003,348 474,990 8,295,522
Tntal 1922
200.3R2 11.039.704 3.283.179 254.114.205 712.008 73 RA9 nen
els, compared with 63,000,000 bushels last year and 103,000,
000 in 1922. The crop wintered badly in the principal areas
The world's shipment of wheat and corn, as furnished by
• of Minnesota and the Dakotas. To-day prices swung lower Broomhall to the New York Produce Exchange, for the week
owing to the reaction in the rest of the grain list. But the ending Friday, Mar. 28, and since July 1 1923 and 1922,
decline was not marked; far from it. Prices of late, how- art shown in the following:
ever, have been more or less irregular. On Thursday some
Wheat.
Corn.
months were %c. higher and others Mc. lower. The week
has been characterized by sluggish trading and lack of inter1923-24.
1922-23.
1923-24.
1922-23.
esting features either as regards fhe home or the foreign
Week I
Since
Since
IWeek
Since
Since
trade. And while other grain has shown a noteworthy rise
Mar. 28. July 1.
July 1. Mar. 28.
Alp 1.
July 1.
It is a fact that the net advance in rye, as compared with
Bushels.
Bushels.
Bushel,,
Bushels.
Bushels.
Bushels.
last Friday, is only Mc.
North Amer. 7.354,000 336,723,000349,025,000 580,000 10,632,000 77,931,000
DAILY CLOSING PRICES OF RYE FUTURES
Sat. Mon. Tues.
May delivery in elevator
cts_ 65% 6631 6634
July delivery in elevator
cts- 673.1 6831 6771
IN CHICAGO.
Wed. Thurs. Fri.
66% 663.1 657.1
68
6734 6734
The following are closing quotations:
Russ.dr Dan. 400.000 39,802,000 5,247,000
Argentine._ _ 6,980,000103,856,000 94,259,000
Australia
912,000 50,490,000 34,364.000
India
12,416,000 7,460,000
0th. countr's
1,584,000
Total
484,000 21,633,000 4,934,000
200,000 74,322,000 94,956,000
115,000 14,870,000 4,751,000
15,626,000544,871.000490,355,000 1.379.0004i21,457,000
182,572,000
GRAIN.
The visible supply of grain, comprising the stocks in
Wheat. New York:
Oats:
granary at principal points of accumulation at lake and
No. 2 red.f.o.b
11934
No. 2 white
58 A
No. 1 Northern
14134
seaboard ports Saturday, Mar. 29, was as follows:
No. 3 white
57
. No. 2 hard winter, f.o.b.-11934 Rye, New York:
GRAIN STOCKS.
No 2 c.i.f
Wheat.
Corn.
Oat!.
7634
Rye.
Corn:
Barley.
Chicago, No. 2
United Statesbush.
bush.
bush.
bush.
No.2 mixed
bush.
9834 Barley, New York:
New York
320.000
86.000
513,000
239,000
86,000
No. 2 yellow
Malting
9934
Boston
2,000
9,000
18,000
3,000
1,000
Chicago
501,000
368,000
87,000
ES Philadelphia
149,000
30,000
Baltimore
316,000
317,000
103,000
FLOUR.
242,000
4,000
Newport News
36,000
Spring patents
$6 101$6 60 Rye flour, patents
$4 10191$440 New Orleans
135,000
750,000
183,000
'Clears,first spring
48,000
5 00
5 50 Seminole No. 2,1b
Galveston
3%
475,000
42,000
Soft winter straights_ _ _ 5 00
530 Oats goods
28234@ 29234 Buffalo
3,370,000 1,036.000
802,000 1,506,000
Hard winter straights_ _ 5 50
6 00 Corn flour
94,000
" afloat
230@ 235
335,000
685,000
Hard winter patents
6 00
6 50 Barley goods
Toledo
1,312,000
216,000
288,000
15,000
Hard winter clears
485(915 15 Nos. 2.3 and 4
3,000
3 60 Detroit
20,000
30,000
60,000
Fancy Minn.patents_ -- 745(918 10 Fancy pearl, Nos.2,3
21,000
Chicago
15.102,000 6,606,000 4,439,000 1,829,000
755(91805
City mills
and 4
213:666
6 00
" afloat
322,000
9S)
THE CHRONICLE
A.I.R. 5 1924]
Rye,
Oats,
Corn,
Wheat.
bush.
bush,
bush,
bush,
852,000
832,000
315,000 1,518,000
990,000
8,237,000 5,742,000 2,133,000 7,708,000
14,633,000 1,674,000 4,801,000 7,969.000
14,000
361,000
457,000
263,000
18,000
337.000
959,000
1,241,000
206.000
607,000
11,041,000 2,031,000
10,000
103,000
381,000
756.000
73.000
197,000
29,000
115,000
527,000
276,000
182,000
798,000
2,782.000 1.946,000
Barley.
bush'
76.000
1695
THE DRY GOODS TRADE
Friday Night, April 4 1924.
Despite the attractive prices prevailing in many lines, the
markets for textiles, with the exception of fancies and specialties, presented a more or less quiet appearance during
the past week. There is said to be such a quantity of fandes and specialties on the market that jobbers are unable
in volume, which in turn is forcing them to
13,000 to sell staples
carry light stocks. In fact, it is claimed that stocks of goods
1,580,000 in jobbers' hands are lighter than a year ago. It has been
Total Mar.291924.- _59,549.000 26,074,000 16,669,000 21,716.000 1,617,000
Total Mar.22 1924_ _ _60,624,000 26,976,000 17,332,000 21,709,000 2,578,000 officially estimated by the jobbers' association that commit18,273.000
Total Mar. 311923_ _45,785,000 28,742,000 24,044,000
bushels.
-Bonded grain not included above: Oats, New York, 684,0001,239,000 ments are from 331-3 to 60% of last year at this time.
Note.
7,000: total,
Boston, 86,000; Baltimore, 4,000; Buffalo, 458,000; Duluth,
While this taken in conjunction with increasing curtailment
against 1.875,000 bushels in 1923. Barley, New York. 161,000 bushels;
bushels,
1923. Wheat, In producing centres would indicate that trade in textiles
Duluth, 11,000; total, 172,000 bushels, against 1,359,000 bushels in
Baltimore.
New York, 609,000 bushels; Boston, 33.000; Philadelphia, 883,000;
Erie, 2,238,- is not going to enjoy real stability for some time to come,
806,000; Buffalo, 3,943,000; Buffalo afloat, 1,774,000; Duluth. 232,000;
bushels. against sentiment in many quarters appears to be growing more
000; Toledo afloat, 896,000: Fairport, 895,000: total, 12,309,000
10,439,000 bushels in 1923.
optimistic in regard to the near future. The latter is parCanadian
219,000 ticularly true in connection with the cotton goods division.
214,000
925,000
30,000
438,000
Montreal
7,470,000 1,407,000 1,372,000 Both sales and inquiries have improved during the week,
Ft. William ez Pt. Arthur_49,258,000
298,000
3,034,000
" afloat
520.000 being stimulated to a large extent by the firmness which
151,000
1,124,000
1,949,000
Other Canadian
developed in the markets for raw material. The buying of
30,000 9,817,000 1,772,000 2,111,000
Total Mar.29 1924_ - _ _54,677,000
improvement. Either the near
28,000 9,842,000 1,822,000 2,044.000 print cloths showed decided
Total Mar.22 1924_ _ _ _55,012,000
153,000 4,238,000 approach of Easter or a general spread of confidence seems
255,000 5,318,000
Total Mar.31 1923._ -38,396,000
•
Summary
forcing retailers to enter the markets
59,549,000 26,074,000 16,689,000 21,716,000 1.580.000 to be working toward
American
30,000 9,817,000 1,772,000 2,111.000 and make purchases. They are making closer inquiries for
54,677,000
Canadian
such goods as all kinds of children's wear and are less disTotal Mar.29 1924_l14.220.000 26,104,000 26,486,000 23,488,000 3,691,000
3,661,000
Total Afar. 22 1924_ _115,636.000 27,004,000 27,174,000 23,531,000 6,816.000 posed to feature the bargains for the purpose of special
29.362,000 18,426.000
Total Mar. 31 1923-- 84,181,000 28.997,000
drives or sales. Furthermore, activity in made-up staples is
WEATHER BULLETIN FOR THE WEEK ENDING usually considered the forerunner of a better demand all
-The general summary of the weather bulletin along the line. There has been evidence during the week
APRIL 1.
issued by the Department of Agriculture, indicating the that some of the larger buyers of brown goods have decided
influence of the weather for the week ending April 1, is to make purchases for later delivery if mills can be induced
as follows:
to apply low spot prices to contract deliveries. In view of
North-Central
An area of moderately low pressure moved from the
the raw material situation,
precipitation, mostly light the uncertainties surrounding
States eastward early in the week, attended by
weather hdwever, mills are not willing to meet them, and at the sign
snow, from the upper Mississippi Valley eastward. The principal
was the passing of a severe storm over the interior of of increasing demand higher prices are asked.
feature of the week
-30th. On the morning of March 29 this storm was
the country on the 28
DOMESTIC COTTON GOODS: The atmosphere .has
centered over Iowa, with the minimum barometer reading of 28.82 inches,
and shifting gales were reported over much of the country between the been more cheerful in domestic cotton goods markets during
the
Appalachian and Rocky Mountains, with severe local wind storms in and
the week. Although sales have not been large, demand has
Interior States. The storm brought heavy rain to the interior valleys
Appalachian Mountains, and heavy snows to the North-Central States. improved in a number of directions. Merchants handling
There was considerable loss of life and much property damage locally in the
Interior by high winds, and by floods in the Appalachian Mountain section bleached goods. ginghams, suitings, percales, fancy cretonnes
especially in northern West Virginia and western Maryland. This was and other lines report that they have been securing a more
one of the severest storms experienced in recent years in the interior of the
satisfactory business. Orders are said to have come in from
country.
The temneratures were low for the season in the Central East and South- a wide area of country and for a varied lot of goods. This
but there was a rapid warming up during the
east at begin ling of the week,
need
following few days, with readings much above normal. Near the close of Is taken as convincing proof that stocks are low and
the week there was a marked reaction to colder weather in all interior dis- replenishment. There has been notable improvement in the
freezing as far south as Tennessee
tricts ea.st of the Rocky Mountains, with
fabrics, which is considered
and central Arkansas. It was persistently cold in the Northwest and most demand for some of the shirting
of the West.
business that will be more profitable
as a whole, significant of a future
Chart I, page 4, shows that the temperature for the week,
colored shirts in recent
averaged much below normal from the Lake region and middle Mississippi than the sales of white and plain
and
Valley westward. It was especially cold in the north-central Plainstem- months. New fancies are said to be selling well, and are
Rocky Mountain sections where some stations reported weekly mean was
now being cut up hastily by shirt manufacturers who are
peratures ranging from 9 to 15 degrees below the seasonal average. It
warmer than normal in the South and East. especially in the south Atlantic being rushed on the new lines. Another encouraging factor
area where the temperature averaged from 4 to 9 degrees above normal.
decided improvement in the deChart II shows that precipitation was heavy throughout the interior during the week has been a
States from the eastern Great Plains to the Appalachian Mountains. mand for print cloths, while an additional interesting feathan during recent weeks throughout the South.
Precipitation was much less
buyers of standing in the
except in northern Florida, and was generally light in the more northeastern ture has been the fact that some
States and over the western half of the country, except in the far Southwest markets are said to be ready to make engagements into June.
heavy in much of Arizona, and central
and Northwest. Precipitation was
to sell for deand southern California, and was mostly moderate in north Pacific coast Most mills, however, have declined offers
districts. The week was generally clear in the South. but much cloudy ferred delivery that far ahead, the exceptions naming prices
Ohio
weather prevailed in the central Mississippi Valley and northern
that have not been workable. On the other hand, judging
Valley States
Much more favorable weather for outdoor operations prevailed during from the character of inquiries received, some selling agents
the week in Southern States where considerable field work was done in
are now about ready
Preparation for spring planting and planting of early crops. It continued are inclined to the belief that buyers
mostly cold,cloudy, and wet in the central portions of the country, however, to go ahead, whatever the immediate course of raw material
and field work made very little progress, while heavy snows in Central28-inch, 64 x 64's construcNorthern States prevented most outdoor operations. Vegetation responded markets may be. Print cloths.
,4,c. Gray
rapidly to the warmer, dry weather in the South. though a cool wave had tion, are quoted at 7c.. and 27-inch, 64 x 60's. at 61
that area at the close of the week, bringing heavy to killing
overspread
and 39
frosts to the northern portions of the central Gulf States, with some damage goods in the 39-inch. 68 x 72's, are quoted at 10%c.,
in the lower Mississippi Valley. A heavy glaze storm did considerable harin inch. 80 x 80's. at 13c.
in the western Lake region, while heavy, driftto trees and overhead wires
WOOLEN GOODS: Markets for woolens and worsteds
ing snow impeded traffic in the upper Mississippi Valley.
It continued cold and stormy over much of the great western grazing remained quiet during the week. There was some improvefor stock and was generally unarea, which was somewhat unfavorable
favorable for field operations. Precipitation in the Southwest, however, ment noted, however, in fall buying of piece goods by men's
was very beneficial and also over the western Plateau districts, while the
factors, and while the demand has been below normal.
soil was markedly improved by heavy rains in central and southern Cali- wear
fornia. Soil moisture at the beginning of April was ample in practically all they point out that buyers are taking more than sample
was needed in a few local areas, parsections of the country, though rain
Much of the recent inactivity in the markets has
ticularly in northern California and in portions of Idaho and Washington. pieces.
There was frost damage in the North Pacific States.
been attributed to the threatened tie-up of the garment inSMALL GRAINS.
-Wheat showed some greening up during the week in dustry on May 1. at which time the present agreement bethe Ohio Valley area, and slight improvement was noted in its condition.
Alternate thawing and freezing with bare ground, however, was rather tween the garment manufacturers and the Garment Workunfavorable in the lower western Lake region. The condition of this crop ers' Union expires. According to some market factors. the
continued satisfactory in Missouri, and generally so in the Great Plains
States, although very little growth was noted during the week because of tie-up may prove to be a blessing in disguise. It is pointed
the cool weather. Wheat was reported as stooling well in Kansas, and out that the stocks of garments, including both spring and
satisfactory progress was noted in the extreme lower Great Plains. The
left over from
Plants were showing up and appear to be in good condition in Montana, fall, now in garment manufacturers' hands
though thawing and freezing weather was rather unfavorable in that State. the past two seasons, will have to be moved before there can
favorably affected by snowfall in the western mountain,
Winter grains were
be any genuine recovery in the garment trade. TI' production
and plateau districts.
The weather was generally unfavorable for field work in the spring wheat continued, the subnormal consumer demand which is counted
area where it was stormy and cold, with considerable snow. Very little
upon for some time' is insufficient to move the .present supseeding was done during the week
Some spring oats were seeded in South-Central States, but very little ply of stocks, while if there is a tie-up and consequent cessasowing was done in the central Great Plains and interior valleys, because
an opporof wet stormy weather: this work is much behind the average season. Early tion of production, it will give manufacturers
seeded oats made fairly good progress in the extreme lower Great Plains, tunity to meet the retail demand from their stocks and comand imprevament was noted in districts to the eastward.
-With more favorable weather, corn planting mence the next season with clean shelves.
CORN AND COTTON.
made good progress in the Southern States, though the work is much
FOREIGN DRY GOODS: No particular activity develusually begins at this season as far north as central
behind, as planting
Demand for
North Carolina, extreme southwestern Kentucky, and southeastern Kansas. ened in me^kets for linens during the week.
Some corn was planted as far north as southern Oklahoma during the week, hendkevehiefs continued good, but otherwise the buying was
the southern portions of the east Gulf States.
and planting was general in
that imThe preparation of cotton land made good progress in all portions of quiet. Household linens were dull, despite the fact
the belt, this work being favored by the dry and generally warm weather, porters are taking no cognizance of higher primary quotaoverspread the Cotton Belt at the close of the
though a cool wave had again
influenced by
week. The planting of cotton is very backward. There was some planting tions and the likelihood of further increases
done in the southern portions of the east Gulf States and in the Florida the higher costs of raw material. Burlaps ruled quiet durPeninsula. Planting in Texas is still confined to the southern third of the
provided with
State, and germination, progress, and condition of the early-planted are ing the week, as consumers appear to be well
poor. In an average season planting usually begins by April 1 in southern supplies, for immediate needs at least. Light weights are
South Carolina, central Georgia, northeastern Louisiana, and north-central
quoted at 6.10c., and heavies at 8.00 to 8.05c.
Texas.
Milwaukee
" afloat
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
St. Joseph, MO
Peoria
Indianapolis_
Omaha
216,000
620,000
5,000
3,000
204.000
2,000
1696
THE CHRONICLE
[vol.. 118.
8
sold at 101.41 for 4%s to Paine, Webber & Co. of Minneapolis; Monmouth County, N. J., 43i% road and bridge
bonds, aggregating $1,198,000, comprising two separate
MUNICIPAL BOND SALES IN MARCH.
issues, disposed of to Graham, Parsons & Co., B. J. Van
The output of State and municipal bonds continues large Ingen & Co. and J. G. White & Co. of New York, and
and during March was in exc, of that for the months J. S. Rippel & Co. of Newark at 100.38, a basis of about
ss
immediately preceding. According to our compilations, 4.45%; $1,000,000 4% water bonds of Portland, Ore.,
the aggregate of the awards of new long-term issues in March awarded at 92.10, a basis of about 4.60% to a syndicate
was $96,035,661. This compares with $92,988,074 for Feb- composed of the Ladd & Tilton Bank of Portland, the
ruary and $92,486,572 for January of the present year and Bankers Trust Co., Ames, Emerich & Co. and Hannahs,
with $69,235,244 for March a year ago. Large issues again Bailin & Lee, all of New York; Providence, R. I., $1,000,000
predominated, and a further decline is to be noted in the 43,4% bonds, $500,000 for school and $500,000 for sewer,
number of separate issues placed during the month, this sold to Putnam & Storer of Boston at 98.856, a basis of
being only 434, emitted by 330 municipalities. Four large about 4.315%, and an issue of $1,000,000 5% municipal
blocks put out during the month make by themselves alone light and power bonds of Seattle, Wash., which went to
a total of $27,000,000. The largest block of bonds marketed Carstens & Earles, Inc., of Seattle.
Included in the bonds offered but not sold during March
during the month was made by the city of San Francisco,
Calif., which on March 24 placed $5,281,000 432% water were $5,000,000 bonds of the Chicago Sanitary District, Ill.,
bonds at 98.451, a basis of about 4.62%, and $5,000,000 $10,000,000 bonds of the State of Illinois and $2,000,000
5% school bonds at 103.921, a basis of about 4.73%, with bonds of Tulsa School District No. 22, Okla.
Temporary loans negotiated during March aggregated
a syndicate composed of the First National Bank of New
York, Kissel, Kinnicutt 44c Co., Redmond & Co., Halsey, $81,864,000. This includes $67,157,000 revenue bills and
Stuart & Co., Inc., Eldredge & Co. and the Detroit Co., bonds and corporate stock notes issued by New York City,
Inc., all of New York; Stevenson, Perry, Stacy & Co. and and also $3,700,000 43'% 1-year notes issued by the State
the Northern Trust Co., both of Chicago, and the Anglo of North Carolina.
New issues of Canadian long-term bonds continue to deLondon Paris Co. and the Bank of Italy, both of San Francisco. Other large issues during the month included the crease, the disposal for March reaching only $5,036,905.
following: $7,000,000 43.% highway, road and bridge This compares with $8,558,040 for the previous month and
bonds of the State of Alabama at 101.45, an average cost of $27,064,438 for January. A block of $6,000,000 5%
-months Treasury bills was issued by the Province of
about 4.41%, to Ward, Sterne & Co. of Birmingham and 7
Brandon, Gordon & Waddell and Barr Bros. & Co., Inc., Ontario during the latter part of the month.
The following shows the various forms of obligations
both of New York; $5,000,0004% road bonds of the State
of West Virginia, placed at par with the State depositories, issued in March for the last five years:
and $5,000,000 43i% public building and improvement
1924.
1923. 1 1922.
1921.
1020.
bonds of St. Louis, Mo., sold to Estabrook & Co., Remick,
$
$
$
8
$
Hodges & Co., Kountze Bros., the Detroit Co., Inc., and Permanentloans(U.S.) 96,035,661 69,235,224I116,816,422 51,570,797
58,838,866
*Tempo'ry loans(U.S.)
Hannahs, Bailin & Lee, all of New York, at 101.157, the Can.fund bonds(Balt.) 81,884,000 40,753,538 70,849,420 86,996,125 77,062.000
300.000
do do
(N.Y.C.)
money costing the city about 4.33%.
500,00
6,500,000
Bonds U.S. possessions
116,000, 5,000,000
Other sales of the month worthy of mention were: Mil- Canadianloans(perm't)
Placed in Canada_ 4,605.9051 11,149,9091 11,250.000 3,500,000 5,000,000
waukee County, Wis., 4%% "Metropolitan Sewerage
Placed in U.
431,000 3.000,000 3,428.608 7,283,713 11,150,299
Bonds" of 1924, $3,736,000 in amount, awarded to a synTotal
182,936,5661124,254.671 207,344.450 149,850,63 58,851.165
dicate composed of Harris, Forbes & Co. and Halsey, Stuart
* Includes temporary securities Issued by New York City in March, $67,157,000
& Co., Inc., both of New York; First Trust & Savings Bank, in 1924,$27,862,000 in 1923. $51,074,281 in 1922,170,857,000 in 1921 and $66,395,000 in 1920.
the Illinois Merchants Trust Co., Continental & Commercial
The number of municipalities emitting permanent bonds
Trust & Savings Bank and Ames, Emerich & Co., all of
and the number of separate issues made during March 1924
Chicago, and the First National Co. of Detroit, on their
bid of 100.6569, a basis of about 4.68%; $3,000,000 State of were 330 and 434, respectively. This contrasts with 319 and
Louisiana Port Commission general improvement bonds, 593 for March 1923.
For comparative purposes we add the following table,
sold to the Wm. R. Compton Co. of St. Louis and Halsey,
Stuart & Co., Inc., of Chicago, as 43 s at par; $2,350,000 showing the output of long-term issues for March and the
%
4%% veterans' welfare bonds of the State of California, three months for a series of years:
Month of
For the
Month of
For the
March.
awarded to E. H. Rollins & Sons and Phelps, Fenn & Co.,
Three MA,.
March.
Three M03.
1924
$96,035,661 $281,510,307 1908
$18,912,083
$90,769,225
both of New York; seven issues of 434% bonds in the aggre- 1923
69,235,224
245,809,808 1907
10,620,197
58,326,063
1922
116.816,422
292,061,290 1906
20,332,012
57,030,249
gate of $2,195,000 for various local improvements of Buffalo, 1921
51,570,797
204,456,916 1905
17,980,922
35,727,806
1920
58,838,866
174,073.118 1904
N. Y., disposed of at par and interest to the Buffalo Trust
14,723,524
46,518,646
1,919
50,221,395
106,239,269 1903
9,084,046
30,176,768
Co. of Buffalo; an issue of $2,000,000 43i% water-works 1918
28,378,235
75,130,589 1902
7,989,232
31,519,536
1917
35,017.852
101,047,293 1901
10,432,241
23,894,354
bonds, sold by Dallas, Tex., to Eldredge & Co., Kean, 1916
32,779,315
120,003,238 1900
8.980.735
34,492,466
1915
a67,939,805
144,859,202 1899
5,507,311
Taylor & Co. and the Detroit Co., Inc., all of New York, 1914
18,621,586
43.346,491
165,762,752 1898
6,309,351
23,765,733
14,541,020
on their bid of 98.26, a basis of about 4.65%; Syracuse, 1913
72,613,546 1897
12,488,809
35,571,062
1912
21,138,269
75,634,179 1896
4.219,027
15,150,268
N. Y., bonds, $1,890,000 in amount, comprising $1,350,000 1911
22.800,196
123,463,619 1895
4,915,355
21,026,942
1910
z69,093,390
104,017,321 1894
5,080.424
for school, $420,000 for intercepting sewer and $120,000 1009
24,118,813
32,680,227
79,940,446 1893
6,994,246
17,504.423
municipal improvement, all bearing 43'i% interest, awarded
1892
8,150,500
22,264,431
a Includes $27,000,000 bonds of New York State.
to Sherwood & Merrifield, Inc., and H. L. Allen & Co., both
z Includes $50,000,000 bonds of New York City.
of New York, at 100.14, a basis of about 4.23%; Passaic,
In the following table we give a list of March 1924 loans
N. J., $1,511,500
% bonds, representing three separate in the amount of $96,035,661, issued
by 330 municipalities.
issues, $928,000 for school, awarded to Outwater & Wells In the case of each loan reference
is made to the page in the
of Jersey City and Austin, Grant & Co. and H. L. Allen & "Chronicle" where accounts of
the sale are given.
Co., both of New York, at 103.07, a basis of about 4.53%; Page.
Name.
Rate. Maturity. Amount. Price. Basis.
1573__Adams
101.05 5.27
$439,000 for improvements, awarded to M. M.Freeman & 1573Akron,County, Ohlo____5% 1924-1933 57.500 par
Ohio (4 Issues)--.5%
40,000
5.50
1439 Alabama (Stained)
4% 1949-1962 7,000,000 101.45 4.41
Co. of Philadelphia and Guaranty Co. and Eldredge & Co., 1173__Albany. Ga .1
5
1925-1949 100,000 103.06 4.66
both of New York, at 101.33, a basis of about 4.56%, and 1173__Albany. Ga
1925-1949 100,000 103.06 4.66
5
$144,500 for sewer, awarded to Ames, Emerich & Co., 1699„A1exandria S. D. No. 1,
La
5
1925-1964 1,250.000
1699-Allen County, Ind
5
1925-1934
12.000 101.10 4.79
Phelps,Fenn & Co., Equitable Trust Co. and Kountze Bros., 16.19.._Allen County, Ind
1925-1934
5
10.500 101.05 4.80 *
1699__Allen County, Ind
1925-1934
all of New York, at 102.98, a basis of about 4.54%; Reading 1573__Alvarado,
5
23,000 100.97 4.81
Tex.(2 Iss.)
serially
6
50,000 100.33
School District, Pa.,$1,500,000 43(% school bonds, awarded 1439_ _Anacortes, Wash
5%
30,000
1439__Annapolls. Md
to M. M. Freeman & Co., of Philadelphia at 101.03, a basis 1304_ _Arapahoe Co. S. D. No.43 1927-1946 100,000 100.918 4.42
26, Colo.(2
30.000
of about 4.17%; Alexandria School District No. 1, La., 1304 __Archuleta Co.Issues)___ _5
S. D. No.
1. Colo
.75,000
bonds,in the amount of $1,250,000, sold as 5s to the Whitney
5
1574 Arkansas and Missouri
Central Trust & Savings Bank of New Orleans; $686,700
Highway Dist., Ark..__5
1924-1947 600,000
special park and parkway improvement bonds (consisting 1304At1antic City, N. J. (2
Issues)
4% 1925-1964 725,000 101.40 4.64
1439 _ _ Azusa,Calif
1926-1964
57
50,000 104.44
of $486,700 4s and $200,000 43/2s) of Minneapolis, Minn., 1699-Beacon, N. Y.(3 issues)_434 1925-1943 310,000 100.38 5.15
4.46
awarded to the Wells-Dickey Co. of Minneapolis and El- 1304__Bellflower S. 1/, Callf 5
1925-1949
52,500 101.02 4.88
1699- _Benton County,Ind
5
24,500 101.06 4.79
1925-1934
dredge & Co. of New York at 100.05, a basis of about 4.65%, 1173.4131ack Hawk Co., Iowa5
950,000 100.15
Regulating
and $658,901 50 special improvement bonds of the same city, 1173__Black River Y
District, N.
5
1924-1973 300.000 103.77 4.74
ffitate anti Tit Department
1697
THE CHRONICLE
APR.5 1924.]
Rate. Maturity. Amount. Price.
Name.
Rate. Maturity. Amount. Price. Basis. Page. _Kent County. DeL
Name.
Page.
5,000 99
434
1576_
1439_ _Bloomfield Sell. Twp.,
11,500 100
434
1442 Kingston, N.Y
30,000 101.35
5 every6 mos
Ind
1576-Koochiching Co. Ind. S.
35,000
1439B1ue Springs S. D.. Mo_ _5
150.000 100.66
D. No. 4, Minn
4.50
43,000 100
4
1304--Bound Brook S. D.,IC J-% 1926-1943
1924-1949 156.000 101.65
1702__Lakewood, Ohio (3 iss.)--5
1574Boulder County S. D.No.
5.000
1933
1576_ _La Marr S. D., No. Dak_53(
63,000
534 d20-40 yrs
52, Colo
250.000 100
1702-Lane Co. Sch. Dist., Ore..
1,439--Box Butte & Dawson Cos.
60.000 104.16
434 30 years
1576_ _Lansdowne, Pa
4,500
it. S. D.No.92, Neb 534
56,950 100.57
6.00 1442„Larchmont, N. Y.(2 iss.)4.60 1925-1954
1935-1954 514.000 100
1304.. _Brentwood Irr. D.. Calif_6
434 1925-1954 450,000 102.818 4.25 1442_ _Larimer Co.S. D.No.24,
1439_ _Bridgeport, Conn
12.000
Colo
6 d10-20 yrs.
100.025 4.99
70.000
1926-1939
5
t
1439„BrigA on. Mich
60.000 104.39
1702-Lima. Ohio
534
25.000 100.50
5
1439__Bri eton, N.J
5.10
30.000 103
1176- _Lima. Ohio (2 imams)----5Xi 1925-1949
1925-1944 402.000 100.41
(2 iss.) _4
1439__Broo line, Mass.
35.000
1702-Lincoln Co. Et, D..8,Colo_5%
200,000
1439_ _Broward Co.,Fla.(21s8.). - 1934-1948 2,195,000 100 --- -6.00
1.000 100
.28 1442_ _Lincoln Co. S.V. Wash .6
4
N. Y.(7 issues)-434 1925-1944
1439__Buffalo,
0 4641 300,000 100.10 4.99
- 1 8
20,000 100.75 4.90 1576--Lockport. N..ON 2 ;ssues)5
1925-1944
1305-_Burbank H.S. D., Calif_5
100,000
5
50,000 105.118 4.28 1576--Long Beasti„"Calif
1939
434
1440_Burlington. Vt
4.75
434 1933-1973 3.000,000 100
1925-1934 275.000 101.85 4.615 1442-Louisiand ;State of)
Co., N..1_ _ _5
1305__Burlington
5.84 1576-Long Beach City S. D.,
15,000 101
1925-1934
6
1174-Caldwell. Ohio
5
4.50
1925-1954 600,000
2,350,000 100
yearly
434
-California (State of)
1700
Cg Beach City High
1576-Lonalif
75.000 105
..-6 20 install.
1574__Cannon, Tenn
5
.85
1925-1954 500,000
S. D. Calif
4
1925-1948 800.000 101.64 -5
1440__Canton, Ohio
6.00
45.000 100
1926-1964
1702-Louisburg, No. Caro_ _6
8.000
5
1440__Canton, N. Y
6.00
425.000 100
30.000 101.29 57.89 1576-Loveland, Colo.(2 iss.)-6
1927-1956
1574_ _Catalooehee Twp., N.0-6
35.000 101.16 ---1576-Lowell. Mass
434 1925-1941
1700-Charleston Ind, S. 13.,
90.000 103.197 4.69
5
1927-1951
1576-Lydonville, N. Y
200,000 103.81
5
W. Va
5.50
5% 1924-1931
12.459 100
575,0001 102.47 4.84l 1442-_Lyons S. D., Ohio
5
1954
1174__Chattanooga, Tenn
72.000 100.90 4.13
1925-1942
1576-Manchester. Mass
80,0001
1928-1937
5
1174_ _Chattanooga, Tenn
r
1925-1944 112,294
250.000 102.38 4.50 1308_ _Mansfield, Ohio
1929-1930
1174_ -Chautauqua Co., N. Y_5
'
434 1935-1944 250,000 100.36 4.71 1576-Mansfield City S. D., M
1174_ _Clay Co.,Minn
5% 1925-1953
80.000 105.50 4.92
Ohio
1440--Clay Twp. S. D. No. 1,
30,000 101.05 5.45
---- 1442....Marathon Co., Wis ----6
1925-1927
20,000
Mich
1177__Maricopa Co. S. D. No.
100.000 100.115
1305_ _Clinton S.D.No.116. Ill.
a6
48.000 9100.45 5.47
83 Ariz
1944
5)4
60,000 101.022 1925-1935
1700-Clinton Sell. Twp.,Ind....5
5
90,000 101.29
1702--Marietta, Ga
10.975
1925-1933
1574-Clyde. Kan.(2 issues)---5
5.50 1308_ _Marion County,Ohio_ ---534 1925-1934
69,700 y100.23
14,500 100
534 1925-1934
Ohio
1174-Co1dwater,
5
1925-1934 360.000
1576__Marshall, Texas
100.000 100.76
6
serially
1440-Cookeville, Tenn
5
1576_ _Massillon. Ohio
1925-1949 300.000 101.504 4.85
85.000 102.67
1174_ _Cooper Ind. S. D.. Tex_ _5%
10.000 100.60 ---1442--Meeker Co., Minn
534
50,000 101.08
1440_ _Coos Co.S.D.No.9.Ore_5%
70.000
20.000 107.65 W:66 1442-Meeker Co., Minn
6
1924-1943
1574 _ _Corfu,N.Y
1576--Maxton Con. S. D., No.
53,000 101.91
534
-Corinth, Miss
1700
5% 1927-1954 100,000 102.59 5.27
Caro
434 1929-1949 200,000
1305_ _Coropolts S. I-)., Pa
64.000 101.82
1308-Melrose. Mass
t
1925-1944
1700-Cousart-Bayou Dr. Dist.
6.00 1703- Meridian, Miss
166.000 100.63
150,000 100
6
'
Ark
1308- Meridian, Miss.(2 iss.)--5%
121,750
16.000
1574-Croc2ett Ind. S. D.,Tax_
34.000 101.54 K2.5 1703_ -Meridian Sep. Sell. Diet..
1305..0 uyahoga Heights, Ohio _5% 1925-1941
4.65
Miss
5341925-1949 500.000 101.05 5.15
44 1925-1964 2,000,000
1305__Dallas, Texas
5
1577.. Michigan City, Ind
34.000 103.34 4.50
1925-1939
15.000
5
1574-Daly City, Calif
1308-Midland Park S.D.,N.J.5
1926-1964 179.000 100.03 4.99
20,000
S. D.,Iowa_
/700-Dow Ind.
6.00 1308- Miami Co..Ohio1926-1930
7.500 100.35 5.40
300,000 100
6
1934
1574_ -Decatur, Ala
8.000 100.26 5.43
1026-11,30
17.981 104.04 5.24 1308_ Miami Co., Ohio
1925-1934
6
1574__Defiance, Ohio
5
1925-1946
22,000 101.16 487
17,903 104.08 5.23 1703. Middletown Ohio
1925-1934
6
1574„Deflance, Ohio
5.08
57,955 101.68 5.635 1703„Middletown, Ohio
534 1926-1934
14,400 102.31
1925-1934
1575_ _Delphos.Ohio(4 issues)_ _6
1177-Mifflin Twp. Rur. S. D•
175,000 98.64
.
1575_ _Denison.Texas(4issues)_5
Ohio
534 1925-1946
90.000 102.90 5.16
9,653 101.01 W:24
534 1925-1933
1305__Dennison, Ohio
300.000 103.16 4.67 1442_ _Miami Beach,Fla.(9 is.)_5Si 1925-1043 A34.000 100.00 5.37
yearly
1700-Dodge County. Wisc....-5
1935-1944 3,736.000 100.656 4.68
1925-1949 100,000 103.06 4.66 1703_ _Milwaukee County,Wisc.4
5
1174_ _Dougherty 00.,Ga
4.50 1703-Mill Sell. Dist., Calif----5
42.000 104.10 5.15
1925-1954
19.000 100
434 1925-1934
)100_ _Dubois County,Ind
4.48 1577_ Minneapolis, Mien
434 1925-1944 658,902 101.41
1937-1944 125.000 100.31
4
1440_-Dubuque,Iowa
47.68
1925-1944 200.000 101.65 4.55 1577- _Minneapolis, Minn.(4 is.)4% 1924-1934 466,700 t 100.05 4
1574_ _Duluth. Minn
434 1923-1932 200.0001
434 1925-1949 125,000 100.13 4.48 1577-Minneapolis,Minn
1574_ _Duluth, Mien
-1033
1,350 105
1926-1953 255,000 101.76 4.35 1577-Mission Tv;p.. No.Dak
_Duqutsne, Pa
434
1306_
5
1577--Mitchell Co., Ga
100.000
1939
1575_ _Eastchester Union Free
5
280,000 100.25
96.000 100.139 4.58 1577-Mobile, Ala
4 60 1929-1939
S. D.No. 1,N.Y
25,000 109.10 4.99 1442-Monmouth Co., N. .J.
1924-1948
6
1306- -Ellicottville„ N.Y
(2 issues)
434 1926-1944 1,198,000 100.38 4.45
1575_ _Ellis Co. Levee Dist. No.
6.00 1577-_Monrovia City S. D.,
65,000 100
6
3, Texas_
Calif
5
1925-1954 126.000
1701-Elmwood Place S. D.
1925-1944 100.000 10046 4.88
9,000 104.13 4.99 1177_ _Montebello S. D., Calif--5
534 1926-1943
'
Ohio
75,000 101.92 4.30 1443-Mon.ebello High S. D.,
434 1112 i-1949
1575-Enosuurg Fails, Vt
Calif
5
,
1925-1944 100,000 10046 4.88
99.900 101.83 5.14
1575_ _Erie Co., Ohio (2 Issues)-5X 1926-1934
_ ,_. 1703--Montgomery Co., 01110-.5% 1926-1945 170.000 105.58 4.86
85,000
1701 --Evansville, Wyo
6.00 1703_ _Montgomery Co., Ohio-.534 1926-1945 320.000 105.13 4.93
24,500 100
yearly
6
1575_ _Faith, So. Dak
1954
1443-Montgorrter y Co..Tenn _ _5
100,000
60,000 102.19
1306„Falconer, N. Y
1577--Montrose Co.S.D.No.1.
434 1925-1944 100,000 101
1306--Fall River, Mass
Coto
5
50.000 100.67 _Iin_ _morgan
20,000 99.819
1701-Falls County,Tex
town, No. Caro--6
1927-1944 150.000 103.32 5.64
1440_ _Fayette Twp. Bela. Dist.
1177--Morgantown, W. Va. .534 1925-1939 250,000 102.85 5.12
102.66
110,000
1954
5
No. 1. Mich
1443-Mt.Pleasant City, Utah_
38.000
1306--Fergus Co. B. D. No. 1,
5.50 1443--Mt. Vernon S. D. No.80.
37,500 100
534
Mont
Ill
5
60.000
1575_ _Findlay. Ohio (10 issues)_5% 1924-1934 452,443 100.95 4.11 1577--Muskegon. Mich.(21684.4% 1925-1935 462.000 100.61 4.725
96.16
1025-1934
1306-Flint Union Sell. Dist.
5
1925-1964 900,000 102.55r 4.82
1926-1943 950,000 101.93 4.82 1577_ -Nashville, Tenn
5
.
Mich.(2issues)
1577_ _New Bedford. Mass
434 1925-1954 95.5.000 100.16
1575-Franklin Co.,Ohio(5 iss.)534 1925-1934 135,000 102.54 4.97 1577-New Britain, Conn
47.36
434 1924-1053 150.000 101.341 1306_ Fulton and hard Counties
62,210 100.137
1308- -Newburgh. N.Y.(2iss.)-4.60 1925-1934
Highway Dist. No. 2.
1577--iiewcomerstown, Ohio--5X 1926-1950 100.000 101.943
100,000
534
Ark
5
41.000
1577--New Holstein, Wise
1926-1944
1441-Furnas Co. S. D. No. 19,
5.00
5
5.00 1703-.New Iberia, La
1925-1944 200.000 100
85.000 100
5
Nob
10,812 101.27 5.73 1308.-New Lyme Twp. Rural
1925-1933
6
1306„Gitrard, Ohio
S. D., Ohio
12,000 100.77 5.37
64.000 101.37 4.01
434 1925-1934
1306__Glouctster, Mass
1925-1936
29.500 100.26 ___ 1703--Nora Springs Ind. Sell.
1575__Grand Junction, Colo,--5%
Dist., Iowa
35.000 100.048 ---4%
1701.-Grand Rapids S. D.
Iowa
4.50 1309-New Virginia Ind. S. D.,
250,000 100
1938
434
'
Mk h
65.000 100.66
4%
125,000 94.53
6
1575_ _Grays H.rbor Co., Wash_
150.000 101.07
434
1932-1933 250.000 103.50 4.50 1443_ _Nicollet Co.. Minn
5
1441__Green C,., Wits
/66
220.000 100
5
1944
21.651 104.46 4.40 1703-Norfolk County, Va
534 1924-1932
_Greet.fi.ad. Ohio
1175_
50.000 100.623
1577--North Andover. Mass_ -4X 1925-1934
434
1575-Greenfield Twp. S. D.
4.75 1703..-North Bergen Twp., N.3-534 1926-1935 300.000 101.18 8:63
125,000 100
1954
434
No.4, Mich
1703-North Bergen Twp.,N.J_5
1926-1938 239.000 100.22 4.97
1441-Gunntson Co.S. D.No.5.
__ 1704-North Tonawanda S. D.,
8,000
6 d10-20 yrs.
0 ao
N. Y
434 1926-1941 310.000 101.56 4.55
43,000 100.63 4.69
4% 1926-1940
1175--Hackensack, N..1
5.00
1924-1960 110,700 100
141.000 100.86 4.64 1704--North Wildwood, N.J-- _5
4% 1925-1942
1441- _11ackensack, N.J
83.000 100.71
1309-Nowata. Okla
25,000
1306-Hale Center, Tex
1704-Nunda Un. Free S. D.
25,000
1306-liall Center,Tex
1926-1949 110.000 100.669 4.67
No. 1, N. Y
1925-1954 175.000 100.72 4.685
1701- _Hammond, Ind
175.000 100.32
1704-O'Brien Count)", Iowa- -54%
11,565 100.65
1701- _Hancock Co., Ohio
1309-Ocean City, N.J
1925-1936 • 115.000 102.008 4.64
5
190,000 101.19
5
1441-Hanford,Calif
5.00
58.000 100
1925-1944
5
4.83 1309_ _Ocean City. N.J
600,000 102.07
1944
5
1441_ _ Hannibal S. D., Mo
---- 1309-01cott S. D. of the Town
25,000 100
1175_ _Hardin, Mont
15.000 10115 4.84
1925-1939
of Nevrfane, N.Y
5
1575_ _Hardee Co. Spec. Tax S.
210.000
5.87 1443-Ontario Co.,N.Y
434
20,000 100.55
1925-1934
6
D.No.5,Fra
14.181 103.75 -250,000 101.94 4.86 1443--Oregon City. Ore
Yearly
5
1701_ _Harris County, Tex
60,000 100.13 4.97
1925-1932
1577- Ostego, Mich
500,000
Yearly
1701- _Harris County, Tex- _ - _
250.000 101.02 _
5
70,000 101.964 4.37 1443--Otter Tail Co., Minn _ _ _ -4%
------- 1947-1951
_Harrison Twp.S. D.,
1441_
1935-1943 336.000
1309_
5
1441.. _liartford County. Conn_.434 1925-1944 540.000 103.56 4.06 1178 _ _Ozaukee Co., Wise
28,000 101.52 4.88
1939-1952
5
_Painesville. Ohio
20.000 102.65 5.475
1925-1934
1701--Hartford Twp., Ohio_ ....-6
30.000 y100.12 -1309_ -Park Falls, Wis
5
30 yrs.
450,000
6
Co., Fla
1441- _Hernando
97 93
.
50.000 103..30 5.21 1443_ -Parma Rural S. D..Oh1o_534 1925-1948 160,000 104.02 5.07
1441_ _Haywood Co., No. Caro 5)4 1926-1954
92.000 101.22 4.86
1926-1944
1943
30,000 107.05 5.45 1704-Paramus Sch. Dist., N.J_5
6
-Hickman, Ky
1176
1 4-Passaic, N. J
434 1925-1963 928.000 103.07 4.53
1441._ Hempstead Un. Free 9.
434 1925-1940 439.000 101.33 4.56
60,000 103.16 4.59 1704- _Passaic, N. J
1925-1944
5
D. No. 21, N.Y
1704..-Passaic, N. J
4% 1925-1964 144.500 102.98 4.54
1441_11enry County, Ohio (4
1925-1946 352,000 100.10 4.49
1925-1933
64.300) 102.29 4.76 1443--Paterson, N.J
5
issues)
4.50
50,000 100
1925-1964
_Paterson,N.J
County, Ohio (4
1441_1Ienry
5X 1925-1933 155,500/
1578- Pharr-San Juan Ind. Sell.
issues)
80,000
Dist., Tex
75.000 102.14 5.75
1934-1938
6
1307.. _Highlands Co.,Fla
45,000
5.00 1309_ -Pionia,Colo
534
150,000 100
5
1575_ _Hill Co., Tex
100.000 .
1578-Piqua City S. D.,Ohio_
1176__Huntington Park City S.
65,000 102
1925-1964 250,000 102.03 4.84 1309-Plano Ind.S. D. Tex- -535
-- 5
D.,Calif
1443--Platte Valley High S. D.
1702--Independence Village Sell.
35,000 104.081 ---6
No. 2, Wyo
6,805 100.74 -1924-1931
6
Dist., Ohio
1443-Plum Bayo Road Impt.
1576-Indianapolis Park Dist.,
Dist., Ark
1926-1945 560,000 103.77 4.575
534 1924-1943 250.000
5
Ind
5.00
81.000 100
1949
1307.. _ Ironton, Ohio (2 issues) _ _5% 1924-1933 106.891 103.23 5.34 1309-Ponca Sell. Dist.. Okla_ _ -5
95,000
1578--Pondera County, Mont--534
11.300
1925-1933
6
1441 _ _Jackson. Ohio
6.00 1178.-Port Chaster, N. Y. (2
250,000 100
6 1-20 years
1576 __Jackson Parish, La
44,000 100.67 4.81
Issues)
1925-1932
5
20,000 102.12 5.22
534 1924-1943
1176_ _Jefferson, Ohio
28,000 100.34 4.875
1927
5
250,000 100.04 4.99 1178--Port Chaster, N.Y
1954
5
1442_ _Jefferson Co., Ala
37.750 102.29 5.04
19264954 110.000 102.56 4.79 1578--Portage County, Ohio--554 1925-1933
5
1576_Jonesville 8. D., Ill
50,000 101.11 4.79
1925-1934
4.75 1704--Porter County. Ind
5
% 1925-1934 205,000 100
4
1576...Kalamazoo. Mich
1178--Port Huron. Mich. (2
28,090
5 1-10 years
1307_ _Kansas City, Kan
56.555 100.19 4.95
1925-1935
6.86
issues)
5
3.500 100
1934
634
1442_ _Kathryn, No. Dak
1578--Portland, Me
4% 1925-1947 115.000 100.14
35,000
1934-1942
1576_ _Kennett, Mo.(2 issues). _5
1935-1954 1,000,000 92.10 4.60
4
1578.-Portland, Ore
200,000 98.50
434
1576--Kent County,Del
Rg
ra
A4
1698
THE CHRONICLE
[Vox. 118.
Page:
Name.
Rate. Maturity. Amount. Price. Basis.
1794__Portland, Ore
Name.
Rate. Maturity. Amount. Price. Basis.
371,541
Par.
15__Norton, Va
1704-Portland, Ore
5
1934-1954 110,000 96
1578_ _Pomona, Calif
1444_ _Prospect Park S. D.,Pa--4% 1929-1954 121,000
125.000
25,000
1704_ Ranger City, Tex
1578--Providence, R. I.(2 iss.)_4 Si
1954
6
1931-1953 190,000 94.25
1578- _Randolph Co.,Ind.(2iss)5 Each 6 mos. 1,000.000 98.856 4.315 1704-Rocky River, Ohio (Dec.)
136,100 101.20
1444-Reading Sch. Dist., Pa--4% 1925-1954 1,500,000
(8 issues)
554 1924-1933
26,014
101.03 4.17 1579_ Venus, Texas
1578_ _Ridge Farm High Sch.
6
20,000 100.80
1705-Vernon Parish Sch. Dists..
Dist., Ill
5
1925-1943 '76,000
1704_ _Ridgeway Boro S.D.,Pa _4% Every 5 yrs.
La.(2 issues)
6
1925-1949
126,500 100.64 ,4.19 1310 _Walls Walla, Wash.
95,000
1309--Rose Hill 8. D. No. 11,
_Walla
(7 18.)6
29,375 100
6.00(
No. Dak
7
1929
2,000 100
7.00
1178- _Rye and Harrison Union
r Refunding bonds.
Free S. D.No.6,N.Y-4% 1924-1953 300,000
100.61
4.44
1178- _Sabetha, Kan
5
37,670 100
5.00
All of the above sales (except as indicated)
1178- _Saguache Co. S. D. No.
are for Febru19, Colo
5%
13.000
ary. These additional February issues will make
1704-8t. Francis Levee Dist.,
the total;
Ark
• 53
sales (not including temporary loans and
400,000 101.243
1309_ .St. Joseph. Mo
bonds of the
4% 1929-1943 150.000 100.83 --_ 4.66
1705--St. Louis, Mo
4% 1929-1944 5.000.000 101.157 4.33 Government of Porto Rico) for that month
$92,988,074.
1578-St. Louis Park Incl. 8. D ,
Minn
DEBENTURES SOLD BY CANADIAN
5
40,000 101.69 4.80
MUNICIPALITIES IN
1578- _Salem Twp.S. D.,Ohio_ _5% 1925-1938
Yearly
21.000 100.13 ---MARCH.
1309--Sandusky Twp., Ohio__ -534 1925-1931
Name.
7,000 100.10 5.475 Page.
Rate. Maturity. Amount. Price. Basis.
1309-Sanford, Fla
53
1954
375,000 100.503 5.42 1311_ _Barnaby District, B. C _5h
1309__Sanford, Colo
1929
250,000 95.34
6
1311_ _Barnaby District, B. C_554
4,000
1938
1444- _Sanford Graded S.
30,000 98.29
1446_ _Capreol, Ont
6
yearly
No. Caro
3,730 95
13.,
5
6.6.
1448_ _Carleton
1929-1963
65.000 100
554 yearly
5.00 1446_ _Carleton Co., Ont
1578- _Saguache Co. S. D. No.
100,0001 101.077
Co., Ont
19. Colo
181,500f
53
1580_ _Essex Border Utilities534 yearly
13,000
1309--Schuyler Co.,N.Y
4% 1934-1943
Commission, Ont
50,000 100.0261 4.37
5: lyearll954 382,500 97.35
5
925- y
1309- _Schuyler Co.,N.Y
4% 1944-1953
1580_ _Ford City, Ont
50.000 100
6
1
1924-1963 431,000
1578--San Francisco (City and
1311_ _Hanover. Ont
County of). Calif
13.800 100
5.50
454 1929-1954 5,281,000 98.451 4.62 1706-Kingsville, Ont
,
6
yearly
1578- San Francisco (City and
31,000 103.50 5.68.
1706_ _London Twp., Ont
6
County of), Calif
12,800
5
1928-1967 5.000,000 103.921 4.73 1706--Mimico, Ont. (4 issues)
-5%
1578_ _San Joaquin Co. Reclama160,725
95.50
1706--Niagara Falls, Ont
554
yearly
tion Dist. No.64, Calif.6
50,000 100.364
1580_ _Norfolk Co., Ont
347,000
534 yearly
1705- _Scott County. Minn
43% 1930-1944 250.000
50.000 101.277 5.31
101.53 ---- 1580_ _North York Twp., Ont_ _5% yearly
1310_ _Scott Co. Drain Dist. No.
45,000 101.15 5.35
,
1580_ _Nova Scotia (Province of)
10, Minn
1936
(2 issues)
18,000 100.36 4.71
5
1310_ _Scottsbluff S. D.. Neb.._ _454
1944
2,500,000 98.82
5
1706_ _Point Grey,B.C.(2 iss.)_5
60.000 100.03
1578--Santa Cruz, Calif. (2 iss.)5
51,000 92.162
1706-Point Grey,B.C
332,000
534
1310_ _Seattle, Wash
265,000 98.542
5
1929-1943 1.000,000
1706-Port Dalhousie, Ont
1444-Sedalia, Mo
yearly
36,884 102.34 5.72
5
1580 _ Saskatchewan (Province6
100,000 101.41
1444- _Shelby County, Ohio_ _ _ _6
1925-1933
23,400 100
7&8
- :66 1311_ of) (2 issues)
6
1705-_Shenandoah, Iowa
9,500
5
_Sherbrooke, Ont
1929-1945
50.000 102.10
5
1578-Sheridan Co. S. D. No.
210,000 95.73
1580__Sudbury, Ont
5 years
7. Wyo
16,593 97.16 -- 1 6.
554 10-25 years 409,000 101.16
1580_
Ont
1578-Slinger S. 13.. Wis
6,496 99
5.62
5
1580_ _Sudbury,.0
1925-1939
_ Vernon,B
35.000
'5
)
15 years
1444-Somis Sch. DIst., Calif_ _5% 1925-1939
31,000 96.091 5.901580_ _Waterloo. Ont
30,000 104.60 4.
5%
1579__Somers, N. Y
159,877 100.04
454 '1927-1953 116.000 101.70 -- 78 1446_ _Woodstock, Ont
4.36
1579-Sonora Sch. Dist.,
8.500
21,000 100.13 ___ 1679__Spirit Lake Ind. Ohio--5%
Total amount of debentures sold during
S. D.,
March_$5.036,905.
Iowa
5
75,000 100.60
1310-Starke County, Ind
5
1925-1934
4.800 100.97 4.81
1579_ _Stockton S. D., Mo
50,000
1579--Sutter Co. Reclamation
Dist. No. 1001, Calif-6
61,000
1179-Summit, N. J
454 1926-1948 170.000 100.13 4.48
1310- _Summit Co., Ohio(3
1925-1934 145,300 102.22
New York (State of).
1310-Sutton County, Tex iss.).554 d1944-195
-Law Exempting from Local Taxa554
4 100.000 97.50
5.71
1310_ _Svrift County. Minn
5
1934
36,000 100.79r 4.90 tion New Buildings Erected for Dwelling Purposes
1705-Syracuse, N.Y.(3issues).4 Si
Again
1-20 yrs. 1,890.000 100.14 4.23
1179_ _Tatum Twp.S. 13.. N.C _5Si
Amended.
-A bill sponsored by Senator Dunnigan, amending
1926-1953
50,000 100.31
b.47
1445_ _Teton Co., Idaho
554 1934-1943
25,000 100
5.25 Section 4-b of Chapter 62 of the Laws
1679_ _Texarkana, Texas
of 1909 (constituting
1928-1943
50,000 97.57 5.31
1579_ _Texas (State of) iss.) _ 5
Chapter 60 of the Consolidated Laws) last amended by
139,000
1579_ _Texas (State of) 4 lss.) _ __5
6
22,425
1579_ _Texas (State of) 1 iss.)--5%
Chapter 337, Laws of 1923, was passed Monday night of
4,000
1579_ _Thomas Co.. Ga
1939-1948
50,000 104.05 __ -- this week in both
1579_ _Tipton Cons. S. D.. Ia_ _4% 1925-1944
branches of the Legislature and signed
265.000 100.61
1310- _Turtle Creek S. D.. Pa _ _4% 1930-1953
60.000 100.93 -- 4§
4.
following day by Governor Smith. The amendment
1179_ _Union Co., N. J
434 1926-1943 469,000 100.506 4.44 the
1310- _Union Twp. S. D., N. J_5
1925-1935
10.500 100.047 4.99 extends for one year from April 1 1924 the time
1705--Uintah Co.S. D.6, Wyo_554 1939-1949
within
40,000 100.105 5.49 which
1579_ _University Place, Neb_ _ _5
now buildings erected in New York for dwelling pur30.000 100
5.00
1310_ Valley Co., Mont
5
33.000
poses may be commenced to avail of the exemption from
1445- _Vermillion Co., Ind
5
1925-1934
30,300 101.07 4.79
1310__Vigo Co., Ind
5
1924-1933
62,400 101.05 4.76 local taxation until Jan. 1 1932.
1445__Volusia Co. Spec. Tax S.
D. No. 9, Fla
6
1928-1950
30,000 104.51
5.61
1445__Walla Walla Co. S. D.
Oklahoma (State of).
-Tax Refund Bill Signed by Governor
No. 51. Wash
6
2,000 100
6.00 Trapp.
1445_ _ Walworth Co.. Wis
-Governor Trapp has signed Senate Bill No. 89,
5
1928-1943 728,000 102.78 4.74
1445- _Warsaw 8. D. Ind
5
yearly
46,000
which provides for a refund of certain taxes levied illegally.
1445_ _Waterloo, N. Y
4.70
27,000 100.19 - 1446- _Wauwatosa S. D., Wis_ _5
1925-1944 135.000
Reference to this bill was made in V. 118, p. 1438.
1445__Warwich Un. Free S. D.
No. 12, N. Y.(2 Iss.) _ _5
1924-1942
93,500 102.62 4.64
1579_ Waynesboro. Ga
Switzerland (Government of).
ro,
5
1929-1953
-$30,000,000 Loan Nego45.000
1446_ _Wayne Co.. Ohio
1579_ _Waynesville Twp. Special534 1925-1933 135,000 102.55 5.015 tiated in United States.-330,00 0,000 53% External Loan
.
Taxing Dist., N.0_ _5% 1926-1954
177,000 102.09 4.80 gold coupon bonds were brought out in the United States.
1579__Weld Co. S. D. No. _87,
Colo
market on Tuesday of this week by J. P. Morgan & Co.,
53(
15,000
1579_ _Wells Co., Ind
1925-1934
10,600 101
National City Co., First National Bank, Bankers Trust Co..
1705-Westminster S. D., Ca111-5
1931-1945
15,000 100.18 4.98
1311_ _West Virginia (State of)_ _4Si 1929-1948
5,000,000 100
4.50 and Harris, Forbes & Co., all of New York, and were all
1706_ _Wichita, Kan
454 1924-1943 . 70,000 99.01
sold
4.59
1706_ _Wilkesboro, No. Car---6
1941-1960
20,000 100
6.00 on that day. The bonds were priced 97.50 and interest,
1311_ _Williamson Co. R. D.No.
91. Texas
yielding 5.70%. Both principal and interest of the, bonds
5
30 years
100,000 97.50
1311_ _Wilson S. D..Pa
454
100,000 101.767
will be payable in United States gold coin of the present
1706__Windber S. D., Pa
454 1926-1944 170,000 105.433
1579_ _Woodburn, Ore
6
16,000 102.09
standard of weight and fineness, in New York City, at
1706--Yuma Co. S. D.1, Colo 5%
the
80,000
offices of J. P. Morgan & Co. or of the National City Bank,
Total bond sales for March (330 municipaliwithout deduction for any tax or taxes now, or at any time
ties, covering 434 separate issues)
k$99.035.661
d Subject to call in and during the earlier year and to mature
in the later hereafter, imposed by the Government of Switzerland, or by year. k Not including 381.864.000 temporary loans. r Refundin
g bonds. any taxing authority thereof or therein. The
loan will may And other considerations.
NEWS ITEMS
ture April 1 1946; redeemable, at the option of the SwissThe following items, included in our totals for previous Government, as a whole but not in part, at 100% and acmonths, should be eliminated from the same. We give the crued interest, on April 1 1934, or on any interest date therepage number of the issue of our paper in which the reasons after, upon sixty days' notice.
Further details of the loan may be found in an advertise-.
for these eliminations may be found.
Page.
Name.
Amount. ment appearing on a preceding page and in our "Department
1572_ _Adams County, Ind. (Jan. 1924 list)
$30,240 of Current Events and Discussions."
1571- _Hutchinson, Kan.(Feb. 1924 list)
107,500
Vermont (State of).-Railroad Bonds Considered Legal
We have also learned of the following additional sales for
Investments for State and Savings Banks.
-Complying with,
previous months:
Name.
Page.
Rate. Maturity. Amount. Price. Basis. Section 5363 of the General Laws as amended by the Legis1173__Adams Co., Ind. (Jan.
lature of 1919, the Bank Commissioner on Mar.1 1924 issued
1924)
454 1924-1933 $20,240 100
4.50 a list of
1574__Belpre Rur. S. D.. Ohio
the railroad securities considered legal investments
(Sept.)
6
1925-1933
4,500 101.74 5.74
1699_ _Berkley, Mich.(2 issj_ - _5
235,000 104.25 --- - for State and savings banks. The list for March 1 1923 was .
1701-Fayette Co. Rd. Dist.
published in full in the "Chronicle" of May 26 1923, page
serially
No. 6. Tex
5
18.000 100
5.00
1701- _Frankfort, Ky. (Oct.)_ _5
yearly
2419. The list for March 1 1924 we give herewith, indicating
125,000 98.50
1576_ _ Hutchinson, Kan.(3 la.) _5
1925-1934 112.500 100
-5.(345 by means of an asterisk
1576__Londonberry Twp. S. D.,
(*) the securities added since 1923..
1925-1932
Ohio (Jan. 1924)
6
2,129 100.23r 5.94 and enclosing in full-face
brackets those securities which
1703New Bedford, 0.(2 lss.)_554 1926-1934
16.180 100.57 5.39
1704--Northwood, Iowa (Oct.)_5
1930-1941
12,000 100
5.00 have been eliminated during the year.
4
Am.5 1924.]
THE CHRONICLE
1699
May 7 for $50,000 535% coupon library bonds. Denom. $1,000. Date
Lehigh Valley System.
Atchison Topeka & Santa Fe System.
-N.), payable in gold at the
ra.& N. Y. Canal RR. cons. 5e, 1939] May 1 1924. Prin. and semi-ann. int. (M.
Atch. Top. & S. F. By. gen. 48, 1995
cons. 4445, 1939] City Treasurer's office or at Harris, Forbes & Co., N. Y. City. Due May 1
" " "
E.Okla. 0.1928
1954, optional May 1 1944. A certified cheek for 2% of amount bid for.
cons. 45, 1939]
Transc.Short L
Lehigh Valley RR. let 48, 1948
1st 4e, 1958
Payable to the city required. Legality approved by John C. Thomson.
N. Y. City. Bids must be for 5 M % bonds but any bidder in his bid may
Rocky Mountain Div. 4s. 1965
Louisville & Nashville System.
58. 1937 *Loulsv.& Nashv.RR.1st& ref.58,2003 offer to accept bonds bearing a lower rate of interest upon the same or
Chicago Santa Fe & Cal. By. 1st
the city shall consider it to its
more favorable
Hutchinson & So. By. 1st 58, 1928
1st& ref.5 M s,'03 interest to issue interest basis, provided interest than 54%.
" " "
*
bonds at a lower rate of
San Fr.& San Jowl. Val.By.1st 53. 1940
Unified 48, 1940
lat 55, 1937
Atlantic Coast Line System.
ALEXANDRIA SCHOOL DISTRICT NO. 1 (P. 0. Alexandrii),
Trust 5s, 1931
Rapide Parish, La.—BOND SALE.—The $1,250,000 school bonds offered
Atlantic Coast Line RR.1st cons. 45,'53
on Feb. 20 but not sold, as all bids received were rejected (see V. 118, P•
Rich.& Petersburg RR.cons.4Ms,1940 Loulev. an.& Lax. Ry. gen. 440. 1931
1048), have since been purchased as 5s by the Whitney-Central Trust &
Southeast & St. L. Div. let 6s, 1971
Petersburg RR. 55 & 65, 1926
Savings Bank of New Orleans. Date Mar. 15 1924. Due Mar. 15 as
Mobile & Montgomery 440, 1945
Norfolk & Caro. RR. 1st 55, 1939
2d 58. 1946
follows: $12,000, 1925 to 1927 incl.; $14,000. 1928 to 1930 incl.; $16,000,
N.0.& Mob. Div. 181 6s, 1930
2d 6s. 1930
1931 to 1933 incl.; $18,000. 1934 to 1936 incl.: $20,000 1937 to 1939 incl.:
Wiim.& Weldon RR.gen. 48 & 55, 1935
$22.000. 1940; $24,000, 1941 and 1942: $26,000, 1943; $28,000. 1944 and
Wilmington & New Berne RR.45. 1947 *Atl. Knoxv. & dine. Div. 4s, 1955
Coast Line RR.of So. Caro.45.'48 *Paducah & Memphis Div. 1st 4s, 1946 1945: $30.000, 1946: $32.000, 1947: $34,000. 1948: $36,000, 1949 and 1950
AU.
Northeastern RR. cons. 68, 1933
Nashv. for.& Sheffield By. let 55, 1937 $38.000, 1951: $40.000. 1952; $42.000. 1953: $44.000, 1954: $46,000, 1955
Alabama Midland By. 55, 1928
South & North Ala.RR.let cons.55,1936 $48.000, 1956: $50,000, 1957; $52,000, 1958: $54,000. 1959 and 1960
Gen.cons. 5s,'63 $58,000, 1961: $60,000, 1962 and 1963; and $44,000, 1964.
Brunswick & Western RR. 45, 1938
" " "
*
Charleston & Savannah By. 75, 1936
Lexington & Eastern By. 1st 5s, 1965
ALLEN COUNTY (P. 0. Ft. Wayne), Ind.—BOND SALE.—The
Savannah Fla. & West. Ry.58 & 68,'34
Michigan Central System.
Fletcher American Co. of Indianapolis has purchased the three issues of
(Sanford & St.Petersburg RR.Ist 43,'24] Michigan Central RR. 1st 340, 1952
5% coupon road bonds offered on March 31—V. 118, p. 1573—as follows:
Florida Southern RR. 1st 4s. 1945
-Mich. Air L. RR. let 45,'40 $12,000 Maumee and Jackson Twps. at 101.10. a basis of about 4.79%.
Mich Cent.
Boston & Maine System.
Mich. Cent.-Det.&BayCityRR.Ist5a.'31
Denom. 20 of $290 for Jackson Twp. and 20 of $310 for Maumee
Conn. dr Passumpsic River RR. 49, 1943 M.C.
-Jack.Lan.& Sag.RR lat 3Ms.'51
Township.
Central of New Jersey System.
10,500 Maumee and Jackson Twps. at 101.05, a basis of about 4.80%.
Minneapolis St. Paul & S S M. Syst
Denom. 20 of $260 for Jackson Twp. and 20 of $265 for Maumee
Central RR.of New Jersey gen. 59. 1987 Minn. St. P.& 8.8. M.Ry. 1st eons. 64
Township.
Chicago & North Western System.
and 4s. 1938
23.000 Jackson Twp. at 100.97, a basis of about 4.81%. Denom. $575.
'Chic.& N.H • RY• gen.58,4a &3Ms,1987 Minn.8,8. M.& All. Ry,1st 48,1926
.
Date March 15 1924. Int. M.& N. 15. Due two bonds of each issue
exten. 4s, 1926
from May 15 1925 to Nov. 15 1934 inclusive.
Mobile & Ohio System.
" first & ref. 5s, 2037
Mobile & Ohio RR., 1st 68, 1927
" debenture 5s, 1933
ALTON, Madison County, Ill.—BOND OFFERING.—B. B. Kennedy,
Nill. L.S.& W.Ry.M1ch Div. 1st 6s,'24 Nashv. Chatt. & St. Louis System.
City Clerk, will receive sealed bids until 5 p. m. April 11 for $75,000 5%
" Ashland Div. 1st 68, 1925 N. C.& St. L. Ry. 1st cons. 55. 1928
city hall bonds. Denom. $1,000. Date Oct. 15 1923. Prin. and semiext.& imp. mtge. 58. 1929
ann. int. (A. & 0. 15) payable at the City Comptroller's office. Due
Minnesota & Iowa By. let 3Ms, 1924
New York Central System.
$5,000 yearly on Oct. 15 from 1928 to 1942 incl. Delivery of bonds to be
Princeton & Northw. By. 1st 3Ms. 1926 N.Y.C&H.R.RR.ref. & imp. 445. 53
made April 15.
Frees. Elkh.& Mo. Val. RR.cons.65,'33
&6s,2013
ANDOVER,Essex County, Mass.—BOND SALE.—An issue of $70.000
1st 3545, 1997
Iowa Minn.& Northw. By. 1st 3442.1935
44% tuberculosis hospital bonds has been sold to the CommonwealthLake Shore coll.
Sioux City & Pacific RR. tat 340. 1936
Atlantic Bank of Boston at 101.19. Date April 1 1924. Due 1925 to
.Ry.18t3M8,1941
Manitow.G.B.&N.W
3145, 1998
1934 incl. Other bidders were:
Mich. Cent. Co.
Mliw. Sparta & N. W.Ry. 1st 4s, 1947
"
100.52
100.71 Estabrook & Co
Merrill, Oldham & Co
340, 1998
St. Louis Peo.& N.W.Ry. 1st 55, 1948
100.44
100.599 Jackson & Curtis
R. L. Day & Co
deben. 45, 1934
(Boyer Valley By. 1st 340, 1923]
100.333
100.553 Arthur Perry & Co
Edmunds Bros
deben. 4s. 1942
Des Plaines Valley By. 1st 4445, 1947
100.03
100.531 Curtis & Sanger
Old Colony Trust Co
BY. let 340, 1941
consoild. 4m,
Milw. & State Line
100.529
White, Weld & Co
1998
Minn. & So. Dakota By. 1st 340, 1935
INDEPENDENT SCHOOL DISTRICT (P. 0. Asper.
Mohawk & Mai. By. 1st 4s, 1991
Peoria & Northw. By. 1st 340, 1926
ASPERMONT
'47
consol. 340, 2002
St. Paul East. Gr. Trk. By. 1st 440,
mont), Stonewall County, Tex.—BONDS REGISTERED.—The State
-year school bonds on
Comptroller of Texas registered $12,000 5% 40
Chicago Burlington & Quincy System Boston & Albany RR. 340, 1952
" 340. 1951
March 26.
C. B.& Q. RR. general 48, 1958
" 45, 1933
" Ill. Div. mtg.3M a, 1949
AUSTIN, Travis County, Tex.—BONDS REGISTERED.—The State
" 49, 1934
48. 1949
Comptroller of Texas registered $300,000 water filter and $500,000 school
" 45, 1935
Neb. Ext. mtg. 48, 1927
-year bonds on March 25.
bldg. 5% 40
" 440, 1937
Chic. St.Paul Minn.& Omaha System
" 55. 1938
AUSTIN COUNTY ROAD DISTRICT NO. 4 (P. 0. Bellville), Tex.
Ch.St.P.M. & 0. By.cons. 3 1-2s,'30
" 5s, 1942
—BONDS VOTED.—By a vote of 881 for to 276 against the people author68. 1930
" 55. 1963
ized the issuance of $450,000 road bonds at a recent election.
North Wisconsin By. 1st 68, 1930
Carthage & Adirondack By. let 48, 1981
AVENUE SCHOOL DISTRICT, Ventura County, Calif.—BOND
Delaware & Hudson System.
Carthage Watertown& fiacketta Harbor
SALE.—The $40,000 5% school bonds offered on April 2—V.118, p. 1574—
Del.& Hud. Co. 1st refunding 48, 1943
RR. eons. 5s, 1931
were purchased by the Bank of Italy of Los Angeles at a premium of $428,
Adirondack By. 1st 440. 1942
Chicago Ind.& South. RR.4s, 1956
equal to 101.07, a basis of about 4.91%. Date .April 1 1924. Due 81,000
Scheme.& Duanesburg RR. 1st Os, 1924 Clev. Short Line By. 1st 440, 1961
yearly on April 1 from 1925 to 1964. inclusive.
Albany & Snag. RR. cony. 340. 1946
Gouverneur & Oswegat. RR.let 5a,1942
BAYPORT, Washington County, Minn.—BOND OFFERING.—Bids
Lack. & Western System. Indiana Ill. & Iowa RR. let 45. 1950
Delaware
James. Frank.& Clear. RR.1st 4s, 1959
will be received by W. E. Alvin, Village Clerk, until 7.30 p. m. April 16
Morris & Essex RR. 1st 340, 2000
Kalamazoo & Wh.Pig. RR.Ist 55. 1940
for the following bonds:
System.
Great Northern
Sh.& Mich.Sou. Ry. 1st 354s. 1997 310.000 street improvement and construction bonds. Due $2,000 on
Great Northern By. 1st & ref. 43(s. 1961 Lake
deb. 48,1928
April 1 from 1940 to 1944. inclusive.
consol.
St P. M.& M. By. consol. 4s, 1933
deb. 48,1931
20.000 funding bonds.
434s. 1933
Lit. Falls & Dolgev. RR. 1st 38. 1932
Date April 11924. Interest rate not to exceed 54%. A certified check
consol. 69. 1933
1st 5s, 1927
for $1,000 (for each issue), payable to the Village Treasurer required.
Mont. ext. 4s, 1937 N.Y.& Northern By.
RR.consol.
Pacific Ext. 48,1940 N.Y & Putnamlet 6s, 1932 48. 1993
BEACON, Dutchess County, N. Y.—BOND SALE.—The following
Pine Creek By.
East. By.of Minn. Nor. Div.48, 1948
issues of bonds offered on March 31—V. 118. p. 1574— have been sold to
Spuy. Duy.& Pt. Mor.RR.let 334s,'59
Montana Central Ry. 1st 55, 1937
Sherwood & Merrifield, of New York, as 4.50s at 100.38—a basis of about
Goshen & St. L. By. let 35, 1989
Sturgis
1st 65, 1937
4.46%.
New York New Haven & Hartf. Syst
Willmar & Sioux Falls By. 1st As, 1938
$60,000 memorial building. Due $3,000 yearly on April 1 1925 to
Spokane Falls & North. sty. let 65. 1939 Old Colony RR.4s, 1938
1944 inclusive.
[ " " 4s, 1924]
Pennsylvania System.
190.000 Meizingah Dam. Due yearly on Oct. 1 as follows: $1,000,
" " 4s, 1925
1925: $2,000, 1926: $3,000. 1927: 34.000, 1928; $5,000. 1929;
Pennsylvania P.R. gen. 44a. 1965
340, 1932
" gen. 58, 1968
56.000. 1930: $7.000, 1931: $8,000, 1932: 39,000, 1933: $10,000,
1st 540, 1944
" "
•
1934: 311,000. 1935: $12,000. 1936; $13,000, 1937: $14.000, 1938:
" gen. 6s, 1970
" oonsol. 4s, 1943
$15.000, 1939; 316,000, 1940; $17,000, 1941; $18.000. 1.942. and
Norfolk & Western System.
" coml. 340, 1945
$19,000. 1943
By. cease!. 4e,019 1
Norfolk & Western
" consol. 48, 1948
60.000 school addition. Due vearly on Oct. 1 as follows: $1,000.
Norf.& West. RR.gen. 6e, 1931
" coml. 440, 1960
1925 to 1929 incl.; 32.000, 1930 to 1934 incl., and $5,000. 1935
New River Os. 1932
to 1943 incl.
Allegheny Valley By. gen. 48, 1942
Imp. & ext. 65. 1931
Cambria & Clearfield RR.1st 5e, 1941
BEAUFORT, Carteret County, No. Caro.—BOND OFFERING.—
By. gen. 4s, 1955 Scioto Vail.& New Eng. RR. 1st 4s,1989
Sealed bids will 'be received by W.L. Stencil, Town Treasurer, at the office
Northern Pacific By. System.
Clearfield & Jefferson By. 1st Ils, 1927
Clerk, until noon April 24 for $150,000 6% (registerable as to
Hollidaysburg Bedford & Cumberland Nor.Pac. By.ref Aimp.4 M 0,5s & 6s,2047 of the Town or both prin. and int.) street improvement bonds. Denom.
principal only
prior lien 4s, 1997
RR. 1st 4s, 1051
S1,000. Date April 1 1924. Due on April 1 as follows: $5,000. 1925 to
gen. lien 35, 2047
Junction RR. gen. 340, 1930
semi-ann. int. (A. & 0.)
-Duluth Div.4s, 1996 1934 incl.; $10,000, 1935 to 1944 incl. Prin. and
St. P.
Penn.& Northwestern RR.gen.58,1930
payable in gold coin at the Hanover National Bank, New York City. A
St.Paul &Duluth RR.cons. 45, 1968
Pitts. Va.& Charles. By. 1st 4s. 1943
certified check, payable to the above official, drawn upon an incorporated
1st 5s, 1931
Ry. let 4s. 1936
Sunbury & Lewistown
amount of the bonds bid for.
for 2%
-B. mo
[elt.Paul & Northern Pacific Ry.6s,1925] bank or trust company,of John of the face of New York City as to the
aunt,. Has.& W. By. let 58, 1928
C. Thomson
a•
2d 65, 1938
Wash. & Columbia Riv. By. 1st 45, 1935 required. The opinion
validity of the bonds will be delivered free of charge to the purchaser.
Western Penn. RR.consol 49. 1928
[Un.N.J.RR.& Canal Co.gen. 4s,'23] Phil. Bait. & Washington System
BEAUMONT, Jefferson County, Tex.—BONDS REGISTERED.—
Un. N.J. RR.& Canal Co.gen. 4s, 1929 Phila. Bait.& Wash.RR. let 48, 1943
The State Comptroller of Texas registered $24,000 5% 40-year water work
gen. 4s. 1944 Phila. Wiles.& Bait. RR. 45. 1926
bonds on March 26.
4s, 1932
gen. 4s, 1948
BENTON COUNTY (P. 0.Fowler), Ind.—BOND SALE.—On hien 29
gen. 340, 1951 Phila.Balt.& Wash.RR. gen. 6s. 1960
gen. 58, 1974
Breed, Elliott & Harrison of Indianapolis purchased $24,500 5% Counti
gen. 4Ms, 1973
ser. 45, '23-'24] Line road construction bonds for $24,770 50. equal to 101.06, a basis of
& Putts. RR.gen. 414s & 314s,'42
Due
Col. & Port Deposit By. let 4s, 1940
" general 340. 1948
about 4.79%. Denom. $490. Int. M.& N. Date Mar. 29 1924.
& Bait. Central RR. 1st 4s, 1951
" general 340. 1950
$2,450 each Nov. 15 from 1925 to 1934 incl.
Portsmouth Mt.Joy & Lan$230,000
Harrisburg
BERKELEY, Mich.—BOND SALE.—On Feb. 27, issues of
Philadelphia & Reading System
caster RR.1st 45, 1943
water and $5,000 fire department 5% bonds were awarded to Joel Stockard
Philadelphia & Reading RR. 55, 1933
& Co. of Detroit for $239,794, equal to 104.25.
Illinois Central System.
Southern Pacific System.
0. Big
Cent. RR. refunding mtge. ea, loss South. Pac. RR. let ref. 4s. 1955
BIG SPRINGS INDEPENDENT SCHOOL DISTRICT (P.
" refunding mtge. 98. 1955
let cons. 55, 1937
Springs), Howard County, Tex.—BONDS REGISTERED.—The State
bonds on Mareh 13.
Sterling extended 4s. 1951 Northern By. let re, 1938
Comptroller of Texas registered $335,0006% serial school
" Gold extended 334s, 1950 Northern Call!. By. 1st Se. 1929
BOARD OF EDUCATION OF THE CITY OF WILDROSE, Williams
" Sterling 3a. 1951
Southern Pacific Br. By. 1st 65. 1937
and Divide Counties, No. Dak.—BOND OFFERING.—D. A. Tinbolt.
" gold 41, 1951
▪
Clerk Board of Education, will receive bids until 11 a. m. April 22 for the
Union Pacific System.
" gold 810. 1951
following 6% bonds:
Union Pacific RR.1st 4s, 1947
" " gold extended 3548. 1951
of the years
1stilen&ref.0&•58,2008 $15,000 funding bonds maturing $5,000 on April 1 in each
SprIngf. Div. 1st 340.'51
1934. 1939 and 1944.
Cairo Bridge let 45, 1950 Miscellaneous New England Railroad,
building bonds maturing 35.000 on April 1 in each of the years
15,000
St. Louis Div. 1st 38, 1951 New London Northern RR.cons. 4s, 1941
•
1934, 1939 and 1944.
" " 3 M s. 1951
Date April 11924. Prin. and semi-ann. int. payable at the First National
Burlington Traction Co.
Purch. Lines lat 340,'52
check for 5% of bid required.
Collat. Tr. lit 340. 1950 Burlington Trae.Co. Ist&refund.5s. 1942 Bank of Minneapolis. A certified
BRENHAM, Washington County, Tex.—BONDS REGISTERED.—
-year water
The State Comptroller of Texas registered $25,000 54% 40
Purification bonds on March 22.
BRATTLEBORO, Windham County, Vt.—BOND OFFERING.—
W. A. Shumway, Town Treasurer, will receive sealed bids until 2 p. m.
bonds. Denom. $1.000. Date
OFFERING.— April 8 for $125,000 4% coupon refunding
ALBEM4RLE, Stanley County, No. Caro.—BOND 2 p. m. April 9 Jan. 1 1924. Prin. and semi-ann. int.(J.& J.) payable at the First National
follows: $6.000, 1927. and $7,000,
L. C. Russell, Town Clerk, will receive sealed bide until
Bank
bonds bearing interest at a rate 1928 of Boston. Due yearly on Jan. 1 as
for $60.000 coupon or registered school
to 1944 incl. These bonds are engraved under the supervision of and
Jan. 1 1924. Prin. and
not to exceed 6%. Denom. $1,000. Date York. A certified check certified as to genuineness by The First National Bank of Boston: their
New
semi-ann. int. (J. & J.) payable In gold inthe Town, required. Legality legality will be approved by Ropes, Gray, Boyden At Perkins, whose opinion
for 2% of amount bid for, payable to
will be furnished the purchaser. All legal papers incident to this issue will
be filed with said bank where they may be inspected at any time. Bonds
approved by Reed, Dougherty & Hoyt, N. Y. City.
County, N. Mex.—BOND OFFERING.— will be delivered to the purchaser on or about April 10, at The First NaALBUQUERQUE,Bernalillo
Sealed bids will be received by Ida V Malone, City Clerk. until 8 p. m. tional Dank of Boston.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
1700
THE CHRONICLE
[VoL. 118.
Financial Statement. March 1 1924.
COOPER INDEPENDENT SCHOOL DISTRICT
Last assessed valuation
(P. 0. Cooper),
$9.165,438 Delta County, Tex.
Bonded debt
-BONDS REGISTERED.
-The
$72,000
Texas registered $85,000 534% serial school bonds on State Comptroller a
Floating debt*
March 12.
153,625
225.625
*Proceeds of issue now advertised to be applied against
CORINTH,Alcorn County, Miss.
payment of
-BOND SALE.
-The $53,000 water
floating debt.
bonds offered on March 27, V.
p. 1305, were purchased by John
Nuveen & Co., of Chicago. as 5345118. premium of
BRISTOW INDEPENDENT SCHOOL DISTRIC
at a
$1.015. equal to 101.91.
T NO. 2 (P. 0.
Bristow), Creek County, Okla.
-BOND OFFERING.
CORPUS CHRISTI, Nueces County, Tex.
-Sealed t•I'ls will be
-BONDS REGISTERED.
received by Van D. Stout, Clerk, until 7:30 p. m. April
The State Comptroll
9 for
school bonds. Denom. 21,000. Principal and semi-annu $32.300 570 construction bonds er of Texas registered 330,000 5% serial gas plant and
on March 14.
al int....,est payable at the Oklahoma fiscal agency In New York City.
Due
COUSART BAYOU DRAINAGE DISTRICT, Jefferson
25 years A certified check for 5% of the par value of the for a period of
and Lincoln
bonds required' Counties, Ark.
-BOND SALE.
-The $150.000 drainage bonds offered
BRONXYILLE. Westchester County, N. Y.
-BOND SALE.
-The on March 28-V. 118. p. 1305
-were purchased
following merles of 4X% storm-water bonds offered on
& Co. of Little Rock at par. Date May 11924. as es by M. W. Elkins
April 1 (V. 118. It•
1304) have been awarded to D.'I'. Moore
equal to 100.35. a basis of about 4.65% & Co. of New York for $21,928.
CROSBYTON, Crosby County, Tex.
-BONDS REGISTERED.
-The
$11.850 Series "A.' Denom. $1,000 and one for
$850. Due yearly on State Comptroller of Texas registered 225,000 paving and $23.000 water
Doc. 1 as follows: $1.850. 1924. and $2,000. 1925
works 6% serial bonds on March 17.
to 1929,inclusive.
10,000 Series "B." Denom. $1,000. Due
CULVER CITY SCHOOL DISTRICT, Los
$1,000 yearly on Dec. 1
from 1924 to 1933 inclusive.
Angeles County, Calif.
BOND OFFERING.
-Sealed proposals will be received until
Date Dec. 1 1923.
by L. E. Lampton, County Clerk (P. 0. Los Angeles) 2 p. m.April 14
for $100,000 5%
BRUNSWICK,Cumberland County, Me.
-BOND SALE.-Estabrook school bonds. Denom. $1,000. Date April 11924. Prin. and semi-aim.
& Co. of Boston have purchased 230,000
int. payable at the County Treasury. Due
4
$1,000 annually from 1924 to 1953, at 99.79.Ji% school bonds, maturing 1925 to 1944 hid'. A certified or cashier's 35,060 yearly on April 1 from
check for 3% of
to the Chairman of the Board of Supervisors, required. bid, payable
BUCKEYE WATER CONSER
The assessed
TRICT,Maricopa County, Ariz. VATION AND DRAINAGE DIS- valuation of the taxable property in said school district for the year 1923
-BONDS VOTED.
-At the election held was $3.151,950. and the amount of bonds previously issued
on March 22-V. 118, p. 1304
and now
-the $1.000,000 drainage bond issue, sub- outstanding is $52.000.
mitted too vote of the people,carried. J. S.Schkirkar
t. District Secretary.
CUYAHOGA COUNTY (P. 0. Dayton), Ohio.
CALIFORNIA (State of).
-BOND OFFERING.
-BONDS AWARDED IN PART.
-Of the -A.J. Hieber, Clerk Board of County Commissioners, will receive sealed
$4,000.000 434% Veterans' Welfare bonds offered
on March 20-V. 118, bids until 11 a. in.(Cleveland time) April 9for the following is911135 of coupon
p. 1174-32,350.000 were purchased jointly on
5'7 bonds.
0
& Sons and Phelps. Fenn & Co.. both of New March 27 by E. H. Rollins $33,100
York. at par.
00 Akron-Cleveland Road I. C. H. No. 16. Sec. A, assessmen
The remainine bends will he re-offered on April
t.
Denom. $1,000, and one for $100. Due yearly on Oct.
10.
Date Feb. 11924. The $2.350.000 mature on
1 as
Feb.
follows: $3.000. 1925 and 1926; 24,000, 1927; $3,000.
000. 1925: 2119,000. 1926: 2137,000, 1927: $143,000. 1 as follows: $202.19301nel.: $4,000. 1931; $3,000. 1932 and 1933; and 1928 to
1928; $149,000, 1929:
$157.000, 1930; $93.000. 1931; $22.000, 1939;
24,100.
2242,000, 1940; $252,000,
1934.
1941; $264.000, 1942; $270,000, 1943; 2216.000. 1944,
81.407 10 Akron-Cleveland I. C. H. No. 16, Sec. A, county's portion.
and $84,000. 1945.
CAMBRIDGE, Middlesex County, Mass.
Denom. $1.000, and one for $407 10. Due yearly on Oct. 1 as
-TEMPO
The National Shawmut Bank of Boston has purchased RARY LOAN.
follows: $8.000. 1925 to 1932 incl.: $9.000. 1933: and $8,407
10.
a temporary loan
of $500,000 on a 3.93% discount basis, plus an $8
1934.
premium.
Date March 11924. Prin. and semi-ann. int. (A. & 0.) payable
at the
CAMERON COUNTY DRAINAGE DISTRICT
NO.4(P.O. Browns- County Treasurer's office. All bids must be accompanied by a certified
ville), Tex.
-BONDS REGISTERED.
-The State Comptroller of Texas check for 1% of the amount of bonds bid for, payable to the County Treasregistered 261,720 6% 40
-year drainage bonds on March 26.
urer. required. No interest will be allowed on certified check deposited
with bid. Conditional bids will not be considered.
CAMPBELL COUNTY (P. 0. Newport), Ky.-BO
ND OFFERING.
BOND OFFERIN -Until
William Millus, County Clerk, will receive sealed
bids until 10 a. m. April 21 bids will be receivedG. A. J. 10 a. m. (standard time) April 11 sealed
for 2750,000 5% coupon county bonds.
by
Hieber, Clerk Board County Commissioners,
Denom. $500. Date May 11923. for $32,000 534% coupon
Prin. and semi-ann. int.
Valley Street extension front. bonds. Denom.
& N.) payable at the Newport National 21,000. Date
April 11924. Prin. and semi-ann. Int.(A. & 0.) payable at
Bank. Newport. Due on May 1 as follows:
$30,000. 1934. and 240,000, the County Treasurer's office. Due
1935 to 1052 incl. A cert. check for 2% of amount
of bid payable to the 1930. 1932 and 1934: and 33.000. $4,000 yearly on April I in 1926. 1928.
County Treasurer, required.
1927, 1929. 1931 and
of D. W.& A. S. Iddings of Dayton and Peck Shafer 1933. The opinion
& Williams. CincinCANTON, Norfolk County, Mass.
nati. Cert. check
-The County Treasurer, for $2,000 drawn upon a solvent bank payable to the
Merchants' National Bank of Salem has -TEMPORARY LOAN.
required.
purchased a temporary loan of
250.000, dated April 5 1924 and maturing Nov.
15 1924. on a 4.03% disDANVILLE, Pittsylvania County, Va.-BO
count basis.
ND OFFERING.
Richard L. Moss, City Auditor, will receive sealed
bids until 3 P. m.
CARUTHERSVILLE SCHOOL DISTRICT
(P. 0. Caruthersville), for $100.000 5% coupon electrical impt. bonds. Denom. 21,000. May 1
Pemiscot County, Mo.-BOND OFFERING.
Date
-Sealed bids will be received May 1 1924. Prin. and semi-ann. int. (M. & N.) payable at the City
until 7 p. m. April 4 by C. F. Bloker. Secretary
Board of Education, for Treasurer's office. Due $4,000 yearly on May 1 from 1925 to 1949 Inch
$140,000 school bonds. Due 31.000 1925 to 1929,
incl.; 22.000 1930 to A cert. check for $2,000 required. Legality approved by Reid, Dougherty
1932,incl.; 32,500 1933 and 1934; 23,000
1935 to 1937:$7,500 1938 to 1943. & Hoyt, New York City.
incl., and $70,000 1944.
DAYTON, Yambill County, Ore.
-BONDS VOTED.
-At an election
CHAMPAIGNE COUNTY(P.O. Urbana),
held on March 27, $18,000 city water and street
-BOND OFFERING.
inapt. refunding bonds
Fred Hess, County Clerk, will receive sealed 111.
bids until 2 p. m. April 16 were voted.
for 21,000,000 5% county bonds. Date
May 1 1924. Prin. and semiDODGE COUNTY (P. 0. Juneau), Wis.-BOND SALE.
ann. int. payable at the County
-The folas follows: 2125,000. 1925 andTreasurer's office. Duo yearly on May 1 lowing 57 highway bonds offered on March 27-V. 118. p. 1440
-were
1927, and $50,000, 1929 to 1943 incl. purchased by the Detroit
'
Certified check for 2% of the bonds bid
Trust
for required. These bonds are equal to 103.15,0 basis of about Co., of Detroit, at a premium of $9,480.
part of an authorized issue of $2.500,00
4.67%:
0, of which 2500,000 has been $120,000 bonds maturing on April 1
sold (see V. 116,p. 1804).
as follows: $60,000. 1927; $30,000,
1928; and 230,000. 1929.
CHARLESTON,Charleston County, So. Caro.
120.000 bonds maturing $60.000 on April 1 in 1941 and 1943.
-BOND SALE.
-The
2545,000 6% paving bonds offered on April
60.000 bonds maturing April 1 1944.
-were
purchased by the Peoples National Bank of 1-V. 118. p. 1174
Date April 11924,
Charlesto
$3,319 05, equal to 100.609, a basis of about 5.90%. n at a premium of
Date April 1 1924.
DOUGLAS COUNTY (P.0. Alexandria), Minn.
Due on April 1 as follows: $54.000
1926 to 1930. Incl., and $55,000 1931 -Vernon Thomas, County Auditor, will receive bids -BOND OFFERING.
to 1935. Incl.
until 2 p. in. April 17
for 2175.000 road bonds bearing interest at orate not to exceed 5%. DeCHARLESTON INDEPENDENT SCHOOL DISTRIC
nom. $1,000.
T (P.O. Charl- companied by Date April 1 1924. Int. semi-ann. All bids must be acton), Kanawha County, W. Va.-BOND SALF,.-T
a certified check for $5,000. made payable to the County
he $200,000 5% Treasurer.
coupon school bonds offered on March 31-V
118. P. 1574
-were purchased by C. W. MeNeer & Co., of Chicago. at
par plus a premium of
DOWS INDEPENDENT SCHOOL DISTRICT (P. 0. Dows), Wright
$7,639 89, equal to 103.81. Date July 11923.
County, Iowa.
-BOND SALE.
-Cleo. M. Bechtel
The following bids were received:
were the successful bidders for a $20,000 school bond & Co. of Davenport
0. W.McNear & Co.. Chicago$7.6391Herbert C. Heller
issue.
& Co.,N.Y.23.467
A. B. Leach & Co., N.Y.City 7.148 N. S. Hill .4;
DUBOIS COUNTY (P. 0. Jasper), Ind.
-BOND OFFERING.
Co., Cincinnati__ 3,261
-John
W.A. H$rriman & Co.. N. Y_ 7,0341Braun,Boswor
th & Co.,Toledo 3.060 D. Mehne, County Treasurer, will receive sealed bids until 10 a. m. April 9
Detroit Trust Co., Detroit_ _ _ 6.8561Seasongood
& Mayer, Cincin_ 3,044 for $20.000 434% road bonds. Dencen. $5011. Date April 15 1924.
Harris, Forbes & Co.. N. Y _ _ 6,6801The Title Guar.
& Tr.Co.,Cin 2,440 Int. M.& N. Due $2,000 each six months beeinnine May 15 1925.
Sidney Spitzer & Co., Toledo_ 6.38010tis &
BOND SALE.
-The $19.000 434% John Stieneker et al. coupon road
Co.. Cleveland
6.250 bonds offered on March
KanawhaValleyBk.,Chariest'n 4,914]Kanawha Banking
31-V. 118. p. 1440
-have been
& Trust
Provident Savings Bank &
Huntingburg Bank of Huntingburg at par. Date March awarded to the
1 Co.. Charleston
31 1924.
Trust Co., Cincinnati
$950 each isx months from May 15 1925 to Nov. 15 1934 inclusive. Due
4,2401The Canton
'
Emery.Peck & Rockwood,Chic 4,040 I ment Co.. Bond & Invest- 6 202
Canton
EAST BATON ROUGE PARISH ROAD DISTRICT NO. 12
5,092
(P. 0.
CHEYENNE COUNTY SCHOOL
Baton Rouge), Ls.
-BOND OFFERING.
-Joseph Gebelin. President of
Pole), Nebr.-BOND ELECTION. DISTRICT NO. 12 (P. 0. Lodge the Police Jury, will receive sealed
-An election will be held on April
bids until April 15 for 325.0005% series
8 "M" road bonds. Denom. 31.000.
to vote on the question of issuing 17.500 school bldg.
Date Feb. 15 1924.
bonds. J. B. Buttner,
Moderator.
ann. int, payable at the Parish Treasurer's office or at thePrin. and semiNational
of Commerce. New York City. Due on Feb. 15 as follows: 31.000, Bank
CLAY COUNTY ROAD DISTRICT NO.2(P. 0.
1925 to
-BOND OFFERING.-Blds will be received by 3. Henrietta), Texas. 1939 incl. and 22.000. 1940 to 1944 incl. A cert. check for $1,000 required.
F.
Judge, until 2 p. m. April 21 for $575,000 534% road Vaden, County
EAST
bonds. Denom. -Sealed CLEVELAND, Cuyahoga County, Ohio.
-BOND OFFERING.
$1.000. Date April 10 1924. Prin. and int. payable
proposals will be received by F. D. Green, Director
at the Hanover
of Finance,
National Bank. N. Y. City. Due serially for 30
years. A certified until 12 m. (Eastern standard time) April 12 for the following 5% bonds:
check for 2% required.
$145.000 general street Impt. Denom. Si 009. Due yearly
on Oct. 1 as
follows: $12,000. 1925 to 1935 incluelve, and
CLAY COUNTY ROAD DISTRICT NO.2(P.O.
313.000, 1936.
Henrietta),
10,000 playground. Denom. $500. Due $500 yearly on
BONDS REGISTERED.
-The State comptroller of Texas registeredTex.
April 1 from
1925 to 1944 inclusive.
9575,000 535% 40
-year road bonds on March 26.
Date April 1 1924. Prin. and semi-ann. int.
CLAY SCHOOL DISTRICT NO. 15, Renville
Guardian Savings & Trust Co. of Cleveland. (A. & 0.) payable at the
County, No. Dak.Certified shock for 2%
CERTIFICATE OFFERING.
of the amount of bonds bid for required.
-Wm. Mickelberry. District
ceive bids at the County Auditor's office in Mohall until Clerk. will re2 p. m. April 12
EDENTON GRADED SCHOOL DISTRIC
for $3,000 certificates of indebtedness bearing interest
T (P. 0. Edenton),
at a rate not to ex- Chawan County, No. Caro.
-BOND OFFERING.
ceed 7% and maturing on or before Oct. 111925. A certified
-J.
check for 5% Secretary Board of Trustees, will receive sealed bide until 11 A. Helmet,
of bid required.
a.
for 250,000 coupon or registered school bonds bearing interest in. May 6
at
CLINTON SCHOOL TOWNSHIP'(P. 0. Millersbu
not to exceed 6%. Denom. $1.000. Date April 1 1924. Prin. a rate
rg), Elkhart (A. &
and int.
County, Ind.
-BOND SALE.
0.) payable in gold in Now York. Due 21.000
-The 260.000 5% coupon school bonds
1927 to 1932, and
offered on March 27-V. 118, p. 1049
-have been awarded to the Fletcher 22,000. 1933 to 1954 incl. A certified check for 2% of amount bid for,
Savings Trust Co. of Indianapolis. for $60,613 30,
payable to the Board of Trustees, required. Legality approved
equal
by Reed.
basis of about 4.80%. Date April 15 1924. Due $3,000 to 101.022. a Dougherty & Hoyt, N. Y. City.
each six months
from July 15 1925 to Jan. 15 1935 incl.
EDGEWORTH (P. 0. Sewickley), Alleghen
COMPTON CITY SCHOOL DISTRICT, Los Angeles
-Sealed bids will be received until 8 y County Pa.-BOND
County, Calif. OFFERING.
p. m. April 14 by Abra-BOND OFFERING.
-L.E. Lanapton, County
will receive sealed proposals until 2 p. m. AprilClerk (P.O. Los Angeles). ham Stanley, Borough Treasurer. for 235,000 04% coupon borough
7 for 2119,000 5% school bonds. Denom. 21.000. Date April 1 1924. Int semi-ann.
bonds. Denom. $1.000. Date April 1 1924. Prin. and
Due
yearly on April 1 as follows: 32,000, 1925 to 1934 incl., and
payable at the County Treasury. Due $3,000 yearly on semi-ann. Int. to 1949 incl. Certified
$1 000 1935
April 1 1925 to
check for $250, payable to the above Treasurer,
1963. incl.. and 32,000 on April 1 1964. A certified or
required.
cashier's check for
3% of lesue, payable to the Chairman of Board of
Supervisors. required.
The assessed valuation of taxable property in said school
EGG
district for the -Sealed HARBOR CITY, Atlantic County, N. J.
-BOND
year 1923 was 35.461.350. and the amount of bonds previousl
bids will be received by Otto Boysen. City Treasurer,OFFERING.
y issued and April for
until
now outstanding is $154,000.
8
an issue of 5% coupon or registered assessment bonds,3 p.rn.
not to
COMPTON UNION HIGH SCHOOL DISTRICT, Los
exceed 3170.000. no more
Angeles of 21.000 over 2170,000. bonds to be awarded than will produce a premium
County, Calif.
-BOND OFFERING.
-Sealed proposals will be
Denom. $1.000. Date April 1
until 2 p. m. April 14 by L. E. Lampton,County Clerk.(P.O. Los received and semi-annual interest (A. & 0.) payable in gold coin at1924. Principal
the Egg Harbor
for $650.000 5% school bonds. Denom. $1,000. Date April Angeles) Commercial Bank of Egg Harbor City. Due 317.000 yearly on April 1
1 1924. from 1926 to 1935. inclusive.
Prin. and semi-ann. int, payable at the County Treasury.
Legality approved by Hawkins, Delafield &
as follows: $10.000, 1925 to 1929 incl.: 220.000, 1930 toDue on April 1 Longfellow, of New York. Certified check for 2% of the amount of bonds
certified or cashier's check for 3% of bid, payable to the 1959 incl. A bid for, required.
Chairman of
the Board of Supervisors. required. The assessed valuation of the
taxable
ELBERT COUNTY SCHOOL DISTRICT NO. 23 (P. 0.
propoty in said high school district for the year 1923 was
Agate)
315.259,370, Colo.
-BONDS VOTED.
-At an election held on March
and the amount of bonds previously issued and now outstanding is
242.000. approved the issuance of $15,000 534% serial school bonds.22 the voters
These bonds
4
APR. 6 1924.1
THE CHRONICLE
1701
GRIMES COUNTY ROAD DISTRICT NO. 4 (P. 0. Anderson)
of
had been sold, subject to being voted, to Este & Co., of Denver. Notice
-The State Comptroller et'Texas registered
-BONDS REGISTERED.
Tex.
the election and sale was given in V. 118. p. 1174.
$75,000 535% serial road bonds on March 14.
SCHOOL DISTRICT (P. 0. Elmwood Place),
ELMWOOD PLACE
GREENWOOD, Leflore County, Miss-BOND SALB.-The 896.000
-BOND SALE.
-The $9.000 5 % road bonds
Hamilton County, Ohio.
offered on A 1 1-V. 118, p. 1441-were purchased
-have been sold to Seasongood & by % paving bonds
offered on March 28-V. 118. p. 1175
the Hibernia Securities Co. o New Orleans at a premium of $2,294.
104.13-a basis of about 4.99%•
Mayer, of Cincinnati, for $9,372, equal to
equal to 102.38, a basis of about 5.25%. Date April 1 1924. Due on
Date March 28 1924. Due $500 yearly on March 28 from 1926 to 1943 incl. April 1 as follows: 82.000 1925 to 1929, incl.; $4,000 1930 to 1939. incl.:
-Sealed bids will be 19.000 1940 to 1943. incl., and $10,000 1944.
-BOND OFFERING.
ERIE, Erie County, Pa.
received by T. IIanlon, City Clerk, until 10 a. m. April 11 for $225,000
HALL COUNTY ROAD DISTRICT NO. 6 (P. 0. Memphis), Tex.
bonds.
4)4% intercepting sewers and sewage disposal works coupon payable BONDS REGISTERED.
-The State Comptroller of Texas registered $175Denom. $1.000. Date May 1 1924. Prin. and semi-ann. int. $7,000. 000 5%% serial road bonds on March 12.
follows:
at the City Treasurer's office. Due yearly on May 1 as
-HALL COUNTY ROAD DISTRICT NO. 3(P.O. Memphis), Tex.
1926 to 1932 incl.and $8.000 1933 to 1954 incl. Certified check for 1%
-The State Comptroller of Texas registered
BONDS REGISTERED.
of the amount of bonds bid for, payable to the City Treasurer. required.
-The Blanton $200,000 534% serial road bonds on March 12.
SALE.
EVANSVILLE, Natrona County, Wyo.-BOND
-BOND OFFERING.
HAMILTON COUNTY (P. 0, Syracuse), Kan.
Banking Co., of Houston, has purchased $85,000 water bonds, we are
-Sealed proposals will be received by E. C. Bray, County Clerk, until
Informed by our western representative.
indebtedness bonds
SALE.-Prudden & 2 p. in. April 8 for approximately 575,000 6% fundingateembling outstand-BOND
FALLS COUNTY (P. 0. Marlin), Tex.
Due serially 10 to 30 years. Purchaser to pay cost of
Co., of Toledo, have purchased $20,000 road bonds paying 619,963 89, ng warrants, court costs. including cost of transcript, printing of blank
equal to 99.819.
bonds and registration and marketing of same.
-Until 2 p. in.
FAYETTE COUNTY ROAD DISTRICT NO.6,Texos.-BOND SALE.
-BOND OFFERING.
HAMMOND, Lake County, Ind.
-The 818.0005% serial bonds registered by the State Comptroller of Texas April 21 sealed bids will be received by H. Broertjes. City Comptroller, for
-were purchased by local investors at parand $53,347 58 6% street widening impt. bonds. Date March 21 1924. Int.
on Feb. 28-V. 118, p. 1306
Int. April 10.
accrued interest. Denom. $600. Date Oct. 10 1923.
sem -ann. Due yearly on June 1 as follows: $5,334 76. 1924 to 1931 incl.,
Due serially.
and $5.334 75. 1932 and 1933.
-The $175,000 water works bonds offered on March 31BOND SALE.
FENN HIGHWAY DISTRICT (P. 0. Fenn), Idaho County, Idaho.
-have been awarded as 434s to the American Trust & Sav-An issue of $35,000 road vends was voted at a recent V. 118. p. 1306
-BONDS VOTED.
-equal to 100.72-a basis of about
ings Bank of Hammond for $176.275
election.
4.685%. Date March! 1924. Du""early on March 1 as follows: $5,000.
FORT BEND COUNTY ROAD DISTRICT NO. 7(P.O. Richmond), 1925 to 1929 incl., and 86.000. 1930‘71954 incl.
-Until 10 a. m. April 14 C. D. Myers, County
-BOND OFFERING.
Tex.
-The
-BOND SALE.
HAMPDEN, New Haven County, Conn.
,
Judge, will receive sealed bids for $75.000 55VZ road bonds. Denom.
-have
,
Date Feb. 15 1924. Int.(F. & A. 15). Due serially. The County $110.000 455% school bonds offered on April 1-V. 118, D. 1575
$500.
City, approving been sold to R.L. Day & Co. of Boston at 103.70-a basis ef about 4.12%.
will furnish the opinion of John C. Thomson. of New York
the issue. A cert. check for $2.000 payable to the above ofifcial, required. Date April 1 1924. Due 1927 to 1948, inclusive.
-BOND SALE.
These bonds were registered by the State Comptroller of Texas on March 12
HANCOCK COUNTY (P. 0. Findlay), Ohio,
FORT EDWARD UNION FREE SCHOOL DISTRICT (P. 0. Fort Ryan, Bowman & Co. of Toledo have purchased an issue of 111.565 534%
-Until Gilpin and Stonehill Road bonds for $11,643. equal to 100.65.
-BOND OFFERING.
Edward), Washington County, N. Y.
8 p. in. April 12. Fred A. Davis. Clerk of Board of Dducation, will receive
-At an election
-BONDS VOTED.
HARDIN,Big Horn County, Mont.
sealed bids for $240.000 coupon school bonds not to exceed 5%. Denom. held on March 17 $25,000 light plant purchase bonds were voted. These
$1,000. Date Jay. 1 1924. Prin. and semi-ann. int. (J. & J.) payable bonds had been sold subject to being voted to Foley Bros. at par. Notice
yearly on Jan. 1
in Fort Edward in New York exchange. Due $5.000
of the election and sale was given in V. 118. p. 1175.
from 1925 to 1972. incl. Legality approved by Clay & Dillon of New York.
HARDIN COUNTY ROAD DISTRICT NO. 1 (P. 0. Kountze), Tex.
Certified check for 112.000. payable to Eva Coleman. Treasurer. required.
-Sealed bids will be received until 1 p. in. April
-Merrill. .-BOND OFFERING.
-BOND SALE.
FRAMINGHAM, Middlesex County, Mass.
28 by T. F. Tell. County Judge, for $125.000 534% road bonds. Due
Oldham & Co., of Boston, have purchased the following issues of 4si% serially for 30 years. A cert. check for 17.500 required.
-at 101.439-a basis of
coupon bonds offered on April 1-V. 118, p. 1575
-Sidney
-BOND SALE.
HARRIS COUNTY (P. 0. Houston), Tex.
about 4.08%.
$25,000 Water Loan Act of 1906 dated April 1 1924, maturing $1,000 Spitzer & Co. of New York have purchased $250.000 of the $750 000
is
3n
1929 to 1953 incl.
road and bridge bonds, offered on March 24 (V. 118, p. 1301
April 1 from
coupon
75,000 Apple Street School, dated April 1 1923, maturing $4,000 AprIl 1 5s at 101.94, a basis of about 4.86%, the remaining $500.000 being
from 1924 to 1938 incl., and 13.000 Apri 1 from 1939 to 1943 inc. by the County Sinking Fund. Date April 10 1924. The $250,000 mature
65.000 School Act 1917, dated April 11924. maturing $4,000 April 1 from $25,000 yearly on April 10 from 1945 to 1954. inclusive.
1925 to 1929 Incl.. and 83.000 April 1 from 1930 to 1944 incl.
HARTFORD TOWNSHIP (P. 0. Croton), Licking County, Ohio.
30,500 Fay Road School. dated April 1 1924, maturing 32.500 (one at -BOND SALE.
-Benjamin, Dansard & Co. of Detroit have been awarded
$500,two at 61,000) April 11925,$2,000 April 1 from 1926 to 1934,
the $20.000 6% coupon Croton-Centerburg Road No. 3 43-46; Summit
$1.000 April 1 from 1935 to 1944 incl.
Rich Hill Road No. 26 bonds offered on March 26-V. 118. p. 1175 1
bids received:
The following is a list of the
for $20,530, equal to 102.65, a basis of about 5.475%. Date April
101.41
101.439 F. S. Moseley & Co.
Merrill, Oldham & Co.
Oct. 1 from 1925 to 1934 inclusive.
101.367 1924. Due $2,000 yearly on
101.376 Wm. R. Compton Co.
Kidder. Peabody & Co.
101.03
-The $2,285.000
%
-BOND SALE.
101.227 Eastabrook & Co.
Old Colony Trust Co.
HAWAII (Territory of).
100.849 coupon, registerable as to principal public impt. bonds offered on April 1100.911 R. L. Day & Co
Curtis & Sanger
-were purchased by Hallgarten & Co., Chase Securities
-The $125,000 V. 118, p. 1175
FRANKFORT, Franklin County, Ky.-BOND SALE.
Bank of Bishop, of Hon-were Corp., and Blair & Co., all of New York, and the optional date and 4.56%,
5% school improvement bonds offered on Oct. 1-V. 117. p. 1370
basis of about 4.58% if called at
purchased by Breed, Elliott & Harrison of Indianapolis at 98.50. Denom. olulu. at 99.07, a to maturity. Date .April 1 1924. Due April 1 1954, opif allowed to run
Int. annually (Sept. 1). Due yearly.
$1.000. Date Sept. 11923.
tional on or after April 1 1944.
-BOND SALE.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
HEMPSTEAD COMMON SCHOOL DISTRICT NO. 18(P.O. Garden
W. L. Slayton & Co. of Toledo have purchased the three Issues of 534% City), Nassau County, N. Y.
-Sealed
-BOND OFFERING.
-NO BIDS
bonds offered on April 1 (V. 118, p. 1306) as follows:
bids will be received by Eugene R. Courtney, District Clerk, until 8 p. m.
$35,700 Mount Street Bridge at 102.68. a basis of about 4.98%. Denom. April 11 for the following two issues of 44% coupon school bonds.
11.000 and one for $700. Due yearly on Sept. 15 as follows: $417,500 School bldg. Due yearly on Dec. 15 as follows: $18,500, 1924.
$4.000, 1925 to 1932 incl..and $3,700, 1933.
1925 to 1943 incl.
and
16,300 Broad Street Bridge at 102.29, a basis of about 4.93%. Denom.
821,000'
67,500 School site. Due yearly on Dec. 15 as follows: $1,000. 1924. and
$1.000 and one for $300. Due yearly on Sept. 15 as follows: $2,000. 1925
$3.500. 1925 to 1943 incl.
to 1932 incl., and $300, 1933.
Denoms,$1.000 and $500, Date Dec. 15 1923. Int.(J. & D.). Legality
6.624 Franklin County Home Farms impt. at 101.69, a basis of about approved by John C. Thomson of New Yore. Cert, check for 2% of the
5.03%. Denom. $1,000 and one for $624. Due yearly on Sept. amount of bonds bid for, payable to the District Treasurer, required.
15 as follows: $1,000, 1925 to 1930 incl., and 8624, 1931.
-as 434s but no
These bonds were offered on Mardi 31-V. 118. p. 1444
The first Issue is dated Mar. 15 1924 and the remaining issues Sept. 15 bids were received on that day.
1924.
HENRY COUNTY (P. 0. Martinsville), Va.-BOND OFFERING.
FREDERICKA INDEPENDENT SCHOOL DISTRICT (P. 0. T. C. Mathews, Clerk Voard of Supervisors, will receive sealed bids until
-An election
Fredericka), Bremer County, lowa.-BOND ELECTION.
1 1924.
bonds in 10 a. m. April 28 for $100,000 534% road bonds. Date June
will be held on April 19 to vote on the question of issuing school
and int. payable at the County Treasurer's office. Due $10,000 on
an amount not to exceed $30,000. E. L. Rourke, Secretary Board of Prin. 1 from 1925 to 1934 incl. A certified check for $500 required.
June
Directors.
-Bids
HETTINGER, Adams County, No. Dak.-BOND OFFERING.
-Sealed
FREDONIA, Wilson County, Kans.-BOND OFFERING.
will be received until 4 p. m. April 14 by E. C. Thomas, City Auditor, for
proposals will be received by W. 0. Starns, City Clerk. until 2:30 p. m. 224,000 funding bonds nearing interest at a rate not to exceed 7%. Demunicipal light, heat and power bonds. Denom.
April 10 for $150,000 5%
$1,000. Date Jan. 2 1924. Prin. and semi-ann, int. payable at
61,000 and $500. Date Mar. 11924. Prin. and semi-ann. int.(M• & S.) nom, of pourchaser's choice, which place must be designated in bid. Due
place
payable at the office of the State Treasurer. Duo $7,500 yearly, begin- Jan. 1 1934. A certified check for 5% of bid required. The city will. at
check upon some bank in
ning 10 years after date. A certified or cashier's
of Lanits own cost, furnish the blank bonds and the approving opinion issue.
Wilson County, payable to the City Treasurer, for 2% or bid. required.
caster, Simpson. Junell & Dorsey of Minneapolis as to the legality of
FREEMAN INDEPENDENT SCHOOL DISTRICT NO. 41 (P. 0.
HOLLAND SCHOOL DISTRICT (P. 0. Holland), Ottawa County,
-An
Freeman), Hutchinson County, So, Dak.-BOND ELECTION.
-Henry Geerlings. Secretary Board of Edu-BOND OFFERING.
election will be held on April 7 to vote on the question of issuing $55,000 Mich.
% school
cation, will receive bids until 7 p. m. April 14 for 8147.000
school bldg. bonds. P. P. Eleinsasser, President Board of Education.
semi-ann. int.
bonds. Denom. $1,000. Date May 1 1924. Prin. and Certified check
-BOND OFFERING.
-Sealed payable at the City Treasurer's office. Due May 11924.
FREEPORT, Nassau County, N. Y.
bids will be received until 8 p. m. April 25 by Howard E. Pearsall, Village for 2% of the amount of bonds bid for, payable to the District Treasurer,
Clerk. for $20,000 coupon impt. bonds, not to exceed 6%. Denom. required.
$1.000. Date July 1 1924. Prin and semi-ann. int. payable in Freeport.
Financial Statement.
$318,000
Due 82.000 1925 to 1934. incl.
Bonded debt
14.747.000
-BONDS REGISTERED.
-The State Assess valuation. 1923
FRISCO, Collin County, Tex.
13,000
estimated)
Population (estimated)
Comptroller of Texas registered $40,000 6% serial water works bonds on
10
March 19.
HOT SPRINGS INDEPENDENT SCHOOL DISTRICT CO.
Sa. Dak -BOND OFFERING.
-BOND OFFERING.
-Sealed bids (P. 0. Hot Springs), Fall River County,
GENEVA, Ontario County N. Y.
President Board of
F. H. Merrill, City Treasurer, Wail 10 a. m. April 17 -Sealed bids will be received until Apri 25 by the a rate not to exceed
will be received by
bearing interest at
for 120.000 4g% registered refundin bonds. Denom. 11.000. Date Education for $86.800 school bonds a special election held on Feb. 26at
April 11924. Prin. and semi-ann. Int. A. & 0.) payable at the Nat. Bank 6%. These bonds were voted
V. 118, p. 698.
of Commerce of New York. Due April 1 1934. Certified check for 2%
-The State
-BONDS REGISTERED.
of the amount of bonds bid for, payable to the City Treasurer, required.
HOWE, Grayson County, Tex.
Bide to be on forms to be furnished by the city upon request.
Comptroller of Texas registered $17,500 6% serial water works bonds on
GILBERTON SCHOOL DISTRICT (P. 0. Gilberton), Scuylkill March 17.
-Sealed bids will be received by Wm.
-BOND OFFERING.
-BOND OFFERING.
County, Pa.
HUDSON COUNTY (P.O. Jersey City), N. J.
J. Smith, Sec'y School Board. until 6 o. in. Apr. 8 for $100,000 534% Sealed bids will be received by Walter O'Mara, Clerk Board of Chosen
Denom.$1,000. Date June 1 1923. Prin. and semi- Freeholders, until 3 p. m. April 10 for the purchase at not less than par of
coupon school bonds.
ann. int. (J & D.) payable at the First Nat. Bank of Frockville. Due the following 4 Yi% bonds, aggregating $3.304,000.
$5.000 yearly on June 1 from 1925 to 1944 incl. Cert. check for $2,000 81.684,000 Hospital for Insane. Due yearly on May 1 as follows: $55.000,
payable to M..1. Kerrigan. Treasurer, required.
1925 to 1947 incl.; 660,000. 1948 to 1953 incl.: and $59,000,
1954.
GLADES COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
-Sealed bids will
-BOND OFFERING.
400,000 Park. Due yearly on May 1 as follows: $8.000, 1925 to 1956
NO.10 (P.0. Moore Haven), Fla.
incl., and $9.000, 1957 to 1972 incl.
until 2 p. m. April 9 by N. S. Wainwright. Clerk of the Circuit
be received
340.000 Newark Turnpike. Due yearly on May 1 as follows: 817.000.
Court, for $75,000 6% Indian Prairie road and bridge bonds. Denom.
1925 to 1930 incl.; 620,000, 1931 to 1941 incl.; and $18,000, 1942.
$1.000. Date April 11924. Prin. and semi-ann. Int.(A.& 0.) payable at
880,000 Blvd. Reconstruction. Due yearly on May 1 as follows:$60,000.
N. Y. City. Due $25,000 on April 1 in each of
the Chase National Bank,
1925 to 1930 incl.; and $65,000, 1931 to 1938.
the years 1934. 1944 and 1955. Approving opinion of a recognized bond
No more bonds will be awarded than will produce a premium of $1,000
attorney will be furnished successful bidder. A certified check for 2% of
Legality approved by
amount bid, payable to L. M. Allen, Chairman Board of County Com- over each issue. Denom.61,000. Date May 11924.
Hawkins, Delafield & Longfellow of New York. Prin. and semi-ann. int.
missioners, required.
(M. & N.) payable at the County Treasurer's office. The bonds will be
GRAND PRAIRIE INDEPENDENT SCHOOL DISTRICT (p. o. prepared under the supervision of the United States Mortgage & Trust Co..
-The
-BONDS REGISTERED.
signatures of
Grand Prairie), Dallas County Tex.
% serial school bonds on of New York, which will certify as to the genuineness of the the amount
State Comptroller of Texas registered $20,000
the officials and seal impressed thereon. Cert.check for 2% of
March 21.
of bonds bid for, payable to the county, required.
GRAND RAPIDS SCHOOL DISTRICT (P. 0. Grand Rapids),
-BONDS REGISTERED.
HUNTSVILLE, Walker County, Tex.
-An issue of $250,000 4. .;% school
4
1
-BOND SALE.
paving bonds
Kent County, Mich.
Trust Co.. of Detroit. at par and The State Comptroller of Texas registered mow 5% serial
bonds has been awarded to the Detroit
on March 19.
accrued interest. Due Sept. 11938.
p
.
1702
THE CHRONICLE
[VoL. 118.
INDEPENDENCE VILLAGE SCHOOL DISTRICT (P.
0. IndeLONG BEACH CITY SCHOOL DISTRICT, Los
pendence), Cuyahoga County, Ohio.
Angeles County,
-BOND SALE.
-The 56,805 33 Calif
.-BIDS.-The following is a
6% school funding bonds offered on March 22-V.
118, p. 1176- have 5% school bonds awarded to the list of the bids received for the $600.000
been awarded to the Pearl St. Say. & Tr. Co.. of Cleveland
Bank of Italy and the Anglo-California
- for 56,855 33. Trust Co.jointly, as stated in V.
,
equal to 100.74-a basis of about
118, p. 1576:
Date
six months as follows: $400, Feb. 15.79%• Feb. Nov. 1 1923. Due each
1924 to
1 1925
Premium.
1925; $400, Feb. 1 1926 to Feb. 11927; 5500. Aug. 1 incl.; 5500. Aug. 1 Bank of Italy and Anglo-California Trust Co
$8,340
1928 to Feb. 11929; $500, Aug. 1 1929; 5400, Feb. 1 1927: $400, Feb. 1 Citizens' National Co. National City
alifornia Co., Anglo1930 to Feb. 1 1931:
London-ParLs Co., M.H.Lewis & Co.Co... Banks,
and $505 33, Aug. 1 1931.
.
and
Huntley
6.780
California Securities Co., Security Co., First Securities & Co
Co. and
INGLEWOOD UNION HIGH SCHOOL DISTRIC
E. H. Rollins & Sons
T, Los Angeles
County, Calif.
-BOND OFFERING.
-Sealed proposals will be received R. H. Moulton & Co., Blyth, Witter & Co., Harris Trust & Savings 6.315
until 2 p. m. April 28 by L. E.Lampton, County
Bank, Wm. R. Stoats Co., Bond & Goodwin
& Tueicer. Hunter,
for $200,000 5% school bonds. Denom. $1,000. Clerk (P.0. Los Angeles),
Dunn & Co. and Drake, Riley & Thomas
Date
and semi-ann. int. payable at the County Treasury. April 11924. Prin.
6,540
Due 510.000 yearly
LONG BEACH CITY HIGH SCHOOL
on April 1 from 1925 to 1944 incl. A cert. or cashier's
DISTRICT, Los Angeles.
check for 3% of bid Calif
.-BIDS.-The following is a list of the bids received
payable to the Chairman of Board of Supervisors,
for the $500.000
5% school bonds
The assessed valuation of the taxable property inrequired.
said high school district Trust Co.jointly, awarded to the Bank of Italy and the Anglo-California
for the year 1923 was 324,911.550, and
as stated in V. 118, p. 1576:
Issued and now outstanding is $107.500. the amount of bonds previously
Premium
Bank of Italy and Anglo-California Trust Co
INMAN, Spartanburg County, So. Caro.
56,350
-All Citizens National Co., National City Co.. California Co., Anglobids received for the $50,000 water works and -BIDS REJECTED.
London-Paris Co., M.H.Lewis & Co.and Banks.
$50,000 sewer bonds bearing
Huntley & Co
interest at a rate of 6%, offered on March 27
(V. 118, p. 1441), were re- California Securities Co., Security Co., First Securities Co. and 5,650
jected. Date April 1 1924. Due April 1 1952.
E. H. Rollins & Sons
5,260
R. H. Moulton & Co., Blyth. Witter & Co., Harris
JACKSON, Madison County,
Trust & Savings
-BOND
Bank, Wm. R. Staats Co. Bond & Goodwin
-An election will be held on May 1 to vote Tenn. question ELECTION.
& Tucker, Hunter.
on the
of issuing $890,000 5%
Dulin & Co.and Drake, Riley & Thomas
Impt. bonds.
5,300
JASONVILLE SCHOOL CITY (P. 0. Jasonvill
LONG BRANCH
-BOND OFFERING.
e), Greene County, Until 8 p. m. April, Monmouth County, N. J.
Ind.
-BOND OFFERING.
15 sealed bids will be received by Frank C. Quinn,
-The Board of School
sealed bids until 2 p. m. Apr11 14 for $51,000 5% Trustees will receive City Clerk, for the purchase at not less than
par
Denom. $500. Date April 15 1924. Interest J. coupon school bonds. or registered improvement bonds not to exceedof an issue of 4.5•6% coupon
$143,000, no more bonds
& J. Due each six to be awarded
months beginning July 1 1925.
than will produce a
Denom. $1,000. Date Feb. 1 1924. premium of $1,000 over $143,000.
Prin, and semi-ann. int. (F• & A.),
JEFFERSON COUNTY COMMON SCHOOL DISTRIC
T NO. 3,
Tex.
-BONDS REGISTERED.
-The State Comptroller of Texas registered payableis istlot: a. o tge
t
Ci
Te
or
l;r17 . tgidbon 1 1t3re 1;1117
1
1 1100n
$20,000 5% serial school bonds on March 15.
5
to
.14r.
The bonds will be prepared under the1 ncl TI
supervision
Mortgae& Trust Co. of New York,which will certifyof the United States
KANSAS CITY, Jefferson County, Mo.-BOND
as to the genuineness
SALE.
a syndicate composed of Kean. Taylor & Co., Roosevelt -On April 3 of the signatures and the seal Impressed thereon, and the validity of the
& Sons, White, bonds will be approved by Hawkins, Delafield &
Weld & Co. and Keane, Higbie & Co., Inc., all
Longfellow of New York.
of New York. purchased Certified check for 2% of the amount
13.300.000 4 yi% water bonds at 101.584, a basis of
of bonds bid for, payable to the
about 4.36%. Date city required.
July 1 1922. Due July 1 1942. In giving the
notice of the offering of these
bonds n V. 118, p. 1574, it was incorrectly given
LOS ANGELES COUNTY (P. 0. Los Angeles) Calif.
-BOND
City, Kans. The bonds are now being offered byunder the caption, Kansas ELECTION.
-A proposal for a bond issue of $32,301,0 ,
the syndicate to investors
at a price to yield 4.28%.
will be submitted to the voters at the primary election 00 for flood control
to be held May 6.
according to the Los Angeles "Times" of March 19:
KEANSBURG, Monmouth County, N. J.
The items included in the program and the amounts allowed
Harold E. Cowley. Borough Clerk, will receive -BOND OFFERING.
are as
April 15 for the purchase of the following issues sealed bids until 8 p. m. follows.
of 55i% coupon or regis- Sawpit Canyon Reservoir
tered bonds. No more bonds to be awarded
$241,000
than will produce a premium Thompson Creek Reservoir
of $1,000 over each issue.
146,000
Eaton Canyon Reservoir
$200,000 water. Due yearly as follows: 35.000
603MOO
1926 to 1959, incl., and Big Santa Anita Reservoir
16,000 1960 to 1964, incl.
586,000
Pacoima Reservoir (including damage to
132,000 sewer. Due yearly as follows:
resort)
1,720,000
$3,000 1926 to 1949, incl., and Big Dalton Reservoir
$4.000 1950 to 1964, incl.
555,000
Big Tujunga Reservoir and control
Denom.$1,000. Date May 1 1924. Prin.
1.600,000
,
payable at the Keansburg National Bank, and semi-ann.Int.(M.& N.) San Gabriel Reservoir and control
25,000.000
Keansburg. Certified check Retarding dams, Pomona, San Antonio Canyon
for 2% of the amount of bonds bid for
and spreading
required.
grounds
450,000
KILLDEER, Dunn County, No. Dak.-B
Sierra Madre Canyon (small concrete and wireOND OFFERING.
bound check
-Bids
will be received by R. H. Pat% City
dams)
Auditor, until 2:30 p. m. April 16 for
150,00
$17,900 coupon funding bonds bearing interest
Haines Canyon (wire-bound check dams)
at a rate not to exceed 7%• Pickens Canyon
100.000
Denom. $1,000 and $900. Date
(small arch and masonry or concrete dam)
100,000
payable at a place of purchaser's Feb. 1 1924. Prin. and semi-ann. Int. Altadena storm drain
choice. Due Feb. 1 1934. A certified
250,000
check for 5% of bid required. The city will
Verdugo and Sycamore canyons
at its
450.000
bonds and the approving opinion of Lancaster own cost furnish the blank Wire-bound dams in Dunsmuir and other
canyons
, Simpson, Junell & Dorsey Work on Lower
150,000
and Harold Taylor, all of Minneapolis, as
Baliona Creek
to the legality of said bonds.
200,000
KNIGHT SCHOOL DISTRICT,
LOUISBURG, Franklin County, No. Caro.
-BOND SALE -The
BOND SALE-The 135,464 59' school Vanderburgh County, Ind.
bonds offered on April 1-V. 118. $45,000 coupon water bonds offered on March 18-V. 118, p. 1177
-were
purchased by Walter, Woody & Heimerdinger of Cincinnat
P• 1051-have been sold to J. F. Wild & Co. of
i as 6s at par.
Indianapolis for $36,015,
equal to 101.27, a basis of about 4.809'.
Feb.
Date April 1 1924. Due $1,364 Date incl., 1 1924. Due yearly on Feb. 1 as follows: $1,000, 1926 to
each six months from July 1 1925 to
1958
and 32.000. 1959 to 1964 incl.
Jan. 1 1938 Ind.
KNOX COUNTY (P. 0. Mt. Vernon),
LOWER VALLEY SCHOOL DISTRICT NO. 16, Golden Valley
Ohio.
-BOND SALE.
-The County, No. Dak.-CERTIFICATE OFFERING.-Bids
$90,000 534% funding bonds offered on April
will be re1-V. 118. p. 1442
-have ceived until 2 p. m. April 16 by Leon H. Kremens,
been sold to W. L. Slayton & Co. of
District
a basis of about 5.07%. Date July 1Toledo for $91.700, equal to 101.88, County Auditor's office in Beach for $1,000 certificates of Clerk, at the
1923. Due $9,000 yearly on
Indebtedness
from 1924 to 1933 incl.
bearing interest at a rate not to exceed 7%. Denom. $1,000.
July I
Due in
18 months. A certified check for 5% of bid required.
KNOXVILLE, Knox County, Tenn.
-NOTE SALE.
-During the
latter part of March the Bankers'IrYtist Co.of New
LUBBOCK, Lubbock County, Tex.
-BONDS REGISTERED.
York purchased $600,000 State Comptroll
-The
431% notes at par. Date April 1 1924. Due
er of Texas registered $75,000 city hall and $50,000 electric
Sept. 30 1924.
light 555% 40
-year bonds on March 27.
LAKE COUNTY (P. 0. Painesville), Ohio.
-BOND OFFERING.
L. J. Spaulding. Clerk Board of County
McALLEN,
-BONDS REGISTERED.
-The
Commissioners, will receive State ComptrollHidalgo County, Tex.
sealed bids until 11 a. m. April 7 for $179,000
-year hospital
% 1 to 40
% I. C. H. No. 520, bonds on Marcher of Texas registered $25,000
Sec. "F" bonds. Denom. $1,000. Date
13.
April 1 1924. Prin. and semiann. int. (A. & 0.) payable at the County Treasurer
McMINNVILLE, Yamhill
's office. Due each
County, Ore.
-CITY
six months as follows: 11.000. April 1
CHARTER
-At a recent special election the City of McMinnville
$9,000 Oct. 1 1933. Certified check for1925 to April 1 1933 incl., and AMENDED.
$1,000. payable to the County voted to amend the city charter so that it would comply with the State
Commissioners, required. Purchaser to take
up and pay for bonds within law on holding and conducting municipal elections. Five other pro15 days from time of award.
posed amendments which dealt with street improvements and removal
of
weeds from parking strips and vacant lots, employme
7rXrEVIOOD, Cuyafie
TirCounty,
-The fol- Water & Light Commission, a tax of one mill to bent of a clerk for the
lowing three issues of 5% bonds offered Ohio: BOND SALE.
levied annually for
on March 31-V. 118, p. 1442
- library purposes in addition to former levy, levy of one 'mill in lieu
have been awarded to Stevenson. Perry,
of a
588 04, equal to 101.65. a basis of aboutStacy & Co. of Chicago for $158,- lesser amount for upkeep and maintenance of the fire department, issuance
1135,000 water main. Denom. $1.000. 4.82%:
Date April 1 1924. Due yearly and sale of park bonds to the amount of $15,000 for the purchase of the
Star Mill property and a special tax for retiring said bonds, were
on Oct. 1 as follows: 55,000. 1925 to 1939
defeated.
inclusive. and $6.000
1940 to 1949 inclusive.
MALDEN, Middlesex County, Mass.
-TEMPO
-A
15,000 fire alarm system. Denom. $1.000. Date
temporary loan of $400,000 dated April 3 1924 andRARY LOAN.
April 1
maturing Oct. 15
ELM yearly on Oct. 1 from 1925 to 1939 inclusive. 1924. Due 1924 has been sold to the First National
Bank on a.4% discount basis
6.000 Fischer Road sewer. Date Oct. 1 1923.
plus a $9 premium.
Denoms.
$200. Due 51.200 Oct. 1 from 1924 to 1928 incl. $1,000 and
MALONE, Hill County, Tex.
The following bids were received:
-BOND OFFERING.
-R. V. Dunbar,
City Secretary, will receive
115.000 $135,000
$6,000 Fischer 69' water bonds. Int. (F.sealed bids untll 2 p. m. April 21 for $40,000
& A.). Due on Feb. 1 as follows:
Fire Alarm. Water Main, Road Sewer.
31.000.
Milliken & York Co., Cleveland
$930 to 1959 incl., and $2,000, $960 to 1964 incl. A cert. check payable
to
Guardian Says. & Tr. Co., Cleveland-$22.00 $1.153 00
K. J. Pyburn, for $2,000, required.
58 50 2,079 00
The Herrick Co., Cleveland
94 00 2,378 00 Par if awarded
MANHATTAN BEACH CITY SCHOOL DISTRIC
T, Los Angeles
County, Calif.
-BOND OFFERING.
other 2 issues.
-Sealed proposals
Seasongood & Mayer, Cincinnati
76 50
2.295 00 Or a total of$2,- until 2 p. m. April 28 by L. E. Lampton, County Clerk (1'. will be received
0. Los
341 50 for 3 iss. for $28,000 534% school bonds. Denom. 11.000. Date April Angeles)
Provident Say. Bk. & Tr. Co., Chi
1 1924.
3 00
1,25550
Prin. and semi-ann. int. payable at the County Treasury.
Breed, Elliott & Harrison, Cincinnati_ Par
Due
972 00 Par; all or none. as follows: 11,000. 1925 and 1926; $2,000. 1927 to 1939 incl. on April 1
Stevenson. Perry, Stacy & Co., ChicA certified
$2,588 04 for all 3 Issues.
cashier's check for 3% of bid, payable to the
or
H. M. Byllesby & Co.. Chicago
Supervisors, required. The assessed valuation Chairman of the Board of
85300
Detroit Trust Co., Detroit
of the
4 50
1.51200
in said school district for the year 1923 was $1,484,43 taxable property
W. L. Slayton & Co., Toledo
0, and the amount
11 00
670 50 f$1 if awarded of bonds previously issued and now outstanding is $46.000.
'other 2 issues.
Sidney Spitzer & Co., Toledo
MANHEIM AND OPPENHEIM UNION FREE SCHOOL DISTRIC
1,845 00
T
Prudden & Co
NO.2(P.0. Dolgeville), Herkimer County, N. Y.
9 40
-BOND OFFERIN
776 00
-Sealed bids will be received until 7:30 pl. m. April 8 by Adolf MIllerskof G.
Financial Statement.
sid,
Assessed valuation (1923)
Clerk Board of Education. for $180.000 school bonds not to
exceed 5%.
$87.644,250 00 Denom. 11,000. Date May
Total bonded debt (including this issue)
1 1924. Int. M. & N. DUB yearly on
5,034.880 91 May 1 as follows: 13.000,
Sinking fund
1925 to 1929 Incl.: $5,000, 1930 to 1946 incl.,
1645.912 87
Net debt
and $10.000. 1947 to 1954 incl. Legality approved by Clay & Dillon
of
4,388,968 04 New York. Certified check
Population (1920 Census). 41.732: now estimated
for 15.400, payable to the Beard of Educa60.000 tion, required.
LANE COUNTY SCHOOL DISTRICT (P. 0. Eugene),
Ore.
MARIETTA, Cobb County, Gs.
-BOND
-During the month of March the State of Oregon
SALE.
-BOND SALE.
-The Citizens &
purchased $250,- Southerns Co., of Atlanta, has purchased 590.000
000 school bonds at par.
5% school bonds at a
premium of $1,164, equal to 101.29.
LIMA, Allen County, Ohio.
MARIETTA CITY SCHOOL DISTRICT (P. 0. Marietta)
-BOND SALE.
-The
, Washwater main, series "L" bonds offered on March 28-V. $60,000 5% ington County, Ohio.
-BOND SALE.
-The 5450,000 5% coupon school
118, p.
- bonds offered
have been awarded to Prudden & Co. of Toledo for $62,634, 1176
-have been awarded to Stevenson,
equal to Perry, Stacy on April 1-V.117. p. 1308
104.39. Date March 15 1924. Due each six months beginning
& Co. and the First Trust & Savings Bank of Chicago and
March Canton Bond
the
15 1925.
Investment Co. of Canton at 101.41, a basis
April 1 1924. Due yearly on Oct. 1 as follows: of about 4.86%.
early
$18,000, 1925 to
LINCOLN COUNTY SCHOOL DISTRICT NO. 3 P. 0.
1930 inclusive, and $19,000, 1931 to 1948 inclusive.
-BOND ELECTION
Colo.
-BOND SALE -James N. Wright Boyero),_
Financial
Denver have purchased $35,000 5( school bonds subject to & Co. of Estimated true valuation Statement of the School District.
%
being voted
$43,000.000
at an election to be hold soon.
Assessed valuation (1924)
26,083,490
Total bonded debt (including this issue)
LITTLE ROCK, Pulaski County, Ark.
464,000
-NOTE SALE.
Population (1920 census), 15.140.•
-On March
12. Brandon. Gordon & Waddell. of New York, purchased $300,000 park
MART, McLennan County, Tex.
-BONDS REGISTERED.
notes dated Sept. 25 1924 and maturing Sept. 25 1925 on a 5.75% discount
State Comptroller of Texas registered $150.000 534% serial water -The
bads,
works
bonds on March 21.
-
APR. 5 1924.]
THE CHRONICLE
1703
Premium.
-BONDS VOTED.
MARTIN COUNTY (P. 0. Fairmont), Minn.
$1,853 46
First Securities Co
By a vote of 3 to 1 the County Commissioners approved the issuance of California Securities Co. and E. H. Rollins & Sons
953 00
bonds amounting to $115,000 to complete road work.
541 80
National Co
- Citizens'
-BOND OFFERING.
MAURY COUNTY (P. 0. Columbia), Tenn.
-Harry
-BOND OFFERING.
Count-MONTCLAIR, Essex Count-', N. J.
be received by W. C. Whitthorne, County Judge. until Trippett, Town Clerk, will receive
Sealed bids will
bids until 4 p. m. April 8 for the
1 p. m. April 15 for 371.000 coupon highway bonds bearing interest at a
coupon or registered bonds:
issues of 4
rate not to exceed 54%. Denom. $1,000. Date Dec. 1 1923. Prin. following permanent4%
improvement. Denom. $1.000. Due yearly on
payable at the National City Bank in New $141.000
and semi-ann. Int. (J. & D.)
Aug. 15 as follows: 38.000, 1926 to 1928. inclusive: 39.000, 1929:
York City. Due yearly beginning 1927. A certified check for 31.000
$10.000. 1930 and 1931. and $11,000. 1932 to 1939. inclusive.
required. It is stated that there has never been any default in the payment
yearly on
11.480 assessment. Denom. $1,000 and one for $480. Due1930, Incl.
from the official
of any obligation of the county. The following is taken
April 15 as follows: $1.480, 1925. and 32.000. 1926 to
circular offering the above bonds:
Date April 15 1924. Principal and semi-annual interest (A. dr 0.)
Financial Statement.
in gold at the Bank of Montclair. Montclair. No more bonds to
18
Actual cash value,real and personal property, 1923 assessed-$24.793.812 00 payable
be awarded than will produce a premium of 31.000 over each of the above
433,000
Total bonded debt (including this issue)
421,000 00 issues. Legality approved by John C. Thomson of New York. Bids are
this issue)
Total bonds authorized issued (excluding
37,000 00 to be submitted on forms to be furnished by the above Town Clerk upon
Time warrants issued
10,000 00 request. Certified check for 2% of the amount of bonds bid for, required.
Time warrants authorized issued
-BOND SALE.
107.043 27
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
Cash value of sinking fund March 20 1924
12 00 The two issues of 534% coupon bonds offered on Mar.27 have been sold as
Tax rate per $1.000 (1023)
of personal and real property must be added follows:
To the assessed valuation
p.
$170.000 Overlook water supply, offered on Mar. 27 (V. 118.at 1177). to
the merchant ad valorem and privilege taxes.
105.58, a
the Provident Savings & Trust Co. of Cincinnati
MEDORA TOWNSHIP, Billings County, No. Dak.-BT7)S
of about 4.86%. Date Mar. 11924. Due 39.000 on Nfar. 1
basis
-OFFERED.-All bids received for the 36.000
JECTED-BONDS RE
in all of the even years and $8,000 in all of the odd years from 1926
-were rejected.
building bonds offered on March 29-V. 118, p. 1442
to 1945 incl.
,
Due 20 years aft : date. The bonds will be re-offered on April 19 at
320,000 Belmont water supply, offered on Mar. 27 (V. 118. p. 1443). to
2 p. m. by H. G. Kinmark, Township Clerk, in Medora.
Breed, Elliott & Harrison of Toledo for $336,425. equal to 105.13.
a basis of about 4.93%. Date April 1 1924. Due $16.000 yearly
-The *750.0006%
-NOTE SALE.
MEMPHIS,Shelby County, Tenn.
on Oct. 1 from 1926 to 1945 incl.
-were purchased
coupon revenue notes offered on April 1-V. 118. p. 1442
0.
by the Continental <V Commercial Trust & Savings Bank of Chicago at a
MONTGOMERY INDEPENDENT SCHOOL DISTRICT (P. -BONDS REGISTERED.
premium of 36.175 50, equal to 100.82-a basis of about 4.34%. Date Montgomery), Montgomery County, Tex.
-mt. 1 1024.
-year school
Jan. 1 1924. lane S.
$18,000 5% 40
The State Comptroller of Texas registered
The following is a list of the bids received:
Rate Bid. bonds on March 26.
Prem.Bid.
BidderMORAVIA INDEPENDENT SCHOOL DISTRICT (P. 0. Moravia).
Trust & Savings Bank_ _$6,175 50
Continental & Commercial
10057
Appanoose County, lowa.-BOND ELECTION-A special election will
R. W. Pressprich & Co
3,98300
be held on April 21 to vote on the question of issuing $45.000 schoolhouse
George H. Burr & Co
r
4.53% construction and equipment bonds. Chester Brasher, Secretary, Board
P. S. Moseley St Co
4,65600
of Education.
S. N. Bond & Co
4,242 75
City Co
The National
MORGAN COUNTY SCHOOL DISTRICT (P. 0. Morgan), Utah.
4.40%0
Scholle Brothers. Union & Planters Bank & Tr.Co_
-A proposition to issue 360,000 5% school bonds will
BOND ELECTION.
4.304 00
Salomon Brothers & Hutzler
be submitted to a vote of the people.
4,62500
Illinois Merchants Trust Co
3,96700
MORGANTOWN SCHOOL DISTRICT (P.O. Morgantown), MononBankers Trust Co
-Sealed bids will be received
4,453 33
galia County, W. Va.-BOND OFFERING.
Speyer & Co
for $600.- until noon April 15 by W.S. John, Secretary Board of Education,Prin. and
-BOND OFFERING.
Menominee County, Mich.
MENOMINEE,
works 000 44% school bonds. Denom. $500. Date March 1 1924.
H. W. Blunder, City Clerk, will offer $50,000 5% coupon water Int. semi-ann. int.(M. & S.) payable at the office of the State Treasurer or at
bonds at public auction at 8 p. m. April 10. Date April 1 1924.
the Seaboard National Bank. N.Y.City,in 1 to 31 years in annual amounts
A.& 0. Due yearly on April 1 as follows: *12.500.1951 and 1952. and $25,- increasing from $6,000 to 340.000, optional after 15 years. at par and a pre000.1953. These bonds are part of a 3100.000 issue of which $50.000 was mium of 2)4%. A certified check for 310,000 required. Legality approved
Harris, Small & Co. of Detroit at 101.91, a basis of about 4.87%
sold to
by John C. Thomson. N. Y. City.
(see V. 117. p. 1580).
-The
-BOND SALE.
NEW BEDFORD, Coshocton County, Ohio.
-An Issue
-BOND SALE.
MERIDIAN, Lauderdale County, Miss.
Guardian Savings & Trust Co. of Cleveland has purchased the following
of $166,000 street bonds offered on March 26 was purchased by the two issues of 54% coupon bonds offered on Feb. 2-V. 118, 13. 581-for
$1.055.
Meridian Finance Corp. of Meridian as 531s at a premium of
$16.271 76, equal to 100.57, a basis of about 5.39%:
equal to 100.63.
$11,929 53 Columbus St. sewer bonds. Denom. $1.000, $500 and one for
$429 53. Due yearly on Feb. 1 as follows: $929 53 1926,
MERIDIAN SEPARATE SCHOOL DISTRICT (P. 0. Meridian),
school bonds
SALE.
-The 3500.000
-BOND
Lauderdale County, Miss.
$1.000 1927. 31.500 1928, 31,000 1929 and $1,500 1930 to
-were purchased by the Canal Com1934. inclusive.
offered on March 26-V. 118, p. 1442
Trust & Savings Bank of New Orleans as 54a at a premium of
mercial
4,25000 Logan St. sidewalk bonds. Denom. $.500 and one for 3250Due yearly on Feb. 1 as follows: 5250 1926 and $500 1927.
$5.250. equal to 101.05-a basis of about 5.15%. Date May 11924. Due
to 1934. inclusive.
on May 1 as follows: 310.000. 1925: 311.000. 1926 and 1927; 312.000, WS
1932 to 1934,inel.:317.000.
Date Feb. 1 1924.
and 1929:313,000. 1930:$14.000. 1931:315.000.
1935: 318.000, 1916: 319,000. 1937: 320.000, 1938: 321.000, 1939: 322.000,
-The $200.000 5%
-BOND SALE.
NEW IBERIA, Iberia Parish, La.
1940: $24,000, 1941: 325,000, 1942: $26,000, 1943: 328.000. 1944: 329.000. improvement bonds offered on March 5-V. 118, n. 699
-were purchased
1945: 331.000. 1946; $32,000. 1947: $34,000. 1948, and 326.000. 1949.
Elkins & Co. of Little Rock and L. E. French & Co. of Alexanby M. W.
-Frank P. Rogers, dria at par. Due on March 1 as follows: $6,000, 1925: $7,000, 1927 to
-1302V1) OFFERING.
MICHIGAN (State of).
State Highway Commissioner, will receive sealed bids at Lansing until 1929.
38.000. 1930 and 1931: 39.000, 1932 to 1934. incl.; 310.000.
12:30 p. m. (Central time) April 10 for the following road assessment 1935 and 1936; 311,000, 1937 and 1938; $12,000, 1939; $13,000, 1940 and
inel.•.
bonds. The amount of each issue given is only approximate:
1941: $29,000, 1942: and $15,000. 1943 and 1944.
$10,000 District No. 1021, Macomb County. Due serially on May 1 in
-Warren R. Graham'
-BOND OFFERING.
NEW MEXICO (State of).
1925 and 1926.
receive sealed bids until 10 a. m•
35.000 District No. 1024A, Monroe County. Due serially on May 1 in State Treasurer (P. 0. Santa Fe), will of bonds and securities of various
April 30 for $3871.700 miscellaneous lot
1926.
1925 and
the State of Mexico owned
4,000 District No. 1023, Tuscola and Lapeer counties. Due serially counties, municipalities, school districts, &c.. of ranuing from 5 to 8%. A
and held by the State, bearing interest at rates
on May 1 in 1925 and 1926.
County. Duo serially on May 1 in certified check for $5,000. payable to the above official, required.
14.000 District No. 1095, Sanilac
-The above official will also receive sealed bids at
1925 and 1926.
BOND OFFERING.
6,000 District No. 1054, Hillsdale County. Due serially on May 1 the same time and place for $500,000 5% coupon, with privilege of regisin 1925 and 1926.
tration as to principal only or both principal and interest State Highway
8,000 District No. 1080, Lapeer County. Due serially on May 1 in bonds. Denom. 31.000. Date Jan. 1 1922. Prin. and semi-ann. int.
at the Sea1925 and 1926.
(J. & J.) payable in gold at the office of the State Treasurer orDue Jan. 1
3,000 District No. 1058, Gladwin County. Due May 1 1925.
board National Bank. New York City, at option of holder.
8,500 District No. 244, Huron County. Due serially on May 1 from 1952. redeemable at option of State after 10 years from date. A cert.
1925 to 1929.
check payable to the above Treasurer, for $10,000, required.
5,000 District No. 1074, Clinton County. Due May 1 1925.
-BOND OFFEI
NEW PHILADELPHIA,Tuscarawas County, Ohio.
4,000 District No. 1067, Santlac County. Due May 11925.
12 m. April 25 will receive
46.000 District No. 280. Tuscola and Lapeer counties. Due serially ING.-Russell R. Seibert, City Auditor, until
Date
sealed bids for $6,000 51.4% sewer ejector bonds. Denom. $500. 1931.
on May 1 from 1925 to 1029.
Yearly on April 1 1926 to
6,000 District No. 49, Ionia County. Due serially in from two to five April 11924. Int. semi-ann. Due 81.000the City Treasurer. required.
to
incl. Certified check for VW.payable
years.
Int. M. & N. 15. Bidders to state rate of int. not to exceed %•
-Short-term securities
-TEMPORARY LOANS.
NEW YORK CITY.
Certified check for 2% of the amount of bonds of each issue bid for re- In the aggregate of $67,157,000, consisting of revenue bonds and bills and
quired. For further information regarding these bonds, apply to the corporate stock notes, were issued by this city during the month of March
above Commissioner.
as follows:
Date
-The two isMIDDLETOWN, Butler County, Ohio.-BONI) SALE.
Revenue Bills of 1924.
Issued
Due
sues of bonds offered on Mar. 28 (V. 118. p. 1177) have been awarded as
Date Amount Int.Rate
Sept. 8 1924 Mar.31
of Cincinnati:
follows to Seasongood & Mayer
Issued 5,000.00041.4%
Due
Amount Int.Rate
$22,000 5% bri lue construction for $22.256, equal to 101.16, a basis of 84.000.000 4)4% June 10 1924 Mar. 1 2,000,000 434% Sept.15 1924 Mar.31
Water Supply.
about 4.87%. Denom.$500. Due *1.000 yearly on Sept. 1
2,000.000 434% June 4 1924 Mar. 7
from 1925 to 1946 Incl.
250.000 44% May 14 1924 Mar. 7
5,000,000 44% June 23 1924 Mar. 13
4)4% June 30 1924 Mar. 14 2,225,000 431% June 16 1924 Mar. IS
14.400 534% fire truck purchase for $14,733 33, equal to 102.31, a basis
5.000,000
of about .5.08%. Denoms. $500 and $600. Due $1.600
250,000 434% June 17 1924 Mar. 19.
2,000,000 414%June 18 1924 Mar.20
1924
yearly on Sept. 1 from 1926 to 1934 incl.
5,000,000 4)4% *June 1 1924 Mar.20 2.000.000 4 Si% June 25 1924 Mar.25
Mar.28
Mar.28 1,150,000 4g% July 29
- 3.000,000 43.4% July 10 1924
-BOND ELECTION.
MILAM COUNTY (P. 0. Cameron), Texas.
3,000,000 4g% July 7 1924 Mar.28 1,000,00043.4% July 10 1924 Mar.28
An election will be held on April 26 to vote on the question of issuing
350,000 4% June 2 1924 Mar.28
July 10 1924 Mar.31
2,000.00043.4%
$75,000 road bonds.
4411
Rapid Transit,
2.000.000 4Si% June 30 1924 Mar.31
85,000 434% May 14 1924 Mar. 5
Special Revenue Bonds of 1924.
COUNTY ROAD DISTRICT NO.6(P.O Cameron), Tex.
165,000 434% May 14 1924 Mar. 7
5
-Sealed bids will be received until 3 p. m. April 17 for
1,000.000 4Si 8' Jan. 14 1925 Mar.
BOND OFFERING.
37,600 434% June 16 1924 Mar. 13
.
:
7,000 4)4‘7 *Dee. 31 1925 Mar. 14
$125,000 534% Thorndale Road District bonds. Denom. $1,000. Prin.
1,000,000 434% June 21 1925 Mar.28 1,717,400 434% June 16 1924 Mar. 13
and semi-ann. int., payable at the Hanover National Bank, N. Y. City.
1,900,000 44% June 16 1924 Mar. 13
Corporate Stock Notes.
Due on March 13 as follows: 34,000 1925 to 1949, incl.: 35,000 1950 to
150.000 434% June 17 1924 Mar. 19
Various Municipal Purposes.
1954, Incl. A certified chock for $3,000, payable to the County Judge
100.000 434% June 17 1924 Mar. 19
3
900,000 4)4%'Mar. 3 1925 Mar.
required.
940.000 4 g% July 10 1924 Mar.28
250.000 43.4% June 16 1924 Mar. 13
-BOND
10.000 43.4% July 10 1924 Mar. 28.
MILL SCHOOL DISTRICT, Los Angeles County, Calif.
500.000 4 Si% June 9 1924 Mar. 13
-V. 118. p.
650.000 43.4% July 10 1924 Mar.28
-The $42,000 5% school bonds offered on March 3I
SALE.
2,650,000 414% June 9 1924 Mar. 13
Dock Purposes.
-were purchased by the Citizens National Bank of Los Angeles at a
1577
3,620.000 434% June 9 1924 Mar. 13
250.000 4 g % June 16 1924 Mar. 13
premium of $1,722, equal to 104.10-a basis of about 5.15%. Date Mar. 1
1,000,000 434% June 174924 Mar. 19
50,000 4)4% *Mar. 20 1925 Mar.20
1924. Due yearly on Mar. 1 as follows: $1,000. 1925 to 1942, incl., and
7
500.000 434° June 17 1924 Mar. 19
650,000 43.4% July 10 1924 Mar.28
150,000 444 *Mar.20 1925 Mar.20
$2.000, 1943 to 1954. incl.
1,600,000 4)4%'Mar.20 1925 Mar.20
MILNER LOW LIFT IRRIGATION DISTRICT (P. 0. Milner),
50,000 434% *Mar.20 1925 Mar.20 •Due on or before said date.
-BOND ELECTION CANCELLED.
-An
Twin Faits County, Idaho.
NORA SPRINGS INDEPENDENT SCHOOL DISTRICT (P.O.
election which was scheduled to take place on April 2.4. to vote on issuing
-BOND SALE.-Schanke & Co., of
$84,000 bonds for payment of interest on outstanding bonds, has been can- Nora Springs), Floyd County, la.
Mason City, have purchased $35,000 school bonds as 434. at par plus a
celled. E. W. Mooreman, Secretary.
premium of $17, equal to 100.048.
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-BOND SALE.
NORFOLK COUNTY (P. 0. Portsmouth), Va.-BOND BAWL
The 33,736,000 44% Metropolitan Sewerage Bonds of 1924 offered on The $220,000 5% coupon with privilege of registration road and bridge
-were purchased by Harris, Forbes & Co.; impt. bonds offered on March 25-V. 118, p. 1052
March 27-V. 118. p. 1177
-were purchased by
Halsey, Stuart & Co., Inc.. both of New York; First Trust & Sayings R. M. Grant & Co., Inc., of New York at par. Date April 1.1924.
4
,
Bank; Illinois Merchants Trust Co.; Continental & Commercial Trust Due April 1 1944.
& Savings Bak, and Ames, Emerich & Co., all of Chicago: and the First
-BOND
NORTH BERGEN TOWNSHIP, Hudson County, N. J.
National Co. of Detroit at 100.6569, a basis of about 4.68%. Date SALE.
issues of
-R. M. Grant & Co. of New York have purchased tho two
April 11924. Due $373,600 yearly on April 1 from 1935 to 1944 incl.
bonds offered on March 27(V. 118, p. 1443) as follows
a basis of about
MONROVIA CITY SCHOOL DISTRICT, Los Angeles County, $300,000 ($303.500 offered) 534% assessment at 101.18,$25.000. 1926 to
5.05%. Due yearly on Mar. 15 as follows:
Calif.
-The following is a list of the bids received for the 3126.000
-BIDS.
1929, incl.* 830.000, 1930; 335.000, 1931 to 1934, incl.. and
as
5% school.bonds awarded to the First Securities Co. of Los Angeles.
$30.000, 1935.
stated in V. 118, p. 1577:
mutat
1704
THE CHRONICLE
[VOL. 118.
239,000 ($239,500 offered) general improvement at 100.22,for 5s. a basis of
OXFORD,
-TEMPORARY LOAN.
-A
about 4.97%. Due yearly on Mar. 15 as follows: $15,000, temporary loanWorcester County, Mass.
of $75,000. dated .April 3 1924, has been awarded to the
1926 to 1929: $20,000. 1930 to 1937 incl., and 819.000, 1938.
First National Bank of Boston on a 4.168% discount basis. Payable
Denom. *1.000 and one for $500. Date Mar. 15 1924.
$15.000 Nov. 3, $20.000 Dec. 3 1924, and 840.000 April 3 1925.
NORTH CALDWELL BOROUGH SCHOOL DISTRICT (P. O.
PARAMUS SCHOOL DISTRICT (P. 0. Hackensack), Bergen
North Caldwell), Essex County, N. J.
N. J.
-The Citizens' National Bank of Ridge-BOND OFFERING.
-William County, been -BOND SALE.
wood has
awarded the $92,000 5% coupon or registered school bonds
F.Tonner, District Clerk, will receive sealed bids until 8 p. m. April 16 for
offered on
the purchase of an issue of 5% coupon school bonds, not to exceed $49,000, Date April Mar. 31 (V. 118. p. 1443) at 101.22, a basis of about 4.86%•
11924. Due $1.000 yearly on April 1 1926 to 1944 incl.
no more bonds to be awarded than will produce a premium of $500 over
PIONEER IRRIGATION
$49.000. Denom. $500. Date April 16 1924. Interest J. & J. Due Bonneville County, Idaho. DISTRICT NO. 2 (P. 0. Idaho Falls),
-BOND ELECTION.
-An election
yearly on July 1 as follows: $1,000, 1924;$1.500, 1925 to 1939 incl.:$2.000. held on April 30 to vote on the quetsion of issuing 5100.000 irrigationwill be
bonds.
1940 to 1948 incl., and $1,500, 1949 to 1953 incl. The proceedings author- Delbert Vail. Secretary.
izing this issue of bonds have been duly approved by the Attorney-General
PLANT CITY, Hillsborough County, Fla.
-BOND OFFERING.
W. H. Durrance, City Clerk, will receive sealed bids until 8 p. m. April 7
of the State and the validity of the bonds has teen certified by Hopkins
& for $45,000 6% minicipal
Herr, counsellors-at
-law, of Hoboken. Certified check for 2% of the ann. int. payable in New impt. bonds. Date Dec. 1 1923. Prin. and semiYork City. A cert. check for 81.000, payable to
amount of bonds bid for, drawn upon an incorporated bank or trust
com- the above official, required. Purchaser to furnish legal opinion.
pany, required.
PORTER COUNTY (P. 0. Valparaiso), Ind.
-The
-BOND SALE.
The official notice offering these bonds appears on another page ofthis issue.
Fietchoer-American Co. of Indianapolis has purchased the $50,000
Nelson E. Pinkerton et al., road bonds offered on March 31-V. 5%
NORTH TONAWANDA SCHOOL DISTRICT (P. 0. North Tona- p. 1578
-for $50,555, equal to 101.11. a basis of about 4.79 1 . Date
'
118.
wanda), Niagara County, N. Y.
-BOND SALE.
-The $310,000 school March 15 1924. Due $2,500 each six months from May 15 1925 to Nov.
bonds offered on March 28-V. 118, p. 1443
-have been sold as 434s at 15 1934, inclusive.
101.56, a basis of about 4.55%, to the Equitable Trust Co. of New York
PORTLAND, Cumberland County, Mass.
and the Fidelity Trust Co. of Buffalo. Denom. $1,000. Date April 1
-TEMPORARY LOAN.
1924. Int. A.& 0. Due serially on April 1: $10.000. 1926, and $20,000. The temporary loan of $300.000 dated April 1 1924 and due Oct. 3 1924.
offered on March 28-V. 118, p. 1578
1927 to 1941 incl. Legality approved by Clay & Dillon of New York.
-has been sold to the Casco Mercantile Trust Co.of Portland on a 3.97% discount basis, plus a $5 premium.
Financial Statement (as Officially Reported).
Assessed valuation
PORTLAND, Ore.
$17,386,167
-BOND SALE.
-Joseph Hanley & Littlefield. of
Total bonded debt (including this issue)
425.000 Portland purchased $371,541 general impt. bonds during the month of
Population. 1924 (estimated). 17.000.
March.
BOND SALE.
-During the same month $121,000 general impt. bonds
NORTH WILD WOOD(p.0. Wildwood), Cape May County, N. 1.
- were purchased by Abe Tichener of Portland.
BOND SALE.
-The 8110.7005% coupon or registered school bonds offered
on Mar.31(V. 118, p. 1309) have been sold to the Marine National Bank of
RAMSEY COUNTY (P. 0.
Wildwood at par. Date Sept. 1 1923. Due yearly on Sept. 1 as follows Sealed bids will be received untilSt. Paul), Minn -BOND OFFERING.10 a. m. April 21 by Geo. J. Ries, County
$3.000, 1924 to 1959 incl., and $2,700, 1960.
Auditor, for $1,000,000 road and bridge bonds, bearing interest at a rate
not to exceed 5%. A certified check for 2% of amount bid for required.
NORTHWOOD, Worth County, la.
-BOND SALE.
-The *12.000
This Issue is the sixth and last issue of $1,000,000 of a total authorized
town-hall site purchase bonds voted during October
-V. 117,_p.
- issue of 36.000.000. The first five issues
were purchased by Schanke & Co.. of Mason City, as 5s at par. Due 1581
have been sold and the sale have
$1,000 been reported in the "Chronicle' as
on March 1 from 1930 to 1941 incl.
they took place.
RANGER CITY, Eastland County, Tex.
NUNDA UNION FREE SCHOOL DISTRICT (P. 0. Nunda), Liv-BOND SALE.
-The
ingston County, N. Y.
-BOND SALE.
-The $110,000 coupon school 8190.000 6% water-works bonds registered on Feb. 23 by the State Compbonds offered on Mar. 31 (V. 118. p. 1577) were awarded to the Livingston troller of Texas(V. 118. p. 1178) were purchased on Feb. 28 by the BrownCounty Trust Co. as 434s at 100.8611, a basis of about 4.67%. Date April Crununer Co. of Wichita at 44.25. Denom. 81,000. Date Feb. 10 1924.
-A. Due 1931 to 1953 incl.
15 1924. Due yearly on Oct. 15 as follows: 53,000. 1926 and 1927: $4,000, Int. F.
1928 to 1933 tncl., and 35.000. 1934 to 1949 incl.
RAPIDES PARISH (P. 0. Alexandirial, La.
-BOND OFFERING.
OAKLEY SPECIAL SCHOOL TAX DISTRICT, Buncombe County, Sealed bids will be received by L. P Whittington Jr.. Secretary of'Police
No. Caro.
-BOND OFFERING -Sealed proposaLs will be received until Jury. until 12 m. April 15 for the following bonds:
855.000 road and refunding bonds. Denom. $1.000.
12 m. Apr. 5 by F. 1,. Wells, Secretary Board of Education (P. 0. Ashe22.500 Road District No. 13 bonds. Denom. $500.
ville). for $25.000 school bonds bearing either 51i or 6% interest.
35.000 Road District No. 28 bonds.
$1,000. Date April 1 1924. Prin. and semi-ann. int. payableDenom.
at the
15.000 Road District No. 29 bonds. Denoin. $500.
Hanover National Bank, N. Y. City. Due $1,000 yearly on April 1 from
A certified check for 5% of bid required.
1929 to 1953 incl. The legal opinion of Storey, Thorndike,Palmer
of Boston and the bond forms will be furnished by the District. A& Dodge
READING, Hamilton County, Ohio.
certified
-BOND OFFERING.
-Sealed
check on an incorporated bank or trust company, payable to the County bids will be recpived by Herbert
Varelmann, Village Clerk. until 12 m.
Treasurer, for 2% of issue, required.
April 21 for 810.000 51 % water works improvement bonds. Denom.
4
81.000. Date Feb. 15 1924. Int. payable annually. Dim $1,000 yearly
O'BRIEN COUNTY (P. 0. Primghar), la.
-BOND SALE.
-The on Sent. 1 from 1924 to 1933. Incl. Certified chock
White-Phillips Co.. of Davenport, has purchased
for $200, payable to
at par plus a premium of $576, equal to 100.32. $175.000 5% road bonds the Village Treasurer required.
•
RIDGEFIELD PARK, Bergen County, N. J.
OLIVET INDEPENDENT CONSOLIDATED SCHOOL DISTRICT
-BOND SALE.
-The
NO. 3 (P. 0. Olivet), Hutchinson County, So. Dak.-BOND ELEC- two issues of 5% coupon or registered bonds offered on April 1-V. 118,
-were awarded to the National City Co. of New York for $295,TION.
-On April 19 an election is to be held for the purpose of voting on p. 1444
740 03. equal to 100.93, a basis of about 4.85%•
the question of issuing school building bonds amounting to 535,000.
3180.000 ($182.000 offered) assessment. Due yearly on April 1 as follows:
OSCEOLA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 4
$18.000, 1925 to 1934 incl.
(P. 0. Kissimmee), Fla.
-BOND OFFERINO.
113,000 improvement. Due yearly on April 1 as follows: $5,000, 1925
-Sealed bids will be
received by C. E. Yowell, Superintendent of Public Instruction, until
to 1937; $6.000. 1938, and $7,000, 1939 to 1944 incl.
10 a. m. May 1 for $100,000 51:1
school bonds. Denom. $1.000. Date
Denom. $1,000. Date April 11924.
May 11924. Prin.and semi-ann. int.
(M.& N.1) payable at the Hanover
RIDGEWAY BOROUGH SCHOOL DISTRICT (P. 0. Ridgeway),
Nations. Bank. N. Y. City. Due on May 1 as follows: $6,000.
-BOND SALE.
-The 8126.500414%coupon high school
88.000, 1934: 510.000, 1939: 813.000. 1944: 816,000, 1949: 820.000. 1929: Elk County, Pa.
1954:
$27.000. 1959. A certified check for 2% of bid, payable to the Chairman bonds offered unsuccessfully on Oct. 20-V. 118. p. 1914
-have been
of the Board, required. The opinion of John C. Thomson of N. Y. City awarded to West & Co. of New York at 100.64. a basis of about 4.19%.
Due on Sept. 1 as follows: $21,000, 1928; 1933. 1938, 1943, 1948, and
as to the validity of the issue will be furnished to the purchaser.
521.500. 1953.
FtWill TAIL COUNTY(P.O. Fergus Falls), Minn.
-BOND OFFERROCHESTER, N. Y.
-NOTE OFFERINO.-Sealed bids will be received
ING -Bids will be received until 10 a. m. April 15 by the County Auditor
at the office of J. 0. Wilson, City Comptroller, until 2.30 p. m. April 9
for $16.652 795% bonds. Date April 1 1924. Int. semi-ann. A
check for 1% of issue, payable to the County Treasurer, required. certified for city of Rochester revenue notes amounting to $1,050.000. as per ordinance of the Common Council March 25 1924. Notes will be made payable
PASSAIC, Passaic County, N. J.
-BOND SALE.
-The three issues two months from April 11 1924 at the Central Union Trust Co., Now York
of 434% coupon or registered bonds offered on March 31-V. 118, p. 1443
- City, will be drawn with interest and will be deliverable at the Central
have been awarded as follows:
Union Trust Co. on April 11 1924. Bidders are to state rate of interest
$928.000 (8956.000 offered) school at 103.07, a basis of about 4.53%, and denominations desired, and to whom (not bearer) notes shall be made
to Outwater & Wells of Jersey City, and Austin, Grant & Co. payable. No bids will be accepted at less than par.
and H. L. Allen & Co. of New York. Due yearly on March 1 as
ROCHESTER TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
follows: $20,000 1925 to 1944, incl.; 825,000 1945 to 1952, incl.: Nova), Lorain County, Ohio.
-BONDS NOT SOLD.
-The $2,001 25
30.000 1953 to 1962. incl., and $28,000 1963.
6% coupon deficiency bonds offered on Feb. 14-V. 118, p. 583
-were
439,000!$444.500 offered) improvement at 101.33. a basis of about not sold as no bids were received.
.56. to M. M. Freeman & Co. of Philadelphia: Guaranty Co.
ROCKY RIVER, Cuyahoga County, Ohio.
-BOND SALE.
and Lldredire & Co. of New York. Due yearly on March 1 as following
-The
issues of 5%% special assessment bonds offered on Dec. 26follows: $20,000 1925 and 1926. $25.000 1927 to 1929, incl.:
V. 118. p. 26140-have,been awarded to contractors:
$30.000 1930 to 1939, incl., and $24,000 1940.
144.500 ($148,500 offered) sewer at 102.98, a basis of about 4.54%, to 33.000 Lake View Road sidewalk constriction bonds. Denom. $300.
Date Dec. 1 1923. Due yearly on Oct. 1 as follows: $300. 1924
Amos. Emerich & Co.. Phelps. Fenn & Co.. Equitable Trust Co.
to 1933 inclusive.
and Kountze Bros. of New York. Due yearly on March 1 as
1,764 Marion Court sidewalk construction bonds. Denom. $175 and
f llows: $3,000 1925 to 1936, incl., 84,000 1937 to 1963, and
,
one for 11189. Date Dec. 11923. Due yearly on Oct. 1 as follows:
$500 1964.
$175, 1924 to 1932 inclusive, and 5189. 1933.
Date March 11924.
The bids received were:
3.000 Rock Cliff Drive sidewalk construction bonds. Denom.$300. Date
$956,000 School Bonds.
Jan. 1 1924. Due $300 yearly on Oct. 1 from 1924 to 1933
Amt.Taken. Rate Bid.
Price Bid.
6.300 Rock Cliff Drive sanitary and storm sewer construction Incl.
Outwater & Wells, Jersey City; Austin,
bonds.
Denom. $500, two for $1.000 and one for $800. Date Jan.
Grant & Co.. H.L. Allen & Co., New
Due yearly on Oct. 1 as follows: $500. 1924 to 1926 incl.: 6 1924.
York;Passaic Nat. Bank & Trust 00.$928,000
$1,000•
$956.489 60
103.07
1917: $500, 1928 to 1930 incl.: $1,000. 1931; 8500. 1932, and
Lehman Bros
928.000
103.06
956,430 04
$800. 1933.
F. B. Keech & Co
929.000
102.93
956.282 00
3,025 Eastlook Road sanitary and storm sewer construction bonds.
Peoples Bank & Trust Co
929.000
102.90
956.011 00
Denom. $300 and one for $325. Date Jan. 1
Guaranty Co
929.000
102.90
956,010 00
on Oct. 1 as follows: $300. 1924 to 1932 incl..1924. Due yearly
and $325, 1633.
A. M. Lamport & Co., Inc
930,000
102.81
956.201 00
4.900 Rock Cliff Drive water mains construction bonds. Denom. $500
Hoffman930.000
102.81
956.200 00
and one for $400. Date Jan. 1 1924. Due yearly on Oct. 1 as
Harris, Forbes & Co
935.000
102.34
956,879 00
follows: $400, 1924, and $500, 1925 Co 1933 inclusive.
$444,500 Improvement Bonds.
2,525 Eastlook Road construction bonds. Denom. $250 and one for 3275.
M. M. Freeman & Co., Guaranty Co.,
Date Dec. 1 1923. Due yearly on Oct. 1 as follows: $250, 1924
Eldredge & Co
*439.000
101.33
$444.842 35
to 1932 incl., and $275. 1933.
Lehman Bros
439,000
101.28
444,622 30
1,500 Marion Court water mains construction bonds. Denom. $150.
Passaic National Bank & Trust Co.- 439,000
101.26
444,531 40
Date Dec. 1 1923. Due $150 yearly on Oct. 1 from 1924 to 1933
Passaic National Bank & Trust Co_ 440.000
101.02
444.516 00
inclusive.
Hoffman & Co
440.000
101.02
444,500 00
ROYAL OAK TOWNSHIP SCHOOL DISTRICT NO. S (P.O. Royal
M. Lamport & Co
440,500
100.91
444.532 00
F. B. Keech & Cs
-Sealed bids will
-BOND OFFERING.
441.000
100.91
445.037 00 Oak), Oakland County, Mich.
be received
L. F. Rothschild & Co
442.000
100.68
444.998 89 $150.000 30by Jerome E. Webber, Secretary. until 7:30 p. in. April 10 for
Harris, Forbes & Co
442.500
100.61
445,199 25 required. -year school bonds not to exceed 5%. Cert. chock for $2,000,
$148,500 Sewer Bonds.
Ames, Emerich & Co.. Phelps. Fenn &
Statement.
Bonded debt (including aboFinanue
Co.. Equitable Trust Co., Kountze
ve iss da
)
$1,015,250
Assessed valuation. 1923
Bros., Lehman Bros
13,256.288
$144.500
102.98
$148.818 11
F. B. Keech & Co
ST. FRANCIS LEVEE DISTRICT (P. 0. Bridge Junction), Crit145,000
102.87
149.171 00
Passaic National Bank & Trust Co__ _ 145.000
-BOND SALE.
102.57
-The $400.000 5l% levee bonds
148.726 50 tenden County, Ark.
A. M. Lamport & Co., Inc
145,000
102.45
-were purchased by the Wm. R.
148,551 00 offered on March 31-V. 118, P. 1178
Harris, Forbes & Co
146.000
102.34
149.416 40 Compton Co. of St. Louis and the Illinois Merchants Trust Co. of Chicago
Guaranty Co
146.000
101.87
148.736 25 at 101.243.
Peoples Bank & Trust Co
146.000
101.74
ST. JOHNSBURY, Caledonia County, Vt.-BOND OFFERING.
148.55000
Hoffman & Co
147.000
101.02
148,505 00 Until 2 p in. April 11, Chas. G. Braley, Village Treasurer, will receive
Financial Statement.
seeded bids for $250,000 431% coupon water bonds. Denoms. $200 and
Assessed valuation
589,957,81300 $500. Date April 1 1924. Prin. and semi-ann. int. (A. & 0.) payable to
Total bonded debt
6,486.057 17 the First National Bank of St. Johnsbury. Due serially on April 1 from
Less: Sinking fund
725,925 45 1927 to 1944 incl. These bonds are engraved under the supervision of and
certified as to genuineness by the First National Bank of Boston their legalNet bonded debt
35.780.131 72 ity will be approved by Ropes, Gray, Boyden & Perkins, whose opinion
Population (1920 Census), 63,841; present population (estimated).-72,000 will be furnished the purchaser. All legal papers
incident to this issue will
4
APR. 51924.]
THE CHRONICLE
be filed with said bank, where they may be inspected at any time. Bonds
will be delivered to the purchaser on or about April 15 at the First National
Bank of Boston.
Financial Statement March 1 1924.
$5,949,406
Last assessed valuation, 1923
Total debt of the village (not including current indebtedness incurred in anticipation of 1924 village taxes)
176 of
The bonds described above are issued in conformity with Chapter6
the General Laws of Vermont, as amended by No. 104, Acts of 1919.
-BOND 'SSUE
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.
-A bond issue of $60,000.
DENIED BY STATE TAX COMMISSIONERS.
which had been scheduled to be sold on Mar. 24. according to C. Sedgwick.
County Auditor, was denied by the State-Board of Tax Commissioners.
1705
SWIFT COUNTY DRAINAGE DISTRICT NO. 8 (P. 0. Benson),
-Bids will be received until 10 a. in. April 23
-BOND OFFERING.
Minn.
by D. P. Carney, County Auditor, for 3369.271 5% public drainage ditch
bonds. Denom. 51.000 and one for $1.271. Date April 1 1924. Intsemi-ann. A certified check for 5%, payable to the County Treasurer.
required.
-The follow-BOND SALE.
SYRACUSE, Onondaga County, N. Y.
ing three issues of coupon bonds aggregating $1,890,000 offered on March 28
-have been awarded as 43.15 to Sherwood & Merrifield,
-V. 118 p. 1444
Inc.. of New York and the First Trust & Deposit Co. of Syracuse for
31.892.650 55. equal to 100.14. a basis of about 4.23%:
81.350.000 school
-payable 1-20 years.
-1924
-payable 1-20 Years.
420.000 intercepting sewer-1924
-payable 1-20 Years.
-1924
120.000 municipal improvements
Date May 1 1924. The bids received were as follows:
Price Bid. $1,350,000 $420.000 $120,000
Sherwood & Merrifield, and
431
43.1
First Tr.& Deposit Co _ ___$1.892,650 55
43.1
43.1
Guaranty Co.of N.Y.& a.ssoc_ 1,891,152 90
Rutter
Co., R. W. Press
prick& Co.and Clark, Will431
43.1
iams & Co
43.'
1,890.851 00
First National Bank, Kissel.
Kinnicutt & Co., Redmond
&Co., Wm. R. Compton
,
43
'
434
434
Co.. and The Detroit Co__ _ 1,891,890 00
Estabrook & Co., W. A. Har& Co., Kean, Taylor
riman
& Co., Eldredge & Co. and
43.1
431
431
Robt. Winthrop & Co
1,890,250 00
Bankers Trust Co.. Nat. City
434
434
Co.and Harris,Forbes&Co. 1,914,173 10
434
ST. LOUIS, Mo.-BOND SALB.-The $5,000,000 4H% coupon.
registerable as to principal only, or both prin. and int., public building
-were purchased
and impt. bonds offered on March 31-V. 118. p. 1444
jointly by Estabrook & Co.; Remick, Hodges & Co.: Kountze Bros.; the
Detroit Co., Inc., and Hannahs. Bailin & Lee. all of New York. at 101.157.
a basis of about 4.33%. Date April 1 1924. Due on April 1 as follows:
$870.000. 1929; $200,000, 1930: $205000, 1931: $215.000, 1932; $225.000.
1933; $235,000, 1934: S250.000. 1935• 4260.000. 1936: 9270,000. 1937:
$285,000. 1938; $295,000. 1939: $305.000, 1940; $325,000, 1941: $335,000.
1942: $355.000. 1943. and $370,000. 1944.
The following is a list of the lads rece ved:
Premium.
Kauffman. Sm th & Co., St. Louis. and Estabrook &(Jo.: Remick.
Hodges & Co. and Kountze Bros.. all of New York
667 860
Roosevelt & Son, Eldredge & Co. White. Weld & Co., and Kean.
Taylor & Co., all of New York, arid First National Co., St. Louis 41.700
36.750
Whittaker & Co.. St. Louis
Geo. H.Burr & Co.. St. Louis; N.Y. Trust Co., H.L. Allen & Co.,
Eastman, Dillow& Co., all of New York,
Au.tin, Grant &
TERREBONNE PARISH ROAD DISTRICT NO. 7 (P. 0. Houma),
36,350
Co.'
and Lafayette South Side Bank. St. Louis
La.
-Bids will be received by 0.3. Theriot. Secretary
-BOND OFFERING.
G. H. Walker & Co., St. Louis; W. A. Harriman & Co., Equitable
of Police Jury, until 12 en, April 9 for $35.000 road bonds bearing interest
Trust Co., Keane, Taylor & Co., Blodget & Co., and Phelps,
Int. F. & A. Due Feb. 1
'Fenn & Co., all of New York. and Stern Bros. & Co., Kan. City_ 31,850 at a rate not to exceed 6%. Date Feb. 11924.some bank chartered under
1925 to 1,153, inclusive. A certified check on
Smith, Moore & Co. and Stix & Co.,both of St. Louis; First National
the laws of the State or some national bank authorized to do business in
Bank. Redmond & Co., Barr Bros. & Co., KLssell. Kinnicutt &
the State for 2% of the par value of bonds required.
Co., and Lehman Bros., all of New York. and Old Colony Trust
28.400
Co.. Boston
-On April
-BOND ELECTION.
TEXARKANA., Miller County, Ark.
Mississippi Valley Trust Co. and Federal Commerce Trust Co.,
15 an election will be held for the purpose of voting on the question ofissuing
both of St. Louis: Guaranty Co.of New York. Bankers Trust Co.,
$200,000 6% auditorium bonds. Due serially 1 to 20 years.
both of New York;and Ames, Emerich & Co.and Marshall Field,
20.950
-BONDS REGISTERED.
TRAVIS COUNTY (P. 0. Austin), Tex.
Glore, Ward & Co., both of Chicago
25.000 An issue of $45,000 534% 40
-year .ecial road bonds was registered by the
Lorenzo E. Anderson & Co.. St. Louie
State Comptroller of Texas on March 27.
Blair & Co. and Haligarten & Co., both of New York. and Liberty
Central Trust Co. and Mercantile Trust Co., both of St. Louis_
-The State
TYLER, Smith County, Tex.
-BONDS REGISTERED.
Win. R.Compton Co., St. Louis, and National City Co. and Harris
Comptroller of Texas registered 540.0005% serial school bonds on March 19.
Trust & Savings Bank. both of Chicago
Hayden, Stone & Co.,
-Edna Jones,
-BOND OFFERING.
TYRON, Polk County, No. Caro.
Halsey. Stuart & Co., Brown Bros. & Co.,
Town Clerk, will reserve sealed bids until 3 p. in. April 22 for 228.000 64,
all of New York; A. G. Becker & Co.. Chicago: E. H. Rollins &
25.500 waterworks bonds. Denom. 51.000. Date April I 1924. Prin. and semiSons, New York, and First National Co., Detroit
Due
-BOND ELECTION-An ann. int. (A. & 0.) payable at the National City Bank. New York. Bruce
SAN DIEGO, San Diego County, Calif.
$1.000 on April 1 from 1927 to 1954 incl. Legality approved by
election will be held on April 29 to vote on the question of issuing $3.- Craven of Trinity. A cert, check for 2%, required.
500,000 water bonds. At the same time a proposition to issue $250.000
-Sealed bids
UNION, Union County, So. Caro.
-BOND OFFERING.
municipal pier bonds will be submitted. Notice that this proposition
will be received by W. D. Arthur, City Clerk-Treasurer. until 1
would be voted upon was given in V. 118, p. 1178.
interest at a rate
-BOND OFFEBING.-Sealed bids April 10 for 370.000 coupon street impt, bonds bearing Int. (A. &
SANDUSKY, Erie County, Ohio.
0.)•
not to exceed 5%. Denom. $1.000. Date April 11924.
will he received by Joseph Loth, City Treasurer, until 12 in. April 19 Due on April 1 as follows: $3,000. 1925 to 1935 incl; $2,000, 1936 to 1953
for $13.000 5% street irapt. bonds. Denom. $500. Date March 11924. incl.; and 51,000. 1954. A cert, check for $1,000 required.
payable at the City Treasurer's office. Due yearly
Prin. and semi-ann. int.
UINTAH COUNTY SCHOOL DISTRICT NO. 6 (P. 0. Lyman),
on March 1 as follows: $1,000, 1926 to 1929 incl., and $1,500, 1930 to
-The $40,000 coupon school bldg. bonds offered
1935 incl. Certified check for 10% of the amount of bonds bid for required. Wyo.-BOND SALE.
as 5Hs by Geo. W.Vallery
on March 29-V. 118, p. 1445
SCHOOL DISTRICT (P. 0. Santa Ana), Orange & Co.of Denver at 100.105, a-were purchased
SANTA ANA
basis of about 5.49%. Date March 15 1924.
school bonds offered
-The 3150,000 5%
-BOND SALE.
County, Calif.
Due on March 15 as follows: 53.000, 1939 to 1944 incl.: $4,000, 1945 to
-were purchased by the Wells-Fargo Bank 1947 incl., and $5,000.
on April 1-V. 118, p. 1579
1948 and 1949.
& Trust Co. and the Heller Bros. Co. at a premium of 81,51395 oquti
$6.000
VALPARAISO SCHOOL CITY (P. 0. Valparaiso), Porter County,
to 101.009, a basis of about 4.88%. Date May 1 1924. Due'
Ind.
-BOND SALE.
to 1949 inclusive.
-The $40,000 5% coupon school bonds offered on
Yearly on May 1 from 1925
-have been awarded to the State Bank of Val
-BONDS NOT SOLD-BIDS RE- April 1-V. 118. p. 1579
SAUGUS, Essex County, Mass.
pi rats° for 240,150, equal to 100.37, a basis of about 4.80%. Date April 1
JECTED.
-All bids received on March 31 for the $30,000 431% coupon 1924. Due each six months as follows: S5,000, Jan. 1 and July 1 1925.
-V. 118.
Essex County Tuberculosis Hospital bonds, offered on that day
and $7,000. Jan. I 1926 to July 1 1927 incl.
-were rejected.
P. 1578
VAN BUREN SCHOOL TOWNSHIP (P. 0. Star City), Pulaski
-A
ELECTION.
SCOTT COUNTY (P. O. Davenport), lowa.-BOND
County Ind.-BOND OFFERING.
-D, A. Skillen. Township Trustee.
proposition to issue 91,150,000 highway bonds will be submitted to a vote will receive sealed bids until 1 p. m. April 12 for $56,000 5% school bonds.
held on April 12.
of the people at an election to be
Denom.$'00. Date March 1 1924. Due $2,000 each six months from July
-The 1 1925 to Jan. 1 1939. Cert. check for $500, required.
-BOND SALE.
SCOTT COUNTY (P. 0. Skakopee), Minn.
4250,000 county road bonds offered on March 28-V. 118. p. 1444
-BOND OFFERING.
County,
VANDERGRIFT,
a syndicate composed of the Northwestern -Sealed bids will be Westmoreland T. Smith,Pa.
were purchased as 4.3is by
Borough Secretary until
received by W.
Trust Co. of St. Paul. the Minneapolis Trust Co. and the Minnesota 11 a. in. April 14 for $30,000 5% municipal property bonds. Denom.
'
both of Minneapolis, at a premium of $3,830, equal $1,000. Date April 15 1924. Int. semi-ann. Due annually on April
Loan & Trust Co..
to 101.53.
15 from 1925 to 1944 incl. Certified check for $500, payable to .1. G.
SHENANDOAH, Page County, lowa.-BOND SALE -The $50,000 McGoary, required.
5% memorial bonds offered on March 2I-V.118, p. 1053-were purchased
VEEDER SCHOOL DISTRICT NO. 10, McLean County, No. Dak.by Geo. M. Bechtel & Co. of Davenport at a premium of $1 054 equal BOND OFFERING.
-Bids will be received until 2 p. m. April 15 by 0.L.
to 102.10. Date May 1 1924. Due 21,000. 1929 and 1930: $2,000, Nordquist. Clerk in the County Auditor's office, at Washburn for $5,000
1933: $2,000, 1934 and 1935: 23.000. 1936 to 1940
1931 and 1932: $3,000.
and $3,000, 1944 and 1945. 7% funding bonds. Date April 1 1924. Prin. and semi-ann. hit., payable
incl.: 34.000. 1941; 33.000, 1942; 84,000, 1943,
at a place designated by purchaser. Duo April 1 1939. A certified check
SIDNEY, Cheyenne County, Neb.-BOND ELECTION-At an elec- for 5% of bid required.
on April 8 two propositions providing for the issuance of
tion to be held
VENICE CITY SCHOOL DISTRICT, Los Angeles County, Calif.
430.000 fair ground bonds and $201,000 county poor farm bonds will be BOND OFFERING.
-Sealed proposals will be received until 2 p. m. April
submitted to a vote of the people.
28 by L. E. Lampton, County Clerk (P. 0. Los Angeles), for $100.000 5%
-BOND SALE.
-J. P. Wild scnool bonds. Denom. $1,000. Date Ain't! 1 1924. Prin. and somi-ann.
SOUTH BEND,St. Joseph County, Ind.
& Co. of Indianapolis have purchased the $200.000 4 H% city bonds offered int, payable at the County Treasury. Due on April 1 as follows: $4.000.
on April 1 (V. 118, p. 1179) for 4200.709. equal to 100.35, a basis of about 1925 to 1934 incl., and $3.000 from 1935 to 1954 incl. A cert. or cashier's
check for 3% of bid payable to the Chairman of Board of Supervisors, re4.47%. Date April 3 1924. Due April 3 1944.
-NOTE SALE.-Tho Bankers Trust quired.
SOUTH CAROLINA (State of).
The assessed valuation of the taxable property in said school district for
Co. of New York and the Bank of Charleston. Charleston. jointly, puramount of bonds previously issued
chased $3.000.000 tax anticipation notes on April 3 on a 3.50% basis. The the year 1923 was $14.199.045. and the
and now outstanding is $325,500.
notes mture in 1925 as fellows: 5500.000 Jan. 7 and 14, 3300,000 Jan. 21.
-The
-BOND SALE.
and 28, and Feb. 4:5500.000 Fob. 11. and $300,000 Feb. 18 and 25.
VERNON PARISH SCHOOL DISTRICT, La.
-were pur6% school bonds offered on Feb. 5-V. 118, p. 337
SOUTH SAN FRANCISCO, San Mateo County, Ca lif.-BOND following the Whitney Central Trust & Savings Bank and Caldwell &
Clerk, will receive sealed bids until chased by
-Daniel Sweeney, City
OFFERING.
Co., both of New Orleans:
7.30 p. m. April 7 for 858.000 5% improvement bonds Denom. $1,000 $75,000 Pitkin School District No. 87 bonds. Due on March 1 as follows:
-S.). payable
and $800. Date March 11924. Prin. and sem -ann. int.(M.
31.000. 1925 to 1928 Incl.; $2,000. 1929 to 1934 incl.; $3,000,
in gold at the City Treasurer's office. Duo $5,800 on March 1 from 1926
1935 to 1940 incl.; $4,000, 1941 to 1944 incl., and 35,000, 1945
to 1935, incl. A certified check for 5% of amount bid for, payable to the
to 1949 incl.
City Treasurer required.
20.000 Whiskachitta School District No. 86 bonds. Due $1,000 yearly
on March 1 from 1925 to 1944 incl.
SOUTH SHORE, Codington County, So. Dak.-BONDS DEDenom. $1,000. Date March 1 1924. Prin. and semi-ann. int.
FEATED.
-At a recent election the voters defeated a bond issue of $20,000
(M. & S. 1) payable at the Chase National Bank, N. Y. City.
for water works.
-An issue
STEWARTS SCHOOL DISTRICT NO. 24, Williams Ccunty, No.
-BONDS REGISTERED.
WACO, McLennan County, Tex.
Dak.-BOND OFFERING -Bids will be received until 2:30 p. m. April 15 of $75,000 sanitary sewer and an issue of 960.000 gymnasium 5% 40
-year
.
by Mrs. Maud Bode, Clerk Board of Directors (P. 0. Epping) for 210.000 bonds were registered by the State Comptroller on March 27
-year school bonds. Bidder to name rate of interest. A certified
20
WASHINGTON SCHOOL TOWNSHIP (P. 0. Jefferson), Clinton
check for 5% of bid required.
-McClellan Fickle. Township Trustee,
- County Ind.-BOND OFFERING. April 19 for 255,000 5% school con-TEMPORARY LOAN.
STONEHAM, Middlesex County, Mass.
will receive sealed bids until 10 a. in.
A temporary loan of $40,000 maturing Nov. 1 1924, has been sold to struction bonds. Denom..$500. Date March 8 1924. Int. semi-ann.
C. L. Edwards & Co. of Boston on a 4.09% discount basis.
Due $5,500 yearly on March 8 from 1925 to 1934 incl.
SULLIVAN CENTRALIZED SCHOOL DISTRICT,Ashland County,
WEBSTER COUNTY SCHOOL DISTRICT NO. 31 (P. 0. Bladen),
-Sealed bids will be received by Newton Neb.-BOND OFFERING.
Ohio.
-BOND OFFERING.
-Bids will be received by L. E. Spence, SecreHuffman. Clerk Board of Education, until 7 p. m. April 12 for $11,495 03 tary Board of Education. until 8 p. in. April 11 for 345,000 5% school
$725 and one for $620 03. Date bonds. Denom. $500. Date Jan. 1 1924. Prin. and semi-ann. int.
534% coupon school bonds. Denom.
April 1 1924. Interest F. & A. Due each six months as follows: $620 03. (J. & J.) payable at the County Treasurer's office in Red Cloud. Due
Feb. 1 1924. and $725, Aug. 11924 to Aug. 1 1931 incl. Certified check Jan. 1 1944; optional Jan. 1 1929 or any interest paying date thereafter.
for 5% of the amount of bonds bid for, upon some solvent bank, payable A certified check for 5% of bid required.
to the Clerk, required.
-TEMPORARY
WEST BRIDGEWATER, Plymouth County, Mass.
-BONDS REGISSULPHUR SPRINGS, Hopkins County, Tex.
LOAN.
April 1 1924 and maturing
-A temporary
-The State Comptroller of Texas registered $17,500 5% serial Nov. 5 1924 has been loan of $30,000 dated
TERED.
awarded to the Shawmut Corp., of Boston, on a
refunding bonds on March 21.
4.17% discount basis.
SWEDE SCHOOL DISTRICT, La Maur* County, No. Dak.WESTMINSTER SCHOOL DISTRICT, Orange County, Calif.
-Bids will be received until 2 p. in. April 19 at the
BOND OFFERING.
-The 415,000 5% school bonds offered on March 25-V.
County Auditor's office in La Moure, by R. Ogren, District Clerk. for BOND SALE.
-were purchased by W. R. Stoats Co., of Los Angeles, at a
Date May 1 1924. Interest 118, p. 1446
$5.000 funding bonds. Denom. $1,000.
rate not to exceed 7%. Due May 1 1934. A certified check for 5% premium of $27,equal to 100.18. a basis of about 4.98%. Date May I 1924.
Due $1.000 on May 1 from 1931 to 1945 incl.
of bid required.
"iti
1706
THE CHRONICLE
[VOL. 118.
WEST PALM BEACH, Palm Beach County, Fla.
-BOND OFFERYORKTOWN INDEPENDENT SCHOOL DISTRIC
ING.-Geo. L. Wrigqh, City Manager, will receive sealed bids until
T (P. 0. York7:30 town), Page County, Iowa.
-BONDS DEFEATED.
p. m. April 9 for the following 534% coupon bonds.
-At a recent
$100,000 funding bonds, fourth series. Due $4.000 yearly on Jan. 1 from a proposition to issue $30,000 school bldg. bonds submitted to a election
vote of
the people failed to carry.
1929 to 1953 incl.
75,000 seawall bonds. Due $3,000 yearly on Jan. I from 1929 to
YUMA COUNTY SCHOOL DISTRICT NO. 1
1953 WARRAN
(P. 0. Yuma), Colo.
incl.
T SALE.
-Bosworth, Chanute & Co. of Denver have
purchased
Data Jan. 1 1924. Denoni. $1,000. Prin. and semi-ann. int. (J. & J.) 580,000
% coupon school refunding judgment warrants.
payable at the Hanover National Bank. New York City. Legality approved
by Caldwell & Raymond, New York City. A cert. check for 2% of amount
bid payable to the city required.
WICHITA, Sedgwick County, Kan.
-BOND SALE.
-The 870,000
KINGSVILLE, Ont.-BOND SALE.
434% coupon park improvement bonds offered on March 31-V.
-C.H.Burgess
Toronto
-were purchased by the Broun-Crummer Co. of Wichita 118, have purchased S31.000 6% 30-in,s, bonds at 103.50.& Co., ofof about
p. 1579
a basis
at a 5.68%
discount of $690. equal to 99.01, a basis of about 4.59%. Date
March 1
1924. Due $7,000 on March 1 from 1934 to 1943, inclusive.
LONDON TOWNSHIP, Ont.-BOND
SALE.
-W, A. Mackenzie &
Co. have purchased $12,800 6% 20
WILKESBORO, Wilkes County, No. Caro.
-year bonds at a private sale.
-BOND SALE.
-The
$20.000 6% water works bonds offered on March 31-V. 118,
MIMICO, Ont.-BOND SALE.
p.
-C. H. Burgess & Co. have purchased
were purchased by the Bank of Wilkes, Wilkesboro, at par and 1446
accrued $160,725 bonds at 95.50. They consist of $9,725 534% 10
-year installInt. Date March 1 1924. Due $1,000 on March 1 from 1941
to 1960 incl. ment, 836,000 534% 30-year installment, 860,000 534% 15
-year installment and $55.000 556% 30
WILLIAMSON COUNTY ROAD DISTRICT NO. 90 (P.
-year installment bonds.
0. Georgetown), Texas.
-BONDS VOTED.
-At an election held on March
NIAGARA FALLS, Ont.-BOND SALE.
-Matthews & Co. of Toronto
V. 118, p. 1180
-the voters authorized the issuance of 820,000 15- have purchased 550.000
%
534%
-installment bonds at 100.364. Other
road bonds.
tenders include the following: 20
These bonds were registered by the State Comptroller of Texas
on March Macneill, Graham& Co100.03 McLeod, Young, Weir & Co__
15.
99.57
Wood, Gundy & Co
99.79 C. H. Burgess & Co
99.86
A. E. Ames & Co
WILMER INDEPENDENT SCHOOL DISTRICT (P. 0.
99.38 W. C. Brent & Co
Wilmer), Gairdner, Clarke & Co
99.61
Dallas County, Tex.
-BONDS REGISTERED.
99.63
-The State Comptroller
of Texas registered $3.000 6% 40
-year school bonds on March 22.
NORTH BAY, Ont.-BOND
-Until 12m. March 27,
WILMINGTON, New Castle County, Dela.-BOND
tenders will be received by W. N. OFFERING.
SALE.
-Remick, of
Snyder, Town Clerk, for the purchase
Hodges & Co. of New York have purchased the following issues
the following 5Si% bonds: $16.678 10-install
of 434%
ment sidewalk: $22,000
gold bonds at 99.209:
-installment sewers, and $38,000 20
20
$65,000 park impt. Due Oct. 1 1957.
Tenders are to be made in North Bay-installment water-works extensions.
funds.
575,000 school. Due each six months from May 1 1925 to Nov.
1 1944 incl.
RICHMOND HILL, Ont.-BOND OFFERING.
Financial Statement.
-A. J. Hume, Clerk.
until 12 m. April 10 will receive tenders for $95.000
Assessed valuation. 1922
% 30
-year school
$116,613,900 building bonds. Bonds and int, will
Total bonded deot (including these issues)
be guaranteed by the Count of York'.
10,590,900
Water debt
POINT GREY, B. C.
81.400,000
-BOND SALE.
-The Royal Financial Corp.
Sinking funds
has purchased the following three issues of
274,000
bonds, paying 98.542 for the
Net debt
8,916,000 5145 and 92.162 for the 5s:
Population (1020 Census)
$265,000
% 20-year school bonds.
110.168
WILMINGTON, New Hanover County, No. Caro.
31.0005% 30
-year park bonds.
ING.
20,000 5% 30
-Sealed bids will be received until 12 m. April -BOND OFFER-year fire bonds.
Meares, City Clerk-Treasurer, for $100.000 registerable as16 by Thos. D.
to prin. and int.
PORT DALHOUSIE, Ont.-BOND
impt. bonds. Bidder to name rate of interest. Prin. and
SALE.
-C. H. Burgess & Co.
ser I-ann. int. have purchased $36,884 6% 20
payable in gold coin at the Bankers Trust Co.. N.
-installment bonds at 102.34, a basis of
April 1 as follows: $2,000, 1925 to 1929 incl.: $3,000, Y. City. Due on about 5.72%.
1930 to 1939 incl.,
and 84,000. 1940 to 1954 incl. A certified check upon
TORONTO, Ont.-BOND SALE.
-On April 3 $5,236,000 (incorrectly
an incorporated
bank or trust company for 2% of bid, payable to the
above official, re- given as $5,363,000 in V. 118. p. 1580) 5% coupon bonds offered on that
quired. The opinion of John C. Thomson of N. Y. City
as to the validity day were awarded to a syndicate composed of A. E. Ames & CO.. Wood.
of the bonds will be delivered free of charge to the purchaser.
Gundy & Co., Dominion Securities Co., Daly,
Matthews & Co., National
City Co. and Harris, Forbes & Co.. all of
WINDBER SCHOOL DISTRICT(P.O. Windber),
Toronto, at 96.87 (Canadian
Somerset
Pa.
-BOND SALE.
-The Berwind-White Coal Mining Co. of County, funds). Denom. $1,000. Prin. and semi-ann. int. payable in Toronto
Somerset or at the option of holder in London,
has purchased the $170.000 4 Ji % coupon school bonds
England, at the fixed rate of 4.86 2-3
offered on March 28 to the pound sterling.
-V. 118, p. 1446
Duo 1924-1054 (approximate average maturity
-for $179.277 10, equal to 105.433. Date April
11924. of the whole, 15 years). The legality of the
Due yearly on April 1 from 1926 to 1944 incl.
several issues has been approved
by J. B. Clarke. K.C., of Toronto, and his
YONKERS, Westchester County, N. Y.
favorable opinion will be en-TEMPORARY LOAN graved upon each bond.
SALE.
-F. S. Moseley & Co. of Boston have been awarded
a temporary
VERNON, Ont.-BOND SALE.
revenue loan of $500.000, dated April 1 1924 and maturing
-The Royal Financial Corp. has
Sept. 15 1924, purchased $31,000
on a 4.09% interest basis.
% 15
-year local impt. bonds at 96.091, a basis of
about 5.97%.
CANADA, its Provinces and Municipalities.
NEW LOANS
FINANCIAL
$49,000
We Specialize in
City of Philadelphia
38
32
/
1
s
4s
/
41 45
42
/
1
s
5s
52s
/
1
5v
28
Mortimer & Co.
149 Broadway
New York
Biddle & Henry
104 South Fifth Street
Philadelphia
Private Wire to New York
Gail Canal 8437
Adrian H. Muller & Son
AUCTIONEERS
OFFICE No, MS WILLIAM STREET
Corn•r Pine Street
Regular Weekly Sales
AMERICAN MFG.CO.
OF'
ROPE & TWINE Stocks and Bonds
EVERY WEDNESDAY
MANILLA, SISAL. JUTE
Exchange Sales Rooms
14-16 Vesey Street
Noble and West Streets, Brooklyn, N.Y.0 ity
F. WM. KRAFT, Lawyer
BALLARD & COMPANY
Members
N4147
York Stock Exchange
HARTFORD
Connecticut Securities
NEW LOANS
Specializing in
Examination and Preparation of
County, Municipal and Corporation
Bonds, Warrants and Securities and
Proceedings Authorizing Same.
Rooms 617-520, Ill W. Monroe St.
Harris Trust Building
CHICAGO, ILLINOIS
SCHOOL DISTRICT OF THE BOROUGH
OF NORTH CALDWELL, N. J.
BONDS
The Board of Education of the Borough of
North Caldwell, in the County of Essex and State
of New Jersey, will sell upon sealed proposals or
bids to be received by said Board of Education
at the North Caldwell School House, located at
Gould Avenue near Mountain Avenue, North
Caldwell, N. J. on WEDNESDAY, APRIL 16,
1924, AT EIGT O'CLOCK P. M., a sufficient
H
number of bonds of said school district, in the
name of"The Board of Education of the Borough
of North Caldwell, in the County of Essex,"
being the corporate name of said school district.
to produce the sum of Forty-nine Thousand Dollars ($49,000.00), of the issue of bonds authorized
in said sum to be issued for the purpose of securing
the money needed to erect a new schoolhouse and
to purchase for said schoolhouse school furniture
and other necessary equipment.
Said bonds will be coupon bonds, will bear
April 16. 1924, will carry interest from their date
date
at the rate of five (5) per centum per annum.
payable semi-annually on the 1st days of January
and July, will be ninety-eight (98) in number,
in the denomination of Five hundred Dollars
($500.00) each, and will mature in successive
annual installments as follows: Two of said bonds
shall mature July 1st. 1924. and three of said
bonds shall mature on July 1st of each year following said date, to and including July 1. 1939, and
then four of said bonds shall mature on July 1st
of each year following said last mentioned date,
to, and including July 1st, 1948, and after said
date three of said bonds shall mature on July 1st
of each year following said last mentioned date.
to and including July 1st, 1953.
peso
Unless all proposals or bids be rejected, said
bonds will be sold to the highest bidder or bidders
who shall comply with the terms of sale and who
shall offer to pay not less than Forty-nine Thousand Dollars ($449,000.00) and accrued interest.
and to take therefor the least amount of bonds.
commencing with the first maturity and stated in
a multiple of Five Hundred Dollars ($500): and if
two or more bidders shall offer to take the same
amount of said bonds, then to the bidder or
bidders offering to pay therefor the highest additional price.
Each bidder will be required to deposit with his
sealed proposal or bid a certified check for two
per centum of the amount of bonds bid for, drawn
upon an incorporated bank or trust company to
secure the school district against any loss resulting
from his failure to comply with the torms,of his
proposal or bid.
The right will be reserved to reject any and all
bids or proposals.
::110.101104
The proceedings authorizing this issue of bonds
have been duly approved by the Attorney-General
of the State of New Jersey, and the validity of
said bonds has been certified to by Messrs.
Hopkins & Herr, Counsellors at Law, Hoboken,
N. J.
WILLIAM It. CONNER,
.- District Clerk,
North Caldwell, N. J.
@FedFRASER